UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number File No. 811-09301
TIAA-CREF FUNDS
(Exact Name of Registrant as specified in charter)
730 Third Avenue, New York, New York 10017-3206
(Address of Principal Executive Offices) (Zip code)
Jeremy D. Franklin, Esq.
TIAA-CREF Funds
8500 Andrew Carnegie Blvd.
Charlotte, N.C. 28262-8500
(Name and address of agent for service)
Registrant’s telephone number, including area code: 704-595-1000
Date of fiscal year end: October 31
Date of reporting period: October 31, 2020
Item 1. Reports to Stockholders.
TIAA-CREF Funds | October 31, 2020 | ||
TIAA-CREF
Equity Funds
The annual report contains the audited financial statements.
Fund name | Institutional Class | Advisor Class | Premier Class | Retirement Class | Retail Class | Class W |
Growth & Income Fund | TIGRX | TGIHX | TRPGX | TRGIX | TIIRX | TGIWX |
Large-Cap Growth Fund | TILGX | TILHX | TILPX | TILRX | TIRTX | TILWX |
Large-Cap Value Fund | TRLIX | TRLHX | TRCPX | TRLCX | TCLCX | TRLWX |
Mid-Cap Growth Fund | TRPWX | TCMHX | TRGPX | TRGMX | TCMGX | — |
Mid-Cap Value Fund | TIMVX | TRVHX | TRVPX | TRVRX | TCMVX | — |
Quant Large-Cap Growth Fund | TLIIX | TECGX | — | — | — | TECWX |
Quant Large-Cap Value Fund | TEVIX | TELCX | — | — | — | TELWX |
Quant Small-Cap Equity Fund | TISEX | TSCHX | TSRPX | TRSEX | TCSEX | TSCWX |
Quant Small/Mid-Cap Equity Fund | TSMWX | TSMNX | TSMMX | TSMOX | TSMEX | TSMUX |
Social Choice Equity Fund | TISCX | TICHX | TRPSX | TRSCX | TICRX | — |
Social Choice Low Carbon Equity Fund | TNWCX | TCCHX | TPWCX | TEWCX | TLWCX | — |
Emerging Markets Equity Fund | TEMLX | TEMHX | TEMPX | TEMSX | TEMRX | TEMVX |
International Equity Fund | TIIEX | TIEHX | TREPX | TRERX | TIERX | TIEWX |
International Opportunities Fund | TIOIX | TIOHX | TIOPX | TIOTX | TIOSX | TIOVX |
Quant International Equity Fund | TFIIX | TEIEX | — | — | — | TEIWX |
Quant International Small-Cap Equity Fund | TIISX | TAISX | TPISX | TTISX | TLISX | TAIWX |
Social Choice International Equity Fund | TSONX | TSOHX | TSOPX | TSOEX | TSORX | — |
Annual
Report
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the TIAA-CREF Funds’ (the “Funds”) annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, they will be made available on TIAA’s website, TIAA.org, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically anytime by either updating your account settings at TIAA.org/eDelivery, if you invest in the Funds directly or hold your Fund shares through a TIAA-affiliated financial intermediary, account or retirement plan (each, a “TIAA Account”), or by contacting your financial intermediary (such as a broker/dealer or bank) through which you hold Fund shares.
If you invest directly with the Funds or through a TIAA Account, you may elect to continue to receive all future shareholder reports in paper free of charge by updating your account settings at TIAA.org/eDelivery or by calling 800-842-2252 during regular business hours. If you invest through another financial intermediary, you can contact your financial intermediary to request that you continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with the fund complex if you invest directly with the Funds or through a TIAA Account, or to all funds held through your financial intermediary.
Contents
For the purposes of this report, “TIAA-CREF Funds” refers only to the TIAA-CREF Equity Funds listed on the cover of this report.
This semiannual report contains information about certain TIAA-CREF Funds and describes their results for the twelve months ended October 31, 2020. The report contains four main sections:
• | A letter from Brad Finkle, Chief Operating Officer, Nuveen; President of the TIAA-CREF Funds and TIAA-CREF Life Funds. | |
• | The fund performance section compares each fund’s investment returns with those of its benchmark index. | |
• | The summary portfolios of investments list the industries and types of securities in which each fund had investments as of October 31, 2020. | |
• | The financial statements provide detailed information about the operations and financial condition of each fund. |
The views and opinions expressed in this report are through the end of the period, as stated on the cover of this report. They are subject to change at any time based on a variety of factors. As such, they are not guarantees of future performance or investment results and should not be taken as investment advice. To see the risks of investing in any fund, please read the latest prospectus.
As always, you should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other important information, please visit our website at TIAA.org, or call 800-842-2252 for the Institutional, Advisor, Premier and Retirement classes or 800-223-1200 for the Retail Class. We urge you to read the prospectus carefully before investing.
TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 3 |
Brad Finkle
Domestic stocks generally posted solid returns, while international equities delivered mixed results for the twelve months ended October 31, 2020. Economies and markets around the world were shaken by the COVID-19 pandemic, which first appeared in December 2019. The U.S. Federal Reserve and major global central banks cut benchmark interest rates and took other aggressive monetary actions to support economic growth. Stock markets began to bounce back in the spring, and most major economies were recovering by the latter months of the period. For the twelve months:
• | The Russell 3000® Index, which measures the performance of the broad U.S. stock market, gained 10.2%. Please see page 8 for benchmark definitions. | |
• | The MSCI EAFE® Index, which tracks stocks in 21 developed-markets nations outside North America, returned –6.9%. | |
• | The MSCI Emerging Markets Index, which represents the performance of stocks in 26 developing nations, advanced 8.3%. | |
• | Institutional Class returns for nine of the 17 TIAA-CREF Equity Funds were positive. Ten of the funds outperformed their respective benchmarks for the period. |
U.S. economy, shaken by COVID-19, recovered late in the period
Domestic stocks, which gained ground early in the period, were hit hard in February and March 2020 by the pandemic and efforts to contain the virus. After the initial shock, however, equities recovered, rallying through the summer and into the fall. The U.S. economy, which shrank in the first quarter of 2020 and contracted sharply in the second quarter, expanded substantially during the third quarter of the year. The unemployment rate began the period near historic lows, spiked in April, then declined in each of the following six months. In March, the Fed cut short-term interest rates twice and Congress enacted a $2.2 trillion stimulus plan, both of which helped the economy and financial markets to recover.
For the twelve months, large-cap stocks outperformed small caps, while growth shares outpaced value stocks across all market capitalization sizes. (Returns by investment style and capitalization size are based on the Russell indexes.)
Stocks in international developed markets declined
The economic impact of the pandemic did not spare international developed equity markets. Economies in the 19-nation euro area followed the pattern of the U.S. economy, shrinking in the first quarter, contracting sharply over the next three months and then growing robustly during the third quarter of the year.
The European Central Bank responded by expanding bond-buying stimulus plans. The Bank of England lowered its benchmark interest rate to 0.10% and pursued similar asset-purchase programs.
Emerging markets outpaced foreign developed markets but trailed U.S. stocks
Emerging-markets stocks fell during the first half of the period but recovered to post a gain for the full twelve months. Declines in 22 of the 26 countries tracked by the MSCI Emerging Markets Index were offset by a strong advance among Chinese stocks, which accounted for more than 40.0% of the index’s weighting. China’s economy contracted during the first three months of 2020 but grew in each of the following two quarters.
4 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds |
Many funds surpassed their benchmarks
Nine of the 17 TIAA-CREF funds generated positive returns for the period and ten outperformed their benchmarks. The funds’ twelve-month returns ranged from 32.4% for the Large-Cap Growth Fund to –14.1% for the Mid-Cap Value Fund. (All fund returns are for the Institutional Class.)
Growth stocks performed best over the period. The Large-Cap Growth Fund and the Mid-Cap Growth Fund, which returned 26.2%, both outperformed their respective benchmarks. The Quant Large-Cap Growth Fund, which gained 26.1%, fell short of its Russell 1000® Growth Index benchmark.
The Growth & Income Fund advanced 10.8% and surpassed its benchmark, the S&P 500® Index.
Value stocks struggled over the period. The Mid-Cap Value Fund and the Quant Large-Cap Value Fund, which returned –14.1% and –9.8%, respectively, both underperformed their benchmarks. The Large-Cap Value Fund returned –7.5% but outpaced its benchmark.
The Social Choice Equity Fund gained 10.5%, while the Social Choice Low Carbon Equity Fund advanced 11.9%. Both outperformed their shared benchmark, the Russell 3000 Index.
The Quant Small/Mid-Cap Equity Fund returned –1.5%, falling short of its benchmark, the Russell 2500® Index. The Quant Small-Cap Equity Fund, which returned –8.4%, also underperformed its benchmark, the Russell 2000® Index.
Among foreign stock funds, the International Opportunities Fund gained 18.8% and outperformed its benchmark, the MSCI All Country World (ACWI) ex USA Index, by a substantial margin. The International Equity Fund returned 0.3%, while the Emerging Markets Equity Fund advanced 10.0%. Both funds exceeded their respective benchmarks.
The Quant International Equity Fund returned –7.7% and the Quant International Small-Cap Fund returned –5.5%. Both fell short of their respective benchmarks. However, the Social Choice International Equity Fund returned –5.8% but outperformed its benchmark.
A detailed overview of the financial markets during the twelve-month period appears on page 6, and a discussion of how each fund performed in relation to its benchmark begins on page 10.
Investing with long-term goals in mind
It can be hard to stay focused on long-term financial goals in the face of significant unexpected events. This was certainly the case over the past twelve months as the world came to terms with the COVID-19 pandemic. But despite volatile reactions early on, economies and stock markets showed enormous resilience in the recovery that followed.
Managing the risks of an unpredictable future may be the most difficult part of investing. However, we believe having a well-thought-out financial plan that includes a diversified portfolio of professionally managed mutual funds is a good way to prepare for the inevitable uncertainties inherent in the financial markets. Of course, diversification cannot guarantee against market losses. If you have any questions or would like to discuss the current status of your portfolio, please consult your financial advisor or call a TIAA financial consultant at 800-842-2252. We always stand ready to assist you.
/s/ Brad Finkle
Brad Finkle
Chief Operating Officer, Nuveen
President of the TIAA-CREF Funds and TIAA-CREF Life Funds
TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 5 |
U.S. stocks gained while foreign equities posted mixed results
For the twelve months ended October 31, 2020, U.S. equity markets produced double-digit returns despite volatility triggered by the COVID-19 pandemic and efforts to control the spread of the virus. The Russell 3000® Index, a broad measure of U.S. stock market performance, advanced 10.2%. International developed markets, as measured by the MSCI EAFE® Index, declined, while emerging markets gained ground.
Economy rebounded after pandemic shock
In the first half of the reporting period, the U.S. economy started on solid footing but was jolted in early 2020 by the pandemic. Non-essential businesses closed temporarily, travel was limited and residents of many states were advised to remain at home. In the latter half of the period, however, the economy staged a strong recovery. Real gross domestic product (GDP), which measures the value of all goods and services produced in the nation, grew at an annualized rate of 2.4% during the final three months of 2019. In 2020, however, GDP declined by 5.0% in the first quarter, followed by a sharp 31.4% contraction in the second quarter. GDP soared in the third quarter, with an expansion of 33.1%, according to the government’s “second” estimate.
The unemployment rate, which began the period at historically low levels, climbed to 14.7% in April 2020 as job
Growth stocks rose while value shares declined
In a volatile year, growth outshined value; emerging markets surpassed developed markets
Source: U.S. large-cap growth: Russell 1000® Growth Index; U.S. large-cap value: Russell 1000 Value Index; U.S. mid-cap growth: Russell Midcap® Growth Index; U.S. mid-cap value: Russell Midcap Value Index; U.S. small-cap growth: Russell 2000® Growth Index; U.S. small-cap value: Russell 2000 Value Index; Foreign developed markets: MSCI EAFE® Index; Emerging markets: MSCI Emerging Markets Index. Twelve-month returns as of October 31, 2020.
losses were recorded in all major industry groups. However, it declined in each of the following six months and settled at 6.9% in October.
Inflation eased over the period. Annualized core inflation, which includes all items except food and energy, was 1.6% in October. Oil prices plunged early in the period as the global slowdown curtailed demand, but prices ultimately recovered some of their losses. The price per barrel of West Texas Intermediate crude oil declined from $56 on November 1, 2019, to less than zero on April 20, 2020, before rising to almost $36 on October 30, 2020.
Large-cap stocks and growth equities produced best results
Among U.S. stock market investment styles, large-cap equities outpaced small- and mid-cap shares, while growth stocks outperformed value shares in all size categories. Large caps advanced 10.9%, while mid-cap stocks gained 4.1% and small-cap equities returned –0.1%. Within the large-cap category, growth stocks advanced 29.2%, while value shares returned –7.6%. Among mid-cap stocks, growth equities gained 21.1% and value shares returned –6.9%. Small-cap growth stocks gained 13.4%, while small-cap value shares returned –13.9%. (Returns by investment style and capitalization size are based on the Russell indexes.)
International equities delivered mixed results for the twelve-month period. The MSCI EAFE Index, which tracks stock performance in 21 developed-markets countries outside North America, returned –6.9%, while the MSCI Emerging Markets Index gained 8.3%.
U.S. stocks rallied after initial COVID-19 losses
U.S. equity markets, which advanced early in the period, fell sharply in February and March 2020 as the economic impact of the pandemic proved significant. However, strong fiscal and monetary action helped spark a powerful rally in the financial markets that extended through the summer. The Federal Reserve twice cut the federal funds target rate in March, reducing the key short-term interest-rate measure to 0.00%–0.25%, while Congress enacted a $2.2 trillion stimulus package to support the economy.
Economies around the world also struggled with the impact of COVID-19, prompting aggressive responses by major central banks. The 19-nation euro area’s economy contracted in the first and second quarters of 2020 but generated strong growth over the next three months. China’s economy declined 6.8% year-on-year during the first three months of 2020 but expanded in each of the next two quarters. The European Central Bank launched a new bond-buying program to support the region’s economy, while the Bank of England cut its benchmark rate to 0.10% and expanded an asset purchase program.
6 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds |
Portfolio holdings
Securities and Exchange Commission (SEC) rules allow investment companies to list the top holdings of each fund in their annual and semiannual reports instead of providing complete portfolio listings. The TIAA-CREF Funds also file complete portfolio listings with the SEC, and they are available to the public.
You can obtain a complete list of the TIAA-CREF Funds’ holdings (Schedules of Investments) as of the most recently completed fiscal quarter in the following ways:
• | By visiting our website at TIAA.org; or |
• | By calling us at 800-842-2252 to request a copy, which will be provided free of charge. |
You can also obtain a complete list of the TIAA-CREF Funds’ portfolio holdings as of the most recently completed fiscal quarter, and for prior quarter-ends, from our SEC Form N-CSR and Form N-PORT filings. Form N-CSR filings are as of October 31 or April 30; Form N-PORT filings are as of January 31 or July 31. Copies of these forms are available:
• | Through the Electronic Data Gathering and Retrieval System (EDGAR) on the SEC’s website at sec.gov; or |
• | From the SEC’s Office of Investor Education and Advocacy. Call 202-551-8090 for more information. |
Proxy voting
TIAA-CREF Funds’ ownership of stock gives it the right to vote on proxy issues of companies in which it invests. A description of our proxy voting policies and procedures can be found on our website at TIAA.org or on the SEC’s website at sec.gov. You can also call us at 800-842-2252 to request a free copy. A report of how the funds voted during the most recently completed twelve-month period ended June 30 can be found on our website or on Form N-PX at sec.gov.
Contacting TIAA
There are three easy ways to contact us: by email, using the Contact Us link at the top of our home page; by mail at TIAA, 730 Third Avenue, New York, NY 10017-3206; or by phone at 800-842-2252.
Fund management
The TIAA-CREF Funds are managed by the portfolio management teams of Teachers Advisors, LLC. The members of these teams are responsible for the day-to-day investment management of the funds.
TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 7 |
Broad market indexes
The Russell 3000® Index measures the performance of the stocks of the 3,000 largest publicly traded U.S. companies, based on market capitalization. The index measures the performance of about 98% of the total market capitalization of the publicly traded U.S. equity market.
The MSCI All Country World ex USA Index measures the performance of large- and mid-cap stocks in 48 developed and emerging-markets countries, excluding the United States.
The MSCI EAFE® Index measures the performance of the leading stocks in 21 developed-markets countries outside North America—in Europe, Australasia, and the Far East.
The MSCI Emerging Markets Index measures the performance of the leading stocks in 26 emerging-markets countries in Europe, Asia, Africa, Latin America and the Middle East.
Large-cap indexes
The S&P 500® Index is a market-capitalization-weighted index of the stocks of 500 leading companies in major industries of the U.S. economy.
The Russell 1000® Growth Index is a subset of the Russell 1000 Index, which measures the performance of the stocks of the 1,000 largest companies in the Russell 3000 Index, based on market capitalization. The Russell 1000 Growth Index measures the performance of those stocks of the Russell 1000 Index with higher relative forecasted growth rates and price/book ratios.
The Russell 1000 Value Index is a subset of the Russell 1000 Index, which measures the performance of the stocks of the 1,000 largest companies in the Russell 3000 Index, based on market capitalization. The Russell 1000 Value Index measures the performance of those stocks of the Russell 1000 Index with lower relative forecasted growth rates and price/book ratios.
Mid-cap indexes
The Russell Midcap® Growth Index is a subset of the Russell Midcap Index, which measures the performance of the stocks of the 800 smallest companies in the Russell 1000 Index, based on market capitalization. The Russell Midcap Growth Index measures the performance of those stocks of the Russell Midcap Index with higher relative forecasted growth rates and price/book ratios.
The Russell Midcap Value Index is a subset of the Russell Midcap Index, which measures the performance of the stocks of the 800 smallest companies in the Russell 1000 Index, based on market capitalization. The Russell Midcap Value Index measures the performance of those stocks of the Russell Midcap Index with lower relative forecasted growth rates and price/book ratios.
Small/mid-cap index
The Russell 2500® Index is a subset of the Russell 3000 Index and measures the smallest 2,500 companies, covering small- and mid-cap market capitalizations, in the Russell 3000 Index.
Small-cap indexes
The Russell 2000® Index measures the performance of the stocks of the 2,000 smallest companies in the Russell 3000 Index, based on market capitalization.
The MSCI ACWI ex USA Small Cap Index measures the performance of small-cap stocks in 22 developed-markets countries, excluding the United States, and 26 emerging-markets countries.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses. For additional details about the benchmark indexes, please read the funds’ latest prospectus.
Russell 1000, Russell 2000, Russell 3000 and Russell Midcap are trademarks and service marks of Frank Russell Company. TIAA products are not promoted or sponsored by, or affiliated with, Frank Russell Company. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. This report is not approved, reviewed or produced by MSCI. S&P 500 is a registered trademark and service mark of Standard & Poor’s Financial Services, LLC, a division of S&P Global.
8 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds |
Important information about expenses
All shareholders of the TIAA-CREF Funds incur ongoing costs, including management fees and other fund expenses. They may also incur transactional costs for redemptions or account maintenance fees.
The expense examples that appear in this report are intended to help you understand your ongoing costs only (in U.S. dollars) and do not reflect transactional costs. The examples are designed to help you compare these ongoing costs with the ongoing costs of investing in other mutual funds.
The expenses shown do not include account maintenance fees, which may or may not be applicable, as described in the prospectus. If such fees were included, your total costs for investing in the funds would be higher. Note also that shareholders of the TIAA-CREF Funds do not incur a sales charge for purchases, reinvested dividends or other distributions.
The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (May 1, 2020–October 31, 2020).
Actual expenses
The first section in each table uses the Fund’s actual expenses and its actual rate of return. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the six-month period.
Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses paid during period” to estimate the expenses you paid during the six-month period. Some funds have a contractual fee reimbursement. Had these not been in effect, fund expenses would have been higher.
Hypothetical example for comparison purposes
The second section in each table shows hypothetical account values and expenses based on the Fund’s actual expense ratio for each share class for the six-month period and an assumed 5%-per-year rate of return before expenses. This was not the share class’ actual return.
This hypothetical example cannot be used to estimate the actual expenses you paid for the period, but rather allows you to compare the ongoing costs of investing in the Fund with the costs of other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other mutual funds.
TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 9 |
Expense example
Six months ended October 31, 2020
Growth & Income Fund | Beginning account value (5/1/20) | Ending account value (10/31/20) | Expenses paid during period* (5/1/20– 10/31/20) | ||||||||
Actual return | |||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,165.68 | $2.18 | ||||||
Advisor Class | 1,000.00 | 1,165.01 | 2.72 | ||||||||
Premier Class | 1,000.00 | 1,165.21 | 2.99 | ||||||||
Retirement Class | 1,000.00 | 1,164.77 | 3.54 | ||||||||
Retail Class | 1,000.00 | 1,164.03 | 3.75 | ||||||||
Class W | 1,000.00 | 1,168.00 | 0.00 | ||||||||
5% annual hypothetical return | |||||||||||
Institutional Class | 1,000.00 | 1,023.13 | 2.03 | ||||||||
Advisor Class | 1,000.00 | 1,022.62 | 2.54 | ||||||||
Premier Class | 1,000.00 | 1,022.37 | 2.80 | ||||||||
Retirement Class | 1,000.00 | 1,021.87 | 3.30 | ||||||||
Retail Class | 1,000.00 | 1,021.67 | 3.51 | ||||||||
Class W | 1,000.00 | 1,025.14 | 0.00 |
* | “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended October 31, 2020. The Fund’s annualized six-month expense ratios for that period were 0.40% for the Institutional Class, 0.50% for the Advisor Class, 0.55% for the Premier Class, 0.65% for the Retirement Class, 0.69% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower. |
For more information about this expense example, please see page 9.
Portfolio composition
Sector | % of net assets as of 10/31/2020 | |
Information technology | 27.4 | |
Health care | 14.7 | |
Consumer discretionary | 13.1 | |
Communication services | 11.4 | |
Industrials | 9.1 | |
Financials | 8.1 | |
Consumer staples | 7.2 | |
Materials | 3.6 | |
Utilities | 2.1 | |
Energy | 1.6 | |
Real estate | 1.5 | |
Short-term investments, other assets & liabilities, net | 0.2 | |
Total | 100.0 |
Performance for the twelve months ended October 31, 2020
The Growth & Income Fund returned 10.81% for the Institutional Class, compared with the 9.71% return of its benchmark, the S&P 500® Index. The performance table shows returns for all share classes of the Fund.
U.S. stocks advanced despite COVID-19 volatility
The U.S. economy struggled with the impact of the COVID-19 pandemic, contracting sharply in the late winter and spring months of 2020 before recovering much of the lost ground in the third quarter of the year. Unemployment surged to 14.7% in April 2020, declined steadily over the remaining months of the period, and settled at 6.9% in October. Core inflation, which includes all items except food and energy, rose 1.6% for the twelve months ended October 2020. Oil prices declined sharply in the first half of the period before staging a recovery.
Equity markets were volatile, but most posted gains for the twelve-month period. Stocks experienced sharp declines in February and March of 2020, then mounted a powerful rally over the ensuing months. The Federal Reserve, reacting to the economic shock of the pandemic, reduced the federal funds target rate twice in March 2020, bringing the key short-term interest-rate measure to 0.00%–0.25%.
For the twelve-month period, the large-cap-oriented S&P 500 Index underperformed the Russell 3000® Index, a broad measure of the U.S. stock market, which gained 10.15%. The performance of large-cap stocks within the Russell 3000 Index surpassed those in the S&P 500 Index for the period.
Information technology led the benchmark higher
Seven of the eleven industry sectors in the S&P 500 Index posted positive results for the twelve months. Information technology—the largest sector—soared 34.5% as working from home and remote learning fueled demand for technology products and services. Next came consumer discretionary, communication services and materials with gains of 24.7%, 15.8% and 11.3%, respectively. Together, these four sectors accounted for more than one-half of the index’s total market capitalization on October 31, 2020. Health care, the second-largest index sector, advanced 10.1%. Energy led decliners, returning –46.4%.
For the twelve-month period, all of the five largest stocks in the S&P 500 Index generated sizable gains that exceeded the overall return of the benchmark. Apple generated the strongest gain, benefiting from robust demand for laptop and tablet computers. Amazon.com was not far behind, followed by Microsoft, Facebook and Alphabet (the parent company of Google).
Fund outperformed its benchmark
For the twelve-month period, the Fund outperformed its benchmark. The top contributor was an underweight position (nearly 0.0%) in Exxon Mobil, which declined on weakness in oil prices and significantly lower demand for energy. The next-largest contributing factors were not owning benchmark component Wells Fargo & Company, which declined, and the Fund’s out-of-benchmark position in solar power firm Enphase Energy, which performed well.
In contrast, certain stocks limited the Fund’s relative performance. The largest detractor was an overweight position in American International Group (AIG), which declined as the insurer posted losses related to significant windstorm and wildfire claims. An overweight position in Royal Caribbean and not owning software firm Adobe, which performed well, also detracted.
10 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds |
Performance as of October 31, 2020
Growth & Income Fund | Total return | Average annual total return | Annual operating expenses* | |||||||||||||||||||
Inception date | 1 year | 5 years | 10 years | gross | net | |||||||||||||||||
Institutional Class | 7/1/99 | 10.81 | % | 10.77 | % | 12.81 | % | 0.41 | % | 0.41 | % | |||||||||||
Advisor Class | 12/4/15 | 10.70 | 10.68 | † | 12.76 | † | 0.51 | 0.51 | ||||||||||||||
Premier Class | 9/30/09 | 10.67 | 10.61 | 12.65 | 0.56 | 0.56 | ||||||||||||||||
Retirement Class | 10/1/02 | 10.50 | 10.49 | 12.53 | 0.66 | 0.66 | ||||||||||||||||
Retail Class | 3/31/06 | 10.50 | 10.45 | 12.47 | 0.70 | 0.70 | ||||||||||||||||
Class W | 9/28/18 | 11.21 | 10.95 | † | 12.90 | † | 0.41 | 0.00 | ||||||||||||||
S&P 500® Index | — | 9.71 | 11.71 | 13.01 | — | — |
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least February 28, 2021, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. |
† | The performance shown for the Advisor Class and Class W that is prior to their respective inception dates is based on the performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class and Class W. If these actual expenses had been reflected, the performance of these two classes shown for these periods would have been different because the Advisor Class and Class W have different expenses than the Institutional Class. |
$10,000 over 10 years
Institutional Class
Ending amounts are as of October 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.
Holdings by company size
Market capitalization | % of equity investments as of 10/31/2020 | |||
More than $50 billion | 62.4 | |||
More than $15 billion–$50 billion | 21.8 | |||
More than $2 billion–$15 billion | 15.2 | |||
$2 billion or less | 0.6 | |||
Total | 100.0 | |||
Fund profile | ||||
as of 10/31/2020 | ||||
Net assets | $5.74 billion | |||
Portfolio turnover rate | 64% | |||
Number of holdings | 181 | |||
Weighted median market capitalization | $125.86 billion | |||
Price/earnings ratio (weighted 12-month trailing average)† | 39.2 |
† | Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period. |
TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 11 |
Expense example
Six months ended October 31, 2020
Large-Cap Growth Fund | Beginning account value (5/1/20) | Ending account value (10/31/20) | Expenses paid during period* (5/1/20– 10/31/20) | ||||||||
Actual return | |||||||||||
Institutional Class | $1,000.00 | $1,234.76 | $2.25 | ||||||||
Advisor Class | 1,000.00 | 1,234.41 | 2.58 | ||||||||
Premier Class | 1,000.00 | 1,234.06 | 3.09 | ||||||||
Retirement Class | 1,000.00 | 1,233.62 | 3.65 | ||||||||
Retail Class | 1,000.00 | 1,233.12 | 3.87 | ||||||||
Class W | 1,000.00 | 1,237.62 | 0.00 | ||||||||
5% annual hypothetical return | |||||||||||
Institutional Class | 1,000.00 | 1,023.13 | 2.03 | ||||||||
Advisor Class | 1,000.00 | 1,022.82 | 2.34 | ||||||||
Premier Class | 1,000.00 | 1,022.37 | 2.80 | ||||||||
Retirement Class | 1,000.00 | 1,021.87 | 3.30 | ||||||||
Retail Class | 1,000.00 | 1,021.67 | 3.51 | ||||||||
Class W | 1,000.00 | 1,025.14 | 0.00 |
* | “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended October 31, 2020. The Fund’s annualized six-month expense ratios for that period were 0.40% for the Institutional Class, 0.46% for the Advisor Class, 0.55% for the Premier Class, 0.65% for the Retirement Class, 0.69% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower. |
For more information about this expense example, please see page 9.
Portfolio composition
Sector | % of net assets as of 10/31/2020 | |
Information technology | 35.5 | |
Consumer discretionary | 19.0 | |
Communication services | 18.9 | |
Health care | 13.0 | |
Consumer staples | 5.8 | |
Industrials | 5.5 | |
Financials | 1.8 | |
Materials | 0.5 | |
Total | 100.0 |
Performance for the twelve months ended October 31, 2020
The Large-Cap Growth Fund returned 32.43% for the Institutional Class, compared with the 29.22% return of its benchmark, the Russell 1000® Growth Index. The performance table shows returns for all share classes of the Fund.
U.S. stocks advanced despite COVID-19 volatility
The U.S. economy struggled with the impact of the COVID-19 pandemic, contracting sharply in the late winter and spring months of 2020 before recovering much of the lost ground in the third quarter of the year. Unemployment surged to 14.7% in April 2020, declined steadily over the remaining months of the period, and settled at 6.9% in October. Core inflation, which includes all items except food and energy, rose 1.6% for the twelve months ended October 2020. Oil prices declined sharply in the first half of the period before staging a recovery.
Equity markets were volatile, but most posted gains for the twelve-month period. Stocks experienced sharp declines in February and March of 2020, then mounted a powerful rally over the ensuing months. The Federal Reserve, reacting to the economic shock of the pandemic, reduced the federal funds target rate twice in March 2020, bringing the key short-term interest-rate measure to 0.00%–0.25%.
For the twelve-month period, the Russell 3000® Index, a broad measure of the U.S. stock market, advanced 10.15%. Large-cap equities outpaced smaller stocks, and growth shares outperformed value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)
Information technology propelled the benchmark higher
Nine of the eleven industry sectors in the Russell 1000 Growth Index posted gains for the twelve months. Information technology—the largest sector, representing more than 40.0% of the index’s total market capitalization on October 31, 2020—soared 43.4%. The consumer discretionary and communication services sectors, which rose 44.6% and 32.1%, respectively, were the next-largest contributors. Energy returned –28.7%, reflecting the weakness in oil prices. Industrials also declined, returning –1.4% as COVID-19 dampened global economic activity.
For the twelve-month period, four of the five largest stocks in the Russell 1000 Growth Index produced returns that exceeded the overall return of the index. Apple generated the strongest gain, benefiting from robust demand for laptop and tablet computers. Amazon.com was not far behind amid an increase in online shopping, followed by Microsoft and Facebook. Alphabet (the parent company of Google) modestly trailed the benchmark.
Fund outperformed its benchmark
For the period, the Fund outperformed its benchmark due to favorable stock selections. The top contributor was an overweight position in electric car maker Tesla, which reported record production and revenues. The next-largest contributors were an overweight in semiconductor company NVIDIA, which benefited from strong sales of gaming consoles and laptops, and an out-of-benchmark position in payment processor Adyen, which reported impressive revenue growth as COVID-19 boosted online payments.
The largest detractor was an underweight in Apple, followed by out-of-benchmark positions in Walt Disney and pharmaceutical firm AstraZeneca. Social-distancing restrictions negatively affected Walt Disney’s theme park and film production businesses, while AstraZeneca temporarily halted clinical trials for its COVID-19 vaccine candidate.
12 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds |
Performance as of October 31, 2020
Large-Cap Growth Fund | Total return | Average annual total return | Annual operating expenses* | |||||||||||||||||||
Inception date | 1 year | 5 years | 10 years | gross | net | |||||||||||||||||
Institutional Class | 3/31/06 | 32.43 | % | 16.78 | % | 16.38 | % | 0.42 | % | 0.42 | % | |||||||||||
Advisor Class | 12/4/15 | 32.33 | 16.69 | † | 16.34 | † | 0.50 | 0.50 | ||||||||||||||
Premier Class | 9/30/09 | 32.22 | 16.59 | 16.21 | 0.57 | 0.57 | ||||||||||||||||
Retirement Class | 3/31/06 | 32.08 | 16.47 | 16.08 | 0.66 | 0.66 | ||||||||||||||||
Retail Class | 3/31/06 | 32.05 | 16.41 | 16.00 | 0.71 | 0.71 | ||||||||||||||||
Class W | 9/28/18 | 32.94 | 16.98 | † | 16.48 | † | 0.41 | 0.00 | ||||||||||||||
Russell 1000® Growth Index | — | 29.22 | 17.32 | 16.31 | — | — |
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least February 28, 2021, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. |
† | The performance shown for the Advisor Class and Class W that is prior to their respective inception dates is based on the performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class and Class W. If these actual expenses had been reflected, the performance of these two classes shown for these periods would have been different because the Advisor Class and Class W have different expenses than the Institutional Class. |
$10,000 over 10 years
Institutional Class
Ending amounts are as of October 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.
Holdings by company size
Market capitalization | % of equity investments as of 10/31/2020 | |
More than $50 billion | 73.0 | |
More than $15 billion–$50 billion | 19.7 | |
More than $2 billion–$15 billion | 6.8 | |
$2 billion or less | 0.5 | |
Total | 100.0 | |
Fund profile | ||
as of 10/31/2020 | ||
Net assets | $6.09 billion | |
Portfolio turnover rate | 143% | |
Number of holdings | 88 | |
Weighted median market capitalization | $207.42 billion | |
Price/earnings ratio (weighted 12-month trailing average)† | 57.0 |
† | Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period. |
TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 13 |
Expense example
Six months ended October 31, 2020
Large-Cap Value Fund | Beginning account value (5/1/20) | Ending account value (10/31/20) | Expenses paid during period* (5/1/20– 10/31/20) | ||||||||
Actual return | |||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,067.33 | $2.08 | ||||||
Advisor Class | 1,000.00 | 1,066.71 | 2.44 | ||||||||
Premier Class | 1,000.00 | 1,066.80 | 2.91 | ||||||||
Retirement Class | 1,000.00 | 1,065.55 | 3.37 | ||||||||
Retail Class | 1,000.00 | 1,065.78 | 3.79 | ||||||||
Class W | 1,000.00 | 1,069.24 | 0.00 | ||||||||
5% annual hypothetical return | |||||||||||
Institutional Class | 1,000.00 | 1,023.13 | 2.03 | ||||||||
Advisor Class | 1,000.00 | 1,022.77 | 2.39 | ||||||||
Premier Class | 1,000.00 | 1,022.32 | 2.85 | ||||||||
Retirement Class | 1,000.00 | 1,021.87 | 3.30 | ||||||||
Retail Class | 1,000.00 | 1,021.47 | 3.71 | ||||||||
Class W | 1,000.00 | 1,025.14 | 0.00 |
* | “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended October 31, 2020. The Fund’s annualized six-month expense ratios for that period were 0.40% for the Institutional Class, 0.47% for the Advisor Class, 0.56% for the Premier Class, 0.65% for the Retirement Class, 0.73% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower. |
For more information about this expense example, please see page 9.
Portfolio composition
Sector | % of net assets as of 10/31/2020 | |
Financials | 20.3 | |
Industrials | 16.9 | |
Health care | 16.3 | |
Information technology | 11.9 | |
Communication services | 9.9 | |
Consumer discretionary | 6.4 | |
Consumer staples | 5.4 | |
Materials | 4.5 | |
Utilities | 3.8 | |
Energy | 2.8 | |
Real estate | 1.1 | |
Short-term investments, other assets & liabilities, net | 0.7 | |
Total | 100.0 |
Performance for the twelve months ended October 31, 2020
The Large-Cap Value Fund returned –7.51% for the Institutional Class, compared with the –7.57% return of its benchmark, the Russell 1000® Value Index. The performance table shows returns for all share classes of the Fund.
U.S. stocks advanced despite COVID-19 volatility
The U.S. economy struggled with the impact of the COVID-19 pandemic, contracting sharply in the late winter and spring months of 2020 before recovering much of the lost ground in the third quarter of the year. Unemployment surged to 14.7% in April 2020, declined steadily over the remaining months of the period, and settled at 6.9% in October. Core inflation, which includes all items except food and energy, rose 1.6% for the twelve months ended October 2020. Oil prices declined sharply in the first half of the period before staging a recovery.
Equity markets were volatile, but most posted gains for the twelve-month period. Stocks experienced sharp declines in February and March of 2020, then mounted a powerful rally over the ensuing months. The Federal Reserve, reacting to the economic shock of the pandemic, reduced the federal funds target rate twice in March 2020, bringing the key short-term interest-rate measure to 0.00%–0.25%.
For the twelve-month period, the Russell 3000® Index, a broad measure of the U.S. stock market, advanced 10.15%. Large-cap equities outpaced smaller stocks, and growth shares outperformed value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)
Most benchmark sectors posted losses
Seven of the eleven industry sectors in the Russell 1000 Value Index generated losses for the twelve months. Energy and real estate were the worst performers, returning –46.2% and –22.6%, respectively. Both sectors were severely impacted by COVID-19, which depressed global oil demand and reduced income streams and property values. Financials, the largest sector, returned –17.9% and detracted most from the index’s return. Together, these three sectors accounted for nearly one-third of the benchmark’s total market capitalization on October 31, 2020. Health care, which tends to be more defensive, gained 10.5% and was the best-performing sector. Next came materials, which rose 8.8%.
For the twelve-month period, four of the five largest stocks in the Russell 1000 Value Index posted returns that surpassed the overall return of the benchmark. Johnson & Johnson advanced, in part due to rising sales in its pharmaceutical division. Verizon, Berkshire Hathaway and Walt Disney generated negative returns but were more resilient than the index. JPMorgan Chase registered a double-digit loss due to declining profits.
Fund narrowly outperformed its benchmark
Several stock allocations helped the Fund’s relative return, led by an out-of-benchmark position in Microsoft, which gained on strong demand for its products. The next-largest contributors were an underweight in Exxon Mobil, which declined alongside oil prices, and an overweight in agricultural equipment maker Deere & Company, which reported better-than-expected operating results.
These positive effects were mitigated by less successful stock choices. The largest detractor was an overweight position in Citigroup, which set aside huge amounts of capital to cover potentially rising loan losses related to the pandemic. Overweights in Diamondback Energy and Valero Energy also detracted.
14 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds |
Performance as of October 31, 2020 | ||||||||||||||||||||||
Large-Cap Value Fund | Total return | Average annual total return | Annual operating expenses* | |||||||||||||||||||
Inception date | 1 year | 5 years | 10 years | gross | net | |||||||||||||||||
Institutional Class | 10/1/02 | –7.51 | % | 4.56 | % | 8.20 | % | 0.41 | % | 0.41 | % | |||||||||||
Advisor Class | 12/4/15 | –7.60 | 4.50 | † | 8.17 | † | 0.49 | 0.49 | ||||||||||||||
Premier Class | 9/30/09 | –7.65 | 4.41 | 8.03 | 0.56 | 0.56 | ||||||||||||||||
Retirement Class | 10/1/02 | –7.80 | 4.30 | 7.93 | 0.66 | 0.66 | ||||||||||||||||
Retail Class | 10/1/02 | –7.81 | 4.24 | 7.86 | 0.72 | 0.72 | ||||||||||||||||
Class W | 9/28/18 | –7.19 | 4.72 | † | 8.29 | † | 0.41 | 0.00 | ||||||||||||||
Russell 1000® Value Index | — | –7.57 | 5.82 | 9.48 | — | — |
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least February 28, 2021, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. |
† | The performance shown for the Advisor Class and Class W that is prior to their respective inception dates is based on the performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class and Class W. If these actual expenses had been reflected, the performance of these two classes shown for these periods would have been different because the Advisor Class and Class W have different expenses than the Institutional Class. |
$10,000 over 10 years
Institutional Class
Ending amounts are as of October 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.
Holdings by company size | ||
% of equity investments | ||
Market capitalization | as of 10/31/2020 | |
More than $50 billion | 71.1 | |
More than $15 billion–$50 billion | 22.8 | |
More than $2 billion–$15 billion | 6.1 | |
Total | 100.0 | |
Fund profile | ||
as of 10/31/2020 | ||
Net assets | $4.77 billion | |
Portfolio turnover rate | 26% | |
Number of holdings | 85 | |
Weighted median market capitalization | $88.68 billion | |
Price/earnings ratio (weighted 12-month trailing average)† | 25.0 |
† | Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period. |
TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 15 |
Expense example | |||||||||||
Six months ended October 31, 2020 | |||||||||||
Mid-Cap Growth Fund | Beginning account value (5/1/20) | Ending account value (10/31/20) | Expenses paid during period* (5/1/20– 10/31/20) | ||||||||
Actual return | |||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,289.08 | $2.70 | ||||||
Advisor Class | 1,000.00 | 1,289.23 | 3.22 | ||||||||
Premier Class | 1,000.00 | 1,288.59 | 3.57 | ||||||||
Retirement Class | 1,000.00 | 1,287.77 | 4.14 | ||||||||
Retail Class | 1,000.00 | 1,287.31 | 4.43 | ||||||||
5% annual hypothetical return | |||||||||||
Institutional Class | 1,000.00 | 1,022.77 | 2.39 | ||||||||
Advisor Class | 1,000.00 | 1,022.32 | 2.85 | ||||||||
Premier Class | 1,000.00 | 1,022.02 | 3.15 | ||||||||
Retirement Class | 1,000.00 | 1,021.52 | 3.66 | ||||||||
Retail Class | 1,000.00 | 1,021.27 | 3.91 |
* | “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended October 31, 2020. The Fund’s annualized six-month expense ratios for that period were 0.47% for the Institutional Class, 0.56% for the Advisor Class, 0.62% for the Premier Class, 0.72% for the Retirement Class and 0.77% for the Retail Class. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower. |
For more information about this expense example, please see page 9.
Portfolio composition
Sector | % of net assets as of 10/31/2020 | |
Information technology | 31.4 | |
Consumer discretionary | 21.0 | |
Health care | 20.3 | |
Industrials | 12.8 | |
Communication services | 6.9 | |
Financials | 3.8 | |
Consumer staples | 2.5 | |
Real estate | 0.6 | |
Short-term investments, other assets & liabilities, net | 0.7 | |
Total | 100.0 |
Performance for the twelve months ended October 31, 2020
The Mid-Cap Growth Fund returned 26.16% for the Institutional Class, compared with the 21.14% return of its benchmark, the Russell Midcap® Growth Index. The performance table shows returns for all share classes of the Fund.
U.S. stocks advanced despite COVID-19 volatility
The U.S. economy struggled with the impact of the COVID-19 pandemic, contracting sharply in the late winter and spring months of 2020 before recovering much of the lost ground in the third quarter of the year. Unemployment surged to 14.7% in April 2020, declined steadily over the remaining months of the period, and settled at 6.9% in October. Core inflation, which includes all items except food and energy, rose 1.6% for the twelve months ended October 2020. Oil prices declined sharply in the first half of the period before staging a recovery.
Equity markets were volatile, but most posted gains for the twelve-month period. Stocks experienced sharp declines in February and March of 2020, then mounted a powerful rally over the ensuing months. The Federal Reserve, reacting to the economic shock of the pandemic, reduced the federal funds target rate twice in March 2020, bringing the key short-term interest-rate measure to 0.00%–0.25%.
For the twelve-month period, the Russell 3000® Index, a broad measure of the U.S. stock market, advanced 10.15%. Large-cap equities outpaced smaller stocks, and growth shares outperformed value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)
Largest sectors drove the benchmark’s gain
Ten of the eleven industry sectors in the Russell Midcap Growth Index generated positive returns for the twelve months. Health care and information technology—the index’s two largest sectors—rose 40.0% and 28.7%, respectively, and were the top contributors to the index’s return. Together, these two sectors represented more than one-half of the index’s total market capitalization on October 31, 2020. The next-largest contributors were consumer discretionary and communication services, which gained 13.7% and 24.3%, respectively. Energy was the sole decliner, returning –28.7%, but its impact was minimal due to the sector’s weighting of less than 1.0%.
For the period, all of the five largest stocks in the Russell Midcap Growth Index produced outsized gains that significantly exceeded the index’s overall return. Electronic signature company DocuSign performed best, followed by software provider Veeva Systems, apparel retailer Lululemon Athletica, restaurant chain Chipotle Mexican Grill and veterinary testing firm IDEXX Laboratories.
Fund outperformed its benchmark
For the period, the Fund outperformed its benchmark on the strength of several stock allocations. The top contributors were an overweight position in at-home exercise company Peloton Interactive, which benefited from gym closures; an overweight in health care firm DexCom, which experienced strong demand for its glucose monitors; and an out-of-benchmark position in payment processor Adyen, which reported impressive revenue growth.
These positive effects were tempered in part by certain unsuccessful stock selections. The largest detractor was an underweight position in cloud communications firm Twilio, whose stock performed exceptionally well as the company’s sales accelerated. The next-largest detractors were an out-of-benchmark position in Spirit Airlines and an overweight in Wynn Resorts.
16 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds |
Performance as of October 31, 2020 | ||||||||||||||||||||||
Mid-Cap Growth Fund | Total return | Average annual total return | Annual operating expenses* | |||||||||||||||||||
Inception date | 1 year | 5 years | 10 years | gross | net | |||||||||||||||||
Institutional Class | 10/1/02 | 26.16 | % | 12.86 | % | 12.76 | % | 0.48 | % | 0.48 | % | |||||||||||
Advisor Class | 12/4/15 | 26.09 | 12.81 | † | 12.74 | † | 0.56 | 0.56 | ||||||||||||||
Premier Class | 9/30/09 | 26.03 | 12.70 | 12.60 | 0.63 | 0.63 | ||||||||||||||||
Retirement Class | 10/1/02 | 25.91 | 12.59 | 12.49 | 0.73 | 0.73 | ||||||||||||||||
Retail Class | 10/1/02 | 25.80 | 12.52 | 12.41 | 0.78 | 0.78 | ||||||||||||||||
Russell Midcap® Growth Index | — | 21.14 | 14.15 | 14.13 | — | — |
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least February 28, 2021, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. |
† | The performance shown for the Advisor Class that is prior to its inception date is based on the performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class. If these actual expenses had been reflected, the performance of the Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Institutional Class. |
$10,000 over 10 years
Institutional Class
Ending amounts are as of October 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.
Holdings by company size | ||
Market capitalization | % of equity investments as of 10/31/2020 | |
More than $50 billion | 1.6 | |
More than $15 billion–$50 billion | 51.0 | |
More than $2 billion–$15 billion | 46.2 | |
$2 billion or less | 1.2 | |
Total | 100.0 | |
Fund profile | ||
as of 10/31/2020 | ||
Net assets | $1.37 billion | |
Portfolio turnover rate | 107% | |
Number of holdings | 107 | |
Weighted median market capitalization | $14.29 billion | |
Price/earnings ratio (weighted 12-month trailing average)† | -227.0 |
† | Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period. |
TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 17 |
Expense example
Six months ended October 31, 2020
Mid-Cap Value Fund | Beginning account value (5/1/20) | Ending account value (10/31/20) | Expenses paid during period* (5/1/20– 10/31/20) | ||||||||
Actual return | |||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,100.08 | $2.43 | ||||||
Advisor Class | 1,000.00 | 1,099.39 | 3.06 | ||||||||
Premier Class | 1,000.00 | 1,099.46 | 3.22 | ||||||||
Retirement Class | 1,000.00 | 1,099.31 | 3.75 | ||||||||
Retail Class | 1,000.00 | 1,098.26 | 4.22 | ||||||||
5% annual hypothetical return | |||||||||||
Institutional Class | 1,000.00 | 1,022.82 | 2.34 | ||||||||
Advisor Class | 1,000.00 | 1,022.22 | 2.95 | ||||||||
Premier Class | 1,000.00 | 1,022.07 | 3.10 | ||||||||
Retirement Class | 1,000.00 | 1,021.57 | 3.61 | ||||||||
Retail Class | 1,000.00 | 1,021.11 | 4.06 |
* | “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended October 31, 2020. The Fund’s annualized six-month expense ratios for that period were 0.46% for the Institutional Class, 0.58% for the Advisor Class, 0.61% for the Premier Class, 0.71% for the Retirement Class and 0.80% for the Retail Class. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower. |
For more information about this expense example, please see page 9.
Portfolio composition
Sector | % of net assets as of 10/31/2020 | |
Financials | 18.5 | |
Industrials | 14.3 | |
Consumer discretionary | 14.1 | |
Utilities | 12.5 | |
Health care | 10.0 | |
Information technology | 9.6 | |
Real estate | 7.7 | |
Materials | 5.4 | |
Communication services | 2.7 | |
Energy | 2.0 | |
Consumer staples | 1.9 | |
Short-term investments, other assets & liabilities, net | 1.3 | |
Total | 100.0 |
Performance for the twelve months ended October 31, 2020
The Mid-Cap Value Fund returned –14.12% for the Institutional Class, compared with the –6.94% return of its benchmark, the Russell Midcap® Value Index. The performance table shows returns for all share classes of the Fund.
U.S. stocks advanced despite COVID-19 volatility
The U.S. economy struggled with the impact of the COVID-19 pandemic, contracting sharply in the late winter and spring months of 2020 before recovering much of the lost ground in the third quarter of the year. Unemployment surged to 14.7% in April 2020, declined steadily over the remaining months of the period, and settled at 6.9% in October. Core inflation, which includes all items except food and energy, rose 1.6% for the twelve months ended October 2020. Oil prices declined sharply in the first half of the period before staging a recovery.
Equity markets were volatile, but most posted gains for the twelve-month period. Stocks experienced sharp declines in February and March of 2020, then mounted a powerful rally over the ensuing months. The Federal Reserve, reacting to the economic shock of the pandemic, reduced the federal funds target rate twice in March 2020, bringing the key short-term interest-rate measure to 0.00%–0.25%.
For the twelve-month period, the Russell 3000® Index, a broad measure of the U.S. stock market, advanced 10.15%. Large-cap equities outpaced smaller stocks, and growth shares outperformed value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)
Benchmark sectors produced mixed results
Five of the eleven industry sectors in the Russell Midcap Value Index registered losses for the twelve months. Energy suffered the steepest decline, returning –45.1% as global demand for oil plummeted due to COVID-19. Next came real estate and financials (the largest sector), which returned –26.2% and –15.9%, respectively, and were the index’s leading detractors. Together, these three sectors represented approximately one-third of the benchmark’s total market capitalization on October 31, 2020. Health care and materials were the best-performing sectors, rising 18.2% and 15.0%, respectively.
For the period, all of the five largest stocks in the Russell Midcap Value Index outperformed the overall return of the index, with four posting double-digit gains. Twitter led the way, benefiting from an increase in social media usage, followed by industrial companies Trane Technologies and Cummins. Gains in Xcel Energy and WEC Energy were lower but still strong.
Fund lagged its benchmark
For the period, the Fund underperformed its benchmark as certain stock selections did not perform as anticipated. The largest detractor was an overweight position in mortgage REIT Two Harbors Investment, which was hurt by pandemic-driven volatility in the mortgage bond market. The next-largest detractors were overweight positions in electric utility FirstEnergy and Wynn Resorts.
Other stock choices bolstered the Fund’s performance versus the index. The top contributor was an out-of-benchmark position in insurer BRP Group, which reported strong revenue growth. Overweight positions in semiconductor maker Cree, which announced it was selling a slow-growth business unit, and biotechnology firm United Therapeutics, which partnered with another company to develop a treatment for COVID-19, were also beneficial.
18 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds |
Performance as of October 31, 2020
Mid-Cap Value Fund | Total return | Average annual total return | Annual operating expenses* | |||||||||||||||||||
Inception date | 1 year | 5 years | 10 years | gross | net | |||||||||||||||||
Institutional Class | 10/1/02 | –14.12 | % | 2.12 | % | 7.19 | % | 0.44 | % | 0.44 | % | |||||||||||
Advisor Class | 12/4/15 | –14.17 | 2.04 | † | 7.15 | † | 0.54 | 0.54 | ||||||||||||||
Premier Class | 9/30/09 | –14.20 | 1.99 | 7.04 | 0.59 | 0.59 | ||||||||||||||||
Retirement Class | 10/1/02 | –14.29 | 1.88 | 6.93 | 0.69 | 0.69 | ||||||||||||||||
Retail Class | 10/1/02 | –14.37 | 1.82 | 6.87 | 0.74 | 0.74 | ||||||||||||||||
Russell Midcap® Value Index | — | –6.94 | 5.32 | 9.40 | — | — |
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least February 28, 2021, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. |
† | The performance shown for the Advisor Class that is prior to its inception date is based on the performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class. If these actual expenses had been reflected, the performance of the Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Institutional Class. |
$10,000 over 10 years
Institutional Class
Ending amounts are as of October 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.
Holdings by company size
Market capitalization | % of equity investments as of 10/31/2020 | ||
More than $50 billion | 1.5 | ||
More than $15 billion–$50 billion | 41.4 | ||
More than $2 billion–$15 billion | 53.0 | ||
$2 billion or less | 4.1 | ||
Total | 100.0 |
Fund profile
as of 10/31/2020 | ||
Net assets | $1.70 billion | |
Portfolio turnover rate | 143% | |
Number of holdings | 92 | |
Weighted median market capitalization | $11.65 billion | |
Price/earnings ratio (weighted 12-month trailing average)† | 91.4 |
† | Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period. |
TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 19 |
Expense example
Six months ended October 31, 2020
Quant Large-Cap Growth Fund | Beginning account value (5/1/20) | Ending account value (10/31/20) | Expenses paid during period* (5/1/20– 10/31/20) | ||||||||
Actual return | |||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,207.18 | $1.72 | ||||||
Advisor Class | 1,000.00 | 1,206.90 | 2.16 | ||||||||
Class W | 1,000.00 | 1,208.97 | 0.00 | ||||||||
5% annual hypothetical return | |||||||||||
Institutional Class | 1,000.00 | 1,023.58 | 1.58 | ||||||||
Advisor Class | 1,000.00 | 1,023.18 | 1.98 | ||||||||
Class W | 1,000.00 | 1,025.14 | 0.00 |
* | “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended October 31, 2020. The Fund’s annualized six-month expense ratios for that period were 0.31% for the Institutional Class, 0.39% for the Advisor Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower. |
For more information about this expense example, please see page 9.
Portfolio composition
Sector | % of net assets as of 10/31/2020 | |
Information technology | 43.6 | |
Consumer discretionary | 16.2 | |
Health care | 13.8 | |
Communication services | 11.6 | |
Consumer staples | 4.8 | |
Industrials | 4.6 | |
Financials | 2.8 | |
Real estate | 2.0 | |
Materials | 0.3 | |
Short-term investments, other assets & liabilities, net | 0.3 | |
Total | 100.0 |
Performance for the twelve months ended October 31, 2020
The Quant Large-Cap Growth Fund returned 26.10% for the Institutional Class, compared with the 29.22% return of its benchmark, the Russell 1000® Growth Index. The performance table shows returns for all share classes of the Fund.
U.S. stocks advanced despite COVID-19 volatility
The U.S. economy struggled with the impact of the COVID-19 pandemic, contracting sharply in the late winter and spring months of 2020 before recovering much of the lost ground in the third quarter of the year. Unemployment surged to 14.7% in April 2020, declined steadily over the remaining months of the period, and settled at 6.9% in October. Core inflation, which includes all items except food and energy, rose 1.6% for the twelve months ended October 2020. Oil prices declined sharply in the first half of the period before staging a recovery.
Equity markets were volatile, but most posted gains for the twelve-month period. Stocks experienced sharp declines in February and March of 2020, then mounted a powerful rally over the ensuing months. The Federal Reserve, reacting to the economic shock of the pandemic, reduced the federal funds target rate twice in March 2020, bringing the key short-term interest-rate measure to 0.00%–0.25%.
For the twelve-month period, the Russell 3000® Index, a broad measure of the U.S. stock market, advanced 10.15%. Large-cap equities outpaced smaller stocks, and growth shares outperformed value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)
Information technology propelled the benchmark higher
Nine of the eleven industry sectors in the Russell 1000 Growth Index posted gains for the twelve months. Information technology—the largest sector, representing more than 40.0% of the index’s total market capitalization on October 31, 2020—soared 43.4%. The consumer discretionary and communication services sectors, which rose 44.6% and 32.1%, respectively, were the next-largest contributors. Energy returned –28.7%, reflecting the weakness in oil prices. Industrials also declined, returning –1.4% as COVID-19 dampened global economic activity.
For the twelve-month period, four of the five largest stocks in the Russell 1000 Growth Index produced returns that exceeded the overall return of the index. Apple generated the strongest gain, benefiting from robust demand for laptop and tablet computers. Amazon.com was not far behind amid an increase in online shopping, followed by Microsoft and Facebook. Alphabet (the parent company of Google) modestly trailed the benchmark.
Fund delivered strong gain but lagged its benchmark
For the period, the Fund lagged its benchmark because of certain stock choices that did not perform as anticipated. The largest detractor was an underweight position in electric car maker Tesla, which reported record production and revenues. The next-largest detractors were overweight positions in Discover Financial Services and insurer Arch Capital Group, which experienced losses related to COVID-19 claims.
The largest contributors included underweight positions in Boeing and online travel search engine Booking Holdings, which were hurt by the pandemic-driven slowdown in global travel. An overweight in biotech drugmaker Immunomedics was also beneficial, as the company announced it was being acquired.
20 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds |
Performance as of October 31, 2020
Quant Large-Cap Growth Fund | Total return | Average annual total return | Annual operating expenses* | |||||||||||||||||||
Inception date | 1 year | 5 years | 10 years | gross | net | |||||||||||||||||
Institutional Class | 11/30/07 | 26.10 | % | 15.87 | % | 15.21 | % | 0.32 | % | 0.32 | % | |||||||||||
Advisor Class | 12/4/15 | 25.97 | 15.82 | † | 15.18 | † | 0.41 | 0.41 | ||||||||||||||
Class W | 9/28/18 | 26.51 | 16.03 | † | 15.28 | † | 0.32 | 0.00 | ||||||||||||||
Russell 1000® Growth Index | — | 29.22 | 17.32 | 16.31 | — | — |
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least February 28, 2021, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. |
† | The performance shown for the Advisor Class and Class W that is prior to their respective inception dates is based on the performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class and Class W. If these actual expenses had been reflected, the performance of these two classes shown for these periods would have been different because the Advisor Class and Class W have different expenses than the Institutional Class. |
$10,000 over 10 years
Institutional Class
Ending amounts are as of October 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.
Holdings by company size
Market capitalization | % of equity investments as of 10/31/2020 | |
More than $50 billion | 78.7 | |
More than $15 billion–$50 billion | 12.6 | |
More than $2 billion–$15 billion | 8.6 | |
$2 billion or less | 0.1 | |
Total | 100.0 |
Fund profile
as of 10/31/2020 | ||
Net assets | $1.52 billion | |
Portfolio turnover rate | 136% | |
Number of holdings | 176 | |
Weighted median market capitalization | $287.25 billion | |
Price/earnings ratio (weighted 12-month trailing average)† | 39.1 |
† | Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period. |
TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 21 |
Expense example
Six months ended October 31, 2020
Quant Large-Cap Value Fund | Beginning account value (5/1/20) | Ending account value (10/31/20) | Expenses paid during period* (5/1/20– 10/31/20) | ||||||||
Actual return | |||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,054.64 | $1.70 | ||||||
Advisor Class | 1,000.00 | 1,054.57 | 2.07 | ||||||||
Class W | 1,000.00 | 1,057.25 | 0.00 | ||||||||
5% annual hypothetical return | |||||||||||
Institutional Class | 1,000.00 | 1,023.48 | 1.68 | ||||||||
Advisor Class | 1,000.00 | 1,023.13 | 2.03 | ||||||||
Class W | 1,000.00 | 1,025.14 | 0.00 |
* | “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended October 31, 2020. The Fund’s annualized six-month expense ratios for that period were 0.33% for the Institutional Class, 0.40% for the Advisor Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower. |
For more information about this expense example, please see page 9.
Portfolio composition
Sector | % of net assets as of 10/31/2020 | |
Financials | 20.1 | |
Health care | 13.9 | |
Industrials | 11.9 | |
Information technology | 10.4 | |
Communication services | 8.7 | |
Consumer staples | 8.0 | |
Consumer discretionary | 7.8 | |
Utilities | 6.2 | |
Real estate | 4.5 | |
Materials | 4.4 | |
Energy | 3.7 | |
Short-term investments, other assets & liabilities, net | 0.4 | |
Total | 100.0 |
Performance for the twelve months ended October 31, 2020
The Quant Large-Cap Value Fund returned –9.82% for the Institutional Class, compared with the –7.57% return of its benchmark, the Russell 1000® Value Index. The performance table shows returns for all share classes of the Fund.
U.S. stocks advanced despite COVID-19 volatility
The U.S. economy struggled with the impact of the COVID-19 pandemic, contracting sharply in the late winter and spring months of 2020 before recovering much of the lost ground in the third quarter of the year. Unemployment surged to 14.7% in April 2020, declined steadily over the remaining months of the period, and settled at 6.9% in October. Core inflation, which includes all items except food and energy, rose 1.6% for the twelve months ended October 2020. Oil prices declined sharply in the first half of the period before staging a recovery.
Equity markets were volatile, but most posted gains for the twelve-month period. Stocks experienced sharp declines in February and March of 2020, then mounted a powerful rally over the ensuing months. The Federal Reserve, reacting to the economic shock of the pandemic, reduced the federal funds target rate twice in March 2020, bringing the key short-term interest-rate measure to 0.00%–0.25%.
For the twelve-month period, the Russell 3000® Index, a broad measure of the U.S. stock market, advanced 10.15%. Large-cap equities outpaced smaller stocks, and growth shares outperformed value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)
Most benchmark sectors posted losses
Seven of the eleven industry sectors in the Russell 1000 Value Index generated losses for the twelve months. Energy and real estate were the worst performers, returning –46.2% and –22.6%, respectively. Both sectors were severely impacted by COVID-19, which depressed global oil demand and reduced income streams and property values. Financials, the largest sector, returned –17.9% and detracted most from the index’s return. Together, these three sectors accounted for nearly one-third of the benchmark’s total market capitalization on October 31, 2020. Health care gained 10.5% and was the best-performing sector, followed by materials, which rose 8.8%.
For the twelve-month period, four of the five largest stocks in the Russell 1000 Value Index posted returns that surpassed the overall return of the benchmark. Johnson & Johnson advanced, in part due to rising sales in its pharmaceutical division, while Verizon, Berkshire Hathaway and Walt Disney generated negative returns. JPMorgan Chase registered a double-digit decline due to declining profits.
Fund lagged its benchmark
For the period, several stock allocations did not perform as anticipated. The top three detractors were an overweight position in energy company Marathon Petroleum, which was hurt by the slump in the energy industry; an underweight in health care conglomerate Danaher, which performed well; and an overweight in Spirit AeroSystems Holdings, which was affected by travel restrictions.
On the plus side, the top contributor was an overweight position in semiconductor supplier Maxim Integrated Products, which announced it was being acquired. Precious metals company Royal Gold, which benefited from rising gold prices, and health insurer Humana were the next-largest contributors.
22 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds |
Performance as of October 31, 2020
Quant Large-Cap Value Fund | Total return | Average annual total return | Annual operating expenses* | |||||||||||||||||||
Inception date | 1 year | 5 years | 10 years | gross | net | |||||||||||||||||
Institutional Class | 11/30/07 | –9.82 | % | 3.95 | % | 8.22 | % | 0.37 | % | 0.37 | % | |||||||||||
Advisor Class | 12/4/15 | –9.96 | 3.83 | † | 8.16 | † | 0.47 | 0.47 | ||||||||||||||
Class W | 9/28/18 | –9.52 | 4.09 | † | 8.29 | † | 0.37 | 0.00 | ||||||||||||||
Russell 1000® Value Index | — | –7.57 | 5.82 | 9.48 | — | — |
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least February 28, 2021, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. |
† | The performance shown for the Advisor Class and Class W that is prior to their respective inception dates is based on the performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class and Class W. If these actual expenses had been reflected, the performance of these two classes shown for these periods would have been different because the Advisor Class and Class W have different expenses than the Institutional Class. |
$10,000 over 10 years
Institutional Class
Ending amounts are as of October 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.
Holdings by company size
% of equity investments | ||
Market capitalization | as of 10/31/2020 | |
More than $50 billion | 56.6 | |
More than $15 billion–$50 billion | 24.4 | |
More than $2 billion–$15 billion | 18.6 | |
$2 billion or less | 0.4 | |
Total | 100.0 | |
Fund profile | ||
as of 10/31/2020 | ||
Net assets | $683.81 million | |
Portfolio turnover rate | 195% | |
Number of holdings | 385 | |
Weighted median market capitalization | $64.51 billion | |
Price/earnings ratio (weighted 12-month trailing average)† | 33.7 |
† | Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period. |
TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 23 |
Expense example
Six months ended October 31, 2020
Quant Small-Cap Equity Fund | Beginning account value (5/1/20) | Ending account value (10/31/20) | Expenses paid during period* (5/1/20– 10/31/20) | ||||||||
Actual return | |||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,157.56 | $2.28 | ||||||
Advisor Class | 1,000.00 | 1,156.75 | 2.60 | ||||||||
Premier Class | 1,000.00 | 1,156.15 | 3.09 | ||||||||
Retirement Class | 1,000.00 | 1,155.89 | 3.63 | ||||||||
Retail Class | 1,000.00 | 1,155.46 | 3.74 | ||||||||
Class W | 1,000.00 | 1,159.04 | 0.00 | ||||||||
5% annual hypothetical return | |||||||||||
Institutional Class | 1,000.00 | 1,023.03 | 2.14 | ||||||||
Advisor Class | 1,000.00 | 1,022.72 | 2.44 | ||||||||
Premier Class | 1,000.00 | 1,022.27 | 2.90 | ||||||||
Retirement Class | 1,000.00 | 1,021.77 | 3.40 | ||||||||
Retail Class | 1,000.00 | 1,021.67 | 3.51 | ||||||||
Class W | 1,000.00 | 1,025.14 | 0.00 |
* | “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended October 31, 2020. The Fund’s annualized six-month expense ratios for that period were 0.42% for the Institutional Class, 0.48% for the Advisor Class, 0.57% for the Premier Class, 0.67% for the Retirement Class, 0.69% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower. |
For more information about this expense example, please see page 9.
Portfolio composition
Sector | % of net assets as of 10/31/2020 |
Health care | 19.6 |
Industrials | 16.2 |
Financials | 14.9 |
Consumer discretionary | 14.2 |
Information technology | 13.5 |
Real estate | 6.5 |
Materials | 5.4 |
Consumer staples | 3.9 |
Utilities | 2.1 |
Energy | 1.9 |
Communication services | 1.8 |
Total | 100.0 |
Performance for the twelve months ended October 31, 2020
The Quant Small-Cap Equity Fund returned –8.35% for the Institutional Class, compared with the –0.14% return of its benchmark, the Russell 2000® Index. The performance table shows returns for all share classes of the Fund.
U.S. stocks advanced despite COVID-19 volatility
The U.S. economy struggled with the impact of the COVID-19 pandemic, contracting sharply in the late winter and spring months of 2020 before recovering much of the lost ground in the third quarter of the year. Unemployment surged to 14.7% in April 2020, declined steadily over the remaining months of the period, and settled at 6.9% in October. Core inflation, which includes all items except food and energy, rose 1.6% for the twelve months ended October 2020. Oil prices declined sharply in the first half of the period before staging a recovery.
Equity markets were volatile, but most posted gains for the twelve-month period. Stocks experienced sharp declines in February and March of 2020, then mounted a powerful rally over the ensuing months. The Federal Reserve, reacting to the economic shock of the pandemic, reduced the federal funds target rate twice in March 2020, bringing the key short-term interest-rate measure to 0.00%–0.25%.
For the twelve-month period, the Russell 3000® Index, a broad measure of the U.S. stock market, advanced 10.15%. Large-cap equities outpaced smaller stocks, and growth shares outperformed value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)
Most benchmark sectors lost ground
Seven of the eleven industry sectors in the Russell 2000 Index posted losses for the twelve months. Financials returned –18.7% and was the largest detractor from the index’s return. Energy—the smallest sector—and real estate led decliners, returning –51.3% and –25.3%, respectively. Both sectors were severely impacted by COVID-19. Communication services also struggled, returning –20.9%. Together, these four sectors made up almost 30.0% of the benchmark’s total market capitalization on October 31, 2020. Health care performed best with a gain of 34.0%.
For the twelve-month period, all of the five largest stocks in the Russell 2000 Index generated gains that exceeded the overall return of the benchmark. Biopharmaceutical firm MyoKardia posted the strongest gain, followed by solar energy provider SunRun, Penn National Gaming and biotechnology company Mirati Therapeutics. Casino and hotel company Caesars Entertainment posted a slightly positive return.
Fund lagged its benchmark
For the period, the Fund underperformed its benchmark as several stocks did not perform as anticipated. An underweight position in Teladoc Health detracted most, as the stock surged in the wake of stay-at-home advisories. Not owning benchmark components MyoKardia, a biopharmaceutical firm, and Quidel, a diagnostic test company, also dampened relative results.
On the plus side, several positions were beneficial, including an overweight position in mobile applications provider Digital Turbine, which reported rising revenue and plans for expansion into TV streaming platforms. Overweight positions in Boston Beer Company and Renewable Energy Group, a global producer of renewable fuels and chemicals, also contributed.
24 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds |
Performance as of October 31, 2020
Quant Small-Cap Equity Fund | Total return | Average annual total return | Annual operating expenses* | |||||||||||||||||||
Inception date | 1 year | 5 years | 10 years | gross | net | |||||||||||||||||
Institutional Class | 10/1/02 | –8.35 | % | 5.14 | % | 9.06 | % | 0.42 | % | 0.42 | % | |||||||||||
Advisor Class | 12/4/15 | –8.46 | 5.06 | † | 9.02 | † | 0.52 | 0.52 | ||||||||||||||
Premier Class | 9/30/09 | –8.57 | 4.97 | 8.89 | 0.57 | 0.57 | ||||||||||||||||
Retirement Class | 10/1/02 | –8.61 | 4.87 | 8.79 | 0.67 | 0.67 | ||||||||||||||||
Retail Class | 10/1/02 | –8.61 | 4.84 | 8.72 | 0.72 | 0.72 | ||||||||||||||||
Class W | 9/28/18 | –8.01 | 5.31 | † | 9.15 | † | 0.42 | 0.00 | ||||||||||||||
Russell 2000® Index | — | –0.14 | 7.27 | 9.64 | — | — |
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least February 28, 2021, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. |
† | The performance shown for the Advisor Class and Class W that is prior to their respective inception dates is based on the performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class and Class W. If these actual expenses had been reflected, the performance of these two classes shown for these periods would have been different because the Advisor Class and Class W have different expenses than the Institutional Class. |
$10,000 over 10 years
Institutional Class
Ending amounts are as of October 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.
Holdings by company size
Market capitalization | % of equity investments as of 10/31/2020 | |
More than $15 billion–$50 billion | 0.3 | |
More than $2 billion–$15 billion | 48.1 | |
$2 billion or less | 51.6 | |
Total | 100.0 | |
Fund profile | ||
as of 10/31/2020 | ||
Net assets | $2.32 billion | |
Portfolio turnover rate | 93% | |
Number of holdings | 401 | |
Weighted median market capitalization | $1.95 billion | |
Price/earnings ratio (weighted 12-month trailing average)† | -83.3 |
† | Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period. |
TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 25 |
Quant Small/Mid-Cap Equity Fund
Expense example
Six months ended October 31, 2020
Quant Small/Mid-Cap Equity Fund | Beginning account value (5/1/20) | Ending account value (10/31/20) | Expenses paid during period* (5/1/20– 10/31/20) | ||||||||
Actual return | |||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,179.57 | $2.68 | ||||||
Advisor Class | 1,000.00 | 1,179.20 | 3.23 | ||||||||
Premier Class | 1,000.00 | 1,178.46 | 3.72 | ||||||||
Retirement Class | 1,000.00 | 1,179.27 | 4.05 | ||||||||
Retail Class | 1,000.00 | 1,178.42 | 4.93 | ||||||||
Class W | 1,000.00 | 1,183.51 | 0.00 | ||||||||
5% annual hypothetical return | |||||||||||
Institutional Class | 1,000.00 | 1,022.67 | 2.49 | ||||||||
Advisor Class | 1,000.00 | 1,022.17 | 3.00 | ||||||||
Premier Class | 1,000.00 | 1,021.72 | 3.46 | ||||||||
Retirement Class | 1,000.00 | 1,021.42 | 3.76 | ||||||||
Retail Class | 1,000.00 | 1,020.61 | 4.57 | ||||||||
Class W | 1,000.00 | 1,025.14 | 0.00 |
* | “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended October 31, 2020. The Fund’s annualized six-month expense ratios for that period were 0.49% for the Institutional Class, 0.59% for the Advisor Class, 0.68% for the Premier Class, 0.74% for the Retirement Class, 0.90% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower. |
For more information about this expense example, please see page 9.
Portfolio composition | |||
Sector | % of net assets as of 10/31/2020 | ||
Information technology | 17.5 | ||
Health care | 15.8 | ||
Consumer discretionary | 15.3 | ||
Industrials | 14.1 | ||
Financials | 13.6 | ||
Real estate | 7.9 | ||
Materials | 6.0 | ||
Consumer staples | 3.5 | ||
Utilities | 2.6 | ||
Energy | 1.8 | ||
Communication services | 1.7 | ||
Short-term investments, other assets & liabilities, net | 0.2 | ||
Total | 100.0 |
Performance for the twelve months ended October 31, 2020
The Quant Small/Mid-Cap Equity Fund returned –1.48% for the Institutional Class, compared with the 2.12% return of its benchmark, the Russell 2500® Index. The performance table shows returns for all share classes of the Fund.
U.S. stocks advanced despite COVID-19 volatility
The U.S. economy struggled with the impact of the COVID-19 pandemic, contracting sharply in the late winter and spring months of 2020 before recovering much of the lost ground in the third quarter of the year. Unemployment surged to 14.7% in April 2020, declined steadily over the remaining months of the period, and settled at 6.9% in October. Core inflation, which includes all items except food and energy, rose 1.6% for the twelve months ended October 2020. Oil prices declined sharply in the first half of the period before staging a recovery.
Equity markets were volatile, but most posted gains for the twelve-month period. Stocks experienced sharp declines in February and March of 2020, then mounted a powerful rally over the ensuing months. The Federal Reserve, reacting to the economic shock of the pandemic, reduced the federal funds target rate twice in March 2020, bringing the key short-term interest-rate measure to 0.00%–0.25%.
For the twelve-month period, the Russell 3000® Index, a broad measure of the U.S. stock market, advanced 10.15%. Large-cap equities outpaced smaller stocks, and growth shares outperformed value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)
Benchmark sector performance was mixed
Five of the eleven industry sectors in the Russell 2500 Index posted gains for the twelve months. Health care performed best with a gain of 42.3% and was the largest contributor to the index’s performance. Information technology and consumer discretionary were next, advancing 24.2% and 8.2%, respectively. Consumer staples followed with a return of 4.7%. Together, these four sectors made up nearly one-half of the benchmark’s total market capitalization on October 31, 2020. Other large sectors declined, including financials (down 16.4%) and industrials (down 3.3%). Energy, the smallest sector, declined most with a return of –53.9%.
For the twelve-month period, all of the five largest stocks in the Russell 2500 Index generated gains that exceeded the overall return of the benchmark. E-commerce retailer Etsy posted the strongest gain, followed by online real estate company Zillow Group and biopharmaceutical firm Horizon Therapeutics. All three posted triple-digit gains. Health care firm PerkinElmer and equipment testing company Teradyne also produced strong double-digit results.
Fund trailed its benchmark
For the period, the Fund underperformed its benchmark as several stocks did not perform as anticipated. Not owning identity theft software firm Okta detracted most as the stock performed well. Underweight positions in DocuSign and biotechnology firm Moderna were the next-largest detractors as both of these stocks also posted substantial gains.
On the plus side, the Fund benefited from overweight positions in Horizon Therapeutics, whose stock doubled between March and October 2020; software company Five9, whose cloud-based contact center business saw impressive growth; and vaccine developer Novavax, which benefited from strong revenue increases.
26 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds |
Performance as of October 31, 2020 | ||||||||||||||||||||
Quant Small/Mid-Cap Equity Fund | Total return | Average annual total return | Annual operating expenses* | |||||||||||||||||
Inception date | 1 year | since inception | gross | net | ||||||||||||||||
Institutional Class | 8/5/16 | –1.48 | % | 9.00 | % | 0.50 | % | 0.50 | % | |||||||||||
Advisor Class | 8/5/16 | –1.55 | 8.99 | 0.58 | 0.58 | |||||||||||||||
Premier Class | 8/5/16 | –1.61 | 8.84 | 0.66 | 0.66 | |||||||||||||||
Retirement Class | 8/5/16 | –1.70 | 8.73 | 0.75 | 0.75 | |||||||||||||||
Retail Class | 8/5/16 | –1.76 | 8.60 | 0.88 | 0.88 | |||||||||||||||
Class W | 9/28/18 | –0.97 | 9.28 | † | 0.50 | 0.00 | ||||||||||||||
Russell 2500® Index | — | 2.12 | 7.88 | ‡ | — | — |
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least February 28, 2021, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. |
† | The performance shown for the Class W that is prior to its inception date is based on the performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of the Class W. If these actual expenses had been reflected, the performance of Class W shown for these periods would have been different because the Class W has different expenses than the Institutional Class. |
‡ | Performance is calculated from the inception date of the Institutional Class. |
$10,000 invested at Fund’s inception
Institutional Class (inception August 5, 2016)
Ending amounts are as of October 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.
Holdings by company size
Market capitalization | % of equity investments as of 10/31/2020 | ||
More than $15 billion–$50 billion | 3.9 | ||
More than $2 billion–$15 billion | 68.7 | ||
$2 billion or less | 27.4 | ||
Total | 100.0 | ||
Fund profile | |||
as of 10/31/2020 | |||
Net assets | $745.87 million | ||
Portfolio turnover rate | 88% | ||
Number of holdings | 340 | ||
Weighted median market capitalization | $3.92 billion | ||
Price/earnings ratio (weighted 12-month trailing average)† | 220.8 |
† | Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period. |
TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 27 |
Expense example
Six months ended October 31, 2020
Social Choice Equity Fund | Beginning account value (5/1/20) | Ending account value (10/31/20) | Expenses paid during period* (5/1/20– 10/31/20) | |||||||||
Actual return | ||||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,144.84 | $ | 0.92 | ||||||
Advisor Class | 1,000.00 | 1,143.85 | 1.40 | |||||||||
Premier Class | 1,000.00 | 1,143.78 | 1.78 | |||||||||
Retirement Class | 1,000.00 | 1,143.53 | 2.26 | |||||||||
Retail Class | 1,000.00 | 1,142.86 | 2.42 | |||||||||
5% annual hypothetical return | ||||||||||||
Institutional Class | 1,000.00 | 1,024.28 | 0.87 | |||||||||
Advisor Class | 1,000.00 | 1,023.83 | 1.32 | |||||||||
Premier Class | 1,000.00 | 1,023.48 | 1.68 | |||||||||
Retirement Class | 1,000.00 | 1,023.03 | 2.14 | |||||||||
Retail Class | 1,000.00 | 1,022.87 | 2.29 |
* | “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended October 31, 2020. The Fund’s annualized six-month expense ratios for that period were 0.17% for the Institutional Class, 0.26% for the Advisor Class, 0.33% for the Premier Class, 0.42% for the Retirement Class and 0.45% for the Retail Class. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower. |
For more information about this expense example, please see page 9.
Portfolio composition
Sector | % of net assets as of 10/31/2020 | ||
Information technology | 25.0 | ||
Health care | 15.3 | ||
Consumer discretionary | 11.6 | ||
Financials | 10.9 | ||
Communication services | 9.5 | ||
Industrials | 9.4 | ||
Consumer staples | 6.2 | ||
Real estate | 3.3 | ||
Utilities | 3.1 | ||
Materials | 3.0 | ||
Energy | 2.0 | ||
Short-term investments, other assets & liabilities, net | 0.7 | ||
Total | 100.0 |
Performance for the twelve months ended October 31, 2020
The Social Choice Equity Fund returned 10.45% for the Institutional Class, compared with the 10.15% return of its benchmark, the Russell 3000® Index. The performance table shows returns for all share classes of the Fund. The Fund utilizes environmental, social and governance (ESG) criteria, while the benchmark does not.
Excluding certain stocks aided the Fund’s relative performance
Because of its ESG criteria, the Fund did not invest in a number of stocks included in the Russell 3000 Index. Excluding these companies produced mixed results for the twelve-month period, but the net effect was that the Fund outperformed its benchmark.
Among stocks the Fund excluded, leaving out Exxon Mobil, Wells Fargo and Boeing benefited relative performance the most. Energy giant Exxon Mobil was hurt by an oversupply of oil and a sudden drop in demand following the outbreak of COVID-19. The energy giant’s stock was delisted from the Dow Jones Industrial Average after 90 years. Banking giant Wells Fargo saw revenues decline, and lower interest rates squeezed its net interest margins. Boeing faced significant business uncertainty due to the dramatic decline in air travel caused by the global pandemic.
Omitting other stocks detracted from relative performance
Among stocks the Fund excluded, not owning Facebook and PayPal had the most detrimental effect on relative performance. Since the pandemic began, Facebook has seen active users increase and has benefited from rising advertising revenues attributed to the shift from traditional shopping to online commerce. This trend also helped PayPal, which reported the strongest growth in revenue and payment volumes in the company’s history.
Fund outperformed its benchmark
To compensate for the exclusion of some stocks within the Russell 3000 Index, the Fund’s managers use quantitative (mathematical) modeling and other techniques in an attempt to match the overall investment characteristics of the portfolio with those of its index and to manage risk.
Of stocks the Fund held, overweight positions in Tesla, NVIDIA and Apple added the most to relative performance. Tesla saw record deliveries of electric vehicles, which translated into record profitability. The building of three new Tesla factories on three continents continued as planned. Information technology company NVIDIA reported record revenue from video game sales, while Apple benefited from strong demand for laptop and tablet computers.
Among stocks the Fund held, an underweight position in Amazon.com and overweight positions in U.S. Bancorp and Spirit AeroSystems detracted most from relative performance. Amazon saw strong net sales in North America and internationally, as well as continued success for its Amazon Web Services (AWS) division. U.S. Bancorp provisioned for increased credit losses due to the pandemic and saw decreased net interest margins as a result of lower interest rates. Spirit AeroSystems’ revenue was down in all three business segments—fuselage systems, propulsion systems and wing systems—as a result of significantly lower production of the Boeing 737 MAX airliner and generally lower demand caused by the pandemic.
28 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds |
Performance as of October 31, 2020 | ||||||||||||||||||||||||
Social Choice Equity Fund | Total return | Average annual total return | Annual operating expenses* | |||||||||||||||||||||
Inception date | 1 year | 5 years | 10 years | gross | net | |||||||||||||||||||
Institutional Class | 7/1/99 | 10.45 | % | 11.53 | % | 12.09 | % | 0.17 | % | 0.17 | % | |||||||||||||
Advisor Class | 12/4/15 | 10.34 | 11.47 | † | 12.06 | † | 0.24 | 0.24 | ||||||||||||||||
Premier Class | 9/30/09 | 10.26 | 11.36 | 11.93 | 0.33 | 0.33 | ||||||||||||||||||
Retirement Class | 10/1/02 | 10.20 | 11.26 | 11.82 | 0.42 | 0.42 | ||||||||||||||||||
Retail Class | 3/31/06 | 10.09 | 11.22 | 11.78 | 0.45 | 0.45 | ||||||||||||||||||
Russell 3000® Index | — | 10.15 | 11.48 | 12.80 | — | — |
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least February 28, 2021, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. |
† | The performance shown for the Advisor Class that is prior to its inception date is based on the performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class. If these actual expenses had been reflected, the performance of the Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Institutional Class. |
$10,000 over 10 years
Institutional Class
Ending amounts are as of October 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.
Holdings by company size
Market capitalization | % of equity investments as of 10/31/2020 | ||
More than $50 billion | 59.9 | ||
More than $15 billion–$50 billion | 24.1 | ||
More than $2 billion–$15 billion | 13.5 | ||
$2 billion or less | 2.5 | ||
Total | 100.0 | ||
Fund profile | |||
as of 10/31/2020 | |||
Net assets | $5.32 billion | ||
Portfolio turnover rate | 26% | ||
Number of holdings | 631 | ||
Weighted median market capitalization | $63.14 billion | ||
Price/earnings ratio (weighted 12-month trailing average)† | 49.0 |
† | Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period. |
TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 29 |
Social Choice Low Carbon Equity Fund
Expense example
Six months ended October 31, 2020
Social Choice Low Carbon Equity Fund | Beginning account value (5/1/20) | Ending account value (10/31/20) | Expenses paid during period* (5/1/20– 10/31/20) | |||
Actual return | ||||||
Institutional Class | $1,000.00 | $1,157.25 | $1.74 | |||
Advisor Class | 1,000.00 | 1,155.73 | 2.28 | |||
Premier Class | 1,000.00 | 1,156.13 | 2.55 | |||
Retirement Class | 1,000.00 | 1,155.44 | 3.09 | |||
Retail Class | 1,000.00 | 1,154.55 | 3.47 | |||
5% annual hypothetical return | ||||||
Institutional Class | 1,000.00 | 1,023.53 | 1.63 | |||
Advisor Class | 1,000.00 | 1,023.03 | 2.14 | |||
Premier Class | 1,000.00 | 1,022.77 | 2.39 | |||
Retirement Class | 1,000.00 | 1,022.27 | 2.90 | |||
Retail Class | 1,000.00 | 1,021.92 | 3.25 |
* | “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended October 31, 2020. The Fund’s annualized six-month expense ratios for that period were 0.32% for the Institutional Class, 0.42% for the Advisor Class, 0.47% for the Premier Class, 0.57% for the Retirement Class and 0.64% for the Retail Class. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower. |
For more information about this expense example, please see page 9.
Portfolio composition
Sector | % of net assets as of 10/31/2020 |
Information technology | 23.3 |
Health care | 15.8 |
Consumer discretionary | 11.9 |
Financials | 11.4 |
Communication services | 9.4 |
Industrials | 9.0 |
Consumer staples | 6.5 |
Real estate | 3.7 |
Utilities | 2.4 |
Materials | 2.2 |
Energy | 1.5 |
Short-term investments, other assets & liabilities, net | 2.9 |
Total | 100.0 |
Performance for the twelve months ended October 31, 2020
The Social Choice Low Carbon Equity Fund returned 11.88% for the Institutional Class, compared with the 10.15% return of its benchmark, the Russell 3000® Index. The performance table shows returns for all share classes of the Fund. The Fund utilizes environmental, social and governance (ESG) criteria, while the benchmark does not.
Leaving out certain stocks helped the Fund’s relative performance
Because of its ESG criteria, the Fund did not invest in a number of stocks included in the Russell 3000 Index. Excluding these companies produced mixed results for the twelve-month period, but the net effect was that the Fund outperformed its benchmark.
Among stocks the Fund excluded, leaving out Exxon Mobil, Wells Fargo and Boeing benefited relative performance the most. Energy giant Exxon Mobil was hurt by an oversupply of oil and a sudden drop in demand following the outbreak of COVID-19. The energy giant’s stock was delisted from the Dow Jones Industrial Average after 90 years. Banking giant Wells Fargo saw revenues decline, and lower interest rates squeezed its net interest margins. Boeing faced significant business uncertainty due to the dramatic decline in air travel caused by the global pandemic.
Omitting other stocks detracted from relative performance
Among stocks the Fund excluded, not owning Facebook and PayPal had the most detrimental effect on relative performance. Since the pandemic began, Facebook has seen active users increase and has benefited from rising advertising revenues attributed to the shift from traditional shopping to online commerce. This trend also helped PayPal, which reported the strongest growth in revenue and payment volumes in the company’s history.
Fund outperformed its benchmark
To compensate for the exclusion of some stocks within the Russell 3000 Index, the Fund’s managers use quantitative (mathematical) modeling and other techniques in an attempt to match the overall investment characteristics of the portfolio with those of the index and to manage risk.
Of stocks the Fund held, overweight positions in Tesla, NVIDIA and Pinterest added the most to relative performance. Tesla saw record deliveries of electric vehicles, which translated into record profitability. The building of three new Tesla factories on three continents continued as planned. Information technology company NVIDIA reported record revenue from video game sales, while Pinterest, which provides an online photo “scrapbook” service, saw tremendous growth in advertising revenues and new users.
Among stocks the Fund held, an underweight position in Amazon.com and overweight positions in Hewlett Packard and Welltower detracted most from relative performance. Amazon saw strong net sales in North America and internationally, as well as continued success for its Amazon Web Services (AWS) division. Technology company Hewlett Packard experienced supply chain constraints and component shortages due to the pandemic, while Welltower, which provides real estate capital to operators of health care facilities, declined due to lower occupancy and increased expenses.
30 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds |
Performance as of October 31, 2020
Social Choice Low Carbon Equity Fund | Total return | Average annual total return | Annual operating expenses* | ||||||||||||
Inception date | 1 year | 5 years | since inception | gross | net | ||||||||||
Institutional Class | 8/7/15 | 11.88 | % | 12.00 | % | 11.27 | % | 0.41 | % | 0.32 | % | ||||
Advisor Class | 12/4/15 | 11.72 | 11.91 | † | 11.18 | † | 0.52 | 0.43 | |||||||
Premier Class | 8/7/15 | 11.72 | 11.85 | 11.12 | 0.56 | 0.47 | |||||||||
Retirement Class | 8/7/15 | 11.65 | 11.74 | 11.00 | 0.66 | 0.57 | |||||||||
Retail Class | 8/7/15 | 11.47 | 11.65 | 10.91 | 0.73 | 0.64 | |||||||||
Russell 3000® Index | — | 10.15 | 11.48 | 10.89 | ‡ | — | — |
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least February 28, 2021, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. |
† | The performance shown for the Advisor Class that is prior to its inception date is based on the performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class. If these actual expenses had been reflected, the performance of the Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Institutional Class. |
‡ | Performance is calculated from the inception date of the Institutional Class. |
$10,000 invested at Fund’s inception
Institutional Class (inception August 7, 2015)
Ending amounts are as of October 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.
Holdings by company size
Market capitalization | % of equity investments as of 10/31/2020 | |
More than $50 billion | 62.6 | |
More than $15 billion–$50 billion | 23.3 | |
More than $2 billion–$15 billion | 12.0 | |
$2 billion or less | 2.1 | |
Total | 100.0 |
Fund profile
as of 10/31/2020 | |
Net assets | $441.12 million |
Portfolio turnover rate | 27% |
Number of holdings | 446 |
Weighted median market capitalization | $67.43 billion |
Price/earnings ratio (weighted 12-month trailing average)† | 43.6 |
† | Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period. |
TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 31 |
Expense example
Six months ended October 31, 2020
Emerging Markets Equity Fund | Beginning account value (5/1/20) | Ending account value (10/31/20) | Expenses paid during period* (5/1/20– 10/31/20) | |||
Actual return | ||||||
Institutional Class | $1,000.00 | $1,271.07 | $4.97 | |||
Advisor Class | 1,000.00 | 1,272.36 | 4.34 | |||
Premier Class | 1,000.00 | 1,270.79 | 5.59 | |||
Retirement Class | 1,000.00 | 1,269.86 | 5.59 | |||
Retail Class | 1,000.00 | 1,268.29 | 7.30 | |||
Class W | 1,000.00 | 1,277.33 | 0.00 | |||
5% annual hypothetical return | ||||||
Institutional Class | 1,000.00 | 1,020.76 | 4.42 | |||
Advisor Class | 1,000.00 | 1,021.32 | 3.86 | |||
Premier Class | 1,000.00 | 1,020.21 | 4.98 | |||
Retirement Class | 1,000.00 | 1,020.21 | 4.98 | |||
Retail Class | 1,000.00 | 1,018.70 | 6.50 | |||
Class W | 1,000.00 | 1,025.14 | 0.00 |
* | “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended October 31, 2020. The Fund’s annualized six-month expense ratios for that period were 0.87% for the Institutional Class, 0.76% for the Advisor Class, 0.98% for the Premier Class, 0.98% for the Retirement Class, 1.28% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower. |
For more information about this expense example, please see page 9.
Portfolio composition
Sector | % of net assets as of 10/31/2020 |
Consumer discretionary | 31.6 |
Information technology | 14.0 |
Financials | 13.9 |
Communication services | 11.9 |
Consumer staples | 8.8 |
Energy | 4.5 |
Materials | 2.1 |
Health care | 1.8 |
Industrials | 1.4 |
Real estate | 0.7 |
Short-term investments, other assets & liabilities, net | 9.3 |
Total | 100.0 |
Performance for the twelve months ended October 31, 2020
The Emerging Markets Equity Fund returned 10.04% for the Institutional Class, compared with the 8.25% return of its benchmark, the MSCI Emerging Markets Index. The performance table shows returns for all share classes of the Fund.
Global equity market returns varied amid COVID-19 volatility
In a year of high volatility, international developed-markets stocks declined, while emerging-markets equities posted positive returns. Global economies struggled during the first half of the period, rocked by uncertainty surrounding the COVID-19 pandemic, but many regions showed signs of recovery as the year progressed. After declining sharply in the first and second quarters of 2020, the economy in the 19-nation euro area experienced powerful growth in the third calendar quarter. The Chinese economy, which contracted year-over-year in the first quarter, reported growth in both of the following two quarters.
Central banks around the world responded aggressively to the economic shock of the pandemic. In March, the Federal Reserve cut the federal funds target rate to 0.00%–0.25%, while the European Central Bank launched a new bond-buying stimulus program. The Bank of England cut its benchmark rate to 0.10%.
The MSCI EAFE® Index, which measures stock performance in 21 developed-markets nations outside North America, returned –6.86%, substantially lagging the 10.15% gain of the Russell 3000® Index, a broad measure of the U.S. stock market, as well as the MSCI Emerging Markets Index.
China propelled the benchmark’s advance
Of the 26 country components in the MSCI Emerging Markets Index, only four posted gains in U.S.-dollar terms for the twelve-month period. China, the benchmark’s largest component, advanced 35.2%. Taiwan, the second-largest index component, advanced 26.5%. South Korea, the third-largest index component, gained 14.2%. Together, these three countries accounted for almost 70.0% of the index’s total market capitalization on October 31, 2020.
Fund outperformed its benchmark
The largest contributor to the Fund’s outperformance was an out-of-benchmark position in Singapore-based online gaming company Sea, which saw its stock price more than triple during the year. Overweight positions in two Chinese-based companies—transportation manufacturing firm BYD and Internet retailer Alibaba Group—were the next-largest contributors.
By contrast, an out-of-benchmark position in Arcos Dorados, a large Latin American owner of McDonalds franchises, detracted most from relative performance. An overweight in Brazilian retail giant Companhia Brasileira de Distribuicao, and an underweight in Internet shopping platform Meituan, were the next-largest detractors.
The Fund’s returns may sometimes diverge from the returns of its benchmark more than would be expected. This divergence may be the result of the Fund’s fair value pricing adjustments or of the timing of foreign currency valuations.
Many foreign exchanges close for trading before the Fund’s net asset value (NAV) is calculated (see the Fund’s current prospectus for more details on NAV calculations). In the intervening hours, the values of foreign securities can change, and these changes are not reflected immediately in the returns of the Fund’s benchmark. These changes are, however, taken into account to value the Fund’s portfolio holdings at the time the Fund’s NAV is calculated; these are known as fair value pricing adjustments.
32 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds |
Performance as of October 31, 2020
Emerging Markets Equity Fund | Total return | Average annual total return | Annual operating expenses* | ||||||||||||
Inception date | 1 year | 5 years | 10 years | gross | net | ||||||||||
Institutional Class | 8/31/10 | 10.04 | % | 9.33 | % | 2.64 | % | 0.90 | % | 0.90 | % | ||||
Advisor Class | 12/4/15 | 10.06 | 9.29 | † | 2.62 | † | 0.98 | 0.98 | |||||||
Premier Class | 8/31/10 | 9.99 | 9.19 | 2.51 | 1.05 | 1.05 | |||||||||
Retirement Class | 8/31/10 | 9.94 | 9.12 | 2.42 | 1.15 | 1.15 | |||||||||
Retail Class | 8/31/10 | 9.68 | 8.90 | 2.25 | 1.27 | 1.27 | |||||||||
Class W | 9/28/18 | 11.11 | 9.74 | † | 2.83 | † | 0.89 | 0.00 | |||||||
MSCI Emerging Markets Index | — | 8.25 | 7.92 | 2.42 | — | — |
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least February 28, 2021, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. |
† | The performance shown for the Advisor Class and Class W that is prior to their respective inception dates is based on the performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class and Class W. If these actual expenses had been reflected, the performance of these two classes shown for these periods would have been different because the Advisor Class and Class W have different expenses than the Institutional Class. |
$10,000 over 10 years
Institutional Class
Ending amounts are as of October 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.
Holdings by country
% of portfolio investments as of 10/31/2020 | |
China | 36.0 |
India | 10.8 |
Brazil | 9.9 |
Taiwan | 8.2 |
Korea, Republic of | 7.6 |
Mexico | 5.0 |
Indonesia | 3.3 |
South Africa | 2.7 |
Russia | 2.6 |
Macau | 2.2 |
8 other nations | 9.1 |
Short-term investments | 2.6 |
Total | 100.0 |
Holdings by company size
Market capitalization | % of equity investments as of 10/31/2020 | |
More than $50 billion | 42.5 | |
More than $15 billion–$50 billion | 18.3 | |
More than $2 billion–$15 billion | 30.8 | |
$2 billion or less | 8.4 | |
Total | 100.0 |
Fund profile
as of 10/31/2020 | |
Net assets | $1.61 billion |
Portfolio turnover rate | 128% |
Number of holdings | 70 |
Weighted median market capitalization | $40.53 billion |
Price/earnings ratio (weighted 12-month trailing average)† | 344.9 |
† | Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period. |
TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 33 |
Expense example
Six months ended October 31, 2020
International Equity Fund | Beginning account value (5/1/20) | Ending account value (10/31/20) | Expenses paid during period* (5/1/20– 10/31/20) | ||||||||
Actual return | |||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,173.12 | $2.57 | ||||||
Advisor Class | 1,000.00 | 1,172.45 | 3.17 | ||||||||
Premier Class | 1,000.00 | 1,172.23 | 3.39 | ||||||||
Retirement Class | 1,000.00 | 1,170.45 | 4.20 | ||||||||
Retail Class | 1,000.00 | 1,170.65 | 4.47 | ||||||||
Class W | 1,000.00 | 1,175.97 | 0.00 | ||||||||
5% annual hypothetical return | |||||||||||
Institutional Class | 1,000.00 | 1,022.77 | 2.39 | ||||||||
Advisor Class | 1,000.00 | 1,022.22 | 2.95 | ||||||||
Premier Class | 1,000.00 | 1,022.02 | 3.15 | ||||||||
Retirement Class | 1,000.00 | 1,021.27 | 3.91 | ||||||||
Retail Class | 1,000.00 | 1,021.01 | 4.17 | ||||||||
Class W | 1,000.00 | 1,025.14 | 0.00 |
* | “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended October 31, 2020. The Fund’s annualized six-month expense ratios for that period were 0.47% for the Institutional Class, 0.58% for the Advisor Class, 0.62% for the Premier Class, 0.77% for the Retirement Class, 0.82% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower. |
For more information about this expense example, please see page 9.
Portfolio composition
Sector | % of net assets as of 10/31/2020 | |
Consumer discretionary | 16.3 | |
Industrials | 15.4 | |
Information technology | 12.0 | |
Health care | 11.9 | |
Financials | 11.7 | |
Materials | 8.3 | |
Consumer staples | 8.0 | |
Utilities | 4.8 | |
Communication services | 4.4 | |
Energy | 0.7 | |
Short-term investments, other assets & liabilities, net | 6.5 | |
Total | 100.0 |
Performance for the twelve months ended October 31, 2020
The International Equity Fund returned 0.33% for the Institutional Class, compared with the –6.86% return of its benchmark, the MSCI EAFE® Index. The performance table shows returns for all share classes of the Fund.
Global equity market returns varied amid COVID-19 volatility
In a year of high volatility, international developed-markets stocks declined, while emerging-markets equities posted positive returns. Global economies struggled during the first half of the period, rocked by uncertainty surrounding the COVID-19 pandemic, but many regions showed signs of recovery as the year progressed. After declining sharply in the first and second quarters of 2020, the economy in the 19-nation euro area experienced powerful growth in the third quarter of the calendar year. The Chinese economy, which contracted year-over-year in the first quarter, reported growth in both of the following two quarters.
Central banks around the world responded aggressively to the economic shock of the pandemic. In March, the Federal Reserve cut the federal funds target rate to 0.00%–0.25%, while the European Central Bank launched a new bond-buying stimulus program. The Bank of England cut its benchmark rate to 0.10%.
The MSCI EAFE Index, which measures stock performance in 21 developed-markets nations outside North America, underperformed the Russell 3000® Index, a broad measure of the U.S. stock market, which advanced 10.15%, and the MSCI Emerging Markets Index, which gained 8.25%.
Country returns in the benchmark were mixed
Thirteen of the MSCI EAFE Index’s 21 country components declined in U.S.-dollar terms for the twelve-month period. The largest index components were Japan (26.5%), the United Kingdom (13.2%) and France (10.6%), returning 0.3%, –22.3% and –13.8%, respectively. Together, these three nations represented just over one-half of the benchmark’s total market capitalization on October 31, 2020.
Fund gained and outperformed its benchmark
The Fund’s leading contributors to performance versus the benchmark were overweight positions in Japanese game maker Nintendo, consumer electronics giant Sony and Swiss multinational pharmaceutical company Lonza, respectively. Nintendo reported staggering profits as sales of the company’s games and consoles soared.
Conversely, overweight positions in European multinational Airbus, Britain’s Lloyds Banking Group and Dutch financial firm ING detracted from relative performance. The commercial aircraft business of Airbus was hurt by the slow recovery of air travel from pandemic-related restrictions.
The Fund’s returns may sometimes diverge from the returns of its benchmark more than would be expected. This divergence may be the result of the Fund’s fair value pricing adjustments or of the timing of foreign currency valuations.
Many foreign exchanges close for trading before the Fund’s net asset value (NAV) is calculated (see the Fund’s current prospectus for more details on NAV calculations). In the intervening hours, the values of foreign securities can change, and these changes are not reflected immediately in the returns of the Fund’s benchmark. These changes are, however, taken into account to value the Fund’s portfolio holdings at the time the Fund’s NAV is calculated; these are known as fair value pricing adjustments.
34 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds |
Performance as of October 31, 2020
International Equity Fund | Total return | Average annual total return | Annual operating expenses* | |||||||||||||||||||
Inception date | 1 year | 5 years | 10 years | gross | net | |||||||||||||||||
Institutional Class | 7/1/99 | 0.33 | % | 2.74 | % | 3.71 | % | 0.48 | % | 0.48 | % | |||||||||||
Advisor Class | 12/4/15 | 0.34 | 2.65 | † | 3.67 | † | 0.60 | 0.60 | ||||||||||||||
Premier Class | 9/30/09 | 0.26 | 2.59 | 3.56 | 0.63 | 0.63 | ||||||||||||||||
Retirement Class | 10/1/02 | 0.10 | 2.47 | 3.45 | 0.73 | 0.73 | ||||||||||||||||
Retail Class | 3/31/06 | 0.03 | 2.39 | 3.38 | 0.82 | 0.82 | ||||||||||||||||
Class W | 9/28/18 | 0.89 | 2.95 | † | 3.82 | † | 0.48 | 0.00 | ||||||||||||||
MSCI EAFE® Index | — | –6.86 | 2.85 | 3.82 | — | — |
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least February 28, 2021, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. |
† | The performance shown for the Advisor Class and Class W that is prior to their respective inception dates is based on the performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class and Class W. If these actual expenses had been reflected, the performance of these two classes shown for these periods would have been different because the Advisor Class and Class W have different expenses than the Institutional Class. |
$10,000 over 10 years
Institutional Class
Ending amounts are as of October 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.
Holdings by country
% of portfolio investments as of 10/31/2020 | ||
Japan | 19.6 | |
France | 14.1 | |
Germany | 12.2 | |
United Kingdom | 9.6 | |
Switzerland | 7.8 | |
Australia | 4.8 | |
Netherlands | 3.8 | |
China | 3.7 | |
Denmark | 3.6 | |
Italy | 3.1 | |
9 other nations | 10.2 | |
Short-term investments | 7.5 | |
Total | 100.0 |
Holdings by company size
Market capitalization | % of equity investments as of 10/31/2020 | |
More than $50 billion | 55.7 | |
More than $15 billion–$50 billion | 35.2 | |
More than $2 billion–$15 billion | 9.1 | |
Total | 100.0 |
Fund profile | ||
as of 10/31/2020 | ||
Net assets | $4.69 billion | |
Portfolio turnover rate | 102% | |
Number of holdings | 91 | |
Weighted median market capitalization | $54.52 billion | |
Price/earnings ratio (weighted 12-month trailing average)† | 23.9 |
† | Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period. |
TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 35 |
International Opportunities Fund
Expense example
Six months ended October 31, 2020
International Opportunities Fund | Beginning account value (5/1/20) | Ending account value (10/31/20) | Expenses paid during period* (5/1/20– 10/31/20) | ||||||||
Actual return | |||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,267.15 | $3.48 | ||||||
Advisor Class | 1,000.00 | 1,266.77 | 4.05 | ||||||||
Premier Class | 1,000.00 | 1,266.72 | 4.33 | ||||||||
Retirement Class | 1,000.00 | 1,265.59 | 4.39 | ||||||||
Retail Class | 1,000.00 | 1,265.16 | 5.69 | ||||||||
Class W | 1,000.00 | 1,271.56 | 0.00 | ||||||||
5% annual hypothetical return | |||||||||||
Institutional Class | 1,000.00 | 1,022.07 | 3.10 | ||||||||
Advisor Class | 1,000.00 | 1,021.57 | 3.61 | ||||||||
Premier Class | 1,000.00 | 1,021.32 | 3.86 | ||||||||
Retirement Class | 1,000.00 | 1,021.27 | 3.91 | ||||||||
Retail Class | 1,000.00 | 1,020.11 | 5.08 | ||||||||
Class W | 1,000.00 | 1,025.14 | 0.00 |
* | “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended October 31, 2020. The Fund’s annualized six-month expense ratios for that period were 0.61% for the Institutional Class, 0.71% for the Advisor Class, 0.76% for the Premier Class, 0.77% for the Retirement Class, 1.00% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower. |
For more information about this expense example, please see page 9.
Portfolio composition
Sector | % of net assets as of 10/31/2020 | |
Information technology | 21.7 | |
Consumer discretionary | 21.1 | |
Industrials | 12.4 | |
Health care | 11.9 | |
Consumer staples | 10.0 | |
Financials | 7.6 | |
Materials | 5.4 | |
Communication services | 3.7 | |
Energy | 1.1 | |
Real estate | 0.7 | |
Short-term investments, other assets & liabilities, net | 4.4 | |
Total | 100.0 |
Performance for the twelve months ended October 31, 2020
The International Opportunities Fund returned 18.84% for the Institutional Class, compared with the –2.61% return of its benchmark, the MSCI All Country World (ACWI) ex USA Index. The performance table shows returns for all share classes of the Fund.
Global equity market returns varied amid COVID-19 volatility
In a year of high volatility, international developed-markets stocks declined, while emerging-markets equities posted positive returns. Global economies struggled during the first half of the period, rocked by uncertainty surrounding the COVID-19 pandemic, but many regions showed signs of recovery as the year progressed. After declining sharply in the first and second quarters of 2020, the economy in the 19-nation euro area experienced powerful growth in the third quarter of the calendar year. The Chinese economy, which contracted year-over-year in the first quarter, reported growth in both of the following two quarters.
Central banks around the world responded to the economic shock of the pandemic. In March, the Federal Reserve cut the federal funds target rate to 0.00%–0.25%, while the European Central Bank launched a new bond-buying stimulus program. The Bank of England cut its benchmark rate to 0.10%.
The MSCI EAFE® Index, which measures stock performance in 21 developed-markets nations outside North America, returned –6.86%, underperforming the 10.15% return of the Russell 3000® Index, a broad measure of the U.S. stock market. The MSCI Emerging Markets Index returned 8.25% for the period.
Most benchmark countries were down
Of the 48 countries within the MSCI ACWI ex USA Index, 36 lost ground in U.S.-dollar terms for the twelve months. The benchmark’s largest country components were Japan (16.6%), China (13.4%) and the United Kingdom (8.2%), returning 0.3%, 35.2% and –22.3%, respectively. Together, these three nations represented more than one-third of the index’s total market capitalization on October 31, 2020.
Fund substantially outperformed its benchmark
The largest contributors to the Fund’s relative performance were overweight investments in Australian payment processor Afterpay and Canadian e-commerce company Shopify, followed by an out-of-benchmark position in German meal kit provider HelloFresh. All three had stellar returns. Afterpay benefited from strong growth in the use of its platform amid the accelerated shift to online shopping.
Conversely, the leading detractor from relative performance was not being invested in Chinese online retailer Alibaba, a large benchmark holding. Next was an underweight investment in Taiwan Semiconductor Manufacturing, followed by an overweight in Norwegian petroleum resources developer Aker BP.
The Fund’s returns may sometimes diverge from the returns of its benchmark more than would be expected. This divergence may be the result of the Fund’s fair value pricing adjustments or of the timing of foreign currency valuations.
Many foreign exchanges close for trading before the Fund’s net asset value (NAV) is calculated (see the Fund’s current prospectus for more details on NAV calculations). In the intervening hours, the values of foreign securities can change, and these changes are not reflected immediately in the returns of the Fund’s benchmark. These changes are, however, taken into account to value the Fund’s portfolio holdings at the time the Fund’s NAV is calculated; these are known as fair value pricing adjustments.
36 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds |
Performance as of October 31, 2020
International Opportunities Fund | Total return | Average annual total return | Annual operating expenses* | |||||||||||||||||||
Inception date | 1 year | 5 years | since inception | gross | net | |||||||||||||||||
Institutional Class | 4/12/13 | 18.84 | % | 9.74 | % | 7.22 | % | 0.62 | % | 0.62 | % | |||||||||||
Advisor Class | 12/4/15 | 18.66 | 9.66 | † | 7.17 | † | 0.71 | 0.71 | ||||||||||||||
Premier Class | 4/12/13 | 18.69 | 9.60 | 7.07 | 0.77 | 0.77 | ||||||||||||||||
Retirement Class | 4/12/13 | 18.62 | 9.53 | 6.98 | 0.87 | 0.87 | ||||||||||||||||
Retail Class | 4/12/13 | 18.26 | 9.29 | 6.79 | 1.02 | 1.02 | ||||||||||||||||
Class W | 9/28/18 | 19.52 | 10.02 | † | 7.40 | † | 0.62 | 0.00 | ||||||||||||||
MSCI All Country World Index ex USA | — | –2.61 | 4.26 | 3.36 | ‡ | — | — |
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least February 28, 2021, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. |
† | The performance shown for the Advisor Class and Class W that is prior to their respective inception dates is based on the performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class and Class W. If these actual expenses had been reflected, the performance of these two classes shown for these periods would have been different because the Advisor Class and Class W have different expenses than the Institutional Class. |
‡ | Performance is calculated from the inception date of the Institutional Class. |
$10,000 invested at Fund’s inception
Institutional Class (inception April 12, 2013)
Ending amounts are as of October 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.
Holdings by country
% of portfolio investments as of 10/31/2020 | ||
Japan | 14.6 | |
United Kingdom | 9.1 | |
China | 7.4 | |
Canada | 6.6 | |
Brazil | 6.4 | |
Germany | 6.2 | |
Australia | 5.5 | |
France | 4.7 | |
Italy | 4.5 | |
Ireland | 4.5 | |
14 other nations | 24.1 | |
Short-term investments | 6.4 | |
Total | 100.0 |
Holdings by company size
Market capitalization | % of equity investments as of 10/31/2020 | |
More than $50 billion | 18.4 | |
More than $15 billion–$50 billion | 28.4 | |
More than $2 billion–$15 billion | 48.2 | |
$2 billion or less | 5.0 | |
Total | 100.0 |
Fund profile | ||
as of 10/31/2020 | ||
Net assets | $1.82 billion | |
Portfolio turnover rate | 36% | |
Number of holdings | 99 | |
Weighted median market capitalization | $13.75 billion | |
Price/earnings ratio (weighted 12-month trailing average)† | 58.5 |
† | Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period. |
TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 37 |
Quant International Equity Fund
Expense example
Six months ended October 31, 2020
Quant International Equity Fund | Beginning account value (5/1/20) | Ending account value (10/31/20) | Expenses paid during period* (5/1/20– 10/31/20) | ||||||||
Actual return | |||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,077.42 | $2.09 | ||||||
Advisor Class | 1,000.00 | 1,077.54 | 2.72 | ||||||||
Class W | 1,000.00 | 1,082.26 | 0.00 | ||||||||
5% annual hypothetical return | |||||||||||
Institutional Class | 1,000.00 | 1,023.13 | 2.03 | ||||||||
Advisor Class | 1,000.00 | 1,022.52 | 2.64 | ||||||||
Class W | 1,000.00 | 1,025.14 | 0.00 |
* | “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended October 31, 2020. The Fund’s annualized six-month expense ratios for that period were 0.40% for the Institutional Class, 0.52% for the Advisor Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower. |
For more information about this expense example, please see page 9.
Portfolio composition
Sector | % of net assets as of 10/31/2020 | |
Financials | 16.3 | |
Industrials | 13.3 | |
Health care | 12.2 | |
Consumer discretionary | 10.8 | |
Consumer staples | 10.3 | |
Information technology | 7.6 | |
Materials | 6.8 | |
Communication services | 5.2 | |
Utilities | 3.5 | |
Real estate | 2.8 | |
Energy | 2.5 | |
Short-term investments, other assets & liabilities, net | 8.7 | |
Total | 100.0 |
Performance for the twelve months ended October 31, 2020
The Quant International Equity Fund returned –7.72% for the Institutional Class, compared with the –6.86% return of its benchmark, the MSCI EAFE® Index. The performance table shows returns for all share classes of the Fund.
Global equity market returns varied amid COVID-19 volatility
In a year of high volatility, international developed-markets stocks declined, while emerging-markets equities posted positive returns. Global economies struggled during the first half of the period, rocked by uncertainty surrounding the COVID-19 pandemic, but many regions showed signs of recovery as the year progressed. After declining sharply in the first and second quarters of 2020, the economy in the 19-nation euro area experienced powerful growth in the third quarter of the calendar year. The Chinese economy, which contracted year-over-year in the first quarter, reported growth in both of the following two quarters.
Central banks around the world responded aggressively to the economic shock of the pandemic. In March, the Federal Reserve cut the federal funds target rate to 0.00%–0.25%, while the European Central Bank launched a new bond-buying stimulus program. The Bank of England cut its benchmark rate to 0.10%.
The MSCI EAFE Index, which measures stock performance in 21 developed-markets nations outside North America, underperformed the Russell 3000® Index, a broad measure of the U.S. stock market, which advanced 10.15%, and the MSCI Emerging Markets Index, which gained 8.25%.
Country returns in the benchmark were mixed
Thirteen of the MSCI EAFE Index’s 21 country components declined in U.S.-dollar terms for the twelve-month period. The largest index components were Japan (26.5%), the United Kingdom (13.2%) and France (10.6%), returning 0.3%, –22.3% and –13.8%, respectively. Together, these three nations represented just over one-half of the benchmark’s total market capitalization on October 31, 2020.
Fund underperformed its benchmark
The Fund’s main detractor from relative performance was an overweight position in Germany’s MTU Aero Engines, which saw revenues decline amid the pandemic. The next-largest detractors were overweights in French bank holding company Credit Agricole and Spanish engineering firm ACS Actividades de Construccion y Servicios, respectively.
Conversely, the leading contributor to relative performance was an overweight investment in Swedish Match. The smoke-free products manufacturer benefited from strong sales in the U.S. as well as from its ZYN nicotine pouches. The next-best contributors were an overweight in Dutch semiconductor firm ASML Holding, followed by an underweight in European multinational Airbus.
The Fund’s returns may sometimes diverge from the returns of its benchmark more than would be expected. This divergence may be the result of the Fund’s fair value pricing adjustments or of the timing of foreign currency valuations.
Many foreign exchanges close for trading before the Fund’s net asset value (NAV) is calculated (see the Fund’s current prospectus for more details on NAV calculations). In the intervening hours, the values of foreign securities can change, and these changes are not reflected immediately in the returns of the Fund’s benchmark. These changes are, however, taken into account to value the Fund’s portfolio holdings at the time the Fund’s NAV is calculated; these are known as fair value pricing adjustments.
38 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds |
Performance as of October 31, 2020
Quant International Equity Fund | Total return | Average annual total return | Annual operating expenses* | |||||||||||||||||||
Inception date | 1 year | 5 years | 10 years | gross | net | |||||||||||||||||
Institutional Class | 11/30/07 | –7.72 | % | 2.21 | % | 3.87 | % | 0.40 | % | 0.40 | % | |||||||||||
Advisor Class | 12/4/15 | –7.80 | 2.13 | † | 3.83 | † | 0.48 | 0.48 | ||||||||||||||
Class W | 9/28/18 | –7.23 | 2.40 | † | 3.97 | † | 0.40 | 0.00 | ||||||||||||||
MSCI EAFE® Index | — | –6.86 | 2.85 | 3.82 | — | — |
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least February 28, 2021, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. |
† | The performance shown for the Advisor Class and Class W that is prior to their respective inception dates is based on the performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class and Class W. If these actual expenses had been reflected, the performance of these two classes shown for these periods would have been different because the Advisor Class and Class W have different expenses than the Institutional Class. |
$10,000 over 10 years
Institutional Class
Ending amounts are as of October 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.
Holdings by country
% of portfolio investments as of 10/31/2020 | ||
Japan | 24.9 | |
United Kingdom | 9.9 | |
Switzerland | 9.1 | |
France | 9.0 | |
Germany | 8.7 | |
Australia | 7.1 | |
Netherlands | 4.2 | |
United States | 3.2 | |
Hong Kong | 2.9 | |
Sweden | 2.7 | |
17 other nations | 13.0 | |
Short-term investments | 5.3 | |
Total | 100.0 |
Holdings by company size
Market capitalization | % of equity investments as of 10/31/2020 | |
More than $50 billion | 38.3 | |
More than $15 billion–$50 billion | 34.5 | |
More than $2 billion–$15 billion | 27.2 | |
Total | 100.0 |
Fund profile
as of 10/31/2020 | ||
Net assets | $932.47 million | |
Portfolio turnover rate | 112% | |
Number of holdings | 303 | |
Weighted median market capitalization | $33.34 billion | |
Price/earnings ratio (weighted 12-month trailing average)† | 25.4 |
† | Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period. |
TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 39 |
Quant International Small-Cap Equity Fund
Expense example
Six months ended October 31, 2020
Quant International Small-Cap Equity Fund | Beginning account value (5/1/20) | Ending account value (10/31/20) | Expenses paid during period* (5/1/20– 10/31/20) | ||||||||
Actual return | |||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,186.63 | $3.57 | ||||||
Advisor Class | 1,000.00 | 1,185.37 | 3.74 | ||||||||
Premier Class | 1,000.00 | 1,185.55 | 4.67 | ||||||||
Retirement Class | 1,000.00 | 1,185.37 | 4.61 | ||||||||
Retail Class | 1,000.00 | 1,183.65 | 5.98 | ||||||||
Class W | 1,000.00 | 1,189.94 | 0.00 | ||||||||
5% annual hypothetical return | |||||||||||
Institutional Class | 1,000.00 | 1,021.87 | 3.30 | ||||||||
Advisor Class | 1,000.00 | 1,021.72 | 3.46 | ||||||||
Premier Class | 1,000.00 | 1,020.86 | 4.32 | ||||||||
Retirement Class | 1,000.00 | 1,020.91 | 4.27 | ||||||||
Retail Class | 1,000.00 | 1,019.66 | 5.53 | ||||||||
Class W | 1,000.00 | 1,025.14 | 0.00 |
* | “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended October 31, 2020. The Fund’s annualized six-month expense ratios for that period were 0.65% for the Institutional Class, 0.68% for the Advisor Class, 0.85% for the Premier Class, 0.84% for the Retirement Class, 1.09% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower. |
For more information about this expense example, please see page 9.
Portfolio composition
Sector | % of net assets as of 10/31/2020 | |
Industrials | 18.0 | |
Information technology | 13.3 | |
Consumer discretionary | 12.9 | |
Financials | 12.3 | |
Materials | 9.8 | |
Real estate | 9.7 | |
Health care | 7.3 | |
Consumer staples | 6.1 | |
Communication services | 5.2 | |
Utilities | 2.9 | |
Energy | 2.1 | |
Short-term investments, other assets & liabilities, net | 0.4 | |
Total | 100.0 |
Performance for the twelve months ended October 31, 2020
The Quant International Small-Cap Equity Fund returned –5.51% for the Institutional Class, compared with the 0.07% return of its benchmark, the MSCI All Country World (ACWI) ex USA Small Cap Index. The performance table shows returns for all share classes of the Fund.
Global equity market returns varied amid COVID-19 volatility
In a year of high volatility, international developed-markets stocks declined, while emerging-markets equities posted positive returns. Global economies struggled during the first half of the period, rocked by uncertainty surrounding the COVID-19 pandemic, but many regions showed signs of recovery as the year progressed. After declining sharply in the first and second quarters of 2020, the economy in the 19-nation euro area experienced powerful growth in the third quarter of the calendar year. The Chinese economy, which contracted year-over-year in the first quarter, reported growth in both of the following two quarters.
Central banks around the world responded aggressively to the economic shock of the pandemic. In March, the Federal Reserve cut the federal funds target rate to 0.00%–0.25%, while the European Central Bank launched a new bond-buying stimulus program. The Bank of England cut its benchmark rate to 0.10%.
The MSCI EAFE® Index, which measures stock performance in 21 developed-markets nations outside North America, returned –6.86% for the twelve-month period. By contrast, the Russell 3000® Index, a broad measure of the U.S. stock market, advanced 10.15%, while the MSCI Emerging Markets Index gained 8.25%.
Benchmark country returns were mostly down
Of the 48 countries in the MSCI ACWI ex USA Small Cap Index, 28 posted losses in U.S.-dollar terms for the twelve months. The largest markets were Japan (22.3%), the United Kingdom (11.9%) and Canada (6.6%), which returned –1.5%, –14.1% and 7.6%, respectively. These three countries comprised more than 40.0% of the index’s total market capitalization on October 31, 2020.
Fund trailed its benchmark
The Fund’s performance versus the benchmark was hurt by several overweight holdings. Chief among these was Chinese pharmaceutical manufacturer YiChang HEC. Sales of YiChang’s influenza drug declined as the pandemic kept people at home. Next was Canadian recreational vehicle maker BRP, and third was Australian real estate developer Charter Hall.
Conversely, the top contributor was an overweight position in Chinese solar products manufacturer JinkoSolar Holding, which benefited from increased shipments. Next were overweights in Japanese business strategy consultant BayCurrent and Australian protective equipment provider Ansell.
The Fund’s returns may sometimes diverge from the returns of its benchmark more than would be expected. This divergence may be the result of the Fund’s fair value pricing adjustments or of the timing of foreign currency valuations.
Many foreign exchanges close for trading before the Fund’s net asset value (NAV) is calculated (see the Fund’s current prospectus for more details on NAV calculations). In the intervening hours, the values of foreign securities can change, and these changes are not reflected immediately in the returns of the Fund’s benchmark. These changes are, however, taken into account to value the Fund’s portfolio holdings at the time the Fund’s NAV is calculated; these are known as fair value pricing adjustments.
40 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds |
Performance as of October 31, 2020
Quant International Small-Cap Equity Fund | Total return | Average annual total return | Annual operating expenses* | |||||||||||||||
Inception date | 1 year | since inception | gross | net | ||||||||||||||
Institutional Class | 12/9/16 | –5.51 | % | 2.53 | % | 0.71 | % | 0.71 | % | |||||||||
Advisor Class | 12/9/16 | –5.56 | 2.46 | 0.79 | 0.79 | |||||||||||||
Premier Class | 12/9/16 | –5.71 | 2.41 | 0.89 | 0.89 | |||||||||||||
Retirement Class | 12/9/16 | –5.67 | 2.32 | 0.96 | 0.96 | |||||||||||||
Retail Class | 12/9/16 | –5.93 | 2.11 | 1.35 | 1.14 | |||||||||||||
Class W | 9/28/18 | –4.97 | 2.88 | † | 0.71 | 0.00 | ||||||||||||
MSCI ACWI ex USA Small Cap Index | — | 0.07 | 5.77 | ‡ | — | — |
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least February 28, 2021, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. |
† | The performance shown for the Class W that is prior to its inception date is based on the performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of the Class W. If these actual expenses had been reflected, the performance of Class W shown for these periods would have been different because the Class W has different expenses than the Institutional Class. |
‡ | Performance is calculated from the inception date of the Institutional Class. |
$10,000 invested at Fund’s inception
Institutional Class (inception December 9, 2016)
Ending amounts are as of October 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.
Holdings by country
% of portfolio investments as of 10/31/2020 | ||
Japan | 19.9 | |
United Kingdom | 10.9 | |
Australia | 6.6 | |
Taiwan | 6.2 | |
Canada | 4.9 | |
Sweden | 4.9 | |
Korea, Republic of | 4.5 | |
Switzerland | 3.8 | |
China | 3.3 | |
Italy | 2.9 | |
38 other nations | 29.9 | |
Short-term investments | 2.2 | |
Total | 100.0 |
Holdings by company size
Market capitalization | % of equity investments as of 10/31/2020 | |
More than $50 billion | 0.8 | |
More than $2 billion–$15 billion | 46.3 | |
$2 billion or less | 52.9 | |
Total | 100.0 |
Fund profile
as of 10/31/2020 | ||
Net assets | $981.48 million | |
Portfolio turnover rate | 100% | |
Number of holdings | 529 | |
Weighted median market capitalization | $1.80 billion | |
Price/earnings ratio (weighted 12-month trailing average)† | 15.8 |
† | Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period. |
TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 41 |
Social Choice International Equity Fund
Expense example
Six months ended October 31, 2020
Social Choice International Equity | Beginning account value (5/1/20) | Ending account value (10/31/20) | Expenses paid during period* (5/1/20– 10/31/20) | ||||||||
Actual return | |||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,091.87 | $2.10 | ||||||
Advisor Class | 1,000.00 | 1,090.81 | 2.68 | ||||||||
Premier Class | 1,000.00 | 1,090.72 | 2.89 | ||||||||
Retirement Class | 1,000.00 | 1,089.95 | 3.41 | ||||||||
Retail Class | 1,000.00 | 1,089.95 | 3.73 | ||||||||
5% annual hypothetical return | |||||||||||
Institutional Class | 1,000.00 | 1,023.13 | 2.03 | ||||||||
Advisor Class | 1,000.00 | 1,022.57 | 2.59 | ||||||||
Premier Class | 1,000.00 | 1,022.37 | 2.80 | ||||||||
Retirement Class | 1,000.00 | 1,021.87 | 3.30 | ||||||||
Retail Class | 1,000.00 | 1,021.57 | 3.61 |
* | “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended October 31, 2020. The Fund’s annualized six-month expense ratios for that period were 0.40% for the Institutional Class, 0.51% for the Advisor Class, 0.55% for the Premier Class, 0.65% for the Retirement Class and 0.71% for the Retail Class. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower. |
For more information about this expense example, please see page 9.
Portfolio composition
Sector | % of net assets as of 10/31/2020 | |
Financials | 15.9 | |
Industrials | 13.5 | |
Health care | 13.3 | |
Consumer discretionary | 11.7 | |
Consumer staples | 11.0 | |
Materials | 8.8 | |
Information technology | 7.6 | |
Communication services | 5.0 | |
Utilities | 4.6 | |
Real estate | 4.0 | |
Energy | 3.0 | |
Short-term investments, other assets & liabilities, net | 1.6 | |
Total | 100.0 |
Performance for the twelve months ended October 31, 2020
The Social Choice International Equity Fund returned –5.83% for the Institutional Class, compared with the –6.86% return of its benchmark, the MSCI EAFE® Index. The performance table shows returns for all share classes of the Fund. The Fund utilizes environmental, social and governance (ESG) criteria, while the benchmark does not.
Avoiding certain stocks helped the Fund’s relative performance
Because of its ESG criteria, the Fund excluded a number of stocks in the MSCI EAFE Index. Avoiding these companies produced mixed results during the twelve-month period, but the net effect was that the Fund outperformed its benchmark.
Excluding Royal Dutch Shell, HSBC and BP, respectively, helped the Fund’s relative performance most. Energy giants Royal Dutch Shell and BP grappled with plummeting prices due to an oversupply of oil, a production standoff between Russia and Saudi Arabia and sharply reduced demand due to COVID-19. British bank HSBC saw profits decline amid the pandemic and near-zero interest rates.
Some excluded stocks detracted from relative performance
Among omitted stocks, LVMH and M3 were the largest detractors. Although revenue declined, French luxury goods group LVMH showed resilience, aided by an acceleration in online shopping and strong recovery in demand for its products in China. M3, a Japanese provider of medical information to doctors, saw profits rise and increased activity on its internet platform.
Fund outperformed its benchmark
To compensate for the exclusion of some stocks within the MSCI EAFE Index, the Fund’s managers use quantitative (mathematical) modeling and other techniques in an attempt to match the overall investment characteristics of the portfolio with those of its index and to manage risk.
The largest contributors among the Fund’s holdings were overweight positions in Fortescue Metals and Sartorius, as well as an underweight in Takeda Pharmaceutical. Australia’s Fortescue Metals reported record iron ore shipments, while French biopharmaceutical firm Sartorius benefited from hopes for a COVID-19 vaccine and related therapeutics. Japanese firm Takeda Pharmaceutical underperformed due to reports of declining revenues.
Conversely, an underweight investment in SoftBank and overweights in Repsol and Unibail-Rodamco-Westfield detracted most from relative performance. Japanese conglomerate SoftBank benefited from the merger of its telecom firm Sprint with T-Mobile; Spanish oil and gas producer Repsol faced a sharp drop in prices due to pandemic-related travel restrictions; and French real estate investment trust Unibail-Rodamco-Westfield saw commercial lease income decline due to COVID-19.
The Fund’s returns may sometimes diverge from the returns of its benchmark more than would be expected. This divergence may be the result of the Fund’s fair value pricing adjustments or of the timing of foreign currency valuations.
Many foreign exchanges close for trading before the Fund’s net asset value (NAV) is calculated (see the Fund’s current prospectus for more details on NAV calculations). In the intervening hours, the values of foreign securities can change, and these changes are not reflected immediately in the returns of the Fund’s benchmark. These changes are, however, taken into account to value the Fund’s portfolio holdings at the time the Fund’s NAV is calculated; these are known as fair value pricing adjustments.
42 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds |
Performance as of October 31, 2020
Social Choice International Equity Fund | Total return | Average annual total return | Annual operating expenses* | |||||||||||||||||||
Inception date | 1 year | 5 years | since inception | gross | net | |||||||||||||||||
Institutional Class | 8/7/15 | –5.83 | % | 3.57 | % | 2.46 | % | 0.58 | % | 0.40 | % | |||||||||||
Advisor Class | 12/4/15 | –5.96 | 3.51 | † | 2.40 | † | 0.66 | 0.48 | ||||||||||||||
Premier Class | 8/7/15 | –5.99 | 3.42 | 2.30 | 0.74 | 0.55 | ||||||||||||||||
Retirement Class | 8/7/15 | –6.08 | 3.31 | 2.20 | 0.83 | 0.65 | ||||||||||||||||
Retail Class | 8/7/15 | –6.18 | 3.22 | 2.11 | 0.92 | 0.74 | ||||||||||||||||
MSCI EAFE® Index | — | –6.86 | 2.85 | 1.79 | ‡ | — | — |
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least February 28, 2021, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. |
† | The performance shown for the Advisor Class that is prior to its inception date is based on the performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class. If these actual expenses had been reflected, the performance of the Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Institutional Class. |
‡ | Performance is calculated from the inception date of the Institutional Class. |
$10,000 invested at Fund’s inception
Institutional Class (inception August 7, 2015)
Ending amounts are as of October 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.
Holdings by country
% of portfolio investments as of 10/31/2020 | ||
Japan | 26.1 | |
United Kingdom | 12.0 | |
France | 10.0 | |
Switzerland | 9.9 | |
Germany | 9.0 | |
Australia | 6.8 | |
Netherlands | 3.6 | |
Sweden | 3.6 | |
Hong Kong | 3.4 | |
Denmark | 2.7 | |
12 other nations | 11.2 | |
Short-term investments | 1.7 | |
Total | 100.0 |
Holdings by company size
Market capitalization | % of equity investments as of 10/31/2020 | |
More than $50 billion | 32.1 | |
More than $15 billion–$50 billion | 41.0 | |
More than $2 billion–$15 billion | 26.8 | |
$2 billion or less | 0.1 | |
Total | 100.0 |
Fund profile
as of 10/31/2020 | ||
Net assets | $513.44 million | |
Portfolio turnover rate | 15% | |
Number of holdings | 404 | |
Weighted median market capitalization | $29.31 billion | |
Price/earnings ratio (weighted 12-month trailing average)† | 36.2 |
† | Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period. |
TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 43 |
Summary portfolio of investments
Growth & Income Fund ■ October 31, 2020
Shares | Company | Value | % of net assets | |||||||||||
COMMON STOCKS | ||||||||||||||
AUTOMOBILES & COMPONENTS | $ | 45,710,372 | 0.8 | % | ||||||||||
BANKS | ||||||||||||||
3,118,360 | Bank of America Corp | 73,905,132 | 1.3 | |||||||||||
937,144 | JPMorgan Chase & Co | 91,877,598 | 1.6 | |||||||||||
Other | 25,642,682 | 0.5 | ||||||||||||
191,425,412 | 3.4 | |||||||||||||
CAPITAL GOODS | ||||||||||||||
154,415 | Deere & Co | 34,883,893 | 0.6 | |||||||||||
353,796 | Dover Corp | 39,168,755 | 0.7 | |||||||||||
421,646 | Eaton Corp | 43,762,638 | 0.8 | |||||||||||
327,069 | Honeywell International, Inc | 53,950,031 | 0.9 | |||||||||||
257,557 | Trane Technologies plc | 34,190,692 | 0.6 | |||||||||||
Other | 170,688,001 | 3.0 | ||||||||||||
376,644,010 | 6.6 | |||||||||||||
COMMERCIAL & PROFESSIONAL SERVICES | 61,016,307 | 1.0 | ||||||||||||
CONSUMER DURABLES & APPAREL | ||||||||||||||
267,426 | Nike, Inc (Class B) | 32,112,514 | 0.6 | |||||||||||
Other | 63,180,307 | 1.1 | ||||||||||||
95,292,821 | 1.7 | |||||||||||||
CONSUMER SERVICES | 81,108,463 | 1.4 | ||||||||||||
DIVERSIFIED FINANCIALS | ||||||||||||||
514,578 | Discover Financial Services | 33,452,716 | 0.6 | |||||||||||
998,857 | Morgan Stanley | 48,094,964 | 0.8 | |||||||||||
Other | 65,035,057 | 1.1 | ||||||||||||
146,582,737 | 2.5 | |||||||||||||
ENERGY | 91,947,741 | 1.6 | ||||||||||||
FOOD & STAPLES RETAILING | ||||||||||||||
352,439 | Walmart, Inc | 48,900,911 | 0.8 | |||||||||||
Other | 30,983,617 | 0.6 | ||||||||||||
79,884,528 | 1.4 | |||||||||||||
FOOD, BEVERAGE & TOBACCO | ||||||||||||||
781,233 | Mondelez International, Inc | 41,499,097 | 0.7 | |||||||||||
466,349 | PepsiCo, Inc | 62,159,658 | 1.1 | |||||||||||
Other | 98,197,659 | 1.7 | ||||||||||||
201,856,414 | 3.5 | |||||||||||||
HEALTH CARE EQUIPMENT & SERVICES | ||||||||||||||
425,729 | n | Baxter International, Inc | 33,023,798 | 0.6 | ||||||||||
281,671 | Danaher Corp | 64,654,761 | 1.1 | |||||||||||
126,627 | n | Humana, Inc | 50,559,629 | 0.9 | ||||||||||
172,104 | UnitedHealth Group, Inc | 52,515,815 | 0.9 | |||||||||||
Other | 216,214,261 | 3.8 | ||||||||||||
416,968,264 | 7.3 | |||||||||||||
HOUSEHOLD & PERSONAL PRODUCTS | ||||||||||||||
676,171 | Procter & Gamble Co | 92,703,044 | 1.6 | |||||||||||
Other | 38,008,228 | 0.7 | ||||||||||||
130,711,272 | 2.3 |
Shares | Company | Value | % of net assets | |||||||||||
INSURANCE | ||||||||||||||
849,970 | n | Hartford Financial Services Group, Inc | $ | 32,740,844 | 0.6 | % | ||||||||
Other | 91,254,960 | 1.6 | ||||||||||||
123,995,804 | 2.2 | |||||||||||||
MATERIALS | ||||||||||||||
652,651 | DuPont de Nemours, Inc | 37,122,789 | 0.6 | |||||||||||
299,416 | Linde plc | 65,973,321 | 1.2 | |||||||||||
Other | 103,037,576 | 1.8 | ||||||||||||
206,133,686 | 3.6 | |||||||||||||
MEDIA & ENTERTAINMENT | ||||||||||||||
115,969 | * | Alphabet, Inc (Class C) | 187,986,909 | 3.3 | ||||||||||
1,020,318 | Comcast Corp (Class A) | 43,098,232 | 0.7 | |||||||||||
481,109 | * | Facebook, Inc | 126,584,589 | 2.2 | ||||||||||
113,149 | *,n | Netflix, Inc | 53,829,505 | 0.9 | ||||||||||
519,088 | Walt Disney Co | 62,939,420 | 1.1 | |||||||||||
Other | 75,111,567 | 1.4 | ||||||||||||
549,550,222 | 9.6 | |||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | ||||||||||||||
634,714 | AbbVie, Inc | 54,014,161 | 0.9 | |||||||||||
653,032 | Merck & Co, Inc | 49,114,537 | 0.9 | |||||||||||
62,389 | * | Regeneron Pharmaceuticals, Inc | 33,912,165 | 0.6 | ||||||||||
Other | 288,114,086 | 5.0 | ||||||||||||
425,154,949 | 7.4 | |||||||||||||
REAL ESTATE | ||||||||||||||
158,283 | American Tower Corp | 36,349,691 | 0.6 | |||||||||||
379,905 | Prologis, Inc | 37,686,576 | 0.7 | |||||||||||
Other | 13,421,910 | 0.2 | ||||||||||||
87,458,177 | 1.5 | |||||||||||||
RETAILING | ||||||||||||||
88,032 | *,n | Amazon.com, Inc | 267,278,357 | 4.7 | ||||||||||
305,397 | Best Buy Co, Inc | 34,067,035 | 0.6 | |||||||||||
349,282 | Expedia Group, Inc | 32,884,900 | 0.6 | |||||||||||
314,652 | n | Home Depot, Inc | 83,920,835 | 1.5 | ||||||||||
268,434 | Target Corp | 40,861,023 | 0.7 | |||||||||||
Other | 68,081,127 | 1.1 | ||||||||||||
527,093,277 | 9.2 | |||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | ||||||||||||||
582,537 | *,n | Advanced Micro Devices, Inc | 43,859,211 | 0.8 | ||||||||||
169,867 | NVIDIA Corp | 85,164,519 | 1.5 | |||||||||||
435,045 | QUALCOMM, Inc | 53,667,151 | 0.9 | |||||||||||
Other | 231,278,030 | 4.0 | ||||||||||||
413,968,911 | 7.2 | |||||||||||||
SOFTWARE & SERVICES | ||||||||||||||
421,370 | * | Fiserv, Inc | 40,228,194 | 0.7 | ||||||||||
223,403 | n | Mastercard, Inc (Class A) | 64,483,042 | 1.1 | ||||||||||
1,575,927 | Microsoft Corp | 319,077,940 | 5.6 | |||||||||||
336,346 | * | PayPal Holdings, Inc | 62,604,081 | 1.1 | ||||||||||
304,110 | *,n | salesforce.com, Inc | 70,635,630 | 1.2 | ||||||||||
89,151 | * | ServiceNow, Inc | 44,358,863 | 0.8 | ||||||||||
Other | 69,123,535 | 1.2 | ||||||||||||
670,511,285 | 11.7 |
44 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements |
Summary portfolio of investments | continued |
Growth & Income Fund ■ October 31, 2020
Shares | Company | Value | % of net assets | |||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT | ||||||||||||||
3,279,490 | n | Apple, Inc | $ | 357,005,281 | 6.2 | % | ||||||||
361,054 | TE Connectivity Ltd | 34,978,911 | 0.6 | |||||||||||
Other | 97,489,065 | 1.7 | ||||||||||||
489,473,257 | 8.5 | |||||||||||||
TELECOMMUNICATION SERVICES | ||||||||||||||
862,091 | Verizon Communications, Inc | 49,130,566 | 0.8 | |||||||||||
Other | 52,752,656 | 1.0 | ||||||||||||
101,883,222 | 1.8 | |||||||||||||
TRANSPORTATION | ||||||||||||||
359,882 | n | United Parcel Service, Inc (Class B) | 56,541,061 | 1.0 | ||||||||||
Other | 30,317,500 | 0.5 | ||||||||||||
86,858,561 | 1.5 | |||||||||||||
UTILITIES | ||||||||||||||
733,094 | n | NextEra Energy, Inc | 53,669,812 | 0.9 | ||||||||||
Other | 67,282,804 | 1.2 | ||||||||||||
120,952,616 | 2.1 | |||||||||||||
TOTAL COMMON STOCKS (Cost $3,298,847,980) | 5,722,182,308 | 99.8 | ||||||||||||
PURCHASED OPTIONS | ||||||||||||||
DIVERSIFIED FINANCIALS | 142,400 | 0.0 | ||||||||||||
HEALTH CARE EQUIPMENT & SERVICES | 34,515 | 0.0 | ||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 120,000 | 0.0 | ||||||||||||
TOTAL PURCHASED OPTIONS (Cost $416,775) | 296,915 | 0.0 |
Principal | Issuer | Value | % of net assets | ||||||||||||
SHORT-TERM INVESTMENTS | |||||||||||||||
REPURCHASE AGREEMENT | $ | 14,135,000 | 0.2 | % | |||||||||||
TREASURY DEBT | 17,289,424 | 0.3 | |||||||||||||
Shares | Company | ||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | |||||||||||||||
14,735,144 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 14,735,144 | 0.3 | |||||||||||
14,735,144 | 0.3 | ||||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $46,159,536) | 46,159,568 | 0.8 | |||||||||||||
TOTAL PORTFOLIO (Cost $3,345,424,291) | 5,768,638,791 | 100.6 | |||||||||||||
OTHER ASSETS & LIABILITIES, NET | (33,614,049 | ) | (0.6 | ) | |||||||||||
NET ASSETS | $ | 5,735,024,742 | 100.0 | % |
* | Non-income producing |
c | Investments made with cash collateral received from securities on loan. |
n | All or a portion of these securities have been segregated by the custodian to cover requirements on open written options contracts. |
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
At 10/31/20, the aggregate value of securities on loan is $17,143,943. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.
For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.
Purchased options outstanding as of October 31, 2020 were as follows:
Description/underlying investment | Number of contracts | Notional amount | Exercise price | Expiration date | Value | |||||||||||||||
Alkermes plc, Call | 1,000 | $199,856 | $ 22.00 | 05/21/21 | $120,000 | |||||||||||||||
Financial Select Sector SPDR Fund, Call | 1,600 | 124,857 | 25.00 | 01/15/21 | 142,400 | |||||||||||||||
Stryker Corp, Call | 234 | 92,062 | 240.00 | 01/15/21 | 34,515 | |||||||||||||||
Total | 2,834 | $416,775 | $296,915 |
See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 45 |
Summary portfolio of investments
Growth & Income Fund ■ October 31, 2020
Written options outstanding as of October 31, 2020 were as follows:
Description/underlying investment | Number of contracts | Notional amount | Exercise price | Expiration date | Value | |||||||||||||
Acadia Pharmaceuticals, Inc, Put | 600 | $ | (253,773 | ) | $ | 37.00 | 12/18/20 | $ | (55,800 | ) | ||||||||
Acuity Brands, Inc, Put | 125 | (272,925 | ) | 85.00 | 12/18/20 | (53,750 | ) | |||||||||||
Advanced Micro Devices, Inc, Put | 570 | (47,859 | ) | 70.00 | 11/13/20 | (74,100 | ) | |||||||||||
Alkermes plc, Call | 1,000 | (97,882 | ) | 26.00 | 05/21/21 | (95,000 | ) | |||||||||||
Alkermes plc, Put | 1,000 | (144,811 | ) | 14.00 | 05/21/21 | (170,000 | ) | |||||||||||
Alliance Data Systems Corp, Put | 890 | (643,424 | ) | 45.00 | 03/19/21 | (471,700 | ) | |||||||||||
Amazon.com, Inc, Call | 65 | (742,413 | ) | 3,800.00 | 11/20/20 | (25,025 | ) | |||||||||||
Amazon.com, Inc, Call | 65 | (500,823 | ) | 3,950.00 | 11/20/20 | (13,000 | ) | |||||||||||
Apple, Inc, Call | 1,268 | (2,303,124 | ) | 140.00 | 06/18/21 | (564,260 | ) | |||||||||||
Apple, Inc, Put | 3,116 | (3,010,688 | ) | 105.00 | 06/18/21 | (3,736,084 | ) | |||||||||||
Arista Networks, Inc, Put | 80 | (181,074 | ) | 165.00 | 01/15/21 | (36,000 | ) | |||||||||||
Aspen Technology, Inc, Put | 186 | (181,272 | ) | 90.00 | 12/18/20 | (48,918 | ) | |||||||||||
Aspen Technology, Inc, Put | 186 | (225,935 | ) | 95.00 | 12/18/20 | (61,380 | ) | |||||||||||
Avantor, Inc, Call | 1,200 | (32,356 | ) | 30.00 | 11/20/20 | (18,000 | ) | |||||||||||
Baxter International, Inc, Put | 430 | (36,104 | ) | 70.00 | 11/20/20 | (34,400 | ) | |||||||||||
Biogen, Inc, Put | 150 | (463,545 | ) | 265.00 | 01/15/21 | (600,000 | ) | |||||||||||
Biogen, Inc, Put | 150 | (529,190 | ) | 270.00 | 01/15/21 | (641,250 | ) | |||||||||||
BJ’s Wholesale Club Holdings, Inc, Call | 1,400 | (70,840 | ) | 50.00 | 11/20/20 | (12,600 | ) | |||||||||||
BJ’s Wholesale Club Holdings, Inc, Put | 800 | (28,771 | ) | 30.00 | 12/18/20 | (40,000 | ) | |||||||||||
Boeing Co, Put | 67 | (353,194 | ) | 205.00 | 05/21/21 | (450,240 | ) | |||||||||||
Boston Scientific Corp, Put | 500 | (56,479 | ) | 30.00 | 11/20/20 | (15,500 | ) | |||||||||||
Brunswick Corp, Call | 532 | (63,165 | ) | 75.00 | 11/20/20 | (13,300 | ) | |||||||||||
Carlisle Cos, Inc, Call | 260 | (84,077 | ) | 150.00 | 12/18/20 | (20,800 | ) | |||||||||||
Carlisle Cos, Inc, Put | 260 | (392,878 | ) | 115.00 | 12/18/20 | (63,700 | ) | |||||||||||
Chevron Corp, Call | 222 | (56,823 | ) | 85.00 | 12/18/20 | (8,880 | ) | |||||||||||
Chevron Corp, Put | 222 | (220,433 | ) | 72.50 | 06/18/21 | (264,624 | ) | |||||||||||
Children’s Place, Inc, Call | 615 | (539,934 | ) | 50.00 | 12/18/20 | (16,912 | ) | |||||||||||
Children’s Place, Inc, Call | 550 | (191,374 | ) | 60.00 | 12/18/20 | (9,625 | ) | |||||||||||
Children’s Place, Inc, Call | 615 | (619,882 | ) | 50.00 | 01/15/21 | (38,437 | ) | |||||||||||
Children’s Place, Inc, Put | 923 | (671,896 | ) | 25.00 | 01/15/21 | (443,040 | ) | |||||||||||
Children’s Place, Inc, Put | 550 | (878,861 | ) | 35.00 | 01/15/21 | (635,250 | ) | |||||||||||
Children’s Place, Inc, Put | 922 | (648,119 | ) | 30.00 | 03/19/21 | (845,474 | ) | |||||||||||
Chipotle Mexican Grill, Inc, Call | 44 | (608,551 | ) | 1,440.00 | 03/19/21 | (180,180 | ) | |||||||||||
Chipotle Mexican Grill, Inc, Put | 44 | (179,400 | ) | 980.00 | 03/19/21 | (179,520 | ) | |||||||||||
Citigroup, Inc, Call | 445 | (107,672 | ) | 50.00 | 01/15/21 | (31,150 | ) | |||||||||||
Citigroup, Inc, Put | 445 | (81,417 | ) | 37.50 | 12/18/20 | (60,075 | ) | |||||||||||
Corteva, Inc, Call | 800 | (27,171 | ) | 36.00 | 11/20/20 | (28,000 | ) | |||||||||||
Deckers Outdoor Corp, Put | 300 | (218,384 | ) | 175.00 | 03/19/21 | (116,250 | ) | |||||||||||
DexCom, Inc, Call | 100 | (45,095 | ) | 490.00 | 11/20/20 | (500 | ) | |||||||||||
DexCom, Inc, Put | 145 | (38,274 | ) | 280.00 | 11/20/20 | (70,180 | ) | |||||||||||
DexCom, Inc, Put | 320 | (868,504 | ) | 320.00 | 03/19/21 | (1,188,800 | ) | |||||||||||
DraftKings, Inc, Put | 900 | (283,462 | ) | 30.00 | 01/15/21 | (283,462 | ) | |||||||||||
Enphase Energy, Inc, Call | 400 | (158,382 | ) | 125.00 | 11/20/20 | (68,000 | ) | |||||||||||
FedEx Corp, Put | 314 | (50,149 | ) | 210.00 | 11/20/20 | (36,110 | ) | |||||||||||
Financial Select Sector SPDR Fund, Call | 1,600 | (39,942 | ) | 27.00 | 01/15/21 | (41,600 | ) | |||||||||||
Financial Select Sector SPDR Fund, Put | 1,600 | (70,341 | ) | 20.00 | 01/15/21 | (75,200 | ) | |||||||||||
Hartford Financial Services Group, Inc, Call | 25 | (4,199 | ) | 50.00 | 12/18/20 | (813 | ) | |||||||||||
Hartford Financial Services Group, Inc, Put | 25 | (4,874 | ) | 35.00 | 12/18/20 | (3,625 | ) | |||||||||||
Hartford Financial Services Group, Inc, Put | 575 | (332,895 | ) | 40.00 | 12/18/20 | (207,000 | ) | |||||||||||
Hess Corp, Put | 186 | (144,964 | ) | 37.50 | 11/20/20 | (54,684 | ) | |||||||||||
Home Depot, Inc, Call | 80 | (103,835 | ) | 260.00 | 01/15/21 | (148,880 | ) | |||||||||||
Home Depot, Inc, Call | 160 | (221,547 | ) | 270.00 | 01/15/21 | (234,400 | ) | |||||||||||
Humana, Inc, Call | 160 | (444,465 | ) | 445.00 | 02/19/21 | (226,400 | ) | |||||||||||
Illumina, Inc, Put | 135 | (114,922 | ) | 280.00 | 12/18/20 | (195,750 | ) | |||||||||||
International Business Machines Corp, Put | 320 | (43,984 | ) | 115.00 | 11/20/20 | (224,960 | ) | |||||||||||
Jazz Pharmaceuticals plc, Put | 275 | (288,046 | ) | 105.00 | 11/20/20 | (17,188 | ) | |||||||||||
Kirby Corp, Put | 900 | (829,624 | ) | 45.00 | 03/19/21 | (751,500 | ) | |||||||||||
Lululemon Athletica, Inc, Put | 375 | (1,031,404 | ) | 260.00 | 01/15/21 | (320,625 | ) | |||||||||||
Lululemon Athletica, Inc, Put | 179 | (426,761 | ) | 270.00 | 01/15/21 | (193,320 | ) | |||||||||||
M&T Bank Corp, Put | 160 | (164,229 | ) | 100.00 | 01/15/21 | (128,000 | ) | |||||||||||
Marvell Technology Group Ltd, Put | 1,000 | (27,964 | ) | 36.00 | 11/20/20 | (120,000 | ) | |||||||||||
Mastercard, Inc, Call | 120 | (178,824 | ) | 370.00 | 01/15/21 | (10,560 | ) | |||||||||||
Mastercard, Inc, Put | 120 | (58,085 | ) | 270.00 | 01/15/21 | (167,640 | ) | |||||||||||
Motorola Solutions, Inc, Put | 240 | (484,365 | ) | 140.00 | 01/15/21 | (104,400 | ) | |||||||||||
NetFlix, Inc, Call | 160 | (156,599 | ) | 620.00 | 12/18/20 | (49,600 | ) | |||||||||||
NetFlix, Inc, Put | 160 | (23,584 | ) | 420.00 | 11/06/20 | (28,800 | ) |
46 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements |
Summary portfolio of investments | concluded |
Growth & Income Fund ■ October 31, 2020
Description/underlying investment | Number of contracts | Notional amount | Exercise price | Expiration date | Value | |||||||||||||
NetFlix, Inc, Put | 160 | $ | (609,202 | ) | $ | 450.00 | 12/18/20 | $ | (354,240 | ) | ||||||||
NextEra Energy, Inc, Put | 348 | (28,532 | ) | 60.00 | 11/20/20 | (5,220 | ) | |||||||||||
Northrop Grumman Corp, Put | 100 | (143,670 | ) | 280.00 | 11/20/20 | (81,000 | ) | |||||||||||
PVH Corp, Put | 480 | (707,966 | ) | 55.00 | 01/15/21 | (271,200 | ) | |||||||||||
Roku, Inc, Put | 320 | (44,458 | ) | 165.00 | 11/06/20 | (57,920 | ) | |||||||||||
salesforce.com, Inc, Put | 160 | (152,663 | ) | 220.00 | 11/20/20 | (111,200 | ) | |||||||||||
Seagen, Inc, Put | 300 | (89,009 | ) | 145.00 | 01/15/21 | (89,009 | ) | |||||||||||
Stryker Corp, Call | 234 | (48,571 | ) | 250.00 | 01/15/21 | (19,890 | ) | |||||||||||
Stryker Corp, Put | 234 | (106,523 | ) | 175.00 | 01/15/21 | (112,320 | ) | |||||||||||
Take-Two Interactive Software, Inc, Put | 300 | (41,388 | ) | 140.00 | 11/06/20 | (55,500 | ) | |||||||||||
Teradata Corp, Put | 1,665 | (480,366 | ) | 22.50 | 04/16/21 | (840,825 | ) | |||||||||||
Tiffany & Co, Put | 474 | (89,093 | ) | 85.00 | 01/15/21 | (4,740 | ) | |||||||||||
Twitter, Inc, Put | 1,000 | (48,963 | ) | 40.00 | 11/06/20 | (117,000 | ) | |||||||||||
United Parcel Service, Inc, Put | 275 | (42,735 | ) | 145.00 | 11/06/20 | (29,425 | ) | |||||||||||
Universal Display Corp, Put | 200 | (138,374 | ) | 140.00 | 03/19/21 | (91,000 | ) | |||||||||||
Universal Health Services, Inc, Put | 332 | (553,752 | ) | 110.00 | 04/16/21 | (499,660 | ) | |||||||||||
Vertex Pharmaceuticals, Inc, Put | 225 | (59,861 | ) | 185.00 | 11/20/20 | (31,500 | ) | |||||||||||
VF Corp, Put | 500 | (547,059 | ) | 60.00 | 11/20/20 | (43,750 | ) | |||||||||||
World Wrestling Entertainment, Inc, Put | 800 | (464,759 | ) | 40.00 | 01/15/21 | (440,000 | ) | |||||||||||
Wynn Resorts Ltd, Put | 225 | (341,505 | ) | 77.50 | 03/19/21 | (330,750 | ) | |||||||||||
Wynn Resorts Ltd, Put | 225 | (367,634 | ) | 80.00 | 03/19/21 | (366,750 | ) | |||||||||||
Wynn Resorts Ltd, Put | 450 | (789,060 | ) | 77.50 | 06/18/21 | (796,500 | ) | |||||||||||
Xilinx, Inc, Put | 320 | (212,783 | ) | 77.50 | 01/15/21 | (28,960 | ) | |||||||||||
Total | 41,658 | $ | (28,513,764 | ) | $ | (19,902,580 | ) |
See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 47 |
Summary portfolio of investments
Large-Cap Growth Fund ■ October 31, 2020
Shares | Company | Value | % of net assets | |||||||||||
COMMON STOCKS | ||||||||||||||
AUTOMOBILES & COMPONENTS | ||||||||||||||
149,592 | * | Tesla, Inc | $ | 58,047,680 | 0.9 | % | ||||||||
58,047,680 | 0.9 | |||||||||||||
BANKS | 10,289,905 | 0.2 | ||||||||||||
CAPITAL GOODS | ||||||||||||||
238,071 | Roper Technologies Inc | 88,405,285 | 1.5 | |||||||||||
Other | 13,300,532 | 0.2 | ||||||||||||
101,705,817 | 1.7 | |||||||||||||
COMMERCIAL & PROFESSIONAL SERVICES | ||||||||||||||
777,867 | Waste Connections, Inc | 77,257,751 | 1.3 | |||||||||||
Other | 97,754,248 | 1.6 | ||||||||||||
175,011,999 | 2.9 | |||||||||||||
CONSUMER DURABLES & APPAREL | ||||||||||||||
497,776 | Nike, Inc (Class B) | 59,772,942 | 1.0 | |||||||||||
Other | 66,296,996 | 1.1 | ||||||||||||
126,069,938 | 2.1 | |||||||||||||
CONSUMER SERVICES | ||||||||||||||
50,812 | * | Chipotle Mexican Grill, Inc (Class A) | 61,049,602 | 1.0 | ||||||||||
Other | 89,592,637 | 1.5 | ||||||||||||
150,642,239 | 2.5 | |||||||||||||
DIVERSIFIED FINANCIALS | ||||||||||||||
261,688 | S&P Global, Inc | 84,454,568 | 1.4 | |||||||||||
Other | 6,673,095 | 0.1 | ||||||||||||
91,127,663 | 1.5 | |||||||||||||
FOOD & STAPLES RETAILING | ||||||||||||||
443,904 | Costco Wholesale Corp | 158,748,948 | 2.6 | |||||||||||
158,748,948 | 2.6 | |||||||||||||
FOOD, BEVERAGE & TOBACCO | ||||||||||||||
1,011,671 | * | Monster Beverage Corp | 77,463,648 | 1.3 | ||||||||||
Other | 69,179,322 | 1.1 | ||||||||||||
146,642,970 | 2.4 | |||||||||||||
HEALTH CARE EQUIPMENT & SERVICES | ||||||||||||||
149,462 | * | Align Technology, Inc | 63,682,769 | 1.0 | ||||||||||
277,289 | Cigna Corp | 46,298,944 | 0.8 | |||||||||||
89,988 | * | Intuitive Surgical, Inc | 60,029,195 | 1.0 | ||||||||||
Other | 105,797,793 | 1.7 | ||||||||||||
275,808,701 | 4.5 | |||||||||||||
HOUSEHOLD & PERSONAL PRODUCTS | ||||||||||||||
215,057 | Estee Lauder Cos (Class A) | 47,239,421 | 0.8 | |||||||||||
47,239,421 | 0.8 | |||||||||||||
INSURANCE | 5,236,654 | 0.1 | ||||||||||||
MATERIALS | 29,836,680 | 0.5 |
Shares | Company | Value | % of net assets | |||||||||||
MEDIA & ENTERTAINMENT | ||||||||||||||
216,393 | * | Alphabet, Inc (Class C) | $ | 350,775,217 | 5.7 | % | ||||||||
487,088 | * | Electronic Arts, Inc | 58,367,755 | 1.0 | ||||||||||
1,190,914 | * | Facebook, Inc | 313,341,383 | 5.1 | ||||||||||
697,835 | * | Match Group, Inc | 81,493,171 | 1.3 | ||||||||||
91,711 | * | Netflix, Inc | 43,630,591 | 0.7 | ||||||||||
704,900 | Tencent Holdings Ltd | 53,858,313 | 0.9 | |||||||||||
1,009,386 | * | Twitter, Inc | 41,748,205 | 0.7 | ||||||||||
387,059 | Walt Disney Co | 46,930,904 | 0.8 | |||||||||||
990,145,539 | 16.2 | |||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | ||||||||||||||
2,712,903 | * | Avantor, Inc | 63,129,253 | 1.1 | ||||||||||
325,688 | Eli Lilly & Co | 42,489,256 | 0.7 | |||||||||||
251,733 | * | Illumina, Inc | 73,682,249 | 1.2 | ||||||||||
72,340 | Lonza Group AG. | 43,831,531 | 0.7 | |||||||||||
587,807 | Merck & Co, Inc | 44,208,964 | 0.7 | |||||||||||
236,735 | * | Vertex Pharmaceuticals, Inc | 49,326,105 | 0.8 | ||||||||||
779,074 | Zoetis, Inc | 123,522,183 | 2.0 | |||||||||||
Other | 76,081,952 | 1.3 | ||||||||||||
516,271,493 | 8.5 | |||||||||||||
RETAILING | ||||||||||||||
178,122 | * | Amazon.com, Inc | 540,805,110 | 8.9 | ||||||||||
55,941 | * | Booking Holdings, Inc | 90,764,272 | 1.5 | ||||||||||
650,298 | * | CarMax, Inc | 56,211,759 | 0.9 | ||||||||||
830,187 | TJX Companies, Inc | 42,173,500 | 0.7 | |||||||||||
Other | 91,346,539 | 1.5 | ||||||||||||
821,301,180 | 13.5 | |||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | ||||||||||||||
787,995 | Applied Materials, Inc | 46,672,944 | 0.7 | |||||||||||
173,898 | Broadcom, Inc | 60,799,958 | 1.0 | |||||||||||
1,150,144 | Marvell Technology Group Ltd | 43,141,902 | 0.7 | |||||||||||
233,373 | NVIDIA Corp | 117,003,887 | 1.9 | |||||||||||
528,289 | QUALCOMM, Inc | 65,169,731 | 1.1 | |||||||||||
419,942 | Skyworks Solutions, Inc | 59,333,605 | 1.0 | |||||||||||
753,100 | Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 63,162,497 | 1.0 | |||||||||||
Other | 16,362,257 | 0.3 | ||||||||||||
471,646,781 | 7.7 | |||||||||||||
SOFTWARE & SERVICES | ||||||||||||||
98,176 | * | Adobe, Inc | 43,894,490 | 0.7 | ||||||||||
31,293 | *,g | Adyen NV | 52,595,495 | 0.9 | ||||||||||
288,236 | Intuit, Inc | 90,702,104 | 1.5 | |||||||||||
1,815,914 | Microsoft Corp | 367,668,108 | 6.0 | |||||||||||
1,293,787 | * | PayPal Holdings, Inc | 240,812,574 | 3.9 | ||||||||||
1,012,533 | * | salesforce.com, Inc | 235,181,040 | 3.9 | ||||||||||
158,599 | * | ServiceNow, Inc | 78,914,104 | 1.3 | ||||||||||
1,173,071 | Visa, Inc (Class A) | 213,158,731 | 3.5 | |||||||||||
Other | 76,694,971 | 1.2 | ||||||||||||
1,399,621,617 | 22.9 | |||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT | ||||||||||||||
2,732,684 | n | Apple, Inc | 297,479,980 | 4.9 | ||||||||||
Other | 68 | 0.0 | ||||||||||||
297,480,048 | 4.9 |
48 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements |
Summary portfolio of investments | concluded |
Large-Cap Growth Fund ■ October 31, 2020
Shares | Company | Value | % of net assets | |||||||||||
TELECOMMUNICATION SERVICES | ||||||||||||||
502,775 | * | IAC | $ | 60,694,998 | 1.0 | % | ||||||||
554,622 | * | T-Mobile US, Inc | 60,769,932 | 1.0 | ||||||||||
Other | 41,079,595 | 0.7 | ||||||||||||
162,544,525 | 2.7 | |||||||||||||
TRANSPORTATION | ||||||||||||||
1,714,376 | * | Uber Technologies, Inc | 57,277,302 | 0.9 | ||||||||||
57,277,302 | 0.9 | |||||||||||||
TOTAL COMMON STOCKS (Cost $4,203,927,184) | 6,092,697,100 | 100.0 | ||||||||||||
SHORT-TERM INVESTMENTS | ||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | ||||||||||||||
2,240,546 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 2,240,546 | 0.0 | ||||||||||
2,240,546 | 0.0 | |||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $2,240,546) | 2,240,546 | 0.0 | ||||||||||||
TOTAL PORTFOLIO (Cost $4,206,167,730) | 6,094,937,646 | 100.0 | ||||||||||||
OTHER ASSETS & LIABILITIES, NET | (2,731,809 | ) | (0.0 | ) | ||||||||||
NET ASSETS | $ | 6,092,205,837 | 100.0 | % |
Abbreviation(s):
ADR | American Depositary Receipt |
* | Non-income producing |
c | Investments made with cash collateral received from securities on loan. |
g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/20, the aggregate value of these securities, including those in “Other,” is $84,949,517 or 1.4% of net assets. |
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
At 10/31/20, the aggregate value of securities on loan is $10,186,997. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.
For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.
Written options outstanding as of October 31, 2020 were as follows:
Description/underlying investment | Number of contracts | Notional amount | Exercise price | Expiration date | Value | |||||||||||
Apple, Inc, Call | 824 | $ | (242,152 | ) | $ | 82.50 | 12/18/20 | $ | (2,162,176 | ) | ||||||
Apple, Inc, Call | 784 | (539,296 | ) | 92.50 | 12/18/20 | (1,348,480 | ) | |||||||||
Apple, Inc, Put | 824 | (439,422 | ) | 62.50 | 12/18/20 | (15,656 | ) | |||||||||
Total | 2,432 | $ | (1,220,870 | ) | $ | (3,526,312 | ) |
See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 49 |
Summary portfolio of investments
Large-Cap Value Fund ■ October 31, 2020
Shares | Company | Value | % of net assets | |||||||||||
COMMON STOCKS | ||||||||||||||
BANKS | ||||||||||||||
5,698,492 | Bank of America Corp | $ | 135,054,261 | 2.9 | % | |||||||||
2,149,886 | Citigroup, Inc | 89,048,278 | 1.9 | |||||||||||
1,752,425 | JPMorgan Chase & Co | 171,807,747 | 3.6 | |||||||||||
Other | 102,549,192 | 2.2 | ||||||||||||
498,459,478 | 10.6 | |||||||||||||
CAPITAL GOODS | ||||||||||||||
312,914 | Caterpillar, Inc | 49,143,144 | 1.0 | |||||||||||
420,403 | Deere & Co | 94,973,242 | 2.0 | |||||||||||
469,373 | Dover Corp | 51,964,285 | 1.1 | |||||||||||
474,113 | Eaton Corp | 49,208,188 | 1.0 | |||||||||||
630,573 | Honeywell International, Inc | 104,013,016 | 2.2 | |||||||||||
1,185,292 | Masco Corp | 63,531,651 | 1.3 | |||||||||||
317,665 | Parker-Hannifin Corp | 66,188,679 | 1.4 | |||||||||||
563,860 | Trane Technologies plc | 74,852,415 | 1.6 | |||||||||||
Other | 107,466,428 | 2.3 | ||||||||||||
661,341,048 | 13.9 | |||||||||||||
CONSUMER DURABLES & APPAREL | ||||||||||||||
18,042 | * | NVR, Inc | 71,321,650 | 1.5 | ||||||||||
71,321,650 | 1.5 | |||||||||||||
CONSUMER SERVICES | ||||||||||||||
253,650 | McDonald’s Corp | 54,027,450 | 1.1 | |||||||||||
Other | 45,659,180 | 1.0 | ||||||||||||
99,686,630 | 2.1 | |||||||||||||
DIVERSIFIED FINANCIALS | ||||||||||||||
675,199 | American Express Co | 61,605,157 | 1.3 | |||||||||||
88,215 | BlackRock, Inc | 52,859,310 | 1.1 | |||||||||||
383,700 | Goldman Sachs Group, Inc | 72,534,648 | 1.5 | |||||||||||
186,999,115 | 3.9 | |||||||||||||
ENERGY | ||||||||||||||
924,264 | Chevron Corp | 64,236,348 | 1.3 | |||||||||||
Other | 70,108,296 | 1.5 | ||||||||||||
134,344,644 | 2.8 | |||||||||||||
FOOD & STAPLES RETAILING | ||||||||||||||
651,909 | Walmart, Inc | 90,452,374 | 1.9 | |||||||||||
90,452,374 | 1.9 | |||||||||||||
FOOD, BEVERAGE & TOBACCO | ||||||||||||||
900,822 | Mondelez International, Inc | 47,851,665 | 1.0 | |||||||||||
Other | 47,664,975 | 1.0 | ||||||||||||
95,516,640 | 2.0 | |||||||||||||
HEALTH CARE EQUIPMENT & SERVICES | ||||||||||||||
233,271 | Anthem, Inc | 63,636,329 | 1.3 | |||||||||||
350,844 | Cigna Corp | 58,580,423 | 1.2 | |||||||||||
638,986 | Medtronic plc | 64,262,822 | 1.4 | |||||||||||
237,076 | UnitedHealth Group, Inc | 72,341,371 | 1.5 | |||||||||||
545,232 | Zimmer Biomet Holdings, Inc | 72,025,147 | 1.5 | |||||||||||
Other | 61,429,221 | 1.3 | ||||||||||||
392,275,313 | 8.2 |
Shares | Company | Value | % of net assets | |||||||||||
HOUSEHOLD & PERSONAL PRODUCTS | ||||||||||||||
521,525 | Procter & Gamble Co | $ | 71,501,077 | 1.5 | % | |||||||||
71,501,077 | 1.5 | |||||||||||||
INSURANCE | ||||||||||||||
1,600,220 | American International Group, Inc | 50,390,928 | 1.1 | |||||||||||
354,163 | * | Berkshire Hathaway, Inc (Class B) | 71,505,510 | 1.5 | ||||||||||
592,644 | Chubb Ltd | 76,990,382 | 1.6 | |||||||||||
Other | 73,553,393 | 1.6 | ||||||||||||
272,440,213 | 5.8 | |||||||||||||
MATERIALS | ||||||||||||||
758,585 | * | Crown Holdings, Inc | 65,086,593 | 1.4 | ||||||||||
459,890 | PPG Industries, Inc | 59,656,931 | 1.2 | |||||||||||
Other | 90,826,414 | 1.9 | ||||||||||||
215,569,938 | 4.5 | |||||||||||||
MEDIA & ENTERTAINMENT | ||||||||||||||
67,950 | * | Alphabet, Inc (Class C) | 110,147,629 | 2.3 | ||||||||||
79,199 | * | Charter Communications, Inc | 47,821,940 | 1.0 | ||||||||||
2,981,448 | Comcast Corp (Class A) | 125,936,364 | 2.6 | |||||||||||
810,388 | Walt Disney Co | 98,259,545 | 2.1 | |||||||||||
382,165,478 | 8.0 | |||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | ||||||||||||||
1,025,464 | Bristol-Myers Squibb Co | 59,938,371 | 1.3 | |||||||||||
1,076,246 | Johnson & Johnson | 147,564,089 | 3.1 | |||||||||||
699,321 | Merck & Co, Inc | 52,595,932 | 1.1 | |||||||||||
2,597,653 | Pfizer, Inc | 92,164,728 | 1.9 | |||||||||||
Other | 34,096,894 | 0.7 | ||||||||||||
386,360,014 | 8.1 | |||||||||||||
REAL ESTATE | ||||||||||||||
512,544 | Prologis, Inc | 50,844,365 | 1.1 | |||||||||||
Other | 2,418,914 | 0.0 | ||||||||||||
53,263,279 | 1.1 | |||||||||||||
RETAILING | ||||||||||||||
392,207 | Home Depot, Inc | 104,605,529 | 2.2 | |||||||||||
Other | 30,394,292 | 0.6 | ||||||||||||
134,999,821 | 2.8 | |||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | ||||||||||||||
1,022,760 | Applied Materials, Inc | 60,578,075 | 1.3 | |||||||||||
1,528,939 | Intel Corp | 67,701,419 | 1.4 | |||||||||||
379,302 | NXP Semiconductors NV | 51,251,286 | 1.1 | |||||||||||
Other | 106,428,150 | 2.2 | ||||||||||||
285,958,930 | 6.0 | |||||||||||||
SOFTWARE & SERVICES | ||||||||||||||
288,792 | Accenture plc | 62,641,873 | 1.3 | |||||||||||
384,421 | Microsoft Corp | 77,833,720 | 1.6 | |||||||||||
Other | 25,538,466 | 0.6 | ||||||||||||
166,014,059 | 3.5 | |||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT | ||||||||||||||
771,530 | TE Connectivity Ltd | 74,745,827 | 1.6 | |||||||||||
Other | 39,196,948 | 0.8 | ||||||||||||
113,942,775 | 2.4 |
50 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements |
Summary portfolio of investments | concluded |
Large-Cap Value Fund ■ October 31, 2020 |
Shares | Company | Value | % of net assets | |||||||||||
TELECOMMUNICATION SERVICES | $ | 91,090,061 | 1.9 | % | ||||||||||
TRANSPORTATION | ||||||||||||||
438,081 | Union Pacific Corp | 77,623,573 | 1.6 | |||||||||||
Other | 67,457,234 | 1.4 | ||||||||||||
145,080,807 | 3.0 | |||||||||||||
UTILITIES | ||||||||||||||
568,937 | American Electric Power Co, Inc | 51,164,504 | 1.1 | |||||||||||
2,408,522 | Centerpoint Energy, Inc | 50,892,070 | 1.1 | |||||||||||
497,820 | Entergy Corp | 50,389,340 | 1.0 | |||||||||||
Other | 30,254,894 | 0.6 | ||||||||||||
182,700,808 | 3.8 | |||||||||||||
TOTAL COMMON STOCKS (Cost $4,099,904,694) | 4,731,484,152 | 99.3 | ||||||||||||
Principal | Issuer | |||||||||||||
SHORT-TERM INVESTMENTS | ||||||||||||||
TREASURY DEBT | 19,493,351 | 0.4 | ||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $19,493,338) | 19,493,351 | 0.4 | ||||||||||||
TOTAL PORTFOLIO (Cost $4,119,398,032) | 4,750,977,503 | 99.7 | ||||||||||||
OTHER ASSETS & LIABILITIES, NET | 15,928,300 | 0.3 | ||||||||||||
NET ASSETS | $ | 4,766,905,803 | 100.0 | % |
* | Non-income producing |
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.
See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 51 |
Summary portfolio of investments
Mid-Cap Growth Fund ■ October 31, 2020
Shares | Company | Value | % of net assets | |||||||||||
COMMON STOCKS | ||||||||||||||
AUTOMOBILES & COMPONENTS | $ | 10,263,931 | 0.8 | % | ||||||||||
CAPITAL GOODS | ||||||||||||||
43,601 | W.W. Grainger, Inc | 15,261,222 | 1.1 | |||||||||||
Other | 32,472,129 | 2.4 | ||||||||||||
47,733,351 | 3.5 | |||||||||||||
COMMERCIAL & PROFESSIONAL SERVICES | ||||||||||||||
58,657 | Cintas Corp | 18,450,559 | 1.3 | |||||||||||
860,803 | * | Clarivate Analytics plc | 23,887,283 | 1.8 | ||||||||||
352,529 | Experian Group Ltd | 12,914,507 | 0.9 | |||||||||||
99,305 | * | Seagen, Inc | 16,564,074 | 1.2 | ||||||||||
236,883 | Waste Connections, Inc | 23,527,220 | 1.7 | |||||||||||
Other | 28,462,048 | 2.1 | ||||||||||||
123,805,691 | 9.0 | |||||||||||||
CONSUMER DURABLES & APPAREL | ||||||||||||||
48,747 | * | Lululemon Athletica, Inc | 15,564,430 | 1.1 | ||||||||||
161,747 | * | Peloton Interactive, Inc | 17,826,137 | 1.3 | ||||||||||
150,740 | * | Tempur Sealy International, Inc | 13,415,860 | 1.0 | ||||||||||
Other | 35,341,585 | 2.6 | ||||||||||||
82,148,012 | 6.0 | |||||||||||||
CONSUMER SERVICES | ||||||||||||||
18,727 | * | Chipotle Mexican Grill, Inc (Class A) | 22,500,116 | 1.6 | ||||||||||
Other | 29,428,468 | 2.2 | ||||||||||||
51,928,584 | 3.8 | |||||||||||||
DIVERSIFIED FINANCIALS | 38,345,048 | 2.8 | ||||||||||||
FOOD, BEVERAGE & TOBACCO | 27,951,514 | 2.0 | ||||||||||||
HEALTH CARE EQUIPMENT & SERVICES | ||||||||||||||
86,310 | * | Align Technology, Inc | 36,774,965 | 2.7 | ||||||||||
136,006 | * | Guardant Health, Inc | 14,506,400 | 1.1 | ||||||||||
35,461 | * | IDEXX Laboratories, Inc | 15,064,542 | 1.1 | ||||||||||
61,055 | * | Insulet Corp | 13,569,474 | 1.0 | ||||||||||
129,031 | * | Molina Healthcare, Inc | 24,060,410 | 1.7 | ||||||||||
43,226 | Teleflex, Inc | 13,755,810 | 1.0 | |||||||||||
57,690 | West Pharmaceutical Services, Inc | 15,695,718 | 1.1 | |||||||||||
Other | 19,153,381 | 1.4 | ||||||||||||
152,580,700 | 11.1 | |||||||||||||
HOUSEHOLD & PERSONAL PRODUCTS | 6,788,267 | 0.5 | ||||||||||||
INSURANCE | 13,465,357 | 1.0 | ||||||||||||
MEDIA & ENTERTAINMENT | ||||||||||||||
180,516 | * | Match Group, Inc | 21,080,658 | 1.5 | ||||||||||
566,128 | * | Twitter, Inc | 23,415,054 | 1.7 | ||||||||||
Other | 13,367,056 | 1.0 | ||||||||||||
57,862,768 | 4.2 |
Shares | Company | Value | % of net assets | |||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | ||||||||||||||
123,081 | * | 10X Genomics, Inc | $ | 16,849,789 | 1.2 | % | ||||||||
860,331 | * | Avantor, Inc | 20,019,902 | 1.5 | ||||||||||
183,087 | * | BioMarin Pharmaceutical, Inc | 13,627,166 | 1.0 | ||||||||||
156,931 | * | Catalent, Inc | 13,773,834 | 1.0 | ||||||||||
193,883 | * | Exact Sciences Corp | 24,008,532 | 1.8 | ||||||||||
246,240 | * | Horizon Therapeutics Plc | 18,450,763 | 1.3 | ||||||||||
Other | 18,505,968 | 1.4 | ||||||||||||
125,235,954 | 9.2 | |||||||||||||
REAL ESTATE | 7,968,136 | 0.6 | ||||||||||||
RETAILING | ||||||||||||||
15,724 | * | AutoZone, Inc | 17,752,081 | 1.3 | ||||||||||
161,747 | * | Dollar Tree, Inc | 14,608,989 | 1.1 | ||||||||||
177,153 | * | GrubHub, Inc | 13,102,236 | 1.0 | ||||||||||
Other | 97,315,969 | 7.0 | ||||||||||||
142,779,275 | 10.4 | |||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | ||||||||||||||
468,157 | Marvell Technology Group Ltd | 17,560,569 | 1.3 | |||||||||||
82,291 | Monolithic Power Systems, Inc | 26,300,203 | 1.9 | |||||||||||
104,034 | NXP Semiconductors NV | 14,057,074 | 1.1 | |||||||||||
116,330 | Skyworks Solutions, Inc | 16,436,266 | 1.2 | |||||||||||
174,368 | Xilinx, Inc | 20,695,738 | 1.5 | |||||||||||
Other | 9,777,972 | 0.7 | ||||||||||||
104,827,822 | 7.7 | |||||||||||||
SOFTWARE & SERVICES | ||||||||||||||
12,310 | *,g | Adyen NV | 20,689,948 | 1.5 | ||||||||||
431,768 | * | Anaplan, Inc | 23,898,359 | 1.8 | ||||||||||
186,452 | * | Black Knight, Inc | 16,398,453 | 1.2 | ||||||||||
172,276 | * | Datadog, Inc | 15,634,047 | 1.1 | ||||||||||
135,133 | * | DocuSign, Inc | 27,330,649 | 2.0 | ||||||||||
64,634 | * | HubSpot, Inc | 18,748,384 | 1.4 | ||||||||||
63,364 | * | MongoDB, Inc | 14,476,773 | 1.1 | ||||||||||
75,245 | * | Okta, Inc | 15,788,658 | 1.2 | ||||||||||
104,034 | * | Paylocity Holding Corp | 19,300,388 | 1.4 | ||||||||||
134,673 | * | Proofpoint, Inc | 12,893,593 | 0.9 | ||||||||||
75,816 | * | RingCentral, Inc | 19,586,306 | 1.4 | ||||||||||
2,727,182 | Sabre Corp | 17,781,227 | 1.3 | |||||||||||
605,968 | * | Slack Technologies, Inc | 15,500,662 | 1.1 | ||||||||||
186,452 | * | Synopsys, Inc | 39,874,625 | 2.9 | ||||||||||
160,781 | * | Zendesk, Inc | 17,837,044 | 1.3 | ||||||||||
Other | 15,677,768 | 1.2 | ||||||||||||
311,416,884 | 22.8 | |||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT | 12,342,884 | 0.9 | ||||||||||||
TELECOMMUNICATION SERVICES | ||||||||||||||
157,683 | * | GCI Liberty, Inc | 12,808,590 | 1.0 | ||||||||||
128,433 | * | IAC | 15,504,432 | 1.1 | ||||||||||
Other | 7,919,178 | 0.6 | ||||||||||||
36,232,200 | 2.7 |
52 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements |
Summary portfolio of investments | concluded |
Mid-Cap Growth Fund ■ October 31, 2020 |
Shares | Company | Value | % of net assets | |||||||||||
TRANSPORTATION | $ | 3,877,334 | 0.3 | % | ||||||||||
TOTAL COMMON STOCKS (Cost $1,024,557,692) | 1,357,553,712 | 99.3 | ||||||||||||
TOTAL PORTFOLIO (Cost $1,024,557,692) | 1,357,553,712 | 99.3 | ||||||||||||
OTHER ASSETS & LIABILITIES, NET | 9,633,500 | 0.7 | ||||||||||||
NET ASSETS | $ | 1,367,187,212 | 100.0 | % |
* | Non-income producing |
g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/20, the aggregate value of these securities, including those in “Other,” is $32,869,521 or 2.4% of net assets. |
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.
See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 53 |
Summary portfolio of investments
Mid-Cap Value Fund ■ October 31, 2020
Shares | Company | Value | % of net assets | |||||||||||
COMMON STOCKS | ||||||||||||||
AUTOMOBILES & COMPONENTS | $ | 14,661,058 | 0.9 | % | ||||||||||
BANKS | 65,275,513 | 3.8 | ||||||||||||
CAPITAL GOODS | ||||||||||||||
189,199 | Eaton Corp | 19,636,964 | 1.1 | |||||||||||
348,888 | Fortive Corp | 21,491,501 | 1.3 | |||||||||||
134,651 | L3Harris Technologies, Inc | 21,693,623 | 1.3 | |||||||||||
312,296 | Owens Corning, Inc | 20,446,019 | 1.2 | |||||||||||
137,377 | Parker-Hannifin Corp | 28,623,872 | 1.7 | |||||||||||
191,684 | Stanley Black & Decker, Inc | 31,857,881 | 1.9 | |||||||||||
374,315 | Timken Co | 22,346,605 | 1.3 | |||||||||||
233,005 | Toro Co | 19,129,711 | 1.1 | |||||||||||
Other | 28,164,040 | 1.6 | ||||||||||||
213,390,216 | 12.5 | |||||||||||||
CONSUMER DURABLES & APPAREL | ||||||||||||||
352,556 | Brunswick Corp | 22,461,343 | 1.3 | |||||||||||
1,286,250 | Newell Brands Inc | 22,715,175 | 1.3 | |||||||||||
1,450,234 | * | Under Armour, Inc (Class C) | 17,736,362 | 1.0 | ||||||||||
131,859 | Whirlpool Corp | 24,388,641 | 1.4 | |||||||||||
Other | 55,500,938 | 3.4 | ||||||||||||
142,802,459 | 8.4 | |||||||||||||
CONSUMER SERVICES | ||||||||||||||
579,090 | Wyndham Destinations, Inc | 18,895,707 | 1.1 | |||||||||||
189,789 | Yum! Brands, Inc | 17,713,007 | 1.0 | |||||||||||
Other | 16,610,582 | 1.0 | ||||||||||||
53,219,296 | 3.1 | |||||||||||||
DIVERSIFIED FINANCIALS | ||||||||||||||
1,871,945 | AGNC Investment Corp | 26,151,072 | 1.5 | |||||||||||
892,031 | Ally Financial, Inc | 23,799,387 | 1.4 | |||||||||||
128,557 | Ameriprise Financial, Inc | 20,675,822 | 1.2 | |||||||||||
504,099 | Discover Financial Services | 32,771,476 | 2.0 | |||||||||||
862,980 | Synchrony Financial | 21,591,760 | 1.3 | |||||||||||
449,020 | Voya Financial, Inc | 21,521,529 | 1.3 | |||||||||||
Other | 60,818,949 | 3.6 | ||||||||||||
207,329,995 | 12.3 | |||||||||||||
ENERGY | ||||||||||||||
211,632 | Pioneer Natural Resources Co | 16,837,442 | 1.0 | |||||||||||
Other | 17,102,530 | 1.0 | ||||||||||||
33,939,972 | 2.0 | |||||||||||||
FOOD, BEVERAGE & TOBACCO | 15,983,442 | 1.0 | ||||||||||||
HEALTH CARE EQUIPMENT & SERVICES | ||||||||||||||
353,906 | * | Centene Corp | 20,915,845 | 1.2 | ||||||||||
722,308 | * | Envista Holdings Corp | 19,083,377 | 1.1 | ||||||||||
131,369 | McKesson Corp | 19,375,614 | 1.2 | |||||||||||
225,942 | Zimmer Biomet Holdings, Inc | 29,846,938 | 1.8 | |||||||||||
Other | 15,482,435 | 0.9 | ||||||||||||
104,704,209 | 6.2 | |||||||||||||
HOUSEHOLD & PERSONAL PRODUCTS | 15,602,472 | 0.9 |
Shares | Company | Value | % of net assets | |||||||||||
INSURANCE | ||||||||||||||
992,644 | * | BRP Group, Inc | $ | 25,312,422 | 1.5 | % | ||||||||
Other | 14,150,123 | 0.8 | ||||||||||||
39,462,545 | 2.3 | |||||||||||||
MATERIALS | ||||||||||||||
153,737 | Avery Dennison Corp | 21,275,663 | 1.2 | |||||||||||
441,045 | * | Berry Global Group, Inc | 20,565,928 | 1.2 | ||||||||||
405,073 | DuPont de Nemours, Inc | 23,040,552 | 1.4 | |||||||||||
Other | 26,348,170 | 1.6 | ||||||||||||
91,230,313 | 5.4 | |||||||||||||
MEDIA & ENTERTAINMENT | ||||||||||||||
1,943,037 | *,e | Advantage Solutions, Inc | 17,467,903 | 1.0 | ||||||||||
739,712 | * | Altice USA, Inc | 19,935,238 | 1.2 | ||||||||||
Other | 8,633,227 | 0.5 | ||||||||||||
46,036,368 | 2.7 | |||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | ||||||||||||||
179,858 | * | Jazz Pharmaceuticals plc | 25,917,538 | 1.5 | ||||||||||
168,266 | * | United Therapeutics Corp | 22,586,345 | 1.4 | ||||||||||
Other | 15,548,098 | 0.9 | ||||||||||||
64,051,981 | 3.8 | |||||||||||||
REAL ESTATE | ||||||||||||||
650,055 | Invitation Homes, Inc | 17,720,499 | 1.0 | |||||||||||
679,927 | MGM Growth Properties LLC | 17,984,069 | 1.1 | |||||||||||
639,847 | Rexford Industrial Realty, Inc | 29,727,292 | 1.8 | |||||||||||
141,314 | Sun Communities, Inc | 19,449,046 | 1.1 | |||||||||||
Other | 45,594,801 | 2.7 | ||||||||||||
130,475,707 | 7.7 | |||||||||||||
RETAILING | ||||||||||||||
257,408 | Best Buy Co, Inc | 28,713,862 | 1.7 | |||||||||||
28,713,862 | 1.7 | |||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | ||||||||||||||
291,880 | * | Cree, Inc | 18,563,568 | 1.1 | ||||||||||
502,256 | Marvell Technology Group Ltd | 18,839,622 | 1.1 | |||||||||||
156,214 | NXP Semiconductors NV | 21,107,636 | 1.3 | |||||||||||
121,014 | Skyworks Solutions, Inc | 17,098,068 | 1.0 | |||||||||||
Other | 13,736,907 | 0.8 | ||||||||||||
89,345,801 | 5.3 | |||||||||||||
SOFTWARE & SERVICES | ||||||||||||||
82,848 | * | Synopsys, Inc | 17,717,873 | 1.0 | ||||||||||
Other | 23,445,637 | 1.4 | ||||||||||||
41,163,510 | 2.4 | |||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT | 32,951,608 | 1.9 | ||||||||||||
TRANSPORTATION | ||||||||||||||
168,777 | Kansas City Southern | 29,728,381 | 1.8 | |||||||||||
29,728,381 | 1.8 |
54 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements |
Summary portfolio of investments | concluded |
Mid-Cap Value Fund ■ October 31, 2020 |
Shares | Company | Value | % of net assets | |||||||||||
UTILITIES | ||||||||||||||
330,091 | American Electric Power Co, Inc | $ | 29,685,084 | 1.8 | % | |||||||||
1,856,463 | Centerpoint Energy, Inc | 39,227,063 | 2.3 | |||||||||||
359,999 | Entergy Corp | 36,439,099 | 2.1 | |||||||||||
484,911 | Evergy, Inc | 26,767,087 | 1.6 | |||||||||||
723,347 | Exelon Corp | 28,854,312 | 1.7 | |||||||||||
924,304 | FirstEnergy Corp | 27,470,315 | 1.6 | |||||||||||
Other | 24,023,358 | 1.4 | ||||||||||||
212,466,318 | 12.5 | |||||||||||||
TOTAL COMMON STOCKS (Cost $1,599,168,340) | 1,672,535,026 | 98.6 | ||||||||||||
RIGHTS / WARRANTS | ||||||||||||||
MEDIA & ENTERTAINMENT | 546,227 | 0.1 | ||||||||||||
TOTAL RIGHTS / WARRANTS (Cost $676,081) | 546,227 | 0.1 | ||||||||||||
Principal | Issuer | |||||||||||||
SHORT-TERM INVESTMENTS | ||||||||||||||
REPURCHASE AGREEMENT | 8,375,000 | 0.5 | ||||||||||||
TREASURY DEBT | 14,999,500 | 0.9 |
Shares | Company | Value | % of net assets | |||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | ||||||||||||||
5,632,892 | c | State Street Navigator Securities Lending Government Money Market Portfolio | $ | 5,632,892 | 0.3 | % | ||||||||
5,632,892 | 0.3 | |||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $29,007,364) | 29,007,392 | 1.7 | ||||||||||||
TOTAL PORTFOLIO (Cost $1,628,851,785) | 1,702,088,645 | 100.4 | ||||||||||||
OTHER ASSETS & LIABILITIES, NET | (6,162,348 | ) | (0.4 | ) | ||||||||||
NET ASSETS | $ | 1,695,926,297 | 100.0 | % |
* | Non-income producing |
c | Investments made with cash collateral received from securities on loan. |
e | All or a portion of these securities are out on loan. The aggregate value of securities on loan is $8,204,118. See Note 4 in the Notes to financial statements for additional information about securities lending collateral. |
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.
See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 55 |
Summary portfolio of investments
Quant Large-Cap Growth Fund ■ October 31, 2020
Shares | Company | Value | % of net assets | |||||||||||
COMMON STOCKS | ||||||||||||||
AUTOMOBILES & COMPONENTS | ||||||||||||||
73,638 | * | Tesla, Inc | $ | 28,574,489 | 1.9 | % | ||||||||
28,574,489 | 1.9 | |||||||||||||
CAPITAL GOODS | ||||||||||||||
23,802 | Northrop Grumman Corp | 6,898,296 | 0.5 | |||||||||||
Other | 30,475,465 | 2.0 | ||||||||||||
37,373,761 | 2.5 | |||||||||||||
COMMERCIAL & PROFESSIONAL SERVICES | ||||||||||||||
44,477 | Verisk Analytics, Inc | 7,915,572 | 0.5 | |||||||||||
Other | 9,415,721 | 0.6 | ||||||||||||
17,331,293 | 1.1 | |||||||||||||
CONSUMER DURABLES & APPAREL | ||||||||||||||
111,187 | Nike, Inc (Class B) | 13,351,335 | 0.9 | |||||||||||
Other | 9,270,641 | 0.6 | ||||||||||||
22,621,976 | 1.5 | |||||||||||||
CONSUMER SERVICES | 10,670,886 | 0.7 | ||||||||||||
DIVERSIFIED FINANCIALS | ||||||||||||||
71,452 | Intercontinental Exchange Group, Inc | 6,745,069 | 0.5 | |||||||||||
100,000 | iShares Russell 1000 Growth Index Fund | 20,958,000 | 1.4 | |||||||||||
Other | 14,288,408 | 0.9 | ||||||||||||
41,991,477 | 2.8 | |||||||||||||
FOOD & STAPLES RETAILING | ||||||||||||||
56,722 | Costco Wholesale Corp | 20,284,922 | 1.3 | |||||||||||
20,284,922 | 1.3 | |||||||||||||
FOOD, BEVERAGE & TOBACCO | ||||||||||||||
82,349 | * | Monster Beverage Corp | 6,305,463 | 0.4 | ||||||||||
132,836 | PepsiCo, Inc | 17,705,710 | 1.2 | |||||||||||
Other | 13,517,611 | 0.9 | ||||||||||||
37,528,784 | 2.5 | |||||||||||||
HEALTH CARE EQUIPMENT & SERVICES | ||||||||||||||
118,102 | Abbott Laboratories | 12,413,701 | 0.8 | |||||||||||
139,934 | * | Edwards Lifesciences Corp | 10,031,868 | 0.7 | ||||||||||
63,894 | UnitedHealth Group, Inc | 19,496,615 | 1.3 | |||||||||||
Other | 41,766,792 | 2.7 | ||||||||||||
83,708,976 | 5.5 | |||||||||||||
HOUSEHOLD & PERSONAL PRODUCTS | ||||||||||||||
73,706 | Procter & Gamble Co | 10,105,093 | 0.7 | |||||||||||
Other | 5,578,311 | 0.3 | ||||||||||||
15,683,404 | 1.0 | |||||||||||||
INSURANCE | 4,922 | 0.0 | ||||||||||||
MATERIALS | 3,822,800 | 0.3 | ||||||||||||
MEDIA & ENTERTAINMENT | ||||||||||||||
24,232 | * | Alphabet, Inc (Class A) | 39,161,577 | 2.6 | ||||||||||
23,924 | * | Alphabet, Inc (Class C) | 38,781,043 | 2.5 | ||||||||||
236,257 | * | Facebook, Inc | 62,161,579 | 4.1 | ||||||||||
39,434 | * | Netflix, Inc | 18,760,331 | 1.2 | ||||||||||
Other | 14,807,141 | 1.0 | ||||||||||||
173,671,671 | 11.4 |
Shares | Company | Value | % of net assets | |||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | ||||||||||||||
185,554 | AbbVie, Inc | $ | 15,790,645 | 1.0 | % | |||||||||
36,090 | Amgen, Inc | 7,829,365 | 0.5 | |||||||||||
83,705 | Eli Lilly & Co | 10,920,154 | 0.7 | |||||||||||
70,999 | Johnson & Johnson | 9,734,673 | 0.7 | |||||||||||
238,202 | Merck & Co, Inc | 17,915,172 | 1.2 | |||||||||||
23,685 | Thermo Fisher Scientific, Inc | 11,205,847 | 0.7 | |||||||||||
34,046 | * | Vertex Pharmaceuticals, Inc | 7,093,825 | 0.5 | ||||||||||
60,132 | Zoetis, Inc | 9,533,929 | 0.6 | |||||||||||
Other | 36,143,212 | 2.4 | ||||||||||||
126,166,822 | 8.3 | |||||||||||||
REAL ESTATE | ||||||||||||||
56,379 | American Tower Corp | 12,947,437 | 0.9 | |||||||||||
Other | 17,951,698 | 1.1 | ||||||||||||
30,899,135 | 2.0 | |||||||||||||
RETAILING | ||||||||||||||
41,420 | * | Amazon.com, Inc | 125,757,333 | 8.3 | ||||||||||
73,605 | Home Depot, Inc | 19,631,190 | 1.3 | |||||||||||
104,430 | Lowe’s Companies, Inc | 16,510,383 | 1.1 | |||||||||||
Other | 22,121,310 | 1.4 | ||||||||||||
184,020,216 | 12.1 | |||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | ||||||||||||||
121,333 | * | Advanced Micro Devices, Inc | 9,135,162 | 0.6 | ||||||||||
22,352 | Broadcom, Inc | 7,814,930 | 0.5 | |||||||||||
19,260 | Lam Research Corp | 6,588,461 | 0.4 | |||||||||||
64,696 | NVIDIA Corp | 32,435,987 | 2.1 | |||||||||||
125,409 | QUALCOMM, Inc | 15,470,454 | 1.0 | |||||||||||
Other | 24,444,342 | 1.7 | ||||||||||||
95,889,336 | 6.3 | |||||||||||||
SOFTWARE & SERVICES | ||||||||||||||
38,586 | Accenture plc | 8,369,689 | 0.6 | |||||||||||
57,710 | * | Adobe, Inc | 25,802,141 | 1.7 | ||||||||||
27,920 | * | Autodesk, Inc | 6,576,277 | 0.4 | ||||||||||
62,199 | * | Cadence Design Systems, Inc | 6,802,705 | 0.4 | ||||||||||
34,953 | * | DocuSign, Inc | 7,069,244 | 0.5 | ||||||||||
31,380 | Intuit, Inc | 9,874,658 | 0.7 | |||||||||||
103,569 | Mastercard, Inc (Class A) | 29,894,156 | 2.0 | |||||||||||
733,720 | Microsoft Corp | 148,556,288 | 9.8 | |||||||||||
133,561 | * | PayPal Holdings, Inc | 24,859,709 | 1.6 | ||||||||||
89,896 | * | salesforce.com, Inc | 20,880,144 | 1.4 | ||||||||||
18,019 | * | ServiceNow, Inc | 8,965,714 | 0.6 | ||||||||||
149,966 | Visa, Inc (Class A) | 27,250,322 | 1.8 | |||||||||||
29,371 | * | Workday, Inc | 6,171,435 | 0.4 | ||||||||||
19,869 | * | Zoom Video Communications, Inc | 9,157,821 | 0.6 | ||||||||||
Other | 55,980,628 | 3.7 | ||||||||||||
396,210,931 | 26.2 | |||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT | ||||||||||||||
1,552,182 | Apple, Inc | 168,970,533 | 11.1 | |||||||||||
Other | 237,784 | 0.0 | ||||||||||||
169,208,317 | 11.1 | |||||||||||||
TELECOMMUNICATION SERVICES | 2,258,430 | 0.2 |
56 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements |
Summary portfolio of investments | concluded |
Quant Large-Cap Growth Fund ■ October 31, 2020 |
Shares | Company | Value | % of net assets | ||||||||||||
TRANSPORTATION | |||||||||||||||
47,422 | Old Dominion Freight Line | $ | 9,027,726 | 0.6 | % | ||||||||||
Other | 6,635,545 | 0.4 | |||||||||||||
15,663,271 | 1.0 | ||||||||||||||
TOTAL COMMON STOCKS (Cost $657,205,654) | 1,513,585,819 | 99.7 | |||||||||||||
Principal | Issuer | ||||||||||||||
SHORT-TERM INVESTMENTS | |||||||||||||||
REPURCHASE AGREEMENT | 5,605,000 | 0.3 | |||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $5,605,000) | 5,605,000 | 0.3 | |||||||||||||
TOTAL PORTFOLIO (Cost $662,810,654) | 1,519,190,819 | 100.0 | |||||||||||||
OTHER ASSETS & LIABILITIES, NET | (501,284 | ) | (0.0 | ) | |||||||||||
NET ASSETS | $ | 1,518,689,535 | 100.0 | % |
* | Non-income producing |
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
At 10/31/20, the aggregate value of securities on loan is $349,496. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.
For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.
See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 57 |
Summary portfolio of investments
Quant Large-Cap Value Fund ■ October 31, 2020
Shares | Company | Value | % of net assets | |||||||||||
COMMON STOCKS | ||||||||||||||
AUTOMOBILES & COMPONENTS | $ | 4,728,330 | 0.7 | % | ||||||||||
BANKS | ||||||||||||||
467,471 | Bank of America Corp | 11,079,063 | 1.6 | |||||||||||
140,505 | Citigroup, Inc | 5,819,717 | 0.9 | |||||||||||
174,014 | JPMorgan Chase & Co | 17,060,332 | 2.5 | |||||||||||
242,995 | Wells Fargo & Co | 5,212,243 | 0.8 | |||||||||||
Other | 9,846,690 | 1.4 | ||||||||||||
49,018,045 | 7.2 | |||||||||||||
CAPITAL GOODS | ||||||||||||||
28,841 | 3M Co | 4,613,406 | 0.7 | |||||||||||
53,918 | PACCAR, Inc | 4,603,519 | 0.7 | |||||||||||
18,706 | Parker-Hannifin Corp | 3,897,582 | 0.6 | |||||||||||
93,479 | Raytheon Technologies Corp | 5,077,779 | 0.7 | |||||||||||
Other | 37,094,217 | 5.4 | ||||||||||||
55,286,503 | 8.1 | |||||||||||||
COMMERCIAL & PROFESSIONAL SERVICES | 3,995,371 | 0.6 | ||||||||||||
CONSUMER DURABLES & APPAREL | 11,267,798 | 1.6 | ||||||||||||
CONSUMER SERVICES | ||||||||||||||
34,938 | McDonald’s Corp | 7,441,794 | 1.1 | |||||||||||
Other | 10,579,792 | 1.5 | ||||||||||||
18,021,586 | 2.6 | |||||||||||||
DIVERSIFIED FINANCIALS | ||||||||||||||
40,872 | Intercontinental Exchange Group, Inc | 3,858,317 | 0.6 | |||||||||||
90,000 | iShares Russell 1000 Value Index Fund | 10,505,700 | 1.5 | |||||||||||
Other | 30,923,154 | 4.5 | ||||||||||||
45,287,171 | 6.6 | |||||||||||||
ENERGY | ||||||||||||||
93,213 | Chevron Corp | 6,478,303 | 1.0 | |||||||||||
212,699 | Exxon Mobil Corp | 6,938,241 | 1.0 | |||||||||||
Other | 11,886,777 | 1.7 | ||||||||||||
25,303,321 | 3.7 | |||||||||||||
FOOD & STAPLES RETAILING | ||||||||||||||
74,584 | Walmart, Inc | 10,348,530 | 1.5 | |||||||||||
Other | 4,201,462 | 0.6 | ||||||||||||
14,549,992 | 2.1 | |||||||||||||
FOOD, BEVERAGE & TOBACCO | ||||||||||||||
31,727 | PepsiCo, Inc | 4,228,892 | 0.6 | |||||||||||
89,975 | Philip Morris International, Inc | 6,390,025 | 0.9 | |||||||||||
Other | 15,692,751 | 2.3 | ||||||||||||
26,311,668 | 3.8 | |||||||||||||
HEALTH CARE EQUIPMENT & SERVICES | ||||||||||||||
53,745 | Abbott Laboratories | 5,649,137 | 0.8 | |||||||||||
67,584 | CVS Health Corp | 3,790,787 | 0.6 | |||||||||||
17,203 | Danaher Corp | 3,948,777 | 0.6 | |||||||||||
87,677 | Medtronic plc | 8,817,676 | 1.3 | |||||||||||
Other | 22,734,176 | 3.3 | ||||||||||||
44,940,553 | 6.6 | |||||||||||||
HOUSEHOLD & PERSONAL PRODUCTS | ||||||||||||||
86,464 | Procter & Gamble Co | 11,854,214 | 1.7 | |||||||||||
Other | 2,235,171 | 0.4 | ||||||||||||
14,089,385 | 2.1 |
Shares | Company | Value | % of net assets | |||||||||||
INSURANCE | ||||||||||||||
101,240 | * | Berkshire Hathaway, Inc (Class B) | $ | 20,440,356 | 3.0 | % | ||||||||
36,305 | Chubb Ltd | 4,716,382 | 0.7 | |||||||||||
113,542 | Metlife, Inc | 4,297,565 | 0.6 | |||||||||||
Other | 13,732,178 | 2.0 | ||||||||||||
43,186,481 | 6.3 | |||||||||||||
MATERIALS | ||||||||||||||
20,505 | Air Products & Chemicals, Inc | 5,664,301 | 0.8 | |||||||||||
24,634 | Linde plc | 5,427,856 | 0.8 | |||||||||||
60,784 | Newmont Goldcorp Corp | 3,819,667 | 0.6 | |||||||||||
Other | 14,834,588 | 2.2 | ||||||||||||
29,746,412 | 4.4 | |||||||||||||
MEDIA & ENTERTAINMENT | ||||||||||||||
2,502 | * | Alphabet, Inc (Class A) | 4,043,507 | 0.6 | ||||||||||
3,612 | * | Alphabet, Inc (Class C) | 5,855,088 | 0.9 | ||||||||||
158,895 | Comcast Corp (Class A) | 6,711,725 | 1.0 | |||||||||||
106,557 | Walt Disney Co | 12,920,036 | 1.9 | |||||||||||
Other | 7,501,548 | 1.0 | ||||||||||||
37,031,904 | 5.4 | |||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | ||||||||||||||
73,023 | Bristol-Myers Squibb Co | 4,268,194 | 0.6 | |||||||||||
74,660 | Gilead Sciences, Inc | 4,341,479 | 0.6 | |||||||||||
120,729 | Johnson & Johnson | 16,553,153 | 2.4 | |||||||||||
271,449 | Pfizer, Inc | 9,631,011 | 1.4 | |||||||||||
Other | 15,452,075 | 2.3 | ||||||||||||
50,245,912 | 7.3 | |||||||||||||
REAL ESTATE | ||||||||||||||
57,381 | Prologis, Inc | 5,692,195 | 0.8 | |||||||||||
Other | 24,918,856 | 3.7 | ||||||||||||
30,611,051 | 4.5 | |||||||||||||
RETAILING | ||||||||||||||
33,879 | Home Depot, Inc | 9,035,868 | 1.3 | |||||||||||
27,502 | Target Corp | 4,186,354 | 0.6 | |||||||||||
Other | 6,271,545 | 1.0 | ||||||||||||
19,493,767 | 2.9 | |||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | ||||||||||||||
219,576 | Intel Corp | 9,722,825 | 1.4 | |||||||||||
Other | 11,898,294 | 1.8 | ||||||||||||
21,621,119 | 3.2 | |||||||||||||
SOFTWARE & SERVICES | ||||||||||||||
31,050 | Fidelity National Information Services, Inc | 3,868,519 | 0.6 | |||||||||||
24,632 | Global Payments, Inc | 3,885,452 | 0.6 | |||||||||||
Other | 22,410,739 | 3.2 | ||||||||||||
30,164,710 | 4.4 | |||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT | ||||||||||||||
230,394 | Cisco Systems, Inc | 8,271,145 | 1.2 | |||||||||||
Other | 10,768,316 | 1.6 | ||||||||||||
19,039,461 | 2.8 | |||||||||||||
TELECOMMUNICATION SERVICES | ||||||||||||||
288,101 | AT&T, Inc | 7,784,489 | 1.1 | |||||||||||
209,815 | Verizon Communications, Inc | 11,957,357 | 1.8 | |||||||||||
Other | 2,508,333 | 0.4 | ||||||||||||
22,250,179 | 3.3 |
58 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements |
Summary portfolio of investments | concluded |
Quant Large-Cap Value Fund ■ October 31, 2020
Shares | Company | Value | % of net assets | ||||||||||||
TRANSPORTATION | |||||||||||||||
17,100 | FedEx Corp | $ | 4,436,937 | 0.6 | % | ||||||||||
23,462 | Norfolk Southern Corp | 4,906,373 | 0.7 | ||||||||||||
23,521 | Union Pacific Corp | 4,167,686 | 0.6 | ||||||||||||
Other | 8,616,454 | 1.3 | |||||||||||||
22,127,450 | 3.2 | ||||||||||||||
UTILITIES | |||||||||||||||
63,409 | CMS Energy Corp | 4,015,692 | 0.6 | ||||||||||||
38,375 | Entergy Corp | 3,884,318 | 0.6 | ||||||||||||
87,566 | NextEra Energy, Inc | 6,410,707 | 0.9 | ||||||||||||
Other | 28,207,340 | 4.1 | |||||||||||||
42,518,057 | 6.2 | ||||||||||||||
TOTAL COMMON STOCKS (Cost $544,385,450) | 680,836,226 | 99.6 | |||||||||||||
Principal | Issuer | ||||||||||||||
SHORT-TERM INVESTMENTS | |||||||||||||||
REPURCHASE AGREEMENT | 755,000 | 0.1 |
Shares | Company | Value | % of net assets | |||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | ||||||||||||||
1,479,380 | c | State Street Navigator Securities Lending Government Money Market Portfolio | $ | 1,479,380 | 0.2 | % | ||||||||
1,479,380 | 0.2 | |||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $2,234,380) | 2,234,380 | 0.3 | ||||||||||||
TOTAL PORTFOLIO (Cost $546,619,830) | 683,070,606 | 99.9 | ||||||||||||
OTHER ASSETS & LIABILITIES, NET | 737,871 | 0.1 | ||||||||||||
NET ASSETS | $ | 683,808,477 | 100.0 | % |
* | Non-income producing |
c | Investments made with cash collateral received from securities on loan. |
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
At 10/31/20, the aggregate value of securities on loan is $1,628,879. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.
For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.
See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 59 |
Summary portfolio of investments
Quant Small-Cap Equity Fund ■ October 31, 2020
Shares | Company | Value | % of net assets | |||||||||||
COMMON STOCKS | ||||||||||||||
AUTOMOBILES & COMPONENTS | $ | 31,114,380 | 1.4 | % | ||||||||||
BANKS | ||||||||||||||
354,600 | Essent Group Ltd | 14,130,810 | 0.6 | |||||||||||
824,200 | Radian Group, Inc | 14,794,390 | 0.6 | |||||||||||
716,912 | United Community Banks, Inc | 15,012,138 | 0.7 | |||||||||||
Other | 183,069,011 | 7.9 | ||||||||||||
227,006,349 | 9.8 | |||||||||||||
CAPITAL GOODS | ||||||||||||||
276,104 | Advanced Drainage Systems, Inc | 17,513,277 | 0.8 | |||||||||||
409,083 | * | BMC Stock Holdings, Inc | 16,195,596 | 0.7 | ||||||||||
379,700 | Comfort Systems USA, Inc | 17,390,260 | 0.8 | |||||||||||
356,770 | Federal Signal Corp | 10,232,164 | 0.4 | |||||||||||
717,354 | Rexnord Corp | 23,012,716 | 1.0 | |||||||||||
Other | 181,972,565 | 7.8 | ||||||||||||
266,316,578 | 11.5 | |||||||||||||
COMMERCIAL & PROFESSIONAL SERVICES | ||||||||||||||
271,902 | Exponent, Inc | 18,921,660 | 0.8 | |||||||||||
272,498 | * | TriNet Group, Inc | 18,780,562 | 0.8 | ||||||||||
Other | 34,864,969 | 1.5 | ||||||||||||
72,567,191 | 3.1 | |||||||||||||
CONSUMER DURABLES & APPAREL | ||||||||||||||
210,500 | * | CROCS, Inc | 11,015,465 | 0.5 | ||||||||||
58,300 | * | Deckers Outdoor Corp | 14,771,471 | 0.6 | ||||||||||
314,100 | * | YETI Holdings, Inc | 15,541,668 | 0.7 | ||||||||||
Other | 58,796,229 | 2.5 | ||||||||||||
100,124,833 | 4.3 | |||||||||||||
CONSUMER SERVICES | 84,359,848 | 3.6 | ||||||||||||
DIVERSIFIED FINANCIALS | ||||||||||||||
336,826 | Stifel Financial Corp | 19,690,848 | 0.8 | |||||||||||
Other | 60,514,809 | 2.6 | ||||||||||||
80,205,657 | 3.4 | |||||||||||||
ENERGY | ||||||||||||||
180,269 | * | Renewable Energy Group, Inc | 10,167,172 | 0.4 | ||||||||||
Other | 33,381,032 | 1.5 | ||||||||||||
43,548,204 | 1.9 | |||||||||||||
FOOD & STAPLES RETAILING | ||||||||||||||
561,151 | * | BJ’s Wholesale Club Holdings, Inc | 21,486,472 | 0.9 | ||||||||||
Other | 13,156,816 | 0.6 | ||||||||||||
34,643,288 | 1.5 | |||||||||||||
FOOD, BEVERAGE & TOBACCO | 34,852,084 | 1.5 | ||||||||||||
HEALTH CARE EQUIPMENT & SERVICES | ||||||||||||||
160,600 | e | Conmed Corp | 12,521,982 | 0.5 | ||||||||||
662,200 | * | R1 RCM, Inc | 11,866,624 | 0.5 | ||||||||||
Other | 138,888,151 | 6.0 | ||||||||||||
163,276,757 | 7.0 | |||||||||||||
HOUSEHOLD & PERSONAL PRODUCTS | 20,720,240 | 0.9 | ||||||||||||
INSURANCE | 38,920,014 | 1.7 |
Shares | Company | Value | % of net assets | |||||||||||
MATERIALS | ||||||||||||||
101,500 | Balchem Corp | $ | 10,144,925 | 0.4 | % | |||||||||
353,900 | Louisiana-Pacific Corp | 10,114,462 | 0.4 | |||||||||||
177,500 | Sensient Technologies Corp | 11,613,825 | 0.5 | |||||||||||
104,800 | Stepan Co | 12,202,912 | 0.5 | |||||||||||
641,000 | * | Summit Materials, Inc | 11,339,290 | 0.5 | ||||||||||
Other | 69,627,074 | 3.1 | ||||||||||||
125,042,488 | 5.4 | |||||||||||||
MEDIA & ENTERTAINMENT | 25,176,673 | 1.1 | ||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | ||||||||||||||
577,887 | * | Amicus Therapeutics, Inc | 10,303,725 | 0.4 | ||||||||||
141,211 | * | Arena Pharmaceuticals, Inc | 12,104,607 | 0.5 | ||||||||||
257,694 | * | Natera, Inc | 17,332,498 | 0.7 | ||||||||||
Other | 255,038,761 | 11.0 | ||||||||||||
294,779,591 | 12.6 | |||||||||||||
REAL ESTATE | ||||||||||||||
108,500 | EastGroup Properties, Inc | 14,439,180 | 0.6 | |||||||||||
424,300 | National Storage Affiliates Trust | 14,379,527 | 0.6 | |||||||||||
141,928 | PS Business Parks, Inc | 16,184,050 | 0.7 | |||||||||||
166,500 | QTS Realty Trust, Inc | 10,241,415 | 0.4 | |||||||||||
500,100 | STAG Industrial, Inc | 15,563,112 | 0.7 | |||||||||||
Other | 81,183,481 | 3.5 | ||||||||||||
151,990,765 | 6.5 | |||||||||||||
RETAILING | ||||||||||||||
554,100 | Rent-A-Center, Inc | 17,121,690 | 0.7 | |||||||||||
201,800 | * | Sleep Number Corp | 12,786,048 | 0.6 | ||||||||||
45,388 | * | Stamps.com, Inc | 10,132,417 | 0.4 | ||||||||||
Other | 73,706,207 | 3.2 | ||||||||||||
113,746,362 | 4.9 | |||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | ||||||||||||||
470,862 | * | Formfactor, Inc | 13,348,938 | 0.6 | ||||||||||
307,447 | * | Lattice Semiconductor Corp | 10,729,900 | 0.5 | ||||||||||
1,034,245 | * | Rambus, Inc | 14,262,238 | 0.6 | ||||||||||
Other | 25,737,371 | 1.1 | ||||||||||||
64,078,447 | 2.8 | |||||||||||||
SOFTWARE & SERVICES | ||||||||||||||
180,300 | * | Alarm.com Holdings, Inc | 10,516,899 | 0.4 | ||||||||||
455,900 | * | Digital Turbine, Inc | 13,066,094 | 0.6 | ||||||||||
169,000 | * | LiveRamp Holdings, Inc | 11,169,210 | 0.5 | ||||||||||
206,324 | Mantech International Corp (Class A) | 13,386,301 | 0.6 | |||||||||||
708,363 | Perspecta, Inc | 12,700,949 | 0.5 | |||||||||||
188,490 | * | SPS Commerce, Inc | 16,132,859 | 0.7 | ||||||||||
317,899 | * | Tenable Holdings, Inc | 10,843,535 | 0.5 | ||||||||||
217,300 | * | Verint Systems, Inc | 10,543,396 | 0.4 | ||||||||||
244,000 | * | Workiva, Inc | 13,495,640 | 0.6 | ||||||||||
Other | 74,209,583 | 3.2 | ||||||||||||
186,064,466 | 8.0 | |||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT | ||||||||||||||
470,101 | * | Sanmina Corp | 11,489,269 | 0.5 | ||||||||||
Other | 51,363,868 | 2.2 | ||||||||||||
62,853,137 | 2.7 |
60 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements |
Summary portfolio of investments | concluded |
Quant Small-Cap Equity Fund ■ October 31, 2020
Shares | Company | Value | % of net assets | |||||||||||
TELECOMMUNICATION SERVICES | $ | 16,515,037 | 0.7 | % | ||||||||||
TRANSPORTATION | 37,359,365 | 1.6 | ||||||||||||
UTILITIES | ||||||||||||||
194,051 | NorthWestern Corp | 10,115,879 | 0.4 | |||||||||||
363,639 | Portland General Electric Co | 14,291,013 | 0.6 | |||||||||||
Other | 25,467,529 | 1.1 | ||||||||||||
49,874,421 | 2.1 | |||||||||||||
TOTAL COMMON STOCKS (Cost $2,155,906,236) | 2,325,136,175 | 100.0 |
Shares | Company | Value | % of net assets | |||||||||||
SHORT-TERM INVESTMENTS | ||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | ||||||||||||||
47,873,333 | c | State Street Navigator Securities Lending Government Money Market Portfolio | $ | 47,873,333 | 2.1 | % | ||||||||
47,873,333 | 2.1 | |||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $47,873,333) | 47,873,333 | 2.1 | ||||||||||||
TOTAL PORTFOLIO (Cost $2,203,779,569) | 2,373,009,508 | 102.1 | ||||||||||||
OTHER ASSETS & LIABILITIES, NET | (48,412,881 | ) | (2.1 | ) | ||||||||||
NET ASSETS | $ | 2,324,596,627 | 100.0 | % |
* | Non-income producing |
c | Investments made with cash collateral received from securities on loan. |
e | All or a portion of these securities are out on loan. The aggregate value of securities on loan is $68,254,134. See Note 4 in the Notes to financial statements for additional information about securities lending collateral. |
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.
See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 61 |
Summary portfolio of investments
Quant Small/Mid-Cap Equity Fund ■ October 31, 2020
Shares | Company | Value | % of net assets | |||||||||||
COMMON STOCKS | ||||||||||||||
AUTOMOBILES & COMPONENTS | $ | 9,008,096 | 1.2 | % | ||||||||||
BANKS | 43,776,283 | 5.9 | ||||||||||||
CAPITAL GOODS | ||||||||||||||
65,302 | Advanced Drainage Systems, Inc | 4,142,106 | 0.6 | |||||||||||
99,237 | * | BMC Stock Holdings, Inc | 3,928,793 | 0.5 | ||||||||||
57,301 | EMCOR Group, Inc | 3,907,355 | 0.5 | |||||||||||
76,075 | ITT, Inc | 4,603,298 | 0.6 | |||||||||||
40,950 | Toro Co | 3,361,995 | 0.5 | |||||||||||
Other | 57,678,086 | 7.7 | ||||||||||||
77,621,633 | 10.4 | |||||||||||||
COMMERCIAL & PROFESSIONAL SERVICES | 10,379,625 | 1.4 | ||||||||||||
CONSUMER DURABLES & APPAREL | ||||||||||||||
151,620 | * | Nautilus, Inc | 3,288,638 | 0.4 | ||||||||||
90,695 | Pulte Homes, Inc | 3,696,728 | 0.5 | |||||||||||
21,681 | * | TopBuild Corp | 3,321,746 | 0.5 | ||||||||||
Other | 26,515,692 | 3.6 | ||||||||||||
36,822,804 | 5.0 | |||||||||||||
CONSUMER SERVICES | ||||||||||||||
47,229 | Dunkin Brands Group, Inc | 4,709,204 | 0.6 | |||||||||||
Other | 20,992,929 | 2.8 | ||||||||||||
25,702,133 | 3.4 | |||||||||||||
DIVERSIFIED FINANCIALS | ||||||||||||||
84,569 | Artisan Partners Asset Management, Inc | 3,387,834 | 0.4 | |||||||||||
92,582 | * | Cannae Holdings, Inc | 3,423,682 | 0.5 | ||||||||||
71,113 | LPL Financial Holdings, Inc | 5,684,062 | 0.8 | |||||||||||
55,000 | Vanguard Small-Cap ETF | 8,641,050 | 1.2 | |||||||||||
Other | 19,015,665 | 2.5 | ||||||||||||
40,152,293 | 5.4 | |||||||||||||
ENERGY | 13,544,593 | 1.8 | ||||||||||||
FOOD & STAPLES RETAILING | 6,762,657 | 0.9 | ||||||||||||
FOOD, BEVERAGE & TOBACCO | ||||||||||||||
66,143 | Bunge Ltd | 3,752,292 | 0.5 | |||||||||||
52,780 | Lamb Weston Holdings, Inc | 3,348,891 | 0.4 | |||||||||||
Other | 5,842,603 | 0.8 | ||||||||||||
12,943,786 | 1.7 | |||||||||||||
HEALTH CARE EQUIPMENT & SERVICES | ||||||||||||||
40,771 | Hill-Rom Holdings, Inc | 3,713,015 | 0.5 | |||||||||||
28,660 | * | Molina Healthcare, Inc | 5,344,230 | 0.7 | ||||||||||
24,097 | * | Nevro Corp | 3,595,513 | 0.5 | ||||||||||
36,181 | * | Providence Service Corp | 4,253,077 | 0.6 | ||||||||||
Other | 31,181,310 | 4.2 | ||||||||||||
48,087,145 | 6.5 | |||||||||||||
HOUSEHOLD & PERSONAL PRODUCTS | 6,427,104 | 0.9 | ||||||||||||
INSURANCE | ||||||||||||||
45,341 | American Financial Group, Inc | 3,397,855 | 0.5 | |||||||||||
Other | 13,898,748 | 1.8 | ||||||||||||
17,296,603 | 2.3 |
Shares | Company | Value | % of net assets | |||||||||||
MATERIALS | ||||||||||||||
34,184 | Reliance Steel & Aluminum Co | $ | 3,725,714 | 0.5 | % | |||||||||
23,383 | Scotts Miracle-Gro Co (Class A) | 3,508,619 | 0.5 | |||||||||||
93,411 | UFP Industries, Inc | 4,662,143 | 0.6 | |||||||||||
Other | 32,718,253 | 4.4 | ||||||||||||
44,614,729 | 6.0 | |||||||||||||
MEDIA & ENTERTAINMENT | 8,332,066 | 1.1 | ||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | ||||||||||||||
194,197 | * | Amicus Therapeutics, Inc | 3,462,533 | 0.5 | ||||||||||
21,312 | * | Charles River Laboratories International, Inc | 4,852,742 | 0.6 | ||||||||||
147,051 | * | Halozyme Therapeutics, Inc | 4,117,428 | 0.6 | ||||||||||
99,453 | * | Horizon Therapeutics Plc | 7,452,013 | 1.0 | ||||||||||
25,335 | * | United Therapeutics Corp | 3,400,717 | 0.5 | ||||||||||
Other | 46,689,414 | 6.1 | ||||||||||||
69,974,847 | 9.3 | |||||||||||||
REAL ESTATE | ||||||||||||||
69,886 | Equity Lifestyle Properties, Inc | 4,136,552 | 0.5 | |||||||||||
28,956 | Life Storage, Inc | 3,305,327 | 0.4 | |||||||||||
Other | 51,287,868 | 7.0 | ||||||||||||
58,729,747 | 7.9 | |||||||||||||
RETAILING | ||||||||||||||
27,480 | * | Etsy, Inc | 3,341,293 | 0.5 | ||||||||||
15,030 | Pool Corp | 5,257,945 | 0.7 | |||||||||||
Other | 33,753,093 | 4.5 | ||||||||||||
42,352,331 | 5.7 | |||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | ||||||||||||||
95,526 | * | Lattice Semiconductor Corp | 3,333,857 | 0.5 | ||||||||||
73,059 | Teradyne, Inc | 6,418,233 | 0.9 | |||||||||||
Other | 15,253,304 | 2.0 | ||||||||||||
25,005,394 | 3.4 | |||||||||||||
SOFTWARE & SERVICES | ||||||||||||||
23,277 | * | Avalara, Inc | 3,469,437 | 0.5 | ||||||||||
45,268 | * | Black Knight, Inc | 3,981,321 | 0.5 | ||||||||||
54,359 | Booz Allen Hamilton Holding Co | 4,267,181 | 0.6 | |||||||||||
50,446 | CoreLogic Inc | 3,880,811 | 0.5 | |||||||||||
37,461 | * | Five9, Inc | 5,683,583 | 0.8 | ||||||||||
144,050 | * | Nuance Communications, Inc | 4,596,636 | 0.6 | ||||||||||
22,179 | * | Paylocity Holding Corp | 4,114,648 | 0.6 | ||||||||||
37,691 | Pegasystems, Inc | 4,367,633 | 0.6 | |||||||||||
49,813 | * | SPS Commerce, Inc | 4,263,495 | 0.6 | ||||||||||
34,522 | * | Zendesk, Inc | 3,829,871 | 0.5 | ||||||||||
Other | 39,896,666 | 5.2 | ||||||||||||
82,351,282 | 11.0 | |||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT | ||||||||||||||
25,321 | Synnex Corp | 3,333,256 | 0.4 | |||||||||||
Other | 20,593,988 | 2.7 | ||||||||||||
23,927,244 | 3.1 | |||||||||||||
TELECOMMUNICATION SERVICES | 4,576,554 | 0.6 | ||||||||||||
TRANSPORTATION | ||||||||||||||
87,175 | * | Hub Group, Inc (Class A) | 4,370,083 | 0.6 | ||||||||||
32,314 | Landstar System, Inc | 4,029,556 | 0.5 | |||||||||||
Other | 8,769,689 | 1.2 | ||||||||||||
17,169,328 | 2.3 |
62 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements |
Summary portfolio of investments | concluded |
Quant Small/Mid-Cap Equity Fund ■ October 31, 2020
Shares | Company | Value | % of net assets | |||||||||||
UTILITIES | ||||||||||||||
125,716 | NRG Energy, Inc | $ | 3,975,140 | 0.5 | % | |||||||||
212,707 | Vistra Energy Corp | 3,694,721 | 0.5 | |||||||||||
Other | 11,480,464 | 1.6 | ||||||||||||
19,150,325 | 2.6 | |||||||||||||
TOTAL COMMON STOCKS (Cost $673,585,238) | 744,708,602 | 99.8 | ||||||||||||
SHORT-TERM INVESTMENTS | ||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | ||||||||||||||
5,308,960 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 5,308,960 | 0.7 | ||||||||||
5,308,960 | 0.7 | |||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $5,308,960) | 5,308,960 | 0.7 | ||||||||||||
TOTAL PORTFOLIO (Cost $678,894,198) | 750,017,562 | 100.5 | ||||||||||||
OTHER ASSETS & LIABILITIES, NET | (4,143,318 | ) | (0.5 | ) | ||||||||||
NET ASSETS | $ | 745,874,244 | 100.0 | % |
Abbreviation(s):
ETF Exchange Traded Fund
* | Non-income producing |
c | Investments made with cash collateral received from securities on loan. |
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
At 10/31/20, the aggregate value of securities on loan is $8,353,450. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.
For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.
See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 63 |
Summary portfolio of investments
Social Choice Equity Fund ■ October 31, 2020
Shares | Company | Value | % of net assets | |||||||||||
COMMON STOCKS | ||||||||||||||
AUTOMOBILES & COMPONENTS | ||||||||||||||
183,253 | * | Tesla, Inc | $ | 71,109,494 | 1.4 | % | ||||||||
Other | 6,590,575 | 0.1 | ||||||||||||
77,700,069 | 1.5 | |||||||||||||
BANKS | 127,830,110 | 2.4 | ||||||||||||
CAPITAL GOODS | ||||||||||||||
213,347 | 3M Co | 34,126,986 | 0.6 | |||||||||||
186,879 | Caterpillar, Inc | 29,349,347 | 0.6 | |||||||||||
160,575 | Illinois Tool Works, Inc | 31,453,431 | 0.6 | |||||||||||
Other | 198,047,881 | 3.7 | ||||||||||||
292,977,645 | 5.5 | |||||||||||||
COMMERCIAL & PROFESSIONAL SERVICES | 76,202,638 | 1.4 | ||||||||||||
CONSUMER DURABLES & APPAREL | ||||||||||||||
392,949 | Nike, Inc (Class B) | 47,185,316 | 0.9 | |||||||||||
Other | 34,722,542 | 0.6 | ||||||||||||
81,907,858 | 1.5 | |||||||||||||
CONSUMER SERVICES | ||||||||||||||
451,787 | Starbucks Corp | 39,287,397 | 0.8 | |||||||||||
Other | 103,006,729 | 1.9 | ||||||||||||
142,294,126 | 2.7 | |||||||||||||
DIVERSIFIED FINANCIALS | ||||||||||||||
49,759 | BlackRock, Inc | 29,816,090 | 0.6 | |||||||||||
350,309 | Intercontinental Exchange Group, Inc | 33,069,170 | 0.6 | |||||||||||
678,549 | Morgan Stanley | 32,672,134 | 0.6 | |||||||||||
107,469 | S&P Global, Inc | 34,683,470 | 0.7 | |||||||||||
Other | 175,567,474 | 3.3 | ||||||||||||
305,808,338 | 5.8 | |||||||||||||
ENERGY | ||||||||||||||
429,712 | Chevron Corp | 29,864,984 | 0.6 | |||||||||||
Other | 77,410,886 | 1.4 | ||||||||||||
107,275,870 | 2.0 | |||||||||||||
FOOD & STAPLES RETAILING | 32,319,619 | 0.6 | ||||||||||||
FOOD, BEVERAGE & TOBACCO | ||||||||||||||
1,059,748 | Coca-Cola Co | 50,931,489 | 1.0 | |||||||||||
395,304 | PepsiCo, Inc | 52,690,070 | 1.0 | |||||||||||
Other | 58,004,343 | 1.0 | ||||||||||||
161,625,902 | 3.0 | |||||||||||||
HEALTH CARE EQUIPMENT & SERVICES | ||||||||||||||
85,719 | Humana, Inc | 34,225,882 | 0.7 | |||||||||||
Other | 354,221,124 | 6.6 | ||||||||||||
388,447,006 | 7.3 | |||||||||||||
HOUSEHOLD & PERSONAL PRODUCTS | ||||||||||||||
579,363 | Procter & Gamble Co | 79,430,667 | 1.5 | |||||||||||
Other | 57,660,048 | 1.1 | ||||||||||||
137,090,715 | 2.6 | |||||||||||||
INSURANCE | 144,060,782 | 2.7 |
Shares | Company | Value | % of net assets | |||||||||||
MATERIALS | ||||||||||||||
200,605 | Linde plc | $ | 44,201,306 | 0.8 | % | |||||||||
Other | 113,755,418 | 2.2 | ||||||||||||
157,956,724 | 3.0 | |||||||||||||
MEDIA & ENTERTAINMENT | ||||||||||||||
446,292 | Activision Blizzard, Inc | 33,797,693 | 0.6 | |||||||||||
57,556 | * | Alphabet, Inc (Class A) | 93,016,827 | 1.8 | ||||||||||
56,910 | * | Alphabet, Inc (Class C) | 92,251,679 | 1.7 | ||||||||||
1,339,952 | Comcast Corp (Class A) | 56,599,572 | 1.1 | |||||||||||
Other | 159,922,857 | 3.0 | ||||||||||||
435,588,628 | 8.2 | |||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | ||||||||||||||
387,840 | AbbVie, Inc | 33,005,184 | 0.6 | |||||||||||
180,747 | Amgen, Inc | 39,211,254 | 0.7 | |||||||||||
694,911 | Bristol-Myers Squibb Co | 40,617,548 | 0.8 | |||||||||||
263,904 | Eli Lilly & Co | 34,428,916 | 0.7 | |||||||||||
688,678 | Merck & Co, Inc | 51,795,472 | 1.0 | |||||||||||
83,209 | Thermo Fisher Scientific, Inc | 39,367,842 | 0.7 | |||||||||||
230,091 | Zoetis, Inc | 36,480,928 | 0.7 | |||||||||||
Other | 151,278,340 | 2.8 | ||||||||||||
426,185,484 | 8.0 | |||||||||||||
REAL ESTATE | ||||||||||||||
159,263 | American Tower Corp | 36,574,748 | 0.7 | |||||||||||
349,941 | Prologis, Inc | 34,714,147 | 0.7 | |||||||||||
Other | 102,074,790 | 1.9 | ||||||||||||
173,363,685 | 3.3 | |||||||||||||
RETAILING | ||||||||||||||
22,629 | * | Booking Holdings, Inc | 36,715,553 | 0.7 | ||||||||||
637,779 | eBay, Inc | 30,377,414 | 0.6 | |||||||||||
250,264 | Home Depot, Inc | 66,747,911 | 1.3 | |||||||||||
212,649 | Lowe’s Companies, Inc | 33,619,807 | 0.6 | |||||||||||
201,938 | Target Corp | 30,739,002 | 0.6 | |||||||||||
Other | 115,934,224 | 2.1 | ||||||||||||
314,133,911 | 5.9 | |||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | ||||||||||||||
1,278,139 | Intel Corp | 56,595,995 | 1.0 | |||||||||||
145,688 | NVIDIA Corp | 73,042,136 | 1.4 | |||||||||||
327,202 | Texas Instruments, Inc | 47,310,137 | 0.9 | |||||||||||
Other | 49,809,148 | 0.9 | ||||||||||||
226,757,416 | 4.2 | |||||||||||||
SOFTWARE & SERVICES | ||||||||||||||
223,819 | Accenture plc | 48,548,579 | 0.9 | |||||||||||
134,501 | * | Adobe, Inc | 60,135,397 | 1.1 | ||||||||||
138,659 | * | Autodesk, Inc | 32,659,741 | 0.6 | ||||||||||
383,558 | International Business Machines Corp | 42,828,086 | 0.8 | |||||||||||
113,870 | Intuit, Inc | 35,832,612 | 0.6 | |||||||||||
1,339,870 | d | Microsoft Corp | 271,283,479 | 5.1 | ||||||||||
250,309 | * | salesforce.com, Inc | 58,139,271 | 1.1 | ||||||||||
Other | 169,518,834 | 3.2 | ||||||||||||
718,945,999 | 13.4 |
64 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements |
Summary portfolio of investments | concluded |
Social Choice Equity Fund ■ October 31, 2020
Shares | Company | Value | % of net assets | |||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT | ||||||||||||||
2,839,098 | Apple, Inc | $ | 309,064,208 | 5.8 | % | |||||||||
1,189,490 | Cisco Systems, Inc | 42,702,691 | 0.8 | |||||||||||
Other | 44,556,080 | 0.8 | ||||||||||||
396,322,979 | 7.4 | |||||||||||||
TELECOMMUNICATION SERVICES | ||||||||||||||
1,109,212 | Verizon Communications, Inc | 63,213,992 | 1.2 | |||||||||||
Other | 5,099,960 | 0.1 | ||||||||||||
68,313,952 | 1.3 | |||||||||||||
TRANSPORTATION | ||||||||||||||
382,556 | CSX Corp | 30,198,971 | 0.6 | |||||||||||
271,656 | United Parcel Service, Inc (Class B) | 42,679,874 | 0.8 | |||||||||||
Other | 57,008,805 | 1.1 | ||||||||||||
129,887,650 | 2.5 | |||||||||||||
UTILITIES | 163,054,130 | 3.1 | ||||||||||||
TOTAL COMMON STOCKS (Cost $3,752,922,231) | 5,286,051,236 | 99.3 | ||||||||||||
Principal | Issuer | |||||||||||||
SHORT-TERM INVESTMENTS | ||||||||||||||
REPURCHASE AGREEMENT | 14,000,000 | 0.3 | ||||||||||||
TREASURY DEBT | 66,265,248 | 1.2 |
Shares | Company | Value | % of net assets | |||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | ||||||||||||||
36,453,499 | c | State Street Navigator Securities Lending Government Money Market Portfolio | $ | 36,453,499 | 0.7 | % | ||||||||
36,453,499 | 0.7 | |||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $116,717,950) | 116,718,747 | 2.2 | ||||||||||||
TOTAL PORTFOLIO (Cost $3,869,640,181) | 5,402,769,983 | 101.5 | ||||||||||||
OTHER ASSETS & LIABILITIES, NET | (78,626,025 | ) | (1.5 | ) | ||||||||||
NET ASSETS | $ | 5,324,143,958 | 100.0 | % |
* | Non-income producing |
c | Investments made with cash collateral received from securities on loan. |
d | All or a portion of these securities have been segregated to cover margin requirements on open future contracts. |
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
At 10/31/20, the aggregate value of securities on loan is $50,154,476. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.
For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.
Futures contracts outstanding as of October 31, 2020 were as follows:
Number of | Unrealized | |||||||||||||||
long (short | ) | appreciation | ||||||||||||||
Description | contracts | Expiration date | Notional amount | Value | (depreciation | ) | ||||||||||
S&P 500 E Mini Index | 182 | 12/18/20 | $31,105,696 | $29,708,770 | $(1,396,926 | ) |
See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 65 |
Summary portfolio of investments
Social Choice Low Carbon Equity Fund ■ October 31, 2020
Shares | Company | Value | % of net assets | |||||||||||
COMMON STOCKS | ||||||||||||||
AUTOMOBILES & COMPONENTS | ||||||||||||||
14,991 | * | Tesla, Inc | $ | 5,817,108 | 1.3 | % | ||||||||
Other | 27,179 | 0.0 | ||||||||||||
5,844,287 | 1.3 | |||||||||||||
BANKS | ||||||||||||||
25,326 | PNC Financial Services Group, Inc | 2,833,473 | 0.7 | |||||||||||
70,300 | Truist Financial Corp | 2,961,036 | 0.7 | |||||||||||
Other | 6,106,424 | 1.3 | ||||||||||||
11,900,933 | 2.7 | |||||||||||||
CAPITAL GOODS | ||||||||||||||
20,271 | 3M Co | 3,242,549 | 0.7 | |||||||||||
20,901 | Caterpillar, Inc | 3,282,502 | 0.7 | |||||||||||
Other | 18,981,438 | 4.3 | ||||||||||||
25,506,489 | 5.7 | |||||||||||||
COMMERCIAL & PROFESSIONAL SERVICES | 6,033,213 | 1.4 | ||||||||||||
CONSUMER DURABLES & APPAREL | ||||||||||||||
33,184 | Nike, Inc (Class B) | 3,984,735 | 0.9 | |||||||||||
Other | 3,610,785 | 0.8 | ||||||||||||
7,595,520 | 1.7 | |||||||||||||
CONSUMER SERVICES | ||||||||||||||
40,399 | Starbucks Corp | 3,513,097 | 0.8 | |||||||||||
Other | 8,855,176 | 2.0 | ||||||||||||
12,368,273 | 2.8 | |||||||||||||
DIVERSIFIED FINANCIALS | ||||||||||||||
5,448 | BlackRock, Inc | 3,264,496 | 0.8 | |||||||||||
72,228 | Charles Schwab Corp | 2,969,293 | 0.7 | |||||||||||
9,213 | S&P Global, Inc | 2,973,311 | 0.7 | |||||||||||
Other | 15,863,906 | 3.5 | ||||||||||||
25,071,006 | 5.7 | |||||||||||||
ENERGY | 6,758,421 | 1.5 | ||||||||||||
FOOD & STAPLES RETAILING | 1,834,744 | 0.4 | ||||||||||||
FOOD, BEVERAGE & TOBACCO | ||||||||||||||
94,986 | Coca-Cola Co | 4,565,027 | 1.1 | |||||||||||
34,132 | PepsiCo, Inc | 4,549,455 | 1.0 | |||||||||||
Other | 5,744,839 | 1.3 | ||||||||||||
14,859,321 | 3.4 | |||||||||||||
HEALTH CARE EQUIPMENT & SERVICES | ||||||||||||||
17,699 | Cigna Corp | 2,955,202 | 0.7 | |||||||||||
51,140 | CVS Health Corp | 2,868,443 | 0.7 | |||||||||||
Other | 26,243,322 | 5.9 | ||||||||||||
32,066,967 | 7.3 | |||||||||||||
HOUSEHOLD & PERSONAL PRODUCTS | ||||||||||||||
47,655 | Procter & Gamble Co | 6,533,501 | 1.5 | |||||||||||
Other | 5,326,398 | 1.2 | ||||||||||||
11,859,899 | 2.7 | |||||||||||||
INSURANCE | ||||||||||||||
22,432 | Chubb Ltd | 2,914,141 | 0.7 | |||||||||||
Other | 10,390,168 | 2.3 | ||||||||||||
13,304,309 | 3.0 |
Shares | Company | Value | % of net assets | |||||||||||
MATERIALS | ||||||||||||||
46,725 | Newmont Goldcorp Corp | $ | 2,936,199 | 0.7 | % | |||||||||
Other | 6,920,897 | 1.5 | ||||||||||||
9,857,096 | 2.2 | |||||||||||||
MEDIA & ENTERTAINMENT | ||||||||||||||
4,686 | * | Alphabet, Inc (Class A) | 7,573,091 | 1.7 | ||||||||||
4,632 | * | Alphabet, Inc (Class C) | 7,508,518 | 1.7 | ||||||||||
109,709 | Comcast Corp (Class A) | 4,634,108 | 1.1 | |||||||||||
Other | 15,920,674 | 3.6 | ||||||||||||
35,636,391 | 8.1 | |||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | ||||||||||||||
42,168 | AbbVie, Inc | 3,588,497 | 0.8 | |||||||||||
16,172 | Amgen, Inc | 3,508,354 | 0.8 | |||||||||||
66,324 | Bristol-Myers Squibb Co | 3,876,638 | 0.9 | |||||||||||
26,509 | Eli Lilly & Co | 3,458,364 | 0.8 | |||||||||||
61,568 | Merck & Co, Inc | 4,630,529 | 1.1 | |||||||||||
9,621 | Thermo Fisher Scientific, Inc | 4,551,887 | 1.1 | |||||||||||
18,261 | Zoetis, Inc | 2,895,282 | �� | 0.7 | ||||||||||
Other | 11,108,662 | 2.3 | ||||||||||||
37,618,213 | 8.5 | |||||||||||||
REAL ESTATE | ||||||||||||||
14,888 | American Tower Corp | 3,419,029 | 0.8 | |||||||||||
3,906 | Equinix, Inc | 2,856,223 | 0.7 | |||||||||||
31,066 | Prologis, Inc | 3,081,747 | 0.7 | |||||||||||
Other | 6,787,318 | 1.5 | ||||||||||||
16,144,317 | 3.7 | |||||||||||||
RETAILING | ||||||||||||||
1,862 | * | Booking Holdings, Inc | 3,021,095 | 0.7 | ||||||||||
21,896 | Home Depot, Inc | 5,839,882 | 1.3 | |||||||||||
22,634 | Lowe’s Companies, Inc | 3,578,435 | 0.8 | |||||||||||
18,879 | Target Corp | 2,873,761 | 0.7 | |||||||||||
Other | 11,244,169 | 2.6 | ||||||||||||
26,557,342 | 6.1 | |||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | ||||||||||||||
97,285 | Intel Corp | 4,307,780 | 1.0 | |||||||||||
11,836 | NVIDIA Corp | 5,934,097 | 1.3 | |||||||||||
26,636 | Texas Instruments, Inc | 3,851,299 | 0.9 | |||||||||||
Other | 5,956,335 | 1.3 | ||||||||||||
20,049,511 | 4.5 | |||||||||||||
SOFTWARE & SERVICES | ||||||||||||||
17,941 | Accenture plc | 3,891,582 | 0.9 | |||||||||||
10,623 | * | Adobe, Inc | 4,749,543 | 1.1 | ||||||||||
30,558 | International Business Machines Corp | 3,412,106 | 0.8 | |||||||||||
8,996 | Intuit, Inc | 2,830,861 | 0.6 | |||||||||||
108,864 | d | Microsoft Corp | 22,041,694 | 5.0 | ||||||||||
20,060 | * | salesforce.com, Inc | 4,659,336 | 1.1 | ||||||||||
Other | 9,319,256 | 2.0 | ||||||||||||
50,904,378 | 11.5 | |||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT | ||||||||||||||
231,614 | Apple, Inc | 25,213,500 | 5.7 | |||||||||||
112,412 | Cisco Systems, Inc | 4,035,591 | 0.9 | |||||||||||
Other | 3,327,837 | 0.7 | ||||||||||||
32,576,928 | 7.3 |
66 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements |
Summary portfolio of investments | concluded |
Social Choice Low Carbon Equity Fund ■ October 31, 2020 |
Shares | Company | Value | % of net assets | |||||||||||
TELECOMMUNICATION SERVICES | ||||||||||||||
93,267 | Verizon Communications, Inc | $ | 5,315,286 | 1.2 | % | |||||||||
Other | 313,770 | 0.1 | ||||||||||||
5,629,056 | 1.3 | |||||||||||||
TRANSPORTATION | ||||||||||||||
37,654 | CSX Corp | 2,972,407 | 0.7 | |||||||||||
21,945 | United Parcel Service, Inc (Class B) | 3,447,779 | 0.8 | |||||||||||
Other | 1,722,372 | 0.4 | ||||||||||||
8,142,558 | 1.9 | |||||||||||||
UTILITIES | 10,379,782 | 2.4 | ||||||||||||
TOTAL COMMON STOCKS (Cost $367,506,560) | 428,498,954 | 97.1 | ||||||||||||
Principal | Issuer | |||||||||||||
SHORT-TERM INVESTMENTS | ||||||||||||||
REPURCHASE AGREEMENT | ||||||||||||||
Fixed Income Clearing Corp (FICC) | ||||||||||||||
$ | 4,180,000 | r | 0.070%, 11/02/20 | 4,180,000 | 0.9 | |||||||||
4,180,000 | 0.9 | |||||||||||||
TREASURY DEBT | ||||||||||||||
United States Treasury Bill | ||||||||||||||
6,039,000 | 0.078%–0.082%, 11/05/20 | 6,038,963 | 1.4 | |||||||||||
6,038,963 | 1.4 |
Shares | Company | Value | % of net assets | |||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | ||||||||||||||
1,335,897 | c | State Street Navigator Securities Lending Government Money Market Portfolio | $ | 1,335,897 | 0.3 | % | ||||||||
1,335,897 | 0.3 | |||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $11,554,843) | 11,554,860 | 2.6 | ||||||||||||
TOTAL PORTFOLIO (Cost $379,061,403) | 440,053,814 | 99.7 | ||||||||||||
OTHER ASSETS & LIABILITIES, NET | 1,064,326 | 0.3 | ||||||||||||
NET ASSETS | $ | 441,118,140 | 100.0 | % |
* | Non-income producing |
c | Investments made with cash collateral received from securities on loan. |
d | All or a portion of these securities have been segregated to cover margin requirements on open future contracts. |
r | Agreement with Fixed Income Clearing Corporation, 0.070% dated 10/30/20 to be repurchased at $4,180,000 on 11/2/20, collateralized by U.S. Treasury Notes valued at $4,263,623. |
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
At 10/31/20, the aggregate value of securities on loan is $1,487,017. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.
For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.
Futures contracts outstanding as of October 31, 2020 were as follows: | ||||||||||||||||
Number of | Unrealized | |||||||||||||||
long (short | ) | appreciation | ||||||||||||||
Description | contracts | Expiration date | Notional amount | Value | (depreciation | ) | ||||||||||
S&P 500 E Mini Index | 68 | 12/18/20 | $11,541,074 | $11,099,980 | $(441,094 | ) |
See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 67 |
Summary portfolio of investments
Emerging Markets Equity Fund ■ October 31, 2020
% of net | ||||||||||||||
Shares | Company | Value | assets | |||||||||||
COMMON STOCKS | ||||||||||||||
BRAZIL | ||||||||||||||
9,984,365 | a | Arcos Dorados Holdings, Inc | $ | 40,137,147 | 2.5 | % | ||||||||
4,875,700 | Banco Itau Holding Financeira S.A. | 19,951,627 | 1.3 | |||||||||||
2,881,000 | Cia Brasileira de Distribuicao | 31,104,829 | 1.9 | |||||||||||
3,930,400 | Lojas Americanas S.A. (Preference) | 15,912,162 | 1.0 | |||||||||||
Other | 42,155,758 | 2.6 | ||||||||||||
149,261,523 | 9.3 | |||||||||||||
CHINA | ||||||||||||||
539,369 | * | Alibaba Group Holding Ltd (ADR) | 164,340,341 | 10.2 | ||||||||||
4,512,400 | g | Budweiser Brewing Co APAC Ltd | 13,307,563 | 0.8 | ||||||||||
1,051,000 | e | BYD Co Ltd (H shares) | 21,245,754 | 1.3 | ||||||||||
6,336,000 | China Life Insurance Co Ltd | 13,824,678 | 0.9 | |||||||||||
6,290,965 | China Merchants Bank Co Ltd (Class A) | 37,436,644 | 2.3 | |||||||||||
16,839,000 | CNOOC Ltd | 15,406,939 | 1.0 | |||||||||||
7,124,000 | Geely Automobile Holdings Ltd | 14,638,791 | 0.9 | |||||||||||
1,707,757 | Gree Electric Appliances, Inc of Zhuhai | 14,971,925 | 0.9 | |||||||||||
1,992,139 | Hangzhou Hikvision Digital Technology Co Ltd | 13,390,944 | 0.8 | |||||||||||
272,356 | * | JD.com, Inc (ADR) | 22,202,461 | 1.4 | ||||||||||
3,014,863 | Ping An Insurance Group Co of China Ltd (Class A) | 35,085,722 | 2.2 | |||||||||||
1,365,976 | Tencent Holdings Ltd | 104,368,227 | 6.5 | |||||||||||
1,148,358 | * | Vipshop Holdings Ltd (ADR) | 24,574,861 | 1.5 | ||||||||||
Other | 46,615,784 | 2.9 | ||||||||||||
541,410,634 | 33.6 | |||||||||||||
HONG KONG | ||||||||||||||
1,476,020 | Melco Crown Entertainment Ltd (ADR) | 23,793,442 | 1.5 | |||||||||||
Other | 0 | – | ||||||||||||
23,793,442 | 1.5 | |||||||||||||
INDIA | ||||||||||||||
2,293,459 | Bharti Airtel Ltd | 13,409,927 | 0.8 | |||||||||||
19,355,557 | * | Edelweiss Capital Ltd | 14,573,151 | 0.9 | ||||||||||
526,299 | Housing Development Finance Corp | 13,653,898 | 0.8 | |||||||||||
2,731,881 | * | ICICI Bank Ltd | 14,369,796 | 0.9 | ||||||||||
1,169,068 | * | MakeMyTrip Ltd | 21,943,407 | 1.4 | ||||||||||
1,707,044 | Piramal Healthcare Ltd | 29,041,502 | 1.8 | |||||||||||
1,597,101 | Reliance Industries Ltd | 44,279,249 | 2.7 | |||||||||||
Other | 10,559,188 | 0.7 | ||||||||||||
161,830,118 | 10.0 | |||||||||||||
INDONESIA | ||||||||||||||
64,597,500 | PT Astra International Tbk | 23,589,250 | 1.5 | |||||||||||
6,448,600 | PT Bank Central Asia Tbk | 12,688,625 | 0.8 | |||||||||||
9,237,400 | PT United Tractors Tbk | 13,197,393 | 0.8 | |||||||||||
49,475,268 | 3.1 | |||||||||||||
ITALY | ||||||||||||||
7,932,771 | e | Prada S.p.A | 31,397,324 | 1.9 | ||||||||||
31,397,324 | 1.9 | |||||||||||||
KOREA, REPUBLIC OF | ||||||||||||||
236,551 | Amorepacific Corp | 33,232,016 | 2.1 | |||||||||||
266,972 | Hynix Semiconductor, Inc | 18,939,754 | 1.2 | |||||||||||
104,397 | Samsung Electro-Mechanics Co Ltd | 12,408,425 | 0.8 | |||||||||||
852,230 | Samsung Electronics Co Ltd | 42,837,860 | 2.6 | |||||||||||
Other | 6,836,358 | 0.4 | ||||||||||||
114,254,413 | 7.1 |
% of net | ||||||||||||||
Shares | Company | Value | assets | |||||||||||
MACAU | ||||||||||||||
2,445,079 | Galaxy Entertainment Group Ltd | $ | 16,158,434 | 1.0 | % | |||||||||
11,724,500 | * | Wynn Macau Ltd | 16,198,967 | 1.0 | ||||||||||
32,357,401 | 2.0 | |||||||||||||
MEXICO | ||||||||||||||
489,300 | Fomento Economico Mexicano SAB de C.V. (ADR) | 26,309,661 | 1.6 | |||||||||||
3,792,148 | * | Grupo Televisa SAB (ADR) | 24,118,061 | 1.5 | ||||||||||
10,478,200 | Wal-Mart de Mexico SAB de C.V. | 25,316,821 | 1.6 | |||||||||||
75,744,543 | 4.7 | |||||||||||||
PERU | ||||||||||||||
173,605 | Credicorp Ltd | 19,909,021 | 1.2 | |||||||||||
19,909,021 | 1.2 | |||||||||||||
POLAND | 7,170,569 | 0.4 | ||||||||||||
RUSSIA | ||||||||||||||
663,699 | MMC Norilsk Nickel PJSC (ADR) | 15,762,851 | 1.0 | |||||||||||
1,203,004 | Sberbank of Russia (ADR) | 12,162,371 | 0.7 | |||||||||||
Other | 11,166,162 | 0.7 | ||||||||||||
39,091,384 | 2.4 | |||||||||||||
SOUTH AFRICA | ||||||||||||||
288,700 | * | Capitec Bank Holdings Ltd | 20,289,727 | 1.2 | ||||||||||
104,332 | * | Naspers Ltd (N Shares) | 20,368,468 | 1.3 | ||||||||||
40,658,195 | 2.5 | |||||||||||||
TAIWAN | ||||||||||||||
128,391 | * | Sea Ltd (ADR) | 20,247,261 | 1.2 | ||||||||||
4,661,400 | Taiwan Semiconductor Manufacturing Co Ltd | 70,525,460 | 4.4 | |||||||||||
11,853,000 | United Microelectronics Corp | 12,739,019 | 0.8 | |||||||||||
1,728,000 | Win Semiconductors Corp | 18,851,262 | 1.2 | |||||||||||
Other | 996,623 | 0.0 | ||||||||||||
123,359,625 | 7.6 | |||||||||||||
TANZANIA, UNITED REPUBLIC OF | ||||||||||||||
816,405 | AngloGold Ashanti Ltd (ADR) | 18,891,612 | 1.2 | |||||||||||
18,891,612 | 1.2 | |||||||||||||
THAILAND | 11,042,385 | 0.7 | ||||||||||||
TURKEY | ||||||||||||||
5,495,500 | Anadolu Efes Biracilik Ve Malt Sanayii AS | 12,767,931 | 0.8 | |||||||||||
Other | 11,113,619 | 0.7 | ||||||||||||
23,881,550 | 1.5 | |||||||||||||
TOTAL COMMON STOCKS (Cost $1,267,416,642) | 1,463,529,007 | 90.7 | ||||||||||||
PREFERRED STOCKS | ||||||||||||||
PHILIPPINES | 3,558 | 0.0 | ||||||||||||
TOTAL PREFERRED STOCKS (Cost $4,057) | 3,558 | 0.0 |
68 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements |
Summary portfolio of investments | concluded |
Emerging Markets Equity Fund ■ October 31, 2020 |
% of net | |||||||||||||||
Principal | Issuer | Value | assets | ||||||||||||
SHORT-TERM INVESTMENTS | |||||||||||||||
GOVERNMENT AGENCY DEBT | $ | 11,004,608 | 0.7 | % | |||||||||||
TREASURY DEBT | |||||||||||||||
$ | 22,045,000 | United States Treasury Bill 0.082%, 11/17/20 | 22,044,265 | 1.3 | |||||||||||
22,044,265 | 1.3 | ||||||||||||||
Shares | Company | ||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | |||||||||||||||
5,729,592 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 5,729,592 | 0.4 | |||||||||||
5,729,592 | 0.4 | ||||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $38,778,372) | 38,778,465 | 2.4 | |||||||||||||
TOTAL PORTFOLIO (Cost $1,306,199,071) | 1,502,311,030 | 93.1 | |||||||||||||
OTHER ASSETS & LIABILITIES, NET | 111,620,207 | 6.9 | |||||||||||||
NET ASSETS | $ | 1,613,931,237 | 100.0 | % |
Abbreviation(s):
ADR American Depositary Receipt
* | Non-income producing |
a | Affiliate holding |
c | Investments made with cash collateral received from securities on loan. |
e | All or a portion of these securities are out on loan. The aggregate value of securities on loan is $26,074,607. See Note 4 in the Notes to financial statements for additional information about securities lending collateral. |
g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/20, the aggregate value of these securities, including those in “Other,” is $20,478,132 or 1.3% of net assets. |
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.
Summary of market values by sector (unaudited)
Emerging Markets Equity Fund ■ October 31, 2020
% of net | ||||||||
Sector | Value | assets | ||||||
CONSUMER DISCRETIONARY | $ | 509,017,456 | 31.6 | % | ||||
INFORMATION TECHNOLOGY | 225,991,305 | 14.0 | ||||||
FINANCIALS | 225,058,878 | 13.9 | ||||||
COMMUNICATION SERVICES | 191,791,947 | 11.9 | ||||||
CONSUMER STAPLES | 142,038,820 | 8.8 | ||||||
ENERGY | 72,883,582 | 4.5 | ||||||
MATERIALS | 34,654,463 | 2.1 | ||||||
HEALTH CARE | 29,041,502 | 1.8 | ||||||
INDUSTRIALS | 22,297,712 | 1.4 | ||||||
REAL ESTATE | 10,756,900 | 0.7 | ||||||
SHORT-TERM INVESTMENTS | 38,778,465 | 2.4 | ||||||
OTHER ASSETS & LIABILITIES, NET | 111,620,207 | 6.9 | ||||||
NET ASSETS | $ | 1,613,931,237 | 100.0 | % |
See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 69 |
Summary portfolio of investments
International Equity Fund ■ October 31, 2020
% of net | ||||||||||||||
Shares | Company | Value | assets | |||||||||||
COMMON STOCKS | ||||||||||||||
AUSTRALIA | ||||||||||||||
1,843,476 | BHP Billiton Ltd | $ | 44,191,118 | 0.9 | % | |||||||||
263,342 | CSL Ltd | 53,315,504 | 1.1 | |||||||||||
Other | 130,038,038 | 2.8 | ||||||||||||
227,544,660 | 4.8 | |||||||||||||
BRAZIL | 25,538,458 | 0.5 | ||||||||||||
CHINA | ||||||||||||||
167,483 | * | Alibaba Group Holding Ltd (ADR) | 51,030,395 | 1.1 | ||||||||||
599,738 | * | GDS Holdings Ltd (ADR) | 50,401,982 | 1.1 | ||||||||||
Other | 73,246,291 | 1.5 | ||||||||||||
174,678,668 | 3.7 | |||||||||||||
DENMARK | ||||||||||||||
601,815 | DSV AS | 97,639,327 | 2.1 | |||||||||||
468,338 | g | Orsted AS | 74,331,806 | 1.6 | ||||||||||
171,971,133 | 3.7 | |||||||||||||
FINLAND | 33,432,246 | 0.7 | ||||||||||||
FRANCE | ||||||||||||||
1,189,135 | Airbus SE | 87,004,294 | 1.9 | |||||||||||
1,750,206 | BNP Paribas S.A. | 61,038,023 | 1.3 | |||||||||||
1,619,606 | Compagnie de Saint-Gobain | 63,089,336 | 1.3 | |||||||||||
341,845 | Dassault Systemes S.A. | 58,288,102 | 1.2 | |||||||||||
516,387 | Essilor International S.A. | 63,752,558 | 1.4 | |||||||||||
109,001 | Kering | 65,871,061 | 1.4 | |||||||||||
559,751 | Sanofi-Aventis | 50,541,787 | 1.1 | |||||||||||
841,312 | Schneider Electric S.A. | 102,224,803 | 2.2 | |||||||||||
618,947 | Vinci S.A. | 48,887,570 | 1.0 | |||||||||||
Other | 69,843,685 | 1.5 | ||||||||||||
670,541,219 | 14.3 | |||||||||||||
GERMANY | ||||||||||||||
203,893 | Adidas-Salomon AG. | 60,577,601 | 1.3 | |||||||||||
785,435 | HeidelbergCement AG. | 44,921,717 | 1.0 | |||||||||||
4,264,960 | Infineon Technologies AG. | 118,741,505 | 2.5 | |||||||||||
1,557,636 | RWE AG. | 57,644,603 | 1.2 | |||||||||||
1,054,860 | Siemens AG. | 123,751,990 | 2.7 | |||||||||||
Other | 174,895,117 | 3.7 | ||||||||||||
580,532,533 | 12.4 | |||||||||||||
HONG KONG | ||||||||||||||
1,840,024 | Hong Kong Exchanges and Clearing Ltd | 88,171,571 | 1.9 | |||||||||||
88,171,571 | 1.9 | |||||||||||||
IRELAND | ||||||||||||||
1,988,698 | CRH plc | 69,588,071 | 1.5 | |||||||||||
69,588,071 | 1.5 | |||||||||||||
ITALY | ||||||||||||||
6,194,766 | Enel S.p.A. | 49,251,502 | 1.1 | |||||||||||
1,213,918 | Moncler S.p.A | 48,570,914 | 1.0 | |||||||||||
6,415,030 | UniCredit S.p.A. | 48,044,651 | 1.0 | |||||||||||
145,867,067 | 3.1 |
% of net | |||||||||||||||
Shares | Company | Value | assets | ||||||||||||
JAPAN | |||||||||||||||
3,722,400 | Daiichi Sankyo Co Ltd | $ | 98,247,667 | 2.1 | % | ||||||||||
366,516 | Daikin Industries Ltd | 68,587,320 | 1.5 | ||||||||||||
2,260,379 | * | Hitachi Ltd | 76,184,482 | 1.6 | |||||||||||
877,900 | Kao Corp | 62,505,330 | 1.3 | ||||||||||||
256,928 | Nintendo Co Ltd | 138,918,077 | 3.0 | ||||||||||||
2,221,800 | Recruit Holdings Co Ltd | 84,540,925 | 1.8 | ||||||||||||
2,063,159 | Sony Corp | 171,998,187 | 3.7 | ||||||||||||
1,805,200 | Sumitomo Mitsui Financial Group, Inc | 49,971,363 | 1.1 | ||||||||||||
1,534,689 | Toyota Motor Corp | 100,747,555 | 2.1 | ||||||||||||
Other | 85,285,845 | 1.8 | |||||||||||||
936,986,751 | 20.0 | ||||||||||||||
KOREA, REPUBLIC OF | 40,860,633 | 0.9 | |||||||||||||
NETHERLANDS | |||||||||||||||
302,201 | ASML Holding NV | 109,337,192 | 2.3 | ||||||||||||
10,093,457 | ING Groep NV | 69,137,324 | 1.5 | ||||||||||||
178,474,516 | 3.8 | ||||||||||||||
RUSSIA | 47,295,117 | 1.0 | |||||||||||||
SPAIN | 32,844,640 | 0.7 | |||||||||||||
SWITZERLAND | |||||||||||||||
5,811,044 | Credit Suisse Group | 54,806,108 | 1.2 | ||||||||||||
137,086 | Lonza Group AG. | 83,061,781 | 1.8 | ||||||||||||
964,771 | Nestle S.A. | 108,515,405 | 2.3 | ||||||||||||
363,235 | Roche Holding AG. | 116,718,790 | 2.5 | ||||||||||||
Other | 7,663,151 | 0.1 | |||||||||||||
370,765,235 | 7.9 | ||||||||||||||
TAIWAN | |||||||||||||||
854,009 | Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 71,625,735 | 1.5 | ||||||||||||
71,625,735 | 1.5 | ||||||||||||||
UNITED KINGDOM | |||||||||||||||
1,297,426 | Ashtead Group plc | 46,885,482 | 1.0 | ||||||||||||
867,122 | AstraZeneca plc | 87,063,790 | 1.8 | ||||||||||||
1,786,038 | British American Tobacco plc | 56,609,137 | 1.2 | ||||||||||||
337,008 | Linde plc (Xetra) | 73,860,360 | 1.6 | ||||||||||||
713,034 | Reckitt Benckiser Group plc | 62,810,102 | 1.3 | ||||||||||||
24,956,591 | Tesco plc | 66,423,104 | 1.4 | ||||||||||||
6,119,362 | * | THG Holdings Ltd | 52,290,653 | 1.1 | |||||||||||
Other | 8,126,340 | 0.2 | |||||||||||||
454,068,968 | 9.6 | ||||||||||||||
UNITED STATES | 70,383,616 | 1.5 | |||||||||||||
TOTAL COMMON STOCKS (Cost $4,130,960,551) | 4,391,170,837 | 93.5 | |||||||||||||
Principal | Issuer | ||||||||||||||
SHORT-TERM INVESTMENTS | |||||||||||||||
GOVERNMENT AGENCY DEBT | |||||||||||||||
$ | 53,382,000 | Federal Home Loan Bank (FHLB) 0.075%–0.085%, 11/20/20 | 53,379,865 | 1.1 | |||||||||||
70,890,000 | FHLB 0.080%–0.085%, 11/27/20 | 70,886,061 | 1.5 | ||||||||||||
Other | 176,941,937 | 3.8 | |||||||||||||
301,207,863 | 6.4 |
70 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements |
Summary portfolio of investments | concluded |
International Equity Fund ■ October 31, 2020 |
% of net | ||||||||||||||
Principal | Issuer | Value | assets | |||||||||||
REPURCHASE AGREEMENT | $ | 10,610,000 | 0.3 | % | ||||||||||
TREASURY DEBT | 46,353,407 | 1.0 | ||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $358,171,486) | 358,171,270 | 7.7 | ||||||||||||
TOTAL PORTFOLIO (Cost $4,489,132,037) | 4,749,342,107 | 101.2 | ||||||||||||
OTHER ASSETS & LIABILITIES, NET | (55,102,421 | ) | (1.2 | ) | ||||||||||
NET ASSETS | $ | 4,694,239,686 | 100.0 | % | ||||||||||
Abbreviation(s):
ADR American Depositary Receipt
* | Non-income producing |
g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/20, the aggregate value of these securities, including those in “Other,” is $109,689,196 or 2.3% of net assets. |
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.
Summary of market values by sector (unaudited)
International Equity Fund ■ October 31, 2020
% of net | ||||||||
Sector | Value | assets | ||||||
CONSUMER DISCRETIONARY | $ | 772,530,651 | 16.3 | % | ||||
INDUSTRIALS | 722,611,048 | 15.4 | ||||||
INFORMATION TECHNOLOGY | 561,819,800 | 12.0 | ||||||
HEALTH CARE | 556,871,983 | 11.9 | ||||||
FINANCIALS | 547,384,124 | 11.7 | ||||||
MATERIALS | 388,248,732 | 8.3 | ||||||
CONSUMER STAPLES | 376,037,498 | 8.0 | ||||||
UTILITIES | 225,620,852 | 4.8 | ||||||
COMMUNICATION SERVICES | 206,613,903 | 4.4 | ||||||
ENERGY | 33,432,246 | 0.7 | ||||||
SHORT-TERM INVESTMENTS | 358,171,270 | 7.7 | ||||||
OTHER ASSETS & LIABILITIES, NET | (55,102,421 | ) | (1.2 | ) | ||||
NET ASSETS | $ | 4,694,239,686 | 100.0 | % |
See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 71 |
Summary portfolio of investments
International Opportunities Fund ■ October 31, 2020
Shares | Company | Value | % of net assets | |||||||||||
COMMON STOCKS | ||||||||||||||
AUSTRALIA | ||||||||||||||
306,012 | * | Afterpay Touch Group Ltd | $ | 20,836,078 | 1.1 | % | ||||||||
119,100 | CSL Ltd | 24,112,661 | 1.3 | |||||||||||
Other | 56,884,752 | 3.2 | ||||||||||||
101,833,491 | 5.6 | |||||||||||||
BRAZIL | ||||||||||||||
2,081,700 | Localiza Rent A Car | 22,014,405 | 1.2 | |||||||||||
4,870,000 | Magazine Luiza S.A. | 20,904,347 | 1.2 | |||||||||||
355,394 | * | StoneCo Ltd | 18,672,401 | 1.0 | ||||||||||
Other | 57,482,415 | 3.2 | ||||||||||||
119,073,568 | 6.6 | |||||||||||||
CANADA | ||||||||||||||
897,032 | Alimentation Couche Tard, Inc | 27,625,327 | 1.5 | |||||||||||
803,995 | Dollarama, Inc | 27,686,925 | 1.5 | |||||||||||
577,900 | *,e | Lightspeed POS, Inc | 18,486,901 | 1.0 | ||||||||||
538,500 | Nutrien Ltd | 21,890,835 | 1.2 | |||||||||||
28,701 | * | Shopify, Inc (Class A) | 26,459,078 | 1.5 | ||||||||||
122,149,066 | 6.7 | |||||||||||||
CHINA | ||||||||||||||
256,400 | * | GDS Holdings Ltd (ADR) | 21,547,856 | 1.2 | ||||||||||
311,000 | * | JD.com, Inc (ADR) | 25,352,720 | 1.4 | ||||||||||
313,600 | Silergy Corp | 19,334,326 | 1.1 | |||||||||||
735,200 | Tencent Holdings Ltd | 56,173,403 | 3.1 | |||||||||||
Other | 15,258,658 | 0.8 | ||||||||||||
137,666,963 | 7.6 | |||||||||||||
DENMARK | ||||||||||||||
146,100 | Carlsberg AS (Class B) | 18,499,296 | 1.0 | |||||||||||
510,300 | Novo Nordisk AS | 32,539,603 | 1.8 | |||||||||||
51,038,899 | 2.8 | |||||||||||||
FRANCE | ||||||||||||||
171,602 | Essilor International S.A. | 21,185,790 | 1.2 | |||||||||||
83,512 | L’Oreal S.A. | 26,989,850 | 1.5 | |||||||||||
127,639 | Teleperformance | 38,315,038 | 2.1 | |||||||||||
86,490,678 | 4.8 | |||||||||||||
GERMANY | ||||||||||||||
361,500 | * | HelloFresh SE | 19,317,412 | 1.1 | ||||||||||
Other | 94,896,826 | 5.2 | ||||||||||||
114,214,238 | 6.3 | |||||||||||||
HONG KONG | 15,251,132 | 0.8 | ||||||||||||
INDONESIA | ||||||||||||||
85,976,300 | Bank Rakyat Indonesia | 19,462,616 | 1.1 | |||||||||||
19,462,616 | 1.1 | |||||||||||||
IRELAND | ||||||||||||||
148,605 | * | Flutter Entertainment plc | 25,745,932 | 1.4 | ||||||||||
678,168 | * | Keywords Studios plc | 18,590,464 | 1.0 | ||||||||||
587,889 | Smurfit Kappa Group plc | 22,151,125 | 1.2 | |||||||||||
Other | 17,202,306 | 1.0 | ||||||||||||
83,689,827 | 4.6 |
Shares | Company | Value | % of net assets | |||||||||||
ITALY | ||||||||||||||
590,185 | Amplifon S.p.A. | $ | 21,457,773 | 1.2 | % | |||||||||
2,208,500 | Davide Campari-Milano NV | 23,081,816 | 1.2 | |||||||||||
119,600 | Ferrari NV | 21,335,664 | 1.2 | |||||||||||
Other | 18,048,835 | 1.0 | ||||||||||||
83,924,088 | 4.6 | |||||||||||||
JAPAN | ||||||||||||||
238,400 | Eisai Co Ltd | 18,536,441 | 1.0 | |||||||||||
158,700 | GMO Payment Gateway, Inc | 19,445,265 | 1.1 | |||||||||||
169,600 | IR Japan Holdings Ltd | 18,777,597 | 1.0 | |||||||||||
443,000 | MonotaRO Co Ltd | 24,503,086 | 1.3 | |||||||||||
354,000 | Paltac Corp | 19,791,273 | 1.1 | |||||||||||
147,099 | *,e | SHIFT, Inc | 18,668,425 | 1.0 | ||||||||||
Other | 150,797,389 | 8.4 | ||||||||||||
270,519,476 | 14.9 | |||||||||||||
NETHERLANDS | ||||||||||||||
12,677 | *,g | Adyen NV | 21,306,781 | 1.2 | ||||||||||
97,547 | ASML Holding NV | 35,292,785 | 1.9 | |||||||||||
2,973,200 | ING Groep NV | 20,365,579 | 1.1 | |||||||||||
76,965,145 | 4.2 | |||||||||||||
NEW ZEALAND | 17,350,786 | 1.0 | ||||||||||||
NORWAY | ||||||||||||||
1,328,986 | e Aker BP ASA | 20,696,757 | 1.1 | |||||||||||
20,696,757 | 1.1 | |||||||||||||
PHILIPPINES | 18,407,964 | 1.0 | ||||||||||||
POLAND | 7,623,504 | 0.4 | ||||||||||||
PORTUGAL | ||||||||||||||
1,204,396 | Jeronimo Martins SGPS S.A. | 19,130,280 | 1.0 | |||||||||||
19,130,280 | 1.0 | |||||||||||||
SPAIN | 17,949,914 | 1.0 | ||||||||||||
SWEDEN | ||||||||||||||
287,127 | Hexagon AB (B Shares) | 21,045,599 | 1.2 | |||||||||||
396,800 | Swedish Match AB | 29,832,447 | 1.6 | |||||||||||
Other | 15,932,876 | 0.9 | ||||||||||||
66,810,922 | 3.7 | |||||||||||||
SWITZERLAND | ||||||||||||||
52,867 | Lonza Group AG. | 32,032,645 | 1.8 | |||||||||||
98,700 | Roche Holding AG. | 31,715,404 | 1.7 | |||||||||||
Other | 17,559,601 | 1.0 | ||||||||||||
81,307,650 | 4.5 | |||||||||||||
TAIWAN | 15,595,003 | 0.9 | ||||||||||||
UNITED KINGDOM | ||||||||||||||
986,180 | Ashtead Group plc | 35,637,890 | 1.9 | |||||||||||
507,700 | Dechra Pharmaceuticals plc | 22,967,187 | 1.3 | |||||||||||
2,207,886 | Electrocomponents plc | 19,384,823 | 1.1 | |||||||||||
85,385 | Linde plc (Xetra) | 18,713,404 | 1.0 | |||||||||||
199,421 | London Stock Exchange Group plc | 21,497,150 | 1.2 | |||||||||||
Other | 50,542,050 | 2.8 | ||||||||||||
168,742,504 | 9.3 |
72 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements |
Summary portfolio of investments | concluded |
International Opportunities Fund ■ October 31, 2020
Shares | Company | Value | % of net assets | |||||||||||
UNITED STATES | ||||||||||||||
60,900 | * | Lululemon Athletica, Inc | $ | 19,444,761 | 1.1 | % | ||||||||
19,444,761 | 1.1 | |||||||||||||
TOTAL COMMON STOCKS (Cost $1,133,629,109) | 1,735,339,232 | 95.6 | ||||||||||||
RIGHTS / WARRANTS | ||||||||||||||
AUSTRALIA | 212,214 | 0.0 | ||||||||||||
TOTAL RIGHTS / WARRANTS (Cost $0) | 212,214 | 0.0 | ||||||||||||
Principal | Issuer | |||||||||||||
SHORT-TERM INVESTMENTS | ||||||||||||||
GOVERNMENT AGENCY DEBT | ||||||||||||||
$ | 25,000,000 | Federal Home Loan Bank (FHLB) 0.075%, 11/19/20 | 24,999,056 | 1.4 | ||||||||||
Other | 13,959,321 | 0.8 | ||||||||||||
38,958,377 | 2.2 | |||||||||||||
TREASURY DEBT | 40,767,850 | 2.2 |
Shares | Company | Value | % of net assets | |||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | ||||||||||||||
38,061,707 | c | State Street Navigator Securities Lending Government Money Market Portfolio | $ | 38,061,707 | 2.1 | % | ||||||||
38,061,707 | 2.1 | |||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $117,788,112) | 117,787,934 | 6.5 | ||||||||||||
TOTAL PORTFOLIO (Cost $1,251,417,221) | 1,853,339,380 | 102.1 | ||||||||||||
OTHER ASSETS & LIABILITIES, NET | (37,379,047 | ) | (2.1 | ) | ||||||||||
NET ASSETS | $ | 1,815,960,333 | 100.0 | % |
Abbreviation(s):
ADR American Depositary Receipt
* | Non-income producing |
c | Investments made with cash collateral received from securities on loan. |
e | All or a portion of these securities are out on loan. The aggregate value of securities on loan is $86,761,246. See Note 4 in the Notes to financial statements for additional information about securities lending collateral. |
g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/20, the aggregate value of these securities, including those in “Other,” is $76,239,957 or 4.2% of net assets. |
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.
Summary of market values by sector (unaudited)
International Opportunities Fund ■ October 31, 2020
Sector | Value | % of net assets | ||||||
INFORMATION TECHNOLOGY | $ | 394,068,068 | 21.7 | % | ||||
CONSUMER DISCRETIONARY | 382,701,012 | 21.1 | ||||||
INDUSTRIALS | 224,837,115 | 12.4 | ||||||
HEALTH CARE | 215,232,570 | 11.9 | ||||||
CONSUMER STAPLES | 181,717,307 | 10.0 | ||||||
FINANCIALS | 137,966,296 | 7.6 | ||||||
MATERIALS | 97,517,271 | 5.4 | ||||||
COMMUNICATION SERVICES | 67,416,864 | 3.7 | ||||||
ENERGY | 20,696,757 | 1.1 | ||||||
REAL ESTATE | 13,398,186 | 0.7 | ||||||
SHORT-TERM INVESTMENTS | 117,787,934 | 6.5 | ||||||
OTHER ASSETS & LIABILITIES, NET | (37,379,047 | ) | (2.1 | ) | ||||
NET ASSETS | $ | 1,815,960,333 | 100.0 | % |
See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 73 |
Summary portfolio of investments
Quant International Equity Fund ■ October 31, 2020
Shares | Company | Value | % of net assets | |||||||||||
COMMON STOCKS | ||||||||||||||
AUSTRALIA | ||||||||||||||
235,926 | BHP Billiton Ltd | $ | 5,655,530 | 0.6 | % | |||||||||
148,678 | Commonwealth Bank of Australia | 7,218,544 | 0.8 | |||||||||||
46,608 | CSL Ltd | 9,436,129 | 1.0 | |||||||||||
Other | 41,359,649 | 4.4 | ||||||||||||
63,669,852 | 6.8 | |||||||||||||
AUSTRIA | 4,919,189 | 0.5 | ||||||||||||
BELGIUM | 10,034,590 | 1.1 | ||||||||||||
BRAZIL | 37,375 | 0.0 | ||||||||||||
CHINA | 148,260 | 0.0 | ||||||||||||
DENMARK | ||||||||||||||
135,109 | Novo Nordisk AS | 8,615,311 | 0.9 | |||||||||||
Other | 13,954,603 | 1.5 | ||||||||||||
22,569,914 | 2.4 | |||||||||||||
FINLAND | 7,312,233 | 0.8 | ||||||||||||
FRANCE | ||||||||||||||
48,967 | Air Liquide | 7,160,850 | 0.8 | |||||||||||
178,322 | BNP Paribas S.A. | 6,218,938 | 0.7 | |||||||||||
5,139 | Hermes International | 4,784,922 | 0.5 | |||||||||||
12,249 | LVMH Moet Hennessy Louis Vuitton S.A. | 5,741,691 | 0.6 | |||||||||||
111,524 | Sanofi-Aventis | 10,069,874 | 1.1 | |||||||||||
65,793 | Schneider Electric S.A. | 7,994,271 | 0.8 | |||||||||||
239,799 | e | Total S.A. | 7,265,120 | 0.8 | ||||||||||
Other | 31,818,322 | 3.4 | ||||||||||||
81,053,988 | 8.7 | |||||||||||||
GERMANY | ||||||||||||||
47,288 | Allianz AG. | 8,329,998 | 0.9 | |||||||||||
32,681 | Deutsche Boerse AG. | 4,815,660 | 0.5 | |||||||||||
24,820 | Muenchener Rueckver AG. | 5,817,241 | 0.6 | |||||||||||
140,425 | RWE AG. | 5,196,813 | 0.6 | |||||||||||
65,574 | SAP AG. | 6,995,735 | 0.7 | |||||||||||
Other | 47,315,283 | 5.1 | ||||||||||||
78,470,730 | 8.4 | |||||||||||||
HONG KONG | ||||||||||||||
1,012,175 | AIA Group Ltd | 9,633,045 | 1.0 | |||||||||||
Other | 16,658,690 | 1.8 | ||||||||||||
26,291,735 | 2.8 | |||||||||||||
IRELAND | 5,012,734 | 0.5 | ||||||||||||
ISRAEL | 7,872,167 | 0.9 | ||||||||||||
ITALY | ||||||||||||||
351,296 | Assicurazioni Generali S.p.A. | 4,712,363 | 0.5 | |||||||||||
971,713 | Enel S.p.A. | 7,725,607 | 0.8 | |||||||||||
Other | 4,479,678 | 0.5 | ||||||||||||
16,917,648 | 1.8 |
Shares | Company | Value | % of net assets | |||||||||||
JAPAN | ||||||||||||||
39,800 | Fujitsu Ltd | $ | 4,708,920 | 0.5 | % | |||||||||
258,000 | Japan Tobacco, Inc | 4,857,411 | 0.5 | |||||||||||
200,400 | KDDI Corp | 5,421,820 | 0.6 | |||||||||||
276,000 | Kubota Corp | 4,796,347 | 0.5 | |||||||||||
83,400 | Murata Manufacturing Co Ltd | 5,848,729 | 0.6 | |||||||||||
13,900 | Nintendo Co Ltd | 7,515,574 | 0.8 | |||||||||||
44,500 | Shin-Etsu Chemical Co Ltd | 5,943,721 | 0.6 | |||||||||||
523,100 | Softbank Corp | 6,087,557 | 0.7 | |||||||||||
130,700 | Softbank Group Corp | 8,512,984 | 0.9 | |||||||||||
125,800 | Sony Corp | 10,487,496 | 1.1 | |||||||||||
190,176 | Toyota Motor Corp | 12,484,462 | 1.4 | |||||||||||
Other | 145,719,093 | 15.7 | ||||||||||||
222,384,114 | 23.9 | |||||||||||||
JORDAN | 2,443,874 | 0.3 | ||||||||||||
LUXEMBOURG | 3,855,075 | 0.4 | ||||||||||||
MACAU | 298,986 | 0.0 | ||||||||||||
NETHERLANDS | ||||||||||||||
37,096 | ASML Holding NV | 13,421,440 | 1.4 | |||||||||||
203,281 | Koninklijke Ahold Delhaize NV | 5,573,105 | 0.6 | |||||||||||
58,915 | Prosus NV | 5,881,835 | 0.6 | |||||||||||
63,188 | Wolters Kluwer NV | 5,116,121 | 0.6 | |||||||||||
Other | 8,012,988 | 0.9 | ||||||||||||
38,005,489 | 4.1 | |||||||||||||
NEW ZEALAND | 1,869,580 | 0.2 | ||||||||||||
NORWAY | 958,691 | 0.1 | ||||||||||||
SINGAPORE | ||||||||||||||
358,400 | DBS Group Holdings Ltd | 5,338,673 | 0.6 | |||||||||||
Other | 4,457,155 | 0.5 | ||||||||||||
9,795,828 | 1.1 | |||||||||||||
SOUTH AFRICA | ||||||||||||||
238,299 | Anglo American plc | 5,591,250 | 0.6 | |||||||||||
5,591,250 | 0.6 | |||||||||||||
SPAIN | ||||||||||||||
513,943 | Iberdrola S.A. | 6,068,421 | 0.6 | |||||||||||
Other | 11,793,392 | 1.3 | ||||||||||||
17,861,813 | 1.9 | |||||||||||||
SWEDEN | ||||||||||||||
127,113 | Atlas Copco AB (A Shares) | 5,610,915 | 0.6 | |||||||||||
122,378 | Atlas Copco AB (B Shares) | 4,689,009 | 0.5 | |||||||||||
Other | 14,104,098 | 1.5 | ||||||||||||
24,404,022 | 2.6 | |||||||||||||
SWITZERLAND | ||||||||||||||
121,397 | Holcim Ltd | 5,210,314 | 0.6 | |||||||||||
219,987 | Nestle S.A. | 24,743,673 | 2.6 | |||||||||||
187,099 | Novartis AG. | 14,579,237 | 1.6 | |||||||||||
55,744 | Roche Holding AG. | 17,912,294 | 1.9 | |||||||||||
Other | 19,446,436 | 2.1 | ||||||||||||
81,891,954 | 8.8 |
74 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements |
Summary portfolio of investments | concluded |
Quant International Equity Fund ■ October 31, 2020
Shares | Company | Value | % of net assets | |||||||||||
UNITED KINGDOM | ||||||||||||||
152,712 | AstraZeneca plc (ADR) | $ | 7,660,034 | 0.8 | % | |||||||||
213,239 | Diageo plc | 6,891,425 | 0.8 | |||||||||||
315,057 | GlaxoSmithKline plc | 5,260,973 | 0.6 | |||||||||||
75,718 | Reckitt Benckiser Group plc | 6,669,885 | 0.7 | |||||||||||
Other | 61,842,321 | 6.6 | ||||||||||||
88,324,638 | 9.5 | |||||||||||||
UNITED STATES | ||||||||||||||
400,000 | iShares MSCI EAFE Index Fund | 24,556,000 | 2.6 | |||||||||||
Other | 4,494,171 | 0.5 | ||||||||||||
29,050,171 | 3.1 | |||||||||||||
TOTAL COMMON STOCKS (Cost $774,324,643) | 851,045,900 | 91.3 | ||||||||||||
RIGHTS / WARRANTS | ||||||||||||||
UNITED KINGDOM | 300,853 | 0.0 | ||||||||||||
TOTAL RIGHTS / WARRANTS (Cost $1,014,176) | 300,853 | 0.0 | ||||||||||||
Principal | Issuer | |||||||||||||
SHORT-TERM INVESTMENTS | ||||||||||||||
REPURCHASE AGREEMENT | ||||||||||||||
Fixed Income Clearing Corp (FICC) | ||||||||||||||
$ | 34,820,000 | r | 0.0700%, 11/02/20 | 34,820,000 | 3.8 | |||||||||
34,820,000 | 3.8 |
Shares | Company | Value | % of net assets | |||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | ||||||||||||||
13,274,829 | c | State Street Navigator Securities Lending Government Money Market Portfolio | $ | 13,274,829 | 1.4 | % | ||||||||
13,274,829 | 1.4 | |||||||||||||
TOTAL SHORT-TERM INVESTMENTS(Cost $48,094,829) | 48,094,829 | 5.2 | ||||||||||||
TOTAL PORTFOLIO (Cost $823,433,648) | 899,441,582 | 96.5 | ||||||||||||
OTHER ASSETS & LIABILITIES, NET | 33,033,303 | 3.5 | ||||||||||||
NET ASSETS | $ | 932,474,885 | 100.0 | % |
Abbreviation(s):
ADR American Depositary Receipt
c | Investments made with cash collateral received from securities on loan. |
e | All or a portion of these securities are out on loan. The aggregate value of securities on loan is $15,904,534. See Note 4 in the Notes to financial statements for additional information about securities lending collateral. |
r | Agreement with Fixed Income Clearing Corporation, 0.070% dated 10/30/20 to be repurchased at $34,820,000 on 11/2/20, collateralized by U.S. Treasury Notes valued at $35,516,482. |
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
At 10/31/20, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $8,633,305 or 0.9% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.
For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.
Summary of market values by sector (unaudited)
Quant International Equity Fund ■ October 31, 2020
Sector | Value | % of net assets | ||||||
FINANCIALS | $ | 152,798,842 | 16.3 | % | ||||
INDUSTRIALS | 123,748,392 | 13.3 | ||||||
HEALTH CARE | 114,167,879 | 12.2 | ||||||
CONSUMER DISCRETIONARY | 100,760,541 | 10.8 | ||||||
CONSUMER STAPLES | 96,395,437 | 10.3 | ||||||
INFORMATION TECHNOLOGY | 70,577,339 | 7.6 | ||||||
MATERIALS | 63,559,904 | 6.8 | ||||||
COMMUNICATION SERVICES | 48,051,949 | 5.2 | ||||||
UTILITIES | 32,336,016 | 3.5 | ||||||
REAL ESTATE | 26,029,353 | 2.8 | ||||||
ENERGY | 22,921,101 | 2.5 | ||||||
SHORT-TERM INVESTMENTS | 48,094,829 | 5.2 | ||||||
OTHER ASSETS & LIABILITIES, NET | 33,033,303 | 3.5 | ||||||
NET ASSETS | $ | 932,474,885 | 100.0 | % |
See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 75 |
Summary portfolio of investments
Quant International Small-Cap Equity Fund ■ October 31, 2020
Shares | Company | Value | % of net assets | |||||||||||
COMMON STOCKS | ||||||||||||||
AUSTRALIA | ||||||||||||||
448,000 | Ansell Ltd | $ | 12,668,130 | 1.3 | % | |||||||||
438,691 | carsales.com Ltd | 6,409,178 | 0.6 | |||||||||||
141,000 | JB Hi-Fi Ltd | 4,711,582 | 0.5 | |||||||||||
275,000 | Mineral Resources Ltd | 4,828,943 | 0.5 | |||||||||||
Other | 37,303,978 | 3.8 | ||||||||||||
65,921,811 | 6.7 | |||||||||||||
AUSTRIA | 7,514,064 | 0.8 | ||||||||||||
BELGIUM | 8,488,109 | 0.9 | ||||||||||||
BRAZIL | ||||||||||||||
1,166,000 | Cia Energetica de Sao Paulo (Class B) | 5,421,602 | 0.6 | |||||||||||
Other | 11,147,981 | 1.1 | ||||||||||||
16,569,583 | 1.7 | |||||||||||||
BURKINA FASO | 1,545,718 | 0.2 | ||||||||||||
CANADA | ||||||||||||||
192,600 | TFI International, Inc | 8,575,420 | 0.9 | |||||||||||
Other | 40,577,607 | 4.1 | ||||||||||||
49,153,027 | 5.0 | |||||||||||||
CHILE | 2,547,946 | 0.3 | ||||||||||||
CHINA | ||||||||||||||
127,000 | *,e | JinkoSolar Holding Co Ltd (ADR) | 7,404,100 | 0.7 | ||||||||||
Other | 25,364,402 | 2.6 | ||||||||||||
32,768,502 | 3.3 | |||||||||||||
COLOMBIA | 650,456 | 0.1 | ||||||||||||
COTE D’IVOIRE | 1,733,539 | 0.2 | ||||||||||||
DENMARK | ||||||||||||||
80,000 | Royal Unibrew A.S. | 7,800,727 | 0.8 | |||||||||||
Other | 7,144,628 | 0.7 | ||||||||||||
14,945,355 | 1.5 | |||||||||||||
EGYPT | 454,113 | 0.0 | ||||||||||||
FINLAND | ||||||||||||||
384,000 | Kesko Oyj (B Shares) | 9,853,662 | 1.0 | |||||||||||
234,000 | Valmet Corp | 5,584,859 | 0.6 | |||||||||||
Other | 636,365 | 0.0 | ||||||||||||
16,074,886 | 1.6 | |||||||||||||
FRANCE | 9,753,518 | 1.0 | ||||||||||||
GERMANY | 23,662,921 | 2.4 | ||||||||||||
GREECE | 446,129 | 0.0 | ||||||||||||
HONG KONG | 10,647,842 | 1.1 | ||||||||||||
INDIA | 8,754,406 | 0.9 | ||||||||||||
INDONESIA | 7,655,984 | 0.8 | ||||||||||||
IRELAND | 688,590 | 0.1 | ||||||||||||
ISRAEL | 12,010,179 | 1.2 |
Shares | Company | Value | % of net assets | |||||||||||
ITALY | ||||||||||||||
259,046 | Azimut Holding S.p.A. | $ | 4,366,548 | 0.4 | % | |||||||||
Other | 24,322,000 | 2.5 | ||||||||||||
28,688,548 | 2.9 | |||||||||||||
JAPAN | ||||||||||||||
160,300 | ASKUL Corp | 6,156,528 | 0.6 | |||||||||||
110,800 | Daiwabo Co Ltd | 7,253,424 | 0.7 | |||||||||||
768,000 | Haseko Corp | 9,207,658 | 0.9 | |||||||||||
590,400 | K’s Holdings Corp | 7,539,918 | 0.8 | |||||||||||
992,800 | Penta-Ocean Construction Co Ltd | 6,295,524 | 0.7 | |||||||||||
593,000 | Rengo Co Ltd | 4,562,508 | 0.5 | |||||||||||
399,000 | Sumitomo Forestry Co Ltd | 6,285,278 | 0.6 | |||||||||||
1,361,000 | e | Suruga Bank Ltd | 4,444,667 | 0.5 | ||||||||||
Other | 148,524,619 | 15.1 | ||||||||||||
200,270,124 | 20.4 | |||||||||||||
KAZAKHSTAN | ||||||||||||||
593,000 | KAZ Minerals plc | 4,838,346 | 0.5 | |||||||||||
4,838,346 | 0.5 | |||||||||||||
KOREA, REPUBLIC OF | ||||||||||||||
177,000 | Dongbu HiTek Co Ltd | 5,025,453 | 0.5 | |||||||||||
213,000 | * | Samsung Techwin Co Ltd | 4,757,590 | 0.5 | ||||||||||
105,000 | SK Chemicals Co Ltd | 5,863,291 | 0.6 | |||||||||||
41,003 | * | Soulbrain Co Ltd | 7,855,867 | 0.8 | ||||||||||
Other | 21,872,535 | 2.2 | ||||||||||||
45,374,736 | 4.6 | |||||||||||||
MALAYSIA | ||||||||||||||
3,175,200 | Bursa Malaysia BHD | 6,155,916 | 0.6 | |||||||||||
Other | 3,733,282 | 0.4 | ||||||||||||
9,889,198 | 1.0 | |||||||||||||
MALTA | 547,715 | 0.1 | ||||||||||||
MEXICO | 8,397,784 | 0.9 | ||||||||||||
NETHERLANDS | ||||||||||||||
88,000 | ASM International NV | 12,569,112 | 1.3 | |||||||||||
262,927 | g | Signify NV | 9,332,679 | 1.0 | ||||||||||
Other | 5,250,806 | 0.5 | ||||||||||||
27,152,597 | 2.8 | |||||||||||||
NEW ZEALAND | 1,332,401 | 0.1 | ||||||||||||
NORWAY | 7,832,763 | 0.8 | ||||||||||||
PAKISTAN | 1,353,356 | 0.1 | ||||||||||||
PERU | 2,264,520 | 0.2 | ||||||||||||
POLAND | 1,190,834 | 0.1 | ||||||||||||
PORTUGAL | 4,082,504 | 0.4 | ||||||||||||
QATAR | 569,210 | 0.1 | ||||||||||||
RUSSIA | 364,834 | 0.0 | ||||||||||||
SAUDI ARABIA | 10,234,227 | 1.0 |
76 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements |
Summary portfolio of investments | concluded |
Quant International Small-Cap Equity Fund ■ October 31, 2020
Shares | Company | Value | % of net assets | |||||||||||
SINGAPORE | ||||||||||||||
5,902,000 | Frasers Logistics & Industrial Trust | $ | 5,322,040 | 0.6 | % | |||||||||
Other | 7,999,795 | 0.8 | ||||||||||||
13,321,835 | 1.4 | |||||||||||||
SOUTH AFRICA | 5,255,958 | 0.5 | ||||||||||||
SPAIN | 12,834,334 | 1.3 | ||||||||||||
SWEDEN | ||||||||||||||
191,000 | Axfood AB | 4,439,444 | 0.5 | |||||||||||
315,000 | Getinge AB (B Shares) | 6,167,690 | 0.6 | |||||||||||
Other | 38,478,220 | 3.9 | ||||||||||||
49,085,354 | 5.0 | |||||||||||||
SWITZERLAND | ||||||||||||||
58,000 | Cembra Money Bank AG. | 6,444,015 | 0.6 | |||||||||||
98,000 | g | Galenica AG. | 6,180,067 | 0.6 | ||||||||||
46,041 | g | VAT Group AG. | 8,637,977 | 0.9 | ||||||||||
Other | 16,471,354 | 1.7 | ||||||||||||
37,733,413 | 3.8 | |||||||||||||
TAIWAN | ||||||||||||||
3,132,000 | Compeq Manufacturing Co | 4,780,277 | 0.5 | |||||||||||
1,455,000 | Radiant Opto-Electronics Corp | 5,732,722 | 0.6 | |||||||||||
785,000 | Simplo Technology Co Ltd | 8,756,176 | 0.9 | |||||||||||
1,177,000 | Tripod Technology Corp | 4,680,548 | 0.5 | |||||||||||
Other | 37,677,962 | 3.8 | ||||||||||||
61,627,685 | 6.3 | |||||||||||||
THAILAND | 2,012,201 | 0.2 | ||||||||||||
TURKEY | ||||||||||||||
3,535,334 | * | Sok Marketler Ticaret AS. | 4,770,679 | 0.5 | ||||||||||
Other | 8,690,656 | 0.9 | ||||||||||||
13,461,335 | 1.4 | |||||||||||||
UNITED KINGDOM | ||||||||||||||
1,286,000 | g | Avast plc | 7,902,788 | 0.8 | ||||||||||
198,000 | * | Dialog Semiconductor plc | 7,548,531 | 0.8 | ||||||||||
39,000 | Games Workshop Group plc | 5,243,020 | 0.5 | |||||||||||
588,000 | Howden Joinery Group plc | 4,854,437 | 0.5 | |||||||||||
378,147 | Pennon Group plc | 4,866,570 | 0.5 | |||||||||||
1,162,000 | Rightmove plc | 9,299,691 | 0.9 | |||||||||||
1,341,962 | Rotork plc | 4,889,379 | 0.5 | |||||||||||
3,369,393 | Tritax Big Box REIT plc | 6,836,441 | 0.7 | |||||||||||
532,000 | Unite Group plc | 5,741,187 | 0.6 | |||||||||||
Other | 51,611,848 | 5.3 | ||||||||||||
108,793,892 | 11.1 | |||||||||||||
UNITED STATES | ||||||||||||||
97,092 | iShares Core MSCI Emerging Markets ETF | 5,191,509 | 0.6 | |||||||||||
296,968 | e | iShares MSCI EAFE Small-Cap ETF | 16,912,328 | 1.7 | ||||||||||
Other | 4,853,654 | 0.5 | ||||||||||||
26,957,491 | 2.8 | |||||||||||||
TOTAL COMMON STOCKS (Cost $925,617,220) | 977,453,873 | 99.6 |
Shares | Company | Value | % of net assets | |||||||||||
SHORT-TERM INVESTMENTS | ||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | ||||||||||||||
21,536,550 | c | State Street Navigator Securities Lending Government Money Market Portfolio | $ | 21,536,550 | 2.2 | % | ||||||||
21,536,550 | 2.2 | |||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $21,536,550) | 21,536,550 | 2.2 | ||||||||||||
TOTAL PORTFOLIO (Cost $947,153,770) | 998,990,423 | 101.8 | ||||||||||||
OTHER ASSETS & LIABILITIES, NET | (17,508,034 | ) | (1.8 | ) | ||||||||||
NET ASSETS | $ | 981,482,389 | 100.0 | % |
Abbreviation(s): | |
ADR | American Depositary Receipt |
ETF | Exchange Traded Fund |
REIT | Real Estate Investment Trust |
* | Non-income producing |
c | Investments made with cash collateral received from securities on loan. |
e | All or a portion of these securities are out on loan. The aggregate value of securities on loan is $49,007,083. See Note 4 in the Notes to financial statements for additional information about securities lending collateral. |
g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/20, the aggregate value of these securities, including those in “Other,” is $59,003,722 or 6.0% of net assets. |
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.
See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 77 |
Summary of market values by sector (unaudited)
Quant International Small-Cap Equity Fund ■ October 31, 2020
Sector | Value | % of net assets | ||||||
INDUSTRIALS | $ | 177,147,440 | 18.0 | % | ||||
INFORMATION TECHNOLOGY | 130,426,891 | 13.3 | ||||||
CONSUMER DISCRETIONARY | 126,191,363 | 12.9 | ||||||
FINANCIALS | 120,487,500 | 12.3 | ||||||
MATERIALS | 95,990,690 | 9.8 | ||||||
REAL ESTATE | 95,187,230 | 9.7 | ||||||
HEALTH CARE | 71,534,618 | 7.3 | ||||||
CONSUMER STAPLES | 59,900,604 | 6.1 | ||||||
COMMUNICATION SERVICES | 51,454,076 | 5.2 | ||||||
UTILITIES | 28,436,822 | 2.9 | ||||||
ENERGY | 20,696,639 | 2.1 | ||||||
SHORT-TERM INVESTMENTS | 21,536,550 | 2.2 | ||||||
OTHER ASSETS & LIABILITIES, NET | (17,508,034 | ) | (1.8 | ) | ||||
NET ASSETS | $ | 981,482,389 | 100.0 | % |
78 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements |
Summary portfolio of investments
Social Choice International Equity Fund ■ October 31, 2020
Shares | Company | Value | % of net assets | |||||||||||
COMMON STOCKS | ||||||||||||||
AUSTRALIA | ||||||||||||||
85,128 | Commonwealth Bank of Australia | $ | 4,133,095 | 0.8 | % | |||||||||
24,798 | CSL Ltd | 5,020,536 | 1.0 | |||||||||||
29,451 | Macquarie Group Ltd | 2,625,850 | 0.5 | |||||||||||
234,833 | National Australia Bank Ltd | 3,072,315 | 0.6 | |||||||||||
Other | 20,324,289 | 3.8 | ||||||||||||
35,176,085 | 6.7 | |||||||||||||
AUSTRIA | 1,711,823 | 0.3 | ||||||||||||
BELGIUM | 4,838,267 | 1.0 | ||||||||||||
DENMARK | ||||||||||||||
88,440 | Novo Nordisk AS | 5,639,433 | 1.1 | |||||||||||
17,297 | g | Orsted AS | 2,745,276 | 0.5 | ||||||||||
Other | 5,256,574 | 1.1 | ||||||||||||
13,641,283 | 2.7 | |||||||||||||
FINLAND | 4,561,320 | 0.9 | ||||||||||||
FRANCE | ||||||||||||||
18,514 | Air Liquide | 2,707,455 | 0.5 | |||||||||||
22,452 | Essilor International S.A. | 2,771,899 | 0.5 | |||||||||||
4,996 | Kering | 3,019,163 | 0.6 | |||||||||||
14,261 | L’Oreal S.A. | 4,608,945 | 0.9 | |||||||||||
59,292 | Sanofi-Aventis | 5,353,673 | 1.0 | |||||||||||
32,115 | Schneider Electric S.A. | 3,902,178 | 0.8 | |||||||||||
143,363 | Total S.A. | 4,343,427 | 0.8 | |||||||||||
Other | 24,652,952 | 4.9 | ||||||||||||
51,359,692 | 10.0 | |||||||||||||
GERMANY | ||||||||||||||
8,440 | Adidas-Salomon AG. | 2,507,565 | 0.5 | |||||||||||
22,104 | Allianz AG. | 3,893,721 | 0.8 | |||||||||||
46,905 | BASF SE | 2,568,433 | 0.5 | |||||||||||
60,777 | Deutsche Post AG. | 2,694,729 | 0.5 | |||||||||||
53,603 | SAP AG. | 5,718,613 | 1.1 | |||||||||||
41,591 | Siemens AG. | 4,879,291 | 1.0 | |||||||||||
Other | 24,191,478 | 4.8 | ||||||||||||
46,453,830 | 9.2 | |||||||||||||
HONG KONG | ||||||||||||||
78,838 | Hong Kong Exchanges and Clearing Ltd | 3,777,815 | 0.7 | |||||||||||
Other | 13,918,622 | 2.7 | ||||||||||||
17,696,437 | 3.4 | |||||||||||||
IRELAND | 4,556,603 | 0.9 | ||||||||||||
ISRAEL | 1,533,999 | 0.3 | ||||||||||||
ITALY | ||||||||||||||
486,946 | Enel S.p.A. | 3,871,465 | 0.8 | |||||||||||
1,488,681 | Intesa Sanpaolo S.p.A. | 2,471,365 | 0.5 | |||||||||||
Other | 3,694,826 | 0.7 | ||||||||||||
10,037,656 | 2.0 | |||||||||||||
JAPAN | ||||||||||||||
64,565 | Chugai Pharmaceutical Co Ltd | 2,492,208 | 0.5 | |||||||||||
125,161 | Honda Motor Co Ltd | 2,960,425 | 0.6 | |||||||||||
113,296 | KDDI Corp | 3,065,222 | 0.6 |
Shares | Company | Value | % of net assets | |||||||||||
JAPAN–continued | ||||||||||||||
10,346 | Keyence Corp | $ | 4,695,248 | 0.9 | % | |||||||||
117,479 | Mitsubishi Corp | 2,621,116 | 0.5 | |||||||||||
7,204 | Nintendo Co Ltd | 3,895,122 | 0.8 | |||||||||||
85,012 | NTT DoCoMo, Inc | 3,165,438 | 0.6 | |||||||||||
68,929 | Recruit Holdings Co Ltd | 2,622,793 | 0.5 | |||||||||||
68,615 | Sony Corp | 5,720,187 | 1.1 | |||||||||||
11,100 | Tokyo Electron Ltd | 2,979,360 | 0.6 | |||||||||||
104,795 | Toyota Motor Corp | 6,879,466 | 1.3 | |||||||||||
Other | 92,702,971 | 18.1 | ||||||||||||
133,799,556 | 26.1 | |||||||||||||
NETHERLANDS | ||||||||||||||
20,619 | ASML Holding NV | 7,460,014 | 1.5 | |||||||||||
34,839 | Prosus NV | 3,478,185 | 0.7 | |||||||||||
Other | 7,596,246 | 1.4 | ||||||||||||
18,534,445 | 3.6 | |||||||||||||
NEW ZEALAND | 3,142,842 | 0.6 | ||||||||||||
NORWAY | 5,555,701 | 1.1 | ||||||||||||
PORTUGAL | 1,374,387 | 0.3 | ||||||||||||
SINGAPORE | 6,225,211 | 1.1 | ||||||||||||
SPAIN | ||||||||||||||
288,483 | Iberdrola S.A. | 3,406,285 | 0.7 | |||||||||||
Other | 7,718,288 | 1.4 | ||||||||||||
11,124,573 | 2.1 | |||||||||||||
SWEDEN | ||||||||||||||
133,376 | Volvo AB (B Shares) | 2,592,454 | 0.5 | |||||||||||
Other | 15,919,418 | 3.1 | ||||||||||||
18,511,872 | 3.6 | |||||||||||||
SWITZERLAND | ||||||||||||||
45,050 | Alcon, Inc | 2,561,233 | 0.5 | |||||||||||
5,357 | Lonza Group AG. | 3,245,860 | 0.6 | |||||||||||
127,835 | Nestle S.A. | 14,378,611 | 2.8 | |||||||||||
31,747 | Roche Holding AG. | 10,201,306 | 2.0 | |||||||||||
269,294 | UBS Group AG | 3,135,112 | 0.6 | |||||||||||
10,255 | Zurich Insurance Group AG | 3,406,153 | 0.7 | |||||||||||
Other | 13,872,232 | 2.8 | ||||||||||||
50,800,507 | 10.0 | |||||||||||||
UNITED KINGDOM | ||||||||||||||
46,017 | AstraZeneca plc | 4,620,358 | 0.9 | |||||||||||
26,199 | London Stock Exchange Group plc | 2,824,195 | 0.5 | |||||||||||
217,932 | National Grid plc | 2,592,407 | 0.5 | |||||||||||
212,324 | Prudential plc | 2,596,828 | 0.5 | |||||||||||
136,006 | RELX plc | 2,691,274 | 0.5 | |||||||||||
Other | 46,373,357 | 9.0 | ||||||||||||
61,698,419 | 11.9 | |||||||||||||
UNITED STATES | 2,664,833 | 0.6 | ||||||||||||
TOTAL COMMON STOCKS (Cost $505,232,068) | 504,999,341 | 98.4 |
See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 79 |
Summary portfolio of investments | concluded |
Social Choice International Equity Fund ■ October 31, 2020
Principal | Issuer | Value | % of net assets | |||||||||||
SHORT-TERM INVESTMENTS | ||||||||||||||
GOVERNMENT AGENCY DEBT | ||||||||||||||
Federal Home Loan Bank (FHLB) | ||||||||||||||
$ | 5,520,000 | 0.075%, 11/03/20 | $ | 5,519,988 | 1.0 | % | ||||||||
5,519,988 | 1.0 | |||||||||||||
REPURCHASE AGREEMENT | 275,000 | 0.1 |
Shares | Company | Value | % of net assets | |||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | ||||||||||||||
2,947,647 | c | State Street Navigator Securities Lending Government Money Market Portfolio | $ | 2,947,647 | 0.6 | % | ||||||||
2,947,647 | 0.6 | |||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $8,742,625) | 8,742,635 | 1.7 | ||||||||||||
TOTAL PORTFOLIO (Cost $513,974,693) | 513,741,976 | 100.1 | ||||||||||||
OTHER ASSETS & LIABILITIES, NET | (305,174 | ) | (0.1 | ) | ||||||||||
NET ASSETS | $ | 513,436,802 | 100.0 | % |
c | Investments made with cash collateral received from securities on loan. |
g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/20, the aggregate value of these securities, including those in “Other,” is $7,117,719 or 1.4% of net assets. |
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
At 10/31/20, the aggregate value of securities on loan is $3,567,461. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.
For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.
Futures contracts outstanding as of October 31, 2020 were as follows:
Description | Number of long (short contracts | ) | Expiration date | Notional amount | Value | Unrealized appreciation (depreciation | ) | |||||||||||
MSCI EAFE Index | 62 | 12/18/20 | $5,709,250 | $5,530,090 | $(179,160 | ) |
Summary of market values by sector (unaudited)
Social Choice International Equity Fund ■ October 31, 2020
Sector | Value | % of net assets | ||||||
FINANCIALS | $ | 82,310,858 | 15.9 | % | ||||
INDUSTRIALS | 69,141,256 | 13.5 | ||||||
HEALTH CARE | 68,048,444 | 13.3 | ||||||
CONSUMER DISCRETIONARY | 59,837,139 | 11.7 | ||||||
CONSUMER STAPLES | 56,655,880 | 11.0 | ||||||
MATERIALS | 45,137,982 | 8.8 | ||||||
INFORMATION TECHNOLOGY | 38,859,118 | 7.6 | ||||||
COMMUNICATION SERVICES | 25,562,522 | 5.0 | ||||||
UTILITIES | 23,581,220 | 4.6 | ||||||
REAL ESTATE | 20,397,183 | 4.0 | ||||||
ENERGY | 15,467,739 | 3.0 | ||||||
SHORT-TERM INVESTMENTS | 8,742,635 | 1.7 | ||||||
OTHER ASSETS & LIABILITIES, NET | (305,174 | ) | (0.1 | ) | ||||
NET ASSETS | $ | 513,436,802 | 100.0 | % |
80 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements |
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TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 81 |
Statements of assets and liabilities
TIAA-CREF Funds ■ October 31, 2020
Growth & Income Fund | Large-Cap Growth Fund | Large-Cap Value Fund | Mid-Cap Growth Fund | Mid-Cap Value Fund | Quant Large-Cap Growth Fund | Quant Large-Cap Value Fund | Quant Small-Cap Equity Fund | Quant Small/Mid-Cap Equity Fund | Social Choice Equity Fund | ||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||
Portfolio investments, at value*† | $ | 5,768,638,791 | $ | 6,094,937,646 | $ | 4,750,977,503 | $ | 1,357,553,712 | $ | 1,702,088,645 | $ | 1,519,190,819 | $ | 683,070,606 | $ | 2,373,009,508 | $ | 750,017,562 | $ | 5,402,769,983 | |||||||||||||||||||||
Cash | 1,115 | — | 1,435 | — | 4,420 | 4,833 | 2,285 | — | — | 530,221 | |||||||||||||||||||||||||||||||
Cash - foreign^ | — | 3,376,710 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Receivable from securities transactions | 91,589,211 | 148,008,602 | 31,087,810 | 18,408,267 | 296,963 | 79,989,186 | 35,938,975 | 13,528,909 | 3,643,028 | — | |||||||||||||||||||||||||||||||
Receivable from Fund shares sold | 981,654 | 7,748,776 | 6,274,412 | 334,821 | 509,210 | 38,845 | 19,892 | 1,719,959 | 2,045,660 | 4,725,363 | |||||||||||||||||||||||||||||||
Dividends and interest receivable | 5,287,642 | 932,803 | 7,033,583 | 233,418 | 1,660,004 | 918,071 | 1,463,739 | 1,037,700 | 450,789 | 5,520,364 | |||||||||||||||||||||||||||||||
Due from affiliates | 1,152,911 | 1,139,597 | 1,056,559 | — | 7,452 | 627,948 | 320,439 | 271,070 | 260,832 | 47,958 | |||||||||||||||||||||||||||||||
Other | 554,884 | 409,964 | 542,732 | 188,813 | 435,568 | 194,017 | 180,902 | 263,274 | 20,838 | 264,515 | |||||||||||||||||||||||||||||||
Total assets | 5,868,206,208 | 6,256,554,098 | 4,796,974,034 | 1,376,719,031 | 1,705,002,262 | 1,600,963,719 | 720,996,838 | 2,389,830,420 | 756,438,709 | 5,413,858,404 | |||||||||||||||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||||||||||||||||||||
Management fees payable | 2,141,944 | 2,215,573 | 1,755,052 | 548,741 | 657,617 | 658,723 | 325,229 | 853,402 | 279,309 | 702,877 | |||||||||||||||||||||||||||||||
Service agreement fees payable | 101,148 | 89,964 | 93,775 | 84,556 | 90,983 | 252 | 23 | 73,411 | 4,644 | 177,437 | |||||||||||||||||||||||||||||||
Distribution fees payable | 271,507 | 254,150 | 33,148 | 55,119 | 45,862 | — | — | 26,677 | 1,495 | 115,442 | |||||||||||||||||||||||||||||||
Due to affiliates | 45,417 | 45,626 | 39,676 | 22,733 | 25,567 | 23,888 | 16,176 | 30,075 | 23,462 | 36,342 | |||||||||||||||||||||||||||||||
Overdraft payable | — | 75,744,750 | — | 3,109,563 | — | — | — | 1,533,493 | 2,363,407 | — | |||||||||||||||||||||||||||||||
Payable for collateral for securities loaned | 14,735,144 | 2,240,546 | — | — | 5,632,892 | — | 1,479,380 | 47,873,333 | 5,308,960 | 36,453,499 | |||||||||||||||||||||||||||||||
Payable for securities transactions | 45,506,527 | 43,215,664 | 826,315 | 4,740,778 | 1,063,190 | — | — | 9,360,382 | 2,356,710 | 49,113,042 | |||||||||||||||||||||||||||||||
Payable for Fund shares redeemed | 49,800,034 | 36,501,277 | 26,677,520 | 734,770 | 964,477 | 81,328,504 | 35,116,816 | 5,125,812 | 166,149 | 1,122,086 | |||||||||||||||||||||||||||||||
Written options◊ | 19,902,580 | 3,526,312 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Payable for variation margin on futures contracts | — | — | — | — | — | — | — | — | — | 1,396,500 | |||||||||||||||||||||||||||||||
Payable for trustee compensation | 464,107 | 323,588 | 470,162 | 170,740 | 403,830 | 191,171 | 176,504 | 261,062 | 20,246 | 259,225 | |||||||||||||||||||||||||||||||
Accrued expenses and other payables | 213,058 | 190,811 | 172,583 | 64,819 | 191,547 | 71,646 | 74,233 | 96,146 | 40,083 | 337,996 | |||||||||||||||||||||||||||||||
Total liabilities | 133,181,466 | 164,348,261 | 30,068,231 | 9,531,819 | 9,075,965 | 82,274,184 | 37,188,361 | 65,233,793 | 10,564,465 | 89,714,446 | |||||||||||||||||||||||||||||||
NET ASSETS | $ | 5,735,024,742 | $ | 6,092,205,837 | $ | 4,766,905,803 | $ | 1,367,187,212 | $ | 1,695,926,297 | $ | 1,518,689,535 | $ | 683,808,477 | $ | 2,324,596,627 | $ | 745,874,244 | $ | 5,324,143,958 | |||||||||||||||||||||
NET ASSETS CONSIST OF: | |||||||||||||||||||||||||||||||||||||||||
Paid-in-capital | $ | 3,003,468,641 | $ | 2,406,894,077 | $ | 4,184,965,306 | $ | 867,564,279 | $ | 1,714,042,756 | $ | 413,655,589 | $ | 489,090,728 | $ | 2,300,973,556 | $ | 661,684,045 | $ | 3,730,606,619 | |||||||||||||||||||||
Total distributable earnings (loss) | 2,731,556,101 | 3,685,311,760 | 581,940,497 | 499,622,933 | (18,116,459 | ) | 1,105,033,946 | 194,717,749 | 23,623,071 | 84,190,199 | 1,593,537,339 | ||||||||||||||||||||||||||||||
NET ASSETS | $ | 5,735,024,742 | $ | 6,092,205,837 | $ | 4,766,905,803 | $ | 1,367,187,212 | $ | 1,695,926,297 | $ | 1,518,689,535 | $ | 683,808,477 | $ | 2,324,596,627 | $ | 745,874,244 | $ | 5,324,143,958 | |||||||||||||||||||||
* | Includes securities loaned of | $ | 17,143,943 | $ | 10,186,997 | $ | — | $ | — | $ | 8,204,118 | $ | 349,496 | $ | 1,628,879 | $ | 68,254,134 | $ | 8,353,450 | $ | 50,154,476 | ||||||||||||||||||||
† | Portfolio investments, cost | $ | 3,345,424,291 | $ | 4,206,167,730 | $ | 4,119,398,032 | $ | 1,024,557,692 | $ | 1,628,851,785 | $ | 662,810,654 | $ | 546,619,830 | $ | 2,203,779,569 | $ | 678,894,198 | $ | 3,869,640,181 | ||||||||||||||||||||
^ | Foreign cash, cost | $ | — | $ | 3,364,984 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
◊ | Written options premiums | $ | 28,513,764 | $ | 1,220,870 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — |
82 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 83 |
Statements of assets and liabilities | continued |
TIAA-CREF Funds ■ October 31, 2020
Growth & Income Fund | Large-Cap Growth Fund | Large-Cap Value Fund | Mid-Cap Growth Fund | Mid-Cap Value Fund | Quant Large-Cap Growth Fund | Quant Large-Cap Value Fund | Quant Small-Cap Equity Fund | Quant Small/Mid-Cap Equity Fund | Social Choice Equity Fund | |||||||||||||||||||||||||||||||
INSTITUTIONAL CLASS: | ||||||||||||||||||||||||||||||||||||||||
Net assets | $ | 1,126,794,677 | $ | 1,606,750,975 | $ | 1,467,747,339 | $ | 721,712,159 | $ | 1,045,293,106 | $ | 113,665,621 | $ | 38,403,689 | $ | 1,150,062,498 | $ | 41,060,889 | $ | 3,961,520,152 | ||||||||||||||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 74,321,509 | 59,193,917 | 91,677,456 | 28,692,609 | 72,575,241 | 6,502,793 | 4,626,316 | 79,865,235 | 3,591,650 | 184,959,399 | ||||||||||||||||||||||||||||||
Net asset value per share | $ | 15.16 | $ | 27.14 | $ | 16.01 | $ | 25.15 | $ | 14.40 | $ | 17.48 | $ | 8.30 | $ | 14.40 | $ | 11.43 | $ | 21.42 | ||||||||||||||||||||
ADVISOR CLASS: | ||||||||||||||||||||||||||||||||||||||||
Net assets | $ | 2,701,315 | $ | 4,819,668 | $ | 256,531 | $ | 5,112,821 | $ | 445,704 | $ | 1,369,339 | $ | 112,582 | $ | 464,084 | $ | 1,702,327 | $ | 37,323,299 | ||||||||||||||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 178,070 | 177,697 | 16,038 | 203,356 | 30,997 | 78,252 | 13,544 | 32,246 | 148,644 | 1,744,640 | ||||||||||||||||||||||||||||||
Net asset value per share | $ | 15.17 | $ | 27.12 | $ | 15.99 | $ | 25.14 | $ | 14.38 | $ | 17.50 | $ | 8.31 | $ | 14.39 | $ | 11.45 | $ | 21.39 | ||||||||||||||||||||
PREMIER CLASS: | ||||||||||||||||||||||||||||||||||||||||
Net assets | $ | 25,804,972 | $ | 14,406,609 | $ | 69,390,947 | $ | 39,582,405 | $ | 68,186,676 | $ | — | $ | — | $ | 65,169,356 | $ | 114,901 | $ | 89,235,198 | ||||||||||||||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 1,699,233 | 531,524 | 4,345,745 | 1,585,948 | 4,746,001 | — | — | 4,558,874 | 10,000 | 4,185,716 | ||||||||||||||||||||||||||||||
Net asset value per share | $ | 15.19 | $ | 27.10 | $ | 15.97 | $ | 24.96 | $ | 14.37 | $ | — | $ | — | $ | 14.30 | $ | 11.49 | $ | 21.32 | ||||||||||||||||||||
RETIREMENT CLASS: | ||||||||||||||||||||||||||||||||||||||||
Net assets | $ | 452,343,408 | $ | 395,850,867 | $ | 423,110,219 | $ | 375,488,886 | $ | 413,497,030 | $ | — | $ | — | $ | 328,264,917 | $ | 21,007,980 | $ | 767,329,497 | ||||||||||||||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 29,239,673 | 14,699,481 | 26,555,385 | 15,512,507 | 28,958,453 | — | — | 23,549,368 | 1,846,354 | 35,287,260 | ||||||||||||||||||||||||||||||
Net asset value per share | $ | 15.47 | $ | 26.93 | $ | 15.93 | $ | 24.21 | $ | 14.28 | $ | — | $ | — | $ | 13.94 | $ | 11.38 | $ | 21.75 | ||||||||||||||||||||
RETAIL CLASS: | ||||||||||||||||||||||||||||||||||||||||
Net assets | $ | 1,212,620,044 | $ | 1,127,972,155 | $ | 108,092,800 | $ | 225,290,941 | $ | 168,503,781 | $ | — | $ | — | $ | 100,997,815 | $ | 6,757,277 | $ | 468,735,812 | ||||||||||||||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 57,355,995 | 41,729,473 | 7,098,639 | 9,327,245 | 12,153,958 | — | — | 7,344,653 | 595,088 | 24,820,684 | ||||||||||||||||||||||||||||||
Net asset value per share | $ | 21.14 | $ | 27.03 | $ | 15.23 | $ | 24.15 | $ | 13.86 | $ | — | $ | — | $ | 13.75 | $ | 11.36 | $ | 18.88 | ||||||||||||||||||||
CLASS W: | ||||||||||||||||||||||||||||||||||||||||
Net assets | $ | 2,914,760,326 | $ | 2,942,405,563 | $ | 2,698,307,967 | $ | — | $ | — | $ | 1,403,654,575 | $ | 645,292,206 | $ | 679,637,957 | $ | 675,230,870 | $ | — | ||||||||||||||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 192,244,956 | 108,028,213 | 167,961,432 | — | — | 80,083,382 | 77,647,773 | 47,084,694 | 58,828,684 | — | ||||||||||||||||||||||||||||||
Net asset value per share | $ | 15.16 | $ | 27.24 | $ | 16.07 | $ | — | $ | — | $ | 17.53 | $ | 8.31 | $ | 14.43 | $ | 11.48 | $ | — |
84 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 85 |
Statements of assets and liabilities | continued |
TIAA-CREF Funds ■ October 31, 2020
Social Choice Low Carbon Equity Fund | Emerging Markets Equity Fund | International Equity Fund | International Opportunities Fund | Quant International Equity Fund | Quant International Small-Cap Equity Fund | Social Choice International Equity Fund | |||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||
Portfolio investments, at value*† | $ | 440,053,814 | $ | 1,462,173,883 | $ | 4,749,342,107 | $ | 1,853,339,380 | $ | 899,441,582 | $ | 998,990,423 | $ | 513,741,976 | |||||||||||||||
Affiliated investments, at value‡ | — | 40,137,147 | — | — | — | — | — | ||||||||||||||||||||||
Cash | 331,573 | — | — | 9,267 | 4,987 | — | 609,883 | ||||||||||||||||||||||
Cash - foreign ^ | — | 83,138 | — | — | 27,081 | 870,572 | 35,384 | ||||||||||||||||||||||
Receivable from securities transactions | 1,076,837 | 165,849,237 | 76,540,866 | — | 155,461,527 | 33,828,865 | 34,471 | ||||||||||||||||||||||
Receivable from Fund shares sold | 1,167,884 | 171,487 | 10,664,214 | 398,772 | 31,915 | 785,213 | 1,042,281 | ||||||||||||||||||||||
Dividends and interest receivable | 504,069 | 3,528,697 | 21,383,842 | 2,298,132 | 9,926,992 | 2,782,351 | 1,630,048 | ||||||||||||||||||||||
Due from affiliates | — | 985,215 | 656,789 | 841,629 | 467,031 | 571,992 | — | ||||||||||||||||||||||
Other | 5,442 | 115,982 | 477,013 | 112,232 | 133,911 | 27,565 | 5,261 | ||||||||||||||||||||||
Total assets | 443,139,619 | 1,673,044,786 | 4,859,064,831 | 1,856,999,412 | 1,065,495,026 | 1,037,856,981 | 517,099,304 | ||||||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||||||||
Management fees payable | 94,998 | 1,269,426 | 1,820,103 | 952,898 | 499,402 | 569,714 | 134,740 | ||||||||||||||||||||||
Service agreement fees payable | 43,507 | 25,638 | 86,396 | 36,249 | 37 | 724 | 35,296 | ||||||||||||||||||||||
Distribution fees payable | 5,332 | 3,015 | 60,144 | 1,302 | — | 176 | 3,089 | ||||||||||||||||||||||
Due to affiliates | 31,368 | 27,466 | 38,097 | 27,899 | 18,720 | 24,645 | 40,249 | ||||||||||||||||||||||
Overdraft payable | — | 1,345,680 | 1,134,564 | — | — | 9,491,248 | — | ||||||||||||||||||||||
Payable for collateral for securities loaned | 1,335,897 | 5,729,592 | — | 38,061,707 | 13,274,829 | 21,536,550 | 2,947,647 | ||||||||||||||||||||||
Payable for securities transactions | — | 40,744,705 | 156,736,119 | — | 76,312,500 | 23,144,109 | 34,472 | ||||||||||||||||||||||
Payable for Fund shares redeemed | 2,653 | 9,325,999 | 4,255,189 | 1,745,324 | 42,628,175 | 1,353,913 | 171,188 | ||||||||||||||||||||||
Payable for variation margin on futures contracts | 440,935 | — | — | — | — | — | 179,031 | ||||||||||||||||||||||
Payable for trustee compensation | 4,994 | 86,682 | 396,849 | 80,806 | 132,029 | 26,572 | 4,288 | ||||||||||||||||||||||
Accrued expenses and other payables | 61,795 | 555,346 | 297,684 | 132,894 | 154,449 | 226,941 | 112,502 | ||||||||||||||||||||||
Total liabilities | 2,021,479 | 59,113,549 | 164,825,145 | 41,039,079 | 133,020,141 | 56,374,592 | 3,662,502 | ||||||||||||||||||||||
NET ASSETS | $ | 441,118,140 | $ | 1,613,931,237 | $ | 4,694,239,686 | $ | 1,815,960,333 | $ | 932,474,885 | $ | 981,482,389 | $ | 513,436,802 | |||||||||||||||
NET ASSETS CONSIST OF: | |||||||||||||||||||||||||||||
Paid-in-capital | $ | 372,072,743 | $ | 1,295,810,258 | $ | 4,733,700,945 | $ | 1,160,034,900 | $ | 1,004,256,919 | $ | 1,075,626,068 | $ | 512,836,568 | |||||||||||||||
Total distributable earnings (loss) | 69,045,397 | 318,120,979 | (39,461,259 | ) | 655,925,433 | (71,782,034 | ) | (94,143,679 | ) | 600,234 | |||||||||||||||||||
NET ASSETS | $ | 441,118,140 | $ | 1,613,931,237 | $ | 4,694,239,686 | $ | 1,815,960,333 | $ | 932,474,885 | $ | 981,482,389 | $ | 513,436,802 | |||||||||||||||
* | Includes securities loaned of | $ | 1,487,017 | $ | 26,074,607 | $ | — | $ | 86,761,246 | $ | 15,904,534 | $ | 49,007,083 | $ | 3,567,461 | ||||||||||||||
† | Portfolio investments, cost | $ | 379,061,403 | $ | 1,244,313,341 | $ | 4,489,132,037 | $ | 1,251,417,221 | $ | 823,433,648 | $ | 947,153,770 | $ | 513,974,693 | ||||||||||||||
‡ | Affiliated investments, cost | $ | — | $ | 61,885,730 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
^ | Foreign cash, cost | $ | — | $ | 82,996 | $ | — | $ | — | $ | 27,072 | $ | 870,549 | $ | 35,399 |
86 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 87 |
Statements of assets and liabilities | concluded |
TIAA-CREF Funds ■ October 31, 2020
Social Choice Low Carbon Equity Fund | Emerging Markets Equity Fund | International Equity Fund | International Opportunities Fund | Quant International Equity Fund | Quant International Small-Cap Equity Fund | Social Choice International Equity Fund | ||||||||||||||||||||||
INSTITUTIONAL CLASS: | ||||||||||||||||||||||||||||
Net assets | $ | 211,658,642 | $ | 283,657,500 | $ | 2,230,915,219 | $ | 120,667,974 | $ | 68,879,559 | $ | 54,223,051 | $ | 338,691,825 | ||||||||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 13,960,781 | 22,641,159 | 204,415,278 | 7,687,956 | 10,308,789 | 5,763,491 | 32,761,972 | |||||||||||||||||||||
Net asset value per share | $ | 15.16 | $ | 12.53 | $ | 10.91 | $ | 15.70 | $ | 6.68 | $ | 9.41 | $ | 10.34 | ||||||||||||||
ADVISOR CLASS: | ||||||||||||||||||||||||||||
Net assets | $ | 1,516,575 | $ | 179,440 | $ | 2,993,038 | $ | 4,059,672 | $ | 241,956 | $ | 68,820 | $ | 1,191,683 | ||||||||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 100,139 | 14,332 | 268,465 | 259,081 | 36,283 | 7,321 | 115,363 | |||||||||||||||||||||
Net asset value per share | $ | 15.14 | $ | 12.52 | $ | 11.15 | $ | 15.67 | $ | 6.67 | $ | 9.40 | $ | 10.33 | ||||||||||||||
PREMIER CLASS: | ||||||||||||||||||||||||||||
Net assets | $ | 3,253,309 | $ | 9,111,941 | $ | 80,569,448 | $ | 398,767 | $ | — | $ | 69,740 | $ | 437,997 | ||||||||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 214,314 | 727,041 | 7,400,868 | 25,374 | — | 7,327 | 42,375 | |||||||||||||||||||||
Net asset value per share | $ | 15.18 | $ | 12.53 | $ | 10.89 | $ | 15.72 | $ | — | $ | 9.52 | $ | 10.34 | ||||||||||||||
RETIREMENT CLASS: | ||||||||||||||||||||||||||||
Net assets | $ | 202,083,520 | $ | 118,191,438 | $ | 383,645,668 | $ | 158,189,613 | $ | — | $ | 3,258,742 | $ | 162,780,310 | ||||||||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 13,395,007 | 9,473,887 | 33,846,656 | 10,119,108 | — | 346,847 | 15,799,926 | |||||||||||||||||||||
Net asset value per share | $ | 15.09 | $ | 12.48 | $ | 11.33 | $ | 15.63 | $ | — | $ | 9.40 | $ | 10.30 | ||||||||||||||
RETAIL CLASS: | ||||||||||||||||||||||||||||
Net assets | $ | 22,606,094 | $ | 8,499,611 | $ | 223,405,881 | $ | 5,638,142 | $ | — | $ | 756,569 | $ | 10,334,987 | ||||||||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 1,497,907 | 680,570 | 32,558,053 | 360,319 | — | 80,439 | 1,003,555 | |||||||||||||||||||||
Net asset value per share | $ | 15.09 | $ | 12.49 | $ | 6.86 | $ | 15.65 | $ | — | $ | 9.41 | $ | 10.30 | ||||||||||||||
CLASS W: | ||||||||||||||||||||||||||||
Net assets | $ | — | $ | 1,194,291,307 | $ | 1,772,710,432 | $ | 1,527,006,165 | $ | 863,353,370 | $ | 923,105,467 | $ | — | ||||||||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | — | 94,609,332 | 161,776,235 | 96,772,944 | 128,768,203 | 97,559,411 | — | |||||||||||||||||||||
Net asset value per share | $ | — | $ | 12.62 | $ | 10.96 | $ | 15.78 | $ | 6.70 | $ | 9.46 | $ | — |
88 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 89 |
TIAA-CREF Funds ■ For the year ended October 31, 2020
Growth & Income Fund | Large-Cap Growth Fund | Large-Cap Value Fund | Mid-Cap Growth Fund | Mid-Cap Value Fund | Quant Large-Cap Growth Fund | Quant Large-Cap Value Fund | Quant Small-Cap Equity Fund | Quant Small/Mid-Cap Equity Fund | Social Choice Equity Fund | |||||||||||||||||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||||||||||||||||||||||
Dividends* | $ | 96,277,238 | $ | 44,185,463 | $ | 120,886,696 | $ | 5,558,573 | $ | 40,730,509 | $ | 33,160,989 | $ | 34,627,969 | $ | 23,486,972 | $ | 8,607,176 | $ | 81,904,583 | ||||||||||||||||||||
Payment from affiliate | 911,939 | 860,699 | 738,237 | 185,552 | 325,895 | — | — | — | — | — | ||||||||||||||||||||||||||||||
Income from securities lending | 478,521 | 34,218 | 637 | 154,017 | 265,624 | 22,773 | 36,332 | 1,476,640 | 324,620 | 440,784 | ||||||||||||||||||||||||||||||
Interest | 204,914 | 294,154 | 129,589 | 101,101 | 107,324 | 51,616 | 22,909 | 303,134 | 9,796 | 145,630 | ||||||||||||||||||||||||||||||
Total income | 97,872,612 | 45,374,534 | 121,755,159 | 5,999,243 | 41,429,352 | 33,235,378 | 34,687,210 | 25,266,746 | 8,941,592 | 82,490,997 | ||||||||||||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||||||||||||||||
Management fees | 24,987,087 | 24,055,777 | 20,534,990 | 5,973,654 | 9,283,452 | 8,883,823 | 4,518,662 | 9,975,766 | 2,966,517 | 7,321,854 | ||||||||||||||||||||||||||||||
Shareholder servicing – Institutional Class | 1,746 | 3,923 | 1,530 | 1,651 | 3,033 | 5,033 | 330 | 2,818 | 295 | 8,852 | ||||||||||||||||||||||||||||||
Shareholder servicing – Advisor Class | 1,957 | 2,640 | 142 | 897 | 549 | 1,178 | 308 | 472 | 916 | 24,459 | ||||||||||||||||||||||||||||||
Shareholder servicing – Premier Class | 83 | 63 | 87 | 77 | 104 | — | — | 90 | 36 | 6,138 | ||||||||||||||||||||||||||||||
Shareholder servicing – Retirement Class | 1,166,424 | 874,775 | 1,201,626 | 874,225 | 1,188,721 | — | — | 899,548 | 40,143 | 1,781,027 | ||||||||||||||||||||||||||||||
Shareholder servicing – Retail Class | 476,089 | 466,164 | 75,930 | 102,726 | 144,790 | — | — | 70,674 | 8,334 | 123,686 | ||||||||||||||||||||||||||||||
Shareholder servicing – Class W | 2,263 | 2,363 | 1,894 | — | — | 1,940 | 1,070 | 853 | 793 | — | ||||||||||||||||||||||||||||||
Distribution fees – Premier Class | 52,603 | 26,710 | 140,196 | 67,339 | 133,247 | — | — | 126,721 | 168 | 135,353 | ||||||||||||||||||||||||||||||
Distribution fees – Retail Class | 2,971,706 | 2,520,436 | 294,416 | 509,823 | 477,623 | — | — | 271,325 | 15,259 | 1,147,350 | ||||||||||||||||||||||||||||||
Administrative service fees | 139,559 | 136,856 | 123,654 | 69,925 | 81,025 | 72,046 | 50,325 | 93,067 | 72,405 | 111,756 | ||||||||||||||||||||||||||||||
Custody and accounting fees | 108,139 | 87,632 | 58,429 | 32,880 | 33,975 | 45,273 | 50,430 | 62,589 | 31,610 | 52,892 | ||||||||||||||||||||||||||||||
Registration fees | 102,071 | 115,794 | 105,198 | 77,389 | 78,133 | 48,257 | 45,187 | 79,351 | 83,346 | 128,387 | ||||||||||||||||||||||||||||||
Trustee fees and expenses | 81,370 | 76,824 | 66,039 | 16,880 | 29,247 | 38,529 | 19,094 | 32,001 | 8,330 | 61,227 | ||||||||||||||||||||||||||||||
Other expenses | 260,843 | 287,663 | 277,627 | 118,994 | 334,629 | 155,162 | 308,216 | 166,309 | 87,783 | 1,115,683 | ||||||||||||||||||||||||||||||
Total expenses | 30,351,940 | 28,657,620 | 22,881,758 | 7,846,460 | 11,788,528 | 9,251,241 | 4,993,622 | 11,781,584 | 3,315,935 | 12,018,664 | ||||||||||||||||||||||||||||||
Less: Expenses reimbursed by the investment adviser | (13,662,192 | ) | (12,907,857 | ) | (11,254,160 | ) | — | — | (8,593,919 | ) | (4,201,701 | ) | (2,662,075 | ) | (2,927,545 | ) | — | |||||||||||||||||||||||
Fee waiver by investment adviser and Nuveen Securities | (157,852 | ) | (304,949 | ) | (642,623 | ) | — | (548,014 | ) | — | (345,826 | ) | (612,229 | ) | — | (382,683 | ) | |||||||||||||||||||||||
Net expenses | 16,531,896 | 15,444,814 | 10,984,975 | 7,846,460 | 11,240,514 | 657,322 | 446,095 | 8,507,280 | 388,390 | 11,635,981 | ||||||||||||||||||||||||||||||
Net investment income (loss) | 81,340,716 | 29,929,720 | 110,770,184 | (1,847,217 | ) | 30,188,838 | 32,578,056 | 34,241,115 | 16,759,466 | 8,553,202 | 70,855,016 | |||||||||||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS | ||||||||||||||||||||||||||||||||||||||||
Realized gain (loss): | ||||||||||||||||||||||||||||||||||||||||
Portfolio investments‡ | 341,185,961 | 1,933,755,889 | (95,177,020 | ) | 194,019,454 | (81,186,334 | ) | 882,274,071 | 128,529,963 | (137,326,650 | ) | 7,878,185 | 11,378,320 | |||||||||||||||||||||||||||
Purchased options | 2,689,187 | 124,200 | — | (3,063,577 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Written options | (13,885,645 | ) | 133,937 | — | 1,440,673 | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Futures contracts | — | — | — | — | — | — | (148,184 | ) | (8,688,847 | ) | — | (1,387,013 | ) | |||||||||||||||||||||||||||
Foreign currency transactions | (21,662 | ) | (129,024 | ) | 9 | (23,282 | ) | (1,513 | ) | — | — | — | — | — | ||||||||||||||||||||||||||
Net realized gain (loss) on total investments | 329,967,841 | 1,933,885,002 | (95,177,011 | ) | 192,373,268 | (81,187,847 | ) | 882,274,071 | 128,381,779 | (146,015,497 | ) | 7,878,185 | 9,991,307 | |||||||||||||||||||||||||||
Change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||||||||||||||||||
Portfolio investments | 278,064,070 | (219,452,311 | ) | (360,504,331 | ) | 103,954,643 | (333,446,349 | ) | (118,243,340 | ) | (220,077,175 | ) | (36,939,555 | ) | (25,201,059 | ) | 384,976,895 | |||||||||||||||||||||||
Purchased options | (115,068 | ) | — | — | 990,196 | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Written options | 4,470,548 | (2,305,442 | ) | — | (1,036,480 | ) | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Futures contracts | — | — | — | — | — | — | — | (344,028 | ) | — | (1,736,446 | ) | ||||||||||||||||||||||||||||
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies | 16,494 | (4,564 | ) | 3,833 | 33 | 733 | — | — | — | — | — | |||||||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments | 282,436,044 | (221,762,317 | ) | (360,500,498 | ) | 103,908,392 | (333,445,616 | ) | (118,243,340 | ) | (220,077,175 | ) | (37,283,583 | ) | (25,201,059 | ) | 383,240,449 | |||||||||||||||||||||||
Net realized and unrealized gain (loss) on total investments | 612,403,885 | 1,712,122,685 | (455,677,509 | ) | 296,281,660 | (414,633,463 | ) | 764,030,731 | (91,695,396 | ) | (183,299,080 | ) | (17,322,874 | ) | 393,231,756 | |||||||||||||||||||||||||
Net increase (decrease) in net assets from operations | $ | 693,744,601 | $ | 1,742,052,405 | $ | (344,907,325 | ) | $ | 294,434,443 | $ | (384,444,625 | ) | $ | 796,608,787 | $ | (57,454,281 | ) | $ | (166,539,614 | ) | $ | (8,769,672 | ) | $ | 464,086,772 | |||||||||||||||
* Net of foreign withholding taxes of | $ | 351,981 | $ | 305,988 | $ | 83,297 | $ | 50,117 | $ | (34,919 | ) | $ | — | $ | 3,343 | $ | 63,118 | $ | 19,165 | $ | 4,322 | |||||||||||||||||||
‡ Includes net realized gain (loss) from securities sold to affiliates of | $ | 6,435,851 | $ | 389,928,910 | $ | 3,367,187 | $ | 2,497,566 | $ | 6,701,016 | $ | 189,964,568 | $ | 9,179,855 | $ | (669,413 | ) | $ | (507,296 | ) | $ | 3,828,929 |
90 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 91 |
Statements of operations | concluded |
TIAA-CREF Funds ■ For the year ended October 31, 2020
Social Choice Low Carbon Equity Fund | Emerging Markets Equity Fund | International Equity Fund | International Opportunities Fund | Quant International Equity Fund | Quant International Small-Cap Equity Fund | Social Choice International Equity Fund | ||||||||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||||||||||
Dividends* | $ | 5,295,339 | $ | 22,987,723 | $ | 97,528,110 | $ | 17,388,460 | $ | 51,203,394 | $ | 25,171,724 | $ | 10,380,429 | ||||||||||||||
Dividends from affiliated investments | — | 750,557 | — | — | — | — | — | |||||||||||||||||||||
Payment from affiliate | — | 297,666 | 823,454 | 317,432 | — | — | — | |||||||||||||||||||||
Income from securities lending | 19,618 | 173,660 | 273,373 | 1,986,098 | 303,385 | 929,342 | 60,866 | |||||||||||||||||||||
Interest | 25,132 | 536,666 | 719,005 | 497,641 | 60,607 | 57,501 | 33,878 | |||||||||||||||||||||
Total income | 5,340,089 | 24,746,272 | 99,343,942 | 20,189,631 | 51,567,386 | 26,158,567 | 10,475,173 | |||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||||
Management fees | 786,347 | 14,107,926 | 20,593,138 | 10,421,666 | 7,123,617 | 6,225,492 | 1,211,493 | |||||||||||||||||||||
Shareholder servicing – Institutional Class | 301 | 576 | 4,804 | 388 | 597 | 261 | 550 | |||||||||||||||||||||
Shareholder servicing – Advisor Class | 1,297 | 313 | 2,981 | 4,038 | 269 | 36 | 1,394 | |||||||||||||||||||||
Shareholder servicing – Premier Class | 45 | 43 | 108 | 41 | — | 34 | 50 | |||||||||||||||||||||
Shareholder servicing – Retirement Class | 359,271 | 305,283 | 1,018,866 | 400,580 | — | 8,509 | 276,540 | |||||||||||||||||||||
Shareholder servicing – Retail Class | 11,498 | 11,870 | 215,668 | 6,464 | — | 3,627 | 6,780 | |||||||||||||||||||||
Shareholder servicing – Class W | — | 1,186 | 1,149 | 1,295 | 1,322 | 942 | — | |||||||||||||||||||||
Distribution fees – Premier Class | 3,444 | 12,171 | 155,124 | 1,024 | — | 103 | 1,475 | |||||||||||||||||||||
Distribution fees – Retail Class | 47,698 | 22,014 | 570,320 | 11,147 | — | 1,885 | 26,274 | |||||||||||||||||||||
Administrative service fees | 58,411 | 84,281 | 118,089 | 85,852 | 58,702 | 75,982 | 59,744 | |||||||||||||||||||||
Custody and accounting fees | 33,244 | 381,540 | 275,651 | 131,959 | 162,264 | 250,407 | 113,913 | |||||||||||||||||||||
Registration fees | 80,792 | 84,565 | 116,408 | 86,016 | 45,916 | 79,151 | 89,329 | |||||||||||||||||||||
Trustee fees and expenses | 3,631 | 21,279 | 58,216 | 22,647 | 25,002 | 12,176 | 4,734 | |||||||||||||||||||||
Other expenses | 136,696 | 154,372 | 304,634 | 134,859 | 146,662 | 155,642 | 173,337 | |||||||||||||||||||||
Total expenses | 1,522,675 | 15,187,419 | 23,435,156 | 11,307,976 | 7,564,351 | 6,814,247 | 1,965,613 | |||||||||||||||||||||
Less: Expenses reimbursed by the investment adviser | (90,112 | ) | (11,366,661 | ) | (7,063,423 | ) | (9,325,564 | ) | (7,019,035 | ) | (5,915,059 | ) | (35,690 | ) | ||||||||||||||
Fee waiver by investment adviser and Nuveen Securities | — | — | — | — | — | (479,144 | ) | — | ||||||||||||||||||||
Net expenses | 1,432,563 | 3,820,758 | 16,371,733 | 1,982,412 | 545,316 | 420,044 | 1,929,923 | |||||||||||||||||||||
Net investment income (loss) | 3,907,526 | 20,925,514 | 82,972,209 | 18,207,219 | 51,022,070 | 25,738,523 | 8,545,250 | |||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS | ||||||||||||||||||||||||||||
Realized gain (loss): | ||||||||||||||||||||||||||||
Portfolio investments‡ | 6,114,954 | 145,299,563 | 61,942,989 | 105,727,193 | (61,480,799 | ) | (38,787,319 | ) | (3,339,626 | ) | ||||||||||||||||||
Affiliated investments | — | (1,113,594 | ) | — | — | — | — | — | ||||||||||||||||||||
Purchased options | — | (1,703,219 | ) | — | — | — | — | — | ||||||||||||||||||||
Written options | — | 3,008,331 | — | — | — | — | — | |||||||||||||||||||||
Futures contracts | 51,178 | — | — | — | — | — | (1,716,738 | ) | ||||||||||||||||||||
Foreign currency transactions | — | (2,636,060 | ) | (3,588,188 | ) | (540,780 | ) | (318,082 | ) | (346,252 | ) | 43,872 | ||||||||||||||||
Net realized gain (loss) on total investments | 6,166,132 | 142,855,021 | 58,354,801 | 105,186,413 | (61,798,881 | ) | (39,133,571 | ) | (5,012,492 | ) | ||||||||||||||||||
Change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||||||
Portfolio investments** | 30,354,419 | 82,953,971 | (132,350,055 | ) | 186,894,692 | (120,391,029 | ) | (19,380,958 | ) | (14,080,462 | ) | |||||||||||||||||
Affiliated investments | — | (28,077,995 | ) | — | — | — | — | — | ||||||||||||||||||||
Purchased options | — | (71,379 | ) | — | — | — | — | — | ||||||||||||||||||||
Written options | — | (175,679 | ) | — | — | — | — | — | ||||||||||||||||||||
Futures contracts | (461,163 | ) | — | — | — | — | — | (182,052 | ) | |||||||||||||||||||
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies | — | (279,610 | ) | 365,309 | 71,549 | 289,510 | 30,368 | 27,262 | ||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments | 29,893,256 | 54,349,308 | (131,984,746 | ) | 186,966,241 | (120,101,519 | ) | (19,350,590 | ) | (14,235,252 | ) | |||||||||||||||||
Net realized and unrealized gain (loss) on total investments | 36,059,388 | 197,204,329 | (73,629,945 | ) | 292,152,654 | (181,900,400 | ) | (58,484,161 | ) | (19,247,744 | ) | |||||||||||||||||
Net increase (decrease) in net assets from operations | $ | 39,966,914 | $ | 218,129,843 | $ | 9,342,264 | $ | 310,359,873 | $ | (130,878,330 | ) | $ | (32,745,638 | ) | $ | (10,702,494 | ) | |||||||||||
* Net of foreign withholding taxes of | $ | 731 | $ | 3,299,353 | $ | 8,106,645 | $ | 2,216,384 | $ | 4,598,252 | $ | 2,889,790 | $ | 972,375 | ||||||||||||||
‡ Includes net realized gain (loss) from securities sold to affiliates of | $ | 432,336 | $ | (462,514 | ) | $ | (5,105,544 | ) | $ | 1,288,541 | $ | 1,166,849 | $ | 686,241 | $ | (367,949 | ) | |||||||||||
** Includes net change in unrealized foreign capital gains taxes of | $ | — | $ | 289,770 | $ | — | $ | 443,254 | $ | — | $ | — | $ | — |
92 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 93 |
Statements of changes in net assets
TIAA-CREF Funds ■ For the year ended
Growth & Income Fund | Large-Cap Growth Fund | Large-Cap Value Fund | Mid-Cap Growth Fund | Mid-Cap Value Fund | Quant Large-Cap Growth Fund | |||||||||||||||||||||||||||||||||||||||||||||
October 31, | October 31, | October 31, | October 31, | October 31, | October 31, | October 31, | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 81,340,716 | $ | 107,265,531 | $ | 29,929,720 | $ | 37,119,971 | $ | 110,770,184 | $ | 131,127,532 | $ | (1,847,217 | ) | $ | 1,283,696 | $ | 30,188,838 | $ | 65,880,205 | $ | 32,578,056 | $ | 39,040,233 | |||||||||||||||||||||||||
Net realized gain (loss) on total investments | 329,967,841 | 332,090,427 | 1,933,885,002 | 250,902,222 | (95,177,011 | ) | 14,532,355 | 192,373,268 | 153,961,882 | (81,187,847 | ) | 503,270,693 | 882,274,071 | 160,845,834 | ||||||||||||||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on total investments | 282,436,044 | 265,258,196 | (221,762,317 | ) | 424,851,755 | (360,500,498 | ) | 449,893,389 | 103,908,392 | 51,209,849 | (333,445,616 | ) | (354,588,542 | ) | (118,243,340 | ) | 168,334,647 | |||||||||||||||||||||||||||||||||
Net increase (decrease) in net assets from operations | 693,744,601 | 704,614,154 | 1,742,052,405 | 712,873,948 | (344,907,325 | ) | 595,553,276 | 294,434,443 | 206,455,427 | (384,444,625 | ) | 214,562,356 | 796,608,787 | 368,220,714 | ||||||||||||||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | (90,187,214 | ) | (138,360,955 | ) | (59,458,798 | ) | (130,397,085 | ) | (38,755,194 | ) | (247,598,799 | ) | (80,335,148 | ) | (101,932,287 | ) | (337,686,068 | ) | (323,369,024 | ) | (12,286,058 | ) | (13,125,271 | ) | ||||||||||||||||||||||||||
Advisor Class | (137,212 | ) | (107,915 | ) | (129,148 | ) | (930,419 | ) | (4,294 | ) | (19,754 | ) | (22,522 | ) | (21,699 | ) | (164,800 | ) | (93,193 | ) | (88,850 | ) | (125,789 | ) | ||||||||||||||||||||||||||
Premier Class | (2,740,056 | ) | (10,764,573 | ) | (850,923 | ) | (2,205,073 | ) | (2,491,295 | ) | (20,780,623 | ) | (5,427,327 | ) | (9,514,805 | ) | (21,311,997 | ) | (28,793,288 | ) | — | — | ||||||||||||||||||||||||||||
Retirement Class | (30,407,664 | ) | (43,138,705 | ) | (12,895,313 | ) | (39,209,332 | ) | (10,640,127 | ) | (73,663,714 | ) | (37,939,320 | ) | (47,065,424 | ) | (105,807,299 | ) | (99,023,544 | ) | — | — | ||||||||||||||||||||||||||||
Retail Class | (54,350,956 | ) | (69,520,975 | ) | (37,462,033 | ) | (104,022,118 | ) | (2,571,729 | ) | (20,003,030 | ) | (21,438,004 | ) | (24,618,704 | ) | (43,383,144 | ) | (37,639,603 | ) | — | — | ||||||||||||||||||||||||||||
Class W | (233,832,649 | ) | (272,252,422 | ) | (148,119,014 | ) | (309,434,286 | ) | (73,355,148 | ) | (289,089,025 | ) | — | — | — | — | (175,681,423 | ) | (196,129,076 | ) | ||||||||||||||||||||||||||||||
Total distributions | (411,655,751 | ) | (534,145,545 | ) | (258,915,229 | ) | (586,198,313 | ) | (127,817,787 | ) | (651,154,945 | ) | (145,162,321 | ) | (183,152,919 | ) | (508,353,308 | ) | (488,918,652 | ) | (188,056,331 | ) | (209,380,136 | ) | ||||||||||||||||||||||||||
SHAREHOLDER TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||||||||||||||
Subscriptions: | Institutional Class | 115,589,909 | 189,838,976 | 312,699,882 | 350,011,542 | 171,995,022 | 193,609,947 | 60,162,075 | 83,512,743 | 130,510,745 | 76,232,206 | 27,401,010 | 81,092,104 | |||||||||||||||||||||||||||||||||||||
Advisor Class | 834,046 | 1,963,227 | 2,240,767 | 4,298,275 | 102,500 | 67,491 | 4,781,260 | 56,388 | 72,930 | 816,791 | 220,349 | 349,289 | ||||||||||||||||||||||||||||||||||||||
Premier Class | 1,419,729 | 6,230,297 | 6,545,943 | 5,519,961 | 3,653,888 | 3,019,512 | 7,525,232 | 7,076,253 | 4,852,190 | 7,772,387 | — | — | ||||||||||||||||||||||||||||||||||||||
Retirement Class | 9,953,510 | 8,383,256 | 76,133,475 | 37,360,082 | 6,513,918 | 1,278,751 | 19,963,314 | 26,425,305 | 13,579,801 | 6,850,391 | — | — | ||||||||||||||||||||||||||||||||||||||
Retail Class | 33,192,257 | 34,807,197 | 70,004,884 | 100,043,010 | 6,218,826 | 67,487,676 | 14,012,563 | 20,194,596 | 12,195,194 | 33,373,442 | — | — | ||||||||||||||||||||||||||||||||||||||
Class W | 392,152,562 | 431,487,050 | 317,943,280 | 473,260,764 | 715,364,513 | 346,338,915 | — | — | — | — | 254,019,285 | 354,708,181 | ||||||||||||||||||||||||||||||||||||||
Reinvestments of distributions: | Institutional Class | 72,872,260 | 116,548,018 | 55,700,498 | 122,187,515 | 38,553,955 | 245,407,620 | 80,291,402 | 101,855,373 | 334,665,335 | 319,212,986 | 12,141,794 | 12,995,915 | |||||||||||||||||||||||||||||||||||||
Advisor Class | 125,265 | 86,096 | 122,626 | 912,705 | 1,896 | 5,332 | 10,262 | 6,140 | 146,334 | 71,961 | 80,185 | 115,040 | ||||||||||||||||||||||||||||||||||||||
Premier Class | 2,740,056 | 10,764,573 | 850,923 | 2,205,073 | 2,491,250 | 20,780,623 | 5,427,327 | 9,514,805 | 21,311,997 | 28,793,288 | — | — | ||||||||||||||||||||||||||||||||||||||
Retirement Class | 30,407,485 | 43,138,657 | 12,849,316 | 39,086,497 | 10,639,371 | 73,657,470 | 37,939,320 | 47,065,424 | 105,799,497 | 99,016,949 | — | — | ||||||||||||||||||||||||||||||||||||||
Retail Class | 52,271,670 | 66,944,622 | 36,075,177 | 100,723,450 | 2,441,536 | 19,439,505 | 20,939,726 | 24,009,024 | 41,874,195 | 36,409,837 | — | — | ||||||||||||||||||||||||||||||||||||||
Class W | 172,049,045 | 219,604,226 | 148,119,014 | 309,434,286 | 73,355,148 | 289,089,025 | — | — | — | — | 175,681,423 | 196,129,076 | ||||||||||||||||||||||||||||||||||||||
Redemptions: | Institutional Class | (498,046,878 | ) | (604,936,372 | ) | (460,990,116 | ) | (285,806,095 | ) | (507,628,529 | ) | (907,796,470 | ) | (259,001,371 | ) | (199,578,954 | ) | (708,695,941 | ) | (651,214,788 | ) | (163,441,790 | ) | (67,388,506 | ) | |||||||||||||||||||||||||
Advisor Class | (442,634 | ) | (527,411 | ) | (1,353,097 | ) | (9,350,658 | ) | (2,864 | ) | (53,258 | ) | (63,372 | ) | (14,157 | ) | (367,723 | ) | (344,759 | ) | (549,309 | ) | (625,390 | ) | ||||||||||||||||||||||||||
Premier Class | (22,471,952 | ) | (105,700,521 | ) | (16,804,954 | ) | (7,470,278 | ) | (56,042,234 | ) | (96,534,178 | ) | (29,799,247 | ) | (36,458,232 | ) | (44,530,024 | ) | (101,722,743 | ) | — | — | ||||||||||||||||||||||||||||
Retirement Class | (99,542,880 | ) | (115,502,476 | ) | (84,436,426 | ) | (111,670,715 | ) | (121,179,790 | ) | (228,283,502 | ) | (73,976,529 | ) | (79,034,708 | ) | (110,286,394 | ) | (174,224,873 | ) | — | — | ||||||||||||||||||||||||||||
Retail Class | (131,988,268 | ) | (113,841,166 | ) | (208,959,097 | ) | (212,718,551 | ) | (20,015,839 | ) | (71,612,172 | ) | (33,592,750 | ) | (28,063,116 | ) | (41,128,534 | ) | (57,409,375 | ) | — | — | ||||||||||||||||||||||||||||
Class W | (1,194,519,163 | ) | (408,906,383 | ) | (1,365,252,961 | ) | (486,987,700 | ) | (752,980,610 | ) | (458,465,085 | ) | — | — | — | — | (2,272,017,800 | ) | (386,172,804 | ) | ||||||||||||||||||||||||||||||
Net increase (decrease) from shareholder transactions | (1,063,403,981 | ) | (219,618,134 | ) | (1,098,510,866 | ) | 431,039,163 | (426,518,043 | ) | (502,562,798 | ) | (145,380,788 | ) | (23,433,116 | ) | (240,000,398 | ) | (376,366,300 | ) | (1,966,464,853 | ) | 191,202,905 | ||||||||||||||||||||||||||||
Net increase (decrease) in net assets | (781,315,131 | ) | (49,149,525 | ) | 384,626,310 | 557,714,798 | (899,243,155 | ) | (558,164,467 | ) | 3,891,334 | (130,608 | ) | (1,132,798,331 | ) | (650,722,596 | ) | (1,357,912,397 | ) | 350,043,483 | ||||||||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning of period | 6,516,339,873 | 6,565,489,398 | 5,707,579,527 | 5,149,864,729 | 5,666,148,958 | 6,224,313,425 | 1,363,295,878 | 1,363,426,486 | 2,828,724,628 | 3,479,447,224 | 2,876,601,932 | 2,526,558,449 | ||||||||||||||||||||||||||||||||||||||
End of period | $ | 5,735,024,742 | $ | 6,516,339,873 | $ | 6,092,205,837 | $ | 5,707,579,527 | $ | 4,766,905,803 | $ | 5,666,148,958 | $ | 1,367,187,212 | $ | 1,363,295,878 | $ | 1,695,926,297 | $ | 2,828,724,628 | $ | 1,518,689,535 | $ | 2,876,601,932 | ||||||||||||||||||||||||||
CHANGE IN FUND SHARES | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shares sold: | Institutional Class | 8,382,883 | 13,910,970 | 13,451,128 | 17,286,992 | 11,087,888 | 11,933,580 | 2,808,955 | 3,855,707 | 10,085,475 | 3,900,318 | 1,841,390 | 5,924,425 | |||||||||||||||||||||||||||||||||||||
Advisor Class | 59,801 | 142,654 | 91,080 | 213,229 | 5,822 | 3,982 | 196,466 | 2,723 | 4,366 | 40,361 | 13,966 | 24,198 | ||||||||||||||||||||||||||||||||||||||
Premier Class | 97,983 | 446,703 | 275,119 | 270,596 | 225,945 | 184,619 | 350,397 | 323,249 | 334,363 | 387,024 | — | — | ||||||||||||||||||||||||||||||||||||||
Retirement Class | 689,661 | 585,188 | 3,206,462 | 1,835,948 | 398,421 | 76,277 | 927,648 | 1,264,561 | 942,549 | 347,452 | — | — | ||||||||||||||||||||||||||||||||||||||
Retail Class | 1,694,526 | 1,856,594 | 2,934,816 | 4,895,046 | 410,760 | 3,900,993 | 677,212 | 971,805 | 767,297 | 1,596,225 | — | — | ||||||||||||||||||||||||||||||||||||||
Class W | 29,674,980 | 32,231,031 | 14,502,962 | 23,978,093 | 46,609,406 | 21,607,368 | — | — | — | — | 17,993,172 | 26,842,491 | ||||||||||||||||||||||||||||||||||||||
Shares reinvested: | Institutional Class | 5,154,374 | 9,065,793 | 2,642,339 | 6,706,230 | 2,150,248 | 15,873,714 | 3,852,754 | 5,487,897 | 19,277,957 | 17,282,782 | 839,681 | 1,041,340 | |||||||||||||||||||||||||||||||||||||
Advisor Class | 8,886 | 6,650 | 5,817 | 50,149 | 106 | 345 | 493 | 331 | 8,434 | 3,898 | 5,538 | 9,203 | ||||||||||||||||||||||||||||||||||||||
Premier Class | 193,849 | 837,009 | 40,366 | 121,025 | 139,098 | 1,346,768 | 262,190 | 515,707 | 1,229,066 | 1,561,458 | — | — | ||||||||||||||||||||||||||||||||||||||
Retirement Class | 2,108,792 | 3,292,522 | 613,040 | 2,157,091 | 594,711 | 4,776,749 | 1,887,528 | 2,617,654 | 6,133,304 | 5,390,144 | — | — | ||||||||||||||||||||||||||||||||||||||
Retail Class | 2,653,304 | 3,815,565 | 1,713,785 | 5,537,298 | 142,780 | 1,317,040 | 1,043,855 | 1,336,805 | 2,498,460 | 2,029,534 | — | — | ||||||||||||||||||||||||||||||||||||||
Class W | 12,006,214 | 17,223,861 | 7,026,518 | 16,992,547 | 4,091,196 | 18,711,264 | — | — | — | — | 12,149,476 | 15,715,471 | ||||||||||||||||||||||||||||||||||||||
Shares redeemed: | Institutional Class | (35,575,357 | ) | (43,548,453 | ) | (19,103,946 | ) | (14,181,926 | ) | (30,289,793 | ) | (54,123,827 | ) | (12,234,975 | ) | (9,137,074 | ) | (49,053,484 | ) | (32,590,935 | ) | (9,946,084 | ) | (4,870,255 | ) | |||||||||||||||||||||||||
Advisor Class | (32,375 | ) | (37,789 | ) | (59,066 | ) | (464,863 | ) | (159 | ) | (3,553 | ) | (3,224 | ) | (633 | ) | (24,952 | ) | (17,796 | ) | (36,408 | ) | (47,003 | ) | ||||||||||||||||||||||||||
Premier Class | (1,617,829 | ) | (7,430,387 | ) | (710,896 | ) | (365,312 | ) | (3,434,585 | ) | (5,786,266 | ) | (1,394,313 | ) | (1,700,911 | ) | (2,926,560 | ) | (5,164,985 | ) | — | — | ||||||||||||||||||||||||||||
Retirement Class | (6,913,801 | ) | (8,225,684 | ) | (3,682,402 | ) | (5,561,576 | ) | (7,383,975 | ) | (13,854,019 | ) | (3,644,601 | ) | (3,842,246 | ) | (7,306,845 | ) | (8,910,939 | ) | — | — | ||||||||||||||||||||||||||||
Retail Class | (6,875,813 | ) | (6,012,716 | ) | (9,390,272 | ) | (10,237,311 | ) | (1,312,926 | ) | (4,943,743 | ) | (1,669,409 | ) | (1,358,325 | ) | (2,799,547 | ) | (3,138,075 | ) | — | — | ||||||||||||||||||||||||||||
Class W | (79,264,097 | ) | (29,157,258 | ) | (55,336,058 | ) | (23,792,763 | ) | (46,255,477 | ) | (27,277,468 | ) | — | — | — | — | (130,418,832 | ) | (27,582,071 | ) | ||||||||||||||||||||||||||||||
Net increase (decrease) from shareholder transactions | (67,554,019 | ) | (10,997,747 | ) | (41,779,208 | ) | 25,440,493 | (22,820,534 | ) | (26,256,177 | ) | (6,939,024 | ) | 337,250 | (20,830,117 | ) | (17,283,534 | ) | (107,558,101 | ) | 17,057,799 |
94 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 95 |
Statements of changes in net assets | continued |
TIAA-CREF Funds ■ For the year ended
Quant Large-Cap Value Fund | Quant Small-Cap Equity Fund | Quant Small/Mid-Cap Equity Fund | Social Choice Equity Fund | Social Choice Low Carbon Equity Fund | Emerging Markets Equity Fund | |||||||||||||||||||||||||||||||||||||||||||||
October 31, | October 31, | October 31, | October 31, | October 31, | October 31, | October 31, | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 34,241,115 | $ | 72,932,058 | $ | 16,759,466 | $ | 32,753,613 | $ | 8,553,202 | $ | 9,407,867 | $ | 70,855,016 | $ | 73,443,688 | $ | 3,907,526 | $ | 2,611,636 | $ | 20,925,514 | $ | 36,055,899 | ||||||||||||||||||||||||||
Net realized gain (loss) on total investments | 128,381,779 | 131,863,565 | (146,015,497 | ) | 125,309,746 | 7,878,185 | 35,186,504 | 9,991,307 | 164,468,548 | 6,166,132 | 3,340,166 | 142,855,021 | (17,956,702 | ) | ||||||||||||||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on total investments | (220,077,175 | ) | 16,956,770 | (37,283,583 | ) | 20,841,403 | (25,201,059 | ) | 34,124,912 | 383,240,449 | 361,799,925 | 29,893,256 | 19,962,218 | 54,349,308 | 272,923,951 | |||||||||||||||||||||||||||||||||||
Net increase (decrease) in net assets from operations | (57,454,281 | ) | 221,752,393 | (166,539,614 | ) | 178,904,762 | (8,769,672 | ) | 78,719,283 | 464,086,772 | 599,712,161 | 39,966,914 | 25,914,020 | 218,129,843 | 291,023,148 | |||||||||||||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | (9,655,698 | ) | (5,228,638 | ) | (77,018,388 | ) | (262,009,468 | ) | (2,489,336 | ) | (3,611,032 | ) | (168,531,817 | ) | (225,939,893 | ) | (2,848,127 | ) | (4,275,876 | ) | (3,989,002 | ) | (10,505,536 | ) | ||||||||||||||||||||||||||
Advisor Class | (57,946 | ) | (282,092 | ) | (39,401 | ) | (414,357 | ) | (19,288 | ) | (189,230 | ) | (1,107,346 | ) | (1,368,674 | ) | (33,026 | ) | (24,674 | ) | (3,478 | ) | (7,201 | ) | ||||||||||||||||||||||||||
Premier Class | — | — | (5,924,839 | ) | (22,932,406 | ) | (6,181 | ) | (130,771 | ) | (4,581,397 | ) | (8,057,023 | ) | (61,050 | ) | (40,497 | ) | (110,927 | ) | (350,475 | ) | ||||||||||||||||||||||||||||
Retirement Class | — | — | (22,793,848 | ) | (79,659,880 | ) | (768,208 | ) | (1,146,449 | ) | (31,299,265 | ) | (37,483,050 | ) | (3,103,548 | ) | (1,248,477 | ) | (1,896,928 | ) | (4,143,633 | ) | ||||||||||||||||||||||||||||
Retail Class | — | — | (6,769,035 | ) | (22,530,887 | ) | (326,525 | ) | (570,332 | ) | (24,251,603 | ) | (40,185,338 | ) | (408,117 | ) | (620,543 | ) | (109,979 | ) | (296,395 | ) | ||||||||||||||||||||||||||||
Class W | (187,703,525 | ) | (113,943,468 | ) | (36,278,527 | ) | (122,727,726 | ) | (38,931,761 | ) | (64,028,043 | ) | — | — | — | — | (28,568,947 | ) | (49,857,271 | ) | ||||||||||||||||||||||||||||||
Total distributions | (197,417,169 | ) | (119,454,198 | ) | (148,824,038 | ) | (510,274,724 | ) | (42,541,299 | ) | (69,675,857 | ) | (229,771,428 | ) | (313,033,978 | ) | (6,453,868 | ) | (6,210,067 | ) | (34,679,261 | ) | (65,160,511 | ) | ||||||||||||||||||||||||||
SHAREHOLDER TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||||||||||||||
Subscriptions: | Institutional Class | 13,799,475 | 42,759,968 | 106,045,488 | 110,974,479 | 10,169,763 | 18,165,064 | 774,039,788 | 953,257,380 | 124,913,509 | 33,829,984 | 74,883,538 | 59,402,085 | |||||||||||||||||||||||||||||||||||||
Advisor Class | 50 | 1,544,898 | 10,865 | 329,744 | 3,528,786 | 75,809 | 17,179,786 | 10,767,886 | 381,693 | 868,742 | 1,989,897 | 140,355 | ||||||||||||||||||||||||||||||||||||||
Premier Class | — | — | 5,817,555 | 6,539,747 | — | — | 20,051,471 | 37,123,141 | 2,895,744 | 1,631,178 | 2,227,728 | 1,355,967 | ||||||||||||||||||||||||||||||||||||||
Retirement Class | — | — | 10,423,456 | 9,507,002 | 14,847,619 | 6,056,964 | 86,698,513 | 176,555,698 | 74,664,586 | 87,684,676 | 10,935,096 | 53,380,115 | ||||||||||||||||||||||||||||||||||||||
Retail Class | — | — | 5,299,863 | 6,238,344 | 3,318,589 | 1,448,492 | 36,964,798 | 31,386,364 | 8,707,501 | 4,516,957 | 3,904,236 | 2,515,358 | ||||||||||||||||||||||||||||||||||||||
Class W | 354,020,749 | 303,796,176 | 243,367,738 | 214,786,913 | 176,583,780 | 76,512,987 | — | — | — | — | 358,446,732 | 200,779,831 | ||||||||||||||||||||||||||||||||||||||
Reinvestments of distributions: | Institutional Class | 9,655,698 | 5,228,638 | 76,848,206 | 260,956,850 | 2,284,974 | 3,331,075 | 160,206,156 | 214,536,651 | 1,390,280 | 2,202,929 | 3,989,002 | 10,495,964 | |||||||||||||||||||||||||||||||||||||
Advisor Class | 45,686 | 276,932 | 33,954 | 396,328 | 12,197 | 57,642 | 702,022 | 734,215 | 29,073 | 17,591 | 1,468 | 1,929 | ||||||||||||||||||||||||||||||||||||||
Premier Class | — | — | 5,924,839 | 22,932,406 | — | — | 4,551,489 | 8,008,975 | 38,694 | 16,244 | 110,765 | 350,050 | ||||||||||||||||||||||||||||||||||||||
Retirement Class | — | — | 22,793,471 | 79,658,625 | 767,517 | 1,145,148 | 31,290,055 | 37,475,038 | 3,103,181 | 1,247,813 | 1,896,766 | 4,143,209 | ||||||||||||||||||||||||||||||||||||||
Retail Class | — | — | 6,530,584 | 21,451,458 | 299,546 | 549,467 | 23,269,895 | 38,675,098 | 404,694 | 612,120 | 107,225 | 289,422 | ||||||||||||||||||||||||||||||||||||||
Class W | 187,703,525 | 113,943,468 | 36,278,527 | 122,727,726 | 38,931,761 | 64,028,043 | — | — | — | — | 28,568,947 | 49,857,271 | ||||||||||||||||||||||||||||||||||||||
Redemptions: | Institutional Class | (99,962,100 | ) | (40,732,046 | ) | (328,544,974 | ) | (441,295,146 | ) | (11,539,434 | ) | (12,530,393 | ) | (586,715,726 | ) | (540,865,430 | ) | (21,970,434 | ) | (32,422,102 | ) | (74,801,763 | ) | (89,334,943 | ) | |||||||||||||||||||||||||
Advisor Class | (361,383 | ) | (7,038,752 | ) | (228,646 | ) | (2,311,732 | ) | (2,100,439 | ) | (1,593,468 | ) | (6,088,629 | ) | (2,943,131 | ) | (146,632 | ) | (212,050 | ) | (1,879,362 | ) | (76,815 | ) | ||||||||||||||||||||||||||
Premier Class | — | — | (44,374,779 | ) | (51,500,405 | ) | — | (1,094,400 | ) | (34,183,879 | ) | (48,341,096 | ) | (1,993,688 | ) | (408,589 | ) | (1,580,411 | ) | (3,192,360 | ) | |||||||||||||||||||||||||||||
Retirement Class | — | — | (85,530,849 | ) | (119,803,743 | ) | (6,063,852 | ) | (5,901,936 | ) | (61,419,796 | ) | (55,060,880 | ) | (8,104,752 | ) | (2,277,679 | ) | (40,186,667 | ) | (25,346,934 | ) | ||||||||||||||||||||||||||||
Retail Class | — | — | (20,312,794 | ) | (30,294,475 | ) | (2,111,434 | ) | (1,897,318 | ) | (72,722,058 | ) | (75,375,895 | ) | (3,693,509 | ) | (2,735,340 | ) | (5,338,289 | ) | (2,274,708 | ) | ||||||||||||||||||||||||||||
Class W | (2,192,774,511 | ) | (395,851,721 | ) | (344,276,647 | ) | (288,678,045 | ) | (117,218,660 | ) | (118,688,831 | ) | — | — | — | — | (510,225,830 | ) | (336,879,603 | ) | ||||||||||||||||||||||||||||||
Net increase (decrease) from shareholder transactions | (1,727,872,811 | ) | 23,927,561 | (303,894,143 | ) | (77,383,924 | ) | 111,710,713 | 29,664,345 | 393,823,885 | 785,934,014 | 180,619,940 | 94,572,474 | (146,950,922 | ) | (74,393,807 | ) | |||||||||||||||||||||||||||||||||
Net increase (decrease) in net assets | (1,982,744,261 | ) | 126,225,756 | (619,257,795 | ) | (408,753,886 | ) | 60,399,742 | 38,707,771 | 628,139,229 | 1,072,612,197 | 214,132,986 | 114,276,427 | 36,499,660 | 151,468,830 | |||||||||||||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning of period | 2,666,552,738 | 2,540,326,982 | 2,943,854,422 | 3,352,608,308 | 685,474,502 | 646,766,731 | 4,696,004,729 | 3,623,392,532 | 226,985,154 | 112,708,727 | 1,577,431,577 | 1,425,962,747 | ||||||||||||||||||||||||||||||||||||||
End of period | $ | 683,808,477 | $ | 2,666,552,738 | $ | 2,324,596,627 | $ | 2,943,854,422 | $ | 745,874,244 | $ | 685,474,502 | $ | 5,324,143,958 | $ | 4,696,004,729 | $ | 441,118,140 | $ | 226,985,154 | $ | 1,613,931,237 | $ | 1,577,431,577 | ||||||||||||||||||||||||||
CHANGE IN FUND SHARES | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shares sold: | Institutional Class | 1,702,999 | 4,150,258 | 7,987,403 | 6,804,653 | 932,676 | 1,546,758 | 38,433,650 | 51,619,529 | 9,042,956 | 2,690,094 | 6,819,748 | 5,372,268 | |||||||||||||||||||||||||||||||||||||
Advisor Class | 5 | 158,622 | 833 | 19,761 | 322,590 | 6,364 | 897,326 | 570,045 | 26,768 | 68,854 | 154,500 | 13,547 | ||||||||||||||||||||||||||||||||||||||
Premier Class | — | — | 409,137 | 403,862 | — | — | 986,199 | 1,976,019 | 200,749 | 129,594 | 192,014 | 124,497 | ||||||||||||||||||||||||||||||||||||||
Retirement Class | — | — | 777,129 | 604,711 | 1,366,168 | 512,864 | 4,160,637 | 9,124,514 | 5,173,717 | 6,877,577 | 937,534 | 4,983,019 | ||||||||||||||||||||||||||||||||||||||
Retail Class | — | — | 401,187 | 413,741 | 307,261 | 124,234 | 2,091,754 | 1,894,734 | 612,147 | 350,043 | 340,329 | 230,049 | ||||||||||||||||||||||||||||||||||||||
Class W | 43,230,800 | 31,788,749 | 20,436,913 | 13,813,101 | 15,891,729 | 6,884,756 | — | — | — | — | 34,663,615 | 18,458,439 | ||||||||||||||||||||||||||||||||||||||
Shares reinvested: | Institutional Class | 1,012,128 | 558,019 | 4,740,790 | 17,408,729 | 188,841 | 313,071 | 7,958,577 | 12,379,495 | 99,023 | 187,324 | 341,524 | 1,064,499 | |||||||||||||||||||||||||||||||||||||
Advisor Class | 4,779 | 29,650 | 2,093 | 26,457 | 1,005 | 5,412 | 34,892 | 42,391 | 2,071 | 1,495 | 126 | 196 | ||||||||||||||||||||||||||||||||||||||
Premier Class | — | — | 367,546 | 1,539,088 | — | — | 226,894 | 464,289 | 2,748 | 1,377 | 9,475 | 35,466 | ||||||||||||||||||||||||||||||||||||||
Retirement Class | — | — | 1,449,045 | 5,471,059 | 63,589 | 107,829 | 1,527,835 | 2,131,686 | 221,656 | 106,288 | 162,952 | 421,486 | ||||||||||||||||||||||||||||||||||||||
Retail Class | — | — | 420,785 | 1,491,757 | 24,838 | 51,788 | 1,308,033 | 2,511,371 | 28,866 | 52,095 | 9,180 | 29,353 | ||||||||||||||||||||||||||||||||||||||
Class W | 19,716,757 | 12,160,455 | 2,240,798 | 8,192,772 | 3,220,162 | 6,023,334 | — | — | — | — | 2,448,068 | 5,061,652 | ||||||||||||||||||||||||||||||||||||||
Shares redeemed: | Institutional Class | (10,496,134 | ) | (4,208,795 | ) | (22,253,562 | ) | (26,902,097 | ) | (1,055,234 | ) | (1,077,423 | ) | (30,433,918 | ) | (28,730,971 | ) | (1,580,859 | ) | (2,535,325 | ) | (6,677,913 | ) | (8,155,135 | ) | |||||||||||||||||||||||||
Advisor Class | (43,512 | ) | (705,705 | ) | (16,361 | ) | (148,281 | ) | (194,746 | ) | (135,786 | ) | (292,550 | ) | (156,987 | ) | (10,054 | ) | (15,980 | ) | (160,768 | ) | (7,012 | ) | ||||||||||||||||||||||||||
Premier Class | — | — | (3,186,647 | ) | (3,170,532 | ) | — | (90,000 | ) | (1,734,937 | ) | (2,473,793 | ) | (144,746 | ) | (31,200 | ) | (141,355 | ) | (295,155 | ) | |||||||||||||||||||||||||||||
Retirement Class | — | — | (6,046,704 | ) | (7,587,390 | ) | (559,995 | ) | (510,036 | ) | (3,048,202 | ) | (2,830,924 | ) | (573,847 | ) | (170,386 | ) | (3,585,022 | ) | (2,321,620 | ) | ||||||||||||||||||||||||||||
Retail Class | — | — | (1,506,659 | ) | (1,974,059 | ) | (209,086 | ) | (164,782 | ) | (4,183,746 | ) | (4,536,349 | ) | (264,479 | ) | (214,698 | ) | (481,026 | ) | (210,599 | ) | ||||||||||||||||||||||||||||
Class W | (230,196,369 | ) | (39,428,502 | ) | (22,377,838 | ) | (17,566,479 | ) | (10,875,257 | ) | (10,004,840 | ) | — | — | — | — | (42,854,027 | ) | (30,702,246 | ) | ||||||||||||||||||||||||||||||
Net increase (decrease) from shareholder transactions | (175,068,547 | ) | 4,502,751 | (16,154,112 | ) | (1,159,147 | ) | 9,424,541 | 3,593,543 | 17,932,444 | 43,985,049 | 12,836,716 | 7,497,152 | (7,821,046 | ) | (5,897,296 | ) |
96 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 97 |
Statements of changes in net assets | concluded |
TIAA-CREF Funds ■ For the year ended
International Equity Fund | International Opportunities Fund | Quant International Equity Fund | Quant International Small-Cap Equity Fund | Social Choice International Equity Fund | ||||||||||||||||||||||||||||||||||||||
October 31, | October 31, | October 31, | October 31, | October 31, | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 82,972,209 | $ | 87,804,249 | $ | 18,207,219 | $ | 30,589,518 | $ | 51,022,070 | $ | 63,718,212 | $ | 25,738,523 | $ | 30,954,618 | $ | 8,545,250 | $ | 3,943,622 | ||||||||||||||||||||||
Net realized gain (loss) on total investments | 58,354,801 | (421,667,577 | ) | 105,186,413 | 17,427,186 | (61,798,881 | ) | (121,956,070 | ) | (39,133,571 | ) | (117,696,219 | ) | (5,012,492 | ) | (1,388,001 | ) | |||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on total investments | (131,984,746 | ) | 588,862,375 | 186,966,241 | 170,248,779 | (120,101,519 | ) | 227,383,888 | (19,350,590 | ) | 157,096,100 | (14,235,252 | ) | 15,503,245 | ||||||||||||||||||||||||||||
Net increase (decrease) in net assets from operations | 9,342,264 | 254,999,047 | 310,359,873 | 218,265,483 | (130,878,330 | ) | 169,146,030 | (32,745,638 | ) | 70,354,499 | (10,702,494 | ) | 18,058,866 | |||||||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||||||||||||
Institutional Class | (41,855,343 | ) | (122,256,954 | ) | (1,293,437 | ) | (1,124,608 | ) | (4,129,946 | ) | (8,557,494 | ) | (1,872,151 | ) | (2,463,636 | ) | (3,507,089 | ) | (1,133,404 | ) | ||||||||||||||||||||||
Advisor Class | (62,322 | ) | (311,391 | ) | (44,413 | ) | (2,116 | ) | (5,680 | ) | (17,842 | ) | (2,853 | ) | (4,731 | ) | (20,514 | ) | (15,730 | ) | ||||||||||||||||||||||
Premier Class | (2,078,293 | ) | (10,286,139 | ) | (12,250 | ) | (17,333 | ) | — | — | (2,446 | ) | (3,389 | ) | (29,235 | ) | (5,964 | ) | ||||||||||||||||||||||||
Retirement Class | (6,530,742 | ) | (30,911,753 | ) | (1,648,514 | ) | (1,530,296 | ) | — | — | (118,259 | ) | (187,207 | ) | (1,001,947 | ) | (199,080 | ) | ||||||||||||||||||||||||
Retail Class | (5,872,130 | ) | (25,657,844 | ) | (27,365 | ) | (33,693 | ) | — | — | (25,424 | ) | (45,404 | ) | (91,457 | ) | (89,101 | ) | ||||||||||||||||||||||||
Class W | (32,389,087 | ) | (94,058,477 | ) | (24,740,090 | ) | (19,434,274 | ) | (62,870,001 | ) | (126,163,836 | ) | (37,081,313 | ) | (50,498,430 | ) | — | — | ||||||||||||||||||||||||
Total distributions | (88,787,917 | ) | (283,482,558 | ) | (27,766,069 | ) | (22,142,320 | ) | (67,005,627 | ) | (134,739,172 | ) | (39,102,446 | ) | (53,202,797 | ) | (4,650,242 | ) | (1,443,279 | ) | ||||||||||||||||||||||
SHAREHOLDER TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||||||
Subscriptions: | Institutional Class | 430,295,003 | 1,036,717,475 | 25,065,516 | 32,720,733 | 43,646,974 | 54,968,776 | 10,480,650 | 15,497,299 | 224,647,331 | 155,897,436 | |||||||||||||||||||||||||||||||
Advisor Class | 132,884 | 2,190,242 | 392,019 | 4,061,092 | 255,080 | 63,480 | 231 | — | 730,537 | 756,966 | ||||||||||||||||||||||||||||||||
Premier Class | 14,604,715 | 34,758,979 | 9,956 | 57,511 | — | — | — | — | 647,366 | 1,580,164 | ||||||||||||||||||||||||||||||||
Retirement Class | 20,645,145 | 20,728,288 | 3,643,217 | 46,416,591 | — | — | 1,533,686 | 1,230,877 | 110,700,131 | 48,331,175 | ||||||||||||||||||||||||||||||||
Retail Class | 6,860,817 | 6,236,072 | 2,347,771 | 841,806 | — | — | 245,187 | 180,917 | 12,581,394 | 2,189,632 | ||||||||||||||||||||||||||||||||
Class W | 604,782,138 | 269,548,697 | 296,553,656 | 199,502,221 | 361,816,991 | 277,947,662 | 165,819,466 | 117,099,485 | — | — | ||||||||||||||||||||||||||||||||
Reinvestments of distributions: | Institutional Class | 39,648,451 | 113,381,804 | 1,293,437 | 1,124,608 | 4,129,946 | 8,557,494 | 1,871,799 | 2,463,058 | 2,250,257 | 445,308 | |||||||||||||||||||||||||||||||
Advisor Class | 60,104 | 302,526 | 43,044 | 707 | 1,934 | 9,877 | 309 | 485 | 18,562 | 13,188 | ||||||||||||||||||||||||||||||||
Premier Class | 2,078,218 | 10,285,827 | 8,990 | 13,983 | — | — | — | — | 26,389 | 2,692 | ||||||||||||||||||||||||||||||||
Retirement Class | 6,529,999 | 30,910,895 | 1,648,386 | 1,530,166 | — | — | 118,204 | 187,120 | 1,001,803 | 198,886 | ||||||||||||||||||||||||||||||||
Retail Class | 5,667,087 | 24,469,384 | 26,316 | 33,319 | — | — | 25,228 | 45,068 | 88,589 | 86,402 | ||||||||||||||||||||||||||||||||
Class W | 32,389,087 | 94,058,477 | 24,740,090 | 19,434,274 | 62,870,001 | 126,163,836 | 37,081,313 | 50,498,430 | — | — | ||||||||||||||||||||||||||||||||
Redemptions: | Institutional Class | (684,526,155 | ) | (558,818,918 | ) | (41,607,529 | ) | (14,787,381 | ) | (94,564,788 | ) | (54,817,177 | ) | (9,291,666 | ) | (6,707,743 | ) | (74,125,046 | ) | (22,844,558 | ) | |||||||||||||||||||||
Advisor Class | (1,047,269 | ) | (190,300,838 | ) | (1,004,353 | ) | (89,912 | ) | (177,744 | ) | (91,115 | ) | (9,034 | ) | — | (653,773 | ) | (271,594 | ) | |||||||||||||||||||||||
Premier Class | (63,500,310 | ) | (72,945,589 | ) | (963,134 | ) | (468,011 | ) | — | — | — | — | (1,813,228 | ) | (242,304 | ) | ||||||||||||||||||||||||||
Retirement Class | (93,744,704 | ) | (109,277,149 | ) | (46,899,317 | ) | (19,138,080 | ) | — | — | (1,128,212 | ) | (1,940,473 | ) | (445,256 | ) | (1,184,704 | ) | ||||||||||||||||||||||||
Retail Class | (31,848,125 | ) | (42,497,206 | ) | (1,515,111 | ) | (1,535,306 | ) | — | — | (298,904 | ) | (354,641 | ) | (8,656,307 | ) | (901,070 | ) | ||||||||||||||||||||||||
Class W | (326,407,349 | ) | (261,389,012 | ) | (520,866,075 | ) | (227,016,752 | ) | (1,194,909,413 | ) | (299,005,770 | ) | (139,420,278 | ) | (109,653,130 | ) | — | — | ||||||||||||||||||||||||
Net increase (decrease) from shareholder transactions | (37,380,264 | ) | 408,359,954 | (257,083,121 | ) | 42,701,569 | (816,931,019 | ) | 113,797,063 | 67,027,979 | 68,546,752 | 266,998,749 | 184,057,619 | |||||||||||||||||||||||||||||
Net increase (decrease) in net assets | (116,825,917 | ) | 379,876,443 | 25,510,683 | 238,824,732 | (1,014,814,976 | ) | 148,203,921 | (4,820,105 | ) | 85,698,454 | 251,646,013 | 200,673,206 | |||||||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||||||||||||
Beginning of period | 4,811,065,603 | 4,431,189,160 | 1,790,449,650 | 1,551,624,918 | 1,947,289,861 | 1,799,085,940 | 986,302,494 | 900,604,040 | 261,790,789 | 61,117,583 | ||||||||||||||||||||||||||||||||
End of period | $ | 4,694,239,686 | $ | 4,811,065,603 | $ | 1,815,960,333 | $ | 1,790,449,650 | $ | 932,474,885 | $ | 1,947,289,861 | $ | 981,482,389 | $ | 986,302,494 | $ | 513,436,802 | $ | 261,790,789 | ||||||||||||||||||||||
CHANGE IN FUND SHARES | ||||||||||||||||||||||||||||||||||||||||||
Shares sold: | Institutional Class | 42,819,485 | 98,020,993 | 1,826,542 | 2,592,601 | 6,056,966 | 7,728,212 | 1,206,969 | 1,571,494 | 22,570,611 | 14,893,221 | |||||||||||||||||||||||||||||||
Advisor Class | 12,631 | 195,004 | 28,870 | 304,445 | 37,133 | 8,590 | 28 | — | 69,911 | 71,641 | ||||||||||||||||||||||||||||||||
Premier Class | 1,359,212 | 3,317,802 | 713 | 4,554 | — | — | — | — | 57,224 | 152,563 | ||||||||||||||||||||||||||||||||
Retirement Class | 1,881,484 | 1,902,436 | 247,934 | 3,839,383 | — | — | 155,410 | 124,466 | 10,368,114 | 4,562,674 | ||||||||||||||||||||||||||||||||
Retail Class | 1,053,646 | 945,677 | 156,949 | 66,759 | — | — | 26,451 | 18,195 | 1,229,278 | 212,570 | ||||||||||||||||||||||||||||||||
Class W | 56,698,948 | 25,921,622 | 21,548,880 | 16,152,802 | 50,249,572 | 39,119,503 | 19,154,003 | 11,772,908 | — | — | ||||||||||||||||||||||||||||||||
Shares reinvested: | Institutional Class | 3,540,040 | 11,557,778 | 94,549 | 99,523 | 560,372 | 1,316,537 | 182,082 | 264,845 | 201,817 | 46,194 | |||||||||||||||||||||||||||||||
Advisor Class | 5,249 | 30,162 | 3,149 | 63 | 262 | 1,520 | 30 | 52 | 1,665 | 1,368 | ||||||||||||||||||||||||||||||||
Premier Class | 185,721 | 1,049,574 | 656 | 1,235 | — | — | — | — | 2,364 | 278 | ||||||||||||||||||||||||||||||||
Retirement Class | 560,034 | 3,030,480 | 120,849 | 135,773 | — | — | 11,487 | 20,099 | 90,009 | 20,653 | ||||||||||||||||||||||||||||||||
Retail Class | 801,795 | 3,915,101 | 1,922 | 2,946 | — | — | 2,445 | 4,825 | 7,959 | 8,972 | ||||||||||||||||||||||||||||||||
Class W | 2,891,883 | 9,597,804 | 1,808,486 | 1,721,371 | 8,530,529 | 19,409,821 | 3,607,132 | 5,429,939 | — | — | ||||||||||||||||||||||||||||||||
Shares redeemed: | Institutional Class | (66,636,310 | ) | (53,201,485 | ) | (3,026,409 | ) | (1,168,618 | ) | (13,828,517 | ) | (7,747,086 | ) | (1,009,016 | ) | (678,604 | ) | (7,253,505 | ) | (2,274,126 | ) | |||||||||||||||||||||
Advisor Class | (97,361 | ) | (17,351,086 | ) | (85,407 | ) | (6,896 | ) | (25,568 | ) | (13,154 | ) | (946 | ) | — | (61,397 | ) | (24,919 | ) | |||||||||||||||||||||||
Premier Class | (6,232,095 | ) | (6,993,551 | ) | (73,835 | ) | (38,128 | ) | — | — | — | — | (174,262 | ) | (23,216 | ) | ||||||||||||||||||||||||||
Retirement Class | (8,600,226 | ) | (10,089,508 | ) | (3,455,399 | ) | (1,474,635 | ) | — | — | (122,689 | ) | (197,236 | ) | (45,350 | ) | (116,755 | ) | ||||||||||||||||||||||||
Retail Class | (4,817,963 | ) | (6,412,661 | ) | (108,084 | ) | (123,754 | ) | — | — | (31,081 | ) | (35,806 | ) | (813,954 | ) | (89,163 | ) | ||||||||||||||||||||||||
Class W | (31,220,450 | ) | (24,556,596 | ) | (37,435,122 | ) | (17,983,414 | ) | (173,145,099 | ) | (43,180,522 | ) | (14,704,387 | ) | (11,112,553 | ) | — | — | ||||||||||||||||||||||||
Net increase (decrease) from shareholder transactions | (5,794,277 | ) | 40,879,546 | (18,344,757 | ) | 4,126,010 | (121,564,350 | ) | 16,643,421 | 8,477,918 | 7,182,624 | 26,250,484 | 17,441,955 |
98 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 99 |
TIAA-CREF Funds
Selected per share data | |||||||||||||||||||||||||||||||||||
Gain (loss) from investment operations | |||||||||||||||||||||||||||||||||||
Net realized | Net | ||||||||||||||||||||||||||||||||||
For the | Net asset | Net | and unrealized | Total gain | Less distributions from | Total | asset | ||||||||||||||||||||||||||||
period | value, | investment | gain (loss) | (loss) from | Net | Net | dividends | value, | |||||||||||||||||||||||||||
or year | beginning | income | on total | investment | investment | realized | and | end of | |||||||||||||||||||||||||||
ended | of period | (loss | )a | investments | operations | income | gains | distributions | period | ||||||||||||||||||||||||||
GROWTH & INCOME FUND | |||||||||||||||||||||||||||||||||||
Institutional Class: | 10/31/20 | $14.63 | $0.17 | $1.33 | $1.50 | $(0.21 | ) | $(0.76 | ) | $(0.97 | ) | $15.16 | |||||||||||||||||||||||
10/31/19 | 14.44 | 0.21 | 1.20 | 1.41 | (0.18 | ) | (1.04 | ) | (1.22 | ) | 14.63 | ||||||||||||||||||||||||
10/31/18 | 14.34 | 0.17 | 0.62 | 0.79 | (0.15 | ) | (0.54 | ) | (0.69 | ) | 14.44 | ||||||||||||||||||||||||
10/31/17 | 11.76 | 0.15 | 2.80 | 2.95 | (0.16 | ) | (0.21 | ) | (0.37 | ) | 14.34 | ||||||||||||||||||||||||
10/31/16 | 12.50 | 0.16 | 0.08 | 0.24 | (0.16 | ) | (0.82 | ) | (0.98 | ) | 11.76 | ||||||||||||||||||||||||
Advisor Class: | 10/31/20 | 14.64 | 0.15 | 1.33 | 1.48 | (0.19 | ) | (0.76 | ) | (0.95 | ) | 15.17 | |||||||||||||||||||||||
10/31/19 | 14.45 | 0.20 | 1.19 | 1.39 | (0.16 | ) | (1.04 | ) | (1.20 | ) | 14.64 | ||||||||||||||||||||||||
10/31/18 | 14.34 | 0.15 | 0.64 | 0.79 | (0.14 | ) | (0.54 | ) | (0.68 | ) | 14.45 | ||||||||||||||||||||||||
10/31/17 | 11.77 | 0.13 | 2.80 | 2.93 | (0.15 | ) | (0.21 | ) | (0.36 | ) | 14.34 | ||||||||||||||||||||||||
10/31/16 | ‡ | 12.71 | 0.14 | (0.11 | ) | 0.03 | (0.15 | ) | (0.82 | ) | (0.97 | ) | 11.77 | ||||||||||||||||||||||
Premier Class: | 10/31/20 | 14.65 | 0.15 | 1.33 | 1.48 | (0.18 | ) | (0.76 | ) | (0.94 | ) | 15.19 | |||||||||||||||||||||||
10/31/19 | 14.45 | 0.19 | 1.20 | 1.39 | (0.15 | ) | (1.04 | ) | (1.19 | ) | 14.65 | ||||||||||||||||||||||||
10/31/18 | 14.35 | 0.14 | 0.63 | 0.77 | (0.13 | ) | (0.54 | ) | (0.67 | ) | 14.45 | ||||||||||||||||||||||||
10/31/17 | 11.77 | 0.13 | 2.80 | 2.93 | (0.14 | ) | (0.21 | ) | (0.35 | ) | 14.35 | ||||||||||||||||||||||||
10/31/16 | 12.51 | 0.14 | 0.09 | 0.23 | (0.15 | ) | (0.82 | ) | (0.97 | ) | 11.77 | ||||||||||||||||||||||||
Retirement Class: | 10/31/20 | 14.91 | 0.13 | 1.36 | 1.49 | (0.17 | ) | (0.76 | ) | (0.93 | ) | 15.47 | |||||||||||||||||||||||
10/31/19 | 14.69 | 0.18 | 1.22 | 1.40 | (0.14 | ) | (1.04 | ) | (1.18 | ) | 14.91 | ||||||||||||||||||||||||
10/31/18 | 14.57 | 0.13 | 0.64 | 0.77 | (0.11 | ) | (0.54 | ) | (0.65 | ) | 14.69 | ||||||||||||||||||||||||
10/31/17 | 11.95 | 0.12 | 2.84 | 2.96 | (0.13 | ) | (0.21 | ) | (0.34 | ) | 14.57 | ||||||||||||||||||||||||
10/31/16 | 12.68 | 0.13 | 0.09 | 0.22 | (0.13 | ) | (0.82 | ) | (0.95 | ) | 11.95 | ||||||||||||||||||||||||
Retail Class: | 10/31/20 | 20.02 | 0.17 | 1.86 | 2.03 | (0.15 | ) | (0.76 | ) | (0.91 | ) | 21.14 | |||||||||||||||||||||||
10/31/19 | 19.30 | 0.23 | 1.65 | 1.88 | (0.12 | ) | (1.04 | ) | (1.16 | ) | 20.02 | ||||||||||||||||||||||||
10/31/18 | 18.94 | 0.16 | 0.83 | 0.99 | (0.09 | ) | (0.54 | ) | (0.63 | ) | 19.30 | ||||||||||||||||||||||||
10/31/17 | 15.43 | 0.15 | 3.68 | 3.83 | (0.11 | ) | (0.21 | ) | (0.32 | ) | 18.94 | ||||||||||||||||||||||||
10/31/16 | 16.08 | 0.16 | 0.13 | 0.29 | (0.12 | ) | (0.82 | ) | (0.94 | ) | 15.43 | ||||||||||||||||||||||||
Class W: | 10/31/20 | 14.64 | 0.22 | 1.32 | 1.54 | (0.26 | ) | (0.76 | ) | (1.02 | ) | 15.16 | |||||||||||||||||||||||
10/31/19 | 14.45 | 0.27 | 1.19 | 1.46 | (0.23 | ) | (1.04 | ) | (1.27 | ) | 14.64 | ||||||||||||||||||||||||
10/31/18 | † | 15.93 | 0.01 | (1.49 | ) | (1.48 | ) | — | — | — | 14.45 |
100 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements |
Ratios and supplemental data | |||||||||||||||||||||||||||||||||||
Ratios to average net assets | |||||||||||||||||||||||||||||||||||
Total | Net investment | ||||||||||||||||||||||||||||||||||
For the | return | income (loss) | |||||||||||||||||||||||||||||||||
period | excluding | Net assets at | Net | excluding | Portfolio | ||||||||||||||||||||||||||||||
or year | Total | payment from | end of period | Gross | Net | investment | payment from | turnover | |||||||||||||||||||||||||||
ended | return | affiliates | u | (in thousands) | expenses | expenses | income (loss) | affiliates | u | rate | |||||||||||||||||||||||||
GROWTH & INCOME FUND | |||||||||||||||||||||||||||||||||||
Institutional Class: | 10/31/20 | 10.81 | % | 10.80 | % | $1,126,795 | 0.40 | % | 0.40 | % | 1.15 | % | 1.13 | % | 64 | % | |||||||||||||||||||
10/31/19 | 10.94 | 10.93 | 1,409,853 | 0.41 | 0.40 | 1.51 | 1.50 | 68 | |||||||||||||||||||||||||||
10/31/18 | 5.61 | 5.60 | 1,688,858 | 0.40 | 0.40 | 1.11 | 1.11 | 59 | |||||||||||||||||||||||||||
10/31/17 | 25.52 | 25.51 | 4,794,249 | 0.41 | 0.41 | 1.16 | 1.16 | 76 | |||||||||||||||||||||||||||
10/31/16 | 2.32 | 2.28 | 3,686,969 | 0.42 | 0.42 | 1.36 | 1.31 | 83 | |||||||||||||||||||||||||||
Advisor Class: | 10/31/20 | 10.70 | 10.69 | 2,701 | 0.49 | 0.49 | 1.04 | 1.02 | 64 | ||||||||||||||||||||||||||
10/31/19 | 10.83 | 10.82 | 2,075 | 0.51 | 0.50 | 1.44 | 1.43 | 68 | |||||||||||||||||||||||||||
10/31/18 | 5.56 | 5.55 | 437 | 0.50 | 0.50 | 0.98 | 0.97 | 59 | |||||||||||||||||||||||||||
10/31/17 | 25.32 | 25.31 | 422 | 0.54 | 0.54 | 1.00 | 0.99 | 76 | |||||||||||||||||||||||||||
10/31/16 | ‡ | 0.63 | b | 0.59 | b | 102 | 0.43 | c | 0.43 | c | 1.31 | c | 1.26 | c | 83 | ||||||||||||||||||||
Premier Class: | 10/31/20 | 10.67 | 10.66 | 25,805 | 0.55 | 0.55 | 1.03 | 1.01 | 64 | ||||||||||||||||||||||||||
10/31/19 | 10.74 | 10.73 | 44,314 | 0.56 | 0.55 | 1.34 | 1.33 | 68 | |||||||||||||||||||||||||||
10/31/18 | 5.52 | 5.51 | 132,573 | 0.55 | 0.55 | 0.94 | 0.93 | 59 | |||||||||||||||||||||||||||
10/31/17 | 25.31 | 25.30 | 147,754 | 0.56 | 0.56 | 1.03 | 1.02 | 76 | |||||||||||||||||||||||||||
10/31/16 | 2.16 | 2.12 | 139,939 | 0.57 | 0.57 | 1.22 | 1.18 | 83 | |||||||||||||||||||||||||||
Retirement Class: | 10/31/20 | 10.50 | 10.49 | 452,343 | 0.65 | 0.65 | 0.89 | 0.88 | 64 | ||||||||||||||||||||||||||
10/31/19 | 10.67 | 10.66 | 497,202 | 0.66 | 0.65 | 1.27 | 1.26 | 68 | |||||||||||||||||||||||||||
10/31/18 | 5.39 | 5.38 | 553,819 | 0.65 | 0.65 | 0.83 | 0.83 | 59 | |||||||||||||||||||||||||||
10/31/17 | 25.14 | 25.13 | 609,643 | 0.66 | 0.66 | 0.92 | 0.91 | 76 | |||||||||||||||||||||||||||
10/31/16 | 2.11 | 2.07 | 538,718 | 0.67 | 0.67 | 1.12 | 1.08 | 83 | |||||||||||||||||||||||||||
Retail Class: | 10/31/20 | 10.50 | 10.49 | 1,212,620 | 0.69 | 0.69 | 0.85 | 0.83 | 64 | ||||||||||||||||||||||||||
10/31/19 | 10.60 | 10.59 | 1,199,088 | 0.70 | 0.69 | 1.23 | 1.23 | 68 | |||||||||||||||||||||||||||
10/31/18 | 5.32 | 5.31 | 1,162,488 | 0.69 | 0.69 | 0.79 | 0.79 | 59 | |||||||||||||||||||||||||||
10/31/17 | 25.11 | 25.10 | 1,164,448 | 0.70 | 0.70 | 0.87 | 0.86 | 76 | |||||||||||||||||||||||||||
10/31/16 | 2.05 | 2.01 | 969,135 | 0.72 | 0.72 | 1.06 | 1.02 | 83 | |||||||||||||||||||||||||||
Class W: | 10/31/20 | 11.21 | 11.20 | 2,914,760 | 0.40 | 0.00 | 1.53 | 1.52 | 64 | ||||||||||||||||||||||||||
10/31/19 | 11.39 | 11.38 | 3,363,807 | 0.41 | 0.00 | 1.93 | 1.92 | 68 | |||||||||||||||||||||||||||
10/31/18 | † | (9.29 | )b | (9.29 | )b | 3,027,314 | 0.41 | c | 0.00 | c | 0.95 | c | 0.95 | c | 59 |
See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 101 |
Financial highlights
TIAA-CREF Funds
Selected per share data | |||||||||||||||||||||||||||||||||||||
Gain (loss) from investment operations | |||||||||||||||||||||||||||||||||||||
Net realized | Net | ||||||||||||||||||||||||||||||||||||
For the | Net asset | Net | and unrealized | Total gain | Less distributions from | Total | asset | ||||||||||||||||||||||||||||||
period | value, | investment | gain (loss) | (loss) from | Net | Net | dividends | value, | |||||||||||||||||||||||||||||
or year | beginning | income | on total | investment | investment | realized | and | end of | |||||||||||||||||||||||||||||
ended | of period | (loss) | a | investments | operations | income | gains | distributions | period | ||||||||||||||||||||||||||||
LARGE-CAP GROWTH FUND | |||||||||||||||||||||||||||||||||||||
Institutional Class: | 10/31/20 | $21.43 | $0.08 | $ 6.59 | $ 6.67 | $(0.09 | ) | $(0.87 | ) | $(0.96 | ) | $27.14 | |||||||||||||||||||||||||
10/31/19 | 21.42 | 0.11 | 2.37 | 2.48 | (0.12 | ) | (2.35 | ) | (2.47 | ) | 21.43 | ||||||||||||||||||||||||||
10/31/18 | 20.08 | 0.12 | 2.08 | 2.20 | (0.10 | ) | (0.76 | ) | (0.86 | ) | 21.42 | ||||||||||||||||||||||||||
10/31/17 | 15.70 | 0.11 | 4.55 | 4.66 | (0.09 | ) | (0.19 | ) | (0.28 | ) | 20.08 | ||||||||||||||||||||||||||
10/31/16 | 16.37 | 0.08 | (0.15 | ) | (0.07 | ) | (0.06 | ) | (0.54 | ) | (0.60 | ) | 15.70 | ||||||||||||||||||||||||
Advisor Class: | 10/31/20 | 21.41 | 0.06 | 6.59 | 6.65 | (0.07 | ) | (0.87 | ) | (0.94 | ) | 27.12 | |||||||||||||||||||||||||
10/31/19 | 21.40 | 0.10 | 2.37 | 2.47 | (0.11 | ) | (2.35 | ) | (2.46 | ) | 21.41 | ||||||||||||||||||||||||||
10/31/18 | 20.06 | 0.06 | 2.11 | 2.17 | (0.07 | ) | (0.76 | ) | (0.83 | ) | 21.40 | ||||||||||||||||||||||||||
10/31/17 | 15.70 | 0.06 | 4.58 | 4.64 | (0.09 | ) | (0.19 | ) | (0.28 | ) | 20.06 | ||||||||||||||||||||||||||
10/31/16 | ‡ | 16.72 | 0.06 | (0.48 | ) | (0.42 | ) | (0.06 | ) | (0.54 | ) | (0.60 | ) | 15.70 | |||||||||||||||||||||||
Premier Class: | 10/31/20 | 21.40 | 0.05 | 6.58 | 6.63 | (0.06 | ) | (0.87 | ) | (0.93 | ) | 27.10 | |||||||||||||||||||||||||
10/31/19 | 21.37 | 0.08 | 2.37 | 2.45 | (0.07 | ) | (2.35 | ) | (2.42 | ) | 21.40 | ||||||||||||||||||||||||||
10/31/18 | 20.04 | 0.08 | 2.08 | 2.16 | (0.07 | ) | (0.76 | ) | (0.83 | ) | 21.37 | ||||||||||||||||||||||||||
10/31/17 | 15.67 | 0.08 | 4.55 | 4.63 | (0.07 | ) | (0.19 | ) | (0.26 | ) | 20.04 | ||||||||||||||||||||||||||
10/31/16 | 16.35 | 0.06 | (0.16 | ) | (0.10 | ) | (0.04 | ) | (0.54 | ) | (0.58 | ) | 15.67 | ||||||||||||||||||||||||
Retirement Class: | 10/31/20 | 21.27 | 0.02 | 6.54 | 6.56 | (0.03 | ) | (0.87 | ) | (0.90 | ) | 26.93 | |||||||||||||||||||||||||
10/31/19 | 21.27 | 0.06 | 2.36 | 2.42 | (0.07 | ) | (2.35 | ) | (2.42 | ) | 21.27 | ||||||||||||||||||||||||||
10/31/18 | 19.94 | 0.05 | 2.08 | 2.13 | (0.04 | ) | (0.76 | ) | (0.80 | ) | 21.27 | ||||||||||||||||||||||||||
10/31/17 | 15.58 | 0.06 | 4.53 | 4.59 | (0.04 | ) | (0.19 | ) | (0.23 | ) | 19.94 | ||||||||||||||||||||||||||
10/31/16 | 16.28 | 0.03 | (0.15 | ) | (0.12 | ) | (0.04 | ) | (0.54 | ) | (0.58 | ) | 15.58 | ||||||||||||||||||||||||
Retail Class: | 10/31/20 | 21.34 | 0.01 | 6.57 | 6.58 | (0.02 | ) | (0.87 | ) | (0.89 | ) | 27.03 | |||||||||||||||||||||||||
10/31/19 | 21.33 | 0.05 | 2.36 | 2.41 | (0.05 | ) | (2.35 | ) | (2.40 | ) | 21.34 | ||||||||||||||||||||||||||
10/31/18 | 20.00 | 0.05 | 2.08 | 2.13 | (0.04 | ) | (0.76 | ) | (0.80 | ) | 21.33 | ||||||||||||||||||||||||||
10/31/17 | 15.63 | 0.05 | 4.55 | 4.60 | (0.04 | ) | (0.19 | ) | (0.23 | ) | 20.00 | ||||||||||||||||||||||||||
10/31/16 | 16.31 | 0.03 | (0.16 | ) | (0.13 | ) | (0.01 | ) | (0.54 | ) | (0.55 | ) | 15.63 | ||||||||||||||||||||||||
Class W: | 10/31/20 | 21.50 | 0.18 | 6.61 | 6.79 | (0.18 | ) | (0.87 | ) | (1.05 | ) | 27.24 | |||||||||||||||||||||||||
10/31/19 | 21.43 | 0.19 | 2.37 | 2.56 | (0.14 | ) | (2.35 | ) | (2.49 | ) | 21.50 | ||||||||||||||||||||||||||
10/31/18 | † | 23.77 | 0.01 | (2.35 | ) | (2.34 | ) | — | — | — | 21.43 |
102 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements |
continued
Ratios and supplemental data | |||||||||||||||||||||||||||||||||||
Ratios to average net assets | |||||||||||||||||||||||||||||||||||
Total | Net investment | ||||||||||||||||||||||||||||||||||
For the | return | income (loss) | |||||||||||||||||||||||||||||||||
period | excluding | Net assets at | Net | excluding | Portfolio | ||||||||||||||||||||||||||||||
or year | Total | payment from | end of period | Gross | Net | investment | payment from | turnover | |||||||||||||||||||||||||||
ended | return | affiliates | u | (in thousands) | expenses | expenses | income (loss) | affiliates | u | rate | |||||||||||||||||||||||||
LARGE-CAP GROWTH FUND | |||||||||||||||||||||||||||||||||||
Institutional Class: | 10/31/20 | 32.43 | % | 32.42 | % | $1,606,751 | 0.41 | % | 0.40 | % | 0.34 | % | 0.32 | % | 143 | % | |||||||||||||||||||
10/31/19 | 13.60 | 13.59 | 1,333,235 | 0.42 | 0.41 | 0.54 | 0.53 | 97 | |||||||||||||||||||||||||||
10/31/18 | 11.30 | 11.29 | 1,122,258 | 0.41 | 0.41 | 0.55 | 0.55 | 90 | |||||||||||||||||||||||||||
10/31/17 | 30.19 | 30.18 | 3,589,896 | 0.43 | 0.43 | 0.60 | 0.60 | 94 | |||||||||||||||||||||||||||
10/31/16 | (0.37 | ) | (0.40 | ) | 2,709,979 | 0.43 | 0.43 | 0.51 | 0.49 | 86 | |||||||||||||||||||||||||
Advisor Class: | 10/31/20 | 32.33 | 32.32 | 4,820 | 0.48 | 0.48 | 0.24 | 0.23 | 143 | ||||||||||||||||||||||||||
10/31/19 | 13.55 | 13.54 | 2,995 | 0.50 | 0.50 | 0.48 | 0.47 | 97 | |||||||||||||||||||||||||||
10/31/18 | 11.19 | 11.18 | 7,303 | 0.52 | 0.52 | 0.26 | 0.26 | 90 | |||||||||||||||||||||||||||
10/31/17 | 30.02 | 30.01 | 2,129 | 0.65 | 0.58 | 0.37 | 0.36 | 94 | |||||||||||||||||||||||||||
10/31/16 | ‡ | (2.47 | )b | (2.50 | )b | 122 | 0.46 | c | 0.46 | c | 0.45 | c | 0.42 | c | 86 | ||||||||||||||||||||
Premier Class: | 10/31/20 | 32.22 | 32.21 | 14,407 | 0.56 | 0.55 | 0.22 | 0.21 | 143 | ||||||||||||||||||||||||||
10/31/19 | 13.45 | 13.44 | 19,839 | 0.57 | 0.56 | 0.39 | 0.38 | 97 | |||||||||||||||||||||||||||
10/31/18 | 11.11 | 11.10 | 19,249 | 0.57 | 0.57 | 0.38 | 0.38 | 90 | |||||||||||||||||||||||||||
10/31/17 | 30.00 | 29.99 | 44,550 | 0.58 | 0.58 | 0.47 | 0.46 | 94 | |||||||||||||||||||||||||||
10/31/16 | (0.55 | ) | (0.58 | ) | 43,732 | 0.58 | 0.58 | 0.36 | 0.34 | 86 | |||||||||||||||||||||||||
Retirement Class: | 10/31/20 | 32.08 | 32.07 | 395,851 | 0.66 | 0.65 | 0.08 | 0.07 | 143 | ||||||||||||||||||||||||||
10/31/19 | 13.35 | 13.34 | 309,694 | 0.66 | 0.66 | 0.30 | 0.29 | 97 | |||||||||||||||||||||||||||
10/31/18 | 11.03 | 11.02 | 343,094 | 0.67 | 0.67 | 0.25 | 0.25 | 90 | |||||||||||||||||||||||||||
10/31/17 | 29.83 | 29.82 | 229,758 | 0.72 | 0.72 | 0.34 | 0.33 | 94 | |||||||||||||||||||||||||||
10/31/16 | (0.71 | ) | (0.74 | ) | 249,606 | 0.78 | 0.77 | 0.17 | 0.14 | 86 | |||||||||||||||||||||||||
Retail Class: | 10/31/20 | 32.05 | 32.04 | 1,127,972 | 0.70 | 0.70 | 0.04 | 0.03 | 143 | ||||||||||||||||||||||||||
10/31/19 | 13.25 | 13.24 | 991,814 | 0.71 | 0.71 | 0.24 | 0.24 | 97 | |||||||||||||||||||||||||||
10/31/18 | 10.97 | 10.96 | 986,875 | 0.72 | 0.72 | 0.22 | 0.21 | 90 | |||||||||||||||||||||||||||
10/31/17 | 29.84 | 29.83 | 943,267 | 0.75 | 0.75 | 0.26 | 0.26 | 94 | |||||||||||||||||||||||||||
10/31/16 | (0.76 | ) | (0.78 | ) | 629,391 | 0.76 | 0.76 | 0.19 | 0.16 | 86 | |||||||||||||||||||||||||
Class W: | 10/31/20 | 32.94 | 32.93 | 2,942,406 | 0.41 | 0.00 | 0.75 | 0.73 | 143 | ||||||||||||||||||||||||||
10/31/19 | 14.11 | 14.10 | 3,050,002 | 0.41 | 0.00 | 0.95 | 0.94 | 97 | |||||||||||||||||||||||||||
10/31/18 | † | (9.84 | )b | (9.84 | )b | 2,671,086 | 0.42 | c | 0.00 | c | 0.42 | c | 0.41 | c | 90 |
See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 103 |
Financial highlights
TIAA-CREF Funds
Selected per share data | |||||||||||||||||||||||||||||||||||
Gain (loss) from investment operations | |||||||||||||||||||||||||||||||||||
Net realized | Net | ||||||||||||||||||||||||||||||||||
For the | Net asset | Net | and unrealized | Total gain | Less distributions from | Total | asset | ||||||||||||||||||||||||||||
period | value, | investment | gain (loss) | (loss) from | Net | Net | dividends | value, | |||||||||||||||||||||||||||
or year | beginning | income | on total | investment | investment | realized | and | end of | |||||||||||||||||||||||||||
ended | of period | (loss | )a | investments | operations | income | gains | distributions | period | ||||||||||||||||||||||||||
LARGE-CAP VALUE FUND | |||||||||||||||||||||||||||||||||||
Institutional Class: | 10/31/20 | $17.68 | $0.33 | $ (1.62 | ) | $ (1.29 | ) | $(0.38 | ) | $ — | $(0.38 | ) | $16.01 | ||||||||||||||||||||||
10/31/19 | 17.98 | 0.34 | 1.23 | 1.57 | (0.34 | ) | (1.53 | ) | (1.87 | ) | 17.68 | ||||||||||||||||||||||||
10/31/18 | 19.56 | 0.33 | (0.64 | ) | (0.31 | ) | (0.28 | ) | (0.99 | ) | (1.27 | ) | 17.98 | ||||||||||||||||||||||
10/31/17 | 17.31 | 0.30 | 2.73 | 3.03 | (0.33 | ) | (0.45 | ) | (0.78 | ) | 19.56 | ||||||||||||||||||||||||
10/31/16 | 17.59 | 0.31 | 0.62 | 0.93 | (0.24 | ) | (0.97 | ) | (1.21 | ) | 17.31 | ||||||||||||||||||||||||
Advisor Class: | 10/31/20 | 17.67 | 0.31 | (1.61 | ) | (1.30 | ) | (0.38 | ) | — | (0.38 | ) | 15.99 | ||||||||||||||||||||||
10/31/19 | 17.97 | 0.33 | 1.23 | 1.56 | (0.33 | ) | (1.53 | ) | (1.86 | ) | 17.67 | ||||||||||||||||||||||||
10/31/18 | 19.54 | 0.32 | (0.63 | ) | (0.31 | ) | (0.27 | ) | (0.99 | ) | (1.26 | ) | 17.97 | ||||||||||||||||||||||
10/31/17 | 17.31 | 0.28 | 2.72 | 3.00 | (0.32 | ) | (0.45 | ) | (0.77 | ) | 19.54 | ||||||||||||||||||||||||
10/31/16 | ‡ | 17.69 | 0.26 | 0.57 | 0.83 | (0.24 | ) | (0.97 | ) | (1.21 | ) | 17.31 | |||||||||||||||||||||||
Premier Class: | 10/31/20 | 17.63 | 0.31 | (1.62 | ) | (1.31 | ) | (0.35 | ) | — | (0.35 | ) | 15.97 | ||||||||||||||||||||||
10/31/19 | 17.92 | 0.32 | 1.22 | 1.54 | (0.30 | ) | (1.53 | ) | (1.83 | ) | 17.63 | ||||||||||||||||||||||||
10/31/18 | 19.50 | 0.30 | (0.64 | ) | (0.34 | ) | (0.25 | ) | (0.99 | ) | (1.24 | ) | 17.92 | ||||||||||||||||||||||
10/31/17 | 17.26 | 0.27 | 2.72 | 2.99 | (0.30 | ) | (0.45 | ) | (0.75 | ) | 19.50 | ||||||||||||||||||||||||
10/31/16 | 17.53 | 0.28 | 0.64 | 0.92 | (0.22 | ) | (0.97 | ) | (1.19 | ) | 17.26 | ||||||||||||||||||||||||
Retirement Class: | 10/31/20 | 17.60 | 0.29 | (1.63 | ) | (1.34 | ) | (0.33 | ) | — | (0.33 | ) | 15.93 | ||||||||||||||||||||||
10/31/19 | 17.88 | 0.30 | 1.23 | 1.53 | (0.28 | ) | (1.53 | ) | (1.81 | ) | 17.60 | ||||||||||||||||||||||||
10/31/18 | 19.46 | 0.28 | (0.64 | ) | (0.36 | ) | (0.23 | ) | (0.99 | ) | (1.22 | ) | 17.88 | ||||||||||||||||||||||
10/31/17 | 17.23 | 0.25 | 2.71 | 2.96 | (0.28 | ) | (0.45 | ) | (0.73 | ) | 19.46 | ||||||||||||||||||||||||
10/31/16 | 17.50 | 0.26 | 0.64 | 0.90 | (0.20 | ) | (0.97 | ) | (1.17 | ) | 17.23 | ||||||||||||||||||||||||
Retail Class: | 10/31/20 | 16.84 | 0.26 | (1.54 | ) | (1.28 | ) | (0.33 | ) | — | (0.33 | ) | 15.23 | ||||||||||||||||||||||
10/31/19 | 17.22 | 0.28 | 1.17 | 1.45 | (0.30 | ) | (1.53 | ) | (1.83 | ) | 16.84 | ||||||||||||||||||||||||
10/31/18 | 18.78 | 0.26 | (0.61 | ) | (0.35 | ) | (0.22 | ) | (0.99 | ) | (1.21 | ) | 17.22 | ||||||||||||||||||||||
10/31/17 | 16.66 | 0.23 | 2.61 | 2.84 | (0.27 | ) | (0.45 | ) | (0.72 | ) | 18.78 | ||||||||||||||||||||||||
10/31/16 | 16.96 | 0.25 | 0.61 | 0.86 | (0.19 | ) | (0.97 | ) | (1.16 | ) | 16.66 | ||||||||||||||||||||||||
Class W: | 10/31/20 | 17.74 | 0.39 | (1.61 | ) | (1.22 | ) | (0.45 | ) | — | (0.45 | ) | 16.07 | ||||||||||||||||||||||
10/31/19 | 17.98 | 0.40 | 1.25 | 1.65 | (0.36 | ) | (1.53 | ) | (1.89 | ) | 17.74 | ||||||||||||||||||||||||
10/31/18 | † | 19.54 | 0.02 | (1.58 | ) | (1.56 | ) | — | — | — | 17.98 |
104 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements |
continued
Ratios and supplemental data | |||||||||||||||||||||||||||||||||||
Ratios to average net assets | |||||||||||||||||||||||||||||||||||
Total | Net investment | ||||||||||||||||||||||||||||||||||
For the | return | income (loss) | |||||||||||||||||||||||||||||||||
period | excluding | Net assets at | Net | excluding | Portfolio | ||||||||||||||||||||||||||||||
or year | Total | payment from | end of period | Gross | Net | investment | payment from | turnover | |||||||||||||||||||||||||||
ended | return | affiliates | u | (in thousands | ) | expenses | expenses | income (loss | ) | affiliates | u | rate | |||||||||||||||||||||||
LARGE-CAP VALUE FUND | |||||||||||||||||||||||||||||||||||
Institutional Class: | 10/31/20 | (7.51 | )% | (7.52 | )% | $1,467,747 | 0.41 | % | 0.40 | % | 1.98 | % | 1.97 | % | 26 | % | |||||||||||||||||||
10/31/19 | 10.23 | 10.22 | 1,922,604 | 0.41 | 0.39 | 2.06 | 2.05 | 79 | |||||||||||||||||||||||||||
10/31/18 | (1.84 | ) | (1.85 | ) | 2,427,959 | 0.40 | 0.40 | 1.73 | 1.73 | 53 | |||||||||||||||||||||||||
10/31/17 | 17.77 | 17.76 | 5,558,748 | 0.40 | 0.40 | 1.59 | 1.58 | 53 | |||||||||||||||||||||||||||
10/31/16 | 6.02 | 5.97 | 4,399,435 | 0.41 | 0.39 | 1.86 | 1.81 | 62 | |||||||||||||||||||||||||||
Advisor Class: | 10/31/20 | (7.60 | ) | (7.61 | ) | 257 | 0.47 | 0.46 | 1.91 | 1.89 | 26 | ||||||||||||||||||||||||
10/31/19 | 10.17 | 10.16 | 181 | 0.45 | 0.43 | 2.00 | 1.99 | 79 | |||||||||||||||||||||||||||
10/31/18 | (1.85 | ) | (1.86 | ) | 171 | 0.46 | 0.45 | 1.66 | 1.65 | 53 | |||||||||||||||||||||||||
10/31/17 | 17.64 | 17.63 | 182 | 0.47 | 0.47 | 1.51 | 1.50 | 53 | |||||||||||||||||||||||||||
10/31/16 | ‡ | 5.41 | b | 5.36 | b | 110 | 0.43 | c | 0.41 | c | 1.79 | c | 1.74 | c | 62 | ||||||||||||||||||||
Premier Class: | 10/31/20 | (7.65 | ) | (7.66 | ) | 69,391 | 0.56 | 0.55 | 1.85 | 1.84 | 26 | ||||||||||||||||||||||||
10/31/19 | 10.10 | 10.09 | 130,723 | 0.56 | 0.54 | 1.92 | 1.91 | 79 | |||||||||||||||||||||||||||
10/31/18 | (2.01 | ) | (2.02 | ) | 209,131 | 0.55 | 0.55 | 1.56 | 1.56 | 53 | |||||||||||||||||||||||||
10/31/17 | 17.59 | 17.58 | 291,951 | 0.55 | 0.55 | 1.46 | 1.45 | 53 | |||||||||||||||||||||||||||
10/31/16 | 5.93 | 5.89 | 284,476 | 0.56 | 0.54 | 1.72 | 1.68 | 62 | |||||||||||||||||||||||||||
Retirement Class: | 10/31/20 | (7.80 | ) | (7.81 | ) | 423,110 | 0.66 | 0.65 | 1.73 | 1.72 | 26 | ||||||||||||||||||||||||
10/31/19 | 10.03 | 10.02 | 579,719 | 0.66 | 0.64 | 1.82 | 1.81 | 79 | |||||||||||||||||||||||||||
10/31/18 | (2.11 | ) | (2.12 | ) | 750,194 | 0.65 | 0.65 | 1.46 | 1.46 | 53 | |||||||||||||||||||||||||
10/31/17 | 17.46 | 17.45 | 1,007,357 | 0.65 | 0.65 | 1.35 | 1.34 | 53 | |||||||||||||||||||||||||||
10/31/16 | 5.80 | 5.75 | 920,779 | 0.66 | 0.64 | 1.61 | 1.57 | 62 | |||||||||||||||||||||||||||
Retail Class: | 10/31/20 | (7.81 | ) | (7.82 | ) | 108,093 | 0.73 | 0.72 | 1.67 | 1.65 | 26 | ||||||||||||||||||||||||
10/31/19 | 9.92 | 9.91 | 132,317 | 0.72 | 0.70 | 1.75 | 1.74 | 79 | |||||||||||||||||||||||||||
10/31/18 | (2.13 | ) | (2.14 | ) | 130,587 | 0.71 | 0.70 | 1.41 | 1.40 | 53 | |||||||||||||||||||||||||
10/31/17 | 17.35 | 17.34 | 147,343 | 0.72 | 0.71 | 1.29 | 1.28 | 53 | |||||||||||||||||||||||||||
10/31/16 | 5.74 | 5.69 | 132,362 | 0.73 | 0.70 | 1.55 | 1.50 | 62 | |||||||||||||||||||||||||||
Class W: | 10/31/20 | (7.19 | ) | (7.20 | ) | 2,698,308 | 0.41 | 0.00 | 2.37 | 2.36 | 26 | ||||||||||||||||||||||||
10/31/19 | 10.66 | 10.65 | 2,900,604 | 0.41 | 0.00 | 2.43 | 2.43 | 79 | |||||||||||||||||||||||||||
10/31/18 | † | (7.93 | )b | (7.93 | )b | 2,706,272 | 0.41 | c | 0.00 | c | 1.56 | c | 1.56 | c | 53 |
See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 105 |
Financial highlights
TIAA-CREF Funds
Selected per share data | |||||||||||||||||||||||||||||||||||
Gain (loss) from investment operations | |||||||||||||||||||||||||||||||||||
Net realized | Net | ||||||||||||||||||||||||||||||||||
For the | Net asset | Net | and unrealized | Total gain | Less distributions from | Total | asset | ||||||||||||||||||||||||||||
period | value, | investment | gain (loss) | (loss) from | Net | Net | dividends | value, | |||||||||||||||||||||||||||
or year | beginning | income | on total | investment | investment | realized | and | end of | |||||||||||||||||||||||||||
ended | of period | (loss | )a | investments | operations | income | gains | distributions | period | ||||||||||||||||||||||||||
MID-CAP GROWTH FUND | |||||||||||||||||||||||||||||||||||
Institutional Class: | 10/31/20 | $22.21 | $ 0.00 | d | $ 5.32 | $ 5.32 | $(0.04 | ) | $(2.34 | ) | $(2.38 | ) | $25.15 | ||||||||||||||||||||||
10/31/19 | 22.29 | 0.04 | 2.90 | 2.94 | (0.08 | ) | (2.94 | ) | (3.02 | ) | 22.21 | ||||||||||||||||||||||||
10/31/18 | 24.00 | 0.09 | 0.46 | 0.55 | (0.13 | ) | (2.13 | ) | (2.26 | ) | 22.29 | ||||||||||||||||||||||||
10/31/17 | 19.07 | 0.14 | 4.89 | 5.03 | (0.10 | ) | — | (0.10 | ) | 24.00 | |||||||||||||||||||||||||
10/31/16 | 21.47 | 0.08 | (0.77 | ) | (0.69 | ) | (0.04 | ) | (1.67 | ) | (1.71 | ) | 19.07 | ||||||||||||||||||||||
Advisor Class: | 10/31/20 | 22.20 | (0.08 | ) | 5.39 | 5.31 | (0.03 | ) | (2.34 | ) | (2.37 | ) | 25.14 | ||||||||||||||||||||||
10/31/19 | 22.28 | 0.03 | 2.90 | 2.93 | (0.07 | ) | (2.94 | ) | (3.01 | ) | 22.20 | ||||||||||||||||||||||||
10/31/18 | 23.99 | 0.08 | 0.45 | 0.53 | (0.11 | ) | (2.13 | ) | (2.24 | ) | 22.28 | ||||||||||||||||||||||||
10/31/17 | 19.07 | 0.12 | 4.90 | 5.02 | (0.10 | ) | — | (0.10 | ) | 23.99 | |||||||||||||||||||||||||
10/31/16 | ‡ | 21.70 | 0.07 | (0.99 | ) | (0.92 | ) | (0.04 | ) | (1.67 | ) | (1.71 | ) | 19.07 | |||||||||||||||||||||
Premier Class: | 10/31/20 | 22.05 | (0.03 | ) | 5.28 | 5.25 | 0.00 | d | (2.34 | ) | (2.34 | ) | 24.96 | ||||||||||||||||||||||
10/31/19 | 22.14 | 0.01 | 2.89 | 2.90 | (0.05 | ) | (2.94 | ) | (2.99 | ) | 22.05 | ||||||||||||||||||||||||
10/31/18 | 23.85 | 0.05 | 0.46 | 0.51 | (0.09 | ) | (2.13 | ) | (2.22 | ) | 22.14 | ||||||||||||||||||||||||
10/31/17 | 18.95 | 0.11 | 4.86 | 4.97 | (0.07 | ) | — | (0.07 | ) | 23.85 | |||||||||||||||||||||||||
10/31/16 | 21.34 | 0.05 | (0.76 | ) | (0.71 | ) | (0.01 | ) | (1.67 | ) | (1.68 | ) | 18.95 | ||||||||||||||||||||||
Retirement Class: | 10/31/20 | 21.47 | (0.06 | ) | 5.14 | 5.08 | — | (2.34 | ) | (2.34 | ) | 24.21 | |||||||||||||||||||||||
10/31/19 | 21.63 | (0.01 | ) | 2.81 | 2.80 | (0.02 | ) | (2.94 | ) | (2.96 | ) | 21.47 | |||||||||||||||||||||||
10/31/18 | 23.35 | 0.03 | 0.45 | 0.48 | (0.07 | ) | (2.13 | ) | (2.20 | ) | 21.63 | ||||||||||||||||||||||||
10/31/17 | 18.55 | 0.08 | 4.77 | 4.85 | (0.05 | ) | — | (0.05 | ) | 23.35 | |||||||||||||||||||||||||
10/31/16 | 20.94 | 0.03 | (0.75 | ) | (0.72 | ) | — | (1.67 | ) | (1.67 | ) | 18.55 | |||||||||||||||||||||||
Retail Class: | 10/31/20 | 21.44 | (0.07 | ) | 5.12 | 5.05 | — | (2.34 | ) | (2.34 | ) | 24.15 | |||||||||||||||||||||||
10/31/19 | 21.60 | (0.02 | ) | 2.81 | 2.79 | (0.01 | ) | (2.94 | ) | (2.95 | ) | 21.44 | |||||||||||||||||||||||
10/31/18 | 23.32 | 0.01 | 0.46 | 0.47 | (0.06 | ) | (2.13 | ) | (2.19 | ) | 21.60 | ||||||||||||||||||||||||
10/31/17 | 18.53 | 0.06 | 4.77 | 4.83 | (0.04 | ) | — | (0.04 | ) | 23.32 | |||||||||||||||||||||||||
10/31/16 | 20.93 | 0.02 | (0.75 | ) | (0.73 | ) | — | (1.67 | ) | (1.67 | ) | 18.53 |
106 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements |
continued
Ratios and supplemental data | |||||||||||||||||||||||||||||||||||
Ratios to average net assets | |||||||||||||||||||||||||||||||||||
Total | Net investment | ||||||||||||||||||||||||||||||||||
For the | return | income (loss) | |||||||||||||||||||||||||||||||||
period | excluding | Net assets at | Net | excluding | Portfolio | ||||||||||||||||||||||||||||||
or year | Total | payment from | end of period | Gross | Net | investment | payment from | turnover | |||||||||||||||||||||||||||
ended | return | affiliates | u | (in thousands) | expenses | expenses | income (loss | ) | affiliates | u | rate | ||||||||||||||||||||||||
MID-CAP GROWTH FUND | |||||||||||||||||||||||||||||||||||
Institutional Class: | 10/31/20 | 26.16 | % | 26.15 | % | $721,712 | 0.48 | % | 0.48 | % | (0.02 | )% | (0.03 | )% | 107 | % | |||||||||||||||||||
10/31/19 | 15.93 | 15.92 | 761,182 | 0.48 | 0.48 | 0.20 | 0.19 | 81 | |||||||||||||||||||||||||||
10/31/18 | 2.29 | 2.28 | 759,278 | 0.47 | 0.47 | 0.37 | 0.37 | 70 | |||||||||||||||||||||||||||
10/31/17 | 26.48 | 26.47 | 912,465 | 0.47 | 0.47 | 0.63 | 0.62 | 71 | |||||||||||||||||||||||||||
10/31/16 | (3.22 | ) | (3.24 | ) | 787,520 | 0.47 | 0.47 | 0.41 | 0.39 | 69 | |||||||||||||||||||||||||
Advisor Class: | 10/31/20 | 26.09 | 26.08 | 5,113 | 0.56 | 0.56 | (0.32 | ) | (0.33 | ) | 107 | ||||||||||||||||||||||||
10/31/19 | 15.87 | 15.86 | 214 | 0.54 | 0.54 | 0.14 | 0.13 | 81 | |||||||||||||||||||||||||||
10/31/18 | 2.22 | 2.21 | 160 | 0.52 | 0.52 | 0.32 | 0.31 | 70 | |||||||||||||||||||||||||||
10/31/17 | 26.41 | 26.40 | 160 | 0.54 | 0.54 | 0.55 | 0.54 | 71 | |||||||||||||||||||||||||||
10/31/16 | ‡ | (4.26 | )b | (4.28 | )b | 98 | 0.49 | c | 0.49 | c | 0.39 | c | 0.36 | c | 69 | ||||||||||||||||||||
Premier Class: | 10/31/20 | 26.03 | 26.02 | 39,582 | 0.63 | 0.63 | (0.16 | ) | (0.17 | ) | 107 | ||||||||||||||||||||||||
10/31/19 | 15.70 | 15.69 | 52,210 | 0.63 | 0.63 | 0.06 | 0.05 | 81 | |||||||||||||||||||||||||||
10/31/18 | 2.13 | 2.12 | 71,504 | 0.62 | 0.62 | 0.22 | 0.22 | 70 | |||||||||||||||||||||||||||
10/31/17 | 26.30 | 26.29 | 94,517 | 0.62 | 0.62 | 0.50 | 0.49 | 71 | |||||||||||||||||||||||||||
10/31/16 | (3.35 | ) | (3.37 | ) | 107,194 | 0.62 | 0.62 | 0.27 | 0.25 | 69 | |||||||||||||||||||||||||
Retirement Class: | 10/31/20 | 25.91 | 25.90 | 375,489 | 0.73 | 0.73 | (0.28 | ) | (0.29 | ) | 107 | ||||||||||||||||||||||||
10/31/19 | 15.61 | 15.60 | 350,839 | 0.73 | 0.73 | (0.05 | ) | (0.06 | ) | 81 | |||||||||||||||||||||||||
10/31/18 | 2.04 | 2.03 | 352,638 | 0.72 | 0.72 | 0.12 | 0.11 | 70 | |||||||||||||||||||||||||||
10/31/17 | 26.20 | 26.19 | 401,947 | 0.72 | 0.72 | 0.39 | 0.38 | 71 | |||||||||||||||||||||||||||
10/31/16 | (3.48 | ) | (3.50 | ) | 367,160 | 0.72 | 0.72 | 0.16 | 0.14 | 69 | |||||||||||||||||||||||||
Retail Class: | 10/31/20 | 25.80 | 25.79 | 225,291 | 0.78 | 0.78 | (0.33 | ) | (0.35 | ) | 107 | ||||||||||||||||||||||||
10/31/19 | 15.56 | 15.55 | 198,852 | 0.78 | 0.78 | (0.10 | ) | (0.11 | ) | 81 | |||||||||||||||||||||||||
10/31/18 | 1.99 | 1.98 | 179,846 | 0.77 | 0.77 | 0.06 | 0.05 | 70 | |||||||||||||||||||||||||||
10/31/17 | 26.10 | 26.09 | 181,568 | 0.80 | 0.80 | 0.30 | 0.29 | 71 | |||||||||||||||||||||||||||
10/31/16 | (3.54 | ) | (3.56 | ) | 154,928 | 0.78 | 0.78 | 0.10 | 0.08 | 69 |
See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 107 |
Financial highlights
TIAA-CREF Funds
Selected per share data | ||||||||||||||||||||||||||||||||||||
Gain (loss) from investment operations | ||||||||||||||||||||||||||||||||||||
For the | Net asset | Net | Net realized and unrealized | Total gain | Less distributions from | Total | Net asset | |||||||||||||||||||||||||||||
period or year ended | value, beginning of period | investment income (loss | )a | gain (loss) on total investments | (loss) from investment operations | Net investment income | Net realized gains | dividends and distributions | value, end of period | |||||||||||||||||||||||||||
MID-CAP VALUE FUND | ||||||||||||||||||||||||||||||||||||
Institutional Class: | 10/31/20 | $20.40 | $0.23 | $(2.47 | ) | $(2.24 | ) | $(0.44 | ) | $(3.32 | ) | $(3.76 | ) | $14.40 | ||||||||||||||||||||||
10/31/19 | 22.30 | 0.43 | 0.87 | 1.30 | (0.41 | ) | (2.79 | ) | (3.20 | ) | 20.40 | |||||||||||||||||||||||||
10/31/18 | 24.81 | 0.39 | (0.83 | ) | (0.44 | ) | (0.40 | ) | (1.67 | ) | (2.07 | ) | 22.30 | |||||||||||||||||||||||
10/31/17 | 22.16 | 0.37 | 3.34 | 3.71 | (0.41 | ) | (0.65 | ) | (1.06 | ) | 24.81 | |||||||||||||||||||||||||
10/31/16 | 23.57 | 0.37 | 0.61 | 0.98 | (0.33 | ) | (2.06 | ) | (2.39 | ) | 22.16 | |||||||||||||||||||||||||
Advisor Class: | 10/31/20 | 20.37 | 0.23 | (2.47 | ) | (2.24 | ) | (0.43 | ) | (3.32 | ) | (3.75 | ) | 14.38 | ||||||||||||||||||||||
10/31/19 | 22.28 | 0.43 | 0.84 | 1.27 | (0.39 | ) | (2.79 | ) | (3.18 | ) | 20.37 | |||||||||||||||||||||||||
10/31/18 | 24.77 | 0.36 | (0.81 | ) | (0.45 | ) | (0.37 | ) | (1.67 | ) | (2.04 | ) | 22.28 | |||||||||||||||||||||||
10/31/17 | 22.15 | 0.32 | 3.35 | 3.67 | (0.40 | ) | (0.65 | ) | (1.05 | ) | 24.77 | |||||||||||||||||||||||||
10/31/16 | ‡ | 23.48 | 0.31 | 0.75 | 1.06 | (0.33 | ) | (2.06 | ) | (2.39 | ) | 22.15 | ||||||||||||||||||||||||
Premier Class: | 10/31/20 | 20.34 | 0.21 | (2.46 | ) | (2.25 | ) | (0.40 | ) | (3.32 | ) | (3.72 | ) | 14.37 | ||||||||||||||||||||||
10/31/19 | 22.24 | 0.39 | 0.86 | 1.25 | (0.36 | ) | (2.79 | ) | (3.15 | ) | 20.34 | |||||||||||||||||||||||||
10/31/18 | 24.73 | 0.35 | (0.81 | ) | (0.46 | ) | (0.36 | ) | (1.67 | ) | (2.03 | ) | 22.24 | |||||||||||||||||||||||
10/31/17 | 22.10 | 0.34 | 3.31 | 3.65 | (0.37 | ) | (0.65 | ) | (1.02 | ) | 24.73 | |||||||||||||||||||||||||
10/31/16 | 23.51 | 0.34 | 0.61 | 0.95 | (0.30 | ) | (2.06 | ) | (2.36 | ) | 22.10 | |||||||||||||||||||||||||
Retirement Class: | 10/31/20 | 20.24 | 0.20 | (2.45 | ) | (2.25 | ) | (0.39 | ) | (3.32 | ) | (3.71 | ) | 14.28 | ||||||||||||||||||||||
10/31/19 | 22.14 | 0.38 | 0.85 | 1.23 | (0.34 | ) | (2.79 | ) | (3.13 | ) | 20.24 | |||||||||||||||||||||||||
10/31/18 | 24.63 | 0.32 | (0.81 | ) | (0.49 | ) | (0.33 | ) | (1.67 | ) | (2.00 | ) | 22.14 | |||||||||||||||||||||||
10/31/17 | 22.01 | 0.31 | 3.31 | 3.62 | (0.35 | ) | (0.65 | ) | (1.00 | ) | 24.63 | |||||||||||||||||||||||||
10/31/16 | 23.41 | 0.32 | 0.61 | 0.93 | (0.27 | ) | (2.06 | ) | (2.33 | ) | 22.01 | |||||||||||||||||||||||||
Retail Class: | 10/31/20 | 19.76 | 0.18 | (2.38 | ) | (2.20 | ) | (0.38 | ) | (3.32 | ) | (3.70 | ) | 13.86 | ||||||||||||||||||||||
10/31/19 | 21.70 | 0.36 | 0.83 | 1.19 | (0.34 | ) | (2.79 | ) | (3.13 | ) | 19.76 | |||||||||||||||||||||||||
10/31/18 | 24.19 | 0.31 | (0.81 | ) | (0.50 | ) | (0.32 | ) | (1.67 | ) | (1.99 | ) | 21.70 | |||||||||||||||||||||||
10/31/17 | 21.63 | 0.29 | 3.26 | 3.55 | (0.34 | ) | (0.65 | ) | (0.99 | ) | 24.19 | |||||||||||||||||||||||||
10/31/16 | 23.05 | 0.30 | 0.60 | 0.90 | (0.26 | ) | (2.06 | ) | (2.32 | ) | 21.63 |
108 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements |
continued
Ratios and supplemental data | ||||||||||||||||||||||||||||||||||||
Ratios to average net assets | ||||||||||||||||||||||||||||||||||||
For the period or year ended | Total return | Total return excluding payment from affiliates | u | Net assets at end of period (in thousands | ) | Gross expenses | Net expenses | Net investment income (loss | ) | Net investment income (loss) excluding payment from affiliates | u | Portfolio turnover rate | ||||||||||||||||||||||||
MID-CAP VALUE FUND | ||||||||||||||||||||||||||||||||||||
Institutional Class: | 10/31/20 | (14.12 | )% | (14.14 | )% | $ | 1,045,293 | 0.46 | % | 0.43 | % | 1.47 | % | 1.46 | % | 143 | % | |||||||||||||||||||
10/31/19 | 7.32 | 7.31 | 1,881,808 | 0.44 | 0.40 | 2.17 | 2.16 | 81 | ||||||||||||||||||||||||||||
10/31/18 | (2.12 | ) | (2.13 | ) | 2,312,195 | 0.42 | 0.39 | 1.62 | 1.62 | 25 | ||||||||||||||||||||||||||
10/31/17 | 17.03 | 17.03 | 2,926,270 | 0.41 | 0.39 | 1.57 | 1.56 | 26 | ||||||||||||||||||||||||||||
10/31/16 | 5.21 | 5.17 | 3,225,705 | 0.41 | 0.37 | 1.74 | 1.70 | 43 | ||||||||||||||||||||||||||||
Advisor Class: | 10/31/20 | (14.17 | ) | (14.18 | ) | 446 | 0.55 | 0.53 | 1.45 | 1.44 | 143 | |||||||||||||||||||||||||
10/31/19 | 7.18 | 7.17 | 879 | 0.54 | 0.49 | 2.22 | 2.21 | 81 | ||||||||||||||||||||||||||||
10/31/18 | (2.17 | ) | (2.18 | ) | 372 | 0.51 | 0.48 | 1.53 | 1.52 | 25 | ||||||||||||||||||||||||||
10/31/17 | 16.87 | 16.87 | 330 | 0.56 | 0.53 | 1.35 | 1.35 | 26 | ||||||||||||||||||||||||||||
10/31/16 | ‡ | 5.56 | b | 5.52 | b | 141 | 0.43 | c | 0.40 | c | 1.63 | c | 1.58 | c | 43 | |||||||||||||||||||||
Premier Class: | 10/31/20 | (14.20 | ) | (14.22 | ) | 68,187 | 0.61 | 0.58 | 1.36 | 1.34 | 143 | |||||||||||||||||||||||||
10/31/19 | 7.11 | 7.10 | 124,254 | 0.59 | 0.55 | 1.98 | 1.97 | 81 | ||||||||||||||||||||||||||||
10/31/18 | (2.21 | ) | (2.22 | ) | 207,370 | 0.57 | 0.54 | 1.46 | 1.45 | 25 | ||||||||||||||||||||||||||
10/31/17 | 16.81 | 16.81 | 320,095 | 0.56 | 0.54 | 1.42 | 1.41 | 26 | ||||||||||||||||||||||||||||
10/31/16 | 5.09 | 5.05 | 368,739 | 0.56 | 0.52 | 1.61 | 1.57 | 43 | ||||||||||||||||||||||||||||
Retirement Class: | 10/31/20 | (14.29 | ) | (14.31 | ) | 413,497 | 0.71 | 0.68 | 1.29 | 1.27 | 143 | |||||||||||||||||||||||||
10/31/19 | 7.01 | 7.00 | 590,795 | 0.69 | 0.65 | 1.92 | 1.91 | 81 | ||||||||||||||||||||||||||||
10/31/18 | (2.33 | ) | (2.34 | ) | 716,431 | 0.67 | 0.64 | 1.37 | 1.36 | 25 | ||||||||||||||||||||||||||
10/31/17 | 16.73 | 16.73 | 978,517 | 0.66 | 0.64 | 1.30 | 1.30 | 26 | ||||||||||||||||||||||||||||
10/31/16 | 4.97 | 4.93 | 1,031,502 | 0.66 | 0.62 | 1.49 | 1.46 | 43 | ||||||||||||||||||||||||||||
Retail Class: | 10/31/20 | (14.37 | ) | (14.39 | ) | 168,504 | 0.78 | 0.76 | 1.21 | 1.19 | 143 | |||||||||||||||||||||||||
10/31/19 | 6.96 | 6.95 | 230,989 | 0.74 | 0.70 | 1.89 | 1.88 | 81 | ||||||||||||||||||||||||||||
10/31/18 | (2.40 | ) | (2.41 | ) | 243,079 | 0.72 | 0.69 | 1.32 | 1.31 | 25 | ||||||||||||||||||||||||||
10/31/17 | 16.70 | 16.70 | 286,550 | 0.71 | 0.68 | 1.25 | 1.25 | 26 | ||||||||||||||||||||||||||||
10/31/16 | 4.90 | 4.86 | 276,022 | 0.71 | 0.67 | 1.45 | 1.41 | 43 |
See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 109 |
Financial highlights
TIAA-CREF Funds
Selected per share data | ||||||||||||||||||||||||||||||||||||
Gain (loss) from investment operations | ||||||||||||||||||||||||||||||||||||
For the | Net asset | Net | Net realized and unrealized | Total gain | Less distributions from | Total | Net asset | |||||||||||||||||||||||||||||
period or year ended | value, beginning of period | investment income (loss | )a | gain (loss) on total investments | (loss) from investment operations | Net investment income | Net realized gains | dividends and distributions | value, end of period | |||||||||||||||||||||||||||
QUANT LARGE-CAP GROWTH FUND | ||||||||||||||||||||||||||||||||||||
Institutional Class: | 10/31/20 | $14.77 | $0.13 | $ 3.53 | $3.66 | $(0.16 | ) | $(0.79 | ) | $(0.95 | ) | $17.48 | ||||||||||||||||||||||||
10/31/19 | 14.26 | 0.16 | 1.54 | 1.70 | (0.17 | ) | (1.02 | ) | (1.19 | ) | 14.77 | |||||||||||||||||||||||||
10/31/18 | 13.90 | 0.16 | 1.10 | 1.26 | (0.16 | ) | (0.74 | ) | (0.90 | ) | 14.26 | |||||||||||||||||||||||||
10/31/17 | 11.14 | 0.16 | 3.07 | 3.23 | (0.18 | ) | (0.29 | ) | (0.47 | ) | 13.90 | |||||||||||||||||||||||||
10/31/16 | 12.12 | 0.16 | 0.10 | 0.26 | (0.13 | ) | (1.11 | ) | (1.24 | ) | 11.14 | |||||||||||||||||||||||||
Advisor Class: | 10/31/20 | 14.79 | 0.11 | 3.54 | 3.65 | (0.15 | ) | (0.79 | ) | (0.94 | ) | 17.50 | ||||||||||||||||||||||||
10/31/19 | 14.26 | 0.15 | 1.54 | 1.69 | (0.14 | ) | (1.02 | ) | (1.16 | ) | 14.79 | |||||||||||||||||||||||||
10/31/18 | 13.89 | 0.15 | 1.11 | 1.26 | (0.15 | ) | (0.74 | ) | (0.89 | ) | 14.26 | |||||||||||||||||||||||||
10/31/17 | 11.14 | 0.14 | 3.08 | 3.22 | (0.18 | ) | (0.29 | ) | (0.47 | ) | 13.89 | |||||||||||||||||||||||||
10/31/16 | ‡ | 12.28 | 0.14 | (0.04 | ) | 0.10 | (0.13 | ) | (1.11 | ) | (1.24 | ) | 11.14 | |||||||||||||||||||||||
Class W: | 10/31/20 | 14.81 | 0.18 | 3.54 | 3.72 | (0.21 | ) | (0.79 | ) | (1.00 | ) | 17.53 | ||||||||||||||||||||||||
10/31/19 | 14.26 | 0.20 | 1.55 | 1.75 | (0.18 | ) | (1.02 | ) | (1.20 | ) | 14.81 | |||||||||||||||||||||||||
10/31/18 | † | 15.65 | 0.01 | (1.40 | ) | (1.39 | ) | — | — | — | 14.26 | |||||||||||||||||||||||||
QUANT LARGE-CAP VALUE FUND | ||||||||||||||||||||||||||||||||||||
Institutional Class: | 10/31/20 | 10.33 | 0.20 | (1.06 | ) | (0.86 | ) | (0.38 | ) | (0.79 | ) | (1.17 | ) | 8.30 | ||||||||||||||||||||||
10/31/19 | 10.04 | 0.25 | 0.51 | 0.76 | (0.23 | ) | (0.24 | ) | (0.47 | ) | 10.33 | |||||||||||||||||||||||||
10/31/18 | 10.57 | 0.24 | (0.08 | ) | 0.16 | (0.21 | ) | (0.48 | ) | (0.69 | ) | 10.04 | ||||||||||||||||||||||||
10/31/17 | 9.61 | 0.20 | 1.48 | 1.68 | (0.22 | ) | (0.50 | ) | (0.72 | ) | 10.57 | |||||||||||||||||||||||||
10/31/16 | 10.12 | 0.21 | 0.14 | 0.35 | (0.23 | ) | (0.63 | ) | (0.86 | ) | 9.61 | |||||||||||||||||||||||||
Advisor Class: | 10/31/20 | 10.30 | 0.19 | (1.07 | ) | (0.88 | ) | (0.32 | ) | (0.79 | ) | (1.11 | ) | 8.31 | ||||||||||||||||||||||
10/31/19 | 10.02 | 0.23 | 0.52 | 0.75 | (0.23 | ) | (0.24 | ) | (0.47 | ) | 10.30 | |||||||||||||||||||||||||
10/31/18 | 10.56 | 0.19 | (0.05 | ) | 0.14 | (0.20 | ) | (0.48 | ) | (0.68 | ) | 10.02 | ||||||||||||||||||||||||
10/31/17 | 9.61 | 0.20 | 1.47 | 1.67 | (0.22 | ) | (0.50 | ) | (0.72 | ) | 10.56 | |||||||||||||||||||||||||
10/31/16 | ‡ | 10.18 | 0.20 | 0.09 | 0.29 | (0.23 | ) | (0.63 | ) | (0.86 | ) | 9.61 | ||||||||||||||||||||||||
Class W: | 10/31/20 | 10.36 | 0.23 | (1.06 | ) | (0.83 | ) | (0.43 | ) | (0.79 | ) | (1.22 | ) | 8.31 | ||||||||||||||||||||||
10/31/19 | 10.05 | 0.28 | 0.51 | 0.79 | (0.24 | ) | (0.24 | ) | (0.48 | ) | 10.36 | |||||||||||||||||||||||||
10/31/18 | † | 10.64 | 0.01 | (0.60 | ) | (0.59 | ) | — | — | — | 10.05 |
110 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements |
continued
Ratios and supplemental data | ||||||||||||||||||||||||||||
For the period | Net assets at | Ratios to average net assets | Portfolio | |||||||||||||||||||||||||
or year ended | Total return | end of period (in thousands | ) | Gross expenses | Net expenses | Net investment income (loss | ) | turnover rate | ||||||||||||||||||||
QUANT LARGE-CAP GROWTH FUND | ||||||||||||||||||||||||||||
Institutional Class: | 10/31/20 | 26.10 | % | $ | 113,666 | 0.32 | % | 0.32 | % | 0.83 | % | 136 | % | |||||||||||||||
10/31/19 | 13.40 | 203,411 | 0.32 | 0.32 | 1.14 | 116 | ||||||||||||||||||||||
10/31/18 | 9.45 | 166,416 | 0.32 | 0.30 | 1.12 | 84 | ||||||||||||||||||||||
10/31/17 | 29.96 | 2,578,820 | 0.33 | 0.33 | 1.27 | 91 | ||||||||||||||||||||||
10/31/16 | 2.68 | 2,047,308 | 0.34 | 0.34 | 1.44 | 121 | ||||||||||||||||||||||
Advisor Class: | 10/31/20 | 25.97 | 1,369 | 0.40 | 0.40 | 0.71 | 136 | |||||||||||||||||||||
10/31/19 | 13.35 | 1,408 | 0.41 | 0.41 | 1.10 | 116 | ||||||||||||||||||||||
10/31/18 | 9.47 | 1,551 | 0.43 | 0.41 | 1.04 | 84 | ||||||||||||||||||||||
10/31/17 | 29.86 | 891 | 0.43 | 0.42 | 1.10 | 91 | ||||||||||||||||||||||
10/31/16 | ‡ | 1.32 | b | 103 | 0.36 | c | 0.36 | c | 1.38 | c | 121 | |||||||||||||||||
Class W: | 10/31/20 | 26.51 | 1,403,655 | 0.31 | 0.00 | 1.12 | 136 | |||||||||||||||||||||
10/31/19 | 13.81 | 2,671,783 | 0.32 | 0.00 | 1.48 | 116 | ||||||||||||||||||||||
10/31/18 | † | (8.88 | )b | 2,358,591 | 0.32 | c | 0.00 | c | 0.74 | c | 84 | |||||||||||||||||
QUANT LARGE-CAP VALUE FUND | ||||||||||||||||||||||||||||
Institutional Class: | 10/31/20 | (9.82 | ) | 38,404 | 0.37 | 0.35 | 2.23 | 195 | ||||||||||||||||||||
10/31/19 | 8.05 | 128,229 | 0.32 | 0.32 | 2.57 | 146 | ||||||||||||||||||||||
10/31/18 | 1.36 | 119,598 | 0.32 | 0.30 | 2.27 | 84 | ||||||||||||||||||||||
10/31/17 | 18.04 | 2,476,119 | 0.33 | 0.33 | 2.03 | 99 | ||||||||||||||||||||||
10/31/16 | 4.10 | 2,031,032 | 0.34 | 0.34 | 2.24 | 149 | ||||||||||||||||||||||
Advisor Class: | 10/31/20 | (9.96 | ) | 113 | 0.45 | 0.43 | 2.17 | 195 | ||||||||||||||||||||
10/31/19 | 7.93 | 538 | 0.42 | 0.42 | 2.38 | 146 | ||||||||||||||||||||||
10/31/18 | 1.18 | 5,706 | 0.39 | 0.37 | 1.88 | 84 | ||||||||||||||||||||||
10/31/17 | 17.92 | 135 | 0.40 | 0.40 | 1.96 | 99 | ||||||||||||||||||||||
10/31/16 | ‡ | 3.47 | b | 106 | 0.36 | c | 0.36 | c | 2.38 | c | 149 | |||||||||||||||||
Class W: | 10/31/20 | (9.52 | ) | 645,292 | 0.37 | 0.02 | 2.56 | 195 | ||||||||||||||||||||
10/31/19 | 8.35 | 2,537,786 | 0.32 | 0.00 | 2.85 | 146 | ||||||||||||||||||||||
10/31/18 | † | (5.55 | )b | 2,415,023 | 0.32 | c | 0.00 | c | 1.65 | c | 84 |
See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 111 |
Financial highlights
TIAA-CREF Funds
Selected per share data | |||||||||||||||||||||||||||||||||||
Gain (loss) from investment operations | |||||||||||||||||||||||||||||||||||
Net realized | Net | ||||||||||||||||||||||||||||||||||
For the | Net asset | Net | and unrealized | Total gain | Less distributions from | Total | asset | ||||||||||||||||||||||||||||
period or year ended | value, beginning of period | investment income (loss) | a | gain (loss) on total investments | (loss) from investment operations | Net investment income | Net realized gains | dividends and distributions | value, end of period | ||||||||||||||||||||||||||
QUANT SMALL-CAP EQUITY FUND | |||||||||||||||||||||||||||||||||||
Institutional Class: | 10/31/20 | $16.59 | $0.09 | $(1.38 | ) | $(1.29 | ) | $(0.18 | ) | $(0.72 | ) | $(0.90 | ) | $14.40 | |||||||||||||||||||||
10/31/19 | 18.77 | 0.16 | 0.55 | 0.71 | (0.14 | ) | (2.75 | ) | (2.89 | ) | 16.59 | ||||||||||||||||||||||||
10/31/18 | 20.69 | 0.14 | 0.06 | 0.20 | (0.16 | ) | (1.96 | ) | (2.12 | ) | 18.77 | ||||||||||||||||||||||||
10/31/17 | 16.64 | 0.16 | 4.53 | 4.69 | (0.17 | ) | (0.47 | ) | (0.64 | ) | 20.69 | ||||||||||||||||||||||||
10/31/16 | 17.62 | 0.16 | 0.22 | 0.38 | (0.13 | ) | (1.23 | ) | (1.36 | ) | 16.64 | ||||||||||||||||||||||||
Advisor Class: | 10/31/20 | 16.56 | 0.08 | (1.38 | ) | (1.30 | ) | (0.15 | ) | (0.72 | ) | (0.87 | ) | 14.39 | |||||||||||||||||||||
10/31/19 | 18.75 | 0.15 | 0.53 | 0.68 | (0.12 | ) | (2.75 | ) | (2.87 | ) | 16.56 | ||||||||||||||||||||||||
10/31/18 | 20.67 | 0.11 | 0.08 | 0.19 | (0.15 | ) | (1.96 | ) | (2.11 | ) | 18.75 | ||||||||||||||||||||||||
10/31/17 | 16.63 | 0.13 | 4.55 | 4.68 | (0.17 | ) | (0.47 | ) | (0.64 | ) | 20.67 | ||||||||||||||||||||||||
10/31/16 | ‡ | 18.05 | 0.10 | (0.16 | ) | (0.06 | ) | (0.13 | ) | (1.23 | ) | (1.36 | ) | 16.63 | |||||||||||||||||||||
Premier Class: | 10/31/20 | 16.47 | 0.07 | (1.37 | ) | (1.30 | ) | (0.15 | ) | (0.72 | ) | (0.87 | ) | 14.30 | |||||||||||||||||||||
10/31/19 | 18.64 | 0.14 | 0.54 | 0.68 | (0.10 | ) | (2.75 | ) | (2.85 | ) | 16.47 | ||||||||||||||||||||||||
10/31/18 | 20.57 | 0.10 | 0.06 | 0.16 | (0.13 | ) | (1.96 | ) | (2.09 | ) | 18.64 | ||||||||||||||||||||||||
10/31/17 | 16.54 | 0.13 | 4.52 | 4.65 | (0.15 | ) | (0.47 | ) | (0.62 | ) | 20.57 | ||||||||||||||||||||||||
10/31/16 | 17.53 | 0.14 | 0.21 | 0.35 | (0.11 | ) | (1.23 | ) | (1.34 | ) | 16.54 | ||||||||||||||||||||||||
Retirement Class: | 10/31/20 | 16.08 | 0.06 | (1.35 | ) | (1.29 | ) | (0.13 | ) | (0.72 | ) | (0.85 | ) | 13.94 | |||||||||||||||||||||
10/31/19 | 18.27 | 0.12 | 0.52 | 0.64 | (0.08 | ) | (2.75 | ) | (2.83 | ) | 16.08 | ||||||||||||||||||||||||
10/31/18 | 20.20 | 0.08 | 0.06 | 0.14 | (0.11 | ) | (1.96 | ) | (2.07 | ) | 18.27 | ||||||||||||||||||||||||
10/31/17 | 16.26 | 0.11 | 4.43 | 4.54 | (0.13 | ) | (0.47 | ) | (0.60 | ) | 20.20 | ||||||||||||||||||||||||
10/31/16 | 17.25 | 0.12 | 0.21 | 0.33 | (0.09 | ) | (1.23 | ) | (1.32 | ) | 16.26 | ||||||||||||||||||||||||
Retail Class: | 10/31/20 | 15.87 | 0.05 | (1.32 | ) | (1.27 | ) | (0.13 | ) | (0.72 | ) | (0.85 | ) | 13.75 | |||||||||||||||||||||
10/31/19 | 18.08 | 0.12 | 0.50 | 0.62 | (0.08 | ) | (2.75 | ) | (2.83 | ) | 15.87 | ||||||||||||||||||||||||
10/31/18 | 20.00 | 0.07 | 0.07 | 0.14 | (0.10 | ) | (1.96 | ) | (2.06 | ) | 18.08 | ||||||||||||||||||||||||
10/31/17 | 16.11 | 0.10 | 4.39 | 4.49 | (0.13 | ) | (0.47 | ) | (0.60 | ) | 20.00 | ||||||||||||||||||||||||
10/31/16 | 17.10 | 0.11 | 0.21 | 0.32 | (0.08 | ) | (1.23 | ) | (1.31 | ) | 16.11 | ||||||||||||||||||||||||
Class W: | 10/31/20 | 16.64 | 0.14 | (1.37 | ) | (1.23 | ) | (0.26 | ) | (0.72 | ) | (0.98 | ) | 14.43 | |||||||||||||||||||||
10/31/19 | 18.77 | 0.23 | 0.55 | 0.78 | (0.16 | ) | (2.75 | ) | (2.91 | ) | 16.64 | ||||||||||||||||||||||||
10/31/18 | † | 20.86 | 0.00 | d | (2.09 | ) | (2.09 | ) | — | — | — | 18.77 |
112 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements |
continued
Ratios and supplemental data | |||||||||||||||||||||||||||
For the | |||||||||||||||||||||||||||
period | Net assets at | Ratios to average net assets | Portfolio | ||||||||||||||||||||||||
or year ended | Total return | end of period (in thousands | ) | Gross expenses | Net expenses | Net investment income (loss | ) | turnover rate | |||||||||||||||||||
QUANT SMALL-CAP EQUITY FUND | |||||||||||||||||||||||||||
Institutional Class: | 10/31/20 | (8.35 | )% | $1,150,062 | 0.43 | % | 0.40 | % | 0.65 | % | 93 | % | |||||||||||||||
10/31/19 | 5.34 | 1,482,549 | 0.42 | 0.39 | 1.01 | 98 | |||||||||||||||||||||
10/31/18 | 0.85 | 1,728,014 | 0.41 | 0.40 | 0.68 | 87 | |||||||||||||||||||||
10/31/17 | 28.64 | 2,804,889 | 0.41 | 0.41 | 0.82 | 81 | |||||||||||||||||||||
10/31/16 | 2.59 | 2,102,479 | 0.42 | 0.42 | 1.01 | 86 | |||||||||||||||||||||
Advisor Class: | 10/31/20 | (8.46 | ) | 464 | 0.50 | 0.48 | 0.58 | 93 | |||||||||||||||||||
10/31/19 | 5.25 | 757 | 0.52 | 0.50 | 0.89 | 98 | |||||||||||||||||||||
10/31/18 | 0.84 | 2,770 | 0.48 | 0.47 | 0.58 | 87 | |||||||||||||||||||||
10/31/17 | 28.51 | 2,611 | 0.48 | 0.48 | 0.70 | 81 | |||||||||||||||||||||
10/31/16 | ‡ | 0.07 | b | 508 | 0.47 | c | 0.47 | c | 0.67 | c | 86 | ||||||||||||||||
Premier Class: | 10/31/20 | (8.57 | ) | 65,169 | 0.58 | 0.55 | 0.49 | 93 | |||||||||||||||||||
10/31/19 | 5.28 | 114,749 | 0.57 | 0.54 | 0.85 | 98 | |||||||||||||||||||||
10/31/18 | 0.68 | 152,816 | 0.56 | 0.55 | 0.51 | 87 | |||||||||||||||||||||
10/31/17 | 28.46 | 180,112 | 0.56 | 0.56 | 0.70 | 81 | |||||||||||||||||||||
10/31/16 | 2.38 | 171,546 | 0.57 | 0.57 | 0.91 | 86 | |||||||||||||||||||||
Retirement Class: | 10/31/20 | (8.61 | ) | 328,265 | 0.68 | 0.65 | 0.40 | 93 | |||||||||||||||||||
10/31/19 | 5.14 | 440,064 | 0.67 | 0.64 | 0.76 | 98 | |||||||||||||||||||||
10/31/18 | 0.60 | 527,678 | 0.66 | 0.65 | 0.40 | 87 | |||||||||||||||||||||
10/31/17 | 28.29 | 641,915 | 0.66 | 0.66 | 0.58 | 81 | |||||||||||||||||||||
10/31/16 | 2.30 | 541,420 | 0.67 | 0.67 | 0.77 | 86 | |||||||||||||||||||||
Retail Class: | 10/31/20 | (8.61 | ) | 100,998 | 0.74 | 0.67 | 0.38 | 93 | |||||||||||||||||||
10/31/19 | 5.06 | 127,462 | 0.72 | 0.65 | 0.74 | 98 | |||||||||||||||||||||
10/31/18 | 0.62 | 146,385 | 0.71 | 0.67 | 0.38 | 87 | |||||||||||||||||||||
10/31/17 | 28.19 | 169,753 | 0.71 | 0.71 | 0.53 | 81 | |||||||||||||||||||||
10/31/16 | 2.26 | 125,084 | 0.73 | 0.73 | 0.69 | 86 | |||||||||||||||||||||
Class W: | 10/31/20 | (8.01 | ) | 679,638 | 0.42 | 0.00 | 0.98 | 93 | |||||||||||||||||||
10/31/19 | 5.78 | 778,275 | 0.42 | 0.00 | 1.40 | 98 | |||||||||||||||||||||
10/31/18 | † | (10.02 | )b | 794,946 | 0.41 | c | 0.00 | c | (0.30 | )c | 87 |
See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 113 |
Financial highlights
TIAA-CREF Funds
Selected per share data | |||||||||||||||||||||||||||||||||||
Gain (loss) from investment operations | |||||||||||||||||||||||||||||||||||
Net realized | Net | ||||||||||||||||||||||||||||||||||
For the | Net asset | Net | and unrealized | Total gain | Less distributions from | Total | asset | ||||||||||||||||||||||||||||
period or year ended | value, beginning of period | investment income (loss | )a | gain (loss) on total investments | (loss) from investment operations | Net investment income | Net realized gains | dividends and distributions | value, end of period | ||||||||||||||||||||||||||
QUANT SMALL/MID-CAP EQUITY FUND | |||||||||||||||||||||||||||||||||||
Institutional Class: | 10/31/20 | $12.29 | $0.10 | $(0.24 | ) | $(0.14 | ) | $(0.11 | ) | $(0.61 | ) | $(0.72 | ) | $11.43 | |||||||||||||||||||||
10/31/19 | 12.43 | 0.11 | 1.08 | 1.19 | (0.10 | ) | (1.23 | ) | (1.33 | ) | 12.29 | ||||||||||||||||||||||||
10/31/18 | 12.38 | 0.13 | 0.60 | 0.73 | (0.13 | ) | (0.55 | ) | (0.68 | ) | 12.43 | ||||||||||||||||||||||||
10/31/17 | 9.63 | 0.10 | 2.67 | 2.77 | (0.02 | ) | — | (0.02 | ) | 12.38 | |||||||||||||||||||||||||
10/31/16 | § | 10.00 | 0.00 | d | (0.37 | ) | (0.37 | ) | — | — | — | 9.63 | |||||||||||||||||||||||
Advisor Class: | 10/31/20 | 12.31 | 0.08 | (0.23 | ) | (0.15 | ) | (0.10 | ) | (0.61 | ) | (0.71 | ) | 11.45 | |||||||||||||||||||||
10/31/19 | 12.44 | 0.11 | 1.08 | 1.19 | (0.09 | ) | (1.23 | ) | (1.32 | ) | 12.31 | ||||||||||||||||||||||||
10/31/18 | 12.37 | 0.07 | 0.68 | 0.75 | (0.13 | ) | (0.55 | ) | (0.68 | ) | 12.44 | ||||||||||||||||||||||||
10/31/17 | 9.62 | 0.10 | 2.67 | 2.77 | (0.02 | ) | — | (0.02 | ) | 12.37 | |||||||||||||||||||||||||
10/31/16 | § | 10.00 | 0.02 | (0.40 | ) | (0.38 | ) | — | — | — | 9.62 | ||||||||||||||||||||||||
Premier Class: | 10/31/20 | 12.27 | 0.08 | (0.24 | ) | (0.16 | ) | (0.01 | ) | (0.61 | ) | (0.62 | ) | 11.49 | |||||||||||||||||||||
10/31/19 | 12.41 | 0.09 | 1.08 | 1.17 | (0.08 | ) | (1.23 | ) | (1.31 | ) | 12.27 | ||||||||||||||||||||||||
10/31/18 | 12.36 | 0.09 | 0.62 | 0.71 | (0.11 | ) | (0.55 | ) | (0.66 | ) | 12.41 | ||||||||||||||||||||||||
10/31/17 | 9.62 | 0.08 | 2.68 | 2.76 | (0.02 | ) | — | (0.02 | ) | 12.36 | |||||||||||||||||||||||||
10/31/16 | § | 10.00 | 0.02 | (0.40 | ) | (0.38 | ) | — | — | — | 9.62 | ||||||||||||||||||||||||
Retirement Class: | 10/31/20 | 12.24 | 0.07 | (0.24 | ) | (0.17 | ) | (0.08 | ) | (0.61 | ) | (0.69 | ) | 11.38 | |||||||||||||||||||||
10/31/19 | 12.39 | 0.08 | 1.07 | 1.15 | (0.07 | ) | (1.23 | ) | (1.30 | ) | 12.24 | ||||||||||||||||||||||||
10/31/18 | 12.34 | 0.07 | 0.63 | 0.70 | (0.10 | ) | (0.55 | ) | (0.65 | ) | 12.39 | ||||||||||||||||||||||||
10/31/17 | 9.62 | 0.06 | 2.68 | 2.74 | (0.02 | ) | — | (0.02 | ) | 12.34 | |||||||||||||||||||||||||
10/31/16 | § | 10.00 | 0.01 | (0.39 | ) | (0.38 | ) | — | — | — | 9.62 | ||||||||||||||||||||||||
Retail Class: | 10/31/20 | 12.21 | 0.06 | (0.23 | ) | (0.17 | ) | (0.07 | ) | (0.61 | ) | (0.68 | ) | 11.36 | |||||||||||||||||||||
10/31/19 | 12.37 | 0.07 | 1.06 | 1.13 | (0.06 | ) | (1.23 | ) | (1.29 | ) | 12.21 | ||||||||||||||||||||||||
10/31/18 | 12.32 | 0.06 | 0.63 | 0.69 | (0.09 | ) | (0.55 | ) | (0.64 | ) | 12.37 | ||||||||||||||||||||||||
10/31/17 | 9.62 | 0.05 | 2.66 | 2.71 | (0.01 | ) | — | (0.01 | ) | 12.32 | |||||||||||||||||||||||||
10/31/16 | § | 10.00 | 0.01 | (0.39 | ) | (0.38 | ) | — | — | — | 9.62 | ||||||||||||||||||||||||
Class W: | 10/31/20 | 12.34 | 0.15 | (0.23 | ) | (0.08 | ) | (0.17 | ) | (0.61 | ) | (0.78 | ) | 11.48 | |||||||||||||||||||||
10/31/19 | 12.44 | 0.17 | 1.07 | 1.24 | (0.11 | ) | (1.23 | ) | (1.34 | ) | 12.34 | ||||||||||||||||||||||||
10/31/18 | † | 13.81 | 0.00 | d | (1.37 | ) | (1.37 | ) | — | — | — | 12.44 |
114 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements |
continued
Ratios and supplemental data | |||||||||||||||||||||||||||
For the | |||||||||||||||||||||||||||
period | Net assets at | Ratios to average net assets | Portfolio | ||||||||||||||||||||||||
or year ended | Total return | end of period (in thousands | ) | Gross expenses | Net expenses | Net investment income (loss | ) | turnover rate | |||||||||||||||||||
QUANT SMALL/MID-CAP EQUITY FUND | |||||||||||||||||||||||||||
Institutional Class: | 10/31/20 | (1.48 | )% | $ | 41,061 | 0.50 | % | 0.50 | % | 0.88 | % | 88 | % | ||||||||||||||
10/31/19 | 11.20 | 43,317 | 0.50 | 0.50 | 0.95 | 81 | |||||||||||||||||||||
10/31/18 | 6.02 | 34,106 | 0.50 | 0.50 | 1.01 | 64 | |||||||||||||||||||||
10/31/17 | 28.83 | 666,876 | 0.50 | 0.50 | 0.86 | 84 | |||||||||||||||||||||
10/31/16 | § | (3.70 | )b | 370,391 | 1.58 | c | 0.53 | c | 0.18 | c | 2 | b | |||||||||||||||
Advisor Class: | 10/31/20 | (1.55 | ) | 1,702 | 0.58 | 0.58 | 0.72 | 88 | |||||||||||||||||||
10/31/19 | 11.18 | 244 | 0.54 | 0.54 | 0.94 | 81 | |||||||||||||||||||||
10/31/18 | 6.19 | 1,789 | 0.57 | 0.57 | 0.54 | 64 | |||||||||||||||||||||
10/31/17 | 28.81 | 1,290 | 0.50 | 0.50 | 0.87 | 84 | |||||||||||||||||||||
10/31/16 | § | (3.80 | )b | 967 | 2.08 | c | 0.68 | c | 0.64 | c | 2 | b | |||||||||||||||
Premier Class: | 10/31/20 | (1.61 | ) | 115 | 0.68 | 0.68 | 0.71 | 88 | |||||||||||||||||||
10/31/19 | 11.04 | 123 | 0.66 | 0.66 | 0.80 | 81 | |||||||||||||||||||||
10/31/18 | 5.89 | 1,241 | 0.66 | 0.66 | 0.74 | 64 | |||||||||||||||||||||
10/31/17 | 28.68 | 1,236 | 0.64 | 0.64 | 0.73 | 84 | |||||||||||||||||||||
10/31/16 | § | (3.80 | )b | 962 | 2.27 | c | 0.68 | c | 0.64 | c | 2 | b | |||||||||||||||
Retirement Class: | 10/31/20 | (1.70 | ) | 21,008 | 0.75 | 0.75 | 0.61 | 88 | |||||||||||||||||||
10/31/19 | 10.89 | 11,950 | 0.75 | 0.75 | 0.71 | 81 | |||||||||||||||||||||
10/31/18 | 5.83 | 10,728 | 0.76 | 0.76 | 0.57 | 64 | |||||||||||||||||||||
10/31/17 | 28.47 | 4,945 | 0.75 | 0.75 | 0.57 | 84 | |||||||||||||||||||||
10/31/16 | § | (3.80 | )b | 1,165 | 2.35 | c | 0.78 | c | 0.52 | c | 2 | b | |||||||||||||||
Retail Class: | 10/31/20 | (1.76 | ) | 6,757 | 0.89 | 0.89 | 0.51 | 88 | |||||||||||||||||||
10/31/19 | 10.67 | 5,765 | 0.88 | 0.88 | 0.59 | 81 | |||||||||||||||||||||
10/31/18 | 5.77 | 5,699 | 0.88 | 0.87 | 0.48 | 64 | |||||||||||||||||||||
10/31/17 | 28.21 | 3,291 | 0.88 | 0.88 | 0.44 | 84 | |||||||||||||||||||||
10/31/16 | § | (3.80 | )b | 1,127 | 3.15 | c | 0.92 | c | 0.38 | c | 2 | b | |||||||||||||||
Class W: | 10/31/20 | (0.97 | ) | 675,231 | 0.50 | 0.00 | 1.37 | 88 | |||||||||||||||||||
10/31/19 | 11.73 | 624,076 | 0.50 | 0.00 | 1.46 | 81 | |||||||||||||||||||||
10/31/18 | † | (9.92 | )b | 593,204 | 0.52 | c | 0.00 | c | (0.12 | )c | 64 |
See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 115 |
Financial highlights
TIAA-CREF Funds
Selected per share data | ||||||||||||||||||||||||||||||||||||
Gain (loss) from investment operations | ||||||||||||||||||||||||||||||||||||
Net realized | Net | |||||||||||||||||||||||||||||||||||
For the | Net asset | Net | and unrealized | Total gain | Less distributions from | Total | asset | |||||||||||||||||||||||||||||
period or year ended | value, beginning of period | investment income (loss | )a | gain (loss) on total investments | (loss) from investment operations | Net investment income | Net realized gains | dividends and distributions | value, end of period | |||||||||||||||||||||||||||
SOCIAL CHOICE EQUITY FUND | ||||||||||||||||||||||||||||||||||||
Institutional Class: | 10/31/20 | $20.36 | $0.31 | $1.76 | $2.07 | $(0.33 | ) | $(0.68 | ) | $(1.01 | ) | $21.42 | ||||||||||||||||||||||||
10/31/19 | 19.40 | 0.34 | 2.25 | 2.59 | (0.31 | ) | (1.32 | ) | (1.63 | ) | 20.36 | |||||||||||||||||||||||||
10/31/18 | 19.19 | 0.33 | 0.65 | 0.98 | (0.31 | ) | (0.46 | ) | (0.77 | ) | 19.40 | |||||||||||||||||||||||||
10/31/17 | 16.55 | 0.33 | 3.44 | 3.77 | (0.39 | ) | (0.74 | ) | (1.13 | ) | 19.19 | |||||||||||||||||||||||||
10/31/16 | 16.71 | 0.33 | 0.36 | 0.69 | (0.30 | ) | (0.55 | ) | (0.85 | ) | 16.55 | |||||||||||||||||||||||||
Advisor Class: | 10/31/20 | 20.34 | 0.29 | 1.75 | 2.04 | (0.31 | ) | (0.68 | ) | (0.99 | ) | 21.39 | ||||||||||||||||||||||||
10/31/19 | 19.39 | 0.33 | 2.24 | 2.57 | (0.30 | ) | (1.32 | ) | (1.62 | ) | 20.34 | |||||||||||||||||||||||||
10/31/18 | 19.18 | 0.33 | 0.64 | 0.97 | (0.30 | ) | (0.46 | ) | (0.76 | ) | 19.39 | |||||||||||||||||||||||||
10/31/17 | 16.54 | 0.31 | 3.46 | 3.77 | (0.39 | ) | (0.74 | ) | (1.13 | ) | 19.18 | |||||||||||||||||||||||||
10/31/16 | ‡ | 16.78 | 0.29 | 0.32 | 0.61 | (0.30 | ) | (0.55 | ) | (0.85 | ) | 16.54 | ||||||||||||||||||||||||
Premier Class: | 10/31/20 | 20.27 | 0.28 | 1.74 | 2.02 | (0.29 | ) | (0.68 | ) | (0.97 | ) | 21.32 | ||||||||||||||||||||||||
10/31/19 | 19.33 | 0.31 | 2.23 | 2.54 | (0.28 | ) | (1.32 | ) | (1.60 | ) | 20.27 | |||||||||||||||||||||||||
10/31/18 | 19.11 | 0.30 | 0.66 | 0.96 | (0.28 | ) | (0.46 | ) | (0.74 | ) | 19.33 | |||||||||||||||||||||||||
10/31/17 | 16.49 | 0.31 | 3.42 | 3.73 | (0.37 | ) | (0.74 | ) | (1.11 | ) | 19.11 | |||||||||||||||||||||||||
10/31/16 | 16.65 | 0.31 | 0.35 | 0.66 | (0.27 | ) | (0.55 | ) | (0.82 | ) | 16.49 | |||||||||||||||||||||||||
Retirement Class: | 10/31/20 | 20.66 | 0.26 | 1.79 | 2.05 | (0.28 | ) | (0.68 | ) | (0.96 | ) | 21.75 | ||||||||||||||||||||||||
10/31/19 | 19.67 | 0.30 | 2.27 | 2.57 | (0.26 | ) | (1.32 | ) | (1.58 | ) | 20.66 | |||||||||||||||||||||||||
10/31/18 | 19.44 | 0.29 | 0.66 | 0.95 | (0.26 | ) | (0.46 | ) | (0.72 | ) | 19.67 | |||||||||||||||||||||||||
10/31/17 | 16.75 | 0.29 | 3.49 | 3.78 | (0.35 | ) | (0.74 | ) | (1.09 | ) | 19.44 | |||||||||||||||||||||||||
10/31/16 | 16.90 | 0.30 | 0.35 | 0.65 | (0.25 | ) | (0.55 | ) | (0.80 | ) | 16.75 | |||||||||||||||||||||||||
Retail Class: | 10/31/20 | 18.07 | 0.22 | 1.55 | 1.77 | (0.28 | ) | (0.68 | ) | (0.96 | ) | 18.88 | ||||||||||||||||||||||||
10/31/19 | 17.40 | 0.26 | 1.99 | 2.25 | (0.26 | ) | (1.32 | ) | (1.58 | ) | 18.07 | |||||||||||||||||||||||||
10/31/18 | 17.28 | 0.25 | 0.59 | 0.84 | (0.26 | ) | (0.46 | ) | (0.72 | ) | 17.40 | |||||||||||||||||||||||||
10/31/17 | 14.98 | 0.26 | 3.10 | 3.36 | (0.32 | ) | (0.74 | ) | (1.06 | ) | 17.28 | |||||||||||||||||||||||||
10/31/16 | 15.21 | 0.27 | 0.31 | 0.58 | (0.26 | ) | (0.55 | ) | (0.81 | ) | 14.98 |
116 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements |
continued
Ratios and supplemental data | ||||||||||||||||||||||||||
For the | ||||||||||||||||||||||||||
period | Net assets at | Ratios to average net assets | Portfolio | |||||||||||||||||||||||
or year ended | Total return | end of period (in thousands | ) | Gross expenses | Net expenses | Net investment income (loss | ) | turnover rate | ||||||||||||||||||
SOCIAL CHOICE EQUITY FUND | ||||||||||||||||||||||||||
Institutional Class: | 10/31/20 | 10.45 | % | $3,961,520 | 0.18 | % | 0.17 | % | 1.52 | % | 26 | % | ||||||||||||||
10/31/19 | 14.83 | 3,440,954 | 0.17 | 0.17 | 1.81 | 21 | ||||||||||||||||||||
10/31/18 | 5.17 | 2,595,050 | 0.17 | 0.17 | 1.69 | 29 | ||||||||||||||||||||
10/31/17 | 23.79 | 1,908,430 | 0.18 | 0.18 | 1.87 | 14 | ||||||||||||||||||||
10/31/16 | 4.52 | 1,443,910 | 0.19 | 0.19 | 2.08 | 16 | ||||||||||||||||||||
Advisor Class: | 10/31/20 | 10.34 | 37,323 | 0.26 | 0.25 | 1.43 | 26 | |||||||||||||||||||
10/31/19 | 14.74 | 22,476 | 0.24 | 0.24 | 1.73 | 21 | ||||||||||||||||||||
10/31/18 | 5.15 | 12,595 | 0.22 | 0.22 | 1.64 | 29 | ||||||||||||||||||||
10/31/17 | 23.79 | 8,718 | 0.21 | 0.21 | 1.74 | 14 | ||||||||||||||||||||
10/31/16 | ‡ | 4.01 | b | 159 | 0.21 | c | 0.21 | c | 2.02 | c | 16 | |||||||||||||||
Premier Class: | 10/31/20 | 10.26 | 89,235 | 0.34 | 0.33 | 1.38 | 26 | |||||||||||||||||||
10/31/19 | 14.62 | 95,411 | 0.33 | 0.33 | 1.66 | 21 | ||||||||||||||||||||
10/31/18 | 5.07 | 91,623 | 0.33 | 0.33 | 1.54 | 29 | ||||||||||||||||||||
10/31/17 | 23.58 | 70,679 | 0.33 | 0.33 | 1.75 | 14 | ||||||||||||||||||||
10/31/16 | 4.37 | 80,487 | 0.34 | 0.34 | 1.93 | 16 | ||||||||||||||||||||
Retirement Class: | 10/31/20 | 10.20 | 767,329 | 0.43 | 0.42 | 1.27 | 26 | |||||||||||||||||||
10/31/19 | 14.48 | 674,563 | 0.42 | 0.42 | 1.55 | 21 | ||||||||||||||||||||
10/31/18 | 4.96 | 476,339 | 0.42 | 0.42 | 1.44 | 29 | ||||||||||||||||||||
10/31/17 | 23.50 | 393,452 | 0.43 | 0.43 | 1.63 | 14 | ||||||||||||||||||||
10/31/16 | 4.23 | 329,659 | 0.44 | 0.44 | 1.83 | 16 | ||||||||||||||||||||
Retail Class: | 10/31/20 | 10.09 | 468,736 | 0.46 | 0.45 | 1.25 | 26 | |||||||||||||||||||
10/31/19 | 14.51 | 462,601 | 0.45 | 0.45 | 1.54 | 21 | ||||||||||||||||||||
10/31/18 | 4.93 | 447,785 | 0.45 | 0.45 | 1.42 | 29 | ||||||||||||||||||||
10/31/17 | 23.46 | 464,729 | 0.46 | 0.46 | 1.60 | 14 | ||||||||||||||||||||
10/31/16 | 4.20 | 427,545 | 0.46 | 0.46 | 1.83 | 16 |
See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 117 |
Financial highlights
TIAA-CREF Funds
Selected per share data | ||||||||||||||||||||||||||||||||||||
Gain (loss) from investment operations | ||||||||||||||||||||||||||||||||||||
Net realized | Net | |||||||||||||||||||||||||||||||||||
For the | Net asset | Net | and unrealized | Total gain | Less distributions from | Total | asset | |||||||||||||||||||||||||||||
period or year ended | value, beginning of period | investment income (loss | )a | gain (loss) on total investments | (loss) from investment operations | Net investment income | Net realized gains | dividends and distributions | value, end of period | |||||||||||||||||||||||||||
SOCIAL CHOICE LOW CARBON EQUITY FUND | ||||||||||||||||||||||||||||||||||||
Institutional Class: | 10/31/20 | $13.93 | $0.19 | $1.43 | $1.62 | $(0.18 | ) | $(0.21 | ) | $(0.39 | ) | $15.16 | ||||||||||||||||||||||||
10/31/19 | 12.77 | 0.22 | 1.64 | 1.86 | (0.19 | ) | (0.51 | ) | (0.70 | ) | 13.93 | |||||||||||||||||||||||||
10/31/18 | 12.50 | 0.20 | 0.36 | 0.56 | (0.17 | ) | (0.12 | ) | (0.29 | ) | 12.77 | |||||||||||||||||||||||||
10/31/17 | 10.35 | 0.20 | 2.27 | 2.47 | (0.24 | ) | (0.08 | ) | (0.32 | ) | 12.50 | |||||||||||||||||||||||||
10/31/16 | 9.92 | 0.23 | 0.25 | 0.48 | (0.05 | ) | (0.00 | )d | (0.05 | ) | 10.35 | |||||||||||||||||||||||||
Advisor Class: | 10/31/20 | 13.92 | 0.19 | 1.41 | 1.60 | (0.17 | ) | (0.21 | ) | (0.38 | ) | 15.14 | ||||||||||||||||||||||||
10/31/19 | 12.77 | 0.20 | 1.64 | 1.84 | (0.18 | ) | (0.51 | ) | (0.69 | ) | 13.92 | |||||||||||||||||||||||||
10/31/18 | 12.49 | 0.18 | 0.38 | 0.56 | (0.16 | ) | (0.12 | ) | (0.28 | ) | 12.77 | |||||||||||||||||||||||||
10/31/17 | 10.35 | 0.19 | 2.27 | 2.46 | (0.24 | ) | (0.08 | ) | (0.32 | ) | 12.49 | |||||||||||||||||||||||||
10/31/16 | ‡ | 10.01 | 0.21 | 0.18 | 0.39 | (0.05 | ) | (0.00 | )d | (0.05 | ) | 10.35 | ||||||||||||||||||||||||
Premier Class: | 10/31/20 | 13.95 | 0.18 | 1.42 | 1.60 | (0.16 | ) | (0.21 | ) | (0.37 | ) | 15.18 | ||||||||||||||||||||||||
10/31/19 | 12.79 | 0.19 | 1.65 | 1.84 | (0.17 | ) | (0.51 | ) | (0.68 | ) | 13.95 | |||||||||||||||||||||||||
10/31/18 | 12.51 | 0.18 | 0.38 | 0.56 | (0.16 | ) | (0.12 | ) | (0.28 | ) | 12.79 | |||||||||||||||||||||||||
10/31/17 | 10.34 | 0.18 | 2.27 | 2.45 | (0.20 | ) | (0.08 | ) | (0.28 | ) | 12.51 | |||||||||||||||||||||||||
10/31/16 | 9.92 | 0.19 | 0.28 | 0.47 | (0.05 | ) | (0.00 | )d | (0.05 | ) | 10.34 | |||||||||||||||||||||||||
Retirement Class: | 10/31/20 | 13.87 | 0.16 | 1.42 | 1.58 | (0.15 | ) | (0.21 | ) | (0.36 | ) | 15.09 | ||||||||||||||||||||||||
10/31/19 | 12.72 | 0.18 | 1.64 | 1.82 | (0.16 | ) | (0.51 | ) | (0.67 | ) | 13.87 | |||||||||||||||||||||||||
10/31/18 | 12.46 | 0.16 | 0.37 | 0.53 | (0.15 | ) | (0.12 | ) | (0.27 | ) | 12.72 | |||||||||||||||||||||||||
10/31/17 | 10.33 | 0.18 | 2.25 | 2.43 | (0.22 | ) | (0.08 | ) | (0.30 | ) | 12.46 | |||||||||||||||||||||||||
10/31/16 | 9.91 | 0.23 | 0.24 | 0.47 | (0.05 | ) | (0.00 | )d | (0.05 | ) | 10.33 | |||||||||||||||||||||||||
Retail Class: | 10/31/20 | 13.88 | 0.15 | 1.41 | 1.56 | (0.14 | ) | (0.21 | ) | (0.35 | ) | 15.09 | ||||||||||||||||||||||||
10/31/19 | 12.72 | 0.17 | 1.65 | 1.82 | (0.15 | ) | (0.51 | ) | (0.66 | ) | 13.88 | |||||||||||||||||||||||||
10/31/18 | 12.46 | 0.15 | 0.38 | 0.53 | (0.15 | ) | (0.12 | ) | (0.27 | ) | 12.72 | |||||||||||||||||||||||||
10/31/17 | 10.33 | 0.17 | 2.25 | 2.42 | (0.21 | ) | (0.08 | ) | (0.29 | ) | 12.46 | |||||||||||||||||||||||||
10/31/16 | 9.91 | 0.20 | 0.26 | 0.46 | (0.04 | ) | (0.00 | )d | (0.04 | ) | 10.33 |
118 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements |
continued
Ratios and supplemental data | ||||||||||||||||||||||||||
For the | ||||||||||||||||||||||||||
period | Net assets at | Ratios to average net assets | Portfolio | |||||||||||||||||||||||
or year ended | Total return | end of period (in thousands | ) | Gross expenses | Net expenses | Net investment income (loss | ) | turnover rate | ||||||||||||||||||
SOCIAL CHOICE LOW CARBON EQUITY FUND | ||||||||||||||||||||||||||
Institutional Class: | 10/31/20 | 11.88 | % | $211,659 | 0.35 | % | 0.32 | % | 1.36 | % | 27 | % | ||||||||||||||
10/31/19 | 15.52 | 89,166 | 0.41 | 0.32 | 1.67 | 27 | ||||||||||||||||||||
10/31/18 | 4.54 | 77,376 | 0.53 | 0.32 | 1.50 | 45 | ||||||||||||||||||||
10/31/17 | 24.33 | 62,732 | 0.62 | 0.32 | 1.72 | 16 | ||||||||||||||||||||
10/31/16 | 4.92 | 36,694 | 0.65 | 0.32 | 2.31 | 83 | ||||||||||||||||||||
Advisor Class: | 10/31/20 | 11.72 | 1,517 | 0.45 | 0.42 | 1.31 | 27 | |||||||||||||||||||
10/31/19 | 15.33 | 1,132 | 0.52 | 0.43 | 1.52 | 27 | ||||||||||||||||||||
10/31/18 | 4.54 | 344 | 0.62 | 0.41 | 1.40 | 45 | ||||||||||||||||||||
10/31/17 | 24.21 | 190 | 0.71 | 0.40 | 1.66 | 16 | ||||||||||||||||||||
10/31/16 | ‡ | 3.94 | b | 117 | 0.67 | c | 0.34 | c | 2.37 | c | 83 | |||||||||||||||
Premier Class: | 10/31/20 | 11.72 | 3,253 | 0.50 | 0.47 | 1.27 | 27 | |||||||||||||||||||
10/31/19 | 15.33 | 2,171 | 0.56 | 0.47 | 1.50 | 27 | ||||||||||||||||||||
10/31/18 | 4.46 | 714 | 0.69 | 0.47 | 1.34 | 45 | ||||||||||||||||||||
10/31/17 | 24.12 | 492 | 0.79 | 0.47 | 1.60 | 16 | ||||||||||||||||||||
10/31/16 | 4.76 | 353 | 0.82 | 0.47 | 1.92 | 83 | ||||||||||||||||||||
Retirement Class: | 10/31/20 | 11.65 | 202,084 | 0.60 | 0.57 | 1.14 | 27 | |||||||||||||||||||
10/31/19 | 15.21 | 118,956 | 0.66 | 0.57 | 1.38 | 27 | ||||||||||||||||||||
10/31/18 | 4.26 | 22,392 | 0.78 | 0.57 | 1.24 | 45 | ||||||||||||||||||||
10/31/17 | 23.99 | 17,728 | 0.87 | 0.57 | 1.57 | 16 | ||||||||||||||||||||
10/31/16 | 4.75 | 6,575 | 0.91 | 0.57 | 2.29 | 83 | ||||||||||||||||||||
Retail Class: | 10/31/20 | 11.47 | 22,606 | 0.66 | 0.63 | 1.09 | 27 | |||||||||||||||||||
10/31/19 | 15.21 | 15,561 | 0.73 | 0.64 | 1.36 | 27 | ||||||||||||||||||||
10/31/18 | 4.23 | 11,882 | 0.85 | 0.64 | 1.17 | 45 | ||||||||||||||||||||
10/31/17 | 23.81 | 7,983 | 0.97 | 0.67 | 1.45 | 16 | ||||||||||||||||||||
10/31/16 | 4.69 | 2,575 | 0.97 | 0.65 | 2.05 | 83 |
See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 119 |
Financial highlights
TIAA-CREF Funds
Selected per share data | ||||||||||||||||||||||||||||||||||
Gain (loss) from investment operations | ||||||||||||||||||||||||||||||||||
For the | Net asset | Net | Net realized and unrealized | Total gain | Less distributions from | Total | Net asset | |||||||||||||||||||||||||||
period or year ended | value, beginning of period | investment income (loss) | a | gain (loss) on total investments | (loss) from investment operations | Net investment income | Net realized gains | dividends and distributions | value, end of period | |||||||||||||||||||||||||
EMERGING MARKETS EQUITY FUND | ||||||||||||||||||||||||||||||||||
Institutional Class: | 10/31/20 | $11.54 | $0.07 | $ 1.10 | $ 1.17 | $(0.18 | ) | $ — | $(0.18 | ) | $12.53 | |||||||||||||||||||||||
10/31/19 | 10.05 | 0.18 | 1.75 | 1.93 | (0.05 | ) | (0.39 | ) | (0.44 | ) | 11.54 | |||||||||||||||||||||||
10/31/18 | 12.87 | 0.11 | (2.38 | ) | (2.27 | ) | (0.10 | ) | (0.45 | ) | (0.55 | ) | 10.05 | |||||||||||||||||||||
10/31/17 | 9.66 | 0.11 | 3.18 | 3.29 | (0.08 | ) | — | (0.08 | ) | 12.87 | ||||||||||||||||||||||||
10/31/16 | 9.07 | 0.10 | 0.58 | 0.68 | (0.09 | ) | — | (0.09 | ) | 9.66 | ||||||||||||||||||||||||
Advisor Class: | 10/31/20 | 11.54 | 0.04 | 1.11 | 1.15 | (0.17 | ) | — | (0.17 | ) | 12.52 | |||||||||||||||||||||||
10/31/19 | 10.05 | 0.17 | 1.76 | 1.93 | (0.05 | ) | (0.39 | ) | (0.44 | ) | 11.54 | |||||||||||||||||||||||
10/31/18 | 12.86 | 0.04 | (2.31 | ) | (2.27 | ) | (0.09 | ) | (0.45 | ) | (0.54 | ) | 10.05 | |||||||||||||||||||||
10/31/17 | 9.65 | 0.11 | 3.18 | 3.29 | (0.08 | ) | — | (0.08 | ) | 12.86 | ||||||||||||||||||||||||
10/31/16 | ‡ | 8.87 | 0.10 | 0.77 | 0.87 | (0.09 | ) | — | (0.09 | ) | 9.65 | |||||||||||||||||||||||
Premier Class: | 10/31/20 | 11.55 | 0.05 | 1.09 | 1.14 | (0.16 | ) | — | (0.16 | ) | 12.53 | |||||||||||||||||||||||
10/31/19 | 10.04 | 0.17 | 1.77 | 1.94 | (0.04 | ) | (0.39 | ) | (0.43 | ) | 11.55 | |||||||||||||||||||||||
10/31/18 | 12.85 | 0.09 | (2.38 | ) | (2.29 | ) | (0.07 | ) | (0.45 | ) | (0.52 | ) | 10.04 | |||||||||||||||||||||
10/31/17 | 9.65 | 0.11 | 3.16 | 3.27 | (0.07 | ) | — | (0.07 | ) | 12.85 | ||||||||||||||||||||||||
10/31/16 | 9.06 | 0.09 | 0.57 | 0.66 | (0.07 | ) | — | (0.07 | ) | 9.65 | ||||||||||||||||||||||||
Retirement Class: | 10/31/20 | 11.49 | 0.05 | 1.10 | 1.15 | (0.16 | ) | — | (0.16 | ) | 12.48 | |||||||||||||||||||||||
10/31/19 | 10.00 | 0.17 | 1.74 | 1.91 | (0.03 | ) | (0.39 | ) | (0.42 | ) | 11.49 | |||||||||||||||||||||||
10/31/18 | 12.82 | 0.08 | (2.37 | ) | (2.29 | ) | (0.08 | ) | (0.45 | ) | (0.53 | ) | 10.00 | |||||||||||||||||||||
10/31/17 | 9.62 | 0.08 | 3.18 | 3.26 | (0.06 | ) | — | (0.06 | ) | 12.82 | ||||||||||||||||||||||||
10/31/16 | 9.03 | 0.08 | 0.57 | 0.65 | (0.06 | ) | — | (0.06 | ) | 9.62 | ||||||||||||||||||||||||
Retail Class: | 10/31/20 | 11.51 | 0.02 | 1.10 | 1.12 | (0.14 | ) | — | (0.14 | ) | 12.49 | |||||||||||||||||||||||
10/31/19 | 10.00 | 0.14 | 1.76 | 1.90 | 0.00 | d | (0.39 | ) | (0.39 | ) | 11.51 | |||||||||||||||||||||||
10/31/18 | 12.83 | 0.06 | (2.37 | ) | (2.31 | ) | (0.07 | ) | (0.45 | ) | (0.52 | ) | 10.00 | |||||||||||||||||||||
10/31/17 | 9.62 | 0.07 | 3.19 | 3.26 | (0.05 | ) | — | (0.05 | ) | 12.83 | ||||||||||||||||||||||||
10/31/16 | 9.02 | 0.06 | 0.58 | 0.64 | (0.04 | ) | — | (0.04 | ) | 9.62 | ||||||||||||||||||||||||
Class W: | 10/31/20 | 11.63 | 0.17 | 1.10 | 1.27 | (0.28 | ) | — | (0.28 | ) | 12.62 | |||||||||||||||||||||||
10/31/19 | 10.06 | 0.28 | 1.76 | 2.04 | (0.08 | ) | (0.39 | ) | (0.47 | ) | 11.63 | |||||||||||||||||||||||
10/31/18 | † | 10.77 | 0.01 | (0.72 | ) | (0.71 | ) | — | — | — | 10.06 |
120 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements |
continued
Ratios and supplemental data | ||||||||||||||||||||||||||||||||||
Ratios to average net assets | ||||||||||||||||||||||||||||||||||
For the period or year ended | Total return | Total return excluding payment from affiliates | u | Net assets at end of period (in thousands) | Gross expenses | Net expenses | Net investment income (loss) | Net investment income (loss) excluding payment from affiliates | u | Portfolio turnover rate | ||||||||||||||||||||||||
EMERGING MARKETS EQUITY FUND | ||||||||||||||||||||||||||||||||||
Institutional Class: | 10/31/20 | 10.04 | % | 10.02 | % | $ 283,658 | 0.88 | % | 0.88 | % | 0.58 | % | 0.56 | % | 128 | % | ||||||||||||||||||
10/31/19 | 20.10 | 20.09 | 255,775 | 0.90 | 0.90 | 1.66 | 1.65 | 129 | ||||||||||||||||||||||||||
10/31/18 | (18.47 | ) | (18.48 | ) | 239,932 | 0.91 | 0.91 | 0.93 | 0.93 | 127 | ||||||||||||||||||||||||
10/31/17 | 34.55 | 34.54 | 1,334,540 | 0.92 | 0.92 | 1.03 | 1.01 | 152 | ||||||||||||||||||||||||||
10/31/16 | 7.73 | 7.60 | 1,067,866 | 0.94 | 0.94 | 1.12 | 0.99 | 195 | ||||||||||||||||||||||||||
Advisor Class: | 10/31/20 | 10.06 | 10.04 | 179 | 0.95 | 0.95 | 0.31 | 0.29 | 128 | |||||||||||||||||||||||||
10/31/19 | 20.11 | 20.10 | 236 | 0.97 | 0.97 | 1.59 | 1.58 | 129 | ||||||||||||||||||||||||||
10/31/18 | (18.48 | ) | (18.49 | ) | 138 | 0.96 | 0.96 | 0.30 | 0.30 | 127 | ||||||||||||||||||||||||
10/31/17 | 34.45 | 34.44 | 848 | 0.99 | 0.99 | 0.97 | 0.96 | 152 | ||||||||||||||||||||||||||
10/31/16 | ‡ | 9.91 | b | 9.77 | b | 115 | 0.96 | c | 0.96 | c | 1.30 | c | 1.14 | c | 195 | |||||||||||||||||||
Premier Class: | 10/31/20 | 9.99 | 9.97 | 9,112 | 1.03 | 0.99 | 0.46 | 0.44 | 128 | |||||||||||||||||||||||||
10/31/19 | 19.99 | 19.98 | 7,700 | 1.05 | 1.02 | 1.54 | 1.52 | 129 | ||||||||||||||||||||||||||
10/31/18 | (18.63 | ) | (18.64 | ) | 8,057 | 1.06 | 1.06 | 0.70 | 0.70 | 127 | ||||||||||||||||||||||||
10/31/17 | 34.32 | 34.31 | 11,035 | 1.07 | 1.07 | 1.03 | 1.01 | 152 | ||||||||||||||||||||||||||
10/31/16 | 7.57 | 7.42 | 15,890 | 1.09 | 1.09 | 1.01 | 0.86 | 195 | ||||||||||||||||||||||||||
Retirement Class: | 10/31/20 | 9.94 | 9.92 | 118,191 | 1.13 | 0.99 | 0.44 | 0.43 | 128 | |||||||||||||||||||||||||
10/31/19 | 19.96 | 19.95 | 137,434 | 1.15 | 1.04 | 1.58 | 1.57 | 129 | ||||||||||||||||||||||||||
10/31/18 | (18.63 | ) | (18.64 | ) | 88,764 | 1.16 | 1.13 | 0.67 | 0.66 | 127 | ||||||||||||||||||||||||
10/31/17 | 34.14 | 34.13 | 79,596 | 1.17 | 1.17 | 0.73 | 0.72 | 152 | ||||||||||||||||||||||||||
10/31/16 | 7.47 | 7.34 | 26,946 | 1.19 | 1.19 | 0.86 | 0.74 | 195 | ||||||||||||||||||||||||||
Retail Class: | 10/31/20 | 9.68 | 9.66 | 8,500 | 1.27 | 1.27 | 0.17 | 0.15 | 128 | |||||||||||||||||||||||||
10/31/19 | 19.64 | 19.63 | 9,348 | 1.27 | 1.27 | 1.28 | 1.27 | 129 | ||||||||||||||||||||||||||
10/31/18 | (18.78 | ) | (18.79 | ) | 7,636 | 1.27 | 1.27 | 0.50 | 0.49 | 127 | ||||||||||||||||||||||||
10/31/17 | 34.04 | 34.03 | 12,675 | 1.30 | 1.30 | 0.62 | 0.61 | 152 | ||||||||||||||||||||||||||
10/31/16 | 7.21 | 7.08 | 4,460 | 1.36 | 1.34 | 0.72 | 0.59 | 195 | ||||||||||||||||||||||||||
Class W: | 10/31/20 | 11.11 | 11.09 | 1,194,291 | 0.88 | 0.00 | 1.47 | 1.46 | 128 | |||||||||||||||||||||||||
10/31/19 | 21.10 | 21.09 | 1,166,939 | 0.89 | 0.00 | 2.54 | 2.53 | 129 | ||||||||||||||||||||||||||
10/31/18 | † | (6.59 | )b | (6.59 | )b | 1,081,436 | 0.91 | c | 0.00 | c | 0.91 | c | 0.90 | c | 127 |
See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 121 |
Financial highlights
TIAA-CREF Funds
Selected per share data | ||||||||||||||||||||||||||||||||||
Gain (loss) from investment operations | ||||||||||||||||||||||||||||||||||
For the | Net asset | Net | Net realized and unrealized | Total gain | Less distributions from | Total | Net asset | |||||||||||||||||||||||||||
period or year ended | value, beginning of period | investment income (loss)a | gain (loss) on total investments | (loss) from investment operations | Net investment income | Net realized gains | dividends and distributions | value, end of period | ||||||||||||||||||||||||||
INTERNATIONAL EQUITY FUND | ||||||||||||||||||||||||||||||||||
Institutional Class: | 10/31/20 | $11.06 | $0.18 | $(0.14 | ) | $ 0.04 | $(0.19 | ) | $ — | $(0.19 | ) | $10.91 | ||||||||||||||||||||||
10/31/19 | 11.24 | 0.20 | 0.35 | 0.55 | (0.24 | ) | (0.49 | ) | (0.73 | ) | 11.06 | |||||||||||||||||||||||
10/31/18 | 13.24 | 0.26 | (1.94 | ) | (1.68 | ) | (0.15 | ) | (0.17 | ) | (0.32 | ) | 11.24 | |||||||||||||||||||||
10/31/17 | 10.59 | 0.17 | 2.64 | 2.81 | (0.16 | ) | — | (0.16 | ) | 13.24 | ||||||||||||||||||||||||
10/31/16 | 10.97 | 0.16 | (0.41 | ) | (0.25 | ) | (0.13 | ) | — | (0.13 | ) | 10.59 | ||||||||||||||||||||||
Advisor Class: | 10/31/20 | 11.29 | 0.17 | (0.13 | ) | 0.04 | (0.18 | ) | — | (0.18 | ) | 11.15 | ||||||||||||||||||||||
10/31/19 | 11.23 | 0.05 | 0.50 | 0.55 | — | (0.49 | ) | (0.49 | ) | 11.29 | ||||||||||||||||||||||||
10/31/18 | 13.24 | 0.23 | (1.93 | ) | (1.70 | ) | (0.14 | ) | (0.17 | ) | (0.31 | ) | 11.23 | |||||||||||||||||||||
10/31/17 | 10.59 | 0.03 | 2.77 | 2.80 | (0.15 | ) | — | (0.15 | ) | 13.24 | ||||||||||||||||||||||||
10/31/16 | ‡ | 10.80 | 0.16 | (0.24 | ) | (0.08 | ) | (0.13 | ) | — | (0.13 | ) | 10.59 | |||||||||||||||||||||
Premier Class: | 10/31/20 | 11.03 | 0.16 | (0.13 | ) | 0.03 | (0.17 | ) | — | (0.17 | ) | 10.89 | ||||||||||||||||||||||
10/31/19 | 11.21 | 0.18 | 0.35 | 0.53 | (0.22 | ) | (0.49 | ) | (0.71 | ) | 11.03 | |||||||||||||||||||||||
10/31/18 | 13.21 | 0.23 | (1.93 | ) | (1.70 | ) | (0.13 | ) | (0.17 | ) | (0.30 | ) | 11.21 | |||||||||||||||||||||
10/31/17 | 10.56 | 0.16 | 2.63 | 2.79 | (0.14 | ) | — | (0.14 | ) | 13.21 | ||||||||||||||||||||||||
10/31/16 | 10.94 | 0.14 | (0.40 | ) | (0.26 | ) | (0.12 | ) | — | (0.12 | ) | 10.56 | ||||||||||||||||||||||
Retirement Class: | 10/31/20 | 11.48 | 0.16 | (0.14 | ) | 0.02 | (0.17 | ) | — | (0.17 | ) | 11.33 | ||||||||||||||||||||||
10/31/19 | 11.63 | 0.18 | 0.36 | 0.54 | (0.20 | ) | (0.49 | ) | (0.69 | ) | 11.48 | |||||||||||||||||||||||
10/31/18 | 13.69 | 0.23 | (2.01 | ) | (1.78 | ) | (0.11 | ) | (0.17 | ) | (0.28 | ) | 11.63 | |||||||||||||||||||||
10/31/17 | 10.94 | 0.15 | 2.73 | 2.88 | (0.13 | ) | — | (0.13 | ) | 13.69 | ||||||||||||||||||||||||
10/31/16 | 11.33 | 0.14 | (0.43 | ) | (0.29 | ) | (0.10 | ) | — | (0.10 | ) | 10.94 | ||||||||||||||||||||||
Retail Class: | 10/31/20 | 7.02 | 0.09 | (0.08 | ) | 0.01 | (0.17 | ) | — | (0.17 | ) | 6.86 | ||||||||||||||||||||||
10/31/19 | 7.42 | 0.10 | 0.20 | 0.30 | (0.21 | ) | (0.49 | ) | (0.70 | ) | 7.02 | |||||||||||||||||||||||
10/31/18 | 8.84 | 0.14 | (1.28 | ) | (1.14 | ) | (0.11 | ) | (0.17 | ) | (0.28 | ) | 7.42 | |||||||||||||||||||||
10/31/17 | 7.11 | 0.10 | 1.76 | 1.86 | (0.13 | ) | — | (0.13 | ) | 8.84 | ||||||||||||||||||||||||
10/31/16 | 7.43 | 0.10 | (0.30 | ) | (0.20 | ) | (0.12 | ) | — | (0.12 | ) | 7.11 | ||||||||||||||||||||||
Class W: | 10/31/20 | 11.10 | 0.23 | (0.13 | ) | 0.10 | (0.24 | ) | — | (0.24 | ) | 10.96 | ||||||||||||||||||||||
10/31/19 | 11.25 | 0.25 | 0.34 | 0.59 | (0.25 | ) | (0.49 | ) | (0.74 | ) | 11.10 | |||||||||||||||||||||||
10/31/18 | † | 12.32 | 0.01 | (1.08 | ) | (1.07 | ) | — | — | — | 11.25 |
122 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements |
continued
Ratios and supplemental data | ||||||||||||||||||||||||||||||||||
Ratios to average net assets | ||||||||||||||||||||||||||||||||||
For the period or year ended | Total return | Total return excluding payment from affiliates | u | Net assets at end of period (in thousands) | Gross expenses | Net expenses | Net investment income (loss) | Net investment income (loss) excluding payment from affiliatesu | Portfolio turnover rate | |||||||||||||||||||||||||
INTERNATIONAL EQUITY FUND | ||||||||||||||||||||||||||||||||||
Institutional Class: | 10/31/20 | 0.33 | % | 0.31 | % | $2,230,915 | 0.48 | % | 0.48 | % | 1.74 | % | 1.72 | % | 102 | % | ||||||||||||||||||
10/31/19 | 5.73 | 5.72 | 2,484,368 | 0.48 | 0.48 | 1.87 | 1.86 | 114 | ||||||||||||||||||||||||||
10/31/18 | (13.04 | ) | (13.05 | ) | 1,892,458 | 0.48 | 0.48 | 1.99 | 1.98 | 73 | ||||||||||||||||||||||||
10/31/17 | 26.88 | 26.87 | 3,591,186 | 0.49 | 0.49 | 1.46 | 1.45 | 112 | ||||||||||||||||||||||||||
10/31/16 | (2.21 | ) | (2.28 | ) | 2,808,919 | 0.49 | 0.48 | 1.57 | 1.50 | 95 | ||||||||||||||||||||||||
Advisor Class: | 10/31/20 | 0.34 | 0.32 | 2,993 | 0.57 | 0.57 | 1.60 | 1.58 | 102 | |||||||||||||||||||||||||
10/31/19 | 5.46 | 5.45 | 3,929 | 0.60 | 0.60 | 0.38 | 0.37 | 114 | ||||||||||||||||||||||||||
10/31/18 | (13.16 | ) | (13.17 | ) | 196,238 | 0.61 | 0.61 | 1.79 | 1.79 | 73 | ||||||||||||||||||||||||
10/31/17 | 26.86 | 26.86 | 248,286 | 0.67 | 0.64 | 0.24 | 0.23 | 112 | ||||||||||||||||||||||||||
10/31/16 | ‡ | (0.68 | )b | (0.76 | )b | 104 | 0.51 | c | 0.51 | c | 1.76 | c | 1.68 | c | 95 | |||||||||||||||||||
Premier Class: | 10/31/20 | 0.26 | 0.24 | 80,569 | 0.63 | 0.63 | 1.53 | 1.51 | 102 | |||||||||||||||||||||||||
10/31/19 | 5.52 | 5.51 | 133,306 | 0.63 | 0.63 | 1.76 | 1.74 | 114 | ||||||||||||||||||||||||||
10/31/18 | (13.20 | ) | (13.21 | ) | 164,943 | 0.63 | 0.63 | 1.75 | 1.74 | 73 | ||||||||||||||||||||||||
10/31/17 | 26.76 | 26.75 | 229,039 | 0.64 | 0.64 | 1.35 | 1.34 | 112 | ||||||||||||||||||||||||||
10/31/16 | (2.37 | ) | (2.43 | ) | 203,311 | 0.64 | 0.63 | 1.34 | 1.28 | 95 | ||||||||||||||||||||||||
Retirement Class: | 10/31/20 | 0.10 | 0.08 | 383,646 | 0.73 | 0.73 | 1.45 | 1.44 | 102 | |||||||||||||||||||||||||
10/31/19 | 5.44 | 5.43 | 459,274 | 0.73 | 0.71 | 1.63 | 1.62 | 114 | ||||||||||||||||||||||||||
10/31/18 | (13.25 | ) | (13.26 | ) | 525,331 | 0.73 | 0.73 | 1.73 | 1.72 | 73 | ||||||||||||||||||||||||
10/31/17 | 26.60 | 26.59 | 676,858 | 0.74 | 0.74 | 1.21 | 1.21 | 112 | ||||||||||||||||||||||||||
10/31/16 | (2.51 | ) | (2.58 | ) | 543,161 | 0.74 | 0.73 | 1.29 | 1.22 | 95 | ||||||||||||||||||||||||
Retail Class: | 10/31/20 | 0.03 | 0.01 | 223,406 | 0.82 | 0.82 | 1.38 | 1.36 | 102 | |||||||||||||||||||||||||
10/31/19 | 5.24 | 5.23 | 249,406 | 0.82 | 0.82 | 1.53 | 1.52 | 114 | ||||||||||||||||||||||||||
10/31/18 | (13.32 | ) | (13.33 | ) | 274,948 | 0.80 | 0.80 | 1.65 | 1.65 | 73 | ||||||||||||||||||||||||
10/31/17 | 26.64 | 26.63 | 342,956 | 0.79 | 0.79 | 1.29 | 1.28 | 112 | ||||||||||||||||||||||||||
10/31/16 | (2.60 | ) | (2.67 | ) | 524,715 | 0.78 | 0.78 | 1.42 | 1.35 | 95 | ||||||||||||||||||||||||
Class W: | 10/31/20 | 0.89 | 0.87 | 1,772,710 | 0.48 | 0.00 | 2.19 | 2.17 | 102 | |||||||||||||||||||||||||
10/31/19 | 6.16 | 6.15 | 1,480,782 | 0.48 | 0.00 | 2.35 | 2.34 | 114 | ||||||||||||||||||||||||||
10/31/18 | † | (8.69 | )b | (8.69 | )b | 1,377,271 | 0.48 | c | 0.00 | c | 1.08 | c | 1.07 | c | 73 |
See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 123 |
Financial highlights
TIAA-CREF Funds
Selected per share data | ||||||||||||||||||||||||||||||||||||
Gain (loss) from investment operations | ||||||||||||||||||||||||||||||||||||
Net realized | Net | |||||||||||||||||||||||||||||||||||
For the | Net asset | Net | and unrealized | Total gain | Less distributions from | Total | asset | |||||||||||||||||||||||||||||
period or year ended | value, beginning of period | investment income (loss)a | gain (loss) on total investments | (loss) from investment operations | Net investment income | Net realized gains | dividends and distributions | value, end of period | ||||||||||||||||||||||||||||
INTERNATIONAL OPPORTUNITIES FUND | ||||||||||||||||||||||||||||||||||||
Institutional Class: | 10/31/20 | $13.35 | $0.07 | $ 2.42 | $ 2.49 | $(0.14 | ) | $ — | $(0.14 | ) | $15.70 | |||||||||||||||||||||||||
10/31/19 | 11.99 | 0.16 | 1.35 | 1.51 | (0.15 | ) | — | (0.15 | ) | 13.35 | ||||||||||||||||||||||||||
10/31/18 | 13.06 | 0.20 | (1.11 | ) | (0.91 | ) | (0.16 | ) | — | (0.16 | ) | 11.99 | ||||||||||||||||||||||||
10/31/17 | 10.17 | 0.16 | 2.86 | 3.02 | (0.13 | ) | — | (0.13 | ) | 13.06 | ||||||||||||||||||||||||||
10/31/16 | 10.49 | 0.14 | (0.33 | ) | (0.19 | ) | (0.13 | ) | — | (0.13 | ) | 10.17 | ||||||||||||||||||||||||
Advisor Class: | 10/31/20 | 13.34 | 0.06 | 2.41 | 2.47 | (0.14 | ) | — | (0.14 | ) | 15.67 | |||||||||||||||||||||||||
10/31/19 | 11.97 | 0.11 | 1.40 | 1.51 | (0.14 | ) | — | (0.14 | ) | 13.34 | ||||||||||||||||||||||||||
10/31/18 | 13.05 | 0.18 | (1.10 | ) | (0.92 | ) | (0.16 | ) | — | (0.16 | ) | 11.97 | ||||||||||||||||||||||||
10/31/17 | 10.17 | 0.16 | 2.85 | 3.01 | (0.13 | ) | — | (0.13 | ) | 13.05 | ||||||||||||||||||||||||||
10/31/16 | ‡ | 10.58 | 0.13 | (0.41 | ) | (0.28 | ) | (0.13 | ) | — | (0.13 | ) | 10.17 | |||||||||||||||||||||||
Premier Class: | 10/31/20 | 13.37 | 0.04 | 2.44 | 2.48 | (0.13 | ) | — | (0.13 | ) | 15.72 | |||||||||||||||||||||||||
10/31/19 | 12.00 | 0.15 | 1.35 | 1.50 | (0.13 | ) | — | (0.13 | ) | 13.37 | ||||||||||||||||||||||||||
10/31/18 | 13.07 | 0.18 | (1.11 | ) | (0.93 | ) | (0.14 | ) | — | (0.14 | ) | 12.00 | ||||||||||||||||||||||||
10/31/17 | 10.16 | 0.14 | 2.86 | 3.00 | (0.09 | ) | — | (0.09 | ) | 13.07 | ||||||||||||||||||||||||||
10/31/16 | 10.47 | 0.13 | (0.33 | ) | (0.20 | ) | (0.11 | ) | — | (0.11 | ) | 10.16 | ||||||||||||||||||||||||
Retirement Class: | 10/31/20 | 13.30 | 0.06 | 2.40 | 2.46 | (0.13 | ) | — | (0.13 | ) | 15.63 | |||||||||||||||||||||||||
10/31/19 | 11.93 | 0.15 | 1.35 | 1.50 | (0.13 | ) | — | (0.13 | ) | 13.30 | ||||||||||||||||||||||||||
10/31/18 | 13.02 | 0.16 | (1.11 | ) | (0.95 | ) | (0.14 | ) | — | (0.14 | ) | 11.93 | ||||||||||||||||||||||||
10/31/17 | 10.14 | 0.12 | 2.87 | 2.99 | (0.11 | ) | — | (0.11 | ) | 13.02 | ||||||||||||||||||||||||||
10/31/16 | 10.46 | 0.11 | (0.33 | ) | (0.22 | ) | (0.10 | ) | — | (0.10 | ) | 10.14 | ||||||||||||||||||||||||
Retail Class: | 10/31/20 | 13.32 | 0.01 | 2.41 | 2.42 | (0.09 | ) | — | (0.09 | ) | 15.65 | |||||||||||||||||||||||||
10/31/19 | 11.94 | 0.12 | 1.36 | 1.48 | (0.10 | ) | — | (0.10 | ) | 13.32 | ||||||||||||||||||||||||||
10/31/18 | 13.01 | 0.14 | (1.10 | ) | (0.96 | ) | (0.11 | ) | — | (0.11 | ) | 11.94 | ||||||||||||||||||||||||
10/31/17 | 10.13 | 0.11 | 2.85 | 2.96 | (0.08 | ) | — | (0.08 | ) | 13.01 | ||||||||||||||||||||||||||
10/31/16 | 10.44 | 0.09 | (0.33 | ) | (0.24 | ) | (0.07 | ) | — | (0.07 | ) | 10.13 | ||||||||||||||||||||||||
Class W: | 10/31/20 | 13.42 | 0.16 | 2.43 | 2.59 | (0.23 | ) | — | (0.23 | ) | 15.78 | |||||||||||||||||||||||||
10/31/19 | 11.99 | 0.24 | 1.36 | 1.60 | (0.17 | ) | — | (0.17 | ) | 13.42 | ||||||||||||||||||||||||||
10/31/18 | † | 13.52 | 0.01 | (1.54 | ) | (1.53 | ) | — | — | — | 11.99 | |||||||||||||||||||||||||
QUANT INTERNATIONAL EQUITY FUND | ||||||||||||||||||||||||||||||||||||
Institutional Class: | 10/31/20 | 7.45 | 0.16 | (0.72 | ) | (0.56 | ) | (0.21 | ) | — | (0.21 | ) | 6.68 | |||||||||||||||||||||||
10/31/19 | 7.37 | 0.22 | 0.41 | 0.63 | (0.24 | ) | (0.31 | ) | (0.55 | ) | 7.45 | |||||||||||||||||||||||||
10/31/18 | 8.35 | 0.27 | (0.99 | ) | (0.72 | ) | (0.26 | ) | — | (0.26 | ) | 7.37 | ||||||||||||||||||||||||
10/31/17 | 6.87 | 0.21 | 1.46 | 1.67 | (0.19 | ) | — | (0.19 | ) | 8.35 | ||||||||||||||||||||||||||
10/31/16 | 7.30 | 0.22 | (0.44 | ) | (0.22 | ) | (0.21 | ) | — | (0.21 | ) | 6.87 | ||||||||||||||||||||||||
Advisor Class: | 10/31/20 | 7.44 | 0.14 | (0.70 | ) | (0.56 | ) | (0.21 | ) | — | (0.21 | ) | 6.67 | |||||||||||||||||||||||
10/31/19 | 7.37 | 0.22 | 0.39 | 0.61 | (0.23 | ) | (0.31 | ) | (0.54 | ) | 7.44 | |||||||||||||||||||||||||
10/31/18 | 8.35 | 0.24 | (0.97 | ) | (0.73 | ) | (0.25 | ) | — | (0.25 | ) | 7.37 | ||||||||||||||||||||||||
10/31/17 | 6.87 | 0.20 | 1.47 | 1.67 | (0.19 | ) | — | (0.19 | ) | 8.35 | ||||||||||||||||||||||||||
10/31/16 | ‡ | 7.25 | 0.21 | (0.38 | ) | (0.17 | ) | (0.21 | ) | — | (0.21 | ) | 6.87 | |||||||||||||||||||||||
Class W: | 10/31/20 | 7.47 | 0.19 | (0.72 | ) | (0.53 | ) | (0.24 | ) | — | (0.24 | ) | 6.70 | |||||||||||||||||||||||
10/31/19 | 7.37 | 0.25 | 0.41 | 0.66 | (0.25 | ) | (0.31 | ) | (0.56 | ) | 7.47 | |||||||||||||||||||||||||
10/31/18 | † | 8.04 | 0.01 | (0.68 | ) | (0.67 | ) | — | — | — | 7.37 |
124 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements |
continued
Ratios and supplemental data | ||||||||||||||||||||||||||||||||||||
Ratios to average net assets | ||||||||||||||||||||||||||||||||||||
For the period or year ended | Total return | Total return excluding payment from affiliatesu | Net assets at end of period (in thousands) | Gross expenses | Net expenses | Net investment income (loss) | Net investment income (loss) excluding payment from affiliatesu | Portfolio turnover rate | ||||||||||||||||||||||||||||
INTERNATIONAL OPPORTUNITIES FUND | ||||||||||||||||||||||||||||||||||||
Institutional Class: | 10/31/20 | 18.84 | % | 18.82 | % | $ 120,668 | 0.61 | % | 0.61 | % | 0.53 | % | 0.51 | % | 36 | % | ||||||||||||||||||||
10/31/19 | 12.84 | 12.83 | 117,428 | 0.62 | 0.62 | 1.31 | 1.29 | 28 | ||||||||||||||||||||||||||||
10/31/18 | (7.07 | ) | (7.08 | ) | 87,135 | 0.62 | 0.62 | 1.43 | 1.43 | 21 | ||||||||||||||||||||||||||
10/31/17 | 30.08 | 30.07 | 1,414,259 | 0.63 | 0.63 | 1.42 | 1.41 | 24 | ||||||||||||||||||||||||||||
10/31/16 | (1.82 | ) | (1.84 | ) | 1,298,796 | 0.63 | 0.63 | 1.37 | 1.35 | 31 | ||||||||||||||||||||||||||
Advisor Class: | 10/31/20 | 18.66 | 18.64 | 4,060 | 0.71 | 0.71 | 0.41 | 0.39 | 36 | |||||||||||||||||||||||||||
10/31/19 | 12.85 | 12.84 | 4,168 | 0.71 | 0.71 | 0.85 | 0.84 | 28 | ||||||||||||||||||||||||||||
10/31/18 | (7.17 | ) | (7.17 | ) | 178 | 0.69 | 0.69 | 1.35 | 1.35 | 21 | ||||||||||||||||||||||||||
10/31/17 | 29.96 | 29.95 | 150 | 0.64 | 0.64 | 1.41 | 1.40 | 24 | ||||||||||||||||||||||||||||
10/31/16 | ‡ | (2.67 | )b | (2.69 | )b | 101 | 0.65 | c | 0.65 | c | 1.46 | c | 1.44 | c | 31 | |||||||||||||||||||||
Premier Class: | 10/31/20 | 18.69 | 18.67 | 399 | 0.77 | 0.70 | 0.32 | 0.30 | 36 | |||||||||||||||||||||||||||
10/31/19 | 12.74 | 12.73 | 1,308 | 0.77 | 0.73 | 1.21 | 1.20 | 28 | ||||||||||||||||||||||||||||
10/31/18 | (7.17 | ) | (7.17 | ) | 1,562 | 0.78 | 0.78 | 1.34 | 1.34 | 21 | ||||||||||||||||||||||||||
10/31/17 | 29.78 | 29.77 | 506 | 0.80 | 0.80 | 1.22 | 1.21 | 24 | ||||||||||||||||||||||||||||
10/31/16 | (1.90 | ) | (1.92 | ) | 325 | 0.79 | 0.79 | 1.27 | 1.25 | 31 | ||||||||||||||||||||||||||
Retirement Class: | 10/31/20 | 18.62 | 18.60 | 158,190 | 0.86 | 0.72 | 0.40 | 0.38 | 36 | |||||||||||||||||||||||||||
10/31/19 | 12.77 | 12.76 | 175,643 | 0.87 | 0.77 | 1.19 | 1.17 | 28 | ||||||||||||||||||||||||||||
10/31/18 | (7.34 | ) | (7.34 | ) | 127,760 | 0.87 | 0.87 | 1.18 | 1.18 | 21 | ||||||||||||||||||||||||||
10/31/17 | 29.74 | 29.73 | 30,390 | 0.88 | 0.88 | 1.03 | 1.02 | 24 | ||||||||||||||||||||||||||||
10/31/16 | (1.98 | ) | (2.00 | ) | 7,416 | 0.88 | 0.88 | 1.13 | 1.12 | 31 | ||||||||||||||||||||||||||
Retail Class: | 10/31/20 | 18.26 | 18.24 | 5,638 | 1.01 | 1.01 | 0.10 | 0.08 | 36 | |||||||||||||||||||||||||||
10/31/19 | 12.50 | 12.49 | 4,122 | 1.02 | 1.02 | 0.92 | 0.91 | 28 | ||||||||||||||||||||||||||||
10/31/18 | (7.41 | ) | (7.41 | ) | 4,341 | 1.02 | 1.02 | 1.04 | 1.04 | 21 | ||||||||||||||||||||||||||
10/31/17 | 29.46 | 29.45 | 3,404 | 1.08 | 1.08 | 0.94 | 0.94 | 24 | ||||||||||||||||||||||||||||
10/31/16 | (2.25 | ) | (2.27 | ) | 1,619 | 1.10 | 1.09 | 0.88 | 0.87 | 31 | ||||||||||||||||||||||||||
Class W: | 10/31/20 | 19.52 | 19.50 | 1,527,006 | 0.61 | 0.00 | 1.14 | 1.12 | 36 | |||||||||||||||||||||||||||
10/31/19 | 13.62 | 13.61 | 1,487,781 | 0.62 | 0.00 | 1.94 | 1.92 | 28 | ||||||||||||||||||||||||||||
10/31/18 | † | (11.32 | )b | (11.32 | )b | 1,330,650 | 0.63 | c | 0.00 | c | 0.76 | c | 0.82 | c | 21 | |||||||||||||||||||||
QUANT INTERNATIONAL EQUITY FUND | ||||||||||||||||||||||||||||||||||||
Institutional Class: | 10/31/20 | (7.72 | ) | (7.72 | ) | 68,880 | 0.40 | 0.40 | 2.32 | 2.32 | 112 | |||||||||||||||||||||||||
10/31/19 | 9.59 | 9.59 | 130,515 | 0.40 | 0.40 | 3.15 | 3.15 | 114 | ||||||||||||||||||||||||||||
10/31/18 | (8.96 | ) | (8.96 | ) | 119,559 | 0.40 | 0.40 | 3.25 | 3.25 | 106 | ||||||||||||||||||||||||||
10/31/17 | 24.93 | 24.93 | 1,888,139 | 0.41 | 0.41 | 2.79 | 2.79 | 106 | ||||||||||||||||||||||||||||
10/31/16 | (2.99 | ) | (2.99 | ) | 1,521,511 | 0.41 | 0.41 | 3.20 | 3.20 | 100 | ||||||||||||||||||||||||||
Advisor Class: | 10/31/20 | (7.80 | ) | (7.80 | ) | 242 | 0.54 | 0.54 | 2.08 | 2.08 | 112 | |||||||||||||||||||||||||
10/31/19 | 9.38 | 9.38 | 182 | 0.48 | 0.48 | 3.16 | 3.16 | 114 | ||||||||||||||||||||||||||||
10/31/18 | (9.04 | ) | (9.04 | ) | 203 | 0.47 | 0.47 | 3.00 | 3.00 | 106 | ||||||||||||||||||||||||||
10/31/17 | 24.89 | 24.89 | 170 | 0.52 | 0.52 | 2.69 | 2.69 | 106 | ||||||||||||||||||||||||||||
10/31/16 | ‡ | (2.34 | )b | (2.34 | )b | 102 | 0.44 | c | 0.44 | c | 3.41 | c | 3.41 | c | 100 | |||||||||||||||||||||
Class W: | 10/31/20 | (7.23 | ) | (7.23 | ) | 863,353 | 0.40 | 0.00 | 2.71 | 2.71 | 112 | |||||||||||||||||||||||||
10/31/19 | 10.00 | 10.00 | 1,816,593 | 0.40 | 0.00 | 3.57 | 3.57 | 114 | ||||||||||||||||||||||||||||
10/31/18 | † | (8.33 | )b | (8.33 | )b | 1,679,324 | 0.41 | c | 0.00 | c | 1.14 | c | 1.14 | c | 106 |
See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 125 |
Financial highlights
TIAA-CREF Funds
Selected per share data | ||||||||||||||||||||||||||||||||||||
Gain (loss) from investment operations | ||||||||||||||||||||||||||||||||||||
Net realized | Net | |||||||||||||||||||||||||||||||||||
For the | Net asset | Net | and unrealized | Total gain | Less distributions from | Total | asset | |||||||||||||||||||||||||||||
period or year ended | value, beginning of period | investment income (loss)a | gain (loss) on total investments | (loss) from investment operations | Net investment income | Net realized gains | dividends and distributions | value, end of period | ||||||||||||||||||||||||||||
QUANT INTERNATIONAL SMALL-CAP EQUITY FUND | ||||||||||||||||||||||||||||||||||||
Institutional Class: | 10/31/20 | $10.30 | $0.19 | $(0.73 | ) | $(0.54 | ) | $(0.35 | ) | $ — | $(0.35 | ) | $ 9.41 | |||||||||||||||||||||||
10/31/19 | 10.22 | 0.26 | 0.40 | 0.66 | (0.29 | ) | (0.29 | ) | (0.58 | ) | 10.30 | |||||||||||||||||||||||||
10/31/18 | 12.90 | 0.33 | (2.22 | ) | (1.89 | ) | (0.34 | ) | (0.45 | ) | (0.79 | ) | 10.22 | |||||||||||||||||||||||
10/31/17 | ** | 10.00 | 0.27 | 2.64 | 2.91 | (0.01 | ) | — | (0.01 | ) | 12.90 | |||||||||||||||||||||||||
Advisor Class: | 10/31/20 | 10.29 | 0.19 | (0.73 | ) | (0.54 | ) | (0.35 | ) | — | (0.35 | ) | 9.40 | |||||||||||||||||||||||
10/31/19 | 10.22 | 0.26 | 0.39 | 0.65 | (0.29 | ) | (0.29 | ) | (0.58 | ) | 10.29 | |||||||||||||||||||||||||
10/31/18 | 12.88 | 0.31 | (2.20 | ) | (1.89 | ) | (0.32 | ) | (0.45 | ) | (0.77 | ) | 10.22 | |||||||||||||||||||||||
10/31/17 | ** | 10.00 | 0.22 | 2.67 | 2.89 | (0.01 | ) | — | (0.01 | ) | 12.88 | |||||||||||||||||||||||||
Premier Class: | 10/31/20 | 10.42 | 0.17 | (0.74 | ) | (0.57 | ) | (0.33 | ) | — | (0.33 | ) | 9.52 | |||||||||||||||||||||||
10/31/19 | 10.23 | 0.25 | 0.41 | 0.66 | (0.18 | ) | (0.29 | ) | (0.47 | ) | 10.42 | |||||||||||||||||||||||||
10/31/18 | 12.88 | 0.29 | (2.17 | ) | (1.88 | ) | (0.32 | ) | (0.45 | ) | (0.77 | ) | 10.23 | |||||||||||||||||||||||
10/31/17 | ** | 10.00 | 0.22 | 2.67 | 2.89 | (0.01 | ) | — | (0.01 | ) | 12.88 | |||||||||||||||||||||||||
Retirement Class: | 10/31/20 | 10.29 | 0.18 | (0.73 | ) | (0.55 | ) | (0.34 | ) | — | (0.34 | ) | 9.40 | |||||||||||||||||||||||
10/31/19 | 10.19 | 0.25 | 0.39 | 0.64 | (0.25 | ) | (0.29 | ) | (0.54 | ) | 10.29 | |||||||||||||||||||||||||
10/31/18 | 12.87 | 0.27 | (2.18 | ) | (1.91 | ) | (0.32 | ) | (0.45 | ) | (0.77 | ) | 10.19 | |||||||||||||||||||||||
10/31/17 | ** | 10.00 | 0.20 | 2.68 | 2.88 | (0.01 | ) | — | (0.01 | ) | 12.87 | |||||||||||||||||||||||||
Retail Class: | 10/31/20 | 10.30 | 0.15 | (0.73 | ) | (0.58 | ) | (0.31 | ) | — | (0.31 | ) | 9.41 | |||||||||||||||||||||||
10/31/19 | 10.18 | 0.22 | 0.40 | 0.62 | (0.21 | ) | (0.29 | ) | (0.50 | ) | 10.30 | |||||||||||||||||||||||||
10/31/18 | 12.86 | 0.26 | (2.19 | ) | (1.93 | ) | (0.30 | ) | (0.45 | ) | (0.75 | ) | 10.18 | |||||||||||||||||||||||
10/31/17 | ** | 10.00 | 0.20 | 2.67 | 2.87 | (0.01 | ) | — | (0.01 | ) | 12.86 | |||||||||||||||||||||||||
Class W: | 10/31/20 | 10.35 | 0.25 | (0.72 | ) | (0.47 | ) | (0.42 | ) | — | (0.42 | ) | 9.46 | |||||||||||||||||||||||
10/31/19 | 10.22 | 0.33 | 0.40 | 0.73 | (0.31 | ) | (0.29 | ) | (0.60 | ) | 10.35 | |||||||||||||||||||||||||
10/31/18 | † | 11.37 | 0.01 | (1.16 | ) | (1.15 | ) | — | — | — | 10.22 |
126 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements |
continued
Ratios and supplemental data | ||||||||||||||||||||||||||||
For the | ||||||||||||||||||||||||||||
period | Net assets at | Ratios to average net assets | Portfolio | |||||||||||||||||||||||||
or year ended | Total return | end of period (in thousands) | Gross expenses | Net expenses | Net investment income (loss) | turnover rate | ||||||||||||||||||||||
QUANT INTERNATIONAL SMALL-CAP EQUITY FUND | ||||||||||||||||||||||||||||
Institutional Class: | 10/31/20 | (5.51 | )% | $ 54,223 | 0.71 | % | 0.66 | % | 2.06 | % | 100 | % | ||||||||||||||||
10/31/19 | 7.04 | 55,449 | 0.71 | 0.66 | 2.68 | 87 | ||||||||||||||||||||||
10/31/18 | (15.62 | ) | 43,174 | 0.71 | 0.66 | 2.71 | 89 | |||||||||||||||||||||
10/31/17 | ** | 29.14 | b | 935,888 | 0.73 | c | 0.68 | c | 2.59 | c | 70 | b | ||||||||||||||||
Advisor Class: | 10/31/20 | (5.56 | ) | 69 | 0.76 | 0.71 | 2.01 | 100 | ||||||||||||||||||||
10/31/19 | 6.96 | 84 | 0.76 | 0.71 | 2.66 | 87 | ||||||||||||||||||||||
10/31/18 | (15.59 | ) | 83 | 0.73 | 0.68 | 2.44 | 89 | |||||||||||||||||||||
10/31/17 | ** | 28.92 | b | 1,297 | 0.88 | c | 0.83 | c | 2.18 | c | 70 | b | ||||||||||||||||
Premier Class: | 10/31/20 | (5.71 | ) | 70 | 0.91 | 0.85 | 1.85 | 100 | ||||||||||||||||||||
10/31/19 | 6.85 | 76 | 0.89 | 0.84 | 2.53 | 87 | ||||||||||||||||||||||
10/31/18 | (15.54 | ) | 75 | 0.87 | 0.82 | 2.29 | 89 | |||||||||||||||||||||
10/31/17 | ** | 28.92 | b | 1,288 | 1.03 | c | 0.85 | c | 2.16 | c | 70 | b | ||||||||||||||||
Retirement Class: | 10/31/20 | (5.67 | ) | 3,259 | 0.96 | 0.84 | 1.93 | 100 | ||||||||||||||||||||
10/31/19 | 6.86 | 3,113 | 0.96 | 0.84 | 2.54 | 87 | ||||||||||||||||||||||
10/31/18 | (15.79 | ) | 3,620 | 0.97 | 0.89 | 2.21 | 89 | |||||||||||||||||||||
10/31/17 | ** | 28.82 | b | 8,020 | 1.03 | c | 0.95 | c | 1.93 | c | 70 | b | ||||||||||||||||
Retail Class: | 10/31/20 | (5.93 | ) | 757 | 1.44 | 1.09 | 1.60 | 100 | ||||||||||||||||||||
10/31/19 | 6.61 | 851 | 1.35 | 1.09 | 2.26 | 87 | ||||||||||||||||||||||
10/31/18 | (15.95 | ) | 971 | 1.17 | 1.08 | 2.15 | 89 | |||||||||||||||||||||
10/31/17 | ** | 28.71 | b | 2,336 | 1.42 | c | 1.09 | c | 1.91 | c | 70 | b | ||||||||||||||||
Class W: | 10/31/20 | (4.97 | ) | 923,105 | 0.71 | 0.00 | 2.73 | 100 | ||||||||||||||||||||
10/31/19 | 7.85 | 926,729 | 0.71 | 0.00 | 3.38 | 87 | ||||||||||||||||||||||
10/31/18 | † | (10.11 | )b | 852,681 | 0.72 | c | 0.00 | c | 0.80 | c | 89 |
See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 127 |
Financial highlights
TIAA-CREF Funds
Selected per share data | ||||||||||||||||||||||||||||||||||||
Gain (loss) from investment operations | ||||||||||||||||||||||||||||||||||||
For the | Net asset | Net | Net realized and unrealized | Total gain | Less distributions from | Total | Net asset | |||||||||||||||||||||||||||||
period or year ended | value, beginning of period | investment income (loss | )a | gain (loss) on total investments | (loss) from investment operations | Net investment income | Net realized gains | dividends and distributions | value, end of period | |||||||||||||||||||||||||||
SOCIAL CHOICE INTERNATIONAL EQUITY FUND | ||||||||||||||||||||||||||||||||||||
Institutional Class: | 10/31/20 | $11.16 | $0.23 | $(0.87 | ) | $(0.64 | ) | $(0.18 | ) | $ — | $(0.18 | ) | $10.34 | |||||||||||||||||||||||
10/31/19 | 10.14 | 0.31 | 0.95 | 1.26 | (0.24 | ) | — | (0.24 | ) | 11.16 | ||||||||||||||||||||||||||
10/31/18 | 11.21 | 0.29 | (1.13 | ) | (0.84 | ) | (0.23 | ) | (0.00 | )d | (0.23 | ) | 10.14 | |||||||||||||||||||||||
10/31/17 | 9.31 | 0.28 | 1.86 | 2.14 | (0.24 | ) | — | (0.24 | ) | 11.21 | ||||||||||||||||||||||||||
10/31/16 | 9.53 | 0.26 | (0.42 | ) | (0.16 | ) | (0.06 | ) | — | (0.06 | ) | 9.31 | ||||||||||||||||||||||||
Advisor Class: | 10/31/20 | 11.16 | 0.21 | (0.86 | ) | (0.65 | ) | (0.18 | ) | — | (0.18 | ) | 10.33 | |||||||||||||||||||||||
10/31/19 | 10.14 | 0.30 | 0.95 | 1.25 | (0.23 | ) | — | (0.23 | ) | 11.16 | ||||||||||||||||||||||||||
10/31/18 | 11.21 | 0.30 | (1.14 | ) | (0.84 | ) | (0.23 | ) | (0.00 | )d | (0.23 | ) | 10.14 | |||||||||||||||||||||||
10/31/17 | 9.32 | 0.31 | 1.81 | 2.12 | (0.23 | ) | — | (0.23 | ) | 11.21 | ||||||||||||||||||||||||||
10/31/16 | ‡ | 9.51 | 0.26 | (0.39 | ) | (0.13 | ) | (0.06 | ) | — | (0.06 | ) | 9.32 | |||||||||||||||||||||||
Premier Class: | 10/31/20 | 11.17 | 0.15 | (0.81 | ) | (0.66 | ) | (0.17 | ) | — | (0.17 | ) | 10.34 | |||||||||||||||||||||||
10/31/19 | 10.13 | 0.32 | 0.92 | 1.24 | (0.20 | ) | — | (0.20 | ) | 11.17 | ||||||||||||||||||||||||||
10/31/18 | 11.19 | 0.32 | (1.16 | ) | (0.84 | ) | (0.22 | ) | (0.00 | )d | (0.22 | ) | 10.13 | |||||||||||||||||||||||
10/31/17 | 9.30 | 0.26 | 1.85 | 2.11 | (0.22 | ) | — | (0.22 | ) | 11.19 | ||||||||||||||||||||||||||
10/31/16 | 9.53 | 0.25 | (0.42 | ) | (0.17 | ) | (0.06 | ) | — | (0.06 | ) | 9.30 | ||||||||||||||||||||||||
Retirement Class: | 10/31/20 | 11.12 | 0.20 | (0.86 | ) | (0.66 | ) | (0.16 | ) | — | (0.16 | ) | 10.30 | |||||||||||||||||||||||
10/31/19 | 10.11 | 0.26 | 0.96 | 1.22 | (0.21 | ) | — | (0.21 | ) | 11.12 | ||||||||||||||||||||||||||
10/31/18 | 11.17 | 0.29 | (1.14 | ) | (0.85 | ) | (0.21 | ) | (0.00 | )d | (0.21 | ) | 10.11 | |||||||||||||||||||||||
10/31/17 | 9.29 | 0.26 | 1.84 | 2.10 | (0.22 | ) | — | (0.22 | ) | 11.17 | ||||||||||||||||||||||||||
10/31/16 | 9.52 | 0.24 | (0.42 | ) | (0.18 | ) | (0.05 | ) | — | (0.05 | ) | 9.29 | ||||||||||||||||||||||||
Retail Class: | 10/31/20 | 11.13 | 0.20 | (0.88 | ) | (0.68 | ) | (0.15 | ) | — | (0.15 | ) | 10.30 | |||||||||||||||||||||||
10/31/19 | 10.10 | 0.27 | 0.96 | 1.23 | (0.20 | ) | — | (0.20 | ) | 11.13 | ||||||||||||||||||||||||||
10/31/18 | 11.17 | 0.28 | (1.15 | ) | (0.87 | ) | (0.20 | ) | (0.00 | )d | (0.20 | ) | 10.10 | |||||||||||||||||||||||
10/31/17 | 9.29 | 0.26 | 1.82 | 2.08 | (0.20 | ) | — | (0.20 | ) | 11.17 | ||||||||||||||||||||||||||
10/31/16 | 9.52 | 0.26 | (0.44 | ) | (0.18 | ) | (0.05 | ) | — | (0.05 | ) | 9.29 |
‡ | The Advisor Class commenced operations on December 4, 2015. |
§ | The Fund commenced operations on August 5, 2016. |
** | The Fund commenced operations on December 9, 2016. |
† | Class W commenced operations on September 28, 2018. |
a | Based on average shares outstanding. |
b | The percentages shown for this period are not annualized. |
c | The percentages shown for this period are annualized. |
d | Amount represents less than $0.01 per share. |
u | Income reflects voluntary compensation from Advisors in amounts that approximate a portion of the cost of research services obtained from broker-dealers and research providers if Advisors had purchased the research services directly. The total return and net investment income ratio displayed excludes this item. |
128 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements |
concluded
Ratios and supplemental data | |||||||||||||||||||||||||||||||||||
For the | |||||||||||||||||||||||||||||||||||
period | Net assets at | Ratios to average net assets | Portfolio | ||||||||||||||||||||||||||||||||
or year | end of period | Gross | Net | Net investment | turnover | ||||||||||||||||||||||||||||||
ended | Total return | (in thousands | ) | expenses | expenses | income (loss | ) | rate | |||||||||||||||||||||||||||
SOCIAL CHOICE INTERNATIONAL EQUITY FUND | |||||||||||||||||||||||||||||||||||
Institutional Class: | 10/31/20 | (5.83 | )% | $338,692 | 0.41 | % | 0.40 | % | 2.21 | % | 15 | % | |||||||||||||||||||||||
10/31/19 | 12.77 | 192,475 | 0.58 | 0.40 | 3.03 | 9 | |||||||||||||||||||||||||||||
10/31/18 | (7.61 | ) | 46,432 | 0.98 | 0.40 | 2.62 | 16 | ||||||||||||||||||||||||||||
10/31/17 | 23.49 | 35,797 | 1.20 | 0.40 | 2.76 | 12 | |||||||||||||||||||||||||||||
10/31/16 | (1.65 | ) | 18,833 | 1.35 | 0.40 | 2.87 | 13 | ||||||||||||||||||||||||||||
Advisor Class: | 10/31/20 | (5.96 | ) | 1,192 | 0.52 | 0.51 | 1.99 | 15 | |||||||||||||||||||||||||||
10/31/19 | 12.71 | 1,174 | 0.66 | 0.47 | 2.89 | 9 | |||||||||||||||||||||||||||||
10/31/18 | (7.58 | ) | 579 | 1.03 | 0.45 | 2.69 | 16 | ||||||||||||||||||||||||||||
10/31/17 | 23.22 | 541 | 1.26 | 0.46 | 2.98 | 12 | |||||||||||||||||||||||||||||
10/31/16 | ‡ | (1.35 | )b | 102 | 1.36 | c | 0.42 | c | 3.12 | c | 13 | ||||||||||||||||||||||||
Premier Class: | 10/31/20 | (5.99 | ) | 438 | 0.56 | 0.55 | 1.35 | 15 | |||||||||||||||||||||||||||
10/31/19 | 12.55 | 1,754 | 0.74 | 0.55 | 3.05 | 9 | |||||||||||||||||||||||||||||
10/31/18 | (7.66 | ) | 278 | 1.13 | 0.55 | 2.84 | 16 | ||||||||||||||||||||||||||||
10/31/17 | 23.23 | 1,338 | 1.36 | 0.55 | 2.58 | 12 | |||||||||||||||||||||||||||||
10/31/16 | (1.72 | ) | 938 | 1.52 | 0.55 | 2.75 | 13 | ||||||||||||||||||||||||||||
Retirement Class: | 10/31/20 | (6.08 | ) | 162,780 | 0.66 | 0.65 | 1.91 | 15 | |||||||||||||||||||||||||||
10/31/19 | 12.40 | 59,932 | 0.83 | 0.65 | 2.56 | 9 | |||||||||||||||||||||||||||||
10/31/18 | (7.72 | ) | 9,304 | 1.23 | 0.65 | 2.61 | 16 | ||||||||||||||||||||||||||||
10/31/17 | 23.09 | 7,940 | 1.45 | 0.65 | 2.55 | 12 | |||||||||||||||||||||||||||||
10/31/16 | (1.84 | ) | 3,001 | 1.61 | 0.65 | 2.67 | 13 | ||||||||||||||||||||||||||||
Retail Class: | 10/31/20 | (6.18 | ) | 10,335 | 0.72 | 0.72 | 1.89 | 15 | |||||||||||||||||||||||||||
10/31/19 | 12.47 | 6,456 | 0.92 | 0.74 | 2.62 | 9 | |||||||||||||||||||||||||||||
10/31/18 | (7.88 | ) | 4,525 | 1.32 | 0.74 | 2.53 | 16 | ||||||||||||||||||||||||||||
10/31/17 | 22.88 | 4,055 | 1.56 | 0.76 | 2.55 | 12 | |||||||||||||||||||||||||||||
10/31/16 | (1.92 | ) | 1,382 | 1.66 | 0.72 | 2.80 | 13 |
See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 129 |
TIAA-CREF Funds
Note 1—organization
TIAA-CREF Funds (the “Trust”) is a Delaware statutory trust that is registered with the U.S. Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The following TIAA-CREF Funds are included in this report: Growth & Income Fund, Large-Cap Growth Fund, Large-Cap Value Fund, Mid-Cap Growth Fund, Mid-Cap Value Fund, Quant Large-Cap Growth Fund, Quant Large-Cap Value Fund, Quant Small-Cap Equity Fund, Quant Small/Mid-Cap Equity Fund, Social Choice Equity Fund, Social Choice Low Carbon Equity Fund, Emerging Markets Equity Fund, International Equity Fund, International Opportunities Fund, Quant International Equity Fund, Quant International Small-Cap Equity Fund and the Social Choice International Equity Fund (collectively the “Funds” or individually, the “Fund”).
Teachers Advisors, LLC (“Advisors”), a wholly owned indirect subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”), is registered with the SEC as an investment adviser and provides investment management services for the Funds.
The Funds offer their shares, without a sales load, through their principal underwriter, Nuveen Securities, LLC (“Nuveen Securities”), which is a wholly owned indirect subsidiary of TIAA.
The Funds offer up to six share classes, although any one Fund may not necessarily offer all six classes. The Funds may offer Institutional Class, Advisor Class, Premier Class, Retirement Class, Retail Class and Class W shares. Each class differs by the allocation of class-specific expenses and voting rights in matters affecting a single class.
Note 2—significant accounting policies
The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. The Funds are investment companies and follow the accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services—Investment Companies. The net asset value (“NAV”) for financial reporting purposes may differ from the NAV for processing transactions. The NAV for financial reporting purposes includes security and shareholder transactions through the date of the report. Total return is computed based on the NAV used for processing transactions. The following is a summary of the significant accounting policies consistently followed by the Funds.
Investments and investment income: Securities transactions are accounted for as of the trade date for financial reporting purposes. Interest income is recorded on an accrual basis and includes accretion of discounts and amortization of premiums. Dividend income is recorded on the ex-dividend date. Foreign dividend income is recorded on the ex-dividend date or as soon as possible after the Funds determine the existence of a dividend declaration. Securities lending income is comprised of fees earned from borrowers and income earned on cash
collateral investments. Realized gains and losses on securities transactions are based upon the specific identification method. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. The Funds estimate the components of distributions received that may be considered return of capital distributions or capital gain distributions.
Multiclass operations and allocations: Income, expenses, realized gains and losses and unrealized appreciation and depreciation of a Fund are allocated on a pro rata basis to each class of shares, except for service agreement fees, distribution fees and transfer agency fees and expenses, which are unique to each class of shares. Most expenses of the Trust can be directly attributed to a fund. Expenses that cannot be directly attributed are allocated to each fund in the Trust based upon the average net assets of each fund.
Distributions to shareholders: Distributions to shareholders are recorded on the ex-dividend date. The amount, character and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
Foreign currency transactions and translation: The books and records of the Funds are maintained in U.S. dollars. Assets, including investments, and liabilities denominated in foreign currencies are translated into U.S. dollars at the end of each day. Purchases and sales of securities, income, and expenses are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.
Net realized foreign currency gains and losses resulting from changes in exchange rates associated with (i) foreign currency, (ii) investments and (iii) derivatives include foreign currency gains and losses between trade date and settlement date of the transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the Funds and the amounts actually received and are recognized as a component of “Net realized gain (loss) on total investments” on the Statements of operations, when applicable.
The unrealized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with (i) investments and (ii) other assets and liabilities are recognized as a component of “Change in net unrealized appreciation (depreciation) of investments and foreign currency” on the Statements of operations, when applicable. The unrealized gains and losses resulting from changes in foreign exchange rates associated with investments in derivatives are recognized as a component of the respective derivative’s related “Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments” on the Statements of operations, when applicable.
Trustee compensation: The Funds pay the members of the Board of Trustees (“Board”), all of whom are independent, certain remuneration for their services, plus travel and other expenses. Trustees may elect to participate in a deferred compensation plan and defer all or a portion of their compensation. In addition, trustees participate in a long-term compensation plan. Amounts deferred are retained by the Funds until paid. Amounts payable to the trustees for compensation are included separately in the accompanying Statements of assets and liabilities. Trustees’
130 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds |
fees, including any deferred and long-term compensation incurred, are reflected in the Statements of operations.
Indemnification: Under the Trust’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that provide general indemnifications to other parties. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.
Other matters: The outbreak of the novel coronavirus (“COVID-19”) and subsequent global pandemic began significantly impacting the U.S. and global financial markets and economies during the calendar quarter ended March 31, 2020. The worldwide spread of COVID-19 has created significant uncertainty in the global economy. The duration and extent of COVID-19 over the long-term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Funds’ normal course of business, results of operations, investments, and cash flows will depend on future developments, which are highly uncertain and difficult to predict. Management continues to monitor and evaluate this situation.
Note 3—valuation of investments
The Funds’ investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy that is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
• | Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities. |
• | Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.). |
• | Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments). |
A description of the valuation techniques applied to the Funds’ major classifications of assets and liabilities measured at fair value follows:
Exchange-traded equity securities, common and preferred stock:
Equity securities and exchange-traded funds listed or traded on
a national market or exchange are valued based on their sale price at the official close of business of such market or exchange on the valuation date. Foreign equity securities are valued at the last sale price or official closing price reported on the exchange where traded and converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. To the extent these securities are actively traded and that valuation adjustments are not applied, they are generally classified as Level 1. If there is no official close of business, then the latest available sale price is utilized. If no sales are reported, then the mean of the latest available bid and asked prices is utilized and are generally classified as Level 2.
For events affecting the value of foreign securities between the time when the exchange on which they are traded closes and the time when the Funds’ net assets are calculated, such securities will be valued at fair value in accordance with procedures adopted by the Board. These foreign securities are generally classified as Level 2.
Debt securities: Prices of fixed-income securities are generally provided by an independent pricing service (“pricing service”) approved by the Board. The pricing service establishes a security��s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer or market activity, provided by Advisors. These securities are generally classified as Level 2.
Investments in registered investment companies: Investments in investment companies are valued at their respective NAVs on the valuation date and are generally classified as Level 1.
Repurchase Agreements: Repurchase agreements are valued at contract plus accrued interest, which approximates market value. These securities are generally classified as Level 2.
Option contracts: Purchased and written options traded and listed on a national market or exchange are valued at the last sale price as of the close of such exchange or at the mean of the closing bid and asked prices if no sale is reported and are generally classified as Level 1. Over-the-counter (“OTC”) options are marked-to-market daily based upon a price supplied by a pricing service. OTC options are generally classified as Level 2.
Any portfolio security or derivative for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued at fair value, as determined in good faith using procedures approved by the Board. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash
TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 131 |
Notes to financial statements
flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. To the extent the inputs are observable and timely, the values would be classified as Level 2; otherwise they would be classified as Level 3.
As of October 31, 2020, 100% of the value of investments in the Quant Small-Cap Equity Fund and Quant Small/Mid-Cap Equity Fund was valued based on Level 1 inputs.
The following table summarizes the market value of the Funds’ investments as of October 31, 2020, based on the inputs used to value them:
Fund | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Growth & Income | ||||||||||||||||
Equity investments: | ||||||||||||||||
Consumer discretionary | $ | 711,880,305 | $ | 37,324,628 | $ | — | $ | 749,204,933 | ||||||||
Consumer staples | 383,108,095 | 29,344,120 | — | 412,452,215 | ||||||||||||
Health care | 760,020,844 | 82,102,369 | — | 842,123,213 | ||||||||||||
Industrials | 501,547,276 | 22,971,602 | — | 524,518,878 | ||||||||||||
Information technology | 1,569,148,809 | 4,804,644 | — | 1,573,953,453 | ||||||||||||
Utilities | 98,159,210 | 22,793,406 | — | 120,952,616 | ||||||||||||
All other equity investments* | 1,498,977,000 | — | — | 1,498,977,000 | ||||||||||||
Short-term investments | 14,735,144 | 31,424,424 | — | 46,159,568 | ||||||||||||
Purchased options** | 296,915 | — | — | 296,915 | ||||||||||||
Written options** | (19,902,580 | ) | — | — | (19,902,580 | ) | ||||||||||
Total | $ | 5,517,971,018 | $ | 230,765,193 | $ | — | $ | 5,748,736,211 | ||||||||
Large-Cap Growth | ||||||||||||||||
Equity investments: | ||||||||||||||||
Communication services | $ | 1,066,477,841 | $ | 86,212,223 | $ | — | $ | 1,152,690,064 | ||||||||
Consumer discretionary | 1,055,721,808 | 100,339,228 | — | 1,156,061,036 | ||||||||||||
Consumer staples | 325,864,794 | 26,766,545 | — | 352,631,339 | ||||||||||||
Health care | 678,330,975 | 113,749,219 | — | 792,080,194 | ||||||||||||
Industrials | 293,305,019 | 40,690,099 | — | 333,995,118 | ||||||||||||
Information technology | 2,110,967,527 | 57,780,919 | — | 2,168,748,446 | ||||||||||||
All other equity investments* | 136,490,903 | — | — | 136,490,903 | ||||||||||||
Short-term investments | 2,240,546 | — | — | 2,240,546 | ||||||||||||
Written options** | (3,526,312 | ) | — | — | (3,526,312 | ) | ||||||||||
Total | $ | 5,665,873,101 | $ | 425,538,233 | $ | — | $ | 6,091,411,334 | ||||||||
Large-Cap Value | ||||||||||||||||
Equity investments* | $ | 4,731,484,152 | $ | — | $ | — | $ | 4,731,484,152 | ||||||||
Short-term investments | — | 19,493,351 | — | 19,493,351 | ||||||||||||
Total | $ | 4,731,484,152 | $ | 19,493,351 | $ | — | $ | 4,750,977,503 | ||||||||
Mid-Cap Growth | ||||||||||||||||
Equity investments: | ||||||||||||||||
Communication services | $ | 83,472,409 | $ | 10,622,559 | $ | — | $ | 94,094,968 | ||||||||
Consumer discretionary | 254,140,117 | 32,979,684 | — | 287,119,801 | ||||||||||||
Consumer staples | 21,440,171 | 13,299,610 | — | 34,739,781 | ||||||||||||
Industrials | 162,501,869 | 12,914,507 | — | 175,416,376 | ||||||||||||
Information technology | 402,666,643 | 25,920,947 | — | 428,587,590 | ||||||||||||
All other equity investments* | 337,595,196 | — | — | 337,595,196 | ||||||||||||
Total | $ | 1,261,816,405 | $ | 95,737,307 | $ | — | $ | 1,357,553,712 | ||||||||
Mid-Cap Value | ||||||||||||||||
Equity investments* | $ | 1,673,081,253 | $ | — | $ | — | $ | 1,673,081,253 | ||||||||
Short-term investments | 5,632,892 | 23,374,500 | — | 29,007,392 | ||||||||||||
Total | $ | 1,678,714,145 | $ | 23,374,500 | $ | — | $ | 1,702,088,645 | ||||||||
Quant Large-Cap Growth | ||||||||||||||||
Equity investments: | ||||||||||||||||
Health care | $ | 209,107,184 | $ | 768,614 | $ | — | $ | 209,875,798 | ||||||||
All other equity investments* | 1,303,710,021 | — | — | 1,303,710,021 | ||||||||||||
Short-term investments | — | 5,605,000 | — | 5,605,000 | ||||||||||||
Total | $ | 1,512,817,205 | $ | 6,373,614 | $ | — | $ | 1,519,190,819 | ||||||||
Quant Large-Cap Value | ||||||||||||||||
Equity investments* | $ | 680,836,226 | $ | — | $ | — | $ | 680,836,226 | ||||||||
Short-term investments | 1,479,380 | 755,000 | — | 2,234,380 | ||||||||||||
Total | $ | 682,315,606 | $ | 755,000 | $ | — | $ | 683,070,606 |
132 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds |
continued
Fund | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Social Choice Equity | ||||||||||||||||
Equity investments: | ||||||||||||||||
Financials | $ | 577,695,848 | $ | — | $ | 3,382 | $ | 577,699,230 | ||||||||
Health care | 808,994,116 | 5,638,374 | — | 814,632,490 | ||||||||||||
All other equity investments* | 3,893,719,516 | — | — | 3,893,719,516 | ||||||||||||
Short-term investments | 36,453,499 | 80,265,248 | — | 116,718,747 | ||||||||||||
Futures contracts** | (1,396,926 | ) | — | — | (1,396,926 | ) | ||||||||||
Total | $ | 5,315,466,053 | $ | 85,903,622 | $ | 3,382 | $ | 5,401,373,057 | ||||||||
Social Choice Low Carbon Equity | ||||||||||||||||
Equity investments: | ||||||||||||||||
Financials | $ | 50,276,117 | $ | — | $ | 131 | $ | 50,276,248 | ||||||||
All other equity investments* | 378,222,706 | — | — | 378,222,706 | ||||||||||||
Short-term investments | 1,335,896 | 10,218,964 | — | 11,554,860 | ||||||||||||
Futures contracts** | (441,094 | ) | — | — | (441,094 | ) | ||||||||||
Total | $ | 429,393,625 | $ | 10,218,964 | $ | 131 | $ | 439,612,720 | ||||||||
Emerging Markets Equity | ||||||||||||||||
Equity investments: | ||||||||||||||||
Africa/Middle East | $ | — | $ | 40,658,194 | $ | — | $ | 40,658,194 | ||||||||
Asia | 264,954,281 | 757,733,179 | — | 1,022,687,460 | ||||||||||||
Europe | 39,091,384 | — | — | 39,091,384 | ||||||||||||
Latin America | 112,336,240 | 112,669,826 | — | 225,006,066 | ||||||||||||
All other equity investments* | 62,594,077 | 73,491,826 | 3,558 | 136,089,461 | ||||||||||||
Short-term investments | 5,729,591 | 33,048,874 | — | 38,778,465 | ||||||||||||
Total | $ | 484,705,573 | $ | 1,017,601,899 | $ | 3,558 | $ | 1,502,311,030 | ||||||||
International Equity | ||||||||||||||||
Equity investments: | ||||||||||||||||
Asia | $ | 101,432,377 | $ | 1,010,233,042 | $ | — | $ | 1,111,665,419 | ||||||||
Australasia | — | 227,544,660 | — | 227,544,660 | ||||||||||||
Europe | — | 2,572,220,671 | — | 2,572,220,671 | ||||||||||||
All other equity investments* | 189,304,468 | 290,435,619 | — | 479,740,087 | ||||||||||||
Short-term investments | — | 358,171,270 | — | 358,171,270 | ||||||||||||
Total | $ | 290,736,845 | $ | 4,458,605,262 | $ | — | $ | 4,749,342,107 | ||||||||
International Opportunities | ||||||||||||||||
Equity investments: | ||||||||||||||||
Asia | $ | 46,900,575 | $ | 361,285,863 | $ | — | $ | 408,186,438 | ||||||||
Australasia | — | 102,045,706 | — | 102,045,706 | ||||||||||||
Europe | — | 813,183,950 | — | 813,183,950 | ||||||||||||
Latin America | 64,113,369 | 54,960,199 | — | 119,073,568 | ||||||||||||
North America | — | 122,149,066 | — | 122,149,066 | ||||||||||||
All other equity investments* | 34,695,894 | 136,215,169 | 1,655 | 170,912,718 | ||||||||||||
Short-term investments | 38,061,707 | 79,726,227 | — | 117,787,934 | ||||||||||||
Total | $ | 183,771,545 | $ | 1,669,566,180 | $ | 1,655 | $ | 1,853,339,380 | ||||||||
Quant International Equity | ||||||||||||||||
Equity investments: | ||||||||||||||||
Asia | $ | 240,188 | $ | 248,435,661 | $ | — | $ | 248,675,849 | ||||||||
Australasia | — | 63,669,852 | — | 63,669,852 | ||||||||||||
Europe | 11,965,817 | 403,055,772 | — | 415,021,589 | ||||||||||||
North America | 24,556,000 | 4,494,171 | — | 29,050,171 | ||||||||||||
All other equity investments* | 8,020,427 | 86,908,865 | — | 94,929,292 | ||||||||||||
Short-term investments | 13,274,829 | 34,820,000 | — | 48,094,829 | ||||||||||||
Total | $ | 58,057,261 | $ | 841,384,321 | $ | — | $ | 899,441,582 | ||||||||
Quant International Small-Cap Equity | ||||||||||||||||
Equity investments: | ||||||||||||||||
Asia | $ | 7,404,100 | $ | 332,636,947 | $ | — | $ | 340,041,047 | ||||||||
Australasia | — | 65,921,811 | — | 65,921,811 | ||||||||||||
Europe | — | 275,116,725 | — | 275,116,725 | ||||||||||||
North America | 24,650,406 | 51,460,112 | — | 76,110,518 | ||||||||||||
All other equity investments* | 1,390,362 | 218,873,410 | — | 220,263,772 | ||||||||||||
Short-term investments | 21,536,550 | — | — | 21,536,550 | ||||||||||||
Total | $ | 54,981,418 | $ | 944,009,005 | $ | — | $ | 998,990,423 |
TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 133 |
Notes to financial statements
Fund | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Social Choice International Equity | ||||||||||||||||
Equity investments: | ||||||||||||||||
Asia | $ | — | $ | 151,495,988 | $ | — | $ | 151,495,988 | ||||||||
Australasia | — | 35,176,085 | — | 35,176,085 | ||||||||||||
Europe | 4,372,404 | 256,627,648 | — | 261,000,052 | ||||||||||||
All other equity investments* | — | 57,327,216 | — | 57,327,216 | ||||||||||||
Short-term investments | 2,947,647 | 5,794,988 | — | 8,742,635 | ||||||||||||
Futures contracts** | (179,160 | ) | — | — | (179,160 | ) | ||||||||||
Total | $ | 7,140,891 | $ | 506,421,925 | $ | — | $ | 513,562,816 |
* | For detailed categories, see the accompanying Summary portfolio of investments. |
** | Derivative instruments, excluding purchased options, are not reflected in the market value of portfolio investments. |
Note 4—investments
Repurchase agreements: In connection with transactions in repurchase agreements, it is the Fund’s policy that its custodian take possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. If the counterparty defaults, and the fair value of the collateral declines, realization of the collateral may be delayed or limited.
Restricted securities: Restricted securities held by the Funds, if any, may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933, as amended. The risk of investing in such securities is generally greater than the risk of investing in securities that are widely held and publicly traded.
Securities lending: Certain Funds may lend their securities to qualified institutional borrowers to earn additional income. A Fund receives collateral (in the form of cash, Treasury securities or other collateral permitted by applicable law) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of loaned securities during the period of the loan; any additional collateral required due to changes in security values is delivered to the Fund the next business day. Cash collateral received by the Fund will generally be invested in high-quality short-term instruments or in one or more funds maintained by the securities lending agent (“Agent”) for the purpose of investing cash collateral.
The value of the loaned securities and the liability to return the cash collateral received are reflected in the Statements of assets and liabilities. Non-cash collateral is not disclosed in the Funds’ Statements of assets and liabilities as it is held by the lending agent on behalf of the Funds, and the Funds do not have the ability to sell or re-hypothecate those securities.
As of October 31, 2020, securities lending transactions are for equity securities, and the resulting loans are continuous, can be recalled at any time, and have no set maturity. Securities lending income recognized by the Funds consists of earnings on invested collateral and lending fees, net of any rebates to the borrower and compensation to the Agent. Such income is reflected separately in the Statements of operations. In lending its securities, a Fund bears the market risk with respect to the investment of collateral and the risk that the Agent may default on its contractual obligations to the Fund. The Agent bears the risk that the borrower may default on its obligation to return the loaned securities as the Agent is contractually obligated to
indemnify the Fund if at the time of a default by a borrower some or all of the loan securities have not been returned.
At October 31, 2020, the total value of securities on loan and the total value of collateral received were as follows:
Fund | Aggregate value of securities on loan | Cash collateral received | * | Non-cash collateral received | Total collateral received | |||||||||||
Growth & Income | $ | 17,143,943 | $ | 14,735,144 | $ | 2,932,015 | $ | 17,667,159 | ||||||||
Large-Cap Growth | 10,186,997 | 2,240,546 | 8,580,987 | 10,821,533 | ||||||||||||
Mid-Cap Value | 8,204,118 | 5,632,892 | 2,825,534 | 8,458,426 | ||||||||||||
Quant Large-Cap Growth | 349,496 | — | 384,853 | 384,853 | ||||||||||||
Quant Large-Cap Value | 1,628,879 | 1,479,380 | 200,934 | 1,680,314 | ||||||||||||
Quant Small-Cap Equity | 68,254,134 | 47,873,333 | 26,244,358 | 74,117,691 | ||||||||||||
Quant Small/Mid-Cap Equity | 8,353,450 | 5,308,960 | 3,858,261 | 9,167,221 | ||||||||||||
Social Choice Equity | 50,154,476 | 36,453,499 | 17,624,102 | 54,077,601 | ||||||||||||
Social Choice Low Carbon Equity | 1,487,017 | 1,335,897 | 241,245 | 1,577,142 | ||||||||||||
Emerging Markets Equity | 26,074,607 | 5,729,592 | 22,650,734 | 28,380,326 | ||||||||||||
International Opportunities | 86,761,246 | 38,061,707 | 53,995,962 | 92,057,669 | ||||||||||||
Quant International Equity | 15,904,534 | 13,274,829 | 3,681,633 | 16,956,462 | ||||||||||||
Quant International Small-Cap Equity | 49,007,083 | 21,536,550 | 30,151,084 | 51,687,634 | ||||||||||||
Social Choice International Equity | 3,567,461 | 2,947,647 | 827,358 | 3,775,005 |
* | May include cash and investment of cash collateral |
Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the year ended October 31, 2020 were as follows:
Fund | Non-U.S. government purchases | Non-U.S. government sales | ||||||
Growth & Income | $ | 4,003,819,758 | $ | 5,396,022,139 | ||||
Large-Cap Growth | 8,645,264,192 | 9,953,185,593 | ||||||
Large-Cap Value | 1,323,565,199 | 1,782,427,453 | ||||||
Mid-Cap Growth | 1,403,088,748 | 1,674,767,567 | ||||||
Mid-Cap Value | 3,028,543,017 | 3,750,703,647 | ||||||
Quant Large-Cap Growth | 3,899,253,249 | 6,018,218,910 | ||||||
Quant Large-Cap Value | 2,656,880,836 | 4,540,749,258 | ||||||
Quant Small-Cap Equity | 2,266,109,962 | 2,676,960,321 | ||||||
Quant Small/Mid-Cap Equity | 653,779,340 | 575,241,748 | ||||||
Social Choice Equity | 1,476,328,571 | 1,254,931,418 | ||||||
Social Choice Low Carbon Equity | 250,490,806 | 83,469,179 | ||||||
Emerging Markets Equity | 2,033,643,672 | 2,333,563,757 | ||||||
International Equity | 4,455,435,726 | 4,762,931,758 | ||||||
International Opportunities | 610,162,613 | 885,420,228 | ||||||
Quant International Equity | 2,030,120,568 | 2,918,579,060 | ||||||
Quant International Small-Cap Equity | 1,002,930,551 | 941,390,966 | ||||||
Social Choice International Equity | 322,280,104 | 57,687,269 |
134 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds |
continued
Note 5—derivative investments
As defined by U.S.GAAP, a derivative is a financial instrument whose value is derived from an underlying security price, foreign exchange rate, interest rate, index of prices or rates, or other variables. Derivatives require little or no initial investment and permit or require net settlement. The Funds value derivatives at fair value.
At October 31, 2020, the following Funds have invested in derivative contracts which are reflected in the Statements of assets and liabilities as follows:
Asset derivatives | Liability derivatives | |||||||||||
Derivative contract | Location | Fair value amount | Location | Fair value amount | ||||||||
Growth & Income Fund | ||||||||||||
Equity contracts | Portfolio investments | $ | 296,915 | Written options | $ | (19,902,580 | ||||||
Large-Cap Growth Fund | ||||||||||||
Equity contracts | Written options | (3,526,312 | ) | |||||||||
Social Choice Equity Fund | ||||||||||||
Equity contracts | Futures contracts* | (1,396,926 | ) | |||||||||
Social Choice Low Carbon Equity Fund | ||||||||||||
Equity contracts | Futures contracts* | (441,094 | ) | |||||||||
Social Choice International Equity Fund | ||||||||||||
Equity contracts | Futures contracts* | (179,160 | ) |
* | The fair value presented includes cumulative gain (loss) on open futures contracts; however, the value reflected in the accompanying Statements of assets and liabilities is only the receivable or payable for variation margin on open futures contracts. |
For the year ended October 31, 2020, the effect of derivative contracts on the Funds’ Statements of operations was as follows:
Derivative contract | Location | Realized gain (loss) | Change in unrealized appreciation (depreciation) | |||||||
Growth & Income Fund | ||||||||||
Equity contracts | Purchased options | $ | 2,689,187 | $ | (115,068 | ) | ||||
Equity contracts | Written options | (13,885,645 | ) | 4,470,548 | ||||||
Large-Cap Growth Fund | ||||||||||
Equity contracts | Purchased options | 124,200 | — | |||||||
Equity contracts | Written options | 133,937 | (2,305,442 | ) | ||||||
Mid-Cap Growth Fund | ||||||||||
Equity contracts | Purchased options | (3,063,577 | ) | 990,196 | ||||||
Equity contracts | Written options | 1,440,673 | (1,036,480 | ) | ||||||
Quant Large-Cap Value Fund | ||||||||||
Equity contracts | Futures contracts | (148,184 | ) | — | ||||||
Quant Small-Cap Equity Fund | ||||||||||
Equity contracts | Futures contracts | (8,688,847 | ) | (344,028 | ) | |||||
Social Choice Equity Fund | ||||||||||
Equity contracts | Futures contracts | (1,387,013 | ) | (1,736,446 | ) | |||||
Social Choice Low Carbon Equity Fund | ||||||||||
Equity contracts | Futures contracts | 51,178 | (461,163 | ) | ||||||
Emerging Markets Equity Fund | ||||||||||
Equity contracts | Purchased options | (1,703,219 | ) | (71,379 | ) | |||||
Equity contracts | Written options | 3,008,331 | (175,679 | ) | ||||||
Social Choice International Equity Fund | ||||||||||
Equity contracts | Futures contracts | (1,716,738 | ) | (182,052 | ) |
Options: Certain Funds are subject to equity price risk in the normal course of pursuing their investment objectives. Options can be settled either directly with the counterparty (over the counter) or through a central clearing house (exchange traded). To manage the risk, the Funds may invest in both equity and index options. The Funds use options contracts for hedging and cash management purposes and to seek to increase total return. Call and put equity options give the holder the right, in return for a premium paid, to purchase or sell, respectively, a security at a specified exercise price at any time during the period of the option. Index options are written or purchased options in which the underlying investment is a specified index. The exercise of an index option will not result in the physical delivery of the underlier, but a cash transfer of the difference between the settlement price of the underlier and the strike price of the option. Purchased options are included in the Summary portfolio of investments, and written options are separately reflected as a liability in the Statements of assets and liabilities. Premiums on unexercised, expired options are recorded as realized gains or losses; premiums on exercised options are recorded as an adjustment to the proceeds from the sale or cost of the purchase. The difference between the premium and the amount received or paid in a closing transaction is also treated as a realized gain or loss. Risks may arise upon entering into over the counter options from the potential of default by counterparty. Also, risks related to the use of options include possible illiquidity of the options markets, price movements in underlying security values, and losses that may exceed amounts recognized on the Statements of assets and liabilities. During the year ended October 31, 2020, the Growth & Income Fund, Large-Cap Growth Fund, Mid-Cap Growth Fund, and Emerging Markets Equity Fund had exposure to options, based on underlying notional values, generally between 0% and 8% of net assets. The purchased and written options outstanding as of October 31, 2020 are disclosed in the Summary portfolio of investments and the full Schedules of investments.
Futures contracts: Certain Funds are subject to equity price risk in the normal course of pursuing their investment objectives. The Funds use futures contracts to manage exposure to the equity markets and for cash management purposes to remain highly invested in these markets while minimizing transaction costs. Buying futures contracts tends to increase exposure to the underlying instrument/index, while selling futures contracts tends to decrease exposure to the underlying instrument/index or hedge other investments. Initial margin deposits are made upon entering into a futures contract, and variation margin receipts or payments are settled daily reflecting changes in the value of the futures contracts. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon the expiration or closing of the futures contracts or if the counterparties do not perform in accordance with contractual provisions. With futures contracts, there is minimal counterparty credit risk to the Funds since futures contracts are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded funds, guarantees the futures contracts against default. During the year ended October 31, 2020, the Quant Large-Cap Equity Fund, Quant Small-Cap Equity Fund, Social Choice Equity Fund, Social Choice Low Carbon Equity Fund and Social Choice International
TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 135 |
Notes to financial statements
Equity Fund had exposure to futures contracts, based on underlying notional values, generally between 0% and 4% of net assets. The futures contracts outstanding as of October 31, 2020 are disclosed in the Summary portfolio of investments and the full Schedules of investments.
Note 6—income tax and other tax matters
Income taxes: Each Fund is treated separately for income tax purposes. The Funds intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code (“Code”) and will not be subject to income taxes to the extent that they distribute all taxable income each year and comply with various other Code requirements. The Funds file income tax returns in U.S. federal and applicable state and local jurisdictions. A fund’s federal income tax returns are generally subject to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed the Funds’ tax positions taken for all open federal income tax years and has concluded that no provision for federal income tax is required in the Funds’ financial statements.
The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. Reclassifications are made to a Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations.
For the year ended October 31, 2020, permanent book and tax differences resulting primarily from differing treatments for foreign currency transactions, certain foreign taxes paid, utilization of tax equalization credits, net operating losses, dividend redesignations, investments in partnerships, and gains and losses from the sale of stock in passive foreign investment companies were identified and reclassified among the components of the Funds’ net assets. Net investment income and net realized gains (losses), as disclosed on the Statements of operations, and net assets were not affected by these reclassifications.
Foreign taxes: The Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon the current interpretation of tax rules and regulations that exist in the markets in which the Funds invest.
Net unrealized appreciation (depreciation): At October 31, 2020, net unrealized appreciation (depreciation) based on the aggregate cost of all investments for federal income tax purposes, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows:
Fund | Tax cost | Gross unrealized appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation | ) | |||||||||||
Growth & Income | $ | 3,401,730,731 | $ | 2,521,319,144 | $ | (145,799,900 | ) | $ | 2,375,519,244 | |||||||
Large-Cap Growth | 4,228,737,744 | 2,007,354,102 | (143,459,642 | ) | 1,863,894,460 | |||||||||||
Large-Cap Value | 4,136,898,395 | 861,658,300 | (247,579,192 | ) | 614,079,108 | |||||||||||
Mid-Cap Growth | 1,033,082,971 | 360,755,295 | (36,284,554 | ) | 324,470,741 | |||||||||||
Mid-Cap Value | 1,643,438,277 | 171,511,105 | (112,860,737 | ) | 58,650,368 | |||||||||||
Quant Large-Cap Growth | 668,161,536 | 865,785,515 | (14,756,232 | ) | 851,029,283 | |||||||||||
Quant Large-Cap Value | 564,858,457 | 152,469,140 | (34,256,991 | ) | 118,212,149 | |||||||||||
Quant Small-Cap Equity | 2,208,238,285 | 402,127,346 | (237,356,123 | ) | 164,771,223 | |||||||||||
Quant Small/Mid-Cap Equity | 683,708,118 | 127,322,599 | (61,013,155 | ) | 66,309,444 | |||||||||||
Social Choice Equity | 3,876,643,487 | 1,775,118,449 | (250,388,879 | ) | 1,524,729,570 | |||||||||||
Social Choice Low Carbon Equity | 380,648,969 | 78,155,900 | (19,192,149 | ) | 58,963,751 | |||||||||||
Emerging Markets Equity | 1,325,867,117 | 310,186,747 | (133,742,834 | ) | 176,443,913 | |||||||||||
International Equity | 4,556,512,362 | 670,987,945 | (478,158,200 | ) | 192,829,745 | |||||||||||
International Opportunities | 1,255,151,958 | 649,904,560 | (51,717,138 | ) | 598,187,422 | |||||||||||
Quant International Equity | 833,125,460 | 134,179,688 | (67,863,566 | ) | 66,316,122 | |||||||||||
Quant International Small-Cap Equity | 956,208,611 | 134,124,989 | (91,343,177 | ) | 42,781,812 | |||||||||||
Social Choice International Equity | 517,107,201 | 50,302,871 | (53,847,256 | ) | (3,544,385 | ) |
For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as up-front fees or premiums exchanged on derivatives and any amounts unrealized for income statement reporting but realized in income and/or capital gains for tax reporting.
136 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds |
continued
Distributions to shareholders: The tax character of distributions paid to shareholders during the years ended October 31, 2020 and October 31, 2019 was as follows:
10/31/2020 | 10/31/2019 | |||||||||||||||||||||||
Fund | Ordinary income | Long-term capital gains | Total | Ordinary income | Long-term capital gains | Total | ||||||||||||||||||
Growth & Income | $ | 94,655,539 | $ | 317,000,212 | $ | 411,655,751 | $ | 122,383,514 | $ | 411,762,031 | $ | 534,145,545 | ||||||||||||
Large-Cap Growth | 32,073,551 | 226,841,678 | 258,915,229 | 84,449,185 | 501,749,128 | 586,198,313 | ||||||||||||||||||
Large-Cap Value | 127,817,787 | — | 127,817,787 | 182,078,830 | 469,076,115 | 651,154,945 | ||||||||||||||||||
Mid-Cap Growth | 1,432,788 | 143,729,533 | 145,162,321 | 93,308,944 | 89,843,975 | 183,152,919 | ||||||||||||||||||
Mid-Cap Value | 64,499,632 | 443,853,676 | 508,353,308 | 73,242,843 | 415,675,809 | 488,918,652 | ||||||||||||||||||
Quant Large-Cap Growth | 39,009,697 | 149,046,634 | 188,056,331 | 86,199,133 | 123,181,003 | 209,380,136 | ||||||||||||||||||
Quant Large-Cap Value | 68,778,266 | 128,638,903 | 197,417,169 | 65,368,570 | 54,085,628 | 119,454,198 | ||||||||||||||||||
Quant Small-Cap Equity | 29,660,062 | 119,163,976 | 148,824,038 | 160,470,259 | 349,804,465 | 510,274,724 | ||||||||||||||||||
Quant Small/Mid-Cap Equity | 9,170,076 | 33,371,223 | 42,541,299 | 23,747,084 | 45,928,773 | 69,675,857 | ||||||||||||||||||
Social Choice Equity | 90,118,246 | 139,653,182 | 229,771,428 | 63,821,597 | 249,212,381 | 313,033,978 | ||||||||||||||||||
Social Choice Low Carbon Equity | 3,087,118 | 3,366,750 | 6,453,868 | 2,099,033 | 4,111,034 | 6,210,067 | ||||||||||||||||||
Emerging Markets Equity | 34,679,261 | — | 34,679,261 | 10,068,401 | 55,092,110 | 65,160,511 | ||||||||||||||||||
International Equity | 88,787,917 | — | 88,787,917 | 92,128,677 | 191,353,881 | 283,482,558 | ||||||||||||||||||
International Opportunities | 27,766,069 | — | 27,766,069 | 22,142,320 | — | 22,142,320 | ||||||||||||||||||
Quant International Equity | 67,005,627 | — | 67,005,627 | 59,549,907 | 75,189,265 | 134,739,172 | ||||||||||||||||||
Quant International Small-Cap Equity | 39,102,446 | — | 39,102,446 | 27,458,794 | 25,744,003 | 53,202,797 | ||||||||||||||||||
Social Choice International Equity | 4,650,242 | — | 4,650,242 | 1,443,279 | — | 1,443,279 |
Components of accumulated earnings: As of October 31, 2020, the components of accumulated earnings on a tax basis were as follows:
Undistributed | Undistributed | Unrealized | Capital | |||||||||||||||||
ordinary | long-term | appreciation | loss | |||||||||||||||||
Fund | income | capital gains | (depreciation | ) | carryover | Total | ||||||||||||||
Growth & Income | $ | 21,736,892 | $ | 334,751,691 | $ | 2,375,526,301 | $ | — | $ | 2,732,014,884 | ||||||||||
Large-Cap Growth | 612,974,200 | 1,208,768,923 | 1,863,886,033 | — | 3,685,629,156 | |||||||||||||||
Large-Cap Value | 91,940,284 | — | 614,080,785 | (123,617,982 | ) | 582,403,087 | ||||||||||||||
Mid-Cap Growth | 15,698,819 | 159,610,957 | 324,470,774 | — | 499,780,550 | |||||||||||||||
Mid-Cap Value | 24,633,266 | — | 58,654,849 | (101,107,457 | ) | (17,819,342 | ) | |||||||||||||
Quant Large-Cap Growth | 70,507,817 | 183,690,863 | 851,029,283 | — | 1,105,227,963 | |||||||||||||||
Quant Large-Cap Value | 22,178,713 | 54,492,726 | 118,212,149 | — | 194,883,588 | |||||||||||||||
Quant Small-Cap Equity | 11,911,059 | — | 164,771,223 | (152,810,261 | ) | 23,872,021 | ||||||||||||||
Quant Small/Mid-Cap Equity | 6,962,783 | 10,938,810 | 66,309,444 | — | 84,211,037 | |||||||||||||||
Social Choice Equity | 69,058,268 | — | 1,524,729,570 | — | 1,593,787,838 | |||||||||||||||
Social Choice Low Carbon Equity | 6,319,274 | 3,767,814 | 58,963,751 | — | 69,050,839 | |||||||||||||||
Emerging Markets Equity | 29,168,932 | 113,116,529 | 175,924,006 | — | 318,209,467 | |||||||||||||||
International Equity | 75,511,720 | — | 193,237,920 | (307,817,883 | ) | (39,068,243 | ) | |||||||||||||
International Opportunities | 16,333,662 | 41,431,985 | 598,242,433 | — | 656,008,080 | |||||||||||||||
Quant International Equity | 43,445,040 | — | 66,603,744 | (181,709,196 | ) | (71,660,412 | ) | |||||||||||||
Quant International Small-Cap Equity | 24,833,024 | — | 42,818,678 | (161,767,816 | ) | (94,116,114 | ) | |||||||||||||
Social Choice International Equity | 8,089,521 | — | (3,511,187 | ) | (3,973,282 | ) | 605,052 |
The difference between book basis and tax basis net investment income, net realized gains and losses, and unrealized appreciation and depreciation is attributable primarily to the tax deferral of losses on wash sales, the tax deferral of straddle losses, the realization, for tax purposes, of unrealized gains on investments in passive foreign investment companies, and the treatment of short-term gain as ordinary income for tax purposes.
In certain circumstances, a fund may distribute portfolio securities rather than cash as payment for a redemption of fund shares (in-kind redemption). A fund may also accept portfolio securities rather than cash as payment for a purchase of fund shares (in-kind purchase). During the year ended October 31, 2020, the Funds did not have any in-kind purchase or in-kind redemption transactions.
Capital loss carryovers: At October 31, 2020, the following
Funds had capital loss carryovers, which will not expire:
Fund | Short-term | Long-term | Total | |||||||||
Large-Cap Value | $ | 98,681,841 | $ | 24,936,141 | $ | 123,617,982 | ||||||
Mid-Cap Value | 101,107,457 | — | 101,107,457 | |||||||||
Quant Small-Cap Equity | 84,949,465 | 67,860,796 | 152,810,261 | |||||||||
International Equity | 279,715,474 | 28,102,409 | 307,817,883 | |||||||||
Quant International Equity | 181,709,196 | — | 181,709,196 | |||||||||
Quant International Small-Cap Equity | 108,177,334 | 53,590,482 | 161,767,816 | |||||||||
Social Choice International Equity | 3,771,614 | 201,668 | 3,973,282 |
For the year ended October 31, 2020, the Emerging Markets Equity and International Opportunities Funds utilized
$18,895,755 and $65,857,536 of short-term capital loss carryover available from prior years respectively.
The capital loss carryover for these funds was reduced to zero as a result of this utilization.
Note 7—investment adviser and other transactions with affiliates
Under the terms of the Investment Management Agreement with respect to each Fund, Advisors provides asset management services to the Fund for an annual fee, payable monthly. The Funds have entered into an Administrative Service Agreement
TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 137 |
Notes to financial statements
with Advisors under which the Funds pay Advisors for its costs in providing certain administrative and compliance services to the Funds.
Under the terms of a Retirement Class Service Agreement with respect to each Fund, the Retirement Class of the Fund incurs an annual fee, payable monthly to Advisors, for certain administrative costs associated with the maintenance of Retirement Class shares on retirement plan or other platforms. Substantially all of the Retirement Class shareholder servicing fees reported on the Statements of operations are paid to Advisors under the Service Agreement.
Under the terms of a distribution Rule 12b-1 plan, the Retail Class of each Fund compensates Nuveen Securities for providing distribution, promotional, and/or shareholder services to the Retail Class of the Fund at the annual rate of 0.25% of the average daily net assets attributable to the Fund’s Retail Class. The Premier Class of each Fund is subject to a distribution Rule 12b-1 plan that compensates Nuveen Securities for providing distribution, promotional and/or shareholder services to the Premier Class of the Fund at the annual rate of 0.15% of the average daily net assets attributable to the Fund’s Premier Class.
Advisors has contractually agreed to waive and/or reimburse Class W’s shares’ Management fees and Other expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, acquired fund fees and expenses, trustee expenses and extraordinary expenses) in their entirety. Advisors expects this waiver and/or reimbursement to remain in effect indefinitely, unless changed or terminated with approval of the Board of Trustees. The Management fees and Other expenses of Class W shares that have been waived by Advisors may be incurred directly or indirectly, all or in part, by investors in Class W shares.
Advisors has agreed to reimburse each Fund if its total expense ratio (excluding interest, taxes, brokerage commissions or other transactional expenses, acquired fund fees and expenses and extraordinary expenses) exceeds certain percentages. As of October 31, 2020, the investment management fee, service agreement fee, distribution fee and maximum expense amounts (after waivers and reimbursements) are equal to the following noted annual percentage of average daily net assets for each class:
Investment management fee range | Investment management fee—effective rate | Service agreement fee | Distribution fee | Maximum expense amounts‡ | ||||||||||||||||||||||||||||||||||||||||
Fund | Retirement Class | Premier Class | Retail Class | Institutional Class | Advisor Class | Premier Class | Retirement Class | Retail Class | Class W§ | |||||||||||||||||||||||||||||||||||
Growth & Income* | 0.300%–0.450 | %l | 0.390 | % | 0.250 | % | 0.150 | % | 0.250 | % | 0.520 | %l | 0.670 | %l | 0.670 | %l | 0.770 | %l | 0.910 | %l | 0.520 | %l | ||||||||||||||||||||||
Large-Cap Growth* | 0.300–0.450 | a | 0.390 | 0.250 | 0.150 | 0.250 | 0.515 | a | 0.665 | a | 0.665 | a | 0.765 | a | 0.905 | a | 0.515 | a | ||||||||||||||||||||||||||
Large-Cap Value* | 0.300–0.450 | b | 0.400 | 0.250 | 0.150 | 0.250 | 0.510 | b | 0.660 | b | 0.660 | b | 0.760 | b | 0.900 | b | 0.510 | b | ||||||||||||||||||||||||||
Mid-Cap Growth* | 0.290–0.480 | 0.450 | 0.250 | 0.150 | 0.250 | 0.550 | 0.700 | 0.700 | 0.800 | 0.940 | — | |||||||||||||||||||||||||||||||||
Mid-Cap Value* | 0.290–0.480 | c | 0.430 | 0.250 | 0.150 | 0.250 | 0.545 | c | 0.695 | c | 0.695 | c | 0.795 | c | 0.935 | c | — | |||||||||||||||||||||||||||
Quant Large-Cap Growth* | 0.150–0.350 | 0.300 | — | — | — | 0.400 | 0.550 | — | — | — | 0.400 | |||||||||||||||||||||||||||||||||
Quant Large-Cap Value* | 0.150–0.350 | d | 0.340 | — | — | — | 0.370 | d | 0.520 | d | — | — | — | 0.370 | d | |||||||||||||||||||||||||||||
Quant Small-Cap Equity* | 0.270–0.460 | e | 0.410 | 0.250 | 0.150 | 0.250 | f | 0.525 | e | 0.675 | e | 0.675 | e | 0.775 | e | 0.865 | e | 0.525 | e | |||||||||||||||||||||||||
Quant Small/Mid-Cap Equity* | 0.270–0.460 | 0.460 | 0.250 | 0.150 | 0.250 | 0.530 | 0.680 | 0.680 | 0.780 | 0.920 | 0.530 | |||||||||||||||||||||||||||||||||
Social Choice Equity | 0.150 | g | 0.150 | 0.250 | 0.150 | 0.250 | 0.210 | g | 0.360 | g | 0.360 | g | 0.460 | g | 0.600 | g | — | |||||||||||||||||||||||||||
Social Choice Low Carbon Equity* | 0.200–0.250 | 0.250 | 0.250 | 0.150 | 0.250 | 0.320 | 0.470 | 0.470 | 0.570 | 0.710 | — | |||||||||||||||||||||||||||||||||
Emerging Markets Equity* | 0.700–0.850 | 0.840 | 0.250 | 0.150 | 0.250 | 0.950 | 1.100 | 0.980 | h | 0.980 | h | 1.340 | 0.950 | |||||||||||||||||||||||||||||||
International Equity* | 0.350–0.500 | 0.460 | 0.250 | 0.150 | 0.250 | 0.600 | 0.750 | 0.750 | 0.850 | k | 0.990 | 0.600 | ||||||||||||||||||||||||||||||||
International Opportunities* | 0.450–0.600 | 0.590 | 0.250 | 0.150 | 0.250 | 0.700 | 0.850 | 0.765 | i | 0.765 | i | 1.090 | 0.700 | |||||||||||||||||||||||||||||||
Quant International Equity* | 0.200–0.400 | 0.380 | — | — | — | 0.500 | 0.650 | — | — | — | 0.500 | |||||||||||||||||||||||||||||||||
Quant International Small-Cap Equity* | 0.500–0.650j | 0.650 | 0.250 | 0.150 | 0.250 | 0.700 | j | 0.850 | j | 0.850 | j | 0.840 | j | 1.090 | j | 0.700 | j | |||||||||||||||||||||||||||
Social Choice International Equity* | 0.250–0.300 | 0.300 | 0.250 | 0.150 | 0.250 | 0.400 | 0.550 | 0.550 | 0.650 | 0.790 | — |
* | These Funds are subject to a breakpoint schedule on their investment management fees, which reduces these fees as the Fund’s net assets increase. |
‡ | Maximum expense amounts reflect all expenses excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses and extraordinary expenses. The expense reimbursement arrangements will continue through at least February 28, 2021. The reimbursement arrangements can only be changed with the approval of the Board of Trustees. |
§ | Advisors has contractually agreed to waive and/or reimburse Class W’s Management fees and Other expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses, Trustee expenses and extraordinary expenses) in their entirety. Advisors expects this waiver and/or reimbursement to remain in effect indefinitely, unless changed with approval of the Board of Trustees. |
a | Effective May 1, 2020, Advisors agreed to voluntarily waive a portion of the investment management fee for the Large-Cap Growth Fund. The investment management fee range after the waiver is 0.295%–0.445% of daily average net assets. This waiver is voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval. |
b | Effective May 1, 2020, Advisors agreed to voluntarily waive a portion of the investment management fee for the Large-Cap Value Fund. The investment management fee range after the waiver is 0.290%–0.440% of daily average net assets. This waiver is voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval. Prior to May 1, 2020, the expense caps were 0.505% for the Institutional Class, 0.655% for the Advisor Class and the Premier Class, 0.755% for the Retirement Class 0.895% for the Retail Class, and 0.505% for Class W. |
138 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds |
continued
c | Effective May 1, 2020, Advisors agreed to voluntarily waive a portion of the investment management fee for the Mid-Cap Value Fund. The investment management fee range after the waiver is 0.285%–0.475% of daily average net assets. This waiver is voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval. Prior to May 1, 2020, the expense caps were 0.510% for the Institutional Class, 0.660% for the Advisor Class and the Premier Class, 0.760% for the Retirement Class, and 0.900% for the Retail Class. |
d | Effective May 1, 2020, Advisors agreed to voluntarily waive a portion of the investment management fee for the Quant Large-Cap Value Fund. The investment management fee range after the waiver is 0.120%–0.320% of daily average net assets. This waiver is voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval. Prior to May 1, 2020, the expense caps were 0.400% for the Institutional Class, 0.550% for the Advisor Class, and 0.400% for Class W. |
e | Effective May 1, 2020, Advisors agreed to voluntarily waive a portion of the investment management fee for the Quant Small-Cap Equity Fund. The investment management fee range after the waiver is 0.265%–0.455% of daily average net assets. This waiver is voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval. Prior to May 1, 2020, the expense caps were 0.490% for the Institutional Class, 0.640% for the Advisor Class and the Premier Class, 0.740% for the Retirement Class, 0.840% for the Retail Class, and 0.490% for Class W. |
f | Effective May 1, 2020, Nuveen Securities agreed to voluntarily waive a portion of the distribution Rule 12b-1 fee by 0.050% for the Retail Class of the Quant Small-Cap Equity Fund. This waiver is voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval. The distribution fee after the waiver is 0.200%. Prior to May 1, 2020, the distribution fee cap was 0.210%. |
g | Effective May 1, 2020, Advisors agreed to voluntarily waive a portion of the investment management fee for the Social Choice Equity Fund. The investment management fee after the waiver is 0.140% of daily average net assets. This waiver is voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval. Prior to May 1, 2020, the expense caps were 0.215% for the Institutional Class, 0.365% for the Advisor Class and the Premier Class, 0.465% for the Retirement Class, and 0.605% for the Retail Class. |
h | Effective May 1, 2020, Advisors agreed to voluntarily waive a portion of the expense cap in the Emerging Markets Equity Fund Premier Class and Retirement Class. This waiver is voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval. Prior to May 1, 2020, the expense caps were 0.990% for the Premier Class and 0.990% for the Retirement Class. |
i | Effective May 1, 2020, Advisors agreed to voluntarily waive a portion of the expense cap in the International Opportunities Fund Premier Class and Retirement Class. This waiver is voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval. Prior to May 1, 2020, the expense caps were 0.680% for the Premier Class and 0.680% for the Retirement Class. |
j | Effective May 1, 2020, Advisors agreed to voluntarily waive a portion of the investment management fee for the Quant International Small-Cap Equity Fund. The investment management fee range after the waiver is 0.450%–0.600% of daily average net assets. In addition, effective May 1, 2020, Advisors agreed to waive a portion of the expense cap for the Retirement Class of the Quant International Small-Cap Equity Fund. These waivers are voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval. Prior to May 1, 2020, the expense caps were 0.700% for the Institutional Class, 0.850% for the Advisor Class and the Premier Class, 0.830% for the Retirement Class, 1.090% for the Retail Class, and 0.700% for Class W. |
k | Effective May 1, 2019, Advisors agreed to voluntarily waive a portion of the expense cap in the International Equity Fund Retirement Class. This waiver is voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval. Prior to May 1, 2020, the expense cap was 0.680% for the Retirement Class. |
l | Effective May 1, 2019, Advisors agreed to voluntarily waive a portion of the investment management fee for the Growth and Income Fund. This waiver is voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval. Prior to May 1, 2020, The management fee range was 0.295%-0.445%. In addition, the expense caps were 0.515% for the Institutional Class, 0.665% for the Advisor Class and the Premier Class, 0.765% for the Retirement Class 0.905% for the Retail Class, and 0.515% for Class W. |
Income, reflected in Payment from affiliate on the Statements of operations, reflects voluntary compensation from Advisors in amounts that approximate a portion of the cost of research services obtained from broker-dealers and research providers if Advisors had purchased the research services directly. The Funds may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Board, pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions. For the year ended October 31, 2020, the Funds engaged in the following security transactions with affiliated entities:
Fund | Purchases | Sales | Realized gain (loss | ) | ||||||||
Growth & Income | $ | 25,675,967 | $ | 41,145,409 | $ | 6,435,851 | ||||||
Large-Cap Growth | 1,084,258,679 | 1,012,441,629 | 389,928,910 | |||||||||
Large-Cap Value | — | 29,596,204 | 3,367,187 | |||||||||
Mid-Cap Growth | 61,278,582 | 38,007,263 | 2,497,566 | |||||||||
Mid-Cap Value | 83,593,309 | 28,952,404 | 6,701,016 | |||||||||
Quant Large-Cap Growth | 188,472,890 | 663,540,232 | 189,964,568 | |||||||||
Quant Large-Cap Value | 163,425,732 | 258,429,232 | 9,179,855 | |||||||||
Quant Small-Cap Equity | 10,241,142 | 13,056,057 | (669,413 | ) | ||||||||
Quant Small/Mid-Cap Equity | 10,270,768 | 14,350,574 | (507,296 | ) | ||||||||
Social Choice Equity | 84,654,792 | 17,065,819 | 3,828,929 | |||||||||
Social Choice Low Carbon Equity | 47,926,373 | 2,752,130 | 432,336 | |||||||||
Emerging Markets Equity | 4,457,776 | 9,214,088 | (462,514 | ) | ||||||||
International Equity | 235,410 | 12,514,930 | (5,105,544 | ) | ||||||||
International Opportunities | 2,478,250 | 2,687,621 | 1,288,541 | |||||||||
Quant International Equity | 82,091,764 | 125,818,863 | 1,166,849 | |||||||||
Quant International Small-Cap Equity | 1,117,702 | 1,402,516 | 686,241 | |||||||||
Social Choice International Equity | 12,304,904 | 670,984 | (367,949 | ) |
TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 139 |
Notes to financial statements
A registered separate account of TIAA (collectively “TIAA Access”) has various sub-accounts that invest in the Funds, and certain funds within the Trust also make investments in the Funds. The following is the percentage of the Funds’ shares owned by TIAA and other funds within the Trust as of October 31, 2020:
Underlying Fund | TIAA-CREF Lifecycle Funds | TIAA-CREF Lifestyle Funds | TIAA-CREF Managed Allocation Fund | TIAA Access | Total | |||||||||||||||
Growth & Income | 54 | % | 2 | % | 1 | % | 4 | % | 61 | % | ||||||||||
Large-Cap Growth | 48 | 2 | 1 | 3 | 54 | |||||||||||||||
Large-Cap Value | 56 | 2 | 1 | 7 | 66 | |||||||||||||||
Mid-Cap Growth | – | – | – | 15 | 15 | |||||||||||||||
Mid-Cap Value | – | – | – | 18 | 18 | |||||||||||||||
Quant Large-Cap Growth | 92 | 2 | 2 | – | 96 | |||||||||||||||
Quant Large-Cap Value | 94 | 2 | 2 | – | 98 | |||||||||||||||
Quant Small-Cap Equity | 29 | 1 | 1 | 8 | 39 | |||||||||||||||
Quant Small/Mid-Cap Equity | 90 | 3 | 2 | – | 95 | |||||||||||||||
Social Choice Equity | – | – | – | 5 | 5 | |||||||||||||||
Emerging Markets Equity | 74 | 3 | 2 | 2 | 81 | |||||||||||||||
International Equity | 37 | 1 | 1 | 8 | 47 | |||||||||||||||
International Opportunities | 84 | 3 | 2 | – | 89 | |||||||||||||||
Quant International Equity | 93 | 3 | 2 | – | 98 | |||||||||||||||
Quant International Small-Cap Equity | 93 | 3 | 2 | – | 98 |
Companies in which a Fund holds 5% or more of the outstanding voting shares are considered “affiliated companies” of the Fund, pursuant to the 1940 Act. Information regarding transactions with affiliated companies is as follows:
Issue | Value at October 31, 2019 | Purchases cost | Sales proceeds | Realized gain (loss) | Change in unrealized appreciation (depreciation) | Dividend income | Shares at October 31, 2020 | Value at October 31, 2020 | ||||||||||||||||||||||||
Emerging Markets Equity Fund | ||||||||||||||||||||||||||||||||
Common stock | ||||||||||||||||||||||||||||||||
Uruguay | ||||||||||||||||||||||||||||||||
Arcos Dorados Holdings, Inc | $ | 69,039,137 | $ | 4,109,999 | $ | 3,820,400 | $ | (1,113,594 | ) | $ | (28,077,995 | ) | $ | 750,557 | 9,984,365 | $ | 40,137,147 |
Note 8—emerging markets risks
The Emerging Markets Equity Fund holds a large portion of its assets in emerging market securities. Emerging market securities are often subject to greater price volatility, less liquidity and higher rates of inflation and deflation than U.S. securities. In addition, emerging markets may be subject to greater political, economic and social uncertainty, and differing regulatory environments that may potentially impact the Fund’s ability to buy or sell certain securities or repatriate proceeds to U.S. dollars.
Note 9—inter-fund lending program
Pursuant to an exemptive order issued by the SEC, the Funds may participate in an inter-fund lending program. This program allows the Funds to lend cash to and/or borrow cash from certain other affiliated Funds for temporary purposes, (e.g., to satisfy redemption requests or to cover unanticipated cash shortfalls). The program is subject to a number of conditions, including the requirement that no Fund may borrow or lend money under the program unless it receives a more favorable interest rate than is available from a bank or other financial institution for a comparable transaction. In addition, a Fund may participate in the program only if its participation is consistent with the Fund’s investment policies and limitations and authorized by its portfolio manager(s). During the year ended October 31, 2020, there were no inter-fund borrowing or lending transactions.
Note 10—line of credit
The Funds participate in a $1 billion unsecured revolving credit facility that can be used for temporary purposes, including, without limitation, the funding of shareholder redemptions. The current facility was entered into on June 16, 2020 expiring on June 15, 2021, replacing the previous facility, which expired June 2020. Certain affiliated accounts and mutual funds, each of which is managed by Advisors, or an affiliate of Advisors, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds on a pro rata basis. Interest associated with any borrowing under the facility is charged to the borrowing accounts or mutual funds at a specified rate of interest. The Funds are not liable for borrowings under the facility by other affiliated accounts or mutual funds. For the year ended October 31, 2020, there were no borrowings under this credit facility by the Funds.
Note 11—subsequent event
On September 15, 2020, the Board of the Trust approved a Plan of Liquidation for the TIAA-CREF Quant Large-Cap Value Fund, TIAA-CREF Quant Large-Cap Growth Fund and the TIAA-CREF Quant International Equity Fund. Each Fund will be liquidated after the close of business on December 18, 2020 (the “Liquidation Date”) and effective as of the close of business of November 2, 2020 (the “Soft Close Date”), each Fund will suspend offering its shares to new investors. Investors in each Fund as of the Soft Close Date may continue to reinvest in each
140 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds |
concluded
respective Fund, including through reinvestment of dividends and capital gains distributions. If an investor’s account is closed after the Soft Close Date, however, additional investments in each Fund will not be accepted. Effective as of the close of business on December 2, 2020, each Fund will be closed to new investment by all shareholders (except through reinvested dividends and capital gains distributions). Each Fund may deviate from its respective investment objective and other investment policies as each Fund liquidates its assets in advance of the Liquidation Date. Each Fund reserves the right to
modify the extent to which sales of shares are limited prior to each Fund’s liquidation and all dates herein may change without notice at the discretion of the Trust’s officers. After the close of business on the Liquidation Date, each Fund will automatically redeem any remaining shareholder accounts and distribute, as soon as practicable, such redemption proceeds to each Fund’s shareholders of record as of the Liquidation Date. The proceeds of any such redemption will be equal to the NAV of such Fund shares after the applicable Fund has paid for all of its charges, taxes, expenses and liabilities.
TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 141 |
Report of independent registered public accounting firm
To the Board of Trustees of TIAA-CREF Funds and Shareholders of TIAA-CREF Growth & Income Fund, TIAA-CREF Large-Cap Growth Fund, TIAA-CREF Large-Cap Value Fund, TIAA-CREF Mid-Cap Growth Fund, TIAA-CREF Mid-Cap Value Fund, TIAA-CREF Quant Large-Cap Growth Fund, TIAA-CREF Quant Large-Cap Value Fund, TIAA-CREF Quant Small-Cap Equity Fund , TIAA-CREF Quant Small/Mid-Cap Equity Fund, TIAA-CREF Social Choice Equity Fund, TIAA-CREF Social Choice Low Carbon Equity Fund, TIAA-CREF Emerging Markets Equity Fund, TIAA-CREF International Equity Fund, TIAA-CREF International Opportunities Fund, TIAA-CREF Quant International Equity Fund, TIAA-CREF Quant International Small-Cap Equity Fund and TIAA-CREF Social Choice International Equity Fund:
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the summary portfolios of investments, of TIAA-CREF Growth & Income Fund, TIAA-CREF Large-Cap Growth Fund, TIAA-CREF Large-Cap Value Fund, TIAA-CREF Mid-Cap Growth Fund, TIAA-CREF Mid-Cap Value Fund, TIAA-CREF Quant Large-Cap Growth Fund, TIAA-CREF Quant Large-Cap Value Fund, TIAA-CREF Quant Small-Cap Equity Fund, TIAA-CREF Quant Small/Mid-Cap Equity Fund, TIAA-CREF Social Choice Equity Fund, TIAA-CREF Social Choice Low Carbon Equity Fund, TIAA-CREF Emerging Markets Equity Fund, TIAA-CREF International Equity Fund, TIAA-CREF International Opportunities Fund, TIAA-CREF Quant International Equity Fund, TIAA-CREF Quant International Small-Cap Equity Fund and TIAA-CREF Social Choice International Equity Fund (seventeen of the funds constituting TIAA-CREF Funds, hereafter collectively referred to as the “Funds”) as of October 31, 2020, the related statements of operations for the year ended October 31, 2020, the statements of changes in net assets for each of the two years in the period ended October 31, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2020, and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2020 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
Baltimore, Maryland
December 17, 2020
We have served as the auditor of one or more investment companies in TIAA-CREF Funds’ investment company group since 2005.
142 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds |
Important tax information (unaudited)
For the fiscal year ended October 31, 2020, the TIAA-CREF Funds designate the following distribution amounts (or the maximum amount allowable) as being from net long-term capital gains.
Fund | Long-term capital gains | |||
Growth & Income | $ | 329,846,850 | ||
Large-Cap Growth | 369,918,609 | |||
Large-Cap Value | — | |||
Mid-Cap Growth | 163,684,684 | |||
Mid-Cap Value | 443,853,676 | |||
Quant Large-Cap Growth | 156,199,679 | |||
Quant Large-Cap Value | 138,780,738 | |||
Quant Small-Cap Equity | 119,163,976 | |||
Quant Small/Mid-Cap Equity | 33,626,640 | |||
Social Choice Equity | 139,653,182 | |||
Social Choice Low Carbon Equity | 3,482,021 | |||
Emerging Markets Equity | 5,595,877 | |||
International Equity | — | |||
International Opportunities | 1,265,185 | |||
Quant International Equity | — | |||
Quant International Small-Cap Equity | — | |||
Social Choice International Equity | — |
For the year ended October 31, 2020, the TIAA-CREF Funds designate the following percentages (or the maximum amount allowable) of ordinary income dividends paid as qualified dividends.
Fund | Percentage | |||
Growth & Income | 100.0 | % | ||
Large-Cap Growth | 100.0 | |||
Large-Cap Value | 100.0 | |||
Mid-Cap Growth | 100.0 | |||
Mid-Cap Value | 80.2 | |||
Quant Large-Cap Growth | 93.6 | |||
Quant Large-Cap Value | 88.2 | |||
Quant Small-Cap Equity | 82.3 | |||
Quant Small/Mid-Cap Equity | 66.7 | |||
Social Choice Equity | 85.2 | |||
Social Choice Low Carbon Equity | 100.0 | |||
Emerging Markets Equity | 35.9 | |||
International Equity | 100.0 | |||
International Opportunities | 65.6 | |||
Quant International Equity | 71.7 | |||
Quant International Small-Cap Equity | 53.9 | |||
Social Choice International Equity | 84.9 |
For the fiscal year ended October 31, 2020, the TIAA-CREF Funds designate the following percentages (or the maximum amount allowable) of ordinary income dividends paid as qualifying for the corporate dividends received deduction.
Fund | Percentage | |||
Growth & Income | 100.0 | % | ||
Large-Cap Growth | 100.0 | |||
Large-Cap Value | 100.0 | |||
Mid-Cap Growth | 100.0 | |||
Mid-Cap Value | 76.7 | |||
Quant Large-Cap Growth | 92.7 | |||
Quant Large-Cap Value | 85.4 | |||
Quant Small-Cap Equity | 80.0 | |||
Quant Small/Mid-Cap Equity | 63.4 | |||
Social Choice Equity | 82.6 | |||
Social Choice Low Carbon Equity | 100.0 | |||
Emerging Markets Equity | — | |||
International Equity | — | |||
International Opportunities | — | |||
Quant International Equity | — | |||
Quant International Small-Cap Equity | — | |||
Social Choice International Equity | — |
For the year ended October 31, 2020, the TIAA-CREF Funds received the following amounts of income that was from foreign sources:
Fund | Foreign source income | Foreign source income per share | ||||||
Emerging Markets Equity | $24,408,921 | $0.19048 | ||||||
International Equity | 81,387,037 | 0.18486 | ||||||
International Opportunities | 19,604,843 | 0.17014 | ||||||
Quant International Equity | 54,360,678 | 0.39077 | ||||||
Quant International Small-Cap Equity | 28,109,353 | 0.27089 | ||||||
Social Choice International Equity | 9,280,343 | 0.18664 |
For the year ended October 31, 2020, the TIAA-CREF Funds have elected to pass through the following amounts of foreign taxes paid:
Fund | Foreign taxes paid | Foreign taxes paid per share | ||||||
Emerging Markets Equity | $3,242,669 | $0.02530 | ||||||
International Equity | 7,923,816 | 0.01800 | ||||||
International Opportunities | 1,918,579 | 0.01665 | ||||||
Quant International Equity | 3,641,871 | 0.02618 | ||||||
Quant International Small-Cap Equity | 2,574,250 | 0.02481 | ||||||
Social Choice International Equity | 788,086 | 0.01585 |
The information and distributions reported herein may differ from the information and distributions reported to shareholders for the calendar year ending December 31, 2020, which will be reported in conjunction with your 2020 Form 1099-DIV.
By early 2021, shareholders should receive their Form 1099-DIV and a tax information letter from the Funds. For your specific situation, we recommend that you consult a professional tax advisor.
TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 143 |
Trustees and officers (unaudited)
TIAA-CREF Funds ■ October 31, 2020
Trustees
Name, Address and Year of Birth (“YOB”) | Position(s) Held with Fund | Term of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorship(s) Held by Trustee | |||||
Forrest Berkley c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954 | Trustee | Indefinite term. Trustee since 2006. | Retired Partner (since 2006), Partner (1990–2005) and Head of Global Product Management (2003–2005), GMO (formerly, Grantham, Mayo, Van Otterloo & Co.) (investment management); and member of asset allocation portfolio management team, GMO (2003–2005). | 91 | Director, Save the Children Federation, Inc.; Investment Committee Member, Maine Community Foundation. | |||||
Joseph A. Boateng c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1963 | Trustee | Indefinite term. Trustee since 2019. | Chief Investment Officer, Casey Family Programs (since 2007). Director of U.S. Pension Plans at Johnson & Johnson (2002–2006). Manager, Financial Services Consultant, KPMG Consulting (2000–2002). | 91 | Board member, Year Up Puget Sound and Waterside School; Investment Advisory Committee Chair, Seattle City Employees’ Retirement System; Investment Committee Member, The Seattle Foundation. | |||||
Janice C. Eberly c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1962 | Trustee | Indefinite term. Trustee since 2018. | James R. and Helen D. Russell Professor of Finance (2002–2011 and since 2013), and Senior Associate Dean for Strategy and Academics (since 2020) at the Kellogg School of Management at Northwestern University and Chair of the Finance Department (2005–2007). Vice President, American Economic Association (since 2020). Assistant Secretary for Economic Policy at the United States Department of the Treasury (2011–2013). | 91 | Member of the Board of the Office of Finance of the Federal Home Loan Banks; Director, Avant, LLC; Member of the Executive Board, American Economic Association. | |||||
Nancy A. Eckl c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1962 | Trustee | Indefinite term. Trustee since 2007. | Vice President (1990–2006), American Beacon Advisors, Inc., and Vice President of certain funds advised by American Beacon Advisors, Inc. | 91 | Independent Director, The Lazard Funds, Inc., Lazard Retirement Series, Inc., and Lazard Global Total Return and Income Fund, Inc.. | |||||
Michael A. Forrester c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1967 | Trustee | Indefinite term. Trustee since 2007. | Chief Executive Officer (since 2014) and Chief Operating Officer (2007–2014), Copper Rock Capital Partners, LLC; Chief Operating Officer, DDJ Capital Management (2003–2006). | 91 | Director of Copper Rock Capital Partners, LLC (investment adviser); Trustee, Dexter Southfield School; Member, Governing Council of the Independent Directors Council. | |||||
Howell E. Jackson c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954 | Trustee | Indefinite term. Trustee since 2005. | James S. Reid, Jr. Professor of Law (since 2004), Senior Advisor to the President and Provost (2010–2012), Acting Dean (2009), Vice Dean for Budget (2003–2006) and on the faculty (since 1989) of Harvard Law School. | 91 | Director, Commonwealth (non-profit organization). | |||||
Thomas J. Kenny c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1963 | Chairman of the Board and Trustee | Indefinite term. Trustee since 2011. Chairman for term ending July 1, 2021. Chairman since September 13, 2017. | Advisory Director (2010–2011), Partner (2004– 2010) and Managing Director (1999–2004), Co-Head of Global Cash and Fixed Income Portfolio Management Team (2002–2010), Goldman Sachs Asset Management. | 91 | Director and Chair of the Finance and Investment Committee, Aflac Incorporated; Director and Investment Committee Member, Sansum Clinic; Director, ParentSquare; Member, University of California at Santa Barbara Arts and Lectures Advisory Council. | |||||
James M. Poterba c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1958 | Trustee | Indefinite term. Trustee since 2006. | President and Chief Executive Officer (since 2008) and Program Director (1990–2008), National Bureau of Economic Research. Mitsui Professor of Economics, Massachusetts Institute of Technology (“MIT”) (since 1996); Affiliated Faculty Member of the Finance Group, Alfred P. Sloan School of Management (since 2014); Head (2006–2008) and Associate Head (1994–2000 and 2001–2006), Economics Department of MIT. | 91 | Director, National Bureau of Economic Research and the Alfred P. Sloan Foundation; Member, Congressional Budget Office Panel of Economic Advisers. |
144 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds |
Trustees — concluded
Name, Address and Year of Birth (“YOB”) | Position(s) Held with Fund | Term of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorship(s) Held by Trustee | |||||
Maceo K. Sloan c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1949 | Trustee | Indefinite term. Trustee since 1999. | Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (1991–2018); Chairman and Chief Executive Officer (1991–2016) and Chief Investment Officer (1991–2013) and Chief Compliance Officer (2015–2016), NCM Capital Management Group, Inc.; Chairman, Chief Executive Officer (2003–2016), Chief Investment Officer (2003–2013) and Chief Compliance Officer (2015–2016), NCM Capital Advisers Inc.; and Chairman, President and Principal Executive Officer, NCM Capital Investment Trust (2007–2012). | 91 | N/A | |||||
Laura T. Starks c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1950 | Trustee | Indefinite term. Trustee since 2006. | Charles E. and Sarah M. Seay Regents Chair of Finance (since 2002), Co-Executive Director, Social Innovation Initiative (since 2015), Director, AIM Investment Center (2000–2016), Associate Dean for Research (2011–2016), Chairman, Department of Finance (2002–2011) and Professor (since 1987), McCombs School of Business, University of Texas at Austin. President, Society of Financial Studies (2017–2020). Vice President, American Finance Association (since 2020). | 91 | Texa$aver Product Committee Member, Employees Retirement System of Texas. |
Officers | |||
Name, Address and Year of Birth (“YOB”) | Position(s) Held with Fund | Term of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years |
Vijay Advani TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1960 | Executive Vice President | One-year term. Executive Vice President since 2018. | Executive Chairman, Nuveen. Executive Vice President of the College Retirement Equities Fund (“CREF”), TIAA Separate Account VA-1, TIAA-CREF Funds and TIAA-CREF Life Funds (collectively, the “TIAA-CREF Fund Complex”). Formerly, Chief Executive Officer, Nuveen. Prior to joining Nuveen, Mr. Advani served as Co-President of Franklin Resources, Inc. (Franklin Templeton Investments). |
Richard S. Biegen TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1962 | Chief Compliance Officer | One-year term. Chief Compliance Officer since 2008. | Senior Managing Director, TIAA. Chief Compliance Officer of the TIAA-CREF Fund Complex. |
Derek B. Dorn TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1976 | Senior Managing Director and Corporate Secretary | One-year term. Senior Managing Director and Corporate Secretary since 2020. | Senior Managing Director and Corporate Secretary of Teachers Insurance and Annuity Association of America (“TIAA”) and the TIAA-CREF Fund Complex. Formerly, Managing Director, Special Assistant to the CEO, and Managing Director, Regulatory Affairs, TIAA. Prior to joining TIAA, Mr. Dorn was a partner at Davis & Harman LLP and an adjunct professor of Law at Georgetown University Law Center. |
TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 145 |
Trustees and officers (unaudited) | concluded |
TIAA-CREF Funds ■ October 31, 2020
Officers — concluded
Name, Address and Year of Birth (“YOB”) | Position(s) Held with Fund | Term of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years |
Bradley Finkle TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1973 | Principal Executive Officer and President | One-year term. Principal Executive Officer and President since 2017. | Chief Operating Officer, Nuveen. Principal Executive Officer and President of the TIAA-CREF Funds and TIAA-CREF Life Funds. Formerly, Senior Managing Director, Co-Head Nuveen Equities & Fixed Income and President of TIAA Investments. |
Jose Minaya TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1971 | Executive Vice President | One-year term. Executive Vice President since 2018. | Chief Executive Officer, Nuveen. Executive Vice President of the TIAA-CREF Fund Complex. Formerly, Executive Vice President, President and Chief investment Officer, Nuveen; Executive Vice President, Chief Investment Officer, Nuveen Global Investments; and Senior Managing Director, President, Global Investments, TIAA. |
David Nason TIAA 730 Third Ave. New York, NY 10017-3206 YOB: 1970 | Executive Vice President | One-year term. Executive Vice President since 2020. | Senior Executive Vice President, Chief Legal, Risk and Compliance Officer of TIAA. Executive Vice President of the TIAA-CREF Fund Complex. Formerly, Executive Vice President, Chief Risk and Compliance Officer, TIAA. Prior to joining TIAA, Mr. Nason served as President and CEO of GE Energy Financial Services. |
Phillip T. Rollock TIAA 730 Third Ave. New York, NY 10017-3206 YOB: 1962 | Executive Vice President and Chief Legal Officer | One-year term. Executive Vice President and Chief Legal Officer since 2018. | Executive Vice President and Chief Legal Officer of TIAA and the TIAA-CREF Fund Complex. Formerly, Executive Vice President, Deputy Chief Legal Officer, TIAA and Senior Managing Director, Senior General Counsel and Corporate Secretary of TIAA and the TIAA-CREF Fund Complex. |
E. Scott Wickerham TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1973 | Principal Financial Officer, Principal Accounting Officer and Treasurer | One-year Principal Financial Officer, Principal Accounting Officer and Treasurer since 2017. | Senior Managing Director, Head, Publics Investment Finance, Nuveen. Principal Financial Officer, Principal Accounting Officer and Treasurer of the TIAA-CREF Funds, TIAA-CREF Life Funds and TIAA Separate Account VA-1, and CREF; and Vice President and Controller of the Nuveen Funds. Formerly, Managing Director, Head, TC Fund Administration, Nuveen. |
Sean N. Woodroffe TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1963 | Executive Vice President | One-year term. Executive Vice President since 2018. | Senior Executive Vice President, Chief Human Resources Officer of TIAA, and Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Woodroffe served as Chief People Officer at National Life Group. |
Please note that the Funds’ Statement of Additional Information (SAI) includes additional information about the Funds’ trustees and is available, without charge, through our website, tiaa.org, or by calling 800 223-1200.
146 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Funds |
Additional information about index providers (unaudited)
Russell Indexes
Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication.
Standard & Poor’s Index
The S&P 500® Index is a product of S&P Dow Jones Indices LLC, a division of S&P Global, or its affiliates (“SPDJI”), and has been licensed for use by the Growth & Income Fund. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC, a division of S&P Global (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). It is not possible to invest directly in an index. The fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, any of their respective affiliates (collectively, “S&P Dow Jones Indices”). S&P Dow Jones Indices does not make any representation or warranty, express or implied, to the owners of the fund or any member of the public regarding the advisability of investing in securities generally or in the fund particularly or the ability of the S&P 500 Index to track general market performance. Past performance of an index is not an indication or guarantee of future results. S&P Dow Jones Indices’ only relationship to the fund with respect to the S&P 500 Index is the licensing of the Index and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The S&P 500 Index is determined, composed and calculated by S&P Dow Jones Indices without regard to the fund. S&P Dow Jones Indices has no obligation to take the needs of the fund or the owners of the fund into consideration in determining, composing or calculating the S&P 500 Index. S&P Dow Jones Indices is not responsible for and has not participated in the determination of the prices, and amount of the fund or the timing of the issuance or sale of fund shares or in the determination or calculation of the equation by which fund shares are to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices has no obligation or liability in connection with the administration, marketing or trading of the fund. There is no assurance that investment products based on the S&P 500 Index will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment or tax advisor. A tax advisor should be consulted to evaluate the impact of any tax-exempt securities on portfolios and the tax consequences of making any particular investment decision. Inclusion of a security within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, nor is it considered to be investment advice.
S&P DOW JONES INDICES DOES NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE S&P 500 INDEX OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY THE FUND, OWNERS OF THE FUND, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE S&P 500 INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND THE FUND, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.
MSCI Indexes
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
TIAA-CREF Funds: Equity Funds ■ 2020 Annual Report | 147 |
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Websites
TIAA.org
nuveen.com
Automated telephone service
800-842-2252
24 hours a day, 7 days a week
For the hearing- or speech-impaired
800-842-2755
8 a.m. to 10 p.m. (ET), Monday–Friday
You should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other information, please visit TIAA.org, or call 800-842-2252 for the Institutional, Advisor, Premier and Retirement classes or 800-223-1200 for the Retail Class. Please read the prospectus carefully before investing. Investment, insurance and annuity products are not Federal Deposit Insurance Corporation (FDIC) insured, are not bank guaranteed, are not bank deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value. Nuveen, a subsidiary of TIAA, provides investment advice and portfolio management services through a dozen affiliated registered
investment advisers. Nuveen Securities, LLC and TIAA-CREF Individual & Institutional Services, LLC, members FINRA, distribute securities products.
This material is for informational or educational purposes only and does not constitute fiduciary investment advice under ERISA, a securities recommendation under all securities laws, or an insurance product recommendation under state insurance laws or regulations. This material does not take into account any specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on the investor’s own objectives and circumstances.
©2020 Teachers Insurance and Annuity Association of America—College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017-3206
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TIAA-CREF | October 31, | ||
Funds | 2020 | ||
TIAA-CREF
Equity Index Funds
The annual report contains the audited financial statements.
Fund name | Institutional Class | Advisor Class | Premier Class | Retirement Class | Retail Class | Class W | ||||||
Equity Index Fund | TIEIX | TEIHX | TCEPX | TIQRX | TINRX | TEQWX | ||||||
Large-Cap Growth Index Fund | TILIX | TRIHX | — | TRIRX | — | TRIWX | ||||||
Large-Cap Value Index Fund | TILVX | THCVX | — | TRCVX | — | THCWX | ||||||
S&P 500 Index Fund | TISPX | TISAX | — | TRSPX | — | TISWX | ||||||
Small-Cap Blend Index Fund | TISBX | TRHBX | — | TRBIX | — | — | ||||||
Emerging Markets Equity Index Fund | TEQLX | TEQHX | TEQPX | TEQSX | TEQKX | TENWX | ||||||
International Equity Index Fund | TCIEX | TCIHX | TRIPX | TRIEX | — | TCIWX |
Annual
Report
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the TIAA-CREF Funds’ (the “Funds”) annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, they will be made available on TIAA’s website, TIAA.org, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically anytime by either updating your account settings at TIAA.org/eDelivery, if you invest in the Funds directly or hold your Fund shares through a TIAA-affiliated financial intermediary, account or retirement plan (each, a “TIAA Account”), or by contacting your financial intermediary (such as a broker/dealer or bank) through which you hold Fund shares.
If you invest directly with the Funds or through a TIAA Account, you may elect to continue to receive all future shareholder reports in paper free of charge by updating your account settings at TIAA.org/eDelivery or by calling 800-842-2252 during regular business hours. If you invest through another financial intermediary, you can contact your financial intermediary to request that you continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with the fund complex if you invest directly with the Funds or through a TIAA Account, or to all funds held through your financial intermediary.
Contents
For the purposes of this report, “TIAA-CREF Funds” refers only to the TIAA-CREF Equity Index Funds listed on the cover of this report.
This annual report contains information about certain TIAA-CREF Funds and describes their results for the twelve months ended October 31, 2020. The report contains four main sections:
• | A letter from Brad Finkle, Chief Operating Officer, Nuveen; President of the TIAA-CREF Funds and TIAA-CREF Life Funds. |
• | The fund performance section compares each fund’s investment returns with those of its benchmark index. |
• | The summary portfolios of investments list the industries and types of securities in which each fund had investments as of October 31, 2020. |
• | The financial statements provide detailed information about the operations and financial condition of each fund. |
The views and opinions expressed in this report are through the end of the period, as stated on the cover of this report. They are subject to change at any time based on a variety of factors. As such, they are not guarantees of future performance or investment results and should not be taken as investment advice. To see the risks of investing in any fund, please read the latest prospectus.
As always, you should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other important information, please visit our website at TIAA.org, or call 800-842-2252 for the Institutional, Advisor, Premier and Retirement classes or 800-223-1200 for the Retail Class. We urge you to read the prospectus carefully before investing.
TIAA-CREF Funds: Equity Index Funds ■ 2020 Annual Report | 3 |
Brad Finkle
Domestic stocks generally posted solid returns, while international equities delivered mixed results for the twelve months ended October 31, 2020. Economies and markets around the world were shaken by the COVID-19 pandemic, which first appeared in December 2019. The U.S. Federal Reserve and major global central banks cut benchmark interest rates and took other aggressive monetary actions to support economic growth. Stock markets began to bounce back in the spring, and most major economies were recovering by the latter months of the period. For the twelve months:
• | The Russell 3000® Index, which measures the performance of the broad U.S. stock market, gained 10.2%. Please see page 8 for benchmark definitions. |
• | The MSCI EAFE® Index, which tracks stocks in 21 developed-markets nations outside North America, returned –6.9%. |
• | The MSCI Emerging Markets Index, which represents the performance of stocks in 26 developing nations, advanced 8.3%. |
• | Institutional Class returns for five of the seven TIAA-CREF Equity Index Funds were positive. |
U.S. economy, shaken by COVID-19, recovered late in the period
Domestic stocks, which gained ground early in the period, were hit hard in February and March 2020 by the pandemic and efforts to contain the virus. After the initial shock, however, equities recovered, rallying through the summer and into the fall. The U.S. economy, which shrank in the first quarter of 2020 and contracted sharply in the second quarter, expanded substantially during the third quarter of the year. The unemployment rate began the period near historic lows, spiked in April, then declined in each of the following six months. In March, the Fed cut short-term interest rates twice and Congress enacted a $2.2 trillion stimulus plan, both of which helped the economy and financial markets to recover.
For the twelve months, large-cap stocks outperformed small caps, while growth shares outpaced value stocks across all market capitalization sizes. (Returns by investment style and capitalization size are based on the Russell indexes.)
Stocks in international developed markets declined
The economic impact of the pandemic did not spare international developed equity markets. Economies in the 19-nation euro area followed the pattern of the U.S. economy, shrinking in the first quarter, contracting sharply over the next three months and then growing robustly during the third quarter of the year.
The European Central Bank responded by expanding bond-buying stimulus plans. The Bank of England lowered its benchmark interest rate to 0.10% and pursued similar asset-purchase programs.
Emerging markets outpaced foreign developed markets but trailed U.S. stocks
Emerging-markets stocks fell during the first half of the period but recovered to post a gain for the full twelve months. Declines in 22 of the 26 countries tracked by the MSCI Emerging Markets Index were offset by a strong advance among Chinese stocks, which accounted for more than 40.0% of the index’s weighting. China’s economy contracted during the first three months of 2020 but grew in each of the following two quarters.
4 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Index Funds |
Most index funds posted gains
In a volatile period for the TIAA-CREF Equity Index Funds, most advanced for the twelve months. Each fund invests in a portfolio that attempts to match the risk and return characteristics of its benchmark index at a low cost per invested dollar. The funds’ performance includes a deduction for expenses, while the returns of their respective indexes do not. The funds’ twelve-month returns ranged from 29.1% for the Large-Cap Growth Index Fund to –7.5% for the Large-Cap Value Index Fund. (All fund returns are for the Institutional Class.)
The Large-Cap Growth Index Fund produced a double-digit gain, while its value counterpart, the Large-Cap Value Index Fund, posted a loss. The S&P 500 Index Fund rose 9.7% and the Equity Index Fund gained 10.1%.
In the small-cap equity space, the Small-Cap Blend Index Fund had a modest advance of 0.1%.
Among TIAA-CREF’s international equity index portfolios, the Emerging Markets Equity Index Fund rose 8.4%. The International Equity Index Fund returned –6.5%.
A detailed overview of the financial markets during the twelve-month period appears on page 6, and a discussion of how each fund performed in relation to its benchmark begins on page 10.
Investing with long-term goals in mind
It can be hard to stay focused on long-term financial goals in the face of significant unexpected events. This was certainly the case over the past twelve months as the world came to terms with the COVID-19 pandemic. But despite volatile reactions early on, economies and stock markets showed enormous resilience in the recovery that followed.
Managing the risks of an unpredictable future may be the most difficult part of investing. However, we believe having a well-thought-out financial plan that includes a diversified portfolio of professionally managed mutual funds is a good way to prepare for the inevitable uncertainties inherent in the financial markets. Of course, diversification cannot guarantee against market losses. If you have any questions or would like to discuss the current status of your portfolio, please consult your financial advisor or call a TIAA financial consultant at 800-842-2252. We always stand ready to assist you.
/s/ Brad Finkle
Brad Finkle
Chief Operating Officer, Nuveen
President of the TIAA-CREF Funds and TIAA-CREF Life Funds
TIAA-CREF Funds: Equity Index Funds ■ 2020 Annual Report | 5 |
U.S. stocks gained while foreign equities posted mixed results
For the twelve months ended October 31, 2020, U.S. equity markets produced double-digit returns despite volatility triggered by the COVID-19 pandemic and efforts to control the spread of the virus. The Russell 3000® Index, a broad measure of U.S. stock market performance, advanced 10.2%. International developed markets, as measured by the MSCI EAFE® Index, declined, while emerging markets gained ground.
Economy rebounded after pandemic shock
In the first half of the reporting period, the U.S. economy started on solid footing but was jolted in early 2020 by the pandemic. Non-essential businesses closed temporarily, travel was limited and residents of many states were advised to remain at home. In the latter half of the period, however, the economy staged a strong recovery. Real gross domestic product (GDP), which measures the value of all goods and services produced in the nation, grew at an annualized rate of 2.4% during the final three months of 2019. In 2020, however, GDP declined by 5.0% in the first quarter, followed by a sharp 31.4% contraction in the second quarter. GDP soared in the third quarter, with an expansion of 33.1%, according to the government’s “second” estimate.
The unemployment rate, which began the period at historically low levels, climbed to 14.7% in April 2020 as job
Growth stocks rose while value shares declined
In a volatile year, growth outshined value; emerging markets surpassed developed markets
Source: U.S. large-cap growth: Russell 1000® Growth Index; U.S. large-cap value: Russell 1000 Value Index; U.S. mid-cap growth: Russell Midcap® Growth Index; U.S. mid-cap value: Russell Midcap Value Index; U.S. small-cap growth: Russell 2000® Growth Index; U.S. small-cap value: Russell 2000 Value Index; Foreign developed markets: MSCI EAFE® Index; Emerging markets: MSCI Emerging Markets Index. Twelve-month returns as of October 31, 2020.
losses were recorded in all major industry groups. However, it declined in each of the following six months and settled at 6.9% in October.
Inflation eased over the period. Annualized core inflation, which includes all items except food and energy, was 1.6% in October. Oil prices plunged early in the period as the global slowdown curtailed demand, but prices ultimately recovered some of their losses. The price per barrel of West Texas Intermediate crude oil declined from $56 on November 1, 2019, to less than zero on April 20, 2020, before rising to almost $36 on October 30, 2020.
Large-cap stocks and growth equities produced best results
Among U.S. stock market investment styles, large-cap equities outpaced small- and mid-cap shares, while growth stocks outperformed value shares in all size categories. Large caps advanced 10.9%, while mid-cap stocks gained 4.1% and small-cap equities returned –0.1%. Within the large-cap category, growth stocks advanced 29.2%, while value shares returned –7.6%. Among mid-cap stocks, growth equities gained 21.1% and value shares returned –6.9%. Small-cap growth stocks gained 13.4%, while small-cap value shares returned –13.9%. (Returns by investment style and capitalization size are based on the Russell indexes.)
International equities delivered mixed results for the twelve-month period. The MSCI EAFE Index, which tracks stock performance in 21 developed-markets countries outside North America, returned –6.9%, while the MSCI Emerging Markets Index gained 8.3%.
U.S. stocks rallied after initial COVID-19 losses
U.S. equity markets, which advanced early in the period, fell sharply in February and March 2020 as the economic impact of the pandemic proved significant. However, strong fiscal and monetary action helped spark a powerful rally in the financial markets that extended through the summer. The Federal Reserve twice cut the federal funds target rate in March, reducing the key short-term interest-rate measure to 0.00%–0.25%, while Congress enacted a $2.2 trillion stimulus package to support the economy.
Economies around the world also struggled with the impact of COVID-19, prompting aggressive responses by major central banks. The 19-nation euro area’s economy contracted in the first and second quarters of 2020 but generated strong growth over the next three months. China’s economy declined 6.8% year-on-year during the first three months of 2020 but expanded in each of the next two quarters. The European Central Bank launched a new bond-buying program to support the region’s economy, while the Bank of England cut its benchmark rate to 0.10% and expanded an asset purchase program.
6 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Index Funds |
Portfolio holdings
Securities and Exchange Commission (SEC) rules allow investment companies to list the top holdings of each fund in their annual and semiannual reports instead of providing complete portfolio listings. The TIAA-CREF Funds also file complete portfolio listings with the SEC, and they are available to the public.
You can obtain a complete list of the TIAA-CREF Funds’ holdings (Schedules of Investments) as of the most recently completed fiscal quarter in the following ways:
• | By visiting our website at TIAA.org; or |
• | By calling us at 800-842-2252 to request a copy, which will be provided free of charge. |
You can also obtain a complete list of the TIAA-CREF Funds’ portfolio holdings as of the most recently completed fiscal quarter, and for prior quarter-ends, from our SEC Form N-CSR and Form N-PORT filings. Form N-CSR filings are as of October 31 or April 30; Form N-PORT filings are as of January 31 or July 31. Copies of these forms are available:
• | Through the Electronic Data Gathering and Retrieval System (EDGAR) on the SEC’s website at sec.gov; or |
• | From the SEC’s Office of Investor Education and Advocacy. Call 202-551-8090 for more information. |
Proxy voting
TIAA-CREF Funds’ ownership of stock gives it the right to vote on proxy issues of companies in which it invests. A description of our proxy voting policies and procedures can be found on our website at TIAA.org or on the SEC’s website at sec.gov. You can also call us at 800-842-2252 to request a free copy. A report of how the funds voted during the most recently completed twelve-month period ended June 30 can be found on our website or on Form N-PX at sec.gov.
Contacting TIAA
There are three easy ways to contact us: by email, using the Contact Us link at the top of our home page; by mail at TIAA, 730 Third Avenue, New York, NY 10017-3206; or by phone at 800-842-2252.
Fund management
The TIAA-CREF Funds are managed by the portfolio management teams of Teachers Advisors, LLC. The members of these teams are responsible for the day-to-day investment management of the funds.
TIAA-CREF Funds: Equity Index Funds ■ 2020 Annual Report | 7 |
Broad market indexes
The Russell 3000® Index measures the performance of the stocks of the 3,000 largest publicly traded U.S. companies, based on market capitalization. The index measures the performance of about 98% of the total market capitalization of the publicly traded U.S. equity market.
The MSCI EAFE® Index measures the performance of the leading stocks in 21 developed-markets countries outside North America—in Europe, Australasia, and the Far East.
The MSCI Emerging Markets Index measures the performance of the leading stocks in 26 emerging-markets countries in Europe, Asia, Africa, Latin America and the Middle East.
Large-cap indexes
The S&P 500® Index is a market-capitalization-weighted index of the stocks of 500 leading companies in major industries of the U.S. economy.
The Russell 1000® Growth Index is a subset of the Russell 1000 Index, which measures the performance of the stocks of the 1,000 largest companies in the Russell 3000 Index, based on market capitalization. The Russell 1000 Growth Index measures the performance of those stocks of the Russell 1000 Index with higher relative forecasted growth rates and price/book ratios.
The Russell 1000 Value Index is a subset of the Russell 1000 Index, which measures the performance of the stocks of the 1,000 largest companies in the Russell 3000 Index, based on market capitalization. The Russell 1000 Value Index measures the performance of those stocks of the Russell 1000 Index with lower relative forecasted growth rates and price/book ratios.
Small-cap index
The Russell 2000® Index measures the performance of the stocks of the 2,000 smallest companies in the Russell 3000 Index, based on market capitalization.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses. For additional details about the benchmark indexes, please read the funds’ latest prospectus.
Russell 1000, Russell 2000 and Russell 3000 are trademarks and service marks of Frank Russell Company. TIAA products are not promoted or sponsored by, or affiliated with, Frank Russell Company. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. This report is not approved, reviewed or produced by MSCI. S&P 500 is a registered trademark and service mark of Standard & Poor’s Financial Services, LLC, a division of S&P Global.
8 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Index Funds |
Important information about expenses
All shareholders of the TIAA-CREF Funds incur ongoing costs, including management fees and other fund expenses. They may also incur transactional costs for redemptions or account maintenance fees.
The expense examples that appear in this report are intended to help you understand your ongoing costs only (in U.S. dollars) and do not reflect transactional costs. The examples are designed to help you compare these ongoing costs with the ongoing costs of investing in other mutual funds.
The expenses shown do not include account maintenance fees, which may or may not be applicable, as described in the prospectus. If such fees were included, your total costs for investing in the funds would be higher. Note also that shareholders of the TIAA-CREF Funds do not incur a sales charge for purchases, reinvested dividends or other distributions.
The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (May 1, 2020–October 31, 2020).
Actual expenses
The first section in each table uses the Fund’s actual expenses and its actual rate of return. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the six-month period.
Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses paid during period” to estimate the expenses you paid during the six-month period. Some funds have a contractual fee reimbursement. Had these not been in effect, fund expenses would have been higher.
Hypothetical example for comparison purposes
The second section in each table shows hypothetical account values and expenses based on the Fund’s actual expense ratio for each share class for the six-month period and an assumed 5%-per-year rate of return before expenses. This was not the share class’ actual return.
This hypothetical example cannot be used to estimate the actual expenses you paid for the period, but rather allows you to compare the ongoing costs of investing in the Fund with the costs of other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other mutual funds.
TIAA-CREF Funds: Equity Index Funds ■ 2020 Annual Report | 9 |
Expense example
Six months ended October 31, 2020
Equity Index Fund | Beginning account value (5/1/20) | Ending account value (10/31/20) | Expenses paid during period* (5/1/20– 10/31/20) | ||||||||
Actual return | |||||||||||
Institutional Class | $1,000.00 | $1,151.12 | $0.27 | ||||||||
Advisor Class | 1,000.00 | 1,150.17 | 0.86 | ||||||||
Premier Class | 1,000.00 | 1,150.05 | 1.08 | ||||||||
Retirement Class | 1,000.00 | 1,149.32 | 1.62 | ||||||||
Retail Class | 1,000.00 | 1,149.30 | 1.78 | ||||||||
Class W | 1,000.00 | 1,151.05 | 0.00 | ||||||||
5% annual hypothetical return | |||||||||||
Institutional Class | 1,000.00 | 1,024.89 | 0.25 | ||||||||
Advisor Class | 1,000.00 | 1,024.33 | 0.81 | ||||||||
Premier Class | 1,000.00 | 1,024.13 | 1.02 | ||||||||
Retirement Class | 1,000.00 | 1,023.63 | 1.53 | ||||||||
Retail Class | 1,000.00 | 1,023.48 | 1.68 | ||||||||
Class W | 1,000.00 | 1,025.14 | 0.00 |
* | “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended October 31, 2020. The Fund’s annualized six-month expense ratios for that period were 0.05% for the Institutional Class, 0.16% for the Advisor Class, 0.20% for the Premier Class, 0.30% for the Retirement Class, 0.33% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower. |
For more information about this expense example, please see page 9.
Portfolio composition
Sector | % of net assets as of 10/31/2020 | |
Information technology | 26.5 | |
Health care | 14.3 | |
Consumer discretionary | 12.2 | |
Financials | 10.1 | |
Communication services | 10.1 | |
Industrials | 9.1 | |
Consumer staples | 6.2 | |
Real estate | 3.3 | |
Utilities | 3.0 | |
Materials | 2.8 | |
Energy | 1.9 | |
Short-term investments, other assets & liabilities, net | 0.5 | |
Total | 100.0 |
Performance for the twelve months ended October 31, 2020
The Equity Index Fund returned 10.10% for the Institutional Class, compared with the 10.15% return of its benchmark, the Russell 3000® Index. The performance table shows returns for all share classes of the Fund.
For the twelve-month period, the Fund’s return slightly underperformed that of its benchmark index due to the effect of expenses. The Fund’s return includes a deduction for expenses, while the benchmark’s does not. The Fund had a risk profile similar to that of its benchmark.
U.S. stocks advanced despite COVID-19 volatility
The U.S. economy struggled with the impact of the COVID-19 pandemic, contracting sharply in the late winter and spring months of 2020 before recovering much of the lost ground in the third quarter of the year. Unemployment surged to 14.7% in April 2020, declined steadily over the remaining months of the period, and settled at 6.9% in October. Core inflation, which includes all items except food and energy, rose 1.6% for the twelve months ended October 2020. Oil prices declined sharply in the first half of the period before staging a recovery.
Equity markets were volatile, but most posted gains for the twelve-month period. Stocks experienced sharp declines in February and March of 2020, then mounted a powerful rally over the ensuing months. The Federal Reserve, reacting to the economic shock of the pandemic, reduced the federal funds target rate twice in March 2020, bringing the key short-term interest-rate measure to 0.00%–0.25%.
For the twelve-month period, the Russell 3000 Index, a broad measure of the U.S. stock market, advanced 10.15%. Large-cap equities outpaced smaller stocks, and growth shares outperformed value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)
Information technology led the benchmark higher
Six of the eleven industry sectors in the Russell 3000 index posted gains for the twelve months. Information technology—the largest sector—was also its best performer with a gain of 34.8%. The transition to working from home and remote learning fueled demand for technology products and services like personal computers and cloud computing. The consumer discretionary, communication services and health care sectors also produced strong results, advancing 30.6%, 16.1% and 15.0%, respectively. Together, these four sectors accounted for more than 60.0% of the index’s total market capitalization on October 31, 2020. Energy led decliners, returning –46.1% and reflecting the weakness in oil prices. Real estate and financials also fell sharply, returning –15.8% and –15.3%, respectively.
All of the benchmark’s five largest stocks outperformed
For the twelve-month period, all of the five largest stocks in the Russell 3000 Index produced sizable gains that exceeded the overall return of the benchmark. Apple generated the strongest gain, benefiting from robust demand for laptop and tablet computers. Amazon.com was not far behind amid an increase in online shopping. Next came Microsoft, Facebook and Alphabet (the parent company of Google), whose gains were lower than those of Apple and Amazon but still well above the return of the index.
10 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Index Funds |
Performance as of October 31, 2020
Equity Index Fund | Total return | Average annual total return | Annual operating expenses* | |||||||||||||||||||
Inception date | 1 year | 5 years | 10 years | gross | net | |||||||||||||||||
Institutional Class | 7/1/99 | 10.10 | % | 11.46 | % | 12.77 | % | 0.05 | % | 0.05 | % | |||||||||||
Advisor Class | 12/4/15 | 9.97 | 11.36 | † | 12.72 | † | 0.19 | 0.19 | ||||||||||||||
Premier Class | 9/30/09 | 9.92 | 11.27 | 12.58 | 0.20 | 0.20 | ||||||||||||||||
Retirement Class | 3/31/06 | 9.79 | 11.18 | 12.48 | 0.30 | 0.30 | ||||||||||||||||
Retail Class | 3/31/06 | 9.77 | 11.14 | 12.44 | 0.33 | 0.33 | ||||||||||||||||
Class W | 9/28/18 | 10.14 | 11.48 | † | 12.78 | † | 0.05 | 0.00 | ||||||||||||||
Russell 3000® Index | — | 10.15 | 11.48 | 12.80 | — | — |
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least February 28, 2021, unless changed with the approval of the Board of Trustees. |
Without these reimbursements, expenses would be higher and returns lower. | |
† | The performance shown for the Advisor Class and Class W that is prior to their respective inception dates is based on the performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class and Class W. If these actual expenses had been reflected, the performance of these two classes shown for these periods would have been different because the Advisor Class and Class W have different expenses than the Institutional Class. |
$10,000 over 10 years
Institutional Class
Ending amounts are as of October 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.
Holdings by company size
% of equity investments | ||
Market capitalization | as of 10/31/2020 | |
More than $50 billion | 63.7 | |
More than $15 billion–$50 billion | 18.5 | |
More than $2 billion–$15 billion | 14.9 | |
$2 billion or less | 2.9 | |
Total | 100.0 |
Fund profile
as of 10/31/2020 | ||
Net assets | $26.25 billion | |
Portfolio turnover rate | 12% | |
Number of holdings | 2,962 | |
Weighted median market capitalization | $99.05 billion | |
Price/earnings ratio (weighted 12-month trailing average)† | 40.1 |
† | Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period. |
TIAA-CREF Funds: Equity Index Funds ■ 2020 Annual Report | 11 |
Expense example | |||||||||||
Six months ended October 31, 2020 | |||||||||||
Large-Cap Growth Index Fund | Beginning account value (5/1/20) | Ending account value (10/31/20) | Expenses paid during period* (5/1/20– 10/31/20) | ||||||||
Actual return | |||||||||||
Institutional Class | $1,000.00 | $1,217.57 | $0.28 | ||||||||
Advisor Class | 1,000.00 | 1,217.04 | 1.00 | ||||||||
Retirement Class | 1,000.00 | 1,216.01 | 1.67 | ||||||||
Class W | 1,000.00 | 1,217.79 | 0.00 | ||||||||
5% annual hypothetical return | |||||||||||
Institutional Class | 1,000.00 | 1,024.89 | 0.25 | ||||||||
Advisor Class | 1,000.00 | 1,024.23 | 0.92 | ||||||||
Retirement Class | 1,000.00 | 1,023.63 | 1.53 | ||||||||
Class W | 1,000.00 | 1,025.14 | 0.00 |
* | “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended October 31, 2020. The Fund’s annualized six-month expense ratios for that period were 0.05% for the Institutional Class, 0.18% for the Advisor Class, 0.30% for the Retirement Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower. |
For more information about this expense example, please see page 9.
Portfolio composition
Sector | % of net assets as of 10/31/2020 | ||
Information technology | 43.9 | ||
Consumer discretionary | 16.2 | ||
Health care | 13.6 | ||
Communication services | 11.6 | ||
Consumer staples | 4.8 | ||
Industrials | 4.7 | ||
Financials | 2.2 | ||
Real estate | 1.8 | ||
Materials | 0.9 | ||
Energy | 0.1 | ||
Short-term investments, other assets & liabilities, net | 0.2 | ||
Total | 100.0 |
Performance for the twelve months ended October 31, 2020
The Large-Cap Growth Index Fund returned 29.14% for the Institutional Class, compared with the 29.22% return of its benchmark, the Russell 1000® Growth Index. The performance table shows returns for all share classes of the Fund.
For the twelve-month period, the Fund’s return underperformed that of its benchmark index due to the effect of expenses. The Fund’s return includes a deduction for expenses, while the benchmark’s does not. The Fund had a risk profile similar to that of its benchmark.
U.S. stocks advanced despite COVID-19 volatility
The U.S. economy struggled with the impact of the COVID-19 pandemic, contracting sharply in the late winter and spring months of 2020 before recovering much of the lost ground in the third quarter of the year. Unemployment surged to 14.7% in April 2020, declined steadily over the remaining months of the period, and settled at 6.9% in October. Core inflation, which includes all items except food and energy, rose 1.6% for the twelve months ended October 2020. Oil prices declined sharply in the first half of the period before staging a recovery.
Equity markets were volatile, but most posted gains for the twelve-month period. Stocks experienced sharp declines in February and March of 2020, then mounted a powerful rally over the ensuing months. The Federal Reserve, reacting to the economic shock of the pandemic, reduced the federal funds target rate twice in March 2020, bringing the key short-term interest-rate measure to 0.00%–0.25%.
For the twelve-month period, the Russell 3000® Index, a broad measure of the U.S. stock market, advanced 10.15%. Large-cap equities outpaced smaller stocks, and growth shares outperformed value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)
Information technology propelled the benchmark higher
Nine of the eleven industry sectors in the Russell 1000 Growth Index posted gains for the twelve months. Information technology—the largest sector, representing more than 40.0% of the index’s total market capitalization on October 31, 2020—soared 43.4%. The transition to working from home and remote learning fueled demand for technology products and services like personal computers and cloud computing. The consumer discretionary and communication services sectors, which rose 44.6% and 32.1%, respectively, were the next-largest contributors. Energy returned –28.7%, reflecting the weakness in oil prices, but had minimal impact on the index’s return given its low weighting in the benchmark. Industrials also declined, returning –1.4% as COVID-19 dampened global economic activity.
Four of the benchmark’s five largest stocks outperformed
For the twelve-month period, four of the five largest stocks in the Russell 1000 Growth Index produced returns that exceeded the overall return of the index. Apple generated the strongest gain, benefiting from robust demand for laptop and tablet computers. Amazon.com was not far behind amid an increase in online shopping. Next came Microsoft and Facebook, whose gains were significantly lower than those of Apple and Amazon but still well above the return of the index. Alphabet (the parent company of Google) modestly trailed the benchmark.
12 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Index Funds |
Performance as of October 31, 2020
Large-Cap Growth Index Fund | Total return | Average annual total return | Annual operating expenses* | |||||||||||||||||||
Inception date | 1 year | 5 years | 10 years | gross | net | |||||||||||||||||
Institutional Class | 10/1/02 | 29.14 | % | 17.26 | % | 16.23 | % | 0.05 | % | 0.05 | % | |||||||||||
Advisor Class | 12/4/15 | 29.00 | 17.13 | † | 16.16 | † | 0.18 | 0.18 | ||||||||||||||
Retirement Class | 10/1/02 | 28.84 | 16.96 | 15.94 | 0.30 | 0.30 | ||||||||||||||||
Class W | 9/30/19 | 29.22 | 17.27 | † | 16.23 | † | 0.05 | 0.00 | ||||||||||||||
Russell 1000® Growth Index | — | 29.22 | 17.32 | 16.31 | — | — |
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least February 28, 2021, unless changed with the approval of the Board of Trustees. |
Without these reimbursements, expenses would be higher and returns lower. | |
† | The performance shown for the Advisor Class and Class W that is prior to their respective inception dates is based on the performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class and Class W. If these actual expenses had been reflected, the performance of these two classes shown for these periods would have been different because the Advisor Class and Class W have different expenses than the Institutional Class. |
$10,000 over 10 years
Institutional Class
Ending amounts are as of October 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.
Holdings by company size
% of equity investments | |||
Market capitalization | as of 10/31/2020 | ||
More than $50 billion | 78.5 | ||
More than $15 billion–$50 billion | 14.5 | ||
More than $2 billion–$15 billion | 7.0 | ||
Total | 100.0 |
Fund profile
as of 10/31/2020 | |||
Net assets | $9.81 billion | ||
Portfolio turnover rate | 33% | ||
Number of holdings | 451 | ||
Weighted median market capitalization | $215.65 billion | ||
Price/earnings ratio (weighted 12-month trailing average)† | 38.6 |
† | Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period. |
TIAA-CREF Funds: Equity Index Funds ■ 2020 Annual Report | 13 |
Expense example | |||||||||||
Six months ended October 31, 2020 | |||||||||||
Large-Cap Value Index Fund | Beginning account value (5/1/20) | Ending account value (10/31/20) | Expenses paid during period* (5/1/20– 10/31/20) | ||||||||
Actual return | |||||||||||
Institutional Class | $1,000.00 | $1,070.05 | $0.26 | ||||||||
Advisor Class | 1,000.00 | 1,069.61 | 0.94 | ||||||||
Retirement Class | 1,000.00 | 1,069.40 | 1.56 | ||||||||
Class W | 1,000.00 | 1,070.65 | 0.00 | ||||||||
5% annual hypothetical return | |||||||||||
Institutional Class | 1,000.00 | 1,024.89 | 0.25 | ||||||||
Advisor Class | 1,000.00 | 1,024.23 | 0.92 | ||||||||
Retirement Class | 1,000.00 | 1,023.63 | 1.53 | ||||||||
Class W | 1,000.00 | 1,025.14 | 0.00 |
* | “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended October 31, 2020. The Fund’s annualized six-month expense ratios for that period were 0.05% for the Institutional Class, 0.18% for the Advisor Class, 0.30% for the Retirement Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower. |
For more information about this expense example, please see page 9.
Portfolio composition
Sector | % of net assets as of 10/31/2020 | |
Financials | 18.8 | |
Health care | 14.1 | |
Industrials | 13.0 | |
Communication services | 9.4 | |
Information technology | 9.3 | |
Consumer staples | 8.2 | |
Consumer discretionary | 7.6 | |
Utilities | 6.3 | |
Materials | 4.8 | |
Real estate | 4.5 | |
Energy | 3.9 | |
Short-term investments, other assets & liabilities, net | 0.1 | |
Total | 100.0 |
Performance for the twelve months ended October 31, 2020
The Large-Cap Value Index Fund returned –7.51% for the Institutional Class, compared with the –7.57% return of its benchmark, the Russell 1000® Value Index. The performance table shows returns for all share classes of the Fund.
For the twelve-month period, the Fund’s return outperformed that of its benchmark index. The Fund’s return includes a deduction for expenses, while the benchmark’s does not. The Fund had a risk profile similar to that of its benchmark.
U.S. stocks advanced despite COVID-19 volatility
The U.S. economy struggled with the impact of the COVID-19 pandemic, contracting sharply in the late winter and spring months of 2020 before recovering much of the lost ground in the third quarter of the year. Unemployment surged to 14.7% in April 2020, declined steadily over the remaining months of the period, and settled at 6.9% in October. Core inflation, which includes all items except food and energy, rose 1.6% for the twelve months ended October 2020. Oil prices declined sharply in the first half of the period before staging a recovery.
Equity markets were volatile, but most posted gains for the twelve-month period. Stocks experienced sharp declines in February and March of 2020, then mounted a powerful rally over the ensuing months. The Federal Reserve, reacting to the economic shock of the pandemic, reduced the federal funds target rate twice in March 2020, bringing the key short-term interest-rate measure to 0.00%–0.25%.
For the twelve-month period, the Russell 3000® Index, a broad measure of the U.S. stock market, advanced 10.15%. Large-cap equities outpaced smaller stocks, and growth shares outperformed value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)
Most benchmark sectors posted losses
Seven of the eleven industry sectors in the Russell 1000 Value Index generated losses for the twelve months. Energy and real estate were the worst performers, returning –46.2% and –22.6%, respectively. Both sectors were severely impacted by COVID-19, which depressed global oil demand and reduced income streams and property values for office buildings, shopping malls and hotels. Financials, the largest sector, returned –17.9% and detracted most from the index’s return. Together, these three sectors accounted for nearly one-third of the benchmark’s total market capitalization on October 31, 2020. Health care, which tends to be more defensive, gained 10.5% and was the best-performing sector, as well as the largest contributor to the index’s return. Next came materials, which rose 8.8%.
Four of the benchmark’s five largest stocks outperformed
For the twelve-month period, four of the five largest stocks in the Russell 1000 Value Index posted returns that surpassed the overall return of the benchmark. Johnson & Johnson advanced, in part due to rising sales in its pharmaceutical division. Verizon, Berkshire Hathaway and Walt Disney generated negative returns but were more resilient than the index. JPMorgan Chase registered a double-digit decline as the bank built up reserves to cover potential future loan losses—increases that eroded its profitability.
14 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Index Funds |
Performance as of October 31, 2020
Large-Cap Value Index Fund | Total return | Average annual total return | Annual operating expenses* | |||||||||||||||||||
Inception date | 1 year | 5 years | 10 years | gross | net | |||||||||||||||||
Institutional Class | 10/1/02 | –7.51 | % | 5.78 | % | 9.41 | % | 0.05 | % | 0.05 | % | |||||||||||
Advisor Class | 12/4/15 | –7.63 | 5.66 | † | 9.34 | † | 0.19 | 0.19 | ||||||||||||||
Retirement Class | 10/1/02 | –7.71 | 5.52 | 9.14 | 0.30 | 0.30 | ||||||||||||||||
Class W | 9/30/19 | –7.45 | 5.80 | † | 9.41 | † | 0.05 | 0.00 | ||||||||||||||
Russell 1000® Value Index | — | –7.57 | 5.82 | 9.48 | — | — |
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least February 28, 2021, unless changed with the approval of the Board of Trustees. |
Without these reimbursements, expenses would be higher and returns lower. | |
† | The performance shown for the Advisor Class and Class W that is prior to their respective inception dates is based on the performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class and Class W. If these actual expenses had been reflected, the performance of these two classes shown for these periods would have been different because the Advisor Class and Class W have different expenses than the Institutional Class. |
$10,000 over 10 years
Institutional Class
Ending amounts are as of October 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.
Holdings by company size
% of equity investments | ||
Market capitalization | as of 10/31/2020 | |
More than $50 billion | 55.5 | |
More than $15 billion–$50 billion | 25.7 | |
More than $2 billion–$15 billion | 18.6 | |
$2 billion or less | 0.2 | |
Total | 100.0 |
Fund profile
as of 10/31/2020 | ||
Net assets | $6.45 billion | |
Portfolio turnover rate | 33% | |
Number of holdings | 850 | |
Weighted median market capitalization | $61.06 billion | |
Price/earnings ratio (weighted 12-month trailing average)† | 32.2 |
† | Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period. |
TIAA-CREF Funds: Equity Index Funds ■ 2020 Annual Report | 15 |
Expense example
Six months ended October 31, 2020
S&P 500 Index Fund | Beginning account value (5/1/20) | Ending account value (10/31/20) | Expenses paid during period* (5/1/20– 10/31/20) | ||||||||
Actual return | |||||||||||
Institutional Class | $1,000.00 | $1,132.40 | $0.27 | ||||||||
Advisor Class | 1,000.00 | 1,131.67 | 0.96 | ||||||||
Retirement Class | 1,000.00 | 1,131.12 | 1.61 | ||||||||
Class W | 1,000.00 | 1,132.71 | 0.00 | ||||||||
5% annual hypothetical return | |||||||||||
Institutional Class | 1,000.00 | 1,024.89 | 0.25 | ||||||||
Advisor Class | 1,000.00 | 1,024.23 | 0.92 | ||||||||
Retirement Class | 1,000.00 | 1,023.63 | 1.53 | ||||||||
Class W | 1,000.00 | 1,025.14 | 0.00 |
* | “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended October 31, 2020. The Fund’s annualized six-month expense ratios for that period were 0.05% for the Institutional Class, 0.18% for the Advisor Class, 0.30% for the Retirement Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower. |
For more information about this expense example, please see page 9.
Portfolio composition
Sector | % of net assets as of 10/31/2020 | |
Information technology | 27.3 | |
Health care | 14.0 | |
Consumer discretionary | 11.5 | |
Communication services | 11.1 | |
Financials | 9.8 | |
Industrials | 8.3 | |
Consumer staples | 7.0 | |
Utilities | 3.2 | |
Materials | 2.7 | |
Real estate | 2.6 | |
Energy | 2.0 | |
Short-term investments, other assets & liabilities, net | 0.5 | |
Total | 100.0 |
Performance for the twelve months ended October 31, 2020
The S&P 500 Index Fund returned 9.67% for the Institutional Class, compared with the 9.71% return of its benchmark, the S&P 500® Index. The performance table shows returns for all share classes of the Fund.
For the twelve-month period, the Fund’s return slightly underperformed that of its benchmark index due to the effect of expenses. The Fund’s return includes a deduction for expenses, while the benchmark’s does not. The Fund had a risk profile similar to that of its benchmark.
U.S. stocks advanced despite COVID-19 volatility
The U.S. economy struggled with the impact of the COVID-19 pandemic, contracting sharply in the late winter and spring months of 2020 before recovering much of the lost ground in the third quarter of the year. Unemployment surged to 14.7% in April 2020, declined steadily over the remaining months of the period, and settled at 6.9% in October. Core inflation, which includes all items except food and energy, rose 1.6% for the twelve months ended October 2020. Oil prices declined sharply in the first half of the period before staging a recovery.
Equity markets were volatile, but most posted gains for the twelve-month period. Stocks experienced sharp declines in February and March of 2020, then mounted a powerful rally over the ensuing months. The Federal Reserve, reacting to the economic shock of the pandemic, reduced the federal funds target rate twice in March 2020, bringing the key short-term interest-rate measure to 0.00%–0.25%.
For the twelve-month period, the large-cap-oriented S&P 500 Index underperformed the Russell 3000® Index, a broad measure of the U.S. stock market, which gained 10.15%. The performance of large-cap stocks within the Russell 3000 Index surpassed those in the S&P 500 Index for the period.
Information technology led the benchmark higher
Seven of the eleven industry sectors in the S&P 500 Index posted positive results for the twelve months. Information technology—the largest sector—soared 34.5%. The transition to working from home and remote learning fueled demand for technology products and services like personal computers and cloud computing. Next came consumer discretionary, communication services and materials with gains of 24.7%, 15.8% and 11.3%, respectively. Together, these four sectors accounted for more than one-half of the index’s total market capitalization on October 31, 2020. Health care, the second-largest index sector, advanced 10.1%. Energy led decliners, returning –46.4% and reflecting the weakness in oil prices. Financials and real estate also fell sharply, returning –14.6% and –10.3%, respectively.
All of the benchmark’s five largest stocks outperformed
For the twelve-month period, all of the five largest stocks in the S&P 500 Index generated sizable gains that exceeded the overall return of the benchmark. Apple generated the strongest gain, benefiting from robust demand for laptop and tablet computers. Amazon.com was not far behind amid an increase in online shopping. Next came Microsoft, Facebook and Alphabet (the parent company of Google), whose gains were lower than those of Apple and Amazon but still well above the return of the index.
16 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Index Funds |
Performance as of October 31, 2020
S&P 500 Index Fund | Total return | Average annual total return | Annual operating expenses* | |||||||||||||||||||
Inception date | 1 year | 5 years | 10 years | gross | net | |||||||||||||||||
Institutional Class | 10/1/02 | 9.67 | % | 11.65 | % | 12.94 | % | 0.05 | % | 0.05 | % | |||||||||||
Advisor Class | 12/4/15 | 9.51 | 11.53 | † | 12.87 | † | 0.19 | 0.19 | ||||||||||||||
Retirement Class | 10/1/02 | 9.41 | 11.37 | 12.66 | 0.30 | 0.30 | ||||||||||||||||
Class W | 9/30/19 | 9.72 | 11.66 | † | 12.94 | † | 0.05 | 0.00 | ||||||||||||||
S&P 500® Index | — | 9.71 | 11.71 | 13.01 | — | — |
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least February 28, 2021, unless changed with the approval of the Board of Trustees. |
Without these reimbursements, expenses would be higher and returns lower. | |
† | The performance shown for the Advisor Class and Class W that is prior to their respective inception dates is based on the performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class and Class W. If these actual expenses had been reflected, the performance of these two classes shown for these periods would have been different because the Advisor Class and Class W have different expenses than the Institutional Class. |
$10,000 over 10 years
Institutional Class
Ending amounts are as of October 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.
Holdings by company size
% of equity investments | |||
Market capitalization | as of 10/31/2020 | ||
More than $50 billion | 74.8 | ||
More than $15 billion–$50 billion | 19.4 | ||
More than $2 billion–$15 billion | 5.8 | ||
Total | 100.0 | ||
Fund profile | |||
as of 10/31/2020 | |||
Net assets | $6.06 billion | ||
Portfolio turnover rate | 7% | ||
Number of holdings | 509 | ||
Weighted median market capitalization | $139.52 billion | ||
Price/earnings ratio (weighted 12-month trailing average)† | 32.2 |
† | Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period. |
TIAA-CREF Funds: Equity Index Funds ■ 2020 Annual Report | 17 |
Expense example
Six months ended October 31, 2020
Expenses | |||||||||||
paid | |||||||||||
Beginning | Ending | during | |||||||||
account | account | period* | |||||||||
Small-Cap Blend | value | value | (5/1/20– | ||||||||
Index Fund | (5/1/20) | (10/31/20) | 10/31/20) | ||||||||
Actual return | |||||||||||
Institutional Class | $1,000.00 | $1,183.09 | $0.27 | ||||||||
Advisor Class | 1,000.00 | 1,181.38 | 1.10 | ||||||||
Retirement Class | 1,000.00 | 1,180.99 | 1.64 | ||||||||
5% annual hypothetical return | |||||||||||
Institutional Class | 1,000.00 | 1,024.89 | 0.25 | ||||||||
Advisor Class | 1,000.00 | 1,024.13 | 1.02 | ||||||||
Retirement Class | 1,000.00 | 1,023.63 | 1.53 |
* | “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended October 31, 2020. The Fund’s annualized six-month expense ratios for that period were 0.05% for the Institutional Class, 0.20% for the Advisor Class and 0.30% for the Retirement Class. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower. |
For more information about this expense example, please see page 9.
Portfolio composition
Sector | % of net assets as of 10/31/2020 | |
Health care | 21.1 | |
Financials | 16.0 | |
Industrials | 14.7 | |
Information technology | 13.3 | |
Consumer discretionary | 13.1 | |
Real estate | 6.3 | |
Materials | 4.5 | |
Consumer staples | 3.4 | |
Utilities | 3.3 | |
Communication services | 2.2 | |
Energy | 1.9 | |
Short-term investments, other assets & liabilities, net | 0.2 | |
Total | 100.0 |
Performance for the twelve months ended October 31, 2020
The Small-Cap Blend Index Fund returned 0.08% for the Institutional Class, compared with the –0.14% return of its benchmark, the Russell 2000® Index. The performance table shows returns for all share classes of the Fund.
For the twelve-month period, the Fund’s return outperformed that of its benchmark index. The Fund’s return includes a deduction for expenses, while the benchmark’s does not. The Fund had a risk profile similar to that of its benchmark. During the twelve months, the Fund participated in a securities lending program.
U.S. stocks advanced despite COVID-19 volatility
The U.S. economy struggled with the impact of the COVID-19 pandemic, contracting sharply in the late winter and spring months of 2020 before recovering much of the lost ground in the third quarter of the year. Unemployment surged to 14.7% in April 2020, declined steadily over the remaining months of the period, and settled at 6.9% in October. Core inflation, which includes all items except food and energy, rose 1.6% for the twelve months ended October 2020. Oil prices declined sharply in the first half of the period before staging a recovery.
Equity markets were volatile, but most posted gains for the twelve-month period. Stocks experienced sharp declines in February and March of 2020, then mounted a powerful rally over the ensuing months. The Federal Reserve, reacting to the economic shock of the pandemic, reduced the federal funds target rate twice in March 2020, bringing the key short-term interest-rate measure to 0.00%–0.25%.
For the twelve-month period, the Russell 3000® Index, a broad measure of the U.S. stock market, advanced 10.15%. Large-cap equities outpaced smaller stocks, and growth shares outperformed value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)
Most benchmark sectors lost ground
Seven of the eleven industry sectors in the Russell 2000 Index posted losses for the twelve months. Financials—the second-largest sector—returned –18.7% and was the largest detractor from the index’s return. Energy—the smallest sector—and real estate led decliners, returning –51.3% and –25.3%, respectively. Both sectors were severely impacted by COVID-19, which depressed global oil demand and reduced commercial real estate income streams and property values. Communication services, the second-smallest sector, also struggled, returning –20.9%. Together, these four sectors made up almost 30.0% of the benchmark’s total market capitalization on October 31, 2020. Health care—the largest index sector—performed best with a gain of 34.0%.
All of the benchmark’s five largest stocks outperformed
For the twelve-month period, all of the five largest stocks in the Russell 2000 Index generated gains that exceeded the overall return of the benchmark. Biopharmaceutical firm MyoKardia posted the strongest gain on news that Bristol Myers Squibb would acquire the company by the end of 2020. Solar energy provider SunRun was not far behind, amid growing interest in “green” energy. Next came Penn National Gaming and biotechnology company Mirati Therapeutics, whose gains were lower than those of MyoKardia and SunRun but still in the triple digits. Casino and hotel company Caesars Entertainment posted a slightly positive return.
18 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Index Funds |
Performance as of October 31, 2020
Small-Cap Blend Index Fund | Average annual | Annual operating | ||||||||||||||||||||
Total return | total return | expenses* | ||||||||||||||||||||
Inception | ||||||||||||||||||||||
date | 1 year | 5 years | 10 years | gross | net | |||||||||||||||||
Institutional Class | 10/1/02 | 0.08 | % | 7.46 | % | 9.83 | % | 0.06 | % | 0.06 | % | |||||||||||
Advisor Class | 12/4/15 | –0.11 | 7.34 | † | 9.76 | † | 0.84 | 0.21 | ||||||||||||||
Retirement Class | 10/1/02 | –0.16 | 7.19 | 9.55 | 0.31 | 0.31 | ||||||||||||||||
Russell 2000® Index | — | –0.14 | 7.27 | 9.64 | — | — |
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least February 28, 2021, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. |
† | The performance shown for the Advisor Class that is prior to its inception date is based on the performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class. If these actual expenses had been reflected, the performance of the Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Institutional Class. |
$10,000 over 10 years
Institutional Class
Ending amounts are as of October 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.
Holdings by company size
Market capitalization | % of equity investments as of 10/31/2020 | |
More than $50 billion | 0.3 | |
More than $15 billion–$50 billion | 0.2 | |
More than $2 billion–$15 billion | 52.8 | |
$2 billion or less | 46.7 | |
Total | 100.0 |
Fund profile
as of 10/31/2020 | ||
Net assets | $3.11 billion | |
Portfolio turnover rate | 32% | |
Number of holdings | 2,020 | |
Weighted median market capitalization | $2.08 billion | |
Price/earnings ratio (weighted 12-month trailing average)† | -34.8 |
† | Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period. |
TIAA-CREF Funds: Equity Index Funds ■ 2020 Annual Report | 19 |
Emerging Markets Equity Index Fund
Expense example
Six months ended October 31, 2020
Emerging Markets Equity Index Fund | Beginning account value (5/1/20) | Ending account value (10/31/20) | Expenses paid during period* (5/1/20– 10/31/20) | ||||||||
Actual return | |||||||||||
Institutional Class | $1,000.00 | $1,218.85 | $1.00 | ||||||||
Advisor Class | 1,000.00 | 1,218.62 | 1.67 | ||||||||
Premier Class | 1,000.00 | 1,217.21 | 1.84 | ||||||||
Retirement Class | 1,000.00 | 1,216.61 | 2.40 | ||||||||
Retail Class | 1,000.00 | 1,217.44 | 3.12 | ||||||||
Class W | 1,000.00 | 1,219.67 | 0.00 | ||||||||
5% annual hypothetical return | |||||||||||
Institutional Class | 1,000.00 | 1,024.23 | 0.92 | ||||||||
Advisor Class | 1,000.00 | 1,023.63 | 1.53 | ||||||||
Premier Class | 1,000.00 | 1,023.48 | 1.68 | ||||||||
Retirement Class | 1,000.00 | 1,022.97 | 2.19 | ||||||||
Retail Class | 1,000.00 | 1,022.32 | 2.85 | ||||||||
Class W | 1,000.00 | 1,025.14 | 0.00 |
* | “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended October 31, 2020. The Fund’s annualized six-month expense ratios for that period were 0.18% for the Institutional Class, 0.30% for the Advisor Class, 0.33% for the Premier Class, 0.43% for the Retirement Class, 0.56% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower. |
For more information about this expense example, please see page 9.
Portfolio composition
Sector | % of net assets as of 10/31/2020 | |
Consumer discretionary | 20.3 | |
Financials | 19.6 | |
Information technology | 17.9 | |
Communication services | 12.8 | |
Materials | 6.6 | |
Consumer staples | 5.7 | |
Energy | 4.7 | |
Industrials | 4.3 | |
Health care | 4.1 | |
Real estate | 2.2 | |
Utilities | 1.8 | |
Total | 100.0 |
Performance for the twelve months ended October 31, 2020
The Emerging Markets Equity Index Fund returned 8.43% for the Institutional Class, compared with the 8.25% return of its benchmark, the MSCI Emerging Markets Index. The performance table shows returns for all share classes of the Fund.
For the twelve-month period, the Fund’s return outperformed that of its benchmark index. The Fund’s return includes a deduction for expenses, while the benchmark’s does not. The Fund had a risk profile similar to that of its benchmark.
Global equity market returns varied amid COVID-19 volatility
In a year of high volatility, international developed-markets stocks declined, while emerging-markets equities posted positive returns. Global economies struggled during the first half of the period, rocked by uncertainty surrounding the COVID-19 pandemic, but many regions showed signs of recovery as the year progressed. After declining sharply in the first and second quarters of 2020, the economy in the 19-nation euro area experienced powerful growth in the third quarter of the calendar year. The Chinese economy, which contracted year-over-year in the first quarter, reported growth in both of the following two quarters.
Central banks around the world responded aggressively to the economic shock of the pandemic. In March, the Federal Reserve cut the federal funds target rate to 0.00%–0.25%, while the European Central Bank launched a new bond-buying stimulus program. The Bank of England cut its benchmark rate to 0.10%.
The MSCI EAFE® Index, which measures stock performance in 21 developed-markets nations outside North America, returned –6.86%, substantially lagging the 10.15% gain of the Russell 3000® Index, a broad measure of the U.S. stock market, as well as the MSCI Emerging Markets Index.
China propelled the benchmark’s advance
Of the 26 country components in the MSCI Emerging Markets Index, only four posted gains in U.S.-dollar terms for the twelve-month period. China, the benchmark’s largest component, advanced 35.2%. Taiwan, the second-largest index component, advanced 26.5%. South Korea, the third-largest index component, gained 14.2%. Together, these three countries accounted for almost 70.0% of the index’s total market capitalization on October 31, 2020.
All of the benchmark’s five largest stocks outperformed
All of the five largest stocks in the MSCI Emerging Markets Index had performance that exceeded the benchmark’s overall return. Internet shopping company Meituan performed best as it benefited from strong revenue growth. Internet firm Tencent, internet retailer Alibaba Group, Taiwan Semiconductor Manufacturing and Samsung Electronics also outpaced the benchmark.
The Fund’s returns may sometimes diverge from the returns of its benchmark more than would be expected. This divergence may be the result of the Fund’s fair value pricing adjustments or of the timing of foreign currency valuations.
Many foreign exchanges close for trading before the Fund’s net asset value (NAV) is calculated (see the Fund’s current prospectus for more details on NAV calculations). In the intervening hours, the values of foreign securities can change, and these changes are not reflected immediately in the returns of the Fund’s benchmark. These changes are, however, taken into account to value the Fund’s portfolio holdings at the time the Fund’s NAV is calculated; these are known as fair value pricing adjustments.
20 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Index Funds |
Performance as of October 31, 2020
Emerging Markets Equity Index Fund | Average annual | Annual operating | ||||||||||||||||||||
Total return | total return | expenses* | ||||||||||||||||||||
Inception | ||||||||||||||||||||||
date | 1 year | 5 years | 10 years | gross | net | |||||||||||||||||
Institutional Class | 8/31/10 | 8.43 | % | 7.91 | % | 2.23 | % | 0.20 | % | 0.20 | % | |||||||||||
Advisor Class | 12/4/15 | 8.28 | 7.81 | † | 2.19 | † | 0.34 | 0.34 | ||||||||||||||
Premier Class | 8/31/10 | 8.21 | 7.74 | 2.07 | 0.35 | 0.35 | ||||||||||||||||
Retirement Class | 8/31/10 | 8.06 | 7.62 | 1.97 | 0.45 | 0.45 | ||||||||||||||||
Retail Class | 8/31/10 | 8.07 | 7.52 | 1.85 | 0.57 | 0.57 | ||||||||||||||||
Class W | 9/28/18 | 8.60 | 8.00 | † | 2.27 | † | 0.20 | 0.00 | ||||||||||||||
MSCI Emerging Markets Index | — | 8.25 | 7.92 | 2.42 | — | — |
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least February 28, 2021, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. |
† | The performance shown for the Advisor Class and Class W that is prior to their respective inception dates is based on the performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class and Class W. If these actual expenses had been reflected, the performance of these two classes shown for these periods would have been different because the Advisor Class and Class W have different expenses than the Institutional Class. |
$10,000 over 10 years
Institutional Class
Ending amounts are as of October 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.
Holdings by country
% of portfolio investments as of 10/31/2020 | ||
China | 41.0 | |
Taiwan | 12.0 | |
Korea, Republic of | 11.4 | |
India | 7.7 | |
Brazil | 4.2 | |
South Africa | 3.1 | |
United States | 3.0 | |
Saudi Arabia | 2.5 | |
Russia | 2.5 | |
Thailand | 1.6 | |
23 other nations | 9.3 | |
Short-term investments | 1.7 | |
Total | 100.0 |
Holdings by company size
Market capitalization | % of equity investments as of 10/31/2020 | |
More than $50 billion | 40.3 | |
More than $15 billion–$50 billion | 26.5 | |
More than $2 billion–$15 billion | 31.6 | |
$2 billion or less | 1.6 | |
Total | 100.0 |
Fund profile
as of 10/31/2020 | ||
Net assets | $3.52 billion | |
Portfolio turnover rate | 36% | |
Number of holdings | 1,397 | |
Weighted median market capitalization | $37.17 billion | |
Price/earnings ratio (weighted 12-month trailing average)† | 24.6 |
† | Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period. |
TIAA-CREF Funds: Equity Index Funds ■ 2020 Annual Report | 21 |
International Equity Index Fund
Expense example
Six months ended October 31, 2020
International Equity Index Fund | Beginning account value (5/1/20) | Ending account value (10/31/20) | Expenses paid during period* (5/1/20– 10/31/20) | ||||||||
Actual return | |||||||||||
Institutional Class | $1,000.00 | $1,093.96 | $0.26 | ||||||||
Advisor Class | 1,000.00 | 1,093.46 | 0.89 | ||||||||
Premier Class | 1,000.00 | 1,092.30 | 1.05 | ||||||||
Retirement Class | 1,000.00 | 1,092.43 | 1.58 | ||||||||
Class W | 1,000.00 | 1,093.90 | 0.00 | ||||||||
5% annual hypothetical return | |||||||||||
Institutional Class | 1,000.00 | 1,024.89 | 0.25 | ||||||||
Advisor Class | 1,000.00 | 1,024.28 | 0.87 | ||||||||
Premier Class | 1,000.00 | 1,024.13 | 1.02 | ||||||||
Retirement Class | 1,000.00 | 1,023.63 | 1.53 | ||||||||
Class W | 1,000.00 | 1,025.14 | 0.00 |
* | “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended October 31, 2020. The Fund’s annualized six-month expense ratios for that period were 0.05% for the Institutional Class, 0.17% for the Advisor Class, 0.20% for the Premier Class, 0.30% for the Retirement Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower. |
For more information about this expense example, please see page 9.
Portfolio composition
Sector | % of net assets as of 10/31/2020 | |
Financials | 15.2 | |
Industrials | 14.9 | |
Health care | 13.5 | |
Consumer discretionary | 11.9 | |
Consumer staples | 11.5 | |
Information technology | 8.3 | |
Materials | 7.4 | |
Communication services | 5.5 | |
Utilities | 4.0 | |
Real estate | 3.0 | |
Energy | 2.6 | |
Short-term investments, other assets & liabilities, net | 2.2 | |
Total | 100.0 |
Performance for the twelve months ended October 31, 2020
The International Equity Index Fund returned –6.45% for the Institutional Class, compared with the –6.86% return of its benchmark, the MSCI EAFE® Index. The performance table shows returns for all share classes of the Fund.
For the twelve-month period, the Fund’s return outperformed that of its benchmark index. The Fund’s return includes a deduction for expenses, while the benchmark’s does not. The Fund had a risk profile similar to that of its benchmark.
Global equity market returns varied amid COVID-19 volatility
In a year of high volatility, international developed-markets stocks declined, while emerging-markets equities posted positive returns. Global economies struggled during the first half of the period, rocked by uncertainty surrounding the COVID-19 pandemic, but many regions showed signs of recovery as the year progressed. After declining sharply in the first and second quarters of 2020, the economy in the 19-nation euro area experienced powerful growth in the third quarter of the calendar year. The Chinese economy, which contracted year-over-year in the first quarter, reported growth in both of the following two quarters.
Central banks around the world responded aggressively to the economic shock of the pandemic. In March, the Federal Reserve cut the federal funds target rate to 0.00%–0.25%, while the European Central Bank launched a new bond-buying stimulus program. The Bank of England cut its benchmark rate to 0.10%.
The MSCI EAFE Index, which measures stock performance in 21 developed-markets nations outside North America, underperformed the Russell 3000® Index, a broad measure of the U.S. stock market, which advanced 10.15%, and the MSCI Emerging Markets Index, which gained 8.25%.
Country returns in the benchmark were mixed
Thirteen of the MSCI EAFE Index’s 21 country components declined in U.S.-dollar terms for the twelve-month period. The largest index components were Japan (26.5%), the United Kingdom (13.2%) and France (10.6%), returning 0.3%, –22.3% and –13.8%, respectively. Together, these three nations represented just over one-half of the benchmark’s total market capitalization on October 31, 2020.
Four of the benchmark’s five largest stocks outperformed
Of the five largest stocks in the MSCI EAFE Index, three posted gains for the twelve-month period. The best performer was Dutch semiconductor firm ASML Holding, which was helped by an increase in equipment sales. Next in line were Swiss pharmaceutical manufacturer Roche Holding and Nestlé, the index’s largest holding. Toyota Motor declined but less than the index’s return, while drug-maker Novartis underperformed.
The Fund’s returns may sometimes diverge from the returns of its benchmark more than would be expected. This divergence may be the result of the Fund’s fair value pricing adjustments or of the timing of foreign currency valuations.
Many foreign exchanges close for trading before the Fund’s net asset value (NAV) is calculated (see the Fund’s current prospectus for more details on NAV calculations). In the intervening hours, the values of foreign securities can change, and these changes are not reflected immediately in the returns of the Fund’s benchmark. These changes are, however, taken into account to value the Fund’s portfolio holdings at the time the Fund’s NAV is calculated; these are known as fair value pricing adjustments.
22 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Index Funds |
Performance as of October 31, 2020
International Equity Index Fund | Average annual | Annual operating | ||||||||||||||||||||
Total return | total return | expenses* | ||||||||||||||||||||
Inception | ||||||||||||||||||||||
date | 1 year | 5 years | 10 years | gross | net | |||||||||||||||||
Institutional Class | 10/1/02 | –6.45 | % | 3.16 | % | 3.99 | % | 0.06 | % | 0.06 | % | |||||||||||
Advisor Class | 12/4/15 | –6.58 | 3.05 | † | 3.93 | † | 0.19 | 0.19 | ||||||||||||||
Premier Class | 9/30/09 | –6.61 | 3.00 | 3.83 | 0.21 | 0.21 | ||||||||||||||||
Retirement Class | 10/1/02 | –6.73 | 2.89 | 3.73 | 0.31 | 0.31 | ||||||||||||||||
Class W | 9/28/18 | –6.40 | 3.18 | † | 4.00 | † | 0.06 | 0.00 | ||||||||||||||
MSCI EAFE® Index | — | –6.86 | 2.85 | 3.82 | — | — |
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least February 28, 2021, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. |
† | The performance shown for the Advisor Class and Class W that is prior to their respective inception dates is based on the performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class and Class W. If these actual expenses had been reflected, the performance of these two classes shown for these periods would have been different because the Advisor Class and Class W have different expenses than the Institutional Class. |
$10,000 over 10 years
Institutional Class
Ending amounts are as of October 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.
Holdings by country
% of portfolio investments as of 10/31/2020 | ||
Japan | 25.9 | |
United Kingdom | 11.6 | |
Switzerland | 10.1 | |
France | 10.0 | |
Germany | 8.8 | |
Australia | 7.5 | |
Netherlands | 4.3 | |
Sweden | 3.0 | |
Hong Kong | 2.9 | |
Denmark | 2.5 | |
21 other nations | 10.8 | |
Short-term investments | 2.6 | |
Total | 100.0 |
Holdings by company size
Market capitalization | % of equity investments as of 10/31/2020 | |
More than $50 billion | 36.7 | |
More than $15 billion–$50 billion | 39.5 | |
More than $2 billion–$15 billion | 23.7 | |
$2 billion or less | 0.1 | |
Total | 100.0 |
Fund profile
as of 10/31/2020 | ||
Net assets | $13.42 billion | |
Portfolio turnover rate | 4% | |
Number of holdings | 912 | |
Weighted median market capitalization | $35.64 billion | |
Price/earnings ratio (weighted 12-month trailing average)† | 37.3 |
† | Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period. |
TIAA-CREF Funds: Equity Index Funds ■ 2020 Annual Report | 23 |
Summary portfolio of investments
Equity Index Fund ■ October 31, 2020
Shares | Company | Value | % of net assets | |||||||||||
COMMON STOCKS | ||||||||||||||
AUTOMOBILES & COMPONENTS | ||||||||||||||
594,914 | * | Tesla, Inc | $ | 230,850,429 | 0.9 | % | ||||||||
Other | 126,961,736 | 0.5 | ||||||||||||
357,812,165 | 1.4 | |||||||||||||
BANKS | ||||||||||||||
6,226,595 | Bank of America Corp | 147,570,301 | 0.6 | |||||||||||
2,439,169 | JPMorgan Chase & Co | 239,136,129 | 0.9 | |||||||||||
Other | 587,565,033 | 2.2 | ||||||||||||
974,271,463 | 3.7 | |||||||||||||
CAPITAL GOODS | 1,553,839,535 | 5.9 | ||||||||||||
COMMERCIAL & PROFESSIONAL SERVICES | 298,478,170 | 1.1 | ||||||||||||
CONSUMER DURABLES & APPAREL | ||||||||||||||
975,217 | Nike, Inc (Class B) | 117,104,057 | 0.5 | |||||||||||
Other | 262,684,467 | 1.0 | ||||||||||||
379,788,524 | 1.5 | |||||||||||||
CONSUMER SERVICES | ||||||||||||||
599,346 | McDonald’s Corp | 127,660,698 | 0.5 | |||||||||||
Other | 386,412,747 | 1.5 | ||||||||||||
514,073,445 | 2.0 | |||||||||||||
DIVERSIFIED FINANCIALS | 842,544,166 | 3.2 | ||||||||||||
ENERGY | ||||||||||||||
1,549,712 | Chevron Corp | 107,704,984 | 0.4 | |||||||||||
3,403,949 | d | Exxon Mobil Corp | 111,036,816 | 0.4 | ||||||||||
Other | 274,349,645 | 1.1 | ||||||||||||
493,091,445 | 1.9 | |||||||||||||
FOOD & STAPLES RETAILING | ||||||||||||||
354,954 | Costco Wholesale Corp | 126,938,649 | 0.5 | |||||||||||
1,121,953 | Walmart, Inc | 155,670,979 | 0.6 | |||||||||||
Other | 87,467,726 | 0.3 | ||||||||||||
370,077,354 | 1.4 | |||||||||||||
FOOD, BEVERAGE & TOBACCO | ||||||||||||||
3,111,459 | Coca-Cola Co | 149,536,720 | 0.6 | |||||||||||
1,117,373 | PepsiCo, Inc | 148,934,647 | 0.6 | |||||||||||
Other | 513,410,893 | 1.9 | ||||||||||||
811,882,260 | 3.1 | |||||||||||||
HEALTH CARE EQUIPMENT & SERVICES | ||||||||||||||
1,391,497 | Abbott Laboratories | 146,260,250 | 0.6 | |||||||||||
504,075 | Danaher Corp | 115,705,375 | 0.5 | |||||||||||
1,079,796 | Medtronic plc | 108,595,084 | 0.4 | |||||||||||
760,026 | UnitedHealth Group, Inc | 231,914,334 | 0.9 | |||||||||||
Other | 1,137,257,287 | 4.2 | ||||||||||||
1,739,732,330 | 6.6 | |||||||||||||
HOUSEHOLD & PERSONAL PRODUCTS | ||||||||||||||
1,961,821 | Procter & Gamble Co | 268,965,659 | 1.0 | |||||||||||
Other | 188,220,098 | 0.7 | ||||||||||||
457,185,757 | 1.7 |
Shares | Company | Value | % of net assets | |||||||||||
INSURANCE | ||||||||||||||
1,542,774 | * | Berkshire Hathaway, Inc (Class B) | $ | 311,486,071 | 1.2 | % | ||||||||
Other | 531,897,434 | 2.0 | ||||||||||||
843,383,505 | 3.2 | |||||||||||||
MATERIALS | 745,927,311 | 2.8 | ||||||||||||
MEDIA & ENTERTAINMENT | ||||||||||||||
241,594 | * | Alphabet, Inc (Class A) | 390,442,479 | 1.5 | ||||||||||
238,489 | * | Alphabet, Inc (Class C) | 386,593,054 | 1.5 | ||||||||||
3,648,461 | Comcast Corp (Class A) | 154,110,993 | 0.6 | |||||||||||
1,932,292 | * | Facebook, Inc | 508,405,348 | 2.0 | ||||||||||
342,145 | * | Netflix, Inc | 162,772,062 | 0.6 | ||||||||||
1,454,257 | Walt Disney Co | 176,328,661 | 0.7 | |||||||||||
Other | 430,866,002 | 1.5 | ||||||||||||
2,209,518,599 | 8.4 | |||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | ||||||||||||||
1,417,865 | AbbVie, Inc | 120,660,311 | 0.5 | |||||||||||
1,821,291 | Bristol-Myers Squibb Co | 106,454,459 | 0.4 | |||||||||||
2,122,809 | Johnson & Johnson | 291,058,342 | 1.1 | |||||||||||
2,032,902 | Merck & Co, Inc | 152,894,559 | 0.6 | |||||||||||
4,473,961 | Pfizer, Inc | 158,736,136 | 0.6 | |||||||||||
317,977 | Thermo Fisher Scientific, Inc | 150,441,278 | 0.6 | |||||||||||
Other | 1,031,848,549 | 3.9 | ||||||||||||
2,012,093,634 | 7.7 | |||||||||||||
REAL ESTATE | 860,518,331 | 3.3 | ||||||||||||
RETAILING | ||||||||||||||
341,207 | * | Amazon.com, Inc | 1,035,955,633 | 4.0 | ||||||||||
864,796 | Home Depot, Inc | 230,649,741 | 0.9 | |||||||||||
Other | 681,226,905 | 2.5 | ||||||||||||
1,947,832,279 | 7.4 | |||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | ||||||||||||||
314,242 | Broadcom, Inc | 109,868,430 | 0.4 | |||||||||||
3,411,431 | Intel Corp | 151,058,165 | 0.6 | |||||||||||
475,018 | NVIDIA Corp | 238,155,024 | 0.9 | |||||||||||
905,761 | QUALCOMM, Inc | 111,734,677 | 0.4 | |||||||||||
739,360 | Texas Instruments, Inc | 106,904,062 | 0.4 | |||||||||||
Other | 499,391,771 | 1.9 | ||||||||||||
1,217,112,129 | 4.6 | |||||||||||||
SOFTWARE & SERVICES | ||||||||||||||
513,603 | Accenture plc | 111,405,627 | 0.4 | |||||||||||
387,259 | * | Adobe, Inc | 173,143,499 | 0.7 | ||||||||||
710,391 | Mastercard, Inc (Class A) | 205,047,258 | 0.8 | |||||||||||
6,026,481 | Microsoft Corp | 1,220,181,608 | 4.7 | |||||||||||
945,202 | * | PayPal Holdings, Inc | 175,930,448 | 0.7 | ||||||||||
696,943 | * | salesforce.com, Inc | 161,878,951 | 0.6 | ||||||||||
1,359,404 | Visa, Inc (Class A) | 247,017,301 | 1.0 | |||||||||||
Other | 1,590,866,843 | 5.9 | ||||||||||||
3,885,471,535 | 14.8 |
24 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Index Funds | See notes to financial statements |
Summary portfolio of investments | concluded |
Equity Index Fund ■ October 31, 2020
Shares | Company | Value | % of net assets | ||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT | |||||||||||||||
12,986,445 | Apple, Inc | $ | 1,413,704,403 | 5.4 | % | ||||||||||
3,418,894 | Cisco Systems, Inc | 122,738,295 | 0.5 | ||||||||||||
Other | 317,029,843 | 1.2 | |||||||||||||
1,853,472,541 | 7.1 | ||||||||||||||
TELECOMMUNICATION SERVICES | |||||||||||||||
5,736,345 | AT&T, Inc | 154,996,042 | 0.6 | ||||||||||||
3,335,844 | Verizon Communications, Inc | 190,109,750 | 0.7 | ||||||||||||
Other | 86,415,999 | 0.4 | |||||||||||||
431,521,791 | 1.7 | ||||||||||||||
TRANSPORTATION | 526,511,937 | 2.0 | |||||||||||||
UTILITIES | |||||||||||||||
1,576,346 | NextEra Energy, Inc | 115,404,291 | 0.5 | ||||||||||||
Other | 682,156,691 | 2.5 | |||||||||||||
797,560,982 | 3.0 | ||||||||||||||
TOTAL COMMON STOCKS (Cost $15,427,272,179) | 26,123,701,188 | 99.5 | |||||||||||||
RIGHTS / WARRANTS | |||||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 2,703 | 0.0 | |||||||||||||
TOTAL RIGHTS / WARRANTS (Cost $2,813) | 2,703 | 0.0 | |||||||||||||
Principal | Issuer | ||||||||||||||
SHORT-TERM INVESTMENTS | |||||||||||||||
GOVERNMENT AGENCY DEBT | 29,718,389 | 0.1 | |||||||||||||
REPURCHASE AGREEMENT | |||||||||||||||
$ | 100,000,000 | r | Fixed Income Clearing Corp (FICC) 0.050%, 11/02/20 | 100,000,000 | 0.4 | ||||||||||
290,000,000 | s | Fixed Income Clearing Corp (FICC) 0.070%, 11/02/20 | 290,000,000 | 1.1 | |||||||||||
390,000,000 | 1.5 |
Principal | Issuer | Value | % of net assets | ||||||||||||
TREASURY DEBT | $ | 69,098,642 | 0.3 | % | |||||||||||
Shares | Company | ||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | |||||||||||||||
117,642,022 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 117,642,022 | 0.4 | |||||||||||
117,642,022 | 0.4 | ||||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $606,458,959) | 606,459,053 | 2.3 | |||||||||||||
TOTAL PORTFOLIO (Cost $16,033,733,951) | 26,730,162,944 | 101.8 | |||||||||||||
OTHER ASSETS & LIABILITIES, NET | (475,171,482 | ) | (1.8 | ) | |||||||||||
NET ASSETS | $ | 26,254,991,462 | 100.0 | % |
* | Non-income producing |
c | Investments made with cash collateral received from securities on loan. |
d | All or a portion of these securities have been segregated to cover margin requirements on open futures contracts. |
r | Agreement with Fixed Income Clearing Corporation, 0.050% dated 10/30/20 to be repurchased $100,000,000 on 11/2/20, collateralized by U.S. Treasury Notes valued at $102,000,095. |
s | Agreement with Fixed Income Clearing Corporation, 0.070% dated 10/30/20 to be repurchased $290,000,000 on 11/2/20, collateralized by U.S. Treasury Notes valued at $295,800,072. |
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
At 10/31/20, the aggregate value of securities on loan is $158,778,566. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.
At 10/31/20, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended, is $1,628,085 or 0.0% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.
For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.
Futures contracts outstanding as of October 31, 2020 were as follows: | ||||||||||||||||||
Description | Number of long (short contracts | ) | Expiration date | Notional amount | Value | Unrealized appreciation (depreciation | ) | |||||||||||
Russell 2000 E Mini Index | 112 | 12/18/20 | $ | 8,849,547 | $ | 8,606,080 | $ | (243,467 | ) | |||||||||
S&P 500 E Mini Index | 571 | 12/18/20 | 96,811,593 | 93,207,185 | (3,604,408 | ) | ||||||||||||
S&P Mid-Cap 400 E Mini Index | 13 | 12/18/20 | 2,517,769 | 2,464,280 | (53,489 | ) | ||||||||||||
Total | 696 | $ | 108,178,909 | $ | 104,277,545 | $ | (3,901,364 | ) |
See notes to financial statements | TIAA-CREF Funds: Equity Index Funds ■ 2020 Annual Report | 25 |
Summary portfolio of investments
Large-Cap Growth Index Fund ■ October 31, 2020
Shares | Company | Value | % of net assets | |||||||||||
COMMON STOCKS | ||||||||||||||
AUTOMOBILES & COMPONENTS | ||||||||||||||
452,658 | * | Tesla, Inc | $ | 175,649,410 | 1.8 | % | ||||||||
Other | 564,647 | 0.0 | ||||||||||||
176,214,057 | 1.8 | |||||||||||||
BANKS | 1,971,901 | 0.0 | ||||||||||||
CAPITAL GOODS | ||||||||||||||
226,681 | 3M Co | 36,259,893 | 0.4 | |||||||||||
151,292 | Lockheed Martin Corp | 52,971,868 | 0.6 | |||||||||||
Other | 134,321,061 | 1.3 | ||||||||||||
223,552,822 | 2.3 | |||||||||||||
COMMERCIAL & PROFESSIONAL SERVICES | 115,173,088 | 1.2 | ||||||||||||
CONSUMER DURABLES & APPAREL | ||||||||||||||
741,262 | Nike, Inc (Class B) | 89,010,741 | 0.9 | |||||||||||
Other | 29,293,892 | 0.3 | ||||||||||||
118,304,633 | 1.2 | |||||||||||||
CONSUMER SERVICES | ||||||||||||||
413,413 | Starbucks Corp | 35,950,395 | 0.4 | |||||||||||
Other | 70,817,964 | 0.7 | ||||||||||||
106,768,359 | 1.1 | |||||||||||||
DIVERSIFIED FINANCIALS | 151,715,528 | 1.5 | ||||||||||||
ENERGY | 7,004,937 | 0.1 | ||||||||||||
FOOD & STAPLES RETAILING | ||||||||||||||
238,371 | Costco Wholesale Corp | 85,246,237 | 0.9 | |||||||||||
Other | 14,036,046 | 0.1 | ||||||||||||
99,282,283 | 1.0 | |||||||||||||
FOOD, BEVERAGE & TOBACCO | ||||||||||||||
1,389,472 | Coca-Cola Co | 66,778,024 | 0.7 | |||||||||||
623,659 | PepsiCo, Inc | 83,127,508 | 0.8 | |||||||||||
Other | 77,255,537 | 0.8 | ||||||||||||
227,161,069 | 2.3 | |||||||||||||
HEALTH CARE EQUIPMENT & SERVICES | ||||||||||||||
406,766 | Abbott Laboratories | 42,755,174 | 0.4 | |||||||||||
70,824 | * | Intuitive Surgical, Inc | 47,245,274 | 0.5 | ||||||||||
480,504 | UnitedHealth Group, Inc | 146,620,991 | 1.5 | |||||||||||
Other | 352,499,714 | 3.6 | ||||||||||||
589,121,153 | 6.0 | |||||||||||||
HOUSEHOLD & PERSONAL PRODUCTS | ||||||||||||||
666,973 | Procter & Gamble Co | 91,441,998 | 0.9 | |||||||||||
Other | 53,017,139 | 0.6 | ||||||||||||
144,459,137 | 1.5 | |||||||||||||
INSURANCE | 66,997,195 | 0.7 | ||||||||||||
MATERIALS | 83,889,282 | 0.9 |
Shares | Company | Value | % of net assets | |||||||||||
MEDIA & ENTERTAINMENT | ||||||||||||||
142,582 | * | Alphabet, Inc (Class A) | $ | 230,428,196 | 2.4 | % | ||||||||
140,745 | * | Alphabet, Inc (Class C) | 228,149,053 | 2.3 | ||||||||||
82,743 | * | Charter Communications, Inc | 49,961,878 | 0.5 | ||||||||||
1,470,065 | * | Facebook, Inc | 386,788,802 | 3.9 | ||||||||||
260,310 | * | Netflix, Inc | 123,839,879 | 1.3 | ||||||||||
Other | 112,440,704 | 1.1 | ||||||||||||
1,131,608,512 | 11.5 | |||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | ||||||||||||||
1,013,184 | AbbVie, Inc | 86,221,958 | 0.9 | |||||||||||
360,203 | Amgen, Inc | 78,142,439 | 0.8 | |||||||||||
515,366 | Eli Lilly & Co | 67,234,648 | 0.7 | |||||||||||
1,350,621 | Merck & Co, Inc | 101,580,205 | 1.0 | |||||||||||
141,838 | Thermo Fisher Scientific, Inc | 67,106,395 | 0.7 | |||||||||||
263,093 | Zoetis, Inc | 41,713,395 | 0.4 | |||||||||||
Other | 305,170,892 | 3.1 | ||||||||||||
747,169,932 | 7.6 | |||||||||||||
REAL ESTATE | ||||||||||||||
269,870 | American Tower Corp | 61,975,645 | 0.6 | |||||||||||
237,056 | Crown Castle International Corp | 37,028,147 | 0.4 | |||||||||||
53,755 | Equinix, Inc | 39,307,806 | 0.4 | |||||||||||
Other | 40,141,927 | 0.4 | ||||||||||||
178,453,525 | 1.8 | |||||||||||||
RETAILING | ||||||||||||||
259,591 | * | Amazon.com, Inc | 788,157,215 | 8.0 | ||||||||||
25,002 | * | Booking Holdings, Inc | 40,565,745 | 0.4 | ||||||||||
328,521 | Home Depot, Inc | 87,619,836 | 0.9 | |||||||||||
462,395 | Lowe’s Companies, Inc | 73,104,650 | 0.7 | |||||||||||
Other | 202,067,370 | 2.1 | ||||||||||||
1,191,514,816 | 12.1 | |||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | ||||||||||||||
663,649 | * | Advanced Micro Devices, Inc | 49,966,133 | 0.5 | ||||||||||
226,461 | Broadcom, Inc | 79,177,559 | 0.8 | |||||||||||
361,363 | NVIDIA Corp | 181,172,954 | 1.9 | |||||||||||
688,846 | QUALCOMM, Inc | 84,976,043 | 0.9 | |||||||||||
280,027 | Texas Instruments, Inc | 40,489,104 | 0.4 | |||||||||||
Other | 168,266,081 | 1.7 | ||||||||||||
604,047,874 | 6.2 | |||||||||||||
SOFTWARE & SERVICES | ||||||||||||||
389,988 | Accenture plc | 84,592,297 | 0.9 | |||||||||||
294,408 | * | Adobe, Inc | 131,629,817 | 1.3 | ||||||||||
225,976 | Automatic Data Processing, Inc | 35,695,169 | 0.4 | |||||||||||
154,185 | Intuit, Inc | 48,518,936 | 0.5 | |||||||||||
539,952 | Mastercard, Inc (Class A) | 155,851,745 | 1.6 | |||||||||||
4,584,471 | Microsoft Corp | 928,217,843 | 9.5 | |||||||||||
1,033,938 | Oracle Corp | 58,014,261 | 0.6 | |||||||||||
718,841 | * | PayPal Holdings, Inc | 133,797,875 | 1.4 | ||||||||||
491,416 | * | salesforce.com, Inc | 114,141,194 | 1.2 | ||||||||||
116,292 | * | ServiceNow, Inc | 57,863,410 | 0.6 | ||||||||||
1,033,257 | Visa, Inc (Class A) | 187,753,129 | 1.9 | |||||||||||
102,219 | * | Zoom Video Communications, Inc | 47,113,759 | 0.5 | ||||||||||
Other | 582,778,118 | 5.7 | ||||||||||||
2,565,967,553 | 26.1 |
26 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Index Funds | See notes to financial statements |
Summary portfolio of investments | concluded |
Large-Cap Growth Index Fund ■ October 31, 2020
Shares | Company | Value | % of net assets | ||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT | |||||||||||||||
9,880,369 | Apple, Inc | $ | 1,075,576,969 | 11.0 | % | ||||||||||
Other | 57,975,030 | 0.5 | |||||||||||||
1,133,551,999 | 11.5 | ||||||||||||||
TELECOMMUNICATION SERVICES | 5,530,183 | 0.1 | |||||||||||||
TRANSPORTATION | |||||||||||||||
211,663 | Union Pacific Corp | 37,504,567 | 0.4 | ||||||||||||
284,673 | United Parcel Service, Inc (Class B) | 44,724,975 | 0.5 | ||||||||||||
Other | 42,492,081 | 0.4 | |||||||||||||
124,721,623 | 1.3 | ||||||||||||||
UTILITIES | 1,598,770 | 0.0 | |||||||||||||
TOTAL COMMON STOCKS (Cost $5,341,740,846) | 9,795,780,231 | 99.8 | |||||||||||||
Principal | Issuer | ||||||||||||||
SHORT-TERM INVESTMENTS | |||||||||||||||
TREASURY DEBT | 36,939,005 | 0.4 |
Shares | Company | Value | % of net assets | ||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | |||||||||||||||
9,727,829 | c | State Street Navigator Securities Lending Government Money Market Portfolio | $ | 9,727,829 | 0.1 | % | |||||||||
9,727,829 | 0.1 | ||||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $46,666,831) | 46,666,834 | 0.5 | |||||||||||||
TOTAL PORTFOLIO (Cost $5,388,407,677) | 9,842,447,065 | 100.3 | |||||||||||||
OTHER ASSETS & LIABILITIES, NET | (29,412,227 | ) | (0.3 | ) | |||||||||||
NET ASSETS | $ | 9,813,034,838 | 100.0 | % |
* | Non-income producing |
c | Investments made with cash collateral received from securities on loan. |
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
At 10/31/20, the aggregate value of securities on loan is $20,671,377. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.
For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.
See notes to financial statements | TIAA-CREF Funds: Equity Index Funds ■ 2020 Annual Report | 27 |
Summary portfolio of investments
Large-Cap Value Index Fund ■ October 31, 2020
Shares | Company | Value | % of net assets | |||||||||||
COMMON STOCKS | ||||||||||||||
AUTOMOBILES & COMPONENTS | $ | 56,994,563 | 0.9 | % | ||||||||||
BANKS | ||||||||||||||
3,393,920 | Bank of America Corp | 80,435,904 | 1.3 | |||||||||||
913,573 | Citigroup, Inc | 37,840,194 | 0.6 | |||||||||||
1,329,084 | JPMorgan Chase & Co | 130,303,395 | 2.0 | |||||||||||
1,647,462 | Wells Fargo & Co | 35,338,060 | 0.6 | |||||||||||
Other | 164,298,661 | 2.4 | ||||||||||||
448,216,214 | 6.9 | |||||||||||||
CAPITAL GOODS | ||||||||||||||
234,212 | Boeing Co | 33,817,871 | 0.5 | |||||||||||
237,526 | Caterpillar, Inc | 37,303,458 | 0.6 | |||||||||||
123,699 | Deere & Co | 27,944,841 | 0.4 | |||||||||||
3,811,868 | General Electric Co | 28,284,061 | 0.5 | |||||||||||
307,782 | Honeywell International, Inc | 50,768,641 | 0.8 | |||||||||||
625,465 | Raytheon Technologies Corp | 33,975,259 | 0.5 | |||||||||||
Other | 390,544,149 | 6.0 | ||||||||||||
602,638,280 | 9.3 | |||||||||||||
COMMERCIAL & PROFESSIONAL SERVICES | 52,975,552 | 0.8 | ||||||||||||
CONSUMER DURABLES & APPAREL | 89,184,030 | 1.4 | ||||||||||||
CONSUMER SERVICES | ||||||||||||||
279,946 | McDonald’s Corp | 59,628,498 | 0.9 | |||||||||||
Other | 111,539,853 | 1.8 | ||||||||||||
171,168,351 | 2.7 | |||||||||||||
DIVERSIFIED FINANCIALS | ||||||||||||||
64,603 | BlackRock, Inc | 38,710,764 | 0.6 | |||||||||||
584,859 | Morgan Stanley | 28,160,961 | 0.4 | |||||||||||
Other | 304,181,090 | 4.8 | ||||||||||||
371,052,815 | 5.8 | |||||||||||||
ENERGY | ||||||||||||||
845,057 | Chevron Corp | 58,731,461 | 0.9 | |||||||||||
1,856,892 | Exxon Mobil Corp | 60,571,817 | 0.9 | |||||||||||
Other | 129,138,637 | 2.0 | ||||||||||||
248,441,915 | 3.8 | |||||||||||||
FOOD & STAPLES RETAILING | ||||||||||||||
611,389 | Walmart, Inc | 84,830,224 | 1.3 | |||||||||||
Other | 38,914,800 | 0.6 | ||||||||||||
123,745,024 | 1.9 | |||||||||||||
FOOD, BEVERAGE & TOBACCO | ||||||||||||||
700,678 | Coca-Cola Co | 33,674,585 | 0.5 | |||||||||||
619,640 | Mondelez International, Inc | 32,915,277 | 0.5 | |||||||||||
682,103 | Philip Morris International, Inc | 48,442,955 | 0.8 | |||||||||||
Other | 148,741,720 | 2.3 | ||||||||||||
263,774,537 | 4.1 | |||||||||||||
HEALTH CARE EQUIPMENT & SERVICES | ||||||||||||||
467,167 | Abbott Laboratories | 49,103,923 | 0.8 | |||||||||||
121,021 | Becton Dickinson & Co | 27,971,584 | 0.4 | |||||||||||
573,479 | CVS Health Corp | 32,166,437 | 0.5 | |||||||||||
274,649 | Danaher Corp | 63,042,931 | 1.0 | |||||||||||
588,563 | Medtronic plc | 59,191,781 | 0.9 | |||||||||||
Other | 233,094,144 | 3.6 | ||||||||||||
464,570,800 | 7.2 |
Shares | Company | Value | % of net assets | |||||||||||
HOUSEHOLD & PERSONAL PRODUCTS | ||||||||||||||
369,368 | Colgate-Palmolive Co | $ | 29,139,442 | 0.5 | % | |||||||||
591,318 | Procter & Gamble Co | 81,069,698 | 1.3 | |||||||||||
Other | 29,960,441 | 0.4 | ||||||||||||
140,169,581 | 2.2 | |||||||||||||
INSURANCE | ||||||||||||||
840,656 | * | Berkshire Hathaway, Inc (Class B) | 169,728,446 | 2.6 | ||||||||||
Other | 222,224,889 | 3.5 | ||||||||||||
391,953,335 | 6.1 | |||||||||||||
MATERIALS | ||||||||||||||
230,494 | Linde plc | 50,787,048 | 0.8 | |||||||||||
Other | 257,834,684 | 4.0 | ||||||||||||
308,621,732 | 4.8 | |||||||||||||
MEDIA & ENTERTAINMENT | ||||||||||||||
29,506 | * | Alphabet, Inc (Class A) | 47,684,942 | 0.7 | ||||||||||
29,125 | * | Alphabet, Inc (Class C) | 47,211,916 | 0.7 | ||||||||||
1,988,112 | Comcast Corp (Class A) | 83,977,851 | 1.3 | |||||||||||
792,899 | Walt Disney Co | 96,139,004 | 1.5 | |||||||||||
Other | 108,831,924 | 1.7 | ||||||||||||
383,845,637 | 5.9 | |||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | ||||||||||||||
632,706 | Bristol-Myers Squibb Co | 36,981,666 | 0.6 | |||||||||||
550,792 | Gilead Sciences, Inc | 32,028,555 | 0.5 | |||||||||||
1,001,900 | Johnson & Johnson | 137,370,509 | 2.1 | |||||||||||
2,439,597 | Pfizer, Inc | 86,556,902 | 1.4 | |||||||||||
71,565 | Thermo Fisher Scientific, Inc | 33,858,833 | 0.5 | |||||||||||
Other | 119,950,552 | 1.8 | ||||||||||||
446,747,017 | 6.9 | |||||||||||||
REAL ESTATE | ||||||||||||||
323,057 | Prologis, Inc | 32,047,254 | 0.5 | |||||||||||
Other | 256,678,970 | 4.0 | ||||||||||||
288,726,224 | 4.5 | |||||||||||||
RETAILING | ||||||||||||||
235,719 | Home Depot, Inc | 62,868,614 | 1.0 | |||||||||||
219,193 | Target Corp | 33,365,558 | 0.5 | |||||||||||
Other | 79,406,060 | 1.2 | ||||||||||||
175,640,232 | 2.7 | |||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | ||||||||||||||
1,859,588 | Intel Corp | 82,342,557 | 1.3 | |||||||||||
202,295 | Texas Instruments, Inc | 29,249,834 | 0.4 | |||||||||||
Other | 96,569,684 | 1.5 | ||||||||||||
208,162,075 | 3.2 | |||||||||||||
SOFTWARE & SERVICES | ||||||||||||||
271,058 | Fidelity National Information Services, Inc | 33,771,116 | 0.5 | |||||||||||
389,867 | International Business Machines Corp | 43,532,549 | 0.7 | |||||||||||
Other | 139,854,595 | 2.2 | ||||||||||||
217,158,260 | 3.4 | |||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT | ||||||||||||||
1,863,175 | Cisco Systems, Inc | 66,887,983 | 1.0 | |||||||||||
Other | 105,344,931 | 1.7 | ||||||||||||
172,232,914 | 2.7 |
28 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Index Funds | See notes to financial statements |
Summary portfolio of investments | concluded |
Large-Cap Value Index Fund ■ October 31, 2020
Shares | Company | Value | % of net assets | ||||||||||||
TELECOMMUNICATION SERVICES | |||||||||||||||
3,128,543 | AT&T, Inc | $ | 84,533,232 | 1.3 | % | ||||||||||
1,818,043 | Verizon Communications, Inc | 103,610,271 | 1.6 | ||||||||||||
Other | 34,881,131 | 0.6 | |||||||||||||
223,024,634 | 3.5 | ||||||||||||||
TRANSPORTATION | 185,644,809 | 2.9 | |||||||||||||
UTILITIES | |||||||||||||||
367,870 | Dominion Energy, Inc | 29,554,676 | 0.5 | ||||||||||||
322,478 | Duke Energy Corp | 29,703,449 | 0.5 | ||||||||||||
858,849 | NextEra Energy, Inc | 62,876,335 | 1.0 | ||||||||||||
Other | 283,552,049 | 4.3 | |||||||||||||
405,686,509 | 6.3 | ||||||||||||||
TOTAL COMMON STOCKS (Cost $5,780,643,417) | 6,440,375,040 | 99.9 | |||||||||||||
Principal | Issuer | ||||||||||||||
SHORT-TERM INVESTMENTS | |||||||||||||||
REPURCHASE AGREEMENT | 3,185,000 | 0.0 |
Shares | Company | Value | % of net assets | |||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | ||||||||||||||
10,468,949 | c | State Street Navigator Securities Lending Government Money Market Portfolio | $ | 10,468,949 | 0.2 | % | ||||||||
10,468,949 | 0.2 | |||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $13,653,949) | 13,653,949 | 0.2 | ||||||||||||
TOTAL PORTFOLIO (Cost $5,794,297,366) | 6,454,028,989 | 100.1 | ||||||||||||
OTHER ASSETS & LIABILITIES, NET | (6,974,428 | ) | (0.1 | ) | ||||||||||
NET ASSETS | $ | 6,447,054,561 | 100.0 | % |
* | Non-income producing |
c | Investments made with cash collateral received from securities on loan. |
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
At 10/31/20, the aggregate value of securities on loan is $14,066,011. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.
For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.
See notes to financial statements | TIAA-CREF Funds: Equity Index Funds ■ 2020 Annual Report | 29 |
Summary portfolio of investments
S&P 500 Index Fund ■ October 31, 2020
Shares | Company | Value | % of net assets | |||||||||||
COMMON STOCKS | ||||||||||||||
AUTOMOBILES & COMPONENTS | $ | 24,030,602 | 0.4 | % | ||||||||||
BANKS | ||||||||||||||
1,701,097 | Bank of America Corp | 40,315,999 | 0.7 | |||||||||||
677,500 | JPMorgan Chase & Co | 66,422,100 | 1.1 | |||||||||||
Other | 102,685,785 | 1.6 | ||||||||||||
209,423,884 | 3.4 | |||||||||||||
CAPITAL GOODS | 338,673,401 | 5.6 | ||||||||||||
COMMERCIAL & PROFESSIONAL SERVICES | 45,600,623 | 0.7 | ||||||||||||
CONSUMER DURABLES & APPAREL | ||||||||||||||
277,197 | Nike, Inc (Class B) | 33,285,816 | 0.6 | |||||||||||
Other | 36,830,410 | 0.6 | ||||||||||||
70,116,226 | 1.2 | |||||||||||||
CONSUMER SERVICES | ||||||||||||||
165,832 | McDonald’s Corp | 35,322,216 | 0.6 | |||||||||||
Other | 64,918,356 | 1.0 | ||||||||||||
100,240,572 | 1.6 | |||||||||||||
DIVERSIFIED FINANCIALS | 186,365,467 | 3.1 | ||||||||||||
ENERGY | ||||||||||||||
429,307 | Chevron Corp | 29,836,836 | 0.5 | |||||||||||
948,133 | d | Exxon Mobil Corp | 30,928,098 | 0.5 | ||||||||||
Other | 60,802,854 | 1.0 | ||||||||||||
121,567,788 | 2.0 | |||||||||||||
FOOD & STAPLES RETAILING | ||||||||||||||
97,920 | Costco Wholesale Corp | 35,018,151 | 0.6 | |||||||||||
308,671 | Walmart, Inc | 42,828,101 | 0.7 | |||||||||||
Other | 17,323,051 | 0.3 | ||||||||||||
95,169,303 | 1.6 | |||||||||||||
FOOD, BEVERAGE & TOBACCO | ||||||||||||||
859,268 | Coca-Cola Co | 41,296,420 | 0.7 | |||||||||||
307,669 | PepsiCo, Inc | 41,009,201 | 0.7 | |||||||||||
Other | 121,520,422 | 2.0 | ||||||||||||
203,826,043 | 3.4 | |||||||||||||
HEALTH CARE EQUIPMENT & SERVICES | ||||||||||||||
393,540 | Abbott Laboratories | 41,364,989 | 0.7 | |||||||||||
140,417 | Danaher Corp | 32,231,318 | 0.5 | |||||||||||
299,501 | Medtronic plc | 30,120,816 | 0.5 | |||||||||||
211,136 | UnitedHealth Group, Inc | 64,426,039 | 1.1 | |||||||||||
Other | 238,439,183 | 3.9 | ||||||||||||
406,582,345 | 6.7 | |||||||||||||
HOUSEHOLD & PERSONAL PRODUCTS | ||||||||||||||
554,058 | Procter & Gamble Co | 75,961,352 | 1.2 | |||||||||||
Other | 46,543,230 | 0.8 | ||||||||||||
122,504,582 | 2.0 | |||||||||||||
INSURANCE | ||||||||||||||
440,213 | * | Berkshire Hathaway, Inc (Class B) | 88,879,005 | 1.5 | ||||||||||
Other | 110,643,417 | 1.8 | ||||||||||||
199,522,422 | 3.3 | |||||||||||||
MATERIALS | 161,240,366 | 2.7 |
Shares | Company | Value | % of net assets | |||||||||||
MEDIA & ENTERTAINMENT | ||||||||||||||
66,767 | * | Alphabet, Inc (Class A) | $ | 107,902,816 | 1.8 | % | ||||||||
65,306 | * | Alphabet, Inc (Class C) | 105,861,679 | 1.8 | ||||||||||
1,011,132 | Comcast Corp (Class A) | 42,710,216 | 0.7 | |||||||||||
534,433 | * | Facebook, Inc | 140,614,667 | 2.3 | ||||||||||
97,889 | * | Netflix, Inc | 46,569,713 | 0.8 | ||||||||||
402,568 | Walt Disney Co | 48,811,370 | 0.8 | |||||||||||
Other | 68,602,552 | 1.1 | ||||||||||||
561,073,013 | 9.3 | |||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | ||||||||||||||
390,903 | AbbVie, Inc | 33,265,845 | 0.5 | |||||||||||
129,751 | Amgen, Inc | 28,148,182 | 0.5 | |||||||||||
499,867 | Bristol-Myers Squibb Co | 29,217,226 | 0.5 | |||||||||||
584,689 | Johnson & Johnson | 80,166,709 | 1.3 | |||||||||||
562,983 | Merck & Co, Inc | 42,341,952 | 0.7 | |||||||||||
1,235,903 | Pfizer, Inc | 43,849,839 | 0.7 | |||||||||||
88,068 | Thermo Fisher Scientific, Inc | 41,666,732 | 0.7 | |||||||||||
Other | 142,478,076 | 2.4 | ||||||||||||
441,134,561 | 7.3 | |||||||||||||
REAL ESTATE | 158,114,981 | 2.6 | ||||||||||||
RETAILING | ||||||||||||||
94,645 | * | Amazon.com, Inc | 287,356,417 | 4.7 | ||||||||||
238,998 | Home Depot, Inc | 63,743,157 | 1.1 | |||||||||||
167,379 | Lowe’s Companies, Inc | 26,462,620 | 0.4 | |||||||||||
Other | 125,824,476 | 2.1 | ||||||||||||
503,386,670 | 8.3 | |||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | ||||||||||||||
89,375 | Broadcom, Inc | 31,248,181 | 0.5 | |||||||||||
946,353 | Intel Corp | 41,904,511 | 0.7 | |||||||||||
137,294 | NVIDIA Corp | 68,833,720 | 1.1 | |||||||||||
250,011 | QUALCOMM, Inc | 30,841,357 | 0.5 | |||||||||||
203,537 | Texas Instruments, Inc | 29,429,415 | 0.5 | |||||||||||
Other | 99,941,152 | 1.7 | ||||||||||||
302,198,336 | 5.0 | |||||||||||||
SOFTWARE & SERVICES | ||||||||||||||
140,860 | Accenture plc | 30,553,943 | 0.5 | |||||||||||
106,784 | * | Adobe, Inc | 47,743,126 | 0.8 | ||||||||||
196,150 | Mastercard, Inc (Class A) | 56,616,736 | 0.9 | |||||||||||
1,681,944 | Microsoft Corp | 340,543,202 | 5.6 | |||||||||||
260,443 | * | PayPal Holdings, Inc | 48,476,256 | 0.8 | ||||||||||
202,574 | * | salesforce.com, Inc | 47,051,863 | 0.8 | ||||||||||
374,244 | Visa, Inc (Class A) | 68,003,877 | 1.1 | |||||||||||
Other | 228,484,188 | 3.8 | ||||||||||||
867,473,191 | 14.3 | |||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT | ||||||||||||||
3,573,557 | Apple, Inc | 389,017,415 | 6.4 | |||||||||||
941,501 | Cisco Systems, Inc | 33,799,886 | 0.6 | |||||||||||
Other | 62,711,069 | 1.0 | ||||||||||||
485,528,370 | 8.0 |
30 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Index Funds | See notes to financial statements |
Summary portfolio of investments | concluded |
S&P 500 Index Fund ■ October 31, 2020 |
Shares | Company | Value | % of net assets | ||||||||||||
TELECOMMUNICATION SERVICES | |||||||||||||||
1,585,304 | AT&T, Inc | $ | 42,834,914 | 0.7 | % | ||||||||||
920,007 | Verizon Communications, Inc | 52,431,199 | 0.9 | ||||||||||||
Other | 16,000,322 | 0.2 | |||||||||||||
111,266,435 | 1.8 | ||||||||||||||
TRANSPORTATION | |||||||||||||||
151,409 | Union Pacific Corp | 26,828,161 | 0.4 | ||||||||||||
Other | 93,726,670 | 1.6 | |||||||||||||
120,554,831 | 2.0 | ||||||||||||||
UTILITIES | |||||||||||||||
434,724 | NextEra Energy, Inc | 31,826,144 | 0.5 | ||||||||||||
Other | 161,539,178 | 2.7 | |||||||||||||
193,365,322 | 3.2 | ||||||||||||||
TOTAL COMMON STOCKS (Cost $3,156,131,482) | 6,028,959,334 | 99.5 | |||||||||||||
Principal | Issuer | ||||||||||||||
SHORT-TERM INVESTMENTS | |||||||||||||||
REPURCHASE AGREEMENT | 12,430,000 | 0.2 | |||||||||||||
TREASURY DEBT | 13,389,686 | 0.2 |
Shares | Company | Value | % of net assets | |||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | ||||||||||||||
4,144,545 | c | State Street Navigator Securities Lending Government Money Market Portfolio | $ | 4,144,545 | 0.1 | % | ||||||||
4,144,545 | 0.1 | |||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $29,964,198) | 29,964,231 | 0.5 | ||||||||||||
TOTAL PORTFOLIO (Cost $3,186,095,680) | 6,058,923,565 | 100.0 | ||||||||||||
OTHER ASSETS & LIABILITIES, NET | 759,590 | 0.0 | ||||||||||||
NET ASSETS | $ | 6,059,683,155 | 100.0 | % |
* | Non-income producing |
c | Investments made with cash collateral received from securities on loan. |
d | All or a portion of these securities have been segregated to cover margin requirements on open futures contracts. |
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
At 10/31/20, the aggregate value of securities on loan is $5,087,215. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.
For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.
Futures contracts outstanding as of October 31, 2020 were as follows:
Description | Number of long (short contracts | ) | Expiration date | Notional amount | Value | Unrealized appreciation (depreciation | ) |
S&P 500 E Mini Index | 161 | 12/18/20 | $26,750,163 | $26,280,835 | $(469,328 | ) |
See notes to financial statements | TIAA-CREF Funds: Equity Index Funds ■ 2020 Annual Report | 31 |
Summary portfolio of investments
Small-Cap Blend Index Fund ■ October 31, 2020
Shares | Company | Value | % of net assets | |||||||||||
COMMON STOCKS | ||||||||||||||
AUTOMOBILES & COMPONENTS | $ | 43,605,712 | 1.4 | % | ||||||||||
BANKS | ||||||||||||||
178,263 | Essent Group Ltd | 7,103,781 | 0.2 | |||||||||||
112,369 | South State Corp | 6,899,457 | 0.2 | |||||||||||
Other | 289,112,366 | 9.4 | ||||||||||||
303,115,604 | 9.8 | |||||||||||||
CAPITAL GOODS | ||||||||||||||
552,966 | * | Plug Power, Inc | 7,741,524 | 0.3 | ||||||||||
71,248 | * | SiteOne Landscape Supply, Inc | 8,513,424 | 0.3 | ||||||||||
235,784 | * | Sunrun, Inc | 12,265,484 | 0.4 | ||||||||||
Other | 284,307,585 | 9.1 | ||||||||||||
312,828,017 | 10.1 | |||||||||||||
COMMERCIAL & PROFESSIONAL SERVICES | ||||||||||||||
87,395 | Tetra Tech, Inc | 8,819,029 | 0.3 | |||||||||||
Other | 91,814,801 | 2.9 | ||||||||||||
100,633,830 | 3.2 | |||||||||||||
CONSUMER DURABLES & APPAREL | ||||||||||||||
45,311 | * | Deckers Outdoor Corp | 11,480,448 | 0.4 | ||||||||||
41,095 | * | Helen of Troy Ltd | 7,791,612 | 0.3 | ||||||||||
53,654 | * | TopBuild Corp | 8,220,329 | 0.3 | ||||||||||
130,309 | * | YETI Holdings, Inc | 6,447,689 | 0.2 | ||||||||||
Other | 88,805,025 | 2.8 | ||||||||||||
122,745,103 | 4.0 | |||||||||||||
CONSUMER SERVICES | ||||||||||||||
267,761 | *,e | Caesars Entertainment, Inc | 12,001,048 | 0.4 | ||||||||||
61,004 | Churchill Downs, Inc | 9,098,747 | 0.3 | |||||||||||
245,587 | * | Penn National Gaming, Inc | 13,256,786 | 0.4 | ||||||||||
105,466 | Texas Roadhouse, Inc (Class A) | 7,385,784 | 0.2 | |||||||||||
Other | 78,899,242 | 2.6 | ||||||||||||
120,641,607 | 3.9 | |||||||||||||
DIVERSIFIED FINANCIALS | 121,113,597 | 3.9 | ||||||||||||
ENERGY | 57,542,477 | 1.9 | ||||||||||||
FOOD & STAPLES RETAILING | ||||||||||||||
222,312 | * | BJ’s Wholesale Club Holdings, Inc | 8,512,327 | 0.3 | ||||||||||
210,382 | * | Performance Food Group Co | 7,070,939 | 0.2 | ||||||||||
Other | 9,811,797 | 0.3 | ||||||||||||
25,395,063 | 0.8 | |||||||||||||
FOOD, BEVERAGE & TOBACCO | ||||||||||||||
260,558 | * | Darling International, Inc | 11,203,994 | 0.4 | ||||||||||
62,171 | * | Freshpet, Inc | 7,118,579 | 0.2 | ||||||||||
Other | 42,316,516 | 1.4 | ||||||||||||
60,639,089 | 2.0 | |||||||||||||
HEALTH CARE EQUIPMENT & SERVICES | ||||||||||||||
44,425 | * | iRhythm Technologies, Inc | 9,393,666 | 0.3 | ||||||||||
49,169 | * | LHC Group, Inc | 10,647,547 | 0.4 | ||||||||||
54,548 | * | Nevro Corp | 8,139,107 | 0.3 | ||||||||||
211,756 | *,e | Wright Medical Group NV | 6,477,616 | 0.2 | ||||||||||
Other | 195,818,570 | 6.2 | ||||||||||||
230,476,506 | 7.4 |
Shares | Company | Value | % of net assets | |||||||||||
HOUSEHOLD & PERSONAL PRODUCTS | $ | 19,286,847 | 0.6 | % | ||||||||||
INSURANCE | 73,640,903 | 2.4 | ||||||||||||
MATERIALS | ||||||||||||||
47,216 | CMC Materials, Inc | 6,713,643 | 0.2 | |||||||||||
Other | 134,360,917 | 4.3 | ||||||||||||
141,074,560 | 4.5 | |||||||||||||
MEDIA & ENTERTAINMENT | 38,208,270 | 1.2 | ||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | ||||||||||||||
408,317 | * | Amicus Therapeutics, Inc | 7,280,292 | 0.2 | ||||||||||
93,803 | * | Arena Pharmaceuticals, Inc | 8,040,793 | 0.3 | ||||||||||
161,182 | * | Arrowhead Pharmaceuticals Inc | 9,235,729 | 0.3 | ||||||||||
89,061 | * | Blueprint Medicines Corp | 9,109,159 | 0.3 | ||||||||||
72,675 | * | Emergent Biosolutions, Inc | 6,538,570 | 0.2 | ||||||||||
187,314 | *,e | Invitae Corp | 7,344,582 | 0.3 | ||||||||||
66,655 | * | Mirati Therapeutics, Inc | 14,473,467 | 0.5 | ||||||||||
81,663 | * | MyoKardia, Inc | 18,254,130 | 0.6 | ||||||||||
114,536 | * | Natera, Inc | 7,703,691 | 0.3 | ||||||||||
168,592 | * | NeoGenomics, Inc | 6,613,864 | 0.2 | ||||||||||
99,842 | * | Novavax, Inc | 8,058,248 | 0.3 | ||||||||||
92,382 | *,e | Ultragenyx Pharmaceutical, Inc | 9,284,391 | 0.3 | ||||||||||
Other | 314,837,539 | 9.9 | ||||||||||||
426,774,455 | 13.7 | |||||||||||||
REAL ESTATE | ||||||||||||||
62,653 | EastGroup Properties, Inc | 8,337,861 | 0.3 | |||||||||||
157,363 | * | Redfin Corp | 6,573,053 | 0.2 | ||||||||||
243,521 | STAG Industrial, Inc | 7,578,374 | 0.2 | |||||||||||
Other | 172,534,483 | 5.6 | ||||||||||||
195,023,771 | 6.3 | |||||||||||||
RETAILING | ||||||||||||||
40,934 | Lithia Motors, Inc (Class A) | 9,397,218 | 0.3 | |||||||||||
25,220 | * | RH | 8,454,501 | 0.3 | ||||||||||
Other | 101,726,017 | 3.2 | ||||||||||||
119,577,736 | 3.8 | |||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | ||||||||||||||
218,771 | * | Lattice Semiconductor Corp | 7,635,108 | 0.3 | ||||||||||
70,504 | * | Silicon Laboratories, Inc | 7,223,840 | 0.2 | ||||||||||
Other | 69,436,811 | 2.2 | ||||||||||||
84,295,759 | 2.7 | |||||||||||||
SOFTWARE & SERVICES | ||||||||||||||
80,561 | * | Blackline, Inc | 7,869,198 | 0.3 | ||||||||||
86,389 | * | Envestnet, Inc | 6,629,492 | 0.2 | ||||||||||
102,976 | * | LiveRamp Holdings, Inc | 6,805,684 | 0.2 | ||||||||||
99,527 | MAXIMUS, Inc | 6,726,035 | 0.2 | |||||||||||
79,628 | * | Q2 Holdings, Inc | 7,265,259 | 0.2 | ||||||||||
Other | 195,884,484 | 6.3 | ||||||||||||
231,180,152 | 7.4 | |||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT | ||||||||||||||
163,123 | * | II-VI, Inc | 7,417,203 | 0.2 | ||||||||||
Other | 89,202,974 | 2.9 | ||||||||||||
96,620,177 | 3.1 | |||||||||||||
TELECOMMUNICATION SERVICES | 30,428,157 | 1.0 |
32 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Index Funds | See notes to financial statements |
Summary portfolio of investments | concluded |
Small-Cap Blend Index Fund ■ October 31, 2020 |
Shares | Company | Value | % of net assets | |||||||||||
TRANSPORTATION | $ | 44,276,980 | 1.4 | % | ||||||||||
UTILITIES | ||||||||||||||
111,323 | Brookfield Renewable Corp | 7,433,037 | 0.2 | |||||||||||
Other | 96,249,346 | 3.1 | ||||||||||||
103,682,383 | 3.3 | |||||||||||||
TOTAL COMMON STOCKS (Cost $2,730,960,206) | 3,102,806,755 | 99.8 | ||||||||||||
RIGHTS / WARRANTS | ||||||||||||||
ENERGY | 17,932 | 0.0 | ||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 3,651 | 0.0 | ||||||||||||
TOTAL RIGHTS / WARRANTS (Cost $3,016) | 21,583 | 0.0 |
Shares | Company | Value | % of net assets | |||||||||||
SHORT-TERM INVESTMENTS | ||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | ||||||||||||||
128,902,996 | c | State Street Navigator Securities Lending Government Money Market Portfolio | $ | 128,902,996 | 4.1 | % | ||||||||
128,902,996 | 4.1 | |||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $128,902,996) | 128,902,996 | 4.1 | ||||||||||||
TOTAL PORTFOLIO (Cost $2,859,866,218) | 3,231,731,334 | 103.9 | ||||||||||||
OTHER ASSETS & LIABILITIES, NET | (122,748,402 | ) | (3.9 | ) | ||||||||||
NET ASSETS | $ | 3,108,982,932 | 100.0 | % |
* | Non-income producing |
c | Investments made with cash collateral received from securities on loan. |
e | All or a portion of these securities are out on loan. The aggregate value of securities on loan is $172,971,605. See Note 4 in the Notes to financial statements for additional information about securities lending collateral. |
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
At 10/31/20, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended, is $3,253,867 or 0.1% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.
For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.
See notes to financial statements | TIAA-CREF Funds: Equity Index Funds ■ 2020 Annual Report | 33 |
Summary portfolio of investments
Emerging Markets Equity Index Fund ■ October 31, 2020
Shares | Company | Value | % of net assets | |||||||||||
COMMON STOCKS | ||||||||||||||
ARGENTINA | $ | 4,136,380 | 0.1 | % | ||||||||||
BRAZIL | ||||||||||||||
2,571,453 | Banco Itau Holding Financeira S.A. | 10,522,524 | 0.3 | |||||||||||
1,940,659 | Vale S.A. | 20,478,900 | 0.6 | |||||||||||
Other | 119,504,737 | 3.4 | ||||||||||||
150,506,161 | 4.3 | |||||||||||||
CHILE | 17,149,238 | 0.5 | ||||||||||||
CHINA | ||||||||||||||
983,865 | * | Alibaba Group Holding Ltd (ADR) | 299,773,827 | 8.5 | ||||||||||
143,789 | * | Baidu, Inc (ADR) | 19,131,126 | 0.6 | ||||||||||
42,849,953 | Bank of China Ltd (Hong Kong) | 13,534,632 | 0.4 | |||||||||||
50,729,641 | China Construction Bank Corp (Hong Kong) | 34,958,458 | 1.0 | |||||||||||
2,061,368 | China Merchants Bank Co Ltd | 10,737,528 | 0.3 | |||||||||||
3,238,165 | China Mobile Hong Kong Ltd | 19,806,364 | 0.6 | |||||||||||
32,469,777 | Industrial & Commercial Bank of China Ltd (Hong Kong) | 18,438,419 | 0.5 | |||||||||||
446,424 | * | JD.com, Inc (ADR) | 36,392,485 | 1.0 | ||||||||||
1,867,200 | * | Meituan Dianping (Class B) | 69,607,644 | 2.0 | ||||||||||
216,005 | Netease.com (ADR) | 18,747,074 | 0.5 | |||||||||||
74,684 | * | New Oriental Education & Technology Group (ADR) | 11,977,820 | 0.3 | ||||||||||
557,364 | * | NIO, Inc (ADR) | 17,044,191 | 0.5 | ||||||||||
142,281 | * | Pinduoduo, Inc (ADR) | 12,802,444 | 0.4 | ||||||||||
3,152,526 | Ping An Insurance Group Co of China Ltd | 32,596,089 | 0.9 | |||||||||||
200,132 | * | TAL Education Group (ADR) | 13,300,773 | 0.4 | ||||||||||
3,002,604 | Tencent Holdings Ltd | 229,415,785 | 6.5 | |||||||||||
537,267 | *,g | Wuxi Biologics Cayman, Inc | 15,088,450 | 0.4 | ||||||||||
5,528,800 | *,g | Xiaomi Corp | 15,724,098 | 0.5 | ||||||||||
208,173 | Yum China Holdings, Inc | 11,081,049 | 0.3 | |||||||||||
Other | 564,545,167 | 16.0 | ||||||||||||
1,464,703,423 | 41.6 | |||||||||||||
COLOMBIA | 5,737,133 | 0.2 | ||||||||||||
CZECH REPUBLIC | 3,074,872 | 0.1 | ||||||||||||
EGYPT | 3,513,635 | 0.1 | ||||||||||||
GREECE | 3,606,035 | 0.1 | ||||||||||||
HONG KONG | 13,356,285 | 0.4 | ||||||||||||
HUNGARY | 6,050,327 | 0.2 | ||||||||||||
INDIA | ||||||||||||||
431,652 | Hindustan Lever Ltd | 12,069,147 | 0.4 | |||||||||||
864,804 | Housing Development Finance Corp | 22,435,813 | 0.6 | |||||||||||
2,677,094 | * | ICICI Bank Ltd | 14,081,615 | 0.4 | ||||||||||
1,788,039 | Infosys Technologies Ltd | 25,617,487 | 0.7 | |||||||||||
1,496,193 | Reliance Industries Ltd | 41,481,599 | 1.2 | |||||||||||
473,305 | Tata Consultancy Services Ltd | 17,058,122 | 0.5 | |||||||||||
Other | 144,987,873 | 4.1 | ||||||||||||
277,731,656 | 7.9 | |||||||||||||
INDONESIA | 43,630,516 | 1.2 |
Shares | Company | Value | % of net assets | |||||||||||
KOREA, REPUBLIC OF | ||||||||||||||
49,454 | * | Celltrion, Inc | $ | 10,559,597 | 0.3 | % | ||||||||
285,976 | Hynix Semiconductor, Inc | 20,287,952 | 0.6 | |||||||||||
78,521 | Hyundai Motor Co | 11,493,591 | 0.3 | |||||||||||
24,087 | LG Chem Ltd | 13,134,184 | 0.4 | |||||||||||
64,384 | Naver Corp | 16,473,991 | 0.5 | |||||||||||
2,501,792 | Samsung Electronics Co Ltd | 125,754,097 | 3.6 | |||||||||||
432,046 | Samsung Electronics Co Ltd (Preference) | 19,219,518 | 0.5 | |||||||||||
28,748 | Samsung SDI Co Ltd | 11,324,879 | 0.3 | |||||||||||
Other | 180,473,795 | 5.1 | ||||||||||||
408,721,604 | 11.6 | |||||||||||||
LUXEMBOURG | 1,283,656 | 0.0 | ||||||||||||
MALAYSIA | 57,085,210 | 1.6 | ||||||||||||
MEXICO | ||||||||||||||
17,738,041 | America Movil S.A. de C.V. (Series L) | 10,795,942 | 0.3 | |||||||||||
Other | 45,301,260 | 1.3 | ||||||||||||
56,097,202 | 1.6 | |||||||||||||
PAKISTAN | 684,502 | 0.0 | ||||||||||||
PERU | 7,915,006 | 0.2 | ||||||||||||
PHILIPPINES | 26,922,725 | 0.8 | ||||||||||||
POLAND | 21,014,726 | 0.6 | ||||||||||||
QATAR | ||||||||||||||
2,383,495 | Qatar National Bank | 11,572,184 | 0.4 | |||||||||||
Other | 14,837,334 | 0.4 | ||||||||||||
26,409,518 | 0.8 | |||||||||||||
ROMANIA | 706,904 | 0.0 | ||||||||||||
RUSSIA | ||||||||||||||
2,851,696 | Gazprom OAO (ADR) | 10,925,010 | 0.3 | |||||||||||
225,744 | LUKOIL PJSC (ADR) | 11,533,261 | 0.4 | |||||||||||
1,437,226 | Sberbank of Russian Federation (ADR) | 14,518,029 | 0.4 | |||||||||||
Other | 53,489,349 | 1.5 | ||||||||||||
90,465,649 | 2.6 | |||||||||||||
SAUDI ARABIA | ||||||||||||||
647,806 | Al Rajhi Bank | 11,365,927 | 0.3 | |||||||||||
1,152,555 | g | Saudi Arabian Oil Co | 10,340,269 | 0.3 | ||||||||||
478,477 | Saudi Basic Industries Corp | 11,476,202 | 0.3 | |||||||||||
Other | 57,751,293 | 1.7 | ||||||||||||
90,933,691 | 2.6 | |||||||||||||
SINGAPORE | 758,538 | 0.0 | ||||||||||||
SOUTH AFRICA | ||||||||||||||
228,234 | * | Naspers Ltd (N Shares) | 44,557,536 | 1.2 | ||||||||||
Other | 66,256,907 | 1.9 | ||||||||||||
110,814,443 | 3.1 | |||||||||||||
TAIWAN | ||||||||||||||
6,609,002 | Hon Hai Precision Industry Co, Ltd | 17,924,474 | 0.5 | |||||||||||
792,170 | MediaTek, Inc | 18,830,087 | 0.5 | |||||||||||
12,900,848 | Taiwan Semiconductor Manufacturing Co Ltd | 195,185,618 | 5.6 | |||||||||||
Other | 197,546,580 | 5.6 | ||||||||||||
429,486,759 | 12.2 |
34 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Index Funds | See notes to financial statements |
Summary portfolio of investments | concluded |
Emerging Markets Equity Index Fund ■ October 31, 2020 |
Shares | Company | Value | % of net assets | ||||||||||||
TANZANIA, UNITED REPUBLIC OF | $ | 4,981,897 | 0.1 | % | |||||||||||
THAILAND | 57,511,285 | 1.6 | |||||||||||||
TURKEY | 10,515,158 | 0.3 | |||||||||||||
UNITED ARAB EMIRATES | 18,666,458 | 0.5 | |||||||||||||
UNITED KINGDOM | 1,501,372 | 0.0 | |||||||||||||
UNITED STATES | |||||||||||||||
1,100,000 | iShares MSCI Emerging Markets | 49,181,000 | 1.4 | ||||||||||||
1,163,380 | Vanguard Emerging Markets ETF | 50,967,678 | 1.5 | ||||||||||||
Other | 8,598,536 | 0.2 | |||||||||||||
108,747,214 | 3.1 | ||||||||||||||
TOTAL COMMON STOCKS (Cost $2,841,900,349) | 3,524,419,178 | 100.0 | |||||||||||||
PREFERRED STOCKS | |||||||||||||||
PHILIPPINES | 635 | 0.0 | |||||||||||||
TOTAL PREFERRED STOCKS (Cost $725) | 635 | 0.0 | |||||||||||||
RIGHTS / WARRANTS | |||||||||||||||
CHINA | 2,167 | 0.0 | |||||||||||||
THAILAND | 13,202 | 0.0 | |||||||||||||
TOTAL RIGHTS / WARRANTS (Cost $0) | 15,369 | 0.0 | |||||||||||||
Principal | Issuer | ||||||||||||||
SHORT-TERM INVESTMENTS | |||||||||||||||
REPURCHASE AGREEMENT | |||||||||||||||
$ | 52,185,000 | r | Fixed Income Clearing Corp (FICC) 0.070%, 11/02/20 | 52,185,000 | 1.5 | ||||||||||
52,185,000 | 1.5 |
Shares | Company | Value | % of net assets | |||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | ||||||||||||||
8,351,939 | c | State Street Navigator Securities Lending Government Money Market Portfolio | $ | 8,351,939 | 0.2 | % | ||||||||
8,351,939 | 0.2 | |||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $60,536,939) | 60,536,939 | 1.7 | ||||||||||||
TOTAL PORTFOLIO (Cost $2,902,438,013) | 3,584,972,121 | 101.7 | ||||||||||||
OTHER ASSETS & LIABILITIES, NET | (60,243,248 | ) | (1.7 | ) | ||||||||||
NET ASSETS | $ | 3,524,728,873 | 100.0 | % |
Abbreviation(s):
ADR | American Depositary Receipt |
ETF | Exchange Traded Fund |
* | Non-income producing |
c | Investments made with cash collateral received from securities on loan. |
g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/20, the aggregate value of these securities, including those in “Other,” is $113,270,551 or 3.2% of net assets. |
r | Agreement with Fixed Income Clearing Corporation, 0.070% dated 10/30/20 to be repurchased at $52,185,000 on 11/2/20, collateralized by U.S. Treasury Notes valued at $53,228,702. |
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
At 10/31/20, the aggregate value of securities on loan is 36,143,892. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.
For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.
Summary of market values by sector (unaudited)
Emerging Markets Equity Index Fund ■ October 31, 2020
Sector | Value | % of net assets | ||||||
CONSUMER DISCRETIONARY | $ | 713,433,851 | 20.3 | % | ||||
FINANCIALS | 691,406,421 | 19.6 | ||||||
INFORMATION TECHNOLOGY | 630,493,868 | 17.9 | ||||||
COMMUNICATION SERVICES | 451,041,401 | 12.8 | ||||||
MATERIALS | 233,217,589 | 6.6 | ||||||
CONSUMER STAPLES | 200,882,842 | 5.7 | ||||||
ENERGY | 165,918,378 | 4.7 | ||||||
INDUSTRIALS | 150,335,913 | 4.3 | ||||||
HEALTH CARE | 145,563,474 | 4.1 | ||||||
REAL ESTATE | 77,393,642 | 2.2 | ||||||
UTILITIES | 64,747,803 | 1.8 | ||||||
SHORT-TERM INVESTMENTS | 60,536,939 | 1.7 | ||||||
OTHER ASSETS & LIABILITIES, NET | (60,243,248 | ) | (1.7 | ) | ||||
NET ASSETS | $ | 3,524,728,873 | 100.0 | % |
See notes to financial statements | TIAA-CREF Funds: Equity Index Funds ■ 2020 Annual Report | 35 |
Summary portfolio of investments
International Equity Index Fund ■ October 31, 2020
Shares | Company | Value | % of net assets | |||||||||||
COMMON STOCKS | ||||||||||||||
AUSTRALIA | ||||||||||||||
2,939,464 | BHP Billiton Ltd | $ | 70,463,734 | 0.5 | % | |||||||||
1,764,037 | Commonwealth Bank of Australia | 85,646,695 | 0.7 | |||||||||||
454,647 | CSL Ltd | 92,046,593 | 0.7 | |||||||||||
1,119,634 | Rio Tinto plc | 63,328,023 | 0.5 | |||||||||||
Other | 702,528,797 | 5.2 | ||||||||||||
1,014,013,842 | 7.6 | |||||||||||||
AUSTRIA | 20,850,436 | 0.2 | ||||||||||||
BELGIUM | 113,762,721 | 0.8 | ||||||||||||
BRAZIL | 6,154,755 | 0.0 | ||||||||||||
CHILE | 5,177,102 | 0.0 | ||||||||||||
CHINA | 26,987,358 | 0.2 | ||||||||||||
DENMARK | ||||||||||||||
1,716,071 | Novo Nordisk AS | 109,426,356 | 0.8 | |||||||||||
Other | 227,578,900 | 1.7 | ||||||||||||
337,005,256 | 2.5 | |||||||||||||
FINLAND | 157,015,109 | 1.2 | ||||||||||||
FRANCE | ||||||||||||||
471,632 | Air Liquide | 68,970,650 | 0.5 | |||||||||||
250,431 | L’Oreal S.A. | 80,935,614 | 0.6 | |||||||||||
277,166 | LVMH Moet Hennessy Louis Vuitton S.A. | 129,920,923 | 1.0 | |||||||||||
1,127,160 | Sanofi-Aventis | 101,775,040 | 0.8 | |||||||||||
552,252 | Schneider Electric S.A. | 67,102,160 | 0.5 | |||||||||||
2,468,531 | Total S.A. | 74,788,364 | 0.5 | |||||||||||
Other | 825,129,174 | 6.1 | ||||||||||||
1,348,621,925 | 10.0 | |||||||||||||
GERMANY | ||||||||||||||
189,946 | Adidas-Salomon AG. | 56,433,880 | 0.4 | |||||||||||
416,837 | Allianz AG. | 73,427,752 | 0.5 | |||||||||||
917,355 | BASF SE | 50,232,696 | 0.4 | |||||||||||
3,319,129 | Deutsche Telekom AG. | 50,446,604 | 0.4 | |||||||||||
1,041,119 | SAP AG. | 111,071,340 | 0.8 | |||||||||||
763,081 | Siemens AG. | 89,521,635 | 0.7 | |||||||||||
Other | 753,945,177 | 5.6 | ||||||||||||
1,185,079,084 | 8.8 | |||||||||||||
HONG KONG | ||||||||||||||
12,045,938 | AIA Group Ltd | 114,643,281 | 0.9 | |||||||||||
1,209,747 | Hong Kong Exchanges and Clearing Ltd | 57,969,512 | 0.4 | |||||||||||
Other | 216,680,294 | 1.6 | ||||||||||||
389,293,087 | 2.9 | |||||||||||||
IRELAND | 98,728,539 | 0.7 | ||||||||||||
ISRAEL | 76,406,727 | 0.6 | ||||||||||||
ITALY | ||||||||||||||
8,111,837 | Enel S.p.A. | 64,493,179 | 0.5 | |||||||||||
Other | 191,721,980 | 1.4 | ||||||||||||
256,215,159 | 1.9 |
Shares | Company | Value | % of net assets | |||||||||||
JAPAN | ||||||||||||||
247,780 | Daikin Industries Ltd | $ | 46,367,870 | 0.4 | % | |||||||||
182,722 | Keyence Corp | 82,923,354 | 0.6 | |||||||||||
12,212,592 | Mitsubishi UFJ Financial Group, Inc | 48,140,873 | 0.4 | |||||||||||
111,678 | Nintendo Co Ltd | 60,383,037 | 0.4 | |||||||||||
1,267,573 | Recruit Holdings Co Ltd | 48,231,972 | 0.4 | |||||||||||
353,501 | Shin-Etsu Chemical Co Ltd | 47,215,981 | 0.3 | |||||||||||
1,564,072 | Softbank Group Corp | 101,873,909 | 0.8 | |||||||||||
1,256,445 | Sony Corp | 104,745,326 | 0.8 | |||||||||||
1,573,473 | Takeda Pharmaceutical Co Ltd | 48,624,387 | 0.4 | |||||||||||
2,112,686 | Toyota Motor Corp | 138,691,259 | 1.0 | |||||||||||
Other | 2,756,681,316 | 20.5 | ||||||||||||
3,483,879,284 | 26.0 | |||||||||||||
JORDAN | 5,717,037 | 0.0 | ||||||||||||
LUXEMBOURG | 23,201,302 | 0.2 | ||||||||||||
MACAU | 24,799,159 | 0.2 | ||||||||||||
NETHERLANDS | ||||||||||||||
425,054 | ASML Holding NV | 153,785,761 | 1.1 | |||||||||||
486,030 | Prosus NV | 48,523,266 | 0.4 | |||||||||||
4,097,112 | Royal Dutch Shell plc (A Shares) | 51,539,537 | 0.4 | |||||||||||
Other | 330,871,917 | 2.5 | ||||||||||||
584,720,481 | 4.4 | |||||||||||||
NEW ZEALAND | 42,348,897 | 0.3 | ||||||||||||
NORWAY | 62,307,047 | 0.5 | ||||||||||||
PORTUGAL | 21,780,782 | 0.2 | ||||||||||||
RUSSIA | 2,442,690 | 0.0 | ||||||||||||
SINGAPORE | 130,128,647 | 1.0 | ||||||||||||
SOUTH AFRICA | 28,863,526 | 0.2 | ||||||||||||
SPAIN | ||||||||||||||
5,923,044 | Iberdrola S.A. | 69,936,795 | 0.5 | |||||||||||
Other | 224,349,214 | 1.7 | ||||||||||||
294,286,009 | 2.2 | |||||||||||||
SWEDEN | 409,437,297 | 3.0 | ||||||||||||
SWITZERLAND | ||||||||||||||
2,967,357 | Nestle S.A. | 333,762,050 | 2.5 | |||||||||||
2,214,731 | Novartis AG. | 172,577,552 | 1.3 | |||||||||||
700,569 | Roche Holding AG. | 225,114,777 | 1.7 | |||||||||||
150,372 | Zurich Insurance Group AG | 49,945,394 | 0.4 | |||||||||||
Other | 583,433,896 | 4.3 | ||||||||||||
1,364,833,669 | 10.2 | |||||||||||||
UNITED ARAB EMIRATES | 1,577 | 0.0 | ||||||||||||
UNITED KINGDOM | ||||||||||||||
1,312,653 | AstraZeneca plc | 131,797,539 | 1.0 | |||||||||||
20,214,578 | BP plc | 51,560,984 | 0.4 | |||||||||||
2,287,438 | British American Tobacco plc | 72,501,196 | 0.5 | |||||||||||
2,337,351 | Diageo plc | 75,538,149 | 0.6 | |||||||||||
4,994,760 | GlaxoSmithKline plc | 83,404,895 | 0.6 | |||||||||||
20,305,939 | HSBC Holdings plc | 85,093,918 | 0.6 | |||||||||||
711,265 | Reckitt Benckiser Group plc | 62,654,273 | 0.5 | |||||||||||
1,453,934 | e | Unilever NV | 81,963,688 | 0.6 | ||||||||||
1,161,474 | Unilever plc | 66,191,028 | 0.5 | |||||||||||
Other | 849,743,649 | 6.3 | ||||||||||||
1,560,449,319 | 11.6 |
36 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Index Funds | See notes to financial statements |
Summary portfolio of investments | concluded |
International Equity Index Fund ■ October 31, 2020 |
Shares | Company | Value | % of net assets | ||||||||||||
UNITED STATES | $ | 50,040,742 | 0.4 | % | |||||||||||
TOTAL COMMON STOCKS (Cost $12,349,226,637) | 13,124,548,565 | 97.8 | |||||||||||||
RIGHTS / WARRANTS | |||||||||||||||
SINGAPORE | 0 | 0.0 | |||||||||||||
UNITED KINGDOM | 3,275,295 | 0.0 | |||||||||||||
TOTAL RIGHTS / WARRANTS (Cost $11,807,688) | 3,275,295 | 0.0 | |||||||||||||
Principal | Issuer | ||||||||||||||
SHORT-TERM INVESTMENTS | |||||||||||||||
GOVERNMENT AGENCY DEBT | 78,224,745 | 0.6 | |||||||||||||
REPURCHASE AGREEMENT | 19,350,000 | 0.1 | |||||||||||||
TREASURY DEBT | |||||||||||||||
$ | 50,000,000 | United States Treasury Bill 6.000%, 11/05/20 | 49,999,702 | 0.4 | |||||||||||
53,198,000 | United States Treasury Bill 8.600%, 11/17/20 | 53,196,227 | 0.4 | ||||||||||||
103,195,929 | 0.8 |
Shares | Company | Value | % of net assets | |||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | ||||||||||||||
155,916,611 | c | State Street Navigator Securities Lending Government Money Market Portfolio | $ | 155,916,611 | 1.2 | % | ||||||||
155,916,611 | 1.2 | |||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $356,686,778) | 356,687,285 | 2.7 | ||||||||||||
TOTAL PORTFOLIO (Cost $12,717,721,103) | 13,484,511,145 | 100.5 | ||||||||||||
OTHER ASSETS & LIABILITIES, NET | (66,641,357 | ) | (0.5 | ) | ||||||||||
NET ASSETS | $ | 13,417,869,788 | 100.0 | % |
c | Investments made with cash collateral received from securities on loan. |
e | All or a portion of these securities are out on loan. The aggregate value of securities on loan is $219,129,656. See Note 4 in the Notes to financial statements for additional information about securities lending collateral. |
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
At 10/31/20, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended, is $240,013,072 or 1.8% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.
For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.
Futures contracts outstanding as of October 31, 2020 were as follows:
Number of | Unrealized | ||||||
long (short | ) | appreciation | |||||
Description | contracts | Expiration date | Notional amount | Value | (depreciation | ) | |
MSCI EAFE Index | 2,236 | 12/18/20 | $204,338,228 | $199,440,020 | $(4,898,208 | ) |
Summary of market values by sector (unaudited)
International Equity Index Fund ■ October 31, 2020
Sector | Value | % of net assets | ||||||
FINANCIALS | $ | 2,025,610,583 | 15.2 | % | ||||
INDUSTRIALS | 1,997,735,821 | 14.9 | ||||||
HEALTH CARE | 1,815,187,636 | 13.5 | ||||||
CONSUMER DISCRETIONARY | 1,600,585,062 | 11.9 | ||||||
CONSUMER STAPLES | 1,542,227,350 | 11.5 | ||||||
INFORMATION TECHNOLOGY | 1,111,381,314 | 8.3 | ||||||
MATERIALS | 994,701,846 | 7.4 | ||||||
COMMUNICATION SERVICES | 741,771,047 | 5.5 | ||||||
UTILITIES | 537,850,389 | 4.0 | ||||||
REAL ESTATE | 407,634,931 | 3.0 | ||||||
ENERGY | 353,137,881 | 2.6 | ||||||
SHORT-TERM INVESTMENTS | 356,687,285 | 2.7 | ||||||
OTHER ASSETS & LIABILITIES, NET | (66,641,357 | ) | (0.5 | ) | ||||
NET ASSETS | $ | 13,417,869,788 | 100.0 | % |
See notes to financial statements | TIAA-CREF Funds: Equity Index Funds ■ 2020 Annual Report | 37 |
Statements of assets and liabilities
TIAA-CREF Funds ■ October 31, 2020
Equity Index | Large-Cap Growth | Large-Cap Value | S&P 500 | Small-Cap Blend | Emerging Markets | International | |||||||||||||||||||||||
Fund | Index Fund | Index Fund | Index Fund | Index Fund | Equity Index Fund | Equity Index Fund | |||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||
Portfolio investments, at value *† | $ | 26,730,162,944 | $ | 9,842,447,065 | $ | 6,454,028,989 | $ | 6,058,923,565 | $ | 3,231,731,334 | $ | 3,584,972,121 | $ | 13,484,511,145 | |||||||||||||||
Cash | 2,813,338 | 541 | 1,365 | 174,401 | — | — | 21,464,276 | ||||||||||||||||||||||
Cash – foreign ^ | — | — | — | — | — | 188,940 | 2,529,835 | ||||||||||||||||||||||
Receivable from securities transactions | 2,049,119 | 11,513,710 | — | — | 6,446,581 | 133,430 | 909,222 | ||||||||||||||||||||||
Receivable from Fund shares sold | 6,205,179 | 82,183,230 | 2,529,241 | 6,096,118 | 1,119,532 | 4,348,891 | 7,446,126 | ||||||||||||||||||||||
Dividends and interest receivable | 22,763,744 | 3,684,655 | 9,429,305 | 6,026,741 | 1,396,675 | 3,939,360 | 66,072,674 | ||||||||||||||||||||||
Due from affiliates | 498,757 | 27,400 | 1,023 | 744 | — | 267,187 | 118,799 | ||||||||||||||||||||||
Other | 1,036,142 | 324,194 | 352,928 | 316,805 | 192,959 | 119,693 | 694,644 | ||||||||||||||||||||||
Total assets | 26,765,529,223 | 9,940,180,795 | 6,466,342,851 | 6,071,538,374 | 3,240,887,081 | 3,593,969,622 | 13,583,746,721 | ||||||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||||||||
Management fees payable | 914,861 | 324,078 | 227,665 | 215,388 | 109,637 | 414,161 | 472,782 | ||||||||||||||||||||||
Service agreement fees payable | 137,833 | 207,067 | 183,714 | 360,438 | 183,237 | 92,456 | 289,822 | ||||||||||||||||||||||
Distribution fees payable | 244,685 | — | — | — | — | 6,529 | 26,897 | ||||||||||||||||||||||
Due to affiliates | 117,520 | 47,165 | 40,311 | 37,583 | 22,298 | 32,581 | 69,283 | ||||||||||||||||||||||
Overdraft payable | — | — | — | — | 209,352 | 1,307,613 | — | ||||||||||||||||||||||
Payable for collateral for securities loaned | 117,642,022 | 9,727,829 | 10,468,949 | 4,144,545 | 128,902,996 | 8,351,939 | 155,916,611 | ||||||||||||||||||||||
Payable for securities transactions | 384,550,156 | 112,110,424 | 5,959,092 | — | 1,737,388 | 54,393,772 | 909,057 | ||||||||||||||||||||||
Payable for Fund shares redeemed | 1,641,900 | 4,265,075 | 1,915,251 | 6,220,578 | 461,037 | 922,876 | 1,915,152 | ||||||||||||||||||||||
Payable for variation margin on futures contracts | 3,899,735 | — | — | 468,951 | — | — | 4,893,557 | ||||||||||||||||||||||
Payable for trustee compensation | 1,010,815 | 315,810 | 346,644 | 310,722 | 189,960 | 116,342 | 681,178 | ||||||||||||||||||||||
Accrued expenses and other payables | 378,234 | 148,509 | 146,664 | 97,014 | 88,244 | 3,602,480 | 702,594 | ||||||||||||||||||||||
Total liabilities | 510,537,761 | 127,145,957 | 19,288,290 | 11,855,219 | 131,904,149 | 69,240,749 | 165,876,933 | ||||||||||||||||||||||
NET ASSETS | $ | 26,254,991,462 | $ | 9,813,034,838 | $ | 6,447,054,561 | $ | 6,059,683,155 | $ | 3,108,982,932 | $ | 3,524,728,873 | $ | 13,417,869,788 | |||||||||||||||
NET ASSETS CONSIST OF: | |||||||||||||||||||||||||||||
Paid-in-capital | 15,560,845,694 | 5,178,892,201 | 6,020,138,536 | 3,210,707,146 | 2,696,008,871 | 3,081,209,155 | 12,984,327,242 | ||||||||||||||||||||||
Total distributable earnings (loss) | 10,694,145,768 | 4,634,142,637 | 426,916,025 | 2,848,976,009 | 412,974,061 | 443,519,718 | 433,542,546 | ||||||||||||||||||||||
NET ASSETS | $ | 26,254,991,462 | $ | 9,813,034,838 | $ | 6,447,054,561 | $ | 6,059,683,155 | $ | 3,108,982,932 | $ | 3,524,728,873 | $ | 13,417,869,788 | |||||||||||||||
INSTITUTIONAL CLASS: | |||||||||||||||||||||||||||||
Net assets | $ | 9,563,187,711 | $ | 7,537,182,396 | $ | 5,586,461,062 | $ | 4,426,743,496 | $ | 2,308,445,879 | $ | 921,817,700 | $ | 7,675,874,394 | |||||||||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 397,349,673 | 172,670,966 | 315,217,278 | 121,770,878 | 118,695,811 | 79,201,094 | 428,123,166 | ||||||||||||||||||||||
Net asset value per share | $ | 24.07 | $ | 43.65 | $ | 17.72 | $ | 36.35 | $ | 19.45 | $ | 11.64 | $ | 17.93 | |||||||||||||||
ADVISOR CLASS: | |||||||||||||||||||||||||||||
Net assets | $ | 9,404,491 | $ | 63,667,376 | $ | 9,094,302 | $ | 103,558,058 | $ | 8,823,103 | $ | 2,449,475 | $ | 111,949,944 | |||||||||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 391,031 | 1,461,339 | 514,600 | 2,854,847 | 454,485 | 210,226 | 6,255,252 | ||||||||||||||||||||||
Net asset value per share | $ | 24.05 | $ | 43.57 | $ | 17.67 | $ | 36.27 | $ | 19.41 | $ | 11.65 | $ | 17.90 | |||||||||||||||
PREMIER CLASS: | |||||||||||||||||||||||||||||
Net assets | $ | 57,737,082 | $ | — | $ | — | $ | — | $ | — | $ | 25,218,133 | $ | 201,338,804 | |||||||||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 2,406,467 | — | — | — | — | 2,173,283 | 11,263,797 | ||||||||||||||||||||||
Net asset value per share | $ | 23.99 | $ | — | $ | — | $ | — | $ | — | $ | 11.60 | $ | 17.87 | |||||||||||||||
RETIREMENT CLASS: | |||||||||||||||||||||||||||||
Net assets | $ | 612,611,603 | $ | 855,735,466 | $ | 821,535,258 | $ | 1,510,268,365 | $ | 791,713,950 | $ | 428,964,177 | $ | 1,140,317,362 | |||||||||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 25,106,445 | 19,486,729 | 45,574,469 | 41,884,078 | 40,585,450 | 37,062,010 | 62,237,501 | ||||||||||||||||||||||
Net asset value per share | $ | 24.40 | $ | 43.91 | $ | 18.03 | $ | 36.06 | $ | 19.51 | $ | 11.57 | $ | 18.32 | |||||||||||||||
RETAIL CLASS: | |||||||||||||||||||||||||||||
Net assets | $ | 1,070,150,074 | $ | — | $ | — | $ | — | $ | — | $ | 15,221,116 | $ | — | |||||||||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 43,716,593 | — | — | — | — | 1,313,653 | — | ||||||||||||||||||||||
Net asset value per share | $ | 24.48 | $ | — | $ | — | $ | — | $ | — | $ | 11.59 | $ | — | |||||||||||||||
CLASS W: | |||||||||||||||||||||||||||||
Net assets | $ | 14,941,900,501 | $ | 1,356,449,600 | $ | 29,963,939 | $ | 19,113,236 | $ | — | $ | 2,131,058,272 | $ | 4,288,389,284 | |||||||||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 620,556,176 | 31,061,078 | 1,690,291 | 525,608 | — | 182,738,365 | 239,066,007 | ||||||||||||||||||||||
Net asset value per share | $ | 24.08 | $ | 43.67 | $ | 17.73 | $ | 36.36 | $ | — | $ | 11.66 | $ | 17.94 | |||||||||||||||
* | Includes securities loaned of | $ | 158,778,566 | $ | 20,671,377 | $ | 14,066,011 | $ | 5,087,215 | $ | 172,971,605 | $ | 36,143,892 | $ | 219,129,656 | ||||||||||||||
† | Portfolio investments, cost | $ | 16,033,733,951 | $ | 5,388,407,677 | $ | 5,794,297,366 | $ | 3,186,095,680 | $ | 2,859,866,218 | $ | 2,902,438,013 | $ | 12,717,721,103 | ||||||||||||||
^ | Foreign cash, cost | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 188,823 | $ | 2,533,362 | ||||||||||||||
38 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Index Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Funds: Equity Index Funds ■ 2020 Annual Report | 39 |
TIAA-CREF Funds ■ For the year ended October 31, 2020
Equity Index | Large-Cap Growth | Large-Cap Value | S&P 500 | Small-Cap Blend | Emerging Markets | International | |||||||||||||||||||||||
Fund | Index Fund | Index Fund | Index Fund | Index Fund | Equity Index Fund | Equity Index Fund | |||||||||||||||||||||||
INVESTMENT INCOME | |||||||||||||||||||||||||||||
Dividends * | $ | 419,244,159 | $ | 86,656,022 | $ | 170,140,475 | $ | 107,601,012 | $ | 31,519,445 | $ | 70,369,786 | $ | 330,755,162 | |||||||||||||||
Income from securities lending | 3,726,875 | 230,521 | 416,940 | 138,427 | 4,832,554 | 714,378 | 2,203,093 | ||||||||||||||||||||||
Interest | 839,067 | 29,074 | 40,451 | 250,229 | 69,713 | 27,174 | 1,556,822 | ||||||||||||||||||||||
Total income | 423,810,101 | 86,915,617 | 170,597,866 | 107,989,668 | 36,421,712 | 71,111,338 | 334,515,077 | ||||||||||||||||||||||
EXPENSES | |||||||||||||||||||||||||||||
Management fees | 9,801,917 | 3,312,467 | 2,641,607 | 2,349,063 | 1,189,838 | 4,208,318 | 5,307,108 | ||||||||||||||||||||||
Shareholder servicing – Institutional Class | 48,810 | 24,242 | 16,597 | 5,560 | 8,398 | 2,512 | 23,169 | ||||||||||||||||||||||
Shareholder servicing – Advisor Class | 29,044 | 79,240 | 26,607 | 133,446 | 82,815 | 9,812 | 129,907 | ||||||||||||||||||||||
Shareholder servicing – Premier Class | 98 | — | — | — | — | 103 | 240 | ||||||||||||||||||||||
Shareholder servicing – Retirement Class | 1,560,934 | 1,947,236 | 2,092,487 | 3,660,125 | 1,911,375 | 925,189 | 2,897,890 | ||||||||||||||||||||||
Shareholder servicing – Retail Class | 322,551 | — | — | — | — | 16,845 | — | ||||||||||||||||||||||
Shareholder servicing – Class W | 8,033 | — | — | — | — | 1,510 | 2,833 | ||||||||||||||||||||||
Distribution fees – Premier Class | 91,563 | — | — | — | — | 37,114 | 329,717 | ||||||||||||||||||||||
Distribution fees – Retail Class | 2,592,684 | — | — | — | — | 35,851 | — | ||||||||||||||||||||||
Administrative service fees | 354,775 | 145,354 | 127,648 | 117,482 | 70,302 | 99,610 | 213,654 | ||||||||||||||||||||||
Trustee fees and expenses | 305,943 | 103,041 | 85,101 | 73,835 | 37,850 | 37,172 | 168,307 | ||||||||||||||||||||||
Other expenses | 989,937 | 638,576 | 608,034 | 363,743 | 330,418 | 1,677,271 | 1,290,675 | ||||||||||||||||||||||
Total expenses | 16,106,289 | 6,250,156 | 5,598,081 | 6,703,254 | 3,630,996 | 7,051,307 | 10,363,500 | ||||||||||||||||||||||
Less: Expenses reimbursed by the investment adviser | (6,067,769 | ) | (36,312 | ) | (12,441 | ) | (7,376 | ) | (70,713 | ) | (3,352,173 | ) | (2,026,439 | ) | |||||||||||||||
Net expenses | 10,038,520 | 6,213,844 | 5,585,640 | 6,695,878 | 3,560,283 | 3,699,134 | 8,337,061 | ||||||||||||||||||||||
Net investment income (loss) | 413,771,581 | 80,701,773 | 165,012,226 | 101,293,790 | 32,861,429 | 67,412,204 | 326,178,016 | ||||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS | |||||||||||||||||||||||||||||
Realized gain (loss): | |||||||||||||||||||||||||||||
Portfolio investments‡ | (214,073,812 | ) | 160,533,485 | (266,781,673 | ) | (39,984,280 | ) | 44,768,254 | (79,077,585 | ) | (191,124,359 | ) | |||||||||||||||||
Futures contracts | 243,522 | — | — | (1,092,267 | ) | — | — | 1,218,929 | |||||||||||||||||||||
Foreign currency transactions | — | — | — | — | — | (2,020,713 | ) | (728,746 | ) | ||||||||||||||||||||
In-kind redemptions | — | 298,713,024 | 126,603,370 | — | 28,548,208 | — | — | ||||||||||||||||||||||
Net realized gain (loss) on total investments | (213,830,290 | ) | 459,246,509 | (140,178,303 | ) | (41,076,547 | ) | 73,316,462 | (81,098,298 | ) | (190,634,176 | ) | |||||||||||||||||
Change in unrealized appreciation (depreciation) on: | |||||||||||||||||||||||||||||
Portfolio investments** | 2,385,036,883 | 1,504,438,346 | (503,895,217 | ) | 474,779,995 | (111,474,968 | ) | 293,940,367 | (968,867,936 | ) | |||||||||||||||||||
Futures contracts | (4,178,550 | ) | — | — | (512,248 | ) | — | — | (8,785,327 | ) | |||||||||||||||||||
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies | — | — | — | — | — | (37,536 | ) | 1,844,882 | |||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments | 2,380,858,333 | 1,504,438,346 | (503,895,217 | ) | 474,267,747 | (111,474,968 | ) | 293,902,831 | (975,808,381 | ) | |||||||||||||||||||
Net realized and unrealized gain (loss) on total investments | 2,167,028,043 | 1,963,684,855 | (644,073,520 | ) | 433,191,200 | (38,158,506 | ) | 212,804,533 | (1,166,442,557 | ) | |||||||||||||||||||
Net increase (decrease) in net assets from operations | $ | 2,580,799,624 | $ | 2,044,386,628 | $ | (479,061,294 | ) | $ | 534,484,990 | $ | (5,297,077 | ) | $ | 280,216,737 | $ | (840,264,541 | ) | ||||||||||||
* | Net of foreign withholding taxes of | $ | 34,567 | $ | — | $ | 8,282 | $ | — | $ | 45,066 | $ | 8,769,322 | $ | 29,178,390 | ||||||||||||||
‡ | Includes net realized gain (loss) from securities sold to affiliates of | $ | (710,383 | ) | $ | 286,076 | $ | (3,122,912 | ) | $ | (392,376 | ) | $ | (413,663 | ) | $ | (717,568 | ) | $ | (5,301,649 | ) | ||||||||
** | Includes net change in unrealized foreign capital gains taxes of | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (1,154,936 | ) | $ | — |
40 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Index Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Funds: Equity Index Funds ■ 2020 Annual Report | 41 |
Statements of changes in net assets
TIAA-CREF Funds ■ For the year ended
Equity Index Fund | Large-Cap Growth Index Fund | Large-Cap Value Index Fund | S&P 500 Index Fund | Small-Cap Blend Index Fund | Emerging Markets Equity Index Fund | |||||||||||||||||||||||||||||||||||||||||||||
October 31, | October 31, | October 31, | October 31, | October 31, | October 31, | October 31, | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 413,771,581 | $ | 411,828,843 | $ | 80,701,773 | $ | 84,287,338 | $ | 165,012,226 | $ | 188,531,147 | $ | 101,293,790 | $ | 105,436,708 | $ | 32,861,429 | $ | 43,238,428 | $ | 67,412,204 | $ | 77,406,068 | ||||||||||||||||||||||||||
Net realized gain (loss) on total investments | (213,830,290 | ) | 46,026,056 | 459,246,509 | 105,883,967 | (140,178,303 | ) | 304,749,925 | (41,076,547 | ) | 22,149,486 | 73,316,462 | 111,505,352 | (81,098,298 | ) | (110,774,051 | ) | |||||||||||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on total investments | 2,380,858,333 | 2,154,452,563 | 1,504,438,346 | 865,565,779 | (503,895,217 | ) | 201,196,485 | 474,267,747 | 547,970,133 | (111,474,968 | ) | (12,107,383 | ) | 293,902,831 | 322,853,466 | |||||||||||||||||||||||||||||||||||
Net increase (decrease) in net assets from operations | 2,580,799,624 | 2,612,307,462 | 2,044,386,628 | 1,055,737,084 | (479,061,294 | ) | 694,477,557 | 534,484,990 | 675,556,327 | (5,297,077 | ) | 142,636,397 | 280,216,737 | 289,485,483 | ||||||||||||||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | (188,672,283 | ) | (180,381,188 | ) | (171,117,083 | ) | (192,446,619 | ) | (416,083,828 | ) | (229,594,367 | ) | (91,617,002 | ) | (93,136,598 | ) | (121,261,570 | ) | (152,970,573 | ) | (23,694,217 | ) | (30,219,932 | ) | ||||||||||||||||||||||||||
Advisor Class | (954,062 | ) | (789,676 | ) | (1,221,913 | ) | (1,419,956 | ) | (2,208,511 | ) | (451,177 | ) | (1,944,516 | ) | (1,195,293 | ) | (419,691 | ) | (1,046,983 | ) | (332,300 | ) | (36,554 | ) | ||||||||||||||||||||||||||
Premier Class | (1,243,642 | ) | (1,553,539 | ) | — | — | — | — | — | — | — | — | (764,353 | ) | (497,572 | ) | ||||||||||||||||||||||||||||||||||
Retirement Class | (12,122,608 | ) | (10,960,448 | ) | (15,539,759 | ) | (23,063,657 | ) | (58,587,438 | ) | (32,734,326 | ) | (28,317,601 | ) | (29,010,318 | ) | (39,812,298 | ) | (51,436,568 | ) | (9,140,752 | ) | (4,861,272 | ) | ||||||||||||||||||||||||||
Retail Class | (18,246,452 | ) | (17,989,684 | ) | — | — | — | — | — | — | — | — | (368,304 | ) | (255,388 | ) | ||||||||||||||||||||||||||||||||||
Class W | (249,759,049 | ) | (178,899,288 | ) | (532,201 | ) | — | (1,962,348 | ) | — | (392,802 | ) | — | — | — | (45,714,504 | ) | (22,510,534 | ) | |||||||||||||||||||||||||||||||
Total distributions | (470,998,096 | ) | (390,573,823 | ) | (188,410,956 | ) | (216,930,232 | ) | (478,842,125 | ) | (262,779,870 | ) | (122,271,921 | ) | (123,342,209 | ) | (161,493,559 | ) | (205,454,124 | ) | (80,014,430 | ) | (58,381,252 | ) | ||||||||||||||||||||||||||
SHAREHOLDER TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||||||||||||||
Subscriptions: | Institutional Class | 1,869,864,766 | 1,036,591,655 | 1,766,639,482 | 1,869,986,849 | 1,585,018,314.00 | 1,300,150,256 | 722,236,542 | 495,180,551 | 386,395,309 | 472,916,553 | 264,735,647 | 223,335,744 | |||||||||||||||||||||||||||||||||||||
Advisor Class | 4,182,181 | 23,855,063 | 44,562,327 | 30,218,835 | 15,854,567 | 31,264,624 | 57,894,307 | 52,735,409 | 4,634,341 | 5,875,729 | 2,835,380 | 11,726,035 | ||||||||||||||||||||||||||||||||||||||
Premier Class | 9,182,263 | 11,901,680 | — | — | — | — | — | — | — | — | 12,090,118 | 11,617,472 | ||||||||||||||||||||||||||||||||||||||
Retirement Class | 42,119,059 | 89,944,946 | 133,335,426 | 70,167,828 | 112,756,176 | 78,593,006 | 291,028,196 | 183,305,632 | 81,262,992 | 120,096,911 | 85,511,682 | 92,288,079 | ||||||||||||||||||||||||||||||||||||||
Retail Class | 73,037,504 | 58,114,144 | — | — | — | — | — | — | — | — | 6,804,939 | 10,006,644 | ||||||||||||||||||||||||||||||||||||||
Class W | 3,788,862,814 | 3,072,554,450 | 1,407,427,456 | 20,999,878 | 10,225,516 | 28,310,288 | 4,170,772 | 17,239,862 | — | — | 741,305,512 | 479,766,255 | ||||||||||||||||||||||||||||||||||||||
Reinvestments of distributions: | Institutional Class | 187,944,328 | 179,681,674 | 143,396,014 | 161,822,934 | 352,666,600 | 196,283,798 | 90,094,298 | 91,787,302 | 118,809,583 | 150,273,982 | 23,609,222 | 29,368,779 | |||||||||||||||||||||||||||||||||||||
Advisor Class | 949,716 | 785,298 | 1,218,032 | 1,414,964 | 2,199,560 | 446,164 | 1,941,297 | 1,191,871 | 413,424 | 1,037,424 | 328,518 | 32,881 | ||||||||||||||||||||||||||||||||||||||
Premier Class | 1,236,277 | 1,553,298 | — | — | — | — | — | — | — | — | 764,353 | 497,572 | ||||||||||||||||||||||||||||||||||||||
Retirement Class | 12,111,151 | 10,960,429 | 15,517,976 | 23,057,082 | 58,535,117 | 32,734,326 | 28,317,602 | 29,010,317 | 39,812,298 | 51,436,568 | 9,140,751 | 4,861,271 | ||||||||||||||||||||||||||||||||||||||
Retail Class | 17,337,990 | 17,223,069 | — | — | — | — | — | — | — | — | 355,270 | 240,751 | ||||||||||||||||||||||||||||||||||||||
Class W | 249,759,049 | 178,899,288 | 532,200 | — | 1,962,348 | — | 392,802 | — | — | — | 45,714,504 | 22,510,534 | ||||||||||||||||||||||||||||||||||||||
Redemptions: | Institutional Class | (2,361,151,638 | ) | (1,200,060,075 | ) | (2,930,060,988 | ) | (1,328,934,423 | ) | (1,506,247,463 | ) | (1,381,347,212 | ) | (723,659,925 | ) | (488,550,226 | ) | (382,328,259 | ) | (235,876,898 | ) | (228,335,800 | ) | (789,728,568 | ) | |||||||||||||||||||||||||
Advisor Class | (44,876,512 | ) | (14,589,340 | ) | (48,429,142 | ) | (28,548,540 | ) | (33,181,121 | ) | (11,896,318 | ) | (51,490,501 | ) | (18,800,650 | ) | (3,716,370 | ) | (10,687,803 | ) | (10,925,564 | ) | (2,375,680 | ) | ||||||||||||||||||||||||||
Premier Class | (20,137,058 | ) | (44,085,529 | ) | — | — | — | — | — | — | — | — | (15,069,736 | ) | (12,452,575 | ) | ||||||||||||||||||||||||||||||||||
Retirement Class | (150,328,488 | ) | (72,924,275 | ) | (160,976,505 | ) | (188,430,667 | ) | (98,365,132 | ) | (151,691,844 | ) | (280,912,558 | ) | (178,542,345 | ) | (76,851,519 | ) | (53,437,564 | ) | (12,931,319 | ) | (27,903,786 | ) | ||||||||||||||||||||||||||
Retail Class | (123,671,851 | ) | (105,902,545 | ) | — | — | — | — | — | — | — | — | (6,926,906 | ) | (10,663,279 | ) | ||||||||||||||||||||||||||||||||||
Class W | (1,816,710,563 | ) | (685,550,927 | ) | (8,558,721 | ) | (206,260 | ) | (6,618,586 | ) | (420,407 | ) | (4,268,089 | ) | (133,792 | ) | — | — | (196,981,732 | ) | (90,044,026 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) from shareholder transactions | 1,739,710,988 | 2,558,952,303 | 364,603,557 | 631,548,480 | 494,805,896 | 122,426,681 | 135,744,743 | 184,423,931 | 168,431,799 | 501,634,902 | 722,024,839 | (46,915,897 | ) | |||||||||||||||||||||||||||||||||||||
Net increase (decrease) in net assets | 3,849,512,516 | 4,780,685,942 | 2,220,579,229 | 1,470,355,332 | (463,097,523 | ) | 554,124,368 | 547,957,812 | 736,638,049 | 1,641,163 | 438,817,175 | 922,227,146 | 184,188,334 | |||||||||||||||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning of period | 22,405,478,946 | 17,624,793,004 | 7,592,455,609 | 6,122,100,277 | 6,910,152,084 | 6,356,027,716 | 5,511,725,343 | 4,775,087,294 | 3,107,341,769 | 2,668,524,594 | 2,602,501,727 | 2,418,313,393 | ||||||||||||||||||||||||||||||||||||||
End of period | $ | 26,254,991,462 | $ | 22,405,478,946 | $ | 9,813,034,838 | $ | 7,592,455,609 | $ | 6,447,054,561 | $ | 6,910,152,084 | $ | 6,059,683,155 | $ | 5,511,725,343 | $ | 3,108,982,932 | $ | 3,107,341,769 | $ | 3,524,728,873 | $ | 2,602,501,727 | ||||||||||||||||||||||||||
CHANGE IN FUND SHARES | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shares sold: | Institutional Class | 87,045,156 | 50,637,562 | 46,486,714 | 59,104,380 | 92,634,227 | 67,641,216 | 21,444,059 | 15,621,668 | 21,385,912 | 23,822,106 | 24,554,564 | 21,030,045 | |||||||||||||||||||||||||||||||||||||
Advisor Class | 206,406 | 1,171,049 | 1,336,144 | 960,315 | 873,308 | 1,681,049 | 1,750,644 | 1,704,422 | 256,789 | 292,940 | 271,335 | 1,165,417 | ||||||||||||||||||||||||||||||||||||||
Premier Class | 411,409 | 578,761 | — | — | — | — | — | — | — | — | 1,117,836 | 1,087,721 | ||||||||||||||||||||||||||||||||||||||
Retirement Class | 1,818,715 | 4,321,086 | 3,501,790 | 2,199,671 | 5,934,561 | 3,914,966 | 8,765,222 | 5,850,402 | 4,308,922 | 6,013,113 | 7,884,920 | 8,571,585 | ||||||||||||||||||||||||||||||||||||||
Retail Class | 3,204,767 | 2,790,732 | — | — | — | — | — | — | — | — | 638,840 | 939,503 | ||||||||||||||||||||||||||||||||||||||
Class W | 169,783,033 | 150,375,335 | 30,647,699 | 623,719 | 584,260 | 1,398,043 | 122,610 | 520,113 | — | — | 70,177,431 | 44,892,239 | ||||||||||||||||||||||||||||||||||||||
Shares reinvested: | Institutional Class | 8,268,558 | 9,387,757 | 4,069,127 | 5,681,985 | 17,775,534 | 10,772,985 | 2,618,259 | 3,179,331 | 5,835,441 | 8,036,042 | 2,171,961 | 2,916,463 | |||||||||||||||||||||||||||||||||||||
Advisor Class | 41,764 | 41,008 | 34,594 | 49,717 | 111,033 | 24,528 | 56,466 | 41,313 | 20,316 | 55,477 | 30,167 | 3,262 | ||||||||||||||||||||||||||||||||||||||
Premier Class | 54,486 | 81,282 | — | — | — | — | — | — | — | — | 70,447 | 49,510 | ||||||||||||||||||||||||||||||||||||||
Retirement Class | 524,292 | 563,808 | 436,757 | 803,103 | 2,893,481 | 1,764,654 | 827,758 | 1,010,460 | 1,944,909 | 2,735,987 | 844,022 | 484,191 | ||||||||||||||||||||||||||||||||||||||
Retail Class | 747,977 | 882,782 | — | — | — | — | — | — | — | — | 32,744 | 23,955 | ||||||||||||||||||||||||||||||||||||||
Class W | 10,988,079 | 9,346,880 | 15,102 | — | 98,909 | — | 11,415 | — | — | — | 4,205,566 | 2,237,628 | ||||||||||||||||||||||||||||||||||||||
Shares redeemed: | Institutional Class | (102,924,430 | ) | (57,905,860 | ) | (75,248,474 | ) | (42,373,721 | ) | (85,965,863 | ) | (71,727,491 | ) | (21,497,157 | ) | (15,527,466 | ) | (21,331,318 | ) | (11,874,177 | ) | (22,127,492 | ) | (73,239,254 | ) | |||||||||||||||||||||||||
Advisor Class | (2,095,231 | ) | (716,003 | ) | (1,331,354 | ) | (903,698 | ) | (1,984,879 | ) | (631,983 | ) | (1,576,294 | ) | (599,523 | ) | (213,217 | ) | (582,585 | ) | (1,185,785 | ) | (223,263 | ) | ||||||||||||||||||||||||||
Premier Class | (901,560 | ) | (2,126,089 | ) | — | — | — | — | — | — | — | — | (1,444,478 | ) | (1,167,151 | ) | ||||||||||||||||||||||||||||||||||
Retirement Class | (6,547,804 | ) | (3,439,387 | ) | (4,205,309 | ) | (6,100,131 | ) | (5,290,118 | ) | (7,824,548 | ) | (8,369,709 | ) | (5,774,792 | ) | (4,211,125 | ) | (2,665,457 | ) | (1,237,384 | ) | (2,637,941 | ) | ||||||||||||||||||||||||||
Retail Class | (5,559,038 | ) | (5,023,261 | ) | — | — | — | — | — | — | — | — | (650,627 | ) | (994,848 | ) | ||||||||||||||||||||||||||||||||||
Class W | (78,474,699 | ) | (32,691,539 | ) | (219,391 | ) | (6,051 | ) | (370,219 | ) | (20,702 | ) | (124,518 | ) | (4,012 | ) | — | — | (18,083,233 | ) | (8,359,386 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) from shareholder transactions | 86,591,880 | 128,275,903 | 5,523,399 | 20,039,289 | 27,294,234 | 6,992,717 | 4,028,755 | 6,021,916 | 7,996,629 | 25,833,446 | 67,270,834 | (3,220,324 | ) |
42 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Index Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Funds: Equity Index Funds ■ 2020 Annual Report | 43 |
Statements of changes in net assets | concluded |
TIAA-CREF Funds ■ For the year ended | |
International Equity Index Fund | ||||||||||
October 31, | October 31, | |||||||||
2020 | 2019 | |||||||||
OPERATIONS | ||||||||||
Net investment income (loss) | $ | 326,178,016 | $ | 385,306,819 | ||||||
Net realized gain (loss) on total investments | (190,634,176 | ) | (204,120,600 | ) | ||||||
Net change in unrealized appreciation (depreciation) on total investments | (975,808,381 | ) | 1,100,491,353 | |||||||
Net increase (decrease) in net assets from operations | (840,264,541 | ) | 1,281,677,572 | |||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||
Institutional Class | (245,800,056 | ) | (244,465,355 | ) | ||||||
Advisor Class | (3,679,322 | ) | (926,861 | ) | ||||||
Premier Class | (7,532,223 | ) | (6,500,507 | ) | ||||||
Retirement Class | (32,985,275 | ) | (27,099,954 | ) | ||||||
Retail Class | — | — | ||||||||
Class W | (116,525,339 | ) | (80,464,995 | ) | ||||||
Total distributions | (406,522,215 | ) | (359,457,672 | ) | ||||||
SHAREHOLDER TRANSACTIONS | ||||||||||
Subscriptions: | Institutional Class | 1,531,729,367 | 1,752,153,146 | |||||||
Advisor Class | 41,912,638 | 98,132,980 | ||||||||
Premier Class | 41,293,116 | 112,652,548 | ||||||||
Retirement Class | 182,257,495 | 203,905,393 | ||||||||
Retail Class | — | — | ||||||||
Class W | 1,292,839,800 | 973,226,643 | ||||||||
Reinvestments of distributions: | Institutional Class | 237,980,362 | 237,169,410 | |||||||
Advisor Class | 3,675,587 | 923,437 | ||||||||
Premier Class | 7,532,223 | 6,500,507 | ||||||||
Retirement Class | 32,985,275 | 27,099,954 | ||||||||
Retail Class | — | — | ||||||||
Class W | 116,525,340 | 80,464,995 | ||||||||
Redemptions: | Institutional Class | (1,176,795,599 | ) | (2,409,638,043 | ) | |||||
Advisor Class | (40,072,197 | ) | (17,508,515 | ) | ||||||
Premier Class | (65,382,558 | ) | (115,214,861 | ) | ||||||
Retirement Class | (130,901,190 | ) | (101,909,971 | ) | ||||||
Retail Class | — | — | ||||||||
Class W | (400,572,288 | ) | (171,217,675 | ) | ||||||
Net increase (decrease) from shareholder transactions | 1,675,007,371 | 676,739,948 | ||||||||
Net increase (decrease) in net assets | 428,220,615 | 1,598,959,848 | ||||||||
NET ASSETS | ||||||||||
Beginning of period | 12,989,649,173 | 11,390,689,325 | ||||||||
End of period | $ | 13,417,869,788 | $ | 12,989,649,173 | ||||||
CHANGE IN FUND SHARES | ||||||||||
Shares sold: | Institutional Class | 85,506,993 | 94,735,677 | |||||||
Advisor Class | 2,352,677 | 5,360,250 | ||||||||
Premier Class | 2,200,148 | 6,191,244 | ||||||||
Retirement Class | 9,477,950 | 10,625,397 | ||||||||
Retail Class | — | — | ||||||||
Class W | 72,141,696 | 52,249,718 | ||||||||
Shares reinvested: | Institutional Class | 12,185,374 | 13,740,985 | |||||||
Advisor Class | 188,395 | 53,532 | ||||||||
Premier Class | 386,268 | 377,278 | ||||||||
Retirement Class | 1,649,264 | 1,533,670 | ||||||||
Retail Class | — | — | ||||||||
Class W | 5,966,479 | 4,661,935 | ||||||||
Shares redeemed: | Institutional Class | (66,182,507 | ) | (131,202,913 | ) | |||||
Advisor Class | (2,277,490 | ) | (959,322 | ) | ||||||
Premier Class | (3,541,386 | ) | (6,128,956 | ) | ||||||
Retirement Class | (7,101,612 | ) | (5,477,552 | ) | ||||||
Retail Class | — | — | ||||||||
Class W | (21,674,365 | ) | (9,202,351 | ) | ||||||
Net increase (decrease) from shareholder transactions | 91,277,884 | 36,558,592 |
44 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Index Funds | See notes to financial statements |
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TIAA-CREF Funds: Equity Index Funds ■ 2020 Annual Report | 45 |
TIAA-CREF Funds
Selected per share data | ||||||||||||||||||||||||||||||||||||
Gain (loss) from investment operations | ||||||||||||||||||||||||||||||||||||
For the | Net asset | Net | Net realized and | Total gain | Less distributions from | Total | Net asset | |||||||||||||||||||||||||||||
period or year ended | value, beginning of period | investment income (loss | )a | unrealized gain (loss) on total investments | (loss) from investment operations | Net investment income | Net realized gains | dividends and distributions | value, end of period | |||||||||||||||||||||||||||
EQUITY INDEX FUND | ||||||||||||||||||||||||||||||||||||
Institutional Class: | 10/31/20 | $22.31 | $0.39 | $1.84 | $2.23 | $(0.42 | ) | $(0.05 | ) | $(0.47 | ) | $24.07 | ||||||||||||||||||||||||
10/31/19 | 20.12 | 0.43 | 2.20 | 2.63 | (0.37 | ) | (0.07 | ) | (0.44 | ) | 22.31 | |||||||||||||||||||||||||
10/31/18 | 19.31 | 0.38 | 0.86 | 1.24 | (0.33 | ) | (0.10 | ) | (0.43 | ) | 20.12 | |||||||||||||||||||||||||
10/31/17 | 15.95 | 0.35 | 3.42 | 3.77 | (0.33 | ) | (0.08 | ) | (0.41 | ) | 19.31 | |||||||||||||||||||||||||
10/31/16 | 15.82 | 0.33 | 0.30 | 0.63 | (0.31 | ) | (0.19 | ) | (0.50 | ) | 15.95 | |||||||||||||||||||||||||
Advisor Class: | 10/31/20 | 22.29 | 0.40 | 1.80 | 2.20 | (0.39 | ) | (0.05 | ) | (0.44 | ) | 24.05 | ||||||||||||||||||||||||
10/31/19 | 20.12 | 0.40 | 2.19 | 2.59 | (0.35 | ) | (0.07 | ) | (0.42 | ) | 22.29 | |||||||||||||||||||||||||
10/31/18 | 19.30 | 0.33 | 0.90 | 1.23 | (0.31 | ) | (0.10 | ) | (0.41 | ) | 20.12 | |||||||||||||||||||||||||
10/31/17 | 15.96 | 0.31 | 3.44 | 3.75 | (0.33 | ) | (0.08 | ) | (0.41 | ) | 19.30 | |||||||||||||||||||||||||
10/31/16 | ‡ | 15.96 | 0.25 | 0.25 | 0.50 | (0.31 | ) | (0.19 | ) | (0.50 | ) | 15.96 | ||||||||||||||||||||||||
Premier Class: | 10/31/20 | 22.24 | 0.35 | 1.83 | 2.18 | (0.38 | ) | (0.05 | ) | (0.43 | ) | 23.99 | ||||||||||||||||||||||||
10/31/19 | 20.05 | 0.40 | 2.19 | 2.59 | (0.33 | ) | (0.07 | ) | (0.40 | ) | 22.24 | |||||||||||||||||||||||||
10/31/18 | 19.25 | 0.34 | 0.87 | 1.21 | (0.31 | ) | (0.10 | ) | (0.41 | ) | 20.05 | |||||||||||||||||||||||||
10/31/17 | 15.91 | 0.32 | 3.41 | 3.73 | (0.31 | ) | (0.08 | ) | (0.39 | ) | 19.25 | |||||||||||||||||||||||||
10/31/16 | 15.77 | 0.32 | 0.29 | 0.61 | (0.28 | ) | (0.19 | ) | (0.47 | ) | 15.91 | |||||||||||||||||||||||||
Retirement Class: | 10/31/20 | 22.62 | 0.34 | 1.85 | 2.19 | (0.36 | ) | (0.05 | ) | (0.41 | ) | 24.40 | ||||||||||||||||||||||||
10/31/19 | 20.39 | 0.38 | 2.24 | 2.62 | (0.32 | ) | (0.07 | ) | (0.39 | ) | 22.62 | |||||||||||||||||||||||||
10/31/18 | 19.56 | 0.32 | 0.90 | 1.22 | (0.29 | ) | (0.10 | ) | (0.39 | ) | 20.39 | |||||||||||||||||||||||||
10/31/17 | 16.16 | 0.31 | 3.46 | 3.77 | (0.29 | ) | (0.08 | ) | (0.37 | ) | 19.56 | |||||||||||||||||||||||||
10/31/16 | 16.02 | 0.29 | 0.31 | 0.60 | (0.27 | ) | (0.19 | ) | (0.46 | ) | 16.16 | |||||||||||||||||||||||||
Retail Class: | 10/31/20 | 22.69 | 0.33 | 1.86 | 2.19 | (0.35 | ) | (0.05 | ) | (0.40 | ) | 24.48 | ||||||||||||||||||||||||
10/31/19 | 20.45 | 0.38 | 2.24 | 2.62 | (0.31 | ) | (0.07 | ) | (0.38 | ) | 22.69 | |||||||||||||||||||||||||
10/31/18 | 19.62 | 0.32 | 0.89 | 1.21 | (0.28 | ) | (0.10 | ) | (0.38 | ) | 20.45 | |||||||||||||||||||||||||
10/31/17 | 16.21 | 0.30 | 3.47 | 3.77 | (0.28 | ) | (0.08 | ) | (0.36 | ) | 19.62 | |||||||||||||||||||||||||
10/31/16 | 16.06 | 0.29 | 0.32 | 0.61 | (0.27 | ) | (0.19 | ) | (0.46 | ) | 16.21 | |||||||||||||||||||||||||
Class W: | 10/31/20 | 22.32 | 0.39 | 1.85 | 2.24 | (0.43 | ) | (0.05 | ) | (0.48 | ) | 24.08 | ||||||||||||||||||||||||
10/31/19 | 20.13 | 0.44 | 2.19 | 2.63 | (0.37 | ) | (0.07 | ) | (0.44 | ) | 22.32 | |||||||||||||||||||||||||
10/31/18 | † | 21.72 | 0.01 | (1.60 | ) | (1.59 | ) | — | — | — | 20.13 | |||||||||||||||||||||||||
LARGE-CAP GROWTH INDEX FUND | ||||||||||||||||||||||||||||||||||||
Institutional Class: | 10/31/20 | 34.63 | 0.39 | 9.50 | 9.89 | (0.40 | ) | (0.47 | ) | (0.87 | ) | 43.65 | ||||||||||||||||||||||||
10/31/19 | 30.73 | 0.41 | 4.59 | 5.00 | (0.39 | ) | (0.71 | ) | (1.10 | ) | 34.63 | |||||||||||||||||||||||||
10/31/18 | 28.30 | 0.39 | 2.59 | 2.98 | (0.35 | ) | (0.20 | ) | (0.55 | ) | 30.73 | |||||||||||||||||||||||||
10/31/17 | 22.13 | 0.36 | 6.11 | 6.47 | (0.30 | ) | — | (0.30 | ) | 28.30 | ||||||||||||||||||||||||||
10/31/16 | 22.25 | 0.35 | 0.13 | 0.48 | (0.32 | ) | (0.28 | ) | (0.60 | ) | 22.13 | |||||||||||||||||||||||||
Advisor Class: | 10/31/20 | 34.57 | 0.33 | 9.50 | 9.83 | (0.36 | ) | (0.47 | ) | (0.83 | ) | 43.57 | ||||||||||||||||||||||||
10/31/19 | 30.68 | 0.37 | 4.59 | 4.96 | (0.36 | ) | (0.71 | ) | (1.07 | ) | 34.57 | |||||||||||||||||||||||||
10/31/18 | 28.27 | 0.35 | 2.58 | 2.93 | (0.32 | ) | (0.20 | ) | (0.52 | ) | 30.68 | |||||||||||||||||||||||||
10/31/17 | 22.12 | 0.31 | 6.13 | 6.44 | (0.29 | ) | — | (0.29 | ) | 28.27 | ||||||||||||||||||||||||||
10/31/16 | ‡ | 22.50 | 0.24 | (0.02 | ) | 0.22 | (0.32 | ) | (0.28 | ) | (0.60 | ) | 22.12 | |||||||||||||||||||||||
Retirement Class: | 10/31/20 | 34.83 | 0.29 | 9.57 | 9.86 | (0.31 | ) | (0.47 | ) | (0.78 | ) | 43.91 | ||||||||||||||||||||||||
10/31/19 | 30.89 | 0.33 | 4.63 | 4.96 | (0.31 | ) | (0.71 | ) | (1.02 | ) | 34.83 | |||||||||||||||||||||||||
10/31/18 | 28.46 | 0.32 | 2.60 | 2.92 | (0.29 | ) | (0.20 | ) | (0.49 | ) | 30.89 | |||||||||||||||||||||||||
10/31/17 | 22.26 | 0.30 | 6.15 | 6.45 | (0.25 | ) | — | (0.25 | ) | 28.46 | ||||||||||||||||||||||||||
10/31/16 | 22.38 | 0.30 | 0.12 | 0.42 | (0.26 | ) | (0.28 | ) | (0.54 | ) | 22.26 | |||||||||||||||||||||||||
Class W: | 10/31/20 | 34.63 | 0.28 | 9.63 | 9.91 | (0.40 | ) | (0.47 | ) | (0.87 | ) | 43.67 | ||||||||||||||||||||||||
10/31/19 | † | 33.68 | 0.02 | 0.93 | 0.95 | — | — | — | 34.63 |
46 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Index Funds | See notes to financial statements |
Ratios and supplemental data | ||||||||||||||||||||||||||
For the | ||||||||||||||||||||||||||
period | Net assets at | Ratios to average net assets | Portfolio | |||||||||||||||||||||||
or year ended | Total return | end of period (in thousands | ) | Gross expenses | Net expenses | Net investment income (loss | ) | turnover rate | ||||||||||||||||||
EQUITY INDEX FUND | ||||||||||||||||||||||||||
Institutional Class: | 10/31/20 | 10.10 | % | $ 9,563,188 | 0.05 | % | 0.05 | % | 1.69 | % | 12 | %f | ||||||||||||||
10/31/19 | 13.47 | 9,034,344 | 0.05 | 0.05 | 2.08 | 4 | ||||||||||||||||||||
10/31/18 | 6.52 | 8,106,985 | 0.05 | 0.05 | 1.87 | 5 | f | |||||||||||||||||||
10/31/17 | 24.00 | 14,021,233 | 0.05 | 0.05 | 1.96 | 11 | ||||||||||||||||||||
10/31/16 | 4.24 | 10,010,647 | 0.05 | 0.05 | 2.11 | 9 | ||||||||||||||||||||
Advisor Class: | 10/31/20 | 9.97 | 9,404 | 0.17 | 0.17 | 1.71 | 12 | f | ||||||||||||||||||
10/31/19 | 13.26 | 49,888 | 0.19 | 0.19 | 1.93 | 4 | ||||||||||||||||||||
10/31/18 | 6.44 | 35,041 | 0.19 | 0.19 | 1.61 | 5 | f | |||||||||||||||||||
10/31/17 | 23.85 | 8,389 | 0.15 | 0.15 | 1.76 | 11 | ||||||||||||||||||||
10/31/16‡ | 3.38 | b | 123 | 0.07 | c | 0.07 | c | 1.77 | c | 9 | ||||||||||||||||
Premier Class: | 10/31/20 | 9.92 | 57,737 | 0.20 | 0.20 | 1.55 | 12 | f | ||||||||||||||||||
10/31/19 | 13.28 | 63,211 | 0.20 | 0.20 | 1.92 | 4 | ||||||||||||||||||||
10/31/18 | 6.36 | 86,396 | 0.20 | 0.20 | 1.68 | 5 | f | |||||||||||||||||||
10/31/17 | 23.78 | 111,915 | 0.20 | 0.20 | 1.81 | 11 | ||||||||||||||||||||
10/31/16 | 4.07 | 70,911 | 0.20 | 0.20 | 2.08 | 9 | ||||||||||||||||||||
Retirement Class: | 10/31/20 | 9.79 | 612,612 | 0.30 | 0.30 | 1.45 | 12 | f | ||||||||||||||||||
10/31/19 | 13.18 | 662,900 | 0.30 | 0.30 | 1.83 | 4 | ||||||||||||||||||||
10/31/18 | 6.29 | 568,207 | 0.30 | 0.30 | 1.56 | 5 | f | |||||||||||||||||||
10/31/17 | 23.66 | 544,772 | 0.30 | 0.30 | 1.72 | 11 | ||||||||||||||||||||
10/31/16 | 3.99 | 431,405 | 0.30 | 0.30 | 1.87 | 9 | ||||||||||||||||||||
Retail Class: | 10/31/20 | 9.77 | 1,070,150 | 0.33 | 0.33 | 1.41 | 12 | f | ||||||||||||||||||
10/31/19 | 13.15 | 1,028,244 | 0.33 | 0.33 | 1.80 | 4 | ||||||||||||||||||||
10/31/18 | 6.24 | 954,571 | 0.33 | 0.33 | 1.53 | 5 | f | |||||||||||||||||||
10/31/17 | 23.59 | 942,518 | 0.33 | 0.33 | 1.69 | 11 | ||||||||||||||||||||
10/31/16 | 3.99 | 763,597 | 0.34 | 0.34 | 1.84 | 9 | ||||||||||||||||||||
Class W: | 10/31/20 | 10.14 | 14,941,901 | 0.05 | 0.00 | 1.71 | 12 | f | ||||||||||||||||||
10/31/19 | 13.48 | 11,566,892 | 0.05 | 0.00 | 2.13 | 4 | ||||||||||||||||||||
10/31/18 | † | (7.32 | )b | 7,873,593 | 0.04 | c | 0.00 | c | 0.55 | c | 5 | f | ||||||||||||||
LARGE-CAP GROWTH INDEX FUND | ||||||||||||||||||||||||||
Institutional Class: | 10/31/20 | 29.14 | 7,537,182 | 0.05 | 0.05 | 1.00 | 33 | f | ||||||||||||||||||
10/31/19 | 17.03 | 6,833,846 | 0.05 | 0.05 | 1.28 | 28 | ||||||||||||||||||||
10/31/18 | 10.67 | 5,375,762 | 0.05 | 0.05 | 1.28 | 28 | ||||||||||||||||||||
10/31/17 | 29.56 | 4,767,108 | 0.06 | 0.06 | 1.45 | 18 | ||||||||||||||||||||
10/31/16 | 2.29 | 3,044,925 | 0.06 | 0.06 | 1.61 | 22 | ||||||||||||||||||||
Advisor Class: | 10/31/20 | 29.00 | 63,667 | 0.18 | 0.18 | 0.86 | 33 | f | ||||||||||||||||||
10/31/19 | 16.90 | 49,158 | 0.18 | 0.18 | 1.16 | 28 | ||||||||||||||||||||
10/31/18 | 10.49 | 40,368 | 0.19 | 0.19 | 1.13 | 28 | ||||||||||||||||||||
10/31/17 | 29.45 | 16,090 | 0.19 | 0.19 | 1.22 | 18 | ||||||||||||||||||||
10/31/16 | ‡ | 1.09 | b | 2,868 | 0.14 | c | 0.14 | c | 1.26 | c | 22 | |||||||||||||||
Retirement Class: | 10/31/20 | 28.84 | 855,735 | 0.30 | 0.30 | 0.74 | 33 | f | ||||||||||||||||||
10/31/19 | 16.75 | 688,063 | 0.30 | 0.30 | 1.05 | 28 | ||||||||||||||||||||
10/31/18 | 10.37 | 705,970 | 0.30 | 0.30 | 1.03 | 28 | ||||||||||||||||||||
10/31/17 | 29.23 | 665,674 | 0.31 | 0.31 | 1.20 | 18 | ||||||||||||||||||||
10/31/16 | 2.02 | 396,654 | 0.31 | 0.31 | 1.36 | 22 | ||||||||||||||||||||
Class W: | 10/31/20 | 29.22 | 1,356,450 | 0.05 | 0.00 | 0.71 | 33 | f | ||||||||||||||||||
10/31/19 | † | 2.82 | b | 21,390 | 0.15 | c | 0.00 | c | 0.79 | c | 28 |
See notes to financial statements | TIAA-CREF Funds: Equity Index Funds ■ 2020 Annual Report | 47 |
Financial highlights
TIAA-CREF Funds
Selected per share data | ||||||||||||||||||||||||||||||||||||
Gain (loss) from investment operations | ||||||||||||||||||||||||||||||||||||
For the | Net asset | Net | Net realized and | Total gain | Less distributions from | Total | Net asset | |||||||||||||||||||||||||||||
period or year ended | value, beginning of period | investment income (loss | )a | unrealized gain (loss) on total investments | (loss) from investment operations | Net investment income | Net realized gains | dividends and distributions | value, end of period | |||||||||||||||||||||||||||
LARGE-CAP VALUE INDEX FUND | ||||||||||||||||||||||||||||||||||||
Institutional Class: | 10/31/20 | $20.54 | $0.46 | $(1.85 | ) | $(1.39 | ) | $(0.57 | ) | $(0.86 | ) | $(1.43 | ) | $17.72 | ||||||||||||||||||||||
10/31/19 | 19.30 | 0.57 | 1.47 | 2.04 | (0.49 | ) | (0.31 | ) | (0.80 | ) | 20.54 | |||||||||||||||||||||||||
10/31/18 | 19.58 | 0.49 | 0.09 | 0.58 | (0.47 | ) | (0.39 | ) | (0.86 | ) | 19.30 | |||||||||||||||||||||||||
10/31/17 | 17.16 | 0.45 | 2.53 | 2.98 | (0.38 | ) | (0.18 | ) | (0.56 | ) | 19.58 | |||||||||||||||||||||||||
10/31/16 | 17.26 | 0.44 | 0.54 | 0.98 | (0.41 | ) | (0.67 | ) | (1.08 | ) | 17.16 | |||||||||||||||||||||||||
Advisor Class: | 10/31/20 | 20.49 | 0.48 | (1.90 | ) | (1.42 | ) | (0.54 | ) | (0.86 | ) | (1.40 | ) | 17.67 | ||||||||||||||||||||||
10/31/19 | 19.26 | 0.55 | 1.46 | 2.01 | (0.47 | ) | (0.31 | ) | (0.78 | ) | 20.49 | |||||||||||||||||||||||||
10/31/18 | 19.56 | 0.46 | 0.08 | 0.54 | (0.45 | ) | (0.39 | ) | (0.84 | ) | 19.26 | |||||||||||||||||||||||||
10/31/17 | 17.15 | 0.41 | 2.56 | 2.97 | (0.38 | ) | (0.18 | ) | (0.56 | ) | 19.56 | |||||||||||||||||||||||||
10/31/16 | ‡ | 17.33 | 0.31 | 0.59 | 0.90 | (0.41 | ) | (0.67 | ) | (1.08 | ) | 17.15 | ||||||||||||||||||||||||
Retirement Class: | 10/31/20 | 20.87 | 0.42 | (1.88 | ) | (1.46 | ) | (0.52 | ) | (0.86 | ) | (1.38 | ) | 18.03 | ||||||||||||||||||||||
10/31/19 | 19.59 | 0.53 | 1.50 | 2.03 | (0.44 | ) | (0.31 | ) | (0.75 | ) | 20.87 | |||||||||||||||||||||||||
10/31/18 | 19.87 | 0.45 | 0.09 | 0.54 | (0.43 | ) | (0.39 | ) | (0.82 | ) | 19.59 | |||||||||||||||||||||||||
10/31/17 | 17.41 | 0.41 | 2.58 | 2.99 | (0.35 | ) | (0.18 | ) | (0.53 | ) | 19.87 | |||||||||||||||||||||||||
10/31/16 | 17.50 | 0.41 | 0.54 | 0.95 | (0.37 | ) | (0.67 | ) | (1.04 | ) | 17.41 | |||||||||||||||||||||||||
Class W: | 10/31/20 | 20.54 | 0.47 | (1.85 | ) | (1.38 | ) | (0.57 | ) | (0.86 | ) | (1.43 | ) | 17.73 | ||||||||||||||||||||||
10/31/19 | † | 20.26 | 0.08 | 0.20 | 0.28 | — | — | — | 20.54 | |||||||||||||||||||||||||||
S&P 500 INDEX FUND | ||||||||||||||||||||||||||||||||||||
Institutional Class: | 10/31/20 | 33.88 | 0.62 | 2.61 | 3.23 | (0.66 | ) | (0.10 | ) | (0.76 | ) | 36.35 | ||||||||||||||||||||||||
10/31/19 | 30.48 | 0.68 | 3.53 | 4.21 | (0.59 | ) | (0.22 | ) | (0.81 | ) | 33.88 | |||||||||||||||||||||||||
10/31/18 | 29.04 | 0.57 | 1.52 | 2.09 | (0.54 | ) | (0.11 | ) | (0.65 | ) | 30.48 | |||||||||||||||||||||||||
10/31/17 | 24.06 | 0.53 | 5.04 | 5.57 | (0.48 | ) | (0.11 | ) | (0.59 | ) | 29.04 | |||||||||||||||||||||||||
10/31/16 | 23.66 | 0.51 | 0.50 | 1.01 | (0.46 | ) | (0.15 | ) | (0.61 | ) | 24.06 | |||||||||||||||||||||||||
Advisor Class: | 10/31/20 | 33.82 | 0.57 | 2.61 | 3.18 | (0.63 | ) | (0.10 | ) | (0.73 | ) | 36.27 | ||||||||||||||||||||||||
10/31/19 | 30.43 | 0.64 | 3.52 | 4.16 | (0.55 | ) | (0.22 | ) | (0.77 | ) | 33.82 | |||||||||||||||||||||||||
10/31/18 | 29.01 | 0.52 | 1.52 | 2.04 | (0.51 | ) | (0.11 | ) | (0.62 | ) | 30.43 | |||||||||||||||||||||||||
10/31/17 | 24.06 | 0.45 | 5.09 | 5.54 | (0.48 | ) | (0.11 | ) | (0.59 | ) | 29.01 | |||||||||||||||||||||||||
10/31/16 | ‡ | 23.87 | 0.33 | 0.47 | 0.80 | (0.46 | ) | (0.15 | ) | (0.61 | ) | 24.06 | ||||||||||||||||||||||||
Retirement Class: | 10/31/20 | 33.62 | 0.53 | 2.60 | 3.13 | (0.59 | ) | (0.10 | ) | (0.69 | ) | 36.06 | ||||||||||||||||||||||||
10/31/19 | 30.24 | 0.60 | 3.51 | 4.11 | (0.51 | ) | (0.22 | ) | (0.73 | ) | 33.62 | |||||||||||||||||||||||||
10/31/18 | 28.83 | 0.49 | 1.50 | 1.99 | (0.47 | ) | (0.11 | ) | (0.58 | ) | 30.24 | |||||||||||||||||||||||||
10/31/17 | 23.90 | 0.46 | 5.01 | 5.47 | (0.43 | ) | (0.11 | ) | (0.54 | ) | 28.83 | |||||||||||||||||||||||||
10/31/16 | 23.51 | 0.45 | 0.50 | 0.95 | (0.41 | ) | (0.15 | ) | (0.56 | ) | 23.90 | |||||||||||||||||||||||||
Class W: | 10/31/20 | 33.88 | 0.63 | 2.62 | 3.25 | (0.67 | ) | (0.10 | ) | (0.77 | ) | 36.36 | ||||||||||||||||||||||||
10/31/19 | † | 33.16 | 0.10 | 0.62 | 0.72 | — | — | — | 33.88 | |||||||||||||||||||||||||||
SMALL-CAP BLEND INDEX FUND | ||||||||||||||||||||||||||||||||||||
Institutional Class: | 10/31/20 | 20.46 | 0.22 | (0.15 | ) | 0.07 | (0.29 | ) | (0.79 | ) | (1.08 | ) | 19.45 | |||||||||||||||||||||||
10/31/19 | 21.18 | 0.31 | 0.59 | 0.90 | (0.28 | ) | (1.34 | ) | (1.62 | ) | 20.46 | |||||||||||||||||||||||||
10/31/18 | 22.02 | 0.31 | 0.12 | 0.43 | (0.31 | ) | (0.96 | ) | (1.27 | ) | 21.18 | |||||||||||||||||||||||||
10/31/17 | 17.88 | 0.29 | 4.64 | 4.93 | (0.31 | ) | (0.48 | ) | (0.79 | ) | 22.02 | |||||||||||||||||||||||||
10/31/16 | 18.25 | 0.31 | 0.42 | 0.73 | (0.30 | ) | (0.80 | ) | (1.10 | ) | 17.88 | |||||||||||||||||||||||||
Advisor Class: | 10/31/20 | 20.43 | 0.19 | (0.16 | ) | 0.03 | (0.26 | ) | (0.79 | ) | (1.05 | ) | 19.41 | |||||||||||||||||||||||
10/31/19 | 21.15 | 0.30 | 0.57 | 0.87 | (0.25 | ) | (1.34 | ) | (1.59 | ) | 20.43 | |||||||||||||||||||||||||
10/31/18 | 22.00 | 0.26 | 0.14 | 0.40 | (0.29 | ) | (0.96 | ) | (1.25 | ) | 21.15 | |||||||||||||||||||||||||
10/31/17 | 17.88 | 0.24 | 4.67 | 4.91 | (0.31 | ) | (0.48 | ) | (0.79 | ) | 22.00 | |||||||||||||||||||||||||
10/31/16 | ‡ | 18.63 | 0.27 | 0.08 | 0.35 | (0.30 | ) | (0.80 | ) | (1.10 | ) | 17.88 | ||||||||||||||||||||||||
Retirement Class: | 10/31/20 | 20.52 | 0.17 | (0.15 | ) | 0.02 | (0.24 | ) | (0.79 | ) | (1.03 | ) | 19.51 | |||||||||||||||||||||||
10/31/19 | 21.23 | 0.26 | 0.60 | 0.86 | (0.23 | ) | (1.34 | ) | (1.57 | ) | 20.52 | |||||||||||||||||||||||||
10/31/18 | 22.07 | 0.25 | 0.14 | 0.39 | (0.27 | ) | (0.96 | ) | (1.23 | ) | 21.23 | |||||||||||||||||||||||||
10/31/17 | 17.93 | 0.24 | 4.65 | 4.89 | (0.27 | ) | (0.48 | ) | (0.75 | ) | 22.07 | |||||||||||||||||||||||||
10/31/16 | 18.29 | 0.27 | 0.42 | 0.69 | (0.25 | ) | (0.80 | ) | (1.05 | ) | 17.93 |
48 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Index Funds | See notes to financial statements |
continued
Ratios and supplemental data | ||||||||||||||||||||||||||
For the | ||||||||||||||||||||||||||
period | Net assets at | Ratios to average net assets | Portfolio | |||||||||||||||||||||||
or year ended | Total return | end of period (in thousands | ) | Gross expenses | Net expenses | Net investment income (loss | ) | turnover rate | ||||||||||||||||||
LARGE-CAP VALUE INDEX FUND | ||||||||||||||||||||||||||
Institutional Class: | 10/31/20 | (7.51 | )% | $5,586,461 | 0.05 | % | 0.05 | % | 2.52 | % | 33 | f% | ||||||||||||||
10/31/19 | 11.13 | 5,973,386 | 0.05 | 0.05 | 2.97 | 38 | ||||||||||||||||||||
10/31/18 | 2.97 | 5,482,154 | 0.05 | 0.05 | 2.49 | 27 | ||||||||||||||||||||
10/31/17 | 17.66 | 5,510,818 | 0.06 | 0.06 | 2.42 | 27 | ||||||||||||||||||||
10/31/16 | 6.37 | 4,134,073 | 0.06 | 0.06 | 2.66 | 23 | ||||||||||||||||||||
Advisor Class: | 10/31/20 | (7.63 | ) | 9,094 | 0.19 | 0.19 | 2.54 | 33 | f | |||||||||||||||||
10/31/19 | 11.00 | 31,051 | 0.19 | 0.19 | 2.85 | 38 | ||||||||||||||||||||
10/31/18 | 2.77 | 8,505 | 0.19 | 0.19 | 2.34 | 27 | ||||||||||||||||||||
10/31/17 | 17.58 | 2,346 | 0.20 | 0.20 | 2.21 | 27 | ||||||||||||||||||||
10/31/16 | ‡ | 5.87 | b | 141 | 0.08 | c | 0.08 | c | 2.08 | c | 23 | |||||||||||||||
Retirement Class: | 10/31/20 | (7.71 | ) | 821,535 | 0.30 | 0.30 | 2.29 | 33 | f | |||||||||||||||||
10/31/19 | 10.85 | 877,423 | 0.30 | 0.30 | 2.71 | 38 | ||||||||||||||||||||
10/31/18 | 2.68 | 865,369 | 0.30 | 0.30 | 2.25 | 27 | ||||||||||||||||||||
10/31/17 | 17.41 | 959,169 | 0.30 | 0.30 | 2.17 | 27 | ||||||||||||||||||||
10/31/16 | 6.06 | 686,313 | 0.31 | 0.31 | 2.43 | 23 | ||||||||||||||||||||
Class W: | 10/31/20 | (7.45 | ) | 29,964 | 0.05 | 0.00 | 2.57 | 33 | f | |||||||||||||||||
10/31/19 | † | 1.38 | b | 28,293 | 0.12 | c | 0.00 | c | 4.13 | c | 38 | |||||||||||||||
S&P 500 INDEX FUND | ||||||||||||||||||||||||||
Institutional Class: | 10/31/20 | 9.67 | 4,426,743 | 0.05 | 0.05 | 1.78 | 7 | |||||||||||||||||||
10/31/19 | 14.27 | 4,038,596 | 0.05 | 0.05 | 2.17 | 5 | ||||||||||||||||||||
10/31/18 | 7.26 | 3,533,305 | 0.05 | 0.05 | 1.87 | 8 | ||||||||||||||||||||
10/31/17 | 23.56 | 3,500,746 | 0.06 | 0.06 | 1.99 | 9 | ||||||||||||||||||||
10/31/16 | 4.47 | 2,527,279 | 0.05 | 0.05 | 2.18 | 8 | ||||||||||||||||||||
Advisor Class: | 10/31/20 | 9.51 | 103,558 | 0.18 | 0.18 | 1.65 | 7 | |||||||||||||||||||
10/31/19 | 14.12 | 88,735 | 0.19 | 0.19 | 2.05 | 5 | ||||||||||||||||||||
10/31/18 | 7.12 | 44,964 | 0.20 | 0.20 | 1.70 | 8 | ||||||||||||||||||||
10/31/17 | 23.40 | 29,207 | 0.19 | 0.19 | 1.68 | 9 | ||||||||||||||||||||
10/31/16 | ‡ | 3.54 | b | 482 | 0.09 | c | 0.09 | c | 1.59 | c | 8 | |||||||||||||||
Retirement Class: | 10/31/20 | 9.41 | 1,510,268 | 0.30 | 0.30 | 1.53 | 7 | |||||||||||||||||||
10/31/19 | 14.01 | 1,366,911 | 0.30 | 0.30 | 1.92 | 5 | ||||||||||||||||||||
10/31/18 | 6.97 | 1,196,818 | 0.30 | 0.30 | 1.62 | 8 | ||||||||||||||||||||
10/31/17 | 23.24 | 1,135,456 | 0.31 | 0.31 | 1.74 | 9 | ||||||||||||||||||||
10/31/16 | 4.19 | 787,632 | 0.30 | 0.30 | 1.95 | 8 | ||||||||||||||||||||
Class W: | 10/31/20 | 9.72 | 19,113 | 0.04 | 0.00 | 1.83 | 7 | |||||||||||||||||||
10/31/19 | † | 2.17 | b | 17,484 | 0.16 | c | 0.00 | c | 3.34 | c | 5 | |||||||||||||||
SMALL-CAP BLEND INDEX FUND | ||||||||||||||||||||||||||
Institutional Class: | 10/31/20 | 0.08 | 2,308,446 | 0.06 | 0.06 | 1.16 | 32 | f | ||||||||||||||||||
10/31/19 | 4.98 | 2,308,296 | 0.06 | 0.06 | 1.58 | 32 | ||||||||||||||||||||
10/31/18 | 1.99 | 1,966,064 | 0.06 | 0.06 | 1.38 | 20 | ||||||||||||||||||||
10/31/17 | 28.01 | 1,816,567 | 0.06 | 0.06 | 1.43 | 22 | ||||||||||||||||||||
10/31/16 | 4.48 | 1,364,443 | 0.06 | 0.06 | 1.80 | 22 | ||||||||||||||||||||
Advisor Class: | 10/31/20 | (0.11 | ) | 8,823 | 1.08 | 0.20 | 1.01 | 32 | f | |||||||||||||||||
10/31/19 | 4.83 | 7,980 | 0.84 | 0.21 | 1.52 | 32 | ||||||||||||||||||||
10/31/18 | 1.84 | 13,215 | 0.42 | 0.21 | 1.13 | 20 | ||||||||||||||||||||
10/31/17 | 27.88 | 4,848 | 1.17 | 0.21 | 1.18 | 22 | ||||||||||||||||||||
10/31/16 | ‡ | 2.33 | b | 107 | 0.08 | c | 0.08 | c | 1.74 | c | 22 | |||||||||||||||
Retirement Class: | 10/31/20 | (0.16 | ) | 791,714 | 0.30 | 0.30 | 0.92 | 32 | f | |||||||||||||||||
10/31/19 | 4.72 | 791,066 | 0.31 | 0.31 | 1.33 | 32 | ||||||||||||||||||||
10/31/18 | 1.75 | 689,246 | 0.31 | 0.31 | 1.12 | 20 | ||||||||||||||||||||
10/31/17 | 27.66 | 592,706 | 0.31 | 0.31 | 1.18 | 22 | ||||||||||||||||||||
10/31/16 | 4.22 | 412,202 | 0.31 | 0.31 | 1.56 | 22 |
See notes to financial statements | TIAA-CREF Funds: Equity Index Funds ■ 2020 Annual Report | 49 |
Financial highlights
TIAA-CREF Funds
Selected per share data | ||||||||||||||||||||||||||||||||||||
Gain (loss) from investment operations | ||||||||||||||||||||||||||||||||||||
For the | Net asset | Net | Net realized and | Total gain | Less distributions from | Total | Net asset | |||||||||||||||||||||||||||||
period or year ended | value, beginning of period | investment income (loss | )a | unrealized gain (loss) on total investments | (loss) from investment operations | Net investment income | Net realized gains | dividends and distributions | value, end of period | |||||||||||||||||||||||||||
EMERGING MARKETS EQUITY INDEX FUND | ||||||||||||||||||||||||||||||||||||
Institutional Class: | 10/31/20 | $11.05 | $0.23 | $ 0.68 | $ 0.91 | $(0.32 | ) | $— | $(0.32 | ) | $11.64 | |||||||||||||||||||||||||
10/31/19 | 10.14 | 0.30 | 0.85 | 1.15 | (0.24 | ) | — | (0.24 | ) | 11.05 | ||||||||||||||||||||||||||
10/31/18 | 11.86 | 0.28 | (1.76 | ) | (1.48 | ) | (0.24 | ) | — | (0.24 | ) | 10.14 | ||||||||||||||||||||||||
10/31/17 | 9.52 | 0.22 | 2.29 | 2.51 | (0.17 | ) | — | (0.17 | ) | 11.86 | ||||||||||||||||||||||||||
10/31/16 | 8.93 | 0.20 | 0.59 | 0.79 | (0.20 | ) | — | (0.20 | ) | 9.52 | ||||||||||||||||||||||||||
Advisor Class: | 10/31/20 | 11.06 | 0.18 | 0.71 | 0.89 | (0.30 | ) | — | (0.30 | ) | 11.65 | |||||||||||||||||||||||||
10/31/19 | 10.13 | 0.35 | 0.80 | 1.15 | (0.22 | ) | — | (0.22 | ) | 11.06 | ||||||||||||||||||||||||||
10/31/18 | 11.85 | 0.37 | (1.87 | ) | (1.50 | ) | (0.22 | ) | — | (0.22 | ) | 10.13 | ||||||||||||||||||||||||
10/31/17 | 9.52 | 0.25 | 2.24 | 2.49 | (0.16 | ) | — | (0.16 | ) | 11.85 | ||||||||||||||||||||||||||
10/31/16 | ‡ | 8.64 | 0.18 | 0.90 | 1.08 | (0.20 | ) | — | (0.20 | ) | 9.52 | |||||||||||||||||||||||||
Premier Class: | 10/31/20 | 11.02 | 0.21 | 0.67 | 0.88 | (0.30 | ) | — | (0.30 | ) | 11.60 | |||||||||||||||||||||||||
10/31/19 | 10.10 | 0.32 | 0.82 | 1.14 | (0.22 | ) | — | (0.22 | ) | 11.02 | ||||||||||||||||||||||||||
10/31/18 | 11.82 | 0.23 | (1.73 | ) | (1.50 | ) | (0.22 | ) | — | (0.22 | ) | 10.10 | ||||||||||||||||||||||||
10/31/17 | 9.50 | 0.22 | 2.26 | 2.48 | (0.16 | ) | — | (0.16 | ) | 11.82 | ||||||||||||||||||||||||||
10/31/16 | 8.91 | 0.19 | 0.59 | 0.78 | (0.19 | ) | — | (0.19 | ) | 9.50 | ||||||||||||||||||||||||||
Retirement Class: | 10/31/20 | 11.00 | 0.20 | 0.67 | 0.87 | (0.30 | ) | — | (0.30 | ) | 11.57 | |||||||||||||||||||||||||
10/31/19 | 10.08 | 0.32 | 0.81 | 1.13 | (0.21 | ) | — | (0.21 | ) | 11.00 | ||||||||||||||||||||||||||
10/31/18 | 11.80 | 0.24 | (1.75 | ) | (1.51 | ) | (0.21 | ) | — | (0.21 | ) | 10.08 | ||||||||||||||||||||||||
10/31/17 | 9.48 | 0.20 | 2.27 | 2.47 | (0.15 | ) | — | (0.15 | ) | 11.80 | ||||||||||||||||||||||||||
10/31/16 | 8.90 | 0.18 | 0.58 | 0.76 | (0.18 | ) | — | (0.18 | ) | 9.48 | ||||||||||||||||||||||||||
Retail Class: | 10/31/20 | 11.00 | 0.19 | 0.68 | 0.87 | (0.28 | ) | — | (0.28 | ) | 11.59 | |||||||||||||||||||||||||
10/31/19 | 10.09 | 0.29 | 0.82 | 1.11 | (0.20 | ) | — | (0.20 | ) | 11.00 | ||||||||||||||||||||||||||
10/31/18 | 11.81 | 0.23 | (1.75 | ) | (1.52 | ) | (0.20 | ) | — | (0.20 | ) | 10.09 | ||||||||||||||||||||||||
10/31/17 | 9.48 | 0.18 | 2.29 | 2.47 | (0.14 | ) | — | (0.14 | ) | 11.81 | ||||||||||||||||||||||||||
10/31/16 | 8.89 | 0.16 | 0.59 | 0.75 | (0.16 | ) | — | (0.16 | ) | 9.48 | ||||||||||||||||||||||||||
Class W: | 10/31/20 | 11.07 | 0.26 | 0.67 | 0.93 | (0.34 | ) | — | (0.34 | ) | 11.66 | |||||||||||||||||||||||||
10/31/19 | 10.14 | 0.37 | 0.81 | 1.18 | (0.25 | ) | — | (0.25 | ) | 11.07 | ||||||||||||||||||||||||||
10/31/18 | † | 11.06 | 0.02 | (0.94 | ) | (0.92 | ) | — | — | — | 10.14 | |||||||||||||||||||||||||
INTERNATIONAL EQUITY INDEX FUND | ||||||||||||||||||||||||||||||||||||
Institutional Class: | 10/31/20 | 19.77 | 0.45 | (1.67 | ) | (1.22 | ) | (0.62 | ) | — | (0.62 | ) | 17.93 | |||||||||||||||||||||||
10/31/19 | 18.37 | 0.61 | 1.37 | 1.98 | (0.58 | ) | — | (0.58 | ) | 19.77 | ||||||||||||||||||||||||||
10/31/18 | 20.32 | 0.61 | (2.00 | ) | (1.39 | ) | (0.56 | ) | — | (0.56 | ) | 18.37 | ||||||||||||||||||||||||
10/31/17 | 16.89 | 0.55 | 3.37 | 3.92 | (0.49 | ) | — | (0.49 | ) | 20.32 | ||||||||||||||||||||||||||
10/31/16 | 17.86 | 0.54 | (1.00 | ) | (0.46 | ) | (0.51 | ) | — | (0.51 | ) | 16.89 | ||||||||||||||||||||||||
Advisor Class: | 10/31/20 | 19.75 | 0.43 | (1.68 | ) | (1.25 | ) | (0.60 | ) | — | (0.60 | ) | 17.90 | |||||||||||||||||||||||
10/31/19 | 18.34 | 0.58 | 1.38 | 1.96 | (0.55 | ) | — | (0.55 | ) | 19.75 | ||||||||||||||||||||||||||
10/31/18 | 20.29 | 0.60 | (2.01 | ) | (1.41 | ) | (0.54 | ) | — | (0.54 | ) | 18.34 | ||||||||||||||||||||||||
10/31/17 | 16.88 | 0.49 | 3.40 | 3.89 | (0.48 | ) | — | (0.48 | ) | 20.29 | ||||||||||||||||||||||||||
10/31/16 | ‡ | 17.70 | 0.37 | (0.68 | ) | (0.31 | ) | (0.51 | ) | — | (0.51 | ) | 16.88 | |||||||||||||||||||||||
Premier Class: | 10/31/20 | 19.71 | 0.42 | (1.67 | ) | (1.25 | ) | (0.59 | ) | — | (0.59 | ) | 17.87 | |||||||||||||||||||||||
10/31/19 | 18.31 | 0.59 | 1.36 | 1.95 | (0.55 | ) | — | (0.55 | ) | 19.71 | ||||||||||||||||||||||||||
10/31/18 | 20.26 | 0.56 | (1.98 | ) | (1.42 | ) | (0.53 | ) | — | (0.53 | ) | 18.31 | ||||||||||||||||||||||||
10/31/17 | 16.84 | 0.52 | 3.36 | 3.88 | (0.46 | ) | — | (0.46 | ) | 20.26 | ||||||||||||||||||||||||||
10/31/16 | 17.81 | 0.51 | (0.99 | ) | (0.48 | ) | (0.49 | ) | — | (0.49 | ) | 16.84 | ||||||||||||||||||||||||
Retirement Class: | 10/31/20 | 20.20 | 0.41 | (1.72 | ) | (1.31 | ) | (0.57 | ) | — | (0.57 | ) | 18.32 | |||||||||||||||||||||||
10/31/19 | 18.74 | 0.59 | 1.40 | 1.99 | (0.53 | ) | — | (0.53 | ) | 20.20 | ||||||||||||||||||||||||||
10/31/18 | 20.73 | 0.57 | (2.04 | ) | (1.47 | ) | (0.52 | ) | — | (0.52 | ) | 18.74 | ||||||||||||||||||||||||
10/31/17 | 17.22 | 0.52 | 3.44 | 3.96 | (0.45 | ) | — | (0.45 | ) | 20.73 | ||||||||||||||||||||||||||
10/31/16 | 18.20 | 0.50 | (1.01 | ) | (0.51 | ) | (0.47 | ) | — | (0.47 | ) | 17.22 | ||||||||||||||||||||||||
Class W: | 10/31/20 | 19.78 | 0.46 | (1.68 | ) | (1.22 | ) | (0.62 | ) | — | (0.62 | ) | 17.94 | |||||||||||||||||||||||
10/31/19 | 18.37 | 0.63 | 1.36 | 1.99 | (0.58 | ) | — | (0.58 | ) | 19.78 | ||||||||||||||||||||||||||
10/31/18 | † | 19.95 | 0.02 | (1.60 | ) | (1.58 | ) | — | — | — | 18.37 |
‡ | The Advisor Class commenced operations on December 4, 2015. |
† | Class W commenced operations on September 28, 2018 for the Equity Index Fund, the Emerging Markets Equity Index Fund and the International Equity Index Fund; and commenced operations on September 30, 2019 for the Large-Cap Growth Index Fund, the Large-Cap Value Index Fund and the S&P 500 Index Fund. |
a | Based on average shares outstanding. |
b | The percentages shown for this period are not annualized. |
c | The percentages shown for this period are annualized. |
f | Does not include in-kind transactions. |
50 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Index Funds | See notes to financial statements |
concluded
Ratios and supplemental data | ||||||||||||||||||||||||||
For the | ||||||||||||||||||||||||||
period | Net assets at | Ratios to average net assets | Portfolio | |||||||||||||||||||||||
or year ended | Total return | end of period (in thousands | ) | Gross expenses | Net expenses | Net investment income (loss | ) | turnover rate | ||||||||||||||||||
EMERGING MARKETS EQUITY INDEX FUND | ||||||||||||||||||||||||||
Institutional Class: | 10/31/20 | 8.43 | % | $ 921,818 | 0.20 | % | 0.20 | % | 2.13 | % | 36 | % | ||||||||||||||
10/31/19 | 11.60 | 824,509 | 0.20 | 0.20 | 2.80 | 53 | ||||||||||||||||||||
10/31/18 | (12.75 | ) | 1,256,129 | 0.20 | 0.20 | 2.34 | 27 | |||||||||||||||||||
10/31/17 | 26.87 | 2,062,554 | 0.21 | 0.21 | 2.17 | 29 | ||||||||||||||||||||
10/31/16 | 9.25 | 1,476,857 | 0.22 | 0.22 | 2.32 | 30 | ||||||||||||||||||||
Advisor Class: | 10/31/20 | 8.28 | 2,449 | 0.34 | 0.34 | 1.62 | 36 | |||||||||||||||||||
10/31/19 | 11.52 | 12,105 | 0.34 | 0.34 | 3.34 | 53 | ||||||||||||||||||||
10/31/18 | (12.86 | ) | 1,511 | 0.34 | 0.34 | 3.19 | 27 | |||||||||||||||||||
10/31/17 | 26.73 | 1,019 | 0.37 | 0.36 | 2.34 | 29 | ||||||||||||||||||||
10/31/16 | ‡ | 12.90 | b | 193 | 0.24 | c | 0.24 | c | 2.35 | c | 30 | |||||||||||||||
Premier Class: | 10/31/20 | 8.21 | 25,218 | 0.35 | 0.35 | 1.90 | 36 | |||||||||||||||||||
10/31/19 | 11.52 | 26,772 | 0.35 | 0.35 | 3.00 | 53 | ||||||||||||||||||||
10/31/18 | (12.89 | ) | 24,852 | 0.35 | 0.35 | 1.99 | 27 | |||||||||||||||||||
10/31/17 | 26.55 | 36,599 | 0.36 | 0.36 | 2.10 | 29 | ||||||||||||||||||||
10/31/16 | 9.12 | 17,476 | 0.37 | 0.37 | 2.18 | 30 | ||||||||||||||||||||
Retirement Class: | 10/31/20 | 8.06 | 428,964 | 0.45 | 0.45 | 1.89 | 36 | |||||||||||||||||||
10/31/19 | 11.43 | 325,179 | 0.45 | 0.45 | 2.97 | 53 | ||||||||||||||||||||
10/31/18 | (12.99 | ) | 233,463 | 0.45 | 0.45 | 2.03 | 27 | |||||||||||||||||||
10/31/17 | 26.51 | 272,466 | 0.46 | 0.46 | 1.98 | 29 | ||||||||||||||||||||
10/31/16 | 8.92 | 140,457 | 0.47 | 0.47 | 2.08 | 30 | ||||||||||||||||||||
Retail Class: | 10/31/20 | 8.07 | 15,221 | 0.57 | 0.57 | 1.73 | 36 | |||||||||||||||||||
10/31/19 | 11.16 | 14,225 | 0.57 | 0.57 | 2.74 | 53 | ||||||||||||||||||||
10/31/18 | (13.07 | ) | 13,357 | 0.57 | 0.57 | 1.92 | 27 | |||||||||||||||||||
10/31/17 | 26.44 | 14,704 | 0.58 | 0.58 | 1.79 | 29 | ||||||||||||||||||||
10/31/16 | 8.81 | 9,124 | 0.61 | 0.61 | 1.91 | 30 | ||||||||||||||||||||
Class W: | 10/31/20 | 8.60 | 2,131,058 | 0.20 | 0.01 | 2.37 | 36 | |||||||||||||||||||
10/31/19 | 11.86 | 1,399,712 | 0.20 | 0.00 | 3.50 | 53 | ||||||||||||||||||||
10/31/18 | † | (8.32 | )b | 889,002 | 0.22 | c | 0.00 | c | 2.27 | c | 27 | |||||||||||||||
INTERNATIONAL EQUITY INDEX FUND | ||||||||||||||||||||||||||
Institutional Class: | 10/31/20 | (6.45 | ) | 7,675,874 | 0.05 | 0.05 | 2.46 | 4 | ||||||||||||||||||
10/31/19 | 11.23 | 7,842,042 | 0.06 | 0.06 | 3.28 | 10 | ||||||||||||||||||||
10/31/18 | (7.04 | ) | 7,702,594 | 0.06 | 0.06 | 3.06 | 4 | f | ||||||||||||||||||
10/31/17 | 23.84 | 10,221,016 | 0.06 | 0.06 | 3.01 | 11 | ||||||||||||||||||||
10/31/16 | (2.48 | ) | 6,655,871 | 0.06 | 0.06 | 3.25 | 11 | |||||||||||||||||||
Advisor Class: | 10/31/20 | (6.58 | ) | 111,950 | 0.17 | 0.17 | 2.32 | 4 | ||||||||||||||||||
10/31/19 | 11.15 | 118,307 | 0.19 | 0.19 | 3.15 | 10 | ||||||||||||||||||||
10/31/18 | (7.16 | ) | 28,194 | 0.20 | 0.20 | 3.00 | 4 | f | ||||||||||||||||||
10/31/17 | 23.68 | 25,184 | 0.21 | 0.21 | 2.63 | 11 | ||||||||||||||||||||
10/31/16 | ‡ | (1.67 | )b | 4,108 | 0.14 | c | 0.14 | c | 2.49 | c | 11 | |||||||||||||||
Premier Class: | 10/31/20 | (6.61 | ) | 201,339 | 0.20 | 0.20 | 2.26 | 4 | ||||||||||||||||||
10/31/19 | 11.06 | 240,884 | 0.21 | 0.21 | 3.18 | 10 | ||||||||||||||||||||
10/31/18 | (7.18 | ) | 215,656 | 0.21 | 0.21 | 2.80 | 4 | f | ||||||||||||||||||
10/31/17 | 23.67 | 319,116 | 0.21 | 0.21 | 2.83 | 11 | ||||||||||||||||||||
10/31/16 | (2.64 | ) | 242,345 | 0.21 | 0.21 | 3.09 | 11 | |||||||||||||||||||
Retirement Class: | 10/31/20 | (6.73 | ) | 1,140,317 | 0.30 | 0.30 | 2.20 | 4 | ||||||||||||||||||
10/31/19 | 11.01 | 1,175,682 | 0.31 | 0.31 | 3.09 | 10 | ||||||||||||||||||||
10/31/18 | (7.29 | ) | 965,816 | 0.31 | 0.31 | 2.78 | 4 | f | ||||||||||||||||||
10/31/17 | 23.55 | 1,008,677 | 0.31 | 0.31 | 2.75 | 11 | ||||||||||||||||||||
10/31/16 | (2.77 | ) | 667,204 | 0.31 | 0.31 | 2.97 | 11 | |||||||||||||||||||
Class W: | 10/31/20 | (6.40 | ) | 4,288,389 | 0.05 | 0.00 | 2.53 | 4 | ||||||||||||||||||
10/31/19 | 11.30 | 3,612,733 | 0.06 | 0.00 | 3.42 | 10 | ||||||||||||||||||||
10/31/18 | † | (7.92 | )b | 2,478,430 | 0.06 | c | 0.00 | c | 1.15 | c | 4 | f |
See notes to financial statements | TIAA-CREF Funds: Equity Index Funds ■ 2020 Annual Report | 51 |
TIAA-CREF Funds
Note 1—organization
TIAA-CREF Funds (the “Trust”) is a Delaware statutory trust that is registered with the U.S. Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The following are the TIAA-CREF Funds included in this report: Equity Index Fund, Large-Cap Growth Index Fund, Large-Cap Value Index Fund, S&P 500 Index Fund, Small-Cap Blend Index Fund, Emerging Markets Equity Index Fund, and the International Equity Index Fund (collectively the “Funds” or individually, the “Fund”).
Teachers Advisors, LLC (“Advisors”), a wholly owned indirect subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”), is registered with the SEC as an investment adviser and provides investment management services for the Funds.
The Funds offer their shares, without a sales load, through their principal underwriter, Nuveen Securities, LLC (“Nuveen Securities”), which is a wholly owned indirect subsidiary of TIAA.
The Funds offer up to six share classes, although any one Fund may not necessarily offer all six classes. The Funds may offer Institutional Class, Advisor Class, Premier Class, Retirement Class, Retail Class and Class W shares. Each class differs by the allocation of class-specific expenses and voting rights in matters affecting a single class. Class W was made available for sale by certain Funds on September 28, 2018 pursuant to an amendment to the Trust’s registration statement filed with the SEC.
Note 2—significant accounting policies
The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. The Funds are investment companies and follow the accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services—Investment Companies. The net asset value (“NAV”) for financial reporting purposes may differ from the NAV for processing transactions. The NAV for financial reporting purposes includes security and shareholder transactions through the date of the report. Total return is computed based on the NAV used for processing transactions. The following is a summary of the significant accounting policies consistently followed by the Funds.
Investments and investment income: Securities transactions are accounted for as of the trade date for financial reporting purposes. Interest income is recorded on an accrual basis and includes accretion of discounts and amortization of premiums. Dividend income is recorded on the ex-dividend date. Foreign dividend income is recorded on the ex-dividend date or as soon as possible after the Funds determine the existence of a dividend declaration. Securities lending income is comprised of fees earned from borrowers and income earned on cash collateral investments. Realized gains and losses on securities transactions are based upon the specific identification method.
Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. The Funds estimate the components of distributions received that may be considered return of capital distributions or capital gain distributions.
Multiclass operations and allocations: Income, expenses, realized gains and losses and unrealized appreciation and depreciation of a Fund are allocated on a pro rata basis to each class of shares, except for service agreement fees, distribution fees and transfer agency fees and expenses, which are unique to each class of shares. Most expenses of the Trust can be directly attributed to a fund. Expenses that cannot be directly attributed are allocated to each fund in the Trust based upon the average net assets of each fund.
Distributions to shareholders: Distributions to shareholders are recorded on the ex-dividend date. The amount, character and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
Foreign currency transactions and translation: The books and records of the Funds are maintained in U.S. dollars. Assets, including investments, and liabilities denominated in foreign currencies are translated into U.S. dollars at the end of each day. Purchases and sales of securities, income, and expenses are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.
Net realized foreign currency gains and losses resulting from changes in exchange rates associated with (i) foreign currency, (ii) investments and (iii) derivatives include foreign currency gains and losses between trade date and settlement date of the transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the Funds and the amounts actually received and are recognized as a component of “Net realized gain (loss) on total investments” on the Statements of operations, when applicable.
The unrealized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with (i) investments and (ii) other assets and liabilities are recognized as a component of “Net change in unrealized appreciation (depreciation) on total investments” on the Statements of operations, when applicable. The unrealized gains and losses resulting from changes in foreign exchange rates associated with investments in derivatives are recognized as a component of the respective derivative’s related “Net change in unrealized appreciation (depreciation) on total investments and affiliated investments” on the Statements of operations, when applicable.
Trustee compensation: The Funds pay the members of the Board of Trustees (“Board”), all of whom are independent, certain remuneration for their services, plus travel and other expenses. Trustees may elect to participate in a deferred compensation plan and defer all or a portion of their compensation. In addition, trustees participate in a long-term compensation plan. Amounts deferred are retained by the Funds until paid. Amounts payable to the trustees for compensation are included separately in the accompanying Statements of assets and liabilities. Trustees’ fees, including any deferred and long-term compensation incurred, are reflected in the Statements of operations.
52 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Index Funds |
Indemnification: Under the Trust’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that provide general indemnifications to other parties. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.
Other matters: The outbreak of the novel coronavirus (“COVID-19”) and subsequent global pandemic began significantly impacting the U.S. and global financial markets and economies during the calendar quarter ended March 31, 2020. The worldwide spread of COVID-19 has created significant uncertainty in the global economy. The duration and extent of COVID-19 over the long-term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Funds’ normal course of business, results of operations, investments, and cash flows will depend on future developments, which are highly uncertain and difficult to predict. Management continues to monitor and evaluate this situation.
Note 3—valuation of investments
The Funds’ investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy which is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
• | Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities. |
• | Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.). |
• | Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments). |
A description of the valuation techniques applied to the Funds’ major classifications of assets and liabilities measured at fair value follows:
Exchange-traded equity securities, common and preferred stock: Equity securities and exchange-traded funds listed or traded on a national market or exchange are valued based on their sale price at the official close of business of such market or
exchange on the valuation date. Foreign equity securities are valued at the last sale price or official closing price reported on the exchange where traded and converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. To the extent these securities are actively traded and that valuation adjustments are not applied, they are generally classified as Level 1. If there is no official close of business, then the latest available sale price is utilized. If no sales are reported, then the mean of the latest available bid and ask prices is utilized and are generally classified as Level 2.
For events affecting the value of foreign securities between the time when the exchange on which they are traded closes and the time when the Funds’ net assets are calculated, such securities will be valued at fair value in accordance with procedures adopted by the Board. These foreign securities are generally classified as Level 2.
Debt securities: Prices of fixed-income securities are generally provided by an independent pricing service (“pricing service”) approved by the Board. The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer or market activity, provided by the Adviser. These securities are generally classified as Level 2.
Investments in registered investment companies: Investments in investment companies are valued at their respective NAVs on the valuation date and are generally classified as Level 1.
Repurchase Agreements: Repurchase agreements are valued at contract amount plus accrued interest, which approximates market value. These securities are generally classified as Level 2.
Futures contracts: Futures contracts are valued using the closing settlement price and are generally classified as Level 1.
Any portfolio security or derivative for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued at fair value, as determined in good faith using procedures approved by the Board. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. To the extent the inputs are observable and timely, the values would be classified as Level 2 of the fair value hierarchy, otherwise they would be classified as Level 3.
TIAA-CREF Funds: Equity Index Funds ■ 2020 Annual Report | 53 |
Notes to financial statements
The following table summarizes the market value of the Funds’ investments as of October 31, 2020, based on the inputs used to value them:
Fund | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Equity Index | ||||||||||||||||
Equity investments: | ||||||||||||||||
Financials | $ | 2,660,194,958 | $ | – | $ | 4,176 | $ | 2,660,199,134 | ||||||||
Health care | 3,746,092,942 | 5,651,265 | 84,460 | 3,751,828,667 | ||||||||||||
Industrials | 745,927,311 | – | – | 745,927,311 | ||||||||||||
All other equity investments* | 18,965,748,779 | – | – | 18,965,748,779 | ||||||||||||
Short-term investments | 117,642,022 | 488,817,031 | – | 606,459,053 | ||||||||||||
Futures contracts** | (3,901,364 | ) | – | – | (3,901,364 | ) | ||||||||||
Total | $ | 26,231,704,648 | $ | 494,468,296 | $ | 88,636 | $ | 26,726,261,580 | ||||||||
Large-Cap Growth Index | ||||||||||||||||
Equity investments: | ||||||||||||||||
Health care | $ | 1,331,817,119 | $ | 4,473,966 | $ | – | $ | 1,336,291,085 | ||||||||
All other equity investments* | 8,459,489,146 | – | – | 8,459,489,146 | ||||||||||||
Short-term investments | 9,727,829 | 36,939,005 | – | 46,666,834 | ||||||||||||
Total | $ | 9,801,034,094 | $ | 41,412,971 | $ | – | $ | 9,842,447,065 | ||||||||
Large-Cap Value Index | ||||||||||||||||
Equity investments* | $ | 6,440,375,040 | $ | – | $ | – | $ | 6,440,375,040 | ||||||||
Short-term investments | 10,468,949 | 3,185,000 | – | 13,653,949 | ||||||||||||
Total | $ | 6,450,843,989 | $ | 3,185,000 | $ | – | $ | 6,454,028,989 | ||||||||
S&P 500 Index | ||||||||||||||||
Equity investments* | $ | 6,028,959,334 | $ | – | $ | – | $ | 6,028,959,334 | ||||||||
Short-term investments | 4,144,545 | 25,819,686 | – | 29,964,231 | ||||||||||||
Futures contracts** | (469,328 | ) | – | – | (469,328 | ) | ||||||||||
Total | $ | 6,032,634,551 | $ | 25,819,686 | $ | – | $ | 6,058,454,237 | ||||||||
Small-Cap Blend Index | ||||||||||||||||
Equity investments: | ||||||||||||||||
Financials | $ | 497,861,465 | $ | – | $ | 8,640 | $ | 497,870,105 | ||||||||
Health care | 657,148,217 | – | 106,394 | 657,254,611 | ||||||||||||
Materials | 141,074,560 | – | – | 141,074,560 | ||||||||||||
All other equity investments* | 1,806,629,062 | – | – | 1,806,629,062 | ||||||||||||
Short-term investments | 128,902,996 | – | – | 128,902,996 | ||||||||||||
Total | $ | 3,231,616,300 | $ | – | $ | 115,034 | $ | 3,231,731,334 | ||||||||
Emerging Markets Equity Index | ||||||||||||||||
Equity investments: | ||||||||||||||||
Africa/Middle East | $ | – | $ | 206,730,031 | $ | – | $ | 206,730,031 | ||||||||
Asia | 498,523,265 | 2,139,388,891 | 257,941 | 2,638,170,097 | ||||||||||||
Europe | 31,760,004 | 58,705,644 | – | 90,465,648 | ||||||||||||
Latin America | – | 150,506,161 | – | 150,506,161 | ||||||||||||
North America | 108,747,214 | – | – | 108,747,214 | ||||||||||||
All other equity investments* | 12,051,386 | 317,763,861 | 784 | 329,816,031 | ||||||||||||
Short-term investments | 8,351,939 | 52,185,000 | – | 60,536,939 | ||||||||||||
Total | $ | 659,433,808 | $ | 2,925,279,588 | $ | 258,725 | $ | 3,584,972,121 | ||||||||
International Equity Index | ||||||||||||||||
Equity investments: | ||||||||||||||||
Asia | $ | 3,450,405 | $ | 3,869,721,965 | $ | – | $ | 3,873,172,370 | ||||||||
Australasia | – | 1,014,011,061 | 2,781 | 1,014,013,842 | ||||||||||||
Europe | 7,303,909 | 7,080,404,425 | – | 7,087,708,334 | ||||||||||||
All other equity investments* | 54,530,870 | 1,098,396,867 | 1,577 | 1,152,929,314 | ||||||||||||
Short-term investments | 155,916,611 | 200,770,674 | – | 356,687,285 | ||||||||||||
Futures contracts** | (4,898,208 | ) | – | – | (4,898,208 | ) | ||||||||||
Total | $ | 216,303,587 | $ | 13,263,304,992 | $ | 4,358 | $ | 13,479,612,937 |
* | For detailed categories, see the accompanying Summary portfolio of investments. |
** | Derivative instruments are not reflected in the Summary portfolio of investments. |
54 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Index Funds |
continued
Note 4—investments
Repurchase agreements: In connection with transactions in repurchase agreements, it is the Fund’s policy that its custodian take possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. If the counterparty defaults, and the fair value of the collateral declines, realization of the collateral may be delayed or limited.
Restricted securities: Restricted securities held by the Funds, if any, may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933, as amended. The risk of investing in such securities is generally greater than the risk of investing in securities that are widely held and publicly traded.
Securities lending: Certain Funds may lend their securities to qualified institutional borrowers to earn additional income. A Fund receives collateral (in the form of cash, Treasury securities or other collateral permitted by applicable law) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of loaned securities during the period of the loan; any additional collateral required due to changes in security values is delivered to the Fund the next business day. Cash collateral received by the Fund will generally be invested in high-quality short-term instruments or in one or more funds maintained by the securities lending agent (“Agent”) for the purpose of investing cash collateral.
The value of the loaned securities and the liability to return the cash collateral received are reflected in the Statements of assets and liabilities. Non-cash collateral is not disclosed in the Funds’ Statements of assets and liabilities as it is held by the lending agent on behalf of the Funds, and the Funds do not have the ability to sell or re-hypothecate those securities. As of October 31, 2020, securities lending transactions are for equity securities, and the resulting loans are continuous, can be recalled at any time, and have no set maturity. Securities lending income recognized by the Funds consists of earnings on invested collateral and lending fees, net of any rebates to the borrower and compensation to the Agent. Such income is reflected separately in the Statements of operations. In lending its securities, a Fund bears the market risk with respect to the investment of collateral and the risk that the Agent may default on its contractual obligations to the Fund. The Agent bears the risk that the borrower may default on its obligation to return the loaned securities as the Agent is contractually obligated to indemnify the Fund if at the time of a default by a borrower some or all of the loan securities have not been returned.
At October 31, 2020, the total value of securities on loan and the total value of collateral received were as follows:
Fund | Aggregate value of securities on loan | Cash collateral received* | Non-cash collateral received | Total collateral received | ||||||||||||
Equity Index | $158,778,566 | $117,642,022 | $50,631,788 | $168,273,810 | ||||||||||||
Large-Cap Growth Index | 20,671,377 | 9,727,829 | 12,779,745 | 22,507,574 | ||||||||||||
Large-Cap Value Index | 14,066,011 | 10,468,949 | 3,985,035 | 14,453,984 | ||||||||||||
S&P 500 Index | 5,087,215 | 4,144,545 | 986,849 | 5,131,394 | ||||||||||||
Small-Cap Blend Index | 172,971,605 | 128,902,996 | 55,869,359 | 184,772,355 | ||||||||||||
Emerging Markets Equity Index | 36,143,892 | 8,351,939 | 29,689,599 | 38,041,538 | ||||||||||||
International Equity Index | 219,129,656 | 155,916,611 | 70,811,671 | 226,728,282 |
* | May include cash and investment of cash collateral. |
Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the year ended October 31, 2020 were as follows:
Fund | Non-U.S. government purchases | Non-U.S. government sales | ||||||
Equity Index | $ | 3,611,756,847 | $ | 2,809,412,261 | ||||
Large-Cap Growth Index | 3,410,107,957 | 2,737,733,443 | ||||||
Large-Cap Value Index | 2,680,952,594 | 2,141,757,387 | ||||||
S&P 500 Index | 494,272,129 | 386,792,787 | ||||||
Small-Cap Blend Index | 1,070,417,171 | 960,869,202 | ||||||
Emerging Markets Equity Index | 1,779,365,303 | 1,072,459,746 | ||||||
International Equity Index | 2,075,728,126 | 498,782,095 |
Note 5—derivative investments
Each Fund is authorized to invest in certain derivative instruments. As defined by U.S. GAAP, a derivative is a financial instrument whose value is derived from an underlying security price, foreign exchange rate, interest rate, index of prices or rates, or other variables. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statements of operations, when applicable.
At October 31, 2020, the following Funds have invested in derivative contracts which are reflected in the Statements of assets and liabilities as follows:
Liabilities derivatives | ||||||
Derivative contracts | Location | Fair value amount | ||||
Equity Index Fund | ||||||
Equity contracts | Futures contracts* | $(3,901,364 | ) | |||
S&P 500 Index Fund | ||||||
Equity contracts | Futures contracts* | (469,328 | ) | |||
International Equity Index Fund | ||||||
Equity contracts | Futures contracts* | (4,898,208 | ) |
* | The fair value presented includes cumulative gain (loss) on open futures contracts; however, the value reflected in the accompanying Statements of assets and liabilities is only the receivable or payable for variation margin on open futures contracts. |
TIAA-CREF Funds: Equity Index Funds ■ 2020 Annual Report | 55 |
Notes to financial statements
For the year ended October 31, 2020, the effect of derivative contracts on the Funds’ Statements of operations was as follows:
Derivative contracts | Location | Realized gain (loss | ) | Change in unrealized appreciation (depreciation | ) | |||||
Equity Index Fund | ||||||||||
Equity contracts | Futures contracts | $ | 243,522 | $ | (4,178,550 | ) | ||||
S&P 500 Index Fund | ||||||||||
Equity contracts | Futures contracts | (1,092,267 | ) | (512,248 | ) | |||||
International Equity Index Fund | ||||||||||
Equity contracts | Futures contracts | 1,218,929 | (8,785,327 | ) |
Futures contracts: Certain Funds are subject to equity price risk in the normal course of pursuing their investment objectives. The Funds use futures contracts to manage exposure to the equity markets and for cash management purposes to remain highly invested in these markets while minimizing transaction costs. Buying futures contracts tends to increase exposure to the underlying instrument/index, while selling futures contracts tends to decrease exposure to the underlying instrument/index or hedge other investments. Initial margin deposits are made upon entering into a futures contract, and variation margin receipts or payments are settled daily reflecting changes in the value of the futures contracts. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon the expiration or closing of the futures contracts or if the counterparties do not perform in accordance with contractual provisions. With futures contracts, there is minimal counterparty credit risk to the Funds since futures contracts are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded funds, guarantees the futures contracts against default. During the year ended October 31, 2020, the Equity Index Fund, S&P 500 Index Fund & International Equity Index Fund had exposure to futures contracts, based on underlying notional values, generally between 0% and 3% of net assets. The futures contracts outstanding as of October 31, 2020 are disclosed in the Summary portfolio of investments and the full Schedules of investments.
Note 6—Income tax and other tax matters
Income taxes: Each Fund is treated separately for income tax purposes. The Funds intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code (“Code”) and will not be subject to income taxes to the extent that they distribute all taxable income each year and comply with various other Code requirements. The Funds file income tax returns in U.S. federal and applicable state and local jurisdictions. A fund’s federal income tax returns are
generally subject to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed the Funds’ tax positions taken for all open federal income tax years and has concluded that no provision for federal income tax is required in the Funds’ financial statements.
The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. Reclassifications are made to a Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations.
For the year ended October 31, 2020, permanent book and tax differences resulting primarily from differing treatments for foreign currency transactions, certain foreign taxes paid, redemptions in-kind, utilization of tax equalization credits, dividend redesignations, investments in partnerships, and gains and losses from the sale of stock in passive foreign investment companies were identified and reclassified among the components of the Funds’ net assets. Net investment income and net realized gains (losses), as disclosed on the Statements of operations, and net assets were not affected by these reclassifications.
Foreign taxes: The Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon the current interpretation of tax rules and regulations that exist in the markets in which the Funds invest.
Net unrealized appreciation (depreciation): At October 31, 2020, net unrealized appreciation (depreciation) based on the aggregate cost of all investments for federal income tax purposes, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows:
Fund | Tax cost | Gross unrealized appreciation | Gross unrealized (depreciation | ) | Net unrealized appreciation (depreciation | ) | ||||||||||
Equity Index | $ | 16,260,991,120 | $ | 11,940,218,135 | $ | (1,474,947,675 | ) | $ | 10,465,270,460 | |||||||
Large-Cap Growth Index | 5,419,372,007 | 4,495,882,467 | (72,807,409 | ) | 4,423,075,058 | |||||||||||
Large-Cap Value Index | 5,912,459,057 | 1,341,594,398 | (800,024,466 | ) | 541,569,932 | |||||||||||
S&P 500 Index | 3,272,709,132 | 3,140,436,251 | (354,691,146 | ) | 2,785,745,105 | |||||||||||
Small-Cap Blend Index | 2,909,051,716 | 820,765,958 | (498,086,340 | ) | 322,679,618 | |||||||||||
Emerging Markets Equity Index | 2,965,665,122 | 1,098,411,175 | (479,104,176 | ) | 619,306,999 | |||||||||||
International Equity Index | 12,877,125,392 | 3,027,972,757 | (2,425,485,212 | ) | 602,487,545 |
56 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Index Funds |
continued
For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as up-front fees or premiums exchanged on derivatives and any amounts unrealized for income statement reporting but realized in income and/or capital gains for tax reporting.
Distributions to shareholders: The tax character of distributions paid to shareholders during the years ended October 31, 2020 and October 31, 2019 was as follows:
10/31/2020 | 10/31/2019 | |||||||||||||||||||||||
Fund | Ordinary income | Long-term capital gains | Total | Ordinary income | Long-term capital gains | Total | ||||||||||||||||||
Equity Index | $432,656,400 | $ 38,341,696 | $470,998,096 | $340,529,815 | $ 50,044,008 | $390,573,823 | ||||||||||||||||||
Large-Cap Growth Index | 85,041,646 | 103,369,310 | 188,410,956 | 83,832,620 | 133,097,612 | 216,930,232 | ||||||||||||||||||
Large-Cap Value Index | 187,639,650 | 291,202,475 | 478,842,125 | 177,000,174 | 85,779,696 | 262,779,870 | ||||||||||||||||||
S&P 500 Index | 105,924,670 | 16,347,251 | 122,271,921 | 88,433,514 | 34,908,695 | 123,342,209 | ||||||||||||||||||
Small-Cap Blend Index | 54,413,020 | 107,080,539 | 161,493,559 | 49,075,639 | 156,378,485 | 205,454,124 | ||||||||||||||||||
Emerging Markets Equity Index | 80,014,430 | – | 80,014,430 | 58,381,252 | – | 58,381,252 | ||||||||||||||||||
International Equity Index | 406,522,215 | – | 406,522,215 | 359,457,672 | – | 359,457,672 |
Components of accumulated earnings: As of October 31, 2020, the components of accumulated earnings on a tax basis were as follows:
Fund | Undistributed ordinary income | Undistributed long-term capital gains | Unrealized appreciation (depreciation | ) | Capital loss carryover | Total | ||||||||||||||
Equity Index | $ 341,917,555 | $ – | $10,465,270,460 | $(112,017,505 | ) | $10,695,170,510 | ||||||||||||||
Large-Cap Growth Index | 109,748,115 | 101,628,708 | 4,423,075,058 | – | 4,634,451,881 | |||||||||||||||
Large-Cap Value Index | 135,287,451 | – | 541,569,932 | (249,603,173 | ) | 427,254,210 | ||||||||||||||
S&P 500 Index | 83,707,979 | – | 2,785,745,104 | (20,172,078 | ) | 2,849,281,005 | ||||||||||||||
Small-Cap Blend Index | 32,782,259 | 57,689,867 | 322,679,618 | – | 413,151,744 | |||||||||||||||
Emerging Markets Equity Index | 76,555,056 | – | 616,659,882 | (249,575,528 | ) | 443,639,410 | ||||||||||||||
International Equity Index | 276,040,711 | – | 604,155,365 | (445,971,299 | ) | 434,224,777 |
The difference between book basis and tax basis net investment income, net realized gains and losses, and unrealized appreciation and depreciation is attributable primarily to the tax deferral of losses on wash sales, the realization, for tax purposes, of unrealized gains on investments in passive foreign investment companies, and the treatment of short-term gain as ordinary income for tax purposes.
In certain circumstances, a fund may distribute portfolio securities rather than cash as payment for a redemption of fund shares (in-kind redemption). A fund may also accept portfolio securities rather than cash as payment for a purchase of fund shares (in-kind purchase). During the year ended October 31, 2020 the Large-Cap Growth Index Fund recognized a net capital gain of $298,713,024 as the result of a delivery of $426,506,221 of securities from in-kind redemption transactions. The Large-Cap Value Index Fund recognized a net capital gain of $126,603,370 as the result of a delivery of $345,341,943 of securities from in-kind redemption transactions. The Small-Cap Blend Index Fund recognized a net capital gain of $28,548,208 as the result of a delivery of $60,604,383 of securities from in-kind redemption transactions. For federal income tax purposes, the gain is not taxable and therefore will not be distributed to shareholders. The gain was reclassified from total distributable earnings (loss) to paid-in-capital in the Statements of Assets and Liabilities. During the year ended October 31, 2020, the Equity Index Fund received $832,452,547 of securities from in-kind purchase transactions.
Capital loss carryovers: At October 31, 2020, the following Funds had capital loss carryovers, which will not expire:
Fund | Short-term | Long-term | Total | |||||||||
Equity Index | $ | – | $ | 112,017,505 | $ | 112,017,505 | ||||||
Large-Cap Value Index | 18,798,694 | 230,804,479 | 249,603,173 | |||||||||
S&P 500 Index | – | 20,172,078 | 20,172,078 | |||||||||
Emerging Markets Equity Index | 57,346,831 | 192,228,697 | 249,575,528 | |||||||||
International Equity Index | 138,909,527 | 307,061,772 | 445,971,299 |
Note 7—investment adviser and other transactions with affiliates
Under the terms of the Investment Management Agreement with respect to each Fund, Advisors provides asset management services to the Fund for an annual fee, payable monthly. The Funds have entered into an Administrative Service Agreement with Advisors under which the Funds pay Advisors for its costs in providing certain administrative and compliance services to the Funds.
Under the terms of a Retirement Class Service Agreement with respect to each Fund, the Retirement Class of the Fund incurs an annual fee, payable monthly to Advisors, for certain administrative costs associated with the maintenance of Retirement Class shares on retirement plan or other platforms. Substantially all of the Retirement Class shareholder servicing fees reported on the Statements of operations are paid to Advisors under the Service Agreement.
Under the terms of a distribution Rule 12b-1 plan, the Retail Class of each Fund compensates Nuveen Securities for providing distribution, promotional, and/or shareholder services to the Retail Class of the Fund at the annual rate of 0.25% of the average daily net assets attributable to the Fund’s Retail
TIAA-CREF Funds: Equity Index Funds ■ 2020 Annual Report | 57 |
Notes to financial statements
Class. The Premier Class of each Fund is subject to a distribution Rule 12b-1 plan that compensates Nuveen Securities for providing distribution, promotional and/or shareholder services to the Premier Class of the Fund at the annual rate of 0.15% of the average daily net assets attributable to the Fund’s Premier Class.
Advisors has contractually agreed to waive and/or reimburse Class W’s shares’ Management fees and Other expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, acquired fund fees and expenses, trustee expenses and extraordinary expenses) in their entirety. Advisors expects this waiver and/or reimbursement to remain in effect indefinitely, unless changed or terminated with approval of
the Board of Trustees. The Management fees and Other expenses of Class W shares that have been waived by Advisors may be incurred directly or indirectly, all or in part, by investors in Class W shares.
Advisors has agreed to reimburse each Fund if its total expense ratio (excluding interest, taxes, brokerage commissions or other transactional expenses, acquired fund fees and expenses and extraordinary expenses) exceeds certain percentages. As of October 31, 2020, the investment management fee, service agreement fee, distribution fee and maximum expense amounts (after waivers and reimbursements) are equal to the following noted annual percentage of average daily net assets for each class:
Investment management fee— effective rate | Service agreement fee | Distribution fee | Maximum expense amounts‡ | |||||||||||||||||||||||||||||||||||||
Fund | Retirement Class | Premier Class | Retail Class | Institutional Class | Advisor Class | Premier Class | Retirement Class | Retail Class | Class W§ | |||||||||||||||||||||||||||||||
Equity Index | 0.04 | % | 0.25 | % | 0.15 | % | 0.25 | % | 0.09 | % | 0.24 | % | 0.24 | % | 0.34 | % | 0.48 | % | 0.09 | % | ||||||||||||||||||||
Large-Cap Growth Index | 0.04 | 0.25 | – | – | 0.09 | 0.24 | – | 0.34 | – | 0.09 | ||||||||||||||||||||||||||||||
Large-Cap Value Index | 0.04 | 0.25 | – | – | 0.09 | 0.24 | – | 0.34 | – | 0.09 | ||||||||||||||||||||||||||||||
S&P 500 Index | 0.04 | 0.25 | – | – | 0.09 | 0.24 | – | 0.34 | – | 0.09 | ||||||||||||||||||||||||||||||
Small-Cap Blend Index | 0.04 | 0.25 | – | – | 0.09 | 0.24 | – | 0.34 | – | 0.09 | ||||||||||||||||||||||||||||||
Emerging Markets Equity Index | 0.14 | 0.25 | 0.15 | 0.25 | 0.25 | 0.40 | 0.40 | 0.50 | 0.64 | 0.25 | ||||||||||||||||||||||||||||||
International Equity Index | 0.04 | 0.25 | 0.15 | – | 0.15 | 0.30 | 0.30 | 0.40 | – | 0.15 |
‡ | Maximum expense amounts reflect all expenses excluding interest, taxes, brokerage and other transactional expenses, acquired fund fees and expenses and extraordinary expenses. The expense reimbursement arrangements will continue through at least February 28, 2021. The reimbursement arrangements can only be changed with the approval of the Board of Trustees. |
§ | Advisors has contractually agreed to waive and/or reimburse Class W’s Management fees and Other expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses, Trustee expenses and extraordinary expenses) in their entirety. Advisors expects this waiver and/or reimbursement to remain in effect permanently, unless changed with approval of the Board of Trustees. |
Income, reflected in Payment from affiliate on the Statements of operations, reflects voluntary compensation from Advisors in amounts that approximate a portion of the cost of research services obtained from broker-dealers and research providers if Advisors had purchased the research services directly. The Funds may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Board, pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions. For the year ended October 31, 2020, the Funds engaged in the following security transactions with affiliated entities:
Fund | Purchases | Sales | Realized gain (loss | ) | ||||||||
Equity Index | $ | 810,039,995 | $ | 3,951,889 | $ | (710,383 | ) | |||||
Large-Cap Growth Index | 917,886,673 | 64,304,243 | 286,076 | |||||||||
Large-Cap Value Index | 169,780,415 | 47,876,936 | (3,122,912 | ) | ||||||||
S&P 500 Index | 229,493,639 | 17,162,184 | (392,376 | ) | ||||||||
Small-Cap Blend Index | 10,296,604 | 2,747,332 | (413,663 | ) | ||||||||
Emerging Markets Equity Index | 65,034,925 | 5,115,761 | (717,568 | ) | ||||||||
International Equity Index | 267,915,057 | 14,443,418 | (5,301,649 | ) |
A registered separate account of TIAA (collectively “TIAA Access”) has various sub-accounts that invest in the Funds, and certain funds within the Trust also make investments in the Funds. The following is the percentage of the Funds’ shares owned by TIAA and other funds within the Trust as of October 31, 2020:
Fund | TIAA-CREF Lifecycle Funds | TIAA-CREF Lifecycle Index Funds | TIAA Access | Total | ||||||||||||
Equity Index | – | % | 57 | % | 1 | % | 58 | % | ||||||||
Large-Cap Growth Index | 14 | – | 4 | 18 | ||||||||||||
Large-Cap Value Index | – | – | 7 | 7 | ||||||||||||
S&P 500 Index | – | – | 11 | 11 | ||||||||||||
Small-Cap Blend Index | – | – | 17 | 17 | ||||||||||||
Emerging Markets Equity Index | – | 60 | 2 | 62 | ||||||||||||
International Equity Index | – | 32 | 6 | 38 |
TIAA-CREF Tuition Financing, Inc. (“TFI”), a wholly owned direct subsidiary of TIAA, is a registered investment adviser that provides program management services to multiple qualified tuition programs formed under Section 529 of the Internal Revenue Code (“529 Plans”). These 529 Plans, each of which operates independently, invest a portion of their assets in the Funds. As of October 31, 2020, three 529 Plans owned 5%, 5% and 7% respectively, of the Equity Index Fund; and two 529 plans owned 10% and 7% respectively, of S&P 500 Index Fund; and one 529 plan owned 5% of Emerging Markets Equity Index Fund; and two 529 Plans owned 5% and 5% respectively, of the International Equity Index fund.
58 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Index Funds |
concluded
Note 8—emerging markets risks
The Emerging Markets Equity Index Fund holds a large portion of its assets in emerging market securities. Emerging market securities are often subject to greater price volatility, less liquidity and higher rates of inflation and deflation than U.S. securities. In addition, emerging markets may be subject to greater political, economic and social uncertainty, and differing regulatory environments that may potentially impact the Fund’s ability to buy or sell certain securities or repatriate proceeds to U.S. dollars.
Note 9—inter-fund lending program
Pursuant to an exemptive order issued by the SEC, the Funds may participate in an inter-fund lending program. This program allows the Funds to lend cash to and/or borrow cash from certain other affiliated Funds for temporary purposes, (e.g., to satisfy redemption requests or to cover unanticipated cash shortfalls). The program is subject to a number of conditions, including the requirement that no Fund may borrow or lend money under the program unless it receives a more favorable interest rate than is available from a bank or other financial institution for a
comparable transaction. In addition, a Fund may participate in the program only if its participation is consistent with the Fund’s investment policies and limitations and authorized by its portfolio manager(s). During the year ended October 31, 2020, there were no inter-fund borrowing or lending transactions.
Note 10—line of credit
The Funds participate in a $1 billion unsecured revolving credit facility that can be used for temporary purposes, including, without limitation, the funding of shareholder redemptions. The current facility was entered into on June 16, 2020 expiring on June 15, 2021, replacing the previous facility, which expired June 2020. Certain affiliated accounts and mutual funds, each of which is managed by Advisors, or an affiliate of Advisors, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds on a pro rata basis. Interest associated with any borrowing under the facility is charged to the borrowing accounts or mutual funds at a specified rate of interest. The Funds are not liable for borrowings under the facility by other affiliated accounts or mutual funds. For the year ended October 31, 2020, there were no borrowings under this credit facility by the Funds.
TIAA-CREF Funds: Equity Index Funds ■ 2020 Annual Report | 59 |
Report of independent registered public accounting firm
To the Board of Trustees of TIAA-CREF Funds and Shareholders of TIAA-CREF Equity Index Fund, TIAA-CREF Large-Cap Growth Index Fund, TIAA-CREF Large-Cap Value Index Fund, TIAA-CREF S&P 500 Index Fund, TIAA-CREF Small-Cap Blend Index Fund, TIAA-CREF Emerging Markets Equity Index Fund and TIAA-CREF International Equity Index Fund:
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the summary portfolios of investments, of TIAA-CREF Equity Index Fund, TIAA-CREF Large-Cap Growth Index Fund, TIAA-CREF Large-Cap Value Index Fund, TIAA-CREF S&P 500 Index Fund, TIAA-CREF Small-Cap Blend Index Fund, TIAA-CREF Emerging Markets Equity Index Fund, and TIAA-CREF International Equity Index Fund (seven of the funds constituting TIAA-CREF Funds, hereafter collectively referred to as the “Funds”) as of October 31, 2020, the related statements of operations for the year ended October 31, 2020, the statements of changes in net assets for each of the two years in the period ended October 31, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2020, and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2020 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
Baltimore, Maryland
December 17, 2020
We have served as the auditor of one or more investment companies in TIAA-CREF Funds’ investment company group since 2005.
60 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Index Funds |
Important tax information (unaudited)
For the fiscal year ended October 31, 2020, the TIAA-CREF Funds designate the following distribution amounts (or the maximum amount allowable) as being from net long-term capital gains.
Long-term | ||||
Fund | capital gains | |||
Equity Index | $ | 38,341,696 | ||
Large-Cap Growth Index | 116,583,259 | |||
Large-Cap Value Index | 291,202,475 | |||
S&P 500 Index | 16,347,251 | |||
Small-Cap Blend Index | 107,989,229 | |||
Emerging Markets Equity Index | – | |||
International Equity Index | – |
For the fiscal year ended October 31, 2020, the TIAA-CREF Funds designate the following percentages (or the maximum amount allowable) of ordinary income dividends paid as qualified dividends.
Fund | Percentage | |||
Equity Index | 86.2 | % | ||
Large-Cap Growth Index | 100.0 | |||
Large-Cap Value Index | 87.6 | |||
S&P 500 Index | 94.7 | |||
Small-Cap Blend Index | 49.6 | |||
Emerging Markets Equity Index | 42.9 | |||
International Equity Index | 75.2 |
For the fiscal year ended October 31, 2020, the TIAA-CREF Funds designate the following percentages (or the maximum amount allowable) of ordinary income dividends paid as qualifying for the corporate dividends received deduction.
Fund | Percentage | |||
Equity Index | 84.0 | % | ||
Large-Cap Growth Index | 97.7 | |||
Large-Cap Value Index | 84.9 | |||
S&P 500 Index | 92.1 | |||
Small-Cap Blend Index | 49.1 | |||
Emerging Markets Equity Index | – | |||
International Equity Index | – |
The Emerging Markets Equity Index and International Equity Index Funds received income from foreign sources during the year ended October 31, 2020 of $75,740,552 ($0.25022 per share), and $359,933,552 ($0.48187 per share) respectively, and paid taxes to foreign countries during the year ended October 31, 2020 of $8,460,105 ($0.02795 per share), and $23,611,984 ($0.03161 per share), respectively.
The information and distributions reported herein may differ from the information and distributions reported to shareholders for the calendar year ending December 31, 2020, which will be reported in conjunction with your 2020 Form 1099-DIV.
By early 2021, shareholders should receive their Form 1099-DIV and a tax information letter from the Funds. For your specific situation, we recommend that you consult a professional tax advisor.
TIAA-CREF Funds: Equity Index Funds ■ 2020 Annual Report | 61 |
Trustees and officers (unaudited)
TIAA-CREF Funds ■ October 31, 2020
Trustees
Name, Address and Year of Birth (“YOB”) | Position(s) Held with Fund | Term of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorship(s) Held by Trustee | |||||
Forrest Berkley c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954 | Trustee | Indefinite term. Trustee since 2006. | Retired Partner (since 2006), Partner (1990–2005) and Head of Global Product Management (2003–2005), GMO (formerly, Grantham, Mayo, Van Otterloo & Co.) (investment management); and member of asset allocation portfolio management team, GMO (2003–2005). | 91 | Director, Save the Children Federation, Inc.; Investment Committee Member, Maine Community Foundation. | |||||
Joseph A. Boateng c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1963 | Trustee | Indefinite term. Trustee since 2019. | Chief Investment Officer, Casey Family Programs (since 2007). Director of U.S. Pension Plans at Johnson & Johnson (2002–2006). Manager, Financial Services Consultant, KPMG Consulting (2000–2002). | 91 | Board member, Year Up Puget Sound and Waterside School; Investment Advisory Committee Chair, Seattle City Employees’ Retirement System; Investment Committee Member, The Seattle Foundation. | |||||
Janice C. Eberly c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1962 | Trustee | Indefinite term. Trustee since 2018. | James R. and Helen D. Russell Professor of Finance (2002–2011 and since 2013), and Senior Associate Dean for Strategy and Academics (since 2020) at the Kellogg School of Management at Northwestern University and Chair of the Finance Department (2005–2007). Vice President, American Economic Association (since 2020). Assistant Secretary for Economic Policy at the United States Department of the Treasury (2011–2013). | 91 | Member of the Board of the Office of Finance of the Federal Home Loan Banks; Director, Avant, LLC; Member of the Executive Board, American Economic Association. | |||||
Nancy A. Eckl c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1962 | Trustee | Indefinite term. Trustee since 2007. | Vice President (1990–2006), American Beacon Advisors, Inc., and Vice President of certain funds advised by American Beacon Advisors, Inc. | 91 | Independent Director, The Lazard Funds, Inc., Lazard Retirement Series, Inc., and Lazard Global Total Return and Income Fund, Inc | |||||
Michael A. Forrester c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1967 | Trustee | Indefinite term. Trustee since 2007. | Chief Executive Officer (since 2014) and Chief Operating Officer (2007–2014), Copper Rock Capital Partners, LLC; Chief Operating Officer, DDJ Capital Management (2003–2006). | 91 | Director of Copper Rock Capital Partners, LLC (investment adviser); Trustee, Dexter Southfield School; Member, Governing Council of the Independent Directors Council. | |||||
Howell E. Jackson c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954 | Trustee | Indefinite term. Trustee since 2005. | James S. Reid, Jr. Professor of Law (since 2004), Senior Advisor to the President and Provost (2010–2012), Acting Dean (2009), Vice Dean for Budget (2003–2006) and on the faculty (since 1989) of Harvard Law School. | 91 | Director, Commonwealth (non-profit organization). | |||||
Thomas J. Kenny c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1963 | Chairman of the Board and Trustee | Indefinite term. Trustee since 2011. Chairman for term ending July 1, 2021. Chairman since September 13, 2017. | Advisory Director (2010–2011), Partner (2004– 2010) and Managing Director (1999–2004), Co-Head of Global Cash and Fixed Income Portfolio Management Team (2002–2010), Goldman Sachs Asset Management. | 91 | Director and Chair of the Finance and Investment Committee, Aflac Incorporated; Director and Investment Committee Member, Sansum Clinic; Director, ParentSquare; Member, University of California at Santa Barbara Arts and Lectures Advisory Council. | |||||
James M. Poterba c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1958 | Trustee | Indefinite term. Trustee since 2006. | President and Chief Executive Officer (since 2008) and Program Director (1990–2008), National Bureau of Economic Research. Mitsui Professor of Economics, Massachusetts Institute of Technology (“MIT”) (since 1996); Affiliated Faculty Member of the Finance Group, Alfred P. Sloan School of Management (since 2014); Head (2006–2008) and Associate Head (1994–2000 and 2001–2006), Economics Department of MIT. | 91 | Director, National Bureau of Economic Research and the Alfred P. Sloan Foundation; Member, Congressional Budget Office Panel of Economic Advisers. |
62 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Index Funds |
Trustees — concluded
Name, Address and Year of Birth (“YOB”) | Position(s) Held with Fund | Term of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorship(s) Held by Trustee | |||||
Maceo K. Sloan c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1949 | Trustee | Indefinite term. Trustee since 1999. | Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (1991–2018); Chairman and Chief Executive Officer (1991–2016) and Chief Investment Officer (1991–2013) and Chief Compliance Officer (2015–2016), NCM Capital Management Group, Inc.; Chairman, Chief Executive Officer (2003–2016), Chief Investment Officer (2003–2013) and Chief Compliance Officer (2015–2016), NCM Capital Advisers Inc.; and Chairman, President and Principal Executive Officer, NCM Capital Investment Trust (2007–2012). | 91 | N/A | |||||
Laura T. Starks c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1950 | Trustee | Indefinite term. Trustee since 2006. | Charles E. and Sarah M. Seay Regents Chair of Finance (since 2002), Co-Executive Director, Social Innovation Initiative (since 2015), Director, AIM Investment Center (2000–2016), Associate Dean for Research (2011–2016), Chairman, Department of Finance (2002–2011) and Professor (since 1987), McCombs School of Business, University of Texas at Austin. President, Society of Financial Studies (2017–2020). Vice President, American Finance Association (since 2020). | 91 | Texa$aver Product Committee Member, Employees Retirement System of Texas. |
Officers
Name, Address and Year of Birth (“YOB”) | Position(s) Held with Fund | Term of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | |||
Vijay Advani TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1960 | Executive Vice President | One-year term. Executive Vice President since 2018. | Executive Chairman, Nuveen. Executive Vice President of the College Retirement Equities Fund (“CREF”), TIAA Separate Account VA-1, TIAA-CREF Funds and TIAA-CREF Life Funds (collectively, the “TIAA-CREF Fund Complex”). Formerly, Chief Executive Officer, Nuveen. Prior to joining Nuveen, Mr. Advani served as Co-President of Franklin Resources, Inc. (Franklin Templeton Investments). | |||
Richard S. Biegen TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1962 | Chief Compliance Officer | One-year term. Chief Compliance Officer since 2008. | Senior Managing Director, TIAA. Chief Compliance Officer of the TIAA-CREF Fund Complex. | |||
Derek B. Dorn TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1976 | Senior Managing Director and Corporate Secretary | One-year term. Senior Managing Director and Corporate Secretary since 2020. | Senior Managing Director and Corporate Secretary of Teachers Insurance and Annuity Association of America (“TIAA”) and the TIAA-CREF Fund Complex. Formerly, Managing Director, Special Assistant to the CEO, and Managing Director, Regulatory Affairs, TIAA. Prior to joining TIAA, Mr. Dorn was a partner at Davis & Harman LLP and an adjunct professor of Law at Georgetown University Law Center. |
TIAA-CREF Funds: Equity Index Funds ■ 2020 Annual Report | 63 |
Trustees and officers (unaudited) | concluded |
TIAA-CREF Funds ■ October 31, 2020 |
Officers — concluded
Name, Address and Year of Birth (“YOB”) | Position(s) Held with Fund | Term of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | |||
Bradley Finkle TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1973 | Principal Executive Officer and President | One-year term. Principal Executive Officer and President since 2017. | Chief Operating Officer, Nuveen. Principal Executive Officer and President of the TIAA-CREF Funds and TIAA-CREF Life Funds. Formerly, Senior Managing Director, Co-Head Nuveen Equities & Fixed Income and President of TIAA Investments. | |||
Jose Minaya TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1971 | Executive Vice President | One-year term. Executive Vice President since 2018. | Chief Executive Officer, Nuveen. Executive Vice President of the TIAA-CREF Fund Complex. Formerly, Executive Vice President, President and Chief investment Officer, Nuveen; Executive Vice President, Chief Investment Officer, Nuveen Global Investments; and Senior Managing Director, President, Global Investments, TIAA. | |||
David Nason TIAA 730 Third Ave. New York, NY 10017-3206 YOB: 1970 | Executive Vice President | One-year term. Executive Vice President since 2020. | Senior Executive Vice President, Chief Legal, Risk and Compliance Officer of TIAA. Executive Vice President of the TIAA-CREF Fund Complex. Formerly, Executive Vice President, Chief Risk and Compliance Officer, TIAA. Prior to joining TIAA, Mr. Nason served as President and CEO of GE Energy Financial Services. | |||
Phillip T. Rollock TIAA 730 Third Ave. New York, NY 10017-3206 YOB: 1962 | Executive Vice President and Chief Legal Officer | One-year term. Executive Vice President and Chief Legal Officer since 2018. | Executive Vice President and Chief Legal Officer of TIAA and the TIAA-CREF Fund Complex. Formerly, Executive Vice President, Deputy Chief Legal Officer, TIAA and Senior Managing Director, Senior General Counsel and Corporate Secretary of TIAA and the TIAA-CREF Fund Complex. | |||
E. Scott Wickerham TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1973 | Principal Financial Officer, Principal Accounting Officer and Treasurer | One-year Principal Financial Officer, Principal Accounting Officer and Treasurer since 2017. | Senior Managing Director, Head, Publics Investment Finance, Nuveen. Principal Financial Officer, Principal Accounting Officer and Treasurer of the TIAA-CREF Funds, TIAA-CREF Life Funds and TIAA Separate Account VA-1, and CREF; and Vice President and Controller of the Nuveen Funds. Formerly, Managing Director, Head, TC Fund Administration, Nuveen. | |||
Sean N. Woodroffe TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1963 | Executive Vice President | One-year term. Executive Vice President since 2018. | Senior Executive Vice President, Chief Human Resources Officer of TIAA, and Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Woodroffe served as Chief People Officer at National Life Group. |
Please note that the Funds’ Statement of Additional Information (SAI) includes additional information about the Funds’ trustees and is available, without charge, through our website, tiaa.org, or by calling 800 223-1200.
64 | 2020 Annual Report ■ TIAA-CREF Funds: Equity Index Funds |
Additional information about index providers (unaudited)
Russell Indexes
Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication.
Standard & Poor’s Index
The S&P 500® Index is a product of S&P Dow Jones Indices LLC, a division of S&P Global, or its affiliates (“SPDJI”), and has been licensed for use by the S&P 500 Index Fund. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC, a division of S&P Global (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). It is not possible to invest directly in an index. The fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, any of their respective affiliates (collectively, “S&P Dow Jones Indices”). S&P Dow Jones Indices does not make any representation or warranty, express or implied, to the owners of the fund or any member of the public regarding the advisability of investing in securities generally or in the fund particularly or the ability of the S&P 500 Index to track general market performance. Past performance of an index is not an indication or guarantee of future results. S&P Dow Jones Indices’ only relationship to the fund with respect to the S&P 500 Index is the licensing of the Index and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The S&P 500 Index is determined, composed and calculated by S&P Dow Jones Indices without regard to the fund. S&P Dow Jones Indices has no obligation to take the needs of the fund or the owners of the fund into consideration in determining, composing or calculating the S&P 500 Index. S&P Dow Jones Indices is not responsible for and has not participated in the determination of the prices, and amount of the fund or the timing of the issuance or sale of fund shares or in the determination or calculation of the equation by which fund shares are to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices has no obligation or liability in connection with the administration, marketing or trading of the fund. There is no assurance that investment products based on the S&P 500 Index will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment or tax advisor. A tax advisor should be consulted to evaluate the impact of any tax-exempt securities on portfolios and the tax consequences of making any particular investment decision. Inclusion of a security within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, nor is it considered to be investment advice.
S&P DOW JONES INDICES DOES NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE S&P 500 INDEX OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY THE FUND, OWNERS OF THE FUND, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE S&P 500 INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND THE FUND, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.
MSCI Indexes
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
TIAA-CREF Funds: Equity Index Funds ■ 2020 Annual Report | 65 |
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Websites
TIAA.org
nuveen.com
Automated telephone service
800-842-2252
24 hours a day, 7 days a week
For the hearing- or speech-impaired
800-842-2755
8 a.m. to 10 p.m. (ET), Monday–Friday
You should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other information, please visit TIAA.org, or call 800-842-2252 for the Institutional, Advisor, Premier and Retirement classes or 800-223-1200 for the Retail Class. Please read the prospectus carefully before investing. Investment, insurance and annuity products are not Federal Deposit Insurance Corporation (FDIC) insured, are not bank guaranteed, are not bank deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value. Nuveen, a subsidiary of TIAA, provides investment advice and portfolio management services through a dozen affiliated registered
investment advisers. Nuveen Securities, LLC and TIAA-CREF Individual & Institutional Services, LLC, members FINRA, distribute securities products.
This material is for informational or educational purposes only and does not constitute fiduciary investment advice under ERISA, a securities recommendation under all securities laws, or an insurance product recommendation under state insurance laws or regulations. This material does not take into account any specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on the investor’s own objectives and circumstances.
©2020 Teachers Insurance and Annuity Association of America—College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017-3206
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TIAA-CREF Funds | October 31, 2020 | ||
TIAA-CREF
International Fixed-Income Funds
The annual report contains the audited financial statements.
Fund name | Institutional Class | Advisor Class | Premier Class | Retirement Class | Retail Class | Class W |
Emerging Markets Debt Fund | TEDNX | TEDHX | TEDPX | TEDTX | TEDLX | TEDVX |
International Bond Fund | TIBWX | TIBNX | TIBLX | TIBVX | TIBEX | TIBUX |
Annual
Report
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the TIAA-CREF Funds’ (the “Funds”) annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, they will be made available on TIAA’s website, TIAA.org, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically anytime by either updating your account settings at TIAA.org/eDelivery, if you invest in the Funds directly or hold your Fund shares through a TIAA-affiliated financial intermediary, account or retirement plan (each, a “TIAA Account”), or by contacting your financial intermediary (such as a broker/dealer or bank) through which you hold Fund shares.
If you invest directly with the Funds or through a TIAA Account, you may elect to continue to receive all future shareholder reports in paper free of charge by updating your account settings at TIAA.org/eDelivery or by calling 800-842-2252 during regular business hours. If you invest through another financial intermediary, you can contact your financial intermediary to request that you continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with the fund complex if you invest directly with the Funds or through a TIAA Account, or to all funds held through your financial intermediary.
Contents
For the purposes of this report, “TIAA-CREF Funds” refers only to the TIAA-CREF International Fixed-Income Funds listed on the cover of this report.
This annual report contains information about certain TIAA-CREF Funds and describes their results for the twelve months ended October 31, 2020. The report contains four main sections:
• | A letter from Brad Finkle, Chief Operating Officer, Nuveen; President of the TIAA-CREF Funds and TIAA-CREF Life Funds. | |
• | The fund performance section compares each fund’s investment returns with those of its benchmark index. | |
• | The summary portfolios of investments list the issuers, industries and types of securities in which each fund had investments as of October 31, 2020. | |
• | The financial statements provide detailed information about the operations and financial condition of each fund. |
The views and opinions expressed in this report are through the end of the period, as stated on the cover of this report. They are subject to change at any time based on a variety of factors. As such, they are not guarantees of future performance or investment results and should not be taken as investment advice. To see the risks of investing in any fund, please read the latest prospectus.
As always, you should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other important information, please visit our website at TIAA.org, or call 800-842-2252 for the Institutional, Advisor, Premier and Retirement classes or 800-223-1200 for the Retail Class. We urge you to read the prospectus carefully before investing.
TIAA-CREF International Fixed-Income Funds ■ 2020 Annual Report | 3 |
International fixed-income securities generated positive returns for the twelve months ended October 31, 2020. Investment-grade fixed-rate bonds were modest but steady performers amid the uncertainty of the COVID-19 pandemic. Emerging-markets debt struggled earlier in the period amid a historic March decline but rebounded strongly in the second half. For the twelve months:
• | International investment-grade fixed-rate bonds, as measured by the Bloomberg Barclays Global Aggregate Ex-USD Index (Hedged), gained 2.7%. Please see page 7 for benchmark definitions. | |
• | Emerging-markets debt securities, as measured by the JP Morgan Emerging Markets Bond Index (EMBI) Global Diversified, advanced 1.0%. | |
• | The TIAA-CREF International Bond Fund (Institutional Class) rose 2.4%, while the TIAA-CREF Emerging Markets Debt Fund (Institutional Class) gained 0.4%. Both underperformed their respective benchmarks. |
International investment-grade fixed-rate bonds advanced over the twelve months amid market uncertainty created by the pandemic. Economies in the 19-nation euro area declined in the first quarter of 2020, contracted sharply over the following three months and then recovered with strong growth during the third quarter of the year. Central banks responded with aggressive monetary actions, while many governments implemented large fiscal stimulus programs.
Emerging-markets debt securities sold off sharply in March of 2020, hurt by the economic impact of COVID-19 and a collapse in oil prices. Unprecedented central bank monetary policy coordination and a recovery in the energy sector helped the asset class bounce back by the end of the period.
International fixed-income gains trailed U.S. bonds
Foreign bonds trailed the performance of U.S. bonds for the twelve months. International investment-grade securities trailed the 6.2% gain of U.S. investment-grade fixed-rate bonds, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index. The U.S. Federal Reserve lowered the federal funds target rate twice in March 2020, cutting the key interest-rate measure to 0.00%–0.25%. Emerging-markets debt trailed the 3.3% advance of U.S. high-yield bonds, as measured by the ICE BofA BB-B U.S. Cash Pay High Yield Constrained Index.
The role of diversification in volatile global markets
The COVID-19 pandemic has affected nearly every nation in the world over the past year, and the resulting challenges have shown how quickly financial markets can be impacted.
4 | 2020 Annual Report ■ TIAA-CREF International Fixed-Income Funds |
The response to the pandemic was generally swift and efficient as policymakers around the world enacted stimulus programs to help mitigate the economic shock. However, the pandemic remains a concern that may require decisive government action for some time to come. It can be difficult for investors to deal with these types of extraordinary circumstances. That’s why we believe, and history has shown, that maintaining exposure to a wide array of asset classes is a prudent strategy for long-term investors. Diversification by geography and asset class may help fixed-income investors to better navigate shifts in global bond markets. With the many complexities involved in choosing international debt securities—both in developed and emerging markets—we believe a diversified portfolio of bonds in a professionally managed mutual fund or group of funds offers investors a sensible way to gain exposure to this dynamic asset class. Keep in mind that, while diversification can help reduce volatility, it does not provide a guarantee against market losses. If you have any questions about your investment in the TIAA International Fixed-Income Funds, please contact your financial advisor or call a TIAA financial consultant at 800-842-2252. We will be happy to assist you. |
Brad Finkle |
/s/ Brad Finkle
Brad Finkle
Chief Operating Officer, Nuveen
President of the TIAA-CREF Funds and TIAA-CREF Life Funds
TIAA-CREF International Fixed-Income Funds ■ 2020 Annual Report | 5 |
Portfolio holdings
Securities and Exchange Commission (SEC) rules allow investment companies to list the top holdings of each fund in their annual and semiannual reports instead of providing complete portfolio listings. The TIAA-CREF Funds also file complete portfolio listings with the SEC, and they are available to the public.
You can obtain a complete list of the TIAA-CREF Funds’ holdings (Schedules of Investments) as of the most recently completed fiscal quarter in the following ways:
• | By visiting our website at TIAA.org; or | |
• | By calling us at 800-842-2252 to request a copy, which will be provided free of charge. |
You can also obtain a complete list of the TIAA-CREF Funds’ portfolio holdings as of the most recently completed fiscal quarter, and for prior quarter-ends, from our SEC Form N-CSR and Form N-PORT filings. Form N-CSR filings are as of October 31 or April 30; Form N-PORT filings are as of January 31 or July 31. Copies of these forms are available:
• | Through the Electronic Data Gathering and Retrieval System (EDGAR) on the SEC’s website at sec.gov; or | |
• | From the SEC’s Office of Investor Education and Advocacy. | |
Call 202-551-8090 for more information. |
Proxy voting
In certain market conditions, the investment portfolio of a fixed-income fund may include shares of common or preferred stock. If that should occur, TIAA-CREF Funds’ ownership of stock would give it the right to vote on proxy issues of companies in which it invests. A description of our proxy voting policies and procedures can be found on our website at TIAA.org or on the SEC’s website at sec.gov. You can also call us at 800-842-2252 to request a free copy. A report of how the funds voted during the most recently completed twelve-month period ended June 30 can be found on our website or on Form N-PX at sec.gov.
Contacting TIAA
There are three easy ways to contact us: by email, using the Contact Us link at the top of our home page; by mail at TIAA, 730 Third Avenue, New York, NY 10017-3206; or by phone at 800-842-2252.
Fund management
The TIAA-CREF Funds are managed by the portfolio management teams of Teachers Advisors, LLC. The members of these teams are responsible for the day-to-day investment management of the funds.
6 | 2020 Annual Report ■ TIAA-CREF International Fixed-Income Funds |
Emerging Markets Debt Fund
The JP Morgan Emerging Markets Bond Index Global Diversified (EMBI-GD Index) is an unmanaged, market-capitalization-weighted, total-return index tracking the traded market for U.S.-dollar-denominated Brady bonds, Eurobonds and other debt instruments issued by sovereign and quasi-sovereign entities. The index limits the weights of those index countries with larger debt stocks by only including a specified portion of these countries’ eligible current face amounts of debt outstanding.
International Bond Fund
The Bloomberg Barclays Global Aggregate Ex-USD Index (Hedged) is an unmanaged, global, investment-grade fixed-rate bond market index, including treasury, government-related, corporate and securitized fixed-rate bonds from both developed- and emerging-markets issuers, in 24 local currencies. Securities are SEC registered, taxable, non-dollar denominated and must have a minimum maturity of one year. Securities must be rated investment grade using the middle rating of Moody’s, S&P and Fitch after dropping the highest and lowest available ratings.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses. For additional details about the benchmark indexes, please read the funds’ latest prospectus.
Information has been obtained from sources believed to be reliable but J.P. Morgan does not guarantee its completeness or accuracy. The J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified (EMBI-GD Index) is used with permission. The EMBI-GD Index may not be copied, used, or distributed without J.P. Morgan’s prior written approval. Copyright 2020, J.P. Morgan Chase & Co. All rights reserved.
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively, “Bloomberg”). BARCLAYS® is a trademark and service mark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Bloomberg or Bloomberg’s licensors, including Barclays, own all proprietary rights in the Bloomberg Barclays Indices. Neither Bloomberg nor Barclays approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.
TIAA-CREF International Fixed-Income Funds ■ 2020 Annual Report | 7 |
Important information about expenses
All shareholders of the TIAA-CREF Funds incur ongoing costs, including management fees and other fund expenses. They may also incur transactional costs for redemptions or account maintenance fees.
The expense examples that appear in this report are intended to help you understand your ongoing costs only (in U.S. dollars) and do not reflect transactional costs. The examples are designed to help you compare these ongoing costs with the ongoing costs of investing in other mutual funds.
The expenses shown do not include account maintenance fees, which may or may not be applicable, as described in the prospectus. If such fees were included, your total costs for investing in the funds would be higher. Note also that shareholders of the TIAA-CREF Funds do not incur a sales charge for purchases, reinvested dividends or other distributions.
The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (May 1, 2020–October 31, 2020).
Actual expenses
The first section in each table uses the Fund’s actual expenses and its actual rate of return. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the six-month period.
Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses paid during period” to estimate the expenses you paid during the six-month period. Some funds have a contractual fee reimbursement. Had these not been in effect, fund expenses would have been higher.
Hypothetical example for comparison purposes
The second section in each table shows hypothetical account values and expenses based on the Fund’s actual expense ratio for each share class for the six-month period and an assumed 5%-per-year rate of return before expenses. This was not the share class’ actual return.
This hypothetical example cannot be used to estimate the actual expenses you paid for the period, but rather allows you to compare the ongoing costs of investing in the Fund with the costs of other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other mutual funds.
8 | 2020 Annual Report ■ TIAA-CREF International Fixed-Income Funds |
Performance for the twelve months ended October 31, 2020
The Emerging Markets Debt Fund returned 0.44% for the Institutional Class, compared with the 0.98% return of its benchmark, the JP Morgan Emerging Markets Bond Index (EMBI) Global Diversified (“JP Morgan index”). The performance table shows returns for all share classes of the Fund.
Emerging-markets debt rose but fluctuated sharply amid the COVID-19 pandemic
Emerging-markets (EM) debt securities fell 10.08% in the first half of the period as the dual shocks of the COVID-19 pandemic and plunging oil prices took a heavy toll. Efforts around the world to contain the virus disrupted business operations and restricted travel. At the same time, an oil price war between Saudi Arabia and Russia exacerbated a global supply glut just as demand for oil was collapsing due to the pandemic.
In the second half, however, EM debt rose 12.30% amid unprecedented central bank coordination and a rebound in oil prices. Meanwhile, the International Monetary Fund’s Rapid Financing Instrument, traditional programs and bilateral aid to China continued to support several EM economies. Relatively rapid and uncontested debt restructurings in Ecuador and Argentina also aided EM risk sentiment.
Fund advanced but trailed its benchmark
For the period, the Fund modestly trailed its benchmark, largely due to sovereign allocations and idiosyncratic corporate selections. Returns were widely dispersed among local-market sovereigns, with Brazil, Russia and Colombia detracting.
Within corporate and quasi-sovereigns, the Fund’s underweights to China and Malaysia— two lower-risk sectors— detracted. Exposure to airlines in Chile and Mexico were substantial detractors as both were hit hard due to COVID-19 travel restrictions. Selections in Brazil, a Ghanaian oil company and a South African diamond miner also hurt performance. Within sovereigns, exposure to Ecuador, overweights to Zambia and Angola, and underweight allocations to less volatile investment-grade issuers such as Qatar and the Philippines detracted.
The Fund’s allocation to corporates contributed as they notably outperformed their sovereign counterparts. Within corporates, an overweight to outperforming Brazilian debt and an underweight to particular quasi-sovereigns within Mexico were major contributors. Israeli and Panamanian corporate selections also helped, while the allocation to local currency had a modestly positive effect. The Fund benefited from local selections in Egypt, Ghana and Uganda, as well as Argentinian inflation-linked securities. In the sovereign hard-currency segment, an underweight in Sri Lanka and out-of-benchmark exposures in Bermuda and Israel also contributed.
TIAA-CREF International Fixed-Income Funds ■ 2020 Annual Report | 9 |
Emerging Markets Debt Fund
Performance as of October 31, 2020
Emerging Markets Debt Fund | Total return | Average annual total return | Annual operating expenses* | |||||||||||||||||||
Inception date | 1 year | 5 years | since inception | gross | net | |||||||||||||||||
Institutional Class | 9/26/14 | 0.44 | % | 6.57 | % | 4.88 | % | 0.63 | % | 0.63 | % | |||||||||||
Advisor Class | 12/4/15 | 0.26 | 6.53 | † | 4.84 | † | 0.71 | 0.71 | ||||||||||||||
Premier Class | 9/26/14 | 0.29 | 6.42 | 4.70 | 0.79 | 0.79 | ||||||||||||||||
Retirement Class | 9/26/14 | 0.18 | 6.32 | 4.61 | 0.88 | 0.88 | ||||||||||||||||
Retail Class | 9/26/14 | 0.12 | 6.23 | 4.52 | 0.92 | 0.92 | ||||||||||||||||
Class W | 9/28/18 | 0.98 | 6.84 | † | 5.09 | † | 0.63 | 0.00 | ||||||||||||||
J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified | – | 0.98 | 5.57 | 4.79 | ‡ | – | – |
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance and 30-day SEC yield information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least February 28, 2021, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. |
† | The performance shown for the Advisor Class and Class W that is prior to their respective inception dates is based on the performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class and Class W. If these actual expenses had been reflected, the performance of these two classes shown for these periods would have been different because the Advisor Class and Class W have different expenses than the Institutional Class. |
‡ | Performance is calculated from the inception date of the Institutional Class. |
10 | 2020 Annual Report ■ TIAA-CREF International Fixed-Income Funds |
Emerging Markets Debt Fund
$10,000 invested at Fund’s inception
Institutional Class (inception September 26, 2014)
Ending amounts are as of October 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.
Expense example
Six months ended October 31, 2020
Emerging Markets Debt Fund | Beginning account value (5/1/20 | ) | Ending account value (10/31/20 | ) | Expenses paid during period (5/1/20–10/31/20 | * ) | ||||||
Actual return | ||||||||||||
Institutional Class | $1,000.00 | $1,152.32 | $3.35 | |||||||||
Advisor Class | 1,000.00 | 1,151.52 | 3.73 | |||||||||
Premier Class | 1,000.00 | 1,151.52 | 4.11 | |||||||||
Retirement Class | 1,000.00 | 1,151.21 | 4.60 | |||||||||
Retail Class | 1,000.00 | 1,150.76 | 5.03 | |||||||||
Class W | 1,000.00 | 1,155.62 | 0.00 | |||||||||
5% annual hypothetical return | ||||||||||||
Institutional Class | 1,000.00 | 1,022.02 | 3.15 | |||||||||
Advisor Class | 1,000.00 | 1,021.67 | 3.51 | |||||||||
Premier Class | 1,000.00 | 1,021.32 | 3.86 | |||||||||
Retirement Class | 1,000.00 | 1,020.86 | 4.32 | |||||||||
Retail Class | 1,000.00 | 1,020.46 | 4.72 | |||||||||
Class W | 1,000.00 | 1,025.14 | 0.00 |
* | “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended October 31, 2020. The Fund’s annualized six-month expense ratios for that |
TIAA-CREF International Fixed-Income Funds ■ 2020 Annual Report | 11 |
Emerging Markets Debt Fund
period were 0.62% for the Institutional Class, 0.69% for the Advisor Class, 0.76% for the Premier Class, 0.85% for the Retirement Class, 0.93% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower. |
For more information about this expense example, please see page 8.
Fund profile
as of 10/31/2020 | ||
Net assets | $579.91 million | |
Portfolio turnover rate | 77% | |
Number of issues | 299 | |
Option-adjusted duration‡ | 7.23 years | |
Average maturity§ | 12.03 years |
‡ | Option-adjusted duration estimates how much the value of a bond portfolio would be affected by a change in prevailing interest rates, taking into account the options embedded in the individual securities. The longer a portfolio’s duration, the more sensitive it is to changes in interest rates. |
§ | Average maturity is a simple average of the maturities of all the bonds in a fund’s portfolio. The maturity of a bond is the amount of time until the bond’s principal becomes due or payable. |
12 | 2020 Annual Report ■ TIAA-CREF International Fixed-Income Funds |
Emerging Markets Debt Fund
Portfolio composition | ||
Sector | % of net assets as of 10/31/2020 | |
Foreign government securities | 49.5 | |
Corporate bonds | 45.4 | |
Bank loan obligations | 1.4 | |
Short-term investments, other assets & liabilities, net | 3.7 | |
Total | 100.0 |
Holdings by country | ||
% of portfolio investments as of 10/31/2020 | ||
Mexico | 7.3 | |
Brazil | 6.0 | |
Indonesia | 5.2 | |
Ukraine | 4.8 | |
South Africa | 4.2 | |
Chile | 3.5 | |
China | 3.4 | |
Dominican Republic | 3.0 | |
62 other nations | 61.0 | |
Short-term investments | 1.6 | |
Total | 100.0 |
Holdings by maturity | ||
% of fixed-income investments (excluding short-term investments) as of 10/31/2020 | ||
Less than 1 year | 2.3 | |
1–3 years | 7.6 | |
3–5 years | 11.5 | |
5–10 years | 41.5 | |
Over 10 years | 37.1 | |
Total | 100.0 | |
Holdings by credit quality | ||
% of fixed-income investments (excluding short-term investments) as of 10/31/2020 | ||
Aa/AA | 2.7 | |
A/A | 6.4 | |
Baa/BBB | 27.7 | |
Ba/BB | 28.1 | |
B/B | 22.0 | |
Below B/B | 3.8 | |
Non-rated | 9.3 | |
Total | 100.0 |
Credit quality ratings are based on the J.P. Morgan methodology, which uses the middle rating of the S&P, Moody’s and Fitch ratings to determine an instrument’s rating category. When a rating from only two agencies is available, the lower is used; when only one agency rates a bond, that rating is used.
TIAA-CREF International Fixed-Income Funds ■ 2020 Annual Report | 13 |
Performance for the twelve months ended October 31, 2020
The International Bond Fund returned 2.39% for the Institutional Class, compared with the 2.73% return of its benchmark, the Bloomberg Barclays Global Aggregate Ex-USD Index (Hedged) (“Global Aggregate index”). The performance table shows returns for all share classes of the Fund.
International economies, markets shifted sharply amid the COVID-19 pandemic
During the first three months of the period, global central banks generally followed the U.S. Federal Reserve’s pause in monetary actions, with many noting the stabilization of global growth. Amid progress on a U.S.-China trade deal and increasing clarity regarding Brexit, global bond yields rose from all-time lows. Over the next several months, the COVID-19 pandemic prompted a significant contraction in global economies, accompanied by a sharp downturn in riskier debt sectors. In response, global central banks launched significant quantitative easing and other monetary stimulus measures, which were followed by large-scale governmental fiscal stimulus programs. Nevertheless, bond yields, stock and oil prices all plummeted in March.
Markets rallied in May and June and continued to perform well, with some volatility, through period-end. Despite rising COVID-19 rates worldwide, economic growth was better than expected and generally remained strong through October. Safe-haven currencies—including the U.S. dollar, Japanese yen and Swiss franc—underperformed as investors became more willing to take on risk.
Fund advanced but trailed its benchmark
For the twelve-month period, both the Fund and its benchmark advanced, with the Fund trailing the index primarily due to underperforming emerging-markets (EM) government-related credit allocations and certain unhedged foreign currency (FX) exposures. Within EM government-related credit, the Fund’s exposure to Ecuador and Lebanon (both of which defaulted) were the largest detractors. Within unhedged FX, the largest detractors included exposure to the Brazilian real and Polish zloty. High-yield corporate allocations also detracted, led by losses in the industrial sector. Yield curve positioning in China and the U.K. also detracted.
On the positive side, the Fund’s yield curve positioning was a strong contributor, led by duration in the United States, Egypt, Japan and the euro area. The Fund’s Treasury selections in euro-area peripheral markets, including selections in Italy, Greece, Portugal and Spain, also contributed. EM government-related credit performed well and was led by selections in the Middle East, most notably Israel. Unhedged FX exposure in the Egyptian pound and euro contributed positively.
14 | 2020 Annual Report ■ TIAA-CREF International Fixed-Income Funds |
International Bond Fund
Performance as of October 31, 2020
International Bond Fund | Total return | Average annual total return | Annual operating expenses* | |||||||||||||||
Inception date | 1 year | since inception | gross | net | ||||||||||||||
Institutional Class | 8/5/16 | 2.39 | % | 3.61 | % | 0.60 | % | 0.60 | % | |||||||||
Advisor Class | 8/5/16 | 2.30 | 3.56 | 0.70 | 0.70 | |||||||||||||
Premier Class | 8/5/16 | 2.14 | 3.46 | 0.78 | 0.75 | |||||||||||||
Retirement Class | 8/5/16 | 2.13 | 3.36 | 0.85 | 0.85 | |||||||||||||
Retail Class | 8/5/16 | 1.98 | 3.27 | 1.06 | 0.95 | |||||||||||||
Class W | 9/28/18 | 2.95 | 3.91 | † | 0.61 | 0.00 | ||||||||||||
Bloomberg Barclays Global Aggregate ex-USD Index (Hedged) | – | 2.73 | 3.46 | ‡ | – | – |
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance and 30-day SEC yield information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least February 28, 2021, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. |
† | The performance shown for Class W that is prior to its inception date is based on the performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of Class W. If these actual expenses had been reflected, the performance of Class W shown for these periods would have been different because Class W has different expenses than the Institutional Class. |
‡ | Performance is calculated from the inception date of the Institutional Class. |
TIAA-CREF International Fixed-Income Funds ■ 2020 Annual Report | 15 |
International Bond Fund
$10,000 invested at Fund’s inception
Institutional Class (inception August 5, 2016)
Ending amounts are as of October 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period. The performance of the other share classes varies due to differences in expense charges.
Expense example
Six months ended October 31, 2020
International Bond Fund | Beginning account value (5/1/20 | ) | Ending account value (10/31/20 | ) | Expenses paid during period (5/1/20–10/31/20 | * ) | ||||||
Actual return | ||||||||||||
Institutional Class | $1,000.00 | $1,039.59 | $3.08 | |||||||||
Advisor Class | 1,000.00 | 1,039.63 | 3.28 | |||||||||
Premier Class | 1,000.00 | 1,038.35 | 3.95 | |||||||||
Retirement Class | 1,000.00 | 1,038.62 | 4.41 | |||||||||
Retail Class | 1,000.00 | 1,038.62 | 4.87 | |||||||||
Class W | 1,000.00 | 1,042.55 | 0.00 | |||||||||
5% annual hypothetical return | ||||||||||||
Institutional Class | 1,000.00 | 1,022.12 | 3.05 | |||||||||
Advisor Class | 1,000.00 | 1,021.92 | 3.25 | |||||||||
Premier Class | 1,000.00 | 1,021.27 | 3.91 | |||||||||
Retirement Class | 1,000.00 | 1,020.81 | 4.37 | |||||||||
Retail Class | 1,000.00 | 1,020.36 | 4.82 | |||||||||
Class W | 1,000.00 | 1,025.14 | 0.00 |
* | “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were |
16 | 2020 Annual Report ■ TIAA-CREF International Fixed-Income Funds |
International Bond Fund
184 days in the six months ended October 31, 2020. The Fund’s annualized six-month expense ratios for that period were 0.60% for the Institutional Class, 0.64% for the Advisor Class, 0.77% for the Premier Class, 0.86% for the Retirement Class, 0.95% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower. |
For more information about this expense example, please see page 8.
Fund profile
as of 10/31/2020 | ||
Net assets | $438.81 million | |
Portfolio turnover rate | 50% | |
Number of issues | 346 | |
Option-adjusted duration‡ | 8.21 years | |
Average maturity§ | 9.64 years |
‡ | Option-adjusted duration estimates how much the value of a bond portfolio would be affected by a change in prevailing interest rates, taking into account the options embedded in the individual securities. The longer a portfolio’s duration, the more sensitive it is to changes in interest rates. |
§ | Average maturity is a simple average of the maturities of all the bonds in a fund’s portfolio. The maturity of a bond is the amount of time until the bond’s principal becomes due or payable. |
TIAA-CREF International Fixed-Income Funds ■ 2020 Annual Report | 17 |
International Bond Fund
Portfolio composition | ||
Sector | % of net assets as of 10/31/2020 | |
Foreign government securities | 76.5 | |
Corporate bonds | 19.2 | |
Bank loan obligations | 1.2 | |
Short-term investments, other assets & liabilities, net | 3.1 | |
Total | 100.0 | |
Holdings by country | ||
% of portfolio investments as of 10/31/2020 | ||
Japan | 17.9 | |
United States | 10.8 | |
China | 7.2 | |
United Kingdom | 6.2 | |
Italy | 5.6 | |
France | 5.0 | |
Korea, Republic of | 4.0 | |
Spain | 3.6 | |
62 other nations | 38.9 | |
Short-term investments | 0.8 | |
Total | 100.0 |
Holdings by maturity | ||
% of fixed-income investments (excluding short-term investments) as of 10/31/2020 | ||
Less than 1 year | 1.8 | |
1–3 years | 11.6 | |
3–5 years | 17.4 | |
5–10 years | 39.5 | |
Over 10 years | 29.7 | |
Total | 100.0 | |
Holdings by credit quality | ||
% of fixed-income investments (excluding short-term investments) as of 10/31/2020 | ||
Aaa/AAA | 7.8 | |
Aa/AA | 16.0 | |
A/A | 38.6 | |
Baa/BBB | 22.9 | |
Ba/BB | 8.3 | |
B/B | 4.6 | |
Below B/B | 0.1 | |
Non-rated | 1.7 | |
Total | 100.0 |
Credit quality ratings are based on the Bloomberg Barclays methodology, which uses the median rating of those compiled by the Moody’s, Standard & Poor’s and Fitch ratings agencies. If ratings are available from only two of these agencies, the lower rating is used. When only one rating is available, that one is used. These ratings are subject to change without notice.
18 | 2020 Annual Report ■ TIAA-CREF International Fixed-Income Funds |
Summary portfolio of investments
Emerging Markets Debt Fund ■ October 31, 2020
Principal | Issuer | Value | % of net assets | ||||||||||||
BANK LOAN OBLIGATIONS | |||||||||||||||
MEXICO | |||||||||||||||
$ | 4,000,000 | †,h,i | Grupo Aeromexico SAB de C.V. LIBOR 1 M + 8.000% | 9.000%, 08/19/22 | $ | 4,060,000 | 0.7 | ||||||||
4,000,000 | †,h,i | Grupo Aeromexico SAB de C.V. LIBOR 1 M + 8.000% | 12.643%, 08/19/22 | 4,090,000 | 0.7 | ||||||||||
8,150,000 | 1.4 | ||||||||||||||
TOTAL BANK LOAN OBLIGATIONS (Cost $7,921,415) | 8,150,000 | 1.4 | |||||||||||||
BONDS | |||||||||||||||
CORPORATE BONDS | |||||||||||||||
ARGENTINA | 2,396,650 | 0.4 | |||||||||||||
BRAZIL | 23,052,247 | 4.1 | |||||||||||||
CHILE | |||||||||||||||
7,750,000 | g | Corp Nacional del Cobre de Chile | 3.000%–4.375%, 08/01/27–02/05/49 | 8,461,352 | 1.4 | ||||||||||
Other | 11,646,302 | 2.0 | |||||||||||||
20,107,654 | 3.4 | ||||||||||||||
CHINA | |||||||||||||||
3,000,000 | g | ENN Energy Holdings Ltd | 2.625%, 09/17/30 | 3,017,489 | 0.5 | ||||||||||
Other | 13,249,258 | 2.4 | |||||||||||||
16,266,747 | 2.9 | ||||||||||||||
COLOMBIA | 9,702,982 | 1.7 | |||||||||||||
COSTA RICA | 3,096,034 | 0.6 | |||||||||||||
DOMINICAN REPUBLIC | 2,287,525 | 0.4 | |||||||||||||
GHANA | 1,762,500 | 0.3 | |||||||||||||
GUATEMALA | 1,833,125 | 0.3 | |||||||||||||
HONG KONG | 3,215,269 | 0.5 | |||||||||||||
INDIA | 12,834,723 | 2.3 | |||||||||||||
INDONESIA | 22,898,424 | 3.9 | |||||||||||||
ISRAEL | |||||||||||||||
3,100,000 | g | Leviathan Bond Ltd | 6.750%, 06/30/30 | 3,169,752 | 0.5 | ||||||||||
Other | 2,218,594 | 0.4 | |||||||||||||
5,388,346 | 0.9 | ||||||||||||||
JAMAICA | 143,818 | 0.0 | |||||||||||||
KAZAKHSTAN | |||||||||||||||
3,000,000 | g | KazMunayGas National Co JSC | 3.500%, 04/14/33 | 3,079,910 | 0.5 | ||||||||||
Other | 10,895,407 | 1.9 | |||||||||||||
13,975,317 | 2.4 | ||||||||||||||
KOREA, REPUBLIC OF | 847,883 | 0.1 | |||||||||||||
KUWAIT | 3,637,886 | 0.6 | |||||||||||||
MACAU | 4,708,972 | 0.8 |
See notes to financial statements | TIAA-CREF International Fixed-Income Funds ■ 2020 Annual Report | 19 |
Summary portfolio of investments | continued |
Emerging Markets Debt Fund ■ October 31, 2020 |
Principal | Issuer | Value | % of net assets | ||||||||||||
MALAYSIA | |||||||||||||||
$ | 3,000,000 | 1MDB Global Investments Ltd | 4.400%, 03/09/23 | $ | 2,977,500 | 0.5 | % | ||||||||
2,977,500 | 0.5 | ||||||||||||||
MEXICO | |||||||||||||||
3,000,000 | g | Banco Nacional de Comercio Exterior SNC | 3.800%, 08/11/26 | 2,992,530 | 0.5 | ||||||||||
5,100,000 | Petroleos Mexicanos | 5.350%, 02/12/28 | 4,356,369 | 0.8 | |||||||||||
4,647,000 | Petroleos Mexicanos | 6.840%, 01/23/30 | 4,146,983 | 0.7 | |||||||||||
Other | 16,189,459 | 2.8 | |||||||||||||
27,685,341 | 4.8 | ||||||||||||||
PANAMA | |||||||||||||||
2,750,000 | g | Banistmo S.A. | 4.250%, 07/31/27 | 2,862,585 | 0.5 | ||||||||||
3,300,000 | g | Empresa de Transmision Electrica S.A. | 5.125%, 05/02/49 | 3,842,553 | 0.7 | ||||||||||
Other | 1,236,688 | 0.2 | |||||||||||||
7,941,826 | 1.4 | ||||||||||||||
PERU | |||||||||||||||
PEN | 9,000,000 | g | Alicorp SAA | 6.875%, 04/17/27 | 2,868,898 | 0.5 | |||||||||
Other | 7,838,006 | 1.4 | |||||||||||||
10,706,904 | 1.9 | ||||||||||||||
POLAND | 329,062 | 0.1 | |||||||||||||
SAUDI ARABIA | |||||||||||||||
$ | 3,500,000 | g | Saudi Arabian Oil Co | 2.875%, 04/16/24 | 3,667,300 | 0.6 | |||||||||
3,667,300 | 0.6 | ||||||||||||||
SINGAPORE | 2,489,402 | 0.4 | |||||||||||||
SOUTH AFRICA | |||||||||||||||
3,000,000 | SASOL Financing USA LLC | 5.875%, 03/27/24 | 2,898,000 | 0.5 | |||||||||||
3,000,000 | g | Transnet SOC Ltd | 4.000%, 07/26/22 | 2,979,293 | 0.5 | ||||||||||
Other | 9,615,412 | 1.6 | |||||||||||||
15,492,705 | 2.6 | ||||||||||||||
SPAIN | 1,780,865 | 0.3 | |||||||||||||
TANZANIA, UNITED REPUBLIC OF | 2,170,104 | 0.4 | |||||||||||||
THAILAND | |||||||||||||||
3,000,000 | g | Bangkok Bank PCL | 5.000%, N/A‡ | 2,982,647 | 0.5 | ||||||||||
2,750,000 | g | PTTEP Treasury Center Co Ltd | 3.903%, 12/06/59 | 2,917,668 | 0.5 | ||||||||||
5,900,315 | 1.0 | ||||||||||||||
TRINIDAD AND TOBAGO | 2,355,875 | 0.4 | |||||||||||||
TURKEY | 8,209,259 | 1.4 | |||||||||||||
UKRAINE | 11,939,182 | 2.1 | |||||||||||||
UNITED ARAB EMIRATES | 7,930,299 | 1.3 | |||||||||||||
UNITED KINGDOM | 480,000 | 0.1 | |||||||||||||
ZAMBIA | |||||||||||||||
3,000,000 | g | First Quantum Minerals Ltd | 6.875%, 10/15/27 | 2,985,000 | 0.5 | ||||||||||
2,985,000 | 0.5 | ||||||||||||||
TOTAL CORPORATE BONDS (Cost $267,632,370) | 263,197,041 | 45.4 |
20 | 2020 Annual Report ■ TIAA-CREF International Fixed-Income Funds | See notes to financial statements |
Summary portfolio of investments | continued |
Emerging Markets Debt Fund ■ October 31, 2020 |
Principal | Issuer | Value | % of net assets | ||||||||||||
GOVERNMENT BONDS | |||||||||||||||
ANGOLA | $ | 5,036,035 | 0.8 | % | |||||||||||
ARGENTINA | 3,802,874 | 0.6 | |||||||||||||
AZERBAIJAN | |||||||||||||||
$ | 3,023,000 | g | Southern Gas Corridor CJSC | 6.875%, 03/24/26 | 3,445,380 | 0.6 | |||||||||
3,445,380 | 0.6 | ||||||||||||||
BAHRAIN | 6,664,256 | 1.2 | |||||||||||||
BARBADOS | |||||||||||||||
3,314,800 | g | Barbados Government International Bond | 6.500%, 10/01/29 | 3,182,208 | 0.5 | ||||||||||
Other | 530 | 0.0 | |||||||||||||
3,182,738 | 0.5 | ||||||||||||||
BERMUDA | 3,011,619 | 0.5 | |||||||||||||
BRAZIL | |||||||||||||||
3,625,000 | Brazilian Government International Bond | 3.875%, 06/12/30 | 3,670,312 | 0.6 | |||||||||||
Other | 6,893,661 | 1.2 | |||||||||||||
10,563,973 | 1.8 | ||||||||||||||
CHINA | 2,881,983 | 0.5 | |||||||||||||
COLOMBIA | 3,131,109 | 0.5 | |||||||||||||
COSTA RICA | 1,818,750 | 0.3 | |||||||||||||
COTE D’IVOIRE | 2,025,926 | 0.3 | |||||||||||||
DOMINICAN REPUBLIC | |||||||||||||||
4,275,000 | g | Dominican Republic Government International Bond | 6.875%, 01/29/26 | 4,825,406 | 0.8 | ||||||||||
4,000,000 | g | Dominican Republic Government International Bond | 4.875%, 09/23/32 | 4,060,000 | 0.7 | ||||||||||
3,060,000 | g | Dominican Republic Government International Bond | 7.450%, 04/30/44 | 3,492,990 | 0.6 | ||||||||||
Other | 2,262,075 | 0.4 | |||||||||||||
14,640,471 | 2.5 | ||||||||||||||
ECUADOR | |||||||||||||||
6,637,020 | g | Ecuador Government International Bond (Step Bond) | 0.500%, 07/31/35 | 3,625,472 | 0.6 | ||||||||||
Other | 3,857,593 | 0.8 | |||||||||||||
7,483,065 | 1.4 | ||||||||||||||
EGYPT | |||||||||||||||
$, EGP | 3,200,000 | g | Egypt Government International Bond | 6.588%, 02/21/28 | 3,214,917 | 0.6 | |||||||||
4,050,000 | g | Egypt Government International Bond | 8.500%, 01/31/47 | 4,012,292 | 0.7 | ||||||||||
19,750,000 | g | Egypt Government International Bond | 5.250%–16.000%, 06/11/22–11/20/59 | 8,028,078 | 1.4 | ||||||||||
15,255,287 | 2.7 |
See notes to financial statements | TIAA-CREF International Fixed-Income Funds ■ 2020 Annual Report | 21 |
Summary portfolio of investments | continued | |
Emerging Markets Debt Fund ■ October 31, 2020 |
Principal | Issuer | Value | % of net assets | ||||||||||||
EL SALVADOR | $ | 2,813,211 | 0.5 | % | |||||||||||
GHANA | 5,757,852 | 0.9 | |||||||||||||
GREECE | |||||||||||||||
EUR | 2,850,000 | g | Hellenic Republic Government International Bond | 2.000%, 04/22/27 | 3,607,736 | 0.6 | |||||||||
Other | 550,090 | 0.1 | |||||||||||||
4,157,826 | 0.7 | ||||||||||||||
GUATEMALA | |||||||||||||||
$ | 2,375,000 | g | Guatemala Government International Bond | 6.125%, 06/01/50 | 2,926,000 | 0.5 | |||||||||
Other | 3,633,469 | 0.7 | |||||||||||||
6,559,469 | 1.2 | ||||||||||||||
HONDURAS | 3,878,712 | 0.7 | |||||||||||||
INDIA | |||||||||||||||
3,000,000 | g | Export-Import Bank of India | 3.250%, 01/15/30 | 3,042,091 | 0.5 | ||||||||||
3,042,091 | 0.5 | ||||||||||||||
INDONESIA | 6,549,829 | 1.2 | |||||||||||||
IRAQ | 4,343,128 | 0.8 | |||||||||||||
ISRAEL | 2,994,028 | 0.5 | |||||||||||||
JAMAICA | |||||||||||||||
2,950,000 | Jamaica Government International Bond | 8.000%, 03/15/39 | 3,923,500 | 0.7 | |||||||||||
3,135,000 | Jamaica Government International Bond | 7.875%, 07/28/45 | 4,083,338 | 0.7 | |||||||||||
Other | 572,500 | 0.1 | |||||||||||||
8,579,338 | 1.5 | ||||||||||||||
JORDAN | |||||||||||||||
3,700,000 | g | Jordan Government International Bond | 4.950%, 07/07/25 | 3,760,842 | 0.6 | ||||||||||
Other | 2,067,472 | 0.4 | |||||||||||||
5,828,314 | 1.0 | ||||||||||||||
KAZAKHSTAN | 2,509,602 | 0.4 | |||||||||||||
KENYA | |||||||||||||||
6,425,000 | g | Kenya Government International Bond | 6.875%–8.250%, 06/24/24–02/28/48 | 6,704,963 | 1.2 | ||||||||||
6,704,963 | 1.2 | ||||||||||||||
LEBANON | 980,378 | 0.2 | |||||||||||||
MALAYSIA | 493,550 | 0.1 | |||||||||||||
MEXICO | |||||||||||||||
2,775,000 | Mexico Government International Bond | 4.750%, 04/27/32 | 3,170,438 | 0.5 | |||||||||||
Other | 4,190,451 | 0.7 | |||||||||||||
7,360,889 | 1.2 | ||||||||||||||
MONGOLIA | 1,467,241 | 0.3 |
22 | 2020 Annual Report ■ TIAA-CREF International Fixed-Income Funds | See notes to financial statements |
Summary portfolio of investments | continued | |
Emerging Markets Debt Fund ■ October 31, 2020 |
Principal | Issuer | Value | % of net assets | ||||||||||||
MOROCCO | |||||||||||||||
$ | 2,850,000 | g | Morocco Government International Bond | 5.500%, 12/11/42 | $ | 3,421,379 | 0.6 | % | |||||||
3,421,379 | 0.6 | ||||||||||||||
NIGERIA | |||||||||||||||
3,975,000 | g | Nigeria Government International Bond | 6.500%, 11/28/27 | 3,852,580 | 0.7 | ||||||||||
Other | 3,622,802 | 0.6 | |||||||||||||
7,475,382 | 1.3 | ||||||||||||||
OMAN | |||||||||||||||
4,000,000 | g | Oman Government International Bond | 6.750%, 10/28/27 | 3,879,179 | 0.7 | ||||||||||
Other | 3,177,506 | 0.5 | |||||||||||||
7,056,685 | 1.2 | ||||||||||||||
PAKISTAN | |||||||||||||||
3,200,000 | g | Pakistan Government International Bond | 6.875%, 12/05/27 | 3,125,269 | 0.5 | ||||||||||
3,125,269 | 0.5 | ||||||||||||||
PANAMA | |||||||||||||||
2,850,000 | g | Panama Notas del Tesoro | 3.750%, 04/17/26 | 3,079,140 | 0.5 | ||||||||||
3,079,140 | 0.5 | ||||||||||||||
PARAGUAY | |||||||||||||||
2,500,000 | g | Paraguay Government International Bond | 5.400%, 03/30/50 | 3,037,500 | 0.5 | ||||||||||
3,037,500 | 0.5 | ||||||||||||||
PERU | 1,518,017 | 0.3 | |||||||||||||
PHILIPPINES | 960,407 | 0.2 | |||||||||||||
POLAND | 472,541 | 0.1 | |||||||||||||
QATAR | 2,491,672 | 0.4 | |||||||||||||
REPUBLIC OF SERBIA | 2,651,006 | 0.5 | |||||||||||||
ROMANIA | |||||||||||||||
3,380,000 | g | Romanian Government International Bond | 3.000%, 02/14/31 | 3,493,874 | 0.6 | ||||||||||
3,493,874 | 0.6 | ||||||||||||||
RUSSIA | |||||||||||||||
2,800,000 | g | Russian Foreign Bond – Eurobond | 5.100%, 03/28/35 | 3,407,796 | 0.6 | ||||||||||
Other | 5,879,453 | 1.0 | |||||||||||||
9,287,249 | 1.6 | ||||||||||||||
RWANDA | 2,616,573 | 0.4 | |||||||||||||
SAUDI ARABIA | |||||||||||||||
5,950,000 | g | Saudi Government International Bond | 2.900%–4.500%, 10/22/25–04/22/60 | 6,483,864 | 1.1 | ||||||||||
6,483,864 | 1.1 | ||||||||||||||
SENEGAL | 2,820,105 | 0.5 |
See notes to financial statements | TIAA-CREF International Fixed-Income Funds ■ 2020 Annual Report | 23 |
Summary portfolio of investments | continued | |
Emerging Markets Debt Fund ■ October 31, 2020 |
Principal | Issuer | Value | % of net assets | ||||||||||||
SOUTH AFRICA | |||||||||||||||
$ | 3,000,000 | South Africa Government International Bond | 4.300%, 10/12/28 | $ | 2,911,474 | 0.5 | % | ||||||||
ZAR | 59,300,000 | South Africa Government International Bond | 7.000%, 02/28/31 | 2,979,401 | 0.5 | ||||||||||
Other | 2,540,449 | 0.5 | |||||||||||||
8,431,324 | 1.5 | ||||||||||||||
SRI LANKA | 1,546,993 | 0.3 | |||||||||||||
SUPRANATIONAL | 3,165,165 | 0.5 | |||||||||||||
SWEDEN | |||||||||||||||
$ | 3,000,000 | Svensk Exportkredit AB | 0.500%, 08/26/25 | 2,983,233 | 0.5 | ||||||||||
2,983,233 | 0.5 | ||||||||||||||
THAILAND | 2,528,798 | 0.4 | |||||||||||||
TRINIDAD AND TOBAGO | 2,025,000 | 0.3 | |||||||||||||
TURKEY | |||||||||||||||
4,350,000 | Turkey Government International Bond | 4.875%, 04/16/43 | 3,170,063 | 0.5 | |||||||||||
Other | 4,999,704 | 0.9 | |||||||||||||
8,169,767 | 1.4 | ||||||||||||||
UGANDA | 1,248,540 | 0.2 | |||||||||||||
UKRAINE | |||||||||||||||
$, | 5,000,000 | g | Ukraine Government International Bond | 7.750%, 09/01/25 | 5,111,600 | 0.9 | |||||||||
EUR | 51,534,000 | g | Ukraine Government International Bond | 0.000%–18.000%, 03/24/21–05/31/40 | 8,937,221 | 1.5 | |||||||||
Other | 1,344,206 | 0.2 | |||||||||||||
15,393,027 | 2.6 | ||||||||||||||
UNITED ARAB EMIRATES | 4,316,610 | 0.7 | |||||||||||||
URUGUAY | |||||||||||||||
5,303,796 | Uruguay Government International Bond | 4.375%, 01/23/31 | 6,397,704 | 1.1 | |||||||||||
Other | 2,413,519 | 0.5 | |||||||||||||
8,811,223 | 1.6 | ||||||||||||||
UZBEKISTAN | |||||||||||||||
4,550,000 | g | Republic of Uzbekistan Government International Bond | 5.375%, 02/20/29 | 5,025,727 | 0.9 | ||||||||||
5,025,727 | 0.9 | ||||||||||||||
ZAMBIA | 2,171,241 | 0.4 |
24 | 2020 Annual Report ■ TIAA-CREF International Fixed-Income Funds | See notes to financial statements |
Summary portfolio of investments | concluded | |
Emerging Markets Debt Fund ■ October 31, 2020 |
Principal | Issuer | Value | % of net assets | |||||||||||||
TOTAL GOVERNMENT BONDS (Cost $296,412,818) | 282,771,198 | 48.7 | ||||||||||||||
STRUCTURED ASSETS | ||||||||||||||||
JERSEY, C.I. | $ | 2,110,769 | 0.4 | % | ||||||||||||
SPAIN | 2,310,000 | 0.4 | ||||||||||||||
TOTAL STRUCTURED ASSETS (Cost $4,429,330) | 4,420,769 | 0.8 | ||||||||||||||
TOTAL BONDS (Cost $568,474,518) | 550,389,008 | 94.9 | ||||||||||||||
Shares | Company | |||||||||||||||
COMMON STOCKS | ||||||||||||||||
BRAZIL | 193,488 | 0.0 | ||||||||||||||
TOTAL COMMON STOCKS (Cost $1,044,572) | 193,488 | 0.0 | ||||||||||||||
Principal | Issuer | |||||||||||||||
SHORT-TERM INVESTMENTS | ||||||||||||||||
EGYPT | 1,611,465 | 0.3 | ||||||||||||||
UNITED STATES | ||||||||||||||||
$ | 7,653,000 | United States Treasury Bill | 0.081%–0.082%, 11/05/20 | 7,652,954 | �� | 1.3 | ||||||||||
7,652,954 | 1.3 | |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $9,237,907) | 9,264,419 | 1.6 | ||||||||||||||
TOTAL PORTFOLIO (Cost $586,678,412) | 567,996,915 | 97.9 | ||||||||||||||
OTHER ASSETS & LIABILITIES, NET | 11,916,279 | 2.1 | ||||||||||||||
NET ASSETS | $ | 579,913,194 | 100.0 | % |
Abbreviation(s):
EGP | Egyptian Pound |
EUR | Euro |
LIBOR | London Interbank Offered Rate |
M | Month |
PEN | Peruvian Sol |
ZAR | South African Rand |
† | Security is categorized as Level 3 in the fair value hierarchy. |
‡ | Perpetual security |
g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/20, the aggregate value of these securities is $421,449,107 or 72.7% of net assets. |
h | All or a portion of these securities were purchased on a delayed delivery basis. |
i | Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end. |
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent less than 1% or less of net assets.
For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.
See notes to financial statements | TIAA-CREF International Fixed-Income Funds ■ 2020 Annual Report | 25 |
Summary of market values by sector (unaudited)
Emerging Markets Debt Fund ■ October 31, 2020
Sector | Value | % of net assets | ||||||
GOVERNMENT | $ | 282,771,198 | 48.7 | % | ||||
ENERGY | 59,285,843 | 10.2 | ||||||
FINANCIALS | 52,662,028 | 9.1 | ||||||
UTILITIES | 40,244,680 | 6.9 | ||||||
MATERIALS | 38,068,129 | 6.6 | ||||||
INDUSTRIALS | 30,822,100 | 5.3 | ||||||
CONSUMER STAPLES | 19,424,784 | 3.4 | ||||||
COMMUNICATION SERVICES | 11,927,183 | 2.0 | ||||||
CONSUMER DISCRETIONARY | 9,347,361 | 1.6 | ||||||
REAL ESTATE | 7,682,844 | 1.3 | ||||||
ASSET BACKED SECURITIES | 4,420,769 | 0.8 | ||||||
INFORMATION TECHNOLOGY | 2,075,577 | 0.4 | ||||||
SHORT-TERM INVESTMENTS | 9,264,419 | 1.6 | ||||||
OTHER ASSETS & LIABILITIES, NET | 11,916,279 | 2.1 | ||||||
NET ASSETS | $ | 579,913,194 | 100.0 | % |
26 | 2020 Annual Report ■ TIAA-CREF International Fixed-Income Funds | See notes to financial statements |
Consolidated summary portfolio of investments |
International Bond Fund ■ October 31, 2020 |
Principal | Issuer | Value | % of net assets | |||||||
BANK LOAN OBLIGATIONS | ||||||||||
AUSTRALIA | $ | 378,545 | 0.1 | % | ||||||
CANADA | 377,284 | 0.1 | ||||||||
IRELAND | 583,107 | 0.1 | ||||||||
LUXEMBOURG | 421,157 | 0.1 | ||||||||
UNITED STATES | 3,517,320 | 0.8 | ||||||||
TOTAL BANK LOAN OBLIGATIONS (Cost $5,578,192) | 5,277,413 | 1.2 | ||||||||
BONDS | ||||||||||
CORPORATE BONDS | ||||||||||
CANADA | 303,800 | 0.1 | ||||||||
CHILE | 2,165,109 | 0.4 | ||||||||
CHINA | 1,308,043 | 0.3 | ||||||||
COLOMBIA | 774,045 | 0.2 | ||||||||
CZECH REPUBLIC | 472,643 | 0.1 | ||||||||
DENMARK | 657,053 | 0.1 | ||||||||
FRANCE | 3,288,228 | 0.7 | ||||||||
GERMANY | 1,644,392 | 0.4 | ||||||||
HONG KONG | 205,706 | 0.0 | ||||||||
INDIA | 898,721 | 0.2 | ||||||||
INDONESIA | 701,190 | 0.2 | ||||||||
ISRAEL | 1,017,876 | 0.2 | ||||||||
ITALY | 1,505,677 | 0.3 | ||||||||
JAPAN | 4,783,899 | 1.0 | ||||||||
KAZAKHSTAN | 918,641 | 0.2 | ||||||||
KOREA, REPUBLIC OF | 963,365 | 0.2 | ||||||||
LUXEMBOURG | 1,080,163 | 0.3 | ||||||||
MALAYSIA | 459,865 | 0.2 | ||||||||
MEXICO | 1,257,928 | 0.3 | ||||||||
NETHERLANDS | 429,101 | 0.1 | ||||||||
PANAMA | 333,753 | 0.1 | ||||||||
PERU | 415,750 | 0.1 | ||||||||
PORTUGAL | 1,211,516 | 0.3 | ||||||||
QATAR | 857,173 | 0.2 | ||||||||
RUSSIA | 355,711 | 0.1 | ||||||||
SAUDI ARABIA | 570,346 | 0.1 |
See notes to financial statements | TIAA-CREF International Fixed-Income Funds ■ 2020 Annual Report | 27 |
Consolidated summary portfolio of investments | continued | ||
International Bond Fund ■ October 31, 2020 | |||
Principal | Issuer | Value | % of net assets | |||||||||||||
SINGAPORE | $ | 1,217,105 | 0.3 | % | ||||||||||||
SPAIN | 699,566 | 0.2 | ||||||||||||||
SWITZERLAND | 2,585,791 | 0.6 | ||||||||||||||
TANZANIA, UNITED REPUBLIC OF | 476,364 | 0.1 | ||||||||||||||
THAILAND | 495,146 | 0.1 | ||||||||||||||
UNITED ARAB EMIRATES | 1,642,527 | 0.4 | ||||||||||||||
UNITED KINGDOM | 5,547,556 | 1.3 | ||||||||||||||
UNITED STATES | 42,903,318 | 9.8 | ||||||||||||||
TOTAL CORPORATE BONDS (Cost $79,698,321) | 84,147,067 | 19.2 | ||||||||||||||
GOVERNMENT BONDS | ||||||||||||||||
ARGENTINA | 150,840 | 0.0 | ||||||||||||||
AUSTRALIA | ||||||||||||||||
AUD | 4,100,000 | z | Australia Government International Bond | 1.000%, 11/21/31 | 2,912,468 | 0.7 | ||||||||||
Other | 5,054,413 | 1.2 | ||||||||||||||
7,966,881 | 1.9 | |||||||||||||||
BELGIUM | ||||||||||||||||
EUR | 2,125,000 | g | Kingdom of Belgium Government International Bond | 0.000%, 10/22/27 | 2,570,440 | 0.6 | ||||||||||
Other | 1,210,894 | 0.3 | ||||||||||||||
3,781,334 | 0.9 | |||||||||||||||
BERMUDA | 1,489,400 | 0.4 | ||||||||||||||
BRAZIL | 1,747,039 | 0.3 | ||||||||||||||
CANADA | 9,428,785 | 2.1 | ||||||||||||||
CHINA | ||||||||||||||||
CNY | 27,700,000 | China Government International Bond | 2.360%, 07/02/23 | 4,073,782 | 0.9 | |||||||||||
49,600,000 | China Government International Bond | 2.940%, 10/17/24 | 7,406,834 | 1.7 | ||||||||||||
60,500,000 | China Government International Bond | 3.120%, 12/05/26 | 9,000,335 | 2.1 | ||||||||||||
18,900,000 | China Government International Bond | 3.860%, 07/22/49 | 2,805,129 | 0.6 | ||||||||||||
30,000,000 | China Government International Bond | 3.390%, 03/16/50 | 4,098,265 | 0.9 | ||||||||||||
Other | 2,208,256 | �� | 0.5 | |||||||||||||
29,592,601 | 6.7 | |||||||||||||||
COTE D’IVOIRE | 1,138,744 | 0.3 | ||||||||||||||
CROATIA | 1,346,675 | 0.3 | ||||||||||||||
CYPRUS | ||||||||||||||||
EUR | 3,475,000 | z | Cyprus Government International Bond | 0.625%–2.750%, 09/25/28–05/03/49 | 4,678,190 | 1.1 | ||||||||||
4,678,190 | 1.1 |
28 | 2020 Annual Report ■ TIAA-CREF International Fixed-Income Funds | See notes to financial statements |
Consolidated summary portfolio of investments | continued | ||
International Bond Fund ■ October 31, 2020 |
Principal | Issuer | Value | % of net assets | |||||||||||||
DENMARK | $ | 1,229,238 | 0.3 | % | ||||||||||||
DOMINICAN REPUBLIC | 1,861,393 | 0.5 | ||||||||||||||
ECUADOR | 671,256 | 0.1 | ||||||||||||||
EGYPT | ||||||||||||||||
$, EGP, EUR | 20,025,000 | g | Egypt Government International Bond | 4.550%–15.900%, 11/20/23–01/31/47 | 4,957,193 | 1.1 | ||||||||||
4,957,193 | 1.1 | |||||||||||||||
FRANCE | ||||||||||||||||
EUR | 4,500,000 | French Republic Government Bond OAT | 0.500%, 05/25/25 | 5,530,936 | 1.3 | |||||||||||
3,775,000 | French Republic Government Bond OAT | 0.750%, 11/25/28 | 4,846,940 | 1.1 | ||||||||||||
1,850,000 | g | French Republic Government Bond OAT | 2.000%, 05/25/48 | 3,156,708 | 0.7 | |||||||||||
2,500,000 | z | UNEDIC ASSEO | 0.250%, 07/16/35 | 3,003,633 | 0.7 | |||||||||||
Other | 1,480,567 | 0.4 | ||||||||||||||
18,018,784 | 4.2 | |||||||||||||||
GERMANY | ||||||||||||||||
2,350,000 | Bundesrepublik Deutschland Bundesanleihe | 0.000%, 02/15/30 | 2,909,435 | 0.7 | ||||||||||||
2,909,435 | 0.7 | |||||||||||||||
GHANA | 1,974,511 | 0.5 | ||||||||||||||
GREECE | ||||||||||||||||
4,600,000 | g | Hellenic Republic Government International Bond | 1.875%, 07/23/26 | 5,766,170 | 1.3 | |||||||||||
2,700,000 | g | Hellenic Republic Government International Bond | 1.500%, 06/18/30 | 3,300,538 | 0.7 | |||||||||||
Other | 3,590,734 | 0.9 | ||||||||||||||
12,657,442 | 2.9 | |||||||||||||||
GUATEMALA | 1,191,800 | 0.3 | ||||||||||||||
HONDURAS | 220,500 | 0.0 | ||||||||||||||
HUNGARY | 1,950,636 | 0.5 | ||||||||||||||
INDIA | 211,190 | 0.0 | ||||||||||||||
INDONESIA | 4,403,216 | 1.0 | ||||||||||||||
ISRAEL | ||||||||||||||||
ILS | 5,250,000 | Israel Government International Bond | 5.500%, 01/31/42 | 2,633,673 | 0.6 | |||||||||||
Other | 2,740,811 | 0.6 | ||||||||||||||
5,374,484 | 1.2 | |||||||||||||||
ITALY | ||||||||||||||||
EUR | 3,300,000 | Italy Buoni Poliennali Del Tesoro | 0.050%, 04/15/21 | 3,852,222 | 0.9 | |||||||||||
5,525,000 | Italy Buoni Poliennali Del Tesoro | 2.450%, 10/01/23 | 6,932,839 | 1.6 | ||||||||||||
3,950,000 | Italy Buoni Poliennali Del Tesoro | 1.250%, 12/01/26 | 4,872,967 | 1.1 | ||||||||||||
1,575,000 | g | Italy Buoni Poliennali Del Tesoro | 2.950%, 09/01/38 | 2,339,313 | 0.5 | |||||||||||
2,900,000 | g | Italy Buoni Poliennali Del Tesoro | 1.700%–3.850%, 03/01/48–09/01/51 | 4,496,294 | 1.0 | |||||||||||
22,493,635 | 5.1 |
See notes to financial statements | TIAA-CREF International Fixed-Income Funds ■ 2020 Annual Report | 29 |
Consolidated summary portfolio of investments | continued | ||
International Bond Fund ■ October 31, 2020 |
Principal | Issuer | Value | % of net assets | |||||||||||||
JAPAN | ||||||||||||||||
JPY | 628,000,000 | Japan Government Five Year Bond | 0.100%, 06/20/23 | $ | 6,034,171 | 1.4 | % | |||||||||
557,000,000 | Japan Government Ten Year Bond | 0.100%, 06/20/28 | 5,381,734 | 1.2 | ||||||||||||
335,000,000 | Japan Government Ten Year Bond | 0.100%, 06/20/29 | 3,229,879 | 0.7 | ||||||||||||
322,000,000 | Japan Government Ten Year Bond | 0.100%, 09/20/29 | 3,102,164 | 0.7 | ||||||||||||
325,000,000 | Japan Government Ten Year Bond | 0.100%, 12/20/29 | 3,127,893 | 0.7 | ||||||||||||
425,000,000 | Japan Government Ten Year Bond | 0.100%, 06/20/30 | 4,083,201 | 0.9 | ||||||||||||
525,950,000 | Japan Government Thirty Year Bond | 2.500%, 09/20/34 | 6,582,076 | 1.5 | ||||||||||||
457,700,000 | Japan Government Thirty Year Bond | 0.500%, 09/20/46 | 4,307,097 | 1.0 | ||||||||||||
340,000,000 | Japan Government Twenty Year Bond | 2.100%, 03/20/26 | 3,631,337 | 0.8 | ||||||||||||
229,000,000 | Japan Government Twenty Year Bond | 1.800%, 09/20/31 | 2,589,307 | 0.6 | ||||||||||||
278,000,000 | Japan Government Twenty Year Bond | 0.600%, 12/20/36 | 2,774,907 | 0.6 | ||||||||||||
256,000,000 | Japan Government Twenty Year Bond | 0.500%, 06/20/38 | 2,500,954 | 0.6 | ||||||||||||
660,000,000 | Japan Government Twenty Year Bond | 0.700%, 09/20/38 | 6,655,538 | 1.5 | ||||||||||||
312,000,000 | Japan Government Twenty Year Bond | 0.400%, 09/20/40 | 2,966,701 | 0.7 | ||||||||||||
867,000,000 | Japan Government Two Year Bond | 0.100%, 03/01/22 | 8,308,565 | 1.9 | ||||||||||||
Other | 8,156,647 | 1.9 | ||||||||||||||
73,432,171 | 16.7 | |||||||||||||||
KENYA | 1,245,940 | 0.3 | ||||||||||||||
KOREA, REPUBLIC OF | ||||||||||||||||
KRW | 3,800,000,000 | Korea Treasury Bond | 1.500%, 03/10/25 | 3,390,368 | 0.8 | |||||||||||
3,000,000,000 | Korea Treasury Bond | 1.375%, 06/10/30 | 2,597,958 | 0.6 | ||||||||||||
2,815,000,000 | Korea Treasury Bond | 2.375%, 09/10/38 | 2,753,754 | 0.6 | ||||||||||||
7,280,000,000 | Korea Treasury Bond | 1.375%–2.250%, 03/10/22–12/10/29 | 6,509,611 | 1.5 | ||||||||||||
Other | 716,370 | 0.1 | ||||||||||||||
15,968,061 | 3.6 | |||||||||||||||
LEBANON | 197,613 | 0.0 | ||||||||||||||
MACEDONIA | 1,329,289 | 0.3 | ||||||||||||||
MEXICO | 3,194,160 | 0.8 | ||||||||||||||
MOROCCO | 2,167,688 | 0.5 | ||||||||||||||
NETHERLANDS | 1,606,751 | 0.4 | ||||||||||||||
NEW ZEALAND | 2,701,563 | 0.6 | ||||||||||||||
NIGERIA | 1,284,193 | 0.3 | ||||||||||||||
NORWAY | ||||||||||||||||
NOK | 44,320,000 | g | Norway Government International Bond | 1.375%, 08/19/30 | 4,942,740 | 1.1 | ||||||||||
Other | 986,168 | 0.2 | ||||||||||||||
5,928,908 | 1.3 | |||||||||||||||
PANAMA | 1,080,400 | 0.2 | ||||||||||||||
PARAGUAY | 1,123,875 | 0.3 | ||||||||||||||
PERU | ||||||||||||||||
PEN | 8,300,000 | g | Peruvian Government International Bond | 5.400%, 08/12/34 | 2,416,557 | 0.5 | ||||||||||
2,416,557 | 0.5 |
30 | 2020 Annual Report ■ TIAA-CREF International Fixed-Income Funds | See notes to financial statements |
Consolidated summary portfolio of investments | continued | ||
International Bond Fund ■ October 31, 2020 | |||
Principal | Issuer | Value | % of net assets | |||||||||||||
POLAND | ||||||||||||||||
PLN | 8,445,000 | Republic of Poland Government International Bond | 3.250%, 07/25/25 | $ | 2,418,552 | 0.5 | % | |||||||||
Other | 3,421,099 | 0.8 | ||||||||||||||
5,839,651 | 1.3 | |||||||||||||||
PORTUGAL | ||||||||||||||||
EUR | 1,800,000 | g | Portugal Obrigacoes do Tesouro OT | 1.950%, 06/15/29 | 2,455,494 | 0.6 | ||||||||||
Other | 1,576,119 | 0.4 | ||||||||||||||
4,031,613 | 1.0 | |||||||||||||||
REPUBLIC OF SERBIA | 4,370,688 | 0.9 | ||||||||||||||
ROMANIA | 931,319 | 0.2 | ||||||||||||||
RUSSIA | 1,093,683 | 0.2 | ||||||||||||||
SAUDI ARABIA | 1,185,714 | 0.3 | ||||||||||||||
SENEGAL | 1,150,951 | 0.3 | ||||||||||||||
SOUTH AFRICA | 1,958,187 | 0.5 | ||||||||||||||
SPAIN | ||||||||||||||||
4,600,000 | g | Spain Government International Bond | 2.750%, 10/31/24 | 6,048,703 | 1.4 | |||||||||||
1,875,000 | g | Spain Government International Bond | 0.600%, 10/31/29 | 2,295,290 | 0.5 | |||||||||||
2,650,000 | g | Spain Government International Bond | 1.200%, 10/31/40 | 3,376,626 | 0.8 | |||||||||||
Other | 2,855,065 | 0.6 | ||||||||||||||
14,575,684 | 3.3 | |||||||||||||||
SRI LANKA | 416,089 | 0.1 | ||||||||||||||
SUPRANATIONAL | ||||||||||||||||
AUD | 4,100,000 | International Bank for Reconstruction & Development | 2.200%, 02/27/24 | 3,058,436 | 0.7 | |||||||||||
Other | 7,133,253 | 1.6 | ||||||||||||||
10,191,689 | 2.3 | |||||||||||||||
SWEDEN | 789,678 | 0.2 | ||||||||||||||
THAILAND | ||||||||||||||||
THB | 145,500,000 | Thailand Government International Bond | 1.450%–3.300%, 12/17/23–06/17/38 | 5,161,194 | 1.2 | |||||||||||
5,161,194 | 1.2 | |||||||||||||||
UKRAINE | 3,406,752 | 0.8 | ||||||||||||||
UNITED ARAB EMIRATES | 1,888,672 | 0.4 | ||||||||||||||
UNITED KINGDOM | ||||||||||||||||
GBP | 2,425,000 | United Kingdom Gilt | 1.625%, 10/22/28 | 3,512,358 | 0.8 | |||||||||||
2,720,000 | United Kingdom Gilt | 4.750%, 12/07/30 | 5,091,397 | 1.2 | ||||||||||||
3,350,000 | United Kingdom Gilt | 1.750%, 09/07/37 | 5,073,061 | 1.2 | ||||||||||||
3,035,000 | United Kingdom Gilt | 1.500%, 07/22/47 | 4,584,115 | 1.0 | ||||||||||||
Other | 2,629,707 | 0.5 | ||||||||||||||
20,890,638 | 4.7 |
See notes to financial statements | TIAA-CREF International Fixed-Income Funds ■ 2020 Annual Report | 31 |
Consolidated summary portfolio of investments | continued | |||
International Bond Fund ■ October 31, 2020 |
Principal | Issuer | Value | % of net assets | |||||||||||
URUGUAY | $ | 1,285,101 | 0.3 | % | ||||||||||
UZBEKISTAN | 1,517,004 | 0.3 | ||||||||||||
TOTAL GOVERNMENT BONDS (Cost $318,474,803) | 335,806,678 | 76.5 | ||||||||||||
TOTAL BONDS (Cost $398,173,124) | 419,953,745 | 95.7 | ||||||||||||
SHORT-TERM INVESTMENTS | ||||||||||||||
EGYPT | ||||||||||||||
EGP | 52,700,000 | Egypt Treasury Bills | 0.000%, 02/16/21 | 3,233,134 | 0.7 | |||||||||
3,233,134 | 0.7 | |||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $3,197,443) | 3,233,134 | 0.7 | ||||||||||||
TOTAL PORTFOLIO (Cost $406,948,759) | 428,464,292 | 97.6 | ||||||||||||
OTHER ASSETS & LIABILITIES, NET | 10,350,019 | 2.4 | ||||||||||||
NET ASSETS | $ | 438,814,311 | 100.0 | % |
Abbreviation(s): | ||||
AUD | Australian Dollar | JPY | Japanese Yen | |
CNY | Chinese Yuan | KRW | South Korean Won | |
EGP | Egyptian Pound | NOK | Norwegian Krone | |
EUR | Euro | PEN | Peruvian Sol | |
GBP | Pound Sterling | PLN | Polish Zloty | |
ILS | Israeli New Shekel | THB | Thai Baht |
g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/20, the aggregate value of these securities is $109,432,791 or 24.9% of net assets. |
z | All or a portion of this security is owned by TIAA-CREF International Bond Offshore Limited which is a 100% owned subsidiary of the fund. |
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent less than 1% or less of net assets.
For ease of presentation, a number of classification categories have been grouped together in the Consolidated summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.
Forward foreign currency contracts outstanding as of October 31, 2020 were as follows:
Currency to be purchased | Receive | Currency to be sold | Deliver | Counterparty | Settlement date | Unrealized appreciation (depreciation | ) | |||||||||
$ | 462,773 | AUD | 642,391 | Australia and New Zealand Banking Group | 11/30/20 | $ 11,166 | ||||||||||
$ | 11,631,968 | CAD | 15,564,015 | Australia and New Zealand Banking Group | 11/30/20 | (51,237 | ) | |||||||||
$ | 1,023,066 | EUR | 864,896 | Australia and New Zealand Banking Group | 11/30/20 | 15,098 | ||||||||||
$ | 323,984 | EUR | 273,773 | Australia and New Zealand Banking Group | 11/30/20 | 4,924 | ||||||||||
$ | 3,800,766 | NZD | 5,797,209 | Australia and New Zealand Banking Group | 11/30/20 | (32,464 | ) |
32 | 2020 Annual Report ■ TIAA-CREF International Fixed-Income Funds | See notes to financial statements |
Consolidated summary portfolio of investments | concluded | |
International Bond Fund ■ October 31, 2020 | ||
Currency to be purchased | Receive | Currency to be sold | Deliver | Counterparty | Settlement date | Unrealized appreciation (depreciation | ) | |||||||||
EUR | 297,579 | $ | 351,968 | Australia and New Zealand Banking Group | 11/05/20 | $ | (5,354 | ) | ||||||||
EUR | 492,439 | $ | 577,237 | Australia and New Zealand Banking Group | 11/30/20 | (3,338 | ) | |||||||||
EUR | 489,044 | $ | 578,499 | Australia and New Zealand Banking Group | 11/30/20 | (8,557 | ) | |||||||||
EUR | 1,039,518 | $ | 1,212,460 | Australia and New Zealand Banking Group | 11/30/20 | (984 | ) | |||||||||
EUR | 970,125 | $ | 1,133,799 | Australia and New Zealand Banking Group | 11/30/20 | (3,197 | ) | |||||||||
Total | $ | (73,943 | ) | |||||||||||||
$ | 605,153 | JPY | 63,104,014 | Bank of America | 11/30/20 | $ | 2,205 | |||||||||
$ | 2,604,240 | JPY | 271,558,987 | Bank of America | 11/30/20 | 9,538 | ||||||||||
Total | $ | 11,743 | ||||||||||||||
$ | 10,513,390 | AUD | 14,890,200 | Citibank, N.A. | 11/30/20 | $ | 45,426 | |||||||||
$ | 1,810,500 | BRL | 10,385,571 | Citibank, N.A. | 11/30/20 | 3,214 | ||||||||||
$ | 22,363,178 | CNY | 150,327,965 | Citibank, N.A. | 11/30/20 | (25,379 | ) | |||||||||
$ | 146,216,215 | EUR | 125,319,867 | Citibank, N.A. | 11/30/20 | 165,927 | ||||||||||
$ | 163,636 | EUR | 139,190 | Citibank, N.A. | 11/30/20 | 1,421 | ||||||||||
EUR | 2,578,076 | $ | 3,029,224 | Citibank, N.A. | 11/04/20 | (26,403 | ) | |||||||||
Total | $ | 164,206 | ||||||||||||||
$ | 17,964,018 | KRW | 20,405,112,344 | Morgan Stanley | 11/30/20 | $ | 20,725 | |||||||||
$ | 2,950,186 | PLN | 11,680,583 | Morgan Stanley | 11/30/20 | (716 | ) | |||||||||
$ | 498,721 | ZAR | 8,201,530 | Morgan Stanley | 11/30/20 | (3,488 | ) | |||||||||
Total | $ | 16,521 | ||||||||||||||
$ | 1,226,555 | DKK | 7,819,555 | Toronto Dominion Bank | 11/30/20 | $ | 2,408 | |||||||||
$ | 27,823,515 | GBP | 21,646,308 | Toronto Dominion Bank | 11/30/20 | (224,463 | ) | |||||||||
$ | 641,334 | GBP | 490,001 | Toronto Dominion Bank | 11/30/20 | 6,421 | ||||||||||
$ | 4,076,017 | ILS | 13,934,749 | Toronto Dominion Bank | 11/30/20 | (9,006 | ) | |||||||||
$ | 61,951,608 | JPY | 6,530,603,979 | Toronto Dominion Bank | 11/30/20 | (447,268 | ) | |||||||||
$ | 5,977,153 | NOK | 56,618,822 | Toronto Dominion Bank | 11/30/20 | 47,332 | ||||||||||
$ | 772,892 | SEK | 6,984,543 | Toronto Dominion Bank | 11/30/20 | (12,278 | ) | |||||||||
$ | 3,097,918 | THB | 96,910,975 | Toronto Dominion Bank | 11/30/20 | (10,768 | ) | |||||||||
CAD | 1,113,772 | $ | 836,704 | Toronto Dominion Bank | 11/30/20 | (646 | ) | |||||||||
EUR | 932,880 | $ | 1,088,426 | Toronto Dominion Bank | 11/30/20 | (1,229 | ) | |||||||||
GBP | 251,938 | $ | 328,370 | Toronto Dominion Bank | 11/30/20 | (1,924 | ) | |||||||||
GBP | 181,190 | $ | 234,658 | Toronto Dominion Bank | 11/30/20 | 117 | ||||||||||
Total | $ | (651,304 | ) | |||||||||||||
Total | $ | (532,777 | ) |
Abbreviation(s): | |||
AUD | Australian Dollar | JPY | Japanese Yen |
BRL | Brazilian Real | KRW | South Korean Won |
CAD | Canadian Dollar | NOK | Norwegian Krone |
CNY | Chinese Yuan | NZD | New Zealand Dollar |
DKK | Danish Krone | PLN | Polish Zloty |
EUR | Euro | SEK | Swedish Krona |
GBP | Pound Sterling | THB | Thai Baht |
ILS | Israeli New Shekel | ZAR | South African Rand |
See notes to financial statements | TIAA-CREF International Fixed-Income Funds ■ 2020 Annual Report | 33 |
Consolidated summary of market values by sector (unaudited)
International Bond Fund ■ October 31, 2020
Sector | Value | % of net assets | ||||||
GOVERNMENT | $ | 335,806,678 | 76.5 | % | ||||
FINANCIALS | 29,078,214 | 6.6 | ||||||
HEALTH CARE | 10,763,479 | 2.4 | ||||||
INDUSTRIALS | 10,075,238 | 2.3 | ||||||
CONSUMER STAPLES | 7,342,124 | 1.7 | ||||||
MATERIALS | 6,081,152 | 1.4 | ||||||
INFORMATION TECHNOLOGY | 5,657,507 | 1.3 | ||||||
CONSUMER DISCRETIONARY | 5,135,385 | 1.2 | ||||||
UTILITIES | 5,091,381 | 1.2 | ||||||
ENERGY | 4,052,653 | 0.9 | ||||||
COMMUNICATION SERVICES | 3,555,041 | 0.8 | ||||||
REAL ESTATE | 2,592,306 | 0.6 | ||||||
SHORT-TERM INVESTMENTS | 3,233,134 | 0.7 | ||||||
OTHER ASSETS & LIABILITIES, NET | 10,350,019 | 2.4 | ||||||
NET ASSETS | $ | 438,814,311 | 100.0 | % |
34 | 2020 Annual Report ■ TIAA-CREF International Fixed-Income Funds | See notes to financial statements |
Statements of assets and liabilities
TIAA-CREF Funds ■ October 31, 2020
Emerging Markets Debt Fund | International Bond Fund | § | |||||||
ASSETS | |||||||||
Portfolio investments, at value† | $ | 567,996,915 | $ | 428,464,292 | |||||
Cash | 218,788 | – | |||||||
Cash – foreign^ | – | 750,429 | |||||||
Receivable from securities transactions | 12,182,183 | 21,189,581 | |||||||
Receivable for delayed delivery securities | – | 217,606 | |||||||
Receivable from Fund shares sold | 1,276,499 | 3,021,118 | |||||||
Dividends and interest receivable | 8,311,484 | 3,153,263 | |||||||
Due from affiliates | 249,318 | 212,183 | |||||||
Unrealized appreciation on forward foreign currency contracts | – | 335,922 | |||||||
Other | 18,371 | 10,772 | |||||||
Total assets | 590,253,558 | 457,355,166 | |||||||
LIABILITIES | |||||||||
Management fees payable | 278,413 | 190,161 | |||||||
Service agreement fees payable | 8,692 | 1,667 | |||||||
Distribution fees payable | 4,240 | 405 | |||||||
Due to affiliates | 22,880 | 23,128 | |||||||
Overdraft payable | 31,814 | 3,395,102 | |||||||
Payable for securities transactions | 2,898,657 | 9,679,925 | |||||||
Payable for delayed delivery securities | 6,940,000 | 700,572 | |||||||
Payable for Fund shares redeemed | 55,970 | 3,563,764 | |||||||
Unrealized depreciation on forward foreign currency contracts | – | 868,699 | |||||||
Payable for trustee compensation | 17,462 | 10,325 | |||||||
Accrued expenses and other payables | 82,236 | 107,107 | |||||||
Total liabilities | 10,340,364 | 18,540,855 | |||||||
NET ASSETS | $ | 579,913,194 | $ | 438,814,311 | |||||
NET ASSETS CONSIST OF: | |||||||||
Paid-in-capital | $ | 600,272,368 | $ | 422,981,141 | |||||
Total distributable earnings (loss) | (20,359,174 | ) | 15,833,170 | ||||||
NET ASSETS | $ | 579,913,194 | $ | 438,814,311 | |||||
§ | Consolidated statement of assets and liabilities (see Note 2) | ||||||||
† | Portfolio investments, cost | $ | 586,678,412 | $ | 406,948,759 | ||||
^ | Foreign cash, cost | $ | – | $ | 750,648 |
See notes to financial statements | TIAA-CREF International Fixed-Income Funds ■ 2020 Annual Report | 35 |
Statements of assets and liabilities | concluded |
TIAA-CREF Funds ■ October 31, 2020 |
Emerging Markets Debt Fund | International Bond Fund | § | ||||||
INSTITUTIONAL CLASS: | ||||||||
Net assets | $ | 47,255,625 | $ | 882,891 | ||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 4,897,444 | 86,204 | ||||||
Net asset value per share | $ | 9.65 | $ | 10.24 | ||||
ADVISOR CLASS: | ||||||||
Net assets | $ | 20,505,627 | $ | 131,996 | ||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 2,119,615 | 12,898 | ||||||
Net asset value per share | $ | 9.67 | $ | 10.23 | ||||
PREMIER CLASS: | ||||||||
Net assets | $ | 243,980 | $ | 105,854 | ||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 25,293 | 10,285 | ||||||
Net asset value per share | $ | 9.65 | $ | 10.29 | ||||
RETIREMENT CLASS: | ||||||||
Net assets | $ | 17,839,759 | $ | 8,040,587 | ||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 1,850,425 | 787,049 | ||||||
Net asset value per share | 9.64 | 10.22 | ||||||
RETAIL CLASS: | ||||||||
Net assets | $ | 19,831,715 | $ | 1,839,766 | ||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 2,057,525 | 180,061 | ||||||
Net asset value per share | $ | 9.64 | $ | 10.22 | ||||
CLASS W: | ||||||||
Net assets | $ | 474,236,488 | $ | 427,813,217 | ||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 49,137,204 | 41,573,036 | ||||||
Net asset value per share | $ | 9.65 | $ | 10.29 |
36 | 2020 Annual Report ■ TIAA-CREF International Fixed-Income Funds | See notes to financial statements |
TIAA-CREF Funds ■ For the year ended October 31, 2020
Emerging Markets Debt Fund | International Bond Fund§ | ||||||||
INVESTMENT INCOME | |||||||||
Interest* | $ | 32,420,860 | $ | 8,542,315 | |||||
Total income | 32,420,860 | 8,542,315 | |||||||
EXPENSES | |||||||||
Management fees | 3,025,509 | 2,155,054 | |||||||
Shareholder servicing — Institutional Class | 987 | 44 | |||||||
Shareholder servicing — Advisor Class | 19,712 | 21 | |||||||
Shareholder servicing — Premier Class | 41 | 31 | |||||||
Shareholder servicing — Retirement Class | 44,595 | 17,672 | |||||||
Shareholder servicing — Retail Class | 11,206 | 3,463 | |||||||
Shareholder servicing — Class W | 689 | 565 | |||||||
Distribution fees — Premier Class | 696 | 156 | |||||||
Distribution fees — Retail Class | 50,088 | 3,995 | |||||||
Custody and accounting fees | 87,001 | 135,867 | |||||||
Administrative service fees | 70,846 | 69,604 | |||||||
Trustee fees and expenses | 6,962 | 5,356 | |||||||
Other expenses | 222,110 | 215,676 | |||||||
Total expenses | 3,540,442 | 2,607,504 | |||||||
Less: Expenses reimbursed by the investment adviser | (2,754,776 | ) | (2,513,909 | ) | |||||
Net expenses | 785,666 | 93,595 | |||||||
Net investment income (loss) | 31,635,194 | 8,448,720 | |||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS | |||||||||
Realized gain (loss): | |||||||||
Portfolio investments | (3,624,710 | ) | 6,201,985 | ||||||
Futures contracts | (65,990 | ) | – | ||||||
Forward foreign currency contracts | (22,961 | ) | (9,067,868 | ) | |||||
Foreign currency transactions | (2,792,293 | ) | (562,974 | ) | |||||
Net realized gain (loss) on total investments | (6,505,954 | ) | (3,428,857 | ) | |||||
Change in unrealized appreciation (depreciation) on: | |||||||||
Portfolio investments‡ | (27,723,180 | ) | 6,245,207 | ||||||
Forward foreign currency contracts | 23,414 | 830,710 | |||||||
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies | 23,375 | 46,373 | |||||||
Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments | (27,676,391 | ) | 7,122,290 | ||||||
Net realized and unrealized gain (loss) on total investments | (34,182,345 | ) | 3,693,433 | ||||||
Net increase (decrease) in net assets from operations | $ | (2,547,151 | ) | $ | 12,142,153 | ||||
§ | Consolidated statement of operations (see Note 2) | ||||||||
* | Net of foreign withholding taxes of | $ | 196,886 | $ | 198,143 | ||||
‡ | Includes net change in unrealized foreign capital gains taxes of | $ | 2,084 | $ | – |
See notes to financial statements | TIAA-CREF International Fixed-Income Funds ■ 2020 Annual Report | 37 |
Statements of changes in net assets
TIAA-CREF Funds ■ For the year ended
Emerging Markets Debt Fund | International Bond Fund§ | |||||||||||||||||
October 31, 2020 | October 31, 2019 | October 31, 2020 | October 31, 2019 | |||||||||||||||
OPERATIONS | ||||||||||||||||||
Net investment income (loss) | $ | 31,635,194 | $ | 32,110,574 | $ | 8,448,720 | $ | 9,495,608 | ||||||||||
Net realized gain (loss) on total investments | (6,505,954 | ) | (2,388,230 | ) | (3,428,857 | ) | 9,669,684 | |||||||||||
Net change in unrealized appreciation (depreciation) on total investments | (27,676,391 | ) | 43,315,427 | 7,122,290 | 25,358,957 | |||||||||||||
Net increase (decrease) in net assets from operations | (2,547,151 | ) | 73,037,771 | 12,142,153 | 44,524,249 | |||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||
Institutional Class | (1,932,730 | ) | (1,251,544 | ) | (18,717 | ) | (30,596 | ) | ||||||||||
Advisor Class | (1,224,162 | ) | (532,985 | ) | (2,755 | ) | (5,826 | ) | ||||||||||
Premier Class | (20,748 | ) | (48,151 | ) | (2,704 | ) | (5,357 | ) | ||||||||||
Retirement Class | (815,401 | ) | (834,603 | ) | (145,875 | ) | (260,380 | ) | ||||||||||
Retail Class | (942,624 | ) | (886,053 | ) | (34,693 | ) | (55,261 | ) | ||||||||||
Class W | (24,726,109 | ) | (24,507,058 | ) | (11,358,780 | ) | (22,269,503 | ) | ||||||||||
Total distributions | (29,661,774 | ) | (28,060,394 | ) | (11,563,524 | ) | (22,626,923 | ) | ||||||||||
SHAREHOLDER TRANSACTIONS | ||||||||||||||||||
Subscriptions: | Institutional Class | 36,895,432 | 30,002,711 | 264,820 | 268,307 | |||||||||||||
Advisor Class | 43,516,755 | 26,981,571 | 26,741 | 25,566 | ||||||||||||||
Premier Class | 313,046 | 47,111 | – | – | ||||||||||||||
Retirement Class | 7,187,365 | 6,412,464 | 4,163,815 | 2,414,542 | ||||||||||||||
Retail Class | 22,685,532 | 36,481,366 | 1,011,790 | 271,607 | ||||||||||||||
Class W | 242,777,901 | 90,409,139 | 147,706,134 | 154,582,901 | ||||||||||||||
Reinvestments of distributions: | Institutional Class | 1,869,418 | 1,130,955 | 18,450 | 30,059 | |||||||||||||
Advisor Class | 1,217,775 | 527,332 | – | 340 | ||||||||||||||
Premier Class | 9,592 | 35,725 | – | – | ||||||||||||||
Retirement Class | 814,956 | 834,115 | 145,582 | 259,805 | ||||||||||||||
Retail Class | 931,629 | 882,372 | 34,055 | 53,017 | ||||||||||||||
Redemptions: | Institutional Class | (31,510,664 | ) | (9,235,425 | ) | (127,854 | ) | (48,500 | ) | |||||||||
Advisor Class | (36,376,172 | ) | (12,370,882 | ) | – | (29,753 | ) | |||||||||||
Premier Class | (961,387 | ) | (330,559 | ) | – | – | ||||||||||||
Retirement Class | (8,259,501 | ) | (4,200,215 | ) | (2,160,854 | ) | (1,420,851 | ) | ||||||||||
Retail Class | (25,226,278 | ) | (22,848,080 | ) | (490,803 | ) | (168,448 | ) | ||||||||||
Class W | (179,189,427 | ) | (96,717,063 | ) | (124,531,451 | ) | (108,371,486 | ) | ||||||||||
Net increase (decrease) from shareholder transactions | 76,695,972 | 48,042,637 | 26,060,425 | 47,867,106 | ||||||||||||||
Net increase (decrease) in net assets | 44,487,047 | 93,020,014 | 26,639,054 | 69,764,432 | ||||||||||||||
NET ASSETS | ||||||||||||||||||
Beginning of period | 535,426,147 | 442,406,133 | 412,175,257 | 342,410,825 | ||||||||||||||
End of period | $ | 579,913,194 | $ | 535,426,147 | $ | 438,814,311 | $ | 412,175,257 |
38 | 2020 Annual Report ■ TIAA-CREF International Fixed-Income Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF International Fixed-Income Funds ■ 2020 Annual Report | 39 |
Statements of changes in net assets | concluded |
TIAA-CREF Funds ■ For the year ended |
Emerging Markets Debt Fund | International Bond Fund§ | |||||||||||||||||
October 31, 2020 | October 31, 2019 | October 31, 2020 | October 31, 2019 | |||||||||||||||
CHANGE IN FUND SHARES | ||||||||||||||||||
Shares sold: | Institutional Class | 3,986,970 | 3,035,816 | 27,135 | 21,655 | |||||||||||||
Advisor Class | 4,342,304 | 2,723,869 | 2,623 | 2,581 | ||||||||||||||
Premier Class | 30,996 | 4,842 | – | – | ||||||||||||||
Retirement Class | 732,577 | 654,412 | 414,843 | 243,042 | ||||||||||||||
Retail Class | 2,320,378 | 3,800,331 | 100,082 | 27,021 | ||||||||||||||
Class W | 25,333,944 | 9,260,812 | 14,677,615 | 15,553,141 | ||||||||||||||
Shares reinvested: | Institutional Class | 197,686 | 116,657 | 1,858 | 3,031 | |||||||||||||
Advisor Class | 133,732 | 53,526 | – | 34 | ||||||||||||||
Premier Class | 971 | 3,747 | – | – | ||||||||||||||
Retirement Class | 87,301 | 86,617 | 14,661 | 26,261 | ||||||||||||||
Retail Class | 99,409 | 90,531 | 3,426 | 5,366 | ||||||||||||||
Shares redeemed: | Institutional Class | (3,334,013 | ) | (939,019 | ) | (12,584 | ) | (4,988 | ) | |||||||||
Advisor Class | (4,144,550 | ) | (1,242,542 | ) | – | (2,849 | ) | |||||||||||
Premier Class | (94,089 | ) | (34,561 | ) | – | – | ||||||||||||
Retirement Class | (871,948 | ) | (432,637 | ) | (217,345 | ) | (140,094 | ) | ||||||||||
Retail Class | (2,597,809 | ) | (2,344,678 | ) | (49,630 | ) | (17,088 | ) | ||||||||||
Class W | (19,108,850 | ) | (10,022,700 | ) | (12,419,796 | ) | (10,863,846 | ) | ||||||||||
Net increase (decrease) from shareholder transactions | 7,115,009 | 4,815,023 | 2,542,888 | 4,853,267 | ||||||||||||||
§ Consolidated statement of changes in net assets (see Note 2) |
40 | 2020 Annual Report ■ TIAA-CREF International Fixed-Income Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF International Fixed-Income Funds ■ 2020 Annual Report | 41 |
TIAA-CREF Funds
Selected per share data | Ratios and supplemental data | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (loss) from investment operations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net realized | Ratios to average net assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the | Net asset | Net | & unrealized | Total gain | Less distributions from | Total | Net asset | Net assets | Net | ||||||||||||||||||||||||||||||||||||||||||||||||
period or year ended | value, beginning of period | investment income (loss)a | gain (loss) on total investments | (loss) from investment operations | Net investment income | Net realized gains | dividends and distributions | value, end of period | Total return | at end of period (in thousands) | Gross expenses | Net expenses | investment income (loss) | Portfolio turnover rate | |||||||||||||||||||||||||||||||||||||||||||
EMERGING MARKETS DEBT FUND | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10/31/20 | $ | 10.10 | $ | 0.50 | $ | (0.48 | ) | $ | 0.02 | $ | (0.47 | ) | $ | – | $ | (0.47 | ) | $ | 9.65 | 0.44 | % | $ | 47,256 | 0.62 | % | 0.62 | % | 5.22 | % | 77 | % | ||||||||||||||||||||||||||
10/31/19 | 9.18 | 0.58 | 0.85 | 1.43 | (0.51 | ) | – | (0.51 | ) | 10.10 | 16.00 | 40,886 | 0.63 | 0.63 | 6.01 | 78 | |||||||||||||||||||||||||||||||||||||||||
10/31/18 | 10.47 | 0.58 | (1.13 | ) | (0.55 | ) | (0.53 | ) | (0.21 | ) | (0.74 | ) | 9.18 | (5.58 | ) | 16,835 | 0.65 | 0.65 | 5.82 | 75 | |||||||||||||||||||||||||||||||||||||
10/31/17 | 10.09 | 0.59 | 0.35 | 0.94 | (0.54 | ) | (0.02 | ) | (0.56 | ) | 10.47 | 9.68 | 337,784 | 0.65 | 0.65 | 5.86 | 126 | ||||||||||||||||||||||||||||||||||||||||
10/31/16 | 9.36 | 0.57 | 0.69 | 1.26 | (0.53 | ) | – | (0.53 | ) | 10.09 | 13.93 | 273,626 | 0.68 | 0.65 | 6.02 | 125 | |||||||||||||||||||||||||||||||||||||||||
Advisor Class: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10/31/20 | 10.13 | 0.51 | (0.51 | ) | 0.00 | d | (0.46 | ) | – | (0.46 | ) | 9.67 | 0.26 | 20,506 | 0.69 | 0.69 | 5.29 | 77 | |||||||||||||||||||||||||||||||||||||||
10/31/19 | 9.20 | 0.57 | 0.87 | 1.44 | (0.51 | ) | – | (0.51 | ) | 10.13 | 16.00 | 18,116 | 0.71 | 0.71 | 5.82 | 78 | |||||||||||||||||||||||||||||||||||||||||
10/31/18 | 10.48 | 0.59 | (1.14 | ) | (0.55 | ) | (0.52 | ) | (0.21 | ) | (0.73 | ) | 9.20 | (5.56 | ) | 2,330 | 0.71 | 0.71 | 5.94 | 75 | |||||||||||||||||||||||||||||||||||||
10/31/17 | 10.10 | 0.59 | 0.35 | 0.94 | (0.54 | ) | (0.02 | ) | (0.56 | ) | 10.48 | 9.64 | 141 | 0.70 | 0.70 | 5.81 | 126 | ||||||||||||||||||||||||||||||||||||||||
10/31/16‡ | 9.27 | 0.52 | 0.83 | 1.35 | (0.52 | ) | – | (0.52 | ) | 10.10 | 15.05 | b | 113 | 0.70 | c | 0.67 | c | 6.00 | c | 125 | |||||||||||||||||||||||||||||||||||||
Premier Class: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10/31/20 | 10.09 | 0.51 | (0.50 | ) | 0.01 | (0.45 | ) | – | (0.45 | ) | 9.65 | 0.29 | 244 | 0.78 | 0.78 | 5.19 | 77 | ||||||||||||||||||||||||||||||||||||||||
10/31/19 | 9.17 | 0.57 | 0.85 | 1.42 | (0.50 | ) | – | (0.50 | ) | 10.09 | 15.84 | 882 | 0.79 | 0.79 | 5.91 | 78 | |||||||||||||||||||||||||||||||||||||||||
10/31/18 | 10.46 | 0.55 | (1.11 | ) | (0.56 | ) | (0.52 | ) | (0.21 | ) | (0.73 | ) | 9.17 | (5.72 | ) | 1,040 | 0.80 | 0.80 | 5.74 | 75 | |||||||||||||||||||||||||||||||||||||
10/31/17 | 10.08 | 0.58 | 0.34 | 0.92 | (0.52 | ) | (0.02 | ) | (0.54 | ) | 10.46 | 9.53 | 373 | 0.82 | 0.80 | 5.71 | 126 | ||||||||||||||||||||||||||||||||||||||||
10/31/16 | 9.35 | 0.56 | 0.68 | 1.24 | (0.51 | ) | – | (0.51 | ) | 10.08 | 13.78 | 257 | 0.84 | 0.80 | 5.91 | 125 | |||||||||||||||||||||||||||||||||||||||||
Retirement Class: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10/31/20 | 10.09 | 0.49 | (0.50 | ) | (0.01 | ) | (0.44 | ) | – | (0.44 | ) | 9.64 | 0.18 | 17,840 | 0.87 | 0.87 | 5.07 | 77 | |||||||||||||||||||||||||||||||||||||||
10/31/19 | 9.18 | 0.56 | 0.84 | 1.40 | (0.49 | ) | – | (0.49 | ) | 10.09 | 15.61 | 19,204 | 0.88 | 0.88 | 5.79 | 78 | |||||||||||||||||||||||||||||||||||||||||
10/31/18 | 10.46 | 0.55 | (1.11 | ) | (0.56 | ) | (0.51 | ) | (0.21 | ) | (0.72 | ) | 9.18 | (5.73 | ) | 14,626 | 0.90 | 0.90 | 5.55 | 75 | |||||||||||||||||||||||||||||||||||||
10/31/17 | 10.08 | 0.57 | 0.34 | 0.91 | (0.51 | ) | (0.02 | ) | (0.53 | ) | 10.46 | 9.42 | 13,333 | 0.90 | 0.90 | 5.63 | 126 | ||||||||||||||||||||||||||||||||||||||||
10/31/16 | 9.35 | 0.55 | 0.69 | 1.24 | (0.51 | ) | – | (0.51 | ) | 10.08 | 13.69 | 7,635 | 0.93 | 0.90 | 5.66 | 125 | |||||||||||||||||||||||||||||||||||||||||
Retail Class: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10/31/20 | 10.09 | 0.48 | (0.49 | ) | (0.01 | ) | (0.44 | ) | – | (0.44 | ) | 9.64 | 0.12 | 19,832 | 0.93 | 0.93 | 5.01 | 77 | |||||||||||||||||||||||||||||||||||||||
10/31/19 | 9.18 | 0.56 | 0.83 | 1.39 | (0.48 | ) | – | (0.48 | ) | 10.09 | 15.55 | 22,567 | 0.92 | 0.92 | 5.77 | 78 | |||||||||||||||||||||||||||||||||||||||||
10/31/18 | 10.46 | 0.55 | (1.12 | ) | (0.57 | ) | (0.50 | ) | (0.21 | ) | (0.71 | ) | 9.18 | (5.79 | ) | 6,326 | 0.99 | 0.99 | 5.63 | 75 | |||||||||||||||||||||||||||||||||||||
10/31/17 | 10.08 | 0.56 | 0.34 | 0.90 | (0.50 | ) | (0.02 | ) | (0.52 | ) | 10.46 | 9.28 | 1,585 | 1.17 | 1.00 | 5.50 | 126 | ||||||||||||||||||||||||||||||||||||||||
10/31/16 | 9.35 | 0.54 | 0.69 | 1.23 | (0.50 | ) | – | (0.50 | ) | 10.08 | 13.61 | 1,571 | 1.01 | 0.99 | 5.63 | 125 | |||||||||||||||||||||||||||||||||||||||||
Class W: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10/31/20 | 10.11 | 0.57 | (0.50 | ) | 0.07 | (0.53 | ) | – | (0.53 | ) | 9.65 | 0.98 | 474,236 | 0.62 | 0.00 | 5.89 | 77 | ||||||||||||||||||||||||||||||||||||||||
10/31/19 | 9.19 | 0.65 | 0.84 | 1.49 | (0.57 | ) | – | (0.57 | ) | 10.11 | 16.72 | 433,771 | 0.63 | 0.00 | 6.68 | 78 | |||||||||||||||||||||||||||||||||||||||||
10/31/18†† | 9.37 | 0.05 | (0.23 | ) | (0.18 | ) | – | – | – | 9.19 | (1.92 | )b | 401,249 | 0.64 | c | 0.00 | c | 6.37 | c | 75 |
42 | 2020 Annual Report ■ TIAA-CREF International Fixed-Income Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF International Fixed-Income Funds ■ 2020 Annual Report | 43 |
Financial highlights | concluded |
TIAA-CREF Funds | |
Selected per share data | Ratios and supplemental data | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (loss) from investment operations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net realized | Ratios to average net assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the | Net asset | Net | & unrealized | Total gain | Less distributions from | Total | Net asset | Net assets | Net | ||||||||||||||||||||||||||||||||||||||||||||||||
period or year ended | value, beginning of period | investment income (loss)a | gain (loss) on total investments | (loss) from investment operations | Net investment income | Net realized gains | dividends and distributions | value, end of period | Total return | at end of period (in thousands) | Gross expenses | Net expenses | investment income (loss) | Portfolio turnover rate | |||||||||||||||||||||||||||||||||||||||||||
INTERNATIONAL BOND FUND§ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10/31/20 | $ | 10.27 | $ | 0.14 | $ | 0.10 | $ | 0.24 | $ | (0.27 | ) | $ | – | $ | (0.27 | ) | $ | 10.24 | 2.39 | % | $ | 883 | 0.62 | % | 0.60 | % | 1.43 | % | 50 | % | |||||||||||||||||||||||||||
10/31/19 | 9.71 | 0.19 | 0.91 | 1.10 | (0.54 | ) | – | (0.54 | ) | 10.27 | 11.63 | 717 | 0.67 | 0.62 | 1.87 | 51 | |||||||||||||||||||||||||||||||||||||||||
10/31/18 | 9.89 | 0.19 | (0.18 | ) | 0.01 | (0.19 | ) | – | (0.19 | ) | 9.71 | 0.07 | 487 | 0.70 | 0.65 | 1.87 | 62 | ||||||||||||||||||||||||||||||||||||||||
10/31/17 | 9.87 | 0.16 | 0.12 | 0.28 | (0.25 | ) | (0.01 | ) | (0.26 | ) | 9.89 | 2.92 | 244,048 | 0.70 | 0.65 | 1.64 | 133 | ||||||||||||||||||||||||||||||||||||||||
10/31/16† | 10.00 | 0.03 | (0.16 | ) | (0.13 | ) | – | – | – | 9.87 | (1.30 | )b | 227,410 | 1.82 | c | 0.65 | c | 1.28 | c | 18 | b | ||||||||||||||||||||||||||||||||||||
Advisor Class: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10/31/20 | 10.27 | 0.14 | 0.09 | 0.23 | (0.27 | ) | – | (0.27 | ) | 10.23 | 2.30 | 132 | 0.64 | 0.62 | 1.42 | 50 | |||||||||||||||||||||||||||||||||||||||||
10/31/19 | 9.71 | 0.18 | 0.91 | 1.09 | (0.53 | ) | – | (0.53 | ) | 10.27 | 11.60 | 106 | 0.70 | 0.65 | 1.85 | 51 | |||||||||||||||||||||||||||||||||||||||||
10/31/18 | 9.90 | 0.18 | (0.18 | ) | 0.00 | d | (0.19 | ) | – | (0.19 | ) | 9.71 | (0.06 | ) | 102 | 0.71 | 0.66 | 1.83 | 62 | ||||||||||||||||||||||||||||||||||||||
10/31/17 | 9.87 | 0.16 | 0.13 | 0.29 | (0.25 | ) | (0.01 | ) | (0.26 | ) | 9.90 | 2.98 | 992 | 0.70 | 0.65 | 1.66 | 133 | ||||||||||||||||||||||||||||||||||||||||
10/31/16† | 10.00 | 0.02 | (0.15 | ) | (0.13 | ) | – | – | – | 9.87 | (1.30 | )b | 987 | 1.96 | c | 0.80 | c | 0.94 | c | 18 | b | ||||||||||||||||||||||||||||||||||||
Premier Class: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10/31/20 | 10.34 | 0.13 | 0.08 | 0.21 | (0.26 | ) | – | (0.26 | ) | 10.29 | 2.14 | 106 | 0.80 | 0.77 | 1.28 | 50 | |||||||||||||||||||||||||||||||||||||||||
10/31/19 | 9.77 | 0.17 | 0.92 | 1.09 | (0.52 | ) | – | (0.52 | ) | 10.34 | 11.48 | 106 | 0.83 | 0.79 | 1.71 | 51 | |||||||||||||||||||||||||||||||||||||||||
10/31/18 | 9.89 | 0.17 | (0.17 | ) | 0.00 | d | (0.12 | ) | – | (0.12 | ) | 9.77 | (0.04 | ) | 100 | 0.86 | 0.80 | 1.69 | 62 | ||||||||||||||||||||||||||||||||||||||
10/31/17 | 9.87 | 0.15 | 0.12 | 0.27 | (0.24 | ) | (0.01 | ) | (0.25 | ) | 9.89 | 2.82 | 989 | 0.84 | 0.79 | 1.51 | 133 | ||||||||||||||||||||||||||||||||||||||||
10/31/16† | 10.00 | 0.02 | (0.15 | ) | (0.13 | ) | – | – | – | 9.87 | (1.30 | )b | 987 | 2.50 | c | 0.80 | c | 0.94 | c | 18 | b | ||||||||||||||||||||||||||||||||||||
Retirement Class: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10/31/20 | 10.27 | 0.12 | 0.09 | 0.21 | (0.26 | ) | – | (0.26 | ) | 10.22 | 2.13 | 8,041 | 0.87 | 0.85 | 1.18 | 50 | |||||||||||||||||||||||||||||||||||||||||
10/31/19 | 9.71 | 0.16 | 0.91 | 1.07 | (0.51 | ) | – | (0.51 | ) | 10.27 | 11.36 | 5,903 | 0.91 | 0.87 | 1.62 | 51 | |||||||||||||||||||||||||||||||||||||||||
10/31/18 | 9.88 | 0.16 | (0.18 | ) | (0.02 | ) | (0.15 | ) | – | (0.15 | ) | 9.71 | (0.18 | ) | 4,326 | 0.95 | 0.90 | 1.61 | 62 | ||||||||||||||||||||||||||||||||||||||
10/31/17 | 9.86 | 0.14 | 0.13 | 0.27 | (0.24 | ) | (0.01 | ) | (0.25 | ) | 9.88 | 2.79 | 2,883 | 0.95 | 0.90 | 1.44 | 133 | ||||||||||||||||||||||||||||||||||||||||
10/31/16† | 10.00 | 0.02 | (0.16 | ) | (0.14 | ) | – | – | – | 9.86 | (1.40 | )b | 1,389 | 2.53 | c | 0.90 | c | 0.84 | c | 18 | b | ||||||||||||||||||||||||||||||||||||
Retail Class: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10/31/20 | 10.28 | 0.11 | 0.09 | 0.20 | (0.26 | ) | – | (0.26 | ) | 10.22 | 1.98 | 1,840 | 1.09 | 0.96 | 1.08 | 50 | |||||||||||||||||||||||||||||||||||||||||
10/31/19 | 9.71 | 0.15 | 0.92 | 1.07 | (0.50 | ) | – | (0.50 | ) | 10.28 | 11.36 | 1,297 | 1.17 | 0.99 | 1.50 | 51 | |||||||||||||||||||||||||||||||||||||||||
10/31/18 | 9.88 | 0.15 | (0.18 | ) | (0.03 | ) | (0.14 | ) | – | (0.14 | ) | 9.71 | (0.36 | ) | 1,077 | 1.13 | 1.00 | 1.50 | 62 | ||||||||||||||||||||||||||||||||||||||
10/31/17 | 9.86 | 0.14 | 0.12 | 0.26 | (0.23 | ) | (0.01 | ) | (0.24 | ) | 9.88 | 2.73 | 1,692 | 0.96 | 0.90 | 1.42 | 133 | ||||||||||||||||||||||||||||||||||||||||
10/31/16† | 10.00 | 0.02 | (0.16 | ) | (0.14 | ) | – | – | – | 9.86 | (1.40 | )b | 1,144 | 4.29 | c | 1.00 | c | 0.75 | c | 18 | b | ||||||||||||||||||||||||||||||||||||
Class W: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10/31/20 | 10.28 | 0.21 | 0.08 | 0.29 | (0.28 | ) | – | (0.28 | ) | 10.29 | 2.95 | 427,813 | 0.62 | 0.00 | 2.05 | 50 | |||||||||||||||||||||||||||||||||||||||||
10/31/19 | 9.71 | 0.25 | 0.92 | 1.17 | (0.60 | ) | – | (0.60 | ) | 10.28 | 12.44 | 404,046 | 0.66 | 0.00 | 2.49 | 51 | |||||||||||||||||||||||||||||||||||||||||
10/31/18†† | 9.74 | 0.02 | (0.05 | ) | (0.03 | ) | – | – | – | 9.71 | (0.31 | )b | 336,319 | 0.67 | c | 0.00 | c | 2.98 | c | 62 |
§ | Consolidated financial highlights (see Note 2) |
† | The Fund commenced operations on August 5, 2016. |
†† | Class W commenced operations on September 28, 2018. |
‡ | The Advisor Class commenced operations on December 4, 2015. |
a | Based on average shares outstanding. |
b | The percentages shown for this period are not annualized. |
c | The percentages shown for this period are annualized. |
d | Amount represents less than $0.01 per share. |
44 | 2020 Annual Report ■ TIAA-CREF International Fixed-Income Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF International Fixed-Income Funds ■ 2020 Annual Report | 45 |
TIAA-CREF Funds
Note 1—organization
TIAA-CREF Funds (the “Trust”) is a Delaware statutory trust that is registered with the U.S. Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The following are the TIAA-CREF Funds included in this report: Emerging Markets Debt Fund and International Bond Fund (collectively the “Funds” or individually, the “Fund”).
Teachers Advisors, LLC (“Advisors”), a wholly owned indirect subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”), is registered with the SEC as an investment adviser and provides investment management services for the Funds.
The Funds offer their shares, without a sales load, through their principal underwriter, Nuveen Securities, LLC (“Nuveen Securities”), which is a wholly owned indirect subsidiary of TIAA.
The Funds offer six share classes: Institutional Class, Advisor Class, Premier Class, Retirement Class, Retail Class and Class W shares. Each class differs by the allocation of class-specific expenses and voting rights in matters affecting a single class.
Note 2—significant accounting policies
The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. The Funds are investment companies and follow the accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services—Investment Companies. The net asset value (“NAV”) for financial reporting purposes may differ from the NAV for processing transactions. The NAV for financial reporting purposes includes security and shareholder transactions through the date of the report. Total return is computed based on the NAV used for processing transactions. The following is a summary of the significant accounting policies consistently followed by the Funds.
Investments and investment income: Securities transactions are accounted for as of the trade date for financial reporting purposes. Interest income is recorded on an accrual basis and includes accretion of discounts and amortization of premiums. Dividend income is recorded on the ex-dividend date. Foreign dividend income is recorded on the ex-dividend date or as soon as possible after the Funds determine the existence of a dividend declaration. Securities lending income is comprised of fees earned from borrowers and income earned on cash collateral investments. Realized gains and losses on securities transactions are based upon the specific identification method. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as
46 | 2020 Annual Report ■ TIAA-CREF International Fixed-Income Funds |
a realized gain. The Funds estimate the components of distributions received that may be considered return of capital distributions or capital gain distributions.
Multiclass operations and allocations: Income, expenses, realized gains and losses and unrealized appreciation and depreciation of a Fund are allocated on a pro rata basis to each class of shares, except for service agreement fees, distribution fees and transfer agency fees and expenses, which are unique to each class of shares. Most expenses of the Trust can be directly attributed to a fund. Expenses that cannot be directly attributed are allocated to each fund in the Trust based upon the average net assets of each fund.
Distributions to shareholders: Distributions to shareholders are recorded on the ex-dividend date. The amount, character and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
Foreign currency transactions and translation: The books and records of the Funds are maintained in U.S. dollars. Assets, including investments, and liabilities denominated in foreign currencies are translated into U.S. dollars at the end of each day. Purchases and sales of securities, income, and expenses are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.
Net realized foreign currency gains and losses resulting from changes in exchange rates associated with (i) foreign currency, (ii) investments and (iii) derivatives include foreign currency gains and losses between trade date and settlement date of the transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the Funds and the amounts actually received and are recognized as a component of “Net realized gain (loss) on total investments” on the Statements of operations, when applicable.
The unrealized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with (i) investments and (ii) other assets and liabilities are recognized as a component of “Change in net unrealized appreciation (depreciation) of investments and foreign currency” on the Statements of operations, when applicable. The unrealized gains and losses resulting from changes in foreign exchange rates associated with investments in derivatives are recognized as a component of the respective derivative’s related “Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments” on the Statements of operations, when applicable.
Trustee compensation: The Funds pay the members of the Board of Trustees (“Board”), all of whom are independent, certain remuneration for their services, plus travel and other expenses. Trustees may elect to participate in a deferred compensation plan and defer all or a portion of their compensation. In addition, trustees participate in a long-term compensation plan. Amounts deferred are retained by the Funds until paid. Amounts payable to the trustees for compensation are included separately in the accompanying Statements of assets and liabilities. Trustees’ fees, including any deferred and long-term compensation incurred, are reflected in the Statements of operations.
TIAA-CREF International Fixed-Income Funds ■ 2020 Annual Report | 47 |
Notes to financial statements
Indemnification: Under the Trust’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that provide general indemnifications to other parties. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.
Other matters: The outbreak of the novel coronavirus (“COVID-19”) and subsequent global pandemic began significantly impacting the U.S. and global financial markets and economies during the calendar quarter ended March 31, 2020. The worldwide spread of COVID-19 has created significant uncertainty in the global economy. The duration and extent of COVID-19 over the long-term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Funds’ normal course of business, results of operations, investments, and cash flows will depend on future developments, which are highly uncertain and difficult to predict. Management continues to monitor and evaluate this situation.
Basis for consolidation: The International Bond Fund is presented on a consolidated basis with the TIAA-CREF International Bond Fund Offshore Limited (“Subsidiary”), a wholly owned subsidiary of the International Bond Fund organized under the laws of the Cayman Islands. The Subsidiary commenced operations on March 1, 2017 and is intended to provide the Fund with exposure to Regulation S fixed-income securities. Regulation S securities are securities of U.S. and non-U.S. issuers that are issued through private placement transactions with the SEC pursuant to Regulation S under the Securities Act of 1933, as amended. The Subsidiary is advised by Advisors and has the same investment objective as the Fund, but unlike the Fund, it may invest in Regulation S securities without limitation. As of October 31, 2020, the net assets of the Subsidiary were $38,753,347 representing 9% of the Fund’s consolidated net assets. All inter-company transactions and balances have been eliminated.
Select financial information related to the Subsidiary is as follows:
Total market value of investments | $ | 41,686,528 |
Net assets | 38,753,347 | |
Net investment income (loss) | 581,555 | |
Net realized gain (loss) | 1,142,957 | |
Net change in unrealized appreciation (depreciation) | 265,592 |
New accounting pronouncement: In March 2020, FASB issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The main objective of the new guidance is to provide relief to companies that will be impacted by the expected change in benchmark interest rates at the end of 2021, when participating banks will no longer be required to submit London Interbank Offered Rate (LIBOR) quotes by the UK Financial Conduct Authority (FCA). The new guidance allows companies to,
48 | 2020 Annual Report ■ TIAA-CREF International Fixed-Income Funds |
continued
provided the only changes to existing contracts are a change to an approved benchmark interest rate, account for modifications as a continuance of the existing contract without additional analysis. For new and existing contracts, the Funds may elect to apply the optional expedients as of March 12, 2020 through December 31, 2022. Management has not yet elected to apply the optional expedients, but is currently assessing the impact of the ASU’s adoption to the Funds’ financial statements and various filings.
Note 3—valuation of investments
The Funds’ investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy which is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
• | Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities. |
• | Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.). |
• | Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments). |
A description of the valuation techniques applied to the Funds’ major classifications of assets and liabilities measured at fair value follows:
Debt securities: Prices of fixed-income securities are generally provided by an independent pricing service (“pricing service”) approved by the Board. The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer or market activity, provided by the Advisor. These securities are generally classified as Level 2.
TIAA-CREF International Fixed-Income Funds ■ 2020 Annual Report | 49 |
Notes to financial statements
Exchange-traded equity securities, common and preferred stock: Equity securities and exchange-traded funds listed or traded on a national market or exchange are valued based on their sale price at the official close of business of such market or exchange on the valuation date. Foreign equity securities are valued at the last sale price or official closing price reported on the exchange where traded and converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. To the extent these securities are actively traded and that valuation adjustments are not applied, they are generally classified as Level 1. If there is no official close of business, then the latest available sale price is utilized. If no sales are reported, then the mean of the latest available bid and ask prices is utilized and are generally classified as Level 2.
For events affecting the value of foreign securities between the time when the exchange on which they are traded closes and the time when the Funds’ net assets are calculated, such securities will be valued at fair value in accordance with procedures adopted by the Board. These foreign securities are generally classified as Level 2.
Forward foreign currency contracts: Forward foreign currency contracts are valued using the prevailing forward exchange rate which is derived from quotes provided by the pricing service using the procedures approved by the Board and are classified as Level 2.
Any portfolio security or derivative for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued at fair value, as determined in good faith using procedures approved by the Board. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. To the extent the inputs are observable and timely, the values would be classified as Level 2 of the fair value hierarchy; otherwise they would be classified as Level 3.
50 | 2020 Annual Report ■ TIAA-CREF International Fixed-Income Funds |
continued
The following table summarizes the market value of the Funds’ investments as of the end of the reporting period, based on the inputs used to value them:
Fund | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Emerging Markets Debt | ||||||||||||||||
Africa/Middle East | $ | – | $ | 142,501,064 | $ | 4,656,618 | $ | 147,157,682 | ||||||||
Asia | – | 119,691,422 | – | 119,691,422 | ||||||||||||
Europe | – | 69,346,888 | 4,420,770 | 73,767,658 | ||||||||||||
Latin America | 193,488 | 200,576,187 | 14,180,894 | 214,950,569 | ||||||||||||
All other debt investments* | – | 3,165,165 | – | 3,165,165 | ||||||||||||
Short-term investments | – | 9,264,419 | – | 9,264,419 | ||||||||||||
Total | $ | 193,488 | $ | 544,545,145 | $ | 23,258,282 | $ | 567,996,915 | ||||||||
International Bond | ||||||||||||||||
Africa/Middle East | $ | – | $ | 28,890,563 | $ | 197,613 | $ | 29,088,176 | ||||||||
Asia | – | 142,653,207 | – | 142,653,207 | ||||||||||||
Australasia | – | 11,046,989 | – | 11,046,989 | ||||||||||||
Europe | – | 154,341,684 | – | 154,341,684 | ||||||||||||
Latin America | – | 21,378,906 | – | 21,378,906 | ||||||||||||
North America | – | 56,530,507 | – | 56,530,507 | ||||||||||||
All other debt investments* | – | 10,191,689 | – | 10,191,689 | ||||||||||||
Short-term investments | – | 3,233,134 | – | 3,233,134 | ||||||||||||
Forward foreign currency contracts** | – | (532,777 | ) | – | (532,777 | ) | ||||||||||
Total | $ | – | $ | 427,733,902 | $ | 197,613 | $ | 427,931,515 |
* | For detailed categories, see the accompanying Summary portfolio of investments. |
** | Derivative instruments are not reflected in the market value of portfolio investments. |
The following table is a reconciliation of the Emerging Markets Debt Fund’s investments in which significant unobservable inputs (Level 3) were used in determining value:
Investments | ||||
Balance as of October 31, 2019 | $ | 6,384,611 | ||
Purchases | 16,076,447 | |||
Sales | (4,701,614 | ) | ||
Gains (losses) | (6,139,382 | ) | ||
Change in unrealized appreciation (depreciation) | 5,212,451 | |||
Transfers into Level 3 | 6,425,769 | |||
Balance as of October 31, 2020 | $ | 23,258,282 |
The following table summarizes the significant unobservable inputs used to value Level 3 investments in the Emerging Markets Debt Fund as of October 31, 2020:
Fair value | Valuation technique | Unobservable input | Range (weighted average)§ | |||||||||
Bank loan obligations | $ | 8,150,000 | Broker quote | * | ||||||||
Corporate bonds | 6,668,019 | Recent market transaction | Discount | 33.0%–99.9% (57.9%) | ||||||||
Government bonds | 4,019,494 | Recent market transaction | Discount | 56.5%–86.1% (66.3%) | ||||||||
Structured assets | 4,420,769 | Broker quote | * | |||||||||
Total | $ | 23,258,282 |
* | Single source broker quote. |
§ | Unobservable inputs were weighted by the relative fair value of the instruments. |
TIAA-CREF International Fixed-Income Funds ■ 2020 Annual Report | 51 |
Notes to financial statements
Note 4—investments
Repurchase agreements: In connection with transactions in repurchase agreements, it is the Fund’s policy that its custodian take possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. If the counterparty defaults, and the fair value of the collateral declines, realization of the collateral may be delayed or limited.
Restricted securities: Restricted securities held by the Funds, if any, may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933, as amended. The risk of investing in such securities is generally greater than the risk of investing in securities that are widely held and publicly traded.
Securities purchased on a when-issued or delayed-delivery basis: The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities purchased or sold on a when-issued or delayed-delivery basis may have extended settlement periods; interest income is not accrued until settlement date. Any securities so purchased are subject to market fluctuation during this period. The Funds have segregated securities in their portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments.
Zero coupon securities: A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.
Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the year ended October 31, 2020 were as follows:
Fund | Non-U.S. government purchases | U.S. government purchases | Non-U.S. government sales | U.S. government sales | ||||||||||||
Emerging Markets Debt | $483,803,630 | $ – | $404,274,725 | $ – | ||||||||||||
International Bond | 223,266,405 | 5,046,484 | 195,904,164 | 5,097,266 |
Note 5—derivative investments
Each Fund is authorized to invest in certain derivative instruments. As defined by U.S. GAAP, a derivative is a financial instrument whose value is derived from an underlying security price, foreign exchange rate, interest rate, index of prices or rates, or other variables. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statements of operations, when applicable.
52 | 2020 Annual Report ■ TIAA-CREF International Fixed-Income Funds |
continued
At October 31, 2020, the following Funds have invested in derivative contracts which are reflected in the Statements of assets and liabilities as follows:
Asset derivatives | Liability derivatives | |||||||||||
Derivative contracts | Location | Fair value amount | Location | Fair value amount | ||||||||
International Bond Fund | ||||||||||||
Foreign-exchange contracts | Forward foreign currency contracts | $335,922 | Forward foreign currency contracts | $(868,699 | ) |
For the year ended October 31, 2020, the effect of derivative contracts on the Funds’ Statements of operations was as follows:
Derivative contracts | Location | Realized gain (loss | ) | Change in unrealized appreciation (depreciation | ) | |||||
Emerging Markets Debt Fund | ||||||||||
Interest-rate contracts | Futures contracts | $ | (65,990 | ) | $ | – | ||||
Foreign-exchange contracts | Forward foreign currency contracts | (22,961 | ) | 23,414 | ||||||
International Bond Fund | ||||||||||
Foreign-exchange contracts | Forward foreign currency contracts | (9,067,868 | ) | 830,710 |
Futures contracts: Certain Funds are subject to Interest rate risk and foreign exchange risk in the normal course of pursuing their investment objectives. The Funds use futures contracts to manage exposure to the bond and foreign exchange markets and to fluctuations in interest and foreign exchange rates. Buying futures contracts tends to increase exposure to the underlying instrument/index, while selling futures contracts tends to decrease exposure to the underlying instrument/index or hedge other investments. Initial margin deposits are made upon entering into a futures contract, and variation margin receipts or payments are settled daily reflecting changes in the value of the futures contracts. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon the expiration or closing of the futures contracts or if the counterparties do not perform in accordance with contractual provisions. With futures contracts, there is minimal counterparty credit risk to the Funds since futures contracts are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded funds, guarantees the futures contracts against default. During the year ended October 31, 2020, the Emerging Markets Debt Fund had exposure to futures contracts, based on underlying notional values, generally between 0% and 1% of net assets. As of October 31, 2020 there are no outstanding futures contracts.
Forward foreign currency contracts: Certain Funds are subject to foreign exchange risk in the normal course of pursuing their investment objectives. The Funds use forward foreign currency contracts (“forwards”), including non-deliverable forwards (“NDFs”), to, among other things, hedge portfolio currency risk and to facilitate transactions in securities denominated in foreign currencies. Forwards are over-the-counter (“OTC”) commitments that involve an obligation to purchase or sell a fixed amount of a specific currency on a future date at a locked exchange rate. NDFs allow hedging of
TIAA-CREF International Fixed-Income Funds ■ 2020 Annual Report | 53 |
Notes to financial statements
currencies where government regulations restrict foreign access to local currency or the parties want to compensate for risk without a physical exchange of funds. Forwards are marked-to-market daily at the applicable foreign exchange rate, and any resulting unrealized gains or losses are recorded as appreciation or depreciation in the Statements of assets and liabilities. The Funds realize gains and losses at the time the forward is closed. Realized and unrealized gains and losses are included in the Statements of operations. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts; from unanticipated movements in the value of a foreign currency relative to the U.S. dollar; and that losses may exceed amounts recognized on the Statements of assets and liabilities. During the year ended October 31, 2020, the Emerging Markets Debt Fund and the International Bond Fund had exposure to forwards contracts, based on underlying notional values, generally between 0% and 77% of net assets. The forward contracts outstanding as of October 31, 2020 are disclosed in the Summary portfolio of investments and the full Schedules of Investments.
Note 6—Income tax and other tax matters
Income taxes: Each Fund is treated separately for income tax purposes. The Funds intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code (“Code”) and will not be subject to income taxes to the extent that they distribute all taxable income each year and comply with various other Code requirements. The Funds file income tax returns in U.S. federal and applicable state and local jurisdictions. A fund’s federal income tax returns are generally subject to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed the Funds’ tax positions taken for all open federal income tax years and has concluded that no provision for federal income tax is required in the Funds’ financial statements.
The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. Reclassifications are made to a Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations.
For the year ended October 31, 2020, permanent book and tax differences resulting primarily from differing treatments for foreign currency transactions, utilization of tax equalization credits, dividend redesignations, and certain foreign taxes paid were identified and reclassified among the components of the Funds’ net assets. Net investment income and net realized gains (losses), as disclosed on the Statements of operations, and net assets were not affected by these reclassifications.
Foreign taxes: The Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon the current interpretation of tax rules and regulations that exist in the markets in which the Funds invest.
54 | 2020 Annual Report ■ TIAA-CREF International Fixed-Income Funds |
continued
Net unrealized appreciation (depreciation): At October 31, 2020, net unrealized appreciation (depreciation) based on the aggregate cost of all investments for federal income tax purposes, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows:
Fund | Tax cost | Gross unrealized appreciation | Gross unrealized (depreciation | ) | Net unrealized appreciation (depreciation | ) | ||||||||||
Emerging Markets Debt | $586,755,984 | $19,930,174 | $(38,689,243 | ) | $(18,759,069 | ) | ||||||||||
International Bond | 425,872,588 | 26,567,457 | (24,508,530 | ) | 2,058,927 |
For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as up-front fees or premiums exchanged on derivatives and any amounts unrealized for income statement reporting but realized in income and/or capital gains for tax reporting.
Distributions to shareholders: The tax character of distributions paid to shareholders during the years ended October 31, 2020 and October 31, 2019 was as follows:
10/31/2020 | ||||||||||||
Fund | Ordinary income | Long-term capital gains | Total | |||||||||
Emerging Markets Debt | $ | 29,661,774 | $ | – | $ | 29,661,774 | ||||||
International Bond | 11,562,337 | 1,187 | 11,563,524 | |||||||||
�� | ||||||||||||
10/31/2019 | ||||||||||||
Fund | Ordinary income | Long-term capital gains | Total | |||||||||
Emerging Markets Debt | $ | 28,060,394 | $ | – | $ | 28,060,394 | ||||||
International Bond | 22,626,923 | – | 22,626,923 |
Components of accumulated earnings: As of October 31, 2020, the components of accumulated earnings on a tax basis were as follows:
Fund | Undistributed ordinary income | Undistributed long-term capital gains | Unrealized appreciation (depreciation | ) | Capital loss carryover | Total | ||||||||||||||
Emerging Markets Debt | $4,600,712 | $ – | $(18,767,202 | ) | $(6,174,559 | ) | $(20,341,049 | ) | ||||||||||||
International Bond | 13,275,714 | 448,321 | 2,119,907 | – | 15,843,942 |
The difference between book basis and tax basis net investment income, net realized gains and losses, and unrealized appreciation and depreciation is attributable primarily to the tax deferral of losses on wash sales, the tax deferral of straddle losses, and the treatment of short-term gain as ordinary income for tax purposes.
In certain circumstances, a fund may distribute portfolio securities rather than cash as payment for a redemption of fund shares (in-kind redemption). A fund may also accept portfolio securities rather than cash as payment for a purchase of fund shares (in-kind purchase). During the year ended October 31, 2020, the Funds did not have any in-kind purchase or in-kind redemption transactions.
TIAA-CREF International Fixed-Income Funds ■ 2020 Annual Report | 55 |
Notes to financial statements
For the year ended October 31, 2020, the Emerging Markets Debt Fund had $6,174,559 in long-term capital loss carryovers, which will not expire.
Note 7—investment adviser and other transactions with affiliates
Under the terms of the Investment Management Agreement with respect to each Fund, Advisors provides asset management services to the Fund for an annual fee, payable monthly. The Funds have entered into an Administrative Service Agreement with Advisors under which the Funds pay Advisors for its costs in providing certain administrative and compliance services to the Funds.
The Subsidiary has entered into an investment management agreement with Advisors. Under this agreement, Advisors provides the same management services to the Subsidiary as it does to the International Bond Fund. Advisors is not compensated directly by the Subsidiary for their services, rather they are provided a management fee on the average net assets of the Fund which includes investments in the Subsidiary. The Fund bears all operating expenses of the Subsidiary.
Under the terms of a Retirement Class Service Agreement with respect to each Fund, the Retirement Class of the Fund incurs an annual fee, payable monthly to Advisors, for providing certain administrative costs associated with the maintenance of Retirement Class shares on retirement plan or other platforms. Substantially all of the Retirement Class shareholder servicing fees reported on the Statements of operations are paid to Advisors under the Service Agreement.
Under the terms of a distribution Rule 12b-1 plan, the Retail Class of each Fund compensates Nuveen Securities for providing distribution, promotional and/or shareholder services to the Retail Class of the Fund at the annual rate of 0.25% of the average daily net assets attributable to the Fund’s Retail Class. The Premier Class of each Fund is subject to a distribution Rule 12b-1 plan that compensates Nuveen Securities for providing distribution, promotional and/or shareholder services to the Premier Class of the Fund at the annual rate of 0.15% of the average daily net assets attributable to the Fund’s Premier Class.
Advisors has contractually agreed to waive and/or reimburse Class W’s shares’ Management fees and Other expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, acquired fund fees and expenses, trustee expenses and extraordinary expenses) in their entirety. Advisors expects this waiver and/or reimbursement to remain in effect indefinitely, unless changed or terminated with approval of the Board of Trustees. The Management fees and Other expenses of Class W shares that have been waived by Advisors may be incurred directly or indirectly, all or in part, by investors in Class W shares.
Advisors has agreed to reimburse each Fund if its total expense ratio (excluding interest, taxes, brokerage commissions and other transactional expenses, acquired fund fees and expenses and extraordinary expenses) exceeds certain percentages.
56 | 2020 Annual Report ■ TIAA-CREF International Fixed-Income Funds |
continued
As of October 31, 2020, the investment management fee, service agreement fee, distribution fee and maximum expense amounts (after waivers and reimbursements) are equal to the following noted annual percentage of average daily net assets for each class:
Investment management fee range | Investment management fee—effective rate | Service agreement fee | Distribution fee | |||||||||||||||||
Retirement Class | Premier Class | Retail Class | ||||||||||||||||||
Emerging Markets Debt | 0.45%–0.55 | % | 0.55 | % | 0.25 | % | 0.15 | % | 0.25 | % | ||||||||||
International Bond | 0.40–0.50 | a | 0.52 | 0.25 | 0.15 | 0.25 |
Maximum expense amounts‡ | ||||||||||||||||||||||||
Institutional Class | Advisor Class | Premier Class | Retirement Class | Retail Class | Class W§ | |||||||||||||||||||
Emerging Markets Debt | 0.65 | % | 0.80 | % | 0.80 | % | 0.85 | %b | 1.00 | % | 0.65 | % | ||||||||||||
International Bond | 0.60 | 0.75 | a | 0.75 | a | 0.85 | a | 0.95 | a | 0.60 |
‡ | Maximum expense amounts reflect all expenses excluding interest, taxes, brokerage commissions or other transactional expenses, acquired fund fees and expenses and extraordinary expenses. The expense reimbursement arrangements will continue through at least February 28, 2021. The reimbursement arrangements can only be changed with the approval of the Board of Trustees. |
§ | Advisors has contractually agreed to waive and/or reimburse Class W’s Management fees and Other expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, acquired fund fees and expenses, trustee expenses and extraordinary expenses) in their entirety. Advisors expects this waiver and/or reimbursement to remain in effect indefinitely, unless changed with approval of the Board of Trustees. |
a | Prior to March 1, 2020, the investment management fee range for the International Bond Fund was 0.45%–0.55% of average daily net assets. The expense caps were 0.60% for the Advisor Class, 0.80% for the Premier Class, 0.87% for the Retirement Class, and 0.98% for the Retail Class. |
b | Effective May 1, 2020, Advisors agreed to voluntarily waive a portion of the expense cap for the Emerging Markets Debt Fund Retirement Class. This waiver is voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval. Prior to May 1, 2020, the expense cap was 0.88% for the Retirement Class. |
The Funds may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Board, pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions. For the year ended October 31, 2020, the Funds did not have any security transactions with affiliated entities.
The following is the percentage of the Fund’s shares owned by affiliates as of October 31, 2020:
Underlying Fund | TIAA-CREF Lifecycle Funds | |||
Emerging Markets Debt | 81 | % | ||
International Bond | 97 |
TIAA-CREF International Fixed-Income Funds ■ 2020 Annual Report | 57 |
Notes to financial statements | concluded |
Note 8—emerging markets risks
The Emerging Markets Debt Fund holds a large portion of its assets in emerging market securities. Emerging market securities are often subject to greater price volatility, less liquidity and higher rates of inflation and deflation than U.S. securities. In addition, emerging markets may be subject to greater political, economic and social uncertainty, and differing regulatory environments that may potentially impact the Fund’s ability to buy or sell certain securities or repatriate proceeds to U.S. dollars.
Note 9—inter-fund lending program
Pursuant to an exemptive order issued by the SEC, the Funds may participate in an inter-fund lending program. This program allows the Funds to lend cash to and/or borrow cash from certain other affiliated Funds for temporary purposes, (e.g., to satisfy redemption requests or to cover unanticipated cash shortfalls). The program is subject to a number of conditions, including the requirement that no Fund may borrow or lend money under the program unless it receives a more favorable interest rate than is available from a bank or other financial institution for a comparable transaction. In addition, a Fund may participate in the program only if its participation is consistent with the Fund’s investment policies and limitations and authorized by its portfolio manager(s). During the year ended October 31, 2020, there were no inter-fund borrowing or lending transactions.
Note 10—line of credit
The Funds participate in a $1 billion unsecured revolving credit facility that can be used for temporary purposes, including, without limitation, the funding of shareholder redemptions. The current facility was entered into on June 16, 2020 expiring on June 15, 2021, replacing the previous facility, which expired June 2020. Certain affiliated accounts and mutual funds, each of which is managed by Advisors, or an affiliate of Advisors, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds on a pro rata basis. Interest associated with any borrowing under the facility is charged to the borrowing accounts or mutual funds at a specified rate of interest. The Funds are not liable for borrowings under the facility by other affiliated accounts or mutual funds. For the year ended October 31, 2020, there were no borrowings under this credit facility by the Funds.
58 | 2020 Annual Report ■ TIAA-CREF International Fixed-Income Funds |
Report of Independent Registered
Public Accounting Firm
To the Board of Trustees of TIAA-CREF Funds and Shareholders of TIAA-CREF Emerging Markets Debt Fund and TIAA-CREF International Bond Fund
Opinions on the Financial Statements
We have audited the (i) accompanying statement of assets and liabilities, including the summary portfolio of investments, of TIAA-CREF Emerging Markets Debt Fund as of October 31, 2020, the related statement of operations for the year ended October 31, 2020, the statement of changes in net assets for each of the two years in the period ended October 31, 2020, including the related notes, and the financial highlights for each of the periods indicated therein, and (ii) the accompanying consolidated statement of assets and liabilities, including the consolidated summary portfolio of investments, of TIAA-CREF International Bond Fund as of October 31, 2020, the related consolidated statement of operations for the year ended October 31, 2020, the consolidated statement of changes in net assets for each of the two years in the period ended October 31, 2020, including the related notes, and the consolidated financial highlights for each of the periods indicated therein (two of the funds constituting TIAA-CREF Funds, hereafter collectively referred to as the “Funds”) (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2020, and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the
TIAA-CREF International Fixed-Income Funds ■ 2020 Annual Report | 59 |
Report of Independent Registered Public Accounting Firm | concluded |
overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2020 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
Baltimore, Maryland
December 17, 2020
We have served as the auditor of one or more investment companies in TIAA-CREF Funds’ investment company group since 2005.
60 | 2020 Annual Report ■ TIAA-CREF International Fixed-Income Funds |
Important tax information (unaudited)
For the fiscal year ended October 31, 2020, the TIAA-CREF Funds designate the following distribution amounts (or the maximum amount allowable) as being from net long-term capital gains.
Fund | Long-term capital gains | |||
Emerging Markets Debt | $ — | |||
International Bond | 192,998 |
The information and distributions reported herein may differ from the information and distributions reported to shareholders for the calendar year ending December 31, 2020, which will be reported in conjunction with your 2020 Form 1099-DIV.
By early 2021, shareholders should receive their Form 1099-DIV and a tax information letter from the Funds. For your specific situation, we recommend that you consult a professional tax advisor.
TIAA-CREF International Fixed-Income Funds ■ 2020 Annual Report | 61 |
Trustees and officers (unaudited)
TIAA-CREF Funds ■ October 31, 2020
Trustees
Name, Address and Year of Birth (“YOB”) | Position(s) Held with Fund | Term of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorship(s) Held by Trustee | |||||
Forrest Berkley c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954 | Trustee | Indefinite term. Trustee since 2006. | Retired Partner (since 2006), Partner (1990–2005) and Head of Global Product Management (2003–2005), GMO (formerly, Grantham, Mayo, Van Otterloo & Co.) (investment management); and member of asset allocation portfolio management team, GMO (2003–2005). | 91 | Director, Save the Children Federation, Inc.; Investment Committee Member, Maine Community Foundation. | |||||
Joseph A. Boateng c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1963 | Trustee | Indefinite term. Trustee since 2019. | Chief Investment Officer, Casey Family Programs (since 2007). Director of U.S. Pension Plans at Johnson & Johnson (2002–2006). Manager, Financial Services Consultant, KPMG Consulting (2000–2002). | 91 | Board member, Year Up Puget Sound and Waterside School; Investment Advisory Committee Chair, Seattle City Employees’ Retirement System; Investment Committee Member, The Seattle Foundation. | |||||
Janice C. Eberly c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1962 | Trustee | Indefinite term. Trustee since 2018. | James R. and Helen D. Russell Professor of Finance (2002–2011 and since 2013), and Senior Associate Dean for Strategy and Academics (since 2020) at the Kellogg School of Management at Northwestern University and Chair of the Finance Department (2005–2007). Vice President, American Economic Association (since 2020). Assistant Secretary for Economic Policy at the United States Department of the Treasury (2011–2013). | 91 | Member of the Board of the Office of Finance of the Federal Home Loan Banks; Director, Avant, LLC; Member of the Executive Board, American Economic Association. |
62 | 2020 Annual Report ■ TIAA-CREF International Fixed-Income Funds |
Nancy A. Eckl c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1962 | Trustee | Indefinite term. Trustee since 2007. | Vice President (1990–2006), American Beacon Advisors, Inc., and Vice President of certain funds advised by American Beacon Advisors, Inc. | 91 | Independent Director, The Lazard Funds, Inc., Lazard Retirement Series, Inc., and Lazard Global Total Return and Income Fund, Inc.. | |||||
Michael A. Forrester c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1967 | Trustee | Indefinite term. Trustee since 2007. | Chief Executive Officer (since 2014) and Chief Operating Officer (2007–2014), Copper Rock Capital Partners, LLC; Chief Operating Officer, DDJ Capital Management (2003–2006). | 91 | Director of Copper Rock Capital Partners, LLC (investment adviser); Trustee, Dexter Southfield School; Member, Governing Council of the Independent Directors Council. | |||||
Howell E. Jackson c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954 | Trustee | Indefinite term. Trustee since 2005. | James S. Reid, Jr. Professor of Law (since 2004), Senior Advisor to the President and Provost (2010–2012), Acting Dean (2009), Vice Dean for Budget (2003–2006) and on the faculty (since 1989) of Harvard Law School. | 91 | Director, Commonwealth (non-profit organization). | |||||
Thomas J. Kenny c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1963 | Chairman of the Board and Trustee | Indefinite term. Trustee since 2011. Chairman for term ending July 1, 2021. Chairman since September 13, 2017. | Advisory Director (2010–2011), Partner (2004– 2010) and Managing Director (1999–2004), Co-Head of Global Cash and Fixed Income Portfolio Management Team (2002–2010), Goldman Sachs Asset Management. | 91 | Director and Chair of the Finance and Investment Committee, Aflac Incorporated; Director and Investment Committee Member, Sansum Clinic; Director, ParentSquare; Member, University of California at Santa Barbara Arts and Lectures Advisory Council. |
TIAA-CREF International Fixed-Income Funds ■ 2020 Annual Report | 63 |
Trustees and officers (unaudited)
TIAA-CREF Funds ■ October 31, 2020
Trustees—concluded
Name, Address and Year of Birth (“YOB”) | Position(s) Held with Fund | Term of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorship(s) Held by Trustee | |||||
James M. Poterba c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1958 | Trustee | Indefinite term. Trustee since 2006. | President and Chief Executive Officer (since 2008) and Program Director (1990–2008), National Bureau of Economic Research. Mitsui Professor of Economics, Massachusetts Institute of Technology (“MIT”) (since 1996); Affiliated Faculty Member of the Finance Group, Alfred P. Sloan School of Management (since 2014); Head (2006–2008) and Associate Head (1994–2000 and 2001–2006), Economics Department of MIT. | 91 | Director, National Bureau of Economic Research and the Alfred P. Sloan Foundation; Member, Congressional Budget Office Panel of Economic Advisers. | |||||
Maceo K. Sloan c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1949 | Trustee | Indefinite term. Trustee since 1999. | Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (1991–2018); Chairman and Chief Executive Officer (1991–2016) and Chief Investment Officer (1991–2013) and Chief Compliance Officer (2015–2016), NCM Capital Management Group, Inc.; Chairman, Chief Executive Officer (2003–2016), Chief Investment Officer (2003–2013) and Chief Compliance Officer (2015–2016), NCM Capital Advisers Inc.; and Chairman, President and Principal Executive Officer, NCM Capital Investment Trust (2007–2012). | 91 | N/A |
64 | 2020 Annual Report ■ TIAA-CREF International Fixed-Income Funds |
Laura T. Starks c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1950 | Trustee | Indefinite term. Trustee since 2006. | Charles E. and Sarah M. Seay Regents Chair of Finance (since 2002), Co-Executive Director, Social Innovation Initiative (since 2015), Director, AIM Investment Center (2000–2016), Associate Dean for Research (2011–2016), Chairman, Department of Finance (2002–2011) and Professor (since 1987), McCombs School of Business, University of Texas at Austin. President, Society of Financial Studies (2017–2020). Vice President, American Finance Association (since 2020). | 91 | Texa$aver Product Committee Member, Employees Retirement System of Texas. |
TIAA-CREF International Fixed-Income Funds ■ 2020 Annual Report | 65 |
Trustees and officers (unaudited)
TIAA-CREF Funds ■ October 31, 2020
Officers
Name, Address and Year of Birth (“YOB”) | Position(s) Held with Fund | Term of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | |||
Vijay Advani TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1960 | Executive Vice President | One-year term. Executive Vice President since 2018. | Executive Chairman, Nuveen. Executive Vice President of the College Retirement Equities Fund (“CREF”), TIAA Separate Account VA-1, TIAA-CREF Funds and TIAA-CREF Life Funds (collectively, the “TIAA-CREF Fund Complex”). Formerly, Chief Executive Officer, Nuveen. Prior to joining Nuveen, Mr. Advani served as Co-President of Franklin Resources, Inc. (Franklin Templeton Investments). | |||
Richard S. Biegen TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1962 | Chief Compliance Officer | One-year term. Chief Compliance Officer since 2008. | Senior Managing Director, TIAA. Chief Compliance Officer of the TIAA-CREF Fund Complex. | |||
Derek B. Dorn TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1976 | Senior Managing Director and Corporate Secretary | One-year term. Senior Managing Director and Corporate Secretary since 2020. | Senior Managing Director and Corporate Secretary of Teachers Insurance and Annuity Association of America (“TIAA”) and the TIAA-CREF Fund Complex. Formerly, Managing Director, Special Assistant to the CEO, and Managing Director, Regulatory Affairs, TIAA. Prior to joining TIAA, Mr. Dorn was a partner at Davis & Harman LLP and an adjunct professor of Law at Georgetown University Law Center. | |||
Bradley Finkle TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1973 | Principal Executive Officer and President | One-year term. Principal Executive Officer and President since 2017. | Chief Operating Officer, Nuveen. Principal Executive Officer and President of the TIAA-CREF Funds and TIAA-CREF Life Funds. Formerly, Senior Managing Director, Co-Head Nuveen Equities & Fixed Income and President of TIAA Investments. |
66 | 2020 Annual Report ■ TIAA-CREF International Fixed-Income Funds |
Jose Minaya TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1971 | Executive Vice President | One-year term. Executive Vice President since 2018. | Chief Executive Officer, Nuveen. Executive Vice President of the TIAA-CREF Fund Complex. Formerly, Executive Vice President, President and Chief investment Officer, Nuveen; Executive Vice President, Chief Investment Officer, Nuveen Global Investments; and Senior Managing Director, President, Global Investments, TIAA. | |||
David Nason TIAA 730 Third Ave. New York, NY 10017-3206 YOB: 1970 | Executive Vice President | One-year term. Executive Vice President since 2020. | Senior Executive Vice President, Chief Legal, Risk and Compliance Officer of TIAA. Executive Vice President of the TIAA-CREF Fund Complex. Formerly, Executive Vice President, Chief Risk and Compliance Officer, TIAA. Prior to joining TIAA, Mr. Nason served as President and CEO of GE Energy Financial Services. | |||
Phillip T. Rollock TIAA 730 Third Ave. New York, NY 10017-3206 YOB: 1962 | Executive Vice President and Chief Legal Officer | One-year term. Executive Vice President and Chief Legal Officer since 2018. | Executive Vice President and Chief Legal Officer of TIAA and the TIAA-CREF Fund Complex. Formerly, Executive Vice President, Deputy Chief Legal Officer, TIAA and Senior Managing Director, Senior General Counsel and Corporate Secretary of TIAA and the TIAA-CREF Fund Complex. | |||
E. Scott Wickerham TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1973 | Principal Financial Officer, Principal Accounting Officer and Treasurer | One-year Principal Financial Officer, Principal Accounting Officer and Treasurer since 2017. | Senior Managing Director, Head, Publics Investment Finance, Nuveen. Principal Financial Officer, Principal Accounting Officer and Treasurer of the TIAA-CREF Funds, TIAA-CREF Life Funds and TIAA Separate Account VA-1, and CREF; and Vice President and Controller of the Nuveen Funds. Formerly, Managing Director, Head, TC Fund Administration, Nuveen. | |||
Sean N. Woodroffe TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1963 | Executive Vice President | One-year term. Executive Vice President since 2018. | Senior Executive Vice President, Chief Human Resources Officer of TIAA, and Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Woodroffe served as Chief People Officer at National Life Group. |
Please note that the Funds’ Statement of Additional Information (SAI) includes additional information about the Funds’ trustees and is available, without charge, through our website, tiaa.org, or by calling 800 223-1200.
TIAA-CREF International Fixed-Income Funds ■ 2020 Annual Report | 67 |
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Websites
TIAA.org
nuveen.com
Automated telephone service
800-842-2252
24 hours a day, 7 days a week
For the hearing- or speech-impaired
800-842-2755
8 a.m. to 10 p.m. (ET), Monday–Friday
You should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other information, please visit TIAA.org, or call 800-842-2252 for the Institutional, Advisor, Premier and Retirement classes or 800-223-1200 for the Retail Class. Please read the prospectus carefully before investing. Investment, insurance and annuity products are not Federal Deposit Insurance Corporation (FDIC) insured, are not bank guaranteed, are not bank deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value. Nuveen, a subsidiary of TIAA, provides investment advice and portfolio management services through a dozen affiliated registered investment advisers. Nuveen Securities, LLC and TIAA-CREF Individual & Institutional Services, LLC, members FINRA, distribute securities products.
This material is for informational or educational purposes only and does not constitute fiduciary investment advice under ERISA, a securities recommendation under all securities laws, or an insurance product recommendation under state insurance laws or regulations. This material does not take into account any specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on the investor’s own objectives and circumstances.
©2020 Teachers Insurance and Annuity Association of America—College Retirement Equities Fund,
730 Third Avenue, New York, NY 10017-3206
730 Third Avenue New York, NY 10017-3206
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Item 2. Code of Conduct.
2(a) The Board of Trustees of the TIAA-CREF Funds (the “Registrant”) has adopted a code of conduct for senior financial officers, including the Registrant’s principal executive officer, principal financial officer, principal accounting officer, or controller, and persons performing similar functions, in conformity with rules promulgated under the Sarbanes-Oxley Act of 2002.
2(b) No response required.
2(c) During the reporting period, there were no amendments to the code of conduct.
2(d) During the reporting period, there were no implicit or explicit waivers granted by the Registrant from any provision of the code of conduct.
2(e) Not applicable.
2(f) A copy of the current code of conduct is filed as an exhibit to this Form N-CSR.
Item 3. Audit Committee Financial Expert.
3(a)(1) The Registrant’s Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its Audit and Compliance Committee.
3(a)(2) Maceo K. Sloan is the Registrant’s audit committee financial expert and is “independent” for purposes of Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
PricewaterhouseCoopers LLP (“PwC”) performs independent audits of the Registrant’s financial statements. To maintain auditor independence and avoid even the appearance of conflicts of interest, the Registrant, as a policy, does not engage PwC for management advisory or consulting services.
The aggregate fees billed by PwC as disclosed below for the fiscal years ended October 31, 2020 and October 31, 2019 may not align with the figures reported and filed with the Securities and Exchange Commission in Form N-CEN or Form N-CSR for each period, respectively, (SEC File No. 811-09301) because the fees disclosed in this proxy statement reflect fees updated after the date of that Form N-CEN or Form N-CSR for the relevant period.
4(a) Audit Fees.
For the fiscal years ended October 31, 2020 and October 31, 2019, PwC’s aggregate fees for the audit of the Registrant’s annual financial statements were $1,093,723 and $1,117,930, respectively.
4(b) Audit Related Fees.
For the fiscal years ended October 31, 2020 and October 31, 2019, PwC’s aggregate fees for services related to the performance of the audit of the Registrant’s annual financial statements were $0 and $0, respectively.
For the fiscal years ended October 31, 2020 and October 31, 2019, the Audit-Related Fees billed by PwC to Teachers Advisors, LLC (“Advisors”) or to any entity controlling, controlled by or under common control with Advisors that provides ongoing services to the Registrant (collectively, “Fund Service Providers”) were $0 and $0, respectively.
4(c) Tax Fees.
For the fiscal years ended October 31, 2020 and October 31, 2019, PwC’s aggregate fees for tax services billed to the Registrant were $0 and $0, respectively.
For the fiscal years ended October 31, 2020 and October 31, 2019, the Tax Fees billed by PwC to the Fund Service Providers were $0 and $0, respectively.
4(d) All Other Fees.
For the fiscal years ended October 31, 2020 and October 31, 2019, PwC’s aggregate fees for all other services billed to the Registrant were $12,492 and $12,995, respectively.
For the fiscal years ended October 31, 2020 and October 31, 2019, PwC’s aggregate fees for all other services billed to the Fund Service Providers were $0 and $0, respectively.
4(e)(1) Preapproval Policy.
The Registrant’s audit and compliance committee (“Audit Committee”) has adopted a Preapproval Policy for External Audit Firm Services (the “Policy”). The Policy describes the types of services that may be provided by the independent auditor to the Registrant and certain of its affiliates without impairing the auditor’s independence. Under the Policy, the Audit Committee is required to preapprove all services to be performed by the Registrant’s independent auditor in order to ensure that such services do not impair the auditor’s independence.
The Policy requires the Audit Committee to: (i) appoint the independent auditor to perform the financial statements audit for the Registrant and certain of its affiliates, including approving the terms of the engagement, and (ii) preapprove the audit, audit-related, tax and other services to be provided by the independent auditor to the Registrant and certain of its affiliates and the fees to be charged for provision of such services from year to year.
4(e)(2) Services provided pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (the “de minimis exception”):
Audit-Related Fees:
There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended October 31, 2020 and October 31, 2019 on behalf of the Registrant.
There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended October 31, 2020 and October 31, 2019 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.
Tax Fees:
There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended October 31, 2020 and October 31, 2019 on behalf of the Registrant.
There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended October 31, 2020 and October 31, 2019 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.
All Other Fees:
There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended October 31, 2020 and October 31, 2019 on behalf of the Registrant.
There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended October 31, 2020 and October 31, 2019 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.
4(f) The percentage of hours expended by PwC’s engagement to audit the Registrant’s financial statements for the most recent fiscal year attributable to work performed by persons other than PwC’s full-time, permanent employees was less than 50%.
4(g) Non-Audit Fees for Related Entities.
For the fiscal years ended October 31, 2020 and October 31, 2019, aggregate non-audit fees billed to the Registrant and to its Fund Service Providers by PwC were $242,833 and $342,667, respectively.
4(h) The Registrant’s Audit Committee has considered whether the non-audit services that were rendered by PwC to the Registrant’s Fund Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X are compatible with maintaining PwC’s independence.
Item 5. Audit Committee of Listed Registrants.
Not Applicable.
Item 6. Schedule of Investments.
TIAA-CREF FUNDS - Growth & Income Fund
TIAA-CREF FUNDS
GROWTH & INCOME FUND
SCHEDULE OF INVESTMENTS
October 31, 2020
SHARES | COMPANY | VALUE | |||||||
COMMON STOCKS - 99.8% | |||||||||
AUTOMOBILES & COMPONENTS - 0.8% | |||||||||
309,704 | Aptiv plc | $ | 29,883,339 | ||||||
458,356 | General Motors Co | 15,827,033 | |||||||
TOTAL AUTOMOBILES & COMPONENTS | 45,710,372 | ||||||||
BANKS - 3.4% | |||||||||
3,118,360 | Bank of America Corp | 73,905,132 | |||||||
320,543 | n | Citigroup, Inc | 13,276,891 | ||||||
937,144 | JPMorgan Chase & Co | 91,877,598 | |||||||
688,902 | Radian Group, Inc | 12,365,791 | |||||||
TOTAL BANKS | 191,425,412 | ||||||||
CAPITAL GOODS - 6.6% | |||||||||
291,637 | * | Builders FirstSource, Inc | 8,836,601 | ||||||
98,016 | n | Carlisle Cos, Inc | 12,141,242 | ||||||
154,415 | Deere & Co | 34,883,893 | |||||||
353,796 | Dover Corp | 39,168,755 | |||||||
421,646 | Eaton Corp | 43,762,638 | |||||||
909,823 | General Electric Co | 6,750,887 | |||||||
142,274 | HEICO Corp (Class A) | 13,302,619 | |||||||
327,069 | Honeywell International, Inc | 53,950,031 | |||||||
515,596 | ITT, Inc | 31,198,714 | |||||||
91,764 | n | Northrop Grumman Corp | 26,595,042 | ||||||
232,981 | Otis Worldwide Corp | 14,277,076 | |||||||
259,787 | Owens Corning, Inc | 17,008,255 | |||||||
273,803 | Raytheon Technologies Corp | 14,872,979 | |||||||
83,146 | * | Teledyne Technologies, Inc | 25,704,586 | ||||||
257,557 | Trane Technologies plc | 34,190,692 | |||||||
TOTAL CAPITAL GOODS | 376,644,010 | ||||||||
COMMERCIAL & PROFESSIONAL SERVICES - 1.0% | |||||||||
99,380 | * | FTI Consulting, Inc | 9,784,955 | ||||||
66,583 | *,n | Seagen, Inc | 11,106,044 | ||||||
169,636 | * | Stericycle, Inc | 10,568,323 | ||||||
92,791 | TransUnion | 7,391,731 | |||||||
205,405 | Waste Management, Inc | 22,165,254 | |||||||
TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 61,016,307 | ||||||||
CONSUMER DURABLES & APPAREL - 1.7% | |||||||||
188,680 | n | Brunswick Corp | 12,020,803 | ||||||
1,564,724 | * | Mattel, Inc | 21,546,249 | ||||||
267,426 | Nike, Inc (Class B) | 32,112,514 | |||||||
145,695 | * | Tempur Sealy International, Inc | 12,966,855 | ||||||
90,000 | Whirlpool Corp | 16,646,400 | |||||||
TOTAL CONSUMER DURABLES & APPAREL | 95,292,821 |
1 |
TIAA-CREF FUNDS - Growth & Income Fund
SHARES | COMPANY | VALUE | |||||||
CONSUMER SERVICES - 1.4% | |||||||||
236,516 | * | Caesars Entertainment, Inc | $ | 10,600,647 | |||||
14,592 | *,n | Chipotle Mexican Grill, Inc (Class A) | 17,531,996 | ||||||
56,728 | Churchill Downs, Inc | 8,460,981 | |||||||
126,460 | Darden Restaurants, Inc | 11,624,203 | |||||||
117,377 | * | Flutter Entertainment plc | 20,335,657 | ||||||
179,280 | Texas Roadhouse, Inc (Class A) | 12,554,979 | |||||||
TOTAL CONSUMER SERVICES | 81,108,463 | ||||||||
DIVERSIFIED FINANCIALS - 2.5% | |||||||||
243,949 | Blackstone Group, Inc | 12,299,909 | |||||||
514,578 | Discover Financial Services | 33,452,716 | |||||||
1,415,855 | Equitable Holdings, Inc | 30,426,724 | |||||||
249,197 | Lazard Ltd (Class A) | 8,390,463 | |||||||
998,857 | Morgan Stanley | 48,094,964 | |||||||
290,381 | Voya Financial, Inc | 13,917,961 | |||||||
TOTAL DIVERSIFIED FINANCIALS | 146,582,737 | ||||||||
ENERGY - 1.6% | |||||||||
405,743 | n | Chevron Corp | 28,199,139 | ||||||
904,840 | EQT Corp | 13,699,278 | |||||||
425,941 | n | Hess Corp | 15,853,524 | ||||||
1,335,976 | Kinder Morgan, Inc | 15,898,114 | |||||||
229,986 | Pioneer Natural Resources Co | 18,297,686 | |||||||
TOTAL ENERGY | 91,947,741 | ||||||||
FOOD & STAPLES RETAILING - 1.4% | |||||||||
404,503 | *,n | BJ’s Wholesale Club Holdings, Inc | 15,488,420 | ||||||
352,439 | Walmart, Inc | 48,900,911 | |||||||
55,689 | * | Zur Rose Group AG. | 15,495,197 | ||||||
TOTAL FOOD & STAPLES RETAILING | 79,884,528 | ||||||||
FOOD, BEVERAGE & TOBACCO - 3.5% | |||||||||
566,110 | Coca-Cola Co | 27,207,247 | |||||||
556,513 | ConAgra Brands, Inc | 19,528,041 | |||||||
68,130 | * | Freshpet, Inc | 7,800,885 | ||||||
153,513 | Hershey Co | 21,101,897 | |||||||
781,233 | Mondelez International, Inc | 41,499,097 | |||||||
294,627 | * | Monster Beverage Corp | 22,559,589 | ||||||
466,349 | PepsiCo, Inc | 62,159,658 | |||||||
TOTAL FOOD, BEVERAGE & TOBACCO | 201,856,414 | ||||||||
HEALTH CARE EQUIPMENT & SERVICES - 7.3% | |||||||||
249,145 | Abbott Laboratories | 26,187,631 | |||||||
425,729 | n | Baxter International, Inc | 33,023,798 | ||||||
904,111 | *,n | Boston Scientific Corp | 30,983,884 | ||||||
281,671 | Danaher Corp | 64,654,761 | |||||||
57,998 | *,n | DexCom, Inc | 18,535,001 | ||||||
205,990 | * | Edwards Lifesciences Corp | 14,767,423 | ||||||
512,185 | * | Envista Holdings Corp | 13,531,928 | ||||||
118,052 | * | Guardant Health, Inc | 12,591,426 | ||||||
126,627 | n | Humana, Inc | 50,559,629 | ||||||
65,988 | * | IDEXX Laboratories, Inc | 28,033,022 | ||||||
128,422 | STERIS plc | 22,755,094 | |||||||
172,104 | UnitedHealth Group, Inc | 52,515,815 |
2 |
TIAA-CREF FUNDS - Growth & Income Fund
SHARES | COMPANY | VALUE | |||||||
63,927 | West Pharmaceutical Services, Inc | $ | 17,392,619 | ||||||
237,973 | Zimmer Biomet Holdings, Inc | 31,436,233 | |||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 416,968,264 | ||||||||
HOUSEHOLD & PERSONAL PRODUCTS - 2.3% | |||||||||
109,985 | Estee Lauder Cos (Class A) | 24,159,305 | |||||||
676,171 | Procter & Gamble Co | 92,703,044 | |||||||
157,216 | Reckitt Benckiser Group plc | 13,848,923 | |||||||
TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 130,711,272 | ||||||||
INSURANCE - 2.2% | |||||||||
255,563 | Assurant, Inc | 31,784,370 | |||||||
118,712 | Everest Re Group Ltd | 23,395,761 | |||||||
849,970 | n | Hartford Financial Services Group, Inc | 32,740,844 | ||||||
827,017 | Metlife, Inc | 31,302,594 | |||||||
199,092 | * | Root, Inc | 4,772,235 | ||||||
TOTAL INSURANCE | 123,995,804 | ||||||||
MATERIALS - 3.6% | |||||||||
454,473 | n | Corteva, Inc | 14,988,520 | ||||||
151,611 | * | Crown Holdings, Inc | 13,008,224 | ||||||
558,526 | Dow, Inc | 25,407,348 | |||||||
652,651 | DuPont de Nemours, Inc | 37,122,789 | |||||||
171,448 | FMC Corp | 17,614,567 | |||||||
299,416 | Linde plc | 65,973,321 | |||||||
246,831 | PPG Industries, Inc | 32,018,917 | |||||||
TOTAL MATERIALS | 206,133,686 | ||||||||
MEDIA & ENTERTAINMENT - 9.6% | |||||||||
115,969 | * | Alphabet, Inc (Class C) | 187,986,909 | ||||||
1,020,318 | Comcast Corp (Class A) | 43,098,232 | |||||||
481,109 | * | Facebook, Inc | 126,584,589 | ||||||
126,247 | * | Match Group, Inc | 14,743,125 | ||||||
113,149 | *,n | Netflix, Inc | 53,829,505 | ||||||
689,738 | * | Snap, Inc | 27,168,780 | ||||||
134,189 | *,n | Take-Two Interactive Software, Inc | 20,788,560 | ||||||
300,075 | *,n | Twitter, Inc | 12,411,102 | ||||||
519,088 | Walt Disney Co | 62,939,420 | |||||||
TOTAL MEDIA & ENTERTAINMENT | 549,550,222 | ||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.4% | |||||||||
83,841 | * | 10X Genomics, Inc | 11,477,833 | ||||||
634,714 | AbbVie, Inc | 54,014,161 | |||||||
323,609 | *,n | Acadia Pharmaceuticals, Inc | 15,031,638 | ||||||
217,343 | AstraZeneca plc | 21,822,426 | |||||||
1,124,365 | *,n | Avantor, Inc | 26,163,974 | ||||||
165,427 | * | Axsome Therapeutics, Inc | 10,969,464 | ||||||
130,923 | * | Berkeley Lights, Inc | 9,501,082 | ||||||
170,363 | * | Catalent, Inc | 14,952,760 | ||||||
521,333 | Daiichi Sankyo Co Ltd | 13,759,873 | |||||||
174,270 | Eli Lilly & Co | 22,735,264 | |||||||
297,906 | * | Genmab A.S. (ADR) | 10,027,516 | ||||||
259,064 | * | Horizon Therapeutics Plc | 19,411,666 | ||||||
119,377 | * | IQVIA Holdings, Inc | 18,382,864 | ||||||
40,947 | Lonza Group AG. | 24,810,198 |
3 |
TIAA-CREF FUNDS - Growth & Income Fund
SHARES | COMPANY | VALUE | |||||||
653,032 | Merck & Co, Inc | $ | 49,114,537 | ||||||
110,740 | * | Neurocrine Biosciences, Inc | 10,926,716 | ||||||
46,637 | PerkinElmer, Inc | 6,041,823 | |||||||
856,514 | Pfizer, Inc | 30,389,117 | |||||||
62,389 | * | Regeneron Pharmaceuticals, Inc | 33,912,165 | ||||||
34,071 | Roche Holding AG. | 10,948,080 | |||||||
119,187 | Sanofi-Aventis | 10,761,792 | |||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 425,154,949 | ||||||||
REAL ESTATE - 1.5% | |||||||||
158,283 | American Tower Corp | 36,349,691 | |||||||
18,355 | Equinix, Inc | 13,421,910 | |||||||
379,905 | Prologis, Inc | 37,686,576 | |||||||
TOTAL REAL ESTATE | 87,458,177 | ||||||||
RETAILING - 9.2% | |||||||||
88,032 | *,n | Amazon.com, Inc | 267,278,357 | ||||||
305,397 | Best Buy Co, Inc | 34,067,035 | |||||||
408,369 | e,n | Children’s Place, Inc | 10,319,485 | ||||||
259,240 | Dick’s Sporting Goods, Inc | 14,685,946 | |||||||
349,282 | Expedia Group, Inc | 32,884,900 | |||||||
314,652 | n | Home Depot, Inc | 83,920,835 | ||||||
606,142 | e | Nordstrom, Inc | 7,334,318 | ||||||
42,951 | * | O’Reilly Automotive, Inc | 18,752,407 | ||||||
268,434 | Target Corp | 40,861,023 | |||||||
1,988,150 | * | THG Holdings Ltd | 16,988,971 | ||||||
TOTAL RETAILING | 527,093,277 | ||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 7.2% | |||||||||
582,537 | *,n | Advanced Micro Devices, Inc | 43,859,211 | ||||||
33,353 | Broadcom, Inc | 11,661,209 | |||||||
277,036 | * | Cree, Inc | 17,619,490 | ||||||
188,118 | *,n | Enphase Energy, Inc | 18,452,495 | ||||||
138,780 | * | Inphi Corp | 19,395,893 | ||||||
475,141 | Intel Corp | 21,039,244 | |||||||
778,187 | n | Marvell Technology Group Ltd | 29,189,794 | ||||||
89,565 | Monolithic Power Systems, Inc | 28,624,974 | |||||||
169,867 | NVIDIA Corp | 85,164,519 | |||||||
195,510 | NXP Semiconductors NV | 26,417,311 | |||||||
435,045 | QUALCOMM, Inc | 53,667,151 | |||||||
172,798 | Skyworks Solutions, Inc | 24,414,629 | |||||||
254,768 | Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 21,367,392 | |||||||
66,036 | n | Universal Display Corp | 13,095,599 | ||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 413,968,911 | ||||||||
SOFTWARE & SERVICES - 11.7% | |||||||||
465,600 | * | Ant Group Co Ltd | 4,804,643 | ||||||
69,885 | * | CACI International, Inc (Class A) | 14,573,119 | ||||||
149,689 | * | Check Point Software Technologies | 16,998,683 | ||||||
421,370 | * | Fiserv, Inc | 40,228,194 | ||||||
140,737 | * | Liveperson, Inc | 7,523,800 | ||||||
223,403 | n | Mastercard, Inc (Class A) | 64,483,042 | ||||||
1,575,927 | Microsoft Corp | 319,077,940 | |||||||
336,346 | * | PayPal Holdings, Inc | 62,604,081 | ||||||
304,110 | *,n | salesforce.com, Inc | 70,635,630 | ||||||
89,151 | * | ServiceNow, Inc | 44,358,863 |
4 |
TIAA-CREF FUNDS - Growth & Income Fund
SHARES | COMPANY | VALUE | |||||||
117,943 | * | Synopsys, Inc | $ | 25,223,290 | |||||
TOTAL SOFTWARE & SERVICES | 670,511,285 | ||||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 8.5% | |||||||||
3,279,490 | n | Apple, Inc | 357,005,281 | ||||||
298,810 | * | Calix, Inc | 6,995,142 | ||||||
549,684 | Cisco Systems, Inc | 19,733,656 | |||||||
86,823 | Cognex Corp | 5,721,636 | |||||||
785,721 | * | CommScope Holding Co, Inc | 6,992,917 | ||||||
466,996 | Corning, Inc | 14,929,862 | |||||||
270,623 | * | Keysight Technologies, Inc | 28,380,234 | ||||||
93,228 | n | Motorola Solutions, Inc | 14,735,618 | ||||||
361,054 | TE Connectivity Ltd | 34,978,911 | |||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 489,473,257 | ||||||||
TELECOMMUNICATION SERVICES - 1.8% | |||||||||
786,009 | AT&T, Inc | 21,237,963 | |||||||
161,931 | Cogent Communications Group, Inc | 9,035,750 | |||||||
205,156 | * | T-Mobile US, Inc | 22,478,943 | ||||||
862,091 | Verizon Communications, Inc | 49,130,566 | |||||||
TOTAL TELECOMMUNICATION SERVICES | 101,883,222 | ||||||||
TRANSPORTATION - 1.5% | |||||||||
141,589 | DSV AS | 22,971,602 | |||||||
193,364 | Knight-Swift Transportation Holdings, Inc | 7,345,898 | |||||||
359,882 | n | United Parcel Service, Inc (Class B) | 56,541,061 | ||||||
TOTAL TRANSPORTATION | 86,858,561 | ||||||||
UTILITIES - 2.1% | |||||||||
1,376,717 | Centerpoint Energy, Inc | 29,090,030 | |||||||
733,094 | n | NextEra Energy, Inc | 53,669,812 | ||||||
559,977 | PPL Corp | 15,399,368 | |||||||
615,909 | RWE AG. | 22,793,406 | |||||||
TOTAL UTILITIES | 120,952,616 | ||||||||
TOTAL COMMON STOCKS | 5,722,182,308 | ||||||||
(Cost $3,298,847,980) | |||||||||
PURCHASED OPTIONS - 0.0% | |||||||||
DIVERSIFIED FINANCIALS - 0.0% | |||||||||
160,000 | Financial Select Sector SPDR Fund | 142,400 | |||||||
TOTAL DIVERSIFIED FINANCIALS | 142,400 | ||||||||
HEALTH CARE EQUIPMENT & SERVICES - 0.0% | |||||||||
23,400 | Stryker Corp | 34,515 | |||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 34,515 | ||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0% | |||||||||
100,000 | Alkermes plc | 120,000 | |||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 120,000 | ||||||||
TOTAL PURCHASED OPTIONS | 296,915 | ||||||||
(Cost $416,775) |
5 |
TIAA-CREF FUNDS - Growth & Income Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | |||||||||||
SHORT-TERM INVESTMENTS - 0.8% | |||||||||||||||
REPURCHASE AGREEMENT - 0.2% | |||||||||||||||
$ | 14,135,000 | r | Fixed Income Clearing Corp (FICC) | 0.070 | % | 11/02/20 | $ | 14,135,000 | |||||||
TOTAL REPURCHASE AGREEMENT | 14,135,000 | ||||||||||||||
TREASURY DEBT - 0.3% | |||||||||||||||
17,290,000 | United States Treasury Bill | 0.075-0.082 | 11/17/20 | 17,289,424 | |||||||||||
TOTAL TREASURY DEBT | 17,289,424 | ||||||||||||||
SHARES | COMPANY | ||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.3% | |||||||||||||||
14,735,144 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 14,735,144 | ||||||||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 14,735,144 | ||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 46,159,568 | ||||||||||||||
(Cost $46,159,536) | |||||||||||||||
TOTAL INVESTMENTS - 100.6% | 5,768,638,791 | ||||||||||||||
(Cost $3,345,424,291) | |||||||||||||||
OTHER ASSETS & LIABILITIES, NET - (0.6)% | (33,614,049 | ) | |||||||||||||
NET ASSETS - 100.0% | $ | 5,735,024,742 |
Abbreviation(s): | ||
ADR American Depositary Receipt | ||
SPDR Standard and Poor’s Depository Receipt |
* | Non-income producing | ||
c | Investments made with cash collateral received from securities on loan. | ||
e | All or a portion of these securities are out on loan. The aggregate value of securities on loan is $17,143,943. | ||
n | All or a portion of these securities have been segregated by the custodian to cover requirements on open written options contracts. | ||
r | Agreement with Fixed Income Clearing Corporation, 0.070% dated 10/31/20 to be repurchased at $14,135,000 on 11/2/20, collateralized by U.S. Treasury Notes valued at $14,417,787. | ||
Purchased options outstanding as of October 31, 2020 were as follows:
Description/underlying investment | Number of contracts | Notional amount | Exercise price | Expiration date | Value | |||||||||||||
Alkermes plc, Call | 1,000 | $ | 199,856 | $ | 22.00 | 05/21/21 | $ | 120,000 | ||||||||||
Financial Select Sector SPDR Fund, Call | 1,600 | 124,857 | 25.00 | 01/15/21 | 142,400 | |||||||||||||
Stryker Corp, Call | 234 | 92,062 | 240.00 | 01/15/21 | 34,515 | |||||||||||||
Total | 2,834 | $ | 416,775 | $ | 296,915 |
Written options outstanding as of October 31, 2020 were as follows:
Description/underlying investment | Number of contracts | Notional amount | Exercise price | Expiration date | Value | |||||||||||||
Acadia Pharmaceuticals, Inc, Put | 600 | $ | (253,773 | ) | $ | 37.00 | 12/18/20 | $ | (55,800 | ) | ||||||||
Acuity Brands, Inc, Put | 125 | (272,925 | ) | 85.00 | 12/18/20 | (53,750 | ) | |||||||||||
Advanced Micro Devices, Inc, Put | 570 | (47,859 | ) | 70.00 | 11/13/20 | (74,100 | ) | |||||||||||
Alkermes plc, Call | 1,000 | (97,882 | ) | 26.00 | 05/21/21 | (95,000 | ) | |||||||||||
Alkermes plc, Put | 1,000 | (144,811 | ) | 14.00 | 05/21/21 | (170,000 | ) |
6 |
TIAA-CREF FUNDS - Growth & Income Fund
Description/underlying investment | Number of contracts | Notional amount | Exercise price | Expiration date | Value | |||||||||||||
Alliance Data Systems Corp, Put | 890 | $ | (643,424 | ) | $ | 45.00 | 03/19/21 | $ | (471,700 | ) | ||||||||
Amazon.com, Inc, Call | 65 | (742,413 | ) | 3,800.00 | 11/20/20 | (25,025 | ) | |||||||||||
Amazon.com, Inc, Call | 65 | (500,823 | ) | 3,950.00 | 11/20/20 | (13,000 | ) | |||||||||||
Apple, Inc, Call | 1,268 | (2,303,124 | ) | 140.00 | 06/18/21 | (564,260 | ) | |||||||||||
Apple, Inc, Put | 3,116 | (3,010,688 | ) | 105.00 | 06/18/21 | (3,736,084 | ) | |||||||||||
Arista Networks, Inc, Put | 80 | (181,074 | ) | 165.00 | 01/15/21 | (36,000 | ) | |||||||||||
Aspen Technology, Inc, Put | 186 | (181,272 | ) | 90.00 | 12/18/20 | (48,918 | ) | |||||||||||
Aspen Technology, Inc, Put | 186 | (225,935 | ) | 95.00 | 12/18/20 | (61,380 | ) | |||||||||||
Avantor, Inc, Call | 1,200 | (32,356 | ) | 30.00 | 11/20/20 | (18,000 | ) | |||||||||||
Baxter International, Inc, Put | 430 | (36,104 | ) | 70.00 | 11/20/20 | (34,400 | ) | |||||||||||
Biogen, Inc, Put | 150 | (463,545 | ) | 265.00 | 01/15/21 | (600,000 | ) | |||||||||||
Biogen, Inc, Put | 150 | (529,190 | ) | 270.00 | 01/15/21 | (641,250 | ) | |||||||||||
BJ’s Wholesale Club Holdings, Inc, Call | 1,400 | (70,840 | ) | 50.00 | 11/20/20 | (12,600 | ) | |||||||||||
BJ’s Wholesale Club Holdings, Inc, Put | 800 | (28,771 | ) | 30.00 | 12/18/20 | (40,000 | ) | |||||||||||
Boeing Co, Put | 67 | (353,194 | ) | 205.00 | 05/21/21 | (450,240 | ) | |||||||||||
Boston Scientific Corp, Put | 500 | (56,479 | ) | 30.00 | 11/20/20 | (15,500 | ) | |||||||||||
Brunswick Corp, Call | 532 | (63,165 | ) | 75.00 | 11/20/20 | (13,300 | ) | |||||||||||
Carlisle Cos, Inc, Call | 260 | (84,077 | ) | 150.00 | 12/18/20 | (20,800 | ) | |||||||||||
Carlisle Cos, Inc, Put | 260 | (392,878 | ) | 115.00 | 12/18/20 | (63,700 | ) | |||||||||||
Chevron Corp, Call | 222 | (56,823 | ) | 85.00 | 12/18/20 | (8,880 | ) | |||||||||||
Chevron Corp, Put | 222 | (220,433 | ) | 72.50 | 06/18/21 | (264,624 | ) | |||||||||||
Children’s Place, Inc, Call | 615 | (539,934 | ) | 50.00 | 12/18/20 | (16,912 | ) | |||||||||||
Children’s Place, Inc, Call | 550 | (191,374 | ) | 60.00 | 12/18/20 | (9,625 | ) | |||||||||||
Children’s Place, Inc, Call | 615 | (619,882 | ) | 50.00 | 01/15/21 | (38,437 | ) | |||||||||||
Children’s Place, Inc, Put | 923 | (671,896 | ) | 25.00 | 01/15/21 | (443,040 | ) | |||||||||||
Children’s Place, Inc, Put | 550 | (878,861 | ) | 35.00 | 01/15/21 | (635,250 | ) | |||||||||||
Children’s Place, Inc, Put | 922 | (648,119 | ) | 30.00 | 03/19/21 | (845,474 | ) | |||||||||||
Chipotle Mexican Grill, Inc, Call | 44 | (608,551 | ) | 1,440.00 | 03/19/21 | (180,180 | ) | |||||||||||
Chipotle Mexican Grill, Inc, Put | 44 | (179,400 | ) | 980.00 | 03/19/21 | (179,520 | ) | |||||||||||
Citigroup, Inc, Call | 445 | (107,672 | ) | 50.00 | 01/15/21 | (31,150 | ) | |||||||||||
Citigroup, Inc, Put | 445 | (81,417 | ) | 37.50 | 12/18/20 | (60,075 | ) | |||||||||||
Corteva, Inc, Call | 800 | (27,171 | ) | 36.00 | 11/20/20 | (28,000 | ) | |||||||||||
Deckers Outdoor Corp, Put | 300 | (218,384 | ) | 175.00 | 03/19/21 | (116,250 | ) | |||||||||||
DexCom, Inc, Call | 100 | (45,095 | ) | 490.00 | 11/20/20 | (500 | ) | |||||||||||
DexCom, Inc, Put | 145 | (38,274 | ) | 280.00 | 11/20/20 | (70,180 | ) | |||||||||||
DexCom, Inc, Put | 320 | (868,504 | ) | 320.00 | 03/19/21 | (1,188,800 | ) | |||||||||||
DraftKings, Inc, Put | 900 | (283,462 | ) | 30.00 | 01/15/21 | (283,462 | ) | |||||||||||
Enphase Energy, Inc, Call | 400 | (158,382 | ) | 125.00 | 11/20/20 | (68,000 | ) | |||||||||||
FedEx Corp, Put | 314 | (50,149 | ) | 210.00 | 11/20/20 | (36,110 | ) | |||||||||||
Financial Select Sector SPDR Fund, Call | 1,600 | (39,942 | ) | 27.00 | 01/15/21 | (41,600 | ) | |||||||||||
Financial Select Sector SPDR Fund, Put | 1,600 | (70,341 | ) | 20.00 | 01/15/21 | (75,200 | ) | |||||||||||
Hartford Financial Services Group, Inc, Call | 25 | (4,199 | ) | 50.00 | 12/18/20 | (813 | ) | |||||||||||
Hartford Financial Services Group, Inc, Put | 25 | (4,874 | ) | 35.00 | 12/18/20 | (3,625 | ) | |||||||||||
Hartford Financial Services Group, Inc, Put | 575 | (332,895 | ) | 40.00 | 12/18/20 | (207,000 | ) | |||||||||||
Hess Corp, Put | 186 | (144,964 | ) | 37.50 | 11/20/20 | (54,684 | ) | |||||||||||
Home Depot, Inc, Call | 80 | (103,835 | ) | 260.00 | 01/15/21 | (148,880 | ) | |||||||||||
Home Depot, Inc, Call | 160 | (221,547 | ) | 270.00 | 01/15/21 | (234,400 | ) | |||||||||||
Humana, Inc, Call | 160 | (444,465 | ) | 445.00 | 02/19/21 | (226,400 | ) | |||||||||||
Illumina, Inc, Put | 135 | (114,922 | ) | 280.00 | 12/18/20 | (195,750 | ) |
7 |
TIAA-CREF FUNDS - Growth & Income Fund
Description/underlying investment | Number of contracts | Notional amount | Exercise price | Expiration date | Value | |||||||||||||
International Business Machines Corp, Put | 320 | $ | (43,984 | ) | $ | 115.00 | 11/20/20 | $ | (224,960 | ) | ||||||||
Jazz Pharmaceuticals plc, Put | 275 | (288,046 | ) | 105.00 | 11/20/20 | (17,188 | ) | |||||||||||
Kirby Corp, Put | 900 | (829,624 | ) | 45.00 | 03/19/21 | (751,500 | ) | |||||||||||
Lululemon Athletica, Inc, Put | 375 | (1,031,404 | ) | 260.00 | 01/15/21 | (320,625 | ) | |||||||||||
Lululemon Athletica, Inc, Put | 179 | (426,761 | ) | 270.00 | 01/15/21 | (193,320 | ) | |||||||||||
M&T Bank Corp, Put | 160 | (164,229 | ) | 100.00 | 01/15/21 | (128,000 | ) | |||||||||||
Marvell Technology Group Ltd, Put | 1,000 | (27,964 | ) | 36.00 | 11/20/20 | (120,000 | ) | |||||||||||
Mastercard, Inc, Call | 120 | (178,824 | ) | 370.00 | 01/15/21 | (10,560 | ) | |||||||||||
Mastercard, Inc, Put | 120 | (58,085 | ) | 270.00 | 01/15/21 | (167,640 | ) | |||||||||||
Motorola Solutions, Inc, Put | 240 | (484,365 | ) | 140.00 | 01/15/21 | (104,400 | ) | |||||||||||
NetFlix, Inc, Call | 160 | (156,599 | ) | 620.00 | 12/18/20 | (49,600 | ) | |||||||||||
NetFlix, Inc, Put | 160 | (23,584 | ) | 420.00 | 11/06/20 | (28,800 | ) | |||||||||||
NetFlix, Inc, Put | 160 | (609,202 | ) | 450.00 | 12/18/20 | (354,240 | ) | |||||||||||
NextEra Energy, Inc, Put | 348 | (28,532 | ) | 60.00 | 11/20/20 | (5,220 | ) | |||||||||||
Northrop Grumman Corp, Put | 100 | (143,670 | ) | 280.00 | 11/20/20 | (81,000 | ) | |||||||||||
PVH Corp, Put | 480 | (707,966 | ) | 55.00 | 01/15/21 | (271,200 | ) | |||||||||||
Roku, Inc, Put | 320 | (44,458 | ) | 165.00 | 11/06/20 | (57,920 | ) | |||||||||||
salesforce.com, Inc, Put | 160 | (152,663 | ) | 220.00 | 11/20/20 | (111,200 | ) | |||||||||||
Seagen, Inc, Put | 300 | (89,009 | ) | 145.00 | 01/15/21 | (89,009 | ) | |||||||||||
Stryker Corp, Call | 234 | (48,571 | ) | 250.00 | 01/15/21 | (19,890 | ) | |||||||||||
Stryker Corp, Put | 234 | (106,523 | ) | 175.00 | 01/15/21 | (112,320 | ) | |||||||||||
Take-Two Interactive Software, Inc, Put | 300 | (41,388 | ) | 140.00 | 11/06/20 | (55,500 | ) | |||||||||||
Teradata Corp, Put | 1,665 | (480,366 | ) | 22.50 | 04/16/21 | (840,825 | ) | |||||||||||
Tiffany & Co, Put | 474 | (89,093 | ) | 85.00 | 01/15/21 | (4,740 | ) | |||||||||||
Twitter, Inc, Put | 1,000 | (48,963 | ) | 40.00 | 11/06/20 | (117,000 | ) | |||||||||||
United Parcel Service, Inc, Put | 275 | (42,735 | ) | 145.00 | 11/06/20 | (29,425 | ) | |||||||||||
Universal Display Corp, Put | 200 | (138,374 | ) | 140.00 | 03/19/21 | (91,000 | ) | |||||||||||
Universal Health Services, Inc, Put | 332 | (553,752 | ) | 110.00 | 04/16/21 | (499,660 | ) | |||||||||||
Vertex Pharmaceuticals, Inc, Put | 225 | (59,861 | ) | 185.00 | 11/20/20 | (31,500 | ) | |||||||||||
VF Corp, Put | 500 | (547,059 | ) | 60.00 | 11/20/20 | (43,750 | ) | |||||||||||
World Wrestling Entertainment, Inc, Put | 800 | (464,759 | ) | 40.00 | 01/15/21 | (440,000 | ) | |||||||||||
Wynn Resorts Ltd, Put | 225 | (341,505 | ) | 77.50 | 03/19/21 | (330,750 | ) | |||||||||||
Wynn Resorts Ltd, Put | 225 | (367,634 | ) | 80.00 | 03/19/21 | (366,750 | ) | |||||||||||
Wynn Resorts Ltd, Put | 450 | (789,060 | ) | 77.50 | 06/18/21 | (796,500 | ) | |||||||||||
Xilinx, Inc, Put | 320 | (212,783 | ) | 77.50 | 01/15/21 | (28,960 | ) | |||||||||||
Total | 41,658 | $ | (28,513,764 | ) | $ | (19,902,580 | ) | |||||||||||
8 |
TIAA-CREF FUNDS - Large-Cap Growth Fund
TIAA-CREF FUNDS
LARGE-CAP GROWTH FUND
SCHEDULE OF INVESTMENTS
October 31, 2020
SHARES | COMPANY | VALUE | |||||||
COMMON STOCKS - 100.0% | |||||||||
AUTOMOBILES & COMPONENTS - 0.9% | |||||||||
149,592 | * | Tesla, Inc | $ | 58,047,680 | |||||
TOTAL AUTOMOBILES & COMPONENTS | 58,047,680 | ||||||||
BANKS - 0.2% | |||||||||
564,449 | *,e | Rocket Cos, Inc | 10,289,905 | ||||||
TOTAL BANKS | 10,289,905 | ||||||||
CAPITAL GOODS - 1.7% | |||||||||
1,354,433 | * | Churchill Capital Corp IV | 13,300,532 | ||||||
238,071 | Roper Technologies Inc | 88,405,285 | |||||||
TOTAL CAPITAL GOODS | 101,705,817 | ||||||||
COMMERCIAL & PROFESSIONAL SERVICES - 2.9% | |||||||||
236,735 | * | Cimpress plc | 17,376,349 | ||||||
1,430,191 | * | Clarivate Analytics plc | 39,687,800 | ||||||
1,110,723 | Experian Group Ltd | 40,690,099 | |||||||
777,867 | Waste Connections, Inc | 77,257,751 | |||||||
TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 175,011,999 | ||||||||
CONSUMER DURABLES & APPAREL - 2.1% | |||||||||
229,193 | Essilor International S.A. | 28,295,910 | |||||||
497,776 | Nike, Inc (Class B) | 59,772,942 | |||||||
172,476 | * | Peloton Interactive, Inc | 19,008,580 | ||||||
4,798,600 | Prada S.p.A | 18,992,506 | |||||||
TOTAL CONSUMER DURABLES & APPAREL | 126,069,938 | ||||||||
CONSUMER SERVICES - 2.5% | |||||||||
2,128,069 | Carnival Corp | 29,175,826 | |||||||
50,812 | * | Chipotle Mexican Grill, Inc (Class A) | 61,049,602 | ||||||
157,655 | * | Flutter Entertainment plc | 27,313,852 | ||||||
688,784 | Las Vegas Sands Corp | 33,102,959 | |||||||
TOTAL CONSUMER SERVICES | 150,642,239 | ||||||||
DIVERSIFIED FINANCIALS - 1.5% | |||||||||
549,000 | * | Ribbit LEAP Ltd | 6,673,095 | ||||||
261,688 | S&P Global, Inc | 84,454,568 | |||||||
TOTAL DIVERSIFIED FINANCIALS | 91,127,663 | ||||||||
FOOD & STAPLES RETAILING - 2.6% | |||||||||
443,904 | Costco Wholesale Corp | 158,748,948 | |||||||
TOTAL FOOD & STAPLES RETAILING | 158,748,948 | ||||||||
FOOD, BEVERAGE & TOBACCO - 2.4% | |||||||||
69,344 | Constellation Brands, Inc (Class A) | 11,457,709 | |||||||
2,561,060 | Davide Campari-Milano NV | 26,766,546 |
9 |
TIAA-CREF FUNDS - Large-Cap Growth Fund
SHARES | COMPANY | VALUE | |||||||
1,150,746 | Keurig Dr Pepper, Inc | $ | 30,955,067 | ||||||
1,011,671 | * | Monster Beverage Corp | 77,463,648 | ||||||
TOTAL FOOD, BEVERAGE & TOBACCO | 146,642,970 | ||||||||
HEALTH CARE EQUIPMENT & SERVICES - 4.5% | |||||||||
552,036 | Alcon, Inc | 31,384,969 | |||||||
149,462 | * | Align Technology, Inc | 63,682,769 | ||||||
811,310 | * | Boston Scientific Corp | 27,803,594 | ||||||
277,289 | Cigna Corp | 46,298,944 | |||||||
49,905 | * | DexCom, Inc | 15,948,640 | ||||||
287,461 | * | Guardant Health, Inc | 30,660,590 | ||||||
89,988 | * | Intuitive Surgical, Inc | 60,029,195 | ||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 275,808,701 | ||||||||
HOUSEHOLD & PERSONAL PRODUCTS - 0.8% | |||||||||
215,057 | Estee Lauder Cos (Class A) | 47,239,421 | |||||||
TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 47,239,421 | ||||||||
INSURANCE - 0.1% | |||||||||
218,467 | * | Root, Inc | 5,236,654 | ||||||
TOTAL INSURANCE | 5,236,654 | ||||||||
MATERIALS - 0.5% | |||||||||
135,412 | Linde plc | 29,836,680 | |||||||
TOTAL MATERIALS | 29,836,680 | ||||||||
MEDIA & ENTERTAINMENT - 16.2% | |||||||||
216,393 | * | Alphabet, Inc (Class C) | 350,775,217 | ||||||
487,088 | * | Electronic Arts, Inc | 58,367,755 | ||||||
1,190,914 | * | Facebook, Inc | 313,341,383 | ||||||
697,835 | * | Match Group, Inc | 81,493,171 | ||||||
91,711 | * | Netflix, Inc | 43,630,591 | ||||||
704,900 | Tencent Holdings Ltd | 53,858,313 | |||||||
1,009,386 | * | Twitter, Inc | 41,748,205 | ||||||
387,059 | Walt Disney Co | 46,930,904 | |||||||
TOTAL MEDIA & ENTERTAINMENT | 990,145,539 | ||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.5% | |||||||||
146,101 | * | 10X Genomics, Inc | 20,001,227 | ||||||
383,770 | AstraZeneca plc | 38,532,606 | |||||||
2,712,903 | * | Avantor, Inc | 63,129,253 | ||||||
325,688 | Eli Lilly & Co | 42,489,256 | |||||||
234,192 | * | Horizon Therapeutics Plc | 17,548,007 | ||||||
251,733 | * | Illumina, Inc | 73,682,249 | ||||||
72,340 | Lonza Group AG. | 43,831,531 | |||||||
587,807 | Merck & Co, Inc | 44,208,964 | |||||||
236,735 | * | Vertex Pharmaceuticals, Inc | 49,326,105 | ||||||
4 | *,g | Wuxi Biologics Cayman, Inc | 112 | ||||||
779,074 | Zoetis, Inc | 123,522,183 | |||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 516,271,493 | ||||||||
RETAILING - 13.5% | |||||||||
178,122 | * | Amazon.com, Inc | 540,805,110 | ||||||
451,101 | * | ASOS plc | 25,736,961 | ||||||
55,941 | * | Booking Holdings, Inc | 90,764,272 |
10 |
TIAA-CREF FUNDS - Large-Cap Growth Fund
SHARES | COMPANY | VALUE | |||||||
650,298 | * | CarMax, Inc | $ | 56,211,759 | |||||
427,786 | * | GrubHub, Inc | 31,639,053 | ||||||
416,714 | * | JD.com, Inc (ADR) | 33,970,525 | ||||||
830,187 | TJX Companies, Inc | 42,173,500 | |||||||
TOTAL RETAILING | 821,301,180 | ||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 7.7% | |||||||||
787,995 | Applied Materials, Inc | 46,672,944 | |||||||
173,898 | Broadcom, Inc | 60,799,958 | |||||||
369,518 | Intel Corp | 16,362,257 | |||||||
1,150,144 | Marvell Technology Group Ltd | 43,141,902 | |||||||
233,373 | NVIDIA Corp | 117,003,887 | |||||||
528,289 | QUALCOMM, Inc | 65,169,731 | |||||||
419,942 | Skyworks Solutions, Inc | 59,333,605 | |||||||
753,100 | Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 63,162,497 | |||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 471,646,781 | ||||||||
SOFTWARE & SERVICES - 22.9% | |||||||||
98,176 | * | Adobe, Inc | 43,894,490 | ||||||
31,293 | *,g | Adyen NV | 52,595,495 | ||||||
502,500 | * | Ant Group Co Ltd | 5,185,424 | ||||||
112,743 | * | DocuSign, Inc | 22,802,272 | ||||||
288,236 | Intuit, Inc | 90,702,104 | |||||||
1,815,914 | Microsoft Corp | 367,668,108 | |||||||
1,293,787 | * | PayPal Holdings, Inc | 240,812,574 | ||||||
1,012,533 | * | salesforce.com, Inc | 235,181,040 | ||||||
158,599 | * | ServiceNow, Inc | 78,914,104 | ||||||
675,424 | * | Slack Technologies, Inc | 17,277,346 | ||||||
146,963 | * | Synopsys, Inc | 31,429,507 | ||||||
1,173,071 | Visa, Inc (Class A) | 213,158,731 | |||||||
34 | Xperi Holding Corp | 422 | |||||||
TOTAL SOFTWARE & SERVICES | 1,399,621,617 | ||||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 4.9% | |||||||||
2,732,684 | n | Apple, Inc | 297,479,980 | ||||||
6 | Telefonaktiebolaget Lm Ericsson (ADR) | 68 | |||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 297,480,048 | ||||||||
TELECOMMUNICATION SERVICES - 2.7% | |||||||||
504,026 | g | Cellnex Telecom SAU | 32,353,910 | ||||||
180,320 | * | GoodRx Holdings, Inc | 8,725,685 | ||||||
502,775 | * | IAC | 60,694,998 | ||||||
554,622 | * | T-Mobile US, Inc | 60,769,932 | ||||||
TOTAL TELECOMMUNICATION SERVICES | 162,544,525 | ||||||||
TRANSPORTATION - 0.9% | |||||||||
1,714,376 | * | Uber Technologies, Inc | 57,277,302 | ||||||
TOTAL TRANSPORTATION | 57,277,302 | ||||||||
TOTAL COMMON STOCKS | 6,092,697,100 | ||||||||
(Cost $4,203,927,184) |
11 |
TIAA-CREF FUNDS - Large-Cap Growth Fund
SHARES | COMPANY | VALUE | |||||||
SHORT-TERM INVESTMENTS - 0.0% | |||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.0% | |||||||||
2,240,546 | c | State Street Navigator Securities Lending Government Money Market Portfolio | $ | 2,240,546 | |||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 2,240,546 | ||||||||
TOTAL SHORT-TERM INVESTMENTS | 2,240,546 | ||||||||
(Cost $2,240,546) | |||||||||
TOTAL INVESTMENTS - 100.0% | 6,094,937,646 | ||||||||
(Cost $4,206,167,730) | |||||||||
OTHER ASSETS & LIABILITIES, NET - (0.0)% | (2,731,809 | ) | |||||||
NET ASSETS - 100.0% | $ | 6,092,205,837 |
Abbreviation(s): | ||
ADR American Depositary Receipt |
* | Non-income producing | ||
c | Investments made with cash collateral received from securities on loan. | ||
e | All or a portion of these securities are out on loan. The aggregate value of securities on loan is $10,186,997. | ||
g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/2020, the aggregate value of these securities is $84,949,517 or 1.4% of net assets. | ||
n | All or a portion of these securities have been segregated by the custodian to cover requirements on open written options contracts. | ||
Written options outstanding as of October 31, 2020 were as follows:
Description/underlying investment | Number of contracts | Notional amount | Exercise price | Expiration date | Value | |||||||||||||
Apple, Inc, Call | 824 | $ | (242,152 | ) | $ | 82.50 | 12/18/20 | $ | (2,162,176 | ) | ||||||||
Apple, Inc, Call | 784 | (539,296 | ) | 92.50 | 12/18/20 | (1,348,480 | ) | |||||||||||
Apple, Inc, Put | 824 | (439,422 | ) | 62.50 | 12/18/20 | (15,656 | ) | |||||||||||
Total | 2,432 | $ | (1,220,870 | ) | $ | (3,526,312 | ) | |||||||||||
12 |
TIAA-CREF FUNDS - Large-Cap Value Fund
TIAA-CREF FUNDS
LARGE-CAP VALUE FUND
SCHEDULE OF INVESTMENTS
October 31, 2020
SHARES | COMPANY | VALUE | |||||||
COMMON STOCKS - 99.3% | |||||||||
BANKS - 10.6% | |||||||||
5,698,492 | Bank of America Corp | $ | 135,054,261 | ||||||
2,149,886 | Citigroup, Inc | 89,048,278 | |||||||
1,752,425 | JPMorgan Chase & Co | 171,807,747 | |||||||
426,702 | PNC Financial Services Group, Inc | 47,739,420 | |||||||
1,137,881 | US Bancorp | 44,320,465 | |||||||
489,012 | Wells Fargo & Co | 10,489,307 | |||||||
TOTAL BANKS | 498,459,478 | ||||||||
CAPITAL GOODS - 13.9% | |||||||||
222,851 | Allegion plc | 21,950,824 | |||||||
123,280 | Boeing Co | 17,800,399 | |||||||
312,914 | Caterpillar, Inc | 49,143,144 | |||||||
420,403 | Deere & Co | 94,973,242 | |||||||
469,373 | Dover Corp | 51,964,285 | |||||||
474,113 | Eaton Corp | 49,208,188 | |||||||
630,573 | Honeywell International, Inc | 104,013,016 | |||||||
1,185,292 | Masco Corp | 63,531,651 | |||||||
317,665 | Parker-Hannifin Corp | 66,188,679 | |||||||
714,192 | Raytheon Technologies Corp | 38,794,909 | |||||||
174,009 | Stanley Black & Decker, Inc | 28,920,296 | |||||||
563,860 | Trane Technologies plc | 74,852,415 | |||||||
TOTAL CAPITAL GOODS | 661,341,048 | ||||||||
CONSUMER DURABLES & APPAREL - 1.5% | |||||||||
18,042 | * | NVR, Inc | 71,321,650 | ||||||
TOTAL CONSUMER DURABLES & APPAREL | 71,321,650 | ||||||||
CONSUMER SERVICES - 2.1% | |||||||||
519,977 | Hilton Worldwide Holdings, Inc | 45,659,180 | |||||||
253,650 | McDonald’s Corp | 54,027,450 | |||||||
TOTAL CONSUMER SERVICES | 99,686,630 | ||||||||
DIVERSIFIED FINANCIALS - 3.9% | |||||||||
675,199 | American Express Co | 61,605,157 | |||||||
88,215 | BlackRock, Inc | 52,859,310 | |||||||
383,700 | Goldman Sachs Group, Inc | 72,534,648 | |||||||
TOTAL DIVERSIFIED FINANCIALS | 186,999,115 | ||||||||
ENERGY - 2.8% | |||||||||
924,264 | Chevron Corp | 64,236,348 | |||||||
959,521 | ConocoPhillips | 27,461,491 | |||||||
745,214 | EOG Resources, Inc | 25,516,127 | |||||||
443,685 | Valero Energy Corp | 17,130,678 | |||||||
TOTAL ENERGY | 134,344,644 |
13 |
TIAA-CREF FUNDS - Large-Cap Value Fund
SHARES | COMPANY | VALUE | |||||||
FOOD & STAPLES RETAILING - 1.9% | |||||||||
651,909 | Walmart, Inc | $ | 90,452,374 | ||||||
TOTAL FOOD & STAPLES RETAILING | 90,452,374 | ||||||||
FOOD, BEVERAGE & TOBACCO - 2.0% | |||||||||
900,822 | Mondelez International, Inc | 47,851,665 | |||||||
196,765 | PepsiCo, Inc | 26,226,807 | |||||||
301,861 | Philip Morris International, Inc | 21,438,168 | |||||||
TOTAL FOOD, BEVERAGE & TOBACCO | 95,516,640 | ||||||||
HEALTH CARE EQUIPMENT & SERVICES - 8.2% | |||||||||
233,271 | Anthem, Inc | 63,636,329 | |||||||
350,844 | Cigna Corp | 58,580,423 | |||||||
298,989 | CVS Health Corp | 16,770,293 | |||||||
360,327 | HCA Healthcare, Inc | 44,658,928 | |||||||
638,986 | Medtronic plc | 64,262,822 | |||||||
237,076 | UnitedHealth Group, Inc | 72,341,371 | |||||||
545,232 | Zimmer Biomet Holdings, Inc | 72,025,147 | |||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 392,275,313 | ||||||||
HOUSEHOLD & PERSONAL PRODUCTS - 1.5% | |||||||||
521,525 | Procter & Gamble Co | 71,501,077 | |||||||
TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 71,501,077 | ||||||||
INSURANCE - 5.8% | |||||||||
1,600,220 | American International Group, Inc | 50,390,928 | |||||||
354,163 | * | Berkshire Hathaway, Inc (Class B) | 71,505,510 | ||||||
592,644 | Chubb Ltd | 76,990,382 | |||||||
417,222 | Marsh & McLennan Cos, Inc | 43,165,788 | |||||||
474,658 | Prudential Financial, Inc | 30,387,605 | |||||||
TOTAL INSURANCE | 272,440,213 | ||||||||
MATERIALS - 4.5% | |||||||||
436,867 | Ball Corp | 38,881,163 | |||||||
758,585 | * | Crown Holdings, Inc | 65,086,593 | ||||||
611,608 | DuPont de Nemours, Inc | 34,788,263 | |||||||
459,890 | PPG Industries, Inc | 59,656,931 | |||||||
157,418 | Reliance Steel & Aluminum Co | 17,156,988 | |||||||
TOTAL MATERIALS | 215,569,938 | ||||||||
MEDIA & ENTERTAINMENT - 8.0% | |||||||||
67,950 | * | Alphabet, Inc (Class C) | 110,147,629 | ||||||
79,199 | * | Charter Communications, Inc | 47,821,940 | ||||||
2,981,448 | Comcast Corp (Class A) | 125,936,364 | |||||||
810,388 | Walt Disney Co | 98,259,545 | |||||||
TOTAL MEDIA & ENTERTAINMENT | 382,165,478 | ||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.1% | |||||||||
157,172 | Amgen, Inc | 34,096,894 | |||||||
1,025,464 | Bristol-Myers Squibb Co | 59,938,371 | |||||||
1,076,246 | Johnson & Johnson | 147,564,089 | |||||||
699,321 | Merck & Co, Inc | 52,595,932 | |||||||
2,597,653 | Pfizer, Inc | 92,164,728 | |||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 386,360,014 |
14 |
TIAA-CREF FUNDS - Large-Cap Value Fund
SHARES | COMPANY | VALUE | |||||||
REAL ESTATE - 1.1% | |||||||||
17,386 | AvalonBay Communities, Inc | $ | 2,418,914 | ||||||
512,544 | Prologis, Inc | 50,844,365 | |||||||
TOTAL REAL ESTATE | 53,263,279 | ||||||||
RETAILING - 2.8% | |||||||||
18,733 | * | Booking Holdings, Inc | 30,394,292 | ||||||
392,207 | Home Depot, Inc | 104,605,529 | |||||||
TOTAL RETAILING | 134,999,821 | ||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 6.0% | |||||||||
382,902 | Analog Devices, Inc | 45,385,374 | |||||||
1,022,760 | Applied Materials, Inc | 60,578,075 | |||||||
1,528,939 | Intel Corp | 67,701,419 | |||||||
66,401 | Lam Research Corp | 22,714,454 | |||||||
761,389 | * | Micron Technology, Inc | 38,328,322 | ||||||
379,302 | NXP Semiconductors NV | 51,251,286 | |||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 285,958,930 | ||||||||
SOFTWARE & SERVICES - 3.5% | |||||||||
288,792 | Accenture plc | 62,641,873 | |||||||
384,421 | Microsoft Corp | 77,833,720 | |||||||
455,150 | Oracle Corp | 25,538,466 | |||||||
TOTAL SOFTWARE & SERVICES | 166,014,059 | ||||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 2.4% | |||||||||
1,091,837 | Cisco Systems, Inc | 39,196,948 | |||||||
771,530 | TE Connectivity Ltd | 74,745,827 | |||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 113,942,775 | ||||||||
TELECOMMUNICATION SERVICES - 1.9% | |||||||||
421,472 | * | T-Mobile US, Inc | 46,180,687 | ||||||
788,022 | Verizon Communications, Inc | 44,909,374 | |||||||
TOTAL TELECOMMUNICATION SERVICES | 91,090,061 | ||||||||
TRANSPORTATION - 3.0% | |||||||||
464,631 | CSX Corp | 36,677,971 | |||||||
438,081 | Union Pacific Corp | 77,623,573 | |||||||
195,909 | United Parcel Service, Inc (Class B) | 30,779,263 | |||||||
TOTAL TRANSPORTATION | 145,080,807 | ||||||||
UTILITIES - 3.8% | |||||||||
568,937 | American Electric Power Co, Inc | 51,164,504 | |||||||
2,408,522 | Centerpoint Energy, Inc | 50,892,070 | |||||||
497,820 | Entergy Corp | 50,389,340 | |||||||
550,582 | FirstEnergy Corp | 16,363,296 | |||||||
189,750 | NextEra Energy, Inc | 13,891,598 | |||||||
TOTAL UTILITIES | 182,700,808 | ||||||||
TOTAL COMMON STOCKS | 4,731,484,152 | ||||||||
(Cost $4,099,904,694) |
15 |
TIAA-CREF FUNDS - Large-Cap Value Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | |||||||||||
SHORT-TERM INVESTMENTS - 0.4% | |||||||||||||||
TREASURY DEBT - 0.4% | |||||||||||||||
$ | 19,494,000 | United States Treasury Bill | 0.066-0.082 | % | 11/17/20 | $ | 19,493,351 | ||||||||
TOTAL TREASURY DEBT | 19,493,351 | ||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 19,493,351 | ||||||||||||||
(Cost $19,493,338) | |||||||||||||||
TOTAL INVESTMENTS - 99.7% | 4,750,977,503 | ||||||||||||||
(Cost $4,119,398,032) | |||||||||||||||
OTHER ASSETS & LIABILITIES, NET - 0.3% | 15,928,300 | ||||||||||||||
NET ASSETS - 100.0% | $ | 4,766,905,803 |
* | Non-income producing | ||
16 |
TIAA-CREF FUNDS - Mid-Cap Growth Fund
TIAA-CREF FUNDS
MID-CAP GROWTH FUND
SCHEDULE OF INVESTMENTS
October 31, 2020
SHARES | COMPANY | VALUE | |||||||
COMMON STOCKS - 99.3% | |||||||||
AUTOMOBILES & COMPONENTS - 0.8% | |||||||||
106,373 | Aptiv plc | $ | 10,263,931 | ||||||
TOTAL AUTOMOBILES & COMPONENTS | 10,263,931 | ||||||||
CAPITAL GOODS - 3.5% | |||||||||
70,882 | Ametek, Inc | 6,960,612 | |||||||
40,437 | Stanley Black & Decker, Inc | 6,720,629 | |||||||
20,806 | * | Teledyne Technologies, Inc | 6,432,175 | ||||||
25,887 | TransDigm Group, Inc | 12,358,713 | |||||||
43,601 | W.W. Grainger, Inc | 15,261,222 | |||||||
TOTAL CAPITAL GOODS | 47,733,351 | ||||||||
COMMERCIAL & PROFESSIONAL SERVICES - 9.0% | |||||||||
129,206 | * | Cimpress plc | 9,483,720 | ||||||
58,657 | Cintas Corp | 18,450,559 | |||||||
860,803 | * | Clarivate Analytics plc | 23,887,283 | ||||||
352,529 | Experian Group Ltd | 12,914,507 | |||||||
155,049 | IHS Markit Ltd | 12,538,813 | |||||||
99,305 | * | Seagen, Inc | 16,564,074 | ||||||
103,363 | * | Stericycle, Inc | 6,439,515 | ||||||
236,883 | Waste Connections, Inc | 23,527,220 | |||||||
TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 123,805,691 | ||||||||
CONSUMER DURABLES & APPAREL - 6.0% | |||||||||
296,313 | * | Capri Holdings Ltd | 6,287,762 | ||||||
117,697 | Garmin Ltd | 12,242,842 | |||||||
48,747 | * | Lululemon Athletica, Inc | 15,564,430 | ||||||
161,747 | * | Peloton Interactive, Inc | 17,826,137 | ||||||
1,585,700 | Prada S.p.A | 6,276,084 | |||||||
150,740 | * | Tempur Sealy International, Inc | 13,415,860 | ||||||
861,398 | * | Under Armour, Inc (Class C) | 10,534,897 | ||||||
TOTAL CONSUMER DURABLES & APPAREL | 82,148,012 | ||||||||
CONSUMER SERVICES - 3.8% | |||||||||
18,727 | * | Chipotle Mexican Grill, Inc (Class A) | 22,500,116 | ||||||
44,077 | * | Flutter Entertainment plc | 7,636,375 | ||||||
104,520 | Royal Caribbean Cruises Ltd | 5,897,018 | |||||||
131,299 | * | Shake Shack, Inc | 8,865,309 | ||||||
97,056 | Wynn Resorts Ltd | 7,029,766 | |||||||
TOTAL CONSUMER SERVICES | 51,928,584 | ||||||||
DIVERSIFIED FINANCIALS - 2.8% | |||||||||
120,592 | Discover Financial Services | 7,839,686 | |||||||
36,507 | MSCI, Inc (Class A) | 12,771,609 | |||||||
154,750 | Tradeweb Markets, Inc | 8,430,780 | |||||||
194,095 | Voya Financial, Inc | 9,302,973 | |||||||
TOTAL DIVERSIFIED FINANCIALS | 38,345,048 |
17 |
TIAA-CREF FUNDS - Mid-Cap Growth Fund
SHARES | COMPANY | VALUE | |||||||
FOOD, BEVERAGE & TOBACCO - 2.0% | |||||||||
62,714 | * | Beyond Meat, Inc | $ | 8,932,355 | |||||
671,167 | Davide Campari-Milano NV | 7,014,604 | |||||||
240,765 | Fevertree Drinks plc | 6,285,006 | |||||||
74,697 | * | Monster Beverage Corp | 5,719,549 | ||||||
TOTAL FOOD, BEVERAGE & TOBACCO | 27,951,514 | ||||||||
HEALTH CARE EQUIPMENT & SERVICES - 11.1% | |||||||||
231,715 | * | 1Life Healthcare, Inc | 6,536,680 | ||||||
86,310 | * | Align Technology, Inc | 36,774,965 | ||||||
63,795 | * | Eargo, Inc | 2,210,497 | ||||||
136,006 | * | Guardant Health, Inc | 14,506,400 | ||||||
35,461 | * | IDEXX Laboratories, Inc | 15,064,542 | ||||||
61,055 | * | Insulet Corp | 13,569,474 | ||||||
129,031 | * | Molina Healthcare, Inc | 24,060,410 | ||||||
69,742 | * | Nevro Corp | 10,406,204 | ||||||
43,226 | Teleflex, Inc | 13,755,810 | |||||||
57,690 | West Pharmaceutical Services, Inc | 15,695,718 | |||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 152,580,700 | ||||||||
HOUSEHOLD & PERSONAL PRODUCTS - 0.5% | |||||||||
32,754 | Clorox Co | 6,788,267 | |||||||
TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 6,788,267 | ||||||||
INSURANCE - 1.0% | |||||||||
47,590 | * | Root, Inc | 1,140,732 | ||||||
172,276 | * | Trupanion, Inc | 12,324,625 | ||||||
TOTAL INSURANCE | 13,465,357 | ||||||||
MEDIA & ENTERTAINMENT - 4.2% | |||||||||
112,843 | * | JDE Peet’s BV | 4,019,493 | ||||||
180,516 | * | Match Group, Inc | 21,080,658 | ||||||
60,338 | * | Take-Two Interactive Software, Inc | 9,347,563 | ||||||
566,128 | * | Twitter, Inc | 23,415,054 | ||||||
TOTAL MEDIA & ENTERTAINMENT | 57,862,768 | ||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 9.2% | |||||||||
123,081 | * | 10X Genomics, Inc | 16,849,789 | ||||||
860,331 | * | Avantor, Inc | 20,019,902 | ||||||
107,498 | * | Berkeley Lights, Inc | 7,801,130 | ||||||
183,087 | * | BioMarin Pharmaceutical, Inc | 13,627,166 | ||||||
156,931 | * | Catalent, Inc | 13,773,834 | ||||||
345,206 | * | Elanco Animal Health, Inc | 10,704,838 | ||||||
193,883 | * | Exact Sciences Corp | 24,008,532 | ||||||
246,240 | * | Horizon Therapeutics Plc | 18,450,763 | ||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 125,235,954 | ||||||||
REAL ESTATE - 0.6% | |||||||||
219,932 | Americold Realty Trust | 7,968,136 | |||||||
TOTAL REAL ESTATE | 7,968,136 | ||||||||
RETAILING - 10.4% | |||||||||
274,396 | *,g | Allegro.eu S.A. | 5,576,506 |
18 |
TIAA-CREF FUNDS - Mid-Cap Growth Fund
SHARES | COMPANY | VALUE | |||||||
174,151 | * | ASOS plc | $ | 9,935,951 | |||||
15,724 | * | AutoZone, Inc | 17,752,081 | ||||||
56,641 | * | Burlington Stores, Inc | 10,964,565 | ||||||
116,457 | * | CarMax, Inc | 10,066,543 | ||||||
161,747 | * | Dollar Tree, Inc | 14,608,989 | ||||||
115,157 | Expedia Group, Inc | 10,842,032 | |||||||
380,879 | * | Farfetch Ltd | 10,714,126 | ||||||
63,234 | * | Five Below, Inc | 8,431,622 | ||||||
163,599 | * | Groupon, Inc | 3,172,185 | ||||||
177,153 | * | GrubHub, Inc | 13,102,236 | ||||||
416,000 | * | THG Holdings Ltd | 3,554,768 | ||||||
51,719 | Tiffany & Co | 6,766,914 | |||||||
215,347 | * | Trip.com Group Ltd (ADR) | 6,193,380 | ||||||
261,550 | * | Vipshop Holdings Ltd (ADR) | 5,597,170 | ||||||
133,825 | * | Vroom, Inc | 5,500,207 | ||||||
TOTAL RETAILING | 142,779,275 | ||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 7.7% | |||||||||
130,774 | Entegris, Inc | 9,777,972 | |||||||
468,157 | Marvell Technology Group Ltd | 17,560,569 | |||||||
82,291 | Monolithic Power Systems, Inc | 26,300,203 | |||||||
104,034 | NXP Semiconductors NV | 14,057,074 | |||||||
116,330 | Skyworks Solutions, Inc | 16,436,266 | |||||||
174,368 | Xilinx, Inc | 20,695,738 | |||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 104,827,822 | ||||||||
SOFTWARE & SERVICES - 22.8% | |||||||||
12,310 | *,g | Adyen NV | 20,689,948 | ||||||
431,768 | * | Anaplan, Inc | 23,898,359 | ||||||
94,239 | Aveva Group plc | 5,230,999 | |||||||
186,452 | * | Black Knight, Inc | 16,398,453 | ||||||
172,276 | * | Datadog, Inc | 15,634,047 | ||||||
135,133 | * | DocuSign, Inc | 27,330,649 | ||||||
64,634 | * | HubSpot, Inc | 18,748,384 | ||||||
90,365 | * | Medallia, Inc | 2,570,884 | ||||||
63,364 | * | MongoDB, Inc | 14,476,773 | ||||||
111,683 | * | nCino, Inc | 7,875,885 | ||||||
75,245 | * | Okta, Inc | 15,788,658 | ||||||
104,034 | * | Paylocity Holding Corp | 19,300,388 | ||||||
134,673 | * | Proofpoint, Inc | 12,893,593 | ||||||
75,816 | * | RingCentral, Inc | 19,586,306 | ||||||
2,727,182 | Sabre Corp | 17,781,227 | |||||||
605,968 | * | Slack Technologies, Inc | 15,500,662 | ||||||
186,452 | * | Synopsys, Inc | 39,874,625 | ||||||
160,781 | * | Zendesk, Inc | 17,837,044 | ||||||
TOTAL SOFTWARE & SERVICES | 311,416,884 | ||||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 0.9% | |||||||||
117,697 | * | Keysight Technologies, Inc | 12,342,884 | ||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 12,342,884 | ||||||||
TELECOMMUNICATION SERVICES - 2.7% | |||||||||
102,866 | g | Cellnex Telecom SAU | 6,603,067 | ||||||
157,683 | * | GCI Liberty, Inc | 12,808,590 | ||||||
27,198 | * | GoodRx Holdings, Inc | 1,316,111 | ||||||
128,433 | * | IAC | 15,504,432 | ||||||
TOTAL TELECOMMUNICATION SERVICES | 36,232,200 |
19 |
TIAA-CREF FUNDS - Mid-Cap Growth Fund
SHARES | COMPANY | VALUE | |||||||
TRANSPORTATION - 0.3% | |||||||||
169,835 | * | Lyft, Inc (Class A) | $ | 3,877,334 | |||||
TOTAL TRANSPORTATION | 3,877,334 | ||||||||
TOTAL COMMON STOCKS | 1,357,553,712 | ||||||||
(Cost $1,024,557,692) | |||||||||
TOTAL INVESTMENTS - 99.3% | 1,357,553,712 | ||||||||
(Cost $1,024,557,692) | |||||||||
OTHER ASSETS & LIABILITIES, NET - 0.7% | 9,633,500 | ||||||||
NET ASSETS - 100.0% | $ | 1,367,187,212 |
Abbreviation(s): | |||
ADR American Depositary Receipt | |||
* | Non-income producing | ||
g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/2020, the aggregate value of these securities is $32,869,521 or 2.4% of net assets. | ||
20 |
TIAA-CREF FUNDS - Mid-Cap Value Fund
TIAA-CREF FUNDS
MID-CAP VALUE FUND
SCHEDULE OF INVESTMENTS
October 31, 2020
SHARES | COMPANY | VALUE | ||||||||
COMMON STOCKS - 98.6% | ||||||||||
AUTOMOBILES & COMPONENTS - 0.9% | ||||||||||
424,589 | General Motors Co | $ | 14,661,058 | |||||||
TOTAL AUTOMOBILES & COMPONENTS | 14,661,058 | |||||||||
BANKS - 3.8% | ||||||||||
487,000 | Citizens Financial Group, Inc | 13,270,750 | ||||||||
315,638 | East West Bancorp, Inc | 11,514,474 | ||||||||
687,668 | Fifth Third Bancorp | 15,967,651 | ||||||||
358,815 | TCF Financial Corp | 9,763,356 | ||||||||
358,235 | Western Alliance Bancorp | 14,759,282 | ||||||||
TOTAL BANKS | 65,275,513 | |||||||||
CAPITAL GOODS - 12.5% | ||||||||||
244,231 | A.O. Smith Corp | 12,624,300 | ||||||||
189,199 | Eaton Corp | 19,636,964 | ||||||||
348,888 | Fortive Corp | 21,491,501 | ||||||||
106,795 | Hubbell, Inc | 15,539,740 | ||||||||
134,651 | L3Harris Technologies, Inc | 21,693,623 | ||||||||
312,296 | Owens Corning, Inc | 20,446,019 | ||||||||
137,377 | Parker-Hannifin Corp | 28,623,872 | ||||||||
191,684 | Stanley Black & Decker, Inc | 31,857,881 | ||||||||
374,315 | Timken Co | 22,346,605 | ||||||||
233,005 | Toro Co | 19,129,711 | ||||||||
TOTAL CAPITAL GOODS | 213,390,216 | |||||||||
CONSUMER DURABLES & APPAREL - 8.4% | ||||||||||
352,556 | Brunswick Corp | 22,461,343 | ||||||||
650,402 | * | Capri Holdings Ltd | 13,801,530 | |||||||
166,199 | * | Meritage Homes Corp | 14,474,271 | |||||||
107,860 | * | Mohawk Industries, Inc | 11,130,073 | |||||||
1,286,250 | Newell Brands Inc | 22,715,175 | ||||||||
394,874 | Pulte Homes, Inc | 16,095,064 | ||||||||
1,450,234 | * | Under Armour, Inc (Class C) | 17,736,362 | |||||||
131,859 | Whirlpool Corp | 24,388,641 | ||||||||
TOTAL CONSUMER DURABLES & APPAREL | 142,802,459 | |||||||||
CONSUMER SERVICES - 3.1% | ||||||||||
579,090 | Wyndham Destinations, Inc | 18,895,707 | ||||||||
357,140 | Wyndham Hotels & Resorts, Inc | 16,610,582 | ||||||||
189,789 | Yum! Brands, Inc | 17,713,007 | ||||||||
TOTAL CONSUMER SERVICES | 53,219,296 | |||||||||
DIVERSIFIED FINANCIALS - 12.3% | ||||||||||
1,871,945 | AGNC Investment Corp | 26,151,072 | ||||||||
892,031 | Ally Financial, Inc | 23,799,387 | ||||||||
128,557 | Ameriprise Financial, Inc | 20,675,822 |
21 |
TIAA-CREF FUNDS - Mid-Cap Value Fund
SHARES | COMPANY | VALUE | ||||||||
366,532 | Bank of New York Mellon Corp | $ | 12,594,039 | |||||||
504,099 | Discover Financial Services | 32,771,476 | ||||||||
750,811 | Equitable Holdings, Inc | 16,134,928 | ||||||||
469,886 | OneMain Holdings, Inc | 16,394,322 | ||||||||
862,980 | Synchrony Financial | 21,591,760 | ||||||||
3,101,909 | Two Harbors Investment Corp | 15,695,660 | ||||||||
449,020 | Voya Financial, Inc | 21,521,529 | ||||||||
TOTAL DIVERSIFIED FINANCIALS | 207,329,995 | |||||||||
ENERGY - 2.0% | ||||||||||
1,100,668 | * | ChampionX Corp | 9,608,832 | |||||||
211,632 | Pioneer Natural Resources Co | 16,837,442 | ||||||||
1,625,531 | * | WPX Energy, Inc | 7,493,698 | |||||||
TOTAL ENERGY | 33,939,972 | |||||||||
FOOD, BEVERAGE & TOBACCO - 1.0% | ||||||||||
594,180 | Keurig Dr Pepper, Inc | 15,983,442 | ||||||||
TOTAL FOOD, BEVERAGE & TOBACCO | 15,983,442 | |||||||||
HEALTH CARE EQUIPMENT & SERVICES - 6.2% | ||||||||||
353,906 | * | Centene Corp | 20,915,845 | |||||||
722,308 | * | Envista Holdings Corp | 19,083,377 | |||||||
224,970 | * | Hologic, Inc | 15,482,435 | |||||||
131,369 | McKesson Corp | 19,375,614 | ||||||||
225,942 | Zimmer Biomet Holdings, Inc | 29,846,938 | ||||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 104,704,209 | |||||||||
HOUSEHOLD & PERSONAL PRODUCTS - 0.9% | ||||||||||
396,505 | Energizer Holdings, Inc | 15,602,472 | ||||||||
TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 15,602,472 | |||||||||
INSURANCE - 2.3% | ||||||||||
159,438 | Allstate Corp | 14,150,123 | ||||||||
992,644 | * | BRP Group, Inc | 25,312,422 | |||||||
TOTAL INSURANCE | 39,462,545 | |||||||||
MATERIALS - 5.4% | ||||||||||
153,737 | Avery Dennison Corp | 21,275,663 | ||||||||
441,045 | * | Berry Global Group, Inc | 20,565,928 | |||||||
259,626 | Dow, Inc | 11,810,387 | ||||||||
405,073 | DuPont de Nemours, Inc | 23,040,552 | ||||||||
231,346 | Newmont Goldcorp Corp | 14,537,783 | ||||||||
TOTAL MATERIALS | 91,230,313 | |||||||||
MEDIA & ENTERTAINMENT - 2.7% | ||||||||||
1,943,037 | *,e | Advantage Solutions, Inc | 17,467,903 | |||||||
739,712 | * | Altice USA, Inc | 19,935,238 | |||||||
55,727 | * | Take-Two Interactive Software, Inc | 8,633,227 | |||||||
TOTAL MEDIA & ENTERTAINMENT | 46,036,368 | |||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 3.8% | ||||||||||
179,858 | * | Jazz Pharmaceuticals plc | 25,917,538 | |||||||
354,413 | Perrigo Co plc | 15,548,098 | ||||||||
168,266 | * | United Therapeutics Corp | 22,586,345 | |||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 64,051,981 |
22 |
TIAA-CREF FUNDS - Mid-Cap Value Fund
SHARES | COMPANY | VALUE | ||||||||
REAL ESTATE - 7.7% | ||||||||||
166,941 | Camden Property Trust | $ | 15,398,638 | |||||||
246,279 | Equity Lifestyle Properties, Inc | 14,577,254 | ||||||||
650,055 | Invitation Homes, Inc | 17,720,499 | ||||||||
679,927 | MGM Growth Properties LLC | 17,984,069 | ||||||||
542,135 | Omega Healthcare Investors, Inc | 15,618,909 | ||||||||
639,847 | Rexford Industrial Realty, Inc | 29,727,292 | ||||||||
141,314 | Sun Communities, Inc | 19,449,046 | ||||||||
TOTAL REAL ESTATE | 130,475,707 | |||||||||
RETAILING - 1.7% | ||||||||||
257,408 | Best Buy Co, Inc | 28,713,862 | ||||||||
TOTAL RETAILING | 28,713,862 | |||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.3% | ||||||||||
291,880 | * | Cree, Inc | 18,563,568 | |||||||
40,157 | Lam Research Corp | 13,736,907 | ||||||||
502,256 | Marvell Technology Group Ltd | 18,839,622 | ||||||||
156,214 | NXP Semiconductors NV | 21,107,636 | ||||||||
121,014 | Skyworks Solutions, Inc | 17,098,068 | ||||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 89,345,801 | |||||||||
SOFTWARE & SERVICES - 2.4% | ||||||||||
119,233 | * | j2 Global, Inc | 8,093,536 | |||||||
160,352 | * | Proofpoint, Inc | 15,352,101 | |||||||
82,848 | * | Synopsys, Inc | 17,717,873 | |||||||
TOTAL SOFTWARE & SERVICES | 41,163,510 | |||||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 1.9% | ||||||||||
370,772 | * | Ciena Corp | 14,604,709 | |||||||
2,452,580 | e | Nokia Corp (ADR) | 8,265,194 | |||||||
350,790 | * | Vontier Corp | 10,081,705 | |||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 32,951,608 | |||||||||
TRANSPORTATION - 1.8% | ||||||||||
168,777 | Kansas City Southern | 29,728,381 | ||||||||
TOTAL TRANSPORTATION | 29,728,381 | |||||||||
UTILITIES - 12.5% | ||||||||||
149,006 | Alliant Energy Corp | 8,237,051 | ||||||||
330,091 | American Electric Power Co, Inc | 29,685,084 | ||||||||
1,856,463 | Centerpoint Energy, Inc | 39,227,063 | ||||||||
359,999 | Entergy Corp | 36,439,099 | ||||||||
484,911 | Evergy, Inc | 26,767,087 | ||||||||
723,347 | Exelon Corp | 28,854,312 | ||||||||
924,304 | FirstEnergy Corp | 27,470,315 | ||||||||
908,826 | Vistra Energy Corp | 15,786,307 | ||||||||
TOTAL UTILITIES | 212,466,318 | |||||||||
TOTAL COMMON STOCKS | 1,672,535,026 | |||||||||
(Cost $1,599,168,340) |
23 |
TIAA-CREF FUNDS - Mid-Cap Value Fund
SHARES | COMPANY | VALUE | ||||||||||||||
RIGHTS / WARRANTS - 0.1% | ||||||||||||||||
MEDIA & ENTERTAINMENT - 0.1% | ||||||||||||||||
492,096 | Advantage Solutions, Inc | $ | 546,227 | |||||||||||||
TOTAL MEDIA & ENTERTAINMENT | 546,227 | |||||||||||||||
TOTAL RIGHTS / WARRANTS | 546,227 | |||||||||||||||
(Cost $676,081) | ||||||||||||||||
PRINCIPAL | ISSUER | RATE | MATURITY DATE | |||||||||||||
SHORT-TERM INVESTMENTS - 1.7% | ||||||||||||||||
REPURCHASE AGREEMENT - 0.5% | ||||||||||||||||
$ | 8,375,000 | r | Fixed Income Clearing Corp (FICC) | 0.070 | % | 11/02/20 | 8,375,000 | |||||||||
TOTAL REPURCHASE AGREEMENT | 8,375,000 | |||||||||||||||
TREASURY DEBT - 0.9% | ||||||||||||||||
15,000,000 | United States Treasury Bill | 0.074-0.082 | 11/17/20 | 14,999,500 | ||||||||||||
TOTAL TREASURY DEBT | 14,999,500 | |||||||||||||||
SHARES | COMPANY | |||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.3% | ||||||||||||||||
5,632,892 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 5,632,892 | |||||||||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 5,632,892 | |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 29,007,392 | |||||||||||||||
(Cost $29,007,364) | ||||||||||||||||
TOTAL INVESTMENTS - 100.4% | 1,702,088,645 | |||||||||||||||
(Cost $1,628,851,785) | ||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - (0.4)% | (6,162,348 | ) | ||||||||||||||
NET ASSETS - 100.0% | $ | 1,695,926,297 |
Abbreviation(s): | ||||
ADR American Depositary Receipt | ||||
* | Non-income producing | |||
c | Investments made with cash collateral received from securities on loan. | |||
e | All or a portion of these securities are out on loan. The aggregate value of securities on loan is $8,204,118. | |||
r | Agreement with Fixed Income Clearing Corporation, 0.070% dated 10/31/20 to be repurchased at $8,375,000 on 11/2/20, collateralized by U.S. Treasury Notes valued at $8,542,566. | |||
24 |
TIAA-CREF FUNDS - Quant Large-Cap Growth Fund
TIAA-CREF FUNDS
QUANT LARGE-CAP GROWTH FUND
SCHEDULE OF INVESTMENTS
October 31, 2020
SHARES | COMPANY | VALUE | ||||||||
COMMON STOCKS - 99.7% | ||||||||||
AUTOMOBILES & COMPONENTS - 1.9% | ||||||||||
73,638 | * | Tesla, Inc | $ | 28,574,489 | ||||||
TOTAL AUTOMOBILES & COMPONENTS | 28,574,489 | |||||||||
CAPITAL GOODS - 2.5% | ||||||||||
29,444 | 3M Co | 4,709,862 | ||||||||
50,016 | * | AZEK Co, Inc | 1,672,535 | |||||||
17,183 | BWX Technologies, Inc | 945,237 | ||||||||
82,653 | Carrier Global Corp | 2,759,784 | ||||||||
15,917 | * | Generac Holdings, Inc | 3,344,957 | |||||||
77,008 | Graco, Inc | 4,766,795 | ||||||||
27,710 | Huntington Ingalls | 4,086,671 | ||||||||
8,163 | Lockheed Martin Corp | 2,858,111 | ||||||||
26,330 | * | Mercury Systems, Inc | 1,813,610 | |||||||
23,802 | Northrop Grumman Corp | 6,898,296 | ||||||||
42,849 | Toro Co | 3,517,903 | ||||||||
TOTAL CAPITAL GOODS | 37,373,761 | |||||||||
COMMERCIAL & PROFESSIONAL SERVICES - 1.1% | ||||||||||
38,795 | * | Copart, Inc | 4,281,416 | |||||||
15,948 | Equifax, Inc | 2,178,497 | ||||||||
16,592 | Rollins, Inc | 959,847 | ||||||||
25,056 | TransUnion | 1,995,961 | ||||||||
44,477 | Verisk Analytics, Inc | 7,915,572 | ||||||||
TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 17,331,293 | |||||||||
CONSUMER DURABLES & APPAREL - 1.5% | ||||||||||
111,187 | Nike, Inc (Class B) | 13,351,335 | ||||||||
699 | * | NVR, Inc | 2,763,210 | |||||||
6,880 | * | Peloton Interactive, Inc | 758,245 | |||||||
28,499 | Polaris Inc | 2,589,419 | ||||||||
35,503 | * | Tempur Sealy International, Inc | 3,159,767 | |||||||
TOTAL CONSUMER DURABLES & APPAREL | 22,621,976 | |||||||||
CONSUMER SERVICES - 0.7% | ||||||||||
26,487 | Dunkin Brands Group, Inc | 2,641,019 | ||||||||
86,185 | H&R Block, Inc | 1,487,553 | ||||||||
45,366 | Las Vegas Sands Corp | 2,180,290 | ||||||||
6,408 | Starbucks Corp | 557,240 | ||||||||
40,767 | Yum! Brands, Inc | 3,804,784 | ||||||||
TOTAL CONSUMER SERVICES | 10,670,886 | |||||||||
DIVERSIFIED FINANCIALS - 2.8% | ||||||||||
71,452 | Intercontinental Exchange Group, Inc | 6,745,069 | ||||||||
100,000 | iShares Russell 1000 Growth Index Fund | 20,958,000 | ||||||||
8,525 | MarketAxess Holdings, Inc | 4,593,696 |
25 |
TIAA-CREF FUNDS - Quant Large-Cap Growth Fund
SHARES | COMPANY | VALUE | ||||||||
18,696 | Moody’s Corp | $ | 4,915,178 | |||||||
16,259 | Morningstar, Inc | 3,095,389 | ||||||||
78,772 | Virtu Financial, Inc | 1,684,145 | ||||||||
TOTAL DIVERSIFIED FINANCIALS | 41,991,477 | |||||||||
FOOD & STAPLES RETAILING - 1.3% | ||||||||||
56,722 | Costco Wholesale Corp | 20,284,922 | ||||||||
TOTAL FOOD & STAPLES RETAILING | 20,284,922 | |||||||||
FOOD, BEVERAGE & TOBACCO - 2.5% | ||||||||||
159,630 | Altria Group, Inc | 5,759,450 | ||||||||
93,792 | Coca-Cola Co | 4,507,644 | ||||||||
23,647 | Hershey Co | 3,250,517 | ||||||||
82,349 | * | Monster Beverage Corp | 6,305,463 | |||||||
132,836 | PepsiCo, Inc | 17,705,710 | ||||||||
TOTAL FOOD, BEVERAGE & TOBACCO | 37,528,784 | |||||||||
HEALTH CARE EQUIPMENT & SERVICES - 5.5% | ||||||||||
118,102 | Abbott Laboratories | 12,413,701 | ||||||||
17,006 | * | Amedisys, Inc | 4,404,554 | |||||||
70,107 | Baxter International, Inc | 5,438,200 | ||||||||
67,180 | * | Centene Corp | 3,970,338 | |||||||
5,469 | Chemed Corp | 2,615,932 | ||||||||
30,340 | Cigna Corp | 5,065,870 | ||||||||
14,490 | * | DexCom, Inc | 4,630,714 | |||||||
139,934 | * | Edwards Lifesciences Corp | 10,031,868 | |||||||
34,669 | HCA Healthcare, Inc | 4,296,876 | ||||||||
9,597 | Hill-Rom Holdings, Inc | 873,999 | ||||||||
84,866 | * | Hologic, Inc | 5,840,478 | |||||||
398 | * | Intuitive Surgical, Inc | 265,498 | |||||||
6,022 | * | Livongo Health, Inc | 768,614 | |||||||
63,894 | UnitedHealth Group, Inc | 19,496,615 | ||||||||
9,677 | * | Veeva Systems, Inc | 2,613,274 | |||||||
3,611 | West Pharmaceutical Services, Inc | 982,445 | ||||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 83,708,976 | |||||||||
HOUSEHOLD & PERSONAL PRODUCTS - 1.0% | ||||||||||
2,273 | Estee Lauder Cos (Class A) | 499,287 | ||||||||
67,173 | * | Herbalife Nutrition Ltd | 3,032,189 | |||||||
73,706 | Procter & Gamble Co | 10,105,093 | ||||||||
72,480 | Reynolds Consumer Products Inc | 2,046,835 | ||||||||
TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 15,683,404 | |||||||||
INSURANCE - 0.0% | ||||||||||
9 | Alleghany Corp | 4,922 | ||||||||
TOTAL INSURANCE | 4,922 | |||||||||
MATERIALS - 0.3% | ||||||||||
5,752 | Scotts Miracle-Gro Co (Class A) | 863,088 | ||||||||
68,055 | WR Grace and Co | 2,959,712 | ||||||||
TOTAL MATERIALS | 3,822,800 | |||||||||
MEDIA & ENTERTAINMENT - 11.4% | ||||||||||
26,317 | Activision Blizzard, Inc | 1,992,986 | ||||||||
24,232 | * | Alphabet, Inc (Class A) | 39,161,577 |
26 |
TIAA-CREF FUNDS - Quant Large-Cap Growth Fund
SHARES | COMPANY | VALUE | ||||||||
23,924 | * | Alphabet, Inc (Class C) | $ | 38,781,043 | ||||||
163,620 | * | Altice USA, Inc | 4,409,559 | |||||||
785 | * | Charter Communications, Inc | 473,999 | |||||||
21,605 | * | Electronic Arts, Inc | 2,588,927 | |||||||
236,257 | * | Facebook, Inc | 62,161,579 | |||||||
39,434 | * | Netflix, Inc | 18,760,331 | |||||||
55,027 | * | Pinterest, Inc | 3,243,842 | |||||||
4,669 | * | Roku, Inc | 945,006 | |||||||
4,663 | * | Spotify Technology S.A. | 1,118,607 | |||||||
941 | World Wrestling Entertainment, Inc (Class A) | 34,215 | ||||||||
TOTAL MEDIA & ENTERTAINMENT | 173,671,671 | |||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.3% | ||||||||||
2,441 | * | 10X Genomics, Inc | 334,173 | |||||||
185,554 | AbbVie, Inc | 15,790,645 | ||||||||
63,931 | * | Acadia Pharmaceuticals, Inc | 2,969,595 | |||||||
27,610 | * | Alexion Pharmaceuticals, Inc | 3,179,015 | |||||||
36,090 | Amgen, Inc | 7,829,365 | ||||||||
110,284 | * | Avantor, Inc | 2,566,309 | |||||||
53,923 | * | BioMarin Pharmaceutical, Inc | 4,013,489 | |||||||
42,120 | * | Bluebird Bio, Inc | 2,178,025 | |||||||
86,954 | Bristol-Myers Squibb Co | 5,082,461 | ||||||||
83,705 | Eli Lilly & Co | 10,920,154 | ||||||||
23,718 | * | Exact Sciences Corp | 2,937,000 | |||||||
1,947 | * | Horizon Therapeutics Plc | 145,889 | |||||||
13,535 | * | Illumina, Inc | 3,961,695 | |||||||
31,040 | * | IQVIA Holdings, Inc | 4,779,850 | |||||||
70,999 | Johnson & Johnson | 9,734,673 | ||||||||
238,202 | Merck & Co, Inc | 17,915,172 | ||||||||
27,667 | * | Moderna, Inc | 1,866,692 | |||||||
1,689 | * | Sage Therapeutics, Inc | 123,939 | |||||||
14,753 | * | Sarepta Therapeutics, Inc | 2,005,080 | |||||||
23,685 | Thermo Fisher Scientific, Inc | 11,205,847 | ||||||||
34,046 | * | Vertex Pharmaceuticals, Inc | 7,093,825 | |||||||
60,132 | Zoetis, Inc | 9,533,929 | ||||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 126,166,822 | |||||||||
REAL ESTATE - 2.0% | ||||||||||
56,379 | American Tower Corp | 12,947,437 | ||||||||
50,020 | Americold Realty Trust | 1,812,225 | ||||||||
4,614 | Crown Castle International Corp | 720,707 | ||||||||
8,428 | Equinix, Inc | 6,162,891 | ||||||||
101,250 | Equity Lifestyle Properties, Inc | 5,992,987 | ||||||||
11,237 | SBA Communications Corp | 3,262,888 | ||||||||
TOTAL REAL ESTATE | 30,899,135 | |||||||||
RETAILING - 12.1% | ||||||||||
41,420 | * | Amazon.com, Inc | 125,757,333 | |||||||
33,780 | Best Buy Co, Inc | 3,768,159 | ||||||||
253 | * | Booking Holdings, Inc | 410,492 | |||||||
3,799 | Dollar General Corp | 792,889 | ||||||||
51,977 | * | Dollar Tree, Inc | 4,694,563 | |||||||
22,128 | * | Etsy, Inc | 2,690,544 | |||||||
73,605 | Home Depot, Inc | 19,631,190 | ||||||||
104,430 | Lowe’s Companies, Inc | 16,510,383 | ||||||||
1,694 | Pool Corp | 592,612 |
27 |
TIAA-CREF FUNDS - Quant Large-Cap Growth Fund
SHARES | COMPANY | VALUE | ||||||||
106,684 | TJX Companies, Inc | $ | 5,419,547 | |||||||
9,906 | Tractor Supply Co | 1,319,578 | ||||||||
9,809 | * | Wayfair, Inc | 2,432,926 | |||||||
TOTAL RETAILING | 184,020,216 | |||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 6.3% | ||||||||||
121,333 | * | Advanced Micro Devices, Inc | 9,135,162 | |||||||
87,000 | Applied Materials, Inc | 5,153,010 | ||||||||
22,352 | Broadcom, Inc | 7,814,930 | ||||||||
50,346 | Entegris, Inc | 3,764,370 | ||||||||
27,487 | * | Inphi Corp | 3,841,583 | |||||||
19,260 | Lam Research Corp | 6,588,461 | ||||||||
44,555 | Maxim Integrated Products, Inc | 3,103,256 | ||||||||
11,257 | MKS Instruments, Inc | 1,220,146 | ||||||||
10,565 | Monolithic Power Systems, Inc | 3,376,574 | ||||||||
64,696 | NVIDIA Corp | 32,435,987 | ||||||||
125,409 | QUALCOMM, Inc | 15,470,454 | ||||||||
45,366 | Teradyne, Inc | 3,985,403 | ||||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 95,889,336 | |||||||||
SOFTWARE & SERVICES - 26.2% | ||||||||||
36,530 | * | 2U, Inc | 1,346,130 | |||||||
38,586 | Accenture plc | 8,369,689 | ||||||||
57,710 | * | Adobe, Inc | 25,802,141 | |||||||
37,976 | * | Anaplan, Inc | 2,101,972 | |||||||
9,713 | * | Atlassian Corp plc | 1,861,205 | |||||||
27,920 | * | Autodesk, Inc | 6,576,277 | |||||||
69,392 | * | Black Knight, Inc | 6,103,026 | |||||||
2,996 | * | CACI International, Inc (Class A) | 624,756 | |||||||
62,199 | * | Cadence Design Systems, Inc | 6,802,705 | |||||||
5,052 | Citrix Systems, Inc | 572,240 | ||||||||
27,193 | CoreLogic Inc | 2,091,957 | ||||||||
20,407 | * | Crowdstrike Holdings, Inc | 2,527,203 | |||||||
15,409 | * | Datadog, Inc | 1,398,367 | |||||||
34,953 | * | DocuSign, Inc | 7,069,244 | |||||||
7,162 | * | Dropbox, Inc | 130,778 | |||||||
49,414 | * | Dynatrace, Inc | 1,744,808 | |||||||
5,276 | *,e | Fastly, Inc | 335,079 | |||||||
51,958 | * | Fiserv, Inc | 4,960,430 | |||||||
46,447 | * | GoDaddy, Inc | 3,285,661 | |||||||
31,380 | Intuit, Inc | 9,874,658 | ||||||||
33,811 | Leidos Holdings, Inc | 2,806,313 | ||||||||
103,569 | Mastercard, Inc (Class A) | 29,894,156 | ||||||||
733,720 | Microsoft Corp | 148,556,288 | ||||||||
74,911 | * | Nutanix, Inc | 1,823,334 | |||||||
57,893 | Oracle Corp | 3,248,376 | ||||||||
133,561 | * | PayPal Holdings, Inc | 24,859,709 | |||||||
5,738 | * | Pluralsight, Inc | 90,087 | |||||||
17,238 | * | Proofpoint, Inc | 1,650,366 | |||||||
51,673 | * | RealPage, Inc | 2,877,669 | |||||||
8,828 | * | RingCentral, Inc | 2,280,626 | |||||||
89,896 | * | salesforce.com, Inc | 20,880,144 | |||||||
18,019 | * | ServiceNow, Inc | 8,965,714 | |||||||
94,011 | Switch, Inc | 1,321,795 | ||||||||
71,985 | * | Teradata Corp | 1,322,364 | |||||||
6,310 | * | Twilio, Inc | 1,760,301 |
28 |
TIAA-CREF FUNDS - Quant Large-Cap Growth Fund
SHARES | COMPANY | VALUE | ||||||||||||||
26,481 | * | VeriSign, Inc | $ | 5,049,927 | ||||||||||||
149,966 | Visa, Inc (Class A) | 27,250,322 | ||||||||||||||
29,371 | * | Workday, Inc | 6,171,435 | |||||||||||||
19,869 | * | Zoom Video Communications, Inc | 9,157,821 | |||||||||||||
19,638 | * | Zscaler, Inc | 2,665,858 | |||||||||||||
TOTAL SOFTWARE & SERVICES | 396,210,931 | |||||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 11.1% | ||||||||||||||||
1,828 | Amphenol Corp (Class A) | 206,271 | ||||||||||||||
1,552,182 | Apple, Inc | 168,970,533 | ||||||||||||||
718 | NetApp, Inc | 31,513 | ||||||||||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 169,208,317 | |||||||||||||||
TELECOMMUNICATION SERVICES - 0.2% | ||||||||||||||||
18,708 | * | IAC | 2,258,430 | |||||||||||||
TOTAL TELECOMMUNICATION SERVICES | 2,258,430 | |||||||||||||||
TRANSPORTATION - 1.0% | ||||||||||||||||
47,422 | Old Dominion Freight Line | 9,027,726 | ||||||||||||||
18,696 | Union Pacific Corp | 3,312,744 | ||||||||||||||
17,768 | United Parcel Service, Inc (Class B) | 2,791,531 | ||||||||||||||
5,903 | * | XPO Logistics, Inc | 531,270 | |||||||||||||
TOTAL TRANSPORTATION | 15,663,271 | |||||||||||||||
TOTAL COMMON STOCKS | 1,513,585,819 | |||||||||||||||
(Cost $657,205,654) | ||||||||||||||||
PRINCIPAL | ISSUER | RATE | MATURITY DATE | |||||||||||||
SHORT-TERM INVESTMENTS - 0.3% | ||||||||||||||||
REPURCHASE AGREEMENT - 0.3% | ||||||||||||||||
$ | 5,605,000 | r | Fixed Income Clearing Corp (FICC) | 0.070 | % | 11/02/20 | 5,605,000 | |||||||||
TOTAL REPURCHASE AGREEMENT | 5,605,000 | |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 5,605,000 | |||||||||||||||
(Cost $5,605,000) | ||||||||||||||||
TOTAL INVESTMENTS - 100.0% | 1,519,190,819 | |||||||||||||||
(Cost $662,810,654) | ||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - (0.0)% | (501,284 | ) | ||||||||||||||
NET ASSETS - 100.0% | $ | 1,518,689,535 |
* | Non-income producing | |||
e | All or a portion of these securities are out on loan. The aggregate value of securities on loan is $349,496. | |||
r | Agreement with Fixed Income Clearing Corporation, 0.070% dated 10/31/20 to be repurchased at $5,605,000 on 11/2/20, collateralized by U.S. Treasury Notes valued at $5,717,191. |
29 |
TIAA-CREF FUNDS - Quant Large-Cap Value Fund
TIAA-CREF FUNDS
QUANT LARGE-CAP VALUE FUND
SCHEDULE OF INVESTMENTS
October 31, 2020
SHARES | COMPANY | VALUE | ||||||||
COMMON STOCKS - 99.6% | ||||||||||
AUTOMOBILES & COMPONENTS - 0.7% | ||||||||||
13,375 | Aptiv plc | $ | 1,290,554 | |||||||
75,108 | Gentex Corp | 2,078,238 | ||||||||
20,994 | Harley-Davidson, Inc | 690,283 | ||||||||
116 | Lear Corp | 14,014 | ||||||||
7,747 | Thor Industries, Inc | 655,241 | ||||||||
TOTAL AUTOMOBILES & COMPONENTS | 4,728,330 | |||||||||
BANKS - 7.2% | ||||||||||
467,471 | Bank of America Corp | 11,079,063 | ||||||||
140,505 | Citigroup, Inc | 5,819,717 | ||||||||
81,329 | Citizens Financial Group, Inc | 2,216,215 | ||||||||
18,355 | Comerica, Inc | 835,336 | ||||||||
6,842 | First Republic Bank | 863,050 | ||||||||
174,014 | JPMorgan Chase & Co | 17,060,332 | ||||||||
5,506 | New York Community Bancorp, Inc | 45,755 | ||||||||
1,847 | PacWest Bancorp | 35,536 | ||||||||
9,823 | PNC Financial Services Group, Inc | 1,098,997 | ||||||||
1,624 | Popular, Inc | 68,533 | ||||||||
23,144 | Prosperity Bancshares, Inc | 1,275,466 | ||||||||
21,934 | *,e | Rocket Cos, Inc | 399,857 | |||||||
54,342 | Truist Financial Corp | 2,288,885 | ||||||||
57,250 | Umpqua Holdings Corp | 719,060 | ||||||||
242,995 | Wells Fargo & Co | 5,212,243 | ||||||||
TOTAL BANKS | 49,018,045 | |||||||||
CAPITAL GOODS - 8.1% | ||||||||||
28,841 | 3M Co | 4,613,406 | ||||||||
37,658 | * | Aecom Technology Corp | 1,688,585 | |||||||
22,408 | AGCO Corp | 1,726,088 | ||||||||
8,679 | Air Lease Corp | 236,416 | ||||||||
40,070 | * | AZEK Co, Inc | 1,339,941 | |||||||
11,765 | Boeing Co | 1,698,748 | ||||||||
17,313 | BWX Technologies, Inc | 952,388 | ||||||||
64,105 | Carrier Global Corp | 2,140,466 | ||||||||
17,474 | Caterpillar, Inc | 2,744,292 | ||||||||
6,569 | * | Colfax Corp | 178,611 | |||||||
2,280 | Deere & Co | 515,075 | ||||||||
16,392 | Donaldson Co, Inc | 778,620 | ||||||||
33,961 | Fortive Corp | 2,091,998 | ||||||||
30,086 | * | Gates Industrial Corp plc | 333,955 | |||||||
6,240 | * | Generac Holdings, Inc | 1,311,336 | |||||||
197,675 | General Electric Co | 1,466,748 | ||||||||
19,371 | GrafTech International Ltd | 130,754 | ||||||||
13,869 | Honeywell International, Inc | 2,287,692 | ||||||||
9,706 | Illinois Tool Works, Inc | 1,901,211 | ||||||||
18,627 | ITT, Inc | 1,127,120 |
30 |
TIAA-CREF FUNDS - Quant Large-Cap Value Fund
SHARES | COMPANY | VALUE | ||||||||
20,694 | L3Harris Technologies, Inc | $ | 3,334,010 | |||||||
9,577 | * | Mercury Systems, Inc | 659,664 | |||||||
4,254 | Northrop Grumman Corp | 1,232,894 | ||||||||
133,269 | nVent Electric plc | 2,405,505 | ||||||||
48,086 | Otis Worldwide Corp | 2,946,710 | ||||||||
53,918 | PACCAR, Inc | 4,603,519 | ||||||||
18,706 | Parker-Hannifin Corp | 3,897,582 | ||||||||
93,479 | Raytheon Technologies Corp | 5,077,779 | ||||||||
6,874 | Spirit Aerosystems Holdings, Inc (Class A) | 125,038 | ||||||||
18 | Stanley Black & Decker, Inc | 2,992 | ||||||||
3,215 | Toro Co | 263,952 | ||||||||
88,813 | * | Univar Solutions Inc | 1,473,408 | |||||||
TOTAL CAPITAL GOODS | 55,286,503 | |||||||||
COMMERCIAL & PROFESSIONAL SERVICES - 0.6% | ||||||||||
16,548 | * | Clean Harbors, Inc | 876,548 | |||||||
8,325 | Equifax, Inc | 1,137,195 | ||||||||
7,175 | * | IAA, Inc | 406,033 | |||||||
19,779 | TransUnion | 1,575,595 | ||||||||
TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 3,995,371 | |||||||||
CONSUMER DURABLES & APPAREL - 1.6% | ||||||||||
7,438 | Brunswick Corp | 473,875 | ||||||||
6,317 | * | Capri Holdings Ltd | 134,047 | |||||||
564 | Carter’s, Inc | 45,938 | ||||||||
52,299 | DR Horton, Inc | 3,494,096 | ||||||||
24,445 | Garmin Ltd | 2,542,769 | ||||||||
6,030 | * | Peloton Interactive, Inc | 664,566 | |||||||
6,294 | Polaris Inc | 571,873 | ||||||||
28,251 | Pulte Homes, Inc | 1,151,511 | ||||||||
51,838 | Tapestry, Inc | 1,152,359 | ||||||||
11,559 | * | Tempur Sealy International, Inc | 1,028,751 | |||||||
579 | * | Under Armour, Inc (Class A) | 8,013 | |||||||
TOTAL CONSUMER DURABLES & APPAREL | 11,267,798 | |||||||||
CONSUMER SERVICES - 2.6% | ||||||||||
23,509 | Dunkin Brands Group, Inc | 2,344,082 | ||||||||
68,223 | Extended Stay America, Inc | 774,331 | ||||||||
329 | Graham Holdings Co | 125,132 | ||||||||
30,828 | H&R Block, Inc | 532,091 | ||||||||
39,170 | Las Vegas Sands Corp | 1,882,510 | ||||||||
34,938 | McDonald’s Corp | 7,441,794 | ||||||||
1,214 | MGM Resorts International | 24,972 | ||||||||
14,983 | *,e | Norwegian Cruise Line Holdings Ltd | 249,167 | |||||||
5,151 | Six Flags Entertainment Corp | 111,365 | ||||||||
23,484 | * | Terminix Global Holdings, Inc | 1,105,862 | |||||||
31,287 | Wyndham Destinations, Inc | 1,020,895 | ||||||||
8,336 | Wynn Resorts Ltd | 603,777 | ||||||||
1,123 | Yum China Holdings, Inc | 59,777 | ||||||||
18,706 | Yum! Brands, Inc | 1,745,831 | ||||||||
TOTAL CONSUMER SERVICES | 18,021,586 | |||||||||
DIVERSIFIED FINANCIALS - 6.6% | ||||||||||
18,131 | American Express Co | 1,654,272 | ||||||||
63,010 | Bank of New York Mellon Corp | 2,165,024 | ||||||||
4,178 | BlackRock, Inc | 2,503,499 |
31 |
TIAA-CREF FUNDS - Quant Large-Cap Value Fund
SHARES | COMPANY | VALUE | ||||||||
31,450 | Capital One Financial Corp | $ | 2,298,366 | |||||||
1,912 | CBOE Global Markets, Inc | 155,427 | ||||||||
42,159 | Charles Schwab Corp | 1,733,157 | ||||||||
19,560 | CME Group, Inc | 2,948,083 | ||||||||
35,148 | Discover Financial Services | 2,284,972 | ||||||||
18,417 | Eaton Vance Corp | 1,101,152 | ||||||||
75,521 | Equitable Holdings, Inc | 1,622,946 | ||||||||
18,537 | Goldman Sachs Group, Inc | 3,504,234 | ||||||||
40,872 | Intercontinental Exchange Group, Inc | 3,858,317 | ||||||||
90,000 | iShares Russell 1000 Value Index Fund | 10,505,700 | ||||||||
35,433 | Lazard Ltd (Class A) | 1,193,029 | ||||||||
55,002 | Morgan Stanley | 2,648,346 | ||||||||
75,412 | New Residential Investment Corp | 565,590 | ||||||||
624 | Starwood Property Trust, Inc | 8,717 | ||||||||
32,145 | State Street Corp | 1,893,341 | ||||||||
16,096 | Virtu Financial, Inc | 344,132 | ||||||||
47,963 | Voya Financial, Inc | 2,298,867 | ||||||||
TOTAL DIVERSIFIED FINANCIALS | 45,287,171 | |||||||||
ENERGY - 3.7% | ||||||||||
6,681 | * | ChampionX Corp | 58,325 | |||||||
93,213 | Chevron Corp | 6,478,303 | ||||||||
21,129 | Cimarex Energy Co | 536,043 | ||||||||
12,501 | Concho Resources, Inc | 518,917 | ||||||||
67,473 | ConocoPhillips | 1,931,077 | ||||||||
1,918 | Diamondback Energy, Inc | 49,791 | ||||||||
40,202 | EOG Resources, Inc | 1,376,516 | ||||||||
212,699 | Exxon Mobil Corp | 6,938,241 | ||||||||
24,508 | Halliburton Co | 295,566 | ||||||||
845 | HollyFrontier Corp | 15,641 | ||||||||
116,022 | Kinder Morgan, Inc | 1,380,662 | ||||||||
87,218 | Kosmos Energy Ltd | 86,721 | ||||||||
43,549 | Marathon Petroleum Corp | 1,284,696 | ||||||||
1,335 | ONEOK, Inc | 38,715 | ||||||||
14,851 | Patterson-UTI Energy, Inc | 38,019 | ||||||||
47,630 | PBF Energy, Inc | 222,432 | ||||||||
10,782 | Phillips 66 | 503,088 | ||||||||
141,358 | Schlumberger Ltd | 2,111,889 | ||||||||
57,662 | Targa Resources Investments, Inc | 925,475 | ||||||||
13,292 | Valero Energy Corp | 513,204 | ||||||||
TOTAL ENERGY | 25,303,321 | |||||||||
FOOD & STAPLES RETAILING - 2.1% | ||||||||||
4,455 | Costco Wholesale Corp | 1,593,197 | ||||||||
3,441 | * | Grocery Outlet Holding Corp | 151,473 | |||||||
33,070 | Kroger Co | 1,065,185 | ||||||||
28,386 | * | US Foods Holding Corp | 593,267 | |||||||
23,453 | Walgreens Boots Alliance, Inc | 798,340 | ||||||||
74,584 | Walmart, Inc | 10,348,530 | ||||||||
TOTAL FOOD & STAPLES RETAILING | 14,549,992 | |||||||||
FOOD, BEVERAGE & TOBACCO - 3.8% | ||||||||||
68,819 | Altria Group, Inc | 2,482,990 | ||||||||
2,096 | * | Beyond Meat, Inc | 298,533 | |||||||
22,071 | Campbell Soup Co | 1,030,054 | ||||||||
21,636 | Coca-Cola Co | 1,039,826 |
32 |
TIAA-CREF FUNDS - Quant Large-Cap Value Fund
SHARES | COMPANY | VALUE | ||||||||
17,598 | ConAgra Brands, Inc | $ | 617,514 | |||||||
29,204 | General Mills, Inc | 1,726,540 | ||||||||
4,526 | * | Hain Celestial Group, Inc | 139,175 | |||||||
14,605 | Hershey Co | 2,007,603 | ||||||||
40,059 | Keurig Dr Pepper, Inc | 1,077,587 | ||||||||
14,594 | Kraft Heinz Co | 446,430 | ||||||||
54,852 | Mondelez International, Inc | 2,913,738 | ||||||||
31,727 | PepsiCo, Inc | 4,228,892 | ||||||||
89,975 | Philip Morris International, Inc | 6,390,025 | ||||||||
8,392 | * | TreeHouse Foods, Inc | 325,945 | |||||||
27,727 | Tyson Foods, Inc (Class A) | 1,586,816 | ||||||||
TOTAL FOOD, BEVERAGE & TOBACCO | 26,311,668 | |||||||||
HEALTH CARE EQUIPMENT & SERVICES - 6.6% | ||||||||||
53,745 | Abbott Laboratories | 5,649,137 | ||||||||
7,970 | Anthem, Inc | 2,174,216 | ||||||||
28,526 | Baxter International, Inc | 2,212,762 | ||||||||
2,741 | Becton Dickinson & Co | 633,527 | ||||||||
637 | * | Boston Scientific Corp | 21,830 | |||||||
1,729 | Cardinal Health, Inc | 79,171 | ||||||||
23,837 | * | Centene Corp | 1,408,767 | |||||||
429 | * | Change Healthcare, Inc | 6,070 | |||||||
19,368 | Cigna Corp | 3,233,875 | ||||||||
67,584 | CVS Health Corp | 3,790,787 | ||||||||
17,203 | Danaher Corp | 3,948,777 | ||||||||
13,485 | HCA Healthcare, Inc | 1,671,331 | ||||||||
11,204 | Hill-Rom Holdings, Inc | 1,020,348 | ||||||||
24,109 | * | Hologic, Inc | 1,659,181 | |||||||
7,452 | Humana, Inc | 2,975,435 | ||||||||
5,753 | McKesson Corp | 848,510 | ||||||||
87,677 | Medtronic plc | 8,817,676 | ||||||||
489 | * | PPD, Inc | 16,078 | |||||||
4,761 | Quest Diagnostics, Inc | 581,508 | ||||||||
12,878 | Stryker Corp | 2,601,485 | ||||||||
1,898 | * | Teladoc, Inc | 372,881 | |||||||
972 | UnitedHealth Group, Inc | 296,596 | ||||||||
6,969 | Zimmer Biomet Holdings, Inc | 920,605 | ||||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 44,940,553 | |||||||||
HOUSEHOLD & PERSONAL PRODUCTS - 2.1% | ||||||||||
3,313 | Colgate-Palmolive Co | 261,363 | ||||||||
4,568 | Energizer Holdings, Inc | 179,751 | ||||||||
3,316 | * | Herbalife Nutrition Ltd | 149,684 | |||||||
2,585 | Kimberly-Clark Corp | 342,745 | ||||||||
86,464 | Procter & Gamble Co | 11,854,214 | ||||||||
25,144 | Reynolds Consumer Products Inc | 710,066 | ||||||||
10,402 | Spectrum Brands Holdings, Inc | 591,562 | ||||||||
TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 14,089,385 | |||||||||
INSURANCE - 6.3% | ||||||||||
30,813 | Allstate Corp | 2,734,654 | ||||||||
17,600 | American Financial Group, Inc | 1,318,944 | ||||||||
32,683 | American International Group, Inc | 1,029,188 | ||||||||
21,615 | * | Arch Capital Group Ltd | 652,989 | |||||||
9,079 | Assured Guaranty Ltd | 231,787 | ||||||||
101,240 | * | Berkshire Hathaway, Inc (Class B) | 20,440,356 |
33 |
TIAA-CREF FUNDS - Quant Large-Cap Value Fund
SHARES | COMPANY | VALUE | ||||||||
36,305 | Chubb Ltd | $ | 4,716,382 | |||||||
6,782 | CNA Financial Corp | 202,036 | ||||||||
8,679 | First American Financial Corp | 386,997 | ||||||||
48,702 | Hartford Financial Services Group, Inc | 1,876,001 | ||||||||
34,475 | Loews Corp | 1,195,593 | ||||||||
302 | * | Markel Corp | 281,705 | |||||||
113,542 | Metlife, Inc | 4,297,565 | ||||||||
62,320 | Old Republic International Corp | 1,014,569 | ||||||||
23,260 | Travelers Cos, Inc | 2,807,715 | ||||||||
TOTAL INSURANCE | 43,186,481 | |||||||||
MATERIALS - 4.4% | ||||||||||
20,505 | Air Products & Chemicals, Inc | 5,664,301 | ||||||||
2,013 | Aptargroup, Inc | 229,663 | ||||||||
15,310 | * | Axalta Coating Systems Ltd | 384,434 | |||||||
23,247 | * | Berry Global Group, Inc | 1,084,008 | |||||||
17,182 | CF Industries Holdings, Inc | 474,395 | ||||||||
16,499 | Corteva, Inc | 544,137 | ||||||||
32,122 | Dow, Inc | 1,461,230 | ||||||||
44,135 | DuPont de Nemours, Inc | 2,510,399 | ||||||||
4,493 | Ecolab, Inc | 824,870 | ||||||||
15,745 | * | Element Solutions, Inc | 184,531 | |||||||
4,393 | Freeport-McMoRan, Inc (Class B) | 76,175 | ||||||||
2,904 | International Paper Co | 127,050 | ||||||||
24,634 | Linde plc | 5,427,856 | ||||||||
56,357 | Mosaic Co | 1,042,604 | ||||||||
274 | NewMarket Corp | 98,007 | ||||||||
60,784 | Newmont Goldcorp Corp | 3,819,667 | ||||||||
4,078 | Nucor Corp | 194,765 | ||||||||
17,397 | Packaging Corp of America | 1,991,783 | ||||||||
12,216 | Reliance Steel & Aluminum Co | 1,331,422 | ||||||||
6,719 | Silgan Holdings, Inc | 231,470 | ||||||||
29,326 | Valvoline, Inc | 576,842 | ||||||||
11,946 | WestRock Co | 448,572 | ||||||||
23,413 | WR Grace and Co | 1,018,231 | ||||||||
TOTAL MATERIALS | 29,746,412 | |||||||||
MEDIA & ENTERTAINMENT - 5.4% | ||||||||||
25,102 | Activision Blizzard, Inc | 1,900,975 | ||||||||
2,502 | * | Alphabet, Inc (Class A) | 4,043,507 | |||||||
3,612 | * | Alphabet, Inc (Class C) | 5,855,088 | |||||||
158,895 | Comcast Corp (Class A) | 6,711,725 | ||||||||
4,869 | * | Electronic Arts, Inc | 583,452 | |||||||
5,846 | * | Liberty Broadband Corp (Class C) | 828,437 | |||||||
7,197 | * | Liberty Media Group (Class A) | 239,660 | |||||||
6,469 | * | Liberty Media Group (Class C) | 233,725 | |||||||
29,656 | * | Liberty SiriusXM Group (Class C) | 1,026,098 | |||||||
18,722 | * | Lions Gate Entertainment Corp (Class A) | 125,437 | |||||||
21,812 | * | Lions Gate Entertainment Corp (Class B) | 136,761 | |||||||
1,630 | Omnicom Group, Inc | 76,936 | ||||||||
8,673 | * | Pinterest, Inc | 511,273 | |||||||
105,297 | Sirius XM Holdings, Inc | 603,352 | ||||||||
989 | * | Take-Two Interactive Software, Inc | 153,216 | |||||||
1,029 | ViacomCBS, Inc (Class A) | 30,726 | ||||||||
14,258 | ViacomCBS, Inc (Class B) | 407,351 | ||||||||
106,557 | Walt Disney Co | 12,920,036 |
34 |
TIAA-CREF FUNDS - Quant Large-Cap Value Fund
SHARES | COMPANY | VALUE | ||||||||
4,406 | * | Zillow Group, Inc (Class C) | $ | 390,460 | ||||||
28,219 | * | Zynga, Inc | 253,689 | |||||||
TOTAL MEDIA & ENTERTAINMENT | 37,031,904 | |||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.3% | ||||||||||
2,919 | AbbVie, Inc | 248,407 | ||||||||
4,902 | * | Agios Pharmaceuticals, Inc | 196,423 | |||||||
17,569 | * | Alexion Pharmaceuticals, Inc | 2,022,895 | |||||||
34,786 | * | Avantor, Inc | 809,470 | |||||||
5,416 | * | Biogen, Inc | 1,365,211 | |||||||
4,783 | * | BioMarin Pharmaceutical, Inc | 355,999 | |||||||
7,886 | * | Bluebird Bio, Inc | 407,785 | |||||||
73,023 | Bristol-Myers Squibb Co | 4,268,194 | ||||||||
14,527 | * | Catalent, Inc | 1,275,035 | |||||||
6,605 | * | Exact Sciences Corp | 817,897 | |||||||
4,079 | * | Exelixis, Inc | 83,538 | |||||||
74,660 | Gilead Sciences, Inc | 4,341,479 | ||||||||
7,694 | * | IQVIA Holdings, Inc | 1,184,799 | |||||||
120,729 | Johnson & Johnson | 16,553,153 | ||||||||
34,147 | Merck & Co, Inc | 2,568,196 | ||||||||
4,561 | * | Moderna, Inc | 307,731 | |||||||
7,317 | Perrigo Co plc | 320,997 | ||||||||
271,449 | Pfizer, Inc | 9,631,011 | ||||||||
4,534 | * | PRA Health Sciences, Inc | 441,793 | |||||||
494 | * | QIAGEN NV | 23,435 | |||||||
5,749 | * | Sage Therapeutics, Inc | 421,862 | |||||||
3,535 | * | Syneos Health, Inc | 187,638 | |||||||
3,395 | Thermo Fisher Scientific, Inc | 1,606,242 | ||||||||
6,010 | * | United Therapeutics Corp | 806,722 | |||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 50,245,912 | |||||||||
REAL ESTATE - 4.5% | ||||||||||
9,864 | Americold Realty Trust | 357,373 | ||||||||
241 | Boston Properties, Inc | 17,451 | ||||||||
1,227 | Brixmor Property Group, Inc | 13,448 | ||||||||
12,451 | Colony Capital, Inc | 44,326 | ||||||||
10,809 | Digital Realty Trust, Inc | 1,559,739 | ||||||||
13,748 | Equity Lifestyle Properties, Inc | 813,744 | ||||||||
58,275 | Equity Residential | 2,737,759 | ||||||||
14,842 | Gaming and Leisure Properties, Inc | 539,507 | ||||||||
37,126 | Healthcare Trust of America, Inc | 902,162 | ||||||||
166 | Hudson Pacific Properties | 3,197 | ||||||||
99,332 | Invitation Homes, Inc | 2,707,790 | ||||||||
73,997 | Medical Properties Trust, Inc | 1,318,626 | ||||||||
21,261 | Mid-America Apartment Communities, Inc | 2,479,670 | ||||||||
10,055 | Omega Healthcare Investors, Inc | 289,685 | ||||||||
66,088 | Outfront Media, Inc | 866,414 | ||||||||
57,381 | Prologis, Inc | 5,692,195 | ||||||||
17,923 | Realty Income Corp | 1,037,025 | ||||||||
7,512 | SBA Communications Corp | 2,181,259 | ||||||||
25,568 | Spirit Realty Capital, Inc | 768,318 | ||||||||
58,771 | STORE Capital Corp | 1,510,415 | ||||||||
7,850 | Ventas, Inc | 309,839 | ||||||||
72,258 | VICI Properties, Inc | 1,658,321 | ||||||||
14,922 | Welltower, Inc | 802,356 | ||||||||
69,765 | Weyerhaeuser Co | 1,903,887 |
35 |
TIAA-CREF FUNDS - Quant Large-Cap Value Fund
SHARES | COMPANY | VALUE | ||||||||
1,542 | WP Carey, Inc | $ | 96,545 | |||||||
TOTAL REAL ESTATE | 30,611,051 | |||||||||
RETAILING - 2.9% | ||||||||||
2,241 | Advance Auto Parts, Inc | 330,054 | ||||||||
15,153 | Best Buy Co, Inc | 1,690,317 | ||||||||
2,326 | Dick’s Sporting Goods, Inc | 131,768 | ||||||||
11,951 | * | Dollar Tree, Inc | 1,079,414 | |||||||
3,936 | * | GrubHub, Inc | 291,107 | |||||||
33,879 | Home Depot, Inc | 9,035,868 | ||||||||
24,344 | * | LKQ Corp | 778,765 | |||||||
51,805 | Qurate Retail Group, Inc QVC Group | 350,720 | ||||||||
10,597 | Ross Stores, Inc | 902,547 | ||||||||
27,502 | Target Corp | 4,186,354 | ||||||||
3,750 | Tiffany & Co | 490,650 | ||||||||
912 | *,e | Wayfair, Inc | 226,203 | |||||||
TOTAL RETAILING | 19,493,767 | |||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.2% | ||||||||||
13,367 | * | Advanced Micro Devices, Inc | 1,006,402 | |||||||
10,168 | * | Cirrus Logic, Inc | 700,270 | |||||||
19,255 | Entegris, Inc | 1,439,696 | ||||||||
219,576 | Intel Corp | 9,722,825 | ||||||||
53,308 | Maxim Integrated Products, Inc | 3,712,902 | ||||||||
7,954 | Microchip Technology, Inc | 835,806 | ||||||||
9,684 | MKS Instruments, Inc | 1,049,649 | ||||||||
17,772 | * | Qorvo, Inc | 2,263,442 | |||||||
6,300 | Skyworks Solutions, Inc | 890,127 | ||||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 21,621,119 | |||||||||
SOFTWARE & SERVICES - 4.4% | ||||||||||
12,356 | * | 2U, Inc | 455,319 | |||||||
22,999 | Amdocs Ltd | 1,296,684 | ||||||||
1,987 | * | Autodesk, Inc | 468,018 | |||||||
1,068 | *,e | BigCommerce Holdings, Inc | 78,391 | |||||||
5,421 | * | CACI International, Inc (Class A) | 1,130,441 | |||||||
14,082 | * | Ceridian HCM Holding, Inc | 1,214,150 | |||||||
6,096 | Citrix Systems, Inc | 690,494 | ||||||||
15,995 | CoreLogic Inc | 1,230,495 | ||||||||
4,472 | * | Crowdstrike Holdings, Inc | 553,812 | |||||||
18,461 | DXC Technology Co | 340,052 | ||||||||
15,006 | * | Dynatrace, Inc | 529,862 | |||||||
8,846 | * | Euronet Worldwide, Inc | 785,879 | |||||||
31,050 | Fidelity National Information Services, Inc | 3,868,519 | ||||||||
6,285 | * | FireEye, Inc | 86,984 | |||||||
35,291 | * | Fiserv, Inc | 3,369,232 | |||||||
24,632 | Global Payments, Inc | 3,885,452 | ||||||||
17,466 | International Business Machines Corp | 1,950,253 | ||||||||
17,786 | Leidos Holdings, Inc | 1,476,238 | ||||||||
16,780 | * | Nuance Communications, Inc | 535,450 | |||||||
13,974 | * | RealPage, Inc | 778,212 | |||||||
5,815 | Sabre Corp | 37,914 | ||||||||
6,443 | * | salesforce.com, Inc | 1,496,516 | |||||||
12,625 | Science Applications International Corp | 964,171 | ||||||||
3,730 | * | Synopsys, Inc | 797,698 | |||||||
437 | * | Twilio, Inc | 121,910 |
36 |
TIAA-CREF FUNDS - Quant Large-Cap Value Fund
SHARES | COMPANY | VALUE | ||||||||
10,606 | * | VeriSign, Inc | $ | 2,022,564 | ||||||
TOTAL SOFTWARE & SERVICES | 30,164,710 | |||||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 2.8% | ||||||||||
1,077 | * | Arrow Electronics, Inc | 83,887 | |||||||
53,192 | Avnet, Inc | 1,312,247 | ||||||||
230,394 | Cisco Systems, Inc | 8,271,145 | ||||||||
10,328 | * | CommScope Holding Co, Inc | 91,919 | |||||||
1,991 | Dolby Laboratories, Inc (Class A) | 149,484 | ||||||||
25,341 | * | EchoStar Corp (Class A) | 586,898 | |||||||
6,125 | * | F5 Networks, Inc | 814,257 | |||||||
29,960 | FLIR Systems, Inc | 1,039,312 | ||||||||
75,626 | Hewlett Packard Enterprise Co | 653,409 | ||||||||
79,110 | HP, Inc | 1,420,816 | ||||||||
967 | * | Lumentum Holdings, Inc | 79,961 | |||||||
12,151 | Motorola Solutions, Inc | 1,920,587 | ||||||||
20,183 | National Instruments Corp | 631,324 | ||||||||
29,438 | * | Pure Storage, Inc | 473,952 | |||||||
9,488 | * | Viasat, Inc | 321,643 | |||||||
14,671 | * | Vontier Corp | 421,645 | |||||||
20,328 | Western Digital Corp | 766,975 | ||||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 19,039,461 | |||||||||
TELECOMMUNICATION SERVICES - 3.3% | ||||||||||
288,101 | AT&T, Inc | 7,784,489 | ||||||||
15,320 | * | GCI Liberty, Inc | 1,244,443 | |||||||
11,535 | * | T-Mobile US, Inc | 1,263,890 | |||||||
209,815 | Verizon Communications, Inc | 11,957,357 | ||||||||
TOTAL TELECOMMUNICATION SERVICES | 22,250,179 | |||||||||
TRANSPORTATION - 3.2% | ||||||||||
21,561 | Alaska Air Group, Inc | 816,946 | ||||||||
66,035 | e | American Airlines Group, Inc | 744,875 | |||||||
470 | CSX Corp | 37,102 | ||||||||
17,100 | FedEx Corp | 4,436,937 | ||||||||
1,659 | Kansas City Southern | 292,216 | ||||||||
7,016 | * | Kirby Corp | 270,046 | |||||||
4,150 | Knight-Swift Transportation Holdings, Inc | 157,659 | ||||||||
16,366 | * | Lyft, Inc (Class A) | 373,636 | |||||||
19,598 | Macquarie Infrastructure Co LLC | 505,628 | ||||||||
23,462 | Norfolk Southern Corp | 4,906,373 | ||||||||
9,024 | Old Dominion Freight Line | 1,717,899 | ||||||||
23,521 | Union Pacific Corp | 4,167,686 | ||||||||
17,001 | United Parcel Service, Inc (Class B) | 2,671,027 | ||||||||
11,438 | * | XPO Logistics, Inc | 1,029,420 | |||||||
TOTAL TRANSPORTATION | 22,127,450 | |||||||||
UTILITIES - 6.2% | ||||||||||
25,784 | Alliant Energy Corp | 1,425,340 | ||||||||
8,512 | American Water Works Co, Inc | 1,281,141 | ||||||||
14,896 | Centerpoint Energy, Inc | 314,752 | ||||||||
63,409 | CMS Energy Corp | 4,015,692 | ||||||||
29,262 | Dominion Energy, Inc | 2,350,909 | ||||||||
6,942 | DTE Energy Co | 856,782 | ||||||||
6,302 | Duke Energy Corp | 580,477 | ||||||||
38,375 | Entergy Corp | 3,884,318 |
37 |
TIAA-CREF FUNDS - Quant Large-Cap Value Fund
SHARES | COMPANY | VALUE | ||||||||
7,594 | Essential Utilities Inc | $ | 312,873 | |||||||
41,599 | Evergy, Inc | 2,296,265 | ||||||||
42,687 | Eversource Energy | 3,725,295 | ||||||||
81,205 | Exelon Corp | 3,239,267 | ||||||||
69,385 | FirstEnergy Corp | 2,062,122 | ||||||||
48,225 | MDU Resources Group, Inc | 1,145,826 | ||||||||
87,566 | NextEra Energy, Inc | 6,410,707 | ||||||||
96,978 | NiSource, Inc | 2,227,585 | ||||||||
37,161 | OGE Energy Corp | 1,143,444 | ||||||||
21,107 | Pinnacle West Capital Corp | 1,721,698 | ||||||||
10,263 | Public Service Enterprise Group, Inc | 596,793 | ||||||||
20,620 | Sempra Energy | 2,584,923 | ||||||||
4,373 | Southern Co | 251,229 | ||||||||
5,217 | Vistra Energy Corp | 90,619 | ||||||||
TOTAL UTILITIES | 42,518,057 | |||||||||
TOTAL COMMON STOCKS | 680,836,226 | |||||||||
(Cost $544,385,450) |
PRINCIPAL | ISSUER | RATE | MATURITY DATE | |||||||||||||
SHORT-TERM INVESTMENTS - 0.3% | ||||||||||||||||
REPURCHASE AGREEMENT - 0.1% | ||||||||||||||||
$ | 755,000 | r | Fixed Income Clearing Corp (FICC) | 0.070 | % | 11/02/20 | 755,000 | |||||||||
TOTAL REPURCHASE AGREEMENT | 755,000 | |||||||||||||||
SHARES | COMPANY | |||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.2% | ||||||||||||||||
1,479,380 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 1,479,380 | |||||||||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 1,479,380 | |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 2,234,380 | |||||||||||||||
(Cost $2,234,380) | ||||||||||||||||
TOTAL INVESTMENTS - 99.9% | 683,070,606 | |||||||||||||||
(Cost $546,619,830) | ||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - 0.1% | 737,871 | |||||||||||||||
NET ASSETS - 100.0% | $ | 683,808,477 |
* | Non-income producing | ||
c | Investments made with cash collateral received from securities on loan. | ||
e | All or a portion of these securities are out on loan. The aggregate value of securities on loan is $1,628,879. | ||
r | Agreement with Fixed Income Clearing Corporation, 0.070% dated 10/31/20 to be repurchased at $755,000 on 11/2/20, collateralized by U.S. Treasury Notes valued at $770,193. |
38 |
TIAA-CREF FUNDS - Quant Small-Cap Equity Fund
TIAA-CREF FUNDS
QUANT SMALL-CAP EQUITY FUND
SCHEDULE OF INVESTMENTS
October 31, 2020
SHARES | COMPANY | VALUE | |||||||
COMMON STOCKS - 100.0% | |||||||||
AUTOMOBILES & COMPONENTS - 1.4% | |||||||||
342,500 | * | Adient plc | $ | 7,267,850 | |||||
92,100 | * | Gentherm, Inc | 4,263,309 | ||||||
847,200 | Goodyear Tire & Rubber Co | 7,014,816 | |||||||
109,800 | Standard Motor Products, Inc | 5,028,840 | |||||||
84,100 | * | Visteon Corp | 7,539,565 | ||||||
TOTAL AUTOMOBILES & COMPONENTS | 31,114,380 | ||||||||
BANKS - 9.8% | |||||||||
66,200 | Amalgamated Bank | 734,820 | |||||||
134,000 | * | Axos Financial, Inc | 3,652,840 | ||||||
114,900 | Bank of NT Butterfield & Son Ltd | 3,040,254 | |||||||
105,300 | Banner Corp | 3,882,411 | |||||||
44,660 | * | Bluegreen Vacations Holding Corp | 363,979 | ||||||
312,500 | Cathay General Bancorp | 7,353,125 | |||||||
189,700 | Central Pacific Financial Corp | 2,612,169 | |||||||
163,223 | ConnectOne Bancorp, Inc | 2,518,531 | |||||||
246,000 | * | Customers Bancorp, Inc | 3,399,720 | ||||||
354,600 | Essent Group Ltd | 14,130,810 | |||||||
81,800 | Federal Agricultural Mortgage Corp (Class C) | 5,283,462 | |||||||
92,800 | First Bancorp | 2,235,552 | |||||||
204,200 | First Financial Bancorp | 2,920,060 | |||||||
113,700 | First Merchants Corp | 2,968,707 | |||||||
228,400 | Flagstar Bancorp, Inc | 6,703,540 | |||||||
252,800 | Glacier Bancorp, Inc | 9,050,240 | |||||||
235,926 | Great Western Bancorp, Inc | 3,064,679 | |||||||
236,200 | Heritage Commerce Corp | 1,712,450 | |||||||
397,247 | Hilltop Holdings, Inc | 9,061,204 | |||||||
175,500 | Horizon Bancorp | 2,176,200 | |||||||
99,559 | Independent Bank Corp | 1,490,398 | |||||||
139,700 | Independent Bank Group, Inc | 7,205,726 | |||||||
1,106,100 | Investors Bancorp, Inc | 9,357,606 | |||||||
245,800 | Kearny Financial Corp | 2,064,720 | |||||||
155,800 | Lakeland Bancorp, Inc | 1,734,054 | |||||||
27,300 | Lakeland Financial Corp | 1,395,849 | |||||||
444,400 | * | Mr Cooper Group, Inc | 9,367,952 | ||||||
224,300 | National Bank Holdings Corp | 6,762,645 | |||||||
242,500 | * | NMI Holdings, Inc | 5,211,325 | ||||||
225,800 | OceanFirst Financial Corp | 3,380,226 | |||||||
526,300 | OFG Bancorp | 7,573,457 | |||||||
283,800 | Pacific Premier Bancorp, Inc | 7,236,900 | |||||||
67,600 | Peapack Gladstone Financial Corp | 1,141,088 | |||||||
175,300 | PennyMac Financial Services, Inc | 8,908,746 | |||||||
196,380 | Premier Financial Corp | 3,532,876 | |||||||
64,605 | QCR Holdings, Inc | 2,004,693 | |||||||
824,200 | Radian Group, Inc | 14,794,390 | |||||||
303,200 | Simmons First National Corp (Class A) | 5,151,368 |
39 |
TIAA-CREF FUNDS - Quant Small-Cap Equity Fund
SHARES | COMPANY | VALUE | |||||||
301,100 | * | The Bancorp, Inc | $ | 2,890,560 | |||||
192,500 | * | Tristate Capital Holdings, Inc | 2,423,575 | ||||||
716,912 | United Community Banks, Inc | 15,012,138 | |||||||
158,100 | Walker & Dunlop, Inc | 9,941,328 | |||||||
281,000 | WesBanco, Inc | 6,825,490 | |||||||
149,400 | WSFS Financial Corp | 4,734,486 | |||||||
TOTAL BANKS | 227,006,349 | ||||||||
CAPITAL GOODS - 11.5% | |||||||||
276,104 | Advanced Drainage Systems, Inc | 17,513,277 | |||||||
101,600 | * | Aerovironment, Inc | 7,758,176 | ||||||
50,700 | Applied Industrial Technologies, Inc | 3,095,235 | |||||||
115,800 | Astec Industries, Inc | 5,882,640 | |||||||
209,243 | * | Atkore International Group, Inc | 4,329,238 | ||||||
36,310 | * | Axon Enterprise, Inc | 3,591,059 | ||||||
219,452 | * | Bloom Energy Corp | 2,773,873 | ||||||
409,083 | * | BMC Stock Holdings, Inc | 16,195,596 | ||||||
308,800 | * | Builders FirstSource, Inc | 9,356,640 | ||||||
88,500 | * | Chart Industries, Inc | 7,473,825 | ||||||
126,680 | Columbus McKinnon Corp | 4,293,185 | |||||||
379,700 | Comfort Systems USA, Inc | 17,390,260 | |||||||
90,600 | * | Construction Partners Inc | 1,846,428 | ||||||
381,400 | * | Cornerstone Building Brands, Inc | 2,925,338 | ||||||
70,679 | CSW Industrials, Inc | 6,045,175 | |||||||
100,566 | EMCOR Group, Inc | 6,857,596 | |||||||
69,365 | EnPro Industries, Inc | 4,093,922 | |||||||
280,796 | * | Evoqua Water Technologies Corp | 6,438,652 | ||||||
356,770 | Federal Signal Corp | 10,232,164 | |||||||
58,300 | * | Foundation Building Materials, Inc | 848,848 | ||||||
165,700 | * | Gibraltar Industries, Inc | 9,519,465 | ||||||
469,000 | * | Great Lakes Dredge & Dock Corp | 4,844,770 | ||||||
105,800 | Insteel Industries, Inc | 2,302,208 | |||||||
153,800 | * | Mastec, Inc | 7,634,632 | ||||||
324,200 | Maxar Technologies, Inc | 8,354,634 | |||||||
199,010 | Mueller Industries, Inc | 5,757,359 | |||||||
626,300 | * | Plug Power, Inc | 8,768,200 | ||||||
42,100 | Powell Industries, Inc | 994,823 | |||||||
289,000 | Primoris Services Corp | 5,453,430 | |||||||
81,018 | * | RBC Bearings, Inc | 9,645,193 | ||||||
717,354 | Rexnord Corp | 23,012,716 | |||||||
145,700 | Shyft Group, Inc | 2,813,467 | |||||||
39,000 | Simpson Manufacturing Co, Inc | 3,460,080 | |||||||
72,700 | * | SiteOne Landscape Supply, Inc | 8,686,923 | ||||||
188,600 | * | Sunrun, Inc | 9,810,972 | ||||||
157,800 | Triton International Ltd | 5,819,664 | |||||||
12,815 | * | Vectrus, Inc | 506,449 | ||||||
537,700 | * | WillScot Mobile Mini Holdings Corp | 9,990,466 | ||||||
TOTAL CAPITAL GOODS | 266,316,578 | ||||||||
COMMERCIAL & PROFESSIONAL SERVICES - 3.1% | |||||||||
158,500 | ABM Industries, Inc | 5,503,120 | |||||||
271,902 | Exponent, Inc | 18,921,660 | |||||||
88,400 | * | Franklin Covey Co | 1,495,728 | ||||||
389,900 | Healthcare Services Group | 8,920,912 | |||||||
212,500 | HNI Corp | 6,916,875 | |||||||
78,723 | ICF International, Inc | 5,147,697 |
40 |
TIAA-CREF FUNDS - Quant Small-Cap Equity Fund
SHARES | COMPANY | VALUE | |||||||
93,670 | Kforce, Inc | $ | 3,250,349 | ||||||
63,600 | McGrath RentCorp | 3,630,288 | |||||||
272,498 | * | TriNet Group, Inc | 18,780,562 | ||||||
TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 72,567,191 | ||||||||
CONSUMER DURABLES & APPAREL - 4.3% | |||||||||
181,200 | * | Century Communities, Inc | 7,037,808 | ||||||
210,500 | * | CROCS, Inc | 11,015,465 | ||||||
58,300 | * | Deckers Outdoor Corp | 14,771,471 | ||||||
75,645 | * | Installed Building Products, Inc | 6,848,899 | ||||||
29,800 | Johnson Outdoors, Inc | 2,602,434 | |||||||
91,600 | La-Z-Boy, Inc | 3,135,468 | |||||||
250,700 | * | Purple Innovation, Inc | 7,112,359 | ||||||
113,862 | * | Skyline Champion Corp | 2,920,560 | ||||||
586,600 | * | Sonos, Inc | 8,564,360 | ||||||
309,800 | * | Taylor Morrison Home Corp | 6,691,680 | ||||||
538,300 | * | TRI Pointe Homes, Inc | 8,844,269 | ||||||
279,600 | *,e | Turtle Beach Corp | 5,038,392 | ||||||
314,100 | * | YETI Holdings, Inc | 15,541,668 | ||||||
TOTAL CONSUMER DURABLES & APPAREL | 100,124,833 | ||||||||
CONSUMER SERVICES - 3.6% | |||||||||
242,000 | * | Adtalem Global Education, Inc | 5,672,480 | ||||||
117,900 | * | American Public Education, Inc | 3,333,033 | ||||||
14,600 | * | Biglari Holdings, Inc (B Shares) | 1,223,042 | ||||||
401,500 | Bloomin’ Brands, Inc | 5,612,970 | |||||||
127,300 | * | Caesars Entertainment, Inc | 5,705,586 | ||||||
140,100 | Carriage Services, Inc | 3,615,981 | |||||||
391,900 | * | Carrols Restaurant Group, Inc | 2,292,615 | ||||||
158,500 | * | Chuy’s Holdings, Inc | 3,326,915 | ||||||
49,644 | Collectors Universe | 2,726,945 | |||||||
117,300 | Franchise Group, Inc | 2,688,516 | |||||||
99,700 | * | GAN Ltd | 1,416,737 | ||||||
267,200 | * | Hilton Grand Vacations, Inc | 5,504,320 | ||||||
543,900 | e | International Game Technology plc | 4,465,419 | ||||||
84,500 | Jack in the Box, Inc | 6,765,070 | |||||||
153,600 | * | K12, Inc | 3,666,432 | ||||||
405,100 | * | Laureate Education, Inc | 5,266,300 | ||||||
283,800 | * | Noodles & Co | 1,833,348 | ||||||
442,919 | * | Perdoceo Education Corp | 5,000,555 | ||||||
176,300 | *,e | Red Robin Gourmet Burgers, Inc | 2,122,652 | ||||||
255,500 | Red Rock Resorts, Inc | 4,885,160 | |||||||
328,600 | * | SeaWorld Entertainment, Inc | 7,235,772 | ||||||
TOTAL CONSUMER SERVICES | 84,359,848 | ||||||||
DIVERSIFIED FINANCIALS - 3.4% | |||||||||
241,400 | * | Blucora, Inc | 2,401,930 | ||||||
519,400 | Brightsphere Investment Group, Inc | 7,167,720 | |||||||
164,400 | * | Cannae Holdings, Inc | 6,079,512 | ||||||
267,800 | Cowen Group, Inc | 5,746,988 | |||||||
120,800 | * | Encore Capital Group, Inc | 3,857,144 | ||||||
262,733 | * | Enova International, Inc | 4,032,951 | ||||||
369,000 | Federated Investors, Inc (Class B) | 8,819,100 | |||||||
104,700 | * | Green Dot Corp | 5,582,604 | ||||||
59,100 | Hamilton Lane, Inc | 4,119,270 | |||||||
82,200 | Piper Jaffray Cos | 6,859,590 |
41 |
TIAA-CREF FUNDS - Quant Small-Cap Equity Fund
SHARES | COMPANY | VALUE | |||||||
688,000 | Redwood Trust, Inc | $ | 5,848,000 | ||||||
336,826 | Stifel Financial Corp | 19,690,848 | |||||||
TOTAL DIVERSIFIED FINANCIALS | 80,205,657 | ||||||||
ENERGY - 1.9% | |||||||||
1,409,100 | *,e | Antero Resources Corp | 4,790,940 | ||||||
411,146 | Berry Petroleum Co LLC | 1,077,203 | |||||||
290,400 | Brigham Minerals, Inc | 2,561,328 | |||||||
523,600 | * | Green Plains Inc | 7,906,360 | ||||||
1,647,615 | * | NexTier Oilfield Solutions, Inc | 3,113,992 | ||||||
496,000 | * | Oceaneering International, Inc | 2,023,680 | ||||||
521,039 | * | Par Pacific Holdings, Inc | 3,355,491 | ||||||
295,100 | PBF Energy, Inc | 1,378,117 | |||||||
326,300 | * | PDC Energy, Inc | 3,889,496 | ||||||
831,500 | * | ProPetro Holding Corp | 3,284,425 | ||||||
180,269 | * | Renewable Energy Group, Inc | 10,167,172 | ||||||
TOTAL ENERGY | 43,548,204 | ||||||||
FOOD & STAPLES RETAILING - 1.5% | |||||||||
215,488 | Andersons, Inc | 4,673,935 | |||||||
561,151 | * | BJ’s Wholesale Club Holdings, Inc | 21,486,472 | ||||||
128,538 | Natural Grocers by Vitamin C | 1,367,644 | |||||||
211,700 | * | Performance Food Group Co | 7,115,237 | ||||||
TOTAL FOOD & STAPLES RETAILING | 34,643,288 | ||||||||
FOOD, BEVERAGE & TOBACCO - 1.5% | |||||||||
80,765 | e | B&G Foods, Inc (Class A) | 2,145,119 | ||||||
5,396 | *,e | Boston Beer Co, Inc (Class A) | 5,607,415 | ||||||
126,422 | Calavo Growers, Inc | 8,486,709 | |||||||
261,700 | *,e | Celsius Holdings, Inc | 5,262,787 | ||||||
57,707 | Lancaster Colony Corp | 9,587,441 | |||||||
200,139 | * | Simply Good Foods Co | 3,762,613 | ||||||
TOTAL FOOD, BEVERAGE & TOBACCO | 34,852,084 | ||||||||
HEALTH CARE EQUIPMENT & SERVICES - 7.0% | |||||||||
78,400 | * | Addus HomeCare Corp | 7,649,488 | ||||||
350,600 | * | Allscripts Healthcare Solutions, Inc | 3,534,048 | ||||||
222,800 | * | Angiodynamics, Inc | 2,303,752 | ||||||
1,499,200 | * | Brookdale Senior Living, Inc | 4,407,648 | ||||||
357,000 | *,e | Co-Diagnostics, Inc | 4,787,370 | ||||||
160,600 | e | Conmed Corp | 12,521,982 | ||||||
394,500 | * | Covetrus, Inc | 9,740,205 | ||||||
64,300 | Ensign Group, Inc | 3,783,412 | |||||||
490,500 | * | Evolent Health, Inc | 4,875,570 | ||||||
425,100 | * | GenMark Diagnostics, Inc | 5,194,722 | ||||||
186,900 | *,e | Health Catalyst, Inc | 6,444,312 | ||||||
136,214 | * | HealthStream, Inc | 2,492,716 | ||||||
334,038 | * | HMS Holdings Corp | 8,892,091 | ||||||
461,029 | * | Inovalon Holdings, Inc | 8,754,941 | ||||||
423,337 | * | Lantheus Holdings, Inc | 4,597,440 | ||||||
67,300 | * | Magellan Health Services, Inc | 4,863,771 | ||||||
293,265 | * | Meridian Bioscience, Inc | 5,029,495 | ||||||
121,098 | * | Natus Medical, Inc | 2,205,194 | ||||||
86,900 | * | Neogen Corp | 6,060,406 | ||||||
427,300 | * | Option Care Health, Inc | 5,695,909 | ||||||
36,800 | * | Orthofix Medical Inc | 1,150,368 |
42 |
TIAA-CREF FUNDS - Quant Small-Cap Equity Fund
SHARES | COMPANY | VALUE | |||||||
142,748 | * | Pennant Group, Inc | $ | 5,946,882 | |||||
662,200 | * | R1 RCM, Inc | 11,866,624 | ||||||
386,000 | * | Select Medical Holdings Corp | 8,098,280 | ||||||
70,000 | * | Shockwave Medical Inc | 4,782,400 | ||||||
32,746 | *,e | Teladoc, Inc | 6,433,279 | ||||||
332,800 | * | Tenet Healthcare Corp | 8,166,912 | ||||||
234,000 | *,e | Zynex Inc | 2,997,540 | ||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 163,276,757 | ||||||||
HOUSEHOLD & PERSONAL PRODUCTS - 0.9% | |||||||||
291,600 | * | BellRing Brands, Inc | 5,333,364 | ||||||
452,700 | * | elf Beauty, Inc | 9,176,229 | ||||||
78,711 | *,e | Lifevantage Corp | 869,757 | ||||||
70,600 | * | USANA Health Sciences, Inc | 5,340,890 | ||||||
TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 20,720,240 | ||||||||
INSURANCE - 1.7% | |||||||||
112,500 | American Equity Investment Life Holding Co | 2,792,250 | |||||||
164,058 | Amerisafe, Inc | 9,676,141 | |||||||
281,500 | Conseco, Inc | 4,996,625 | |||||||
131,160 | Heritage Insurance Holdings, Inc | 1,238,150 | |||||||
147,718 | James River Group Holdings Ltd | 6,902,862 | |||||||
140,300 | Stewart Information Services Corp | 5,947,317 | |||||||
479,151 | * | Third Point Reinsurance Ltd | 3,727,795 | ||||||
96,960 | United Insurance Holdings Corp | 425,654 | |||||||
257,676 | Universal Insurance Holdings, Inc | 3,213,220 | |||||||
TOTAL INSURANCE | 38,920,014 | ||||||||
MATERIALS - 5.4% | |||||||||
198,000 | Avient Corp | 6,151,860 | |||||||
101,500 | Balchem Corp | 10,144,925 | |||||||
256,100 | Boise Cascade Co | 9,829,118 | |||||||
941,700 | * | Coeur Mining, Inc | 6,657,819 | ||||||
295,400 | Commercial Metals Co | 6,100,010 | |||||||
673,900 | *,† | Ferroglobe plc | 0 | ||||||
61,500 | Innospec, Inc | 4,067,610 | |||||||
152,600 | * | Koppers Holdings, Inc | 3,422,818 | ||||||
353,900 | Louisiana-Pacific Corp | 10,114,462 | |||||||
133,500 | Materion Corp | 6,833,865 | |||||||
178,814 | Myers Industries, Inc | 2,564,193 | |||||||
52,634 | Olympic Steel, Inc | 600,554 | |||||||
197,015 | Schnitzer Steel Industries, Inc (Class A) | 4,137,315 | |||||||
177,500 | Sensient Technologies Corp | 11,613,825 | |||||||
104,800 | Stepan Co | 12,202,912 | |||||||
641,000 | * | Summit Materials, Inc | 11,339,290 | ||||||
135,300 | Trinseo S.A. | 4,305,246 | |||||||
747,500 | e | United States Steel Corp | 7,220,850 | ||||||
227,792 | * | US Concrete, Inc | 7,735,816 | ||||||
TOTAL MATERIALS | 125,042,488 | ||||||||
MEDIA & ENTERTAINMENT - 1.1% | |||||||||
842 | * | Black Diamond Therapeutics, Inc | 26,531 | ||||||
506,300 | * | Glu Mobile, Inc | 3,625,108 | ||||||
220,100 | * | Liberty Braves Group (Class C) | 4,505,447 | ||||||
164,000 | * | TechTarget, Inc | 7,183,200 | ||||||
783,600 | TEGNA, Inc | 9,426,708 |
43 |
TIAA-CREF FUNDS - Quant Small-Cap Equity Fund
SHARES | COMPANY | VALUE | |||||||
82,100 | * | WideOpenWest, Inc | $ | 409,679 | |||||
TOTAL MEDIA & ENTERTAINMENT | 25,176,673 | ||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 12.6% | |||||||||
80,756 | * | Acadia Pharmaceuticals, Inc | 3,751,116 | ||||||
434,800 | * | Affimed NV | 1,373,968 | ||||||
88,400 | * | Albireo Pharma, Inc | 2,789,904 | ||||||
81,700 | * | Allogene Therapeutics, Inc | 2,771,264 | ||||||
577,887 | * | Amicus Therapeutics, Inc | 10,303,725 | ||||||
302,800 | * | Amneal Pharmaceuticals, Inc | 1,259,648 | ||||||
5,333 | * | Arcutis Biotherapeutics, Inc | 95,034 | ||||||
141,211 | * | Arena Pharmaceuticals, Inc | 12,104,607 | ||||||
131,282 | * | Arrowhead Pharmaceuticals Inc | 7,522,459 | ||||||
152,745 | * | Arvinas, Inc | 3,193,898 | ||||||
364,500 | * | Atara Biotherapeutics, Inc | 4,705,695 | ||||||
44,800 | * | Axsome Therapeutics, Inc | 2,970,688 | ||||||
5,332 | *,e | Beam Therapeutics, Inc | 182,194 | ||||||
1,020,710 | * | BioDelivery Sciences International, Inc | 3,225,444 | ||||||
56,900 | * | Biohaven Pharmaceutical Holding Co Ltd | 4,407,474 | ||||||
64,213 | * | Bioxcel Therapeutics Inc | 2,933,892 | ||||||
291,300 | *,e | Cara Therapeutics, Inc | 3,862,638 | ||||||
178,522 | * | CareDx, Inc | 8,756,504 | ||||||
145,503 | * | ChemoCentryx, Inc | 6,984,144 | ||||||
151,739 | * | Concert Pharmaceuticals, Inc | 1,565,947 | ||||||
397,217 | * | CytomX Therapeutics, Inc | 2,629,577 | ||||||
149,400 | * | Editas Medicine, Inc | 4,622,436 | ||||||
53,500 | * | Fate Therapeutics, Inc | 2,375,400 | ||||||
604,426 | * | Fluidigm Corp | 3,469,405 | ||||||
212,400 | * | G1 Therapeutics, Inc | 2,334,276 | ||||||
345,900 | * | Gossamer Bio, Inc | 2,870,970 | ||||||
271,300 | *,e | Heron Therapeutics, Inc | 4,424,903 | ||||||
113,800 | * | Immunic, Inc | 1,802,592 | ||||||
156,700 | * | Immunovant, Inc | 6,835,254 | ||||||
175,700 | *,e | Inovio Pharmaceuticals, Inc | 1,730,645 | ||||||
143,356 | *,e | Intellia Therapeutics, Inc | 3,431,943 | ||||||
79,600 | * | Intercept Pharmaceuticals, Inc | 2,212,084 | ||||||
356,687 | * | Intersect ENT, Inc | 5,528,649 | ||||||
253,244 | * | Intra-Cellular Therapies, Inc | 6,247,530 | ||||||
197,935 | *,e | Invitae Corp | 7,761,031 | ||||||
341,600 | * | Karyopharm Therapeutics, Inc | 5,062,512 | ||||||
224,838 | * | Kiniksa Pharmaceuticals Ltd | 3,520,963 | ||||||
322,152 | * | Kura Oncology, Inc | 10,067,250 | ||||||
143,900 | Luminex Corp | 3,171,556 | |||||||
226,989 | * | MacroGenics, Inc | 4,405,857 | ||||||
119,100 | * | Mersana Therapeutics, Inc | 2,146,182 | ||||||
144,111 | * | NanoString Technologies, Inc | 5,281,668 | ||||||
257,694 | * | Natera, Inc | 17,332,498 | ||||||
198,100 | * | NeoGenomics, Inc | 7,771,463 | ||||||
156,000 | * | Neoleukin Therapeutics, Inc | 1,636,440 | ||||||
106,200 | * | Novavax, Inc | 8,571,402 | ||||||
267,600 | * | Ocular Therapeutix, Inc | 2,542,200 | ||||||
300,100 | *,e | Omeros Corp | 3,043,014 | ||||||
1,632 | * | Passage Bio, Inc | 27,434 | ||||||
83,944 | Phibro Animal Health Corp | 1,380,039 | |||||||
165,600 | *,e | Provention Bio, Inc | 1,964,016 | ||||||
156,728 | * | Quanterix Corp | 5,737,812 |
44 |
TIAA-CREF FUNDS - Quant Small-Cap Equity Fund
SHARES | COMPANY | VALUE | |||||||
129,274 | * | Replimune Group, Inc | $ | 5,404,946 | |||||
428,966 | * | Retrophin, Inc | 8,682,272 | ||||||
2,444 | * | REVOLUTION Medicines, Inc | 73,784 | ||||||
125,726 | * | Rocket Pharmaceuticals, Inc | 3,512,784 | ||||||
538,600 | * | Sangamo Therapeutics Inc | 5,569,124 | ||||||
5,332 | * | Schrodinger, Inc | 260,095 | ||||||
235,200 | *,e | Sorrento Therapeutics, Inc | 1,632,288 | ||||||
212,600 | * | TG Therapeutics, Inc | 5,372,402 | ||||||
252,500 | * | Translate Bio, Inc | 3,239,575 | ||||||
127,166 | * | Twist Bioscience Corp | 9,746,002 | ||||||
45,000 | * | Ultragenyx Pharmaceutical, Inc | 4,522,500 | ||||||
59,443 | *,e | UroGen Pharma Ltd | 1,338,656 | ||||||
182,800 | * | Veracyte, Inc | 6,335,848 | ||||||
120,000 | * | Vericel Corp | 2,223,600 | ||||||
75,100 | *,e | Vir Biotechnology, Inc | 2,361,144 | ||||||
177,306 | * | Voyager Therapeutics, Inc | 1,884,763 | ||||||
277,700 | * | Zogenix, Inc | 5,920,564 | ||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 294,779,591 | ||||||||
REAL ESTATE - 6.5% | |||||||||
260,000 | American Assets Trust, Inc | 5,441,800 | |||||||
368,000 | Armada Hoffler Properties, Inc | 3,315,680 | |||||||
227,059 | Bluerock Residential Growth REIT, Inc | 1,966,331 | |||||||
2,301,400 | Colony Capital, Inc | 8,192,984 | |||||||
1,462,400 | Diversified Healthcare Trust | 4,233,648 | |||||||
108,500 | EastGroup Properties, Inc | 14,439,180 | |||||||
56,942 | First Industrial Realty Trust, Inc | 2,266,861 | |||||||
265,100 | Four Corners Property Trust, Inc | 6,717,634 | |||||||
444,700 | Global Net Lease, Inc | 6,328,081 | |||||||
335,500 | Healthcare Realty Trust, Inc | 9,326,900 | |||||||
348,000 | Independence Realty Trust, Inc | 4,228,200 | |||||||
424,300 | National Storage Affiliates Trust | 14,379,527 | |||||||
599,448 | Newmark Group, Inc | 2,838,386 | |||||||
111,200 | Office Properties Income Trust | 2,047,192 | |||||||
575,200 | Physicians Realty Trust | 9,697,872 | |||||||
620,800 | Piedmont Office Realty Trust, Inc | 7,089,536 | |||||||
141,928 | PS Business Parks, Inc | 16,184,050 | |||||||
166,500 | QTS Realty Trust, Inc | 10,241,415 | |||||||
118,000 | RMR Group, Inc | 3,145,880 | |||||||
500,100 | STAG Industrial, Inc | 15,563,112 | |||||||
492,800 | Uniti Group, Inc | 4,346,496 | |||||||
TOTAL REAL ESTATE | 151,990,765 | ||||||||
RETAILING - 4.9% | |||||||||
145,448 | * | 1-800-FLOWERS.COM, Inc (Class A) | 2,884,234 | ||||||
156,896 | Aaron’s Holdings Co, Inc | 8,199,385 | |||||||
383,400 | Abercrombie & Fitch Co (Class A) | 5,451,948 | |||||||
34,500 | * | Asbury Automotive Group, Inc | 3,552,810 | ||||||
420,900 | e | Bed Bath & Beyond, Inc | 8,333,820 | ||||||
196,000 | Buckle, Inc | 4,696,160 | |||||||
318,900 | * | Conn’s, Inc | 2,988,093 | ||||||
242,900 | *,e | GrowGeneration Corp | 4,056,430 | ||||||
250,700 | *,e | Hibbett Sports, Inc | 9,478,967 | ||||||
84,800 | * | Lands’ End, Inc | 1,361,040 | ||||||
178,200 | * | MarineMax, Inc | 5,342,436 | ||||||
43,300 | * | Overstock.com, Inc | 2,429,130 |
45 |
TIAA-CREF FUNDS - Quant Small-Cap Equity Fund
SHARES | COMPANY | VALUE | |||||||
554,100 | Rent-A-Center, Inc | $ | 17,121,690 | ||||||
201,800 | * | Sleep Number Corp | 12,786,048 | ||||||
389,600 | * | Sportsman’s Warehouse Holdings, Inc | 5,072,592 | ||||||
45,388 | * | Stamps.com, Inc | 10,132,417 | ||||||
193,400 | *,e | Stitch Fix Inc | 6,658,762 | ||||||
114,300 | * | Zumiez, Inc | 3,200,400 | ||||||
TOTAL RETAILING | 113,746,362 | ||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.8% | |||||||||
329,100 | * | Amkor Technology, Inc | 3,899,835 | ||||||
147,394 | * | Axcelis Technologies, Inc | 3,252,986 | ||||||
141,731 | Brooks Automation, Inc | 6,618,838 | |||||||
470,862 | * | Formfactor, Inc | 13,348,938 | ||||||
307,447 | * | Lattice Semiconductor Corp | 10,729,900 | ||||||
267,900 | * | MaxLinear, Inc | 7,083,276 | ||||||
8,556 | NVE Corp | 394,688 | |||||||
1,034,245 | * | Rambus, Inc | 14,262,238 | ||||||
43,800 | * | Silicon Laboratories, Inc | 4,487,748 | ||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 64,078,447 | ||||||||
SOFTWARE & SERVICES - 8.0% | |||||||||
180,300 | * | Alarm.com Holdings, Inc | 10,516,899 | ||||||
231,400 | * | Avaya Holdings Corp | 3,980,080 | ||||||
131,900 | * | Benefitfocus, Inc | 1,354,613 | ||||||
568,300 | * | Box, Inc | 8,808,650 | ||||||
810,700 | * | Cloudera, Inc | 7,880,004 | ||||||
224,446 | * | Commvault Systems, Inc | 8,885,817 | ||||||
455,900 | * | Digital Turbine, Inc | 13,066,094 | ||||||
115,100 | * | Domo, Inc | 3,656,727 | ||||||
660,600 | * | Limelight Networks, Inc | 2,331,918 | ||||||
169,000 | * | LiveRamp Holdings, Inc | 11,169,210 | ||||||
206,324 | Mantech International Corp (Class A) | 13,386,301 | |||||||
307,445 | NIC, Inc | 6,892,917 | |||||||
708,363 | Perspecta, Inc | 12,700,949 | |||||||
270,245 | Progress Software Corp | 9,828,811 | |||||||
63,424 | * | Rapid7, Inc | 3,927,848 | ||||||
97,471 | * | SecureWorks Corp | 1,013,698 | ||||||
142,600 | * | Sprout Social, Inc | 6,231,620 | ||||||
188,490 | * | SPS Commerce, Inc | 16,132,859 | ||||||
317,899 | * | Tenable Holdings, Inc | 10,843,535 | ||||||
510,400 | * | Upwork, Inc | 9,416,880 | ||||||
217,300 | * | Verint Systems, Inc | 10,543,396 | ||||||
244,000 | * | Workiva, Inc | 13,495,640 | ||||||
TOTAL SOFTWARE & SERVICES | 186,064,466 | ||||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 2.7% | |||||||||
333,700 | * | Calix, Inc | 7,811,917 | ||||||
572,100 | * | Diebold, Inc | 3,564,183 | ||||||
65,389 | * | ePlus, Inc | 4,414,411 | ||||||
968,200 | * | Extreme Networks, Inc | 3,930,892 | ||||||
281,885 | * | Fitbit, Inc | 1,984,470 | ||||||
91,900 | * | II-VI, Inc | 4,178,693 | ||||||
124,100 | * | Insight Enterprises, Inc | 6,620,735 | ||||||
122,283 | * | OSI Systems, Inc | 9,435,356 | ||||||
288,416 | * | Ribbon Communications, Inc | 1,243,073 | ||||||
470,101 | * | Sanmina Corp | 11,489,269 |
46 |
TIAA-CREF FUNDS - Quant Small-Cap Equity Fund
SHARES | COMPANY | VALUE | |||||||
551,401 | * | TTM Technologies, Inc | $ | 6,545,130 | |||||
68,439 | * | Vishay Precision Group, Inc | 1,635,008 | ||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 62,853,137 | ||||||||
TELECOMMUNICATION SERVICES - 0.7% | |||||||||
273,113 | * | Boingo Wireless, Inc | 2,550,875 | ||||||
28,831 | Cogent Communications Group, Inc | 1,608,770 | |||||||
308,136 | * | Liberty Latin America Ltd (Class A) | 3,019,733 | ||||||
82,923 | * | Liberty Latin America Ltd (Class C) | 806,012 | ||||||
112,382 | Spok Holdings, Inc | 1,020,429 | |||||||
709,756 | * | Vonage Holdings Corp | 7,509,218 | ||||||
TOTAL TELECOMMUNICATION SERVICES | 16,515,037 | ||||||||
TRANSPORTATION - 1.6% | |||||||||
161,832 | ArcBest Corp | 4,939,113 | |||||||
136,900 | * | Avis Budget Group, Inc | 4,609,423 | ||||||
128,596 | Forward Air Corp | 8,097,690 | |||||||
399,857 | Heartland Express, Inc | 7,321,382 | |||||||
195,449 | * | Hub Group, Inc (Class A) | 9,797,858 | ||||||
104,537 | Marten Transport Ltd | 1,604,120 | |||||||
192,564 | * | Radiant Logistics, Inc | 989,779 | ||||||
TOTAL TRANSPORTATION | 37,359,365 | ||||||||
UTILITIES - 2.1% | |||||||||
111,528 | Black Hills Corp | 6,319,177 | |||||||
218,125 | Clearway Energy, Inc (Class A) | 5,717,056 | |||||||
194,051 | NorthWestern Corp | 10,115,879 | |||||||
363,639 | Portland General Electric Co | 14,291,013 | |||||||
132,835 | South Jersey Industries, Inc | 2,559,730 | |||||||
93,777 | Southwest Gas Holdings Inc | 6,163,024 | |||||||
195,700 | * | Sunnova Energy International, Inc | 4,708,542 | ||||||
TOTAL UTILITIES | 49,874,421 | ||||||||
TOTAL COMMON STOCKS | 2,325,136,175 | ||||||||
(Cost $2,155,906,236) | |||||||||
SHORT-TERM INVESTMENTS - 2.1% | |||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 2.1% | |||||||||
47,873,333 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 47,873,333 | ||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 47,873,333 | ||||||||
TOTAL SHORT-TERM INVESTMENTS | 47,873,333 | ||||||||
(Cost $47,873,333) | |||||||||
TOTAL INVESTMENTS - 102.1% | 2,373,009,508 | ||||||||
(Cost $2,203,779,569) | |||||||||
OTHER ASSETS & LIABILITIES, NET - (2.1)% | (48,412,881 | ) | |||||||
NET ASSETS - 100.0% | $ | 2,324,596,627 |
Abbreviation(s): | |||
REIT Real Estate Investment Trust | |||
* | Non-income producing | ||
† | Security is categorized as Level 3 in the fair value hierarchy. |
47 |
TIAA-CREF FUNDS - Quant Small-Cap Equity Fund
c | Investments made with cash collateral received from securities on loan. | ||
e | All or a portion of these securities are out on loan. The aggregate value of securities on loan is $68,254,134. | ||
48 |
TIAA-CREF FUNDS - Quant Small/Mid-Cap Equity Fund
TIAA-CREF FUNDS
QUANT SMALL/MID-CAP EQUITY FUND
SCHEDULE OF INVESTMENTS
October 31, 2020
SHARES | COMPANY | VALUE | ||||||||
COMMON STOCKS - 99.8% | ||||||||||
AUTOMOBILES & COMPONENTS - 1.2% | ||||||||||
109,281 | * | Adient plc | $ | 2,318,943 | ||||||
83,760 | Harley-Davidson, Inc | 2,754,029 | ||||||||
76,635 | * | Stoneridge, Inc | 1,749,577 | |||||||
25,840 | Thor Industries, Inc | 2,185,547 | ||||||||
TOTAL AUTOMOBILES & COMPONENTS | 9,008,096 | |||||||||
BANKS - 5.9% | ||||||||||
53,670 | * | Axos Financial, Inc | 1,463,044 | |||||||
69,849 | Bank of NT Butterfield & Son Ltd | 1,848,205 | ||||||||
76,615 | BankUnited | 1,934,529 | ||||||||
57,323 | Berkshire Hills Bancorp, Inc | 746,919 | ||||||||
63,821 | Cathay General Bancorp | 1,501,708 | ||||||||
92,035 | Central Pacific Financial Corp | 1,267,322 | ||||||||
16,160 | Commerce Bancshares, Inc | 1,005,960 | ||||||||
34,713 | ConnectOne Bancorp, Inc | 535,622 | ||||||||
61,738 | Essent Group Ltd | 2,460,259 | ||||||||
428,372 | First Bancorp | 2,780,134 | ||||||||
2,970 | First Citizens Bancshares, Inc (Class A) | 1,374,219 | ||||||||
44,621 | Flagstar Bancorp, Inc | 1,309,626 | ||||||||
73,915 | Great Western Bancorp, Inc | 960,156 | ||||||||
87,769 | Hilltop Holdings, Inc | 2,002,011 | ||||||||
196,465 | MGIC Investment Corp | 1,976,438 | ||||||||
85,828 | National Bank Holdings Corp | 2,587,714 | ||||||||
75,099 | * | NMI Holdings, Inc | 1,613,877 | |||||||
101,660 | OFG Bancorp | 1,462,887 | ||||||||
96,379 | PacWest Bancorp | 1,854,332 | ||||||||
55,106 | Popular, Inc | 2,325,473 | ||||||||
41,782 | Prosperity Bancshares, Inc | 2,302,606 | ||||||||
91,882 | Radian Group, Inc | 1,649,282 | ||||||||
62,298 | TFS Financial Corp | 978,702 | ||||||||
73,086 | * | The Bancorp, Inc | 701,626 | |||||||
58,494 | Washington Federal, Inc | 1,245,337 | ||||||||
31,250 | Westamerica Bancorporation | 1,636,562 | ||||||||
71,055 | WSFS Financial Corp | 2,251,733 | ||||||||
TOTAL BANKS | 43,776,283 | |||||||||
CAPITAL GOODS - 10.4% | ||||||||||
65,302 | Advanced Drainage Systems, Inc | 4,142,106 | ||||||||
73,176 | * | Aecom Technology Corp | 3,281,212 | |||||||
29,560 | AGCO Corp | 2,277,007 | ||||||||
91,168 | * | Atkore International Group, Inc | 1,886,266 | |||||||
14,600 | * | Axon Enterprise, Inc | 1,443,940 | |||||||
50,439 | AZZ, Inc | 1,694,246 | ||||||||
39,410 | * | Beacon Roofing Supply, Inc | 1,209,887 | |||||||
221,537 | * | Bloom Energy Corp | 2,800,228 | |||||||
99,237 | * | BMC Stock Holdings, Inc | 3,928,793 |
49 |
TIAA-CREF FUNDS - Quant Small/Mid-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
97,222 | * | Builders FirstSource, Inc | $ | 2,945,827 | ||||||
39,100 | BWX Technologies, Inc | 2,150,891 | ||||||||
39,202 | Comfort Systems USA, Inc | 1,795,452 | ||||||||
57,301 | EMCOR Group, Inc | 3,907,355 | ||||||||
29,375 | EnPro Industries, Inc | 1,733,712 | ||||||||
109,606 | * | Evoqua Water Technologies Corp | 2,513,266 | |||||||
61,315 | Federal Signal Corp | 1,758,514 | ||||||||
66,186 | Flowserve Corp | 1,927,336 | ||||||||
92,394 | * | Foundation Building Materials, Inc | 1,345,257 | |||||||
26,657 | * | Gibraltar Industries, Inc | 1,531,445 | |||||||
45,410 | * | GMS, Inc | 1,026,266 | |||||||
27,157 | Graco, Inc | 1,681,018 | ||||||||
65,855 | * | Harsco Corp | 849,529 | |||||||
99,560 | Howmet Aerospace, Inc | 1,717,410 | ||||||||
76,075 | ITT, Inc | 4,603,298 | ||||||||
242,053 | * | MRC Global, Inc | 1,031,146 | |||||||
43,640 | * | MYR Group, Inc | 1,865,610 | |||||||
61,230 | * | Navistar International Corp | 2,639,625 | |||||||
166,370 | * | NOW, Inc | 677,126 | |||||||
86,662 | Primoris Services Corp | 1,635,312 | ||||||||
41,229 | Quanta Services, Inc | 2,573,926 | ||||||||
16,500 | * | RBC Bearings, Inc | 1,964,325 | |||||||
87,224 | Rexnord Corp | 2,798,146 | ||||||||
14,906 | Simpson Manufacturing Co, Inc | 1,322,460 | ||||||||
48,390 | * | SPX Corp | 2,051,252 | |||||||
40,950 | Toro Co | 3,361,995 | ||||||||
39,232 | * | Vectrus, Inc | 1,550,449 | |||||||
TOTAL CAPITAL GOODS | 77,621,633 | |||||||||
COMMERCIAL & PROFESSIONAL SERVICES - 1.4% | ||||||||||
61,414 | ABM Industries, Inc | 2,132,294 | ||||||||
90,660 | KAR Auction Services, Inc | 1,320,010 | ||||||||
80,730 | Kforce, Inc | 2,801,331 | ||||||||
56,280 | Kimball International, Inc (Class B) | 579,684 | ||||||||
30,100 | Manpower, Inc | 2,042,887 | ||||||||
6,115 | * | Seagen, Inc | 1,019,982 | |||||||
26,231 | * | SP Plus Corp | 483,437 | |||||||
TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 10,379,625 | |||||||||
CONSUMER DURABLES & APPAREL - 5.0% | ||||||||||
10,300 | * | Cavco Industries, Inc | 1,773,042 | |||||||
59,897 | * | CROCS, Inc | 3,134,410 | |||||||
50,961 | * | Malibu Boats, Inc | 2,590,348 | |||||||
151,620 | * | Nautilus, Inc | 3,288,638 | |||||||
182,091 | Newell Brands Inc | 3,215,727 | ||||||||
803 | * | NVR, Inc | 3,174,331 | |||||||
90,695 | Pulte Homes, Inc | 3,696,728 | ||||||||
40,840 | * | Purple Innovation, Inc | 1,158,631 | |||||||
59,638 | * | Skyline Champion Corp | 1,529,715 | |||||||
123,500 | * | Sonos, Inc | 1,803,100 | |||||||
84,723 | Steven Madden Ltd | 2,034,199 | ||||||||
32,955 | * | Tempur Sealy International, Inc | 2,932,995 | |||||||
21,681 | * | TopBuild Corp | 3,321,746 | |||||||
64,050 | * | YETI Holdings, Inc | 3,169,194 | |||||||
TOTAL CONSUMER DURABLES & APPAREL | 36,822,804 |
50 |
TIAA-CREF FUNDS - Quant Small/Mid-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
CONSUMER SERVICES - 3.4% | ||||||||||
82,314 | ARAMARK Holdings Corp | $ | 2,283,390 | |||||||
74,870 | Boyd Gaming Corp | 2,374,876 | ||||||||
39,680 | *,e | Caesars Entertainment, Inc | 1,778,458 | |||||||
47,229 | Dunkin Brands Group, Inc | 4,709,204 | ||||||||
47,592 | * | frontdoor, Inc | 1,885,595 | |||||||
109,840 | H&R Block, Inc | 1,895,838 | ||||||||
87,825 | * | Perdoceo Education Corp | 991,544 | |||||||
118,790 | Red Rock Resorts, Inc | 2,271,265 | ||||||||
17,645 | Strategic Education, Inc | 1,465,594 | ||||||||
64,314 | * | Terminix Global Holdings, Inc | 3,028,546 | |||||||
62,250 | Twin River Worldwide Holdings Inc | 1,510,808 | ||||||||
71,220 | * | WW International Inc | 1,507,015 | |||||||
TOTAL CONSUMER SERVICES | 25,702,133 | |||||||||
DIVERSIFIED FINANCIALS - 5.4% | ||||||||||
84,569 | Artisan Partners Asset Management, Inc | 3,387,834 | ||||||||
145,654 | Brightsphere Investment Group, Inc | 2,010,025 | ||||||||
92,582 | * | Cannae Holdings, Inc | 3,423,682 | |||||||
33,748 | Cohen & Steers, Inc | 1,900,350 | ||||||||
89,356 | Federated Investors, Inc (Class B) | 2,135,609 | ||||||||
77,040 | Jefferies Financial Group, Inc | 1,503,050 | ||||||||
71,113 | LPL Financial Holdings, Inc | 5,684,062 | ||||||||
16,206 | Morningstar, Inc | 3,085,298 | ||||||||
66,483 | OneMain Holdings, Inc | 2,319,592 | ||||||||
158,730 | Starwood Property Trust, Inc | 2,217,458 | ||||||||
34,621 | * | StoneX Group, Inc | 1,834,221 | |||||||
55,000 | Vanguard Small-Cap ETF | 8,641,050 | ||||||||
94,016 | Virtu Financial, Inc | 2,010,062 | ||||||||
TOTAL DIVERSIFIED FINANCIALS | 40,152,293 | |||||||||
ENERGY - 1.8% | ||||||||||
52,764 | Cimarex Energy Co | 1,338,623 | ||||||||
408,174 | * | Clean Energy Fuels Corp | 1,012,272 | |||||||
103,320 | Devon Energy Corp | 922,648 | ||||||||
100,470 | * | Green Plains Inc | 1,517,097 | |||||||
173,610 | * | Magnolia Oil & Gas Corp | 753,467 | |||||||
304,350 | Marathon Oil Corp | 1,205,226 | ||||||||
319,369 | * | NexTier Oilfield Solutions, Inc | 603,607 | |||||||
381,550 | Patterson-UTI Energy, Inc | 976,768 | ||||||||
47,771 | * | Renewable Energy Group, Inc | 2,694,284 | |||||||
71,530 | Targa Resources Investments, Inc | 1,148,057 | ||||||||
65,204 | World Fuel Services Corp | 1,372,544 | ||||||||
TOTAL ENERGY | 13,544,593 | |||||||||
FOOD & STAPLES RETAILING - 0.9% | ||||||||||
82,883 | Andersons, Inc | 1,797,732 | ||||||||
89,450 | *,e | Rite Aid Corp | 817,573 | |||||||
112,030 | SpartanNash Co | 2,062,472 | ||||||||
143,094 | * | United Natural Foods, Inc | 2,084,880 | |||||||
TOTAL FOOD & STAPLES RETAILING | 6,762,657 | |||||||||
FOOD, BEVERAGE & TOBACCO - 1.7% | ||||||||||
66,143 | Bunge Ltd | 3,752,292 | ||||||||
16,483 | * | Freshpet, Inc | 1,887,304 | |||||||
139,693 | * | Hostess Brands, Inc | 1,765,720 |
51 |
TIAA-CREF FUNDS - Quant Small/Mid-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
30,887 | Ingredion, Inc | $ | 2,189,579 | |||||||
52,780 | Lamb Weston Holdings, Inc | 3,348,891 | ||||||||
TOTAL FOOD, BEVERAGE & TOBACCO | 12,943,786 | |||||||||
HEALTH CARE EQUIPMENT & SERVICES - 6.5% | ||||||||||
61,000 | *,e | Co-Diagnostics, Inc | 818,010 | |||||||
242,140 | * | Community Health Systems, Inc | 1,510,954 | |||||||
6,644 | * | DexCom, Inc | 2,123,290 | |||||||
42,140 | Encompass Health Corp | 2,583,603 | ||||||||
123,910 | * | Evolent Health, Inc | 1,231,665 | |||||||
40,771 | Hill-Rom Holdings, Inc | 3,713,015 | ||||||||
23,655 | * | Magellan Health Services, Inc | 1,709,547 | |||||||
28,660 | * | Molina Healthcare, Inc | 5,344,230 | |||||||
24,097 | * | Nevro Corp | 3,595,513 | |||||||
28,900 | * | Ontrak, Inc | 1,769,836 | |||||||
49,198 | * | Orthofix Medical Inc | 1,537,929 | |||||||
83,120 | Owens & Minor, Inc | 2,087,974 | ||||||||
59,687 | Patterson Cos, Inc | 1,484,714 | ||||||||
67,370 | * | PPD, Inc | 2,215,126 | |||||||
36,181 | * | Providence Service Corp | 4,253,077 | |||||||
161,420 | * | R1 RCM, Inc | 2,892,646 | |||||||
91,266 | * | Select Medical Holdings Corp | 1,914,761 | |||||||
28,460 | * | Shockwave Medical Inc | 1,944,387 | |||||||
17,651 | * | Silk Road Medical Inc | 1,069,651 | |||||||
21,604 | * | Tandem Diabetes Care, Inc | 2,354,836 | |||||||
9,836 | *,e | Teladoc, Inc | 1,932,381 | |||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 48,087,145 | |||||||||
HOUSEHOLD & PERSONAL PRODUCTS - 0.9% | ||||||||||
107,344 | * | elf Beauty, Inc | 2,175,863 | |||||||
20,464 | Medifast, Inc | 2,874,987 | ||||||||
24,200 | Spectrum Brands Holdings, Inc | 1,376,254 | ||||||||
TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 6,427,104 | |||||||||
INSURANCE - 2.3% | ||||||||||
45,341 | American Financial Group, Inc | 3,397,855 | ||||||||
72,064 | Assured Guaranty Ltd | 1,839,794 | ||||||||
39,130 | First American Financial Corp | 1,744,807 | ||||||||
29,102 | Kemper Corp | 1,794,429 | ||||||||
23,126 | Mercury General Corp | 941,459 | ||||||||
35,947 | Selective Insurance Group, Inc | 1,871,401 | ||||||||
51,880 | W.R. Berkley Corp | 3,119,026 | ||||||||
2,849 | White Mountains Insurance Group Ltd | 2,587,832 | ||||||||
TOTAL INSURANCE | 17,296,603 | |||||||||
MATERIALS - 6.0% | ||||||||||
22,982 | Avery Dennison Corp | 3,180,479 | ||||||||
37,602 | Avient Corp | 1,168,294 | ||||||||
115,130 | * | Axalta Coating Systems Ltd | 2,890,914 | |||||||
70,957 | Boise Cascade Co | 2,723,330 | ||||||||
72,846 | CF Industries Holdings, Inc | 2,011,278 | ||||||||
37,473 | Commercial Metals Co | 773,818 | ||||||||
47,120 | Domtar Corp | 1,125,226 | ||||||||
162,485 | * | Element Solutions, Inc | 1,904,324 | |||||||
183,744 | Graphic Packaging Holding Co | 2,441,958 | ||||||||
19,279 | Innospec, Inc | 1,275,113 |
52 |
TIAA-CREF FUNDS - Quant Small/Mid-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
77,020 | Louisiana-Pacific Corp | $ | 2,201,232 | |||||||
16,697 | Materion Corp | 854,719 | ||||||||
34,184 | Reliance Steel & Aluminum Co | 3,725,714 | ||||||||
18,756 | Royal Gold, Inc | 2,228,400 | ||||||||
23,383 | Scotts Miracle-Gro Co (Class A) | 3,508,619 | ||||||||
36,610 | Sensient Technologies Corp | 2,395,392 | ||||||||
92,887 | Silgan Holdings, Inc | 3,199,957 | ||||||||
132,494 | * | Summit Materials, Inc | 2,343,819 | |||||||
93,411 | UFP Industries, Inc | 4,662,143 | ||||||||
TOTAL MATERIALS | 44,614,729 | |||||||||
MEDIA & ENTERTAINMENT - 1.1% | ||||||||||
40,924 | * | EverQuote Inc | 1,370,545 | |||||||
138,840 | *,e | iHeartMedia, Inc | 1,141,265 | |||||||
89,004 | * | Liberty Media Group (Class C) | 3,215,714 | |||||||
29,390 | * | Zillow Group, Inc (Class C) | 2,604,542 | |||||||
TOTAL MEDIA & ENTERTAINMENT | 8,332,066 | |||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 9.3% | ||||||||||
69,406 | * | Acadia Pharmaceuticals, Inc | 3,223,909 | |||||||
73,450 | *,e | Accelerate Diagnostics, Inc | 691,899 | |||||||
17,500 | * | Acceleron Pharma, Inc | 1,830,150 | |||||||
32,108 | * | Agios Pharmaceuticals, Inc | 1,286,568 | |||||||
243,997 | * | Akebia Therapeutics, Inc | 541,673 | |||||||
55,722 | * | Alkermes plc | 905,482 | |||||||
194,197 | * | Amicus Therapeutics, Inc | 3,462,533 | |||||||
26,840 | * | Arena Pharmaceuticals, Inc | 2,300,725 | |||||||
33,466 | * | Bluebird Bio, Inc | 1,730,527 | |||||||
31,740 | * | CareDx, Inc | 1,556,847 | |||||||
21,312 | * | Charles River Laboratories International, Inc | 4,852,742 | |||||||
27,480 | * | ChemoCentryx, Inc | 1,319,040 | |||||||
99,810 | * | Exelixis, Inc | 2,044,109 | |||||||
78,057 | *,e | Flexion Therapeutics, Inc | 935,903 | |||||||
147,051 | * | Halozyme Therapeutics, Inc | 4,117,428 | |||||||
99,453 | * | Horizon Therapeutics Plc | 7,452,013 | |||||||
38,240 | * | Intellia Therapeutics, Inc | 915,466 | |||||||
20,235 | * | Jazz Pharmaceuticals plc | 2,915,863 | |||||||
73,770 | * | Kura Oncology, Inc | 2,305,312 | |||||||
59,770 | * | MacroGenics, Inc | 1,160,136 | |||||||
47,766 | * | Natera, Inc | 3,212,741 | |||||||
15,496 | * | Neurocrine Biosciences, Inc | 1,528,990 | |||||||
31,718 | * | Novavax, Inc | 2,559,960 | |||||||
27,240 | * | Nurix Therapeutics, Inc | 688,900 | |||||||
51,194 | Perrigo Co plc | 2,245,881 | ||||||||
43,418 | Phibro Animal Health Corp | 713,792 | ||||||||
31,021 | * | PRA Health Sciences, Inc | 3,022,686 | |||||||
72,159 | * | Radius Health, Inc | 967,652 | |||||||
7,334 | * | Reata Pharmaceuticals, Inc | 855,951 | |||||||
53,450 | * | Retrophin, Inc | 1,081,828 | |||||||
24,156 | * | Sarepta Therapeutics, Inc | 3,283,042 | |||||||
17,720 | * | Schrodinger, Inc | 864,382 | |||||||
25,335 | * | United Therapeutics Corp | 3,400,717 | |||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 69,974,847 | |||||||||
REAL ESTATE - 7.9% | ||||||||||
20,884 | Agree Realty Corp | 1,296,270 |
53 |
TIAA-CREF FUNDS - Quant Small/Mid-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
126,801 | Alexander & Baldwin, Inc | $ | 1,629,393 | |||||||
47,287 | American Campus Communities, Inc | 1,771,371 | ||||||||
70,270 | American Homes 4 Rent | 1,986,533 | ||||||||
53,070 | Americold Realty Trust | 1,922,726 | ||||||||
32,353 | Camden Property Trust | 2,984,241 | ||||||||
96,200 | CareTrust REIT, Inc | 1,645,020 | ||||||||
130,516 | Columbia Property Trust, Inc | 1,380,859 | ||||||||
425,530 | Diversified Healthcare Trust | 1,231,909 | ||||||||
86,618 | Douglas Emmett, Inc | 2,044,185 | ||||||||
65,093 | Equity Commonwealth | 1,719,757 | ||||||||
69,886 | Equity Lifestyle Properties, Inc | 4,136,552 | ||||||||
57,679 | �� | First Industrial Realty Trust, Inc | 2,296,201 | |||||||
150,110 | Front Yard Residential Corp | 2,009,973 | ||||||||
60,737 | Gaming and Leisure Properties, Inc | 2,207,790 | ||||||||
53,918 | Getty Realty Corp | 1,416,965 | ||||||||
53,352 | Healthcare Realty Trust, Inc | 1,483,186 | ||||||||
91,649 | Hudson Pacific Properties | 1,765,160 | ||||||||
101,606 | Kennedy-Wilson Holdings, Inc | 1,339,167 | ||||||||
28,956 | Life Storage, Inc | 3,305,327 | ||||||||
66,830 | National Retail Properties, Inc | 2,139,228 | ||||||||
48,773 | NexPoint Residential Trust, Inc | 2,161,619 | ||||||||
98,380 | Omega Healthcare Investors, Inc | 2,834,328 | ||||||||
189,130 | Paramount Group, Inc | 1,093,171 | ||||||||
142,740 | Park Hotels & Resorts, Inc | 1,417,408 | ||||||||
96,440 | Physicians Realty Trust | 1,625,978 | ||||||||
10,202 | PS Business Parks, Inc | 1,163,334 | ||||||||
23,538 | RMR Group, Inc | 627,523 | ||||||||
47,405 | STAG Industrial, Inc | 1,475,244 | ||||||||
141,050 | VICI Properties, Inc | 3,237,098 | ||||||||
87,152 | Weingarten Realty Investors | 1,382,231 | ||||||||
TOTAL REAL ESTATE | 58,729,747 | |||||||||
RETAILING - 5.7% | ||||||||||
37,420 | Aaron’s Holdings Co, Inc | 1,955,569 | ||||||||
41,101 | * | Autonation, Inc | 2,331,660 | |||||||
83,070 | Bed Bath & Beyond, Inc | 1,644,786 | ||||||||
91,570 | Camping World Holdings, Inc | 2,421,111 | ||||||||
83,930 | * | CarParts.com, Inc | 1,065,072 | |||||||
82,229 | Core-Mark Holding Co, Inc | 2,248,963 | ||||||||
27,480 | * | Etsy, Inc | 3,341,293 | |||||||
257,250 | *,e | GameStop Corp (Class A) | 2,693,407 | |||||||
34,000 | * | GrubHub, Inc | 2,514,640 | |||||||
36,950 | * | Hibbett Sports, Inc | 1,397,079 | |||||||
175,875 | * | Magnite, Inc | 1,588,151 | |||||||
57,590 | * | MarineMax, Inc | 1,726,548 | |||||||
52,987 | * | National Vision Holdings, Inc | 2,136,966 | |||||||
58,690 | * | ODP Corp | 1,144,455 | |||||||
15,030 | Pool Corp | 5,257,945 | ||||||||
9,810 | * | RH | 3,288,606 | |||||||
54,675 | Sonic Automotive, Inc (Class A) | 1,971,581 | ||||||||
75,380 | * | Sportsman’s Warehouse Holdings, Inc | 981,448 | |||||||
363,700 | * | Waitr Holdings Inc | 927,435 | |||||||
61,272 | * | Zumiez, Inc | 1,715,616 | |||||||
TOTAL RETAILING | 42,352,331 |
54 |
TIAA-CREF FUNDS - Quant Small/Mid-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.4% | ||||||||||
191,524 | * | Amkor Technology, Inc | $ | 2,269,559 | ||||||
54,363 | Brooks Automation, Inc | 2,538,752 | ||||||||
23,105 | * | Enphase Energy, Inc | 2,266,370 | |||||||
68,467 | * | Formfactor, Inc | 1,941,040 | |||||||
41,435 | * | Impinj, Inc | 1,057,007 | |||||||
95,526 | * | Lattice Semiconductor Corp | 3,333,857 | |||||||
48,743 | Marvell Technology Group Ltd | 1,828,350 | ||||||||
168,548 | * | NeoPhotonics Corp Ltd | 1,147,812 | |||||||
73,059 | Teradyne, Inc | 6,418,233 | ||||||||
11,116 | Universal Display Corp | 2,204,414 | ||||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 25,005,394 | |||||||||
SOFTWARE & SERVICES - 11.0% | ||||||||||
36,903 | Amdocs Ltd | 2,080,591 | ||||||||
23,277 | * | Avalara, Inc | 3,469,437 | |||||||
96,180 | * | Avaya Holdings Corp | 1,654,296 | |||||||
45,268 | * | Black Knight, Inc | 3,981,321 | |||||||
54,359 | Booz Allen Hamilton Holding Co | 4,267,181 | ||||||||
14,659 | * | CACI International, Inc (Class A) | 3,056,841 | |||||||
95,760 | * | Cloudera, Inc | 930,787 | |||||||
50,446 | CoreLogic Inc | 3,880,811 | ||||||||
13,204 | * | DocuSign, Inc | 2,670,509 | |||||||
66,990 | * | Domo, Inc | 2,128,272 | |||||||
77,333 | * | Dynatrace, Inc | 2,730,628 | |||||||
32,015 | * | Elastic NV | 3,246,641 | |||||||
58,951 | EVERTEC, Inc | 1,961,889 | ||||||||
37,461 | * | Five9, Inc | 5,683,583 | |||||||
59,220 | Genpact Ltd | 2,035,391 | ||||||||
10,100 | * | Globant S.A. | 1,824,161 | |||||||
249,684 | * | Limelight Networks, Inc | 881,385 | |||||||
14,939 | Mantech International Corp (Class A) | 969,242 | ||||||||
144,050 | * | Nuance Communications, Inc | 4,596,636 | |||||||
100,765 | * | Nutanix, Inc | 2,452,620 | |||||||
22,179 | * | Paylocity Holding Corp | 4,114,648 | |||||||
37,691 | Pegasystems, Inc | 4,367,633 | ||||||||
140,819 | Perspecta, Inc | 2,524,885 | ||||||||
67,291 | Progress Software Corp | 2,447,374 | ||||||||
45,297 | * | RealPage, Inc | 2,522,590 | |||||||
49,813 | * | SPS Commerce, Inc | 4,263,495 | |||||||
98,276 | * | SVMK, Inc | 2,056,917 | |||||||
122,450 | Switch, Inc | 1,721,647 | ||||||||
34,522 | * | Zendesk, Inc | 3,829,871 | |||||||
TOTAL SOFTWARE & SERVICES | 82,351,282 | |||||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 3.1% | ||||||||||
292,550 | * | Arlo Technologies, Inc | 1,304,773 | |||||||
41,365 | * | Arrow Electronics, Inc | 3,221,920 | |||||||
85,255 | Avnet, Inc | 2,103,241 | ||||||||
16,170 | * | ePlus, Inc | 1,091,637 | |||||||
37,070 | * | Insight Enterprises, Inc | 1,977,685 | |||||||
70,136 | Jabil Inc | 2,324,307 | ||||||||
103,123 | * | Knowles Corp | 1,469,503 | |||||||
78,611 | National Instruments Corp | 2,458,952 | ||||||||
80,282 | * | Sanmina Corp | 1,962,092 |
55 |
TIAA-CREF FUNDS - Quant Small/Mid-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
25,321 | Synnex Corp | $ | 3,333,256 | |||||||
55,680 | * | Trimble Inc | 2,679,878 | |||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 23,927,244 | |||||||||
TELECOMMUNICATION SERVICES - 0.6% | ||||||||||
35,593 | * | GCI Liberty, Inc | 2,891,219 | |||||||
137,453 | * | Liberty Latin America Ltd (Class A) | 1,347,040 | |||||||
34,804 | * | Liberty Latin America Ltd (Class C) | 338,295 | |||||||
TOTAL TELECOMMUNICATION SERVICES | 4,576,554 | |||||||||
TRANSPORTATION - 2.3% | ||||||||||
61,402 | Alaska Air Group, Inc | 2,326,522 | ||||||||
67,331 | * | Echo Global Logistics, Inc | 1,815,917 | |||||||
28,826 | Forward Air Corp | 1,815,173 | ||||||||
87,175 | * | Hub Group, Inc (Class A) | 4,370,083 | |||||||
32,314 | Landstar System, Inc | 4,029,556 | ||||||||
116,310 | Marten Transport Ltd | 1,784,777 | ||||||||
27,020 | Werner Enterprises, Inc | 1,027,300 | ||||||||
TOTAL TRANSPORTATION | 17,169,328 | |||||||||
UTILITIES - 2.6% | ||||||||||
32,134 | Brookfield Renewable Corp | 2,145,587 | ||||||||
87,194 | Clearway Energy, Inc (Class A) | 2,285,355 | ||||||||
109,386 | MDU Resources Group, Inc | 2,599,011 | ||||||||
125,716 | NRG Energy, Inc | 3,975,140 | ||||||||
31,080 | ONE Gas, Inc | 2,145,763 | ||||||||
58,645 | Portland General Electric Co | 2,304,748 | ||||||||
212,707 | Vistra Energy Corp | 3,694,721 | ||||||||
TOTAL UTILITIES | 19,150,325 | |||||||||
TOTAL COMMON STOCKS | 744,708,602 | |||||||||
(Cost $673,585,238) | ||||||||||
SHORT-TERM INVESTMENTS - 0.7% | ||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.7% | ||||||||||
5,308,960 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 5,308,960 | |||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 5,308,960 | |||||||||
TOTAL SHORT-TERM INVESTMENTS | 5,308,960 | |||||||||
(Cost $5,308,960) | ||||||||||
TOTAL INVESTMENTS - 100.5% | 750,017,562 | |||||||||
(Cost $678,894,198) | ||||||||||
OTHER ASSETS & LIABILITIES, NET - (0.5)% | (4,143,318 | ) | ||||||||
NET ASSETS - 100.0% | $ | 745,874,244 |
Abbreviation(s): | |||
ETF Exchange Traded Fund | |||
REIT Real Estate Investment Trust | |||
* | Non-income producing | ||
c | Investments made with cash collateral received from securities on loan. | ||
e | All or a portion of these securities are out on loan. The aggregate value of securities on loan is $8,353,450. | ||
56 |
TIAA-CREF FUNDS - Social Choice Equity Fund
TIAA-CREF FUNDS
SOCIAL CHOICE EQUITY FUND
SCHEDULE OF INVESTMENTS
October 31, 2020
SHARES | COMPANY | VALUE | ||||||||
COMMON STOCKS - 99.3% | ||||||||||
AUTOMOBILES & COMPONENTS - 1.5% | ||||||||||
55,976 | Aptiv plc | $ | 5,401,124 | |||||||
12,746 | BorgWarner, Inc | 445,855 | ||||||||
86,264 | * | Tenneco, Inc | 743,596 | |||||||
183,253 | * | Tesla, Inc | 71,109,494 | |||||||
TOTAL AUTOMOBILES & COMPONENTS | 77,700,069 | |||||||||
BANKS - 2.4% | ||||||||||
1,694 | Ameris Bancorp | 49,634 | ||||||||
26,689 | Associated Banc-Corp | 365,372 | ||||||||
47,422 | Bank OZK | 1,175,117 | ||||||||
3,518 | Banner Corp | 129,709 | ||||||||
47,884 | Berkshire Hills Bancorp, Inc | 623,929 | ||||||||
6,267 | Brookline Bancorp, Inc | 60,038 | ||||||||
8,221 | Bryn Mawr Bank Corp | 220,816 | ||||||||
1,799 | Cadence BanCorp | 20,185 | ||||||||
3,985 | Camden National Corp | 127,400 | ||||||||
471,252 | Citizens Financial Group, Inc | 12,841,617 | ||||||||
440 | Columbia Banking System, Inc | 12,500 | ||||||||
108,335 | Comerica, Inc | 4,930,326 | ||||||||
337 | Commerce Bancshares, Inc | 20,978 | ||||||||
1,572 | Community Trust Bancorp, Inc | 50,021 | ||||||||
3,270 | Cullen/Frost Bankers, Inc | 229,783 | ||||||||
46,110 | * | Customers Bancorp, Inc | 637,240 | |||||||
8,730 | * | Equity Bancshares, Inc | 160,457 | |||||||
12,542 | Federal Agricultural Mortgage Corp (Class C) | 810,088 | ||||||||
10,587 | First Busey Corp | 190,460 | ||||||||
44,108 | First Republic Bank | 5,563,783 | ||||||||
1,130 | FNB Corp | 8,543 | ||||||||
540 | Glacier Bancorp, Inc | 19,332 | ||||||||
52,448 | Great Western Bancorp, Inc | 681,300 | ||||||||
1,279 | Hancock Whitney Corp | 29,251 | ||||||||
47,968 | Hanmi Financial Corp | 431,232 | ||||||||
8,920 | Heartland Financial USA, Inc | 293,825 | ||||||||
3,902 | Heritage Financial Corp | 81,786 | ||||||||
19,184 | HomeStreet, Inc | 596,047 | ||||||||
13,122 | HomeTrust Bancshares, Inc | 209,558 | ||||||||
285,811 | Huntington Bancshares, Inc | 2,983,867 | ||||||||
118,883 | Investors Bancorp, Inc | 1,005,750 | ||||||||
94,874 | Kearny Financial Corp | 796,942 | ||||||||
218,676 | Keycorp | 2,838,414 | ||||||||
24,031 | Live Oak Bancshares, Inc | 895,876 | ||||||||
82,152 | M&T Bank Corp | 8,509,304 | ||||||||
17,553 | MGIC Investment Corp | 176,583 | ||||||||
15,374 | * | Mr Cooper Group, Inc | 324,084 | |||||||
26,162 | National Bank Holdings Corp | 788,784 | ||||||||
310 | NBT Bancorp, Inc | 8,488 |
57 |
TIAA-CREF FUNDS - Social Choice Equity Fund
SHARES | COMPANY | VALUE | ||||||||
468,877 | New York Community Bancorp, Inc | $ | 3,896,368 | |||||||
22,664 | Northfield Bancorp, Inc | 230,266 | ||||||||
7,838 | Old National Bancorp | 109,575 | ||||||||
166,628 | People’s United Financial, Inc | 1,777,921 | ||||||||
53,702 | Pinnacle Financial Partners, Inc | 2,459,015 | ||||||||
259,889 | PNC Financial Services Group, Inc | 29,076,381 | ||||||||
682,855 | Regions Financial Corp | 9,081,972 | ||||||||
5,811 | Signature Bank | 469,180 | ||||||||
6,239 | Sterling Bancorp | 83,478 | ||||||||
12,826 | Stock Yards Bancorp, Inc | 490,210 | ||||||||
19,485 | * | SVB Financial Group | 5,664,290 | |||||||
1,879 | * | Texas Capital Bancshares, Inc | 84,555 | |||||||
10,055 | TFS Financial Corp | 157,964 | ||||||||
17,614 | * | The Bancorp, Inc | 169,094 | |||||||
3,796 | Trico Bancshares | 109,818 | ||||||||
31,975 | * | Tristate Capital Holdings, Inc | 402,565 | |||||||
513,618 | Truist Financial Corp | 21,633,590 | ||||||||
350 | Trustmark Corp | 8,187 | ||||||||
2,167 | UMB Financial Corp | 131,905 | ||||||||
650 | Umpqua Holdings Corp | 8,164 | ||||||||
3,046 | United Bankshares, Inc | 79,897 | ||||||||
17,523 | Univest Financial Corp | 277,915 | ||||||||
3,230 | Webster Financial Corp | 104,038 | ||||||||
21,910 | WesBanco, Inc | 532,194 | ||||||||
1,553 | Westamerica Bancorporation | 81,331 | ||||||||
230 | Wintrust Financial Corp | 11,323 | ||||||||
684 | WSFS Financial Corp | 21,676 | ||||||||
55,123 | Zions Bancorporation | 1,778,819 | ||||||||
TOTAL BANKS | 127,830,110 | |||||||||
CAPITAL GOODS - 5.5% | ||||||||||
213,347 | 3M Co | 34,126,986 | �� | |||||||
954 | Acuity Brands, Inc | 85,040 | ||||||||
16,472 | * | Aegion Corp | 232,420 | |||||||
40,971 | * | Astronics Corp | 262,214 | |||||||
85,519 | * | Axon Enterprise, Inc | 8,457,829 | |||||||
46,198 | Barnes Group, Inc | 1,695,467 | ||||||||
419 | * | Beacon Roofing Supply, Inc | 12,863 | |||||||
145,855 | * | Bloom Energy Corp | 1,843,607 | |||||||
17,565 | Carlisle Cos, Inc | 2,175,777 | ||||||||
186,879 | Caterpillar, Inc | 29,349,347 | ||||||||
41,474 | Cubic Corp | 2,451,528 | ||||||||
35,835 | Cummins, Inc | 7,879,758 | ||||||||
74,317 | Curtiss-Wright Corp | 6,269,382 | ||||||||
99,550 | Deere & Co | 22,489,340 | ||||||||
171,470 | Eaton Corp | 17,796,871 | ||||||||
1,365 | EMCOR Group, Inc | 93,079 | ||||||||
119,034 | Fastenal Co | 5,145,840 | ||||||||
99,730 | Fortive Corp | 6,143,368 | ||||||||
300 | GATX Corp | 20,484 | ||||||||
245 | Granite Construction, Inc | 4,731 | ||||||||
11,668 | * | Herc Holdings, Inc | 517,592 | |||||||
143,741 | Hexcel Corp | 4,812,449 | ||||||||
1,801 | IDEX Corp | 306,872 | ||||||||
160,575 | Illinois Tool Works, Inc | 31,453,431 | ||||||||
317,614 | Johnson Controls International plc | 13,406,487 |
58 |
TIAA-CREF FUNDS - Social Choice Equity Fund
SHARES | COMPANY | VALUE | ||||||||
171,085 | Masco Corp | $ | 9,170,156 | |||||||
92,806 | * | Mercury Systems, Inc | 6,392,477 | |||||||
23,535 | Moog, Inc (Class A) | 1,468,349 | ||||||||
3,829 | * | MYR Group, Inc | 163,690 | |||||||
6,412 | Owens Corning, Inc | 419,794 | ||||||||
59,731 | PACCAR, Inc | 5,099,833 | ||||||||
47,521 | Parker-Hannifin Corp | 9,901,476 | ||||||||
85,389 | * | Plug Power, Inc | 1,195,446 | |||||||
37,955 | Rockwell Automation, Inc | 8,999,890 | ||||||||
36,980 | Roper Technologies Inc | 13,732,153 | ||||||||
3,916 | Rush Enterprises, Inc (Class A) | 140,349 | ||||||||
9,292 | Snap-On, Inc | 1,463,769 | ||||||||
37,441 | * | Teledyne Technologies, Inc | 11,574,885 | |||||||
69,059 | Trane Technologies plc | 9,167,582 | ||||||||
19,636 | * | Trimas Corp | 477,744 | |||||||
30,230 | * | United Rentals, Inc | 5,389,707 | |||||||
6,730 | * | Vectrus, Inc | 265,970 | |||||||
13,236 | W.W. Grainger, Inc | 4,632,865 | ||||||||
1,174 | Wabash National Corp | 16,741 | ||||||||
4,192 | * | WESCO International, Inc | 172,878 | |||||||
36,655 | Woodward Inc | 2,915,905 | ||||||||
36,530 | Xylem, Inc | 3,183,224 | ||||||||
TOTAL CAPITAL GOODS | 292,977,645 | |||||||||
COMMERCIAL & PROFESSIONAL SERVICES - 1.4% | ||||||||||
540 | ABM Industries, Inc | 18,749 | ||||||||
9,872 | ACCO Brands Corp | 52,025 | ||||||||
970 | * | ASGN Inc | 64,680 | |||||||
13,974 | Cintas Corp | 4,395,522 | ||||||||
138,324 | * | Copart, Inc | 15,265,437 | |||||||
650 | Covanta Holding Corp | 5,902 | ||||||||
11,966 | * | FTI Consulting, Inc | 1,178,172 | |||||||
4,282 | Heidrick & Struggles International, Inc | 97,844 | ||||||||
8,866 | * | Huron Consulting Group, Inc | 335,667 | |||||||
4,156 | ICF International, Inc | 271,761 | ||||||||
262,982 | IHS Markit Ltd | 21,267,354 | ||||||||
39,570 | Kelly Services, Inc (Class A) | 687,727 | ||||||||
5,758 | Kimball International, Inc (Class B) | 59,307 | ||||||||
590 | Knoll, Inc | 6,761 | ||||||||
69,279 | Nielsen NV | 935,959 | ||||||||
19,611 | Resources Connection, Inc | 210,622 | ||||||||
52,605 | Robert Half International, Inc | 2,666,548 | ||||||||
1,210 | Steelcase, Inc (Class A) | 12,632 | ||||||||
120,100 | TransUnion | 9,567,166 | ||||||||
2,825 | * | TriNet Group, Inc | 194,699 | |||||||
14,026 | Verisk Analytics, Inc | 2,496,207 | ||||||||
34,600 | Viad Corp | 692,000 | ||||||||
145,676 | Waste Management, Inc | 15,719,897 | ||||||||
TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 76,202,638 | |||||||||
CONSUMER DURABLES & APPAREL - 1.5% | ||||||||||
13,930 | Callaway Golf Co | 215,776 | ||||||||
396 | Columbia Sportswear Co | 29,538 | ||||||||
48,547 | DR Horton, Inc | 3,243,425 | ||||||||
41,286 | Ethan Allen Interiors, Inc | 662,640 | ||||||||
6,860 | Garmin Ltd | 713,577 |
59 |
TIAA-CREF FUNDS - Social Choice Equity Fund
SHARES | COMPANY | VALUE | ||||||||
9,306 | * | Green Brick Partners, Inc | $ | 166,484 | ||||||
258 | Hasbro, Inc | 21,342 | ||||||||
23,776 | *,e | iRobot Corp | 1,892,094 | |||||||
39,735 | Lennar Corp (Class A) | 2,790,589 | ||||||||
27,336 | * | Lululemon Athletica, Inc | 8,728,111 | |||||||
17,259 | * | Mohawk Industries, Inc | 1,780,956 | |||||||
5,483 | Newell Brands Inc | 96,830 | ||||||||
392,949 | Nike, Inc (Class B) | 47,185,316 | ||||||||
2,134 | * | NVR, Inc | 8,435,894 | |||||||
1,614 | PVH Corp | 94,080 | ||||||||
136,133 | * | Sonos, Inc | 1,987,542 | |||||||
57,495 | VF Corp | 3,863,664 | ||||||||
TOTAL CONSUMER DURABLES & APPAREL | 81,907,858 | |||||||||
CONSUMER SERVICES - 2.7% | ||||||||||
26,652 | * | American Public Education, Inc | 753,452 | |||||||
33,683 | * | Bright Horizons Family Solutions | 5,323,598 | |||||||
27,978 | Carriage Services, Inc | 722,112 | ||||||||
8,322 | * | Chipotle Mexican Grill, Inc (Class A) | 9,998,717 | |||||||
34,706 | Darden Restaurants, Inc | 3,190,175 | ||||||||
79,641 | e | Dave & Buster’s Entertainment, Inc | 1,366,640 | |||||||
320 | Dine Brands Global Inc. | 16,464 | ||||||||
24,042 | Domino’s Pizza, Inc | 9,095,569 | ||||||||
6,529 | Dunkin Brands Group, Inc | 651,007 | ||||||||
36,071 | * | El Pollo Loco Holdings, Inc | 509,322 | |||||||
12,999 | * | frontdoor, Inc | 515,020 | |||||||
7,258 | Graham Holdings Co | 2,760,508 | ||||||||
237,102 | Hilton Worldwide Holdings, Inc | 20,819,927 | ||||||||
17,475 | Marriott Vacations Worldwide Corp | 1,688,085 | ||||||||
28,107 | * | Planet Fitness, Inc | 1,665,902 | |||||||
48,242 | *,e | Regis Corp | 267,261 | |||||||
214,045 | Royal Caribbean Cruises Ltd | 12,076,419 | ||||||||
79,942 | Service Corp International | 3,702,114 | ||||||||
3,259 | * | Shake Shack, Inc | 220,048 | |||||||
73,527 | Six Flags Entertainment Corp | 1,589,654 | ||||||||
451,787 | Starbucks Corp | 39,287,397 | ||||||||
87,949 | * | Terminix Global Holdings, Inc | 4,141,518 | |||||||
19,207 | Vail Resorts, Inc | 4,456,792 | ||||||||
74,915 | Wendy’s | 1,636,893 | ||||||||
23,431 | * | WW International Inc | 495,800 | |||||||
164,403 | Yum! Brands, Inc | 15,343,732 | ||||||||
TOTAL CONSUMER SERVICES | 142,294,126 | |||||||||
DIVERSIFIED FINANCIALS - 5.8% | ||||||||||
99,673 | Ally Financial, Inc | 2,659,276 | ||||||||
314,079 | American Express Co | 28,656,568 | ||||||||
502,214 | Bank of New York Mellon Corp | 17,256,073 | ||||||||
49,759 | BlackRock, Inc | 29,816,090 | ||||||||
616,865 | Charles Schwab Corp | 25,359,320 | ||||||||
127,359 | CME Group, Inc | 19,195,548 | ||||||||
280 | Cohen & Steers, Inc | 15,767 | ||||||||
358,261 | Discover Financial Services | 23,290,548 | ||||||||
8,872 | Factset Research Systems, Inc | 2,719,268 | ||||||||
93,919 | Franklin Resources, Inc | 1,760,981 | ||||||||
9,333 | * | Green Dot Corp | 497,636 | |||||||
350,309 | Intercontinental Exchange Group, Inc | 33,069,170 |
60 |
TIAA-CREF FUNDS - Social Choice Equity Fund
SHARES | COMPANY | VALUE | ||||||||
36,329 | Invesco Ltd | $ | 476,273 | |||||||
18,792 | MarketAxess Holdings, Inc | 10,126,069 | ||||||||
66,740 | Moody’s Corp | 17,545,946 | ||||||||
678,549 | Morgan Stanley | 32,672,134 | ||||||||
22,879 | Nasdaq Inc | 2,768,130 | ||||||||
14,006 | *,† | NewStar Financial, Inc | 3,382 | |||||||
119,931 | Northern Trust Corp | 9,386,999 | ||||||||
5,668 | * | PRA Group, Inc | 193,449 | |||||||
198,276 | Redwood Trust, Inc | 1,685,346 | ||||||||
107,469 | S&P Global, Inc | 34,683,470 | ||||||||
123,600 | State Street Corp | 7,280,040 | ||||||||
27,351 | T Rowe Price Group, Inc | 3,464,278 | ||||||||
25,591 | Voya Financial, Inc | 1,226,577 | ||||||||
TOTAL DIVERSIFIED FINANCIALS | 305,808,338 | |||||||||
ENERGY - 2.0% | ||||||||||
415,657 | Antero Midstream Corp | 2,381,715 | ||||||||
168,015 | Apache Corp | 1,394,524 | ||||||||
221,597 | Baker Hughes Co | 3,272,988 | ||||||||
2,812 | * | ChampionX Corp | 24,549 | |||||||
131,742 | * | Cheniere Energy, Inc | 6,306,490 | |||||||
429,712 | Chevron Corp | 29,864,984 | ||||||||
12,907 | Cimarex Energy Co | 327,451 | ||||||||
473,573 | ConocoPhillips | 13,553,659 | ||||||||
2,207 | Delek US Holdings, Inc | 22,202 | ||||||||
211,025 | EQT Corp | 3,194,918 | ||||||||
244,595 | * | Helix Energy Solutions Group, Inc | 606,596 | |||||||
96,629 | Hess Corp | 3,596,531 | ||||||||
950,369 | Kinder Morgan, Inc | 11,309,391 | ||||||||
681,982 | Kosmos Energy Ltd | 678,095 | ||||||||
1,400,276 | Marathon Oil Corp | 5,545,093 | ||||||||
14,654 | * | Matrix Service Co | 111,370 | |||||||
4,184 | National Oilwell Varco, Inc | 35,146 | ||||||||
12,097 | * | Oceaneering International, Inc | 49,356 | |||||||
19,522 | ONEOK, Inc | 566,138 | ||||||||
213,830 | Parsley Energy, Inc | 2,140,438 | ||||||||
496,614 | Schlumberger Ltd | 7,419,413 | ||||||||
101,258 | * | Select Energy Services, Inc | 305,799 | |||||||
744,346 | * | Southwestern Energy Co | 1,987,404 | |||||||
201,345 | Valero Energy Corp | 7,773,930 | ||||||||
250,531 | Williams Cos, Inc | 4,807,690 | ||||||||
TOTAL ENERGY | 107,275,870 | |||||||||
FOOD & STAPLES RETAILING - 0.6% | ||||||||||
191,931 | * | BJ’s Wholesale Club Holdings, Inc | 7,349,038 | |||||||
53,353 | Casey’s General Stores, Inc | 8,993,715 | ||||||||
53,344 | * | Chefs’ Warehouse Holdings, Inc | 721,211 | |||||||
13,836 | * | Performance Food Group Co | 465,028 | |||||||
37,095 | Pricesmart, Inc | 2,559,555 | ||||||||
59,184 | SpartanNash Co | 1,089,577 | ||||||||
201,369 | * | Sprouts Farmers Market, Inc | 3,836,080 | |||||||
92,192 | * | United Natural Foods, Inc | 1,343,237 | |||||||
249,841 | * | US Foods Holding Corp | 5,221,677 | |||||||
16,307 | Weis Markets, Inc | 740,501 | ||||||||
TOTAL FOOD & STAPLES RETAILING | 32,319,619 |
61 |
TIAA-CREF FUNDS - Social Choice Equity Fund
SHARES | COMPANY | VALUE | ||||||||
FOOD, BEVERAGE & TOBACCO - 3.0% | ||||||||||
47,253 | * | Beyond Meat, Inc | $ | 6,730,245 | ||||||
75,680 | Campbell Soup Co | 3,531,986 | ||||||||
1,059,748 | Coca-Cola Co | 50,931,489 | ||||||||
52,427 | Fresh Del Monte Produce, Inc | 1,128,753 | ||||||||
366,471 | General Mills, Inc | 21,665,766 | ||||||||
3,800 | * | Hain Celestial Group, Inc | 116,850 | |||||||
206,505 | Hormel Foods Corp | 10,054,728 | ||||||||
130,364 | Kellogg Co | 8,198,592 | ||||||||
35,028 | McCormick & Co, Inc | 6,322,904 | ||||||||
395,304 | PepsiCo, Inc | 52,690,070 | ||||||||
6,553 | * | TreeHouse Foods, Inc | 254,519 | |||||||
TOTAL FOOD, BEVERAGE & TOBACCO | 161,625,902 | |||||||||
HEALTH CARE EQUIPMENT & SERVICES - 7.3% | ||||||||||
36,512 | * | Abiomed, Inc | 9,196,643 | |||||||
42,465 | * | Align Technology, Inc | 18,093,487 | |||||||
276,774 | * | Allscripts Healthcare Solutions, Inc | 2,789,882 | |||||||
59,123 | * | Angiodynamics, Inc | 611,332 | |||||||
198,633 | * | Antares Pharma, Inc | 542,268 | |||||||
27,438 | * | AtriCure, Inc | 948,257 | |||||||
983 | *,e | Axonics Modulation Technologies, Inc | 46,093 | |||||||
42,429 | Becton Dickinson & Co | 9,806,615 | ||||||||
1,171 | * | BioTelemetry, Inc | 49,861 | |||||||
142,328 | Cardinal Health, Inc | 6,517,199 | ||||||||
21,971 | * | Cardiovascular Systems, Inc | 783,266 | |||||||
363,861 | * | Centene Corp | 21,504,185 | |||||||
315,666 | Cerner Corp | 22,125,030 | ||||||||
238,681 | * | Cerus Corp | 1,253,075 | |||||||
68,573 | Cigna Corp | 11,449,634 | ||||||||
19,097 | Computer Programs & Systems, Inc | 532,615 | ||||||||
34,556 | Cooper Cos, Inc | 11,025,092 | ||||||||
86,367 | * | Covetrus, Inc | 2,132,401 | |||||||
349,817 | CVS Health Corp | 19,621,236 | ||||||||
174,825 | Dentsply Sirona, Inc | 8,249,992 | ||||||||
47,832 | * | DexCom, Inc | 15,286,151 | |||||||
356,778 | * | Edwards Lifesciences Corp | 25,577,415 | |||||||
141,106 | * | Envista Holdings Corp | 3,728,021 | |||||||
116,147 | * | GenMark Diagnostics, Inc | 1,419,316 | |||||||
12,520 | *,e | Glaukos Corp | 700,118 | |||||||
49,224 | * | Globus Medical, Inc | 2,565,555 | |||||||
10,134 | * | Guardant Health, Inc | 1,080,892 | |||||||
7,898 | * | Haemonetics Corp | 798,409 | |||||||
105,672 | HCA Healthcare, Inc | 13,096,988 | ||||||||
55,315 | *,e | Health Catalyst, Inc | 1,907,261 | |||||||
22,037 | * | Henry Schein, Inc | 1,401,112 | |||||||
11,725 | *,e | Heska Corp | 1,375,694 | |||||||
24,212 | Hill-Rom Holdings, Inc | 2,204,987 | ||||||||
57,975 | * | HMS Holdings Corp | 1,543,294 | |||||||
92,217 | * | Hologic, Inc | 6,346,374 | |||||||
85,719 | Humana, Inc | 34,225,882 | ||||||||
49,662 | * | IDEXX Laboratories, Inc | 21,097,411 | |||||||
7,998 | * | Inogen, Inc | 233,622 | |||||||
18,829 | * | Integer Holding Corp | 1,100,555 | |||||||
37,957 | * | Laboratory Corp of America Holdings | 7,582,670 | |||||||
25,670 | LeMaitre Vascular, Inc | 833,762 |
62 |
TIAA-CREF FUNDS - Social Choice Equity Fund
SHARES | COMPANY | VALUE | ||||||||
7,921 | * | LivaNova plc | $ | 398,743 | ||||||
44,176 | * | Livongo Health, Inc | 5,638,374 | |||||||
1,635 | * | Magellan Health Services, Inc | 118,161 | |||||||
71,174 | * | Meridian Bioscience, Inc | 1,220,634 | |||||||
90,554 | * | Merit Medical Systems, Inc | 4,532,228 | |||||||
94,024 | * | NextGen Healthcare, Inc | 1,278,726 | |||||||
36,544 | * | Omnicell, Inc | 3,162,883 | |||||||
98,521 | * | OraSure Technologies, Inc | 1,471,904 | |||||||
30,909 | * | Orthofix Medical Inc | 966,215 | |||||||
32,142 | Owens & Minor, Inc | 807,407 | ||||||||
13,076 | * | Penumbra, Inc | 3,413,228 | |||||||
1,887 | Premier, Inc | 61,761 | ||||||||
2,365 | * | Providence Service Corp | 278,006 | |||||||
22,904 | Quest Diagnostics, Inc | 2,797,495 | ||||||||
64,485 | * | Quidel Corp | 17,300,681 | |||||||
68,280 | Resmed, Inc | 13,105,663 | ||||||||
41,276 | * | Staar Surgical Co | 2,992,510 | |||||||
27,192 | STERIS plc | 4,818,150 | ||||||||
27,194 | * | Tactile Systems Technology, Inc | 994,757 | |||||||
22,729 | * | Tandem Diabetes Care, Inc | 2,477,461 | |||||||
59,891 | *,e | Teladoc, Inc | 11,766,186 | |||||||
4,038 | * | Triple-S Management Corp (Class B) | 74,784 | |||||||
31,883 | * | Varian Medical Systems, Inc | 5,509,382 | |||||||
52,629 | * | Vocera Communications, Inc | 1,725,179 | |||||||
37,317 | West Pharmaceutical Services, Inc | 10,152,836 | ||||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 388,447,006 | |||||||||
HOUSEHOLD & PERSONAL PRODUCTS - 2.6% | ||||||||||
71,778 | Clorox Co | 14,875,991 | ||||||||
260,833 | Colgate-Palmolive Co | 20,577,115 | ||||||||
67,985 | Estee Lauder Cos (Class A) | 14,933,585 | ||||||||
54,856 | Kimberly-Clark Corp | 7,273,357 | ||||||||
579,363 | Procter & Gamble Co | 79,430,667 | ||||||||
TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 137,090,715 | |||||||||
INSURANCE - 2.7% | ||||||||||
275,241 | Aflac, Inc | 9,344,432 | ||||||||
96,775 | Allstate Corp | 8,588,781 | ||||||||
63,527 | Aon plc | 11,689,603 | ||||||||
198,853 | Chubb Ltd | 25,832,993 | ||||||||
1,444 | * | eHealth, Inc | 96,907 | |||||||
178,033 | Loews Corp | 6,174,185 | ||||||||
237,157 | Marsh & McLennan Cos, Inc | 24,536,263 | ||||||||
245,742 | Progressive Corp | 22,583,690 | ||||||||
268,139 | Prudential Financial, Inc | 17,166,259 | ||||||||
128,444 | Travelers Cos, Inc | 15,504,475 | ||||||||
366 | White Mountains Insurance Group Ltd | 332,449 | ||||||||
12,115 | Willis Towers Watson plc | 2,210,745 | ||||||||
TOTAL INSURANCE | 144,060,782 | |||||||||
MATERIALS - 3.0% | ||||||||||
10,332 | Aptargroup, Inc | 1,178,778 | ||||||||
203,433 | Ball Corp | 18,105,537 | ||||||||
78,491 | * | Century Aluminum Co | 516,471 | |||||||
1,709 | Compass Minerals International, Inc | 103,189 | ||||||||
441,519 | DuPont de Nemours, Inc | 25,113,601 |
63 |
TIAA-CREF FUNDS - Social Choice Equity Fund
SHARES | COMPANY | VALUE | ||||||||
140,693 | Ecolab, Inc | $ | 25,829,828 | |||||||
945 | H.B. Fuller Co | 42,761 | ||||||||
13,047 | e | International Flavors & Fragrances, Inc | 1,339,405 | |||||||
200,605 | Linde plc | 44,201,306 | ||||||||
121,472 | Mosaic Co | 2,247,232 | ||||||||
417,007 | Newmont Goldcorp Corp | 26,204,720 | ||||||||
127,761 | Nucor Corp | 6,101,865 | ||||||||
19,087 | PPG Industries, Inc | 2,475,966 | ||||||||
2,337 | Reliance Steel & Aluminum Co | 254,710 | ||||||||
4,126 | Schnitzer Steel Industries, Inc (Class A) | 86,646 | ||||||||
145,000 | * | Summit Materials, Inc | 2,565,050 | |||||||
21,681 | Trinseo S.A. | 689,889 | ||||||||
26,495 | * | US Concrete, Inc | 899,770 | |||||||
TOTAL MATERIALS | 157,956,724 | |||||||||
MEDIA & ENTERTAINMENT - 8.2% | ||||||||||
446,292 | Activision Blizzard, Inc | 33,797,693 | ||||||||
57,556 | * | Alphabet, Inc (Class A) | 93,016,827 | |||||||
56,910 | * | Alphabet, Inc (Class C) | 92,251,679 | |||||||
2,390 | Cable One, Inc | 4,139,145 | ||||||||
3,219 | *,e | Cardlytics, Inc | 237,627 | |||||||
183,270 | e | Cinemark Holdings, Inc | 1,500,981 | |||||||
1,339,952 | Comcast Corp (Class A) | 56,599,572 | ||||||||
269,201 | *,e | Discovery, Inc (Class A) | 5,448,628 | |||||||
380,411 | * | Discovery, Inc (Class C) | 6,969,129 | |||||||
155,882 | * | Electronic Arts, Inc | 18,679,340 | |||||||
66,194 | * | Gray Television, Inc | 839,340 | |||||||
103,389 | *,e | iHeartMedia, Inc | 849,858 | |||||||
84,829 | * | Imax Corp | 978,078 | |||||||
48,734 | John Wiley & Sons, Inc (Class A) | 1,508,805 | ||||||||
170,308 | * | Liberty Broadband Corp (Class C) | 24,134,347 | |||||||
32,610 | * | Live Nation, Inc | 1,591,368 | |||||||
21,183 | Loral Space & Communications, Inc | 368,796 | ||||||||
17,298 | * | Madison Square Garden Co | 2,450,089 | |||||||
58,591 | New York Times Co (Class A) | 2,323,719 | ||||||||
200,000 | Nuveen ESG Large-Cap ETF | 6,190,540 | ||||||||
294,588 | Omnicom Group, Inc | 13,904,554 | ||||||||
444,612 | * | Pinterest, Inc | 26,209,877 | |||||||
38,431 | Scholastic Corp | 759,397 | ||||||||
91,589 | e | Sinclair Broadcast Group, Inc (Class A) | 1,701,724 | |||||||
1,457,705 | Sirius XM Holdings, Inc | 8,352,650 | ||||||||
77,379 | * | Take-Two Interactive Software, Inc | 11,987,555 | |||||||
8,077 | TEGNA, Inc | 97,166 | ||||||||
179,898 | TripAdvisor, Inc | 3,437,851 | ||||||||
39,121 | World Wrestling Entertainment, Inc (Class A) | 1,422,440 | ||||||||
1,539,472 | * | Zynga, Inc | 13,839,853 | |||||||
TOTAL MEDIA & ENTERTAINMENT | 435,588,628 | |||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.0% | ||||||||||
387,840 | AbbVie, Inc | 33,005,184 | ||||||||
54,132 | * | Acadia Pharmaceuticals, Inc | 2,514,431 | |||||||
40,357 | *,e | Accelerate Diagnostics, Inc | 380,163 | |||||||
72,985 | * | Aerie Pharmaceuticals, Inc | 774,371 | |||||||
150,551 | Agilent Technologies, Inc | 15,369,752 | ||||||||
46,854 | * | Agios Pharmaceuticals, Inc | 1,877,440 | |||||||
180,747 | Amgen, Inc | 39,211,254 |
64 |
TIAA-CREF FUNDS - Social Choice Equity Fund
SHARES | COMPANY | VALUE | ||||||||
41,565 | * | AnaptysBio, Inc | $ | 1,224,505 | ||||||
39,118 | * | Assembly Biosciences, Inc | 576,599 | |||||||
68,699 | * | Atara Biotherapeutics, Inc | 886,904 | |||||||
7,618 | * | Avrobio, Inc | 108,785 | |||||||
2,503 | * | Axsome Therapeutics, Inc | 165,974 | |||||||
253,324 | * | BioCryst Pharmaceuticals, Inc | 967,698 | |||||||
59,313 | * | Biogen, Inc | 14,951,028 | |||||||
47,040 | * | BioMarin Pharmaceutical, Inc | 3,501,187 | |||||||
112,290 | * | Bluebird Bio, Inc | 5,806,516 | |||||||
694,911 | Bristol-Myers Squibb Co | 40,617,548 | ||||||||
54,314 | * | Collegium Pharmaceutical, Inc | 968,419 | |||||||
263,904 | Eli Lilly & Co | 34,428,916 | ||||||||
4,990 | *,e | Esperion Thereapeutics, Inc | 149,550 | |||||||
34,362 | *,e | Flexion Therapeutics, Inc | 412,000 | |||||||
369,794 | Gilead Sciences, Inc | 21,503,521 | ||||||||
32,627 | * | Halozyme Therapeutics, Inc | 913,556 | |||||||
39,923 | * | Horizon Therapeutics Plc | 2,991,430 | |||||||
7,161 | * | Illumina, Inc | 2,096,025 | |||||||
32,728 | * | Insmed, Inc | 1,078,060 | |||||||
18,561 | * | Intersect ENT, Inc | 287,695 | |||||||
91,116 | * | Intra-Cellular Therapies, Inc | 2,247,832 | |||||||
56,297 | * | IQVIA Holdings, Inc | 8,669,175 | |||||||
27,862 | * | Jazz Pharmaceuticals plc | 4,014,914 | |||||||
67,163 | * | Karyopharm Therapeutics, Inc | 995,356 | |||||||
81,017 | * | MacroGenics, Inc | 1,572,540 | |||||||
688,678 | Merck & Co, Inc | 51,795,472 | ||||||||
5,838 | * | Mettler-Toledo International, Inc | 5,825,799 | |||||||
2,895 | * | Mirati Therapeutics, Inc | 628,620 | |||||||
1,816 | * | MyoKardia, Inc | 405,930 | |||||||
655,409 | *,e | Opko Health, Inc | 2,307,040 | |||||||
42,303 | Perrigo Co plc | 1,855,833 | ||||||||
66,120 | * | Prothena Corp plc | 721,369 | |||||||
14,849 | * | Repligen Corp | 2,473,398 | |||||||
74,418 | * | Revance Therapeutics, Inc | 1,925,938 | |||||||
5,837 | * | Sage Therapeutics, Inc | 428,319 | |||||||
87,463 | * | Sangamo Therapeutics Inc | 904,367 | |||||||
382,901 | *,e | TherapeuticsMD, Inc | 467,139 | |||||||
83,209 | Thermo Fisher Scientific, Inc | 39,367,842 | ||||||||
5,640 | * | Tricida, Inc | 31,753 | |||||||
28,275 | * | Ultragenyx Pharmaceutical, Inc | 2,841,638 | |||||||
138,897 | * | Vertex Pharmaceuticals, Inc | 28,940,579 | |||||||
18,425 | * | Waters Corp | 4,105,459 | |||||||
47,090 | *,e | ZIOPHARM Oncology, Inc | 98,418 | |||||||
230,091 | Zoetis, Inc | 36,480,928 | ||||||||
14,602 | * | Zogenix, Inc | 311,315 | |||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 426,185,484 | |||||||||
REAL ESTATE - 3.3% | ||||||||||
48,860 | Alexandria Real Estate Equities, Inc | 7,403,267 | ||||||||
159,263 | American Tower Corp | 36,574,748 | ||||||||
5,584 | Americold Realty Trust | 202,308 | ||||||||
72,632 | Boston Properties, Inc | 5,259,283 | ||||||||
27,618 | CatchMark Timber Trust, Inc | 240,000 | ||||||||
79,390 | * | CBRE Group, Inc | 4,001,256 | |||||||
7,957 | Coresite Realty | 949,747 | ||||||||
23,373 | Cousins Properties, Inc | 595,544 |
65 |
TIAA-CREF FUNDS - Social Choice Equity Fund
SHARES | COMPANY | VALUE | ||||||||
31,197 | CyrusOne, Inc | $ | 2,216,547 | |||||||
236,461 | DiamondRock Hospitality Co | 1,168,117 | ||||||||
8,358 | Douglas Emmett, Inc | 197,249 | ||||||||
19,598 | Easterly Government Properties, Inc | 409,598 | ||||||||
36,148 | Equinix, Inc | 26,432,864 | ||||||||
33,420 | First Industrial Realty Trust, Inc | 1,330,450 | ||||||||
52,368 | Franklin Street Properties Corp | 219,946 | ||||||||
204,267 | Healthpeak Properties Inc | 5,509,081 | ||||||||
154,979 | Host Hotels and Resorts, Inc | 1,624,180 | ||||||||
32,022 | * | Howard Hughes Corp | 1,991,448 | |||||||
24,076 | Hudson Pacific Properties | 463,704 | ||||||||
5,945 | Jones Lang LaSalle, Inc | 670,953 | ||||||||
4,739 | Kilroy Realty Corp | 223,112 | ||||||||
88,542 | Kimco Realty Corp | 908,441 | ||||||||
243,312 | Macerich Co | 1,693,452 | ||||||||
4,166 | Paramount Group, Inc | 24,079 | ||||||||
412,858 | Park Hotels & Resorts, Inc | 4,099,680 | ||||||||
540 | Piedmont Office Realty Trust, Inc | 6,167 | ||||||||
349,941 | Prologis, Inc | 34,714,147 | ||||||||
4,690 | QTS Realty Trust, Inc | 288,482 | ||||||||
24,711 | * | Realogy Holdings Corp | 275,775 | |||||||
15,022 | Regency Centers Corp | 534,633 | ||||||||
2,009 | RMR Group, Inc | 53,560 | ||||||||
50,222 | SBA Communications Corp | 14,582,962 | ||||||||
30,349 | UDR, Inc | 948,103 | ||||||||
37,767 | Ventas, Inc | 1,490,663 | ||||||||
297 | Washington REIT | 5,192 | ||||||||
177,561 | Welltower, Inc | 9,547,455 | ||||||||
238,457 | Weyerhaeuser Co | 6,507,492 | ||||||||
TOTAL REAL ESTATE | 173,363,685 | |||||||||
RETAILING - 5.9% | ||||||||||
42,656 | * | 1-800-FLOWERS.COM, Inc (Class A) | 845,868 | |||||||
2,432 | Aaron’s Holdings Co, Inc | 127,096 | ||||||||
24,346 | Advance Auto Parts, Inc | 3,585,679 | ||||||||
22,629 | * | Booking Holdings, Inc | 36,715,553 | |||||||
250 | Buckle, Inc | 5,990 | ||||||||
1,601 | * | CarMax, Inc | 138,390 | |||||||
637,779 | eBay, Inc | 30,377,414 | ||||||||
202,304 | * | Etsy, Inc | 24,598,143 | |||||||
240,309 | Expedia Group, Inc | 22,625,092 | ||||||||
6,360 | * | Five Below, Inc | 848,042 | |||||||
112,613 | *,e | GameStop Corp (Class A) | 1,179,058 | |||||||
20,838 | Gap, Inc | 405,299 | ||||||||
24,775 | * | Genesco, Inc | 439,013 | |||||||
41,091 | * | Groupon, Inc | 796,754 | |||||||
29,239 | * | Hibbett Sports, Inc | 1,105,527 | |||||||
250,264 | Home Depot, Inc | 66,747,911 | ||||||||
17,745 | * | Lands’ End, Inc | 284,807 | |||||||
77,025 | * | LKQ Corp | 2,464,030 | |||||||
212,649 | Lowe’s Companies, Inc | 33,619,807 | ||||||||
424,516 | e | Macy’s, Inc | 2,636,244 | |||||||
35,671 | * | MarineMax, Inc | 1,069,417 | |||||||
397 | Pool Corp | 138,883 | ||||||||
147,288 | * | Quotient Technology, Inc | 1,310,863 | |||||||
106,917 | * | RealReal, Inc | 1,346,085 |
66 |
TIAA-CREF FUNDS - Social Choice Equity Fund
SHARES | COMPANY | VALUE | ||||||||
41,198 | Ross Stores, Inc | $ | 3,508,834 | |||||||
5,448 | * | Sally Beauty Holdings, Inc | 45,600 | |||||||
16,066 | e | Shoe Carnival, Inc | 497,725 | |||||||
201,938 | Target Corp | 30,739,002 | ||||||||
25,364 | Tiffany & Co | 3,318,626 | ||||||||
289,907 | TJX Companies, Inc | 14,727,276 | ||||||||
15,754 | Tractor Supply Co | 2,098,590 | ||||||||
17,401 | * | Ulta Beauty, Inc | 3,598,005 | |||||||
85,898 | *,e | Wayfair, Inc | 21,305,281 | |||||||
2,448 | Williams-Sonoma, Inc | 223,282 | ||||||||
860 | Winmark Corp | 145,693 | ||||||||
18,394 | * | Zumiez, Inc | 515,032 | |||||||
TOTAL RETAILING | 314,133,911 | |||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.2% | ||||||||||
331,966 | Applied Materials, Inc | 19,662,346 | ||||||||
22,180 | * | Cirrus Logic, Inc | 1,527,537 | |||||||
10,643 | * | Cree, Inc | 676,895 | |||||||
71,279 | * | First Solar, Inc | 6,204,481 | |||||||
1,278,139 | Intel Corp | 56,595,995 | ||||||||
56,941 | Lam Research Corp | 19,478,377 | ||||||||
7,702 | NVE Corp | 355,293 | ||||||||
145,688 | NVIDIA Corp | 73,042,136 | ||||||||
18,585 | * | Silicon Laboratories, Inc | 1,904,219 | |||||||
327,202 | Texas Instruments, Inc | 47,310,137 | ||||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 226,757,416 | |||||||||
SOFTWARE & SERVICES - 13.4% | ||||||||||
223,819 | Accenture plc | 48,548,579 | ||||||||
134,501 | * | Adobe, Inc | 60,135,397 | |||||||
21,767 | * | Aspen Technology, Inc | 2,390,234 | |||||||
138,659 | * | Autodesk, Inc | 32,659,741 | |||||||
164,729 | * | Avaya Holdings Corp | 2,833,339 | |||||||
50,952 | * | Benefitfocus, Inc | 523,277 | |||||||
2,737 | * | Bill.Com Holdings, Inc | 273,700 | |||||||
12,432 | Blackbaud, Inc | 613,395 | ||||||||
86,552 | * | Blackline, Inc | 8,454,399 | |||||||
133,543 | * | Cadence Design Systems, Inc | 14,605,598 | |||||||
48,039 | * | Ceridian HCM Holding, Inc | 4,141,923 | |||||||
13,209 | * | ChannelAdvisor Corp | 213,986 | |||||||
296,557 | * | Conduent, Inc | 1,033,501 | |||||||
55,469 | CSG Systems International, Inc | 2,101,166 | ||||||||
437,308 | DXC Technology Co | 8,055,213 | ||||||||
38,717 | * | Elastic NV | 3,926,291 | |||||||
57,024 | * | ExlService Holdings, Inc | 4,318,998 | |||||||
107,101 | * | Five9, Inc | 16,249,364 | |||||||
21,910 | * | HubSpot, Inc | 6,355,434 | |||||||
383,558 | International Business Machines Corp | 42,828,086 | ||||||||
113,870 | Intuit, Inc | 35,832,612 | ||||||||
216,899 | * | Limelight Networks, Inc | 765,653 | |||||||
17,107 | * | Liveperson, Inc | 914,540 | |||||||
1,339,870 | d | Microsoft Corp | 271,283,479 | |||||||
87,517 | * | New Relic, Inc | 5,308,781 | |||||||
123,295 | * | Nutanix, Inc | 3,001,000 | |||||||
5,290 | * | OneSpan, Inc | 116,010 | |||||||
27,817 | * | Paylocity Holding Corp | 5,160,610 |
67 |
TIAA-CREF FUNDS - Social Choice Equity Fund
SHARES | COMPANY | VALUE | ||||||||
54,901 | * | Perficient, Inc | $ | 2,149,923 | ||||||
21,141 | * | Qualys, Inc | 1,857,237 | |||||||
28,640 | * | Rapid7, Inc | 1,773,675 | |||||||
475,652 | Sabre Corp | 3,101,251 | ||||||||
250,309 | * | salesforce.com, Inc | 58,139,271 | |||||||
100,455 | Science Applications International Corp | 7,671,748 | ||||||||
34,748 | * | Smartsheet, Inc | 1,732,188 | |||||||
61,226 | * | SPS Commerce, Inc | 5,240,333 | |||||||
110,299 | * | SVMK, Inc | 2,308,558 | |||||||
67,259 | * | Sykes Enterprises, Inc | 2,302,948 | |||||||
192,600 | * | Teradata Corp | 3,538,062 | |||||||
29,975 | TTEC Holdings, Inc | 1,642,031 | ||||||||
47,472 | * | Virtusa Corp | 2,387,842 | |||||||
134,149 | *,e | VMware, Inc (Class A) | 17,269,001 | |||||||
74,003 | * | WEX, Inc | 9,365,080 | |||||||
9,332 | * | Workiva, Inc | 516,153 | |||||||
137,970 | * | Zendesk, Inc | 15,306,392 | |||||||
TOTAL SOFTWARE & SERVICES | 718,945,999 | |||||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 7.4% | ||||||||||
2,839,098 | Apple, Inc | 309,064,208 | ||||||||
1,070 | Belden CDT, Inc | 33,042 | ||||||||
3,739 | Benchmark Electronics, Inc | 77,883 | ||||||||
131,980 | * | Ciena Corp | 5,198,692 | |||||||
1,189,490 | Cisco Systems, Inc | 42,702,691 | ||||||||
2,876 | Cognex Corp | 189,528 | ||||||||
34,326 | CTS Corp | 948,771 | ||||||||
64,924 | Dolby Laboratories, Inc (Class A) | 4,874,494 | ||||||||
1,447 | * | Fabrinet | 86,849 | |||||||
1,520,006 | Hewlett Packard Enterprise Co | 13,132,852 | ||||||||
171,708 | HP, Inc | 3,083,876 | ||||||||
11,733 | * | Insight Enterprises, Inc | 625,956 | |||||||
182 | InterDigital, Inc | 10,188 | ||||||||
3,493 | * | Itron, Inc | 237,349 | |||||||
50,404 | * | Keysight Technologies, Inc | 5,285,868 | |||||||
17,293 | * | Kimball Electronics, Inc | 209,591 | |||||||
14,814 | * | Lumentum Holdings, Inc | 1,224,970 | |||||||
6,814 | Methode Electronics, Inc | 209,667 | ||||||||
3,344 | * | Novanta, Inc | 363,560 | |||||||
500 | * | OSI Systems, Inc | 38,580 | |||||||
55,453 | * | Ribbon Communications, Inc | 239,002 | |||||||
11,038 | * | Rogers Corp | 1,338,026 | |||||||
27,122 | Synnex Corp | 3,570,340 | ||||||||
38,152 | * | Trimble Inc | 1,836,256 | |||||||
46,715 | * | TTM Technologies, Inc | 554,507 | |||||||
73,134 | Vishay Intertechnology, Inc | 1,186,233 | ||||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 396,322,979 | |||||||||
TELECOMMUNICATION SERVICES - 1.3% | ||||||||||
72,710 | * | Boingo Wireless, Inc | 679,111 | |||||||
167,393 | * | Iridium Communications, Inc | 4,420,849 | |||||||
1,109,212 | Verizon Communications, Inc | 63,213,992 | ||||||||
TOTAL TELECOMMUNICATION SERVICES | 68,313,952 |
68 |
TIAA-CREF FUNDS - Social Choice Equity Fund
SHARES | COMPANY | VALUE | ||||||||
TRANSPORTATION - 2.5% | ||||||||||
43,563 | ArcBest Corp | $ | 1,329,543 | |||||||
26,629 | * | Avis Budget Group, Inc | 896,599 | |||||||
55,101 | CH Robinson Worldwide, Inc | 4,872,581 | ||||||||
382,556 | CSX Corp | 30,198,971 | ||||||||
775,300 | Delta Air Lines, Inc | 23,755,192 | ||||||||
45,853 | * | Echo Global Logistics, Inc | 1,236,655 | |||||||
8 | Expeditors International of Washington, Inc | 707 | ||||||||
5,175 | Kansas City Southern | 911,525 | ||||||||
180 | Landstar System, Inc | 22,446 | ||||||||
113,436 | Norfolk Southern Corp | 23,721,736 | ||||||||
1,373 | Old Dominion Freight Line | 261,378 | ||||||||
9 | Ryder System, Inc | 443 | ||||||||
271,656 | United Parcel Service, Inc (Class B) | 42,679,874 | ||||||||
TOTAL TRANSPORTATION | 129,887,650 | |||||||||
UTILITIES - 3.1% | ||||||||||
276,600 | American Electric Power Co, Inc | 24,874,638 | ||||||||
31,187 | American Water Works Co, Inc | 4,693,955 | ||||||||
126,378 | Centerpoint Energy, Inc | 2,670,367 | ||||||||
10,650 | CMS Energy Corp | 674,464 | ||||||||
187,145 | Consolidated Edison, Inc | 14,689,011 | ||||||||
187,480 | Dominion Energy, Inc | 15,062,143 | ||||||||
19,802 | DTE Energy Co | 2,443,963 | ||||||||
134,706 | Eversource Energy | 11,755,793 | ||||||||
290 | Ormat Technologies, Inc | 20,552 | ||||||||
206,735 | Public Service Enterprise Group, Inc | 12,021,640 | ||||||||
163,123 | Sempra Energy | 20,449,099 | ||||||||
6,282 | South Jersey Industries, Inc | 121,054 | ||||||||
499,130 | Southern Co | 28,675,019 | ||||||||
30,558 | UGI Corp | 988,246 | ||||||||
112,385 | WEC Energy Group, Inc | 11,300,312 | ||||||||
180,121 | Xcel Energy, Inc | 12,613,874 | ||||||||
TOTAL UTILITIES | 163,054,130 | |||||||||
TOTAL COMMON STOCKS | 5,286,051,236 | |||||||||
(Cost $3,752,922,231) | ||||||||||
RIGHTS / WARRANTS - 0.0% | ||||||||||
MEDIA & ENTERTAINMENT - 0.0% | ||||||||||
21,053 | † | Media General, Inc | 0 | |||||||
TOTAL MEDIA & ENTERTAINMENT | 0 | |||||||||
TOTAL RIGHTS / WARRANTS | 0 | |||||||||
(Cost $0) |
69 |
TIAA-CREF FUNDS - Social Choice Equity Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | |||||||||||||
SHORT-TERM INVESTMENTS - 2.2% | |||||||||||||||||
REPURCHASE AGREEMENT - 0.3% | |||||||||||||||||
$ | 14,000,000 | r | Fixed Income Clearing Corp (FICC) | 0.070 | % | 11/02/20 | $ | 14,000,000 | |||||||||
TOTAL REPURCHASE AGREEMENT | 14,000,000 | ||||||||||||||||
TREASURY DEBT - 1.2% | |||||||||||||||||
15,920,000 | United States Treasury Bill | 0.079-0.081 | 11/05/20 | 15,919,905 | |||||||||||||
22,650,000 | United States Treasury Bill | 0.083 | 11/17/20 | 22,649,245 | |||||||||||||
12,100,000 | United States Treasury Bill | 0.080 | 12/03/20 | 12,099,088 | |||||||||||||
15,600,000 | United States Treasury Bill | 0.092 | 02/02/21 | 15,597,010 | |||||||||||||
TOTAL TREASURY DEBT | 66,265,248 | ||||||||||||||||
SHARES | COMPANY | ||||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.7% | |||||||||||||||||
36,453,499 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 36,453,499 | ||||||||||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 36,453,499 | ||||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 116,718,747 | ||||||||||||||||
(Cost $116,717,950) | |||||||||||||||||
TOTAL INVESTMENTS - 101.5% | 5,402,769,983 | ||||||||||||||||
(Cost $3,869,640,181) | |||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - (1.5)% | (78,626,025 | ) | |||||||||||||||
NET ASSETS - 100.0% | $ | 5,324,143,958 | |||||||||||||||
Abbreviation(s): | |||||||||||||||||
ETF Exchange Traded Fund | |||||||||||||||||
REIT Real Estate Investment Trust | |||||||||||||||||
* | Non-income producing | ||||||||||||||||
† | Security is categorized as Level 3 in the fair value hierarchy. | ||||||||||||||||
c | Investments made with cash collateral received from securities on loan. | ||||||||||||||||
d | All or a portion of these securities have been segregated to cover margin requirements on open future contracts. | ||||||||||||||||
e | All or a portion of these securities are out on loan. The aggregate value of securities on loan is $50,154,476. | ||||||||||||||||
r | Agreement with Fixed Income Clearing Corporation, 0.070% dated 10/31/20 to be repurchased at $14,000,000 on 11/2/20, collateralized by U.S. Treasury Notes valued at $14,280,099. | ||||||||||||||||
Futures contracts outstanding as of October 31, 2020 were as follows:
Description | Number of long (short) contracts | Expiration date | Notional amount | Value | Unrealized appreciation (depreciation) | |||||||||||
S&P 500 E Mini Index | 182 | 12/18/20 | $ | 31,105,696 | $ | 29,708,770 | $ | (1,396,926 | ) | |||||||
70 |
TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund
TIAA-CREF FUNDS
SOCIAL CHOICE LOW CARBON EQUITY FUND
SCHEDULE OF INVESTMENTS
October 31, 2020
SHARES | COMPANY | VALUE | ||||||||
COMMON STOCKS - 97.1% | ||||||||||
AUTOMOBILES & COMPONENTS - 1.3% | ||||||||||
3,153 | * | Tenneco, Inc | $ | 27,179 | ||||||
14,991 | * | Tesla, Inc | 5,817,108 | |||||||
TOTAL AUTOMOBILES & COMPONENTS | 5,844,287 | |||||||||
BANKS - 2.7% | ||||||||||
1,105 | Amalgamated Bank | 12,265 | ||||||||
5,989 | Berkshire Hills Bancorp, Inc | 78,037 | ||||||||
3,941 | Brookline Bancorp, Inc | 37,755 | ||||||||
1,000 | Bryn Mawr Bank Corp | 26,860 | ||||||||
339 | Camden National Corp | 10,838 | ||||||||
49,591 | Citizens Financial Group, Inc | 1,351,355 | ||||||||
3,253 | Comerica, Inc | 148,044 | ||||||||
497 | * | Customers Bancorp, Inc | 6,869 | |||||||
944 | * | Equity Bancshares, Inc | 17,351 | |||||||
129 | Federal Agricultural Mortgage Corp (Class C) | 8,332 | ||||||||
119 | First Commonwealth Financial Corp | 1,026 | ||||||||
5,530 | First Republic Bank | 697,554 | ||||||||
2,367 | Great Western Bancorp, Inc | 30,747 | ||||||||
2,418 | Hanmi Financial Corp | 21,738 | ||||||||
414 | HomeStreet, Inc | 12,863 | ||||||||
1,285 | HomeTrust Bancshares, Inc | 20,521 | ||||||||
16,834 | Huntington Bancshares, Inc | 175,747 | ||||||||
11,424 | Investors Bancorp, Inc | 96,647 | ||||||||
3,981 | Kearny Financial Corp | 33,440 | ||||||||
1,103 | Keycorp | 14,317 | ||||||||
262 | Live Oak Bancshares, Inc | 9,767 | ||||||||
9,075 | M&T Bank Corp | 939,988 | ||||||||
940 | MGIC Investment Corp | 9,456 | ||||||||
1,482 | National Bank Holdings Corp | 44,682 | ||||||||
22,902 | New York Community Bancorp, Inc | 190,316 | ||||||||
2,194 | Northfield Bancorp, Inc | 22,291 | ||||||||
25,326 | PNC Financial Services Group, Inc | 2,833,473 | ||||||||
1,527 | Premier Financial Corp | 27,471 | ||||||||
65,064 | Regions Financial Corp | 865,351 | ||||||||
2,387 | * | SVB Financial Group | 693,901 | |||||||
6,131 | * | Texas Capital Bancshares, Inc | 275,895 | |||||||
3,574 | * | Tristate Capital Holdings, Inc | 44,997 | |||||||
70,300 | Truist Financial Corp | 2,961,036 | ||||||||
1,445 | Univest Financial Corp | 22,918 | ||||||||
3,256 | WesBanco, Inc | 79,088 | ||||||||
2,417 | Zions Bancorporation | 77,997 | ||||||||
TOTAL BANKS | 11,900,933 | |||||||||
CAPITAL GOODS - 5.7% | ||||||||||
20,271 | 3M Co | 3,242,549 | ||||||||
1,858 | * | Astronics Corp | 11,891 |
71 |
TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund
SHARES | COMPANY | VALUE | ||||||||
8,198 | * | Axon Enterprise, Inc | $ | 810,782 | ||||||
12,761 | * | Bloom Energy Corp | 161,299 | |||||||
430 | Carlisle Cos, Inc | 53,264 | ||||||||
20,901 | Caterpillar, Inc | 3,282,502 | ||||||||
5,059 | Curtiss-Wright Corp | 426,777 | ||||||||
10,970 | Deere & Co | 2,478,233 | ||||||||
25,610 | Eaton Corp | 2,658,062 | ||||||||
271 | EMCOR Group, Inc | 18,480 | ||||||||
28,654 | Fastenal Co | 1,238,712 | ||||||||
18,048 | Fortive Corp | 1,111,757 | ||||||||
2,190 | Granite Construction, Inc | 42,289 | ||||||||
10,161 | Hexcel Corp | 340,190 | ||||||||
9,391 | Illinois Tool Works, Inc | 1,839,509 | ||||||||
32,510 | Johnson Controls International plc | 1,372,247 | ||||||||
6,656 | * | Mercury Systems, Inc | 458,465 | |||||||
1,616 | Moog, Inc (Class A) | 100,822 | ||||||||
3,920 | Owens Corning, Inc | 256,642 | ||||||||
3,982 | Parker-Hannifin Corp | 829,690 | ||||||||
23,795 | * | Plug Power, Inc | 333,130 | |||||||
5,962 | Quanta Services, Inc | 372,208 | ||||||||
1,675 | Raven Industries, Inc | 36,716 | ||||||||
1,214 | Rockwell Automation, Inc | 287,864 | ||||||||
2,252 | Roper Technologies Inc | 836,258 | ||||||||
1,574 | Stanley Black & Decker, Inc | 261,599 | ||||||||
4,420 | * | Teledyne Technologies, Inc | 1,366,443 | |||||||
2,387 | Trane Technologies plc | 316,874 | ||||||||
1,593 | * | United Rentals, Inc | 284,016 | |||||||
1,388 | * | Vectrus, Inc | 54,854 | |||||||
537 | W.W. Grainger, Inc | 187,961 | ||||||||
143 | * | WESCO International, Inc | 5,897 | |||||||
3,439 | Woodward Inc | 273,572 | ||||||||
1,778 | Xylem, Inc | 154,935 | ||||||||
TOTAL CAPITAL GOODS | 25,506,489 | |||||||||
COMMERCIAL & PROFESSIONAL SERVICES - 1.4% | ||||||||||
4,143 | Cintas Corp | 1,303,181 | ||||||||
21,614 | * | Copart, Inc | 2,385,321 | |||||||
1,243 | Heidrick & Struggles International, Inc | 28,403 | ||||||||
278 | ICF International, Inc | 18,178 | ||||||||
15,579 | IHS Markit Ltd | 1,259,874 | ||||||||
162 | Insperity, Inc | 12,406 | ||||||||
1,664 | Kelly Services, Inc (Class A) | 28,920 | ||||||||
7 | Kforce, Inc | 243 | ||||||||
876 | Kimball International, Inc (Class B) | 9,023 | ||||||||
28,155 | Nielsen NV | 380,374 | ||||||||
728 | Resources Connection, Inc | 7,819 | ||||||||
418 | * | SP Plus Corp | 7,704 | |||||||
5,558 | TransUnion | 442,750 | ||||||||
1,943 | * | TrueBlue, Inc | 30,155 | |||||||
393 | Verisk Analytics, Inc | 69,942 | ||||||||
2,446 | Viad Corp | 48,920 | ||||||||
TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 6,033,213 | |||||||||
CONSUMER DURABLES & APPAREL - 1.7% | ||||||||||
702 | Garmin Ltd | 73,022 | ||||||||
5 | Hasbro, Inc | 413 |
72 |
TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund
SHARES | COMPANY | VALUE | ||||||||
1,724 | *,e | iRobot Corp | $ | 137,196 | ||||||
4,908 | Lennar Corp (Class A) | 344,689 | ||||||||
6,784 | * | Lululemon Athletica, Inc | 2,166,063 | |||||||
33,184 | Nike, Inc (Class B) | 3,984,735 | ||||||||
118 | * | NVR, Inc | 466,465 | |||||||
9,623 | * | Sonos, Inc | 140,496 | |||||||
4,203 | VF Corp | 282,441 | ||||||||
TOTAL CONSUMER DURABLES & APPAREL | 7,595,520 | |||||||||
CONSUMER SERVICES - 2.8% | ||||||||||
3,091 | * | Bright Horizons Family Solutions | 488,533 | |||||||
1,115 | Carriage Services, Inc | 28,778 | ||||||||
91 | * | Chipotle Mexican Grill, Inc (Class A) | 109,335 | |||||||
7,646 | Darden Restaurants, Inc | 702,820 | ||||||||
5,630 | Dave & Buster’s Entertainment, Inc | 96,611 | ||||||||
2,879 | Domino’s Pizza, Inc | 1,089,183 | ||||||||
1,397 | * | El Pollo Loco Holdings, Inc | 19,726 | |||||||
128 | * | frontdoor, Inc | 5,071 | |||||||
212 | Graham Holdings Co | 80,632 | ||||||||
25,553 | Hilton Worldwide Holdings, Inc | 2,243,809 | ||||||||
1,841 | * | Regis Corp | 10,199 | |||||||
25,425 | Royal Caribbean Cruises Ltd | 1,434,478 | ||||||||
1,399 | Service Corp International | 64,788 | ||||||||
4,968 | Six Flags Entertainment Corp | 107,408 | ||||||||
40,399 | Starbucks Corp | 3,513,097 | ||||||||
8,519 | * | Terminix Global Holdings, Inc | 401,160 | |||||||
2,511 | Vail Resorts, Inc | 582,652 | ||||||||
191 | * | WW International Inc | 4,042 | |||||||
14,850 | Yum! Brands, Inc | 1,385,951 | ||||||||
TOTAL CONSUMER SERVICES | 12,368,273 | |||||||||
DIVERSIFIED FINANCIALS - 5.7% | ||||||||||
6,499 | Ally Financial, Inc | 173,393 | ||||||||
28,416 | American Express Co | 2,592,676 | ||||||||
37,168 | Bank of New York Mellon Corp | 1,277,092 | ||||||||
5,448 | BlackRock, Inc | 3,264,496 | ||||||||
72,228 | Charles Schwab Corp | 2,969,293 | ||||||||
15,237 | CME Group, Inc | 2,296,521 | ||||||||
21,600 | Discover Financial Services | 1,404,216 | ||||||||
29,245 | Intercontinental Exchange Group, Inc | 2,760,728 | ||||||||
5,572 | Moody’s Corp | 1,464,879 | ||||||||
57,258 | Morgan Stanley | 2,756,973 | ||||||||
544 | *,† | NewStar Financial, Inc | 131 | |||||||
1,455 | Northern Trust Corp | 113,883 | ||||||||
14,414 | Redwood Trust, Inc | 122,519 | ||||||||
9,213 | S&P Global, Inc | 2,973,311 | ||||||||
11,874 | State Street Corp | 699,379 | ||||||||
1,591 | T Rowe Price Group, Inc | 201,516 | ||||||||
TOTAL DIVERSIFIED FINANCIALS | 25,071,006 | |||||||||
ENERGY - 1.5% | ||||||||||
18,670 | Archrock, Inc | 110,713 | ||||||||
95,032 | Baker Hughes Co | 1,403,623 | ||||||||
6,375 | Cactus, Inc | 108,375 | ||||||||
26,733 | * | ChampionX Corp | 233,379 | |||||||
32,956 | * | Cheniere Energy, Inc | 1,577,604 |
73 |
TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund
SHARES | COMPANY | VALUE | ||||||||
16,479 | * | Clean Energy Fuels Corp | $ | 40,868 | ||||||
8,569 | Delek US Holdings, Inc | 86,204 | ||||||||
2,093 | DMC Global, Inc | 74,448 | ||||||||
5,027 | * | Dril-Quip, Inc | 130,199 | |||||||
18,779 | * | Frank’s International NV | 32,863 | |||||||
16,682 | * | Helix Energy Solutions Group, Inc | 41,371 | |||||||
8,001 | Liberty Oilfield Services, Inc | 53,447 | ||||||||
1,677 | * | Matrix Service Co | 12,745 | |||||||
56,156 | National Oilwell Varco, Inc | 471,710 | ||||||||
11,825 | * | Oceaneering International, Inc | 48,246 | |||||||
63,512 | ONEOK, Inc | 1,841,848 | ||||||||
5,324 | * | Renewable Energy Group, Inc | 300,274 | |||||||
4,726 | * | Select Energy Services, Inc | 14,273 | |||||||
8,372 | World Fuel Services Corp | 176,231 | ||||||||
TOTAL ENERGY | 6,758,421 | |||||||||
FOOD & STAPLES RETAILING - 0.4% | ||||||||||
17,173 | * | BJ’s Wholesale Club Holdings, Inc | 657,554 | |||||||
4,345 | * | Chefs’ Warehouse Holdings, Inc | 58,744 | |||||||
6,406 | * | Performance Food Group Co | 215,306 | |||||||
2,228 | SpartanNash Co | 41,017 | ||||||||
11,765 | * | Sprouts Farmers Market, Inc | 224,123 | |||||||
6,704 | * | United Natural Foods, Inc | 97,677 | |||||||
24,573 | * | US Foods Holding Corp | 513,576 | |||||||
589 | Weis Markets, Inc | 26,747 | ||||||||
TOTAL FOOD & STAPLES RETAILING | 1,834,744 | |||||||||
FOOD, BEVERAGE & TOBACCO - 3.4% | ||||||||||
6,700 | * | Beyond Meat, Inc | 954,281 | |||||||
94,986 | Coca-Cola Co | 4,565,027 | ||||||||
1,258 | * | Darling Ingredients, Inc | 54,094 | |||||||
1,236 | Fresh Del Monte Produce, Inc | 26,611 | ||||||||
38,218 | General Mills, Inc | 2,259,448 | ||||||||
87 | * | Hain Celestial Group, Inc | 2,675 | |||||||
24,050 | Hormel Foods Corp | 1,170,995 | ||||||||
6,455 | Kellogg Co | 405,955 | ||||||||
4,824 | McCormick & Co, Inc | 870,780 | ||||||||
34,132 | PepsiCo, Inc | 4,549,455 | ||||||||
TOTAL FOOD, BEVERAGE & TOBACCO | 14,859,321 | |||||||||
HEALTH CARE EQUIPMENT & SERVICES - 7.3% | ||||||||||
2,773 | * | Abiomed, Inc | 698,463 | |||||||
126 | * | Acadia Healthcare Co, Inc | 4,492 | |||||||
5,929 | * | Align Technology, Inc | 2,526,228 | |||||||
8,131 | * | Allscripts Healthcare Solutions, Inc | 81,960 | |||||||
43 | * | AMN Healthcare Services, Inc | 2,807 | |||||||
2,779 | * | Angiodynamics, Inc | 28,735 | |||||||
9,859 | * | Antares Pharma, Inc | 26,915 | |||||||
6,719 | Becton Dickinson & Co | 1,552,962 | ||||||||
22,631 | * | Brookdale Senior Living, Inc | 66,535 | |||||||
19,012 | * | Centene Corp | 1,123,609 | |||||||
22,079 | Cerner Corp | 1,547,517 | ||||||||
10,266 | * | Cerus Corp | 53,896 | |||||||
17,699 | Cigna Corp | 2,955,202 | ||||||||
711 | Computer Programs & Systems, Inc | 19,830 | ||||||||
2,215 | Cooper Cos, Inc | 706,696 |
74 |
TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund
SHARES | COMPANY | VALUE | ||||||||
51,140 | CVS Health Corp | $ | 2,868,443 | |||||||
15,250 | Dentsply Sirona, Inc | 719,647 | ||||||||
5,412 | * | DexCom, Inc | 1,729,567 | |||||||
31,182 | * | Edwards Lifesciences Corp | 2,235,438 | |||||||
295 | Encompass Health Corp | 18,086 | ||||||||
9,467 | * | Envista Holdings Corp | 250,118 | |||||||
8,210 | * | GenMark Diagnostics, Inc | 100,326 | |||||||
517 | * | Guardant Health, Inc | 55,143 | |||||||
4,734 | HCA Healthcare, Inc | 586,732 | ||||||||
3,910 | * | Health Catalyst, Inc | 134,817 | |||||||
1,150 | Hill-Rom Holdings, Inc | 104,731 | ||||||||
6,341 | * | Hologic, Inc | 436,388 | |||||||
6,640 | Humana, Inc | 2,651,219 | ||||||||
6,189 | * | IDEXX Laboratories, Inc | 2,629,211 | |||||||
90 | * | Integer Holding Corp | 5,261 | |||||||
62 | * | LivaNova plc | 3,121 | |||||||
2,340 | * | NextGen Healthcare, Inc | 31,824 | |||||||
5,147 | * | Omnicell, Inc | 445,473 | |||||||
4,963 | * | OraSure Technologies, Inc | 74,147 | |||||||
1,385 | * | Orthofix Medical Inc | 43,295 | |||||||
69 | * | Penumbra, Inc | 18,011 | |||||||
4,943 | * | Quidel Corp | 1,326,157 | |||||||
7,333 | * | Quotient Ltd | 34,612 | |||||||
586 | * | RadNet, Inc | 8,503 | |||||||
6,489 | Resmed, Inc | 1,245,499 | ||||||||
2,949 | * | Staar Surgical Co | 213,803 | |||||||
368 | * | Tactile Systems Technology, Inc | 13,461 | |||||||
1,379 | * | Tandem Diabetes Care, Inc | 150,311 | |||||||
5,010 | *,e | Teladoc, Inc | 984,265 | |||||||
272 | *,e | Tivity Health, Inc | 3,740 | |||||||
577 | * | Triple-S Management Corp (Class B) | 10,686 | |||||||
2,785 | * | Varian Medical Systems, Inc | 481,248 | |||||||
3,852 | * | Vocera Communications, Inc | 126,269 | |||||||
3,424 | West Pharmaceutical Services, Inc | 931,568 | ||||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 32,066,967 | |||||||||
HOUSEHOLD & PERSONAL PRODUCTS - 2.7% | ||||||||||
869 | Clorox Co | 180,100 | ||||||||
26,913 | Colgate-Palmolive Co | 2,123,167 | ||||||||
12,631 | Estee Lauder Cos (Class A) | 2,774,525 | ||||||||
1,875 | Kimberly-Clark Corp | 248,606 | ||||||||
47,655 | Procter & Gamble Co | 6,533,501 | ||||||||
TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 11,859,899 | |||||||||
INSURANCE - 3.0% | ||||||||||
41,066 | Aflac, Inc | 1,394,191 | ||||||||
5,460 | Allstate Corp | 484,575 | ||||||||
6,011 | Aon plc | 1,106,084 | ||||||||
22,432 | Chubb Ltd | 2,914,141 | ||||||||
29,749 | Loews Corp | 1,031,695 | ||||||||
19,808 | Marsh & McLennan Cos, Inc | 2,049,336 | ||||||||
6,495 | ProAssurance Corp | 100,218 | ||||||||
12,140 | Progressive Corp | 1,115,666 | ||||||||
24,771 | Prudential Financial, Inc | 1,585,839 | ||||||||
10,986 | Travelers Cos, Inc | 1,326,120 | ||||||||
156 | White Mountains Insurance Group Ltd | 141,700 |
75 |
TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund
SHARES | COMPANY | VALUE | ||||||||
300 | Willis Towers Watson plc | $ | 54,744 | |||||||
TOTAL INSURANCE | 13,304,309 | |||||||||
MATERIALS - 2.2% | ||||||||||
28,382 | Ball Corp | 2,525,998 | ||||||||
81 | Compass Minerals International, Inc | 4,891 | ||||||||
14,177 | Ecolab, Inc | 2,602,755 | ||||||||
1,497 | e | International Flavors & Fragrances, Inc | 153,682 | |||||||
47,168 | Mosaic Co | 872,608 | ||||||||
898 | Myers Industries, Inc | 12,877 | ||||||||
46,725 | Newmont Goldcorp Corp | 2,936,199 | ||||||||
3,321 | PPG Industries, Inc | 430,800 | ||||||||
955 | Reliance Steel & Aluminum Co | 104,086 | ||||||||
1,689 | Schnitzer Steel Industries, Inc (Class A) | 35,469 | ||||||||
4,276 | Trinseo S.A. | 136,062 | ||||||||
1,227 | * | US Concrete, Inc | 41,669 | |||||||
TOTAL MATERIALS | 9,857,096 | |||||||||
MEDIA & ENTERTAINMENT - 8.1% | ||||||||||
33,960 | Activision Blizzard, Inc | 2,571,791 | ||||||||
4,686 | * | Alphabet, Inc (Class A) | 7,573,091 | |||||||
4,632 | * | Alphabet, Inc (Class C) | 7,508,518 | |||||||
336 | Cable One, Inc | 581,905 | ||||||||
15,381 | Cinemark Holdings, Inc | 125,970 | ||||||||
109,709 | Comcast Corp (Class A) | 4,634,108 | ||||||||
19,024 | * | Discovery, Inc (Class A) | 385,046 | |||||||
17,717 | * | Discovery, Inc (Class C) | 324,575 | |||||||
18,047 | * | Electronic Arts, Inc | 2,162,572 | |||||||
768 | * | Hemisphere Media Group, Inc | 6,006 | |||||||
7,254 | *,e | iHeartMedia, Inc | 59,628 | |||||||
5,996 | * | Imax Corp | 69,134 | |||||||
764 | John Wiley & Sons, Inc (Class A) | 23,653 | ||||||||
783 | * | Liberty Broadband Corp (Class A) | 110,051 | |||||||
9,113 | * | Liberty Broadband Corp (Class C) | 1,291,403 | |||||||
20,531 | * | Live Nation, Inc | 1,001,913 | |||||||
980 | Loral Space & Communications, Inc | 17,062 | ||||||||
2,286 | * | Madison Square Garden Co | 323,789 | |||||||
10,118 | New York Times Co (Class A) | 401,280 | ||||||||
14,535 | Omnicom Group, Inc | 686,052 | ||||||||
39,234 | * | Pinterest, Inc | 2,312,844 | |||||||
2,171 | Scholastic Corp | 42,899 | ||||||||
3,827 | e | Sinclair Broadcast Group, Inc (Class A) | 71,106 | |||||||
170,676 | Sirius XM Holdings, Inc | 977,974 | ||||||||
8,178 | * | Take-Two Interactive Software, Inc | 1,266,936 | |||||||
7,949 | TEGNA, Inc | 95,626 | ||||||||
14,313 | TripAdvisor, Inc | 273,521 | ||||||||
4,343 | World Wrestling Entertainment, Inc (Class A) | 157,912 | ||||||||
64,519 | * | Zynga, Inc | 580,026 | |||||||
TOTAL MEDIA & ENTERTAINMENT | 35,636,391 | |||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.5% | ||||||||||
42,168 | AbbVie, Inc | 3,588,497 | ||||||||
3,696 | *,e | Accelerate Diagnostics, Inc | 34,816 | |||||||
4,202 | * | Aerie Pharmaceuticals, Inc | 44,583 | |||||||
1,340 | Agilent Technologies, Inc | 136,801 | ||||||||
6,524 | * | Agios Pharmaceuticals, Inc | 261,417 |
76 |
TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund
SHARES | COMPANY | VALUE | ||||||||
16,172 | Amgen, Inc | $ | 3,508,354 | |||||||
1,705 | * | Assembly Biosciences, Inc | 25,132 | |||||||
7,200 | * | Atara Biotherapeutics, Inc | 92,952 | |||||||
3,874 | * | Avrobio, Inc | 55,321 | |||||||
18,693 | * | BioCryst Pharmaceuticals, Inc | 71,407 | |||||||
5,322 | * | Biogen, Inc | 1,341,516 | |||||||
1,272 | * | BioMarin Pharmaceutical, Inc | 94,675 | |||||||
8,261 | * | Bluebird Bio, Inc | 427,176 | |||||||
66,324 | Bristol-Myers Squibb Co | 3,876,638 | ||||||||
26,509 | Eli Lilly & Co | 3,458,364 | ||||||||
1,573 | *,e | Esperion Thereapeutics, Inc | 47,143 | |||||||
2,615 | * | Flexion Therapeutics, Inc | 31,354 | |||||||
45,225 | Gilead Sciences, Inc | 2,629,834 | ||||||||
12,927 | * | Horizon Therapeutics Plc | 968,620 | |||||||
1,546 | * | Illumina, Inc | 452,514 | |||||||
4,157 | * | Insmed, Inc | 136,932 | |||||||
3,298 | * | Intersect ENT, Inc | 51,119 | |||||||
5,648 | * | Intra-Cellular Therapies, Inc | 139,336 | |||||||
1,896 | * | IQVIA Holdings, Inc | 291,965 | |||||||
8,497 | * | Karyopharm Therapeutics, Inc | 125,926 | |||||||
5,337 | * | MacroGenics, Inc | 103,591 | |||||||
61,568 | Merck & Co, Inc | 4,630,529 | ||||||||
51,404 | * | Opko Health, Inc | 180,942 | |||||||
2,785 | * | Prothena Corp plc | 30,384 | |||||||
5,509 | * | Radius Health, Inc | 73,876 | |||||||
417 | * | Reata Pharmaceuticals, Inc | 48,668 | |||||||
2,210 | * | Revance Therapeutics, Inc | 57,195 | |||||||
6,238 | * | Sage Therapeutics, Inc | 457,744 | |||||||
7,138 | * | Sangamo Therapeutics Inc | 73,807 | |||||||
29,622 | *,e | TherapeuticsMD, Inc | 36,139 | |||||||
9,621 | Thermo Fisher Scientific, Inc | 4,551,887 | ||||||||
2,551 | * | Ultragenyx Pharmaceutical, Inc | 256,375 | |||||||
10,984 | * | Vertex Pharmaceuticals, Inc | 2,288,626 | |||||||
183 | * | Waters Corp | 40,776 | |||||||
18,261 | Zoetis, Inc | 2,895,282 | ||||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 37,618,213 | |||||||||
REAL ESTATE - 3.7% | ||||||||||
2,875 | Alexandria Real Estate Equities, Inc | 435,620 | ||||||||
349 | American Campus Communities, Inc | 13,074 | ||||||||
14,888 | American Tower Corp | 3,419,029 | ||||||||
5,091 | Boston Properties, Inc | 368,639 | ||||||||
1,428 | * | CBRE Group, Inc | 71,971 | |||||||
58,844 | Colony Capital, Inc | 209,485 | ||||||||
37 | CyrusOne, Inc | 2,629 | ||||||||
24,207 | DiamondRock Hospitality Co | 119,583 | ||||||||
3,906 | Equinix, Inc | 2,856,223 | ||||||||
3,115 | Franklin Street Properties Corp | 13,083 | ||||||||
4,263 | Healthpeak Properties Inc | 114,973 | ||||||||
35,593 | Host Hotels and Resorts, Inc | 373,015 | ||||||||
2,503 | * | Howard Hughes Corp | 155,662 | |||||||
973 | Hudson Pacific Properties | 18,740 | ||||||||
6,811 | Iron Mountain, Inc | 177,495 | ||||||||
17,199 | Macerich Co | 119,705 | ||||||||
15,635 | Paramount Group, Inc | 90,370 | ||||||||
33,468 | Park Hotels & Resorts, Inc | 332,337 |
77 |
TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund
SHARES | COMPANY | VALUE | ||||||||
31,066 | Prologis, Inc | $ | 3,081,747 | |||||||
1,297 | Regency Centers Corp | 46,160 | ||||||||
21,708 | RLJ Lodging Trust | 177,571 | ||||||||
7,949 | SBA Communications Corp | 2,308,151 | ||||||||
1,117 | UDR, Inc | 34,895 | ||||||||
3,285 | Ventas, Inc | 129,659 | ||||||||
25,318 | Welltower, Inc | 1,361,349 | ||||||||
13,732 | Xenia Hotels & Resorts, Inc | 113,152 | ||||||||
TOTAL REAL ESTATE | 16,144,317 | |||||||||
RETAILING - 6.1% | ||||||||||
3,119 | * | 1-800-FLOWERS.COM, Inc (Class A) | 61,850 | |||||||
1,862 | * | Booking Holdings, Inc | 3,021,095 | |||||||
49,600 | eBay, Inc | 2,362,448 | ||||||||
16,829 | * | Etsy, Inc | 2,046,238 | |||||||
19,572 | Expedia Group, Inc | 1,842,704 | ||||||||
6,931 | *,e | GameStop Corp (Class A) | 72,568 | |||||||
2,786 | * | Groupon, Inc | 54,021 | |||||||
703 | * | Hibbett Sports, Inc | 26,580 | |||||||
21,896 | Home Depot, Inc | 5,839,882 | ||||||||
519 | * | Lands’ End, Inc | 8,330 | |||||||
11 | * | LKQ Corp | 352 | |||||||
22,634 | Lowe’s Companies, Inc | 3,578,435 | ||||||||
39,162 | e | Macy’s, Inc | 243,196 | |||||||
10,411 | * | Quotient Technology, Inc | 92,658 | |||||||
8,828 | * | RealReal, Inc | 111,144 | |||||||
1,635 | Signet Jewelers Ltd | 36,428 | ||||||||
18,879 | Target Corp | 2,873,761 | ||||||||
2,757 | Tiffany & Co | 360,726 | ||||||||
35,913 | TJX Companies, Inc | 1,824,380 | ||||||||
8,363 | *,e | Wayfair, Inc | 2,074,275 | |||||||
104 | Winmark Corp | 17,619 | ||||||||
309 | * | Zumiez, Inc | 8,652 | |||||||
TOTAL RETAILING | 26,557,342 | |||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.5% | ||||||||||
47,602 | Applied Materials, Inc | 2,819,466 | ||||||||
67 | Brooks Automation, Inc | 3,129 | ||||||||
1,373 | * | Cree, Inc | 87,323 | |||||||
12,862 | * | First Solar, Inc | 1,119,573 | |||||||
97,285 | Intel Corp | 4,307,780 | ||||||||
5,261 | Lam Research Corp | 1,799,683 | ||||||||
360 | NVE Corp | 16,607 | ||||||||
11,836 | NVIDIA Corp | 5,934,097 | ||||||||
1,079 | * | Silicon Laboratories, Inc | 110,554 | |||||||
26,636 | Texas Instruments, Inc | 3,851,299 | ||||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 20,049,511 | |||||||||
SOFTWARE & SERVICES - 11.5% | ||||||||||
17,941 | Accenture plc | 3,891,582 | ||||||||
10,623 | * | Adobe, Inc | 4,749,543 | |||||||
10,967 | * | Autodesk, Inc | 2,583,167 | |||||||
845 | * | Benefitfocus, Inc | 8,678 | |||||||
3,627 | * | Blackline, Inc | 354,285 | |||||||
1,366 | * | Cadence Design Systems, Inc | 149,400 | |||||||
1,156 | * | ChannelAdvisor Corp | 18,727 |
78 |
TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund
SHARES | COMPANY | VALUE | ||||||||
21,324 | * | Conduent, Inc | $ | 74,314 | ||||||
3,962 | CSG Systems International, Inc | 150,081 | ||||||||
36,109 | DXC Technology Co | 665,128 | ||||||||
330 | * | Elastic NV | 33,465 | |||||||
3,754 | * | ExlService Holdings, Inc | 284,328 | |||||||
4,489 | * | Five9, Inc | 681,071 | |||||||
30,558 | International Business Machines Corp | 3,412,106 | ||||||||
8,996 | Intuit, Inc | 2,830,861 | ||||||||
14,065 | * | Limelight Networks, Inc | 49,650 | |||||||
108,864 | d | Microsoft Corp | 22,041,694 | |||||||
6,959 | * | MobileIron, Inc | 48,991 | |||||||
6,139 | * | New Relic, Inc | 372,392 | |||||||
3,674 | * | Nutanix, Inc | 89,425 | |||||||
3,577 | * | Perficient, Inc | 140,075 | |||||||
33,623 | Sabre Corp | 219,222 | ||||||||
20,060 | * | salesforce.com, Inc | 4,659,336 | |||||||
7,818 | Science Applications International Corp | 597,061 | ||||||||
2,174 | * | SPS Commerce, Inc | 186,073 | |||||||
5,395 | * | SVMK, Inc | 112,917 | |||||||
4,281 | * | Sykes Enterprises, Inc | 146,582 | |||||||
3,650 | * | Teradata Corp | 67,051 | |||||||
1,948 | TTEC Holdings, Inc | 106,712 | ||||||||
3,213 | * | Virtusa Corp | 161,614 | |||||||
9,518 | * | VMware, Inc (Class A) | 1,225,252 | |||||||
6,271 | * | WEX, Inc | 793,595 | |||||||
TOTAL SOFTWARE & SERVICES | 50,904,378 | |||||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 7.3% | ||||||||||
231,614 | Apple, Inc | 25,213,500 | ||||||||
246 | Badger Meter, Inc | 18,042 | ||||||||
9,562 | * | Ciena Corp | 376,647 | |||||||
112,412 | Cisco Systems, Inc | 4,035,591 | ||||||||
2,290 | Dolby Laboratories, Inc (Class A) | 171,933 | ||||||||
214 | * | Fabrinet | 12,844 | |||||||
28,939 | * | Fitbit, Inc | 203,730 | |||||||
130,822 | Hewlett Packard Enterprise Co | 1,130,302 | ||||||||
32,284 | HP, Inc | 579,821 | ||||||||
565 | * | Insight Enterprises, Inc | 30,143 | |||||||
681 | * | Keysight Technologies, Inc | 71,416 | |||||||
172 | * | Lumentum Holdings, Inc | 14,223 | |||||||
600 | Methode Electronics, Inc | 18,462 | ||||||||
147 | * | OSI Systems, Inc | 11,342 | |||||||
644 | * | Ribbon Communications, Inc | 2,776 | |||||||
5,062 | Synnex Corp | 666,362 | ||||||||
1,602 | * | TTM Technologies, Inc | 19,016 | |||||||
48 | Vishay Intertechnology, Inc | 778 | ||||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 32,576,928 | |||||||||
TELECOMMUNICATION SERVICES - 1.3% | ||||||||||
5,309 | * | Boingo Wireless, Inc | 49,586 | |||||||
3,624 | * | Cincinnati Bell, Inc | 54,541 | |||||||
7,938 | * | Iridium Communications, Inc | 209,643 | |||||||
93,267 | Verizon Communications, Inc | 5,315,286 | ||||||||
TOTAL TELECOMMUNICATION SERVICES | 5,629,056 |
79 |
TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund
SHARES | COMPANY | VALUE | ||||||||
TRANSPORTATION - 1.9% | ||||||||||
3,575 | * | Avis Budget Group, Inc | $ | 120,370 | ||||||
37,654 | CSX Corp | 2,972,407 | ||||||||
5,920 | Kansas City Southern | 1,042,749 | ||||||||
5,982 | Macquarie Infrastructure Co LLC | 154,336 | ||||||||
1,477 | Old Dominion Freight Line | 281,176 | ||||||||
2,512 | Ryder System, Inc | 123,741 | ||||||||
21,945 | United Parcel Service, Inc (Class B) | 3,447,779 | ||||||||
TOTAL TRANSPORTATION | 8,142,558 | |||||||||
UTILITIES - 2.4% | ||||||||||
12,599 | American Water Works Co, Inc | 1,896,276 | ||||||||
27,119 | Consolidated Edison, Inc | 2,128,570 | ||||||||
28,094 | Eversource Energy | 2,451,763 | ||||||||
1,853 | Ormat Technologies, Inc | 131,322 | ||||||||
21,367 | Sempra Energy | 2,678,567 | ||||||||
5,408 | Southwest Gas Holdings Inc | 355,414 | ||||||||
22,816 | UGI Corp | 737,870 | ||||||||
TOTAL UTILITIES | 10,379,782 | |||||||||
TOTAL COMMON STOCKS | 428,498,954 | |||||||||
(Cost $367,506,560) | ||||||||||
RIGHTS / WARRANTS - 0.0% | ||||||||||
MEDIA & ENTERTAINMENT - 0.0% | ||||||||||
1,550 | † | Media General, Inc | 0 | |||||||
TOTAL MEDIA & ENTERTAINMENT | 0 | |||||||||
TOTAL RIGHTS / WARRANTS | 0 | |||||||||
(Cost $0) |
PRINCIPAL | ISSUER | RATE | MATURITY DATE | |||||||||||||
SHORT-TERM INVESTMENTS - 2.6% | ||||||||||||||||
REPURCHASE AGREEMENT - 0.9% | ||||||||||||||||
$ | 4,180,000 | r | Fixed Income Clearing Corp (FICC) | 0.070 | % | 11/02/20 | 4,180,000 | |||||||||
TOTAL REPURCHASE AGREEMENT | 4,180,000 | |||||||||||||||
TREASURY DEBT - 1.4% | ||||||||||||||||
6,039,000 | United States Treasury Bill | 0.078-0.082 | 11/05/20 | 6,038,963 | ||||||||||||
TOTAL TREASURY DEBT | 6,038,963 | |||||||||||||||
SHARES | COMPANY | |||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.3% | ||||||||||||||||
1,335,897 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 1,335,897 | |||||||||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 1,335,897 | |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 11,554,860 | |||||||||||||||
(Cost $11,554,843) | ||||||||||||||||
TOTAL INVESTMENTS - 99.7% | 440,053,814 | |||||||||||||||
(Cost $379,061,403) | ||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - 0.3% | 1,064,326 | |||||||||||||||
NET ASSETS - 100.0% | $ | 441,118,140 |
80 |
TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund
* | Non-income producing | ||||||||||
† | Security is categorized as Level 3 in the fair value hierarchy. | ||||||||||
c | Investments made with cash collateral received from securities on loan. | ||||||||||
d | All or a portion of these securities have been segregated to cover margin requirements on open future contracts. | ||||||||||
e | All or a portion of these securities are out on loan. The aggregate value of securities on loan is $1,487,017. | ||||||||||
r | Agreement with Fixed Income Clearing Corporation, 0.070% dated 10/31/20 to be repurchased at $4,180,000 on 11/2/20, collateralized by U.S. Treasury Notes valued at $4,263,623. | ||||||||||
Futures contracts outstanding as of October 31, 2020 were as follows: | ||||||||||||||||
Description | Number of long (short) contracts | Expiration date | Notional amount | Value | Unrealized appreciation (depreciation) | |||||||||||
S&P 500 E Mini Index | 68 | 12/18/20 | $ | 11,541,074 | $ | 11,099,980 | $ | (441,094 | ) | |||||||
81 |
TIAA-CREF FUNDS - Emerging Markets Equity Fund
TIAA-CREF FUNDS
EMERGING MARKETS EQUITY FUND
SCHEDULE OF INVESTMENTS
October 31, 2020
SHARES | COMPANY | VALUE | ||||||||
COMMON STOCKS - 90.7% | ||||||||||
BRAZIL - 9.3% | ||||||||||
445,246 | * | Afya Ltd | $ | 10,685,904 | ||||||
9,984,365 | a | Arcos Dorados Holdings, Inc | 40,137,147 | |||||||
696,200 | * | B2W Companhia Global Do Varejo | 9,129,060 | |||||||
4,875,700 | Banco Itau Holding Financeira S.A. | 19,951,627 | ||||||||
2,881,000 | Cia Brasileira de Distribuicao | 31,104,829 | ||||||||
10,710,200 | * | Empresa Brasileira de Aeronautica S.A. | 11,255,327 | |||||||
3,930,400 | Lojas Americanas S.A. (Preference) | 15,912,162 | ||||||||
210,991 | * | StoneCo Ltd | 11,085,467 | |||||||
TOTAL BRAZIL | 149,261,523 | |||||||||
CHINA - 33.6% | ||||||||||
539,369 | * | Alibaba Group Holding Ltd (ADR) | 164,340,341 | |||||||
129,900 | * | Ant Group Co Ltd | 1,340,471 | |||||||
4,512,400 | g | Budweiser Brewing Co APAC Ltd | 13,307,563 | |||||||
1,051,000 | e | BYD Co Ltd (H shares) | 21,245,754 | |||||||
6,336,000 | China Life Insurance Co Ltd | 13,824,678 | ||||||||
6,290,965 | China Merchants Bank Co Ltd (Class A) | 37,436,644 | ||||||||
2,607,669 | China Vanke Co Ltd (Class A) | 10,753,343 | ||||||||
16,198,000 | Chinasoft International Ltd | 11,758,749 | ||||||||
16,839,000 | CNOOC Ltd | 15,406,939 | ||||||||
5,441,565 | Foxconn Industrial Internet Co Ltd | 11,117,270 | ||||||||
7,124,000 | Geely Automobile Holdings Ltd | 14,638,791 | ||||||||
1,707,757 | Gree Electric Appliances, Inc of Zhuhai | 14,971,925 | ||||||||
1,992,139 | Hangzhou Hikvision Digital Technology Co Ltd | 13,390,944 | ||||||||
272,356 | * | JD.com, Inc (ADR) | 22,202,461 | |||||||
3,014,863 | Ping An Insurance Group Co of China Ltd (Class A) | 35,085,722 | ||||||||
1,365,976 | Tencent Holdings Ltd | 104,368,227 | ||||||||
782,658 | * | Tencent Music Entertainment (ADR) | 11,645,951 | |||||||
1,148,358 | * | Vipshop Holdings Ltd (ADR) | 24,574,861 | |||||||
TOTAL CHINA | 541,410,634 | |||||||||
HONG KONG - 1.5% | ||||||||||
1,476,020 | Melco Crown Entertainment Ltd (ADR) | 23,793,442 | ||||||||
22,290 | *,† | Mongolian Metals Corporation | 0 | |||||||
TOTAL HONG KONG | 23,793,442 | |||||||||
INDIA - 10.0% | ||||||||||
2,293,459 | Bharti Airtel Ltd | 13,409,927 | ||||||||
19,355,557 | * | Edelweiss Capital Ltd | 14,573,151 | |||||||
375,199 | Eicher Motors Ltd | 10,559,188 | ||||||||
526,299 | Housing Development Finance Corp | 13,653,898 | ||||||||
2,731,881 | * | ICICI Bank Ltd | 14,369,796 | |||||||
1,169,068 | * | MakeMyTrip Ltd | 21,943,407 | |||||||
1,707,044 | Piramal Healthcare Ltd | 29,041,502 |
82 |
TIAA-CREF FUNDS - Emerging Markets Equity Fund
SHARES | COMPANY | VALUE | ||||||||
1,597,101 | Reliance Industries Ltd | $ | 44,279,249 | |||||||
TOTAL INDIA | 161,830,118 | |||||||||
INDONESIA - 3.1% | ||||||||||
64,597,500 | PT Astra International Tbk | 23,589,250 | ||||||||
6,448,600 | PT Bank Central Asia Tbk | 12,688,625 | ||||||||
9,237,400 | PT United Tractors Tbk | 13,197,393 | ||||||||
TOTAL INDONESIA | 49,475,268 | |||||||||
ITALY - 1.9% | ||||||||||
7,932,771 | e | Prada S.p.A | 31,397,324 | |||||||
TOTAL ITALY | 31,397,324 | |||||||||
KOREA, REPUBLIC OF - 7.1% | ||||||||||
236,551 | Amorepacific Corp | 33,232,016 | ||||||||
266,972 | Hynix Semiconductor, Inc | 18,939,754 | ||||||||
26,718 | Naver Corp | 6,836,358 | ||||||||
104,397 | Samsung Electro-Mechanics Co Ltd | 12,408,425 | ||||||||
852,230 | Samsung Electronics Co Ltd | 42,837,860 | ||||||||
TOTAL KOREA, REPUBLIC OF | 114,254,413 | |||||||||
MACAU - 2.0% | ||||||||||
2,445,079 | Galaxy Entertainment Group Ltd | 16,158,434 | ||||||||
11,724,500 | * | Wynn Macau Ltd | 16,198,967 | |||||||
TOTAL MACAU | 32,357,401 | |||||||||
MEXICO - 4.7% | ||||||||||
489,300 | Fomento Economico Mexicano SAB de C.V. (ADR) | 26,309,661 | ||||||||
3,792,148 | * | Grupo Televisa SAB (ADR) | 24,118,061 | |||||||
10,478,200 | Wal-Mart de Mexico SAB de C.V. | 25,316,821 | ||||||||
TOTAL MEXICO | 75,744,543 | |||||||||
PERU - 1.2% | ||||||||||
173,605 | Credicorp Ltd | 19,909,021 | ||||||||
TOTAL PERU | 19,909,021 | |||||||||
POLAND - 0.4% | ||||||||||
352,833 | *,g | Allegro.eu S.A. | 7,170,569 | |||||||
TOTAL POLAND | 7,170,569 | |||||||||
RUSSIA - 2.4% | ||||||||||
663,699 | MMC Norilsk Nickel PJSC (ADR) | 15,762,851 | ||||||||
1,203,004 | Sberbank of Russia (ADR) | 12,162,371 | ||||||||
193,958 | * | Yandex NV | 11,166,162 | |||||||
TOTAL RUSSIA | 39,091,384 | |||||||||
SOUTH AFRICA - 2.5% | ||||||||||
288,700 | * | Capitec Bank Holdings Ltd | 20,289,727 | |||||||
104,332 | * | Naspers Ltd (N Shares) | 20,368,468 | |||||||
TOTAL SOUTH AFRICA | 40,658,195 | |||||||||
TAIWAN - 7.6% | ||||||||||
128,391 | * | Sea Ltd (ADR) | 20,247,261 |
83 |
TIAA-CREF FUNDS - Emerging Markets Equity Fund
SHARES | COMPANY | VALUE | ||||||||
4,661,400 | Taiwan Semiconductor Manufacturing Co Ltd | $ | 70,525,460 | |||||||
11,853,000 | United Microelectronics Corp | 12,739,019 | ||||||||
1,728,000 | Win Semiconductors Corp | 18,851,262 | ||||||||
80,000 | Yageo Corp | 996,623 | ||||||||
TOTAL TAIWAN | 123,359,625 | |||||||||
TANZANIA, UNITED REPUBLIC OF - 1.2% | ||||||||||
816,405 | AngloGold Ashanti Ltd (ADR) | 18,891,612 | ||||||||
TOTAL TANZANIA, UNITED REPUBLIC OF | 18,891,612 | |||||||||
THAILAND - 0.7% | ||||||||||
6,659,900 | Airports of Thailand PCL (ADR) | 11,042,385 | ||||||||
TOTAL THAILAND | 11,042,385 | |||||||||
TURKEY - 1.5% | ||||||||||
5,495,500 | Anadolu Efes Biracilik Ve Malt Sanayii AS | 12,767,931 | ||||||||
14,076,583 | * | Turkiye Garanti Bankasi AS | 11,113,619 | |||||||
TOTAL TURKEY | 23,881,550 | |||||||||
TOTAL COMMON STOCKS | 1,463,529,007 | |||||||||
(Cost $1,267,416,642) | ||||||||||
PREFERRED STOCKS - 0.0% | ||||||||||
PHILIPPINES - 0.0% | ||||||||||
1,721,900 | *,† | Ayala Land, Inc | 3,558 | |||||||
TOTAL PHILIPPINES | 3,558 | |||||||||
TOTAL PREFERRED STOCKS | 3,558 | |||||||||
(Cost $4,057) | ||||||||||
PRINCIPAL | ISSUER | RATE | MATURITY DATE | |||||||||||||
SHORT-TERM INVESTMENTS - 2.4% | ||||||||||||||||
GOVERNMENT AGENCY DEBT - 0.7% | ||||||||||||||||
$ | 11,005,000 | Federal Agricultural Mortgage Corp (FAMC) | 0.080 | % | 11/18/20 | 11,004,608 | ||||||||||
TOTAL GOVERNMENT AGENCY DEBT | 11,004,608 | |||||||||||||||
TREASURY DEBT - 1.3% | ||||||||||||||||
22,045,000 | United States Treasury Bill | 0.082 | 11/17/20 | 22,044,265 | ||||||||||||
TOTAL TREASURY DEBT | 22,044,265 | |||||||||||||||
SHARES | COMPANY | |||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.4% | ||||||||||||||||
5,729,592 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 5,729,592 | |||||||||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 5,729,592 | |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 38,778,465 | |||||||||||||||
(Cost $38,778,372) | ||||||||||||||||
TOTAL INVESTMENTS - 93.1% | 1,502,311,030 | |||||||||||||||
(Cost $1,306,199,071) | ||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - 6.9% | 111,620,207 | |||||||||||||||
NET ASSETS - 100.0% | $ | 1,613,931,237 |
84 |
TIAA-CREF FUNDS - Emerging Markets Equity Fund
Abbreviation(s): | |||||||||||
ADR American Depositary Receipt | |||||||||||
* | Non-income producing | ||||||||||
† | Security is categorized as Level 3 in the fair value hierarchy. | ||||||||||
a | Affiliated holding | ||||||||||
c | Investments made with cash collateral received from securities on loan. | ||||||||||
e | All or a portion of these securities are out on loan. The aggregate value of securities on loan is $26,074,607. | ||||||||||
g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/2020, the aggregate value of these securities is 20,478,132 or 1.3% of net assets. |
85 |
TIAA-CREF FUNDS - Emerging Markets Equity Fund
TIAA-CREF FUNDS
EMERGING MARKETS EQUITY FUND
SUMMARY OF MARKET VALUES BY SECTOR (unaudited)
October 31, 2020
SECTOR | VALUE | % OF NET ASSETS | ||||||
CONSUMER DISCRETIONARY | $ | 509,017,456 | 31.6 | % | ||||
INFORMATION TECHNOLOGY | 225,991,305 | 14.0 | ||||||
FINANCIALS | 225,058,878 | 13.9 | ||||||
COMMUNICATION SERVICES | 191,791,947 | 11.9 | ||||||
CONSUMER STAPLES | 142,038,820 | 8.8 | ||||||
ENERGY | 72,883,582 | 4.5 | ||||||
MATERIALS | 34,654,463 | 2.1 | ||||||
HEALTH CARE | 29,041,502 | 1.8 | ||||||
INDUSTRIALS | 22,297,712 | 1.4 | ||||||
REAL ESTATE | 10,756,900 | 0.7 | ||||||
SHORT-TERM INVESTMENTS | 38,778,465 | 2.4 | ||||||
OTHER ASSETS & LIABILITIES, NET | 111,620,207 | 6.9 | ||||||
NET ASSETS | $ | 1,613,931,237 | 100.0 | % |
86 |
TIAA-CREF FUNDS - International Equity Fund
TIAA-CREF FUNDS
INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS
October 31, 2020
SHARES | COMPANY | VALUE | ||||||||||||||
COMMON STOCKS - 93.5% | ||||||||||||||||
AUSTRALIA - 4.8% | ||||||||||||||||
1,843,476 | BHP Billiton Ltd | $ | 44,191,118 | |||||||||||||
626,848 | Commonwealth Bank of Australia | 30,434,430 | ||||||||||||||
263,342 | CSL Ltd | 53,315,504 | ||||||||||||||
3,234,207 | Fortescue Metals Group Ltd | 39,565,639 | ||||||||||||||
4,552,087 | * | NEXTDC Ltd | 40,758,690 | |||||||||||||
340,856 | Rio Tinto plc | 19,279,279 | ||||||||||||||
TOTAL AUSTRALIA | 227,544,660 | |||||||||||||||
BRAZIL - 0.5% | ||||||||||||||||
1,066,200 | Cia Brasileira de Distribuicao | 11,511,270 | ||||||||||||||
3,464,800 | Lojas Americanas S.A. (Preference) | 14,027,188 | ||||||||||||||
TOTAL BRAZIL | 25,538,458 | |||||||||||||||
CHINA - 3.7% | ||||||||||||||||
167,483 | * | Alibaba Group Holding Ltd (ADR) | 51,030,395 | |||||||||||||
350,600 | * | Ant Group Co Ltd | 3,617,930 | |||||||||||||
599,738 | * | GDS Holdings Ltd (ADR) | 50,401,982 | |||||||||||||
448,540 | Tencent Holdings Ltd | 34,270,971 | ||||||||||||||
1,259,000 | *,g | Wuxi Biologics Cayman, Inc | 35,357,390 | |||||||||||||
TOTAL CHINA | 174,678,668 | |||||||||||||||
DENMARK - 3.7% | ||||||||||||||||
601,815 | DSV AS | 97,639,327 | ||||||||||||||
468,338 | g | Orsted AS | 74,331,806 | |||||||||||||
TOTAL DENMARK | 171,971,133 | |||||||||||||||
FINLAND - 0.7% | ||||||||||||||||
641,035 | Neste Oil Oyj | 33,432,246 | ||||||||||||||
TOTAL FINLAND | 33,432,246 | |||||||||||||||
FRANCE - 14.3% | ||||||||||||||||
1,189,135 | Airbus SE | 87,004,294 | ||||||||||||||
1,750,206 | BNP Paribas S.A. | 61,038,023 | ||||||||||||||
1,619,606 | Compagnie de Saint-Gobain | 63,089,336 | ||||||||||||||
4,866,700 | Credit Agricole S.A. | 38,498,207 | ||||||||||||||
341,845 | Dassault Systemes S.A. | 58,288,102 | ||||||||||||||
516,387 | Essilor International S.A. | 63,752,558 | ||||||||||||||
109,001 | Kering | 65,871,061 | ||||||||||||||
559,751 | Sanofi-Aventis | 50,541,787 | ||||||||||||||
841,312 | Schneider Electric S.A. | 102,224,803 | ||||||||||||||
1,036,166 | Valeo S.A. | 31,345,478 | ||||||||||||||
618,947 | Vinci S.A. | 48,887,570 | ||||||||||||||
TOTAL FRANCE | 670,541,219 |
87 |
TIAA-CREF FUNDS - International Equity Fund
SHARES | COMPANY | VALUE | ||||||||||||||
GERMANY - 12.4% | ||||||||||||||||
203,893 | Adidas-Salomon AG. | $ | 60,577,601 | |||||||||||||
269,217 | BASF SE | 14,741,834 | ||||||||||||||
693,018 | Bayer AG. | 32,565,274 | ||||||||||||||
613,641 | Bayerische Motoren Werke AG. | 41,935,445 | ||||||||||||||
785,435 | HeidelbergCement AG. | 44,921,717 | ||||||||||||||
4,264,960 | Infineon Technologies AG. | 118,741,505 | ||||||||||||||
813,129 | Lanxess AG. | 41,240,078 | ||||||||||||||
1,557,636 | RWE AG. | 57,644,603 | ||||||||||||||
308,050 | SAP AG. | 32,864,184 | ||||||||||||||
1,054,860 | Siemens AG. | 123,751,990 | ||||||||||||||
527,430 | * | Siemens Energy AG. | 11,548,302 | |||||||||||||
TOTAL GERMANY | 580,532,533 | |||||||||||||||
HONG KONG - 1.9% | ||||||||||||||||
1,840,024 | Hong Kong Exchanges and Clearing Ltd | 88,171,571 | ||||||||||||||
TOTAL HONG KONG | 88,171,571 | |||||||||||||||
IRELAND - 1.5% | ||||||||||||||||
1,988,698 | CRH plc | 69,588,071 | ||||||||||||||
TOTAL IRELAND | 69,588,071 | |||||||||||||||
ITALY - 3.1% | ||||||||||||||||
6,194,766 | Enel S.p.A. | 49,251,502 | ||||||||||||||
1,213,918 | Moncler S.p.A | 48,570,914 | ||||||||||||||
6,415,030 | UniCredit S.p.A. | 48,044,651 | ||||||||||||||
TOTAL ITALY | 145,867,067 | |||||||||||||||
JAPAN - 20.0% | ||||||||||||||||
3,722,400 | Daiichi Sankyo Co Ltd | 98,247,667 | ||||||||||||||
366,516 | Daikin Industries Ltd | 68,587,320 | ||||||||||||||
2,260,379 | * | Hitachi Ltd | 76,184,482 | |||||||||||||
877,900 | Kao Corp | 62,505,330 | ||||||||||||||
256,928 | Nintendo Co Ltd | 138,918,077 | ||||||||||||||
2,701,500 | ORIX Corp | 31,594,679 | ||||||||||||||
2,221,800 | Recruit Holdings Co Ltd | 84,540,925 | ||||||||||||||
1,129,400 | * | SBI Holdings, Inc | 26,034,076 | |||||||||||||
2,063,159 | Sony Corp | 171,998,187 | ||||||||||||||
1,805,200 | Sumitomo Mitsui Financial Group, Inc | 49,971,363 | ||||||||||||||
618,800 | Tokio Marine Holdings, Inc | 27,657,090 | ||||||||||||||
1,534,689 | Toyota Motor Corp | 100,747,555 | ||||||||||||||
TOTAL JAPAN | 936,986,751 | |||||||||||||||
KOREA, REPUBLIC OF - 0.9% | ||||||||||||||||
74,935 | LG Chem Ltd | 40,860,633 | ||||||||||||||
TOTAL KOREA, REPUBLIC OF | 40,860,633 | |||||||||||||||
NETHERLANDS - 3.8% | ||||||||||||||||
302,201 | ASML Holding NV | 109,337,192 | ||||||||||||||
10,093,457 | ING Groep NV | 69,137,324 | ||||||||||||||
TOTAL NETHERLANDS | 178,474,516 |
88 |
TIAA-CREF FUNDS - International Equity Fund
SHARES | COMPANY | VALUE | ||||||||||||||
RUSSIA - 1.0% | ||||||||||||||||
1,371,935 | Sberbank of Russia (ADR) | $ | 13,870,263 | |||||||||||||
580,595 | * | Yandex NV | 33,424,854 | |||||||||||||
TOTAL RUSSIA | 47,295,117 | |||||||||||||||
SPAIN - 0.7% | ||||||||||||||||
2,781,658 | Iberdrola S.A. | 32,844,640 | ||||||||||||||
TOTAL SPAIN | 32,844,640 | |||||||||||||||
SWITZERLAND - 7.9% | ||||||||||||||||
5,811,044 | Credit Suisse Group | 54,806,108 | ||||||||||||||
137,086 | Lonza Group AG. | 83,061,781 | ||||||||||||||
964,771 | Nestle S.A. | 108,515,405 | ||||||||||||||
363,235 | Roche Holding AG. | 116,718,790 | ||||||||||||||
27,541 | * | Zur Rose Group AG. | 7,663,151 | |||||||||||||
TOTAL SWITZERLAND | 370,765,235 | |||||||||||||||
TAIWAN - 1.5% | ||||||||||||||||
854,009 | Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 71,625,735 | ||||||||||||||
TOTAL TAIWAN | 71,625,735 | |||||||||||||||
UNITED KINGDOM - 9.6% | ||||||||||||||||
1,297,426 | Ashtead Group plc | 46,885,482 | ||||||||||||||
867,122 | AstraZeneca plc | 87,063,790 | ||||||||||||||
1,786,038 | British American Tobacco plc | 56,609,137 | ||||||||||||||
337,008 | Linde plc (Xetra) | 73,860,360 | ||||||||||||||
22,318,571 | Lloyds TSB Group plc | 8,126,340 | ||||||||||||||
713,034 | Reckitt Benckiser Group plc | 62,810,102 | ||||||||||||||
24,956,591 | Tesco plc | 66,423,104 | ||||||||||||||
6,119,362 | * | THG Holdings Ltd | 52,290,653 | |||||||||||||
TOTAL UNITED KINGDOM | 454,068,968 | |||||||||||||||
UNITED STATES - 1.5% | ||||||||||||||||
832,179 | Las Vegas Sands Corp | 39,994,523 | ||||||||||||||
419,565 | Wynn Resorts Ltd | 30,389,093 | ||||||||||||||
TOTAL UNITED STATES | 70,383,616 | |||||||||||||||
TOTAL COMMON STOCKS | 4,391,170,837 | |||||||||||||||
(Cost $4,130,960,551) | ||||||||||||||||
PRINCIPAL | ISSUER | RATE | MATURITY DATE | |||||||||||||
SHORT-TERM INVESTMENTS - 7.7% | ||||||||||||||||
GOVERNMENT AGENCY DEBT - 6.4% | ||||||||||||||||
$ | 25,000,000 | Federal Farm Credit Bank (FFCB) | 0.080 | % | 11/02/20 | 25,000,000 | ||||||||||
22,493,000 | FHLB | 0.065-0.094 | 11/06/20 | 22,492,800 | ||||||||||||
2,218,000 | FHLB | 0.070-0.080 | 11/12/20 | 2,217,951 | ||||||||||||
53,382,000 | FHLB | 0.075-0.085 | 11/20/20 | 53,379,865 | ||||||||||||
70,890,000 | FHLB | 0.080-0.085 | 11/27/20 | 70,886,061 | ||||||||||||
13,115,000 | FHLB | 0.085 | 12/04/20 | 13,113,951 | ||||||||||||
31,713,000 | FHLB | 0.085-0.090 | 12/10/20 | 31,709,987 | ||||||||||||
28,469,000 | FHLB | 0.090 | 12/11/20 | 28,466,224 | ||||||||||||
35,120,000 | FHLB | 0.083-0.085 | 12/23/20 | 35,115,522 | ||||||||||||
18,830,000 | FHLB | 0.091-0.095 | 01/27/21 | 18,825,502 | ||||||||||||
TOTAL GOVERNMENT AGENCY DEBT | 301,207,863 |
89 |
TIAA-CREF FUNDS - International Equity Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | |||||||||||||
REPURCHASE AGREEMENT - 0.3% | |||||||||||||||||
$ | 10,610,000 | r | Fixed Income Clearing Corp (FICC) | 0.070 | % | 11/02/20 | $ | 10,610,000 | |||||||||
TOTAL REPURCHASE AGREEMENT | 10,610,000 | ||||||||||||||||
TREASURY DEBT - 1.0% | |||||||||||||||||
16,360,000 | United States Cash Management Bill | 0.083 | 12/22/20 | 16,357,955 | |||||||||||||
30,000,000 | United States Treasury Bill | 0.087 | 12/31/20 | 29,995,452 | |||||||||||||
TOTAL TREASURY DEBT | 46,353,407 | ||||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 358,171,270 | ||||||||||||||||
(Cost $358,171,486) | |||||||||||||||||
TOTAL INVESTMENTS - 101.2% | 4,749,342,107 | ||||||||||||||||
(Cost $4,489,132,037) | |||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - (1.2)% | (55,102,421 | ) | |||||||||||||||
NET ASSETS - 100.0% | $ | 4,694,239,686 | |||||||||||||||
Abbreviation(s): | |||||||||||||||||
ADR American Depositary Receipt | |||||||||||||||||
* | Non-income producing | ||||||||||||||||
g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/2020, the aggregate value of these securities is $109,689,196 or 2.3% of net assets. | ||||||||||||||||
r | Agreement with Fixed Income Clearing Corporation, 0.070% dated 10/31/20 to be repurchased at $10,610,000 on 11/2/20, collateralized by U.S. Treasury Notes valued at $10,822,201. |
90 |
TIAA-CREF FUNDS - International Equity Fund
TIAA-CREF FUNDS
INTERNATIONAL EQUITY FUND
SUMMARY OF MARKET VALUES BY SECTOR (unaudited)
October 31, 2020
% OF | ||||||||
SECTOR | VALUE | NET ASSETS | ||||||
CONSUMER DISCRETIONARY | $ | 772,530,651 | 16.3 | % | ||||
INDUSTRIALS | 722,611,048 | 15.4 | ||||||
INFORMATION TECHNOLOGY | 561,819,800 | 12.0 | ||||||
HEALTH CARE | 556,871,983 | 11.9 | ||||||
FINANCIALS | 547,384,124 | 11.7 | ||||||
MATERIALS | 388,248,732 | 8.3 | ||||||
CONSUMER STAPLES | 376,037,498 | 8.0 | ||||||
UTILITIES | 225,620,852 | 4.8 | ||||||
COMMUNICATION SERVICES | 206,613,903 | 4.4 | ||||||
ENERGY | 33,432,246 | 0.7 | ||||||
SHORT-TERM INVESTMENTS | 358,171,270 | 7.7 | ||||||
OTHER ASSETS & LIABILITIES, NET | (55,102,421 | ) | (1.2 | ) | ||||
NET ASSETS | $ | 4,694,239,686 | 100.0 | % |
91 |
TIAA-CREF FUNDS - International Opportunities Fund
TIAA-CREF FUNDS
INTERNATIONAL OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS
October 31, 2020
SHARES | COMPANY | VALUE | ||||||||||||||
COMMON STOCKS - 95.6% | ||||||||||||||||
AUSTRALIA - 5.6% | ||||||||||||||||
306,012 | * | Afterpay Touch Group Ltd | $ | 20,836,078 | ||||||||||||
119,100 | CSL Ltd | 24,112,661 | ||||||||||||||
1,295,656 | IDP Education Ltd | 17,577,971 | ||||||||||||||
1,865,100 | * | NEXTDC Ltd | 16,699,820 | |||||||||||||
1,689,807 | *,e | PointsBet Holdings Ltd | 11,863,907 | |||||||||||||
2,667,100 | *,e | Zip Co Ltd | 10,743,054 | |||||||||||||
TOTAL AUSTRALIA | 101,833,491 | |||||||||||||||
BRAZIL - 6.6% | ||||||||||||||||
302,369 | * | Arco Platform Ltd | 10,304,735 | |||||||||||||
1,359,300 | Banco Inter S.A. | 12,041,447 | ||||||||||||||
2,081,700 | Localiza Rent A Car | 22,014,405 | ||||||||||||||
4,870,000 | Magazine Luiza S.A. | 20,904,347 | ||||||||||||||
502,022 | * | Pagseguro Digital Ltd | 18,379,025 | |||||||||||||
355,394 | * | StoneCo Ltd | 18,672,401 | |||||||||||||
418,094 | * | XP, Inc | 16,757,208 | |||||||||||||
TOTAL BRAZIL | 119,073,568 | |||||||||||||||
CANADA - 6.7% | ||||||||||||||||
897,032 | Alimentation Couche Tard, Inc | 27,625,327 | ||||||||||||||
803,995 | Dollarama, Inc | 27,686,925 | ||||||||||||||
577,900 | *,e | Lightspeed POS, Inc | 18,486,901 | |||||||||||||
538,500 | Nutrien Ltd | 21,890,835 | ||||||||||||||
28,701 | * | Shopify, Inc (Class A) | 26,459,078 | |||||||||||||
TOTAL CANADA | 122,149,066 | |||||||||||||||
CHINA - 7.6% | ||||||||||||||||
256,400 | * | GDS Holdings Ltd (ADR) | 21,547,856 | |||||||||||||
311,000 | * | JD.com, Inc (ADR) | 25,352,720 | |||||||||||||
313,600 | Silergy Corp | 19,334,326 | ||||||||||||||
735,200 | Tencent Holdings Ltd | 56,173,403 | ||||||||||||||
11,128,034 | g | Topsports International Holdings Ltd | 15,258,658 | |||||||||||||
TOTAL CHINA | 137,666,963 | |||||||||||||||
DENMARK - 2.8% | ||||||||||||||||
146,100 | Carlsberg AS (Class B) | 18,499,296 | ||||||||||||||
510,300 | Novo Nordisk AS | 32,539,603 | ||||||||||||||
TOTAL DENMARK | 51,038,899 | |||||||||||||||
FRANCE - 4.8% | ||||||||||||||||
171,602 | Essilor International S.A. | 21,185,790 | ||||||||||||||
83,512 | L’Oreal S.A. | 26,989,850 | ||||||||||||||
127,639 | Teleperformance | 38,315,038 | ||||||||||||||
TOTAL FRANCE | 86,490,678 |
92 |
TIAA-CREF FUNDS - International Opportunities Fund
SHARES | COMPANY | VALUE | ||||||||||||||
GERMANY - 6.3% | ||||||||||||||||
309,000 | Bayer AG. | $ | 14,520,069 | |||||||||||||
81,100 | Bechtle AG. | 13,926,218 | ||||||||||||||
161,482 | Beiersdorf AG. | 16,908,662 | ||||||||||||||
118,700 | Deutsche Boerse AG. | 17,490,863 | ||||||||||||||
361,500 | * | HelloFresh SE | 19,317,412 | |||||||||||||
166,241 | *,e,g | Just Eat Takeaway | 18,413,587 | |||||||||||||
309,393 | *,g | TeamViewer AG. | 13,637,427 | |||||||||||||
TOTAL GERMANY | 114,214,238 | |||||||||||||||
HONG KONG - 0.8% | ||||||||||||||||
946,100 | Melco Crown Entertainment Ltd (ADR) | 15,251,132 | ||||||||||||||
TOTAL HONG KONG | 15,251,132 | |||||||||||||||
INDONESIA - 1.1% | ||||||||||||||||
85,976,300 | Bank Rakyat Indonesia | 19,462,616 | ||||||||||||||
TOTAL INDONESIA | 19,462,616 | |||||||||||||||
IRELAND - 4.6% | ||||||||||||||||
491,610 | CRH plc | 17,202,306 | ||||||||||||||
148,605 | * | Flutter Entertainment plc | 25,745,932 | |||||||||||||
678,168 | * | Keywords Studios plc | 18,590,464 | |||||||||||||
587,889 | Smurfit Kappa Group plc | 22,151,125 | ||||||||||||||
TOTAL IRELAND | 83,689,827 | |||||||||||||||
ITALY - 4.6% | ||||||||||||||||
590,185 | Amplifon S.p.A. | 21,457,773 | ||||||||||||||
2,208,500 | Davide Campari-Milano NV | 23,081,816 | ||||||||||||||
119,600 | Ferrari NV | 21,335,664 | ||||||||||||||
451,089 | Moncler S.p.A | 18,048,835 | ||||||||||||||
TOTAL ITALY | 83,924,088 | |||||||||||||||
JAPAN - 14.9% | ||||||||||||||||
200,400 | *,e | Amazia, Inc | 6,125,447 | |||||||||||||
153,200 | *,e | BASE, Inc | 16,420,876 | |||||||||||||
639,100 | Benefit One, Inc | 15,993,270 | ||||||||||||||
238,400 | Eisai Co Ltd | 18,536,441 | ||||||||||||||
158,700 | GMO Payment Gateway, Inc | 19,445,265 | ||||||||||||||
2,174,800 | Infomart Corp | 17,985,662 | ||||||||||||||
169,600 | IR Japan Holdings Ltd | 18,777,597 | ||||||||||||||
476,500 | Japan Elevator Service Holdings Co Ltd | 18,314,617 | ||||||||||||||
517,200 | *,e | Kamakura Shinsho Ltd | 5,116,358 | |||||||||||||
443,000 | MonotaRO Co Ltd | 24,503,086 | ||||||||||||||
354,000 | Paltac Corp | �� | 19,791,273 | |||||||||||||
462,302 | Seria Co Ltd | 17,812,083 | ||||||||||||||
147,099 | *,e | SHIFT, Inc | 18,668,425 | |||||||||||||
616,700 | SMS Co Ltd | 18,156,955 | ||||||||||||||
276,400 | TechnoPro Holdings, Inc | 17,191,380 | ||||||||||||||
199,400 | e | Workman Co Ltd | 17,680,741 | |||||||||||||
TOTAL JAPAN | 270,519,476 |
93 |
TIAA-CREF FUNDS - International Opportunities Fund
SHARES | COMPANY | VALUE | ||||||||||||||
NETHERLANDS - 4.2% | ||||||||||||||||
12,677 | *,g | Adyen NV | $ | 21,306,781 | ||||||||||||
97,547 | ASML Holding NV | 35,292,785 | ||||||||||||||
2,973,200 | ING Groep NV | 20,365,579 | ||||||||||||||
TOTAL NETHERLANDS | 76,965,145 | |||||||||||||||
NEW ZEALAND - 1.0% | ||||||||||||||||
750,000 | Fisher & Paykel Healthcare Corp | 17,350,786 | ||||||||||||||
TOTAL NEW ZEALAND | 17,350,786 | |||||||||||||||
NORWAY - 1.1% | ||||||||||||||||
1,328,986 | e | Aker BP ASA | 20,696,757 | |||||||||||||
TOTAL NORWAY | 20,696,757 | |||||||||||||||
PHILIPPINES - 1.0% | ||||||||||||||||
5,703,054 | Banco de Oro Universal Bank | 10,443,225 | ||||||||||||||
6,009,020 | Robinsons Retail Holdings, Inc | 7,964,739 | ||||||||||||||
TOTAL PHILIPPINES | 18,407,964 | |||||||||||||||
POLAND - 0.4% | ||||||||||||||||
375,120 | *,g | Allegro.eu S.A. | 7,623,504 | |||||||||||||
TOTAL POLAND | 7,623,504 | |||||||||||||||
PORTUGAL - 1.0% | ||||||||||||||||
1,204,396 | Jeronimo Martins SGPS S.A. | 19,130,280 | ||||||||||||||
TOTAL PORTUGAL | 19,130,280 | |||||||||||||||
SPAIN - 1.0% | ||||||||||||||||
376,699 | Amadeus IT Holding S.A. | 17,948,259 | ||||||||||||||
142,139 | *,†,e | Let’s GOWEX S.A. | 1,655 | |||||||||||||
TOTAL SPAIN | 17,949,914 | |||||||||||||||
SWEDEN - 3.7% | ||||||||||||||||
287,127 | Hexagon AB (B Shares) | 21,045,599 | ||||||||||||||
652,000 | e | Intrum Justitia AB | 15,932,876 | |||||||||||||
396,800 | Swedish Match AB | 29,832,447 | ||||||||||||||
TOTAL SWEDEN | 66,810,922 | |||||||||||||||
SWITZERLAND - 4.5% | ||||||||||||||||
4,306 | Givaudan S.A. | 17,559,601 | ||||||||||||||
52,867 | Lonza Group AG. | 32,032,645 | ||||||||||||||
98,700 | Roche Holding AG. | 31,715,404 | ||||||||||||||
TOTAL SWITZERLAND | 81,307,650 | |||||||||||||||
TAIWAN - 0.9% | ||||||||||||||||
1,197,540 | Dadi Early-Childhood Education Group Ltd | 7,285,700 | ||||||||||||||
2,700,349 | Hota Industrial Manufacturing Co Ltd | 8,309,303 | ||||||||||||||
TOTAL TAIWAN | 15,595,003 | |||||||||||||||
UNITED KINGDOM - 9.3% | ||||||||||||||||
986,180 | Ashtead Group plc | 35,637,890 | ||||||||||||||
2,404,119 | Beazley plc | 9,165,155 | ||||||||||||||
507,700 | Dechra Pharmaceuticals plc | 22,967,187 | ||||||||||||||
2,207,886 | Electrocomponents plc | 19,384,823 |
94 |
TIAA-CREF FUNDS - International Opportunities Fund
SHARES | COMPANY | VALUE | |||||||||||||||
447,623 | Fevertree Drinks plc | $ | 11,684,892 | ||||||||||||||
85,385 | Linde plc (Xetra) | 18,713,404 | |||||||||||||||
199,421 | London Stock Exchange Group plc | 21,497,150 | |||||||||||||||
1,906,799 | * | THG Holdings Ltd | 16,293,817 | ||||||||||||||
6,603,400 | Tritax Big Box REIT plc | 13,398,186 | |||||||||||||||
TOTAL UNITED KINGDOM | 168,742,504 | ||||||||||||||||
UNITED STATES - 1.1% | |||||||||||||||||
60,900 | * | Lululemon Athletica, Inc | 19,444,761 | ||||||||||||||
TOTAL UNITED STATES | 19,444,761 | ||||||||||||||||
TOTAL COMMON STOCKS | 1,735,339,232 | ||||||||||||||||
(Cost $1,133,629,109) | |||||||||||||||||
RIGHTS / WARRANTS - 0.0% | |||||||||||||||||
AUSTRALIA - 0.0% | |||||||||||||||||
112,654 | e | PointsBet Holdings Pty Ltd | 212,214 | ||||||||||||||
TOTAL AUSTRALIA | 212,214 | ||||||||||||||||
TOTAL RIGHTS / WARRANTS | 212,214 | ||||||||||||||||
(Cost $0) | |||||||||||||||||
PRINCIPAL | ISSUER | RATE | MATURITY DATE | ||||||||||||||
SHORT-TERM INVESTMENTS - 6.5% | |||||||||||||||||
GOVERNMENT AGENCY DEBT - 2.2% | |||||||||||||||||
$ | 460,000 | Federal Agricultural Mortgage Corp (FAMC) | 0.010 | % | 11/02/20 | 460,000 | |||||||||||
10,000,000 | FAMC | 0.080 | 11/18/20 | 9,999,645 | |||||||||||||
25,000,000 | Federal Home Loan Bank (FHLB) | 0.075 | 11/19/20 | 24,999,056 | |||||||||||||
3,500,000 | FHLB | 0.085 | 12/09/20 | 3,499,676 | |||||||||||||
TOTAL GOVERNMENT AGENCY DEBT | 38,958,377 | ||||||||||||||||
TREASURY DEBT - 2.2% | |||||||||||||||||
10,000,000 | United States Cash Management Bill | 0.075 | 12/15/20 | 9,998,910 | |||||||||||||
18,140,000 | United States Treasury Bill | 0.070-0.079 | 11/05/20 | 18,139,892 | |||||||||||||
12,630,000 | United States Treasury Bill | 0.080 | 12/03/20 | 12,629,048 | |||||||||||||
TOTAL TREASURY DEBT | 40,767,850 | ||||||||||||||||
SHARES | COMPANY | ||||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 2.1% | |||||||||||||||||
38,061,707 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 38,061,707 | ||||||||||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 38,061,707 | ||||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 117,787,934 | ||||||||||||||||
(Cost $117,788,112) | |||||||||||||||||
TOTAL INVESTMENTS - 102.1% | 1,853,339,380 | ||||||||||||||||
(Cost $1,251,417,221) | |||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - (2.1)% | (37,379,047 | ) | |||||||||||||||
NET ASSETS - 100.0% | $ | 1,815,960,333 | |||||||||||||||
95 |
TIAA-CREF FUNDS - International Opportunities Fund
Abbreviation(s): | ||||
ADR American Depositary Receipt | ||||
REIT Real Estate Investment Trust | ||||
* | Non-income producing | |||
† | Security is categorized as Level 3 in the fair value hierarchy. | |||
c | Investments made with cash collateral received from securities on loan. | |||
e | All or a portion of these securities are out on loan. The aggregate value of securities on loan is $86,761,246. | |||
g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/2020, the aggregate value of these securities is $76,239,957 or 4.2% of net assets. |
96 |
TIAA-CREF FUNDS - International Opportunities Fund
TIAA-CREF FUNDS
INTERNATIONAL OPPORTUNITIES FUND
SUMMARY OF MARKET VALUES BY SECTOR (unaudited)
October 31, 2020
% OF | ||||||||
SECTOR | VALUE | NET ASSETS | ||||||
INFORMATION TECHNOLOGY | $ | 394,068,068 | 21.7 | % | ||||
CONSUMER DISCRETIONARY | 382,701,012 | 21.1 | ||||||
INDUSTRIALS | 224,837,115 | 12.4 | ||||||
HEALTH CARE | 215,232,570 | 11.9 | ||||||
CONSUMER STAPLES | 181,717,307 | 10.0 | ||||||
FINANCIALS | 137,966,296 | 7.6 | ||||||
MATERIALS | 97,517,271 | 5.4 | ||||||
COMMUNICATION SERVICES | 67,416,864 | 3.7 | ||||||
ENERGY | 20,696,757 | 1.1 | ||||||
REAL ESTATE | 13,398,186 | 0.7 | ||||||
SHORT-TERM INVESTMENTS | 117,787,934 | 6.5 | ||||||
OTHER ASSETS & LIABILITIES, NET | (37,379,047 | ) | (2.1 | ) | ||||
NET ASSETS | $ | 1,815,960,333 | 100.0 | % |
97 |
TIAA-CREF FUNDS - Quant International Equity Fund
TIAA-CREF FUNDS
QUANT INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS
October 31, 2020
SHARES | COMPANY | VALUE | ||||||||
COMMON STOCKS - 91.3% | ||||||||||
AUSTRALIA - 6.8% | ||||||||||
56,831 | AGL Energy Ltd | $ | 498,097 | |||||||
70,109 | Aristocrat Leisure Ltd | 1,411,766 | ||||||||
616,923 | AusNet Services | 867,259 | ||||||||
76,814 | Australian Stock Exchange Ltd | 4,301,170 | ||||||||
235,926 | BHP Billiton Ltd | 5,655,530 | ||||||||
108,994 | BHP Group plc | 2,111,470 | ||||||||
50,000 | Coles Group Ltd | 624,614 | ||||||||
148,678 | Commonwealth Bank of Australia | 7,218,544 | ||||||||
326,525 | Computershare Ltd | 2,790,453 | ||||||||
46,608 | CSL Ltd | 9,436,129 | ||||||||
98,332 | Fortescue Metals Group Ltd | 1,202,944 | ||||||||
185,472 | Goodman Group | 2,400,593 | ||||||||
20,000 | Macquarie Group Ltd | 1,783,199 | ||||||||
27,175 | Magellan Financial Group Ltd | 1,053,263 | ||||||||
157,658 | Newcrest Mining Ltd | 3,269,431 | ||||||||
1,468,911 | QR National Ltd | 3,895,051 | ||||||||
11,498 | Ramsay Health Care Ltd | 503,777 | ||||||||
80,530 | Rio Tinto plc | 4,554,886 | ||||||||
1,122,961 | Santos Ltd | 3,733,156 | ||||||||
215,405 | Scentre Group | 317,877 | ||||||||
255,040 | Stockland Trust Group | 689,649 | ||||||||
535,000 | Tabcorp Holdings Ltd | 1,236,183 | ||||||||
51,414 | * | TPG Telecom Ltd | 259,505 | |||||||
104,857 | Wesfarmers Ltd | 3,394,181 | ||||||||
17,142 | Woolworths Ltd | 461,125 | ||||||||
TOTAL AUSTRALIA | 63,669,852 | |||||||||
AUSTRIA - 0.5% | ||||||||||
80,716 | * | Erste Bank der Oesterreichischen Sparkassen AG. | 1,659,155 | |||||||
29,133 | OMV AG. | 673,449 | ||||||||
179,147 | Raiffeisen International Bank Holding AG. | 2,586,585 | ||||||||
TOTAL AUSTRIA | 4,919,189 | |||||||||
BELGIUM - 1.1% | ||||||||||
6,000 | Colruyt S.A. | 355,125 | ||||||||
3,800 | * | Galapagos NV | 448,763 | |||||||
52,782 | Groupe Bruxelles Lambert S.A. (EN Brussels) | 4,328,556 | ||||||||
69,417 | Telenet Group Holding NV | 2,669,811 | ||||||||
22,601 | UCB S.A. | 2,232,335 | ||||||||
TOTAL BELGIUM | 10,034,590 | |||||||||
BRAZIL - 0.0% | ||||||||||
1,068 | Yara International ASA | 37,375 | ||||||||
TOTAL BRAZIL | 37,375 |
98 |
TIAA-CREF FUNDS - Quant International Equity Fund
SHARES | COMPANY | VALUE | ||||||||
CHINA - 0.0% | ||||||||||
500 | * | BeiGene Ltd (ADR) | $ | 148,260 | ||||||
TOTAL CHINA | 148,260 | |||||||||
DENMARK - 2.4% | ||||||||||
2,700 | AP Moller - Maersk AS (Class A) | 3,992,370 | ||||||||
2,844 | e | AP Moller - Maersk AS (Class B) | 4,557,893 | |||||||
26,836 | Carlsberg AS (Class B) | 3,397,995 | ||||||||
5,200 | DSV AS | 843,656 | ||||||||
135,109 | Novo Nordisk AS | 8,615,311 | ||||||||
6,777 | Vestas Wind Systems AS | 1,162,689 | ||||||||
TOTAL DENMARK | 22,569,914 | |||||||||
FINLAND - 0.8% | ||||||||||
5,271 | Elisa Oyj (Series A) | 259,168 | ||||||||
47,610 | Kone Oyj (Class B) | 3,790,381 | ||||||||
48,506 | Neste Oil Oyj | 2,529,760 | ||||||||
25,936 | UPM-Kymmene Oyj | 732,924 | ||||||||
TOTAL FINLAND | 7,312,233 | |||||||||
FRANCE - 8.7% | ||||||||||
48,967 | Air Liquide | 7,160,850 | ||||||||
178,322 | BNP Paribas S.A. | 6,218,938 | ||||||||
75,672 | Bouygues S.A. | 2,481,544 | ||||||||
10,109 | Cap Gemini S.A. | 1,167,264 | ||||||||
207,126 | Carrefour S.A. | 3,219,130 | ||||||||
237,000 | Credit Agricole S.A. | 1,874,797 | ||||||||
4,963 | Faurecia | 188,227 | ||||||||
37,671 | Fonciere Des Regions | 2,243,330 | ||||||||
20,999 | Gecina S.A. | 2,606,879 | ||||||||
5,139 | Hermes International | 4,784,922 | ||||||||
13,644 | Iliad S.A. | 2,637,818 | ||||||||
31,447 | Klepierre | 398,436 | ||||||||
7,472 | L’Oreal S.A. | 2,414,840 | ||||||||
12,249 | LVMH Moet Hennessy Louis Vuitton S.A. | 5,741,691 | ||||||||
31,027 | Michelin (C.G.D.E.) (Class B) | 3,350,946 | ||||||||
91,590 | e | Peugeot S.A. | 1,645,342 | |||||||
140,736 | Renault S.A. | 3,485,436 | ||||||||
111,524 | Sanofi-Aventis | 10,069,874 | ||||||||
65,793 | Schneider Electric S.A. | 7,994,271 | ||||||||
2,500 | Teleperformance | 750,457 | ||||||||
239,799 | e | Total S.A. | 7,265,120 | |||||||
57,436 | Valeo S.A. | 1,737,520 | ||||||||
56,000 | Vivendi Universal S.A. | 1,616,356 | ||||||||
TOTAL FRANCE | 81,053,988 | |||||||||
GERMANY - 8.4% | ||||||||||
47,288 | Allianz AG. | 8,329,998 | ||||||||
61,908 | Aroundtown S.A. | 296,951 | ||||||||
9,429 | BASF SE | 516,315 | ||||||||
62,634 | Bayer AG. | 2,943,204 | ||||||||
46,124 | Bayerische Motoren Werke AG. | 3,152,055 | ||||||||
196,000 | * | Deutsche Bank AG. (Registered) | 1,811,263 |
99 |
TIAA-CREF FUNDS - Quant International Equity Fund
SHARES | COMPANY | VALUE | ||||||||
32,681 | Deutsche Boerse AG. | $ | 4,815,660 | |||||||
98,753 | Deutsche Post AG. | 4,378,508 | ||||||||
35,280 | Deutsche Wohnen AG. | 1,780,684 | ||||||||
45,707 | Fresenius Medical Care AG. | 3,490,286 | ||||||||
118,444 | Fresenius SE | 4,393,495 | ||||||||
33,200 | GEA Group AG. | 1,105,683 | ||||||||
29,437 | Hannover Rueckversicherung AG. | 4,277,837 | ||||||||
29,783 | Hochtief AG. | 2,191,005 | ||||||||
35,282 | Lanxess AG. | 1,789,424 | ||||||||
24,820 | Muenchener Rueckver AG. | 5,817,241 | ||||||||
38,000 | Nemetschek AG. | 2,751,463 | ||||||||
140,425 | RWE AG. | 5,196,813 | ||||||||
65,574 | SAP AG. | 6,995,735 | ||||||||
27,917 | Siemens AG. | 3,275,112 | ||||||||
21,594 | * | Siemens Energy AG. | 472,810 | |||||||
16,877 | g | Siemens Healthineers AG. | 724,509 | |||||||
65,776 | United Internet AG. | 2,306,671 | ||||||||
20,334 | Volkswagen AG. | 3,163,206 | ||||||||
26,790 | *,g | Zalando SE | 2,494,802 | |||||||
TOTAL GERMANY | 78,470,730 | |||||||||
HONG KONG - 2.8% | ||||||||||
1,012,175 | AIA Group Ltd | 9,633,045 | ||||||||
82,400 | Bank of East Asia Ltd | 148,651 | ||||||||
297,000 | BOC Hong Kong Holdings Ltd | 824,913 | ||||||||
802,500 | CK Asset Holdings Ltd | 3,726,400 | ||||||||
108,500 | CK Infrastructure Holdings Ltd | 511,824 | ||||||||
267,800 | e | Dairy Farm International Holdings Ltd | 1,008,756 | |||||||
42,700 | Hang Seng Bank Ltd | 657,838 | ||||||||
98,000 | Henderson Land Development Co Ltd | 346,144 | ||||||||
358,000 | HKT Trust and HKT Ltd | 462,990 | ||||||||
42,404 | Hong Kong Exchanges and Clearing Ltd | 2,031,945 | ||||||||
13,200 | Jardine Matheson Holdings Ltd | 585,098 | ||||||||
24,700 | Jardine Strategic Holdings Ltd | 534,808 | ||||||||
14,900 | Melco Crown Entertainment Ltd (ADR) | 240,188 | ||||||||
73,600 | Swire Properties Ltd | 197,504 | ||||||||
229,500 | Techtronic Industries Co | 3,091,214 | ||||||||
2,908,000 | g | WH Group Ltd | 2,290,417 | |||||||
TOTAL HONG KONG | 26,291,735 | |||||||||
IRELAND - 0.5% | ||||||||||
25,356 | CRH plc | 887,251 | ||||||||
11,570 | Kerry Group plc (Class A) | 1,384,951 | ||||||||
2,159 | Flutter Entertainment plc | 377,412 | ||||||||
62,717 | Smurfit Kappa Group plc | 2,363,120 | ||||||||
TOTAL IRELAND | 5,012,734 | |||||||||
ISRAEL - 0.9% | ||||||||||
40,999 | * | Check Point Software Technologies | 4,655,847 | |||||||
221,700 | * | Teva Pharmaceutical Industries Ltd (ADR) | 1,933,224 | |||||||
5,188 | * | Wix.com Ltd | 1,283,096 | |||||||
TOTAL ISRAEL | 7,872,167 |
100 |
TIAA-CREF FUNDS - Quant International Equity Fund
SHARES | COMPANY | VALUE | ||||||||
ITALY - 1.8% | ||||||||||
351,296 | Assicurazioni Generali S.p.A. | $ | 4,712,363 | |||||||
971,713 | Enel S.p.A. | 7,725,607 | ||||||||
1,156,357 | Intesa Sanpaolo S.p.A. | 1,919,673 | ||||||||
45,938 | Recordati S.p.A. | 2,381,637 | ||||||||
525,117 | Telecom Italia S.p.A. | 178,368 | ||||||||
TOTAL ITALY | 16,917,648 | |||||||||
JAPAN - 23.9% | ||||||||||
48,600 | Alfresa Holdings Corp | 889,863 | ||||||||
230,000 | Astellas Pharma, Inc | 3,153,975 | ||||||||
5,200 | Central Japan Railway Co | 628,779 | ||||||||
186,000 | Chiba Bank Ltd | 960,744 | ||||||||
42,200 | Chugai Pharmaceutical Co Ltd | 1,628,919 | ||||||||
212,200 | Chugoku Electric Power Co, Inc | 2,666,051 | ||||||||
36,000 | Daiichi Sankyo Co Ltd | 950,171 | ||||||||
10,800 | Disco Corp | 2,915,010 | ||||||||
36,900 | Don Quijote Co Ltd | 782,960 | ||||||||
10,600 | Eisai Co Ltd | 824,187 | ||||||||
45,500 | Fuji Electric Holdings Co Ltd | 1,379,694 | ||||||||
39,800 | Fujitsu Ltd | 4,708,920 | ||||||||
3,200 | GMO Payment Gateway, Inc | 392,091 | ||||||||
9,200 | Hikari Tsushin, Inc | 2,157,811 | ||||||||
173,900 | Hulic Co Ltd | 1,610,818 | ||||||||
114,600 | Isuzu Motors Ltd | 929,806 | ||||||||
19,600 | Japan Airlines Co Ltd | 342,330 | ||||||||
258,000 | Japan Tobacco, Inc | 4,857,411 | ||||||||
187,200 | * | JFE Holdings, Inc | 1,315,299 | |||||||
419,800 | JX Holdings, Inc | 1,416,525 | ||||||||
161,100 | Kamigumi Co Ltd | 2,882,223 | ||||||||
16,700 | Kao Corp | 1,189,018 | ||||||||
200,400 | KDDI Corp | 5,421,820 | ||||||||
8,700 | Keyence Corp | 3,948,256 | ||||||||
276,000 | Kubota Corp | 4,796,347 | ||||||||
73,600 | Kurita Water Industries Ltd | 2,189,874 | ||||||||
21,200 | Kyocera Corp | 1,167,536 | ||||||||
14,100 | Lion Corp | 287,519 | ||||||||
40,200 | M3, Inc | 2,714,936 | ||||||||
733,500 | Mazda Motor Corp | 3,851,481 | ||||||||
161,700 | Mediceo Paltac Holdings Co Ltd | 2,882,445 | ||||||||
23,600 | MEIJI Holdings Co Ltd | 1,709,808 | ||||||||
33,700 | Minebea Co Ltd | 608,668 | ||||||||
208,600 | Mitsubishi Corp | 4,654,150 | ||||||||
3,500 | Mitsubishi Heavy Industries Ltd | 75,198 | ||||||||
248,400 | Mitsubishi UFJ Financial Group, Inc | 979,169 | ||||||||
170,500 | Mitsui & Co Ltd | 2,670,625 | ||||||||
2,000 | Mitsui Fudosan Co Ltd | 34,055 | ||||||||
235,410 | Mizuho Financial Group, Inc | 2,898,373 | ||||||||
7,900 | MonotaRO Co Ltd | 436,963 | ||||||||
83,400 | Murata Manufacturing Co Ltd | 5,848,729 | ||||||||
62,300 | NEC Corp | 3,138,061 | ||||||||
60,100 | Nexon Co Ltd | 1,675,041 | ||||||||
33,900 | Nidec Corp | 3,423,967 | ||||||||
13,900 | Nintendo Co Ltd | 7,515,574 | ||||||||
14,500 | Nippon Meat Packers, Inc | 593,963 |
101 |
TIAA-CREF FUNDS - Quant International Equity Fund
SHARES | COMPANY | VALUE | ||||||||
50,800 | * | Nippon Steel Corp | $ | 492,716 | ||||||
210,300 | Nippon Yusen Kabushiki Kaisha | 3,881,626 | ||||||||
23,800 | Nissan Chemical Industries Ltd | 1,263,082 | ||||||||
19,900 | Nitori Co Ltd | 4,090,578 | ||||||||
23,900 | Nitto Denko Corp | 1,679,112 | ||||||||
83,900 | NKSJ Holdings, Inc | 3,132,480 | ||||||||
513,100 | * | Nomura Holdings, Inc | 2,297,886 | |||||||
77,900 | Nomura Real Estate Holdings, Inc | 1,360,634 | ||||||||
39,400 | Nomura Research Institute Ltd | 1,161,413 | ||||||||
48,900 | NTT DoCoMo, Inc | 1,820,801 | ||||||||
3,400 | Obic Co Ltd | 601,946 | ||||||||
2,500 | * | Oracle Corp Japan | 249,850 | |||||||
1,000 | Orix JREIT, Inc | 1,405,409 | ||||||||
6,300 | Otsuka Corp | 289,495 | ||||||||
24,000 | Otsuka Holdings KK | 888,877 | ||||||||
79,900 | Recruit Holdings Co Ltd | 3,040,247 | ||||||||
36,000 | * | Renesas Electronics Corp | 297,167 | |||||||
6,100 | Rinnai Corp | 601,072 | ||||||||
78,100 | * | SBI Holdings, Inc | 1,800,302 | |||||||
13,200 | Secom Co Ltd | 1,115,121 | ||||||||
236,600 | Sekisui Chemical Co Ltd | 3,688,196 | ||||||||
37,100 | Sekisui House Ltd | 616,354 | ||||||||
121,300 | Seven & I Holdings Co Ltd | 3,686,873 | ||||||||
4,300 | Shimano, Inc | 983,477 | ||||||||
44,500 | Shin-Etsu Chemical Co Ltd | 5,943,721 | ||||||||
38,100 | Shionogi & Co Ltd | 1,797,175 | ||||||||
523,100 | Softbank Corp | 6,087,557 | ||||||||
130,700 | Softbank Group Corp | 8,512,984 | ||||||||
125,800 | Sony Corp | 10,487,496 | ||||||||
80,400 | Start Today Co Ltd | 2,039,578 | ||||||||
7,200 | Sumisho Computer Systems Corp | 357,995 | ||||||||
55,800 | Sumitomo Metal Mining Co Ltd | 1,734,472 | ||||||||
112,900 | Sumitomo Mitsui Financial Group, Inc | 3,125,286 | ||||||||
149,800 | Sumitomo Realty & Development Co Ltd | 4,008,547 | ||||||||
6,400 | Sundrug Co Ltd | 237,643 | ||||||||
149,300 | T&D Holdings, Inc | 1,492,116 | ||||||||
91,500 | Taiyo Nippon Sanso Corp | 1,341,540 | ||||||||
99,000 | Takeda Pharmaceutical Co Ltd | 3,059,356 | ||||||||
33,500 | TDK Corp | 3,939,621 | ||||||||
49,400 | Tokio Marine Holdings, Inc | 2,207,919 | ||||||||
2,000 | Tokyo Electron Ltd | 536,822 | ||||||||
75,600 | Toppan Printing Co Ltd | 961,359 | ||||||||
27,400 | Toyo Suisan Kaisha Ltd | 1,363,582 | ||||||||
190,176 | Toyota Motor Corp | 12,484,462 | ||||||||
72,300 | Toyota Tsusho Corp | 2,017,553 | ||||||||
1,800 | Tsuruha Holdings, Inc | 252,045 | ||||||||
25,400 | Uni-Charm Corp | 1,175,281 | ||||||||
493,100 | Yamada Denki Co Ltd | 2,404,255 | ||||||||
85,600 | Yamato Transport Co Ltd | 2,265,872 | ||||||||
TOTAL JAPAN | 222,384,114 | |||||||||
JORDAN - 0.3% | ||||||||||
75,165 | Hikma Pharmaceuticals plc | 2,443,874 | ||||||||
TOTAL JORDAN | 2,443,874 |
102 |
TIAA-CREF FUNDS - Quant International Equity Fund
SHARES | COMPANY | VALUE | ||||||||
LUXEMBOURG - 0.4% | ||||||||||
284,297 | ArcelorMittal | $ | 3,855,075 | |||||||
TOTAL LUXEMBOURG | 3,855,075 | |||||||||
MACAU - 0.0% | ||||||||||
216,400 | * | Wynn Macau Ltd | 298,986 | |||||||
TOTAL MACAU | 298,986 | |||||||||
NETHERLANDS - 4.1% | ||||||||||
284 | *,g | Adyen NV | 477,331 | |||||||
398,546 | * | Altice NV (Class A) | 1,959,513 | |||||||
37,096 | ASML Holding NV | 13,421,440 | ||||||||
203,281 | Koninklijke Ahold Delhaize NV | 5,573,105 | ||||||||
9,000 | NN Group NV | 313,208 | ||||||||
58,915 | Prosus NV | 5,881,835 | ||||||||
208,710 | Royal Dutch Shell plc (A Shares) | 2,625,463 | ||||||||
218,708 | Royal Dutch Shell plc (B Shares) | 2,637,473 | ||||||||
63,188 | Wolters Kluwer NV | 5,116,121 | ||||||||
TOTAL NETHERLANDS | 38,005,489 | |||||||||
NEW ZEALAND - 0.2% | ||||||||||
21,694 | Ryman Healthcare Ltd | 200,758 | ||||||||
562,335 | Telecom Corp of New Zealand Ltd | 1,668,822 | ||||||||
TOTAL NEW ZEALAND | 1,869,580 | |||||||||
NORWAY - 0.1% | ||||||||||
70,989 | DNB NOR Holding ASA | 958,691 | ||||||||
TOTAL NORWAY | 958,691 | |||||||||
SINGAPORE - 1.1% | ||||||||||
117,587 | CapitaLand Ltd | 221,274 | ||||||||
358,400 | DBS Group Holdings Ltd | 5,338,673 | ||||||||
276,103 | Oversea-Chinese Banking Corp | 1,702,933 | ||||||||
120,700 | Singapore Airlines Ltd | 299,531 | ||||||||
298,800 | Singapore Exchange Ltd | 1,895,095 | ||||||||
24,000 | Venture Corp Ltd | 338,322 | ||||||||
TOTAL SINGAPORE | 9,795,828 | |||||||||
SOUTH AFRICA - 0.6% | ||||||||||
238,299 | Anglo American plc | 5,591,250 | ||||||||
TOTAL SOUTH AFRICA | 5,591,250 | |||||||||
SPAIN - 1.9% | ||||||||||
122,163 | ACS Actividades de Construccion y Servicios S.A. | 2,903,902 | ||||||||
26,273 | Enagas | 567,070 | ||||||||
160,644 | Endesa S.A. | 4,309,955 | ||||||||
513,943 | Iberdrola S.A. | 6,068,421 | ||||||||
143,855 | Red Electrica Corp S.A. | 2,533,932 | ||||||||
52,099 | Siemens Gamesa Renewable Energy | 1,478,533 | ||||||||
TOTAL SPAIN | 17,861,813 |
103 |
TIAA-CREF FUNDS - Quant International Equity Fund
SHARES | COMPANY | VALUE | ||||||||
SWEDEN - 2.6% | ||||||||||
127,113 | Atlas Copco AB (A Shares) | $ | 5,610,915 | |||||||
122,378 | Atlas Copco AB (B Shares) | 4,689,009 | ||||||||
292,565 | Epiroc AB (Class A) | 4,368,465 | ||||||||
35,678 | g | Evolution Gaming Group AB | 2,646,246 | |||||||
126,000 | Husqvarna AB (B Shares) | 1,299,262 | ||||||||
14,723 | e | ICA Gruppen AB | 696,962 | |||||||
15,191 | Kinnevik AB | 622,055 | ||||||||
59,470 | Swedish Match AB | 4,471,108 | ||||||||
TOTAL SWEDEN | 24,404,022 | |||||||||
SWITZERLAND - 8.8% | ||||||||||
31,422 | Coca-Cola HBC AG. | 713,757 | ||||||||
677 | Givaudan S.A. | 2,760,764 | ||||||||
121,397 | Holcim Ltd | 5,210,314 | ||||||||
544 | Lindt & Spruengli AG. | 4,313,086 | ||||||||
54,576 | Logitech International S.A. | 4,591,269 | ||||||||
219,987 | Nestle S.A. | 24,743,673 | ||||||||
187,099 | Novartis AG. | 14,579,237 | ||||||||
55,744 | Roche Holding AG. | 17,912,294 | ||||||||
8,500 | Sika AG. | 2,091,040 | ||||||||
64,503 | STMicroelectronics NV | 1,967,613 | ||||||||
9,059 | Zurich Insurance Group AG | 3,008,907 | ||||||||
TOTAL SWITZERLAND | 81,891,954 | |||||||||
UNITED KINGDOM - 9.5% | ||||||||||
13,092 | Admiral Group plc | 466,387 | ||||||||
55,329 | Ashtead Group plc | 1,999,441 | ||||||||
152,712 | AstraZeneca plc (ADR) | 7,660,034 | ||||||||
389,407 | BAE Systems plc | 2,001,704 | ||||||||
3,354,893 | Barclays plc | 4,650,127 | ||||||||
69,584 | Berkeley Group Holdings plc | 3,658,607 | ||||||||
131,793 | BP plc (ADR) | 2,040,156 | ||||||||
145,319 | British American Tobacco plc | 4,605,940 | ||||||||
558,514 | BT Group plc | 733,524 | ||||||||
25,840 | CK Hutchison Holdings Ltd | 156,073 | ||||||||
213,239 | Diageo plc | 6,891,425 | ||||||||
95,085 | Experian Group Ltd | 3,483,333 | ||||||||
315,057 | GlaxoSmithKline plc | 5,260,973 | ||||||||
4,931 | Halma plc | 151,320 | ||||||||
123,397 | Hargreaves Lansdown plc | �� | 2,166,370 | |||||||
1,051,110 | HSBC Holdings plc | 4,404,774 | ||||||||
8,000 | Intertek Group plc | 576,246 | ||||||||
235,642 | * | Kingfisher plc | 876,349 | |||||||
1,893,302 | Legal & General Group plc | 4,539,389 | ||||||||
9,135 | London Stock Exchange Group plc | 984,733 | ||||||||
760,004 | M&G plc | 1,445,653 | ||||||||
24,000 | National Grid plc | 285,492 | ||||||||
20,118 | Next plc | 1,519,442 | ||||||||
101,016 | Persimmon plc | 3,058,413 | ||||||||
75,718 | Reckitt Benckiser Group plc | 6,669,885 | ||||||||
209,546 | RELX plc | 4,146,476 | ||||||||
133,197 | e | Rolls-Royce Group plc | 123,283 | |||||||
52,659 | Sage Group plc | 433,274 | ||||||||
25,000 | Schroders plc | 846,937 |
104 |
TIAA-CREF FUNDS - Quant International Equity Fund
SHARES | COMPANY | VALUE | ||||||||
204,042 | Segro plc | $ | 2,384,168 | |||||||
20,103 | Severn Trent plc | 632,684 | ||||||||
300,329 | Tesco plc | 799,339 | ||||||||
61,464 | e | Unilever NV | 3,464,955 | |||||||
51,626 | Unilever plc | 2,942,105 | ||||||||
167,700 | Vodafone Group plc (ADR) | 2,265,627 | ||||||||
TOTAL UNITED KINGDOM | 88,324,638 | |||||||||
UNITED STATES - 3.1% | ||||||||||
45,249 | Ferguson plc | 4,494,171 | ||||||||
400,000 | iShares MSCI EAFE Index Fund | 24,556,000 | ||||||||
TOTAL UNITED STATES | 29,050,171 | |||||||||
TOTAL COMMON STOCKS | 851,045,900 | |||||||||
(Cost $774,324,643) | ||||||||||
RIGHTS / WARRANTS - 0.0% | ||||||||||
UNITED KINGDOM - 0.0% | ||||||||||
595,460 | e | Rolls-Royce Holdings plc | 300,853 | |||||||
TOTAL UNITED KINGDOM | 300,853 | |||||||||
TOTAL RIGHTS / WARRANTS | 300,853 | |||||||||
(Cost $1,014,176) |
PRINCIPAL | ISSUER | RATE | MATURITY DATE | |||||||||||||
SHORT-TERM INVESTMENTS - 5.2% | ||||||||||||||||
REPURCHASE AGREEMENT - 3.8% | ||||||||||||||||
$ | 34,820,000 | r | Fixed Income Clearing Corp (FICC) | 0.070 | % | 11/02/20 | 34,820,000 | |||||||||
TOTAL REPURCHASE AGREEMENT | 34,820,000 |
SHARES | COMPANY | |||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.4% | ||||||||||
13,274,829 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 13,274,829 | |||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 13,274,829 | |||||||||
TOTAL SHORT-TERM INVESTMENTS | 48,094,829 | |||||||||
(Cost $48,094,829) | ||||||||||
TOTAL INVESTMENTS - 96.5% | 899,441,582 | |||||||||
(Cost $823,433,648) | ||||||||||
OTHER ASSETS & LIABILITIES, NET - 3.5% | 33,033,303 | |||||||||
NET ASSETS - 100.0% | $ | 932,474,885 |
Abbreviation(s): | |||
ADR American Depositary Receipt | |||
REIT Real Estate Investment Trust |
105 |
TIAA-CREF FUNDS - Quant International Equity Fund
* | Non-income producing | |
c | Investments made with cash collateral received from securities on loan. | |
e | All or a portion of these securities are out on loan. The aggregate value of securities on loan is $15,904,534. | |
g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/2020, the aggregate value of these securities is $8,633,305 or 0.9% of net assets. | |
r | Agreement with Fixed Income Clearing Corporation, 0.070% dated 10/31/20 to be repurchased at $34,820,000 on 11/2/20, collateralized by U.S. Treasury Notes valued at $35,516,482. |
106 |
TIAA-CREF FUNDS - Quant International Equity Fund
TIAA-CREF FUNDS
QUANT INTERNATIONAL EQUITY FUND
SUMMARY OF MARKET VALUES BY SECTOR (unaudited)
October 31, 2020
SECTOR | VALUE | % OF NET ASSETS | ||||||
FINANCIALS | $ | 152,798,842 | 16.3 | % | ||||
INDUSTRIALS | 123,748,392 | 13.3 | ||||||
HEALTH CARE | 114,167,879 | 12.2 | ||||||
CONSUMER DISCRETIONARY | 100,760,541 | 10.8 | ||||||
CONSUMER STAPLES | 96,395,437 | 10.3 | ||||||
INFORMATION TECHNOLOGY | 70,577,339 | 7.6 | ||||||
MATERIALS | 63,559,904 | 6.8 | ||||||
COMMUNICATION SERVICES | 48,051,949 | 5.2 | ||||||
UTILITIES | 32,336,016 | 3.5 | ||||||
REAL ESTATE | 26,029,353 | 2.8 | ||||||
ENERGY | 22,921,101 | 2.5 | ||||||
SHORT-TERM INVESTMENTS | 48,094,829 | 5.2 | ||||||
OTHER ASSETS & LIABILITIES, NET | 33,033,303 | 3.5 | ||||||
NET ASSETS | $ | 932,474,885 | 100.0 | % |
107 |
TIAA-CREF FUNDS - Quant International Small-Cap Equity Fund
TIAA-CREF FUNDS
QUANT INTERNATIONAL SMALL-CAP EQUITY FUND
SCHEDULE OF INVESTMENTS
October 31, 2020
SHARES | COMPANY | VALUE | ||||||||
COMMON STOCKS - 99.6% | ||||||||||
AUSTRALIA - 6.7% | ||||||||||
448,000 | Ansell Ltd | $ | 12,668,130 | |||||||
83,000 | Appen Ltd | 1,890,446 | ||||||||
1,232,000 | Austal Ltd | 2,349,232 | ||||||||
779,000 | Bunnings Warehouse Property Trust | 2,196,061 | ||||||||
260,000 | e | BWX Ltd | 689,741 | |||||||
438,691 | carsales.com Ltd | 6,409,178 | ||||||||
389,713 | * | Champion Iron Ltd | 922,718 | |||||||
208,650 | Charter Hall Group | 1,809,106 | ||||||||
126,445 | e | Clinuvel Pharmaceuticals Ltd | 1,837,386 | |||||||
18,278 | g | Coronado Global Resources, Inc (ADR) | 9,576 | |||||||
396,000 | Futuris Corp Ltd | 3,122,474 | ||||||||
561,000 | GDI Property Group | 419,559 | ||||||||
107,161 | Genworth Mortgage Insurance Australia Ltd | 128,573 | ||||||||
827,000 | Independence Group NL | 2,584,814 | ||||||||
911,000 | Ingenia Communities Group | 2,955,596 | ||||||||
141,000 | JB Hi-Fi Ltd | 4,711,582 | ||||||||
3,357,000 | * | Mayne Pharma Group Ltd | 707,627 | |||||||
275,000 | Mineral Resources Ltd | 4,828,943 | ||||||||
107,713 | Moelis Australia Ltd | 302,540 | ||||||||
2,155,000 | Perenti Global Ltd | 1,584,769 | ||||||||
1,359,000 | * | Perseus Mining Ltd | 1,175,378 | |||||||
298,000 | Pinnacle Investment Management Group Ltd | 1,062,761 | ||||||||
209,000 | Premier Investments Ltd | 3,134,602 | ||||||||
13,210 | e | Pro Medicus Ltd | 301,530 | |||||||
174,000 | e | Seven Network Ltd | 2,375,949 | |||||||
356,556 | * | Sigma Healthcare Ltd | 133,063 | |||||||
761,232 | St Barbara Ltd | 1,431,461 | ||||||||
531,000 | Super Cheap Auto Group Ltd | 4,179,016 | ||||||||
TOTAL AUSTRALIA | 65,921,811 | |||||||||
AUSTRIA - 0.8% | ||||||||||
47,520 | * | ams AG. | 1,017,483 | |||||||
20,000 | Schoeller-Bleckmann Oilfield Equipment AG. | 484,709 | ||||||||
18,233 | * | Semperit AG. Holding | 468,138 | |||||||
77,000 | Telekom Austria AG. | 518,339 | ||||||||
50,000 | Wiener Staedtische Allgemeine Versicherung AG. | 1,014,410 | ||||||||
159,000 | Wienerberger AG. | 4,010,985 | ||||||||
TOTAL AUSTRIA | 7,514,064 | |||||||||
BELGIUM - 0.9% | ||||||||||
8,000 | Aedifica S.A. | 806,239 | ||||||||
154,000 | * | AGFA-Gevaert NV | 585,529 | |||||||
23,000 | Befimmo SCA Sicafi | 895,341 | ||||||||
332,000 | Euronav NV | 2,425,879 | ||||||||
36,000 | * | KBC Ancora | 1,020,348 |
108 |
TIAA-CREF FUNDS - Quant International Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
63,000 | Mobistar S.A. | $ | 1,049,893 | |||||||
32,000 | e | Ontex Group NV | 354,026 | |||||||
20,000 | * | Tessenderlo Chemie NV | 680,788 | |||||||
20,000 | Warehouses De Pauw CVA | 670,066 | ||||||||
TOTAL BELGIUM | 8,488,109 | |||||||||
BRAZIL - 1.7% | ||||||||||
1,165,100 | BR Properties S.A. | 1,760,458 | ||||||||
251,000 | Bradespar S.A. | 2,044,587 | ||||||||
951,000 | Cia de Saneamento do Parana (Preference) | 788,916 | ||||||||
1,166,000 | Cia Energetica de Sao Paulo (Class B) | 5,421,602 | ||||||||
383,900 | * | Gol Linhas Aereas Inteligentes S.A. | 1,049,746 | |||||||
246,000 | LOG Commercial Properties e Participacoes S.A. | 1,344,051 | ||||||||
205,300 | * | Marisa Lojas S.A. | 220,759 | |||||||
803,000 | Transmissora Alianca de Energia Eletrica S.A. | 3,939,464 | ||||||||
TOTAL BRAZIL | 16,569,583 | |||||||||
BURKINA FASO - 0.2% | ||||||||||
422,000 | * | IAMGOLD Corp | 1,545,718 | |||||||
TOTAL BURKINA FASO | 1,545,718 | |||||||||
CANADA - 5.0% | ||||||||||
273,000 | *,e | Aphria, Inc | 1,227,404 | |||||||
154,000 | e | Canaccord Financial, Inc | 765,203 | |||||||
147,000 | Canadian Western Bank | 2,703,220 | ||||||||
121,000 | Cascades, Inc | 1,287,833 | ||||||||
181,000 | * | Celestica, Inc | 1,063,747 | |||||||
59,000 | Cogeco Communications, Inc | 4,109,585 | ||||||||
11,000 | Cogeco, Inc | 657,870 | ||||||||
401,000 | Corus Entertainment, Inc | 1,059,461 | ||||||||
984,000 | e | Crescent Point Energy Corp | 1,226,030 | |||||||
147,000 | Enerflex Ltd | 528,507 | ||||||||
31,000 | Exchange Income Corp | 736,433 | ||||||||
107,000 | e | Extendicare, Inc | 409,592 | |||||||
65,000 | Granite REIT | 3,644,450 | ||||||||
73,000 | e | Intertape Polymer Group, Inc | 830,106 | |||||||
140,000 | Killam Apartment REIT | 1,682,354 | ||||||||
179,000 | Labrador Iron Ore Royalty Corp | 3,290,333 | ||||||||
90,000 | Linamar Corp | 2,941,905 | ||||||||
120,000 | Martinrea International, Inc | 903,400 | ||||||||
1,018,000 | * | MEG Energy Corp | 1,856,744 | |||||||
140,000 | * | Parex Resources, Inc | 1,362,906 | |||||||
124,000 | e | Rogers Sugar, Inc | 441,162 | |||||||
197,900 | e | Russel Metals, Inc | 2,633,616 | |||||||
12,658 | Slate Grocery REIT | 99,474 | ||||||||
30,000 | SNC-Lavalin Group, Inc | 419,725 | ||||||||
192,600 | TFI International, Inc | 8,575,420 | ||||||||
100,000 | e | Timbercreek Financial Corp | 568,941 | |||||||
113,000 | Tourmaline Oil Corp | 1,463,920 | ||||||||
113,000 | Transcontinental, Inc | 1,338,392 | ||||||||
264,000 | e | Vermilion Energy, Inc | 651,925 | |||||||
67,000 | e | Westshore Terminals Investment Corp | 673,369 | |||||||
TOTAL CANADA | 49,153,027 |
109 |
TIAA-CREF FUNDS - Quant International Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
CHILE - 0.3% | ||||||||||
30,652,000 | * | Compania SudAmericana de Vapores S.A. | $ | 891,853 | ||||||
424,519,368 | Corpbanca S.A. | 1,119,352 | ||||||||
30,178 | Inversiones La Construccion S.A. | 162,426 | ||||||||
234,501 | Vina Concha y Toro S.A. | 374,315 | ||||||||
TOTAL CHILE | 2,547,946 | |||||||||
CHINA - 3.3% | ||||||||||
963,000 | Chaowei Power Holdings Ltd | 331,452 | ||||||||
490,000 | China Meidong Auto Holdings Ltd | 2,006,535 | ||||||||
4,750,000 | China Overseas Grand Oceans Group Ltd | 2,772,802 | ||||||||
745,000 | China Shineway Pharmaceutical Group Ltd | 468,913 | ||||||||
3,407,000 | China Suntien Green Energy Cor | 794,495 | ||||||||
4,514,000 | Citic 1616 Holdings Ltd | 1,433,907 | ||||||||
946,000 | Cofco International Ltd | 323,933 | ||||||||
3,090,823 | Fushan International Energy Group Ltd | 723,406 | ||||||||
11,346,000 | Gemdale Properties and Investment Corp Ltd | 1,762,170 | ||||||||
127,000 | *,e | JinkoSolar Holding Co Ltd (ADR) | 7,404,100 | |||||||
5,238,000 | Lonking Holdings Ltd | 1,394,951 | ||||||||
348,000 | Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co Ltd | 164,322 | ||||||||
2,802,000 | SITC International Co Ltd | 4,328,123 | ||||||||
1,989,000 | TCL Multimedia Technology Holdings Ltd | 1,351,065 | ||||||||
2,940,000 | Tiangong International Co Ltd | 986,005 | ||||||||
2,626,000 | e | Tianneng Power International Ltd | 4,278,185 | |||||||
1,818,000 | e,g | YiChang HEC ChangJiang Pharmaceutical Co Ltd | 2,244,138 | |||||||
TOTAL CHINA | 32,768,502 | |||||||||
COLOMBIA - 0.1% | ||||||||||
68,000 | * | Corp Financiera Colombiana S.A. | 456,806 | |||||||
120,000 | Frontera Energy Corp | 193,650 | ||||||||
TOTAL COLOMBIA | 650,456 | |||||||||
COTE D’IVOIRE - 0.2% | ||||||||||
70,673 | * | Endeavour Mining Corp | 1,733,539 | |||||||
TOTAL COTE D’IVOIRE | 1,733,539 | |||||||||
DENMARK - 1.5% | ||||||||||
115,000 | Alm Brand AS | 1,315,399 | ||||||||
21,000 | PER Aarsleff A.S. | 803,270 | ||||||||
30,000 | e | Ringkjoebing Landbobank A.S. | 2,283,323 | |||||||
80,000 | Royal Unibrew A.S. | 7,800,727 | ||||||||
111,000 | g | Scandinavian Tobacco Group A.S. | 1,567,855 | |||||||
30,000 | Topdanmark AS | 1,174,781 | ||||||||
TOTAL DENMARK | 14,945,355 | |||||||||
EGYPT - 0.0% | ||||||||||
605,000 | Telecom Egypt | 454,113 | ||||||||
TOTAL EGYPT | 454,113 | |||||||||
FINLAND - 1.6% | ||||||||||
384,000 | Kesko Oyj (B Shares) | 9,853,662 | ||||||||
40,000 | Tokmanni Group Corp | 636,365 | ||||||||
234,000 | Valmet Corp | 5,584,859 | ||||||||
TOTAL FINLAND | 16,074,886 |
110 |
TIAA-CREF FUNDS - Quant International Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
FRANCE - 1.0% | ||||||||||
5,742 | ABC Arbitrage | $ | 47,481 | |||||||
22,000 | Carbone Lorraine | 570,783 | ||||||||
49,000 | * | Cellectis S.A. | 778,526 | |||||||
49,903 | Coface S.A. | 389,901 | ||||||||
168,000 | e,g | Elior Participations S.C.A | 633,160 | |||||||
110,000 | *,e | Innate Pharma S.A. | 435,985 | |||||||
20,248 | M6-Metropole Television | 222,414 | ||||||||
305,016 | Mercialys S.A | 1,460,718 | ||||||||
31,000 | Sechilienne-Sidec | 1,445,263 | ||||||||
18,000 | Sopra Group S.A. | 2,140,408 | ||||||||
7,000 | * | Virbac S.A. | 1,628,879 | |||||||
TOTAL FRANCE | 9,753,518 | |||||||||
GERMANY - 2.4% | ||||||||||
130,119 | g | ADO Properties S.A. | 3,271,147 | |||||||
127,000 | * | ADVA AG. Optical Networking | 975,034 | |||||||
5,813 | bet-at-home.com AG. | 211,326 | ||||||||
697 | Cewe Color Holding AG. | 66,440 | ||||||||
35,305 | CropEnergies AG. | 480,658 | ||||||||
74,000 | DIC Asset AG. | 851,700 | ||||||||
18,000 | Draegerwerk AG. | 1,446,278 | ||||||||
48,000 | Eckert & Ziegler Strahlen- und Medizintechnik AG. | 2,196,996 | ||||||||
28,000 | * | Evotec AG. | 739,959 | |||||||
80,000 | Grand City Properties S.A. | 1,815,886 | ||||||||
19,000 | Hornbach Holding AG. & Co KGaA | 1,830,015 | ||||||||
15,000 | g | JOST Werke AG. | 562,526 | |||||||
11,000 | * | Morphosys AG. | 1,121,213 | |||||||
603 | New Work SE | 156,960 | ||||||||
41,000 | Patrizia Immobilien AG. | 933,203 | ||||||||
119,000 | ProSiebenSat. Media AG. | 1,328,097 | ||||||||
862,000 | Sirius Real Estate Ltd | 821,058 | ||||||||
4,808 | Sixt AG. (Preference) | 227,644 | ||||||||
474 | Stabilus S.A. | 26,873 | ||||||||
87,344 | TAG Tegernsee Immobilien und Beteiligungs AG. | 2,573,995 | ||||||||
21,000 | Wacker Chemie AG. | 2,025,913 | ||||||||
TOTAL GERMANY | 23,662,921 | |||||||||
GREECE - 0.0% | ||||||||||
58,450 | * | GEK Group of Cos S.A. | 394,147 | |||||||
17,454 | Hellenic Exchanges S.A. | 51,982 | ||||||||
TOTAL GREECE | 446,129 | |||||||||
HONG KONG - 1.1% | ||||||||||
760,000 | China Grand Pharmaceutical and Healthcare Holdings Ltd | 618,624 | ||||||||
2,531,000 | China High Speed Transmission Equipment Group Co Ltd | 1,877,233 | ||||||||
1,622,000 | Digital China Holdings Ltd | 1,194,150 | ||||||||
341,000 | Johnson Electric Holdings Ltd | 705,564 | ||||||||
1,903,734 | K Wah International Holdings Ltd | 903,425 | ||||||||
498,000 | NetDragon Websoft, Inc | 1,071,348 | ||||||||
17,820,000 | e | Skyway Securities Group Ltd | 290,703 | |||||||
3,938,000 | United Laboratories Ltd | 3,386,215 |
111 |
TIAA-CREF FUNDS - Quant International Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
960,000 | VST Holdings Ltd | $ | 600,580 | |||||||
TOTAL HONG KONG | 10,647,842 | |||||||||
INDIA - 0.9% | ||||||||||
119,000 | * | Crompton Greaves Consumer Electricals Ltd | 480,551 | |||||||
23,809 | Escorts Ltd | 385,473 | ||||||||
234,293 | Glenmark Pharmaceuticals Ltd | 1,500,145 | ||||||||
9,794 | g | IndiaMart InterMesh Ltd | 641,624 | |||||||
1,058,000 | * | Jindal Steel & Power Ltd | 2,741,952 | |||||||
40,179 | * | Kaveri Seed Co Ltd | 274,564 | |||||||
53,078 | MindTree Ltd | 953,232 | ||||||||
29,001 | Mphasis Ltd | 540,315 | ||||||||
15,403 | Multi Commodity Exchange of India Ltd | 353,482 | ||||||||
26,741 | * | Sun Pharma Advanced Research Company Ltd | 59,119 | |||||||
6,636 | Tata Elxsi Ltd | 137,647 | ||||||||
108,000 | Torrent Power Ltd | 454,857 | ||||||||
58,927 | * | Wockhardt Ltd | 231,445 | |||||||
TOTAL INDIA | 8,754,406 | |||||||||
INDONESIA - 0.8% | ||||||||||
16,139,000 | * | PT Erajaya Swasembada Tbk | 1,899,970 | |||||||
1,152,900 | * | PT Indosat Tbk | 156,233 | |||||||
1,392,800 | PT Industri Jamu Dan Farmasi Sido Muncul Tbk | 75,841 | ||||||||
42,643,000 | PT Puradelta Lestari Tbk | 652,229 | ||||||||
717,800 | PT Selamat Sempurna Tbk | 68,043 | ||||||||
13,300,700 | PT Surya Citra Media Tbk | 1,329,598 | ||||||||
34,347,000 | Tower Bersama Infrastructure | 3,474,070 | ||||||||
TOTAL INDONESIA | 7,655,984 | |||||||||
IRELAND - 0.1% | ||||||||||
328,655 | * | C&C Group plc | 688,590 | |||||||
TOTAL IRELAND | 688,590 | |||||||||
ISRAEL - 1.2% | ||||||||||
88,000 | Amot Investments Ltd | 403,291 | ||||||||
41,000 | Ashtrom Group Ltd | 521,626 | ||||||||
270,000 | Bayside Land Corp | 1,880,242 | ||||||||
14,000 | Elco Holdings Ltd | 527,151 | ||||||||
2,000 | Electra Israel Ltd | 869,048 | ||||||||
18,383 | * | Fattal Holdings 1998 Ltd | 1,106,656 | |||||||
26,000 | First International Bank Of Israel Ltd | 574,761 | ||||||||
107,000 | Gazit Globe Ltd | 443,189 | ||||||||
478,339 | Industrial Buildings Corp | 914,766 | ||||||||
139,379 | Maytronics Ltd | 2,125,283 | ||||||||
32,000 | * | Nova Measuring Instruments Ltd | 1,816,223 | |||||||
13,869 | Saipens International Corp NV | 383,601 | ||||||||
66,000 | * | Shapir Engineering and Industry Ltd | 444,342 | |||||||
TOTAL ISRAEL | 12,010,179 | |||||||||
ITALY - 2.9% | ||||||||||
120,000 | ACEA S.p.A. | 2,382,458 | ||||||||
578,000 | Actelios S.p.A. | 3,134,364 | ||||||||
259,046 | Azimut Holding S.p.A. | 4,366,548 |
112 |
TIAA-CREF FUNDS - Quant International Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
375,000 | g | Banca Farmafactoring S.p.A | $ | 1,730,095 | ||||||
151,000 | e | Buzzi Unicem S.p.A. | 3,267,306 | |||||||
52,000 | Buzzi Unicem S.p.A. RSP | 737,387 | ||||||||
135,000 | * | Cerved Information Solutions S.p.A | 955,230 | |||||||
66,000 | De’Longhi S.p.A. | 2,110,793 | ||||||||
9,808 | Gruppo MutuiOnline S.p.A | 247,305 | ||||||||
1,250,000 | Hera S.p.A. | 3,926,405 | ||||||||
765,000 | Piaggio & C S.p.A. | 2,087,784 | ||||||||
21,000 | * | Sesa S.p.A | 1,967,510 | |||||||
238,718 | *,g | Technogym S.p.A | 1,775,363 | |||||||
TOTAL ITALY | 28,688,548 | |||||||||
JAPAN - 20.4% | ||||||||||
220,100 | Alps Electric Co Ltd | 3,175,456 | ||||||||
34,000 | Altech Corp | 628,130 | ||||||||
29,000 | Amuse, Inc | 705,389 | ||||||||
41,000 | e | Anritsu Corp | 897,591 | |||||||
30,000 | Arata Corp | 1,457,917 | ||||||||
160,300 | ASKUL Corp | 6,156,528 | ||||||||
32,700 | BayCurrent Consulting, Inc | 4,231,063 | ||||||||
168,000 | Bunka Shutter Co Ltd | 1,319,029 | ||||||||
51,300 | Cocokara Fine Holdings, Inc | 3,370,221 | ||||||||
44,000 | Computer Engineering & Consulting Ltd | 627,730 | ||||||||
14,129 | Daiichi Jitsugyo Co Ltd | 502,867 | ||||||||
90,000 | e | Daio Paper Corp | 1,301,229 | |||||||
110,800 | Daiwabo Co Ltd | 7,253,424 | ||||||||
223,800 | DCM Japan Holdings Co Ltd | 2,773,033 | ||||||||
156,100 | Dena Co Ltd | 2,663,394 | ||||||||
74,000 | Dip Corp | 1,421,788 | ||||||||
109,900 | Dowa Holdings Co Ltd | 3,145,210 | ||||||||
142,000 | ES-Con Japan Ltd | 1,153,683 | ||||||||
50,500 | Foster Electric Co Ltd | 580,960 | ||||||||
25,000 | Fuyo General Lease Co Ltd | 1,435,452 | ||||||||
62,000 | GMO internet, Inc | 1,653,678 | ||||||||
24,000 | Godo Steel Ltd | 439,276 | ||||||||
123,000 | Goldcrest Co Ltd | 1,571,619 | ||||||||
56,000 | Green Hospital Supply, Inc | 2,657,331 | ||||||||
768,000 | Haseko Corp | 9,207,658 | ||||||||
86,000 | Hosiden Corp | 762,426 | ||||||||
10,599 | Hosokawa Micron Corp | 531,689 | ||||||||
51,000 | Inaba Denki Sangyo Co Ltd | 1,227,746 | ||||||||
60,000 | Itochu Enex Co Ltd | 564,439 | ||||||||
33,000 | * | Jafco Co Ltd | 1,492,458 | |||||||
272,000 | e | Japan Investment Adviser Co Ltd | 3,267,623 | |||||||
191,800 | JDC Corp | 995,728 | ||||||||
27,100 | Joshin Denki Co Ltd | 672,079 | ||||||||
116,900 | Joyful Honda Co Ltd | 1,818,502 | ||||||||
56,000 | Kaken Pharmaceutical Co Ltd | 2,205,618 | ||||||||
100,000 | Kanto Denka Kogyo Co Ltd | 674,805 | ||||||||
419,000 | Kenedix, Inc | 2,171,290 | ||||||||
122,000 | Kinden Corp | 1,912,941 | ||||||||
62,900 | Kintetsu World Express, Inc | 1,337,132 | ||||||||
74,000 | Kohnan Shoji Co Ltd | 2,526,801 | ||||||||
148,200 | Komeri Co Ltd | 4,363,283 |
113 |
TIAA-CREF FUNDS - Quant International Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
99,000 | Koshidaka Holdings Co Ltd | $ | 370,343 | |||||||
�� | 590,400 | K’s Holdings Corp | 7,539,918 | |||||||
159,200 | Kumagai Gumi Co Ltd | 3,679,611 | ||||||||
80,000 | e | LEC, Inc | 1,129,805 | |||||||
423,565 | Maeda Corp | 3,049,735 | ||||||||
43,800 | Maeda Road Construction Co Ltd | 730,155 | ||||||||
18,000 | Maruzen Showa Unyu Co Ltd | 527,678 | ||||||||
10,200 | * | Maxvalu Tokai Co Ltd | 254,249 | |||||||
15,000 | Mitsubishi Research Institute, Inc | 543,848 | ||||||||
47,000 | Mitsui-Soko Co Ltd | 829,621 | ||||||||
47,000 | Musashino Bank Ltd | 696,839 | ||||||||
17,000 | NEC Capital Solutions Ltd | 288,828 | ||||||||
48,000 | Nichiha Corp | 1,398,676 | ||||||||
48,000 | Nihon Unisys Ltd | 1,414,869 | ||||||||
87,000 | Nippo Corp | 2,234,695 | ||||||||
179,900 | Nippon Electric Glass Co Ltd | 3,538,267 | ||||||||
77,000 | Nippon Konpo Unyu Soko Co Ltd | 1,473,677 | ||||||||
100 | Nippon Road Co Ltd | 7,264 | ||||||||
16,000 | Nippon Steel Trading Co Ltd | 456,058 | ||||||||
186,000 | Nishimatsu Construction Co Ltd | 3,613,058 | ||||||||
110,000 | Nojima Corp | 3,087,153 | ||||||||
255,800 | Nomura Co Ltd | 1,651,855 | ||||||||
18,000 | Optorun Co Ltd | 354,505 | ||||||||
26,000 | Organo Corp | 1,359,707 | ||||||||
992,800 | Penta-Ocean Construction Co Ltd | 6,295,524 | ||||||||
154,000 | Pressance Corp | 2,100,898 | ||||||||
79,000 | Prima Meat Packers Ltd | 2,254,120 | ||||||||
50,000 | Proto Corp | 538,476 | ||||||||
49,000 | Raysum Co Ltd | 444,603 | ||||||||
593,000 | Rengo Co Ltd | 4,562,508 | ||||||||
16,000 | Sakai Moving Service Co Ltd | 722,313 | ||||||||
151,000 | Sanki Engineering Co Ltd | 1,637,090 | ||||||||
100,000 | SBS Holdings, Inc | 2,279,127 | ||||||||
28,000 | Seria Co Ltd | 1,078,815 | ||||||||
19,700 | Shiga Bank Ltd | 425,438 | ||||||||
75,000 | Shinko Plantech Co Ltd | 869,175 | ||||||||
23,000 | Shinwa Kaiun Kaisha Ltd | 312,067 | ||||||||
30,000 | Sinko Industries Ltd | 420,803 | ||||||||
49,000 | Starts Corp, Inc | 1,139,738 | ||||||||
52,700 | Strike Co Ltd | 2,831,033 | ||||||||
399,000 | Sumitomo Forestry Co Ltd | 6,285,278 | ||||||||
722,200 | Sumitomo Mitsui Construction Co Ltd | 2,787,281 | ||||||||
110,800 | Sun Frontier Fudousan Co Ltd | 890,635 | ||||||||
1,361,000 | e | Suruga Bank Ltd | 4,444,667 | |||||||
35,000 | Taikisha Ltd | 911,496 | ||||||||
301,000 | Takara Leben Co Ltd | 840,235 | ||||||||
147,000 | Takasago Thermal Engineering Co Ltd | 1,948,842 | ||||||||
69,000 | Tamron Co Ltd | 1,029,887 | ||||||||
92,000 | TechMatrix Corp | 1,960,238 | ||||||||
25,300 | Telepark Corp | 465,146 | ||||||||
41,000 | Toa Corp/Tokyo | 731,979 | ||||||||
231,000 | Toda Corp | 1,319,534 | ||||||||
163,000 | Toho Pharmaceutical Co Ltd | 3,014,446 | ||||||||
63,000 | Tokyo Tatemono Co Ltd | 724,575 |
114 |
TIAA-CREF FUNDS - Quant International Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
197,000 | Tosei Corp | $ | 1,974,073 | |||||||
354,000 | Toyo Construction Co Ltd | 1,355,296 | ||||||||
9,000 | Trancom Co Ltd | 646,684 | ||||||||
79,400 | Uchida Yoko Co Ltd | 3,919,270 | ||||||||
90,000 | World Co Ltd | 1,142,684 | ||||||||
326,000 | Yamaguchi Financial Group, Inc | 2,120,619 | ||||||||
116,000 | Yellow Hat Ltd | 1,903,824 | ||||||||
36,000 | e | Yokogawa Bridge Holdings Corp | 637,218 | |||||||
107,000 | Zenkoku Hosho Co Ltd | 4,219,859 | ||||||||
TOTAL JAPAN | 200,270,124 | |||||||||
KAZAKHSTAN - 0.5% | ||||||||||
593,000 | KAZ Minerals plc | 4,838,346 | ||||||||
TOTAL KAZAKHSTAN | 4,838,346 | |||||||||
KOREA, REPUBLIC OF - 4.6% | ||||||||||
23,109 | Boditech Med, Inc | 649,781 | ||||||||
1,807 | Cuckoo Electronics Co Ltd | 145,964 | ||||||||
41,000 | Daewoong Co Ltd | 855,210 | ||||||||
177,000 | Dongbu HiTek Co Ltd | 5,025,453 | ||||||||
25,000 | Global & Yuasa Battery Co Ltd | 607,483 | ||||||||
51,000 | Hansol Paper Co Ltd | 615,379 | ||||||||
221,000 | JB Financial Group Co Ltd | 998,450 | ||||||||
74,000 | KEPCO Plant Service & Engineering Co Ltd | 1,798,092 | ||||||||
90,000 | Kginicis Co Ltd | 1,504,147 | ||||||||
150,000 | LG International Corp | 2,056,593 | ||||||||
30,000 | Lotte Data Communication Co | 903,494 | ||||||||
200,413 | LOTTE Reit Co Ltd | 957,211 | ||||||||
38,000 | LS Industrial Systems Co Ltd | 1,668,575 | ||||||||
1,426 | NICE Holdings Co Ltd | 22,726 | ||||||||
65,865 | NICE Information Service Co Ltd | 1,134,070 | ||||||||
52,000 | S&T Daewoo Co Ltd | 2,324,132 | ||||||||
213,000 | * | Samsung Techwin Co Ltd | 4,757,590 | |||||||
105,000 | SK Chemicals Co Ltd | 5,863,291 | ||||||||
41,003 | * | Soulbrain Co Ltd | 7,855,867 | |||||||
94,701 | Taeyoung Engineering & Construction Co Ltd | 839,031 | ||||||||
64,716 | Technosemichem Co Ltd | 2,466,949 | ||||||||
91,298 | * | TY Holdings Co Ltd | 1,637,362 | |||||||
12,000 | Unid Co Ltd | 460,662 | ||||||||
8,015 | * | Webzen, Inc | 227,224 | |||||||
TOTAL KOREA, REPUBLIC OF | 45,374,736 | |||||||||
MALAYSIA - 1.0% | ||||||||||
3,175,200 | Bursa Malaysia BHD | 6,155,916 | ||||||||
3,183,000 | Drb-Hicom BHD | 1,456,590 | ||||||||
6,264,000 | Felda Global Ventures Holdings BHD | 1,599,352 | ||||||||
1,201,200 | VS Industry BHD | 677,340 | ||||||||
TOTAL MALAYSIA | 9,889,198 | |||||||||
MALTA - 0.1% | ||||||||||
72,000 | Unibet Group plc (ADR) | 547,715 | ||||||||
TOTAL MALTA | 547,715 |
115 |
TIAA-CREF FUNDS - Quant International Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
MEXICO - 0.9% | ||||||||||
483,000 | Bolsa Mexicana de Valores S.A. de C.V. | $ | 981,871 | |||||||
453,000 | Concentradora Fibra Danhos S.A. de C.V. | 410,042 | ||||||||
900,000 | Corp Inmobiliaria Vesta SAB de C.V. | 1,446,008 | ||||||||
704,000 | g | Mexico Real Estate Management S.A. de C.V. | 808,829 | |||||||
444,400 | PLA Administradora Industrial S de RL de C.V. | 610,090 | ||||||||
773,000 | e | Qualitas Controladora SAB de C.V. | 3,087,044 | |||||||
390,000 | * | Regional SAB de C.V. | 1,053,900 | |||||||
TOTAL MEXICO | 8,397,784 | |||||||||
NETHERLANDS - 2.8% | ||||||||||
88,000 | ASM International NV | 12,569,112 | ||||||||
10,000 | g | Euronext NV | 1,041,215 | |||||||
861,882 | *,e | Pharming Group NV | 896,185 | |||||||
262,927 | g | Signify NV | 9,332,679 | |||||||
999,000 | * | TNT NV | 3,313,406 | |||||||
TOTAL NETHERLANDS | 27,152,597 | |||||||||
NEW ZEALAND - 0.1% | ||||||||||
1,139,000 | Precinct Properties New Zealand Ltd | 1,332,401 | ||||||||
TOTAL NEW ZEALAND | 1,332,401 | |||||||||
NORWAY - 0.8% | ||||||||||
486,000 | BW Offshore Ltd | 1,169,548 | ||||||||
282,000 | g | Europris ASA | 1,465,791 | |||||||
199,000 | Frontline Ltd (Sigmax MTF) | 1,104,412 | ||||||||
64,000 | e | Kongsberg Gruppen ASA | 1,039,958 | |||||||
198,502 | Norwegian Finans Holding ASA | 1,430,433 | ||||||||
118,000 | g | Skandiabanken ASA | 752,438 | |||||||
130,000 | Sparebanken Nord-Norge | 870,183 | ||||||||
TOTAL NORWAY | 7,832,763 | |||||||||
PAKISTAN - 0.1% | ||||||||||
476,000 | Engro Chemical Pakistan Ltd | 903,628 | ||||||||
682,000 | Fauji Fertilizer Co Ltd | 449,728 | ||||||||
TOTAL PAKISTAN | 1,353,356 | |||||||||
PERU - 0.2% | ||||||||||
502,000 | HudBay Minerals, Inc | 2,264,520 | ||||||||
TOTAL PERU | 2,264,520 | |||||||||
POLAND - 0.1% | ||||||||||
35,000 | Asseco Poland S.A. | 567,253 | ||||||||
57,297 | Warsaw Stock Exchange | 623,581 | ||||||||
TOTAL POLAND | 1,190,834 | |||||||||
PORTUGAL - 0.4% | ||||||||||
698,000 | PT Multimedia Servicos de Telecomunicacoes e Multimedia SGPS S.A. | 2,398,865 | ||||||||
641,000 | Redes Energeticas Nacionais S.A. | 1,683,639 | ||||||||
TOTAL PORTUGAL | 4,082,504 | |||||||||
QATAR - 0.1% | ||||||||||
103,631 | Al Meera Consumer Goods Co | 569,210 | ||||||||
TOTAL QATAR | 569,210 |
116 |
TIAA-CREF FUNDS - Quant International Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
RUSSIA - 0.0% | ||||||||||
58,467 | AFK Sistema | $ | 364,834 | |||||||
TOTAL RUSSIA | 364,834 | |||||||||
SAUDI ARABIA - 1.0% | ||||||||||
28,227 | Aldrees Petroleum and Transport Services Co | 477,729 | ||||||||
138,000 | Arabian Cement Co | 1,131,509 | ||||||||
64,000 | Eastern Province Cement Co | 591,598 | ||||||||
119,437 | Najran Cement Co | 499,832 | ||||||||
304,584 | * | Saudi Ceramic Co | 3,147,223 | |||||||
71,043 | Saudi Pharmaceutical Industries & Medical Appliances Corp | 619,442 | ||||||||
16,000 | Saudia Dairy & Foodstuff Co | 723,747 | ||||||||
360,000 | Yamama Cement Co | 2,399,808 | ||||||||
73,000 | Yanbu Cement Co | 643,339 | ||||||||
TOTAL SAUDI ARABIA | 10,234,227 | |||||||||
SINGAPORE - 1.4% | ||||||||||
560,000 | g | BW LPG Ltd | 2,451,690 | |||||||
58,837 | China Yuchai International Ltd | 1,025,529 | ||||||||
5,902,000 | Frasers Logistics & Industrial Trust | 5,322,040 | ||||||||
714,000 | IGG, Inc | 772,897 | ||||||||
1,107,000 | Japfa Ltd | 522,959 | ||||||||
984,100 | Keppel Infrastructure Trust | 393,284 | ||||||||
41,600 | Parkway Life Real Estate Investment Trust | 123,322 | ||||||||
2,217,300 | Sheng Siong Group Ltd | 2,710,114 | ||||||||
TOTAL SINGAPORE | 13,321,835 | |||||||||
SOUTH AFRICA - 0.5% | ||||||||||
245,859 | African Rainbow Minerals Ltd | 3,458,172 | ||||||||
355,738 | *,e | Brait S.A. | 77,355 | |||||||
477,128 | *,e | Royal Bafokeng Platinum Ltd | 1,720,431 | |||||||
TOTAL SOUTH AFRICA | 5,255,958 | |||||||||
SPAIN - 1.3% | ||||||||||
76,000 | Cia de Distribucion Integral Logista Holdings SAU | 1,283,142 | ||||||||
6,296 | Corp Financiera Alba | 234,592 | ||||||||
6,847,000 | *,e | Distribuidora Internacional de Alimentacion S.A. | 898,710 | |||||||
63,000 | g | Euskaltel S.A. | 599,457 | |||||||
371,654 | Faes Farma S.A. (Sigma) | 1,400,608 | ||||||||
28,000 | Grupo Catalana Occidente S.A. | 645,963 | ||||||||
830,007 | * | Mediaset Espana Comunicacion SA | 2,774,891 | |||||||
10,166 | e | Pharma Mar S.A. | 1,364,756 | |||||||
44,000 | Viscofan S.A. | 2,969,625 | ||||||||
108,462 | Zardoya Otis S.A. | 662,590 | ||||||||
TOTAL SPAIN | 12,834,334 | |||||||||
SWEDEN - 5.0% | ||||||||||
221,000 | Arjo AB | 1,570,872 | ||||||||
225,019 | Avanza Bank Holding AB | 4,285,781 | ||||||||
191,000 | Axfood AB | 4,439,444 | ||||||||
231,000 | Betsson AB | 1,760,108 |
117 |
TIAA-CREF FUNDS - Quant International Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
101,000 | Bilia AB | $ | 1,343,461 | |||||||
156,000 | * | Biovitrum AB | 2,690,381 | |||||||
25,000 | Castellum AB | 520,517 | ||||||||
111,000 | Clas Ohlson AB (B Shares) | 982,160 | ||||||||
357,000 | *,e | Collector AB | 577,454 | |||||||
65,000 | * | Embracer Group AB | 1,308,197 | |||||||
33,811 | Fortnox AB | 1,056,309 | ||||||||
315,000 | Getinge AB (B Shares) | 6,167,690 | ||||||||
65,000 | Hexpol AB | 572,479 | ||||||||
116,000 | Inwido AB | 1,227,506 | ||||||||
8,218 | * | K-fast Holding AB | 198,354 | |||||||
595,305 | g | LeoVegas AB | 1,991,647 | |||||||
104,000 | Lindab International AB | 1,605,505 | ||||||||
190,000 | NCC AB (B Shares) | 3,028,107 | ||||||||
178,000 | *,g | Nobina AB | 976,088 | |||||||
30,000 | Nolato AB (B Shares) | 2,495,282 | ||||||||
257,226 | * | Nyfosa AB | 2,126,805 | |||||||
69,286 | Paradox Interactive AB | 2,147,257 | ||||||||
397,000 | Ratos AB (B Shares) | 1,446,404 | ||||||||
187,600 | e | Recipharm AB (B Shares) | 3,020,912 | |||||||
13,057 | Troax Group AB | 212,826 | ||||||||
74,000 | Wihlborgs Fastigheter AB | 1,333,808 | ||||||||
TOTAL SWEDEN | 49,085,354 | |||||||||
SWITZERLAND - 3.8% | ||||||||||
100 | Belimo Holding AG. | 743,670 | ||||||||
1,576 | Bell AG. | 399,607 | ||||||||
5,000 | Burckhardt Compression Holding AG. | 1,251,862 | ||||||||
58,000 | Cembra Money Bank AG. | 6,444,015 | ||||||||
2,000 | Emmi AG. | 1,889,199 | ||||||||
98,000 | g | Galenica AG. | 6,180,067 | |||||||
1,000 | Gurit Holding AG. | 2,094,334 | ||||||||
14,099 | Implenia AG. | 282,787 | ||||||||
666 | Interroll Holding AG. | 1,789,428 | ||||||||
33,000 | PSP Swiss Property AG. | 3,990,556 | ||||||||
9,000 | Sulzer AG. | 658,731 | ||||||||
46,041 | g | VAT Group AG. | 8,637,977 | |||||||
25,000 | * | Vetropack Holding AG. | 1,394,495 | |||||||
12,709 | VZ Holding AG. | 1,067,976 | ||||||||
19,000 | Zehnder Group AG. | 908,709 | ||||||||
TOTAL SWITZERLAND | 37,733,413 | |||||||||
TAIWAN - 6.3% | ||||||||||
1,448,000 | Benq Corp | 948,635 | ||||||||
1,491,000 | Cheng Loong Corp | 1,771,485 | ||||||||
1,300,000 | Cheng Uei Precision Industry Co Ltd | 1,839,582 | ||||||||
364,000 | Chicony Power Technology Co Ltd | 851,389 | ||||||||
332,000 | Chong Hong Construction Co | 924,724 | ||||||||
3,132,000 | Compeq Manufacturing Co | 4,780,277 | ||||||||
848,000 | Everlight Electronics Co Ltd | 1,125,971 | ||||||||
1,223,506 | Hannstar Board Corp | 1,678,171 | ||||||||
918,000 | Kindom Construction Co | 1,118,766 | ||||||||
1,343,000 | King’s Town Bank | 1,820,448 | ||||||||
254,000 | KMC Kuei Meng International In | 1,845,737 |
118 |
TIAA-CREF FUNDS - Quant International Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
600 | Mercuries & Associates Holding Ltd | $ | 437 | |||||||
66,000 | Merida Industry Co Ltd | 643,466 | ||||||||
1,455,000 | Radiant Opto-Electronics Corp | 5,732,722 | ||||||||
1,607,000 | Shinkong Synthetic Fibers Corp | 651,426 | ||||||||
785,000 | Simplo Technology Co Ltd | 8,756,176 | ||||||||
355,000 | Systex Corp | 1,006,812 | ||||||||
534,000 | Taiwan Hon Chuan Enterprise Co Ltd | 1,091,505 | ||||||||
1,259,000 | Taiwan Surface Mounting Technology Co Ltd | 4,147,209 | ||||||||
422,000 | TCI Co Ltd | 3,370,702 | ||||||||
275,000 | Topco Scientific Co Ltd | 1,102,542 | ||||||||
1,940,000 | * | TPK Holding Co Ltd | 3,423,751 | |||||||
1,177,000 | Tripod Technology Corp | 4,680,548 | ||||||||
761,000 | Unimicron Technology Corp | 1,818,342 | ||||||||
1,414,944 | USI Corp | 874,007 | ||||||||
123,700 | Voltronic Power Technology Corp | 4,243,056 | ||||||||
2,031,000 | Yuen Foong Yu Paper Manufacturing Co Ltd | 1,379,799 | ||||||||
TOTAL TAIWAN | 61,627,685 | |||||||||
THAILAND - 0.2% | ||||||||||
2,282,000 | Thanachart Capital PCL | 2,012,201 | ||||||||
TOTAL THAILAND | 2,012,201 | |||||||||
TURKEY - 1.4% | ||||||||||
112,000 | Coca-Cola Icecek AS | 601,677 | ||||||||
8,055,111 | Dogan Sirketler Grubu Holdings | 2,335,930 | ||||||||
945,000 | * | Koza Anadolu Metal Madencilik Isletmeleri AS | 1,360,069 | |||||||
155,000 | * | Migros Ticaret AS | 692,917 | |||||||
3,535,334 | * | Sok Marketler Ticaret AS. | 4,770,679 | |||||||
12,158,697 | * | Turkiye Sinai Kalkinma Bankasi AS | 3,700,063 | |||||||
TOTAL TURKEY | 13,461,335 | |||||||||
UNITED KINGDOM - 11.1% | ||||||||||
490,689 | 888 Holdings plc | 1,705,189 | ||||||||
241,000 | Ashmore Group plc | 1,114,998 | ||||||||
3,361,000 | Assura Group Ltd | 3,317,881 | ||||||||
1,286,000 | g | Avast plc | 7,902,788 | |||||||
70,000 | Bellway plc | 2,117,862 | ||||||||
129,000 | Big Yellow Group plc | 1,838,369 | ||||||||
47,000 | *,e | Blue Prism Group plc | 940,118 | |||||||
292,000 | * | boohoo.com plc | 1,023,373 | |||||||
278,000 | Brewin Dolphin Holdings plc | 875,030 | ||||||||
586,000 | * | Cairn Energy plc | 1,055,236 | |||||||
251,987 | Civitas Social Housing plc | 339,534 | ||||||||
185,000 | g | CMC Markets plc | 800,489 | |||||||
56,000 | Computacenter plc | 1,654,067 | ||||||||
502,000 | g | Countryside Properties plc | 2,192,552 | |||||||
772,000 | * | CYBG plc | 936,115 | |||||||
1,402 | Dechra Pharmaceuticals plc | 63,423 | ||||||||
198,000 | * | Dialog Semiconductor plc | 7,548,531 | |||||||
14,150 | Diploma plc | 407,456 | ||||||||
639,000 | Empiric Student Property plc | 447,025 | ||||||||
88,000 | Fevertree Drinks plc | 2,297,180 | ||||||||
73,799 | Future plc | 1,897,405 | ||||||||
39,000 | Games Workshop Group plc | 5,243,020 |
119 |
TIAA-CREF FUNDS - Quant International Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
805,000 | GCP Student Living plc | $ | 1,168,110 | |||||||
21,000 | Genus plc | 1,116,038 | ||||||||
149,000 | Grainger plc | 539,800 | ||||||||
612,000 | Halfords Group plc | 1,906,794 | ||||||||
183,000 | HomeServe plc | 2,622,647 | ||||||||
588,000 | Howden Joinery Group plc | 4,854,437 | ||||||||
186,000 | IG Group Holdings plc | 1,835,541 | ||||||||
810,000 | * | Indivior plc | 1,157,438 | |||||||
8,251 | Marshalls plc | 71,485 | ||||||||
336,000 | * | Ninety One plc | 903,241 | |||||||
498,000 | OneSavings Bank plc | 1,986,496 | ||||||||
21,043 | P2P Global Investments plc | 237,357 | ||||||||
532,000 | Paragon Group of Cos plc | 2,041,355 | ||||||||
378,147 | Pennon Group plc | 4,866,570 | ||||||||
614,000 | g | Quilter plc | 974,824 | |||||||
568,669 | g | Regional REIT Ltd | 459,707 | |||||||
1,162,000 | Rightmove plc | 9,299,691 | ||||||||
1,341,962 | Rotork plc | 4,889,379 | ||||||||
402,000 | Safestore Holdings plc | 4,184,809 | ||||||||
93,148 | e | Smart Metering Systems plc | 701,111 | |||||||
578,000 | Spirent Communications plc | 2,169,951 | ||||||||
308,000 | * | Sports Direct International plc | 1,494,157 | |||||||
3,369,393 | Tritax Big Box REIT plc | 6,836,441 | ||||||||
532,000 | Unite Group plc | 5,741,187 | ||||||||
527,556 | Warehouse REIT plc | 731,290 | ||||||||
80,641 | William Hill plc | 286,395 | ||||||||
TOTAL UNITED KINGDOM | 108,793,892 | |||||||||
UNITED STATES - 2.8% | ||||||||||
90,644 | * | Burford Capital Ltd | 772,097 | |||||||
1,056,000 | Diversified Gas & Oil plc | 1,534,988 | ||||||||
97,092 | iShares Core MSCI Emerging Markets ETF | 5,191,509 | ||||||||
57,921 | e | iShares MSCI Canada Index Fund | 1,533,169 | |||||||
296,968 | e | iShares MSCI EAFE Small-Cap ETF | 16,912,328 | |||||||
45,000 | *,e | UroGen Pharma Ltd | 1,013,400 | |||||||
TOTAL UNITED STATES | 26,957,491 | |||||||||
TOTAL COMMON STOCKS | 977,453,873 | |||||||||
(Cost $925,617,220) | ||||||||||
SHORT-TERM INVESTMENTS - 2.2% | ||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 2.2% | ||||||||||
21,536,550 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 21,536,550 | |||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 21,536,550 | |||||||||
TOTAL SHORT-TERM INVESTMENTS | 21,536,550 | |||||||||
(Cost $21,536,550) | ||||||||||
TOTAL INVESTMENTS - 101.8% | 998,990,423 | |||||||||
(Cost $947,153,770) | ||||||||||
OTHER ASSETS & LIABILITIES, NET - (1.8)% | (17,508,034 | ) | ||||||||
NET ASSETS - 100.0% | $ | 981,482,389 |
120 |
TIAA-CREF FUNDS - Quant International Small-Cap Equity Fund
Abbreviation(s): | ||||||||
ADR | American Depositary Receipt | |||||||
ETF | Exchange Traded Fund | |||||||
REIT | Real Estate Investment Trust | |||||||
* | Non-income producing | |||||||
c | Investments made with cash collateral received from securities on loan. | |||||||
e | All or a portion of these securities are out on loan. The aggregate value of securities on loan is $49,007,083. | |||||||
g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/2020, the aggregate value of these securities is $59,003,722 or 6.0% of net assets. |
121 |
TIAA-CREF FUNDS - Quant International Small-Cap Equity Fund
TIAA-CREF FUNDS
QUANT INTERNATIONAL SMALL-CAP EQUITY FUND
SUMMARY OF MARKET VALUES BY SECTOR (unaudited)
October 31, 2020
SECTOR | VALUE | % OF NET ASSETS | ||||||
INDUSTRIALS | $ | 177,147,440 | 18.0 | % | ||||
INFORMATION TECHNOLOGY | 130,426,891 | 13.3 | ||||||
CONSUMER DISCRETIONARY | 126,191,363 | 12.9 | ||||||
FINANCIALS | 120,487,500 | 12.3 | ||||||
MATERIALS | 95,990,690 | 9.8 | ||||||
REAL ESTATE | 95,187,230 | 9.7 | ||||||
HEALTH CARE | 71,534,618 | 7.3 | ||||||
CONSUMER STAPLES | 59,900,604 | 6.1 | ||||||
COMMUNICATION SERVICES | 51,454,076 | 5.2 | ||||||
UTILITIES | 28,436,822 | 2.9 | ||||||
ENERGY | 20,696,639 | 2.1 | ||||||
SHORT-TERM INVESTMENTS | 21,536,550 | 2.2 | ||||||
OTHER ASSETS & LIABILITIES, NET | (17,508,034 | ) | (1.8 | ) | ||||
NET ASSETS | $ | 981,482,389 | 100.0 | % | ||||
122 |
TIAA-CREF FUNDS - Social Choice International Equity Fund
TIAA-CREF FUNDS
SOCIAL CHOICE INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS
October 31, 2020
SHARES | COMPANY | VALUE | ||||||||
COMMON STOCKS - 98.4% | ||||||||||
AUSTRALIA - 6.7% | ||||||||||
225,171 | AMP Ltd | $ | 242,305 | |||||||
8,425 | Ampol Ltd | 153,622 | ||||||||
44,592 | APA Group | 328,747 | ||||||||
15,890 | AusNet Services | 22,338 | ||||||||
138,256 | Australia & New Zealand Banking Group Ltd | 1,834,744 | ||||||||
8,834 | Australian Stock Exchange Ltd | 494,656 | ||||||||
52,480 | BlueScope Steel Ltd | 542,050 | ||||||||
37,724 | Brambles Ltd | 254,423 | ||||||||
15,230 | Coca-Cola Amatil Ltd | 133,138 | ||||||||
3,260 | Cochlear Ltd | 486,572 | ||||||||
24,361 | Coles Group Ltd | 304,324 | ||||||||
85,128 | Commonwealth Bank of Australia | 4,133,095 | ||||||||
8,958 | Computershare Ltd | 76,554 | ||||||||
24,798 | CSL Ltd | 5,020,536 | ||||||||
714 | Dexus Property Group | 4,320 | ||||||||
123,256 | Evolution Mining Ltd | 483,217 | ||||||||
195,134 | Fortescue Metals Group Ltd | 2,387,170 | ||||||||
114,345 | Goodman Group | 1,479,985 | ||||||||
34,744 | GPT Group | 98,404 | ||||||||
24,681 | Insurance Australia Group Ltd | 82,847 | ||||||||
12,102 | Lend Lease Corp Ltd | 101,804 | ||||||||
29,451 | Macquarie Group Ltd | 2,625,850 | ||||||||
8,807 | Mirvac Group | 13,060 | ||||||||
234,833 | National Australia Bank Ltd | 3,072,315 | ||||||||
90,191 | Newcrest Mining Ltd | 1,870,335 | ||||||||
2,654 | Orica Ltd | 28,490 | ||||||||
10,912 | QR National Ltd | 28,935 | ||||||||
24,861 | Ramsay Health Care Ltd | 1,089,267 | ||||||||
19,893 | e | Santos Ltd | 66,132 | |||||||
61,244 | Seek Ltd | 926,963 | ||||||||
35,970 | Sonic Healthcare Ltd | 881,014 | ||||||||
83,257 | Stockland Trust Group | 225,134 | ||||||||
44,687 | Sydney Airport | 171,334 | ||||||||
245,119 | Transurban Group | 2,321,197 | ||||||||
184,521 | Westpac Banking Corp | 2,335,456 | ||||||||
33,114 | Wisetech Global Ltd | 675,376 | ||||||||
14,624 | Woodside Petroleum Ltd | 180,376 | ||||||||
TOTAL AUSTRALIA | 35,176,085 | |||||||||
AUSTRIA - 0.3% | ||||||||||
22,562 | * | Erste Bank der Oesterreichischen Sparkassen AG. | 463,772 | |||||||
34,083 | OMV AG. | 787,875 | ||||||||
16,549 | Voestalpine AG. | 460,176 | ||||||||
TOTAL AUSTRIA | 1,711,823 |
123 |
TIAA-CREF FUNDS - Social Choice International Equity Fund
SHARES | COMPANY | VALUE | ||||||||
BELGIUM - 1.0% | ||||||||||
18,918 | KBC Groep NV | $ | 934,678 | |||||||
3,149 | Solvay S.A. | 255,857 | ||||||||
19,188 | UCB S.A. | 1,895,228 | ||||||||
45,459 | Umicore S.A. | 1,752,504 | ||||||||
TOTAL BELGIUM | 4,838,267 | |||||||||
DENMARK - 2.7% | ||||||||||
3,923 | Christian Hansen Holding | 395,869 | ||||||||
7,347 | Coloplast AS | 1,074,447 | ||||||||
14,973 | GN Store Nord | 1,078,011 | ||||||||
15,526 | H Lundbeck AS | 437,701 | ||||||||
88,440 | Novo Nordisk AS | 5,639,433 | ||||||||
2,296 | Novozymes AS | 138,084 | ||||||||
17,297 | g | Orsted AS | 2,745,276 | |||||||
4,056 | Pandora AS | 321,760 | ||||||||
798 | Tryg A.S. | 22,147 | ||||||||
10,425 | Vestas Wind Systems AS | 1,788,555 | ||||||||
TOTAL DENMARK | 13,641,283 | |||||||||
FINLAND - 0.9% | ||||||||||
3,543 | Elisa Oyj (Series A) | 174,205 | ||||||||
44,889 | Neste Oil Oyj | 2,341,120 | ||||||||
12,657 | Orion Oyj (Class B) | 541,715 | ||||||||
28,559 | Stora Enso Oyj (R Shares) | 416,760 | ||||||||
24,422 | UPM-Kymmene Oyj | 690,140 | ||||||||
50,005 | Wartsila Oyj (B Shares) | 397,380 | ||||||||
TOTAL FINLAND | 4,561,320 | |||||||||
FRANCE - 10.0% | ||||||||||
13,227 | Accor S.A. | 337,129 | ||||||||
18,514 | Air Liquide | 2,707,455 | ||||||||
14,036 | g | Amundi S.A. | 920,650 | |||||||
16,314 | Atos Origin S.A. | 1,114,505 | ||||||||
117,479 | AXA S.A. | 1,886,630 | ||||||||
12,778 | Bouygues S.A. | 419,034 | ||||||||
17,989 | Cap Gemini S.A. | 2,077,150 | ||||||||
32,161 | Carrefour S.A. | 499,843 | ||||||||
39,726 | CNP Assurances | 448,055 | ||||||||
37,742 | Compagnie de Saint-Gobain | 1,470,183 | ||||||||
37,039 | Danone | 2,054,375 | ||||||||
22,452 | Essilor International S.A. | 2,771,899 | ||||||||
7,339 | Eurazeo | 333,760 | ||||||||
11,576 | Fonciere Des Regions | 689,357 | ||||||||
2,258 | Gecina S.A. | 280,315 | ||||||||
37,510 | Getlink S.E. | 504,518 | ||||||||
12,262 | JC Decaux S.A. | 189,256 | ||||||||
4,996 | Kering | 3,019,163 | ||||||||
44,717 | Klepierre | 566,568 | ||||||||
15,519 | Legrand S.A. | 1,148,706 | ||||||||
14,261 | L’Oreal S.A. | 4,608,945 | ||||||||
6,452 | Michelin (C.G.D.E.) (Class B) | 696,822 | ||||||||
219,108 | Natixis | 510,345 | ||||||||
136,990 | Orange S. A. | 1,538,346 |
124 |
TIAA-CREF FUNDS - Social Choice International Equity Fund
SHARES | COMPANY | VALUE | ||||||||
109,678 | Peugeot S.A. | $ | 1,970,278 | |||||||
33,362 | Renault S.A. | 826,236 | ||||||||
59,292 | Sanofi-Aventis | 5,353,673 | ||||||||
32,115 | Schneider Electric S.A. | 3,902,178 | ||||||||
2,120 | SEB S.A. | 344,528 | ||||||||
41,179 | Societe Generale | 559,536 | ||||||||
2,559 | Teleperformance | 768,168 | ||||||||
143,363 | Total S.A. | 4,343,427 | ||||||||
6,746 | e | Unibail-Rodamco-Westfield | 273,084 | |||||||
19,700 | Unibail-Rodamco-Westfield | 800,732 | ||||||||
32,722 | Valeo S.A. | 989,886 | ||||||||
5,026 | Wendel | 434,957 | ||||||||
TOTAL FRANCE | 51,359,692 | |||||||||
GERMANY - 9.2% | ||||||||||
8,440 | Adidas-Salomon AG. | 2,507,565 | ||||||||
22,104 | Allianz AG. | 3,893,721 | ||||||||
46,905 | BASF SE | 2,568,433 | ||||||||
34,998 | Bayerische Motoren Werke AG. | 2,391,719 | ||||||||
6,414 | Beiersdorf AG. | 671,605 | ||||||||
5,905 | Brenntag AG. | 377,426 | ||||||||
18,770 | *,g | Delivery Hero AG. | 2,154,686 | |||||||
8,918 | Deutsche Boerse AG. | 1,314,099 | ||||||||
60,777 | Deutsche Post AG. | 2,694,729 | ||||||||
28,770 | Deutsche Wohnen AG. | 1,452,106 | ||||||||
6,131 | Fraport AG. Frankfurt Airport Services Worldwide | 221,749 | ||||||||
22,418 | HeidelbergCement AG. | 1,282,162 | ||||||||
20,196 | Henkel KGaA | 1,825,797 | ||||||||
8,421 | Henkel KGaA (Preference) | 819,452 | ||||||||
5,722 | Hochtief AG. | 420,942 | ||||||||
3,428 | LEG Immobilien AG. | 463,304 | ||||||||
15,069 | Merck KGaA | 2,232,189 | ||||||||
10,854 | * | METRO AG. | 105,553 | |||||||
11,062 | MTU Aero Engines Holding AG. | 1,890,732 | ||||||||
7,625 | Muenchener Rueckver AG. | 1,787,126 | ||||||||
5,260 | Puma AG. Rudolf Dassler Sport | 460,477 | ||||||||
53,603 | SAP AG. | 5,718,613 | ||||||||
5,019 | Sartorius AG. | 2,124,442 | ||||||||
41,591 | Siemens AG. | 4,879,291 | ||||||||
43,284 | * | Siemens Energy AG. | 947,722 | |||||||
133,634 | Telefonica Deutschland Holding AG. | 337,061 | ||||||||
9,784 | *,g | Zalando SE | 911,129 | |||||||
TOTAL GERMANY | 46,453,830 | |||||||||
HONG KONG - 3.4% | ||||||||||
69,700 | ASM Pacific Technology | 702,876 | ||||||||
700,017 | BOC Hong Kong Holdings Ltd | 1,944,288 | ||||||||
226,500 | CLP Holdings Ltd | 2,087,094 | ||||||||
129,481 | Hang Seng Bank Ltd | 1,994,789 | ||||||||
1,461,039 | Hong Kong & China Gas Ltd | 2,107,991 | ||||||||
78,838 | Hong Kong Exchanges and Clearing Ltd | 3,777,815 | ||||||||
270,330 | Link REIT | 2,063,120 | ||||||||
356,231 | MTR Corp | 1,765,219 | ||||||||
115,468 | Swire Pacific Ltd (Class A) | 526,557 |
125 |
TIAA-CREF FUNDS - Social Choice International Equity Fund
SHARES | COMPANY | VALUE | ||||||||
270,800 | Swire Properties Ltd | $ | 726,688 | |||||||
TOTAL HONG KONG | 17,696,437 | |||||||||
IRELAND - 0.9% | ||||||||||
68,052 | CRH plc | 2,381,260 | ||||||||
18,173 | Kerry Group plc (Class A) | 2,175,343 | ||||||||
TOTAL IRELAND | 4,556,603 | |||||||||
ISRAEL - 0.3% | ||||||||||
262,792 | * | Bank Hapoalim Ltd | 1,533,999 | |||||||
TOTAL ISRAEL | 1,533,999 | |||||||||
ITALY - 2.0% | ||||||||||
93,459 | Assicurazioni Generali S.p.A. | 1,253,680 | ||||||||
486,946 | Enel S.p.A. | 3,871,465 | ||||||||
293,384 | ENI S.p.A. | 2,055,168 | ||||||||
1,488,681 | Intesa Sanpaolo S.p.A. | 2,471,365 | ||||||||
92,572 | e,g | Pirelli & C S.p.A | 385,978 | |||||||
TOTAL ITALY | 10,037,656 | |||||||||
JAPAN - 26.1% | ||||||||||
52,900 | Aeon Co Ltd | 1,351,499 | ||||||||
60,200 | Ajinomoto Co, Inc | 1,209,464 | ||||||||
37,037 | Alfresa Holdings Corp | 678,145 | ||||||||
22,714 | All Nippon Airways Co Ltd | 495,411 | ||||||||
121,000 | Asahi Kasei Corp | 1,048,534 | ||||||||
164,600 | Astellas Pharma, Inc | 2,257,149 | ||||||||
5,100 | Benesse Holdings, Inc | 120,236 | ||||||||
1,200 | Calbee, Inc | 36,812 | ||||||||
2,900 | * | Casio Computer Co Ltd | 44,057 | |||||||
15,381 | Central Japan Railway Co | 1,859,855 | ||||||||
64,565 | Chugai Pharmaceutical Co Ltd | 2,492,208 | ||||||||
8,427 | Dai Nippon Printing Co Ltd | 156,990 | ||||||||
6,800 | Daifuku Co Ltd | 701,201 | ||||||||
9,775 | Daikin Industries Ltd | 1,829,227 | ||||||||
44,349 | Daiwa House Industry Co Ltd | 1,165,259 | ||||||||
32,059 | Denso Corp | 1,493,839 | ||||||||
25,232 | East Japan Railway Co | 1,319,468 | ||||||||
24,748 | Eisai Co Ltd | 1,924,244 | ||||||||
1,900 | Fast Retailing Co Ltd | 1,325,329 | ||||||||
19,472 | Fujitsu Ltd | 2,303,822 | ||||||||
10,616 | Hankyu Hanshin Holdings, Inc | 324,142 | ||||||||
6,011 | * | Hino Motors Ltd | 46,055 | |||||||
23,400 | * | Hitachi Construction Machinery Co Ltd | 577,103 | |||||||
24,563 | Hitachi Metals Ltd | 325,736 | ||||||||
125,161 | Honda Motor Co Ltd | 2,960,425 | ||||||||
70,141 | Hulic Co Ltd | 649,709 | ||||||||
100,450 | Inpex Holdings, Inc | 476,374 | ||||||||
50,600 | Kajima Corp | 540,683 | ||||||||
2,900 | Kansai Paint Co Ltd | 74,768 | ||||||||
30,100 | Kao Corp | 2,143,081 | ||||||||
32,300 | Kawasaki Heavy Industries Ltd | 385,893 | ||||||||
113,296 | KDDI Corp | 3,065,222 | ||||||||
1,500 | Keio Corp | 87,176 |
126 |
TIAA-CREF FUNDS - Social Choice International Equity Fund
SHARES | COMPANY | VALUE | ||||||||
10,346 | Keyence Corp | $ | 4,695,248 | |||||||
24,200 | Kikkoman Corp | 1,205,163 | ||||||||
3,165 | Kintetsu Corp | 126,459 | ||||||||
3,200 | Kobayashi Pharmaceutical Co Ltd | 311,826 | ||||||||
25,600 | e | Kobe Bussan Co Ltd | 720,257 | |||||||
50,900 | Komatsu Ltd | 1,147,564 | ||||||||
4,700 | Kose Corp | 599,135 | ||||||||
41,372 | Kubota Corp | 718,965 | ||||||||
5,300 | Kuraray Co Ltd | 49,020 | ||||||||
63,510 | Kyushu Electric Power Co, Inc | 532,433 | ||||||||
2,400 | Kyushu Railway Co | 51,050 | ||||||||
3,200 | Lawson, Inc | 147,026 | ||||||||
12,000 | Lion Corp | 244,697 | ||||||||
1,600 | Marui Co Ltd | 28,915 | ||||||||
15,100 | MEIJI Holdings Co Ltd | 1,093,987 | ||||||||
114,879 | Mitsubishi Chemical Holdings Corp | 646,557 | ||||||||
117,479 | Mitsubishi Corp | 2,621,116 | ||||||||
63,526 | Mitsubishi Estate Co Ltd | 947,546 | ||||||||
24,300 | Mitsubishi Materials Corp | 445,887 | ||||||||
89,800 | Mitsubishi UFJ Lease & Finance Co Ltd | 380,482 | ||||||||
3,900 | Mitsui Chemicals, Inc | 99,888 | ||||||||
82,000 | Mitsui Fudosan Co Ltd | 1,396,260 | ||||||||
17,600 | Mitsui Sumitomo Insurance Group Holdings, Inc | 481,628 | ||||||||
4,500 | Miura Co Ltd | 212,015 | ||||||||
29,500 | Murata Manufacturing Co Ltd | 2,068,795 | ||||||||
4,500 | Nabtesco Corp | 168,112 | ||||||||
37,601 | NEC Corp | 1,893,969 | ||||||||
5,600 | NGK Insulators Ltd | 80,000 | ||||||||
5,900 | NGK Spark Plug Co Ltd | 103,763 | ||||||||
38,200 | Nikon Corp | 232,805 | ||||||||
7,204 | Nintendo Co Ltd | 3,895,122 | ||||||||
4,000 | Nippon Express Co Ltd | 224,318 | ||||||||
22,600 | Nippon Paint Co Ltd | 2,035,807 | ||||||||
148 | Nippon ProLogis REIT, Inc | 487,133 | ||||||||
181,654 | * | Nippon Steel Corp | 1,761,885 | |||||||
21,400 | Nippon Yusen Kabushiki Kaisha | 394,992 | ||||||||
5,313 | Nissin Food Products Co Ltd | 460,050 | ||||||||
1,562 | Nitori Co Ltd | 321,080 | ||||||||
17,700 | Nitto Denko Corp | 1,243,527 | ||||||||
19,800 | NKSJ Holdings, Inc | 739,250 | ||||||||
21,100 | Nomura Real Estate Holdings, Inc | 368,541 | ||||||||
166 | Nomura Real Estate Master Fund, Inc | 198,229 | ||||||||
66,700 | Nomura Research Institute Ltd | 1,966,148 | ||||||||
85,012 | NTT DoCoMo, Inc | 3,165,438 | ||||||||
12,285 | Obayashi Corp | 102,805 | ||||||||
2,121 | Odakyu Electric Railway Co Ltd | 51,185 | ||||||||
12,600 | Omron Corp | 909,796 | ||||||||
65,300 | Ono Pharmaceutical Co Ltd | 1,862,696 | ||||||||
13,082 | Oriental Land Co Ltd | 1,831,192 | ||||||||
36,100 | Osaka Gas Co Ltd | 685,547 | ||||||||
8,000 | Otsuka Corp | 367,613 | ||||||||
162,206 | Panasonic Corp | 1,498,383 | ||||||||
153,370 | * | Rakuten, Inc | 1,492,165 | |||||||
68,929 | Recruit Holdings Co Ltd | 2,622,793 |
127 |
TIAA-CREF FUNDS - Social Choice International Equity Fund
SHARES | COMPANY | VALUE | ||||||||
288,800 | Resona Holdings, Inc | $ | 952,166 | |||||||
52,100 | Santen Pharmaceutical Co Ltd | 928,213 | ||||||||
11,001 | Secom Co Ltd | 929,352 | ||||||||
6,224 | Sekisui Chemical Co Ltd | 97,022 | ||||||||
17,563 | Sekisui House Ltd | 291,779 | ||||||||
74,200 | SG Holdings Co Ltd | 1,789,736 | ||||||||
48,408 | * | Sharp Corp | 559,772 | |||||||
14,000 | Shimadzu Corp | 400,307 | ||||||||
13,068 | Shimizu Corp | 90,736 | ||||||||
14,400 | Shin-Etsu Chemical Co Ltd | 1,923,361 | ||||||||
28,100 | Shionogi & Co Ltd | 1,325,475 | ||||||||
31,200 | Shiseido Co Ltd | 1,931,498 | ||||||||
26,600 | Showa Denko KK | 452,298 | ||||||||
193,100 | Softbank Corp | 2,247,194 | ||||||||
400 | Sohgo Security Services Co Ltd | 18,638 | ||||||||
68,615 | Sony Corp | 5,720,187 | ||||||||
25,714 | Stanley Electric Co Ltd | 732,330 | ||||||||
6,700 | Sumisho Computer Systems Corp | 333,134 | ||||||||
253,100 | Sumitomo Chemical Co Ltd | 827,937 | ||||||||
39,908 | Sumitomo Dainippon Pharma Co Ltd | 467,762 | ||||||||
53,871 | Sumitomo Metal Mining Co Ltd | 1,674,512 | ||||||||
68,800 | Sumitomo Mitsui Trust Holdings, Inc | 1,849,855 | ||||||||
23,100 | Suntory Beverage & Food Ltd | 796,666 | ||||||||
14,500 | Sysmex Corp | 1,361,967 | ||||||||
7,700 | T&D Holdings, Inc | 76,954 | ||||||||
6,600 | TDK Corp | 776,164 | ||||||||
2,900 | Teijin Ltd | 44,422 | ||||||||
2,200 | e | Toho Gas Co Ltd | 113,568 | |||||||
30,126 | Tokio Marine Holdings, Inc | 1,346,473 | ||||||||
11,100 | Tokyo Electron Ltd | 2,979,360 | ||||||||
38,100 | Tokyo Gas Co Ltd | 863,328 | ||||||||
8,300 | Tokyu Corp | 98,477 | ||||||||
29,700 | Toray Industries, Inc | 134,390 | ||||||||
1,824 | Toto Ltd | 83,276 | ||||||||
6,000 | Toyo Suisan Kaisha Ltd | 298,595 | ||||||||
104,795 | Toyota Motor Corp | 6,879,466 | ||||||||
50,000 | Uni-Charm Corp | 2,313,545 | ||||||||
4,169 | USS Co Ltd | 76,253 | ||||||||
10,100 | Welcia Holdings Co Ltd | 395,530 | ||||||||
4,200 | West Japan Railway Co | 180,168 | ||||||||
18,800 | Yakult Honsha Co Ltd | 909,789 | ||||||||
13,800 | Yamada Denki Co Ltd | 67,286 | ||||||||
2,470 | Yamaha Corp | 117,091 | ||||||||
13,086 | Yaskawa Electric Corp | 508,833 | ||||||||
15,598 | Yokogawa Electric Corp | 229,312 | ||||||||
TOTAL JAPAN | 133,799,556 | |||||||||
NETHERLANDS - 3.6% | ||||||||||
414,114 | Aegon NV | 1,113,974 | ||||||||
7,337 | Akzo Nobel NV | 705,733 | ||||||||
20,619 | ASML Holding NV | 7,460,014 | ||||||||
10,464 | DSM NV | 1,673,481 | ||||||||
359,603 | ING Groep NV | 2,463,179 | ||||||||
63,874 | Koninklijke KPN NV | 172,510 |
128 |
TIAA-CREF FUNDS - Social Choice International Equity Fund
SHARES | COMPANY | VALUE | ||||||||
4,972 | Koninklijke Vopak NV | $ | 258,436 | |||||||
34,839 | Prosus NV | 3,478,185 | ||||||||
6,780 | Randstad Holdings NV | 338,298 | ||||||||
10,753 | Wolters Kluwer NV | 870,635 | ||||||||
TOTAL NETHERLANDS | 18,534,445 | |||||||||
NEW ZEALAND - 0.6% | ||||||||||
41,348 | Auckland International Airport Ltd | 191,271 | ||||||||
72,699 | Fisher & Paykel Healthcare Corp | 1,681,847 | ||||||||
61,340 | Meridian Energy Ltd | 214,986 | ||||||||
50,211 | Mercury NZ Ltd | 177,514 | ||||||||
79,890 | Ryman Healthcare Ltd | 739,308 | ||||||||
46,473 | �� | Telecom Corp of New Zealand Ltd | 137,916 | |||||||
TOTAL NEW ZEALAND | 3,142,842 | |||||||||
NORWAY - 1.1% | ||||||||||
150,973 | Equinor ASA | 1,926,372 | ||||||||
31,457 | e | Mowi ASA | 496,956 | |||||||
311,239 | Norsk Hydro ASA | 874,695 | ||||||||
118,885 | Orkla ASA | 1,122,252 | ||||||||
17,366 | Schibsted ASA (B Shares) | 626,613 | ||||||||
32,928 | Telenor ASA | 508,813 | ||||||||
TOTAL NORWAY | 5,555,701 | |||||||||
PORTUGAL - 0.3% | ||||||||||
104,803 | Energias de Portugal S.A. | 516,958 | ||||||||
101,122 | Galp Energia SGPS S.A. | 821,230 | ||||||||
2,279 | Jeronimo Martins SGPS S.A. | 36,199 | ||||||||
TOTAL PORTUGAL | 1,374,387 | |||||||||
SINGAPORE - 1.1% | ||||||||||
203,305 | Ascendas REIT | 428,998 | ||||||||
583,808 | CapitaLand Ltd | 1,098,602 | ||||||||
77,468 | CapitaMall Trust | 98,195 | ||||||||
49,700 | City Developments Ltd | 230,800 | ||||||||
145,891 | DBS Group Holdings Ltd | 2,173,171 | ||||||||
22,046 | Jardine Cycle & Carriage Ltd | 286,778 | ||||||||
135,800 | Keppel Corp Ltd | 436,388 | ||||||||
89,895 | Singapore Airlines Ltd | 223,085 | ||||||||
36,200 | Singapore Exchange Ltd | 229,593 | ||||||||
163,800 | Singapore Telecommunications Ltd | 243,492 | ||||||||
292,625 | Singapore Telecommunications Ltd | 437,435 | ||||||||
74,300 | UOL Group Ltd | 338,674 | ||||||||
TOTAL SINGAPORE | 6,225,211 | |||||||||
SPAIN - 2.1% | ||||||||||
33,613 | Amadeus IT Holding S.A. | 1,601,530 | ||||||||
507,301 | Banco Bilbao Vizcaya Argentaria S.A. | 1,463,640 | ||||||||
73,608 | Bankinter S.A. | 276,629 | ||||||||
651,037 | CaixaBank S.A. | 1,187,875 | ||||||||
288,483 | Iberdrola S.A. | 3,406,285 | ||||||||
40,734 | e | Industria De Diseno Textil S.A. | 1,005,695 | |||||||
38,329 | Naturgy Energy Group S.A. | 712,081 |
129 |
TIAA-CREF FUNDS - Social Choice International Equity Fund
SHARES | COMPANY | VALUE | ||||||||
1,014 | Red Electrica Corp S.A. | $ | 17,861 | |||||||
231,437 | Repsol YPF S.A. | 1,452,977 | ||||||||
TOTAL SPAIN | 11,124,573 | |||||||||
SWEDEN - 3.6% | ||||||||||
44,719 | Assa Abloy AB | 958,438 | ||||||||
47,291 | Atlas Copco AB (A Shares) | 2,087,479 | ||||||||
45,517 | Atlas Copco AB (B Shares) | 1,744,019 | ||||||||
63,299 | Boliden AB | 1,726,107 | ||||||||
3,728 | e | Electrolux AB (Series B) | 84,060 | |||||||
66,096 | Essity AB | 1,913,036 | ||||||||
23,325 | Hennes & Mauritz AB (B Shares) | 379,227 | ||||||||
6,819 | Husqvarna AB (B Shares) | 70,315 | ||||||||
2,585 | ICA Gruppen AB | 122,370 | ||||||||
35,585 | Kinnevik AB | 1,457,167 | ||||||||
15,109 | Lundin Petroleum AB | 288,836 | ||||||||
88,811 | Sandvik AB | 1,583,064 | ||||||||
87,160 | Skandinaviska Enskilda Banken AB (Class A) | 747,941 | ||||||||
19,911 | Skanska AB (B Shares) | 373,442 | ||||||||
11,637 | SKF AB (B Shares) | 238,221 | ||||||||
33,890 | Svenska Cellulosa AB (B Shares) | 458,414 | ||||||||
126,071 | Svenska Handelsbanken AB | 1,021,513 | ||||||||
33,046 | Tele2 AB (B Shares) | 390,007 | ||||||||
72,073 | e | TeliaSonera AB | 275,762 | |||||||
133,376 | Volvo AB (B Shares) | 2,592,454 | ||||||||
TOTAL SWEDEN | 18,511,872 | |||||||||
SWITZERLAND - 10.0% | ||||||||||
7,035 | Adecco S.A. | 344,954 | ||||||||
45,050 | Alcon, Inc | 2,561,233 | ||||||||
595 | Barry Callebaut AG. | 1,228,461 | ||||||||
9,228 | Clariant AG. | 158,313 | ||||||||
41,580 | Coca-Cola HBC AG. | 944,499 | ||||||||
544 | Givaudan S.A. | 2,218,398 | ||||||||
4,229 | Kuehne & Nagel International AG. | 845,221 | ||||||||
5,357 | Lonza Group AG. | 3,245,860 | ||||||||
127,835 | Nestle S.A. | 14,378,611 | ||||||||
31,747 | Roche Holding AG. | 10,201,306 | ||||||||
411 | SGS S.A. | 1,026,600 | ||||||||
9,317 | Sika AG. | 2,292,026 | ||||||||
8,165 | * | Sonova Holdings AG | 1,938,108 | |||||||
23,311 | Swiss Re Ltd | 1,672,811 | ||||||||
2,365 | Swisscom AG. | 1,202,841 | ||||||||
269,294 | UBS Group AG | 3,135,112 | ||||||||
10,255 | Zurich Insurance Group AG | 3,406,153 | ||||||||
TOTAL SWITZERLAND | 50,800,507 | |||||||||
UNITED KINGDOM - 11.9% | ||||||||||
150,087 | 3i Group plc | 1,874,540 | ||||||||
68,775 | Associated British Foods plc | 1,512,482 | ||||||||
46,017 | AstraZeneca plc | 4,620,358 | ||||||||
38,045 | AstraZeneca plc (ADR) | 1,908,337 | ||||||||
577,881 | Aviva plc | 1,927,564 | ||||||||
73,304 | Barratt Developments plc | 458,193 |
130 |
TIAA-CREF FUNDS - Social Choice International Equity Fund
SHARES | COMPANY | VALUE | ||||||||
8,752 | Berkeley Group Holdings plc | $ | 460,165 | |||||||
149,216 | British Land Co plc | 673,846 | ||||||||
1,012,505 | BT Group plc | 1,329,772 | ||||||||
23,546 | Burberry Group plc | 413,534 | ||||||||
222,367 | CNH Industrial NV | 1,724,162 | ||||||||
47,298 | Coca-Cola European Partners plc (Class A) | 1,689,012 | ||||||||
164,213 | Compass Group plc | 2,247,704 | ||||||||
23,245 | Croda International plc | 1,816,808 | ||||||||
7,785 | DCC plc | 505,885 | ||||||||
164,876 | Informa plc | 894,557 | ||||||||
35,926 | InterContinental Hotels Group plc | 1,825,407 | ||||||||
22,639 | Intertek Group plc | 1,630,704 | ||||||||
291,221 | J Sainsbury plc | 760,152 | ||||||||
101,356 | JD Sports Fashion plc | 975,093 | ||||||||
16,714 | Johnson Matthey plc | 465,269 | ||||||||
190,476 | * | Kingfisher plc | 708,377 | |||||||
120,559 | Land Securities Group plc | 795,450 | ||||||||
861,486 | Legal & General Group plc | 2,065,503 | ||||||||
26,199 | London Stock Exchange Group plc | 2,824,195 | ||||||||
84,431 | Mondi plc | 1,600,247 | ||||||||
217,932 | National Grid plc | 2,592,407 | ||||||||
5,815 | Next plc | 439,187 | ||||||||
151,092 | Pearson plc | 998,230 | ||||||||
212,324 | Prudential plc | 2,596,828 | ||||||||
136,006 | RELX plc | 2,691,274 | ||||||||
24,506 | Schroders plc | 830,201 | ||||||||
99,858 | Scottish & Southern Energy plc | 1,637,619 | ||||||||
150,231 | Segro plc | 1,755,403 | ||||||||
410,539 | Standard Chartered plc | 1,876,083 | ||||||||
286,123 | Standard Life Aberdeen plc | 833,698 | ||||||||
340,120 | Taylor Wimpey plc | 465,996 | ||||||||
795,438 | Tesco plc | 2,117,094 | ||||||||
1,525,356 | Vodafone Group plc | 2,034,776 | ||||||||
57,369 | Vodafone Group plc (ADR) | 775,055 | ||||||||
16,399 | Whitbread plc | 456,593 | ||||||||
458,465 | WM Morrison Supermarkets plc | 967,761 | ||||||||
115,546 | WPP plc | 922,898 | ||||||||
TOTAL UNITED KINGDOM | 61,698,419 | |||||||||
UNITED STATES - 0.6% | ||||||||||
23,651 | Ferguson plc | 2,349,039 | ||||||||
66,176 | Tenaris S.A. | 315,794 | ||||||||
TOTAL UNITED STATES | 2,664,833 | |||||||||
TOTAL COMMON STOCKS | 504,999,341 | |||||||||
(Cost $505,232,068) |
PRINCIPAL | ISSUER | RATE | MATURITY DATE | |||||||||||||
SHORT-TERM INVESTMENTS - 1.7% | ||||||||||||||||
GOVERNMENT AGENCY DEBT - 1.0% | ||||||||||||||||
$ | 5,520,000 | Federal Home Loan Bank (FHLB) | 0.075 | % | 11/03/20 | 5,519,988 | ||||||||||
TOTAL GOVERNMENT AGENCY DEBT | 5,519,988 |
131 |
TIAA-CREF FUNDS - Social Choice International Equity Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | |||||||||||||
REPURCHASE AGREEMENT - 0.1% | |||||||||||||||||
$ | 275,000 | r | Fixed Income Clearing Corp (FICC) | 0.070 | % | 11/02/20 | $ | 275,000 | |||||||||
TOTAL REPURCHASE AGREEMENT | 275,000 | ||||||||||||||||
SHARES | COMPANY | ||||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.6% | |||||||||||||||||
2,947,647 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 2,947,647 | ||||||||||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 2,947,647 | ||||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 8,742,635 | ||||||||||||||||
(Cost $8,742,625) | |||||||||||||||||
TOTAL INVESTMENTS - 100.1% | 513,741,976 | ||||||||||||||||
(Cost $513,974,693) | |||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - (0.1)% | (305,174 | ) | |||||||||||||||
NET ASSETS - 100.0% | $ | 513,436,802 | |||||||||||||||
Abbreviation(s): | |||||||||||||||||
ADR American Depositary Receipt | |||||||||||||||||
REIT Real Estate Investment Trust | |||||||||||||||||
* | Non-income producing | ||||||||||||||||
c | Investments made with cash collateral received from securities on loan. | ||||||||||||||||
e | All or a portion of these securities are out on loan. The aggregate value of securities on loan is $3,567,461. | ||||||||||||||||
g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/2020, the aggregate value of these securities is $7,117,719 or 1.4% of net assets. | ||||||||||||||||
r | Agreement with Fixed Income Clearing Corporation, 0.070% dated 10/31/20 to be repurchased at $275,000 on 11/2/20, collateralized by U.S. Treasury Notes valued at $280,533. | ||||||||||||||||
Futures contracts outstanding as of October 31, 2020 were as follows:
Description | Number of long (short) contracts | Expiration date | Notional amount | Value | Unrealized appreciation (depreciation) | |||||||||||
MSCI EAFE Index | 62 | 12/18/20 | $ | 5,709,250 | $ | 5,530,090 | $ | (179,160 | ) |
132 |
TIAA-CREF FUNDS - Social Choice International Equity Fund
TIAA-CREF FUNDS
SOCIAL CHOICE INTERNATIONAL EQUITY FUND
SUMMARY OF MARKET VALUES BY SECTOR (unaudited)
October 31, 2020
SECTOR | VALUE | % OF NET ASSETS | ||||||
FINANCIALS | $ | 82,310,858 | 15.9 | % | ||||
INDUSTRIALS | 69,141,256 | 13.5 | ||||||
HEALTH CARE | 68,048,444 | 13.3 | ||||||
CONSUMER DISCRETIONARY | 59,837,139 | 11.7 | ||||||
CONSUMER STAPLES | 56,655,880 | 11.0 | ||||||
MATERIALS | 45,137,982 | 8.8 | ||||||
INFORMATION TECHNOLOGY | 38,859,118 | 7.6 | ||||||
COMMUNICATION SERVICES | 25,562,522 | 5.0 | ||||||
UTILITIES | 23,581,220 | 4.6 | ||||||
REAL ESTATE | 20,397,183 | 4.0 | ||||||
ENERGY | 15,467,739 | 3.0 | ||||||
SHORT-TERM INVESTMENTS | 8,742,635 | 1.7 | ||||||
OTHER ASSETS & LIABILITIES, NET | (305,174 | ) | (0.1 | ) | ||||
NET ASSETS | $ | 513,436,802 | 100.0 | % |
133 |
TIAA-CREF FUNDS - Equity Index Fund
TIAA-CREF FUNDS
EQUITY INDEX FUND
SCHEDULE OF INVESTMENTS
October 31, 2020
SHARES | COMPANY | VALUE | ||||||||
COMMON STOCKS - 99.5% | ||||||||||
AUTOMOBILES & COMPONENTS - 1.4% | ||||||||||
68,002 | * | Adient plc | $ | 1,443,002 | ||||||
92,921 | * | American Axle & Manufacturing Holdings, Inc | 624,429 | |||||||
215,130 | Aptiv plc | 20,757,894 | ||||||||
194,421 | BorgWarner, Inc | 6,800,847 | ||||||||
40,763 | Cooper Tire & Rubber Co | 1,401,840 | ||||||||
15,863 | * | Cooper-Standard Holding, Inc | 248,890 | |||||||
117,047 | Dana Inc | 1,637,488 | ||||||||
21,356 | * | Dorman Products, Inc | 1,906,450 | |||||||
3,127,628 | Ford Motor Co | 24,176,564 | ||||||||
32,830 | * | Fox Factory Holding Corp | 2,760,346 | |||||||
1,004,796 | General Motors Co | 34,695,606 | ||||||||
197,149 | Gentex Corp | 5,455,113 | ||||||||
26,801 | * | Gentherm, Inc | 1,240,618 | |||||||
187,525 | Goodyear Tire & Rubber Co | 1,552,707 | ||||||||
123,184 | Harley-Davidson, Inc | 4,050,290 | ||||||||
19,326 | LCI Industries, Inc | 2,119,289 | ||||||||
48,110 | Lear Corp | 5,812,169 | ||||||||
29,900 | * | Modine Manufacturing Co | 191,360 | |||||||
12,624 | * | Motorcar Parts of America, Inc | 185,952 | |||||||
16,977 | Standard Motor Products, Inc | 777,547 | ||||||||
21,060 | * | Stoneridge, Inc | 480,800 | |||||||
42,121 | * | Tenneco, Inc | 363,083 | |||||||
594,914 | * | Tesla, Inc | 230,850,429 | |||||||
43,606 | Thor Industries, Inc | 3,688,195 | ||||||||
22,736 | * | Visteon Corp | 2,038,282 | |||||||
23,336 | Winnebago Industries, Inc | 1,095,625 | ||||||||
72,691 | *,e | Workhorse Group, Inc | 1,117,988 | |||||||
13,695 | * | XPEL, Inc | 339,362 | |||||||
TOTAL AUTOMOBILES & COMPONENTS | 357,812,165 | |||||||||
BANKS - 3.7% | ||||||||||
322 | 1st Constitution Bancorp | 4,199 | ||||||||
18,937 | 1st Source Corp | 634,200 | ||||||||
3,172 | ACNB Corp | 66,200 | ||||||||
15,639 | Allegiance Bancshares, Inc | 442,584 | ||||||||
6,491 | Altabancorp | 141,309 | ||||||||
479 | Amalgamated Bank | 5,317 | ||||||||
14,443 | * | Amerant Bancorp Inc | 145,441 | |||||||
4,767 | American National Bankshares, Inc | 108,688 | ||||||||
49,763 | Ameris Bancorp | 1,458,056 | ||||||||
3,679 | Ames National Corp | 71,005 | ||||||||
7,204 | Arrow Financial Corp | 197,173 | ||||||||
124,921 | Associated Banc-Corp | 1,710,168 | ||||||||
17,088 | * | Atlantic Capital Bancshares, Inc | 237,181 | |||||||
68,491 | Atlantic Union Bankshares Corp | 1,732,137 | ||||||||
47,483 | * | Axos Financial, Inc | 1,294,387 |
134 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
43,775 | Banc of California, Inc | $ | 525,300 | |||||||
15,677 | Bancfirst Corp | 696,843 | ||||||||
83,646 | BancorpSouth Bank | 1,958,153 | ||||||||
4,356 | e | Bank First Corp | 278,828 | |||||||
6,226,595 | Bank of America Corp | 147,570,301 | ||||||||
9,389 | Bank of Commerce Holdings | 75,206 | ||||||||
32,503 | e | Bank of Hawaii Corp | 1,970,982 | |||||||
7,005 | Bank of Marin Bancorp | 211,131 | ||||||||
42,377 | Bank of NT Butterfield & Son Ltd | 1,121,295 | ||||||||
162 | Bank of Princeton | 3,187 | ||||||||
97,166 | Bank OZK | 2,407,773 | ||||||||
107 | Bank7 Corp | 970 | ||||||||
7,624 | BankFinancial Corp | 56,036 | ||||||||
75,651 | BankUnited | 1,910,188 | ||||||||
2,718 | Bankwell Financial Group, Inc | 44,847 | ||||||||
28,715 | Banner Corp | 1,058,722 | ||||||||
13,685 | Bar Harbor Bankshares | 279,448 | ||||||||
21,947 | * | Baycom Corp | 243,612 | |||||||
5,794 | BCB Bancorp, Inc | 52,667 | ||||||||
36,773 | Berkshire Hills Bancorp, Inc | 479,152 | ||||||||
8,305 | * | Bluegreen Vacations Holding Corp | 67,686 | |||||||
25,956 | BOK Financial Corp | 1,524,655 | ||||||||
67,201 | Boston Private Financial Holdings, Inc | 415,302 | ||||||||
14,216 | Bridge Bancorp, Inc | 277,781 | ||||||||
865 | * | Bridgewater Bancshares, Inc | 9,610 | |||||||
63,833 | Brookline Bancorp, Inc | 611,520 | ||||||||
22,997 | Bryn Mawr Bank Corp | 617,699 | ||||||||
6,258 | Business First Bancshares, Inc | 103,945 | ||||||||
35,278 | Byline Bancorp, Inc | 463,553 | ||||||||
1,625 | C&F Financial Corp | 50,619 | ||||||||
98,378 | Cadence BanCorp | 1,103,801 | ||||||||
2,396 | Cambridge Bancorp | 148,768 | ||||||||
11,832 | Camden National Corp | 378,269 | ||||||||
197 | * | Capital Bancorp, Inc | 2,072 | |||||||
4,674 | Capital City Bank Group, Inc | 99,603 | ||||||||
112,924 | Capitol Federal Financial | 1,296,368 | ||||||||
22,415 | Capstar Financial Holdings, Inc | 232,892 | ||||||||
17,003 | Carter Bank & Trust | 118,171 | ||||||||
65,605 | Cathay General Bancorp | 1,543,686 | ||||||||
11,748 | CBTX, Inc | 222,037 | ||||||||
17,070 | Central Pacific Financial Corp | 235,054 | ||||||||
5,936 | Central Valley Community Bancorp | 76,574 | ||||||||
1,697 | Century Bancorp, Inc | 121,454 | ||||||||
1,519 | Chemung Financial Corp | 51,768 | ||||||||
78,677 | CIT Group, Inc | 2,317,038 | ||||||||
1,674,228 | Citigroup, Inc | 69,346,524 | ||||||||
5,365 | Citizens & Northern Corp | 90,883 | ||||||||
339,940 | Citizens Financial Group, Inc | 9,263,365 | ||||||||
14,149 | City Holding Co | 855,024 | ||||||||
5,944 | Civista Bancshares, Inc | 84,761 | ||||||||
8,389 | CNB Financial Corp | 152,176 | ||||||||
318 | * | Coastal Financial Corp | 4,725 | |||||||
4,675 | Codorus Valley Bancorp, Inc | 62,925 | ||||||||
254 | Colony Bankcorp Inc | 3,183 | ||||||||
56,423 | Columbia Banking System, Inc | 1,602,977 | ||||||||
54,039 | * | Columbia Financial, Inc | 658,735 |
135 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
110,106 | Comerica, Inc | $ | 5,010,924 | |||||||
81,633 | Commerce Bancshares, Inc | 5,081,654 | ||||||||
42,784 | Community Bank System, Inc | 2,481,044 | ||||||||
12,286 | Community Bankers Trust Corp | 67,082 | ||||||||
2,291 | Community Financial Corp | 50,058 | ||||||||
14,988 | Community Trust Bancorp, Inc | 476,918 | ||||||||
41,896 | ConnectOne Bancorp, Inc | 646,455 | ||||||||
34,327 | * | CrossFirst Bankshares, Inc | 286,630 | |||||||
43,927 | Cullen/Frost Bankers, Inc | 3,086,750 | ||||||||
30,365 | * | Customers Bancorp, Inc | 419,644 | |||||||
103,715 | CVB Financial Corp | 1,815,012 | ||||||||
25,699 | Dime Community Bancshares | 325,092 | ||||||||
29,798 | Eagle Bancorp, Inc | 891,556 | ||||||||
110,896 | East West Bancorp, Inc | 4,045,486 | ||||||||
5,411 | Enterprise Bancorp, Inc | 122,343 | ||||||||
21,373 | Enterprise Financial Services Corp | 622,168 | ||||||||
11,884 | * | Equity Bancshares, Inc | 218,428 | |||||||
252 | * | Esquire Financial Holdings, Inc | 3,929 | |||||||
4,168 | ESSA Bancorp, Inc | 52,975 | ||||||||
88,433 | Essent Group Ltd | 3,524,055 | ||||||||
2,542 | Evans Bancorp, Inc | 57,983 | ||||||||
5,387 | Farmers & Merchants Bancorp, Inc | 108,063 | ||||||||
12,585 | Farmers National Banc Corp | 146,615 | ||||||||
28,667 | FB Financial Corp | 845,676 | ||||||||
7,299 | Federal Agricultural Mortgage Corp (FAMC) | 471,442 | ||||||||
111 | e | Fidelity D&D Bancorp, Inc | 5,290 | |||||||
571,002 | Fifth Third Bancorp | 13,258,666 | ||||||||
9,344 | Financial Institutions, Inc | 165,669 | ||||||||
31,164 | First Bancorp (NC) | 750,741 | ||||||||
168,835 | First Bancorp (Puerto Rico) | 1,095,739 | ||||||||
15,845 | First Bancorp, Inc | 366,495 | ||||||||
15,729 | First Bancshares, Inc | 374,979 | ||||||||
607 | First Bank | 4,546 | ||||||||
41,049 | First Busey Corp | 738,472 | ||||||||
3,440 | First Business Financial Services, Inc | 58,996 | ||||||||
2,779 | e | First Capital Inc | 167,601 | |||||||
357 | First Choice Bancorp | 5,027 | ||||||||
5,120 | First Citizens Bancshares, Inc (Class A) | 2,369,024 | ||||||||
90,917 | First Commonwealth Financial Corp | 783,705 | ||||||||
14,950 | First Community Bancshares, Inc | 283,751 | ||||||||
71,932 | First Financial Bancorp | 1,028,628 | ||||||||
105,506 | First Financial Bankshares, Inc | 3,145,134 | ||||||||
16,504 | First Financial Corp | 573,019 | ||||||||
44,505 | First Foundation, Inc | 661,789 | ||||||||
2,629 | First Guaranty Bancshares, Inc | 38,252 | ||||||||
110,210 | First Hawaiian, Inc | 1,902,225 | ||||||||
431,962 | First Horizon National Corp | 4,496,724 | ||||||||
3,000 | First Internet Bancorp | 64,560 | ||||||||
35,990 | First Interstate Bancsystem, Inc | 1,270,447 | ||||||||
45,398 | First Merchants Corp | 1,185,342 | ||||||||
5,811 | First Mid-Illinois Bancshares, Inc | 161,313 | ||||||||
90,274 | First Midwest Bancorp, Inc | 1,132,939 | ||||||||
5,115 | First Northwest Bancorp | 60,101 | ||||||||
13,348 | First of Long Island Corp | 205,960 | ||||||||
137,535 | First Republic Bank | 17,348,665 | ||||||||
35,741 | Flagstar Bancorp, Inc | 1,048,998 |
136 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
23,653 | Flushing Financial Corp | $ | 302,522 | |||||||
253,884 | FNB Corp | 1,919,363 | ||||||||
581 | FNCB Bancorp Inc | 3,195 | ||||||||
143 | Franklin Financial Services Corp | 3,146 | ||||||||
136 | FS Bancorp, Inc | 6,298 | ||||||||
130,495 | Fulton Financial Corp | 1,434,140 | ||||||||
413 | * | FVCBankcorp, Inc | 5,096 | |||||||
20,622 | German American Bancorp, Inc | 622,166 | ||||||||
77,098 | Glacier Bancorp, Inc | 2,760,108 | ||||||||
11,044 | Great Southern Bancorp, Inc | 452,252 | ||||||||
48,471 | Great Western Bancorp, Inc | 629,638 | ||||||||
1,634 | Greene County Bancorp, Inc | 36,847 | ||||||||
4,754 | Guaranty Bancshares, Inc | 137,391 | ||||||||
67,800 | Hancock Whitney Corp | 1,550,586 | ||||||||
30,987 | Hanmi Financial Corp | 278,573 | ||||||||
42,190 | HarborOne Northeast Bancorp, Inc | 396,586 | ||||||||
200 | Hawthorn Bancshares Inc | 3,792 | ||||||||
7,463 | HBT Financial, Inc | 92,093 | ||||||||
32,636 | Heartland Financial USA, Inc | 1,075,030 | ||||||||
59,301 | Heritage Commerce Corp | 429,932 | ||||||||
30,142 | Heritage Financial Corp | 631,776 | ||||||||
60,638 | Hilltop Holdings, Inc | 1,383,153 | ||||||||
714 | Hingham Institution for Savings | 144,207 | ||||||||
2,987 | Home Bancorp, Inc | 75,392 | ||||||||
127,154 | Home Bancshares, Inc | 2,110,756 | ||||||||
16,139 | HomeStreet, Inc | 501,439 | ||||||||
8,764 | HomeTrust Bancshares, Inc | 139,961 | ||||||||
113,788 | Hope Bancorp, Inc | 918,269 | ||||||||
40,241 | Horizon Bancorp | 498,988 | ||||||||
4,974 | * | Howard Bancorp, Inc | 50,387 | |||||||
807,265 | Huntington Bancshares, Inc | 8,427,847 | ||||||||
28,161 | Independent Bank Corp (MA) | 1,613,344 | ||||||||
17,048 | Independent Bank Corp (MI) | 255,209 | ||||||||
29,379 | Independent Bank Group, Inc | 1,515,369 | ||||||||
45,831 | International Bancshares Corp | 1,268,602 | ||||||||
4,463 | Investar Holding Corp | 62,214 | ||||||||
186,914 | Investors Bancorp, Inc | 1,581,292 | ||||||||
2,439,169 | JPMorgan Chase & Co | 239,136,129 | ||||||||
66,278 | Kearny Financial Corp | 556,735 | ||||||||
777,842 | Keycorp | 10,096,389 | ||||||||
46,893 | Lakeland Bancorp, Inc | 521,919 | ||||||||
21,052 | Lakeland Financial Corp | 1,076,389 | ||||||||
4,763 | LCNB Corp | 65,539 | ||||||||
6,261 | *,e | LendingTree, Inc | 2,025,997 | |||||||
159 | Level One Bancorp, Inc | 2,504 | ||||||||
27,534 | Live Oak Bancshares, Inc | 1,026,468 | ||||||||
650 | Luther Burbank Corp | 6,129 | ||||||||
103,027 | M&T Bank Corp | 10,671,537 | ||||||||
13,130 | Macatawa Bank Corp | 94,405 | ||||||||
315 | Mackinac Financial Corp | 3,128 | ||||||||
243 | * | MainStreet Bancshares Inc | 3,623 | |||||||
9,493 | Mercantile Bank Corp | 207,517 | ||||||||
9,883 | Merchants Bancorp | 213,275 | ||||||||
34,432 | Meridian Bancorp, Inc | 428,678 | ||||||||
36,468 | Meta Financial Group, Inc | 1,069,971 | ||||||||
575 | e | Metrocity Bankshares, Inc | 8,033 |
137 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
9,222 | * | Metropolitan Bank Holding Corp | $ | 276,199 | ||||||
276,247 | MGIC Investment Corp | 2,779,045 | ||||||||
234 | Mid Penn Bancorp, Inc | 4,575 | ||||||||
10,002 | Midland States Bancorp, Inc | 149,030 | ||||||||
6,314 | MidWestOne Financial Group, Inc | 127,227 | ||||||||
166 | * | MMA Capital Holdings Inc | 4,163 | |||||||
62,364 | * | Mr Cooper Group, Inc | 1,314,633 | |||||||
338 | MVB Financial Corp | 5,391 | ||||||||
30,919 | National Bank Holdings Corp | 932,208 | ||||||||
2,956 | National Bankshares, Inc | 80,344 | ||||||||
37,070 | NBT Bancorp, Inc | 1,014,977 | ||||||||
358,539 | New York Community Bancorp, Inc | 2,979,459 | ||||||||
7,733 | * | Nicolet Bankshares, Inc | 477,126 | |||||||
64,429 | * | NMI Holdings, Inc | 1,384,579 | |||||||
4,268 | Northeast Bank | 81,903 | ||||||||
34,833 | Northfield Bancorp, Inc | 353,903 | ||||||||
3,437 | Northrim BanCorp, Inc | 98,161 | ||||||||
110,163 | Northwest Bancshares, Inc | 1,175,439 | ||||||||
3,515 | Norwood Financial Corp | 80,423 | ||||||||
194 | e | Oak Valley Bancorp | 2,691 | |||||||
55,487 | OceanFirst Financial Corp | 830,640 | ||||||||
40,803 | OFG Bancorp | 587,155 | ||||||||
2,468 | Ohio Valley Banc Corp | 52,840 | ||||||||
131,964 | Old National Bancorp | 1,844,857 | ||||||||
16,270 | Old Second Bancorp, Inc | 139,109 | ||||||||
521 | OP Bancorp | 3,350 | ||||||||
10,200 | Origin Bancorp, Inc | 228,174 | ||||||||
3,740 | Orrstown Financial Services, Inc | 52,285 | ||||||||
68,985 | Pacific Premier Bancorp, Inc | 1,759,118 | ||||||||
94,181 | PacWest Bancorp | 1,812,042 | ||||||||
12,331 | Park National Corp | 1,130,136 | ||||||||
4,176 | Parke Bancorp, Inc | 50,237 | ||||||||
451 | PCB Bancorp | 4,239 | ||||||||
10,634 | PCSB Financial Corp | 143,240 | ||||||||
369 | * | PDL Community Bancorp | 3,358 | |||||||
10,924 | Peapack Gladstone Financial Corp | 184,397 | ||||||||
3,034 | Penns Woods Bancorp, Inc | 62,682 | ||||||||
35,911 | PennyMac Financial Services, Inc | 1,824,997 | ||||||||
2,557 | Peoples Bancorp of North Carolina, Inc | 44,211 | ||||||||
8,281 | Peoples Bancorp, Inc | 187,151 | ||||||||
8,670 | Peoples Financial Services Corp | 310,820 | ||||||||
334,040 | People’s United Financial, Inc | 3,564,207 | ||||||||
60,502 | Pinnacle Financial Partners, Inc | 2,770,387 | ||||||||
398 | * | Pioneer Bancorp, Inc | 3,765 | |||||||
342,342 | PNC Financial Services Group, Inc | 38,301,223 | ||||||||
68,297 | Popular, Inc | 2,882,133 | ||||||||
12,981 | Preferred Bank | 439,147 | ||||||||
5,869 | Premier Financial Bancorp, Inc | 73,363 | ||||||||
30,446 | Premier Financial Corp | 547,724 | ||||||||
129 | * | Professional Holding Corp | 1,758 | |||||||
72,129 | Prosperity Bancshares, Inc | 3,975,029 | ||||||||
5,101 | Provident Bancorp Inc | 43,971 | ||||||||
201 | Provident Financial Holdings, Inc | 2,545 | ||||||||
62,251 | Provident Financial Services, Inc | 844,746 | ||||||||
4,776 | Prudential Bancorp, Inc | 55,354 | ||||||||
11,320 | QCR Holdings, Inc | 351,260 |
138 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
156,925 | Radian Group, Inc | $ | 2,816,804 | |||||||
8,732 | RBB Bancorp | 111,508 | ||||||||
4,818 | Red River Bancshares Inc | 218,785 | ||||||||
770,452 | Regions Financial Corp | 10,247,012 | ||||||||
15,596 | Reliant Bancorp Inc | 262,793 | ||||||||
45,940 | Renasant Corp | 1,309,749 | ||||||||
4,408 | Republic Bancorp, Inc (Class A) | 146,919 | ||||||||
30,260 | * | Republic First Bancorp, Inc | 67,480 | |||||||
18,363 | Richmond Mutual Bancorporation, Inc | 201,075 | ||||||||
10,846 | Riverview Bancorp, Inc | 50,868 | ||||||||
75,125 | *,e | Rocket Cos, Inc | 1,369,529 | |||||||
35,276 | S&T Bancorp, Inc | 698,112 | ||||||||
36,981 | Sandy Spring Bancorp, Inc | 937,468 | ||||||||
41,676 | * | Seacoast Banking Corp of Florida | 895,200 | |||||||
477 | * | Select Bancorp, Inc | 3,554 | |||||||
40,685 | ServisFirst Bancshares, Inc | 1,501,277 | ||||||||
6,930 | Shore Bancshares, Inc | 74,983 | ||||||||
5,427 | Sierra Bancorp | 107,672 | ||||||||
40,832 | Signature Bank | 3,296,776 | ||||||||
15,308 | * | Silvergate Capital Corp | 342,287 | |||||||
81,496 | Simmons First National Corp (Class A) | 1,384,617 | ||||||||
17,120 | SmartFinancial, Inc | 255,773 | ||||||||
366 | South Plains Financial Inc | 5,362 | ||||||||
55,258 | South State Corp | 3,392,841 | ||||||||
2,839 | * | Southern First Bancshares, Inc | 76,199 | |||||||
11,382 | Southern Missouri Bancorp, Inc | 290,013 | ||||||||
5,879 | Southern National Bancorp of Virginia, Inc | 56,791 | ||||||||
25,943 | Southside Bancshares, Inc | 699,423 | ||||||||
493 | Spirit of Texas Bancshares, Inc | 6,266 | ||||||||
158,051 | Sterling Bancorp | 2,114,722 | ||||||||
639 | Sterling Bancorp, Inc | 2,256 | ||||||||
18,658 | Stock Yards Bancorp, Inc | 713,109 | ||||||||
6,059 | Summit Financial Group, Inc | 109,123 | ||||||||
41,433 | * | SVB Financial Group | 12,044,573 | |||||||
117,893 | Synovus Financial Corp | 3,065,218 | ||||||||
124,754 | TCF Financial Corp | 3,394,556 | ||||||||
3,886 | Territorial Bancorp, Inc | 82,422 | ||||||||
41,300 | * | Texas Capital Bancshares, Inc | 1,858,500 | |||||||
44,705 | TFS Financial Corp | 702,316 | ||||||||
46,628 | * | The Bancorp, Inc | 447,629 | |||||||
3,722 | Timberland Bancorp, Inc | 70,904 | ||||||||
11,859 | Tompkins Financial Corp | 663,985 | ||||||||
61,577 | Towne Bank | 1,119,470 | ||||||||
27,950 | Trico Bancshares | 808,594 | ||||||||
22,891 | * | Tristate Capital Holdings, Inc | 288,198 | |||||||
18,829 | * | Triumph Bancorp, Inc | 793,266 | |||||||
1,085,031 | Truist Financial Corp | 45,701,506 | ||||||||
107,980 | Trustco Bank Corp NY | 593,350 | ||||||||
57,612 | Trustmark Corp | 1,347,545 | ||||||||
35,576 | UMB Financial Corp | 2,165,511 | ||||||||
180,979 | Umpqua Holdings Corp | 2,273,096 | ||||||||
100,972 | United Bankshares, Inc | 2,648,496 | ||||||||
62,080 | United Community Banks, Inc | 1,299,955 | ||||||||
7,421 | United Security Bancshares | 46,159 | ||||||||
4,323 | Unity Bancorp, Inc | 60,608 | ||||||||
15,084 | Univest Financial Corp | 239,232 |
139 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
1,094,882 | US Bancorp | $ | 42,645,654 | |||||||
327,497 | Valley National Bancorp | 2,502,077 | ||||||||
48,346 | Veritex Holdings, Inc | 953,867 | ||||||||
23,174 | Walker & Dunlop, Inc | 1,457,181 | ||||||||
66,939 | Washington Federal, Inc | 1,425,131 | ||||||||
18,629 | Washington Trust Bancorp, Inc | 629,101 | ||||||||
20,736 | Waterstone Financial, Inc | 350,024 | ||||||||
70,482 | Webster Financial Corp | 2,270,225 | ||||||||
3,021,850 | Wells Fargo & Co | 64,818,683 | ||||||||
54,942 | WesBanco, Inc | 1,334,541 | ||||||||
8,913 | West Bancorporation, Inc | 147,867 | ||||||||
21,735 | Westamerica Bancorporation | 1,138,262 | ||||||||
80,154 | Western Alliance Bancorp | 3,302,345 | ||||||||
15,237 | Western New England Bancorp, Inc | 87,765 | ||||||||
42,913 | Wintrust Financial Corp | 2,112,607 | ||||||||
48,216 | WSFS Financial Corp | 1,527,965 | ||||||||
127,165 | Zions Bancorporation | 4,103,615 | ||||||||
TOTAL BANKS | 974,271,463 | |||||||||
CAPITAL GOODS - 5.9% | ||||||||||
452,376 | 3M Co | 72,362,065 | ||||||||
104,150 | A.O. Smith Corp | 5,383,514 | ||||||||
34,383 | e | Aaon, Inc | 2,008,311 | |||||||
25,227 | AAR Corp | 490,917 | ||||||||
30,953 | Acuity Brands, Inc | 2,759,150 | ||||||||
43,587 | Advanced Drainage Systems, Inc | 2,764,723 | ||||||||
119,867 | * | Aecom Technology Corp | 5,374,836 | |||||||
21,031 | * | Aegion Corp | 296,747 | |||||||
57,652 | * | Aerojet Rocketdyne Holdings, Inc | 1,869,078 | |||||||
17,916 | * | Aerovironment, Inc | 1,368,066 | |||||||
49,583 | AGCO Corp | 3,819,378 | ||||||||
83,603 | Air Lease Corp | 2,277,346 | ||||||||
7,957 | Alamo Group, Inc | 957,466 | ||||||||
25,288 | Albany International Corp (Class A) | 1,288,171 | ||||||||
73,537 | Allegion plc | 7,243,394 | ||||||||
4,410 | Allied Motion Technologies, Inc | 166,610 | ||||||||
86,157 | Allison Transmission Holdings, Inc | 3,114,576 | ||||||||
11,442 | *,e | Alpha Pro Tech Ltd | 162,362 | |||||||
13,325 | * | Alta Equipment Group, Inc | 101,536 | |||||||
51,464 | Altra Industrial Motion Corp | 2,200,601 | ||||||||
19,102 | * | Ameresco, Inc | 733,326 | |||||||
17,208 | * | American Superconductor Corp | 239,363 | |||||||
13,665 | * | American Woodmark Corp | 1,128,866 | |||||||
184,383 | Ametek, Inc | 18,106,411 | ||||||||
16,952 | Apogee Enterprises, Inc | 404,983 | ||||||||
31,414 | Applied Industrial Technologies, Inc | 1,917,825 | ||||||||
38,814 | Arcosa, Inc | 1,792,042 | ||||||||
12,291 | Argan, Inc | 506,266 | ||||||||
37,519 | Armstrong World Industries, Inc | 2,247,388 | ||||||||
18,674 | Astec Industries, Inc | 948,639 | ||||||||
28,201 | * | Astronics Corp | 180,486 | |||||||
44,928 | * | Atkore International Group, Inc | 929,560 | |||||||
50,386 | * | Axon Enterprise, Inc | 4,983,175 | |||||||
31,602 | * | AZEK Co, Inc | 1,056,771 | |||||||
25,393 | AZZ, Inc | 852,951 | ||||||||
37,717 | Barnes Group, Inc | 1,384,214 |
140 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
49,427 | * | Beacon Roofing Supply, Inc | $ | 1,517,409 | ||||||
69,267 | * | Bloom Energy Corp | 875,535 | |||||||
8,755 | * | Blue Bird Corp | 101,033 | |||||||
54,876 | * | BMC Stock Holdings, Inc | 2,172,541 | |||||||
429,230 | Boeing Co | 61,976,520 | ||||||||
95,922 | * | Builders FirstSource, Inc | 2,906,437 | |||||||
74,448 | BWX Technologies, Inc | 4,095,384 | ||||||||
14,260 | Caesarstone Sdot-Yam Ltd | 137,609 | ||||||||
12,974 | CAI International, Inc | 341,865 | ||||||||
43,068 | Carlisle Cos, Inc | 5,334,833 | ||||||||
698,169 | Carrier Global Corp | 23,311,863 | ||||||||
435,606 | Caterpillar, Inc | 68,411,922 | ||||||||
30,033 | * | Chart Industries, Inc | 2,536,287 | |||||||
13,995 | * | CIRCOR International, Inc | 390,460 | |||||||
81,096 | * | Colfax Corp | 2,205,000 | |||||||
16,924 | Columbus McKinnon Corp | 573,554 | ||||||||
28,355 | Comfort Systems USA, Inc | 1,298,659 | ||||||||
917 | * | Concrete Pumping Holdings Inc | 2,962 | |||||||
25,886 | * | Construction Partners Inc | 527,557 | |||||||
40,067 | * | Cornerstone Building Brands, Inc | 307,314 | |||||||
38,499 | Crane Co | 1,953,824 | ||||||||
13,900 | CSW Industrials, Inc | 1,188,867 | ||||||||
25,900 | Cubic Corp | 1,530,949 | ||||||||
118,684 | Cummins, Inc | 26,097,425 | ||||||||
34,154 | Curtiss-Wright Corp | 2,881,231 | ||||||||
226,964 | Deere & Co | 51,273,437 | ||||||||
101,216 | Donaldson Co, Inc | 4,807,760 | ||||||||
18,206 | Douglas Dynamics, Inc | 621,007 | ||||||||
116,086 | Dover Corp | 12,851,881 | ||||||||
6,881 | * | Ducommun, Inc | 226,385 | |||||||
10,306 | * | DXP Enterprises, Inc | 161,186 | |||||||
25,171 | * | Dycom Industries, Inc | 1,634,605 | |||||||
2,940 | Eastern Co | 60,182 | ||||||||
322,115 | Eaton Corp | 33,432,316 | ||||||||
44,156 | EMCOR Group, Inc | 3,010,998 | ||||||||
478,787 | Emerson Electric Co | 31,020,610 | ||||||||
17,174 | Encore Wire Corp | 793,611 | ||||||||
46,044 | * | Energy Recovery, Inc | 446,166 | |||||||
43,709 | Enerpac Tool Group Corp | 779,331 | ||||||||
35,655 | EnerSys | 2,552,898 | ||||||||
15,437 | EnPro Industries, Inc | 911,092 | ||||||||
20,596 | ESCO Technologies, Inc | 1,723,679 | ||||||||
2,079 | *,e | EVI Industries, Inc | 60,728 | |||||||
73,040 | * | Evoqua Water Technologies Corp | 1,674,807 | |||||||
459,884 | Fastenal Co | 19,880,785 | ||||||||
49,176 | Federal Signal Corp | 1,410,368 | ||||||||
104,844 | Flowserve Corp | 3,053,057 | ||||||||
110,711 | Fluor Corp | 1,256,570 | ||||||||
238,103 | Fortive Corp | 14,667,145 | ||||||||
110,559 | Fortune Brands Home & Security, Inc | 8,940,906 | ||||||||
12,756 | * | Foundation Building Materials, Inc | 185,727 | |||||||
37,800 | Franklin Electric Co, Inc | 2,257,794 | ||||||||
173,551 | *,e | FuelCell Energy, Inc | 347,102 | |||||||
36,113 | * | Gates Industrial Corp plc | 400,854 | |||||||
28,635 | e | GATX Corp | 1,955,198 | |||||||
3,397 | * | Gencor Industries, Inc | 39,269 |
141 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
49,009 | * | Generac Holdings, Inc | $ | 10,299,241 | ||||||
204,029 | General Dynamics Corp | 26,795,129 | ||||||||
6,986,053 | General Electric Co | 51,836,513 | ||||||||
390 | * | General Finance Corp | 2,554 | |||||||
27,130 | * | Gibraltar Industries, Inc | 1,558,618 | |||||||
28,818 | * | GMS, Inc | 651,287 | |||||||
14,650 | Gorman-Rupp Co | 454,882 | ||||||||
133,278 | Graco, Inc | 8,249,908 | ||||||||
47,910 | GrafTech International Ltd | 323,393 | ||||||||
4,644 | Graham Corp | 61,301 | ||||||||
41,260 | e | Granite Construction, Inc | 796,731 | |||||||
64,887 | * | Great Lakes Dredge & Dock Corp | 670,283 | |||||||
26,719 | e | Greenbrier Cos, Inc | 720,879 | |||||||
34,348 | Griffon Corp | 736,421 | ||||||||
23,665 | H&E Equipment Services, Inc | 497,912 | ||||||||
65,335 | * | Harsco Corp | 842,822 | |||||||
56,339 | *,e | HC2 Holdings, Inc | 121,129 | |||||||
128,119 | * | HD Supply Holdings, Inc | 5,106,823 | |||||||
34,729 | HEICO Corp | 3,648,281 | ||||||||
62,568 | HEICO Corp (Class A) | 5,850,108 | ||||||||
24,299 | Helios Technologies, Inc | 1,016,670 | ||||||||
22,822 | * | Herc Holdings, Inc | 1,012,384 | |||||||
64,480 | Hexcel Corp | 2,158,790 | ||||||||
62,361 | Hillenbrand, Inc | 1,824,059 | ||||||||
565,632 | Honeywell International, Inc | 93,300,998 | ||||||||
313,816 | Howmet Aerospace, Inc | 5,413,326 | ||||||||
43,783 | Hubbell, Inc | 6,370,864 | ||||||||
31,299 | Huntington Ingalls | 4,615,977 | ||||||||
2,869 | Hurco Cos, Inc | 85,611 | ||||||||
6,475 | Hyster-Yale Materials Handling, Inc | 274,540 | ||||||||
59,906 | IDEX Corp | 10,207,383 | ||||||||
9,328 | * | IES Holdings, Inc | 297,750 | |||||||
253,769 | Illinois Tool Works, Inc | 49,708,272 | ||||||||
277,848 | * | Ingersoll Rand, Inc | 9,708,009 | |||||||
16,655 | Insteel Industries, Inc | 362,413 | ||||||||
68,159 | ITT, Inc | 4,124,301 | ||||||||
100,298 | Jacobs Engineering Group, Inc | 9,528,310 | ||||||||
53,263 | * | JELD-WEN Holding, Inc | 1,120,121 | |||||||
26,375 | John Bean Technologies Corp | 2,214,709 | ||||||||
598,700 | Johnson Controls International plc | 25,271,127 | ||||||||
9,951 | Kadant, Inc | 1,145,559 | ||||||||
24,437 | Kaman Corp | 969,171 | ||||||||
67,545 | Kennametal, Inc | 2,093,895 | ||||||||
95,446 | * | Kratos Defense & Security Solutions, Inc | 1,802,975 | |||||||
173,158 | L3Harris Technologies, Inc | 27,897,485 | ||||||||
2,093 | * | Lawson Products, Inc | 86,253 | |||||||
5,752 | * | LB Foster Co (Class A) | 77,997 | |||||||
27,464 | Lennox International, Inc | 7,460,870 | ||||||||
45,797 | Lincoln Electric Holdings, Inc | 4,663,051 | ||||||||
8,955 | Lindsay Corp | 942,962 | ||||||||
199,343 | Lockheed Martin Corp | 69,795,965 | ||||||||
20,306 | Luxfer Holdings plc | 252,201 | ||||||||
15,481 | * | Lydall, Inc | 306,369 | |||||||
27,581 | * | Manitowoc Co, Inc | 207,685 | |||||||
210,750 | Masco Corp | 11,296,200 | ||||||||
18,532 | * | Masonite International Corp | 1,630,816 |
142 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
46,307 | * | Mastec, Inc | $ | 2,298,679 | ||||||
48,554 | Maxar Technologies, Inc | 1,251,237 | ||||||||
43,966 | * | Mercury Systems, Inc | 3,028,378 | |||||||
57,426 | * | Meritor, Inc | 1,397,749 | |||||||
43,595 | * | Middleby Corp | 4,339,446 | |||||||
13,352 | Miller Industries, Inc | 399,759 | ||||||||
25,495 | Moog, Inc (Class A) | 1,590,633 | ||||||||
79,358 | * | MRC Global, Inc | 338,065 | |||||||
34,635 | MSC Industrial Direct Co (Class A) | 2,412,674 | ||||||||
45,799 | Mueller Industries, Inc | 1,324,965 | ||||||||
131,684 | Mueller Water Products, Inc (Class A) | 1,364,246 | ||||||||
16,102 | * | MYR Group, Inc | 688,361 | |||||||
3,998 | National Presto Industries, Inc | 332,194 | ||||||||
40,666 | * | Navistar International Corp | 1,753,111 | |||||||
51,775 | * | NN, Inc | 277,514 | |||||||
46,182 | Nordson Corp | 8,932,984 | ||||||||
125,701 | Northrop Grumman Corp | 36,430,664 | ||||||||
5,472 | * | Northwest Pipe Co | 146,650 | |||||||
108,136 | * | NOW, Inc | 440,114 | |||||||
8,201 | * | NV5 Global Inc | 459,912 | |||||||
128,269 | nVent Electric plc | 2,315,255 | ||||||||
2,645 | Omega Flex, Inc | 395,957 | ||||||||
20,064 | * | Orion Energy Systems, Inc | 128,811 | |||||||
53,179 | Oshkosh Corp | 3,582,137 | ||||||||
327,825 | Otis Worldwide Corp | 20,089,116 | ||||||||
84,044 | Owens Corning, Inc | 5,502,361 | ||||||||
272,367 | PACCAR, Inc | 23,254,694 | ||||||||
48,376 | * | PAE, Inc | 383,138 | |||||||
18,484 | Park Aerospace Corp | 195,746 | ||||||||
102,656 | Parker-Hannifin Corp | 21,389,404 | ||||||||
19,175 | * | Parsons Corp | 604,396 | |||||||
18,099 | Patrick Industries, Inc | 1,009,019 | ||||||||
132,499 | Pentair plc | 6,593,150 | ||||||||
55,784 | * | PGT, Inc | 924,899 | |||||||
267,797 | * | Plug Power, Inc | 3,749,158 | |||||||
6,645 | Powell Industries, Inc | 157,021 | ||||||||
1,196 | Preformed Line Products Co | 65,816 | ||||||||
36,023 | Primoris Services Corp | 679,754 | ||||||||
21,125 | * | Proto Labs, Inc | 2,494,440 | |||||||
26,197 | Quanex Building Products Corp | 476,785 | ||||||||
108,840 | Quanta Services, Inc | 6,794,881 | ||||||||
21,813 | Raven Industries, Inc | 478,141 | ||||||||
1,146,776 | Raytheon Technologies Corp | 62,292,872 | ||||||||
19,965 | * | RBC Bearings, Inc | 2,376,833 | |||||||
32,575 | Regal-Beloit Corp | 3,213,524 | ||||||||
99,172 | * | Resideo Technologies, Inc | 999,654 | |||||||
37,787 | REV Group, Inc | 296,628 | ||||||||
95,549 | Rexnord Corp | 3,065,212 | ||||||||
93,116 | Rockwell Automation, Inc | 22,079,666 | ||||||||
83,785 | Roper Technologies Inc | 31,112,722 | ||||||||
31,772 | Rush Enterprises, Inc (Class A) | 1,138,708 | ||||||||
4,687 | Rush Enterprises, Inc (Class B) | 147,406 | ||||||||
122,802 | * | Sensata Technologies Holding plc | 5,367,675 | |||||||
32,715 | Shyft Group, Inc | 631,727 | ||||||||
34,042 | Simpson Manufacturing Co, Inc | 3,020,206 | ||||||||
35,119 | * | SiteOne Landscape Supply, Inc | 4,196,369 |
143 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
42,196 | Snap-On, Inc | $ | 6,647,136 | |||||||
85,074 | Spirit Aerosystems Holdings, Inc (Class A) | 1,547,496 | ||||||||
35,202 | * | SPX Corp | 1,492,213 | |||||||
34,096 | * | SPX FLOW, Inc | 1,443,966 | |||||||
7,683 | Standex International Corp | 477,037 | ||||||||
123,655 | Stanley Black & Decker, Inc | 20,551,461 | ||||||||
17,061 | * | Sterling Construction Co, Inc | 250,797 | |||||||
114,919 | * | Sunrun, Inc | 5,978,086 | |||||||
11,683 | Systemax, Inc | 332,148 | ||||||||
29,050 | * | Teledyne Technologies, Inc | 8,980,808 | |||||||
15,153 | Tennant Co | 903,422 | ||||||||
49,921 | Terex Corp | 1,232,549 | ||||||||
41,471 | * | Textainer Group Holdings Ltd | 599,671 | |||||||
180,185 | Textron, Inc | 6,450,623 | ||||||||
9,034 | *,e | The ExOne Company | 90,792 | |||||||
24,056 | * | Thermon Group Holdings | 242,725 | |||||||
51,544 | Timken Co | 3,077,177 | ||||||||
10,789 | * | Titan Machinery, Inc | 161,727 | |||||||
86,036 | Toro Co | 7,063,556 | ||||||||
24,177 | * | TPI Composites, Inc | 800,742 | |||||||
192,140 | Trane Technologies plc | 25,506,585 | ||||||||
232 | * | Transcat Inc | 7,171 | |||||||
41,916 | TransDigm Group, Inc | 20,011,118 | ||||||||
92,777 | * | Trex Co, Inc | 6,451,713 | |||||||
34,812 | * | Trimas Corp | 846,976 | |||||||
73,255 | Trinity Industries, Inc | 1,380,124 | ||||||||
47,549 | Triton International Ltd | 1,753,607 | ||||||||
46,373 | Triumph Group, Inc | 306,062 | ||||||||
39,947 | * | Tutor Perini Corp | 539,684 | |||||||
57,649 | * | United Rentals, Inc | 10,278,240 | |||||||
124,547 | * | Univar Solutions Inc | 2,066,235 | |||||||
16,682 | Valmont Industries, Inc | 2,368,010 | ||||||||
12,241 | * | Vectrus, Inc | 483,764 | |||||||
10,108 | * | Veritiv Corp | 145,555 | |||||||
175,265 | * | Vertiv Holdings Co | 3,093,427 | |||||||
15,396 | * | Vicor Corp | 1,200,888 | |||||||
50,416 | *,e | Virgin Galactic Holdings, Inc | 878,247 | |||||||
35,762 | W.W. Grainger, Inc | 12,517,415 | ||||||||
42,011 | e | Wabash National Corp | 599,077 | |||||||
144,613 | Wabtec Corp | 8,575,551 | ||||||||
26,507 | Watsco, Inc | 5,941,279 | ||||||||
22,093 | Watts Water Technologies, Inc (Class A) | 2,447,242 | ||||||||
104,958 | * | Welbilt, Inc | 638,145 | |||||||
38,114 | * | WESCO International, Inc | 1,571,821 | |||||||
2,289 | * | Willis Lease Finance Corp | 48,550 | |||||||
127,065 | * | WillScot Mobile Mini Holdings Corp | 2,360,868 | |||||||
45,076 | Woodward Inc | 3,585,796 | ||||||||
143,410 | Xylem, Inc | 12,496,747 | ||||||||
TOTAL CAPITAL GOODS | 1,553,839,535 | |||||||||
COMMERCIAL & PROFESSIONAL SERVICES - 1.1% | ||||||||||
53,783 | ABM Industries, Inc | 1,867,346 | ||||||||
35,690 | * | Acacia Research (Acacia Technologies) | 112,423 | |||||||
103,094 | ACCO Brands Corp | 543,305 | ||||||||
113,242 | ADT, Inc | 746,265 | ||||||||
113,140 | *,g | API Group Corp | 1,628,085 |
144 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
40,522 | * | ASGN Inc | $ | 2,702,007 | ||||||
4,611 | Barrett Business Services, Inc | 273,202 | ||||||||
13,999 | BG Staffing, Inc | 111,572 | ||||||||
39,719 | Brady Corp (Class A) | 1,498,201 | ||||||||
37,081 | * | BrightView Holdings, Inc | 453,501 | |||||||
42,229 | Brink’s Co | 1,808,668 | ||||||||
36,120 | * | Casella Waste Systems, Inc (Class A) | 1,950,119 | |||||||
16,508 | * | Casper Sleep, Inc | 109,448 | |||||||
42,728 | * | CBIZ, Inc | 968,644 | |||||||
16,964 | * | Ceco Environmental Corp | 120,105 | |||||||
14,513 | * | Cimpress plc | 1,065,254 | |||||||
70,922 | Cintas Corp | 22,308,515 | ||||||||
39,289 | * | Clean Harbors, Inc | 2,081,138 | |||||||
163,232 | * | Copart, Inc | 18,014,284 | |||||||
31,329 | * | CoStar Group, Inc | 25,802,878 | |||||||
82,721 | Covanta Holding Corp | 751,107 | ||||||||
4,778 | CRA International, Inc | 195,659 | ||||||||
28,535 | Deluxe Corp | 611,790 | ||||||||
67,212 | * | Dun & Bradstreet Holdings, Inc | 1,736,758 | |||||||
63,454 | Emerald Holding, Inc | 166,249 | ||||||||
30,888 | Ennis, Inc | 470,733 | ||||||||
96,980 | Equifax, Inc | 13,247,468 | ||||||||
41,779 | Exponent, Inc | 2,907,401 | ||||||||
8,725 | * | Forrester Research, Inc | 322,301 | |||||||
6,930 | * | Franklin Covey Co | 117,256 | |||||||
28,839 | * | FTI Consulting, Inc | 2,839,488 | |||||||
20,563 | * | GP Strategies Corp | 198,433 | |||||||
60,182 | Healthcare Services Group | 1,376,964 | ||||||||
15,967 | Heidrick & Struggles International, Inc | 364,846 | ||||||||
8,781 | * | Heritage-Crystal Clean, Inc | 144,711 | |||||||
47,966 | Herman Miller, Inc | 1,461,524 | ||||||||
40,039 | HNI Corp | 1,303,269 | ||||||||
18,730 | * | Huron Consulting Group, Inc | 709,118 | |||||||
105,778 | * | IAA, Inc | 5,985,977 | |||||||
15,156 | ICF International, Inc | 991,051 | ||||||||
318,941 | IHS Markit Ltd | 25,792,759 | ||||||||
29,611 | Insperity, Inc | 2,267,610 | ||||||||
37,263 | Interface, Inc | 228,422 | ||||||||
106,287 | KAR Auction Services, Inc | 1,547,539 | ||||||||
19,831 | Kelly Services, Inc (Class A) | 344,663 | ||||||||
13,585 | Kforce, Inc | 471,399 | ||||||||
18,935 | Kimball International, Inc (Class B) | 195,030 | ||||||||
28,443 | Knoll, Inc | 325,957 | ||||||||
46,339 | Korn/Ferry International | 1,398,974 | ||||||||
45,830 | Manpower, Inc | 3,110,482 | ||||||||
8,730 | * | Mastech Holdings, Inc | 136,886 | |||||||
25,252 | Matthews International Corp (Class A) | 551,251 | ||||||||
19,097 | McGrath RentCorp | 1,090,057 | ||||||||
15,831 | * | Mistras Group, Inc | 58,891 | |||||||
4,880 | * | Montrose Environmental Group, Inc | 131,906 | |||||||
29,869 | e | MSA Safety, Inc | 3,940,318 | |||||||
281,534 | Nielsen NV | 3,803,524 | ||||||||
8,365 | NL Industries, Inc | 34,631 | ||||||||
140,422 | Pitney Bowes, Inc | 745,641 | ||||||||
75,809 | *,e | Precigen, Inc | 325,221 | |||||||
26,063 | Quad Graphics, Inc | 59,163 |
145 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
5,447 | *,e | Red Violet, Inc | $ | 113,298 | ||||||
169,303 | Republic Services, Inc | 14,927,445 | ||||||||
33,636 | Resources Connection, Inc | 361,251 | ||||||||
87,527 | Robert Half International, Inc | 4,436,744 | ||||||||
120,022 | Rollins, Inc | 6,943,273 | ||||||||
97,722 | * | Seagen, Inc | 16,300,030 | |||||||
18,840 | * | SP Plus Corp | 347,221 | |||||||
86,165 | Steelcase, Inc (Class A) | 899,563 | ||||||||
73,620 | * | Stericycle, Inc | 4,586,526 | |||||||
41,203 | * | Team, Inc | 220,848 | |||||||
43,001 | Tetra Tech, Inc | 4,339,231 | ||||||||
152,103 | TransUnion | 12,116,525 | ||||||||
33,150 | * | TriNet Group, Inc | 2,284,698 | |||||||
29,202 | * | TrueBlue, Inc | 453,215 | |||||||
11,622 | Unifirst Corp | 1,903,800 | ||||||||
25,222 | US Ecology, Inc | 769,775 | ||||||||
127,536 | Verisk Analytics, Inc | 22,697,582 | ||||||||
15,214 | Viad Corp | 304,280 | ||||||||
56,752 | * | Vivint Smart Home, Inc | 882,494 | |||||||
5,082 | VSE Corp | 147,175 | ||||||||
339,889 | Waste Management, Inc | 36,677,422 | ||||||||
5,288 | * | Willdan Group, Inc | 138,387 | |||||||
TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 298,478,170 | |||||||||
CONSUMER DURABLES & APPAREL - 1.5% | ||||||||||
29,886 | Acushnet Holdings Corp | 1,020,009 | ||||||||
10,387 | * | American Outdoor Brands, Inc | 157,155 | |||||||
26,297 | * | Beazer Homes USA, Inc | 320,297 | |||||||
62,319 | Brunswick Corp | 3,970,344 | ||||||||
76,162 | Callaway Golf Co | 1,179,749 | ||||||||
109,350 | * | Capri Holdings Ltd | 2,320,407 | |||||||
33,883 | Carter’s, Inc | 2,759,770 | ||||||||
7,204 | * | Cavco Industries, Inc | 1,240,097 | |||||||
23,928 | * | Century Communities, Inc | 929,364 | |||||||
11,595 | Clarus Corp | 179,838 | ||||||||
22,178 | Columbia Sportswear Co | 1,654,257 | ||||||||
53,093 | * | CROCS, Inc | 2,778,357 | |||||||
22,214 | * | Deckers Outdoor Corp | 5,628,361 | |||||||
266,648 | DR Horton, Inc | 17,814,753 | ||||||||
3,923 | Escalade, Inc | 73,007 | ||||||||
19,032 | Ethan Allen Interiors, Inc | 305,464 | ||||||||
54,541 | * | Fossil Group, Inc | 311,429 | |||||||
120,528 | Garmin Ltd | 12,537,323 | ||||||||
36,698 | * | Genasys, Inc | 220,922 | |||||||
41,810 | * | G-III Apparel Group Ltd | 563,599 | |||||||
101,460 | * | GoPro, Inc | 602,672 | |||||||
20,349 | * | Green Brick Partners, Inc | 364,044 | |||||||
7,328 | e | Hamilton Beach Brands Holding Co | 161,582 | |||||||
272,827 | Hanesbrands, Inc | 4,384,330 | ||||||||
101,952 | Hasbro, Inc | 8,433,469 | ||||||||
20,337 | * | Helen of Troy Ltd | 3,855,895 | |||||||
7,092 | Hooker Furniture Corp | 195,030 | ||||||||
18,189 | * | Installed Building Products, Inc | 1,646,832 | |||||||
22,237 | *,e | iRobot Corp | 1,769,620 | |||||||
4,792 | Johnson Outdoors, Inc | 418,485 | ||||||||
68,007 | KB Home | 2,193,226 |
146 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
40,713 | Kontoor Brands, Inc | $ | 1,339,458 | |||||||
8,248 | * | Lakeland Industries, Inc | 177,909 | |||||||
36,042 | La-Z-Boy, Inc | 1,233,718 | ||||||||
171 | * | Legacy Housing Corp | 2,327 | |||||||
106,296 | Leggett & Platt, Inc | 4,435,732 | ||||||||
218,083 | Lennar Corp (Class A) | 15,315,969 | ||||||||
15,430 | Lennar Corp (Class B) | 877,813 | ||||||||
17,675 | * | LGI Homes, Inc | 1,889,104 | |||||||
4,217 | Lifetime Brands, Inc | 42,381 | ||||||||
7,334 | * | Lovesac Co | 188,777 | |||||||
91,227 | * | Lululemon Athletica, Inc | 29,127,869 | |||||||
24,000 | * | M/I Homes, Inc | 982,080 | |||||||
16,508 | * | Malibu Boats, Inc | 839,102 | |||||||
7,010 | Marine Products Corp | 111,179 | ||||||||
11,880 | * | MasterCraft Boat Holdings, Inc | 244,966 | |||||||
271,276 | * | Mattel, Inc | 3,735,471 | |||||||
39,324 | MDC Holdings, Inc | 1,711,380 | ||||||||
28,767 | * | Meritage Homes Corp | 2,505,318 | |||||||
46,047 | * | Mohawk Industries, Inc | 4,751,590 | |||||||
21,509 | Movado Group, Inc | 234,663 | ||||||||
2,620 | Nacco Industries, Inc (Class A) | 51,064 | ||||||||
24,386 | * | Nautilus, Inc | 528,932 | |||||||
302,711 | Newell Brands Inc | 5,345,876 | ||||||||
975,217 | Nike, Inc (Class B) | 117,104,057 | ||||||||
2,696 | * | NVR, Inc | 10,657,531 | |||||||
16,947 | Oxford Industries, Inc | 697,708 | ||||||||
78,396 | * | Peloton Interactive, Inc | 8,640,023 | |||||||
45,607 | Polaris Inc | 4,143,852 | ||||||||
214,881 | Pulte Homes, Inc | 8,758,550 | ||||||||
18,952 | * | Purple Innovation, Inc | 537,668 | |||||||
55,303 | PVH Corp | 3,223,612 | ||||||||
38,295 | Ralph Lauren Corp | 2,560,021 | ||||||||
264 | Rocky Brands, Inc | 7,102 | ||||||||
105,418 | * | Skechers U.S.A., Inc (Class A) | 3,342,805 | |||||||
45,217 | * | Skyline Champion Corp | 1,159,816 | |||||||
47,276 | Smith & Wesson Brands, Inc | 784,309 | ||||||||
61,553 | * | Sonos, Inc | 898,674 | |||||||
73,334 | Steven Madden Ltd | 1,760,749 | ||||||||
13,656 | Sturm Ruger & Co, Inc | 913,040 | ||||||||
12,672 | Superior Uniform Group, Inc | 273,969 | ||||||||
226,221 | Tapestry, Inc | 5,028,893 | ||||||||
98,024 | * | Taylor Morrison Home Corp | 2,117,318 | |||||||
36,530 | * | Tempur Sealy International, Inc | 3,251,170 | |||||||
92,319 | Toll Brothers, Inc | 3,903,247 | ||||||||
26,439 | * | TopBuild Corp | 4,050,719 | |||||||
100,427 | * | TRI Pointe Homes, Inc | 1,650,016 | |||||||
38,478 | * | Tupperware Brands Corp | 1,220,522 | |||||||
11,345 | * | Turtle Beach Corp | 204,437 | |||||||
148,547 | * | Under Armour, Inc (Class A) | 2,055,890 | |||||||
152,501 | * | Under Armour, Inc (Class C) | 1,865,087 | |||||||
14,788 | * | Unifi, Inc | 221,672 | |||||||
11,537 | * | Universal Electronics, Inc | 427,561 | |||||||
26,763 | * | Vera Bradley, Inc | 169,677 | |||||||
257,274 | VF Corp | 17,288,813 | ||||||||
48,007 | * | Vista Outdoor, Inc | 949,098 | |||||||
34,014 | * | VOXX International Corp (Class A) | 385,379 |
147 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
48,849 | Whirlpool Corp | $ | 9,035,111 | |||||||
64,853 | Wolverine World Wide, Inc | 1,729,630 | ||||||||
62,822 | * | YETI Holdings, Inc | 3,108,433 | |||||||
TOTAL CONSUMER DURABLES & APPAREL | 379,788,524 | |||||||||
CONSUMER SERVICES - 2.0% | ||||||||||
34,312 | * | Accel Entertainment, Inc | 329,395 | |||||||
42,195 | * | Adtalem Global Education, Inc | 989,051 | |||||||
12,621 | * | American Public Education, Inc | 356,796 | |||||||
181,996 | ARAMARK Holdings Corp | 5,048,569 | ||||||||
9,857 | *,e | Aspen Group, Inc | 92,459 | |||||||
2,328 | * | Biglari Holdings, Inc (B Shares) | 195,017 | |||||||
17,298 | BJ’s Restaurants, Inc | 487,977 | ||||||||
61,053 | Bloomin’ Brands, Inc | 853,521 | ||||||||
277 | Bluegreen Vacations Corp | 1,349 | ||||||||
68,991 | Boyd Gaming Corp | 2,188,395 | ||||||||
47,877 | * | Bright Horizons Family Solutions | 7,566,960 | |||||||
35,248 | Brinker International, Inc | 1,534,698 | ||||||||
131,610 | * | Caesars Entertainment, Inc | 5,898,760 | |||||||
365,836 | Carnival Corp | 5,015,612 | ||||||||
14,827 | Carriage Services, Inc | 382,685 | ||||||||
36,145 | * | Carrols Restaurant Group, Inc | 211,448 | |||||||
33,394 | * | Century Casinos, Inc | 157,286 | |||||||
37,993 | e | Cheesecake Factory | 1,129,152 | |||||||
95,802 | * | Chegg, Inc | 7,035,699 | |||||||
22,327 | * | Chipotle Mexican Grill, Inc (Class A) | 26,825,444 | |||||||
26,684 | e | Choice Hotels International, Inc | 2,330,847 | |||||||
30,971 | Churchill Downs, Inc | 4,619,325 | ||||||||
9,829 | * | Chuy’s Holdings, Inc | 206,311 | |||||||
7,161 | Collectors Universe | 393,354 | ||||||||
18,172 | Cracker Barrel Old Country Store, Inc | 2,068,337 | ||||||||
103,427 | Darden Restaurants, Inc | 9,507,010 | ||||||||
37,271 | e | Dave & Buster’s Entertainment, Inc | 639,570 | |||||||
48,093 | * | Del Taco Restaurants, Inc | 356,610 | |||||||
53,108 | * | Denny’s Corp | 475,848 | |||||||
12,412 | Dine Brands Global Inc. | 638,597 | ||||||||
31,193 | Domino’s Pizza, Inc | 11,800,936 | ||||||||
64,864 | Dunkin Brands Group, Inc | 6,467,589 | ||||||||
13,009 | * | El Pollo Loco Holdings, Inc | 183,687 | |||||||
65,486 | * | Everi Holdings, Inc | 563,834 | |||||||
144,921 | Extended Stay America, Inc | 1,644,853 | ||||||||
25,522 | * | Fiesta Restaurant Group, Inc | 220,510 | |||||||
19,983 | Franchise Group, Inc | 458,010 | ||||||||
67,405 | * | frontdoor, Inc | 2,670,586 | |||||||
5,823 | * | GAN Ltd | 82,745 | |||||||
18,165 | * | Golden Entertainment, Inc | 233,602 | |||||||
3,524 | Graham Holdings Co | 1,340,318 | ||||||||
37,327 | * | Grand Canyon Education, Inc | 2,925,317 | |||||||
157,221 | H&R Block, Inc | 2,713,634 | ||||||||
72,764 | * | Hilton Grand Vacations, Inc | 1,498,938 | |||||||
218,341 | Hilton Worldwide Holdings, Inc | 19,172,523 | ||||||||
101,546 | * | Houghton Mifflin Harcourt Co | 265,035 | |||||||
28,561 | Hyatt Hotels Corp | 1,574,854 | ||||||||
79,277 | International Game Technology plc | 650,864 | ||||||||
18,395 | Jack in the Box, Inc | 1,472,704 | ||||||||
32,869 | * | K12, Inc | 784,583 |
148 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
6,687 | *,e | Kura Sushi USA, Inc | $ | 86,062 | ||||||
266,095 | Las Vegas Sands Corp | 12,788,526 | ||||||||
95,935 | * | Laureate Education, Inc | 1,247,155 | |||||||
33,045 | * | Lindblad Expeditions Holdings, Inc | 274,934 | |||||||
215,147 | Marriott International, Inc (Class A) | 19,982,853 | ||||||||
33,014 | Marriott Vacations Worldwide Corp | 3,189,152 | ||||||||
599,346 | McDonald’s Corp | 127,660,698 | ||||||||
376,106 | MGM Resorts International | 7,736,500 | ||||||||
9,305 | * | Monarch Casino & Resort, Inc | 403,744 | |||||||
1,621 | Nathan’s Famous, Inc | 82,282 | ||||||||
11,003 | * | Noodles & Co | 71,079 | |||||||
223,499 | *,e | Norwegian Cruise Line Holdings Ltd | 3,716,788 | |||||||
33,948 | e | OneSpaWorld Holdings Ltd | 210,817 | |||||||
26,376 | Papa John’s International, Inc | 2,020,402 | ||||||||
119,570 | * | Penn National Gaming, Inc | 6,454,389 | |||||||
55,150 | * | Perdoceo Education Corp | 622,643 | |||||||
65,092 | * | Planet Fitness, Inc | 3,858,003 | |||||||
21,699 | * | PlayAGS, Inc | 58,587 | |||||||
6,928 | RCI Hospitality Holdings, Inc | 148,259 | ||||||||
16,604 | *,e | Red Robin Gourmet Burgers, Inc | 199,912 | |||||||
50,028 | Red Rock Resorts, Inc | 956,535 | ||||||||
31,666 | *,e | Regis Corp | 175,430 | |||||||
139,474 | Royal Caribbean Cruises Ltd | 7,869,123 | ||||||||
34,804 | Ruth’s Hospitality Group Inc | 389,109 | ||||||||
46,725 | * | Scientific Games Corp (Class A) | 1,489,593 | |||||||
40,645 | * | SeaWorld Entertainment, Inc | 895,003 | |||||||
137,712 | Service Corp International | 6,377,443 | ||||||||
28,493 | * | Shake Shack, Inc | 1,923,847 | |||||||
61,811 | Six Flags Entertainment Corp | 1,336,354 | ||||||||
940,039 | Starbucks Corp | 81,745,791 | ||||||||
18,982 | Strategic Education, Inc | 1,576,645 | ||||||||
24,593 | * | Target Hospitality Corp | 21,398 | |||||||
105,433 | * | Terminix Global Holdings, Inc | 4,964,840 | |||||||
52,266 | Texas Roadhouse, Inc (Class A) | 3,660,188 | ||||||||
15,473 | e | Twin River Worldwide Holdings Inc | 375,530 | |||||||
30,442 | * | Universal Technical Institute, Inc | 139,729 | |||||||
31,644 | Vail Resorts, Inc | 7,342,674 | ||||||||
147,770 | Wendy’s | 3,228,774 | ||||||||
23,931 | Wingstop, Inc | 2,783,893 | ||||||||
37,987 | * | WW International Inc | 803,805 | |||||||
65,302 | Wyndham Destinations, Inc | 2,130,804 | ||||||||
75,354 | Wyndham Hotels & Resorts, Inc | 3,504,715 | ||||||||
77,784 | Wynn Resorts Ltd | 5,633,895 | ||||||||
321,713 | Yum China Holdings, Inc | 17,124,783 | ||||||||
241,611 | Yum! Brands, Inc | 22,549,555 | ||||||||
TOTAL CONSUMER SERVICES | 514,073,445 | |||||||||
DIVERSIFIED FINANCIALS - 3.2% | ||||||||||
37,381 | Affiliated Managers Group, Inc | 2,817,406 | ||||||||
440,870 | AGNC Investment Corp | 6,158,954 | ||||||||
12,004 | Alerus Financial Corp | 258,206 | ||||||||
297,661 | Ally Financial, Inc | 7,941,595 | ||||||||
10,358 | A-Mark Precious Metals, Inc | 321,927 | ||||||||
526,047 | American Express Co | 47,996,528 | ||||||||
97,075 | Ameriprise Financial, Inc | 15,612,572 | ||||||||
1,125,191 | Annaly Capital Management, Inc | 7,977,604 |
149 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
96,007 | Anworth Mortgage Asset Corp | $ | 157,451 | |||||||
133,742 | Apollo Commercial Real Estate Finance, Inc | 1,163,555 | ||||||||
136,965 | Apollo Global Management, Inc | 5,048,530 | ||||||||
83,530 | Arbor Realty Trust, Inc | 987,325 | ||||||||
19,422 | Ares Commercial Real Estate Corp | 180,819 | ||||||||
77,157 | Ares Management Corp | 3,263,741 | ||||||||
88,562 | Arlington Asset Investment Corp (Class A) | 217,863 | ||||||||
61,974 | ARMOUR Residential REIT, Inc | 591,232 | ||||||||
44,627 | Artisan Partners Asset Management, Inc | 1,787,758 | ||||||||
18,432 | * | Assetmark Financial Holdings, Inc | 389,837 | |||||||
2,527 | Associated Capital Group, Inc | 81,117 | ||||||||
13,332 | B. Riley Financial, Inc | 349,832 | ||||||||
27,238 | Banco Latinoamericano de Exportaciones S.A. (Class E) | 348,374 | ||||||||
641,653 | Bank of New York Mellon Corp | 22,047,197 | ||||||||
229,894 | BGC Partners, Inc (Class A) | 678,187 | ||||||||
118,493 | BlackRock, Inc | 71,002,191 | ||||||||
112,348 | Blackstone Mortgage Trust, Inc | 2,437,952 | ||||||||
41,669 | * | Blucora, Inc | 414,607 | |||||||
50,193 | Brightsphere Investment Group, Inc | 692,663 | ||||||||
104,231 | Broadmark Realty Capital, Inc | 1,039,183 | ||||||||
69,240 | * | Cannae Holdings, Inc | 2,560,495 | |||||||
363,437 | Capital One Financial Corp | 26,559,976 | ||||||||
54,913 | Capstead Mortgage Corp | 280,605 | ||||||||
91,412 | Carlyle Group, Inc | 2,277,987 | ||||||||
86,131 | CBOE Global Markets, Inc | 7,001,589 | ||||||||
1,154,456 | Charles Schwab Corp | 47,459,686 | ||||||||
12,922 | Cherry Hill Mortgage Investment Corp | 118,366 | ||||||||
142,903 | Chimera Investment Corp | 1,193,240 | ||||||||
285,469 | CME Group, Inc | 43,025,888 | ||||||||
19,131 | Cohen & Steers, Inc | 1,077,267 | ||||||||
71,161 | Colony Credit Real Estate, Inc | 372,884 | ||||||||
22,571 | Cowen Group, Inc | 484,374 | ||||||||
7,894 | *,e | Credit Acceptance Corp | 2,353,359 | |||||||
19,299 | Curo Group Holdings Corp | 144,549 | ||||||||
2,791 | Diamond Hill Investment Group, Inc | 382,200 | ||||||||
245,474 | Discover Financial Services | 15,958,265 | ||||||||
19,522 | * | Donnelley Financial Solutions, Inc | 246,563 | |||||||
16,968 | Dynex Capital, Inc | 277,936 | ||||||||
87,132 | Eaton Vance Corp | 5,209,622 | ||||||||
33,739 | Ellington Financial Inc | 412,965 | ||||||||
19,763 | Ellington Residential Mortgage REIT | 210,081 | ||||||||
25,589 | * | Encore Capital Group, Inc | 817,057 | |||||||
21,267 | * | Enova International, Inc | 326,448 | |||||||
325,428 | Equitable Holdings, Inc | 6,993,448 | ||||||||
32,332 | Evercore Inc | 2,571,687 | ||||||||
29,783 | * | Ezcorp, Inc (Class A) | 132,832 | |||||||
30,041 | Factset Research Systems, Inc | 9,207,566 | ||||||||
80,043 | Federated Investors, Inc (Class B) | 1,913,028 | ||||||||
34,210 | FirstCash, Inc | 1,780,288 | ||||||||
25,851 | * | Focus Financial Partners, Inc | 943,820 | |||||||
215,810 | Franklin Resources, Inc | 4,046,437 | ||||||||
2,638 | GAMCO Investors, Inc (Class A) | 32,447 | ||||||||
266,341 | Goldman Sachs Group, Inc | 50,349,103 | ||||||||
57,403 | Granite Point Mortgage Trust, Inc | 386,896 | ||||||||
17,996 | Great Ajax Corp | 138,209 | ||||||||
40,412 | * | Green Dot Corp | 2,154,768 |
150 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
23,511 | Greenhill & Co, Inc | $ | 303,997 | |||||||
155 | * | GWG Holdings Inc | 1,162 | |||||||
23,686 | Hamilton Lane, Inc | 1,650,914 | ||||||||
55,868 | Hannon Armstrong Sustainable Infrastructure Capital, Inc | 2,338,076 | ||||||||
42,191 | Houlihan Lokey, Inc | 2,645,376 | ||||||||
58,875 | Interactive Brokers Group, Inc (Class A) | 2,800,684 | ||||||||
434,631 | Intercontinental Exchange Group, Inc | 41,029,166 | ||||||||
299,224 | Invesco Ltd | 3,922,827 | ||||||||
143,208 | Invesco Mortgage Capital, Inc | 386,662 | ||||||||
184,798 | Jefferies Financial Group, Inc | 3,605,409 | ||||||||
427,895 | KKR & Co, Inc | 14,612,614 | ||||||||
18,595 | KKR Real Estate Finance Trust, Inc | 310,722 | ||||||||
82,473 | Ladder Capital Corp | 618,547 | ||||||||
80,114 | Lazard Ltd (Class A) | 2,697,438 | ||||||||
46,282 | * | LendingClub Corp | 216,137 | |||||||
62,026 | LPL Financial Holdings, Inc | 4,957,738 | ||||||||
29,614 | MarketAxess Holdings, Inc | 15,957,504 | ||||||||
3,520 | Marlin Business Services Corp | 25,696 | ||||||||
377,631 | MFA Financial Inc | 1,064,919 | ||||||||
41,537 | Moelis & Co | 1,545,176 | ||||||||
130,923 | Moody’s Corp | 34,419,657 | ||||||||
1,072,251 | Morgan Stanley | 51,628,886 | ||||||||
17,712 | Morningstar, Inc | 3,372,011 | ||||||||
65,428 | MSCI, Inc (Class A) | 22,889,332 | ||||||||
91,928 | Nasdaq Inc | 11,122,369 | ||||||||
150,278 | Navient Corp | 1,203,727 | ||||||||
13,847 | Nelnet, Inc (Class A) | 845,221 | ||||||||
322,859 | New Residential Investment Corp | 2,421,442 | ||||||||
318,876 | New York Mortgage Trust, Inc | 809,945 | ||||||||
17,297 | *,† | NewStar Financial, Inc | 4,176 | |||||||
154,094 | Northern Trust Corp | 12,060,937 | ||||||||
52,701 | OneMain Holdings, Inc | 1,838,738 | ||||||||
15,821 | * | Oportun Financial Corp | 210,419 | |||||||
5,399 | Oppenheimer Holdings, Inc | 135,299 | ||||||||
44,143 | Orchid Island Capital, Inc | 229,102 | ||||||||
83,151 | PennyMac Mortgage Investment Trust | 1,244,770 | ||||||||
12,685 | * | Pico Holdings, Inc | 104,905 | |||||||
15,511 | Piper Jaffray Cos | 1,294,393 | ||||||||
19,621 | PJT Partners, Inc | 1,327,557 | ||||||||
36,421 | * | PRA Group, Inc | 1,243,049 | |||||||
9,606 | Pzena Investment Management, Inc (Class A) | 49,855 | ||||||||
98,397 | Raymond James Financial, Inc | 7,521,467 | ||||||||
26,728 | Ready Capital Corp | 300,423 | ||||||||
95,463 | Redwood Trust, Inc | 811,435 | ||||||||
6,244 | * | Regional Management Corp | 126,878 | |||||||
193,980 | S&P Global, Inc | 62,603,165 | ||||||||
16,133 | Safeguard Scientifics, Inc | 93,894 | ||||||||
61,226 | Santander Consumer USA Holdings, Inc | 1,245,337 | ||||||||
21,936 | Sculptor Capital Management, Inc | 237,786 | ||||||||
92,585 | SEI Investments Co | 4,550,553 | ||||||||
208 | * | Siebert Financial Corp | 747 | |||||||
3,599 | Silvercrest Asset Management Group, Inc | 40,633 | ||||||||
306,615 | SLM Corp | 2,817,792 | ||||||||
218,790 | Starwood Property Trust, Inc | 3,056,496 | ||||||||
282,529 | State Street Corp | 16,640,958 | ||||||||
55,330 | Stifel Financial Corp | 3,234,592 |
151 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
11,167 | * | StoneX Group, Inc | $ | 591,628 | ||||||
466,542 | Synchrony Financial | 11,672,881 | ||||||||
181,827 | T Rowe Price Group, Inc | 23,030,208 | ||||||||
50,019 | TPG RE Finance Trust, Inc | 391,149 | ||||||||
67,653 | Tradeweb Markets, Inc | 3,685,735 | ||||||||
215,023 | Two Harbors Investment Corp | 1,088,016 | ||||||||
51,700 | Virtu Financial, Inc | 1,105,346 | ||||||||
5,962 | Virtus Investment Partners, Inc | 951,237 | ||||||||
98,535 | Voya Financial, Inc | 4,722,783 | ||||||||
49,212 | e | Waddell & Reed Financial, Inc (Class A) | 755,404 | |||||||
76,243 | Western Asset Mortgage Capital Corp | 147,911 | ||||||||
5,819 | Westwood Holdings Group, Inc | 56,212 | ||||||||
70,423 | WisdomTree Investments, Inc | 256,340 | ||||||||
3,506 | *,e | World Acceptance Corp | 294,469 | |||||||
TOTAL DIVERSIFIED FINANCIALS | 842,544,166 | |||||||||
ENERGY - 1.9% | ||||||||||
234,300 | Antero Midstream Corp | 1,342,539 | ||||||||
185,787 | *,e | Antero Resources Corp | 631,676 | |||||||
299,699 | Apache Corp | 2,487,502 | ||||||||
12,934 | * | Arch Resources, Inc | 395,134 | |||||||
118,857 | Archrock, Inc | 704,822 | ||||||||
36,328 | Ardmore Shipping Corp | 101,718 | ||||||||
14,041 | * | Aspen Aerogels, Inc | 158,663 | |||||||
516,790 | Baker Hughes Co | 7,632,988 | ||||||||
79,472 | Berry Petroleum Co LLC | 208,217 | ||||||||
13,622 | * | Bonanza Creek Energy, Inc | 241,246 | |||||||
12,480 | Brigham Minerals, Inc | 110,074 | ||||||||
4,981 | * | Bristow Group, Inc | 103,505 | |||||||
314,514 | Cabot Oil & Gas Corp | 5,595,204 | ||||||||
35,818 | Cactus, Inc | 608,906 | ||||||||
140,660 | * | ChampionX Corp | 1,227,962 | |||||||
185,769 | * | Cheniere Energy, Inc | 8,892,762 | |||||||
1,549,712 | Chevron Corp | 107,704,984 | ||||||||
81,314 | Cimarex Energy Co | 2,062,936 | ||||||||
133,851 | * | Clean Energy Fuels Corp | 331,950 | |||||||
170,848 | * | CNX Resources Corp | 1,657,226 | |||||||
19,383 | * | Comstock Resources Inc | 102,924 | |||||||
153,519 | Concho Resources, Inc | 6,372,574 | ||||||||
862,936 | ConocoPhillips | 24,697,228 | ||||||||
34,057 | * | CONSOL Energy, Inc | 129,076 | |||||||
73,192 | *,e | Contango Oil & Gas Co | 91,490 | |||||||
66,065 | e | Continental Resources, Inc | 794,762 | |||||||
26,262 | CVR Energy, Inc | 289,145 | ||||||||
54,182 | Delek US Holdings, Inc | 545,071 | ||||||||
308,331 | Devon Energy Corp | 2,753,396 | ||||||||
97,577 | DHT Holdings, Inc | 469,345 | ||||||||
18,546 | * | Diamond S Shipping Inc | 104,970 | |||||||
124,775 | Diamondback Energy, Inc | 3,239,159 | ||||||||
14,982 | DMC Global, Inc | 532,910 | ||||||||
29,064 | * | Dorian LPG Ltd | 238,325 | |||||||
25,553 | * | Dril-Quip, Inc | 661,823 | |||||||
56,752 | * | Earthstone Energy, Inc | 152,663 | |||||||
202,217 | EnCana Corp | 1,860,396 | ||||||||
64,264 | *,e | Energy Fuels, Inc | 97,039 | |||||||
467,193 | EOG Resources, Inc | 15,996,688 |
152 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
200,610 | EQT Corp | $ | 3,037,235 | |||||||
320,376 | Equitrans Midstream Corp | 2,325,930 | ||||||||
19,412 | Evolution Petroleum Corp | 42,901 | ||||||||
33,510 | * | Exterran Corp | 141,747 | |||||||
3,403,949 | d | Exxon Mobil Corp | 111,036,816 | |||||||
28,935 | Falcon Minerals Corp | 53,240 | ||||||||
163,704 | * | Frank’s International NV | 286,482 | |||||||
96,169 | e | Frontline Ltd | 520,274 | |||||||
76,643 | * | Golar LNG Ltd | 578,655 | |||||||
243 | * | Goodrich Petroleum Corp | 2,328 | |||||||
28,378 | *,e | Green Plains Inc | 428,508 | |||||||
693,116 | Halliburton Co | 8,358,979 | ||||||||
118,524 | * | Helix Energy Solutions Group, Inc | 293,940 | |||||||
88,337 | Helmerich & Payne, Inc | 1,313,571 | ||||||||
219,718 | Hess Corp | 8,177,904 | ||||||||
120,558 | HollyFrontier Corp | 2,231,529 | ||||||||
21,753 | International Seaways, Inc | 294,536 | ||||||||
1,558,618 | Kinder Morgan, Inc | 18,547,554 | ||||||||
394,203 | Kosmos Energy Ltd | 391,956 | ||||||||
45,990 | Liberty Oilfield Services, Inc | 307,213 | ||||||||
75,659 | * | Magnolia Oil & Gas Corp | 328,360 | |||||||
633,150 | Marathon Oil Corp | 2,507,274 | ||||||||
516,897 | Marathon Petroleum Corp | 15,248,462 | ||||||||
95,767 | * | Matador Resources Co | 677,073 | |||||||
15,354 | * | Matrix Service Co | 116,690 | |||||||
17,807 | * | Montage Resources Corp | 88,145 | |||||||
126,841 | Murphy Oil Corp | 979,213 | ||||||||
8,829 | e | Nabors Industries Ltd | 250,920 | |||||||
18,544 | * | National Energy Services Reunited Corp | 137,226 | |||||||
315,488 | National Oilwell Varco, Inc | 2,650,099 | ||||||||
69,736 | * | Newpark Resources, Inc | 49,868 | |||||||
143,327 | * | NexTier Oilfield Solutions, Inc | 270,888 | |||||||
123,418 | e | Nordic American Tankers Ltd | 359,146 | |||||||
664,400 | Occidental Petroleum Corp | 6,065,972 | ||||||||
92,467 | * | Oceaneering International, Inc | 377,265 | |||||||
52,702 | * | Oil States International, Inc | 131,228 | |||||||
351,323 | ONEOK, Inc | 10,188,367 | ||||||||
67,330 | * | Overseas Shipholding Group, Inc | 128,600 | |||||||
31,390 | * | Par Pacific Holdings, Inc | 202,152 | |||||||
230,892 | Parsley Energy, Inc | 2,311,229 | ||||||||
180,329 | Patterson-UTI Energy, Inc | 461,642 | ||||||||
97,405 | PBF Energy, Inc | 454,881 | ||||||||
87,186 | * | PDC Energy, Inc | 1,039,257 | |||||||
53,851 | * | Peabody Energy Corp | 69,468 | |||||||
10,942 | *,e | Penn Virginia Corp | 84,035 | |||||||
349,094 | Phillips 66 | 16,288,726 | ||||||||
131,505 | Pioneer Natural Resources Co | 10,462,538 | ||||||||
18 | * | PrimeEnergy Corp | 927 | |||||||
69,210 | * | ProPetro Holding Corp | 273,380 | |||||||
166,807 | Range Resources Corp | 1,097,590 | ||||||||
29,957 | * | Renewable Energy Group, Inc | 1,689,575 | |||||||
3,339 | * | Rex American Resources Corp | 242,712 | |||||||
36,246 | *,e | RPC, Inc | 86,265 | |||||||
1,107,828 | Schlumberger Ltd | 16,550,950 | ||||||||
42,638 | e | Scorpio Tankers, Inc | 376,067 | |||||||
19,971 | * | SEACOR Holdings, Inc | 611,712 |
153 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
53,591 | *,e | Select Energy Services, Inc | $ | 161,845 | ||||||
92,169 | SFL Corp Ltd | 600,020 | ||||||||
124,679 | SM Energy Co | 200,733 | ||||||||
23,417 | Solaris Oilfield Infrastructure, Inc | 138,863 | ||||||||
479,260 | * | Southwestern Energy Co | 1,279,624 | |||||||
11,888 | * | Talos Energy, Inc | 78,223 | |||||||
188,788 | Targa Resources Investments, Inc | 3,030,047 | ||||||||
114,035 | *,e | Tellurian, Inc | 109,474 | |||||||
53,122 | * | Tidewater, Inc | 311,295 | |||||||
461,580 | *,e | Transocean Ltd (NYSE) | 309,489 | |||||||
81,795 | *,e | Uranium Energy Corp | 70,556 | |||||||
67,083 | US Silica Holdings, Inc | 182,466 | ||||||||
325,043 | Valero Energy Corp | 12,549,910 | ||||||||
112,755 | *,e | W&T Offshore, Inc | 157,857 | |||||||
975,011 | Williams Cos, Inc | 18,710,461 | ||||||||
53,429 | World Fuel Services Corp | 1,124,680 | ||||||||
329,220 | * | WPX Energy, Inc | 1,517,704 | |||||||
TOTAL ENERGY | 493,091,445 | |||||||||
FOOD & STAPLES RETAILING - 1.4% | ||||||||||
36,277 | e | Albertsons Cos, Inc | 532,909 | |||||||
25,464 | Andersons, Inc | 552,314 | ||||||||
109,425 | * | BJ’s Wholesale Club Holdings, Inc | 4,189,883 | |||||||
29,550 | Casey’s General Stores, Inc | 4,981,244 | ||||||||
27,577 | * | Chefs’ Warehouse Holdings, Inc | 372,841 | |||||||
354,954 | Costco Wholesale Corp | 126,938,649 | ||||||||
55,971 | * | Grocery Outlet Holding Corp | 2,463,843 | |||||||
41,112 | *,e | HF Foods Group Inc | 270,928 | |||||||
14,265 | e | Ingles Markets, Inc (Class A) | 511,543 | |||||||
620,778 | Kroger Co | 19,995,259 | ||||||||
11,089 | Natural Grocers by Vitamin C | 117,987 | ||||||||
101,630 | * | Performance Food Group Co | 3,415,784 | |||||||
18,482 | Pricesmart, Inc | 1,275,258 | ||||||||
46,433 | *,e | Rite Aid Corp | 424,398 | |||||||
29,940 | SpartanNash Co | 551,195 | ||||||||
92,802 | * | Sprouts Farmers Market, Inc | 1,767,878 | |||||||
389,013 | SYSCO Corp | 21,516,309 | ||||||||
44,657 | * | United Natural Foods, Inc | 650,653 | |||||||
174,315 | * | US Foods Holding Corp | 3,643,184 | |||||||
4,683 | Village Super Market (Class A) | 106,070 | ||||||||
579,839 | Walgreens Boots Alliance, Inc | 19,737,720 | ||||||||
1,121,953 | Walmart, Inc | 155,670,979 | ||||||||
8,600 | e | Weis Markets, Inc | 390,526 | |||||||
TOTAL FOOD & STAPLES RETAILING | 370,077,354 | |||||||||
FOOD, BEVERAGE & TOBACCO - 3.1% | ||||||||||
1,659 | Alico, Inc | 47,912 | ||||||||
1,495,899 | Altria Group, Inc | 53,972,036 | ||||||||
444,710 | Archer-Daniels-Midland Co | 20,563,390 | ||||||||
49,739 | e | B&G Foods, Inc (Class A) | 1,321,068 | |||||||
41,369 | * | Beyond Meat, Inc | 5,892,187 | |||||||
7,115 | * | Boston Beer Co, Inc (Class A) | 7,393,766 | |||||||
59 | * | Bridgford Foods Corp | 1,077 | |||||||
37,033 | Brown-Forman Corp (Class A) | 2,323,821 | ||||||||
145,604 | Brown-Forman Corp (Class B) | 10,150,055 | ||||||||
109,043 | Bunge Ltd | 6,186,009 |
154 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
15,213 | Calavo Growers, Inc | $ | 1,021,249 | |||||||
23,528 | * | Cal-Maine Foods, Inc | 902,299 | |||||||
140,451 | Campbell Soup Co | 6,554,848 | ||||||||
27,956 | *,e | Celsius Holdings, Inc | 562,195 | |||||||
3,111,459 | Coca-Cola Co | 149,536,720 | ||||||||
3,562 | Coca-Cola Consolidated Inc | 815,520 | ||||||||
391,246 | ConAgra Brands, Inc | 13,728,822 | ||||||||
128,008 | Constellation Brands, Inc (Class A) | 21,150,762 | ||||||||
129,032 | * | Darling Ingredients, Inc | 5,548,376 | |||||||
7,025 | * | Farmer Bros Co | 24,377 | |||||||
158,714 | Flowers Foods, Inc | 3,742,476 | ||||||||
22,222 | Fresh Del Monte Produce, Inc | 478,440 | ||||||||
30,362 | * | Freshpet, Inc | 3,476,449 | |||||||
488,004 | General Mills, Inc | 28,850,796 | ||||||||
66,270 | * | Hain Celestial Group, Inc | 2,037,802 | |||||||
118,311 | Hershey Co | 16,263,030 | ||||||||
225,168 | Hormel Foods Corp | 10,963,430 | ||||||||
111,265 | * | Hostess Brands, Inc | 1,406,390 | |||||||
52,693 | Ingredion, Inc | 3,735,407 | ||||||||
12,260 | J&J Snack Foods Corp | 1,662,088 | ||||||||
88,361 | J.M. Smucker Co | 9,914,104 | ||||||||
7,801 | John B. Sanfilippo & Son, Inc | 567,601 | ||||||||
201,366 | Kellogg Co | 12,663,908 | ||||||||
310,227 | Keurig Dr Pepper, Inc | 8,345,106 | ||||||||
519,653 | Kraft Heinz Co | 15,896,185 | ||||||||
117,174 | Lamb Weston Holdings, Inc | 7,434,690 | ||||||||
15,457 | Lancaster Colony Corp | 2,568,026 | ||||||||
25,890 | * | Landec Corp | 248,803 | |||||||
10,800 | Limoneira Co | 149,364 | ||||||||
99,573 | McCormick & Co, Inc | 17,973,922 | ||||||||
10,618 | MGP Ingredients, Inc | 446,168 | ||||||||
137,855 | Molson Coors Brewing Co (Class B) | 4,860,767 | ||||||||
1,136,659 | Mondelez International, Inc | 60,379,326 | ||||||||
296,512 | * | Monster Beverage Corp | 22,703,924 | |||||||
9,889 | *,e | National Beverage Corp | 774,210 | |||||||
54,771 | * | NewAge, Inc | 128,164 | |||||||
1,117,373 | PepsiCo, Inc | 148,934,647 | ||||||||
1,252,285 | Philip Morris International, Inc | 88,937,281 | ||||||||
44,477 | * | Pilgrim’s Pride Corp | 744,545 | |||||||
50,184 | * | Post Holdings, Inc | 4,310,806 | |||||||
126,721 | Primo Water Corp | 1,587,814 | ||||||||
16,772 | Sanderson Farms, Inc | 2,146,313 | ||||||||
229 | Seaboard Corp | 788,905 | ||||||||
4,345 | * | Seneca Foods Corp | 160,113 | |||||||
65,281 | * | Simply Good Foods Co | 1,227,283 | |||||||
13,180 | e | Tootsie Roll Industries, Inc | 393,818 | |||||||
46,154 | * | TreeHouse Foods, Inc | 1,792,621 | |||||||
7,811 | e | Turning Point Brands, Inc | 292,678 | |||||||
230,386 | Tyson Foods, Inc (Class A) | 13,184,991 | ||||||||
20,406 | Universal Corp | 813,179 | ||||||||
109,494 | Vector Group Ltd | 1,006,250 | ||||||||
5,612 | * | Vital Farms, Inc | 193,951 | |||||||
TOTAL FOOD, BEVERAGE & TOBACCO | 811,882,260 |
155 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
HEALTH CARE EQUIPMENT & SERVICES - 6.6% | ||||||||||
61,406 | * | 1Life Healthcare, Inc | $ | 1,732,263 | ||||||
1,391,497 | Abbott Laboratories | 146,260,250 | ||||||||
35,497 | * | Abiomed, Inc | 8,940,984 | |||||||
72,540 | * | Acadia Healthcare Co, Inc | 2,586,051 | |||||||
9,032 | *,e | Accolade, Inc | 316,301 | |||||||
80,912 | * | Accuray, Inc | 235,454 | |||||||
7,688 | * | Acutus Medical, Inc | 175,825 | |||||||
19,506 | * | AdaptHealth Corp | 532,514 | |||||||
9,851 | * | Addus HomeCare Corp | 961,162 | |||||||
62,662 | * | Align Technology, Inc | 26,699,025 | |||||||
134,292 | * | Allscripts Healthcare Solutions, Inc | 1,353,663 | |||||||
32,637 | * | Alphatec Holdings Inc | 278,720 | |||||||
25,288 | * | Amedisys, Inc | 6,549,592 | |||||||
8,059 | * | American Renal Associates Holdings, Inc | 92,598 | |||||||
116,951 | AmerisourceBergen Corp | 11,235,483 | ||||||||
37,014 | * | AMN Healthcare Services, Inc | 2,416,274 | |||||||
23,243 | * | Angiodynamics, Inc | 240,333 | |||||||
127,038 | * | Antares Pharma, Inc | 346,814 | |||||||
202,926 | Anthem, Inc | 55,358,213 | ||||||||
21,471 | *,e | Apollo Medical Holdings, Inc | 370,589 | |||||||
35,479 | * | Apyx Medical Corp | 213,584 | |||||||
33,158 | * | AtriCure, Inc | 1,145,940 | |||||||
1,158 | Atrion Corp | 696,132 | ||||||||
737 | *,e | Avalon GloboCare Corp | 825 | |||||||
38,326 | * | Avanos Medical, Inc | 1,354,824 | |||||||
29,631 | *,e | AxoGen, Inc | 373,647 | |||||||
24,863 | *,e | Axonics Modulation Technologies, Inc | 1,165,826 | |||||||
408,944 | Baxter International, Inc | 31,721,786 | ||||||||
221,992 | Becton Dickinson & Co | 51,309,011 | ||||||||
9,619 | * | Beyond Air, Inc | 50,404 | |||||||
10,755 | * | BioLife Solutions Inc | 308,776 | |||||||
13,421 | *,e | BioSig Technologies Inc | 42,410 | |||||||
27,717 | * | BioTelemetry, Inc | 1,180,190 | |||||||
1,148,297 | * | Boston Scientific Corp | 39,352,138 | |||||||
150,915 | * | Brookdale Senior Living, Inc | 443,690 | |||||||
30,287 | Cantel Medical Corp | 1,448,930 | ||||||||
234,092 | Cardinal Health, Inc | 10,719,073 | ||||||||
28,182 | * | Cardiovascular Systems, Inc | 1,004,688 | |||||||
461,286 | * | Centene Corp | 27,262,003 | |||||||
245,541 | Cerner Corp | 17,209,969 | ||||||||
132,922 | * | Cerus Corp | 697,840 | |||||||
190,795 | * | Change Healthcare, Inc | 2,699,749 | |||||||
10,887 | *,e | Chembio Diagnostics, Inc | 51,604 | |||||||
12,601 | Chemed Corp | 6,027,310 | ||||||||
291,134 | Cigna Corp | 48,610,644 | ||||||||
20,650 | * | Co-Diagnostics, Inc | 276,916 | |||||||
66,658 | * | Community Health Systems, Inc | 415,946 | |||||||
7,207 | Computer Programs & Systems, Inc | 201,003 | ||||||||
21,853 | Conmed Corp | 1,703,878 | ||||||||
39,078 | Cooper Cos, Inc | 12,467,836 | ||||||||
7,815 | * | Corvel Corp | 712,884 | |||||||
76,515 | * | Covetrus, Inc | 1,889,155 | |||||||
23,078 | * | Cross Country Healthcare, Inc | 181,162 | |||||||
23,530 | * | CryoLife, Inc | 394,363 | |||||||
27,736 | *,e | CryoPort, Inc | 1,113,323 | |||||||
7,978 | * | Cutera, Inc | 151,024 | |||||||
1,051,672 | CVS Health Corp | 58,988,282 |
156 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
39,693 | * | CytoSorbents Corp | $ | 303,651 | ||||||
504,075 | Danaher Corp | 115,705,375 | ||||||||
66,236 | * | DaVita, Inc | 5,712,855 | |||||||
174,566 | Dentsply Sirona, Inc | 8,237,770 | ||||||||
73,877 | * | DexCom, Inc | 23,609,612 | |||||||
496,018 | * | Edwards Lifesciences Corp | 35,559,530 | |||||||
13,523 | * | Electromed, Inc | 112,376 | |||||||
78,151 | Encompass Health Corp | 4,791,438 | ||||||||
41,580 | Ensign Group, Inc | 2,446,567 | ||||||||
126,416 | * | Envista Holdings Corp | 3,339,911 | |||||||
34,826 | * | Enzo Biochem, Inc | 63,383 | |||||||
61,468 | * | Evolent Health, Inc | 610,992 | |||||||
121 | * | Exagen, Inc | 1,725 | |||||||
7,882 | *,e | Fulgent Genetics, Inc | 256,401 | |||||||
58,482 | * | GenMark Diagnostics, Inc | 714,650 | |||||||
34,414 | *,e | Glaukos Corp | 1,924,431 | |||||||
58,427 | * | Globus Medical, Inc | 3,045,215 | |||||||
65,797 | * | Guardant Health, Inc | 7,017,908 | |||||||
39,411 | * | Haemonetics Corp | 3,984,058 | |||||||
27,137 | * | Hanger Inc | 474,083 | |||||||
214,316 | HCA Healthcare, Inc | 26,562,325 | ||||||||
26,210 | *,e | Health Catalyst, Inc | 903,721 | |||||||
59,024 | * | HealthEquity, Inc | 3,039,146 | |||||||
16,111 | * | HealthStream, Inc | 294,831 | |||||||
113,676 | * | Henry Schein, Inc | 7,227,520 | |||||||
5,193 | * | Heska Corp | 609,295 | |||||||
52,296 | Hill-Rom Holdings, Inc | 4,762,597 | ||||||||
68,244 | * | HMS Holdings Corp | 1,816,655 | |||||||
205,747 | * | Hologic, Inc | 14,159,509 | |||||||
106,245 | Humana, Inc | 42,421,504 | ||||||||
20,965 | *,e | iCAD, Inc | 204,618 | |||||||
15,206 | * | ICU Medical, Inc | 2,703,475 | |||||||
67,602 | * | IDEXX Laboratories, Inc | 28,718,682 | |||||||
5,998 | * | Inari Medical, Inc | 397,068 | |||||||
16,221 | * | InfuSystem Holdings, Inc | 199,843 | |||||||
14,803 | * | Inogen, Inc | 432,396 | |||||||
60,850 | * | Inovalon Holdings, Inc | 1,155,541 | |||||||
21,320 | * | Inspire Medical Systems, Inc | 2,546,248 | |||||||
52,636 | * | Insulet Corp | 11,698,351 | |||||||
26,543 | * | Integer Holding Corp | 1,551,438 | |||||||
57,153 | * | Integra LifeSciences Holdings Corp | 2,520,447 | |||||||
13,721 | * | IntriCon Corp | 171,512 | |||||||
93,121 | * | Intuitive Surgical, Inc | 62,119,157 | |||||||
23,873 | Invacare Corp | 193,610 | ||||||||
161 | * | iRadimed Corp | 3,647 | |||||||
21,588 | * | iRhythm Technologies, Inc | 4,564,783 | |||||||
10,769 | * | Joint Corp | 201,811 | |||||||
77,788 | * | Laboratory Corp of America Holdings | 15,539,709 | |||||||
52,912 | * | Lantheus Holdings, Inc | 574,624 | |||||||
21,117 | LeMaitre Vascular, Inc | 685,880 | ||||||||
8,082 | * | LENSAR, Inc | 78,880 | |||||||
24,482 | * | LHC Group, Inc | 5,301,577 | |||||||
39,946 | * | LivaNova plc | 2,010,882 | |||||||
44,277 | * | Livongo Health, Inc | 5,651,265 | |||||||
19,000 | * | Magellan Health Services, Inc | 1,373,130 | |||||||
39,158 | * | Masimo Corp | 8,764,344 |
157 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
129,611 | McKesson Corp | $ | 19,116,326 | |||||||
65,575 | * | MEDNAX, Inc | 836,081 | |||||||
1,079,796 | Medtronic plc | 108,595,084 | ||||||||
37,400 | * | Meridian Bioscience, Inc | 641,410 | |||||||
42,447 | * | Merit Medical Systems, Inc | 2,124,472 | |||||||
3,778 | Mesa Laboratories, Inc | 987,607 | ||||||||
83,334 | *,e | Milestone Scientific, Inc | 128,334 | |||||||
7,622 | * | Misonix Inc | 86,586 | |||||||
47,062 | * | Molina Healthcare, Inc | 8,775,651 | |||||||
10,302 | National Healthcare Corp | 652,117 | ||||||||
14,060 | National Research Corp | 728,308 | ||||||||
23,183 | * | Natus Medical, Inc | 422,162 | |||||||
42,090 | * | Neogen Corp | 2,935,357 | |||||||
26,583 | * | Nevro Corp | 3,966,449 | |||||||
44,547 | * | NextGen Healthcare, Inc | 605,839 | |||||||
79,701 | * | Novocure Ltd | 9,731,492 | |||||||
41,563 | * | NuVasive, Inc | 1,846,644 | |||||||
13,564 | * | Oak Street Health, Inc | 645,511 | |||||||
34,529 | * | Omnicell, Inc | 2,988,485 | |||||||
6,175 | *,e | Ontrak, Inc | 378,157 | |||||||
10,801 | * | OptimizeRx Corp | 213,860 | |||||||
35,653 | * | Option Care Health, Inc | 475,254 | |||||||
57,644 | * | OraSure Technologies, Inc | 861,201 | |||||||
10,818 | * | Orthofix Medical Inc | 338,171 | |||||||
8,748 | * | OrthoPediatrics Corp | 390,161 | |||||||
51,524 | Owens & Minor, Inc | 1,294,283 | ||||||||
64,677 | e | Patterson Cos, Inc | 1,608,840 | |||||||
94,787 | *,e | PAVmed, Inc | 169,669 | |||||||
20,518 | * | Pennant Group, Inc | 854,780 | |||||||
26,313 | * | Penumbra, Inc | 6,868,482 | |||||||
19,145 | *,e | PetIQ, Inc | 546,781 | |||||||
22,750 | * | Phreesia, Inc | 841,067 | |||||||
127,294 | * | PPD, Inc | 4,185,427 | |||||||
49,347 | Premier, Inc | 1,615,127 | ||||||||
21,500 | * | Progyny, Inc | 523,955 | |||||||
10,065 | * | Providence Service Corp | 1,183,141 | |||||||
26,726 | *,e | Pulse Biosciences, Inc | 323,652 | |||||||
107,040 | Quest Diagnostics, Inc | 13,073,866 | ||||||||
29,798 | * | Quidel Corp | 7,994,505 | |||||||
49,325 | * | Quotient Ltd | 232,814 | |||||||
87,305 | * | R1 RCM, Inc | 1,564,506 | |||||||
33,988 | * | RadNet, Inc | 493,166 | |||||||
22,676 | * | Repro-Med Systems, Inc | 125,171 | |||||||
115,189 | Resmed, Inc | 22,109,377 | ||||||||
20,095 | *,e | Retractable Technologies, Inc | 147,497 | |||||||
31,391 | *,e | Rockwell Medical, Inc | 26,758 | |||||||
18,396 | * | SeaSpine Holdings Corp | 234,733 | |||||||
94,771 | * | Select Medical Holdings Corp | 1,988,296 | |||||||
11,192 | * | Sharps Compliance Corp | 66,704 | |||||||
22,588 | * | Shockwave Medical Inc | 1,543,212 | |||||||
20,661 | * | SI-BONE, Inc | 433,261 | |||||||
43,122 | *,e | Sientra, Inc | 181,975 | |||||||
25,950 | * | Silk Road Medical Inc | 1,572,570 | |||||||
11,450 | Simulations Plus, Inc | 742,189 | ||||||||
261 | *,e | Soliton Inc | 1,869 | |||||||
36,743 | * | Staar Surgical Co | 2,663,867 |
158 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
38,241 | *,e | Stereotaxis, Inc | $ | 120,842 | ||||||
67,916 | STERIS plc | 12,034,036 | ||||||||
278,889 | Stryker Corp | 56,338,367 | ||||||||
50,925 | * | Surgalign Holdings, Inc | 88,609 | |||||||
17,669 | * | Surgery Partners, Inc | 385,538 | |||||||
12,880 | * | SurModics, Inc | 473,340 | |||||||
16,191 | *,e | Tabula Rasa HealthCare, Inc | 559,237 | |||||||
17,101 | * | Tactile Systems Technology, Inc | 625,555 | |||||||
46,923 | * | Tandem Diabetes Care, Inc | 5,114,607 | |||||||
9,395 | * | Tela Bio, Inc | 142,428 | |||||||
57,482 | *,e | Teladoc, Inc | 11,292,914 | |||||||
37,220 | Teleflex, Inc | 11,844,521 | ||||||||
85,226 | * | Tenet Healthcare Corp | 2,091,446 | |||||||
35,343 | *,e | Tivity Health, Inc | 485,966 | |||||||
19,671 | * | Transmedics Group, Inc | 235,659 | |||||||
20,488 | * | Triple-S Management Corp (Class B) | 379,438 | |||||||
760,026 | UnitedHealth Group, Inc | 231,914,334 | ||||||||
57,959 | Universal Health Services, Inc (Class B) | 6,349,408 | ||||||||
10,927 | e | US Physical Therapy, Inc | 866,839 | |||||||
1,543 | Utah Medical Products, Inc | 128,069 | ||||||||
15,842 | * | Vapotherm, Inc | 474,468 | |||||||
22,834 | * | Varex Imaging Corp | 305,976 | |||||||
73,141 | * | Varian Medical Systems, Inc | 12,638,765 | |||||||
107,336 | * | Veeva Systems, Inc | 28,986,087 | |||||||
27,859 | *,e | Viemed Healthcare, Inc | 223,151 | |||||||
87,814 | *,e | ViewRay, Inc | 260,808 | |||||||
26,060 | * | Vocera Communications, Inc | 854,247 | |||||||
33,558 | * | VolitionRX Ltd | 99,667 | |||||||
58,912 | West Pharmaceutical Services, Inc | 16,028,188 | ||||||||
103,656 | *,e | Wright Medical Group NV | 3,170,837 | |||||||
166,312 | Zimmer Biomet Holdings, Inc | 21,969,815 | ||||||||
17,649 | *,e | Zynex Inc | 226,084 | |||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 1,739,732,330 | |||||||||
HOUSEHOLD & PERSONAL PRODUCTS - 1.7% | ||||||||||
28,978 | * | BellRing Brands, Inc | 530,008 | |||||||
8,914 | * | Central Garden & Pet Co | 347,289 | |||||||
32,738 | * | Central Garden and Pet Co (Class A) | 1,158,598 | |||||||
197,881 | Church & Dwight Co, Inc | 17,490,702 | ||||||||
101,362 | Clorox Co | 21,007,274 | ||||||||
677,197 | Colgate-Palmolive Co | 53,424,071 | ||||||||
228,552 | Coty, Inc | 662,801 | ||||||||
44,425 | * | Edgewell Personal Care Co | 1,164,824 | |||||||
31,250 | * | elf Beauty, Inc | 633,438 | |||||||
50,651 | Energizer Holdings, Inc | 1,993,117 | ||||||||
177,993 | Estee Lauder Cos (Class A) | 39,097,942 | ||||||||
79,967 | * | Herbalife Nutrition Ltd | 3,609,710 | |||||||
14,349 | Inter Parfums, Inc | 589,170 | ||||||||
273,434 | Kimberly-Clark Corp | 36,254,614 | ||||||||
8,497 | * | Lifevantage Corp | 93,892 | |||||||
8,701 | Medifast, Inc | 1,222,403 | ||||||||
3,947 | * | Nature’s Sunshine Products, Inc | 41,128 | |||||||
42,576 | Nu Skin Enterprises, Inc (Class A) | 2,101,126 | ||||||||
2,626 | Oil-Dri Corp of America | 89,704 | ||||||||
1,961,821 | Procter & Gamble Co | 268,965,659 | ||||||||
19,824 | *,e | Revlon, Inc (Class A) | 81,278 |
159 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
38,567 | Reynolds Consumer Products Inc | $ | 1,089,132 | |||||||
34,652 | Spectrum Brands Holdings, Inc | 1,970,659 | ||||||||
9,429 | * | USANA Health Sciences, Inc | 713,304 | |||||||
62,696 | *,e | Veru, Inc | 157,994 | |||||||
11,077 | WD-40 Co | 2,695,920 | ||||||||
TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 457,185,757 | |||||||||
INSURANCE - 3.2% | ||||||||||
568,755 | Aflac, Inc | 19,309,232 | ||||||||
11,028 | Alleghany Corp | 6,031,544 | ||||||||
252,792 | Allstate Corp | 22,435,290 | ||||||||
27,286 | * | AMBAC Financial Group, Inc | 335,072 | |||||||
80,258 | American Equity Investment Life Holding Co | 1,992,004 | ||||||||
59,470 | American Financial Group, Inc | 4,456,682 | ||||||||
690,588 | American International Group, Inc | 21,746,616 | ||||||||
7,931 | American National Group, Inc | 545,653 | ||||||||
15,859 | Amerisafe, Inc | 935,364 | ||||||||
184,309 | Aon plc | 33,914,699 | ||||||||
314,852 | * | Arch Capital Group Ltd | 9,511,679 | |||||||
28,722 | * | Argo Group International Holdings Ltd | 1,024,801 | |||||||
151,982 | Arthur J. Gallagher & Co | 15,762,053 | ||||||||
47,110 | Assurant, Inc | 5,859,071 | ||||||||
68,646 | Assured Guaranty Ltd | 1,752,532 | ||||||||
94,426 | * | Athene Holding Ltd | 3,029,186 | |||||||
65,605 | Axis Capital Holdings Ltd | 2,800,677 | ||||||||
1,542,774 | * | Berkshire Hathaway, Inc (Class B) | 311,486,071 | |||||||
77,163 | * | Brighthouse Financial, Inc | 2,554,095 | |||||||
191,245 | Brown & Brown, Inc | 8,321,070 | ||||||||
24,962 | * | BRP Group, Inc | 636,531 | |||||||
361,459 | Chubb Ltd | 46,957,139 | ||||||||
119,862 | Cincinnati Financial Corp | 8,479,038 | ||||||||
32,342 | *,e | Citizens, Inc (Class A) | 186,613 | |||||||
23,883 | CNA Financial Corp | 711,475 | ||||||||
122,254 | Conseco, Inc | 2,170,008 | ||||||||
563 | Crawford & Co | 3,603 | ||||||||
3,646 | Donegal Group, Inc (Class A) | 52,903 | ||||||||
19,408 | * | eHealth, Inc | 1,302,471 | |||||||
30,945 | Employers Holdings, Inc | 990,549 | ||||||||
10,221 | * | Enstar Group Ltd | 1,756,683 | |||||||
20,152 | Erie Indemnity Co (Class A) | 4,692,796 | ||||||||
31,357 | Everest Re Group Ltd | 6,179,838 | ||||||||
7,141 | FBL Financial Group, Inc (Class A) | 354,836 | ||||||||
6,057 | FedNat Holding Co | 31,072 | ||||||||
216,783 | Fidelity National Financial Inc | 6,783,140 | ||||||||
85,558 | First American Financial Corp | 3,815,031 | ||||||||
408,179 | * | Genworth Financial, Inc (Class A) | 1,604,143 | |||||||
83,165 | Globe Life, Inc | 6,743,850 | ||||||||
32,833 | * | GoHealth, Inc | 340,150 | |||||||
10,445 | Goosehead Insurance, Inc | 1,279,930 | ||||||||
26,615 | *,e | Greenlight Capital Re Ltd (Class A) | 179,651 | |||||||
30,198 | Hanover Insurance Group, Inc | 2,888,741 | ||||||||
285,630 | Hartford Financial Services Group, Inc | 11,002,468 | ||||||||
8,950 | HCI Group, Inc | 420,471 | ||||||||
33,356 | Heritage Insurance Holdings, Inc | 314,881 | ||||||||
38,394 | Horace Mann Educators Corp | 1,301,941 | ||||||||
2,871 | Independence Holding Co | 108,581 |
160 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
763 | Investors Title Co | $ | 101,876 | |||||||
26,064 | James River Group Holdings Ltd | 1,217,971 | ||||||||
48,689 | Kemper Corp | 3,002,164 | ||||||||
16,667 | Kinsale Capital Group, Inc | 3,124,562 | ||||||||
10,057 | *,e | Lemonade, Inc | 505,767 | |||||||
150,958 | Lincoln National Corp | 5,298,626 | ||||||||
190,583 | Loews Corp | 6,609,418 | ||||||||
10,837 | * | Markel Corp | 10,108,754 | |||||||
407,370 | Marsh & McLennan Cos, Inc | 42,146,500 | ||||||||
58,050 | * | MBIA, Inc | 331,465 | |||||||
23,043 | Mercury General Corp | 938,081 | ||||||||
616,046 | Metlife, Inc | 23,317,341 | ||||||||
55,246 | National General Holdings Corp | 1,876,707 | ||||||||
1,920 | National Western Life Group, Inc | 325,690 | ||||||||
5,736 | * | NI Holdings, Inc | 95,849 | |||||||
228,956 | Old Republic International Corp | 3,727,404 | ||||||||
16,616 | * | Palomar Holdings, Inc | 1,481,649 | |||||||
31,948 | Primerica, Inc | 3,521,948 | ||||||||
216,284 | Principal Financial Group | 8,482,658 | ||||||||
45,009 | ProAssurance Corp | 694,489 | ||||||||
470,336 | Progressive Corp | 43,223,878 | ||||||||
9,175 | * | ProSight Global, Inc | 108,540 | |||||||
3,923 | Protective Insurance Corp | 51,587 | ||||||||
316,347 | Prudential Financial, Inc | 20,252,535 | ||||||||
53,709 | Reinsurance Group of America, Inc (Class A) | 5,425,683 | ||||||||
39,879 | RenaissanceRe Holdings Ltd | 6,449,232 | ||||||||
31,029 | RLI Corp | 2,690,214 | ||||||||
12,226 | Safety Insurance Group, Inc | 855,820 | ||||||||
45,095 | Selective Insurance Group, Inc | 2,347,646 | ||||||||
24,953 | * | Selectquote, Inc | 429,691 | |||||||
14,719 | State Auto Financial Corp | 181,632 | ||||||||
20,810 | Stewart Information Services Corp | 882,136 | ||||||||
64,678 | * | Third Point Reinsurance Ltd | 503,195 | |||||||
14,139 | Tiptree Inc | 68,857 | ||||||||
202,647 | Travelers Cos, Inc | 24,461,519 | ||||||||
24,191 | * | Trupanion, Inc | 1,730,624 | |||||||
13,269 | United Fire Group Inc | 272,545 | ||||||||
12,036 | United Insurance Holdings Corp | 52,838 | ||||||||
23,291 | Universal Insurance Holdings, Inc | 290,439 | ||||||||
159,476 | Unum Group | 2,816,346 | ||||||||
110,881 | W.R. Berkley Corp | 6,666,166 | ||||||||
15,218 | * | Watford Holdings Ltd | �� | 547,848 | ||||||
2,469 | White Mountains Insurance Group Ltd | 2,242,667 | ||||||||
103,195 | Willis Towers Watson plc | 18,831,024 | ||||||||
TOTAL INSURANCE | 843,383,505 | |||||||||
MATERIALS - 2.8% | ||||||||||
14,330 | e | Advanced Emissions Solutions, Inc | 63,768 | |||||||
32,022 | * | AdvanSix, Inc | 487,375 | |||||||
177,705 | Air Products & Chemicals, Inc | 49,089,229 | ||||||||
84,397 | Albemarle Corp | 7,866,644 | ||||||||
140,859 | * | Alcoa Corp | 1,819,898 | |||||||
100,911 | * | Allegheny Technologies, Inc | 929,390 | |||||||
1,266,969 | Amcor plc | 13,214,487 | ||||||||
17,284 | American Vanguard Corp | 223,309 | ||||||||
66,844 | *,e | Amyris, Inc | 167,110 |
161 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
51,923 | Aptargroup, Inc | $ | 5,923,895 | |||||||
82,803 | * | Arconic Corp | 1,800,137 | |||||||
15,547 | Ardagh Group S.A. | 256,215 | ||||||||
43,074 | Ashland Global Holdings, Inc | 3,005,273 | ||||||||
66,587 | Avery Dennison Corp | 9,214,975 | ||||||||
71,357 | Avient Corp | 2,217,062 | ||||||||
165,381 | * | Axalta Coating Systems Ltd | 4,152,717 | |||||||
25,874 | Balchem Corp | 2,586,106 | ||||||||
256,794 | Ball Corp | 22,854,666 | ||||||||
105,234 | * | Berry Global Group, Inc | 4,907,061 | |||||||
29,074 | Boise Cascade Co | 1,115,860 | ||||||||
48,358 | Cabot Corp | 1,838,088 | ||||||||
11,651 | Caledonia Mining Corp plc | 190,261 | ||||||||
37,844 | Carpenter Technology Corp | 661,513 | ||||||||
94,328 | Celanese Corp (Series A) | 10,707,171 | ||||||||
38,515 | * | Century Aluminum Co | 253,429 | |||||||
167,177 | CF Industries Holdings, Inc | 4,615,757 | ||||||||
5,739 | Chase Corp | 546,123 | ||||||||
130,519 | Chemours Co | 2,628,653 | ||||||||
13,347 | * | Clearwater Paper Corp | 495,841 | |||||||
319,384 | e | Cleveland-Cliffs, Inc | 2,644,499 | |||||||
23,661 | CMC Materials, Inc | 3,364,358 | ||||||||
197,229 | * | Coeur Mining, Inc | 1,394,409 | |||||||
95,395 | Commercial Metals Co | 1,969,907 | ||||||||
28,562 | Compass Minerals International, Inc | 1,724,574 | ||||||||
602,115 | Corteva, Inc | 19,857,753 | ||||||||
104,578 | * | Crown Holdings, Inc | 8,972,792 | |||||||
46,986 | Domtar Corp | 1,122,026 | ||||||||
595,806 | Dow, Inc | 27,103,215 | ||||||||
590,465 | DuPont de Nemours, Inc | 33,585,649 | ||||||||
33,411 | Eagle Materials, Inc | 2,848,288 | ||||||||
108,374 | Eastman Chemical Co | 8,760,954 | ||||||||
200,422 | Ecolab, Inc | 36,795,475 | ||||||||
178,521 | * | Element Solutions, Inc | 2,092,266 | |||||||
75,640 | * | Ferro Corp | 972,730 | |||||||
48,283 | *,† | Ferroglobe plc | 0 | |||||||
104,709 | FMC Corp | 10,757,803 | ||||||||
14,694 | * | Forterra, Inc | 191,757 | |||||||
1,161,142 | Freeport-McMoRan, Inc (Class B) | 20,134,202 | ||||||||
25,108 | FutureFuel Corp | 298,534 | ||||||||
40,309 | * | GCP Applied Technologies, Inc | 879,139 | |||||||
39,258 | Glatfelter Corp | 560,212 | ||||||||
35,140 | Gold Resource Corp | 96,284 | ||||||||
212,859 | Graphic Packaging Holding Co | 2,828,896 | ||||||||
21,501 | Greif, Inc (Class A) | 872,726 | ||||||||
5,983 | Greif, Inc (Class B) | 258,765 | ||||||||
41,573 | H.B. Fuller Co | 1,881,178 | ||||||||
7,702 | Hawkins, Inc | 359,760 | ||||||||
7,327 | Haynes International, Inc | 118,771 | ||||||||
390,369 | Hecla Mining Co | 1,787,890 | ||||||||
156,767 | Huntsman Corp | 3,807,870 | ||||||||
31,924 | * | Ingevity Corp | 1,751,989 | |||||||
21,475 | Innospec, Inc | 1,420,356 | ||||||||
85,427 | e | International Flavors & Fragrances, Inc | 8,769,936 | |||||||
314,790 | International Paper Co | 13,772,062 | ||||||||
16,708 | * | Intrepid Potash, Inc | 166,746 |
162 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
15,164 | Kaiser Aluminum Corp | $ | 954,270 | |||||||
12,426 | * | Koppers Holdings, Inc | 278,715 | |||||||
24,477 | * | Kraton Corp | 692,699 | |||||||
17,841 | Kronos Worldwide, Inc | 237,642 | ||||||||
422,952 | Linde plc | 93,193,244 | ||||||||
125,984 | *,e | Livent Corp | 1,354,328 | |||||||
87,573 | Louisiana-Pacific Corp | 2,502,836 | ||||||||
205,418 | LyondellBasell Industries NV | 14,060,862 | ||||||||
1,527 | * | Marrone Bio Innovations, Inc | 1,680 | |||||||
49,625 | Martin Marietta Materials, Inc | 13,217,619 | ||||||||
16,456 | Materion Corp | 842,383 | ||||||||
214 | * | Mayville Engineering Co Inc | 1,907 | |||||||
31,379 | Minerals Technologies, Inc | 1,716,117 | ||||||||
275,862 | Mosaic Co | 5,103,447 | ||||||||
24,595 | Myers Industries, Inc | 352,692 | ||||||||
15,338 | Neenah Inc | 577,169 | ||||||||
5,681 | NewMarket Corp | 2,032,037 | ||||||||
644,857 | Newmont Goldcorp Corp | 40,522,814 | ||||||||
187,119 | * | Novagold Resources Inc | 1,938,553 | |||||||
240,825 | Nucor Corp | 11,501,802 | ||||||||
131,800 | O-I Glass, Inc | 1,242,874 | ||||||||
116,854 | Olin Corp | 1,933,934 | ||||||||
5,860 | Olympic Steel, Inc | 66,863 | ||||||||
44,569 | Orion Engineered Carbons SA | 653,827 | ||||||||
75,006 | Packaging Corp of America | 8,587,437 | ||||||||
189,457 | PPG Industries, Inc | 24,576,362 | ||||||||
33,843 | * | PQ Group Holdings, Inc | 391,225 | |||||||
10,422 | Quaker Chemical Corp | 1,988,413 | ||||||||
24,034 | * | Ranpak Holdings Corp | 205,010 | |||||||
52,090 | * | Rayonier Advanced Materials, Inc | 178,669 | |||||||
51,094 | Reliance Steel & Aluminum Co | 5,568,735 | ||||||||
52,644 | Royal Gold, Inc | 6,254,634 | ||||||||
102,668 | RPM International, Inc | 8,692,900 | ||||||||
11,406 | * | Ryerson Holding Corp | 89,765 | |||||||
15,755 | Schnitzer Steel Industries, Inc (Class A) | 330,855 | ||||||||
25,956 | Schweitzer-Mauduit International, Inc | 861,739 | ||||||||
32,804 | Scotts Miracle-Gro Co (Class A) | 4,922,240 | ||||||||
123,976 | Sealed Air Corp | 4,908,210 | ||||||||
32,817 | Sensient Technologies Corp | 2,147,216 | ||||||||
66,301 | Sherwin-Williams Co | 45,613,762 | ||||||||
65,473 | Silgan Holdings, Inc | 2,255,545 | ||||||||
79,582 | Sonoco Products Co | 3,890,764 | ||||||||
67,055 | Southern Copper Corp (NY) | 3,509,659 | ||||||||
159,087 | Steel Dynamics, Inc | 5,008,059 | ||||||||
17,654 | Stepan Co | 2,055,632 | ||||||||
93,665 | * | Summit Materials, Inc | 1,656,934 | |||||||
66,599 | SunCoke Energy, Inc | 232,430 | ||||||||
79,910 | * | TimkenSteel Corp | 309,252 | |||||||
9,133 | * | Trecora Resources | 54,067 | |||||||
15,869 | Tredegar Corp | 231,370 | ||||||||
33,542 | Trinseo S.A. | 1,067,306 | ||||||||
72,312 | Tronox Holdings plc | 706,488 | ||||||||
47,947 | UFP Industries, Inc | 2,393,035 | ||||||||
3,261 | * | UFP Technologies, Inc | 120,853 | |||||||
834 | United States Lime & Minerals, Inc | 77,312 | ||||||||
166,316 | e | United States Steel Corp | 1,606,613 |
163 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
18,032 | * | US Concrete, Inc | $ | 612,367 | ||||||
146,705 | Valvoline, Inc | 2,885,687 | ||||||||
28,800 | Verso Corp | 224,064 | ||||||||
106,038 | Vulcan Materials Co | 15,358,544 | ||||||||
41,260 | Warrior Met Coal, Inc | 618,900 | ||||||||
27,085 | Westlake Chemical Corp | 1,831,488 | ||||||||
205,389 | WestRock Co | 7,712,357 | ||||||||
30,297 | Worthington Industries, Inc | 1,490,915 | ||||||||
45,169 | WR Grace and Co | 1,964,400 | ||||||||
TOTAL MATERIALS | 745,927,311 | |||||||||
MEDIA & ENTERTAINMENT - 8.4% | ||||||||||
614,066 | Activision Blizzard, Inc | 46,503,218 | ||||||||
241,594 | * | Alphabet, Inc (Class A) | 390,442,479 | |||||||
238,489 | * | Alphabet, Inc (Class C) | 386,593,054 | |||||||
240,637 | * | Altice USA, Inc | 6,485,167 | |||||||
72,925 | AMC Entertainment Holdings, Inc | 172,103 | ||||||||
32,236 | *,e | AMC Networks, Inc | 685,015 | |||||||
12,879 | *,e | Black Diamond Therapeutics, Inc | 405,817 | |||||||
8,647 | * | Boston Omaha Corp | 138,179 | |||||||
4,277 | Cable One, Inc | 7,407,165 | ||||||||
21,021 | *,e | Cardlytics, Inc | 1,551,770 | |||||||
68,080 | * | Cargurus, Inc | 1,356,834 | |||||||
43,384 | * | Cars.com, Inc | 320,608 | |||||||
120,439 | * | Charter Communications, Inc | 72,723,477 | |||||||
94,823 | e | Cinemark Holdings, Inc | 776,600 | |||||||
3,648,461 | Comcast Corp (Class A) | 154,110,993 | ||||||||
37,208 | * | comScore, Inc | 74,230 | |||||||
470 | *,e | Daily Journal Corp | 127,464 | |||||||
39,986 | * | DHI Group, Inc | 67,576 | |||||||
124,466 | *,e | Discovery, Inc (Class A) | 2,519,192 | |||||||
258,576 | * | Discovery, Inc (Class C) | 4,737,112 | |||||||
193,329 | * | DISH Network Corp (Class A) | 4,927,956 | |||||||
229,350 | * | Electronic Arts, Inc | 27,483,011 | |||||||
157,559 | Entercom Communications Corp (Class A) | 236,339 | ||||||||
41,363 | Entravision Communications Corp (Class A) | 75,694 | ||||||||
118,250 | *,e | Eros International plc | 227,040 | |||||||
51,662 | *,e | Eventbrite Inc | 476,840 | |||||||
11,437 | * | EverQuote Inc | 383,025 | |||||||
35,051 | EW Scripps Co (Class A) | 318,263 | ||||||||
1,932,292 | * | Facebook, Inc | 508,405,348 | |||||||
14,369 | * | Fluent, Inc | 36,641 | |||||||
266,460 | Fox Corp (Class A) | 7,066,519 | ||||||||
126,403 | Fox Corp (Class B) | 3,304,174 | ||||||||
5,234 | * | Gaia, Inc | 53,073 | |||||||
1,343 | *,e | Gannett Co, Inc | 1,544 | |||||||
114,436 | * | Glu Mobile, Inc | 819,362 | |||||||
80,919 | * | Gray Television, Inc | 1,026,053 | |||||||
9,282 | * | Hemisphere Media Group, Inc | 72,585 | |||||||
48,581 | *,e | iHeartMedia, Inc | 399,336 | |||||||
40,111 | * | Imax Corp | 462,480 | |||||||
304,222 | Interpublic Group of Cos, Inc | 5,503,376 | ||||||||
39,246 | John Wiley & Sons, Inc (Class A) | 1,215,056 | ||||||||
6,535 | *,e | Liberty Braves Group (Class A) | 135,275 | |||||||
33,020 | * | Liberty Braves Group (Class C) | 675,919 | |||||||
19,898 | * | Liberty Broadband Corp (Class A) | 2,796,664 |
164 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
84,270 | * | Liberty Broadband Corp (Class C) | $ | 11,941,902 | ||||||
19,292 | * | Liberty Media Group (Class A) | 642,424 | |||||||
156,342 | * | Liberty Media Group (Class C) | 5,648,637 | |||||||
65,450 | * | Liberty SiriusXM Group (Class A) | 2,262,607 | |||||||
137,420 | * | Liberty SiriusXM Group (Class C) | 4,754,732 | |||||||
73,663 | * | Liberty TripAdvisor Holdings, Inc | 131,120 | |||||||
47,510 | * | Lions Gate Entertainment Corp (Class A) | 318,317 | |||||||
92,384 | * | Lions Gate Entertainment Corp (Class B) | 579,248 | |||||||
111,935 | * | Live Nation, Inc | 5,462,428 | |||||||
18,131 | *,e | LiveXLive Media, Inc | 36,443 | |||||||
10,380 | Loral Space & Communications, Inc | 180,716 | ||||||||
14,556 | * | Madison Square Garden Co | 2,061,712 | |||||||
14,556 | * | Madison Square Garden Entertainment Corp | 946,140 | |||||||
26,238 | Marcus Corp | 192,325 | ||||||||
175,745 | * | Match Group, Inc | 20,523,501 | |||||||
35,804 | Meredith Corp | 393,844 | ||||||||
39,398 | * | MSG Networks, Inc | 352,218 | |||||||
101,462 | National CineMedia, Inc | 201,402 | ||||||||
342,145 | * | Netflix, Inc | 162,772,062 | |||||||
130,681 | New York Times Co (Class A) | 5,182,808 | ||||||||
305,924 | News Corp (Class A) | 4,016,782 | ||||||||
99,469 | News Corp (Class B) | 1,295,086 | ||||||||
35,339 | Nexstar Media Group Inc | 2,911,934 | ||||||||
166,828 | Omnicom Group, Inc | 7,874,282 | ||||||||
322,202 | * | Pinterest, Inc | 18,993,808 | |||||||
43,758 | * | QuinStreet, Inc | 700,347 | |||||||
84,894 | * | Roku, Inc | 17,182,546 | |||||||
1,557 | Saga Communications, Inc | 26,500 | ||||||||
23,890 | Scholastic Corp | 472,066 | ||||||||
46,743 | e | Sinclair Broadcast Group, Inc (Class A) | 868,485 | |||||||
926,691 | e | Sirius XM Holdings, Inc | 5,309,939 | |||||||
105,160 | * | Spotify Technology S.A. | 25,226,832 | |||||||
90,794 | * | Take-Two Interactive Software, Inc | 14,065,807 | |||||||
20,403 | * | TechTarget, Inc | 893,651 | |||||||
179,899 | TEGNA, Inc | 2,164,185 | ||||||||
13,052 | Tribune Publishing Co | 149,576 | ||||||||
77,824 | TripAdvisor, Inc | 1,487,217 | ||||||||
91,287 | * | TrueCar, Inc | 398,011 | |||||||
617,222 | * | Twitter, Inc | 25,528,302 | |||||||
7,817 | ViacomCBS, Inc (Class A) | 233,416 | ||||||||
434,819 | ViacomCBS, Inc (Class B) | 12,422,779 | ||||||||
1,454,257 | Walt Disney Co | 176,328,661 | ||||||||
20,501 | * | WideOpenWest, Inc | 102,300 | |||||||
36,271 | World Wrestling Entertainment, Inc (Class A) | 1,318,814 | ||||||||
59,867 | * | Yelp, Inc | 1,177,584 | |||||||
46,444 | * | Zillow Group, Inc (Class A) | 4,148,843 | |||||||
112,581 | * | Zillow Group, Inc (Class C) | 9,976,928 | |||||||
707,420 | * | Zynga, Inc | 6,359,706 | |||||||
TOTAL MEDIA & ENTERTAINMENT | 2,209,518,599 | |||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.7% | ||||||||||
46,279 | * | 10X Genomics, Inc | 6,335,595 | |||||||
5,492 | * | 89bio, Inc | 127,195 | |||||||
1,417,865 | AbbVie, Inc | 120,660,311 | ||||||||
55,363 | * | Abeona Therapeutics, Inc | 59,238 | |||||||
88,266 | * | Acadia Pharmaceuticals, Inc | 4,099,956 |
165 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
25,306 | *,e | Accelerate Diagnostics, Inc | $ | 238,383 | ||||||
40,640 | * | Acceleron Pharma, Inc | 4,250,131 | |||||||
68,121 | *,e | AcelRx Pharmaceuticals, Inc | 116,487 | |||||||
60,834 | * | Adaptive Biotechnologies Corp | 2,803,231 | |||||||
50,388 | *,e | ADMA Biologics, Inc | 100,272 | |||||||
68,997 | * | Adverum Biotechnologies, Inc | 752,757 | |||||||
34,304 | * | Aeglea BioTherapeutics, Inc | 263,455 | |||||||
29,880 | * | Aerie Pharmaceuticals, Inc | 317,027 | |||||||
57,863 | * | Affimed NV | 182,847 | |||||||
118,690 | * | Agenus, Inc | 437,966 | |||||||
72,464 | *,e | Agile Therapeutics, Inc | 197,102 | |||||||
248,676 | Agilent Technologies, Inc | 25,387,333 | ||||||||
47,081 | * | Agios Pharmaceuticals, Inc | 1,886,536 | |||||||
108,921 | * | Akebia Therapeutics, Inc | 241,805 | |||||||
10,592 | * | Akero Therapeutics, Inc | 281,218 | |||||||
11,326 | * | Akouos, Inc | 219,838 | |||||||
10,417 | * | Albireo Pharma, Inc | 328,761 | |||||||
71,596 | *,† | Alder Biopharmaceuticals Inc | 63,004 | |||||||
37,646 | * | Alector, Inc | 354,249 | |||||||
170,603 | * | Alexion Pharmaceuticals, Inc | 19,643,229 | |||||||
125,057 | * | Alkermes plc | 2,032,176 | |||||||
19,825 | *,e | Allakos, Inc | 1,885,952 | |||||||
42,271 | * | Allogene Therapeutics, Inc | 1,433,832 | |||||||
14,074 | * | Allovir, Inc | 371,976 | |||||||
92,589 | * | Alnylam Pharmaceuticals, Inc | 11,385,669 | |||||||
7,482 | * | ALX Oncology Holdings, Inc | 295,614 | |||||||
23,540 | * | AMAG Pharmaceuticals, Inc | 322,969 | |||||||
473,699 | Amgen, Inc | 102,764,261 | ||||||||
199,360 | * | Amicus Therapeutics, Inc | 3,554,589 | |||||||
93,531 | *,e | Amneal Pharmaceuticals, Inc | 389,089 | |||||||
30,621 | * | Amphastar Pharmaceuticals, Inc | 599,865 | |||||||
20,213 | * | AnaptysBio, Inc | 595,475 | |||||||
35,161 | * | Anavex Life Sciences Corp | 207,450 | |||||||
5,085 | * | ANI Pharmaceuticals, Inc | 129,617 | |||||||
8,992 | * | Anika Therapeutics, Inc | 293,319 | |||||||
9,685 | * | Annexon, Inc | 201,545 | |||||||
45,552 | * | Apellis Pharmaceuticals, Inc | 1,453,109 | |||||||
29,630 | *,e | Applied Genetic Technologies Corp | 152,891 | |||||||
9,675 | *,e | Applied Molecular Transport, Inc | 284,348 | |||||||
13,096 | * | Applied Therapeutics, Inc | 213,072 | |||||||
5,480 | * | Aprea Therapeutics, Inc | 119,519 | |||||||
48,662 | * | Aptinyx, Inc | 142,580 | |||||||
16,175 | *,e | Aquestive Therapeutics, Inc | 78,287 | |||||||
13,967 | *,e | Aravive Inc | 64,667 | |||||||
12,980 | * | Arcturus Therapeutics Holdings, Inc | 701,958 | |||||||
33,045 | * | Arcus Biosciences, Inc | 720,381 | |||||||
13,405 | *,e | Arcutis Biotherapeutics, Inc | 238,877 | |||||||
51,662 | * | Ardelyx, Inc | 263,993 | |||||||
45,811 | * | Arena Pharmaceuticals, Inc | 3,926,919 | |||||||
78,975 | * | Arrowhead Pharmaceuticals Inc | 4,525,267 | |||||||
23,781 | * | Arvinas, Inc | 497,261 | |||||||
74,154 | *,e | Aspira Women’s Health, Inc | 279,561 | |||||||
23,728 | * | Assembly Biosciences, Inc | 349,751 | |||||||
52,523 | * | Atara Biotherapeutics, Inc | 678,072 | |||||||
56,635 | * | Athenex, Inc | 645,639 | |||||||
141,303 | *,e | Athersys, Inc | 247,280 |
166 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
20,083 | * | Atreca, Inc | $ | 268,309 | ||||||
358,894 | * | Avantor, Inc | 8,351,463 | |||||||
18,249 | *,e | Avenue Therapeutics, Inc | 57,302 | |||||||
17,272 | * | AVEO Pharmaceuticals, Inc | 93,787 | |||||||
44,172 | * | Avid Bioservices, Inc | 320,247 | |||||||
13,061 | * | Avidity Biosciences, Inc | 322,999 | |||||||
26,435 | * | Avrobio, Inc | 377,492 | |||||||
37,400 | *,e | Axcella Health, Inc | 158,576 | |||||||
22,210 | * | Axsome Therapeutics, Inc | 1,472,745 | |||||||
18,702 | * | Aytu BioScience, Inc | 17,773 | |||||||
28,930 | *,e | Beam Therapeutics, Inc | 988,538 | |||||||
2,803 | * | Bellerophon Therapeutics, Inc | 23,629 | |||||||
7,307 | * | Berkeley Lights, Inc | 530,269 | |||||||
14,536 | *,e | Beyondspring Inc | 214,261 | |||||||
126,095 | *,e | BioCryst Pharmaceuticals, Inc | 481,683 | |||||||
61,266 | * | BioDelivery Sciences International, Inc | 193,601 | |||||||
126,810 | * | Biogen, Inc | 31,964,997 | |||||||
38,392 | * | Biohaven Pharmaceutical Holding Co Ltd | 2,973,844 | |||||||
144,448 | * | BioMarin Pharmaceutical, Inc | 10,751,265 | |||||||
16,890 | * | Bio-Rad Laboratories, Inc (Class A) | 9,904,634 | |||||||
6,467 | * | Biospecifics Technologies Corp | 569,743 | |||||||
30,598 | Bio-Techne Corp | 7,723,241 | ||||||||
10,249 | * | Bioxcel Therapeutics Inc | 468,277 | |||||||
51,175 | * | Bluebird Bio, Inc | 2,646,259 | |||||||
43,390 | * | Blueprint Medicines Corp | 4,437,929 | |||||||
31,725 | *,e | BrainStorm Cell Therapeutics, Inc | 318,202 | |||||||
56,376 | *,e | Bridgebio Pharma, Inc | 2,163,711 | |||||||
1,821,291 | Bristol-Myers Squibb Co | 106,454,459 | ||||||||
82,864 | Bruker BioSciences Corp | 3,525,035 | ||||||||
6,432 | * | Cabaletta Bio, Inc | 74,418 | |||||||
83,101 | * | Calithera Biosciences, Inc | 294,178 | |||||||
4,890 | *,e | Calyxt, Inc | 15,697 | |||||||
33,868 | *,e | Cara Therapeutics, Inc | 449,090 | |||||||
37,501 | * | CareDx, Inc | 1,839,424 | |||||||
32,782 | * | CASI Pharmaceuticals, Inc | 77,038 | |||||||
18,897 | *,e | Cassava Sciences, Inc | 155,144 | |||||||
9,775 | * | Castle Biosciences, Inc | 453,853 | |||||||
27,064 | *,e | Catabasis Pharmaceuticals, Inc | 36,266 | |||||||
129,794 | * | Catalent, Inc | 11,392,019 | |||||||
78,821 | * | Catalyst Pharmaceuticals, Inc | 234,098 | |||||||
7,851 | * | Cellular Biomedicine Group, Inc | 141,397 | |||||||
29,568 | *,e | CEL-SCI Corp | 355,703 | |||||||
68 | * | Centogene NV | 828 | |||||||
78,552 | *,e | Cerecor Inc | 161,817 | |||||||
39,553 | * | Charles River Laboratories International, Inc | 9,006,218 | |||||||
97,406 | *,e | Checkpoint Therapeutics Inc | 213,319 | |||||||
39,554 | * | ChemoCentryx, Inc | 1,898,592 | |||||||
41,097 | * | Chiasma, Inc | 154,114 | |||||||
86,489 | * | Chimerix, Inc | 230,926 | |||||||
27,694 | * | Chinook Therapeutics, Inc | 342,021 | |||||||
34,246 | *,e | ChromaDex Corp | 154,449 | |||||||
51,151 | *,e | Cidara Therapeutics, Inc | 133,504 | |||||||
64,876 | *,e | Clovis Oncology, Inc | 319,839 | |||||||
41,571 | *,e | Codexis, Inc | 553,310 | |||||||
46,985 | * | Coherus Biosciences, Inc | 783,240 | |||||||
25,433 | * | Collegium Pharmaceutical, Inc | 453,470 |
167 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
30,891 | * | Concert Pharmaceuticals, Inc | $ | 318,795 | ||||||
22,574 | * | Constellation Pharmaceuticals, Inc | 442,902 | |||||||
26,842 | * | ContraFect Corp | 151,657 | |||||||
55,322 | *,e | Corbus Pharmaceuticals Holdings, Inc | 51,986 | |||||||
73,863 | * | Corcept Therapeutics, Inc | 1,239,421 | |||||||
21,126 | *,e | CorMedix Inc | 106,686 | |||||||
12,822 | *,e | Cortexyme Inc | 613,789 | |||||||
22,077 | * | Crinetics Pharmaceuticals, Inc | 266,690 | |||||||
24,217 | * | Cue Biopharma, Inc | 269,777 | |||||||
54,474 | * | Cymabay Therapeutics, Inc | 453,224 | |||||||
51,919 | *,e | Cytokinetics, Inc | 797,995 | |||||||
30,020 | * | CytomX Therapeutics, Inc | 198,732 | |||||||
30,488 | * | Deciphera Pharmaceuticals, Inc | 1,770,438 | |||||||
50,211 | * | Denali Therapeutics, Inc | 2,148,027 | |||||||
13,115 | *,e | DermTech, Inc | 167,347 | |||||||
49,976 | * | Dicerna Pharmaceuticals, Inc | 1,048,996 | |||||||
161,075 | * | Durect Corp | 290,740 | |||||||
20,577 | *,e | Dyadic International, Inc | 146,920 | |||||||
91,273 | *,e | Dynavax Technologies Corp | 340,448 | |||||||
11,556 | * | Eagle Pharmaceuticals, Inc | 537,585 | |||||||
47,801 | * | Editas Medicine, Inc | 1,478,963 | |||||||
9,115 | *,e | Eidos Therapeutics, Inc | 646,436 | |||||||
19,717 | * | Eiger BioPharmaceuticals, Inc | 175,087 | |||||||
319,634 | * | Elanco Animal Health, Inc | 9,911,850 | |||||||
677,623 | Eli Lilly & Co | 88,402,697 | ||||||||
14,278 | *,e | Eloxx Pharmaceuticals, Inc | 36,123 | |||||||
36,075 | * | Emergent Biosolutions, Inc | 3,245,668 | |||||||
14,213 | * | Enanta Pharmaceuticals, Inc | 620,113 | |||||||
205,862 | * | Endo International plc | 940,789 | |||||||
504 | *,e | Enochian Biosciences Inc | 1,537 | |||||||
64,407 | * | Epizyme, Inc | 796,071 | |||||||
21,248 | *,e | Esperion Thereapeutics, Inc | 636,803 | |||||||
423 | *,e | Evelo Biosciences, Inc | 1,679 | |||||||
59,988 | *,e | Evofem Biosciences Inc | 142,172 | |||||||
22,516 | *,e | Evolus, Inc | 68,223 | |||||||
119,189 | * | Exact Sciences Corp | 14,759,174 | |||||||
244,572 | * | Exelixis, Inc | 5,008,835 | |||||||
70,922 | * | Exicure, Inc | 106,383 | |||||||
56,631 | *,e | Fate Therapeutics, Inc | 2,514,416 | |||||||
21,763 | *,e | Fennec Pharmaceuticals, Inc | 164,528 | |||||||
67,209 | * | FibroGen, Inc | 2,579,481 | |||||||
18,012 | * | Five Prime Therapeutics, Inc | 82,135 | |||||||
26,856 | *,e | Flexion Therapeutics, Inc | 322,003 | |||||||
50,859 | * | Fluidigm Corp | 291,931 | |||||||
12,575 | * | Forma Therapeutics Holdings, Inc | 542,234 | |||||||
73,530 | * | Fortress Biotech, Inc | 161,766 | |||||||
22,920 | *,e | Frequency Therapeutics, Inc | 501,490 | |||||||
11,092 | * | Fulcrum Therapeutics, Inc | 109,367 | |||||||
33,572 | * | G1 Therapeutics, Inc | 368,956 | |||||||
75,191 | *,e | Galectin Therapeutics, Inc | 190,985 | |||||||
9,560 | * | Generation Bio Co | 247,030 | |||||||
23,320 | *,e | Genprex, Inc | 75,790 | |||||||
200,049 | *,e | Geron Corp | 348,085 | |||||||
1,009,705 | Gilead Sciences, Inc | 58,714,346 | ||||||||
45,561 | * | Global Blood Therapeutics, Inc | 2,409,266 | |||||||
22,054 | * | GlycoMimetics, Inc | 61,751 |
168 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
44,377 | * | Gossamer Bio, Inc | $ | 368,329 | ||||||
53,752 | * | Gritstone Oncology, Inc | 146,743 | |||||||
105,627 | * | Halozyme Therapeutics, Inc | 2,957,556 | |||||||
6,122 | * | Harpoon Therapeutics, Inc | 88,585 | |||||||
35,907 | *,e | Harrow Health, Inc | 170,917 | |||||||
63,695 | * | Harvard Bioscience, Inc | 215,289 | |||||||
71,504 | * | Heron Therapeutics, Inc | 1,166,230 | |||||||
29,898 | * | Homology Medicines, Inc | 316,022 | |||||||
17,936 | *,e | Hookipa Pharma, Inc | 168,598 | |||||||
156,238 | * | Horizon Therapeutics Plc | 11,706,913 | |||||||
87,042 | *,e | iBio, Inc | 151,453 | |||||||
14,055 | * | Ideaya Biosciences, Inc | 171,049 | |||||||
6,220 | *,e | IGM Biosciences, Inc | 328,354 | |||||||
117,921 | * | Illumina, Inc | 34,515,477 | |||||||
2,811 | * | Immunic, Inc | 44,526 | |||||||
149,740 | * | Immunogen, Inc | 844,534 | |||||||
29,223 | * | Immunovant, Inc | 1,274,707 | |||||||
145,951 | * | Incyte Corp | 12,645,195 | |||||||
52,569 | * | Innoviva, Inc | 568,271 | |||||||
125,794 | *,e | Inovio Pharmaceuticals, Inc | 1,239,071 | |||||||
5,115 | *,e | Inozyme Pharma, Inc | 117,492 | |||||||
79,098 | * | Insmed, Inc | 2,605,488 | |||||||
37,309 | *,e | Intellia Therapeutics, Inc | 893,177 | |||||||
22,545 | * | Intercept Pharmaceuticals, Inc | 626,526 | |||||||
22,271 | * | Intersect ENT, Inc | 345,201 | |||||||
47,970 | * | Intra-Cellular Therapies, Inc | 1,183,420 | |||||||
90,329 | *,e | Invitae Corp | 3,541,800 | |||||||
102,899 | * | Ionis Pharmaceuticals, Inc | 4,831,108 | |||||||
110,036 | * | Iovance Biotherapeutics, Inc | 3,926,084 | |||||||
152,599 | * | IQVIA Holdings, Inc | 23,498,720 | |||||||
123,559 | * | Ironwood Pharmaceuticals, Inc | 1,220,763 | |||||||
6,657 | * | iTeos Therapeutics, Inc | 151,580 | |||||||
57,635 | *,e | IVERIC bio, Inc | 341,199 | |||||||
43,406 | * | Jazz Pharmaceuticals plc | 6,254,805 | |||||||
2,122,809 | Johnson & Johnson | 291,058,342 | ||||||||
8,662 | * | Jounce Therapeutics, Inc | 72,068 | |||||||
135,416 | * | Kadmon Holdings, Inc | 460,414 | |||||||
39,282 | *,e | Kala Pharmaceuticals, Inc | 259,261 | |||||||
28,085 | *,e | Kaleido Biosciences Inc | 171,599 | |||||||
25,478 | * | KalVista Pharmaceuticals Inc | 438,476 | |||||||
12,615 | * | Karuna Therapeutics, Inc | 1,024,212 | |||||||
48,977 | * | Karyopharm Therapeutics, Inc | 725,839 | |||||||
5,663 | * | Keros Therapeutics, Inc | 314,863 | |||||||
37,630 | * | Kezar Life Sciences, Inc | 192,666 | |||||||
35,019 | * | Kindred Biosciences, Inc | 122,216 | |||||||
17,956 | * | Kiniksa Pharmaceuticals Ltd | 281,191 | |||||||
23,147 | *,e | Kodiak Sciences, Inc | 2,101,979 | |||||||
10,884 | * | Krystal Biotech Inc | 467,903 | |||||||
43,174 | * | Kura Oncology, Inc | 1,349,188 | |||||||
10,743 | *,e | La Jolla Pharmaceutical Co | 36,526 | |||||||
25,546 | *,e | Lannett Co, Inc | 164,261 | |||||||
106,997 | *,e | Lexicon Pharmaceuticals, Inc | 118,767 | |||||||
11,717 | *,e | Ligand Pharmaceuticals, Inc (Class B) | 966,067 | |||||||
31,107 | *,e | Liquidia Technologies, Inc | 143,714 | |||||||
395 | *,e | LogicBio Therapeutics, Inc | 2,180 | |||||||
34,895 | Luminex Corp | 769,086 |
169 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
38,792 | * | MacroGenics, Inc | $ | 752,953 | ||||||
7,135 | * | Madrigal Pharmaceuticals, Inc | 907,929 | |||||||
16,996 | * | Magenta Therapeutics, Inc | 107,245 | |||||||
154,295 | *,e | MannKind Corp | 310,133 | |||||||
17,155 | *,e | Marinus Pharmaceuticals, Inc | 223,701 | |||||||
96,614 | *,e | Marker Therapeutics Inc | 131,395 | |||||||
52,150 | *,e | MediciNova, Inc | 291,519 | |||||||
21,466 | * | Medpace Holdings, Inc | 2,381,438 | |||||||
69,191 | * | MEI Pharma, Inc | 179,897 | |||||||
11,823 | * | MeiraGTx Holdings plc | 151,098 | |||||||
2,032,902 | Merck & Co, Inc | 152,894,559 | ||||||||
43,368 | * | Mersana Therapeutics, Inc | 781,491 | |||||||
18,941 | * | Mettler-Toledo International, Inc | 18,901,413 | |||||||
25,528 | * | Minerva Neurosciences, Inc | 81,945 | |||||||
29,933 | * | Mirati Therapeutics, Inc | 6,499,652 | |||||||
5,376 | *,e | Mirum Pharmaceuticals, Inc | 84,672 | |||||||
229,190 | * | Moderna, Inc | 15,463,449 | |||||||
17,414 | * | Molecular Templates, Inc | 153,940 | |||||||
11,153 | * | Morphic Holding, Inc | 300,127 | |||||||
968 | * | Mustang Bio, Inc | 2,580 | |||||||
414,056 | * | Mylan NV | 6,020,374 | |||||||
40,294 | * | MyoKardia, Inc | 9,006,918 | |||||||
53,111 | * | Myriad Genetics, Inc | 660,170 | |||||||
28,053 | * | NanoString Technologies, Inc | 1,028,142 | |||||||
23,404 | *,e | NantKwest, Inc | 175,764 | |||||||
56,269 | * | Natera, Inc | 3,784,653 | |||||||
139,476 | * | Nektar Therapeutics | 2,209,300 | |||||||
83,855 | * | NeoGenomics, Inc | 3,289,632 | |||||||
24,237 | * | Neoleukin Therapeutics, Inc | 254,246 | |||||||
20,430 | * | Neubase Therapeutics, Inc | 160,069 | |||||||
73,414 | * | Neurocrine Biosciences, Inc | 7,243,759 | |||||||
12,885 | *,e | NextCure Inc | 124,469 | |||||||
17,618 | * | NGM Biopharmaceuticals Inc | 305,496 | |||||||
12,693 | * | Nkarta, Inc | 364,416 | |||||||
48,822 | * | Novavax, Inc | 3,940,424 | |||||||
8,696 | * | Nurix Therapeutics, Inc | 219,922 | |||||||
55,556 | *,e | Nymox Pharmaceutical Corp | 106,668 | |||||||
48,404 | * | Ocular Therapeutix, Inc | 459,838 | |||||||
13,206 | * | Odonate Therapeutics, Inc | 190,298 | |||||||
55,127 | *,e | Omeros Corp | 558,988 | |||||||
64,026 | *,e | Oncocyte Corp | 94,758 | |||||||
319,376 | *,e | Opko Health, Inc | 1,124,204 | |||||||
19,877 | *,e | Optinose, Inc | 63,606 | |||||||
359 | * | Organogenesis Holdings Inc | 1,310 | |||||||
29,283 | *,e | Orgenesis, Inc | 132,652 | |||||||
7,067 | *,e | ORIC Pharmaceuticals, Inc | 151,941 | |||||||
18,519 | *,e | Osmotica Pharmaceuticals plc | 95,002 | |||||||
35,176 | *,e | Ovid therapeutics, Inc | 179,749 | |||||||
4,552 | *,e | Oyster Point Pharma, Inc | 90,266 | |||||||
130,552 | *,e | Pacific Biosciences of California, Inc | 1,711,537 | |||||||
32,675 | * | Pacira BioSciences Inc | 1,708,903 | |||||||
34,119 | * | Paratek Pharmaceuticals, Inc | 162,748 | |||||||
11,142 | * | Passage Bio, Inc | 187,297 | |||||||
106,520 | * | PDL BioPharma, Inc | 229,018 | |||||||
89,921 | PerkinElmer, Inc | 11,649,266 | ||||||||
107,531 | Perrigo Co plc | 4,717,385 |
170 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
19,057 | * | Personalis, Inc | $ | 471,280 | ||||||
25,003 | *,† | Pfenex, Inc | 18,752 | |||||||
4,473,961 | Pfizer, Inc | 158,736,136 | ||||||||
29,202 | *,e | PhaseBio Pharmaceuticals Inc | 79,721 | |||||||
8,447 | *,e | Phathom Pharmaceuticals, Inc | 332,474 | |||||||
12,126 | Phibro Animal Health Corp | 199,351 | ||||||||
20,154 | * | Pieris Pharmaceuticals, Inc | 50,587 | |||||||
5,930 | * | Pliant Therapeutics, Inc | 128,207 | |||||||
11,274 | * | Poseida Therapeutics, Inc | 129,764 | |||||||
50,302 | * | PRA Health Sciences, Inc | 4,901,427 | |||||||
27,039 | * | Precision BioSciences Inc | 170,616 | |||||||
41,502 | * | Prestige Consumer Healthcare, Inc. | 1,370,811 | |||||||
12,484 | * | Prevail Therapeutics, Inc | 122,218 | |||||||
72,597 | *,† | Progenics Pharmaceuticals, Inc | 0 | |||||||
25,106 | * | Protagonist Therapeutics, Inc | 475,759 | |||||||
27,173 | * | Prothena Corp plc | 296,457 | |||||||
34,533 | *,e | Provention Bio, Inc | 409,561 | |||||||
50,067 | * | PTC Therapeutics, Inc | 2,612,997 | |||||||
19,518 | * | Puma Biotechnology, Inc | 163,366 | |||||||
181,376 | *,e | QIAGEN NV | 8,604,477 | |||||||
15,418 | * | Quanterix Corp | 564,453 | |||||||
41,785 | * | Radius Health, Inc | 560,337 | |||||||
8,929 | * | RAPT Therapeutics, Inc | 256,619 | |||||||
18,930 | * | Reata Pharmaceuticals, Inc | 2,209,320 | |||||||
48,451 | * | Recro Pharma, Inc | 77,037 | |||||||
77,752 | * | Regeneron Pharmaceuticals, Inc | 42,262,877 | |||||||
29,204 | * | REGENXBIO, Inc | 839,907 | |||||||
25,139 | * | Relay Therapeutics, Inc | 928,635 | |||||||
11,432 | *,e | Relmada Therapeutics, Inc | 353,592 | |||||||
41,812 | * | Repligen Corp | 6,964,625 | |||||||
17,824 | * | Replimune Group, Inc | 745,221 | |||||||
34,380 | * | Retrophin, Inc | 695,851 | |||||||
45,912 | * | Revance Therapeutics, Inc | 1,188,203 | |||||||
32,167 | * | REVOLUTION Medicines, Inc | 971,122 | |||||||
24,644 | * | Rhythm Pharmaceuticals, Inc | 521,713 | |||||||
92,187 | * | Rigel Pharmaceuticals, Inc | 228,624 | |||||||
27,002 | * | Rocket Pharmaceuticals, Inc | 754,436 | |||||||
82,098 | Royalty Pharma plc | 3,012,997 | ||||||||
29,232 | *,e | Rubius Therapeutics, Inc | 123,651 | |||||||
41,478 | * | Sage Therapeutics, Inc | 3,043,656 | |||||||
93,549 | * | Sangamo Therapeutics Inc | 967,297 | |||||||
59,517 | * | Sarepta Therapeutics, Inc | 8,088,955 | |||||||
4,005 | *,e | Satsuma Pharmaceuticals, Inc | 14,258 | |||||||
18,239 | * | Scholar Rock Holding Corp | 709,497 | |||||||
23,956 | * | Schrodinger, Inc | 1,168,574 | |||||||
23,810 | * | scPharmaceuticals, Inc | 205,242 | |||||||
66,446 | *,e | Selecta Biosciences, Inc | 196,680 | |||||||
43,674 | * | Seres Therapeutics, Inc | 1,218,068 | |||||||
49,591 | * | SIGA Technologies, Inc | 316,886 | |||||||
46,649 | * | Soleno Therapeutics, Inc | 81,169 | |||||||
6,328 | * | Solid Biosciences, Inc | 20,693 | |||||||
169,798 | *,e | Sorrento Therapeutics, Inc | 1,178,398 | |||||||
119,880 | * | Spectrum Pharmaceuticals, Inc | 411,188 | |||||||
14,750 | *,e | Spero Therapeutics, Inc | 193,373 | |||||||
17,291 | * | SpringWorks Therapeutics, Inc | 1,002,705 | |||||||
9,897 | * | Stoke Therapeutics, Inc | 379,946 |
171 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
48,076 | * | Strongbridge Biopharma plc | $ | 93,748 | ||||||
37,057 | * | Supernus Pharmaceuticals, Inc | 680,367 | |||||||
22,286 | *,e | Sutro Biopharma, Inc | 286,598 | |||||||
16,000 | * | Syndax Pharmaceuticals, Inc | 278,560 | |||||||
54,550 | * | Syneos Health, Inc | 2,895,514 | |||||||
33,750 | * | Syros Pharmaceuticals, Inc | 225,113 | |||||||
19,876 | * | TCR2 Therapeutics Inc | 390,961 | |||||||
87,529 | * | TG Therapeutics, Inc | 2,211,858 | |||||||
230,647 | *,e | TherapeuticsMD, Inc | 281,389 | |||||||
40,680 | * | Theravance Biopharma, Inc | 769,259 | |||||||
317,977 | Thermo Fisher Scientific, Inc | 150,441,278 | ||||||||
51,281 | * | Translate Bio, Inc | 657,935 | |||||||
25,081 | * | Tricida, Inc | 141,206 | |||||||
27,064 | * | Turning Point Therapeutics Inc | 2,495,030 | |||||||
26,083 | * | Twist Bioscience Corp | 1,999,001 | |||||||
141,966 | *,e | Tyme Technologies, Inc | 123,241 | |||||||
45,608 | *,e | Ultragenyx Pharmaceutical, Inc | 4,583,604 | |||||||
34,569 | * | United Therapeutics Corp | 4,640,197 | |||||||
13,174 | *,e | UNITY Biotechnology, Inc | 50,983 | |||||||
14,050 | *,e | UroGen Pharma Ltd | 316,406 | |||||||
45,133 | * | Vanda Pharmaceuticals, Inc | 482,472 | |||||||
56,015 | *,e | Vaxart Inc | 275,594 | |||||||
14,209 | * | Vaxcyte, Inc | 530,990 | |||||||
127,867 | *,e | VBI Vaccines, Inc | 300,487 | |||||||
45,024 | * | Veracyte, Inc | 1,560,532 | |||||||
134,281 | *,e | Verastem, Inc | 161,137 | |||||||
36,565 | * | Vericel Corp | 677,549 | |||||||
12,843 | *,e | Verrica Pharmaceuticals, Inc | 95,167 | |||||||
208,598 | * | Vertex Pharmaceuticals, Inc | 43,463,479 | |||||||
19,374 | * | Viela Bio, Inc | 618,224 | |||||||
60,771 | *,e | Viking Therapeutics, Inc | 342,141 | |||||||
41,286 | *,e | Vir Biotechnology, Inc | 1,298,032 | |||||||
19,222 | * | Voyager Therapeutics, Inc | 204,330 | |||||||
113,594 | *,e | VYNE Therapeutics, Inc | 181,750 | |||||||
48,960 | * | Waters Corp | 10,909,267 | |||||||
22,758 | * | WaVe Life Sciences Ltd | 160,899 | |||||||
20,872 | * | X4 Pharmaceuticals, Inc | 119,805 | |||||||
14,762 | *,e | XBiotech, Inc | 252,578 | |||||||
45,046 | * | Xencor, Inc | 1,728,865 | |||||||
29,278 | *,e | Xeris Pharmaceuticals, Inc | 138,485 | |||||||
24,276 | * | Y-mAbs Therapeutics, Inc | 1,037,556 | |||||||
8,380 | * | Zentalis Pharmaceuticals, Inc | 331,764 | |||||||
173,675 | *,e | ZIOPHARM Oncology, Inc | 362,981 | |||||||
382,306 | Zoetis, Inc | 60,614,616 | ||||||||
45,182 | * | Zogenix, Inc | 963,280 | |||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 2,012,093,634 | |||||||||
REAL ESTATE - 3.3% | ||||||||||
72,354 | Acadia Realty Trust | 675,063 | ||||||||
41,545 | Agree Realty Corp | 2,578,698 | ||||||||
61,154 | Alexander & Baldwin, Inc | 785,829 | ||||||||
1,711 | Alexander’s, Inc | 416,098 | ||||||||
100,549 | Alexandria Real Estate Equities, Inc | 15,235,184 | ||||||||
12,571 | Alpine Income Property Trust, Inc | 175,365 | ||||||||
7,051 | * | Altisource Portfolio Solutions S.A. | 78,478 | |||||||
39,364 | American Assets Trust, Inc | 823,889 |
172 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
107,937 | American Campus Communities, Inc | $ | 4,043,320 | |||||||
79,965 | American Finance Trust, Inc | 460,998 | ||||||||
208,140 | American Homes 4 Rent | 5,884,118 | ||||||||
355,201 | American Tower Corp | 81,571,910 | ||||||||
163,423 | Americold Realty Trust | 5,920,815 | ||||||||
118,116 | Apartment Investment & Management Co | 3,767,900 | ||||||||
170,238 | Apple Hospitality REIT, Inc | 1,685,356 | ||||||||
28,825 | Armada Hoffler Properties, Inc | 259,713 | ||||||||
112,690 | AvalonBay Communities, Inc | 15,678,560 | ||||||||
19,057 | Bluerock Residential Growth REIT, Inc | 165,034 | ||||||||
123,944 | Boston Properties, Inc | 8,974,785 | ||||||||
136,083 | Brandywine Realty Trust | 1,192,087 | ||||||||
234,330 | Brixmor Property Group, Inc | 2,568,257 | ||||||||
46,286 | e | Brookfield Property REIT, Inc | 682,718 | |||||||
16,793 | Brt Realty Trust | 209,073 | ||||||||
74,663 | Camden Property Trust | 6,886,915 | ||||||||
72,865 | CareTrust REIT, Inc | 1,245,991 | ||||||||
58,020 | CatchMark Timber Trust, Inc | 504,194 | ||||||||
268,490 | * | CBRE Group, Inc | 13,531,896 | |||||||
46,017 | Chatham Lodging Trust | 338,225 | ||||||||
435 | CIM Commercial Trust Corp | 3,480 | ||||||||
48,735 | City Office REIT, Inc | 308,005 | ||||||||
8,392 | Clipper Realty, Inc | 47,163 | ||||||||
367,520 | Colony Capital, Inc | 1,308,371 | ||||||||
83,368 | Columbia Property Trust, Inc | 882,033 | ||||||||
15,842 | Community Healthcare Trust, Inc | 733,485 | ||||||||
93,641 | CoreCivic, Inc | 600,239 | ||||||||
5,154 | CorEnergy Infrastructure Trust, Inc | 24,121 | ||||||||
35,967 | CorePoint Lodging, Inc | 171,922 | ||||||||
32,539 | Coresite Realty | 3,883,855 | ||||||||
89,187 | Corporate Office Properties Trust | 2,000,464 | ||||||||
117,310 | Cousins Properties, Inc | 2,989,059 | ||||||||
334,540 | Crown Castle International Corp | 52,255,148 | ||||||||
3,757 | CTO Realty Growth, Inc | 165,796 | ||||||||
151,351 | CubeSmart | 5,135,339 | ||||||||
96,164 | * | Cushman & Wakefield plc | 1,127,042 | |||||||
93,657 | CyrusOne, Inc | 6,654,330 | ||||||||
167,918 | DiamondRock Hospitality Co | 829,515 | ||||||||
214,869 | Digital Realty Trust, Inc | 31,005,597 | ||||||||
221,432 | Diversified Healthcare Trust | 641,046 | ||||||||
131,266 | Douglas Emmett, Inc | 3,097,878 | ||||||||
296,152 | Duke Realty Corp | 11,250,814 | ||||||||
62,413 | Easterly Government Properties, Inc | 1,304,432 | ||||||||
30,681 | EastGroup Properties, Inc | 4,083,027 | ||||||||
109,215 | Empire State Realty Trust, Inc | 587,577 | ||||||||
61,377 | EPR Properties | 1,463,228 | ||||||||
70,776 | Equinix, Inc | 51,754,242 | ||||||||
95,682 | Equity Commonwealth | 2,527,918 | ||||||||
139,500 | Equity Lifestyle Properties, Inc | 8,257,005 | ||||||||
293,735 | Equity Residential | 13,799,670 | ||||||||
76,829 | Essential Properties Realty Trust, Inc | 1,269,215 | ||||||||
52,009 | Essex Property Trust, Inc | 10,640,521 | ||||||||
19,330 | * | eXp World Holdings Inc | 819,399 | |||||||
101,123 | Extra Space Storage, Inc | 11,725,212 | ||||||||
22,483 | Farmland Partners, Inc | 144,791 | ||||||||
60,363 | Federal Realty Investment Trust | 4,151,767 |
173 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
100,054 | First Industrial Realty Trust, Inc | $ | 3,983,150 | |||||||
13,449 | * | Forestar Group, Inc | 223,791 | |||||||
61,141 | Four Corners Property Trust, Inc | 1,549,313 | ||||||||
64,736 | Franklin Street Properties Corp | 271,891 | ||||||||
40,586 | Front Yard Residential Corp | 543,447 | ||||||||
6,508 | * | FRP Holdings, Inc | 263,314 | |||||||
165,573 | Gaming and Leisure Properties, Inc | 6,018,579 | ||||||||
95,806 | Geo Group, Inc | 848,841 | ||||||||
27,866 | Getty Realty Corp | 732,318 | ||||||||
29,856 | Gladstone Commercial Corp | 485,160 | ||||||||
15,362 | Gladstone Land Corp | 213,071 | ||||||||
33,041 | Global Medical REIT, Inc | 410,700 | ||||||||
84,263 | Global Net Lease, Inc | 1,199,062 | ||||||||
103,350 | Healthcare Realty Trust, Inc | 2,873,130 | ||||||||
169,161 | Healthcare Trust of America, Inc | 4,110,612 | ||||||||
430,553 | Healthpeak Properties Inc | 11,612,014 | ||||||||
31,803 | Hersha Hospitality Trust | 155,835 | ||||||||
81,705 | Highwoods Properties, Inc | 2,432,358 | ||||||||
550,663 | Host Hotels and Resorts, Inc | 5,770,948 | ||||||||
30,482 | * | Howard Hughes Corp | 1,895,676 | |||||||
119,369 | Hudson Pacific Properties | 2,299,047 | ||||||||
76,273 | Independence Realty Trust, Inc | 926,717 | ||||||||
55,002 | Industrial Logistics Properties Trust | 1,054,938 | ||||||||
16,807 | Innovative Industrial Properties, Inc | 1,960,200 | ||||||||
11,339 | Investors Real Estate Trust | 764,362 | ||||||||
450,040 | Invitation Homes, Inc | 12,268,090 | ||||||||
228,474 | Iron Mountain, Inc | 5,954,032 | ||||||||
59,934 | iStar Inc | 707,221 | ||||||||
98,493 | JBG SMITH Properties | 2,299,812 | ||||||||
17,161 | Jernigan Capital, Inc | 296,714 | ||||||||
40,955 | Jones Lang LaSalle, Inc | 4,622,181 | ||||||||
100,883 | Kennedy-Wilson Holdings, Inc | 1,329,638 | ||||||||
89,951 | Kilroy Realty Corp | 4,234,893 | ||||||||
327,368 | Kimco Realty Corp | 3,358,796 | ||||||||
63,990 | Kite Realty Group Trust | 662,936 | ||||||||
69,992 | Lamar Advertising Co | 4,336,704 | ||||||||
214,261 | Lexington Realty Trust | 2,127,612 | ||||||||
36,428 | Life Storage, Inc | 4,158,256 | ||||||||
34,203 | LTC Properties, Inc | 1,129,041 | ||||||||
132,700 | Macerich Co | 923,592 | ||||||||
80,283 | Mack-Cali Realty Corp | 882,310 | ||||||||
25,581 | * | Marcus & Millichap, Inc | 798,895 | |||||||
7,257 | * | Maui Land & Pineapple Co, Inc | 73,223 | |||||||
415,003 | Medical Properties Trust, Inc | 7,395,353 | ||||||||
91,378 | Mid-America Apartment Communities, Inc | 10,657,416 | ||||||||
83,471 | Monmouth Real Estate Investment Corp (Class A) | 1,156,073 | ||||||||
34,999 | National Health Investors, Inc | 1,961,694 | ||||||||
137,468 | National Retail Properties, Inc | 4,400,351 | ||||||||
49,859 | National Storage Affiliates Trust | 1,689,721 | ||||||||
6,083 | NETSTREIT Corp | 106,696 | ||||||||
88,120 | New Senior Investment Group, Inc | 344,549 | ||||||||
119,590 | Newmark Group, Inc | 566,259 | ||||||||
15,499 | NexPoint Residential Trust, Inc | 686,916 | ||||||||
39,570 | Office Properties Income Trust | 728,484 | ||||||||
177,465 | Omega Healthcare Investors, Inc | 5,112,767 | ||||||||
13,256 | One Liberty Properties, Inc | 204,540 |
174 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
113,186 | Outfront Media, Inc | $ | 1,483,868 | |||||||
162,364 | Paramount Group, Inc | 938,464 | ||||||||
181,780 | Park Hotels & Resorts, Inc | 1,805,075 | ||||||||
107,615 | Pebblebrook Hotel Trust | 1,289,228 | ||||||||
158,906 | Physicians Realty Trust | 2,679,155 | ||||||||
94,193 | Piedmont Office Realty Trust, Inc | 1,075,684 | ||||||||
16,091 | Plymouth Industrial REIT, Inc | 204,517 | ||||||||
53,254 | PotlatchDeltic Corp | 2,212,704 | ||||||||
32,735 | Preferred Apartment Communities, Inc | 176,769 | ||||||||
593,007 | Prologis, Inc | 58,826,294 | ||||||||
16,181 | PS Business Parks, Inc | 1,845,119 | ||||||||
121,381 | Public Storage, Inc | 27,804,746 | ||||||||
48,175 | QTS Realty Trust, Inc | 2,963,244 | ||||||||
10,739 | * | Rafael Holdings, Inc | 176,120 | |||||||
105,923 | Rayonier, Inc | 2,688,326 | ||||||||
11,593 | Re/Max Holdings, Inc | 374,918 | ||||||||
94,404 | * | Realogy Holdings Corp | 1,053,549 | |||||||
275,734 | Realty Income Corp | 15,953,969 | ||||||||
75,851 | * | Redfin Corp | 3,168,296 | |||||||
132,821 | Regency Centers Corp | 4,727,099 | ||||||||
100,002 | Retail Opportunities Investment Corp | 973,019 | ||||||||
186,975 | Retail Properties of America, Inc | 979,749 | ||||||||
11,197 | Retail Value, Inc | 139,962 | ||||||||
97,953 | Rexford Industrial Realty, Inc | 4,550,896 | ||||||||
152,576 | RLJ Lodging Trust | 1,248,072 | ||||||||
12,486 | RMR Group, Inc | 332,877 | ||||||||
65,165 | RPT Realty | 318,657 | ||||||||
38,462 | Ryman Hospitality Properties | 1,532,711 | ||||||||
167,433 | Sabra Healthcare REIT, Inc | 2,203,418 | ||||||||
14,100 | Safehold, Inc | 970,362 | ||||||||
10,328 | Saul Centers, Inc | 255,618 | ||||||||
88,962 | SBA Communications Corp | 25,831,896 | ||||||||
29,708 | * | Seritage Growth Properties | 378,183 | |||||||
143,548 | Service Properties Trust | 1,034,981 | ||||||||
243,743 | Simon Property Group, Inc | 15,309,498 | ||||||||
124,095 | SITE Centers Corp | 845,087 | ||||||||
60,788 | SL Green Realty Corp | 2,602,334 | ||||||||
84,236 | Spirit Realty Capital, Inc | 2,531,292 | ||||||||
27,001 | * | St. Joe Co | 730,107 | |||||||
116,352 | STAG Industrial, Inc | 3,620,874 | ||||||||
185,248 | STORE Capital Corp | 4,760,874 | ||||||||
3,026 | * | Stratus Properties, Inc | 64,666 | |||||||
99,511 | Summit Hotel Properties, Inc | 525,418 | ||||||||
77,392 | Sun Communities, Inc | 10,651,461 | ||||||||
169,681 | Sunstone Hotel Investors, Inc | 1,259,033 | ||||||||
63,644 | Tanger Factory Outlet Centers, Inc | 393,956 | ||||||||
48,089 | Taubman Centers, Inc | 1,607,134 | ||||||||
24,822 | * | Tejon Ranch Co | 340,310 | |||||||
54,724 | Terreno Realty Corp | 3,079,867 | ||||||||
228,375 | UDR, Inc | 7,134,435 | ||||||||
30,971 | UMH Properties, Inc | 422,135 | ||||||||
147,351 | Uniti Group, Inc | 1,299,636 | ||||||||
10,729 | Universal Health Realty Income Trust | 573,680 | ||||||||
88,947 | Urban Edge Properties | 836,102 | ||||||||
27,003 | Urstadt Biddle Properties, Inc (Class A) | 256,799 | ||||||||
299,259 | Ventas, Inc | 11,811,753 |
175 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
863,829 | VEREIT, Inc | $ | 5,355,740 | |||||||
428,614 | VICI Properties, Inc | 9,836,691 | ||||||||
138,204 | Vornado Realty Trust | 4,247,009 | ||||||||
65,408 | Washington REIT | 1,143,332 | ||||||||
92,135 | Weingarten Realty Investors | 1,461,261 | ||||||||
335,571 | Welltower, Inc | 18,043,653 | ||||||||
600,091 | Weyerhaeuser Co | 16,376,483 | ||||||||
24,406 | Whitestone REIT | 145,460 | ||||||||
137,032 | WP Carey, Inc | 8,579,574 | ||||||||
87,223 | Xenia Hotels & Resorts, Inc | 718,718 | ||||||||
TOTAL REAL ESTATE | 860,518,331 | |||||||||
RETAILING - 7.4% | ||||||||||
16,881 | * | 1-800-FLOWERS.COM, Inc (Class A) | 334,750 | |||||||
53,385 | Aaron’s Holdings Co, Inc | 2,789,900 | ||||||||
51,014 | Abercrombie & Fitch Co (Class A) | 725,419 | ||||||||
52,955 | Advance Auto Parts, Inc | 7,799,212 | ||||||||
341,207 | * | Amazon.com, Inc | 1,035,955,633 | |||||||
121,019 | e | American Eagle Outfitters, Inc | 1,659,170 | |||||||
4,719 | * | America’s Car-Mart, Inc | 408,288 | |||||||
15,914 | * | Asbury Automotive Group, Inc | 1,638,824 | |||||||
42,828 | * | At Home Group, Inc | 697,668 | |||||||
46,636 | * | Autonation, Inc | 2,645,660 | |||||||
18,708 | * | AutoZone, Inc | 21,120,958 | |||||||
99,568 | e | Bed Bath & Beyond, Inc | 1,971,446 | |||||||
183,017 | Best Buy Co, Inc | 20,415,546 | ||||||||
32,051 | Big Lots, Inc | 1,525,628 | ||||||||
32,860 | * | Booking Holdings, Inc | 53,315,350 | |||||||
23,393 | * | Boot Barn Holdings, Inc | 749,044 | |||||||
21,538 | Buckle, Inc | 516,050 | ||||||||
51,803 | * | Burlington Stores, Inc | 10,028,025 | |||||||
39,588 | Caleres, Inc | 304,036 | ||||||||
28,325 | Camping World Holdings, Inc | 748,913 | ||||||||
129,989 | * | CarMax, Inc | 11,236,249 | |||||||
22,498 | *,e | CarParts.com, Inc | 285,500 | |||||||
43,786 | * | Carvana Co | 8,115,735 | |||||||
15,437 | Cato Corp (Class A) | 94,474 | ||||||||
14,513 | e | Children’s Place, Inc | 366,744 | |||||||
9,683 | Citi Trends, Inc | 252,823 | ||||||||
16,105 | * | Conn’s, Inc | 150,904 | |||||||
21,645 | * | Container Store Group, Inc | 206,060 | |||||||
37,377 | Core-Mark Holding Co, Inc | 1,022,261 | ||||||||
54,096 | Designer Brands, Inc | 234,236 | ||||||||
48,615 | Dick’s Sporting Goods, Inc | 2,754,040 | ||||||||
9,201 | e | Dillard’s, Inc (Class A) | 411,561 | |||||||
202,372 | Dollar General Corp | 42,237,060 | ||||||||
188,045 | * | Dollar Tree, Inc | 16,984,224 | |||||||
6,009 | *,e | Duluth Holdings, Inc | 92,178 | |||||||
536,407 | eBay, Inc | 25,549,065 | ||||||||
47,170 | *,e | Envela Corp | 190,567 | |||||||
94,649 | * | Etsy, Inc | 11,508,372 | |||||||
108,053 | Expedia Group, Inc | 10,173,190 | ||||||||
43,104 | * | Five Below, Inc | 5,747,487 | |||||||
74,114 | * | Floor & Decor Holdings, Inc | 5,410,322 | |||||||
84,819 | Foot Locker, Inc | 3,128,125 | ||||||||
17,333 | *,e | Funko, Inc | 109,891 |
176 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
45,895 | *,e | GameStop Corp (Class A) | $ | 480,521 | ||||||
143,959 | Gap, Inc | 2,800,003 | ||||||||
15,641 | * | Genesco, Inc | 277,159 | |||||||
112,465 | Genuine Parts Co | 10,170,210 | ||||||||
53,764 | *,e | Greenlane Holdings Inc | 130,647 | |||||||
15,282 | e | Group 1 Automotive, Inc | 1,621,115 | |||||||
22,783 | * | Groupon, Inc | 441,762 | |||||||
30,661 | *,e | GrowGeneration Corp | 512,039 | |||||||
73,822 | * | GrubHub, Inc | 5,459,875 | |||||||
35,450 | Guess?, Inc | 417,601 | ||||||||
10,599 | e | Haverty Furniture Cos, Inc | 265,187 | |||||||
16,234 | *,e | Hibbett Sports, Inc | 613,808 | |||||||
864,796 | Home Depot, Inc | 230,649,741 | ||||||||
32,108 | * | Hudson Ltd | 245,305 | |||||||
121,974 | Kohl’s Corp | 2,596,826 | ||||||||
182,184 | L Brands, Inc | 5,831,710 | ||||||||
9,420 | * | Lands’ End, Inc | 151,191 | |||||||
21,821 | * | Liquidity Services, Inc | 186,133 | |||||||
20,191 | Lithia Motors, Inc (Class A) | 4,635,248 | ||||||||
239,262 | * | LKQ Corp | 7,653,991 | |||||||
608,296 | Lowe’s Companies, Inc | 96,171,598 | ||||||||
23,947 | * | Lumber Liquidators, Inc | 529,708 | |||||||
255,025 | e | Macy’s, Inc | 1,583,705 | |||||||
82,038 | *,e | Magnite, Inc | 740,803 | |||||||
15,838 | * | MarineMax, Inc | 474,823 | |||||||
58,355 | *,e | Michaels Cos, Inc | 473,259 | |||||||
26,546 | Monro Muffler, Inc | 1,116,525 | ||||||||
21,399 | * | Murphy USA, Inc | 2,616,884 | |||||||
64,151 | * | National Vision Holdings, Inc | 2,587,210 | |||||||
91,705 | e | Nordstrom, Inc | 1,109,630 | |||||||
42,563 | * | ODP Corp | 829,979 | |||||||
43,566 | *,e | Ollie’s Bargain Outlet Holdings, Inc | 3,794,163 | |||||||
4,976 | * | OneWater Marine, Inc | 92,703 | |||||||
58,715 | * | O’Reilly Automotive, Inc | 25,634,969 | |||||||
34,235 | * | Overstock.com, Inc | 1,920,583 | |||||||
25,064 | Penske Auto Group, Inc | 1,282,274 | ||||||||
16,363 | e | PetMed Express, Inc | 484,018 | |||||||
30,941 | Pool Corp | 10,824,090 | ||||||||
55,037 | * | Quotient Technology, Inc | 489,829 | |||||||
302,608 | Qurate Retail Group, Inc QVC Group | 2,048,656 | ||||||||
43,918 | * | RealReal, Inc | 552,928 | |||||||
39,425 | Rent-A-Center, Inc | 1,218,232 | ||||||||
12,729 | * | RH | 4,267,143 | |||||||
280,274 | Ross Stores, Inc | 23,870,937 | ||||||||
88,309 | *,e | Sally Beauty Holdings, Inc | 739,146 | |||||||
8,730 | e | Shoe Carnival, Inc | 270,455 | |||||||
17,458 | Shutterstock, Inc | 1,142,626 | ||||||||
45,051 | e | Signet Jewelers Ltd | 1,003,736 | |||||||
22,039 | * | Sleep Number Corp | 1,396,391 | |||||||
19,149 | e | Sonic Automotive, Inc (Class A) | 690,513 | |||||||
38,973 | * | Sportsman’s Warehouse Holdings, Inc | 507,428 | |||||||
13,354 | * | Stamps.com, Inc | 2,981,147 | |||||||
45,761 | *,e | Stitch Fix Inc | 1,575,551 | |||||||
401,975 | Target Corp | 61,188,635 | ||||||||
96,790 | Tiffany & Co | 12,664,004 | ||||||||
33,662 | Tilly’s, Inc | 206,685 |
177 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
963,526 | TJX Companies, Inc | $ | 48,947,121 | |||||||
92,362 | Tractor Supply Co | 12,303,542 | ||||||||
42,438 | * | Ulta Beauty, Inc | 8,774,905 | |||||||
52,424 | * | Urban Outfitters, Inc | 1,171,152 | |||||||
19,254 | * | Vroom, Inc | 791,339 | |||||||
48,192 | *,e | Waitr Holdings Inc | 122,890 | |||||||
53,402 | * | Wayfair, Inc | 13,245,298 | |||||||
2,679 | Weyco Group, Inc | 42,435 | ||||||||
60,474 | Williams-Sonoma, Inc | 5,515,834 | ||||||||
3,408 | Winmark Corp | 577,349 | ||||||||
18,171 | * | Zumiez, Inc | 508,788 | |||||||
TOTAL RETAILING | 1,947,832,279 | |||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.6% | ||||||||||
32,430 | * | Acacia Communications, Inc | 2,196,808 | |||||||
31,948 | * | Advanced Energy Industries, Inc | 2,155,532 | |||||||
937,655 | * | Advanced Micro Devices, Inc | 70,596,045 | |||||||
9,859 | * | Alpha & Omega Semiconductor Ltd | 156,364 | |||||||
27,031 | * | Ambarella, Inc | 1,477,785 | |||||||
79,610 | * | Amkor Technology, Inc | 943,378 | |||||||
295,660 | Analog Devices, Inc | 35,044,580 | ||||||||
736,550 | Applied Materials, Inc | 43,625,856 | ||||||||
23,392 | *,e | Atomera, Inc | 190,645 | |||||||
23,093 | * | Axcelis Technologies, Inc | 509,663 | |||||||
24,600 | * | AXT, Inc | 146,370 | |||||||
314,242 | Broadcom, Inc | 109,868,430 | ||||||||
58,893 | Brooks Automation, Inc | 2,750,303 | ||||||||
18,136 | * | Ceva, Inc | 731,244 | |||||||
47,112 | * | Cirrus Logic, Inc | 3,244,603 | |||||||
30,797 | Cohu, Inc | 669,219 | ||||||||
85,444 | * | Cree, Inc | 5,434,238 | |||||||
5,871 | * | CyberOptics Corp | 135,268 | |||||||
34,451 | * | Diodes, Inc | 1,992,301 | |||||||
26,058 | * | DSP Group, Inc | 343,184 | |||||||
84,724 | * | Enphase Energy, Inc | 8,310,577 | |||||||
108,767 | Entegris, Inc | 8,132,509 | ||||||||
72,613 | * | First Solar, Inc | 6,320,599 | |||||||
62,584 | * | Formfactor, Inc | 1,774,256 | |||||||
519 | * | GSI Technology, Inc | 3,171 | |||||||
17,609 | * | Ichor Holdings Ltd | 409,585 | |||||||
11,186 | * | Impinj, Inc | 285,355 | |||||||
38,376 | * | Inphi Corp | 5,363,430 | |||||||
3,411,431 | Intel Corp | 151,058,165 | ||||||||
124,686 | KLA Corp | 24,585,585 | ||||||||
116,738 | Lam Research Corp | 39,933,735 | ||||||||
109,083 | * | Lattice Semiconductor Corp | 3,806,997 | |||||||
38,479 | * | MACOM Technology Solutions Holdings, Inc | 1,404,483 | |||||||
529,290 | Marvell Technology Group Ltd | 19,853,668 | ||||||||
7,813 | *,e | Maxeon Solar Technologies Ltd | 126,571 | |||||||
212,311 | Maxim Integrated Products, Inc | 14,787,461 | ||||||||
54,502 | * | MaxLinear, Inc | 1,441,033 | |||||||
194,454 | Microchip Technology, Inc | 20,433,226 | ||||||||
893,979 | * | Micron Technology, Inc | 45,002,903 | |||||||
43,887 | MKS Instruments, Inc | 4,756,912 | ||||||||
34,947 | Monolithic Power Systems, Inc | 11,169,061 | ||||||||
38,512 | * | Nanometrics, Inc | 1,235,080 |
178 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
45,701 | * | NeoPhotonics Corp Ltd | $ | 311,224 | ||||||
2,893 | NVE Corp | 133,454 | ||||||||
475,018 | NVIDIA Corp | 238,155,024 | ||||||||
322,177 | * | ON Semiconductor Corp | 8,083,421 | |||||||
32,655 | * | PDF Solutions, Inc | 611,955 | |||||||
53,134 | * | Photronics, Inc | 518,057 | |||||||
47,167 | Power Integrations, Inc | 2,839,925 | ||||||||
91,737 | * | Qorvo, Inc | 11,683,624 | |||||||
905,761 | QUALCOMM, Inc | 111,734,677 | ||||||||
100,313 | * | Rambus, Inc | 1,383,316 | |||||||
52,567 | * | Semtech Corp | 2,885,403 | |||||||
34,941 | * | Silicon Laboratories, Inc | 3,580,055 | |||||||
6,805 | * | SiTime Corp | 568,149 | |||||||
134,513 | Skyworks Solutions, Inc | 19,005,342 | ||||||||
13,342 | * | SMART Global Holdings, Inc | 352,095 | |||||||
39,169 | * | SolarEdge Technologies, Inc | 10,093,460 | |||||||
62,510 | *,e | SunPower Corp | 999,535 | |||||||
27,699 | * | Synaptics, Inc | 2,123,682 | |||||||
133,469 | Teradyne, Inc | 11,725,252 | ||||||||
739,360 | Texas Instruments, Inc | 106,904,062 | ||||||||
27,339 | * | Ultra Clean Holdings | 582,047 | |||||||
34,383 | Universal Display Corp | 6,818,493 | ||||||||
28,677 | * | Veeco Instruments, Inc | 365,058 | |||||||
195,877 | Xilinx, Inc | 23,248,641 | ||||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 1,217,112,129 | |||||||||
SOFTWARE & SERVICES - 14.8% | ||||||||||
53,380 | * | 2U, Inc | 1,967,053 | |||||||
80,091 | * | 8x8, Inc | 1,383,972 | |||||||
42,483 | * | A10 Networks, Inc | 286,335 | |||||||
513,603 | Accenture plc | 111,405,627 | ||||||||
88,928 | * | ACI Worldwide, Inc | 2,594,030 | |||||||
387,259 | * | Adobe, Inc | 173,143,499 | |||||||
128,225 | * | Akamai Technologies, Inc | 12,196,762 | |||||||
36,762 | * | Alarm.com Holdings, Inc | 2,144,327 | |||||||
35,241 | Alliance Data Systems Corp | 1,816,321 | ||||||||
33,908 | * | Altair Engineering, Inc | 1,459,061 | |||||||
42,294 | * | Alteryx, Inc | 5,301,553 | |||||||
107,948 | Amdocs Ltd | 6,086,108 | ||||||||
28,684 | American Software, Inc (Class A) | 421,081 | ||||||||
104,618 | * | Anaplan, Inc | 5,790,606 | |||||||
68,840 | * | Ansys, Inc | 20,952,831 | |||||||
12,770 | * | Appfolio, Inc | 1,824,450 | |||||||
27,905 | *,e | Appian Corp | 1,766,386 | |||||||
54,928 | * | Aspen Technology, Inc | 6,031,644 | |||||||
102,176 | * | Atlassian Corp plc | 19,578,965 | |||||||
176,358 | * | Autodesk, Inc | 41,539,363 | |||||||
345,689 | Automatic Data Processing, Inc | 54,605,034 | ||||||||
66,118 | * | Avalara, Inc | 9,854,888 | |||||||
75,597 | * | Avaya Holdings Corp | 1,300,268 | |||||||
26,170 | * | Benefitfocus, Inc | 268,766 | |||||||
6,962 | *,e | BigCommerce Holdings, Inc | 511,011 | |||||||
43,750 | * | Bill.Com Holdings, Inc | 4,375,000 | |||||||
121,700 | * | Black Knight, Inc | 10,703,515 | |||||||
40,981 | Blackbaud, Inc | 2,022,003 | ||||||||
40,864 | * | Blackline, Inc | 3,991,596 |
179 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
109,369 | Booz Allen Hamilton Holding Co | $ | 8,585,466 | |||||||
35,352 | * | Bottomline Technologies, Inc | 1,404,181 | |||||||
122,078 | * | Box, Inc | 1,892,209 | |||||||
28,026 | * | Brightcove, Inc | 354,529 | |||||||
91,964 | Broadridge Financial Solutions, Inc | 12,654,246 | ||||||||
19,931 | * | CACI International, Inc (Class A) | 4,156,211 | |||||||
221,662 | * | Cadence Design Systems, Inc | 24,243,173 | |||||||
26,773 | * | Cardtronics plc | 476,827 | |||||||
11,387 | Cass Information Systems, Inc | 446,598 | ||||||||
96,042 | CDK Global, Inc | 4,139,410 | ||||||||
28,659 | * | Cerence Inc | 1,564,208 | |||||||
86,140 | * | Ceridian HCM Holding, Inc | 7,426,991 | |||||||
32,151 | * | ChannelAdvisor Corp | 520,846 | |||||||
98,767 | Citrix Systems, Inc | 11,187,338 | ||||||||
166,518 | * | Cloudera, Inc | 1,618,555 | |||||||
86,926 | * | Cloudflare, Inc | 4,517,544 | |||||||
434,409 | Cognizant Technology Solutions Corp (Class A) | 31,025,491 | ||||||||
33,445 | * | Commvault Systems, Inc | 1,324,088 | |||||||
141,134 | * | Conduent, Inc | 491,852 | |||||||
63,602 | CoreLogic Inc | 4,892,902 | ||||||||
49,504 | * | Cornerstone OnDemand, Inc | 1,880,657 | |||||||
53,262 | * | Coupa Software, Inc | 14,258,237 | |||||||
121,715 | * | Crowdstrike Holdings, Inc | 15,073,186 | |||||||
27,869 | CSG Systems International, Inc | 1,055,678 | ||||||||
122,232 | * | Datadog, Inc | 11,092,554 | |||||||
6,281 | *,e | Digimarc Corp | 199,045 | |||||||
65,775 | * | Digital Turbine, Inc | 1,885,111 | |||||||
143,131 | * | DocuSign, Inc | 28,948,245 | |||||||
20,740 | * | Domo, Inc | 658,910 | |||||||
193,528 | * | Dropbox, Inc | 3,533,821 | |||||||
11,247 | * | Duck Creek Technologies, Inc | 487,782 | |||||||
206,785 | DXC Technology Co | 3,808,980 | ||||||||
146,548 | * | Dynatrace, Inc | 5,174,610 | |||||||
14,272 | e | Ebix, Inc | 257,752 | |||||||
17,575 | * | eGain Corp | 278,564 | |||||||
52,362 | * | Elastic NV | 5,310,030 | |||||||
54,654 | * | Endurance International Group Holdings, Inc | 317,540 | |||||||
41,992 | * | Envestnet, Inc | 3,222,466 | |||||||
42,742 | * | EPAM Systems, Inc | 13,205,141 | |||||||
40,407 | * | Euronet Worldwide, Inc | 3,589,758 | |||||||
27,770 | * | Everbridge, Inc | 2,907,241 | |||||||
49,214 | EVERTEC, Inc | 1,637,842 | ||||||||
31,315 | * | Evo Payments, Inc | 659,807 | |||||||
26,798 | * | ExlService Holdings, Inc | 2,029,681 | |||||||
22,668 | * | Fair Isaac Corp | 8,873,389 | |||||||
62,566 | *,e | Fastly, Inc | 3,973,567 | |||||||
497,112 | Fidelity National Information Services, Inc | 61,935,184 | ||||||||
179,934 | * | FireEye, Inc | 2,490,287 | |||||||
448,935 | * | Fiserv, Inc | 42,859,824 | |||||||
49,516 | * | Five9, Inc | 7,512,568 | |||||||
66,107 | * | FleetCor Technologies, Inc | 14,603,697 | |||||||
106,608 | * | Fortinet, Inc | 11,766,325 | |||||||
69,303 | * | Gartner, Inc | 8,323,290 | |||||||
152,879 | Genpact Ltd | 5,254,451 | ||||||||
239,454 | Global Payments, Inc | 37,771,474 | ||||||||
30,980 | * | Globant S.A. | 5,595,298 |
180 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
132,588 | * | GoDaddy, Inc | $ | 9,379,275 | ||||||
50,629 | * | GreenSky, Inc | 239,475 | |||||||
27,303 | *,e | GTT Communications, Inc | 100,748 | |||||||
1,410 | *,e | GTY Technology Holdings Inc | 4,103 | |||||||
66,153 | * | Guidewire Software, Inc | 6,357,965 | |||||||
20,078 | Hackett Group, Inc | 259,408 | ||||||||
33,141 | * | HubSpot, Inc | 9,613,210 | |||||||
11,379 | * | I3 Verticals, Inc | 234,749 | |||||||
16,673 | * | Information Services Group, Inc | 34,180 | |||||||
8,965 | *,e | Intelligent Systems Corp | 339,953 | |||||||
714,953 | International Business Machines Corp | 79,831,652 | ||||||||
15,632 | * | International Money Express Inc | 217,441 | |||||||
202,817 | Intuit, Inc | 63,822,454 | ||||||||
36,829 | * | j2 Global, Inc | 2,499,953 | |||||||
61,780 | Jack Henry & Associates, Inc | 9,158,885 | ||||||||
15,706 | * | Jamf Holding Corp | 512,016 | |||||||
110,350 | KBR, Inc | 2,459,701 | ||||||||
107,836 | Leidos Holdings, Inc | 8,950,388 | ||||||||
97,464 | * | Limelight Networks, Inc | 344,048 | |||||||
49,329 | * | Liveperson, Inc | 2,637,128 | |||||||
51,697 | * | LiveRamp Holdings, Inc | 3,416,655 | |||||||
51,251 | * | Manhattan Associates, Inc | 4,381,960 | |||||||
22,031 | Mantech International Corp (Class A) | 1,429,371 | ||||||||
710,391 | Mastercard, Inc (Class A) | 205,047,258 | ||||||||
48,785 | MAXIMUS, Inc | 3,296,890 | ||||||||
67,130 | * | Medallia, Inc | 1,909,849 | |||||||
6,026,481 | Microsoft Corp | 1,220,181,608 | ||||||||
6,321 | * | MicroStrategy, Inc (Class A) | 1,056,049 | |||||||
45,975 | * | Mimecast Ltd | 1,756,705 | |||||||
33,056 | * | Mitek Systems, Inc | 411,547 | |||||||
71,409 | * | MobileIron, Inc | 502,719 | |||||||
27,685 | * | Model N, Inc | 975,343 | |||||||
62,894 | *,e | MoneyGram International, Inc | 323,904 | |||||||
40,314 | * | MongoDB, Inc | 9,210,540 | |||||||
11,611 | * | nCino, Inc | 818,808 | |||||||
38,813 | * | New Relic, Inc | 2,354,397 | |||||||
54,609 | NIC, Inc | 1,224,334 | ||||||||
441,914 | NortonLifelock, Inc | 9,090,171 | ||||||||
224,714 | * | Nuance Communications, Inc | 7,170,624 | |||||||
142,866 | * | Nutanix, Inc | 3,477,358 | |||||||
92,318 | * | Okta, Inc | 19,371,086 | |||||||
24,026 | * | OneSpan, Inc | 526,890 | |||||||
1,546,823 | Oracle Corp | 86,792,239 | ||||||||
56,036 | *,e | Pagerduty, Inc | 1,518,576 | |||||||
76,301 | * | Palo Alto Networks, Inc | 16,877,018 | |||||||
257,749 | Paychex, Inc | 21,199,855 | ||||||||
39,518 | * | Paycom Software, Inc | 14,388,109 | |||||||
27,960 | * | Paylocity Holding Corp | 5,187,139 | |||||||
945,202 | * | PayPal Holdings, Inc | 175,930,448 | |||||||
22,339 | *,e | Paysign Inc | 106,334 | |||||||
31,837 | Pegasystems, Inc | 3,689,272 | ||||||||
24,732 | * | Perficient, Inc | 968,505 | |||||||
111,482 | Perspecta, Inc | 1,998,872 | ||||||||
25,412 | * | Ping Identity Holding Corp | 703,658 | |||||||
76,770 | * | Pluralsight, Inc | 1,205,289 | |||||||
37,398 | Progress Software Corp | 1,360,165 |
181 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
44,878 | * | Proofpoint, Inc | $ | 4,296,620 | ||||||
31,951 | * | PROS Holdings, Inc | 900,060 | |||||||
83,484 | * | PTC, Inc | 7,002,638 | |||||||
39,589 | * | Q2 Holdings, Inc | 3,612,100 | |||||||
14,067 | QAD, Inc (Class A) | 588,563 | ||||||||
26,687 | * | Qualys, Inc | 2,344,453 | |||||||
26,217 | * | Rackspace Technology, Inc | 412,918 | |||||||
38,399 | * | Rapid7, Inc | 2,378,050 | |||||||
70,516 | * | RealPage, Inc | 3,927,036 | |||||||
42,176 | * | Repay Holdings Corp | 950,225 | |||||||
664 | * | Rimini Street, Inc | 2,105 | |||||||
62,215 | * | RingCentral, Inc | 16,072,623 | |||||||
222,626 | Sabre Corp | 1,451,522 | ||||||||
68,891 | * | SailPoint Technologies Holding, Inc | 2,859,665 | |||||||
696,943 | * | salesforce.com, Inc | 161,878,951 | |||||||
20,622 | Sapiens International Corp NV | 559,475 | ||||||||
46,564 | Science Applications International Corp | 3,556,093 | ||||||||
3,251 | * | SecureWorks Corp | 33,810 | |||||||
152,902 | * | ServiceNow, Inc | 76,079,448 | |||||||
4,876 | *,e | ShotSpotter, Inc | 142,916 | |||||||
305,148 | * | Slack Technologies, Inc | 7,805,686 | |||||||
87,356 | * | Smartsheet, Inc | 4,354,697 | |||||||
45,978 | * | Smith Micro Software, Inc | 189,429 | |||||||
37,563 | * | SolarWinds Corp | 767,412 | |||||||
127,562 | * | Splunk, Inc | 25,262,378 | |||||||
22,364 | * | Sprout Social, Inc | 977,307 | |||||||
28,633 | * | SPS Commerce, Inc | 2,450,698 | |||||||
296,961 | * | Square, Inc | 45,993,320 | |||||||
180,643 | SS&C Technologies Holdings, Inc | 10,697,678 | ||||||||
552 | * | StarTek, Inc | 2,898 | |||||||
143,384 | * | StoneCo Ltd | 7,533,395 | |||||||
96,883 | * | SVMK, Inc | 2,027,761 | |||||||
72,274 | Switch, Inc | 1,016,172 | ||||||||
31,935 | * | Sykes Enterprises, Inc | 1,093,454 | |||||||
49,008 | * | Synchronoss Technologies, Inc | 135,752 | |||||||
120,434 | * | Synopsys, Inc | 25,756,015 | |||||||
18,045 | * | TeleNav, Inc | 73,443 | |||||||
54,584 | * | Tenable Holdings, Inc | 1,861,860 | |||||||
88,480 | * | Teradata Corp | 1,625,378 | |||||||
33,146 | * | Trade Desk, Inc | 18,775,552 | |||||||
14,750 | TTEC Holdings, Inc | 808,005 | ||||||||
7,883 | *,e | Tucows, Inc | 581,687 | |||||||
109,963 | * | Twilio, Inc | 30,676,378 | |||||||
32,053 | * | Tyler Technologies, Inc | 12,320,532 | |||||||
49,365 | * | Unisys Corp | 648,656 | |||||||
18,511 | * | Upland Software, Inc | 772,279 | |||||||
75,675 | * | Upwork, Inc | 1,396,204 | |||||||
24,870 | * | Varonis Systems, Inc | 2,874,226 | |||||||
51,730 | * | Verint Systems, Inc | 2,509,940 | |||||||
82,102 | * | VeriSign, Inc | 15,656,851 | |||||||
18,719 | *,e | Veritone, Inc | 175,584 | |||||||
95,406 | * | Verra Mobility Corp | 916,852 | |||||||
49,629 | e | VirnetX Holding Corp | 274,945 | |||||||
23,373 | * | Virtusa Corp | 1,175,662 | |||||||
1,359,404 | Visa, Inc (Class A) | 247,017,301 | ||||||||
63,307 | *,e | VMware, Inc (Class A) | 8,149,510 |
182 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
327,756 | Western Union Co | $ | 6,371,577 | |||||||
35,151 | * | WEX, Inc | 4,448,359 | |||||||
137,725 | * | Workday, Inc | 28,938,777 | |||||||
30,675 | * | Workiva, Inc | 1,696,634 | |||||||
81,184 | Xperi Holding Corp | 1,006,682 | ||||||||
81,289 | * | Yext, Inc | 1,347,772 | |||||||
91,190 | * | Zendesk, Inc | 10,116,619 | |||||||
45,176 | * | Zix Corp | 276,929 | |||||||
134,331 | * | Zoom Video Communications, Inc | 61,914,501 | |||||||
56,380 | * | Zscaler, Inc | 7,653,585 | |||||||
79,308 | * | Zuora Inc | 762,943 | |||||||
TOTAL SOFTWARE & SERVICES | 3,885,471,535 | |||||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 7.1% | ||||||||||
96,179 | *,e | 3D Systems Corp | 547,259 | |||||||
29,514 | Adtran, Inc | 315,505 | ||||||||
17,147 | * | Agilysys, Inc | 464,341 | |||||||
21,041 | *,e | Akoustis Technologies, Inc | 174,430 | |||||||
232,216 | Amphenol Corp (Class A) | 26,203,253 | ||||||||
12,986,445 | Apple, Inc | 1,413,704,403 | ||||||||
29,285 | *,e | Applied Optoelectronics, Inc | 257,122 | |||||||
47,565 | * | Arista Networks, Inc | 9,936,328 | |||||||
63,646 | * | Arlo Technologies, Inc | 283,861 | |||||||
62,036 | * | Arrow Electronics, Inc | 4,831,984 | |||||||
39,762 | * | Avid Technology, Inc | 370,582 | |||||||
74,005 | Avnet, Inc | 1,825,703 | ||||||||
25,096 | Badger Meter, Inc | 1,840,541 | ||||||||
6,194 | Bel Fuse, Inc (Class B) | 72,532 | ||||||||
31,618 | Belden CDT, Inc | 976,364 | ||||||||
29,559 | Benchmark Electronics, Inc | 615,714 | ||||||||
22,266 | * | CalAmp Corp | 157,643 | |||||||
43,505 | * | Calix, Inc | 1,018,452 | |||||||
5,581 | * | Cambium Networks Corp | 128,586 | |||||||
34,964 | * | Casa Systems, Inc | 145,800 | |||||||
113,949 | CDW Corp | 13,970,147 | ||||||||
122,705 | * | Ciena Corp | 4,833,350 | |||||||
3,418,894 | Cisco Systems, Inc | 122,738,295 | ||||||||
4,869 | * | Clearfield, Inc | 101,908 | |||||||
132,296 | Cognex Corp | 8,718,306 | ||||||||
19,568 | * | Coherent, Inc | 2,448,740 | |||||||
152,281 | * | CommScope Holding Co, Inc | 1,355,301 | |||||||
14,199 | Comtech Telecommunications Corp | 204,466 | ||||||||
602,140 | Corning, Inc | 19,250,416 | ||||||||
25,341 | CTS Corp | 700,425 | ||||||||
21,059 | Daktronics, Inc | 82,130 | ||||||||
202,115 | * | Dell Technologies, Inc | 12,179,450 | |||||||
64,839 | *,e | Diebold, Inc | 403,947 | |||||||
19,910 | * | Digi International, Inc | 293,274 | |||||||
51,491 | Dolby Laboratories, Inc (Class A) | 3,865,944 | ||||||||
331 | * | DZS, Inc | 3,770 | |||||||
12,050 | *,e | Eastman Kodak Co | 83,386 | |||||||
38,200 | * | EchoStar Corp (Class A) | 884,712 | |||||||
9,577 | * | ePlus, Inc | 646,543 | |||||||
79,396 | * | Extreme Networks, Inc | 322,348 | |||||||
48,658 | * | F5 Networks, Inc | 6,468,595 | |||||||
30,238 | * | Fabrinet | 1,814,885 |
183 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
13,293 | * | FARO Technologies, Inc | $ | 800,770 | ||||||
192,312 | * | Fitbit, Inc | 1,353,876 | |||||||
103,893 | FLIR Systems, Inc | 3,604,048 | ||||||||
69,995 | * | Harmonic, Inc | 415,770 | |||||||
1,032,137 | Hewlett Packard Enterprise Co | 8,917,664 | ||||||||
1,150,026 | HP, Inc | 20,654,467 | ||||||||
79,729 | * | II-VI, Inc | 3,625,278 | |||||||
20,490 | * | Immersion Corp | 126,218 | |||||||
127,246 | *,e | Infinera Corp | 796,560 | |||||||
55,612 | *,e | Inseego Corp | 483,824 | |||||||
28,024 | * | Insight Enterprises, Inc | 1,495,080 | |||||||
28,329 | *,e | Intellicheck, Inc | 205,102 | |||||||
25,810 | InterDigital, Inc | 1,444,844 | ||||||||
28,474 | * | IPG Photonics Corp | 5,295,025 | |||||||
15,183 | * | Iteris, Inc | 57,240 | |||||||
32,767 | * | Itron, Inc | 2,226,518 | |||||||
117,885 | Jabil Inc | 3,906,709 | ||||||||
260,036 | Juniper Networks, Inc | 5,127,910 | ||||||||
150,252 | * | Keysight Technologies, Inc | 15,756,927 | |||||||
15,246 | * | Kimball Electronics, Inc | 184,782 | |||||||
65,142 | * | Knowles Corp | 928,273 | |||||||
6,399 | * | KVH Industries, Inc | 55,607 | |||||||
18,872 | Littelfuse, Inc | 3,735,524 | ||||||||
60,045 | * | Lumentum Holdings, Inc | 4,965,121 | |||||||
30,523 | Methode Electronics, Inc | 939,193 | ||||||||
136,719 | Motorola Solutions, Inc | 21,609,805 | ||||||||
10,447 | MTS Systems Corp | 253,653 | ||||||||
9,718 | *,e | Napco Security Technologies, Inc | 234,398 | |||||||
105,726 | National Instruments Corp | 3,307,109 | ||||||||
95,571 | * | NCR Corp | 1,942,003 | |||||||
174,513 | NetApp, Inc | 7,659,376 | ||||||||
25,270 | * | Netgear, Inc | 778,821 | |||||||
56,407 | * | Netscout Systems, Inc | 1,157,472 | |||||||
26,072 | * | nLight, Inc | 553,769 | |||||||
27,541 | * | Novanta, Inc | 2,994,258 | |||||||
15,982 | * | OSI Systems, Inc | 1,233,171 | |||||||
12,578 | *,e | PAR Technology Corp | 465,009 | |||||||
9,359 | PC Connection, Inc | 426,302 | ||||||||
28,777 | PC-Tel, Inc | 146,763 | ||||||||
26,778 | Plantronics, Inc | 522,707 | ||||||||
23,230 | * | Plexus Corp | 1,615,414 | |||||||
190,092 | * | Pure Storage, Inc | 3,060,481 | |||||||
39,063 | *,e | Research Frontiers, Inc | 101,173 | |||||||
78,125 | *,e | Resonant, Inc | 178,906 | |||||||
59,820 | * | Ribbon Communications, Inc | 257,824 | |||||||
15,628 | * | Rogers Corp | 1,894,426 | |||||||
56,690 | * | Sanmina Corp | 1,385,504 | |||||||
15,742 | * | Scansource, Inc | 316,414 | |||||||
36,102 | * | Super Micro Computer, Inc | 820,237 | |||||||
32,932 | Synnex Corp | 4,335,168 | ||||||||
200,467 | * | Trimble Inc | 9,648,477 | |||||||
79,225 | * | TTM Technologies, Inc | 940,401 | |||||||
7,060 | Ubiquiti, Inc | 1,310,407 | ||||||||
45,638 | * | Viasat, Inc | 1,547,128 | |||||||
187,577 | * | Viavi Solutions, Inc | 2,316,576 | |||||||
99,472 | Vishay Intertechnology, Inc | 1,613,436 |
184 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
6,887 | * | Vishay Precision Group, Inc | $ | 164,530 | ||||||
92,998 | * | Vontier Corp | 2,672,763 | |||||||
240,071 | Western Digital Corp | 9,057,879 | ||||||||
16,625 | *,e | Wrap Technologies Inc | 85,951 | |||||||
147,807 | Xerox Holdings Corp | 2,568,886 | ||||||||
42,141 | * | Zebra Technologies Corp (Class A) | 11,952,873 | |||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 1,853,472,541 | |||||||||
TELECOMMUNICATION SERVICES - 1.7% | ||||||||||
13,498 | * | Anterix, Inc | 430,856 | |||||||
5,736,345 | AT&T, Inc | 154,996,042 | ||||||||
6,018 | ATN International, Inc | 269,005 | ||||||||
14,954 | * | Bandwidth Inc | 2,397,949 | |||||||
40,530 | * | Boingo Wireless, Inc | 378,550 | |||||||
873,732 | CenturyLink, Inc | 7,531,570 | ||||||||
41,046 | * | Cincinnati Bell, Inc | 617,742 | |||||||
34,344 | Cogent Communications Group, Inc | 1,916,395 | ||||||||
73,022 | * | Consolidated Communications Holdings, Inc | 341,013 | |||||||
79,189 | * | GCI Liberty, Inc | 6,432,523 | |||||||
46,028 | *,e | Gogo, Inc | 370,065 | |||||||
60,014 | * | IAC | 7,244,890 | |||||||
13,290 | * | IDT Corp (Class B) | 126,654 | |||||||
92,131 | * | Iridium Communications, Inc | 2,433,180 | |||||||
27,994 | * | Liberty Latin America Ltd (Class A) | 274,341 | |||||||
122,517 | * | Liberty Latin America Ltd (Class C) | 1,190,865 | |||||||
23,568 | * | Ooma, Inc | 332,545 | |||||||
53,238 | * | ORBCOMM, Inc | 228,923 | |||||||
39,773 | Shenandoah Telecom Co | 1,734,898 | ||||||||
14,564 | Spok Holdings, Inc | 132,241 | ||||||||
75,699 | Telephone & Data Systems, Inc | 1,286,883 | ||||||||
442,469 | * | T-Mobile US, Inc | 48,481,328 | |||||||
9,109 | * | US Cellular Corp | 265,254 | |||||||
3,335,844 | Verizon Communications, Inc | 190,109,750 | ||||||||
188,878 | * | Vonage Holdings Corp | 1,998,329 | |||||||
TOTAL TELECOMMUNICATION SERVICES | 431,521,791 | |||||||||
TRANSPORTATION - 2.0% | ||||||||||
46,311 | * | Air Transport Services Group, Inc | 1,298,560 | |||||||
96,535 | Alaska Air Group, Inc | 3,657,711 | ||||||||
11,011 | Allegiant Travel Co | 1,483,842 | ||||||||
7,327 | Amerco, Inc | 2,543,641 | ||||||||
397,643 | e | American Airlines Group, Inc | 4,485,413 | |||||||
20,553 | ArcBest Corp | 627,278 | ||||||||
20,147 | * | Atlas Air Worldwide Holdings, Inc | 1,191,897 | |||||||
42,432 | * | Avis Budget Group, Inc | 1,428,685 | |||||||
106,076 | CH Robinson Worldwide, Inc | 9,380,301 | ||||||||
27,002 | Copa Holdings S.A. (Class A) | 1,330,659 | ||||||||
51,434 | Costamare, Inc | 292,660 | ||||||||
15,864 | * | Covenant Transportation Group, Inc | 218,447 | |||||||
614,377 | CSX Corp | 48,498,920 | ||||||||
55,363 | *,e | Daseke, Inc | 363,735 | |||||||
508,761 | Delta Air Lines, Inc | 15,588,437 | ||||||||
7,694 | *,e | Eagle Bulk Shipping, Inc | 105,870 | |||||||
16,250 | * | Echo Global Logistics, Inc | 438,263 | |||||||
133,338 | Expeditors International of Washington, Inc | 11,783,079 | ||||||||
194,351 | FedEx Corp | 50,428,254 |
185 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
21,159 | Forward Air Corp | $ | 1,332,382 | |||||||
19,866 | Genco Shipping & Trading Ltd | 128,334 | ||||||||
46,426 | e | Hawaiian Holdings, Inc | 643,000 | |||||||
39,928 | Heartland Express, Inc | 731,082 | ||||||||
26,309 | * | Hub Group, Inc (Class A) | 1,318,870 | |||||||
67,192 | JB Hunt Transport Services, Inc | 8,179,954 | ||||||||
219,756 | * | JetBlue Airways Corp | 2,630,479 | |||||||
75,997 | Kansas City Southern | 13,386,112 | ||||||||
46,856 | * | Kirby Corp | 1,803,487 | |||||||
98,141 | Knight-Swift Transportation Holdings, Inc | 3,728,377 | ||||||||
30,608 | Landstar System, Inc | 3,816,818 | ||||||||
188,052 | *,e | Lyft, Inc (Class A) | 4,293,227 | |||||||
58,428 | Macquarie Infrastructure Co LLC | 1,507,442 | ||||||||
49,633 | Marten Transport Ltd | 761,618 | ||||||||
34,325 | Matson, Inc | 1,783,184 | ||||||||
41,293 | * | Mesa Air Group, Inc | 130,486 | |||||||
206,199 | Norfolk Southern Corp | 43,120,335 | ||||||||
78,439 | Old Dominion Freight Line | 14,932,432 | ||||||||
62 | * | PAM Transportation Services, Inc | 2,455 | |||||||
5,098 | Park-Ohio Holdings Corp | 100,635 | ||||||||
27,435 | * | Radiant Logistics, Inc | 141,016 | |||||||
41,259 | Ryder System, Inc | 2,032,418 | ||||||||
35,633 | * | Safe Bulkers, Inc | 31,592 | |||||||
21,474 | * | Saia, Inc | 3,170,851 | |||||||
50,543 | Schneider National, Inc | 1,114,979 | ||||||||
15,865 | Scorpio Bulkers, Inc | 174,198 | ||||||||
40,317 | Skywest, Inc | 1,170,403 | ||||||||
473,034 | Southwest Airlines Co | 18,699,034 | ||||||||
71,063 | *,e | Spirit Airlines, Inc | 1,248,577 | |||||||
1,108,105 | * | Uber Technologies, Inc | 37,021,788 | |||||||
546,789 | Union Pacific Corp | 96,885,543 | ||||||||
226,271 | * | United Airlines Holdings Inc | 7,661,536 | |||||||
567,748 | United Parcel Service, Inc (Class B) | 89,198,888 | ||||||||
7,569 | Universal Logistics Holdings Inc | 149,336 | ||||||||
11,478 | * | US Xpress Enterprises, Inc | 82,756 | |||||||
47,247 | Werner Enterprises, Inc | 1,796,331 | ||||||||
71,737 | * | XPO Logistics, Inc | 6,456,330 | |||||||
TOTAL TRANSPORTATION | 526,511,937 | |||||||||
UTILITIES - 3.0% | ||||||||||
529,419 | AES Corp | 10,323,670 | ||||||||
45,208 | Allete, Inc | 2,331,829 | ||||||||
201,849 | Alliant Energy Corp | 11,158,213 | ||||||||
197,761 | Ameren Corp | 16,042,372 | ||||||||
399,429 | American Electric Power Co, Inc | 35,920,650 | ||||||||
28,869 | American States Water Co | 2,156,226 | ||||||||
145,660 | American Water Works Co, Inc | 21,923,287 | ||||||||
4,446 | Artesian Resources Corp | 156,633 | ||||||||
82,099 | *,e | Atlantic Power Corp | 163,377 | |||||||
97,300 | Atmos Energy Corp | 8,919,491 | ||||||||
46,604 | Avangrid, Inc | 2,299,441 | ||||||||
54,420 | Avista Corp | 1,807,832 | ||||||||
50,220 | Black Hills Corp | 2,845,465 | ||||||||
26,454 | Brookfield Infrastructure Corp | 1,440,949 | ||||||||
55,605 | Brookfield Renewable Corp | 3,712,746 | ||||||||
31,868 | *,e | Cadiz, Inc | 304,339 |
186 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
40,616 | California Water Service Group | $ | 1,810,255 | |||||||
402,685 | Centerpoint Energy, Inc | 8,508,734 | ||||||||
15,569 | Chesapeake Utilities Corp | 1,513,462 | ||||||||
27,378 | Clearway Energy, Inc (Class A) | 717,577 | ||||||||
63,525 | Clearway Energy, Inc (Class C) | 1,788,864 | ||||||||
230,616 | CMS Energy Corp | 14,604,911 | ||||||||
268,987 | Consolidated Edison, Inc | 21,112,790 | ||||||||
6,419 | Consolidated Water Co, Inc | 64,575 | ||||||||
675,023 | Dominion Energy, Inc | 54,231,348 | ||||||||
153,985 | DTE Energy Co | 19,004,829 | ||||||||
591,478 | Duke Energy Corp | 54,481,039 | ||||||||
287,069 | Edison International | 16,087,347 | ||||||||
160,923 | Entergy Corp | 16,288,626 | ||||||||
179,577 | Essential Utilities Inc | 7,398,572 | ||||||||
179,956 | Evergy, Inc | 9,933,571 | ||||||||
276,259 | Eversource Energy | 24,109,123 | ||||||||
782,081 | Exelon Corp | 31,197,211 | ||||||||
432,412 | FirstEnergy Corp | 12,851,285 | ||||||||
28,916 | Genie Energy Ltd | 239,714 | ||||||||
6,030 | Global Water Resources, Inc | 63,918 | ||||||||
84,234 | Hawaiian Electric Industries, Inc | 2,783,091 | ||||||||
38,962 | Idacorp, Inc | 3,418,136 | ||||||||
158,548 | MDU Resources Group, Inc | 3,767,100 | ||||||||
30,486 | MGE Energy, Inc | 1,982,200 | ||||||||
13,966 | Middlesex Water Co | 895,779 | ||||||||
68,459 | National Fuel Gas Co | 2,735,622 | ||||||||
75,511 | New Jersey Resources Corp | 2,203,411 | ||||||||
1,576,346 | NextEra Energy, Inc | 115,404,291 | ||||||||
301,379 | NiSource, Inc | 6,922,676 | ||||||||
25,330 | Northwest Natural Holding Co | 1,125,665 | ||||||||
39,976 | NorthWestern Corp | 2,083,949 | ||||||||
192,093 | NRG Energy, Inc | 6,073,981 | ||||||||
158,285 | OGE Energy Corp | 4,870,429 | ||||||||
41,649 | ONE Gas, Inc | 2,875,447 | ||||||||
32,420 | Ormat Technologies, Inc | 2,297,605 | ||||||||
33,032 | Otter Tail Corp | 1,266,777 | ||||||||
1,039,948 | *,b | PG&E Corp | 9,941,903 | |||||||
88,238 | Pinnacle West Capital Corp | 7,197,574 | ||||||||
62,565 | PNM Resources, Inc | 3,128,250 | ||||||||
73,399 | Portland General Electric Co | 2,884,581 | ||||||||
617,978 | PPL Corp | 16,994,395 | ||||||||
405,874 | Public Service Enterprise Group, Inc | 23,601,573 | ||||||||
9,378 | * | Pure Cycle Corp | 82,526 | |||||||
3,907 | RGC Resources, Inc | 92,987 | ||||||||
232,968 | Sempra Energy | 29,204,868 | ||||||||
21,289 | SJW Corp | 1,292,029 | ||||||||
72,043 | South Jersey Industries, Inc | 1,388,269 | ||||||||
851,043 | Southern Co | 48,892,420 | ||||||||
44,686 | Southwest Gas Holdings Inc | 2,936,764 | ||||||||
7,602 | Spark Energy, Inc | 69,330 | ||||||||
41,075 | Spire, Inc | 2,301,843 | ||||||||
40,082 | * | Sunnova Energy International, Inc | 964,373 | |||||||
166,586 | UGI Corp | 5,387,391 | ||||||||
12,521 | Unitil Corp | 432,601 | ||||||||
385,979 | Vistra Energy Corp | 6,704,455 | ||||||||
254,341 | WEC Energy Group, Inc | 25,573,988 |
187 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
423,056 | Xcel Energy, Inc | $ | 29,626,612 | |||||||
15,191 | York Water Co | 641,820 | ||||||||
TOTAL UTILITIES | 797,560,982 | |||||||||
TOTAL COMMON STOCKS | 26,123,701,188 | |||||||||
(Cost $15,427,272,179) | ||||||||||
RIGHTS / WARRANTS - 0.0% | ||||||||||
CAPITAL GOODS - 0.0% | ||||||||||
56,339 | HC2 Holdings, Inc | 0 | ||||||||
TOTAL CAPITAL GOODS | 0 | |||||||||
HEALTH CARE EQUIPMENT & SERVICES - 0.0% | ||||||||||
204 | Pulse Biosciences, Inc | 0 | ||||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 0 | |||||||||
MEDIA & ENTERTAINMENT - 0.0% | ||||||||||
57,537 | † | Media General, Inc | 0 | |||||||
TOTAL MEDIA & ENTERTAINMENT | 0 | |||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0% | ||||||||||
27,694 | † | Chinook Therapeutics, Inc | 0 | |||||||
21,703 | † | Elanco Animal Health, Inc CVR | 1,235 | |||||||
1,988 | † | Omthera Pharmaceuticals, Inc | 1,192 | |||||||
4,598 | † | Tobira Therapeutics, Inc | 276 | |||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 2,703 | |||||||||
TOTAL RIGHTS / WARRANTS | 2,703 | |||||||||
(Cost $2,813) | ||||||||||
PRINCIPAL | ISSUER | RATE | MATURITY DATE | |||||||||||||
SHORT-TERM INVESTMENTS - 2.3% | ||||||||||||||||
GOVERNMENT AGENCY DEBT - 0.1% | ||||||||||||||||
$ | 8,995,000 | Federal Agricultural Mortgage Corp (FAMC) | 0.080 | % | 11/18/20 | 8,994,680 | ||||||||||
4,959,000 | Federal Home Loan Bank (FHLB) | 0.075 | 11/03/20 | 4,958,989 | ||||||||||||
15,765,000 | FHLB | 0.070 | 11/10/20 | 15,764,720 | ||||||||||||
TOTAL GOVERNMENT AGENCY DEBT | 29,718,389 | |||||||||||||||
REPURCHASE AGREEMENT - 1.5% | ||||||||||||||||
100,000,000 | r | Fixed Income Clearing Corp (FICC) | 0.050 | 11/02/20 | 100,000,000 | |||||||||||
290,000,000 | s | Fixed Income Clearing Corp (FICC) | 0.070 | 11/02/20 | 290,000,000 | |||||||||||
TOTAL REPURCHASE AGREEMENT | 390,000,000 | |||||||||||||||
TREASURY DEBT - 0.3% | ||||||||||||||||
41,990,000 | United States Cash Management Bill | 0.052-0.060 | 11/03/20 | 41,989,924 | ||||||||||||
5,000,000 | United States Cash Management Bill | 0.075 | 12/15/20 | 4,999,455 | ||||||||||||
22,110,000 | United States Treasury Bill | 0.086 | 11/17/20 | 22,109,263 | ||||||||||||
TOTAL TREASURY DEBT | 69,098,642 |
188 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | |||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.4% | |||||||||||
117,642,022 | c | State Street Navigator Securities Lending Government Money Market Portfolio | $ | 117,642,022 | |||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 117,642,022 | ||||||||||
TOTAL SHORT-TERM INVESTMENTS | 606,459,053 | ||||||||||
(Cost $606,458,959) | |||||||||||
TOTAL INVESTMENTS - 101.8% | 26,730,162,944 | ||||||||||
(Cost $16,033,733,951) | |||||||||||
OTHER ASSETS & LIABILITIES, NET - (1.8)% | (475,171,482 | ) | |||||||||
NET ASSETS - 100.0% | $ | 26,254,991,462 | |||||||||
Abbreviation(s): | |||||||||||
REIT Real Estate Investment Trust | |||||||||||
* | Non-income producing | ||||||||||
† | Security is categorized as Level 3 in the fair value hierarchy. | ||||||||||
b | In bankruptcy | ||||||||||
c | Investments made with cash collateral received from securities on loan. | ||||||||||
d | All or a portion of these securities have been segregated to cover margin requirements on open futures contracts. | ||||||||||
e | All or a portion of these securities are out on loan. The aggregate value of securities on loan is $158,778,566. | ||||||||||
g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/2020, the aggregate value of these securities is $1,628,085 or 0.0% of net assets. | ||||||||||
r | Agreement with Fixed Income Clearing Corporation, 0.050% dated 10/30/20 to be repurchased $100,000,000 on 11/2/20, collateralized by U.S. Treasury Notes valued at $102,000,095. | ||||||||||
s | Agreement with Fixed Income Clearing Corporation, 0.070% dated 10/30/20 to be repurchased $290,000,000 on 11/2/20, collateralized by U.S. Treasury Notes valued at $295,800,072. | ||||||||||
Futures contracts outstanding as of October 31, 2020 were as follows:
Description | Number of long (short) contracts | Expiration date | Notional amount | Value | Unrealized appreciation (depreciation) | |||||||||||
Russell 2000 E Mini Index | 112 | 12/18/20 | $ | 8,849,547 | $ | 8,606,080 | $ | (243,467 | ) | |||||||
S&P 500 E Mini Index | 571 | 12/18/20 | 96,811,593 | 93,207,185 | (3,604,408 | ) | ||||||||||
S&P Mid-Cap 400 E Mini Index | 13 | 12/18/20 | 2,517,769 | 2,464,280 | (53,489 | ) | ||||||||||
Total | 696 | $ | 108,178,909 | $ | 104,277,545 | $ | (3,901,364 | ) |
189 |
TIAA-CREF FUNDS - Large-Cap Growth Index Fund
TIAA-CREF FUNDS
LARGE-CAP GROWTH INDEX FUND
SCHEDULE OF INVESTMENTS
October 31, 2020
SHARES | COMPANY | VALUE | ||||||||
COMMON STOCKS - 99.8% | ||||||||||
AUTOMOBILES & COMPONENTS - 1.8% | ||||||||||
16,142 | BorgWarner, Inc | $ | 564,647 | |||||||
452,658 | * | Tesla, Inc | 175,649,410 | |||||||
TOTAL AUTOMOBILES & COMPONENTS | 176,214,057 | |||||||||
BANKS - 0.0% | ||||||||||
4,692 | *,e | LendingTree, Inc | 1,518,284 | |||||||
24,883 | *,e | Rocket Cos, Inc | 453,617 | |||||||
TOTAL BANKS | 1,971,901 | |||||||||
CAPITAL GOODS - 2.3% | ||||||||||
226,681 | 3M Co | 36,259,893 | ||||||||
38,676 | Allegion plc | 3,809,586 | ||||||||
46,923 | Allison Transmission Holdings, Inc | 1,696,266 | ||||||||
11,635 | Armstrong World Industries, Inc | 696,936 | ||||||||
37,986 | * | Axon Enterprise, Inc | 3,756,815 | |||||||
3,334 | * | AZEK Co, Inc | 111,489 | |||||||
37,579 | BWX Technologies, Inc | 2,067,221 | ||||||||
190,944 | Carrier Global Corp | 6,375,620 | ||||||||
9,561 | Donaldson Co, Inc | 454,147 | ||||||||
283,679 | Fastenal Co | 12,263,443 | ||||||||
33,811 | * | Generac Holdings, Inc | 7,105,382 | |||||||
50,997 | Graco, Inc | 3,156,714 | ||||||||
21,019 | HEICO Corp | 2,208,046 | ||||||||
38,057 | HEICO Corp (Class A) | 3,558,329 | ||||||||
4,306 | Huntington Ingalls | 635,049 | ||||||||
84,895 | Illinois Tool Works, Inc | 16,629,233 | ||||||||
14,857 | Lincoln Electric Holdings, Inc | 1,512,740 | ||||||||
151,292 | Lockheed Martin Corp | 52,971,868 | ||||||||
27,875 | * | Mercury Systems, Inc | 1,920,030 | |||||||
28,145 | Nordson Corp | 5,444,087 | ||||||||
87,775 | Northrop Grumman Corp | 25,438,951 | ||||||||
17,000 | Quanta Services, Inc | 1,061,310 | ||||||||
33,971 | Rockwell Automation, Inc | 8,055,204 | ||||||||
8,803 | Roper Technologies Inc | 3,268,906 | ||||||||
61,671 | Toro Co | 5,063,189 | ||||||||
6,863 | TransDigm Group, Inc | 3,276,465 | ||||||||
69,190 | * | Trex Co, Inc | 4,811,473 | |||||||
135,475 | * | Vertiv Holdings Co | 2,391,134 | |||||||
35,376 | *,e | Virgin Galactic Holdings, Inc | 616,250 | |||||||
19,819 | W.W. Grainger, Inc | 6,937,046 | ||||||||
TOTAL CAPITAL GOODS | 223,552,822 | |||||||||
COMMERCIAL & PROFESSIONAL SERVICES - 1.2% | ||||||||||
47,723 | Cintas Corp | 15,011,270 | ||||||||
124,152 | * | Copart, Inc | 13,701,415 |
190 |
TIAA-CREF FUNDS - Large-Cap Growth Index Fund
SHARES | COMPANY | VALUE | ||||||||
23,879 | * | CoStar Group, Inc | $ | 19,666,983 | ||||||
26,123 | * | Dun & Bradstreet Holdings, Inc | 675,018 | |||||||
54,697 | Equifax, Inc | 7,471,610 | ||||||||
19,838 | * | IAA, Inc | 1,122,632 | |||||||
132,514 | IHS Markit Ltd | 10,716,407 | ||||||||
5,194 | MSA Safety, Inc | 685,193 | ||||||||
78,680 | Rollins, Inc | 4,551,638 | ||||||||
74,318 | * | Seagen, Inc | 12,396,242 | |||||||
104,438 | TransUnion | 8,319,531 | ||||||||
96,816 | Verisk Analytics, Inc | 17,230,344 | ||||||||
33,591 | Waste Management, Inc | 3,624,805 | ||||||||
TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 115,173,088 | |||||||||
CONSUMER DURABLES & APPAREL - 1.2% | ||||||||||
69,407 | * | Lululemon Athletica, Inc | 22,160,961 | |||||||
124,263 | * | Mattel, Inc | 1,711,101 | |||||||
741,262 | Nike, Inc (Class B) | 89,010,741 | ||||||||
214 | * | NVR, Inc | 845,961 | |||||||
14,643 | * | Peloton Interactive, Inc | 1,613,805 | |||||||
4,482 | Polaris Inc | 407,235 | ||||||||
20,651 | * | Tempur Sealy International, Inc | 1,837,939 | |||||||
10,668 | VF Corp | 716,890 | ||||||||
TOTAL CONSUMER DURABLES & APPAREL | 118,304,633 | |||||||||
CONSUMER SERVICES - 1.1% | ||||||||||
24,886 | * | Bright Horizons Family Solutions | 3,933,232 | |||||||
72,898 | * | Chegg, Inc | 5,353,629 | |||||||
17,002 | * | Chipotle Mexican Grill, Inc (Class A) | 20,427,563 | |||||||
24,056 | Domino’s Pizza, Inc | 9,100,866 | ||||||||
42,436 | Dunkin Brands Group, Inc | 4,231,294 | ||||||||
10,599 | * | frontdoor, Inc | 419,932 | |||||||
98,545 | H&R Block, Inc | 1,700,887 | ||||||||
86,433 | Las Vegas Sands Corp | 4,153,970 | ||||||||
65,182 | McDonald’s Corp | 13,883,766 | ||||||||
27,378 | * | Planet Fitness, Inc | 1,622,694 | |||||||
413,413 | Starbucks Corp | 35,950,395 | ||||||||
1,821 | Vail Resorts, Inc | 422,545 | ||||||||
109,385 | Wendy’s | 2,390,062 | ||||||||
15,209 | Wynn Resorts Ltd | 1,101,588 | ||||||||
16,462 | Yum China Holdings, Inc | 876,272 | ||||||||
12,854 | Yum! Brands, Inc | 1,199,664 | ||||||||
TOTAL CONSUMER SERVICES | 106,768,359 | |||||||||
DIVERSIFIED FINANCIALS - 1.5% | ||||||||||
50,509 | Apollo Global Management, Inc | 1,861,762 | ||||||||
59,977 | Ares Management Corp | 2,537,027 | ||||||||
6,182 | Carlyle Group, Inc | 154,055 | ||||||||
14,489 | CBOE Global Markets, Inc | 1,177,811 | ||||||||
379 | *,e | Credit Acceptance Corp | 112,988 | |||||||
22,722 | Factset Research Systems, Inc | 6,964,293 | ||||||||
116,966 | Intercontinental Exchange Group, Inc | 11,041,590 | ||||||||
159,992 | iShares Russell 1000 Growth Index Fund | 33,531,123 | ||||||||
3,545 | LPL Financial Holdings, Inc | 283,352 | ||||||||
22,617 | MarketAxess Holdings, Inc | 12,187,171 | ||||||||
99,590 | Moody’s Corp | 26,182,211 | ||||||||
11,329 | Morningstar, Inc | 2,156,815 |
191 |
TIAA-CREF FUNDS - Large-Cap Growth Index Fund
SHARES | COMPANY | VALUE | ||||||||
49,714 | MSCI, Inc (Class A) | $ | 17,391,946 | |||||||
86,918 | S&P Global, Inc | 28,051,046 | ||||||||
57,050 | SLM Corp | 524,290 | ||||||||
35,106 | T Rowe Price Group, Inc | 4,446,526 | ||||||||
42,890 | Tradeweb Markets, Inc | 2,336,647 | ||||||||
36,243 | Virtu Financial, Inc | 774,875 | ||||||||
TOTAL DIVERSIFIED FINANCIALS | �� | 151,715,528 | ||||||||
ENERGY - 0.1% | ||||||||||
141,259 | * | Cheniere Energy, Inc | 6,762,068 | |||||||
33,453 | Equitrans Midstream Corp | 242,869 | ||||||||
TOTAL ENERGY | 7,004,937 | |||||||||
FOOD & STAPLES RETAILING - 1.0% | ||||||||||
16,000 | e | Albertsons Cos, Inc | 235,040 | |||||||
238,371 | Costco Wholesale Corp | 85,246,237 | ||||||||
23,622 | * | Grocery Outlet Holding Corp | 1,039,840 | |||||||
62,112 | * | Sprouts Farmers Market, Inc | 1,183,234 | |||||||
209,328 | SYSCO Corp | 11,577,932 | ||||||||
TOTAL FOOD & STAPLES RETAILING | 99,282,283 | |||||||||
FOOD, BEVERAGE & TOBACCO - 2.3% | ||||||||||
494,227 | Altria Group, Inc | 17,831,710 | ||||||||
24,882 | * | Beyond Meat, Inc | 3,543,943 | |||||||
5,461 | * | Boston Beer Co, Inc (Class A) | 5,674,962 | |||||||
24,234 | Brown-Forman Corp (Class A) | 1,520,684 | ||||||||
95,099 | Brown-Forman Corp (Class B) | 6,629,351 | ||||||||
54,324 | Campbell Soup Co | 2,535,301 | ||||||||
1,389,472 | Coca-Cola Co | 66,778,024 | ||||||||
69,354 | Hershey Co | 9,533,401 | ||||||||
55,070 | Kellogg Co | 3,463,352 | ||||||||
19,733 | Lamb Weston Holdings, Inc | 1,252,059 | ||||||||
42,446 | McCormick & Co, Inc | 7,661,928 | ||||||||
226,630 | * | Monster Beverage Corp | 17,353,059 | |||||||
623,659 | PepsiCo, Inc | 83,127,508 | ||||||||
15,280 | * | Pilgrim’s Pride Corp | 255,787 | |||||||
TOTAL FOOD, BEVERAGE & TOBACCO | 227,161,069 | |||||||||
HEALTH CARE EQUIPMENT & SERVICES - 6.0% | ||||||||||
406,766 | Abbott Laboratories | 42,755,174 | ||||||||
27,046 | * | Abiomed, Inc | 6,812,346 | |||||||
47,752 | * | Align Technology, Inc | 20,346,172 | |||||||
19,101 | * | Amedisys, Inc | 4,947,159 | |||||||
43,294 | AmerisourceBergen Corp | 4,159,255 | ||||||||
39,693 | Anthem, Inc | 10,828,250 | ||||||||
130,465 | Baxter International, Inc | 10,120,170 | ||||||||
180,817 | Cardinal Health, Inc | 8,279,610 | ||||||||
103,235 | * | Centene Corp | 6,101,188 | |||||||
186,989 | Cerner Corp | 13,106,059 | ||||||||
105,303 | * | Change Healthcare, Inc | 1,490,037 | |||||||
9,649 | Chemed Corp | 4,615,310 | ||||||||
59,535 | Cigna Corp | 9,940,559 | ||||||||
3,626 | Cooper Cos, Inc | 1,156,875 | ||||||||
8,993 | * | DaVita, Inc | 775,646 | |||||||
56,210 | * | DexCom, Inc | 17,963,592 | |||||||
377,022 | * | Edwards Lifesciences Corp | 27,028,707 |
192 |
TIAA-CREF FUNDS - Large-Cap Growth Index Fund
SHARES | COMPANY | VALUE | ||||||||
28,009 | Encompass Health Corp | $ | 1,717,232 | |||||||
50,100 | * | Guardant Health, Inc | 5,343,666 | |||||||
28,269 | * | Haemonetics Corp | 2,857,713 | |||||||
84,182 | HCA Healthcare, Inc | 10,433,517 | ||||||||
5,477 | Hill-Rom Holdings, Inc | 498,790 | ||||||||
108,269 | * | Hologic, Inc | 7,451,073 | |||||||
30,967 | Humana, Inc | 12,364,504 | ||||||||
3,565 | * | ICU Medical, Inc | 633,821 | |||||||
51,373 | * | IDEXX Laboratories, Inc | 21,824,278 | |||||||
40,031 | * | Insulet Corp | 8,896,890 | |||||||
70,824 | * | Intuitive Surgical, Inc | 47,245,274 | |||||||
3,161 | * | Laboratory Corp of America Holdings | 631,473 | |||||||
35,053 | * | Livongo Health, Inc | 4,473,966 | |||||||
30,256 | * | Masimo Corp | 6,771,898 | |||||||
73,432 | McKesson Corp | 10,830,486 | ||||||||
24,909 | * | Molina Healthcare, Inc | 4,644,781 | |||||||
61,985 | * | Novocure Ltd | 7,568,368 | |||||||
6,732 | * | Oak Street Health, Inc | 320,376 | |||||||
20,097 | * | Penumbra, Inc | 5,245,920 | |||||||
82,707 | * | PPD, Inc | 2,719,406 | |||||||
22,499 | * | Quidel Corp | 6,036,257 | |||||||
87,491 | Resmed, Inc | 16,793,023 | ||||||||
2,895 | STERIS plc | 512,965 | ||||||||
68,652 | Stryker Corp | 13,868,391 | ||||||||
32,032 | * | Tandem Diabetes Care, Inc | 3,491,488 | |||||||
39,608 | *,e | Teladoc, Inc | 7,781,388 | |||||||
17,781 | Teleflex, Inc | 5,658,448 | ||||||||
480,504 | UnitedHealth Group, Inc | 146,620,991 | ||||||||
7,096 | * | Varian Medical Systems, Inc | 1,226,189 | |||||||
81,581 | * | Veeva Systems, Inc | 22,030,949 | |||||||
44,847 | West Pharmaceutical Services, Inc | 12,201,523 | ||||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 589,121,153 | |||||||||
HOUSEHOLD & PERSONAL PRODUCTS - 1.5% | ||||||||||
150,310 | Church & Dwight Co, Inc | 13,285,901 | ||||||||
54,579 | Clorox Co | 11,311,498 | ||||||||
30,281 | Energizer Holdings, Inc | 1,191,557 | ||||||||
121,181 | Estee Lauder Cos (Class A) | 26,618,619 | ||||||||
7,234 | * | Herbalife Nutrition Ltd | 326,543 | |||||||
666,973 | Procter & Gamble Co | 91,441,998 | ||||||||
10,022 | Reynolds Consumer Products Inc | 283,021 | ||||||||
TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 144,459,137 | |||||||||
INSURANCE - 0.7% | ||||||||||
742 | Alleghany Corp | 405,822 | ||||||||
140,128 | Aon plc | 25,784,953 | ||||||||
4,050 | Axis Capital Holdings Ltd | 172,895 | ||||||||
7,969 | Brown & Brown, Inc | 346,731 | ||||||||
8,699 | Erie Indemnity Co (Class A) | 2,025,736 | ||||||||
7,113 | * | GoHealth, Inc | 73,691 | |||||||
16,478 | Lincoln National Corp | 578,378 | ||||||||
240,437 | Marsh & McLennan Cos, Inc | 24,875,612 | ||||||||
14,384 | Primerica, Inc | 1,585,692 | ||||||||
103,353 | Progressive Corp | 9,498,141 | ||||||||
10,200 | RenaissanceRe Holdings Ltd | 1,649,544 | ||||||||
TOTAL INSURANCE | 66,997,195 |
193 |
TIAA-CREF FUNDS - Large-Cap Growth Index Fund
SHARES | COMPANY | VALUE | ||||||||
MATERIALS - 0.9% | ||||||||||
17,328 | Air Products & Chemicals, Inc | $ | 4,786,687 | |||||||
146,017 | Amcor plc | 1,522,957 | ||||||||
20,078 | Avery Dennison Corp | 2,778,594 | ||||||||
182,458 | Ball Corp | 16,238,762 | ||||||||
26,518 | * | Berry Global Group, Inc | 1,236,534 | |||||||
7,624 | * | Crown Holdings, Inc | 654,139 | |||||||
30,099 | Ecolab, Inc | 5,525,875 | ||||||||
15,401 | FMC Corp | 1,582,299 | ||||||||
37,827 | Graphic Packaging Holding Co | 502,721 | ||||||||
3,540 | NewMarket Corp | 1,266,223 | ||||||||
28,539 | Royal Gold, Inc | 3,390,719 | ||||||||
67,138 | RPM International, Inc | 5,684,574 | ||||||||
22,543 | Scotts Miracle-Gro Co (Class A) | 3,382,577 | ||||||||
50,501 | Sherwin-Williams Co | 34,743,678 | ||||||||
13,634 | WR Grace and Co | 592,943 | ||||||||
TOTAL MATERIALS | 83,889,282 | |||||||||
MEDIA & ENTERTAINMENT - 11.5% | ||||||||||
185,446 | Activision Blizzard, Inc | 14,043,826 | ||||||||
142,582 | * | Alphabet, Inc (Class A) | 230,428,196 | |||||||
140,745 | * | Alphabet, Inc (Class C) | 228,149,053 | |||||||
182,106 | * | Altice USA, Inc | 4,907,757 | |||||||
3,254 | Cable One, Inc | 5,635,472 | ||||||||
82,743 | * | Charter Communications, Inc | 49,961,878 | |||||||
25,034 | * | Electronic Arts, Inc | 2,999,824 | |||||||
1,470,065 | * | Facebook, Inc | 386,788,802 | |||||||
5,536 | * | Liberty SiriusXM Group (Class A) | 191,380 | |||||||
11,471 | * | Liberty SiriusXM Group (Class C) | 396,897 | |||||||
86,560 | * | Live Nation, Inc | 4,224,128 | |||||||
133,714 | * | Match Group, Inc | 15,615,121 | |||||||
260,310 | * | Netflix, Inc | 123,839,879 | |||||||
17,884 | Nexstar Media Group Inc | 1,473,642 | ||||||||
205,709 | * | Pinterest, Inc | 12,126,546 | |||||||
64,678 | * | Roku, Inc | 13,090,827 | |||||||
423,628 | Sirius XM Holdings, Inc | 2,427,388 | ||||||||
80,012 | * | Spotify Technology S.A. | 19,194,079 | |||||||
63,808 | * | Take-Two Interactive Software, Inc | 9,885,135 | |||||||
28,929 | World Wrestling Entertainment, Inc (Class A) | 1,051,858 | ||||||||
3,600 | * | Zillow Group, Inc (Class A) | 321,588 | |||||||
9,441 | * | Zillow Group, Inc (Class C) | 836,661 | |||||||
447,005 | * | Zynga, Inc | 4,018,575 | |||||||
TOTAL MEDIA & ENTERTAINMENT | 1,131,608,512 | |||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.6% | ||||||||||
34,663 | * | 10X Genomics, Inc | 4,745,365 | |||||||
1,013,184 | AbbVie, Inc | 86,221,958 | ||||||||
67,997 | * | Acadia Pharmaceuticals, Inc | 3,158,461 | |||||||
29,215 | * | Acceleron Pharma, Inc | 3,055,305 | |||||||
46,587 | * | Adaptive Biotechnologies Corp | 2,146,729 | |||||||
16,656 | Agilent Technologies, Inc | 1,700,411 | ||||||||
5,948 | * | Agios Pharmaceuticals, Inc | 238,336 | |||||||
19,224 | * | Alexion Pharmaceuticals, Inc | 2,213,451 | |||||||
71,335 | * | Alnylam Pharmaceuticals, Inc | 8,772,065 | |||||||
360,203 | Amgen, Inc | 78,142,439 |
194 |
TIAA-CREF FUNDS - Large-Cap Growth Index Fund
SHARES | COMPANY | VALUE | ||||||||
271,491 | * | Avantor, Inc | $ | 6,317,596 | ||||||
2,721 | * | Berkeley Lights, Inc | 197,463 | |||||||
29,172 | * | Biogen, Inc | 7,353,386 | |||||||
99,112 | * | BioMarin Pharmaceutical, Inc | 7,376,906 | |||||||
22,404 | Bio-Techne Corp | 5,654,994 | ||||||||
18,426 | * | Bluebird Bio, Inc | 952,808 | |||||||
502,873 | Bristol-Myers Squibb Co | 29,392,927 | ||||||||
27,479 | Bruker BioSciences Corp | 1,168,957 | ||||||||
26,378 | * | Charles River Laboratories International, Inc | 6,006,271 | |||||||
515,366 | Eli Lilly & Co | 67,234,648 | ||||||||
78,405 | * | Exact Sciences Corp | 9,708,891 | |||||||
67,924 | * | Exelixis, Inc | 1,391,084 | |||||||
34,919 | * | Global Blood Therapeutics, Inc | 1,846,517 | |||||||
110,211 | * | Horizon Therapeutics Plc | 8,258,110 | |||||||
89,756 | * | Illumina, Inc | 26,271,581 | |||||||
111,099 | * | Incyte Corp | 9,625,617 | |||||||
38,761 | * | Ionis Pharmaceuticals, Inc | 1,819,829 | |||||||
90,431 | * | Iovance Biotherapeutics, Inc | 3,226,578 | |||||||
43,526 | * | IQVIA Holdings, Inc | 6,702,569 | |||||||
216,192 | Johnson & Johnson | 29,642,085 | ||||||||
1,350,621 | Merck & Co, Inc | 101,580,205 | ||||||||
13,570 | * | Mettler-Toledo International, Inc | 13,541,639 | |||||||
174,660 | * | Moderna, Inc | 11,784,310 | |||||||
55,174 | * | Neurocrine Biosciences, Inc | 5,444,019 | |||||||
12,565 | PerkinElmer, Inc | 1,627,796 | ||||||||
35,056 | * | PRA Health Sciences, Inc | 3,415,857 | |||||||
13,283 | * | Reata Pharmaceuticals, Inc | 1,550,259 | |||||||
59,158 | * | Regeneron Pharmaceuticals, Inc | 32,155,922 | |||||||
31,856 | * | Repligen Corp | 5,306,254 | |||||||
25,650 | Royalty Pharma plc | 941,355 | ||||||||
3,564 | * | Sage Therapeutics, Inc | 261,526 | |||||||
45,431 | * | Sarepta Therapeutics, Inc | 6,174,527 | |||||||
5,480 | * | Syneos Health, Inc | 290,878 | |||||||
141,838 | Thermo Fisher Scientific, Inc | 67,106,395 | ||||||||
159,134 | * | Vertex Pharmaceuticals, Inc | 33,157,160 | |||||||
2,581 | * | Waters Corp | 575,098 | |||||||
263,093 | Zoetis, Inc | 41,713,395 | ||||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 747,169,932 | |||||||||
REAL ESTATE - 1.8% | ||||||||||
269,870 | American Tower Corp | 61,975,645 | ||||||||
11,277 | Americold Realty Trust | 408,566 | ||||||||
29,628 | Brookfield Property REIT, Inc | 437,013 | ||||||||
16,403 | Coresite Realty | 1,957,862 | ||||||||
237,056 | Crown Castle International Corp | 37,028,147 | ||||||||
53,755 | Equinix, Inc | 39,307,806 | ||||||||
42,244 | Equity Lifestyle Properties, Inc | 2,500,422 | ||||||||
53,966 | Extra Space Storage, Inc | 6,257,358 | ||||||||
110,405 | Iron Mountain, Inc | 2,877,154 | ||||||||
59,994 | Public Storage, Inc | 13,742,826 | ||||||||
9,034 | SBA Communications Corp | 2,623,203 | ||||||||
148,663 | Simon Property Group, Inc | 9,337,523 | ||||||||
TOTAL REAL ESTATE | 178,453,525 | |||||||||
RETAILING - 12.1% | ||||||||||
259,591 | * | Amazon.com, Inc | 788,157,215 |
195 |
TIAA-CREF FUNDS - Large-Cap Growth Index Fund
SHARES | COMPANY | VALUE | ||||||||
8,427 | * | AutoZone, Inc | $ | 9,513,915 | ||||||
24,464 | Best Buy Co, Inc | 2,728,959 | ||||||||
25,002 | * | Booking Holdings, Inc | 40,565,745 | |||||||
36,354 | * | Burlington Stores, Inc | 7,037,407 | |||||||
6,942 | * | CarMax, Inc | 600,067 | |||||||
33,389 | * | Carvana Co | 6,188,651 | |||||||
154,217 | Dollar General Corp | 32,186,630 | ||||||||
67,519 | * | Dollar Tree, Inc | 6,098,316 | |||||||
372,648 | eBay, Inc | 17,749,224 | ||||||||
71,884 | * | Etsy, Inc | 8,740,376 | |||||||
8,616 | Expedia Group, Inc | 811,196 | ||||||||
32,850 | * | Five Below, Inc | 4,380,219 | |||||||
57,194 | * | Floor & Decor Holdings, Inc | 4,175,162 | |||||||
5,005 | * | GrubHub, Inc | 370,170 | |||||||
328,521 | Home Depot, Inc | 87,619,836 | ||||||||
462,395 | Lowe’s Companies, Inc | 73,104,650 | ||||||||
32,071 | *,e | Ollie’s Bargain Outlet Holdings, Inc | 2,793,063 | |||||||
44,664 | * | O’Reilly Automotive, Inc | 19,500,302 | |||||||
23,612 | Pool Corp | 8,260,186 | ||||||||
172,642 | Ross Stores, Inc | 14,703,919 | ||||||||
593,324 | TJX Companies, Inc | 30,140,859 | ||||||||
70,476 | Tractor Supply Co | 9,388,108 | ||||||||
30,547 | * | Ulta Beauty, Inc | 6,316,203 | |||||||
12,350 | * | Vroom, Inc | 507,585 | |||||||
37,211 | * | Wayfair, Inc | 9,229,444 | |||||||
7,098 | Williams-Sonoma, Inc | 647,409 | ||||||||
TOTAL RETAILING | 1,191,514,816 | |||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 6.2% | ||||||||||
663,649 | * | Advanced Micro Devices, Inc | 49,966,133 | |||||||
29,308 | Analog Devices, Inc | 3,473,877 | ||||||||
559,429 | Applied Materials, Inc | 33,134,980 | ||||||||
226,461 | Broadcom, Inc | 79,177,559 | ||||||||
66,353 | * | Enphase Energy, Inc | 6,508,566 | |||||||
78,585 | Entegris, Inc | 5,875,800 | ||||||||
29,266 | * | Inphi Corp | 4,090,216 | |||||||
94,737 | KLA Corp | 18,680,242 | ||||||||
88,566 | Lam Research Corp | 30,296,657 | ||||||||
53,223 | Maxim Integrated Products, Inc | 3,706,982 | ||||||||
111,047 | Microchip Technology, Inc | 11,668,819 | ||||||||
25,237 | MKS Instruments, Inc | 2,735,438 | ||||||||
26,601 | Monolithic Power Systems, Inc | 8,501,680 | ||||||||
361,363 | NVIDIA Corp | 181,172,954 | ||||||||
688,846 | QUALCOMM, Inc | 84,976,043 | ||||||||
29,856 | * | SolarEdge Technologies, Inc | 7,693,593 | |||||||
102,085 | Teradyne, Inc | 8,968,167 | ||||||||
280,027 | Texas Instruments, Inc | 40,489,104 | ||||||||
26,380 | Universal Display Corp | 5,231,418 | ||||||||
149,125 | Xilinx, Inc | 17,699,646 | ||||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 604,047,874 | |||||||||
SOFTWARE & SERVICES - 26.1% | ||||||||||
13,927 | * | 2U, Inc | 513,210 | |||||||
389,988 | Accenture plc | 84,592,297 | ||||||||
294,408 | * | Adobe, Inc | 131,629,817 | |||||||
79,329 | * | Akamai Technologies, Inc | 7,545,775 |
196 |
TIAA-CREF FUNDS - Large-Cap Growth Index Fund
SHARES | COMPANY | VALUE | ||||||||
31,861 | * | Alteryx, Inc | $ | 3,993,776 | ||||||
79,577 | * | Anaplan, Inc | 4,404,587 | |||||||
52,401 | * | Ansys, Inc | 15,949,292 | |||||||
38,012 | * | Aspen Technology, Inc | 4,174,098 | |||||||
77,800 | * | Atlassian Corp plc | 14,908,036 | |||||||
89,351 | * | Autodesk, Inc | 21,045,735 | |||||||
225,976 | Automatic Data Processing, Inc | 35,695,169 | ||||||||
50,032 | * | Avalara, Inc | 7,457,270 | |||||||
3,874 | *,e | BigCommerce Holdings, Inc | 284,352 | |||||||
33,372 | * | Bill.Com Holdings, Inc | 3,337,200 | |||||||
94,273 | * | Black Knight, Inc | 8,291,310 | |||||||
82,567 | Booz Allen Hamilton Holding Co | 6,481,510 | ||||||||
70,135 | Broadridge Financial Solutions, Inc | 9,650,576 | ||||||||
2,270 | * | CACI International, Inc (Class A) | 473,363 | |||||||
169,130 | * | Cadence Design Systems, Inc | 18,497,748 | |||||||
8,662 | CDK Global, Inc | 373,332 | ||||||||
46,245 | * | Ceridian HCM Holding, Inc | 3,987,244 | |||||||
20,753 | Citrix Systems, Inc | 2,350,692 | ||||||||
66,250 | * | Cloudflare, Inc | 3,443,013 | |||||||
24,106 | Cognizant Technology Solutions Corp (Class A) | 1,721,651 | ||||||||
2,182 | CoreLogic Inc | 167,861 | ||||||||
40,618 | * | Coupa Software, Inc | 10,873,439 | |||||||
67,417 | * | Crowdstrike Holdings, Inc | 8,348,921 | |||||||
93,971 | * | Datadog, Inc | 8,527,868 | |||||||
108,937 | * | DocuSign, Inc | 22,032,508 | |||||||
149,827 | * | Dropbox, Inc | 2,735,841 | |||||||
8,425 | * | Duck Creek Technologies, Inc | 365,392 | |||||||
111,710 | * | Dynatrace, Inc | 3,944,480 | |||||||
41,507 | * | Elastic NV | 4,209,225 | |||||||
32,708 | * | EPAM Systems, Inc | 10,105,137 | |||||||
20,305 | * | Everbridge, Inc | 2,125,730 | |||||||
17,158 | * | Fair Isaac Corp | 6,716,499 | |||||||
47,814 | *,e | Fastly, Inc | 3,036,667 | |||||||
28,280 | * | FireEye, Inc | 391,395 | |||||||
101,134 | * | Fiserv, Inc | 9,655,263 | |||||||
37,627 | * | Five9, Inc | 5,708,768 | |||||||
49,917 | * | FleetCor Technologies, Inc | 11,027,164 | |||||||
80,876 | * | Fortinet, Inc | 8,926,284 | |||||||
52,707 | * | Gartner, Inc | 6,330,111 | |||||||
44,632 | Genpact Ltd | 1,534,002 | ||||||||
23,593 | * | Globant S.A. | 4,261,132 | |||||||
100,416 | * | GoDaddy, Inc | 7,103,428 | |||||||
9,036 | * | Guidewire Software, Inc | 868,450 | |||||||
25,447 | * | HubSpot, Inc | 7,381,411 | |||||||
154,185 | Intuit, Inc | 48,518,936 | ||||||||
36,798 | Jack Henry & Associates, Inc | 5,455,304 | ||||||||
5,177 | * | Jamf Holding Corp | 168,770 | |||||||
7,407 | Leidos Holdings, Inc | 614,781 | ||||||||
34,724 | * | Manhattan Associates, Inc | 2,968,902 | |||||||
539,952 | Mastercard, Inc (Class A) | 155,851,745 | ||||||||
50,155 | * | Medallia, Inc | 1,426,910 | |||||||
4,584,471 | Microsoft Corp | 928,217,843 | ||||||||
30,547 | * | MongoDB, Inc | 6,979,073 | |||||||
6,803 | * | nCino, Inc | 479,748 | |||||||
30,977 | * | New Relic, Inc | 1,879,065 | |||||||
342,050 | NortonLifelock, Inc | 7,035,969 |
197 |
TIAA-CREF FUNDS - Large-Cap Growth Index Fund
SHARES | COMPANY | VALUE | ||||||||
113,236 | * | Nutanix, Inc | $ | 2,756,164 | ||||||
70,245 | * | Okta, Inc | 14,739,508 | |||||||
1,033,938 | Oracle Corp | 58,014,261 | ||||||||
42,492 | *,e | Pagerduty, Inc | 1,151,533 | |||||||
57,822 | * | Palo Alto Networks, Inc | 12,789,648 | |||||||
153,911 | Paychex, Inc | 12,659,180 | ||||||||
30,269 | * | Paycom Software, Inc | 11,020,640 | |||||||
21,439 | * | Paylocity Holding Corp | 3,977,363 | |||||||
718,841 | * | PayPal Holdings, Inc | 133,797,875 | |||||||
22,259 | Pegasystems, Inc | 2,579,373 | ||||||||
60,704 | * | Pluralsight, Inc | 953,053 | |||||||
33,662 | * | Proofpoint, Inc | 3,222,800 | |||||||
63,877 | * | PTC, Inc | 5,358,003 | |||||||
47,018 | * | RealPage, Inc | 2,618,432 | |||||||
47,382 | * | RingCentral, Inc | 12,240,666 | |||||||
491,416 | * | salesforce.com, Inc | 114,141,194 | |||||||
4,184 | Science Applications International Corp | 319,532 | ||||||||
116,292 | * | ServiceNow, Inc | 57,863,410 | |||||||
233,246 | * | Slack Technologies, Inc | 5,966,433 | |||||||
67,543 | * | Smartsheet, Inc | 3,367,019 | |||||||
97,135 | * | Splunk, Inc | 19,236,615 | |||||||
225,991 | * | Square, Inc | 35,001,486 | |||||||
28,133 | SS&C Technologies Holdings, Inc | 1,666,036 | ||||||||
110,331 | * | StoneCo Ltd | 5,796,791 | |||||||
50,114 | Switch, Inc | 704,603 | ||||||||
84,897 | * | Synopsys, Inc | 18,156,072 | |||||||
49,397 | * | Teradata Corp | 907,423 | |||||||
25,248 | * | Trade Desk, Inc | 14,301,730 | |||||||
69,809 | * | Twilio, Inc | 19,474,617 | |||||||
24,457 | * | Tyler Technologies, Inc | 9,400,782 | |||||||
37,411 | * | VeriSign, Inc | 7,134,278 | |||||||
1,033,257 | Visa, Inc (Class A) | 187,753,129 | ||||||||
48,337 | *,e | VMware, Inc (Class A) | 6,222,422 | |||||||
45,441 | Western Union Co | 883,373 | ||||||||
2,772 | * | WEX, Inc | 350,797 | |||||||
104,862 | * | Workday, Inc | 22,033,603 | |||||||
69,404 | * | Zendesk, Inc | 7,699,680 | |||||||
102,219 | * | Zoom Video Communications, Inc | 47,113,759 | |||||||
42,867 | * | Zscaler, Inc | 5,819,195 | |||||||
TOTAL SOFTWARE & SERVICES | 2,565,967,553 | |||||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 11.5% | ||||||||||
104,802 | Amphenol Corp (Class A) | 11,825,858 | ||||||||
9,880,369 | Apple, Inc | 1,075,576,969 | ||||||||
29,548 | * | Arista Networks, Inc | 6,172,577 | |||||||
86,481 | CDW Corp | 10,602,571 | ||||||||
99,914 | Cognex Corp | 6,584,333 | ||||||||
11,321 | * | Coherent, Inc | 1,416,710 | |||||||
11,338 | * | CommScope Holding Co, Inc | 100,908 | |||||||
9,519 | * | Dell Technologies, Inc | 573,615 | |||||||
4,048 | Dolby Laboratories, Inc (Class A) | 303,924 | ||||||||
1,221 | * | IPG Photonics Corp | 227,057 | |||||||
15,517 | Jabil Inc | 514,233 | ||||||||
38,559 | * | Keysight Technologies, Inc | 4,043,682 | |||||||
4,537 | * | Lumentum Holdings, Inc | 375,165 | |||||||
10,391 | Motorola Solutions, Inc | 1,642,401 |
198 |
TIAA-CREF FUNDS - Large-Cap Growth Index Fund
SHARES | COMPANY | VALUE | ||||||||||||||
71,483 | NetApp, Inc | $ | 3,137,389 | |||||||||||||
84,510 | * | Pure Storage, Inc | 1,360,611 | |||||||||||||
4,390 | Ubiquiti, Inc | 814,828 | ||||||||||||||
29,189 | * | Zebra Technologies Corp (Class A) | 8,279,168 | |||||||||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 1,133,551,999 | |||||||||||||||
TELECOMMUNICATION SERVICES - 0.1% | ||||||||||||||||
45,810 | * | IAC | 5,530,183 | |||||||||||||
TOTAL TELECOMMUNICATION SERVICES | 5,530,183 | |||||||||||||||
TRANSPORTATION - 1.3% | ||||||||||||||||
12,734 | CH Robinson Worldwide, Inc | 1,126,068 | ||||||||||||||
62,408 | Expeditors International of Washington, Inc | 5,514,995 | ||||||||||||||
13,683 | JB Hunt Transport Services, Inc | 1,665,768 | ||||||||||||||
19,084 | Landstar System, Inc | 2,379,775 | ||||||||||||||
51,982 | Old Dominion Freight Line | 9,895,813 | ||||||||||||||
648,845 | * | Uber Technologies, Inc | 21,677,912 | |||||||||||||
211,663 | Union Pacific Corp | 37,504,567 | ||||||||||||||
284,673 | United Parcel Service, Inc (Class B) | 44,724,975 | ||||||||||||||
2,575 | * | XPO Logistics, Inc | 231,750 | |||||||||||||
TOTAL TRANSPORTATION | 124,721,623 | |||||||||||||||
UTILITIES - 0.0% | ||||||||||||||||
50,562 | NRG Energy, Inc | 1,598,770 | ||||||||||||||
TOTAL UTILITIES | 1,598,770 | |||||||||||||||
TOTAL COMMON STOCKS | 9,795,780,231 | |||||||||||||||
(Cost $5,341,740,846) | ||||||||||||||||
PRINCIPAL | ISSUER | RATE | MATURITY DATE | |||||||||||||
SHORT-TERM INVESTMENTS - 0.5% | ||||||||||||||||
TREASURY DEBT - 0.4% | ||||||||||||||||
$ | 11,940,000 | United States Cash Management Bill | 0.073 | % | 11/03/20 | 11,939,979 | ||||||||||
25,000,000 | United States Treasury Bill | 0.076 | 11/19/20 | 24,999,026 | ||||||||||||
TOTAL TREASURY DEBT | 36,939,005 | |||||||||||||||
SHARES | COMPANY | |||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.1% | ||||||||||||||||
9,727,829 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 9,727,829 | |||||||||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 9,727,829 | |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 46,666,834 | |||||||||||||||
(Cost $46,666,831) | ||||||||||||||||
TOTAL INVESTMENTS - 100.3% | 9,842,447,065 | |||||||||||||||
(Cost $5,388,407,677) | ||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - (0.3)% | (29,412,227 | ) | ||||||||||||||
NET ASSETS - 100.0% | $ | 9,813,034,838 | ||||||||||||||
Abbreviation(s): | |||
REIT Real Estate Investment Trust | |||
* | Non-income producing | ||
c | Investments made with cash collateral received from securities on loan. | ||
e | All or a portion of these securities are out on loan. The aggregate value of securities on loan is $20,671,377. |
199 |
TIAA-CREF FUNDS - Large-Cap Value Index Fund
TIAA-CREF FUNDS
LARGE-CAP VALUE INDEX FUND
SCHEDULE OF INVESTMENTS
October 31, 2020
SHARES | COMPANY | VALUE | ||||||||
COMMON STOCKS - 99.9% | ||||||||||
AUTOMOBILES & COMPONENTS - 0.9% | ||||||||||
117,448 | Aptiv plc | $ | 11,332,558 | |||||||
90,706 | BorgWarner, Inc | 3,172,896 | ||||||||
1,710,218 | Ford Motor Co | 13,219,985 | ||||||||
546,584 | General Motors Co | 18,873,546 | ||||||||
107,533 | Gentex Corp | 2,975,438 | ||||||||
67,025 | Harley-Davidson, Inc | 2,203,782 | ||||||||
26,258 | Lear Corp | 3,172,229 | ||||||||
24,168 | Thor Industries, Inc | 2,044,129 | ||||||||
TOTAL AUTOMOBILES & COMPONENTS | 56,994,563 | |||||||||
BANKS - 6.9% | ||||||||||
71,407 | Associated Banc-Corp | 977,562 | ||||||||
3,393,920 | Bank of America Corp | 80,435,904 | ||||||||
17,274 | Bank of Hawaii Corp | 1,047,495 | ||||||||
53,507 | Bank OZK | 1,325,903 | ||||||||
13,741 | BOK Financial Corp | 807,146 | ||||||||
913,573 | Citigroup, Inc | 37,840,194 | ||||||||
186,805 | Citizens Financial Group, Inc | 5,090,436 | ||||||||
60,174 | Comerica, Inc | 2,738,519 | ||||||||
43,225 | Commerce Bancshares, Inc | 2,690,756 | ||||||||
24,533 | Cullen/Frost Bankers, Inc | 1,723,934 | ||||||||
61,779 | East West Bancorp, Inc | 2,253,698 | ||||||||
311,786 | Fifth Third Bancorp | 7,239,671 | ||||||||
2,871 | First Citizens Bancshares, Inc (Class A) | 1,328,412 | ||||||||
56,792 | First Hawaiian, Inc | 980,230 | ||||||||
240,072 | First Horizon National Corp | 2,499,150 | ||||||||
75,302 | First Republic Bank | 9,498,594 | ||||||||
138,940 | FNB Corp | 1,050,386 | ||||||||
442,712 | Huntington Bancshares, Inc | 4,621,913 | ||||||||
1,329,084 | JPMorgan Chase & Co | 130,303,395 | ||||||||
425,854 | Keycorp | 5,527,585 | ||||||||
40 | * | LendingTree, Inc | 12,944 | |||||||
56,129 | M&T Bank Corp | 5,813,842 | ||||||||
147,986 | MGIC Investment Corp | 1,488,739 | ||||||||
197,097 | New York Community Bancorp, Inc | 1,637,876 | ||||||||
47,270 | PacWest Bancorp | 909,475 | ||||||||
185,337 | People’s United Financial, Inc | 1,977,546 | ||||||||
32,370 | Pinnacle Financial Partners, Inc | 1,482,222 | ||||||||
185,734 | PNC Financial Services Group, Inc | 20,779,920 | ||||||||
36,867 | Popular, Inc | 1,555,787 | ||||||||
39,118 | Prosperity Bancshares, Inc | 2,155,793 | ||||||||
421,174 | Regions Financial Corp | 5,601,614 | ||||||||
24,933 | *,e | Rocket Cos, Inc | 454,529 | |||||||
22,797 | Signature Bank | 1,840,630 | ||||||||
84,699 | Sterling Bancorp | 1,133,273 | ||||||||
22,392 | * | SVB Financial Group | 6,509,354 |
200 |
TIAA-CREF FUNDS - Large-Cap Value Index Fund
SHARES | COMPANY | VALUE | ||||||||
63,215 | Synovus Financial Corp | $ | 1,643,590 | |||||||
66,113 | TCF Financial Corp | 1,798,935 | ||||||||
14,599 | TFS Financial Corp | 229,350 | ||||||||
591,062 | Truist Financial Corp | 24,895,531 | ||||||||
93,496 | Umpqua Holdings Corp | 1,174,310 | ||||||||
596,651 | US Bancorp | 23,239,556 | ||||||||
39,080 | Webster Financial Corp | 1,258,767 | ||||||||
1,647,462 | Wells Fargo & Co | 35,338,060 | ||||||||
43,269 | Western Alliance Bancorp | 1,782,683 | ||||||||
25,142 | Wintrust Financial Corp | 1,237,741 | ||||||||
70,755 | Zions Bancorporation | 2,283,264 | ||||||||
TOTAL BANKS | 448,216,214 | |||||||||
CAPITAL GOODS - 9.3% | ||||||||||
83,381 | 3M Co | 13,337,625 | ||||||||
58,421 | A.O. Smith Corp | 3,019,781 | ||||||||
17,232 | Acuity Brands, Inc | 1,536,060 | ||||||||
66,971 | * | Aecom Technology Corp | 3,002,980 | |||||||
27,069 | AGCO Corp | 2,085,125 | ||||||||
44,925 | Air Lease Corp | 1,223,757 | ||||||||
14,134 | Allegion plc | 1,392,199 | ||||||||
17,377 | Allison Transmission Holdings, Inc | 628,179 | ||||||||
100,505 | Ametek, Inc | 9,869,591 | ||||||||
13,155 | Armstrong World Industries, Inc | 787,984 | ||||||||
14,637 | * | AZEK Co, Inc | 489,461 | |||||||
234,212 | Boeing Co | 33,817,871 | ||||||||
14,536 | BWX Technologies, Inc | 799,625 | ||||||||
23,677 | Carlisle Cos, Inc | 2,932,870 | ||||||||
242,660 | Carrier Global Corp | 8,102,417 | ||||||||
237,526 | Caterpillar, Inc | 37,303,458 | ||||||||
43,413 | * | Colfax Corp | 1,180,399 | |||||||
21,325 | Crane Co | 1,082,244 | ||||||||
64,644 | Cummins, Inc | 14,214,569 | ||||||||
18,184 | Curtiss-Wright Corp | 1,534,002 | ||||||||
123,699 | Deere & Co | 27,944,841 | ||||||||
49,903 | Donaldson Co, Inc | 2,370,392 | ||||||||
62,995 | Dover Corp | 6,974,176 | ||||||||
175,462 | Eaton Corp | 18,211,201 | ||||||||
261,200 | Emerson Electric Co | 16,923,148 | ||||||||
47,450 | Fastenal Co | 2,051,263 | ||||||||
57,087 | Flowserve Corp | 1,662,373 | ||||||||
130,428 | Fortive Corp | 8,034,365 | ||||||||
60,360 | Fortune Brands Home & Security, Inc | 4,881,313 | ||||||||
19,491 | * | Gates Industrial Corp plc | 216,350 | |||||||
2,135 | * | Generac Holdings, Inc | 448,670 | |||||||
111,306 | General Dynamics Corp | 14,617,817 | ||||||||
3,811,868 | General Electric Co | 28,284,061 | ||||||||
35,516 | Graco, Inc | 2,198,440 | ||||||||
29,643 | GrafTech International Ltd | 200,090 | ||||||||
70,523 | * | HD Supply Holdings, Inc | 2,811,047 | |||||||
3,837 | HEICO Corp | 403,077 | ||||||||
6,680 | HEICO Corp (Class A) | 624,580 | ||||||||
36,526 | Hexcel Corp | 1,222,890 | ||||||||
307,782 | Honeywell International, Inc | 50,768,641 | ||||||||
173,000 | Howmet Aerospace, Inc | 2,984,250 | ||||||||
23,676 | Hubbell, Inc | 3,445,095 |
201 |
TIAA-CREF FUNDS - Large-Cap Value Index Fund
SHARES | COMPANY | VALUE | ||||||||
15,696 | Huntington Ingalls | $ | 2,314,846 | |||||||
33,017 | IDEX Corp | 5,625,767 | ||||||||
76,561 | Illinois Tool Works, Inc | 14,996,769 | ||||||||
151,894 | * | Ingersoll Rand, Inc | 5,307,176 | |||||||
37,876 | ITT, Inc | 2,291,877 | ||||||||
54,885 | Jacobs Engineering Group, Inc | 5,214,075 | ||||||||
326,613 | Johnson Controls International plc | 13,786,335 | ||||||||
94,517 | L3Harris Technologies, Inc | 15,227,634 | ||||||||
15,153 | Lennox International, Inc | 4,116,464 | ||||||||
14,353 | Lincoln Electric Holdings, Inc | 1,461,422 | ||||||||
115,198 | Masco Corp | 6,174,613 | ||||||||
4,450 | * | Mercury Systems, Inc | 306,516 | |||||||
24,138 | * | Middleby Corp | 2,402,697 | |||||||
19,575 | MSC Industrial Direct Co (Class A) | 1,363,595 | ||||||||
4,606 | Nordson Corp | 890,939 | ||||||||
5,555 | Northrop Grumman Corp | 1,609,950 | ||||||||
70,339 | nVent Electric plc | 1,269,619 | ||||||||
29,677 | Oshkosh Corp | 1,999,043 | ||||||||
178,896 | Otis Worldwide Corp | 10,962,747 | ||||||||
46,850 | Owens Corning, Inc | 3,067,270 | ||||||||
148,685 | PACCAR, Inc | 12,694,725 | ||||||||
56,140 | Parker-Hannifin Corp | 11,697,330 | ||||||||
72,333 | Pentair plc | 3,599,290 | ||||||||
47,926 | Quanta Services, Inc | 2,992,020 | ||||||||
625,465 | Raytheon Technologies Corp | 33,975,259 | ||||||||
17,741 | Regal-Beloit Corp | 1,750,150 | ||||||||
26,126 | Rockwell Automation, Inc | 6,194,997 | ||||||||
39,278 | Roper Technologies Inc | 14,585,493 | ||||||||
67,621 | * | Sensata Technologies Holding plc | 2,955,714 | |||||||
23,577 | Snap-On, Inc | 3,714,085 | ||||||||
42,723 | Spirit Aerosystems Holdings, Inc (Class A) | 777,131 | ||||||||
67,611 | Stanley Black & Decker, Inc | 11,236,948 | ||||||||
15,889 | * | Teledyne Technologies, Inc | 4,912,084 | |||||||
99,800 | Textron, Inc | 3,572,840 | ||||||||
27,751 | Timken Co | 1,656,735 | ||||||||
4,637 | Toro Co | 380,698 | ||||||||
104,749 | Trane Technologies plc | 13,905,430 | ||||||||
17,816 | TransDigm Group, Inc | 8,505,537 | ||||||||
39,412 | Trinity Industries, Inc | 742,522 | ||||||||
31,561 | * | United Rentals, Inc | 5,627,011 | |||||||
73,081 | * | Univar Solutions Inc | 1,212,414 | |||||||
9,180 | Valmont Industries, Inc | 1,303,101 | ||||||||
8,415 | *,e | Virgin Galactic Holdings, Inc | 146,589 | |||||||
5,190 | W.W. Grainger, Inc | 1,816,604 | ||||||||
79,324 | Wabtec Corp | 4,703,913 | ||||||||
14,277 | Watsco, Inc | 3,200,047 | ||||||||
24,381 | Woodward Inc | 1,939,509 | ||||||||
78,408 | Xylem, Inc | 6,832,473 | ||||||||
TOTAL CAPITAL GOODS | 602,638,280 | |||||||||
COMMERCIAL & PROFESSIONAL SERVICES - 0.8% | ||||||||||
67,831 | ADT, Inc | 447,006 | ||||||||
4,412 | Cintas Corp | 1,387,795 | ||||||||
22,551 | * | Clean Harbors, Inc | 1,194,527 | |||||||
19,648 | * | Dun & Bradstreet Holdings, Inc | 507,704 | |||||||
13,682 | Equifax, Inc | 1,868,961 |
202 |
TIAA-CREF FUNDS - Large-Cap Value Index Fund
SHARES | COMPANY | VALUE | ||||||||
16,002 | * | FTI Consulting, Inc | $ | 1,575,557 | ||||||
44,839 | * | IAA, Inc | 2,537,439 | |||||||
79,197 | IHS Markit Ltd | 6,404,661 | ||||||||
25,374 | Manpower, Inc | 1,722,133 | ||||||||
12,405 | MSA Safety, Inc | 1,636,468 | ||||||||
159,314 | Nielsen NV | 2,152,332 | ||||||||
91,905 | Republic Services, Inc | 8,103,264 | ||||||||
48,925 | Robert Half International, Inc | 2,480,008 | ||||||||
8,121 | Rollins, Inc | 469,800 | ||||||||
40,033 | * | Stericycle, Inc | 2,494,056 | |||||||
7,412 | TransUnion | 590,440 | ||||||||
161,277 | Waste Management, Inc | 17,403,401 | ||||||||
TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 52,975,552 | |||||||||
CONSUMER DURABLES & APPAREL - 1.4% | ||||||||||
34,565 | Brunswick Corp | 2,202,136 | ||||||||
60,678 | * | Capri Holdings Ltd | 1,287,587 | |||||||
18,771 | Carter’s, Inc | 1,528,898 | ||||||||
12,618 | Columbia Sportswear Co | 941,177 | ||||||||
144,924 | DR Horton, Inc | 9,682,372 | ||||||||
65,561 | Garmin Ltd | 6,819,655 | ||||||||
151,946 | Hanesbrands, Inc | 2,441,772 | ||||||||
55,752 | Hasbro, Inc | 4,611,805 | ||||||||
57,852 | Leggett & Platt, Inc | 2,414,164 | ||||||||
118,640 | Lennar Corp (Class A) | 8,332,087 | ||||||||
6,456 | Lennar Corp (Class B) | 367,282 | ||||||||
62,469 | * | Mattel, Inc | 860,198 | |||||||
25,456 | * | Mohawk Industries, Inc | 2,626,805 | |||||||
168,306 | Newell Brands Inc | 2,972,284 | ||||||||
1,318 | * | NVR, Inc | 5,210,173 | |||||||
32,441 | * | Peloton Interactive, Inc | 3,575,323 | |||||||
22,837 | Polaris Inc | 2,074,970 | ||||||||
116,865 | Pulte Homes, Inc | 4,763,417 | ||||||||
30,775 | PVH Corp | 1,793,875 | ||||||||
20,931 | Ralph Lauren Corp | 1,399,237 | ||||||||
58,610 | * | Skechers U.S.A., Inc (Class A) | 1,858,523 | |||||||
121,184 | Tapestry, Inc | 2,693,920 | ||||||||
5,363 | * | Tempur Sealy International, Inc | 477,307 | |||||||
50,187 | Toll Brothers, Inc | 2,121,906 | ||||||||
82,501 | * | Under Armour, Inc (Class A) | 1,141,814 | |||||||
83,055 | * | Under Armour, Inc (Class C) | 1,015,763 | |||||||
134,304 | VF Corp | 9,025,229 | ||||||||
26,732 | Whirlpool Corp | 4,944,351 | ||||||||
TOTAL CONSUMER DURABLES & APPAREL | 89,184,030 | |||||||||
CONSUMER SERVICES - 2.7% | ||||||||||
100,032 | ARAMARK Holdings Corp | 2,774,888 | ||||||||
7,733 | * | Bright Horizons Family Solutions | 1,222,201 | |||||||
204,059 | Carnival Corp | 2,797,649 | ||||||||
15,242 | Choice Hotels International, Inc | 1,331,389 | ||||||||
57,009 | Darden Restaurants, Inc | 5,240,267 | ||||||||
5,322 | Dunkin Brands Group, Inc | 530,657 | ||||||||
77,542 | Extended Stay America, Inc | 880,102 | ||||||||
31,212 | * | frontdoor, Inc | 1,236,619 | |||||||
1,889 | Graham Holdings Co | 718,462 | ||||||||
20,916 | * | Grand Canyon Education, Inc | 1,639,187 |
203 |
TIAA-CREF FUNDS - Large-Cap Value Index Fund
SHARES | COMPANY | VALUE | ||||||||
25,112 | H&R Block, Inc | $ | 433,433 | |||||||
119,689 | Hilton Worldwide Holdings, Inc | 10,509,891 | ||||||||
17,821 | Hyatt Hotels Corp | 982,650 | ||||||||
83,427 | Las Vegas Sands Corp | 4,009,502 | ||||||||
117,848 | Marriott International, Inc (Class A) | 10,945,722 | ||||||||
279,946 | McDonald’s Corp | 59,628,498 | ||||||||
206,315 | MGM Resorts International | 4,243,899 | ||||||||
116,626 | *,e | Norwegian Cruise Line Holdings Ltd | 1,939,490 | |||||||
15,174 | * | Planet Fitness, Inc | 899,363 | |||||||
77,345 | Royal Caribbean Cruises Ltd | 4,363,805 | ||||||||
72,818 | Service Corp International | 3,372,202 | ||||||||
36,423 | Six Flags Entertainment Corp | 787,465 | ||||||||
217,032 | Starbucks Corp | 18,873,103 | ||||||||
55,139 | * | Terminix Global Holdings, Inc | 2,596,495 | |||||||
16,107 | Vail Resorts, Inc | 3,737,468 | ||||||||
35,452 | Wyndham Destinations, Inc | 1,156,799 | ||||||||
40,182 | Wyndham Hotels & Resorts, Inc | 1,868,865 | ||||||||
32,305 | Wynn Resorts Ltd | 2,339,851 | ||||||||
163,390 | Yum China Holdings, Inc | 8,697,250 | ||||||||
122,267 | Yum! Brands, Inc | 11,411,179 | ||||||||
TOTAL CONSUMER SERVICES | 171,168,351 | |||||||||
DIVERSIFIED FINANCIALS - 5.8% | ||||||||||
20,547 | Affiliated Managers Group, Inc | 1,548,627 | ||||||||
238,231 | AGNC Investment Corp | 3,328,087 | ||||||||
163,748 | Ally Financial, Inc | 4,368,797 | ||||||||
286,831 | American Express Co | 26,170,460 | ||||||||
52,589 | Ameriprise Financial, Inc | 8,457,889 | ||||||||
627,394 | Annaly Capital Management, Inc | 4,448,223 | ||||||||
37,681 | Apollo Global Management, Inc | 1,388,922 | ||||||||
348,605 | Bank of New York Mellon Corp | 11,978,068 | ||||||||
64,603 | BlackRock, Inc | 38,710,764 | ||||||||
198,608 | Capital One Financial Corp | 14,514,273 | ||||||||
46,233 | Carlyle Group, Inc | 1,152,126 | ||||||||
37,521 | CBOE Global Markets, Inc | 3,050,082 | ||||||||
628,819 | Charles Schwab Corp | 25,850,749 | ||||||||
155,497 | CME Group, Inc | 23,436,508 | ||||||||
4,137 | *,e | Credit Acceptance Corp | 1,233,322 | |||||||
134,352 | Discover Financial Services | 8,734,224 | ||||||||
48,526 | Eaton Vance Corp | 2,901,370 | ||||||||
178,202 | Equitable Holdings, Inc | 3,829,561 | ||||||||
17,303 | Evercore Inc | 1,376,281 | ||||||||
118,732 | Franklin Resources, Inc | 2,226,225 | ||||||||
145,331 | Goldman Sachs Group, Inc | 27,473,372 | ||||||||
31,923 | Interactive Brokers Group, Inc (Class A) | 1,518,577 | ||||||||
153,489 | Intercontinental Exchange Group, Inc | 14,489,362 | ||||||||
165,243 | Invesco Ltd | 2,166,336 | ||||||||
235,187 | iShares Russell 1000 Value Index Fund | 27,453,379 | ||||||||
99,349 | Jefferies Financial Group, Inc | 1,938,299 | ||||||||
233,586 | KKR & Co, Inc | 7,976,962 | ||||||||
44,194 | Lazard Ltd (Class A) | 1,488,012 | ||||||||
31,690 | LPL Financial Holdings, Inc | 2,532,982 | ||||||||
584,859 | Morgan Stanley | 28,160,961 | ||||||||
1,525 | Morningstar, Inc | 290,329 | ||||||||
50,172 | Nasdaq Inc | 6,070,310 | ||||||||
178,756 | New Residential Investment Corp | 1,340,670 |
204 |
TIAA-CREF FUNDS - Large-Cap Value Index Fund
SHARES | COMPANY | VALUE | ||||||||
84,207 | Northern Trust Corp | $ | 6,590,882 | |||||||
28,480 | OneMain Holdings, Inc | 993,667 | ||||||||
53,804 | Raymond James Financial, Inc | 4,112,778 | ||||||||
43,293 | S&P Global, Inc | 13,971,950 | ||||||||
33,080 | Santander Consumer USA Holdings, Inc | 672,847 | ||||||||
49,823 | SEI Investments Co | 2,448,800 | ||||||||
126,117 | SLM Corp | 1,159,015 | ||||||||
119,754 | Starwood Property Trust, Inc | 1,672,963 | ||||||||
154,355 | State Street Corp | 9,091,509 | ||||||||
255,560 | Synchrony Financial | 6,394,111 | ||||||||
73,773 | T Rowe Price Group, Inc | 9,344,088 | ||||||||
5,396 | Tradeweb Markets, Inc | 293,974 | ||||||||
2,931 | Virtu Financial, Inc | 62,665 | ||||||||
55,069 | Voya Financial, Inc | 2,639,457 | ||||||||
TOTAL DIVERSIFIED FINANCIALS | 371,052,815 | |||||||||
ENERGY - 3.8% | ||||||||||
128,911 | Antero Midstream Corp | 738,660 | ||||||||
165,469 | Apache Corp | 1,373,393 | ||||||||
287,743 | Baker Hughes Co | 4,249,964 | ||||||||
171,820 | Cabot Oil & Gas Corp | 3,056,678 | ||||||||
845,057 | Chevron Corp | 58,731,461 | ||||||||
42,252 | Cimarex Energy Co | 1,071,933 | ||||||||
85,533 | Concho Resources, Inc | 3,550,475 | ||||||||
469,708 | ConocoPhillips | 13,443,043 | ||||||||
32,763 | e | Continental Resources, Inc | 394,139 | |||||||
167,319 | Devon Energy Corp | 1,494,159 | ||||||||
70,357 | Diamondback Energy, Inc | 1,826,468 | ||||||||
255,535 | EOG Resources, Inc | 8,749,518 | ||||||||
111,716 | EQT Corp | 1,691,380 | ||||||||
162,362 | Equitrans Midstream Corp | 1,178,748 | ||||||||
1,856,892 | Exxon Mobil Corp | 60,571,817 | ||||||||
383,961 | Halliburton Co | 4,630,570 | ||||||||
45,779 | Helmerich & Payne, Inc | 680,734 | ||||||||
120,381 | Hess Corp | 4,480,581 | ||||||||
65,430 | HollyFrontier Corp | 1,211,109 | ||||||||
853,431 | Kinder Morgan, Inc | 10,155,829 | ||||||||
345,310 | Marathon Oil Corp | 1,367,428 | ||||||||
283,797 | Marathon Petroleum Corp | 8,372,011 | ||||||||
54,938 | Murphy Oil Corp | 424,121 | ||||||||
170,032 | National Oilwell Varco, Inc | 1,428,269 | ||||||||
370,881 | Occidental Petroleum Corp | 3,386,144 | ||||||||
192,304 | ONEOK, Inc | 5,576,816 | ||||||||
131,888 | Parsley Energy, Inc | 1,320,199 | ||||||||
191,424 | Phillips 66 | 8,931,844 | ||||||||
71,472 | Pioneer Natural Resources Co | 5,686,312 | ||||||||
609,206 | Schlumberger Ltd | 9,101,538 | ||||||||
100,948 | Targa Resources Investments, Inc | 1,620,215 | ||||||||
178,769 | Valero Energy Corp | 6,902,271 | ||||||||
533,185 | Williams Cos, Inc | 10,231,820 | ||||||||
176,197 | * | WPX Energy, Inc | 812,268 | |||||||
TOTAL ENERGY | 248,441,915 | |||||||||
FOOD & STAPLES RETAILING - 1.9% | ||||||||||
12,252 | e | Albertsons Cos, Inc | 179,982 | |||||||
16,132 | Casey’s General Stores, Inc | 2,719,371 |
205 |
TIAA-CREF FUNDS - Large-Cap Value Index Fund
SHARES | COMPANY | VALUE | ||||||||
22,363 | Costco Wholesale Corp | $ | 7,997,456 | |||||||
14,202 | * | Grocery Outlet Holding Corp | 625,172 | |||||||
339,481 | Kroger Co | 10,934,683 | ||||||||
8,108 | * | Sprouts Farmers Market, Inc | 154,458 | |||||||
61,246 | SYSCO Corp | 3,387,516 | ||||||||
96,279 | * | US Foods Holding Corp | 2,012,231 | |||||||
320,327 | Walgreens Boots Alliance, Inc | 10,903,931 | ||||||||
611,389 | Walmart, Inc | 84,830,224 | ||||||||
TOTAL FOOD & STAPLES RETAILING | 123,745,024 | |||||||||
FOOD, BEVERAGE & TOBACCO - 4.1% | ||||||||||
460,170 | Altria Group, Inc | 16,602,933 | ||||||||
242,882 | Archer-Daniels-Midland Co | 11,230,864 | ||||||||
4,562 | * | Beyond Meat, Inc | 649,766 | |||||||
1,330 | Brown-Forman Corp (Class A) | 83,457 | ||||||||
11,718 | Brown-Forman Corp (Class B) | 816,862 | ||||||||
60,506 | Bunge Ltd | 3,432,505 | ||||||||
38,893 | Campbell Soup Co | 1,815,136 | ||||||||
700,678 | Coca-Cola Co | 33,674,585 | ||||||||
213,716 | ConAgra Brands, Inc | 7,499,294 | ||||||||
69,869 | Constellation Brands, Inc (Class A) | 11,544,455 | ||||||||
85,402 | Flowers Foods, Inc | 2,013,779 | ||||||||
266,199 | General Mills, Inc | 15,737,685 | ||||||||
35,650 | * | Hain Celestial Group, Inc | 1,096,237 | |||||||
14,747 | Hershey Co | 2,027,123 | ||||||||
121,279 | Hormel Foods Corp | 5,905,074 | ||||||||
29,413 | Ingredion, Inc | 2,085,087 | ||||||||
48,409 | J.M. Smucker Co | 5,431,490 | ||||||||
72,738 | Kellogg Co | 4,574,493 | ||||||||
170,312 | Keurig Dr Pepper, Inc | 4,581,393 | ||||||||
283,954 | Kraft Heinz Co | 8,686,153 | ||||||||
49,309 | Lamb Weston Holdings, Inc | 3,128,656 | ||||||||
23,976 | McCormick & Co, Inc | 4,327,908 | ||||||||
76,495 | Molson Coors Brewing Co (Class B) | 2,697,214 | ||||||||
619,640 | Mondelez International, Inc | 32,915,277 | ||||||||
161,785 | PepsiCo, Inc | 21,564,323 | ||||||||
682,103 | Philip Morris International, Inc | 48,442,955 | ||||||||
15,501 | * | Pilgrim’s Pride Corp | 259,487 | |||||||
27,924 | * | Post Holdings, Inc | 2,398,672 | |||||||
111 | Seaboard Corp | 382,395 | ||||||||
24,589 | * | TreeHouse Foods, Inc | 955,037 | |||||||
126,057 | Tyson Foods, Inc (Class A) | 7,214,242 | ||||||||
TOTAL FOOD, BEVERAGE & TOBACCO | 263,774,537 | |||||||||
HEALTH CARE EQUIPMENT & SERVICES - 7.2% | ||||||||||
467,167 | Abbott Laboratories | 49,103,923 | ||||||||
38,371 | * | Acadia Healthcare Co, Inc | 1,367,926 | |||||||
33,219 | AmerisourceBergen Corp | 3,191,349 | ||||||||
82,193 | Anthem, Inc | 22,422,250 | ||||||||
129,857 | Baxter International, Inc | 10,073,008 | ||||||||
121,021 | Becton Dickinson & Co | 27,971,584 | ||||||||
625,879 | * | Boston Scientific Corp | 21,448,873 | |||||||
177,687 | * | Centene Corp | 10,501,302 | |||||||
28,145 | * | Change Healthcare, Inc | 398,252 | |||||||
116,000 | Cigna Corp | 19,368,520 | ||||||||
18,766 | Cooper Cos, Inc | 5,987,292 |
206 |
TIAA-CREF FUNDS - Large-Cap Value Index Fund
SHARES | COMPANY | VALUE | ||||||||
573,479 | CVS Health Corp | $ | 32,166,437 | |||||||
274,649 | Danaher Corp | 63,042,931 | ||||||||
30,267 | * | DaVita, Inc | 2,610,529 | |||||||
95,820 | Dentsply Sirona, Inc | 4,521,746 | ||||||||
24,181 | Encompass Health Corp | 1,482,537 | ||||||||
69,923 | * | Envista Holdings Corp | 1,847,366 | |||||||
32,478 | * | Globus Medical, Inc | 1,692,753 | |||||||
1,463 | * | Haemonetics Corp | 147,895 | |||||||
55,618 | HCA Healthcare, Inc | 6,893,295 | ||||||||
62,485 | * | Henry Schein, Inc | 3,972,796 | |||||||
25,795 | Hill-Rom Holdings, Inc | 2,349,151 | ||||||||
33,947 | * | Hologic, Inc | 2,336,233 | |||||||
35,797 | Humana, Inc | 14,293,026 | ||||||||
5,944 | * | ICU Medical, Inc | 1,056,784 | |||||||
30,729 | * | Integra LifeSciences Holdings Corp | 1,355,149 | |||||||
40,177 | * | Laboratory Corp of America Holdings | 8,026,159 | |||||||
18,067 | McKesson Corp | 2,664,702 | ||||||||
588,563 | Medtronic plc | 59,191,781 | ||||||||
8,477 | * | Molina Healthcare, Inc | 1,580,706 | |||||||
3,574 | * | Oak Street Health, Inc | 170,087 | |||||||
10,819 | * | PPD, Inc | 355,729 | |||||||
26,973 | Premier, Inc | 882,826 | ||||||||
58,602 | Quest Diagnostics, Inc | 7,157,648 | ||||||||
34,894 | STERIS plc | 6,182,868 | ||||||||
102,431 | Stryker Corp | 20,692,086 | ||||||||
2,794 | * | Tandem Diabetes Care, Inc | 304,546 | |||||||
3,108 | *,e | Teladoc, Inc | 610,598 | |||||||
7,553 | Teleflex, Inc | 2,403,591 | ||||||||
69,484 | UnitedHealth Group, Inc | 21,202,348 | ||||||||
32,275 | Universal Health Services, Inc (Class B) | 3,535,726 | ||||||||
34,760 | * | Varian Medical Systems, Inc | 6,006,528 | |||||||
90,840 | Zimmer Biomet Holdings, Inc | 11,999,964 | ||||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 464,570,800 | |||||||||
HOUSEHOLD & PERSONAL PRODUCTS - 2.2% | ||||||||||
16,096 | Clorox Co | 3,335,896 | ||||||||
369,368 | Colgate-Palmolive Co | 29,139,442 | ||||||||
93,310 | Coty, Inc | 270,599 | ||||||||
5,598 | Energizer Holdings, Inc | 220,281 | ||||||||
10,307 | Estee Lauder Cos (Class A) | 2,264,036 | ||||||||
34,050 | * | Herbalife Nutrition Ltd | 1,537,017 | |||||||
148,772 | Kimberly-Clark Corp | 19,725,679 | ||||||||
23,767 | Nu Skin Enterprises, Inc (Class A) | 1,172,901 | ||||||||
591,318 | Procter & Gamble Co | 81,069,698 | ||||||||
14,449 | Reynolds Consumer Products Inc | 408,040 | ||||||||
18,041 | Spectrum Brands Holdings, Inc | 1,025,992 | ||||||||
TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 140,169,581 | |||||||||
INSURANCE - 6.1% | ||||||||||
315,569 | Aflac, Inc | 10,713,568 | ||||||||
5,525 | Alleghany Corp | 3,021,788 | ||||||||
136,910 | Allstate Corp | 12,150,763 | ||||||||
32,312 | American Financial Group, Inc | 2,421,461 | ||||||||
378,201 | American International Group, Inc | 11,909,550 | ||||||||
3,063 | American National Group, Inc | 210,734 | ||||||||
173,183 | * | Arch Capital Group Ltd | 5,231,858 |
207 |
TIAA-CREF FUNDS - Large-Cap Value Index Fund
SHARES | COMPANY | VALUE | ||||||||
82,526 | Arthur J. Gallagher & Co | $ | 8,558,771 | |||||||
26,121 | Assurant, Inc | 3,248,669 | ||||||||
36,774 | Assured Guaranty Ltd | 938,840 | ||||||||
46,872 | * | Athene Holding Ltd | 1,503,654 | |||||||
31,866 | Axis Capital Holdings Ltd | 1,360,360 | ||||||||
840,656 | * | Berkshire Hathaway, Inc (Class B) | 169,728,446 | |||||||
36,696 | * | Brighthouse Financial, Inc | 1,214,638 | |||||||
97,821 | Brown & Brown, Inc | 4,256,192 | ||||||||
196,915 | Chubb Ltd | 25,581,228 | ||||||||
65,625 | Cincinnati Financial Corp | 4,642,313 | ||||||||
12,295 | CNA Financial Corp | 366,268 | ||||||||
4,764 | Erie Indemnity Co (Class A) | 1,109,393 | ||||||||
17,528 | Everest Re Group Ltd | 3,454,418 | ||||||||
120,463 | Fidelity National Financial Inc | 3,769,287 | ||||||||
47,538 | First American Financial Corp | 2,119,719 | ||||||||
45,972 | Globe Life, Inc | 3,727,870 | ||||||||
16,362 | * | GoHealth, Inc | 169,510 | |||||||
16,590 | Hanover Insurance Group, Inc | 1,586,999 | ||||||||
156,723 | Hartford Financial Services Group, Inc | 6,036,970 | ||||||||
27,102 | Kemper Corp | 1,671,109 | ||||||||
5,691 | *,e | Lemonade, Inc | 286,200 | |||||||
73,943 | Lincoln National Corp | 2,595,399 | ||||||||
104,987 | Loews Corp | 3,640,949 | ||||||||
5,924 | * | Markel Corp | 5,525,907 | |||||||
49,536 | Marsh & McLennan Cos, Inc | 5,124,995 | ||||||||
9,914 | Mercury General Corp | 403,599 | ||||||||
336,245 | Metlife, Inc | 12,726,873 | ||||||||
124,026 | Old Republic International Corp | 2,019,143 | ||||||||
6,941 | Primerica, Inc | 765,176 | ||||||||
119,057 | Principal Financial Group | 4,669,416 | ||||||||
182,259 | Progressive Corp | 16,749,602 | ||||||||
173,538 | Prudential Financial, Inc | 11,109,903 | ||||||||
29,686 | Reinsurance Group of America, Inc (Class A) | 2,998,880 | ||||||||
15,084 | RenaissanceRe Holdings Ltd | 2,439,385 | ||||||||
111,473 | Travelers Cos, Inc | 13,455,906 | ||||||||
89,093 | Unum Group | 1,573,382 | ||||||||
61,025 | W.R. Berkley Corp | 3,668,823 | ||||||||
1,322 | White Mountains Insurance Group Ltd | 1,200,812 | ||||||||
56,415 | Willis Towers Watson plc | 10,294,609 | ||||||||
TOTAL INSURANCE | 391,953,335 | |||||||||
MATERIALS - 4.8% | ||||||||||
84,593 | Air Products & Chemicals, Inc | 23,367,970 | ||||||||
46,257 | Albemarle Corp | 4,311,615 | ||||||||
579,219 | Amcor plc | 6,041,254 | ||||||||
27,717 | Aptargroup, Inc | 3,162,233 | ||||||||
12,382 | Ardagh Group S.A. | 204,055 | ||||||||
24,241 | Ashland Global Holdings, Inc | 1,691,295 | ||||||||
21,450 | Avery Dennison Corp | 2,968,465 | ||||||||
92,297 | * | Axalta Coating Systems Ltd | 2,317,578 | |||||||
8,953 | Ball Corp | 796,817 | ||||||||
37,181 | * | Berry Global Group, Inc | 1,733,750 | |||||||
26,304 | Cabot Corp | 999,815 | ||||||||
51,639 | Celanese Corp (Series A) | 5,861,543 | ||||||||
93,577 | CF Industries Holdings, Inc | 2,583,661 | ||||||||
71,565 | Chemours Co | 1,441,319 |
208 |
TIAA-CREF FUNDS - Large-Cap Value Index Fund
SHARES | COMPANY | VALUE | ||||||||
328,043 | Corteva, Inc | $ | 10,818,858 | |||||||
50,969 | * | Crown Holdings, Inc | 4,373,140 | |||||||
325,609 | Dow, Inc | 14,811,953 | ||||||||
322,506 | DuPont de Nemours, Inc | 18,344,141 | ||||||||
18,082 | Eagle Materials, Inc | 1,541,490 | ||||||||
59,443 | Eastman Chemical Co | 4,805,372 | ||||||||
87,521 | Ecolab, Inc | 16,067,980 | ||||||||
95,092 | * | Element Solutions, Inc | 1,114,478 | |||||||
45,125 | FMC Corp | 4,636,143 | ||||||||
635,763 | Freeport-McMoRan, Inc (Class B) | 11,024,130 | ||||||||
95,253 | Graphic Packaging Holding Co | 1,265,912 | ||||||||
87,760 | Huntsman Corp | 2,131,690 | ||||||||
46,894 | e | International Flavors & Fragrances, Inc | 4,814,138 | |||||||
172,386 | International Paper Co | 7,541,888 | ||||||||
230,494 | Linde plc | 50,787,048 | ||||||||
112,443 | LyondellBasell Industries NV | 7,696,723 | ||||||||
27,244 | Martin Marietta Materials, Inc | 7,256,439 | ||||||||
151,369 | Mosaic Co | 2,800,327 | ||||||||
316 | NewMarket Corp | 113,030 | ||||||||
351,943 | Newmont Goldcorp Corp | 22,116,098 | ||||||||
132,102 | Nucor Corp | 6,309,192 | ||||||||
62,477 | Olin Corp | 1,033,994 | ||||||||
41,055 | Packaging Corp of America | 4,700,387 | ||||||||
103,451 | PPG Industries, Inc | 13,419,664 | ||||||||
27,446 | Reliance Steel & Aluminum Co | 2,991,340 | ||||||||
8,159 | Royal Gold, Inc | 969,371 | ||||||||
9,189 | RPM International, Inc | 778,033 | ||||||||
1,118 | Scotts Miracle-Gro Co (Class A) | 167,756 | ||||||||
70,135 | Sealed Air Corp | 2,776,645 | ||||||||
34,462 | Silgan Holdings, Inc | 1,187,216 | ||||||||
43,894 | Sonoco Products Co | 2,145,978 | ||||||||
36,307 | Southern Copper Corp (NY) | 1,900,308 | ||||||||
88,818 | Steel Dynamics, Inc | 2,795,991 | ||||||||
81,200 | Valvoline, Inc | 1,597,204 | ||||||||
57,940 | Vulcan Materials Co | 8,392,030 | ||||||||
14,855 | Westlake Chemical Corp | 1,004,495 | ||||||||
112,441 | WestRock Co | 4,222,160 | ||||||||
15,811 | WR Grace and Co | 687,620 | ||||||||
TOTAL MATERIALS | 308,621,732 | |||||||||
MEDIA & ENTERTAINMENT - 5.9% | ||||||||||
202,516 | Activision Blizzard, Inc | 15,336,537 | ||||||||
29,506 | * | Alphabet, Inc (Class A) | 47,684,942 | |||||||
29,125 | * | Alphabet, Inc (Class C) | 47,211,916 | |||||||
6,370 | * | Charter Communications, Inc | 3,846,333 | |||||||
1,988,112 | Comcast Corp (Class A) | 83,977,851 | ||||||||
68,387 | *,e | Discovery, Inc (Class A) | 1,384,153 | |||||||
142,710 | * | Discovery, Inc (Class C) | 2,614,447 | |||||||
107,695 | * | DISH Network Corp (Class A) | 2,745,146 | |||||||
107,676 | * | Electronic Arts, Inc | 12,902,815 | |||||||
148,656 | Fox Corp (Class A) | 3,942,357 | ||||||||
70,118 | Fox Corp (Class B) | 1,832,884 | ||||||||
170,286 | Interpublic Group of Cos, Inc | 3,080,474 | ||||||||
18,421 | John Wiley & Sons, Inc (Class A) | 570,314 | ||||||||
10,841 | * | Liberty Broadband Corp (Class A) | 1,523,703 | |||||||
46,014 | * | Liberty Broadband Corp (Class C) | 6,520,644 |
209 |
TIAA-CREF FUNDS - Large-Cap Value Index Fund
SHARES | COMPANY | VALUE | ||||||||
12,363 | * | Liberty Media Group (Class A) | $ | 411,688 | ||||||
86,858 | * | Liberty Media Group (Class C) | 3,138,180 | |||||||
32,143 | * | Liberty SiriusXM Group (Class A) | 1,111,183 | |||||||
67,211 | * | Liberty SiriusXM Group (Class C) | 2,325,501 | |||||||
26,285 | * | Lions Gate Entertainment Corp (Class A) | 176,109 | |||||||
51,515 | * | Lions Gate Entertainment Corp (Class B) | 322,999 | |||||||
8,328 | * | Madison Square Garden Co | 1,179,578 | |||||||
8,328 | * | Madison Square Garden Entertainment Corp | 541,320 | |||||||
69,498 | New York Times Co (Class A) | 2,756,291 | ||||||||
170,038 | News Corp (Class A) | 2,232,599 | ||||||||
53,175 | News Corp (Class B) | 692,338 | ||||||||
6,776 | Nexstar Media Group Inc | 558,342 | ||||||||
93,214 | Omnicom Group, Inc | 4,399,701 | ||||||||
29,940 | * | Pinterest, Inc | 1,764,963 | |||||||
205,677 | Sirius XM Holdings, Inc | 1,178,529 | ||||||||
3,696 | * | Take-Two Interactive Software, Inc | 572,584 | |||||||
44,047 | TripAdvisor, Inc | 841,738 | ||||||||
337,269 | * | Twitter, Inc | 13,949,446 | |||||||
2,834 | ViacomCBS, Inc (Class A) | 84,623 | ||||||||
237,866 | ViacomCBS, Inc (Class B) | 6,795,832 | ||||||||
792,899 | Walt Disney Co | 96,139,004 | ||||||||
22,443 | * | Zillow Group, Inc (Class A) | 2,004,833 | |||||||
55,011 | * | Zillow Group, Inc (Class C) | 4,875,075 | |||||||
68,817 | * | Zynga, Inc | 618,665 | |||||||
TOTAL MEDIA & ENTERTAINMENT | 383,845,637 | |||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 6.9% | ||||||||||
45,751 | AbbVie, Inc | 3,893,410 | ||||||||
1,207 | * | Acceleron Pharma, Inc | 126,228 | |||||||
123,987 | Agilent Technologies, Inc | 12,657,833 | ||||||||
24,001 | * | Agios Pharmaceuticals, Inc | 961,720 | |||||||
78,910 | * | Alexion Pharmaceuticals, Inc | 9,085,697 | |||||||
68,030 | * | Alkermes plc | 1,105,487 | |||||||
1,969 | * | Berkeley Lights, Inc | 142,890 | |||||||
48,123 | * | Biogen, Inc | 12,130,365 | |||||||
7,363 | * | BioMarin Pharmaceutical, Inc | 548,028 | |||||||
9,253 | * | Bio-Rad Laboratories, Inc (Class A) | 5,426,144 | |||||||
998 | Bio-Techne Corp | 251,905 | ||||||||
15,634 | * | Bluebird Bio, Inc | 808,434 | |||||||
632,706 | Bristol-Myers Squibb Co | 36,981,666 | ||||||||
26,018 | Bruker BioSciences Corp | 1,106,806 | ||||||||
71,528 | * | Catalent, Inc | 6,278,013 | |||||||
2,440 | * | Charles River Laboratories International, Inc | 555,588 | |||||||
175,215 | * | Elanco Animal Health, Inc | 5,433,417 | |||||||
8,536 | * | Exact Sciences Corp | 1,057,013 | |||||||
86,462 | * | Exelixis, Inc | 1,770,742 | |||||||
550,792 | Gilead Sciences, Inc | 32,028,555 | ||||||||
5,957 | * | Horizon Therapeutics Plc | 446,358 | |||||||
29,083 | * | Ionis Pharmaceuticals, Inc | 1,365,447 | |||||||
51,810 | * | IQVIA Holdings, Inc | 7,978,222 | |||||||
23,698 | * | Jazz Pharmaceuticals plc | 3,414,882 | |||||||
1,001,900 | Johnson & Johnson | 137,370,509 | ||||||||
139,050 | Merck & Co, Inc | 10,457,950 | ||||||||
620 | * | Mettler-Toledo International, Inc | 618,704 | |||||||
226,004 | * | Mylan NV | 3,286,098 | |||||||
74,117 | * | Nektar Therapeutics | 1,174,013 |
210 |
TIAA-CREF FUNDS - Large-Cap Value Index Fund
SHARES | COMPANY | VALUE | ||||||||
39,322 | PerkinElmer, Inc | $ | 5,094,165 | |||||||
59,867 | Perrigo Co plc | 2,626,365 | ||||||||
2,439,597 | Pfizer, Inc | 86,556,902 | ||||||||
4,123 | * | PRA Health Sciences, Inc | 401,745 | |||||||
97,520 | * | QIAGEN NV | 4,626,349 | |||||||
1,090 | * | Reata Pharmaceuticals, Inc | 127,214 | |||||||
21,564 | Royalty Pharma plc | 791,399 | ||||||||
20,765 | * | Sage Therapeutics, Inc | 1,523,736 | |||||||
27,278 | * | Syneos Health, Inc | 1,447,916 | |||||||
71,565 | Thermo Fisher Scientific, Inc | 33,858,833 | ||||||||
19,016 | * | United Therapeutics Corp | 2,552,518 | |||||||
24,837 | * | Waters Corp | 5,534,180 | |||||||
19,827 | Zoetis, Inc | 3,143,571 | ||||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 446,747,017 | |||||||||
REAL ESTATE - 4.5% | ||||||||||
54,850 | Alexandria Real Estate Equities, Inc | 8,310,872 | ||||||||
59,985 | American Campus Communities, Inc | 2,247,038 | ||||||||
113,756 | American Homes 4 Rent | 3,215,882 | ||||||||
77,897 | Americold Realty Trust | 2,822,208 | ||||||||
64,877 | Apartment Investment & Management Co | 2,069,576 | ||||||||
91,855 | Apple Hospitality REIT, Inc | 909,365 | ||||||||
61,702 | AvalonBay Communities, Inc | 8,584,599 | ||||||||
68,186 | Boston Properties, Inc | 4,937,348 | ||||||||
73,832 | Brandywine Realty Trust | 646,768 | ||||||||
129,814 | Brixmor Property Group, Inc | 1,422,761 | ||||||||
41,339 | Camden Property Trust | 3,813,109 | ||||||||
146,253 | * | CBRE Group, Inc | 7,371,151 | |||||||
5,040 | Coresite Realty | 601,574 | ||||||||
49,189 | Corporate Office Properties Trust | 1,103,309 | ||||||||
64,859 | Cousins Properties, Inc | 1,652,607 | ||||||||
12,222 | Crown Castle International Corp | 1,909,076 | ||||||||
84,655 | CubeSmart | 2,872,344 | ||||||||
49,829 | CyrusOne, Inc | 3,540,351 | ||||||||
116,923 | Digital Realty Trust, Inc | 16,871,989 | ||||||||
72,900 | Douglas Emmett, Inc | 1,720,440 | ||||||||
161,470 | Duke Realty Corp | 6,134,245 | ||||||||
78,010 | Empire State Realty Trust, Inc | 419,694 | ||||||||
27,685 | EPR Properties | 660,010 | ||||||||
45,626 | Equity Commonwealth | 1,205,439 | ||||||||
44,963 | Equity Lifestyle Properties, Inc | 2,661,360 | ||||||||
161,159 | Equity Residential | 7,571,250 | ||||||||
28,588 | Essex Property Trust, Inc | 5,848,819 | ||||||||
16,360 | Extra Space Storage, Inc | 1,896,942 | ||||||||
32,976 | Federal Realty Investment Trust | 2,268,089 | ||||||||
55,312 | First Industrial Realty Trust, Inc | 2,201,971 | ||||||||
91,551 | Gaming and Leisure Properties, Inc | 3,327,879 | ||||||||
95,250 | Healthcare Trust of America, Inc | 2,314,575 | ||||||||
236,405 | Healthpeak Properties Inc | 6,375,843 | ||||||||
45,069 | Highwoods Properties, Inc | 1,341,704 | ||||||||
306,396 | Host Hotels and Resorts, Inc | 3,211,030 | ||||||||
17,193 | * | Howard Hughes Corp | 1,069,233 | |||||||
65,811 | Hudson Pacific Properties | 1,267,520 | ||||||||
245,684 | Invitation Homes, Inc | 6,697,346 | ||||||||
51,890 | Iron Mountain, Inc | 1,352,253 | ||||||||
53,371 | JBG SMITH Properties | 1,246,213 |
211 |
TIAA-CREF FUNDS - Large-Cap Value Index Fund
SHARES | COMPANY | VALUE | ||||||||
22,462 | Jones Lang LaSalle, Inc | $ | 2,535,061 | |||||||
50,345 | Kilroy Realty Corp | 2,370,243 | ||||||||
181,006 | Kimco Realty Corp | 1,857,122 | ||||||||
37,662 | Lamar Advertising Co | 2,333,538 | ||||||||
20,436 | Life Storage, Inc | 2,332,769 | ||||||||
227,911 | Medical Properties Trust, Inc | 4,061,374 | ||||||||
49,927 | Mid-America Apartment Communities, Inc | 5,822,986 | ||||||||
76,122 | National Retail Properties, Inc | 2,436,665 | ||||||||
98,595 | Omega Healthcare Investors, Inc | 2,840,522 | ||||||||
61,900 | Outfront Media, Inc | 811,509 | ||||||||
101,768 | Paramount Group, Inc | 588,219 | ||||||||
104,913 | Park Hotels & Resorts, Inc | 1,041,786 | ||||||||
323,057 | Prologis, Inc | 32,047,254 | ||||||||
22,945 | Public Storage, Inc | 5,256,011 | ||||||||
54,006 | Rayonier, Inc | 1,370,672 | ||||||||
150,803 | Realty Income Corp | 8,725,462 | ||||||||
73,842 | Regency Centers Corp | 2,628,037 | ||||||||
54,320 | Rexford Industrial Realty, Inc | 2,523,707 | ||||||||
41,927 | SBA Communications Corp | 12,174,343 | ||||||||
28,417 | Simon Property Group, Inc | 1,784,872 | ||||||||
30,296 | SL Green Realty Corp | 1,296,972 | ||||||||
45,070 | Spirit Realty Capital, Inc | 1,354,354 | ||||||||
103,917 | STORE Capital Corp | 2,670,667 | ||||||||
42,366 | Sun Communities, Inc | 5,830,833 | ||||||||
26,117 | Taubman Centers, Inc | 872,830 | ||||||||
128,388 | UDR, Inc | 4,010,841 | ||||||||
163,633 | Ventas, Inc | 6,458,595 | ||||||||
473,210 | VEREIT, Inc | 2,933,902 | ||||||||
233,709 | VICI Properties, Inc | 5,363,622 | ||||||||
76,892 | Vornado Realty Trust | 2,362,891 | ||||||||
53,144 | Weingarten Realty Investors | 842,864 | ||||||||
183,349 | Welltower, Inc | 9,858,676 | ||||||||
327,519 | Weyerhaeuser Co | 8,937,994 | ||||||||
74,992 | WP Carey, Inc | 4,695,249 | ||||||||
TOTAL REAL ESTATE | 288,726,224 | |||||||||
RETAILING - 2.7% | ||||||||||
29,189 | Advance Auto Parts, Inc | 4,298,956 | ||||||||
24,552 | * | Autonation, Inc | 1,392,835 | |||||||
4,186 | * | AutoZone, Inc | 4,725,910 | |||||||
81,958 | Best Buy Co, Inc | 9,142,415 | ||||||||
3,019 | * | Burlington Stores, Inc | 584,418 | |||||||
65,955 | * | CarMax, Inc | 5,701,150 | |||||||
26,951 | Dick’s Sporting Goods, Inc | 1,526,774 | ||||||||
53,715 | * | Dollar Tree, Inc | 4,851,539 | |||||||
25,186 | eBay, Inc | 1,199,609 | ||||||||
52,624 | Expedia Group, Inc | 4,954,550 | ||||||||
45,339 | Foot Locker, Inc | 1,672,102 | ||||||||
79,989 | Gap, Inc | 1,555,786 | ||||||||
61,590 | Genuine Parts Co | 5,569,584 | ||||||||
36,429 | * | GrubHub, Inc | 2,694,289 | |||||||
235,719 | Home Depot, Inc | 62,868,614 | ||||||||
67,877 | Kohl’s Corp | 1,445,101 | ||||||||
97,694 | L Brands, Inc | 3,127,185 | ||||||||
132,734 | * | LKQ Corp | 4,246,161 | |||||||
47,827 | e | Nordstrom, Inc | 578,707 |
212 |
TIAA-CREF FUNDS - Large-Cap Value Index Fund
SHARES | COMPANY | VALUE | ||||||||
2,677 | * | Ollie’s Bargain Outlet Holdings, Inc | $ | 233,140 | ||||||
13,305 | Penske Auto Group, Inc | 680,684 | ||||||||
166,846 | Qurate Retail Group, Inc QVC Group | 1,129,547 | ||||||||
29,264 | Ross Stores, Inc | 2,492,415 | ||||||||
219,193 | Target Corp | 33,365,558 | ||||||||
52,665 | Tiffany & Co | 6,890,689 | ||||||||
99,941 | TJX Companies, Inc | 5,077,003 | ||||||||
1,652 | * | Ulta Beauty, Inc | 341,584 | |||||||
2,282 | * | Vroom, Inc | 93,790 | |||||||
2,539 | *,e | Wayfair, Inc | 629,748 | |||||||
28,181 | Williams-Sonoma, Inc | 2,570,389 | ||||||||
TOTAL RETAILING | 175,640,232 | |||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.2% | ||||||||||
35,840 | * | Advanced Micro Devices, Inc | 2,698,394 | |||||||
141,912 | Analog Devices, Inc | 16,820,829 | ||||||||
8,914 | Broadcom, Inc | 3,116,602 | ||||||||
25,596 | * | Cirrus Logic, Inc | 1,762,797 | |||||||
47,428 | * | Cree, Inc | 3,016,421 | |||||||
3,757 | Entegris, Inc | 280,911 | ||||||||
40,406 | * | First Solar, Inc | 3,517,140 | |||||||
1,859,588 | Intel Corp | 82,342,557 | ||||||||
289,048 | Marvell Technology Group Ltd | 10,842,190 | ||||||||
77,763 | Maxim Integrated Products, Inc | 5,416,193 | ||||||||
27,192 | Microchip Technology, Inc | 2,857,335 | ||||||||
487,710 | * | Micron Technology, Inc | 24,551,321 | |||||||
5,522 | MKS Instruments, Inc | 598,530 | ||||||||
177,837 | * | ON Semiconductor Corp | 4,461,930 | |||||||
49,449 | * | Qorvo, Inc | 6,297,825 | |||||||
73,121 | Skyworks Solutions, Inc | 10,331,266 | ||||||||
202,295 | Texas Instruments, Inc | 29,249,834 | ||||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 208,162,075 | |||||||||
SOFTWARE & SERVICES - 3.4% | ||||||||||
20,885 | * | 2U, Inc | 769,612 | |||||||
12,337 | * | Akamai Technologies, Inc | 1,173,495 | |||||||
20,503 | Alliance Data Systems Corp | 1,056,725 | ||||||||
58,129 | Amdocs Ltd | 3,277,313 | ||||||||
2,014 | * | Aspen Technology, Inc | 221,157 | |||||||
32,151 | * | Autodesk, Inc | 7,572,847 | |||||||
26,118 | Automatic Data Processing, Inc | 4,125,599 | ||||||||
706 | *,e | BigCommerce Holdings, Inc | 51,820 | |||||||
9,129 | * | CACI International, Inc (Class A) | 1,903,670 | |||||||
46,597 | CDK Global, Inc | 2,008,331 | ||||||||
13,964 | * | Ceridian HCM Holding, Inc | 1,203,976 | |||||||
39,333 | Citrix Systems, Inc | 4,455,249 | ||||||||
219,623 | Cognizant Technology Solutions Corp (Class A) | 15,685,475 | ||||||||
32,929 | CoreLogic Inc | 2,533,228 | ||||||||
18,181 | * | Crowdstrike Holdings, Inc | 2,251,535 | |||||||
1,147 | * | Duck Creek Technologies, Inc | 49,745 | |||||||
111,125 | DXC Technology Co | 2,046,923 | ||||||||
22,025 | * | Euronet Worldwide, Inc | 1,956,701 | |||||||
271,058 | Fidelity National Information Services, Inc | 33,771,116 | ||||||||
74,344 | * | FireEye, Inc | 1,028,921 | |||||||
172,591 | * | Fiserv, Inc | 16,477,263 | |||||||
50,234 | Genpact Ltd | 1,726,543 |
213 |
TIAA-CREF FUNDS - Large-Cap Value Index Fund
SHARES | COMPANY | VALUE | ||||||||
130,566 | Global Payments, Inc | $ | 20,595,481 | |||||||
29,486 | * | Guidewire Software, Inc | 2,833,899 | |||||||
389,867 | International Business Machines Corp | 43,532,549 | ||||||||
7,250 | Jack Henry & Associates, Inc | 1,074,813 | ||||||||
4,535 | * | Jamf Holding Corp | 147,841 | |||||||
53,255 | Leidos Holdings, Inc | 4,420,165 | ||||||||
2,993 | * | Manhattan Associates, Inc | 255,902 | |||||||
662 | * | nCino, Inc | 46,684 | |||||||
123,210 | * | Nuance Communications, Inc | 3,931,631 | |||||||
100,669 | Oracle Corp | 5,648,538 | ||||||||
29,549 | Paychex, Inc | 2,430,405 | ||||||||
1,735 | Pegasystems, Inc | 201,052 | ||||||||
4,850 | * | RealPage, Inc | 270,097 | |||||||
109,545 | Sabre Corp | 714,233 | ||||||||
27,764 | * | salesforce.com, Inc | 6,448,744 | |||||||
22,143 | Science Applications International Corp | 1,691,061 | ||||||||
20,534 | * | SolarWinds Corp | 419,510 | |||||||
77,904 | SS&C Technologies Holdings, Inc | 4,613,475 | ||||||||
4,726 | * | Synopsys, Inc | 1,010,702 | |||||||
11,266 | * | Teradata Corp | 206,956 | |||||||
10,135 | * | Twilio, Inc | 2,827,361 | |||||||
18,244 | * | VeriSign, Inc | 3,479,131 | |||||||
144,851 | Western Union Co | 2,815,903 | ||||||||
17,344 | * | WEX, Inc | 2,194,883 | |||||||
TOTAL SOFTWARE & SERVICES | 217,158,260 | |||||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 2.7% | ||||||||||
51,525 | Amphenol Corp (Class A) | 5,814,081 | ||||||||
4,579 | * | Arista Networks, Inc | 956,553 | |||||||
34,171 | * | Arrow Electronics, Inc | 2,661,579 | |||||||
41,127 | Avnet, Inc | 1,014,603 | ||||||||
66,983 | * | Ciena Corp | 2,638,460 | |||||||
1,863,175 | Cisco Systems, Inc | 66,887,983 | ||||||||
1,840 | * | Coherent, Inc | 230,258 | |||||||
79,422 | * | CommScope Holding Co, Inc | 706,856 | |||||||
328,771 | Corning, Inc | 10,510,809 | ||||||||
102,681 | * | Dell Technologies, Inc | 6,187,557 | |||||||
24,355 | Dolby Laboratories, Inc (Class A) | 1,828,573 | ||||||||
23,920 | * | EchoStar Corp (Class A) | 553,987 | |||||||
26,712 | * | F5 Networks, Inc | 3,551,093 | |||||||
57,157 | FLIR Systems, Inc | 1,982,776 | ||||||||
565,527 | Hewlett Packard Enterprise Co | 4,886,153 | ||||||||
625,010 | HP, Inc | 11,225,180 | ||||||||
14,531 | * | IPG Photonics Corp | 2,702,185 | |||||||
52,178 | Jabil Inc | 1,729,179 | ||||||||
144,077 | Juniper Networks, Inc | 2,841,198 | ||||||||
54,457 | * | Keysight Technologies, Inc | 5,710,906 | |||||||
10,318 | Littelfuse, Inc | 2,042,345 | ||||||||
29,276 | * | Lumentum Holdings, Inc | 2,420,832 | |||||||
66,965 | Motorola Solutions, Inc | 10,584,488 | ||||||||
56,468 | National Instruments Corp | 1,766,319 | ||||||||
55,706 | * | NCR Corp | 1,131,946 | |||||||
44,444 | NetApp, Inc | 1,950,647 | ||||||||
45,193 | * | Pure Storage, Inc | 727,607 | |||||||
18,198 | Synnex Corp | 2,395,585 | ||||||||
110,010 | * | Trimble Inc | 5,294,781 |
214 |
TIAA-CREF FUNDS - Large-Cap Value Index Fund
SHARES | COMPANY | VALUE | ||||||||
695 | Ubiquiti, Inc | $ | 128,999 | |||||||
23,132 | * | Viasat, Inc | 784,175 | |||||||
52,171 | * | Vontier Corp | 1,499,395 | |||||||
131,513 | Western Digital Corp | 4,961,985 | ||||||||
78,412 | Xerox Holdings Corp | 1,362,801 | ||||||||
1,978 | * | Zebra Technologies Corp (Class A) | 561,040 | |||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 172,232,914 | |||||||||
TELECOMMUNICATION SERVICES - 3.5% | ||||||||||
3,128,543 | AT&T, Inc | 84,533,232 | ||||||||
479,567 | CenturyLink, Inc | 4,133,867 | ||||||||
43,240 | * | GCI Liberty, Inc | 3,512,385 | |||||||
43,867 | Telephone & Data Systems, Inc | 745,739 | ||||||||
241,226 | * | T-Mobile US, Inc | 26,431,133 | |||||||
1,992 | * | US Cellular Corp | 58,007 | |||||||
1,818,043 | Verizon Communications, Inc | 103,610,271 | ||||||||
TOTAL TELECOMMUNICATION SERVICES | 223,024,634 | |||||||||
TRANSPORTATION - 2.9% | ||||||||||
52,562 | Alaska Air Group, Inc | 1,991,574 | ||||||||
3,903 | Amerco, Inc | 1,354,965 | ||||||||
225,037 | e | American Airlines Group, Inc | 2,538,417 | |||||||
48,972 | CH Robinson Worldwide, Inc | 4,330,594 | ||||||||
13,426 | Copa Holdings S.A. (Class A) | 661,633 | ||||||||
334,853 | CSX Corp | 26,433,296 | ||||||||
279,538 | Delta Air Lines, Inc | 8,565,044 | ||||||||
27,498 | Expeditors International of Washington, Inc | 2,429,998 | ||||||||
105,942 | FedEx Corp | 27,488,771 | ||||||||
26,832 | JB Hunt Transport Services, Inc | 3,266,528 | ||||||||
117,678 | * | JetBlue Airways Corp | 1,408,606 | |||||||
41,521 | Kansas City Southern | 7,313,509 | ||||||||
23,881 | * | Kirby Corp | 919,180 | |||||||
54,774 | Knight-Swift Transportation Holdings, Inc | 2,080,864 | ||||||||
3,325 | Landstar System, Inc | 414,628 | ||||||||
104,480 | * | Lyft, Inc (Class A) | 2,385,278 | |||||||
34,075 | Macquarie Infrastructure Co LLC | 879,135 | ||||||||
112,360 | Norfolk Southern Corp | 23,496,723 | ||||||||
5,902 | Old Dominion Freight Line | 1,123,564 | ||||||||
22,960 | Ryder System, Inc | 1,131,010 | ||||||||
23,804 | Schneider National, Inc | 525,116 | ||||||||
258,420 | Southwest Airlines Co | 10,215,343 | ||||||||
138,298 | * | Uber Technologies, Inc | 4,620,536 | |||||||
145,820 | Union Pacific Corp | 25,837,846 | ||||||||
126,649 | * | United Airlines Holdings Inc | 4,288,335 | |||||||
105,285 | United Parcel Service, Inc (Class B) | 16,541,326 | ||||||||
37,811 | * | XPO Logistics, Inc | 3,402,990 | |||||||
TOTAL TRANSPORTATION | 185,644,809 | |||||||||
UTILITIES - 6.3% | ||||||||||
289,791 | AES Corp | 5,650,925 | ||||||||
109,493 | Alliant Energy Corp | 6,052,773 | ||||||||
107,957 | Ameren Corp | 8,757,472 | ||||||||
217,913 | American Electric Power Co, Inc | 19,596,916 | ||||||||
79,457 | American Water Works Co, Inc | 11,959,073 | ||||||||
52,548 | Atmos Energy Corp | 4,817,075 | ||||||||
24,835 | Avangrid, Inc | 1,225,359 |
215 |
TIAA-CREF FUNDS - Large-Cap Value Index Fund
SHARES | COMPANY | VALUE | ||||||||
220,787 | Centerpoint Energy, Inc | $ | 4,665,229 | |||||||
125,240 | CMS Energy Corp | 7,931,449 | ||||||||
146,911 | Consolidated Edison, Inc | 11,531,044 | ||||||||
367,870 | Dominion Energy, Inc | 29,554,676 | ||||||||
84,229 | DTE Energy Co | 10,395,543 | ||||||||
322,478 | Duke Energy Corp | 29,703,449 | ||||||||
156,826 | Edison International | 8,788,529 | ||||||||
88,075 | Entergy Corp | 8,914,952 | ||||||||
98,025 | Essential Utilities Inc | 4,038,630 | ||||||||
99,222 | Evergy, Inc | 5,477,054 | ||||||||
149,627 | Eversource Energy | 13,057,948 | ||||||||
427,116 | Exelon Corp | 17,037,657 | ||||||||
237,639 | FirstEnergy Corp | 7,062,631 | ||||||||
46,879 | Hawaiian Electric Industries, Inc | 1,548,882 | ||||||||
22,231 | Idacorp, Inc | 1,950,326 | ||||||||
87,361 | MDU Resources Group, Inc | 2,075,697 | ||||||||
36,140 | National Fuel Gas Co | 1,444,154 | ||||||||
858,849 | NextEra Energy, Inc | 62,876,335 | ||||||||
167,771 | NiSource, Inc | 3,853,700 | ||||||||
69,606 | NRG Energy, Inc | 2,200,942 | ||||||||
87,575 | OGE Energy Corp | 2,694,683 | ||||||||
563,075 | *,b | PG&E Corp | 5,382,997 | |||||||
49,319 | Pinnacle West Capital Corp | 4,022,951 | ||||||||
337,909 | PPL Corp | 9,292,498 | ||||||||
220,764 | Public Service Enterprise Group, Inc | 12,837,427 | ||||||||
126,911 | Sempra Energy | 15,909,563 | ||||||||
463,712 | Southern Co | 26,640,254 | ||||||||
91,146 | UGI Corp | 2,947,662 | ||||||||
216,856 | Vistra Energy Corp | 3,766,789 | ||||||||
138,509 | WEC Energy Group, Inc | 13,927,080 | ||||||||
229,847 | Xcel Energy, Inc | 16,096,185 | ||||||||
TOTAL UTILITIES | 405,686,509 | |||||||||
TOTAL COMMON STOCKS | 6,440,375,040 | |||||||||
(Cost $5,780,643,417) |
PRINCIPAL | ISSUER | RATE | MATURITY DATE | |||||||||||||
SHORT-TERM INVESTMENTS - 0.2% | ||||||||||||||||
REPURCHASE AGREEMENT - 0.0% | ||||||||||||||||
$ | 3,185,000 | r | Fixed Income Clearing Corp (FICC) | 0.070 | % | 11/02/20 | 3,185,000 | |||||||||
TOTAL REPURCHASE AGREEMENT | 3,185,000 |
216 |
TIAA-CREF FUNDS - Large-Cap Value Index Fund
SHARES | COMPANY | VALUE | ||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.2% | ||||||||||||||||
10,468,949 | c | State Street Navigator Securities Lending Government Money Market Portfolio | $ | 10,468,949 | ||||||||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 10,468,949 | |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 13,653,949 | |||||||||||||||
(Cost $13,653,949) | ||||||||||||||||
TOTAL INVESTMENTS - 100.1% | 6,454,028,989 | |||||||||||||||
(Cost $5,794,297,366) | ||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - (0.1)% | (6,974,428 | ) | ||||||||||||||
NET ASSETS - 100.0% | $ | 6,447,054,561 |
Abbreviation(s): | |||
REIT Real Estate Investment Trust | |||
* | Non-income producing | ||
b | In bankruptcy | ||
c | Investments made with cash collateral received from securities on loan. | ||
e | All or a portion of these securities are out on loan. The aggregate value of securities on loan is $14,066,011. | ||
r | Agreement with Fixed Income Clearing Corporation, 0.070% dated 10/30/20 to be repurchased at $3,185,000 on 11/2/20, collateralized by U.S. Treasury Notes valued at $3,248,757. | ||
217 |
TIAA-CREF FUNDS - S&P 500 Index Fund
TIAA-CREF FUNDS
S&P 500 INDEX FUND
SCHEDULE OF INVESTMENTS
October 31, 2020
SHARES | COMPANY | VALUE | ||||||||
COMMON STOCKS - 99.5% | ||||||||||
AUTOMOBILES & COMPONENTS - 0.4% | ||||||||||
60,548 | Aptiv plc | $ | 5,842,276 | |||||||
54,890 | BorgWarner, Inc | 1,920,052 | ||||||||
862,189 | Ford Motor Co | 6,664,721 | ||||||||
278,122 | General Motors Co | 9,603,553 | ||||||||
TOTAL AUTOMOBILES & COMPONENTS | 24,030,602 | |||||||||
BANKS - 3.4% | ||||||||||
1,701,097 | Bank of America Corp | 40,315,999 | ||||||||
462,343 | Citigroup, Inc | 19,150,247 | ||||||||
89,072 | Citizens Financial Group, Inc | 2,427,212 | ||||||||
29,091 | Comerica, Inc | 1,323,931 | ||||||||
159,176 | Fifth Third Bancorp | 3,696,067 | ||||||||
38,718 | First Republic Bank | 4,883,888 | ||||||||
234,648 | Huntington Bancshares, Inc | 2,449,725 | ||||||||
677,500 | JPMorgan Chase & Co | 66,422,100 | ||||||||
216,724 | Keycorp | 2,813,077 | ||||||||
27,839 | M&T Bank Corp | 2,883,564 | ||||||||
89,741 | People’s United Financial, Inc | 957,536 | ||||||||
94,702 | PNC Financial Services Group, Inc | 10,595,260 | ||||||||
214,369 | Regions Financial Corp | 2,851,108 | ||||||||
11,633 | * | SVB Financial Group | 3,381,713 | |||||||
299,563 | Truist Financial Corp | 12,617,594 | ||||||||
307,386 | US Bancorp | 11,972,685 | ||||||||
916,106 | Wells Fargo & Co | 19,650,474 | ||||||||
31,971 | Zions Bancorporation | 1,031,704 | ||||||||
TOTAL BANKS | 209,423,884 | |||||||||
CAPITAL GOODS - 5.6% | ||||||||||
127,963 | 3M Co | 20,468,961 | ||||||||
30,741 | A.O. Smith Corp | 1,589,002 | ||||||||
19,125 | Allegion plc | 1,883,812 | ||||||||
51,399 | Ametek, Inc | 5,047,382 | ||||||||
117,822 | Boeing Co | 17,012,319 | ||||||||
176,700 | Carrier Global Corp | 5,900,013 | ||||||||
120,638 | Caterpillar, Inc | 18,946,198 | ||||||||
33,037 | Cummins, Inc | 7,264,506 | ||||||||
70,161 | Deere & Co | 15,850,071 | ||||||||
32,121 | Dover Corp | 3,556,116 | ||||||||
90,128 | Eaton Corp | 9,354,385 | ||||||||
133,627 | Emerson Electric Co | 8,657,693 | ||||||||
125,379 | Fastenal Co | 5,420,134 | ||||||||
24,194 | Flowserve Corp | 704,529 | ||||||||
75,584 | Fortive Corp | 4,655,974 | ||||||||
32,380 | Fortune Brands Home & Security, Inc | 2,618,571 | ||||||||
52,699 | General Dynamics Corp | 6,920,960 | ||||||||
1,955,576 | General Electric Co | 14,510,374 |
218 |
TIAA-CREF FUNDS - S&P 500 Index Fund
SHARES | COMPANY | VALUE | ||||||||
155,400 | Honeywell International, Inc | $ | 25,633,230 | |||||||
86,820 | Howmet Aerospace, Inc | 1,497,645 | ||||||||
7,774 | Huntington Ingalls | 1,146,510 | ||||||||
15,942 | IDEX Corp | 2,716,357 | ||||||||
64,120 | Illinois Tool Works, Inc | 12,559,826 | ||||||||
79,315 | * | Ingersoll Rand, Inc | 2,771,266 | |||||||
28,685 | Jacobs Engineering Group, Inc | 2,725,075 | ||||||||
166,832 | Johnson Controls International plc | 7,041,979 | ||||||||
47,906 | L3Harris Technologies, Inc | 7,718,136 | ||||||||
54,785 | Lockheed Martin Corp | 19,181,872 | ||||||||
57,398 | Masco Corp | 3,076,533 | ||||||||
34,467 | Northrop Grumman Corp | 9,989,226 | ||||||||
91,357 | Otis Worldwide Corp | 5,598,357 | ||||||||
75,756 | PACCAR, Inc | 6,468,047 | ||||||||
28,661 | Parker-Hannifin Corp | 5,971,806 | ||||||||
35,450 | Pentair plc | 1,763,992 | ||||||||
30,131 | Quanta Services, Inc | 1,881,078 | ||||||||
342,564 | Raytheon Technologies Corp | 18,608,076 | ||||||||
25,539 | Rockwell Automation, Inc | 6,055,808 | ||||||||
23,089 | Roper Technologies Inc | 8,573,869 | ||||||||
11,618 | Snap-On, Inc | 1,830,184 | ||||||||
35,440 | Stanley Black & Decker, Inc | 5,890,128 | ||||||||
8,434 | * | Teledyne Technologies, Inc | 2,607,371 | |||||||
48,629 | Textron, Inc | 1,740,918 | ||||||||
53,469 | Trane Technologies plc | 7,098,010 | ||||||||
12,155 | TransDigm Group, Inc | 5,802,919 | ||||||||
16,300 | * | United Rentals, Inc | 2,906,127 | |||||||
10,091 | W.W. Grainger, Inc | 3,532,052 | ||||||||
39,349 | Wabtec Corp | 2,333,396 | ||||||||
41,228 | Xylem, Inc | 3,592,608 | ||||||||
TOTAL CAPITAL GOODS | 338,673,401 | |||||||||
COMMERCIAL & PROFESSIONAL SERVICES - 0.7% | ||||||||||
18,973 | Cintas Corp | 5,967,957 | ||||||||
45,655 | * | Copart, Inc | 5,038,486 | |||||||
27,279 | Equifax, Inc | 3,726,311 | ||||||||
83,643 | IHS Markit Ltd | 6,764,209 | ||||||||
82,061 | Nielsen NV | 1,108,644 | ||||||||
47,412 | Republic Services, Inc | 4,180,316 | ||||||||
26,681 | Robert Half International, Inc | 1,352,460 | ||||||||
31,134 | Rollins, Inc | 1,801,102 | ||||||||
35,713 | Verisk Analytics, Inc | 6,355,843 | ||||||||
86,232 | Waste Management, Inc | 9,305,295 | ||||||||
TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 45,600,623 | |||||||||
CONSUMER DURABLES & APPAREL - 1.2% | ||||||||||
74,046 | DR Horton, Inc | 4,947,013 | ||||||||
32,763 | Garmin Ltd | 3,408,007 | ||||||||
73,327 | Hanesbrands, Inc | 1,178,365 | ||||||||
27,476 | Hasbro, Inc | 2,272,815 | ||||||||
30,816 | Leggett & Platt, Inc | 1,285,952 | ||||||||
60,919 | Lennar Corp (Class A) | 4,278,341 | ||||||||
13,275 | * | Mohawk Industries, Inc | 1,369,847 | |||||||
84,648 | Newell Brands Inc | 1,494,884 | ||||||||
277,197 | Nike, Inc (Class B) | 33,285,816 | ||||||||
733 | * | NVR, Inc | 2,897,615 |
219 |
TIAA-CREF FUNDS - S&P 500 Index Fund
SHARES | COMPANY | VALUE | ||||||||
60,136 | Pulte Homes, Inc | $ | 2,451,143 | |||||||
13,897 | PVH Corp | 810,056 | ||||||||
11,568 | Ralph Lauren Corp | 773,321 | ||||||||
52,920 | Tapestry, Inc | 1,176,411 | ||||||||
39,270 | * | Under Armour, Inc (Class A) | 543,497 | |||||||
47,694 | * | Under Armour, Inc (Class C) | 583,298 | |||||||
72,524 | VF Corp | 4,873,613 | ||||||||
13,442 | Whirlpool Corp | 2,486,232 | ||||||||
TOTAL CONSUMER DURABLES & APPAREL | 70,116,226 | |||||||||
CONSUMER SERVICES - 1.6% | ||||||||||
106,602 | Carnival Corp | 1,461,514 | ||||||||
6,271 | * | Chipotle Mexican Grill, Inc (Class A) | 7,534,481 | |||||||
29,868 | Darden Restaurants, Inc | 2,745,467 | ||||||||
8,427 | Domino’s Pizza, Inc | 3,188,103 | ||||||||
61,816 | Hilton Worldwide Holdings, Inc | 5,428,063 | ||||||||
71,757 | Las Vegas Sands Corp | 3,448,641 | ||||||||
60,611 | Marriott International, Inc (Class A) | 5,629,550 | ||||||||
165,832 | McDonald’s Corp | 35,322,216 | ||||||||
91,807 | MGM Resorts International | 1,888,470 | ||||||||
61,805 | *,e | Norwegian Cruise Line Holdings Ltd | 1,027,817 | |||||||
39,570 | Royal Caribbean Cruises Ltd | 2,232,539 | ||||||||
259,333 | Starbucks Corp | 22,551,598 | ||||||||
21,784 | Wynn Resorts Ltd | 1,577,815 | ||||||||
66,477 | Yum! Brands, Inc | 6,204,298 | ||||||||
TOTAL CONSUMER SERVICES | 100,240,572 | |||||||||
DIVERSIFIED FINANCIALS - 3.1% | ||||||||||
146,245 | American Express Co | 13,343,394 | ||||||||
26,908 | Ameriprise Financial, Inc | 4,327,614 | ||||||||
180,702 | Bank of New York Mellon Corp | 6,208,921 | ||||||||
31,472 | BlackRock, Inc | 18,858,337 | ||||||||
101,549 | Capital One Financial Corp | 7,421,201 | ||||||||
24,803 | CBOE Global Markets, Inc | 2,016,236 | ||||||||
327,141 | Charles Schwab Corp | 13,448,767 | ||||||||
79,404 | CME Group, Inc | 11,967,771 | ||||||||
67,804 | Discover Financial Services | 4,407,938 | ||||||||
56,042 | Franklin Resources, Inc | 1,050,787 | ||||||||
77,154 | Goldman Sachs Group, Inc | 14,585,192 | ||||||||
123,980 | Intercontinental Exchange Group, Inc | 11,703,712 | ||||||||
83,754 | Invesco Ltd | 1,098,015 | ||||||||
8,497 | MarketAxess Holdings, Inc | 4,578,608 | ||||||||
35,412 | Moody’s Corp | 9,309,815 | ||||||||
320,300 | Morgan Stanley | 15,422,445 | ||||||||
18,419 | MSCI, Inc (Class A) | 6,443,703 | ||||||||
25,708 | Nasdaq Inc | 3,110,411 | ||||||||
46,561 | Northern Trust Corp | 3,644,329 | ||||||||
25,682 | Raymond James Financial, Inc | 1,963,132 | ||||||||
53,789 | S&P Global, Inc | 17,359,324 | ||||||||
79,641 | State Street Corp | 4,690,855 | ||||||||
120,087 | Synchrony Financial | 3,004,577 | ||||||||
50,532 | T Rowe Price Group, Inc | 6,400,383 | ||||||||
TOTAL DIVERSIFIED FINANCIALS | 186,365,467 |
220 |
TIAA-CREF FUNDS - S&P 500 Index Fund
SHARES | COMPANY | VALUE | ||||||||
ENERGY - 2.0% | ||||||||||
86,365 | Apache Corp | $ | 716,829 | |||||||
148,506 | Baker Hughes Co | 2,193,434 | ||||||||
80,655 | Cabot Oil & Gas Corp | 1,434,852 | ||||||||
429,307 | Chevron Corp | 29,836,836 | ||||||||
44,751 | Concho Resources, Inc | 1,857,614 | ||||||||
239,603 | ConocoPhillips | 6,857,438 | ||||||||
93,156 | Devon Energy Corp | 831,883 | ||||||||
30,709 | Diamondback Energy, Inc | 797,206 | ||||||||
130,396 | EOG Resources, Inc | 4,464,759 | ||||||||
948,133 | d | Exxon Mobil Corp | 30,928,098 | |||||||
201,860 | Halliburton Co | 2,434,432 | ||||||||
58,286 | Hess Corp | 2,169,405 | ||||||||
24,355 | HollyFrontier Corp | 450,811 | ||||||||
440,554 | Kinder Morgan, Inc | 5,242,593 | ||||||||
183,191 | Marathon Oil Corp | 725,436 | ||||||||
146,757 | Marathon Petroleum Corp | 4,329,332 | ||||||||
84,888 | National Oilwell Varco, Inc | 713,059 | ||||||||
169,639 | Occidental Petroleum Corp | 1,548,804 | ||||||||
92,922 | ONEOK, Inc | 2,694,738 | ||||||||
98,503 | Phillips 66 | 4,596,150 | ||||||||
36,956 | Pioneer Natural Resources Co | 2,940,219 | ||||||||
309,341 | Schlumberger Ltd | 4,621,555 | ||||||||
78,775 | TechnipFMC plc | 435,626 | ||||||||
92,663 | Valero Energy Corp | 3,577,718 | ||||||||
269,357 | Williams Cos, Inc | 5,168,961 | ||||||||
TOTAL ENERGY | 121,567,788 | |||||||||
FOOD & STAPLES RETAILING - 1.6% | ||||||||||
97,920 | Costco Wholesale Corp | 35,018,151 | ||||||||
173,629 | Kroger Co | 5,592,590 | ||||||||
113,987 | SYSCO Corp | 6,304,621 | ||||||||
159,396 | Walgreens Boots Alliance, Inc | 5,425,840 | ||||||||
308,671 | Walmart, Inc | 42,828,101 | ||||||||
TOTAL FOOD & STAPLES RETAILING | 95,169,303 | |||||||||
FOOD, BEVERAGE & TOBACCO - 3.4% | ||||||||||
412,187 | Altria Group, Inc | 14,871,707 | ||||||||
124,362 | Archer-Daniels-Midland Co | 5,750,499 | ||||||||
39,231 | Brown-Forman Corp (Class B) | 2,734,793 | ||||||||
45,398 | Campbell Soup Co | 2,118,725 | ||||||||
859,268 | Coca-Cola Co | 41,296,420 | ||||||||
108,939 | ConAgra Brands, Inc | 3,822,669 | ||||||||
37,513 | Constellation Brands, Inc (Class A) | 6,198,273 | ||||||||
136,743 | General Mills, Inc | 8,084,246 | ||||||||
32,954 | Hershey Co | 4,529,857 | ||||||||
58,876 | Hormel Foods Corp | 2,866,672 | ||||||||
26,200 | J.M. Smucker Co | 2,939,640 | ||||||||
55,485 | Kellogg Co | 3,489,452 | ||||||||
141,287 | Kraft Heinz Co | 4,321,969 | ||||||||
32,648 | Lamb Weston Holdings, Inc | 2,071,516 | ||||||||
27,901 | McCormick & Co, Inc | 5,036,410 | ||||||||
42,213 | Molson Coors Brewing Co (Class B) | 1,488,430 | ||||||||
314,825 | Mondelez International, Inc | 16,723,504 | ||||||||
80,238 | * | Monster Beverage Corp | 6,143,824 | |||||||
307,669 | PepsiCo, Inc | 41,009,201 | ||||||||
346,473 | Philip Morris International, Inc | 24,606,512 |
221 |
TIAA-CREF FUNDS - S&P 500 Index Fund
SHARES | COMPANY | VALUE | ||||||||
65,031 | Tyson Foods, Inc (Class A) | $ | 3,721,724 | |||||||
TOTAL FOOD, BEVERAGE & TOBACCO | 203,826,043 | |||||||||
HEALTH CARE EQUIPMENT & SERVICES - 6.7% | ||||||||||
393,540 | Abbott Laboratories | 41,364,989 | ||||||||
10,208 | * | Abiomed, Inc | 2,571,191 | |||||||
15,662 | * | Align Technology, Inc | 6,673,265 | |||||||
31,411 | AmerisourceBergen Corp | 3,017,655 | ||||||||
55,801 | Anthem, Inc | 15,222,513 | ||||||||
113,435 | Baxter International, Inc | 8,799,153 | ||||||||
64,186 | Becton Dickinson & Co | 14,835,310 | ||||||||
318,561 | * | Boston Scientific Corp | 10,917,085 | |||||||
65,838 | Cardinal Health, Inc | 3,014,722 | ||||||||
128,073 | * | Centene Corp | 7,569,114 | |||||||
68,337 | Cerner Corp | 4,789,740 | ||||||||
81,975 | Cigna Corp | 13,687,366 | ||||||||
11,140 | Cooper Cos, Inc | 3,554,217 | ||||||||
288,758 | CVS Health Corp | 16,196,436 | ||||||||
140,417 | Danaher Corp | 32,231,318 | ||||||||
16,306 | * | DaVita, Inc | 1,406,392 | |||||||
48,052 | Dentsply Sirona, Inc | 2,267,574 | ||||||||
21,469 | * | DexCom, Inc | 6,861,063 | |||||||
138,784 | * | Edwards Lifesciences Corp | 9,949,425 | |||||||
59,418 | HCA Healthcare, Inc | 7,364,267 | ||||||||
32,307 | * | Henry Schein, Inc | 2,054,079 | |||||||
57,851 | * | Hologic, Inc | 3,981,306 | |||||||
29,159 | Humana, Inc | 11,642,606 | ||||||||
18,761 | * | IDEXX Laboratories, Inc | 7,970,048 | |||||||
25,970 | * | Intuitive Surgical, Inc | 17,324,068 | |||||||
21,982 | * | Laboratory Corp of America Holdings | 4,391,344 | |||||||
36,199 | McKesson Corp | 5,338,991 | ||||||||
299,501 | Medtronic plc | 30,120,816 | ||||||||
29,450 | Quest Diagnostics, Inc | 3,597,023 | ||||||||
32,102 | Resmed, Inc | 6,161,658 | ||||||||
18,812 | STERIS plc | 3,333,298 | ||||||||
72,212 | Stryker Corp | 14,587,546 | ||||||||
10,442 | Teleflex, Inc | 3,322,958 | ||||||||
211,136 | UnitedHealth Group, Inc | 64,426,039 | ||||||||
18,293 | Universal Health Services, Inc (Class B) | 2,003,998 | ||||||||
20,295 | * | Varian Medical Systems, Inc | 3,506,976 | |||||||
16,216 | West Pharmaceutical Services, Inc | 4,411,887 | ||||||||
46,290 | Zimmer Biomet Holdings, Inc | 6,114,909 | ||||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 406,582,345 | |||||||||
HOUSEHOLD & PERSONAL PRODUCTS - 2.0% | ||||||||||
53,622 | Church & Dwight Co, Inc | 4,739,649 | ||||||||
27,999 | Clorox Co | 5,802,793 | ||||||||
190,253 | Colgate-Palmolive Co | 15,009,059 | ||||||||
50,203 | Estee Lauder Cos (Class A) | 11,027,591 | ||||||||
75,150 | Kimberly-Clark Corp | 9,964,138 | ||||||||
554,058 | Procter & Gamble Co | 75,961,352 | ||||||||
TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 122,504,582 | |||||||||
INSURANCE - 3.3% | ||||||||||
148,694 | Aflac, Inc | 5,048,161 | ||||||||
68,179 | Allstate Corp | 6,050,886 | ||||||||
189,202 | American International Group, Inc | 5,957,971 |
222 |
TIAA-CREF FUNDS - S&P 500 Index Fund
SHARES | COMPANY | VALUE | ||||||||
51,589 | Aon plc | $ | 9,492,892 | |||||||
41,705 | Arthur J. Gallagher & Co | 4,325,225 | ||||||||
14,162 | Assurant, Inc | 1,761,328 | ||||||||
440,213 | * | Berkshire Hathaway, Inc (Class B) | 88,879,005 | |||||||
101,333 | Chubb Ltd | 13,164,170 | ||||||||
33,355 | Cincinnati Financial Corp | 2,359,533 | ||||||||
9,023 | Everest Re Group Ltd | 1,778,253 | ||||||||
21,471 | Globe Life, Inc | 1,741,083 | ||||||||
82,158 | Hartford Financial Services Group, Inc | 3,164,726 | ||||||||
35,261 | Lincoln National Corp | 1,237,661 | ||||||||
52,779 | Loews Corp | 1,830,376 | ||||||||
112,654 | Marsh & McLennan Cos, Inc | 11,655,183 | ||||||||
174,257 | Metlife, Inc | 6,595,627 | ||||||||
57,966 | Principal Financial Group | 2,273,426 | ||||||||
130,274 | Progressive Corp | 11,972,181 | ||||||||
86,222 | Prudential Financial, Inc | 5,519,932 | ||||||||
56,229 | Travelers Cos, Inc | 6,787,403 | ||||||||
44,795 | Unum Group | 791,080 | ||||||||
30,882 | W.R. Berkley Corp | 1,856,626 | ||||||||
28,933 | Willis Towers Watson plc | 5,279,694 | ||||||||
TOTAL INSURANCE | 199,522,422 | |||||||||
MATERIALS - 2.7% | ||||||||||
49,264 | Air Products & Chemicals, Inc | 13,608,687 | ||||||||
23,387 | Albemarle Corp | 2,179,902 | ||||||||
346,450 | Amcor plc | 3,613,473 | ||||||||
18,259 | Avery Dennison Corp | 2,526,863 | ||||||||
73,384 | Ball Corp | 6,531,176 | ||||||||
26,993 | Celanese Corp (Series A) | 3,063,975 | ||||||||
45,995 | CF Industries Holdings, Inc | 1,269,922 | ||||||||
167,631 | Corteva, Inc | 5,528,470 | ||||||||
164,782 | Dow, Inc | 7,495,933 | ||||||||
165,512 | DuPont de Nemours, Inc | 9,414,323 | ||||||||
32,040 | Eastman Chemical Co | 2,590,114 | ||||||||
55,062 | Ecolab, Inc | 10,108,833 | ||||||||
27,683 | FMC Corp | 2,844,151 | ||||||||
320,718 | Freeport-McMoRan, Inc (Class B) | 5,561,250 | ||||||||
22,560 | e | International Flavors & Fragrances, Inc | 2,316,010 | |||||||
86,480 | International Paper Co | 3,783,500 | ||||||||
116,375 | Linde plc | 25,642,068 | ||||||||
57,277 | LyondellBasell Industries NV | 3,920,611 | ||||||||
13,556 | Martin Marietta Materials, Inc | 3,610,641 | ||||||||
79,386 | Mosaic Co | 1,468,641 | ||||||||
178,748 | Newmont Goldcorp Corp | 11,232,524 | ||||||||
65,016 | Nucor Corp | 3,105,164 | ||||||||
20,944 | Packaging Corp of America | 2,397,879 | ||||||||
52,785 | PPG Industries, Inc | 6,847,270 | ||||||||
37,564 | Sealed Air Corp | 1,487,159 | ||||||||
18,280 | Sherwin-Williams Co | 12,576,274 | ||||||||
30,049 | Vulcan Materials Co | 4,352,297 | ||||||||
57,610 | WestRock Co | 2,163,256 | ||||||||
TOTAL MATERIALS | 161,240,366 | |||||||||
MEDIA & ENTERTAINMENT - 9.3% | ||||||||||
170,208 | Activision Blizzard, Inc | 12,889,852 | ||||||||
66,767 | * | Alphabet, Inc (Class A) | 107,902,816 |
223 |
TIAA-CREF FUNDS - S&P 500 Index Fund
SHARES | COMPANY | VALUE | ||||||||
65,306 | * | Alphabet, Inc (Class C) | $ | 105,861,679 | ||||||
33,058 | * | Charter Communications, Inc | 19,961,082 | |||||||
1,011,132 | Comcast Corp (Class A) | 42,710,216 | ||||||||
32,448 | *,e | Discovery, Inc (Class A) | 656,747 | |||||||
75,310 | * | Discovery, Inc (Class C) | 1,379,679 | |||||||
54,106 | * | DISH Network Corp (Class A) | 1,379,162 | |||||||
64,514 | * | Electronic Arts, Inc | 7,730,713 | |||||||
534,433 | * | Facebook, Inc | 140,614,667 | |||||||
78,872 | Fox Corp (Class A) | 2,091,685 | ||||||||
34,115 | Fox Corp (Class B) | 891,766 | ||||||||
87,598 | Interpublic Group of Cos, Inc | 1,584,648 | ||||||||
31,439 | * | Live Nation, Inc | 1,534,223 | |||||||
97,889 | * | Netflix, Inc | 46,569,713 | |||||||
93,004 | News Corp (Class A) | 1,221,142 | ||||||||
25,832 | News Corp (Class B) | 336,333 | ||||||||
49,996 | Omnicom Group, Inc | 2,359,811 | ||||||||
24,987 | * | Take-Two Interactive Software, Inc | 3,870,986 | |||||||
175,499 | * | Twitter, Inc | 7,258,639 | |||||||
120,969 | ViacomCBS, Inc (Class B) | 3,456,084 | ||||||||
402,568 | Walt Disney Co | 48,811,370 | ||||||||
TOTAL MEDIA & ENTERTAINMENT | 561,073,013 | |||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.3% | ||||||||||
390,903 | AbbVie, Inc | 33,265,845 | ||||||||
67,845 | Agilent Technologies, Inc | 6,926,296 | ||||||||
49,553 | * | Alexion Pharmaceuticals, Inc | 5,705,532 | |||||||
129,751 | Amgen, Inc | 28,148,182 | ||||||||
34,825 | * | Biogen, Inc | 8,778,338 | |||||||
4,916 | * | Bio-Rad Laboratories, Inc (Class A) | 2,882,841 | |||||||
499,867 | Bristol-Myers Squibb Co | 29,217,226 | ||||||||
36,805 | * | Catalent, Inc | 3,230,375 | |||||||
176,720 | Eli Lilly & Co | 23,054,891 | ||||||||
280,023 | Gilead Sciences, Inc | 16,283,338 | ||||||||
32,211 | * | Illumina, Inc | 9,428,160 | |||||||
40,218 | * | Incyte Corp | 3,484,488 | |||||||
42,890 | * | IQVIA Holdings, Inc | 6,604,631 | |||||||
584,689 | Johnson & Johnson | 80,166,709 | ||||||||
562,983 | Merck & Co, Inc | 42,341,952 | ||||||||
5,273 | * | Mettler-Toledo International, Inc | 5,261,979 | |||||||
115,473 | * | Mylan NV | 1,678,977 | |||||||
25,015 | PerkinElmer, Inc | 3,240,693 | ||||||||
30,274 | Perrigo Co plc | 1,328,120 | ||||||||
1,235,903 | Pfizer, Inc | 43,849,839 | ||||||||
23,120 | * | Regeneron Pharmaceuticals, Inc | 12,567,107 | |||||||
88,068 | Thermo Fisher Scientific, Inc | 41,666,732 | ||||||||
58,323 | * | Vertex Pharmaceuticals, Inc | 12,152,180 | |||||||
13,815 | * | Waters Corp | 3,078,258 | |||||||
105,909 | Zoetis, Inc | 16,791,872 | ||||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 441,134,561 | |||||||||
REAL ESTATE - 2.6% | ||||||||||
26,300 | Alexandria Real Estate Equities, Inc | 3,984,976 | ||||||||
98,736 | American Tower Corp | 22,674,722 | ||||||||
35,891 | Apartment Investment & Management Co | 1,144,923 | ||||||||
32,368 | AvalonBay Communities, Inc | 4,503,360 | ||||||||
29,671 | Boston Properties, Inc | 2,148,477 |
224 |
TIAA-CREF FUNDS - S&P 500 Index Fund
SHARES | COMPANY | VALUE | ||||||||
74,841 | * | CBRE Group, Inc | $ | 3,771,986 | ||||||
92,562 | Crown Castle International Corp | 14,458,184 | ||||||||
59,258 | Digital Realty Trust, Inc | 8,550,929 | ||||||||
82,410 | Duke Realty Corp | 3,130,756 | ||||||||
19,627 | Equinix, Inc | 14,352,048 | ||||||||
77,879 | Equity Residential | 3,658,756 | ||||||||
14,647 | Essex Property Trust, Inc | 2,996,630 | ||||||||
28,906 | Extra Space Storage, Inc | 3,351,651 | ||||||||
16,185 | Federal Realty Investment Trust | 1,113,204 | ||||||||
123,824 | Healthpeak Properties Inc | 3,339,533 | ||||||||
162,236 | Host Hotels and Resorts, Inc | 1,700,233 | ||||||||
61,374 | Iron Mountain, Inc | 1,599,407 | ||||||||
92,884 | Kimco Realty Corp | 952,990 | ||||||||
25,815 | Mid-America Apartment Communities, Inc | 3,010,804 | ||||||||
164,544 | Prologis, Inc | 16,322,765 | ||||||||
33,363 | Public Storage, Inc | 7,642,462 | ||||||||
77,062 | Realty Income Corp | 4,458,807 | ||||||||
33,424 | Regency Centers Corp | 1,189,560 | ||||||||
24,708 | SBA Communications Corp | 7,174,462 | ||||||||
67,074 | Simon Property Group, Inc | 4,212,918 | ||||||||
15,514 | SL Green Realty Corp | 664,154 | ||||||||
66,466 | UDR, Inc | 2,076,398 | ||||||||
85,518 | Ventas, Inc | 3,375,396 | ||||||||
31,795 | Vornado Realty Trust | 977,060 | ||||||||
92,713 | Welltower, Inc | 4,985,178 | ||||||||
168,276 | Weyerhaeuser Co | 4,592,252 | ||||||||
TOTAL REAL ESTATE | 158,114,981 | |||||||||
RETAILING - 8.3% | ||||||||||
15,244 | Advance Auto Parts, Inc | 2,245,136 | ||||||||
94,645 | * | Amazon.com, Inc | 287,356,417 | |||||||
5,266 | * | AutoZone, Inc | 5,945,209 | |||||||
51,148 | Best Buy Co, Inc | 5,705,559 | ||||||||
9,097 | * | Booking Holdings, Inc | 14,759,882 | |||||||
37,610 | * | CarMax, Inc | 3,251,008 | |||||||
55,522 | Dollar General Corp | 11,587,997 | ||||||||
53,643 | * | Dollar Tree, Inc | 4,845,036 | |||||||
148,843 | eBay, Inc | 7,089,392 | ||||||||
26,758 | * | Etsy, Inc | 3,253,505 | |||||||
30,112 | Expedia Group, Inc | 2,835,045 | ||||||||
45,479 | Gap, Inc | 884,567 | ||||||||
31,808 | Genuine Parts Co | 2,876,397 | ||||||||
238,998 | Home Depot, Inc | 63,743,157 | ||||||||
52,682 | L Brands, Inc | 1,686,351 | ||||||||
60,816 | * | LKQ Corp | 1,945,504 | |||||||
167,379 | Lowe’s Companies, Inc | 26,462,620 | ||||||||
16,550 | * | O’Reilly Automotive, Inc | 7,225,730 | |||||||
8,990 | Pool Corp | 3,144,972 | ||||||||
79,089 | Ross Stores, Inc | 6,736,010 | ||||||||
111,264 | Target Corp | 16,936,606 | ||||||||
24,147 | Tiffany & Co | 3,159,393 | ||||||||
268,021 | TJX Companies, Inc | 13,615,467 | ||||||||
26,134 | Tractor Supply Co | 3,481,310 | ||||||||
12,644 | * | Ulta Beauty, Inc | 2,614,400 | |||||||
TOTAL RETAILING | 503,386,670 |
225 |
TIAA-CREF FUNDS - S&P 500 Index Fund
SHARES | COMPANY | VALUE | ||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.0% | ||||||||||
261,538 | * | Advanced Micro Devices, Inc | $ | 19,691,196 | ||||||
81,709 | Analog Devices, Inc | 9,684,968 | ||||||||
203,065 | Applied Materials, Inc | 12,027,540 | ||||||||
89,375 | Broadcom, Inc | 31,248,181 | ||||||||
946,353 | Intel Corp | 41,904,511 | ||||||||
34,784 | KLA Corp | 6,858,709 | ||||||||
32,322 | Lam Research Corp | 11,056,710 | ||||||||
60,866 | Maxim Integrated Products, Inc | 4,239,317 | ||||||||
55,024 | Microchip Technology, Inc | 5,781,922 | ||||||||
248,081 | * | Micron Technology, Inc | 12,488,398 | |||||||
137,294 | NVIDIA Corp | 68,833,720 | ||||||||
25,312 | * | Qorvo, Inc | 3,223,736 | |||||||
250,011 | QUALCOMM, Inc | 30,841,357 | ||||||||
36,819 | Skyworks Solutions, Inc | 5,202,156 | ||||||||
37,232 | Teradyne, Inc | 3,270,831 | ||||||||
203,537 | Texas Instruments, Inc | 29,429,415 | ||||||||
54,054 | Xilinx, Inc | 6,415,669 | ||||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 302,198,336 | |||||||||
SOFTWARE & SERVICES - 14.3% | ||||||||||
140,860 | Accenture plc | 30,553,943 | ||||||||
106,784 | * | Adobe, Inc | 47,743,126 | |||||||
35,658 | * | Akamai Technologies, Inc | 3,391,789 | |||||||
19,073 | * | Ansys, Inc | 5,805,249 | |||||||
48,322 | * | Autodesk, Inc | 11,381,764 | |||||||
95,947 | Automatic Data Processing, Inc | 15,155,788 | ||||||||
25,800 | Broadridge Financial Solutions, Inc | 3,550,080 | ||||||||
61,359 | * | Cadence Design Systems, Inc | 6,710,834 | |||||||
27,701 | Citrix Systems, Inc | 3,137,692 | ||||||||
120,446 | Cognizant Technology Solutions Corp (Class A) | 8,602,253 | ||||||||
56,553 | DXC Technology Co | 1,041,706 | ||||||||
137,735 | Fidelity National Information Services, Inc | 17,160,404 | ||||||||
124,634 | * | Fiserv, Inc | 11,898,808 | |||||||
18,818 | * | FleetCor Technologies, Inc | 4,157,084 | |||||||
28,985 | * | Fortinet, Inc | 3,199,075 | |||||||
20,022 | * | Gartner, Inc | 2,404,642 | |||||||
67,088 | Global Payments, Inc | 10,582,461 | ||||||||
199,200 | International Business Machines Corp | 22,242,672 | ||||||||
58,236 | Intuit, Inc | 18,325,705 | ||||||||
17,021 | Jack Henry & Associates, Inc | 2,523,363 | ||||||||
30,088 | Leidos Holdings, Inc | 2,497,304 | ||||||||
196,150 | Mastercard, Inc (Class A) | 56,616,736 | ||||||||
1,681,944 | Microsoft Corp | 340,543,202 | ||||||||
132,526 | NortonLifelock, Inc | 2,726,060 | ||||||||
430,354 | Oracle Corp | 24,147,163 | ||||||||
71,012 | Paychex, Inc | 5,840,737 | ||||||||
11,002 | * | Paycom Software, Inc | 4,005,718 | |||||||
260,443 | * | PayPal Holdings, Inc | 48,476,256 | |||||||
202,574 | * | salesforce.com, Inc | 47,051,863 | |||||||
42,621 | * | ServiceNow, Inc | 21,206,931 | |||||||
33,683 | * | Synopsys, Inc | 7,203,446 | |||||||
9,145 | * | Tyler Technologies, Inc | 3,515,155 | |||||||
22,469 | * | VeriSign, Inc | 4,284,838 | |||||||
374,244 | Visa, Inc (Class A) | 68,003,877 | ||||||||
91,845 | Western Union Co | 1,785,467 | ||||||||
TOTAL SOFTWARE & SERVICES | 867,473,191 |
226 |
TIAA-CREF FUNDS - S&P 500 Index Fund
SHARES | COMPANY | VALUE | ||||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 8.0% | ||||||||||
66,540 | Amphenol Corp (Class A) | $ | 7,508,374 | |||||||
3,573,557 | Apple, Inc | 389,017,415 | ||||||||
11,870 | * | Arista Networks, Inc | 2,479,643 | |||||||
32,301 | CDW Corp | 3,960,103 | ||||||||
941,501 | Cisco Systems, Inc | 33,799,886 | ||||||||
168,482 | Corning, Inc | 5,386,369 | ||||||||
14,293 | * | F5 Networks, Inc | 1,900,111 | |||||||
31,827 | FLIR Systems, Inc | 1,104,079 | ||||||||
287,040 | Hewlett Packard Enterprise Co | 2,480,026 | ||||||||
307,993 | HP, Inc | 5,531,554 | ||||||||
7,751 | * | IPG Photonics Corp | 1,441,376 | |||||||
72,375 | Juniper Networks, Inc | 1,427,235 | ||||||||
41,088 | * | Keysight Technologies, Inc | 4,308,898 | |||||||
38,193 | Motorola Solutions, Inc | 6,036,786 | ||||||||
49,184 | NetApp, Inc | 2,158,686 | ||||||||
49,387 | Seagate Technology, Inc | 2,361,686 | ||||||||
74,760 | TE Connectivity Ltd | 7,242,749 | ||||||||
30,233 | * | Vontier Corp | 868,896 | |||||||
67,031 | Western Digital Corp | 2,529,080 | ||||||||
32,313 | Xerox Holdings Corp | 561,600 | ||||||||
12,071 | * | Zebra Technologies Corp (Class A) | 3,423,818 | |||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 485,528,370 | |||||||||
TELECOMMUNICATION SERVICES - 1.8% | ||||||||||
1,585,304 | AT&T, Inc | 42,834,914 | ||||||||
217,555 | CenturyLink, Inc | 1,875,324 | ||||||||
128,913 | * | T-Mobile US, Inc | 14,124,998 | |||||||
920,007 | Verizon Communications, Inc | 52,431,199 | ||||||||
TOTAL TELECOMMUNICATION SERVICES | 111,266,435 | |||||||||
TRANSPORTATION - 2.0% | ||||||||||
28,329 | Alaska Air Group, Inc | 1,073,386 | ||||||||
100,895 | e | American Airlines Group, Inc | 1,138,095 | |||||||
31,037 | CH Robinson Worldwide, Inc | 2,744,602 | ||||||||
168,852 | CSX Corp | 13,329,177 | ||||||||
143,037 | Delta Air Lines, Inc | 4,382,654 | ||||||||
36,577 | Expeditors International of Washington, Inc | 3,232,309 | ||||||||
53,523 | FedEx Corp | 13,887,613 | ||||||||
18,087 | JB Hunt Transport Services, Inc | 2,201,911 | ||||||||
21,427 | Kansas City Southern | 3,774,152 | ||||||||
57,066 | Norfolk Southern Corp | 11,933,642 | ||||||||
21,039 | Old Dominion Freight Line | 4,005,194 | ||||||||
132,271 | Southwest Airlines Co | 5,228,672 | ||||||||
151,409 | Union Pacific Corp | 26,828,161 | ||||||||
65,252 | * | United Airlines Holdings Inc | 2,209,433 | |||||||
156,488 | United Parcel Service, Inc (Class B) | 24,585,830 | ||||||||
TOTAL TRANSPORTATION | 120,554,831 | |||||||||
UTILITIES - 3.2% | ||||||||||
145,177 | AES Corp | 2,830,951 | ||||||||
53,637 | Alliant Energy Corp | 2,965,053 | ||||||||
55,135 | Ameren Corp | 4,472,551 | ||||||||
112,580 | American Electric Power Co, Inc | 10,124,319 |
227 |
TIAA-CREF FUNDS - S&P 500 Index Fund
SHARES | COMPANY | VALUE | ||||||||||||||
40,533 | American Water Works Co, Inc | $ | 6,100,622 | |||||||||||||
26,311 | Atmos Energy Corp | 2,411,929 | ||||||||||||||
125,277 | Centerpoint Energy, Inc | 2,647,103 | ||||||||||||||
64,194 | CMS Energy Corp | 4,065,406 | ||||||||||||||
74,144 | Consolidated Edison, Inc | 5,819,563 | ||||||||||||||
186,222 | Dominion Energy, Inc | 14,961,075 | ||||||||||||||
42,859 | DTE Energy Co | 5,289,658 | ||||||||||||||
163,335 | Duke Energy Corp | 15,044,787 | ||||||||||||||
83,334 | Edison International | 4,670,037 | ||||||||||||||
45,393 | Entergy Corp | 4,594,679 | ||||||||||||||
53,359 | Evergy, Inc | 2,945,417 | ||||||||||||||
77,347 | Eversource Energy | 6,750,073 | ||||||||||||||
214,204 | Exelon Corp | 8,544,598 | ||||||||||||||
121,405 | FirstEnergy Corp | 3,608,157 | ||||||||||||||
434,724 | NextEra Energy, Inc | 31,826,144 | ||||||||||||||
77,266 | NiSource, Inc | 1,774,800 | ||||||||||||||
52,892 | NRG Energy, Inc | 1,672,445 | ||||||||||||||
24,077 | Pinnacle West Capital Corp | 1,963,961 | ||||||||||||||
167,167 | PPL Corp | 4,597,093 | ||||||||||||||
113,952 | Public Service Enterprise Group, Inc | 6,626,309 | ||||||||||||||
64,327 | Sempra Energy | 8,064,033 | ||||||||||||||
237,559 | Southern Co | 13,647,765 | ||||||||||||||
70,622 | WEC Energy Group, Inc | 7,101,042 | ||||||||||||||
117,746 | Xcel Energy, Inc | 8,245,752 | ||||||||||||||
TOTAL UTILITIES | 193,365,322 | |||||||||||||||
TOTAL COMMON STOCKS | 6,028,959,334 | |||||||||||||||
(Cost $3,156,131,482) | ||||||||||||||||
PRINCIPAL | ISSUER | RATE | MATURITY DATE | |||||||||||||
SHORT-TERM INVESTMENTS - 0.5% | ||||||||||||||||
REPURCHASE AGREEMENT - 0.2% | ||||||||||||||||
$ | 12,430,000 | r | Fixed Income Clearing Corp (FICC) | 0.070 | % | 11/02/20 | 12,430,000 | |||||||||
TOTAL REPURCHASE AGREEMENT | 12,430,000 | |||||||||||||||
TREASURY DEBT - 0.2% | ||||||||||||||||
4,200,000 | United States Cash Management Bill | 0.051 | 11/03/20 | 4,199,992 | ||||||||||||
9,190,000 | United States Treasury Bill | 0.082 | 11/17/20 | 9,189,694 | ||||||||||||
TOTAL TREASURY DEBT | 13,389,686 | |||||||||||||||
SHARES | COMPANY | |||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.1% | ||||||||||||||||
4,144,545 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 4,144,545 | |||||||||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 4,144,545 | |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 29,964,231 | |||||||||||||||
(Cost $29,964,198) | ||||||||||||||||
TOTAL INVESTMENTS - 100.0% | 6,058,923,565 | |||||||||||||||
(Cost $3,186,095,680) | ||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - 0.0% | 759,590 | |||||||||||||||
NET ASSETS - 100.0% | $ | 6,059,683,155 |
228 |
TIAA-CREF FUNDS - S&P 500 Index Fund
* | Non-income producing | ||||||
c | Investments made with cash collateral received from securities on loan. | ||||||
d | All or a portion of these securities have been segregated to cover margin requirements on open futures contracts. | ||||||
e | All or a portion of these securities are out on loan. The aggregate value of securities on loan is $5,087,215. | ||||||
r | Agreement with Fixed Income Clearing Corporation, 0.070% dated 10/30/20 to be repurchased at $12,430,000 on 11/2/20, collateralized by U.S. Treasury Notes valued at $12,678,612. | ||||||
Futures contracts outstanding as of October 31, 2020 were as follows: | ||||||||||||||||||
Description | Number of long (short) contracts | Expiration date | Notional amount | Value | Unrealized appreciation (depreciation) | |||||||||||||
S&P 500 E Mini Index | 161 | 12/18/20 | $ | 26,750,163 | $ | 26,280,835 | $ | (469,328 | ) | |||||||||
229 |
TIAA-CREF FUNDS - Small-Cap Blend Index Fund
TIAA-CREF FUNDS
SMALL-CAP BLEND INDEX FUND
SCHEDULE OF INVESTMENTS
October 31, 2020
SHARES | COMPANY | VALUE | ||||||||
COMMON STOCKS - 99.8% | ||||||||||
AUTOMOBILES & COMPONENTS - 1.4% | ||||||||||
142,183 | * | Adient plc | $ | 3,017,123 | ||||||
178,739 | * | American Axle & Manufacturing Holdings, Inc | 1,201,126 | |||||||
81,040 | Cooper Tire & Rubber Co | 2,786,966 | ||||||||
27,009 | * | Cooper-Standard Holding, Inc | 423,771 | |||||||
232,826 | Dana Inc | 3,257,236 | ||||||||
43,003 | * | Dorman Products, Inc | 3,838,878 | |||||||
67,532 | * | Fox Factory Holding Corp | 5,678,091 | |||||||
52,636 | * | Gentherm, Inc | 2,436,521 | |||||||
369,883 | Goodyear Tire & Rubber Co | 3,062,631 | ||||||||
39,551 | LCI Industries, Inc | 4,337,163 | ||||||||
78,672 | * | Modine Manufacturing Co | 503,501 | |||||||
29,659 | * | Motorcar Parts of America, Inc | 436,877 | |||||||
33,929 | Standard Motor Products, Inc | 1,553,948 | ||||||||
41,770 | * | Stoneridge, Inc | 953,609 | |||||||
81,510 | * | Tenneco, Inc | 702,616 | |||||||
44,714 | * | Visteon Corp | 4,008,610 | |||||||
51,356 | Winnebago Industries, Inc | 2,411,164 | ||||||||
151,379 | *,e | Workhorse Group, Inc | 2,328,209 | |||||||
26,944 | * | XPEL, Inc | 667,672 | |||||||
TOTAL AUTOMOBILES & COMPONENTS | 43,605,712 | |||||||||
BANKS - 9.8% | ||||||||||
13,720 | 1st Constitution Bancorp | 178,909 | ||||||||
26,434 | 1st Source Corp | 885,275 | ||||||||
11,721 | ACNB Corp | 244,617 | ||||||||
30,330 | Allegiance Bancshares, Inc | 858,339 | ||||||||
26,559 | Altabancorp | 578,189 | ||||||||
20,399 | Amalgamated Bank | 226,429 | ||||||||
36,185 | * | Amerant Bancorp Inc | 364,383 | |||||||
16,123 | American National Bankshares, Inc | 367,604 | ||||||||
106,521 | Ameris Bancorp | 3,121,065 | ||||||||
13,346 | Ames National Corp | 257,578 | ||||||||
20,398 | Arrow Financial Corp | 558,293 | ||||||||
30,607 | * | Atlantic Capital Bancshares, Inc | 424,825 | |||||||
125,890 | Atlantic Union Bankshares Corp | 3,183,758 | ||||||||
3,751 | e | Auburn National Bancorporation, Inc | 139,387 | |||||||
93,080 | * | Axos Financial, Inc | 2,537,361 | |||||||
69,664 | Banc of California, Inc | 835,968 | ||||||||
29,877 | Bancfirst Corp | 1,328,033 | ||||||||
158,973 | BancorpSouth Bank | 3,721,558 | ||||||||
10,074 | e | Bank First Corp | 644,837 | |||||||
24,830 | Bank of Commerce Holdings | 198,888 | ||||||||
21,324 | Bank of Marin Bancorp | 642,705 | ||||||||
85,421 | Bank of NT Butterfield & Son Ltd | 2,260,240 | ||||||||
6,887 | Bank of Princeton | 135,467 | ||||||||
4,543 | Bank7 Corp | 41,205 |
230 |
TIAA-CREF FUNDS - Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
21,737 | BankFinancial Corp | $ | 159,767 | |||||||
147,350 | BankUnited | 3,720,587 | ||||||||
14,894 | Bankwell Financial Group, Inc | 245,751 | ||||||||
55,745 | Banner Corp | 2,055,318 | ||||||||
27,319 | Bar Harbor Bankshares | 557,854 | ||||||||
15,527 | * | Baycom Corp | 172,350 | |||||||
22,156 | BCB Bancorp, Inc | 201,398 | ||||||||
77,453 | Berkshire Hills Bancorp, Inc | 1,009,213 | ||||||||
20,148 | * | Bluegreen Vacations Holding Corp | 164,206 | |||||||
9,368 | * | Bogota Financial Corp | 74,007 | |||||||
131,755 | Boston Private Financial Holdings, Inc | 814,246 | ||||||||
26,586 | Bridge Bancorp, Inc | 519,490 | ||||||||
36,837 | * | Bridgewater Bancshares, Inc | 409,259 | |||||||
120,453 | Brookline Bancorp, Inc | 1,153,940 | ||||||||
31,617 | Bryn Mawr Bank Corp | 849,233 | ||||||||
31,016 | Business First Bancshares, Inc | 515,176 | ||||||||
37,456 | Byline Bancorp, Inc | 492,172 | ||||||||
5,305 | C&F Financial Corp | 165,251 | ||||||||
203,633 | Cadence BanCorp | 2,284,762 | ||||||||
12,117 | * | California Bancorp, Inc | 165,397 | |||||||
10,173 | Cambridge Bancorp | 631,642 | ||||||||
24,053 | Camden National Corp | 768,974 | ||||||||
8,393 | * | Capital Bancorp, Inc | 88,294 | |||||||
22,845 | Capital City Bank Group, Inc | 486,827 | ||||||||
211,070 | Capitol Federal Financial | 2,423,084 | ||||||||
23,608 | Capstar Financial Holdings, Inc | 245,287 | ||||||||
30,234 | Carter Bank & Trust | 210,126 | ||||||||
125,450 | Cathay General Bancorp | 2,951,838 | ||||||||
7,897 | e | CB Financial Services, Inc | 154,860 | |||||||
30,502 | CBTX, Inc | 576,488 | ||||||||
42,525 | Central Pacific Financial Corp | 585,569 | ||||||||
13,356 | Central Valley Community Bancorp | 172,292 | ||||||||
4,239 | Century Bancorp, Inc | 303,385 | ||||||||
8,038 | Chemung Financial Corp | 273,935 | ||||||||
10,981 | ChoiceOne Financial Services, Inc | 315,814 | ||||||||
157,675 | CIT Group, Inc | 4,643,529 | ||||||||
21,602 | Citizens & Northern Corp | 365,938 | ||||||||
7,476 | Citizens Holding Co | 162,229 | ||||||||
25,328 | City Holding Co | 1,530,571 | ||||||||
24,288 | Civista Bancshares, Inc | 346,347 | ||||||||
23,959 | CNB Financial Corp | 434,616 | ||||||||
13,535 | * | Coastal Financial Corp | 201,130 | |||||||
15,088 | Codorus Valley Bancorp, Inc | 203,084 | ||||||||
10,806 | Colony Bankcorp Inc | 135,399 | ||||||||
114,983 | Columbia Banking System, Inc | 3,266,667 | ||||||||
79,003 | * | Columbia Financial, Inc | 963,047 | |||||||
86,495 | Community Bank System, Inc | 5,015,845 | ||||||||
24,694 | Community Bankers Trust Corp | 134,829 | ||||||||
7,045 | Community Financial Corp | 153,933 | ||||||||
25,095 | Community Trust Bancorp, Inc | 798,523 | ||||||||
59,068 | ConnectOne Bancorp, Inc | 911,419 | ||||||||
8,071 | e | County Bancorp, Inc | 149,313 | |||||||
81,861 | * | CrossFirst Bankshares, Inc | 683,539 | |||||||
46,456 | * | Customers Bancorp, Inc | 642,022 | |||||||
213,009 | CVB Financial Corp | 3,727,657 | ||||||||
45,435 | Dime Community Bancshares | 574,753 |
231 |
TIAA-CREF FUNDS - Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
10,059 | Eagle Bancorp Montana, Inc | $ | 193,736 | |||||||
53,561 | Eagle Bancorp, Inc | 1,602,545 | ||||||||
13,817 | Enterprise Bancorp, Inc | 312,402 | ||||||||
37,516 | Enterprise Financial Services Corp | 1,092,091 | ||||||||
23,479 | * | Equity Bancshares, Inc | 431,544 | |||||||
10,733 | * | Esquire Financial Holdings, Inc | 167,327 | |||||||
11,255 | ESSA Bancorp, Inc | 143,051 | ||||||||
178,263 | Essent Group Ltd | 7,103,781 | ||||||||
7,709 | Evans Bancorp, Inc | 175,842 | ||||||||
17,693 | e | Farmers & Merchants Bancorp, Inc | 354,922 | |||||||
42,907 | Farmers National Banc Corp | 499,867 | ||||||||
51,223 | FB Financial Corp | 1,511,078 | ||||||||
14,973 | Federal Agricultural Mortgage Corp (FAMC) | 967,106 | ||||||||
6,246 | e | Fidelity D&D Bancorp, Inc | 297,684 | |||||||
24,377 | Financial Institutions, Inc | 432,204 | ||||||||
44,807 | First Bancorp (NC) | 1,079,401 | ||||||||
348,350 | First Bancorp (Puerto Rico) | 2,260,791 | ||||||||
15,618 | First Bancorp, Inc | 361,244 | ||||||||
34,281 | First Bancshares, Inc | 817,259 | ||||||||
25,831 | First Bank | 193,474 | ||||||||
81,042 | First Busey Corp | 1,457,946 | ||||||||
12,667 | First Business Financial Services, Inc | 217,239 | ||||||||
4,693 | e | First Capital Inc | 283,035 | |||||||
16,621 | First Choice Bancorp | 234,024 | ||||||||
156,728 | First Commonwealth Financial Corp | 1,350,995 | ||||||||
28,041 | First Community Bancshares, Inc | 532,218 | ||||||||
11,344 | First Community Corp | 161,198 | ||||||||
160,686 | First Financial Bancorp | 2,297,810 | ||||||||
210,454 | First Financial Bankshares, Inc | 6,273,634 | ||||||||
24,042 | First Financial Corp | 834,738 | ||||||||
65,288 | First Foundation, Inc | 970,833 | ||||||||
6,249 | First Guaranty Bancshares, Inc | 90,923 | ||||||||
13,698 | First Internet Bancorp | 294,781 | ||||||||
67,466 | First Interstate Bancsystem, Inc | 2,381,550 | ||||||||
89,155 | First Merchants Corp | 2,327,837 | ||||||||
22,191 | First Mid-Illinois Bancshares, Inc | 616,022 | ||||||||
186,390 | First Midwest Bancorp, Inc | 2,339,194 | ||||||||
11,269 | First Northwest Bancorp | 132,411 | ||||||||
35,195 | First of Long Island Corp | 543,059 | ||||||||
3,021 | e | First Savings Financial Group, Inc | 163,285 | |||||||
10,786 | First United Corp | 128,569 | ||||||||
10,003 | * | First Western Financial, Inc | 142,043 | |||||||
71,657 | Flagstar Bancorp, Inc | 2,103,133 | ||||||||
43,661 | Flushing Financial Corp | 558,424 | ||||||||
24,717 | FNCB Bancorp Inc | 135,943 | ||||||||
6,082 | Franklin Financial Services Corp | 133,804 | ||||||||
6,068 | FS Bancorp, Inc | 281,009 | ||||||||
254,921 | Fulton Financial Corp | 2,801,582 | ||||||||
17,587 | * | FVCBankcorp, Inc | 217,024 | |||||||
40,337 | German American Bancorp, Inc | 1,216,967 | ||||||||
156,634 | Glacier Bancorp, Inc | 5,607,497 | ||||||||
17,406 | Great Southern Bancorp, Inc | 712,776 | ||||||||
86,518 | Great Western Bancorp, Inc | 1,123,869 | ||||||||
3,120 | Greene County Bancorp, Inc | 70,356 | ||||||||
11,895 | Guaranty Bancshares, Inc | 343,765 | ||||||||
139,548 | Hancock Whitney Corp | 3,191,463 |
232 |
TIAA-CREF FUNDS - Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
49,466 | Hanmi Financial Corp | $ | 444,699 | |||||||
84,726 | HarborOne Northeast Bancorp, Inc | 796,424 | ||||||||
8,548 | Hawthorn Bancshares Inc | 162,070 | ||||||||
15,829 | HBT Financial, Inc | 195,330 | ||||||||
58,660 | Heartland Financial USA, Inc | 1,932,260 | ||||||||
101,510 | Heritage Commerce Corp | 735,947 | ||||||||
56,387 | Heritage Financial Corp | 1,181,872 | ||||||||
116,252 | Hilltop Holdings, Inc | 2,651,708 | ||||||||
2,423 | Hingham Institution for Savings | 489,373 | ||||||||
11,365 | Home Bancorp, Inc | 286,853 | ||||||||
251,329 | Home Bancshares, Inc | 4,172,061 | ||||||||
36,828 | HomeStreet, Inc | 1,144,246 | ||||||||
25,940 | HomeTrust Bancshares, Inc | 414,262 | ||||||||
184,621 | Hope Bancorp, Inc | 1,489,891 | ||||||||
68,500 | Horizon Bancorp | 849,400 | ||||||||
20,861 | * | Howard Bancorp, Inc | 211,322 | |||||||
52,933 | Independent Bank Corp (MA) | 3,032,532 | ||||||||
36,159 | Independent Bank Corp (MI) | 541,300 | ||||||||
59,539 | Independent Bank Group, Inc | 3,071,022 | ||||||||
85,651 | International Bancshares Corp | 2,370,820 | ||||||||
15,412 | Investar Holding Corp | 214,843 | ||||||||
370,246 | Investors Bancorp, Inc | 3,132,281 | ||||||||
132,387 | Kearny Financial Corp | 1,112,051 | ||||||||
75,047 | Lakeland Bancorp, Inc | 835,273 | ||||||||
39,504 | Lakeland Financial Corp | 2,019,840 | ||||||||
5,968 | e | Landmark Bancorp, Inc | 139,950 | |||||||
18,657 | LCNB Corp | 256,720 | ||||||||
6,781 | Level One Bancorp, Inc | 106,801 | ||||||||
8,088 | * | Limestone Bancorp, Inc | 85,733 | |||||||
45,386 | Live Oak Bancshares, Inc | 1,691,990 | ||||||||
27,683 | Luther Burbank Corp | 261,051 | ||||||||
41,374 | Macatawa Bank Corp | 297,479 | ||||||||
20,820 | Mackinac Financial Corp | 206,743 | ||||||||
16,031 | * | MainStreet Bancshares Inc | 239,022 | |||||||
23,968 | Mercantile Bank Corp | 523,940 | ||||||||
14,019 | Merchants Bancorp | 302,530 | ||||||||
73,331 | Meridian Bancorp, Inc | 912,971 | ||||||||
8,582 | e | Meridian Corp | 150,872 | |||||||
56,664 | Meta Financial Group, Inc | 1,662,522 | ||||||||
29,837 | e | Metrocity Bankshares, Inc | 416,823 | |||||||
11,009 | * | Metropolitan Bank Holding Corp | 329,720 | |||||||
14,066 | Mid Penn Bancorp, Inc | 274,990 | ||||||||
9,497 | e | Middlefield Banc Corp | 181,203 | |||||||
34,685 | Midland States Bancorp, Inc | 516,807 | ||||||||
21,689 | MidWestOne Financial Group, Inc | 437,033 | ||||||||
7,084 | * | MMA Capital Holdings Inc | 177,667 | |||||||
126,913 | * | Mr Cooper Group, Inc | 2,675,326 | |||||||
14,402 | MVB Financial Corp | 229,712 | ||||||||
48,249 | National Bank Holdings Corp | 1,454,707 | ||||||||
9,960 | National Bankshares, Inc | 270,713 | ||||||||
68,279 | NBT Bancorp, Inc | 1,869,479 | ||||||||
15,864 | * | Nicolet Bankshares, Inc | 978,809 | |||||||
132,067 | * | NMI Holdings, Inc | 2,838,120 | |||||||
12,065 | Northeast Bank | 231,527 | ||||||||
69,441 | Northfield Bancorp, Inc | 705,521 | ||||||||
12,859 | Northrim BanCorp, Inc | 367,253 |
233 |
TIAA-CREF FUNDS - Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
188,175 | Northwest Bancshares, Inc | $ | 2,007,827 | |||||||
8,879 | Norwood Financial Corp | 203,152 | ||||||||
8,267 | e | Oak Valley Bancorp | 114,663 | |||||||
97,790 | OceanFirst Financial Corp | 1,463,916 | ||||||||
81,671 | OFG Bancorp | 1,175,246 | ||||||||
4,666 | Ohio Valley Banc Corp | 99,899 | ||||||||
262,569 | Old National Bancorp | 3,670,715 | ||||||||
49,526 | Old Second Bancorp, Inc | 423,447 | ||||||||
22,204 | OP Bancorp | 142,772 | ||||||||
35,056 | Origin Bancorp, Inc | 784,203 | ||||||||
20,109 | Orrstown Financial Services, Inc | 281,124 | ||||||||
128,437 | Pacific Premier Bancorp, Inc | 3,275,144 | ||||||||
23,042 | Park National Corp | 2,111,799 | ||||||||
16,102 | Parke Bancorp, Inc | 193,707 | ||||||||
15,783 | Partners Bancorp | 79,231 | ||||||||
27,378 | PCB Bancorp | 257,353 | ||||||||
24,441 | PCSB Financial Corp | 329,220 | ||||||||
15,712 | * | PDL Community Bancorp | 142,979 | |||||||
29,604 | Peapack Gladstone Financial Corp | 499,716 | ||||||||
10,726 | Penns Woods Bancorp, Inc | 221,599 | ||||||||
69,607 | PennyMac Financial Services, Inc | 3,537,428 | ||||||||
5,310 | Peoples Bancorp of North Carolina, Inc | 91,810 | ||||||||
33,405 | Peoples Bancorp, Inc | 754,953 | ||||||||
10,436 | Peoples Financial Services Corp | 374,131 | ||||||||
16,955 | * | Pioneer Bancorp, Inc | 160,394 | |||||||
7,352 | Plumas Bancorp | 147,922 | ||||||||
22,385 | Preferred Bank | 757,285 | ||||||||
20,251 | Premier Financial Bancorp, Inc | 253,138 | ||||||||
60,499 | Premier Financial Corp | 1,088,377 | ||||||||
11,614 | * | Professional Holding Corp | 158,299 | |||||||
10,146 | Provident Bancorp Inc | 87,459 | ||||||||
8,540 | Provident Financial Holdings, Inc | 108,116 | ||||||||
120,238 | Provident Financial Services, Inc | 1,631,630 | ||||||||
15,523 | Prudential Bancorp, Inc | 179,912 | ||||||||
23,572 | QCR Holdings, Inc | 731,439 | ||||||||
307,420 | Radian Group, Inc | 5,518,189 | ||||||||
25,818 | RBB Bancorp | 329,696 | ||||||||
7,570 | Red River Bancshares Inc | 343,754 | ||||||||
30,038 | Reliant Bancorp Inc | 506,140 | ||||||||
88,556 | Renasant Corp | 2,524,732 | ||||||||
16,512 | Republic Bancorp, Inc (Class A) | 550,345 | ||||||||
71,588 | * | Republic First Bancorp, Inc | 159,641 | |||||||
20,153 | Richmond Mutual Bancorporation, Inc | 220,675 | ||||||||
31,200 | Riverview Bancorp, Inc | 146,328 | ||||||||
61,604 | S&T Bancorp, Inc | 1,219,143 | ||||||||
4,045 | Salisbury Bancorp, Inc | 136,883 | ||||||||
73,361 | Sandy Spring Bancorp, Inc | 1,859,701 | ||||||||
11,319 | e | SB Financial Group, Inc | 173,633 | |||||||
83,104 | * | Seacoast Banking Corp of Florida | 1,785,074 | |||||||
15,696 | * | Security National Financial Corp | 103,437 | |||||||
20,322 | * | Select Bancorp, Inc | 151,399 | |||||||
78,470 | ServisFirst Bancshares, Inc | 2,895,543 | ||||||||
15,695 | Shore Bancshares, Inc | 169,820 | ||||||||
21,936 | Sierra Bancorp | 435,210 | ||||||||
24,665 | * | Silvergate Capital Corp | 551,509 | |||||||
173,425 | Simmons First National Corp (Class A) | 2,946,491 |
234 |
TIAA-CREF FUNDS - Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
18,371 | SmartFinancial, Inc | $ | 274,463 | |||||||
15,593 | South Plains Financial Inc | 228,437 | ||||||||
112,369 | South State Corp | 6,899,457 | ||||||||
10,088 | * | Southern First Bancshares, Inc | 270,762 | |||||||
11,360 | Southern Missouri Bancorp, Inc | 289,453 | ||||||||
32,075 | Southern National Bancorp of Virginia, Inc | 309,845 | ||||||||
51,865 | Southside Bancshares, Inc | 1,398,280 | ||||||||
27,660 | Spirit of Texas Bancshares, Inc | 351,559 | ||||||||
6,207 | Standard AVB Financial Corp | 203,714 | ||||||||
27,227 | Sterling Bancorp, Inc | 96,111 | ||||||||
33,476 | Stock Yards Bancorp, Inc | 1,279,453 | ||||||||
20,802 | Summit Financial Group, Inc | 374,644 | ||||||||
11,960 | Territorial Bancorp, Inc | 253,672 | ||||||||
81,319 | * | Texas Capital Bancshares, Inc | 3,659,355 | |||||||
86,990 | * | The Bancorp, Inc | 835,104 | |||||||
12,056 | Timberland Bancorp, Inc | 229,667 | ||||||||
23,206 | Tompkins Financial Corp | 1,299,304 | ||||||||
106,566 | Towne Bank | 1,937,370 | ||||||||
44,933 | Trico Bancshares | 1,299,912 | ||||||||
44,553 | * | Tristate Capital Holdings, Inc | 560,922 | |||||||
37,422 | * | Triumph Bancorp, Inc | 1,576,589 | |||||||
151,845 | Trustco Bank Corp NY | 834,388 | ||||||||
101,352 | Trustmark Corp | 2,370,623 | ||||||||
71,654 | UMB Financial Corp | 4,361,579 | ||||||||
198,748 | United Bankshares, Inc | 5,213,160 | ||||||||
126,347 | United Community Banks, Inc | 2,645,706 | ||||||||
14,975 | United Security Bancshares | 93,145 | ||||||||
14,239 | Unity Bancorp, Inc | 199,631 | ||||||||
44,403 | Univest Financial Corp | 704,232 | ||||||||
652,850 | Valley National Bancorp | 4,987,774 | ||||||||
77,462 | Veritex Holdings, Inc | 1,528,325 | ||||||||
45,607 | Walker & Dunlop, Inc | 2,867,768 | ||||||||
121,212 | Washington Federal, Inc | 2,580,603 | ||||||||
30,121 | Washington Trust Bancorp, Inc | 1,017,186 | ||||||||
37,789 | Waterstone Financial, Inc | 637,878 | ||||||||
103,662 | WesBanco, Inc | 2,517,950 | ||||||||
24,263 | West Bancorporation, Inc | 402,523 | ||||||||
42,096 | Westamerica Bancorporation | 2,204,568 | ||||||||
40,029 | Western New England Bancorp, Inc | 230,567 | ||||||||
81,280 | WSFS Financial Corp | 2,575,763 | ||||||||
TOTAL BANKS | 303,115,604 | |||||||||
CAPITAL GOODS - 10.1% | ||||||||||
66,312 | Aaon, Inc | 3,873,284 | ||||||||
54,385 | AAR Corp | 1,058,332 | ||||||||
89,242 | Advanced Drainage Systems, Inc | 5,660,620 | ||||||||
45,730 | * | Aegion Corp | 645,250 | |||||||
117,807 | * | Aerojet Rocketdyne Holdings, Inc | 3,819,303 | |||||||
34,946 | * | Aerovironment, Inc | 2,668,477 | |||||||
15,979 | Alamo Group, Inc | 1,922,753 | ||||||||
49,443 | Albany International Corp (Class A) | 2,518,626 | ||||||||
10,908 | Allied Motion Technologies, Inc | 412,104 | ||||||||
19,578 | *,e | Alpha Pro Tech Ltd | 277,812 | |||||||
27,509 | *,e | Alta Equipment Group, Inc | 209,619 | |||||||
103,548 | Altra Industrial Motion Corp | 4,427,712 | ||||||||
38,902 | * | Ameresco, Inc | 1,493,448 |
235 |
TIAA-CREF FUNDS - Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
38,968 | * | American Superconductor Corp | $ | 542,045 | ||||||
27,282 | * | American Woodmark Corp | 2,253,766 | |||||||
40,483 | Apogee Enterprises, Inc | 967,139 | ||||||||
62,351 | Applied Industrial Technologies, Inc | 3,806,529 | ||||||||
78,470 | Arcosa, Inc | 3,622,960 | ||||||||
23,939 | Argan, Inc | 986,047 | ||||||||
36,074 | Astec Industries, Inc | 1,832,559 | ||||||||
37,899 | * | Astronics Corp | 242,554 | |||||||
75,248 | * | Atkore International Group, Inc | 1,556,881 | |||||||
41,466 | AZZ, Inc | 1,392,843 | ||||||||
75,990 | Barnes Group, Inc | 2,788,833 | ||||||||
87,594 | * | Beacon Roofing Supply, Inc | 2,689,136 | |||||||
145,158 | * | Bloom Energy Corp | 1,834,797 | |||||||
21,069 | * | Blue Bird Corp | 243,136 | |||||||
107,952 | * | BMC Stock Holdings, Inc | 4,273,820 | |||||||
185,694 | * | Builders FirstSource, Inc | 5,626,528 | |||||||
35,727 | Caesarstone Sdot-Yam Ltd | 344,766 | ||||||||
25,106 | CAI International, Inc | 661,543 | ||||||||
59,140 | * | Chart Industries, Inc | 4,994,373 | |||||||
33,279 | * | CIRCOR International, Inc | 928,484 | |||||||
36,742 | Columbus McKinnon Corp | 1,245,186 | ||||||||
57,979 | Comfort Systems USA, Inc | 2,655,438 | ||||||||
43,300 | *,e | Concrete Pumping Holdings Inc | 139,859 | |||||||
42,257 | * | Construction Partners Inc | 861,198 | |||||||
70,619 | * | Cornerstone Building Brands, Inc | 541,648 | |||||||
22,115 | CSW Industrials, Inc | 1,891,496 | ||||||||
50,171 | Cubic Corp | 2,965,608 | ||||||||
35,865 | Douglas Dynamics, Inc | 1,223,355 | ||||||||
16,798 | * | Ducommun, Inc | 552,654 | |||||||
26,361 | * | DXP Enterprises, Inc | 412,286 | |||||||
49,579 | * | Dycom Industries, Inc | 3,219,660 | |||||||
8,488 | Eastern Co | 173,749 | ||||||||
87,255 | EMCOR Group, Inc | 5,949,918 | ||||||||
32,362 | Encore Wire Corp | 1,495,448 | ||||||||
69,353 | * | Energy Recovery, Inc | 672,031 | |||||||
87,466 | Enerpac Tool Group Corp | 1,559,519 | ||||||||
69,586 | EnerSys | 4,982,358 | ||||||||
33,455 | EnPro Industries, Inc | 1,974,514 | ||||||||
41,353 | ESCO Technologies, Inc | 3,460,833 | ||||||||
9,791 | *,e | EVI Industries, Inc | 285,995 | |||||||
146,589 | * | Evoqua Water Technologies Corp | 3,361,286 | |||||||
99,112 | Federal Signal Corp | 2,842,532 | ||||||||
226,870 | Fluor Corp | 2,574,974 | ||||||||
31,656 | * | Foundation Building Materials, Inc | 460,911 | |||||||
75,436 | Franklin Electric Co, Inc | 4,505,792 | ||||||||
343,733 | *,e | FuelCell Energy, Inc | 687,466 | |||||||
56,009 | GATX Corp | 3,824,295 | ||||||||
15,863 | �� | * | Gencor Industries, Inc | 183,376 | ||||||
16,584 | * | General Finance Corp | 108,625 | |||||||
52,569 | * | Gibraltar Industries, Inc | 3,020,089 | |||||||
67,002 | * | GMS, Inc | 1,514,245 | |||||||
30,973 | Gorman-Rupp Co | 961,712 | ||||||||
20,773 | Graham Corp | 274,204 | ||||||||
75,548 | Granite Construction, Inc | 1,458,832 | ||||||||
103,824 | * | Great Lakes Dredge & Dock Corp | 1,072,502 | |||||||
51,544 | Greenbrier Cos, Inc | 1,390,657 |
236 |
TIAA-CREF FUNDS - Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
69,096 | Griffon Corp | $ | 1,481,418 | |||||||
48,952 | H&E Equipment Services, Inc | 1,029,950 | ||||||||
126,410 | * | Harsco Corp | 1,630,689 | |||||||
110,598 | *,e | HC2 Holdings, Inc | 237,786 | |||||||
50,551 | Helios Technologies, Inc | 2,115,054 | ||||||||
40,536 | * | Herc Holdings, Inc | 1,798,177 | |||||||
119,524 | Hillenbrand, Inc | 3,496,077 | ||||||||
12,094 | Hurco Cos, Inc | 360,885 | ||||||||
15,418 | Hyster-Yale Materials Handling, Inc | 653,723 | ||||||||
13,056 | * | IES Holdings, Inc | 416,748 | |||||||
29,088 | Insteel Industries, Inc | 632,955 | ||||||||
112,096 | * | JELD-WEN Holding, Inc | 2,357,379 | |||||||
50,278 | John Bean Technologies Corp | 4,221,844 | ||||||||
18,401 | Kadant, Inc | 2,118,323 | ||||||||
44,292 | Kaman Corp | 1,756,621 | ||||||||
133,396 | Kennametal, Inc | 4,135,276 | ||||||||
199,548 | * | Kratos Defense & Security Solutions, Inc | 3,769,462 | |||||||
7,476 | * | Lawson Products, Inc | 308,086 | |||||||
16,315 | * | LB Foster Co (Class A) | 221,231 | |||||||
17,515 | Lindsay Corp | 1,844,329 | ||||||||
41,122 | LSI Industries, Inc | 281,274 | ||||||||
43,695 | Luxfer Holdings plc | 542,692 | ||||||||
29,014 | * | Lydall, Inc | 574,187 | |||||||
54,380 | * | Manitowoc Co, Inc | 409,481 | |||||||
39,265 | * | Masonite International Corp | 3,455,320 | |||||||
90,741 | * | Mastec, Inc | 4,504,383 | |||||||
100,713 | Maxar Technologies, Inc | 2,595,374 | ||||||||
111,267 | * | Meritor, Inc | 2,708,239 | |||||||
17,942 | Miller Industries, Inc | 537,183 | ||||||||
48,050 | Moog, Inc (Class A) | 2,997,839 | ||||||||
118,841 | * | MRC Global, Inc | 506,263 | |||||||
90,275 | Mueller Industries, Inc | 2,611,656 | ||||||||
253,251 | Mueller Water Products, Inc (Class A) | 2,623,680 | ||||||||
27,117 | * | MYR Group, Inc | 1,159,252 | |||||||
8,342 | National Presto Industries, Inc | 693,137 | ||||||||
80,577 | * | Navistar International Corp | 3,473,674 | |||||||
20,889 | * | Nesco Holdings, Inc | 86,689 | |||||||
67,463 | * | NN, Inc | 361,602 | |||||||
16,707 | * | Northwest Pipe Co | 447,748 | |||||||
172,013 | * | NOW, Inc | 700,093 | |||||||
18,349 | * | NV5 Global Inc | 1,029,012 | |||||||
4,668 | Omega Flex, Inc | 698,800 | ||||||||
42,017 | * | Orion Energy Systems, Inc | 269,749 | |||||||
95,471 | *,e | PAE, Inc | 756,130 | |||||||
35,996 | Park Aerospace Corp | 381,198 | ||||||||
36,394 | * | Parsons Corp | 1,147,139 | |||||||
36,992 | Patrick Industries, Inc | 2,062,304 | ||||||||
91,824 | * | PGT, Inc | 1,522,442 | |||||||
552,966 | * | Plug Power, Inc | 7,741,524 | |||||||
15,137 | Powell Industries, Inc | 357,687 | ||||||||
5,078 | Preformed Line Products Co | 279,442 | ||||||||
76,501 | Primoris Services Corp | 1,443,574 | ||||||||
42,932 | * | Proto Labs, Inc | 5,069,411 | |||||||
55,323 | Quanex Building Products Corp | 1,006,879 | ||||||||
56,020 | Raven Industries, Inc | 1,227,958 | ||||||||
39,568 | * | RBC Bearings, Inc | 4,710,570 |
237 |
TIAA-CREF FUNDS - Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
199,367 | * | Resideo Technologies, Inc | $ | 2,009,619 | ||||||
44,286 | REV Group, Inc | 347,645 | ||||||||
198,872 | Rexnord Corp | 6,379,814 | ||||||||
65,769 | Rush Enterprises, Inc (Class A) | 2,357,161 | ||||||||
10,605 | Rush Enterprises, Inc (Class B) | 333,527 | ||||||||
54,115 | Shyft Group, Inc | 1,044,961 | ||||||||
69,956 | Simpson Manufacturing Co, Inc | 6,206,496 | ||||||||
71,248 | * | SiteOne Landscape Supply, Inc | 8,513,424 | |||||||
69,468 | * | SPX Corp | 2,944,749 | |||||||
68,332 | * | SPX FLOW, Inc | 2,893,860 | |||||||
19,412 | Standex International Corp | 1,205,291 | ||||||||
47,125 | * | Sterling Construction Co, Inc | 692,738 | |||||||
235,784 | * | Sunrun, Inc | 12,265,484 | |||||||
20,047 | Systemax, Inc | 569,936 | ||||||||
29,552 | Tennant Co | 1,761,890 | ||||||||
107,384 | Terex Corp | 2,651,311 | ||||||||
82,954 | * | Textainer Group Holdings Ltd | 1,199,515 | |||||||
17,538 | * | The ExOne Company | 176,257 | |||||||
49,731 | * | Thermon Group Holdings | 501,786 | |||||||
30,380 | * | Titan Machinery, Inc | 455,396 | |||||||
48,447 | * | TPI Composites, Inc | 1,604,565 | |||||||
9,875 | * | Transcat Inc | 305,236 | |||||||
69,774 | * | Trimas Corp | 1,697,601 | |||||||
97,091 | Triton International Ltd | 3,580,716 | ||||||||
81,320 | Triumph Group, Inc | 536,712 | ||||||||
67,522 | * | Tutor Perini Corp | 912,222 | |||||||
14,536 | * | Ultralife Corp | 75,006 | |||||||
17,748 | * | Vectrus, Inc | 701,401 | |||||||
21,329 | * | Veritiv Corp | 307,138 | |||||||
30,960 | * | Vicor Corp | 2,414,880 | |||||||
87,851 | Wabash National Corp | 1,252,755 | ||||||||
44,033 | Watts Water Technologies, Inc (Class A) | 4,877,535 | ||||||||
208,313 | * | Welbilt, Inc | 1,266,543 | |||||||
78,820 | * | WESCO International, Inc | 3,250,537 | |||||||
5,306 | * | Willis Lease Finance Corp | 112,540 | |||||||
257,365 | * | WillScot Mobile Mini Holdings Corp | 4,781,842 | |||||||
TOTAL CAPITAL GOODS | 312,828,017 | |||||||||
COMMERCIAL & PROFESSIONAL SERVICES - 3.2% | ||||||||||
107,617 | ABM Industries, Inc | 3,736,462 | ||||||||
81,399 | * | Acacia Research (Acacia Technologies) | 256,407 | |||||||
155,880 | ACCO Brands Corp | 821,488 | ||||||||
14,374 | *,e | Akerna Corp | 34,210 | |||||||
226,120 | *,g | API Group Corp | 3,253,867 | |||||||
83,073 | * | ASGN Inc | 5,539,308 | |||||||
11,399 | Barrett Business Services, Inc | 675,391 | ||||||||
14,461 | BG Staffing, Inc | 115,254 | ||||||||
75,607 | Brady Corp (Class A) | 2,851,896 | ||||||||
65,632 | * | BrightView Holdings, Inc | 802,679 | |||||||
81,100 | e | Brink’s Co | 3,473,513 | |||||||
73,995 | * | Casella Waste Systems, Inc (Class A) | 3,994,990 | |||||||
40,697 | * | Casper Sleep, Inc | 269,821 | |||||||
82,345 | * | CBIZ, Inc | 1,866,761 | |||||||
56,141 | * | Ceco Environmental Corp | 397,478 | |||||||
28,700 | * | Cimpress plc | 2,106,580 | |||||||
1,670 | Compx International, Inc | 21,109 |
238 |
TIAA-CREF FUNDS - Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
191,884 | Covanta Holding Corp | $ | 1,742,307 | |||||||
12,905 | CRA International, Inc | 528,460 | ||||||||
65,928 | Deluxe Corp | 1,413,496 | ||||||||
40,105 | Emerald Holding, Inc | 105,075 | ||||||||
46,281 | Ennis, Inc | 705,322 | ||||||||
83,713 | Exponent, Inc | 5,825,588 | ||||||||
16,665 | * | Forrester Research, Inc | 615,605 | |||||||
20,028 | * | Franklin Covey Co | 338,874 | |||||||
19,950 | * | GP Strategies Corp | 192,518 | |||||||
119,879 | Healthcare Services Group | 2,742,832 | ||||||||
31,901 | Heidrick & Struggles International, Inc | 728,938 | ||||||||
22,945 | * | Heritage-Crystal Clean, Inc | 378,134 | |||||||
94,736 | Herman Miller, Inc | 2,886,606 | ||||||||
68,369 | HNI Corp | 2,225,411 | ||||||||
35,526 | * | Huron Consulting Group, Inc | 1,345,014 | |||||||
29,305 | ICF International, Inc | 1,916,254 | ||||||||
58,245 | Insperity, Inc | 4,460,402 | ||||||||
87,218 | Interface, Inc | 534,646 | ||||||||
208,210 | KAR Auction Services, Inc | 3,031,538 | ||||||||
53,724 | Kelly Services, Inc (Class A) | 933,723 | ||||||||
31,049 | Kforce, Inc | 1,077,400 | ||||||||
60,047 | Kimball International, Inc (Class B) | 618,484 | ||||||||
75,048 | Knoll, Inc | 860,050 | ||||||||
90,703 | Korn/Ferry International | 2,738,324 | ||||||||
6,144 | * | Mastech Holdings, Inc | 96,338 | |||||||
48,917 | Matthews International Corp (Class A) | 1,067,858 | ||||||||
38,754 | McGrath RentCorp | 2,212,078 | ||||||||
17,923 | * | Mistras Group, Inc | 66,674 | |||||||
18,720 | * | Montrose Environmental Group, Inc | 506,002 | |||||||
9,268 | NL Industries, Inc | 38,370 | ||||||||
278,010 | Pitney Bowes, Inc | 1,476,233 | ||||||||
105,474 | *,e | Precigen, Inc | 452,483 | |||||||
53,179 | Quad Graphics, Inc | 120,716 | ||||||||
10,400 | *,e | Red Violet, Inc | 216,320 | |||||||
46,629 | Resources Connection, Inc | 500,795 | ||||||||
36,466 | * | SP Plus Corp | 672,068 | |||||||
137,445 | Steelcase, Inc (Class A) | 1,434,926 | ||||||||
60,016 | * | Team, Inc | 321,686 | |||||||
87,395 | Tetra Tech, Inc | 8,819,029 | ||||||||
66,112 | * | TriNet Group, Inc | 4,556,439 | |||||||
58,793 | * | TrueBlue, Inc | 912,467 | |||||||
24,695 | Unifirst Corp | 4,045,288 | ||||||||
49,577 | US Ecology, Inc | 1,513,090 | ||||||||
34,410 | Viad Corp | 688,200 | ||||||||
119,762 | * | Vivint Smart Home, Inc | 1,862,299 | |||||||
17,002 | VSE Corp | 492,378 | ||||||||
15,280 | * | Willdan Group, Inc | 399,878 | |||||||
TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 100,633,830 | |||||||||
CONSUMER DURABLES & APPAREL - 4.0% | ||||||||||
57,687 | Acushnet Holdings Corp | 1,968,857 | ||||||||
22,127 | * | American Outdoor Brands, Inc | 334,781 | |||||||
45,708 | * | Beazer Homes USA, Inc | 556,723 | |||||||
149,988 | Callaway Golf Co | 2,323,314 | ||||||||
14,883 | * | Cavco Industries, Inc | 2,561,960 | |||||||
46,984 | * | Century Communities, Inc | 1,824,859 |
239 |
TIAA-CREF FUNDS - Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
39,006 | Clarus Corp | $ | 604,983 | |||||||
107,191 | * | CROCS, Inc | 5,609,305 | |||||||
45,311 | * | Deckers Outdoor Corp | 11,480,448 | |||||||
17,839 | Escalade, Inc | 331,984 | ||||||||
36,403 | Ethan Allen Interiors, Inc | 584,268 | ||||||||
74,678 | * | Fossil Group, Inc | 426,411 | |||||||
52,692 | * | Genasys, Inc | 317,206 | |||||||
71,254 | * | G-III Apparel Group Ltd | 960,504 | |||||||
208,231 | * | GoPro, Inc | 1,236,892 | |||||||
38,140 | * | Green Brick Partners, Inc | 682,325 | |||||||
10,453 | Hamilton Beach Brands Holding Co | 230,489 | ||||||||
41,095 | * | Helen of Troy Ltd | 7,791,612 | |||||||
19,246 | Hooker Furniture Corp | 529,265 | ||||||||
37,539 | * | Installed Building Products, Inc | 3,398,781 | |||||||
44,305 | *,e | iRobot Corp | 3,525,792 | |||||||
8,099 | Johnson Outdoors, Inc | 707,286 | ||||||||
141,681 | KB Home | 4,569,212 | ||||||||
83,227 | Kontoor Brands, Inc | 2,738,168 | ||||||||
12,276 | *,e | Lakeland Industries, Inc | 264,793 | |||||||
71,391 | La-Z-Boy, Inc | 2,443,714 | ||||||||
13,139 | * | Legacy Housing Corp | 178,822 | |||||||
35,808 | * | LGI Homes, Inc | 3,827,159 | |||||||
20,138 | Lifetime Brands, Inc | 202,387 | ||||||||
17,296 | * | Lovesac Co | 445,199 | |||||||
44,624 | * | M/I Homes, Inc | 1,826,014 | |||||||
33,096 | * | Malibu Boats, Inc | 1,682,270 | |||||||
11,408 | Marine Products Corp | 180,931 | ||||||||
29,573 | * | MasterCraft Boat Holdings, Inc | 609,795 | |||||||
83,356 | MDC Holdings, Inc | 3,627,653 | ||||||||
59,698 | * | Meritage Homes Corp | 5,199,099 | |||||||
22,718 | Movado Group, Inc | 247,853 | ||||||||
4,470 | Nacco Industries, Inc (Class A) | 87,120 | ||||||||
47,332 | * | Nautilus, Inc | 1,026,631 | |||||||
25,592 | Oxford Industries, Inc | 1,053,623 | ||||||||
35,592 | * | Purple Innovation, Inc | 1,009,745 | |||||||
11,234 | Rocky Brands, Inc | 302,195 | ||||||||
84,466 | * | Skyline Champion Corp | 2,166,553 | |||||||
88,510 | Smith & Wesson Brands, Inc | 1,468,381 | ||||||||
128,868 | * | Sonos, Inc | 1,881,473 | |||||||
130,597 | Steven Madden Ltd | 3,135,634 | ||||||||
27,082 | Sturm Ruger & Co, Inc | 1,810,703 | ||||||||
18,501 | Superior Uniform Group, Inc | 399,992 | ||||||||
202,729 | * | Taylor Morrison Home Corp | 4,378,946 | |||||||
53,654 | * | TopBuild Corp | 8,220,329 | |||||||
208,924 | * | TRI Pointe Homes, Inc | 3,432,621 | |||||||
78,504 | * | Tupperware Brands Corp | 2,490,147 | |||||||
21,356 | * | Turtle Beach Corp | 384,835 | |||||||
23,363 | * | Unifi, Inc | 350,211 | |||||||
22,198 | * | Universal Electronics, Inc | 822,658 | |||||||
32,491 | * | Vera Bradley, Inc | 205,993 | |||||||
93,666 | * | Vista Outdoor, Inc | 1,851,777 | |||||||
31,848 | * | VOXX International Corp (Class A) | 360,838 | |||||||
128,455 | Wolverine World Wide, Inc | 3,425,895 | ||||||||
130,309 | * | YETI Holdings, Inc | 6,447,689 | |||||||
TOTAL CONSUMER DURABLES & APPAREL | 122,745,103 |
240 |
TIAA-CREF FUNDS - Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
CONSUMER SERVICES - 3.9% | ||||||||||
76,426 | * | Accel Entertainment, Inc | $ | 733,690 | ||||||
83,577 | * | Adtalem Global Education, Inc | 1,959,045 | |||||||
23,067 | * | American Public Education, Inc | 652,104 | |||||||
29,802 | *,e | Aspen Group, Inc | 279,543 | |||||||
140 | * | Biglari Holdings, Inc (A Shares) | 61,187 | |||||||
1,683 | * | Biglari Holdings, Inc (B Shares) | 140,985 | |||||||
35,443 | BJ’s Restaurants, Inc | 999,847 | ||||||||
141,691 | Bloomin’ Brands, Inc | 1,980,840 | ||||||||
11,785 | Bluegreen Vacations Corp | 57,393 | ||||||||
131,024 | Boyd Gaming Corp | 4,156,081 | ||||||||
71,703 | Brinker International, Inc | 3,121,949 | ||||||||
267,761 | *,e | Caesars Entertainment, Inc | 12,001,048 | |||||||
28,599 | Carriage Services, Inc | 738,140 | ||||||||
63,462 | * | Carrols Restaurant Group, Inc | 371,253 | |||||||
41,827 | * | Century Casinos, Inc | 197,005 | |||||||
67,801 | e | Cheesecake Factory | 2,015,046 | |||||||
61,004 | Churchill Downs, Inc | 9,098,747 | ||||||||
31,490 | * | Chuy’s Holdings, Inc | 660,975 | |||||||
15,534 | Collectors Universe | 853,283 | ||||||||
38,067 | Cracker Barrel Old Country Store, Inc | 4,332,786 | ||||||||
74,207 | Dave & Buster’s Entertainment, Inc | 1,273,392 | ||||||||
44,551 | * | Del Taco Restaurants, Inc | 330,346 | |||||||
99,827 | * | Denny’s Corp | 894,450 | |||||||
25,783 | Dine Brands Global Inc. | 1,326,535 | ||||||||
29,146 | * | El Pollo Loco Holdings, Inc | 411,541 | |||||||
128,365 | * | Everi Holdings, Inc | 1,105,223 | |||||||
29,014 | * | Fiesta Restaurant Group, Inc | 250,681 | |||||||
35,060 | Franchise Group, Inc | 803,575 | ||||||||
11,900 | * | GAN Ltd | 169,099 | |||||||
27,024 | * | Golden Entertainment, Inc | 347,529 | |||||||
137,032 | * | Hilton Grand Vacations, Inc | 2,822,859 | |||||||
173,829 | * | Houghton Mifflin Harcourt Co | 453,694 | |||||||
160,079 | International Game Technology plc | 1,314,249 | ||||||||
36,164 | e | Jack in the Box, Inc | 2,895,290 | |||||||
63,730 | * | K12, Inc | 1,521,235 | |||||||
5,140 | *,e | Kura Sushi USA, Inc | 66,152 | |||||||
172,740 | * | Laureate Education, Inc | 2,245,620 | |||||||
43,316 | * | Lindblad Expeditions Holdings, Inc | 360,389 | |||||||
65,016 | Marriott Vacations Worldwide Corp | 6,280,546 | ||||||||
20,134 | * | Monarch Casino & Resort, Inc | 873,614 | |||||||
4,421 | Nathan’s Famous, Inc | 224,410 | ||||||||
52,986 | * | Noodles & Co | 342,289 | |||||||
71,120 | OneSpaWorld Holdings Ltd | 441,655 | ||||||||
52,507 | Papa John’s International, Inc | 4,022,036 | ||||||||
245,587 | * | Penn National Gaming, Inc | 13,256,786 | |||||||
110,517 | * | Perdoceo Education Corp | 1,247,737 | |||||||
55,260 | * | PlayAGS, Inc | 149,202 | |||||||
15,720 | RCI Hospitality Holdings, Inc | 336,408 | ||||||||
28,857 | *,e | Red Robin Gourmet Burgers, Inc | 347,438 | |||||||
105,793 | Red Rock Resorts, Inc | 2,022,762 | ||||||||
35,965 | * | Regis Corp | 199,246 | |||||||
52,142 | Ruth’s Hospitality Group Inc | 582,947 | ||||||||
91,735 | * | Scientific Games Corp (Class A) | 2,924,512 | |||||||
81,273 | * | SeaWorld Entertainment, Inc | 1,789,631 | |||||||
56,514 | * | Shake Shack, Inc | 3,815,825 |
241 |
TIAA-CREF FUNDS - Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
38,750 | Strategic Education, Inc | $ | 3,218,575 | |||||||
47,667 | * | Target Hospitality Corp | 41,475 | |||||||
105,466 | Texas Roadhouse, Inc (Class A) | 7,385,784 | ||||||||
30,011 | e | Twin River Worldwide Holdings Inc | 728,367 | |||||||
45,526 | * | Universal Technical Institute, Inc | 208,964 | |||||||
47,569 | Wingstop, Inc | 5,533,702 | ||||||||
78,681 | * | WW International Inc | 1,664,890 | |||||||
TOTAL CONSUMER SERVICES | 120,641,607 | |||||||||
DIVERSIFIED FINANCIALS - 3.9% | ||||||||||
23,632 | Alerus Financial Corp | 508,324 | ||||||||
7,888 | A-Mark Precious Metals, Inc | 245,159 | ||||||||
160,691 | Anworth Mortgage Asset Corp | 263,533 | ||||||||
238,409 | Apollo Commercial Real Estate Finance, Inc | 2,074,158 | ||||||||
173,096 | Arbor Realty Trust, Inc | 2,045,995 | ||||||||
42,505 | Ares Commercial Real Estate Corp | 395,722 | ||||||||
61,592 | Arlington Asset Investment Corp (Class A) | 151,516 | ||||||||
102,030 | ARMOUR Residential REIT, Inc | 973,366 | ||||||||
90,331 | Artisan Partners Asset Management, Inc | 3,618,660 | ||||||||
26,387 | * | Assetmark Financial Holdings, Inc | 558,085 | |||||||
3,259 | Associated Capital Group, Inc | 104,614 | ||||||||
7,942 | * | Atlanticus Holdings Corp | 90,936 | |||||||
30,503 | B. Riley Financial, Inc | 800,399 | ||||||||
50,095 | Banco Latinoamericano de Exportaciones S.A. (Class E) | 640,715 | ||||||||
485,090 | BGC Partners, Inc (Class A) | 1,431,015 | ||||||||
221,173 | Blackstone Mortgage Trust, Inc | 4,799,454 | ||||||||
77,387 | * | Blucora, Inc | 770,001 | |||||||
99,053 | Brightsphere Investment Group, Inc | 1,366,931 | ||||||||
206,724 | Broadmark Realty Capital, Inc | 2,061,038 | ||||||||
140,057 | * | Cannae Holdings, Inc | 5,179,308 | |||||||
154,079 | Capstead Mortgage Corp | 787,344 | ||||||||
27,931 | Cherry Hill Mortgage Investment Corp | 255,848 | ||||||||
306,475 | Chimera Investment Corp | 2,559,066 | ||||||||
39,293 | Cohen & Steers, Inc | 2,212,589 | ||||||||
147,725 | Colony Credit Real Estate, Inc | 774,079 | ||||||||
45,937 | Cowen Group, Inc | 985,808 | ||||||||
29,612 | Curo Group Holdings Corp | 221,794 | ||||||||
4,916 | Diamond Hill Investment Group, Inc | 673,197 | ||||||||
48,255 | * | Donnelley Financial Solutions, Inc | 609,461 | |||||||
34,005 | Dynex Capital, Inc | 557,002 | ||||||||
67,705 | Ellington Financial Inc | 828,709 | ||||||||
14,480 | Ellington Residential Mortgage REIT | 153,922 | ||||||||
50,237 | * | Encore Capital Group, Inc | 1,604,067 | |||||||
55,689 | * | Enova International, Inc | 854,826 | |||||||
78,539 | * | Ezcorp, Inc (Class A) | 350,284 | |||||||
158,737 | Federated Investors, Inc (Class B) | 3,793,814 | ||||||||
65,302 | FirstCash, Inc | 3,398,316 | ||||||||
50,178 | * | Focus Financial Partners, Inc | 1,831,999 | |||||||
8,005 | GAMCO Investors, Inc (Class A) | 98,461 | ||||||||
88,409 | Granite Point Mortgage Trust, Inc | 595,877 | ||||||||
24,739 | Great Ajax Corp | 189,996 | ||||||||
83,317 | * | Green Dot Corp | 4,442,462 | |||||||
25,633 | Greenhill & Co, Inc | 331,435 | ||||||||
34,749 | *,e | Grid Dynamics Holdings, Inc | 271,042 | |||||||
6,613 | *,e | GWG Holdings Inc | 49,597 | |||||||
48,336 | Hamilton Lane, Inc | 3,369,019 |
242 |
TIAA-CREF FUNDS - Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
118,267 | Hannon Armstrong Sustainable Infrastructure Capital, Inc | $ | 4,949,474 | |||||||
83,648 | Houlihan Lokey, Inc | 5,244,730 | ||||||||
291,919 | Invesco Mortgage Capital, Inc | 788,181 | ||||||||
37,828 | e | iShares Russell 2000 Index Fund | 5,791,089 | |||||||
45,928 | KKR Real Estate Finance Trust, Inc | 767,457 | ||||||||
171,125 | Ladder Capital Corp | 1,283,437 | ||||||||
104,309 | *,e | LendingClub Corp | 487,123 | |||||||
8,046 | Marlin Business Services Corp | 58,736 | ||||||||
723,770 | MFA Financial Inc | 2,041,031 | ||||||||
84,843 | Moelis & Co | 3,156,160 | ||||||||
308,235 | Navient Corp | 2,468,962 | ||||||||
27,604 | Nelnet, Inc (Class A) | 1,684,948 | ||||||||
611,454 | New York Mortgage Trust, Inc | 1,553,093 | ||||||||
35,784 | *,† | NewStar Financial, Inc | 8,640 | |||||||
31,025 | * | Oportun Financial Corp | 412,633 | |||||||
16,620 | Oppenheimer Holdings, Inc | 416,497 | ||||||||
96,281 | Orchid Island Capital, Inc | 499,698 | ||||||||
162,040 | PennyMac Mortgage Investment Trust | 2,425,739 | ||||||||
26,441 | * | Pico Holdings, Inc | 218,667 | |||||||
28,015 | Piper Jaffray Cos | 2,337,852 | ||||||||
37,912 | PJT Partners, Inc | 2,565,126 | ||||||||
72,062 | * | PRA Group, Inc | 2,459,476 | |||||||
30,321 | Pzena Investment Management, Inc (Class A) | 157,366 | ||||||||
67,253 | Ready Capital Corp | 755,924 | ||||||||
185,165 | Redwood Trust, Inc | 1,573,903 | ||||||||
14,235 | * | Regional Management Corp | 289,255 | |||||||
30,407 | Safeguard Scientifics, Inc | 176,969 | ||||||||
29,718 | Sculptor Capital Management, Inc | 322,143 | ||||||||
8,842 | * | Siebert Financial Corp | 31,743 | |||||||
15,048 | Silvercrest Asset Management Group, Inc | 169,892 | ||||||||
108,656 | Stifel Financial Corp | 6,352,030 | ||||||||
26,377 | * | StoneX Group, Inc | 1,397,453 | |||||||
6,037 | * | SWK Holdings Corp | 87,235 | |||||||
95,896 | TPG RE Finance Trust, Inc | 749,907 | ||||||||
452,019 | Two Harbors Investment Corp | 2,287,216 | ||||||||
1,276 | Value Line, Inc | 34,835 | ||||||||
11,900 | Virtus Investment Partners, Inc | 1,898,645 | ||||||||
101,461 | Waddell & Reed Financial, Inc (Class A) | 1,557,426 | ||||||||
108,368 | Western Asset Mortgage Capital Corp | 210,234 | ||||||||
8,527 | Westwood Holdings Group, Inc | 82,371 | ||||||||
232,018 | WisdomTree Investments, Inc | 844,546 | ||||||||
7,582 | *,e | World Acceptance Corp | 636,812 | |||||||
TOTAL DIVERSIFIED FINANCIALS | 121,113,597 | |||||||||
ENERGY - 1.9% | ||||||||||
3,503 | Adams Resources & Energy, Inc | 66,837 | ||||||||
389,484 | *,e | Antero Resources Corp | 1,324,246 | |||||||
25,229 | * | Arch Resources, Inc | 770,746 | |||||||
202,299 | Archrock, Inc | 1,199,633 | ||||||||
54,312 | Ardmore Shipping Corp | 152,074 | ||||||||
32,725 | * | Aspen Aerogels, Inc | 369,793 | |||||||
114,203 | Berry Petroleum Co LLC | 299,212 | ||||||||
33,121 | * | Bonanza Creek Energy, Inc | 586,573 | |||||||
59,165 | Brigham Minerals, Inc | 521,835 | ||||||||
10,636 | * | Bristow Group, Inc | 221,016 | |||||||
76,672 | Cactus, Inc | 1,303,424 |
243 |
TIAA-CREF FUNDS - Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
298,035 | * | ChampionX Corp | $ | 2,601,846 | ||||||
212,577 | * | Clean Energy Fuels Corp | 527,191 | |||||||
366,612 | * | CNX Resources Corp | 3,556,136 | |||||||
35,351 | * | Comstock Resources Inc | 187,714 | |||||||
41,872 | * | CONSOL Energy, Inc | 158,695 | |||||||
145,214 | *,e | Contango Oil & Gas Co | 181,518 | |||||||
47,827 | CVR Energy, Inc | 526,575 | ||||||||
99,684 | Delek US Holdings, Inc | 1,002,821 | ||||||||
175,888 | DHT Holdings, Inc | 846,021 | ||||||||
52,419 | * | Diamond S Shipping Inc | 296,692 | |||||||
22,684 | DMC Global, Inc | 806,870 | ||||||||
66,020 | * | Dorian LPG Ltd | 541,364 | |||||||
57,882 | * | Dril-Quip, Inc | 1,499,144 | |||||||
37,679 | * | Earthstone Energy, Inc | 101,357 | |||||||
421,173 | EnCana Corp | 3,874,792 | ||||||||
185,019 | *,e | Energy Fuels, Inc | 279,379 | |||||||
45,753 | Evolution Petroleum Corp | 101,114 | ||||||||
38,402 | * | Exterran Corp | 162,440 | |||||||
61,773 | Falcon Minerals Corp | 113,662 | ||||||||
246,859 | * | Frank’s International NV | 432,003 | |||||||
190,624 | e | Frontline Ltd | 1,031,276 | |||||||
146,653 | * | Golar LNG Ltd | 1,107,230 | |||||||
14,289 | * | Goodrich Petroleum Corp | 136,889 | |||||||
57,390 | *,e | Green Plains Inc | 866,589 | |||||||
227,648 | * | Helix Energy Solutions Group, Inc | 564,567 | |||||||
38,016 | International Seaways, Inc | 514,737 | ||||||||
647,675 | Kosmos Energy Ltd | 643,983 | ||||||||
100,366 | Liberty Oilfield Services, Inc | 670,445 | ||||||||
204,998 | * | Magnolia Oil & Gas Corp | 889,691 | |||||||
178,292 | * | Matador Resources Co | 1,260,524 | |||||||
42,964 | * | Matrix Service Co | 326,526 | |||||||
34,495 | * | Montage Resources Corp | 170,750 | |||||||
11,404 | e | Nabors Industries Ltd | 324,102 | |||||||
42,818 | * | National Energy Services Reunited Corp | 316,853 | |||||||
149,191 | * | Newpark Resources, Inc | 106,686 | |||||||
33,891 | *,e | NextDecade Corp | 82,016 | |||||||
251,825 | * | NexTier Oilfield Solutions, Inc | 475,949 | |||||||
233,030 | e | Nordic American Tankers Ltd | 678,117 | |||||||
153,202 | * | Oceaneering International, Inc | 625,064 | |||||||
114,838 | * | Oil States International, Inc | 285,947 | |||||||
100,296 | * | Overseas Shipholding Group, Inc | 191,565 | |||||||
64,405 | * | Par Pacific Holdings, Inc | 414,768 | |||||||
292,845 | Patterson-UTI Energy, Inc | 749,683 | ||||||||
154,102 | PBF Energy, Inc | 719,656 | ||||||||
156,931 | * | PDC Energy, Inc | 1,870,618 | |||||||
106,115 | * | Peabody Energy Corp | 136,888 | |||||||
28,015 | *,e | Penn Virginia Corp | 215,155 | |||||||
750 | * | PrimeEnergy Corp | 38,625 | |||||||
127,984 | * | ProPetro Holding Corp | 505,537 | |||||||
345,808 | Range Resources Corp | 2,275,417 | ||||||||
61,460 | * | Renewable Energy Group, Inc | 3,466,344 | |||||||
8,758 | * | Rex American Resources Corp | 636,619 | |||||||
83,751 | * | RPC, Inc | 199,327 | |||||||
82,827 | e | Scorpio Tankers, Inc | 730,534 | |||||||
30,575 | * | SEACOR Holdings, Inc | 936,512 | |||||||
96,183 | * | Select Energy Services, Inc | 290,473 |
244 |
TIAA-CREF FUNDS - Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
159,504 | SFL Corp Ltd | $ | 1,038,371 | |||||||
183,845 | SM Energy Co | 295,990 | ||||||||
46,387 | Solaris Oilfield Infrastructure, Inc | 275,075 | ||||||||
962,202 | * | Southwestern Energy Co | 2,569,079 | |||||||
19,740 | * | Talos Energy, Inc | 129,889 | |||||||
238,928 | *,e | Tellurian, Inc | 229,371 | |||||||
73,003 | * | Tidewater, Inc | 427,798 | |||||||
931,957 | *,e | Transocean Ltd (NYSE) | 624,877 | |||||||
264,302 | *,e | Uranium Energy Corp | 227,987 | |||||||
117,412 | US Silica Holdings, Inc | 319,361 | ||||||||
147,897 | *,e | W&T Offshore, Inc | 207,056 | |||||||
1,056 | * | Whiting Petroleum Corp | 15,418 | |||||||
100,419 | World Fuel Services Corp | 2,113,820 | ||||||||
TOTAL ENERGY | 57,542,477 | |||||||||
FOOD & STAPLES RETAILING - 0.8% | ||||||||||
52,624 | Andersons, Inc | 1,141,415 | ||||||||
222,312 | * | BJ’s Wholesale Club Holdings, Inc | 8,512,327 | |||||||
48,541 | * | Chefs’ Warehouse Holdings, Inc | 656,274 | |||||||
56,638 | * | HF Foods Group Inc | 373,244 | |||||||
22,858 | e | Ingles Markets, Inc (Class A) | 819,688 | |||||||
15,412 | Natural Grocers by Vitamin C | 163,984 | ||||||||
210,382 | * | Performance Food Group Co | 7,070,939 | |||||||
36,424 | Pricesmart, Inc | 2,513,256 | ||||||||
88,024 | *,e | Rite Aid Corp | 804,539 | |||||||
59,062 | SpartanNash Co | 1,087,331 | ||||||||
87,405 | * | United Natural Foods, Inc | 1,273,491 | |||||||
12,578 | Village Super Market (Class A) | 284,892 | ||||||||
15,276 | Weis Markets, Inc | 693,683 | ||||||||
TOTAL FOOD & STAPLES RETAILING | 25,395,063 | |||||||||
FOOD, BEVERAGE & TOBACCO - 2.0% | ||||||||||
8,727 | Alico, Inc | 252,036 | ||||||||
101,999 | e | B&G Foods, Inc (Class A) | 2,709,093 | |||||||
2,497 | * | Bridgford Foods Corp | 45,570 | |||||||
26,464 | Calavo Growers, Inc | 1,776,528 | ||||||||
50,215 | * | Cal-Maine Foods, Inc | 1,925,745 | |||||||
55,405 | *,e | Celsius Holdings, Inc | 1,114,195 | |||||||
7,599 | Coca-Cola Consolidated Inc | 1,739,791 | ||||||||
260,558 | * | Darling Ingredients, Inc | 11,203,994 | |||||||
38,889 | * | Farmer Bros Co | 134,945 | |||||||
50,269 | Fresh Del Monte Produce, Inc | 1,082,292 | ||||||||
62,171 | * | Freshpet, Inc | 7,118,579 | |||||||
197,574 | * | Hostess Brands, Inc | 2,497,335 | |||||||
24,165 | J&J Snack Foods Corp | 3,276,049 | ||||||||
13,969 | John B. Sanfilippo & Son, Inc | 1,016,384 | ||||||||
30,961 | Lancaster Colony Corp | 5,143,861 | ||||||||
39,151 | * | Landec Corp | 376,241 | |||||||
24,847 | Limoneira Co | 343,634 | ||||||||
21,578 | MGP Ingredients, Inc | 906,708 | ||||||||
19,072 | *,e | National Beverage Corp | 1,493,147 | |||||||
179,736 | * | NewAge, Inc | 420,582 | |||||||
251,849 | Primo Water Corp | 3,155,668 | ||||||||
32,328 | Sanderson Farms, Inc | 4,137,014 | ||||||||
10,762 | * | Seneca Foods Corp | 396,580 | |||||||
137,329 | * | Simply Good Foods Co | 2,581,785 |
245 |
TIAA-CREF FUNDS - Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
27,685 | e | Tootsie Roll Industries, Inc | $ | 827,228 | ||||||
19,050 | Turning Point Brands, Inc | 713,804 | ||||||||
39,273 | Universal Corp | 1,565,029 | ||||||||
231,322 | Vector Group Ltd | 2,125,849 | ||||||||
16,187 | * | Vital Farms, Inc | 559,423 | |||||||
TOTAL FOOD, BEVERAGE & TOBACCO | 60,639,089 | |||||||||
HEALTH CARE EQUIPMENT & SERVICES - 7.4% | ||||||||||
126,238 | * | 1Life Healthcare, Inc | 3,561,174 | |||||||
18,833 | *,e | Accolade, Inc | 659,532 | |||||||
155,609 | * | Accuray, Inc | 452,822 | |||||||
16,146 | * | Acutus Medical, Inc | 369,259 | |||||||
40,094 | * | AdaptHealth Corp | 1,094,566 | |||||||
22,048 | * | Addus HomeCare Corp | 2,151,223 | |||||||
260,247 | * | Allscripts Healthcare Solutions, Inc | 2,623,290 | |||||||
74,689 | * | Alphatec Holdings Inc | 637,844 | |||||||
28,912 | * | American Renal Associates Holdings, Inc | 332,199 | |||||||
74,930 | * | AMN Healthcare Services, Inc | 4,891,430 | |||||||
59,126 | * | Angiodynamics, Inc | 611,363 | |||||||
270,773 | * | Antares Pharma, Inc | 739,210 | |||||||
31,771 | *,e | Apollo Medical Holdings, Inc | 548,367 | |||||||
66,773 | * | Apyx Medical Corp | 401,973 | |||||||
70,158 | * | AtriCure, Inc | 2,424,660 | |||||||
2,271 | Atrion Corp | 1,365,212 | ||||||||
31,384 | *,e | Avalon GloboCare Corp | 35,150 | |||||||
76,442 | * | Avanos Medical, Inc | 2,702,225 | |||||||
59,834 | *,e | AxoGen, Inc | 754,507 | |||||||
48,815 | *,e | Axonics Modulation Technologies, Inc | 2,288,935 | |||||||
20,983 | * | Beyond Air, Inc | 109,951 | |||||||
22,074 | *,e | BioLife Solutions Inc | 633,745 | |||||||
36,998 | *,e | BioSig Technologies Inc | 116,914 | |||||||
54,077 | * | BioTelemetry, Inc | 2,302,599 | |||||||
306,900 | * | Brookdale Senior Living, Inc | 902,286 | |||||||
60,948 | Cantel Medical Corp | 2,915,752 | ||||||||
62,079 | * | Cardiovascular Systems, Inc | 2,213,116 | |||||||
263,543 | * | Cerus Corp | 1,383,601 | |||||||
31,463 | *,e | Chembio Diagnostics, Inc | 149,135 | |||||||
41,360 | *,e | Co-Diagnostics, Inc | 554,638 | |||||||
137,238 | *,e | Community Health Systems, Inc | 856,365 | |||||||
21,820 | Computer Programs & Systems, Inc | 608,560 | ||||||||
43,801 | Conmed Corp | 3,415,164 | ||||||||
13,872 | * | Corvel Corp | 1,265,404 | |||||||
158,025 | * | Covetrus, Inc | 3,901,637 | |||||||
55,173 | * | Cross Country Healthcare, Inc | 433,108 | |||||||
57,365 | * | CryoLife, Inc | 961,437 | |||||||
55,079 | *,e | CryoPort, Inc | 2,210,871 | |||||||
27,133 | * | Cutera, Inc | 513,628 | |||||||
68,952 | * | CytoSorbents Corp | 527,483 | |||||||
11,193 | * | Electromed, Inc | 93,014 | |||||||
82,104 | Ensign Group, Inc | 4,830,999 | ||||||||
66,719 | * | Enzo Biochem, Inc | 121,429 | |||||||
121,755 | * | Evolent Health, Inc | 1,210,245 | |||||||
11,267 | *,e | Exagen, Inc | 160,667 | |||||||
30,465 | *,e | Five Star Senior Living, Inc | 139,225 | |||||||
10,089 | * | FONAR Corp | 198,148 | |||||||
15,491 | *,e | Fulgent Genetics, Inc | 503,922 |
246 |
TIAA-CREF FUNDS - Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
114,958 | * | GenMark Diagnostics, Inc | $ | 1,404,787 | ||||||
69,939 | *,e | Glaukos Corp | 3,910,989 | |||||||
60,878 | * | Hanger Inc | 1,063,539 | |||||||
53,863 | *,e | Health Catalyst, Inc | 1,857,196 | |||||||
122,010 | * | HealthEquity, Inc | 6,282,295 | |||||||
38,754 | * | HealthStream, Inc | 709,198 | |||||||
11,371 | * | Heska Corp | 1,334,159 | |||||||
142,084 | * | HMS Holdings Corp | 3,782,276 | |||||||
31,792 | *,e | iCAD, Inc | 310,290 | |||||||
12,497 | * | Inari Medical, Inc | 827,301 | |||||||
22,811 | * | InfuSystem Holdings, Inc | 281,032 | |||||||
29,058 | * | Inogen, Inc | 848,784 | |||||||
118,914 | * | Inovalon Holdings, Inc | 2,258,177 | |||||||
42,105 | * | Inspire Medical Systems, Inc | 5,028,600 | |||||||
53,709 | * | Integer Holding Corp | 3,139,291 | |||||||
13,359 | * | IntriCon Corp | 166,988 | |||||||
58,986 | Invacare Corp | 478,376 | ||||||||
9,882 | * | iRadimed Corp | 223,827 | |||||||
44,425 | * | iRhythm Technologies, Inc | 9,393,666 | |||||||
23,269 | * | Joint Corp | 436,061 | |||||||
107,944 | * | Lantheus Holdings, Inc | 1,172,272 | |||||||
27,236 | LeMaitre Vascular, Inc | 884,625 | ||||||||
13,045 | * | LENSAR, Inc | 127,319 | |||||||
49,169 | * | LHC Group, Inc | 10,647,547 | |||||||
79,962 | * | LivaNova plc | 4,025,287 | |||||||
6,745 | * | Lyra Therapeutics, Inc | 72,172 | |||||||
38,327 | * | Magellan Health Services, Inc | 2,769,892 | |||||||
119,821 | * | MEDNAX, Inc | 1,527,718 | |||||||
68,274 | * | Meridian Bioscience, Inc | 1,170,899 | |||||||
86,954 | * | Merit Medical Systems, Inc | 4,352,048 | |||||||
7,604 | Mesa Laboratories, Inc | 1,987,762 | ||||||||
56,071 | *,e | Milestone Scientific, Inc | 86,349 | |||||||
23,040 | * | Misonix Inc | 261,734 | |||||||
43,104 | * | NantHealth, Inc | 86,639 | |||||||
19,992 | National Healthcare Corp | 1,265,494 | ||||||||
21,784 | National Research Corp | 1,128,411 | ||||||||
52,125 | * | Natus Medical, Inc | 949,196 | |||||||
10,702 | * | Nemaura Medical, Inc | 37,992 | |||||||
84,661 | * | Neogen Corp | 5,904,258 | |||||||
54,548 | * | Nevro Corp | 8,139,107 | |||||||
91,549 | * | NextGen Healthcare, Inc | 1,245,066 | |||||||
82,512 | * | NuVasive, Inc | 3,666,008 | |||||||
68,176 | * | Omnicell, Inc | 5,900,633 | |||||||
14,032 | *,e | Ontrak, Inc | 859,320 | |||||||
23,288 | * | OptimizeRx Corp | 461,102 | |||||||
70,596 | * | Option Care Health, Inc | 941,045 | |||||||
114,169 | * | OraSure Technologies, Inc | 1,705,685 | |||||||
28,152 | * | Orthofix Medical Inc | 880,032 | |||||||
20,885 | * | OrthoPediatrics Corp | 931,471 | |||||||
104,286 | Owens & Minor, Inc | 2,619,664 | ||||||||
136,760 | Patterson Cos, Inc | 3,401,905 | ||||||||
57,888 | *,e | PAVmed, Inc | 103,620 | |||||||
41,168 | * | Pennant Group, Inc | 1,715,059 | |||||||
35,553 | *,e | PetIQ, Inc | 1,015,394 | |||||||
45,569 | * | Phreesia, Inc | 1,684,686 | |||||||
7,359 | * | Progenity, Inc | 36,721 |
247 |
TIAA-CREF FUNDS - Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
42,977 | * | Progyny, Inc | $ | 1,047,350 | ||||||
3,245 | * | Protara Therapeutics, Inc | 58,215 | |||||||
19,456 | * | Providence Service Corp | 2,287,053 | |||||||
25,743 | *,e | Pulse Biosciences, Inc | 311,748 | |||||||
96,848 | * | Quotient Ltd | 457,123 | |||||||
172,131 | * | R1 RCM, Inc | 3,084,588 | |||||||
68,714 | * | RadNet, Inc | 997,040 | |||||||
53,231 | * | Repro-Med Systems, Inc | 293,835 | |||||||
20,903 | *,e | Retractable Technologies, Inc | 153,428 | |||||||
109,022 | *,e | Rockwell Medical, Inc | 92,930 | |||||||
41,529 | * | SeaSpine Holdings Corp | 529,910 | |||||||
175,346 | * | Select Medical Holdings Corp | 3,678,759 | |||||||
23,007 | * | Sharps Compliance Corp | 137,122 | |||||||
45,664 | * | Shockwave Medical Inc | 3,119,764 | |||||||
40,490 | * | SI-BONE, Inc | 849,075 | |||||||
76,409 | * | Sientra, Inc | 322,446 | |||||||
43,174 | * | Silk Road Medical Inc | 2,616,344 | |||||||
22,613 | Simulations Plus, Inc | 1,465,775 | ||||||||
11,117 | *,e | Soliton Inc | 79,598 | |||||||
73,735 | * | Staar Surgical Co | 5,345,788 | |||||||
70,477 | *,e | Stereotaxis, Inc | 222,707 | |||||||
106,320 | * | Surgalign Holdings, Inc | 184,997 | |||||||
36,662 | * | Surgery Partners, Inc | 799,965 | |||||||
21,908 | * | SurModics, Inc | 805,119 | |||||||
32,915 | *,e | Tabula Rasa HealthCare, Inc | 1,136,884 | |||||||
29,850 | * | Tactile Systems Technology, Inc | 1,091,913 | |||||||
8,703 | * | Tela Bio, Inc | 131,937 | |||||||
167,793 | * | Tenet Healthcare Corp | 4,117,640 | |||||||
74,342 | * | Tivity Health, Inc | 1,022,203 | |||||||
40,378 | * | Transmedics Group, Inc | 483,728 | |||||||
36,359 | * | Triple-S Management Corp (Class B) | 673,369 | |||||||
20,254 | US Physical Therapy, Inc | 1,606,750 | ||||||||
5,769 | Utah Medical Products, Inc | 478,827 | ||||||||
31,621 | * | Vapotherm, Inc | 947,049 | |||||||
57,964 | * | Varex Imaging Corp | 776,718 | |||||||
29,424 | *,e | Venus Concept, Inc | 62,085 | |||||||
54,995 | *,e | Viemed Healthcare, Inc | 440,510 | |||||||
179,127 | *,e | ViewRay, Inc | 532,007 | |||||||
51,689 | * | Vocera Communications, Inc | 1,694,365 | |||||||
37,829 | *,e | VolitionRX Ltd | 112,352 | |||||||
211,756 | *,e | Wright Medical Group NV | 6,477,616 | |||||||
28,956 | *,e | Zynex Inc | 370,926 | |||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 230,476,506 | |||||||||
HOUSEHOLD & PERSONAL PRODUCTS - 0.6% | ||||||||||
64,750 | * | BellRing Brands, Inc | 1,184,277 | |||||||
15,580 | * | Central Garden & Pet Co | 606,997 | |||||||
65,570 | * | Central Garden and Pet Co (Class A) | 2,320,522 | |||||||
90,070 | * | Edgewell Personal Care Co | 2,361,635 | |||||||
72,610 | * | elf Beauty, Inc | 1,471,805 | |||||||
28,001 | Inter Parfums, Inc | 1,149,721 | ||||||||
20,175 | * | Lifevantage Corp | 222,934 | |||||||
18,197 | Medifast, Inc | 2,556,497 | ||||||||
11,943 | * | Nature’s Sunshine Products, Inc | 124,446 | |||||||
8,492 | Oil-Dri Corp of America | 290,087 | ||||||||
13,374 | *,e | Revlon, Inc (Class A) | 54,833 |
248 |
TIAA-CREF FUNDS - Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
18,677 | * | USANA Health Sciences, Inc | $ | 1,412,915 | ||||||
80,103 | * | Veru, Inc | 201,860 | |||||||
21,893 | WD-40 Co | 5,328,318 | ||||||||
TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 19,286,847 | |||||||||
INSURANCE - 2.4% | ||||||||||
70,492 | * | AMBAC Financial Group, Inc | 865,642 | |||||||
148,743 | American Equity Investment Life Holding Co | 3,691,801 | ||||||||
30,832 | Amerisafe, Inc | 1,818,471 | ||||||||
53,049 | * | Argo Group International Holdings Ltd | 1,892,788 | |||||||
54,182 | * | BRP Group, Inc | 1,381,641 | |||||||
75,026 | *,e | Citizens, Inc (Class A) | 432,900 | |||||||
232,325 | Conseco, Inc | 4,123,769 | ||||||||
23,966 | e | Crawford & Co | 153,382 | |||||||
20,247 | Donegal Group, Inc (Class A) | 293,784 | ||||||||
40,931 | * | eHealth, Inc | 2,746,879 | |||||||
46,277 | Employers Holdings, Inc | 1,481,327 | ||||||||
19,389 | * | Enstar Group Ltd | 3,332,387 | |||||||
15,387 | FBL Financial Group, Inc (Class A) | 764,580 | ||||||||
20,602 | FedNat Holding Co | 105,688 | ||||||||
812,974 | * | Genworth Financial, Inc (Class A) | 3,194,988 | |||||||
20,807 | Goosehead Insurance, Inc | 2,549,690 | ||||||||
49,145 | *,e | Greenlight Capital Re Ltd (Class A) | 331,729 | |||||||
10,657 | HCI Group, Inc | 500,666 | ||||||||
43,071 | Heritage Insurance Holdings, Inc | 406,590 | ||||||||
66,555 | Horace Mann Educators Corp | 2,256,880 | ||||||||
7,592 | Independence Holding Co | 287,129 | ||||||||
2,070 | Investors Title Co | 276,386 | ||||||||
48,009 | James River Group Holdings Ltd | 2,243,461 | ||||||||
34,214 | Kinsale Capital Group, Inc | 6,414,099 | ||||||||
85,767 | * | MBIA, Inc | 489,730 | |||||||
109,447 | National General Holdings Corp | 3,717,915 | ||||||||
4,087 | National Western Life Group, Inc | 693,278 | ||||||||
11,769 | * | NI Holdings, Inc | 196,660 | |||||||
32,722 | * | Palomar Holdings, Inc | 2,917,821 | |||||||
87,224 | ProAssurance Corp | 1,345,866 | ||||||||
13,820 | * | ProSight Global, Inc | 163,491 | |||||||
15,417 | Protective Insurance Corp | 202,733 | ||||||||
64,680 | RLI Corp | 5,607,756 | ||||||||
23,238 | Safety Insurance Group, Inc | 1,626,660 | ||||||||
94,902 | Selective Insurance Group, Inc | 4,940,598 | ||||||||
51,733 | * | Selectquote, Inc | 890,842 | |||||||
26,870 | State Auto Financial Corp | 331,576 | ||||||||
42,288 | Stewart Information Services Corp | 1,792,588 | ||||||||
129,251 | * | Third Point Reinsurance Ltd | 1,005,573 | |||||||
28,499 | Tiptree Inc | 138,790 | ||||||||
21,328 | * | Trean Insurance Group, Inc | 231,409 | |||||||
47,865 | * | Trupanion, Inc | 3,424,262 | |||||||
32,574 | United Fire Group Inc | 669,070 | ||||||||
34,995 | United Insurance Holdings Corp | 153,628 | ||||||||
46,493 | Universal Insurance Holdings, Inc | 579,768 | ||||||||
27,062 | * | Watford Holdings Ltd | 974,232 | |||||||
TOTAL INSURANCE | 73,640,903 | |||||||||
MATERIALS - 4.5% | ||||||||||
45,077 | Advanced Emissions Solutions, Inc | 200,593 |
249 |
TIAA-CREF FUNDS - Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
44,111 | * | AdvanSix, Inc | $ | 671,369 | ||||||
47,180 | * | AgroFresh Solutions, Inc | 97,191 | |||||||
301,536 | * | Alcoa Corp | 3,895,845 | |||||||
203,858 | * | Allegheny Technologies, Inc | 1,877,532 | |||||||
46,599 | American Vanguard Corp | 602,059 | ||||||||
171,433 | *,e | Amyris, Inc | 428,582 | |||||||
160,852 | * | Arconic Corp | 3,496,922 | |||||||
147,382 | Avient Corp | 4,579,159 | ||||||||
52,587 | Balchem Corp | 5,256,071 | ||||||||
62,720 | Boise Cascade Co | 2,407,194 | ||||||||
17,404 | Caledonia Mining Corp plc | 284,207 | ||||||||
76,026 | Carpenter Technology Corp | 1,328,934 | ||||||||
84,009 | * | Century Aluminum Co | 552,779 | |||||||
11,795 | Chase Corp | 1,122,412 | ||||||||
26,505 | * | Clearwater Paper Corp | 984,661 | |||||||
634,200 | e | Cleveland-Cliffs, Inc | 5,251,176 | |||||||
47,216 | CMC Materials, Inc | 6,713,643 | ||||||||
390,255 | * | Coeur Mining, Inc | 2,759,103 | |||||||
190,761 | Commercial Metals Co | 3,939,215 | ||||||||
56,388 | Compass Minerals International, Inc | 3,404,707 | ||||||||
88,634 | Domtar Corp | 2,116,580 | ||||||||
132,216 | * | Ferro Corp | 1,700,298 | |||||||
69,112 | *,† | Ferroglobe plc | 0 | |||||||
30,045 | * | Forterra, Inc | 392,087 | |||||||
47,678 | FutureFuel Corp | 566,891 | ||||||||
78,807 | * | GCP Applied Technologies, Inc | 1,718,781 | |||||||
70,439 | Glatfelter Corp | 1,005,165 | ||||||||
110,132 | Gold Resource Corp | 301,762 | ||||||||
41,108 | Greif, Inc (Class A) | 1,668,574 | ||||||||
9,662 | Greif, Inc (Class B) | 417,881 | ||||||||
82,619 | H.B. Fuller Co | 3,738,510 | ||||||||
16,181 | Hawkins, Inc | 755,815 | ||||||||
22,259 | Haynes International, Inc | 360,818 | ||||||||
838,031 | Hecla Mining Co | 3,838,182 | ||||||||
67,079 | * | Ingevity Corp | 3,681,296 | |||||||
39,377 | Innospec, Inc | 2,604,395 | ||||||||
15,472 | * | Intrepid Potash, Inc | 154,411 | |||||||
25,423 | Kaiser Aluminum Corp | 1,599,869 | ||||||||
32,455 | * | Koppers Holdings, Inc | 727,966 | |||||||
49,675 | * | Kraton Corp | 1,405,803 | |||||||
35,257 | e | Kronos Worldwide, Inc | 469,623 | |||||||
236,567 | * | Livent Corp | 2,543,095 | |||||||
184,172 | Louisiana-Pacific Corp | 5,263,636 | ||||||||
135,131 | * | Marrone Bio Innovations, Inc | 148,644 | |||||||
32,791 | Materion Corp | 1,678,571 | ||||||||
11,877 | * | Mayville Engineering Co Inc | 105,824 | |||||||
55,085 | Minerals Technologies, Inc | 3,012,599 | ||||||||
59,517 | Myers Industries, Inc | 853,474 | ||||||||
26,739 | Neenah Inc | 1,006,189 | ||||||||
381,633 | * | Novagold Resources Inc | 3,953,718 | |||||||
252,243 | O-I Glass, Inc | 2,378,651 | ||||||||
18,166 | Olympic Steel, Inc | 207,274 | ||||||||
96,147 | Orion Engineered Carbons SA | 1,410,476 | ||||||||
59,571 | * | PQ Group Holdings, Inc | 688,641 | |||||||
21,339 | Quaker Chemical Corp | 4,071,268 | ||||||||
46,468 | * | Ranpak Holdings Corp | 396,372 |
250 |
TIAA-CREF FUNDS - Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
107,988 | * | Rayonier Advanced Materials, Inc | $ | 370,399 | ||||||
25,392 | * | Ryerson Holding Corp | 199,835 | |||||||
40,648 | Schnitzer Steel Industries, Inc (Class A) | 853,608 | ||||||||
50,201 | Schweitzer-Mauduit International, Inc | 1,666,673 | ||||||||
68,093 | Sensient Technologies Corp | 4,455,325 | ||||||||
34,576 | Stepan Co | 4,026,029 | ||||||||
184,127 | * | Summit Materials, Inc | 3,257,207 | |||||||
147,169 | SunCoke Energy, Inc | 513,620 | ||||||||
81,072 | * | TimkenSteel Corp | 313,749 | |||||||
37,600 | * | Trecora Resources | 222,592 | |||||||
41,483 | Tredegar Corp | 604,822 | ||||||||
61,476 | Trinseo S.A. | 1,956,166 | ||||||||
144,486 | Tronox Holdings plc | 1,411,628 | ||||||||
97,695 | UFP Industries, Inc | 4,875,957 | ||||||||
11,572 | * | UFP Technologies, Inc | 428,858 | |||||||
3,243 | United States Lime & Minerals, Inc | 300,626 | ||||||||
350,222 | e | United States Steel Corp | 3,383,145 | |||||||
27,621 | * | US Concrete, Inc | 938,009 | |||||||
50,637 | Verso Corp | 393,956 | ||||||||
81,674 | Warrior Met Coal, Inc | 1,225,110 | ||||||||
58,540 | Worthington Industries, Inc | 2,880,753 | ||||||||
TOTAL MATERIALS | 141,074,560 | |||||||||
MEDIA & ENTERTAINMENT - 1.2% | ||||||||||
89,760 | AMC Entertainment Holdings, Inc | 211,834 | ||||||||
61,774 | *,e | AMC Networks, Inc | 1,312,698 | |||||||
29,063 | *,e | Black Diamond Therapeutics, Inc | 915,775 | |||||||
18,476 | * | Boston Omaha Corp | 295,246 | |||||||
42,148 | *,e | Cardlytics, Inc | 3,111,365 | |||||||
138,344 | * | Cargurus, Inc | 2,757,196 | |||||||
106,971 | * | Cars.com, Inc | 790,516 | |||||||
170,599 | e | Cinemark Holdings, Inc | 1,397,206 | |||||||
95,556 | * | comScore, Inc | 190,634 | |||||||
1,721 | *,e | Daily Journal Corp | 466,735 | |||||||
73,841 | * | DHI Group, Inc | 124,791 | |||||||
225,883 | Entercom Communications Corp (Class A) | 338,825 | ||||||||
94,998 | Entravision Communications Corp (Class A) | 173,846 | ||||||||
242,946 | *,e | Eros International plc | 466,456 | |||||||
101,427 | *,e | Eventbrite Inc | 936,171 | |||||||
22,632 | * | EverQuote Inc | 757,946 | |||||||
92,738 | EW Scripps Co (Class A) | 842,061 | ||||||||
66,765 | * | Fluent, Inc | 170,251 | |||||||
21,658 | * | Gaia, Inc | 219,612 | |||||||
117,022 | *,e | Gannett Co, Inc | 134,575 | |||||||
234,682 | * | Glu Mobile, Inc | 1,680,323 | |||||||
139,274 | * | Gray Television, Inc | 1,765,994 | |||||||
28,671 | * | Hemisphere Media Group, Inc | 224,207 | |||||||
95,690 | *,e | iHeartMedia, Inc | 786,572 | |||||||
78,969 | * | Imax Corp | 910,513 | |||||||
14,316 | * | Liberty Braves Group (Class A) | 296,341 | |||||||
54,365 | * | Liberty Braves Group (Class C) | 1,112,852 | |||||||
143,635 | * | Liberty TripAdvisor Holdings, Inc | 255,670 | |||||||
98,464 | *,e | LiveXLive Media, Inc | 197,913 | |||||||
20,907 | Loral Space & Communications, Inc | 363,991 | ||||||||
34,944 | Marcus Corp | 256,140 | ||||||||
65,100 | Meredith Corp | 716,100 |
251 |
TIAA-CREF FUNDS - Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
66,199 | * | MSG Networks, Inc | $ | 591,819 | ||||||
100,476 | National CineMedia, Inc | 199,445 | ||||||||
76,013 | * | QuinStreet, Inc | 1,216,588 | |||||||
6,767 | Saga Communications, Inc | 115,174 | ||||||||
46,607 | Scholastic Corp | 920,954 | ||||||||
70,984 | e | Sinclair Broadcast Group, Inc (Class A) | 1,318,883 | |||||||
37,319 | * | TechTarget, Inc | 1,634,572 | |||||||
352,121 | TEGNA, Inc | 4,236,016 | ||||||||
29,996 | Tribune Publishing Co | 343,754 | ||||||||
177,249 | * | TrueCar, Inc | 772,806 | |||||||
82,285 | * | WideOpenWest, Inc | 410,602 | |||||||
115,267 | * | Yelp, Inc | 2,267,302 | |||||||
TOTAL MEDIA & ENTERTAINMENT | 38,208,270 | |||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 13.7% | ||||||||||
10,486 | * | 89bio, Inc | 242,856 | |||||||
130,504 | * | Abeona Therapeutics, Inc | 139,639 | |||||||
48,667 | *,e | Accelerate Diagnostics, Inc | 458,443 | |||||||
160,239 | *,e | AcelRx Pharmaceuticals, Inc | 274,009 | |||||||
109,116 | *,e | ADMA Biologics, Inc | 217,141 | |||||||
139,551 | * | Adverum Biotechnologies, Inc | 1,522,501 | |||||||
67,104 | * | Aeglea BioTherapeutics, Inc | 515,359 | |||||||
58,968 | * | Aerie Pharmaceuticals, Inc | 625,650 | |||||||
119,643 | * | Affimed NV | 378,072 | |||||||
243,776 | * | Agenus, Inc | 899,533 | |||||||
109,474 | *,e | Agile Therapeutics, Inc | 297,769 | |||||||
239,866 | * | Akebia Therapeutics, Inc | 532,503 | |||||||
21,758 | * | Akero Therapeutics, Inc | 577,675 | |||||||
23,545 | * | Akouos, Inc | 457,008 | |||||||
22,550 | * | Albireo Pharma, Inc | 711,678 | |||||||
116,754 | *,† | Alder Biopharmaceuticals Inc | 102,744 | |||||||
76,643 | * | Alector, Inc | 721,211 | |||||||
39,158 | *,e | Allakos, Inc | 3,725,101 | |||||||
86,589 | * | Allogene Therapeutics, Inc | 2,937,099 | |||||||
28,891 | * | Allovir, Inc | 763,589 | |||||||
15,509 | * | ALX Oncology Holdings, Inc | 612,761 | |||||||
49,930 | * | AMAG Pharmaceuticals, Inc | 685,040 | |||||||
408,317 | * | Amicus Therapeutics, Inc | 7,280,292 | |||||||
158,849 | *,e | Amneal Pharmaceuticals, Inc | 660,812 | |||||||
57,253 | * | Amphastar Pharmaceuticals, Inc | 1,121,586 | |||||||
37,069 | * | AnaptysBio, Inc | 1,092,053 | |||||||
84,579 | *,e | Anavex Life Sciences Corp | 499,016 | |||||||
14,404 | * | ANI Pharmaceuticals, Inc | 367,158 | |||||||
22,317 | * | Anika Therapeutics, Inc | 727,981 | |||||||
25,525 | * | Annexon, Inc | 531,175 | |||||||
97,878 | * | Apellis Pharmaceuticals, Inc | 3,122,308 | |||||||
37,433 | * | Applied Genetic Technologies Corp | 193,154 | |||||||
20,006 | * | Applied Molecular Transport, Inc | 587,976 | |||||||
21,275 | * | Applied Therapeutics, Inc | 346,144 | |||||||
11,833 | * | Aprea Therapeutics, Inc | 258,078 | |||||||
39,511 | * | Aptinyx, Inc | 115,767 | |||||||
32,363 | *,e | Aquestive Therapeutics, Inc | 156,637 | |||||||
19,481 | *,e | Aravive Inc | 90,197 | |||||||
25,705 | * | Arcturus Therapeutics Holdings, Inc | 1,390,126 | |||||||
67,724 | * | Arcus Biosciences, Inc | 1,476,383 | |||||||
29,045 | *,e | Arcutis Biotherapeutics, Inc | 517,582 |
252 |
TIAA-CREF FUNDS - Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
116,656 | * | Ardelyx, Inc | $ | 596,112 | ||||||
93,803 | * | Arena Pharmaceuticals, Inc | 8,040,793 | |||||||
161,182 | * | Arrowhead Pharmaceuticals Inc | 9,235,729 | |||||||
47,133 | * | Arvinas, Inc | 985,551 | |||||||
127,288 | *,e | Aspira Women’s Health, Inc | 479,876 | |||||||
48,927 | * | Assembly Biosciences, Inc | 721,184 | |||||||
116,308 | * | Atara Biotherapeutics, Inc | 1,501,536 | |||||||
99,637 | * | Athenex, Inc | 1,135,862 | |||||||
277,830 | *,e | Athersys, Inc | 486,202 | |||||||
45,284 | * | Atreca, Inc | 604,994 | |||||||
11,127 | *,e | Avenue Therapeutics, Inc | 34,939 | |||||||
37,834 | * | AVEO Pharmaceuticals, Inc | 205,439 | |||||||
98,282 | * | Avid Bioservices, Inc | 712,544 | |||||||
26,979 | * | Avidity Biosciences, Inc | 667,191 | |||||||
49,269 | * | Avrobio, Inc | 703,561 | |||||||
12,519 | * | Axcella Health, Inc | 53,081 | |||||||
45,693 | * | Axsome Therapeutics, Inc | 3,029,903 | |||||||
49,669 | * | Aytu BioScience, Inc | 47,200 | |||||||
56,767 | *,e | Beam Therapeutics, Inc | 1,939,728 | |||||||
5,682 | * | Bellerophon Therapeutics, Inc | 47,899 | |||||||
27,129 | *,e | Beyondspring Inc | 399,881 | |||||||
287,385 | *,e | BioCryst Pharmaceuticals, Inc | 1,097,811 | |||||||
136,171 | * | BioDelivery Sciences International, Inc | 430,300 | |||||||
77,556 | * | Biohaven Pharmaceutical Holding Co Ltd | 6,007,488 | |||||||
10,019 | * | Biospecifics Technologies Corp | 882,674 | |||||||
18,681 | * | Bioxcel Therapeutics Inc | 853,535 | |||||||
89,061 | * | Blueprint Medicines Corp | 9,109,159 | |||||||
48,554 | *,e | BrainStorm Cell Therapeutics, Inc | 486,997 | |||||||
116,954 | *,e | Bridgebio Pharma, Inc | 4,488,695 | |||||||
20,442 | * | Cabaletta Bio, Inc | 236,514 | |||||||
110,101 | * | Calithera Biosciences, Inc | 389,758 | |||||||
15,056 | *,e | Calyxt, Inc | 48,330 | |||||||
66,066 | *,e | Cara Therapeutics, Inc | 876,035 | |||||||
76,897 | * | CareDx, Inc | 3,771,798 | |||||||
122,975 | * | CASI Pharmaceuticals, Inc | 288,991 | |||||||
38,267 | *,e | Cassava Sciences, Inc | 314,172 | |||||||
18,846 | * | Castle Biosciences, Inc | 875,020 | |||||||
29,040 | *,e | Catabasis Pharmaceuticals, Inc | 38,914 | |||||||
28,274 | * | Catalyst Biosciences, Inc | 154,942 | |||||||
158,496 | * | Catalyst Pharmaceuticals, Inc | 470,733 | |||||||
18,869 | * | Cellular Biomedicine Group, Inc | 339,831 | |||||||
58,900 | *,e | CEL-SCI Corp | 708,567 | |||||||
6,654 | * | Centogene NV | 80,979 | |||||||
60,276 | *,e | Cerecor Inc | 124,169 | |||||||
11,574 | * | Champions Oncology, Inc | 101,620 | |||||||
8,813 | * | Checkmate Pharmaceuticals, Inc | 101,261 | |||||||
69,729 | *,e | Checkpoint Therapeutics Inc | 152,707 | |||||||
79,631 | * | ChemoCentryx, Inc | 3,822,288 | |||||||
80,746 | * | Chiasma, Inc | 302,797 | |||||||
77,444 | * | Chimerix, Inc | 206,775 | |||||||
20,265 | * | Chinook Therapeutics, Inc | 250,273 | |||||||
66,245 | *,e | ChromaDex Corp | 298,765 | |||||||
53,598 | * | Cidara Therapeutics, Inc | 139,891 | |||||||
133,313 | *,e | Clovis Oncology, Inc | 657,233 | |||||||
84,639 | * | Codexis, Inc | 1,126,545 | |||||||
39,217 | *,e | Cohbar, Inc | 35,931 |
253 |
TIAA-CREF FUNDS - Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
93,151 | * | Coherus Biosciences, Inc | $ | 1,552,827 | ||||||
55,005 | * | Collegium Pharmaceutical, Inc | 980,739 | |||||||
45,976 | * | Concert Pharmaceuticals, Inc | 474,472 | |||||||
51,291 | * | Constellation Pharmaceuticals, Inc | 1,006,329 | |||||||
36,361 | * | ContraFect Corp | 205,440 | |||||||
106,951 | *,e | Corbus Pharmaceuticals Holdings, Inc | 100,502 | |||||||
154,321 | * | Corcept Therapeutics, Inc | 2,589,506 | |||||||
48,065 | *,e | CorMedix Inc | 242,728 | |||||||
25,165 | *,e | Cortexyme Inc | 1,204,649 | |||||||
43,166 | * | Crinetics Pharmaceuticals, Inc | 521,445 | |||||||
44,155 | * | Cue Biopharma, Inc | 491,887 | |||||||
116,466 | * | Cymabay Therapeutics, Inc | 968,997 | |||||||
106,600 | * | Cytokinetics, Inc | 1,638,442 | |||||||
73,221 | * | CytomX Therapeutics, Inc | 484,723 | |||||||
61,586 | * | Deciphera Pharmaceuticals, Inc | 3,576,299 | |||||||
101,225 | * | Denali Therapeutics, Inc | 4,330,405 | |||||||
12,952 | *,e | DermTech, Inc | 165,268 | |||||||
108,031 | * | Dicerna Pharmaceuticals, Inc | 2,267,571 | |||||||
316,474 | * | Durect Corp | 571,236 | |||||||
30,875 | *,e | Dyadic International, Inc | 220,447 | |||||||
170,834 | *,e | Dynavax Technologies Corp | 637,211 | |||||||
17,397 | * | Eagle Pharmaceuticals, Inc | 809,308 | |||||||
100,894 | *,e | Editas Medicine, Inc | 3,121,660 | |||||||
17,475 | *,e | Eidos Therapeutics, Inc | 1,239,327 | |||||||
40,155 | * | Eiger BioPharmaceuticals, Inc | 356,576 | |||||||
62,219 | *,e | Eloxx Pharmaceuticals, Inc | 157,414 | |||||||
72,675 | * | Emergent Biosolutions, Inc | 6,538,570 | |||||||
30,764 | * | Enanta Pharmaceuticals, Inc | 1,342,233 | |||||||
379,078 | * | Endo International plc | 1,732,386 | |||||||
21,446 | *,e | Enochian Biosciences Inc | 65,410 | |||||||
146,537 | * | Epizyme, Inc | 1,811,197 | |||||||
43,316 | *,e | Esperion Thereapeutics, Inc | 1,298,181 | |||||||
24,617 | *,e | Eton Pharmaceuticals, Inc | 179,458 | |||||||
35,082 | *,e | Evelo Biosciences, Inc | 139,276 | |||||||
123,763 | *,e | Evofem Biosciences Inc | 293,318 | |||||||
32,742 | *,e | Evolus, Inc | 99,208 | |||||||
94,909 | * | Exicure, Inc | 142,363 | |||||||
115,037 | *,e | Fate Therapeutics, Inc | 5,107,643 | |||||||
35,027 | *,e | Fennec Pharmaceuticals, Inc | 264,804 | |||||||
136,441 | * | FibroGen, Inc | 5,236,606 | |||||||
43,004 | * | Five Prime Therapeutics, Inc | 196,098 | |||||||
70,379 | *,e | Flexion Therapeutics, Inc | 843,844 | |||||||
120,058 | * | Fluidigm Corp | 689,133 | |||||||
25,968 | * | Forma Therapeutics Holdings, Inc | 1,119,740 | |||||||
127,759 | * | Fortress Biotech, Inc | 281,070 | |||||||
40,345 | *,e | Frequency Therapeutics, Inc | 882,749 | |||||||
28,210 | * | Fulcrum Therapeutics, Inc | 278,151 | |||||||
55,118 | * | G1 Therapeutics, Inc | 605,747 | |||||||
70,721 | *,e | Galectin Therapeutics, Inc | 179,631 | |||||||
14,027 | *,e | Galera Therapeutics, Inc | 114,881 | |||||||
19,874 | * | Generation Bio Co | 513,544 | |||||||
45,893 | *,e | Genprex, Inc | 149,152 | |||||||
462,247 | *,e | Geron Corp | 804,310 | |||||||
52,131 | * | GlycoMimetics, Inc | 145,967 | |||||||
91,072 | * | Gossamer Bio, Inc | 755,898 | |||||||
44,732 | * | Gritstone Oncology, Inc | 122,118 |
254 |
TIAA-CREF FUNDS - Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
218,070 | * | Halozyme Therapeutics, Inc | $ | 6,105,960 | ||||||
18,973 | * | Harpoon Therapeutics, Inc | 274,539 | |||||||
36,542 | * | Harrow Health, Inc | 173,940 | |||||||
60,379 | * | Harvard Bioscience, Inc | 204,081 | |||||||
145,136 | * | Heron Therapeutics, Inc | 2,367,168 | |||||||
54,223 | * | Homology Medicines, Inc | 573,137 | |||||||
19,898 | *,e | Hookipa Pharma, Inc | 187,041 | |||||||
126,092 | *,e | iBio, Inc | 219,400 | |||||||
26,406 | *,e | Ideaya Biosciences, Inc | 321,361 | |||||||
11,311 | *,e | IGM Biosciences, Inc | 597,108 | |||||||
7,955 | *,e | IMARA, Inc | 125,769 | |||||||
10,596 | * | Immunic, Inc | 167,841 | |||||||
277,937 | * | Immunogen, Inc | 1,567,565 | |||||||
56,058 | * | Immunovant, Inc | 2,445,250 | |||||||
100,266 | * | Innoviva, Inc | 1,083,875 | |||||||
251,796 | *,e | Inovio Pharmaceuticals, Inc | 2,480,191 | |||||||
11,955 | * | Inozyme Pharma, Inc | 274,606 | |||||||
162,594 | *,e | Insmed, Inc | 5,355,846 | |||||||
80,535 | *,e | Intellia Therapeutics, Inc | 1,928,008 | |||||||
41,601 | * | Intercept Pharmaceuticals, Inc | 1,156,092 | |||||||
54,922 | * | Intersect ENT, Inc | 851,291 | |||||||
105,326 | * | Intra-Cellular Therapies, Inc | 2,598,392 | |||||||
187,314 | *,e | Invitae Corp | 7,344,582 | |||||||
256,133 | * | Ironwood Pharmaceuticals, Inc | 2,530,594 | |||||||
15,970 | * | iTeos Therapeutics, Inc | 363,637 | |||||||
129,151 | *,e | IVERIC bio, Inc | 764,574 | |||||||
27,178 | * | Jounce Therapeutics, Inc | 226,121 | |||||||
277,344 | * | Kadmon Holdings, Inc | 942,970 | |||||||
63,369 | *,e | Kala Pharmaceuticals, Inc | 418,235 | |||||||
17,986 | *,e | Kaleido Biosciences Inc | 109,894 | |||||||
22,144 | * | KalVista Pharmaceuticals Inc | 381,098 | |||||||
25,337 | * | Karuna Therapeutics, Inc | 2,057,111 | |||||||
112,784 | *,e | Karyopharm Therapeutics, Inc | 1,671,459 | |||||||
11,109 | * | Keros Therapeutics, Inc | 617,660 | |||||||
48,241 | * | Kezar Life Sciences, Inc | 246,994 | |||||||
69,781 | * | Kindred Biosciences, Inc | 243,536 | |||||||
43,001 | * | Kiniksa Pharmaceuticals Ltd | 673,396 | |||||||
46,347 | * | Kodiak Sciences, Inc | 4,208,771 | |||||||
21,732 | * | Krystal Biotech Inc | 934,259 | |||||||
85,110 | * | Kura Oncology, Inc | 2,659,687 | |||||||
34,153 | *,e | La Jolla Pharmaceutical Co | 116,120 | |||||||
53,355 | *,e | Lannett Co, Inc | 343,073 | |||||||
69,718 | *,e | Lexicon Pharmaceuticals, Inc | 77,387 | |||||||
23,168 | *,e | Ligand Pharmaceuticals, Inc (Class B) | 1,910,202 | |||||||
32,713 | *,e | Liquidia Technologies, Inc | 151,134 | |||||||
16,807 | *,e | LogicBio Therapeutics, Inc | 92,775 | |||||||
68,243 | Luminex Corp | 1,504,076 | ||||||||
84,816 | * | MacroGenics, Inc | 1,646,279 | |||||||
14,043 | * | Madrigal Pharmaceuticals, Inc | 1,786,972 | |||||||
42,473 | * | Magenta Therapeutics, Inc | 268,005 | |||||||
348,781 | *,e | MannKind Corp | 701,050 | |||||||
38,853 | *,e | Marinus Pharmaceuticals, Inc | 506,643 | |||||||
72,995 | *,e | Marker Therapeutics Inc | 99,273 | |||||||
72,113 | *,e | MediciNova, Inc | 403,112 | |||||||
43,837 | * | Medpace Holdings, Inc | 4,863,277 | |||||||
173,968 | * | MEI Pharma, Inc | 452,317 |
255 |
TIAA-CREF FUNDS - Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
35,554 | * | MeiraGTx Holdings plc | $ | 454,380 | ||||||
85,497 | * | Mersana Therapeutics, Inc | 1,540,656 | |||||||
50,061 | * | Minerva Neurosciences, Inc | 160,696 | |||||||
66,655 | * | Mirati Therapeutics, Inc | 14,473,467 | |||||||
8,944 | *,e | Mirum Pharmaceuticals, Inc | 140,868 | |||||||
46,970 | * | Molecular Templates, Inc | 415,215 | |||||||
21,832 | * | Morphic Holding, Inc | 587,499 | |||||||
41,225 | * | Mustang Bio, Inc | 109,865 | |||||||
81,663 | * | MyoKardia, Inc | 18,254,130 | |||||||
116,668 | * | Myriad Genetics, Inc | 1,450,183 | |||||||
60,702 | * | NanoString Technologies, Inc | 2,224,728 | |||||||
56,651 | *,e | NantKwest, Inc | 425,449 | |||||||
114,536 | * | Natera, Inc | 7,703,691 | |||||||
168,592 | * | NeoGenomics, Inc | 6,613,864 | |||||||
55,602 | * | Neoleukin Therapeutics, Inc | 583,265 | |||||||
27,677 | * | Neubase Therapeutics, Inc | 216,849 | |||||||
7,879 | *,e | NeuroBo Pharmaceuticals, Inc | 39,553 | |||||||
26,374 | * | NextCure Inc | 254,773 | |||||||
37,573 | *,e | NGM Biopharmaceuticals Inc | 651,516 | |||||||
26,307 | * | Nkarta, Inc | 755,274 | |||||||
99,842 | * | Novavax, Inc | 8,058,248 | |||||||
17,946 | * | Nurix Therapeutics, Inc | 453,854 | |||||||
62,993 | *,e | Nymox Pharmaceutical Corp | 120,947 | |||||||
97,220 | * | Ocular Therapeutix, Inc | 923,590 | |||||||
20,943 | * | Odonate Therapeutics, Inc | 301,789 | |||||||
95,054 | *,e | Omeros Corp | 963,848 | |||||||
124,928 | *,e | Oncocyte Corp | 184,893 | |||||||
641,682 | *,e | Opko Health, Inc | 2,258,721 | |||||||
51,952 | *,e | Optinose, Inc | 166,246 | |||||||
34,821 | * | Organogenesis Holdings Inc | 127,097 | |||||||
29,018 | * | Orgenesis, Inc | 131,452 | |||||||
13,885 | *,e | ORIC Pharmaceuticals, Inc | 298,527 | |||||||
18,496 | *,e | Osmotica Pharmaceuticals plc | 94,884 | |||||||
68,485 | *,e | Ovid therapeutics, Inc | 349,958 | |||||||
8,688 | *,e | Oyster Point Pharma, Inc | 172,283 | |||||||
268,065 | *,e | Pacific Biosciences of California, Inc | 3,514,332 | |||||||
67,371 | * | Pacira BioSciences Inc | 3,523,503 | |||||||
10,281 | * | Pandion Therapeutics, Inc | 121,419 | |||||||
64,626 | * | Paratek Pharmaceuticals, Inc | 308,266 | |||||||
21,654 | * | Passage Bio, Inc | 364,004 | |||||||
171,926 | * | PDL BioPharma, Inc | 369,641 | |||||||
38,102 | * | Personalis, Inc | 942,262 | |||||||
37,966 | *,e | PhaseBio Pharmaceuticals Inc | 103,647 | |||||||
17,898 | * | Phathom Pharmaceuticals, Inc | 704,465 | |||||||
32,782 | Phibro Animal Health Corp | 538,936 | ||||||||
77,933 | * | Pieris Pharmaceuticals, Inc | 195,612 | |||||||
16,919 | * | Pliant Therapeutics, Inc | 365,789 | |||||||
22,428 | * | Poseida Therapeutics, Inc | 258,146 | |||||||
72,906 | * | Precision BioSciences Inc | 460,037 | |||||||
81,060 | * | Prestige Consumer Healthcare, Inc. | 2,677,412 | |||||||
21,645 | * | Prevail Therapeutics, Inc | 211,905 | |||||||
137,717 | *,† | Progenics Pharmaceuticals, Inc | 0 | |||||||
48,671 | * | Protagonist Therapeutics, Inc | 922,315 | |||||||
49,272 | * | Prothena Corp plc | 537,558 | |||||||
76,530 | *,e | Provention Bio, Inc | 907,646 | |||||||
99,264 | * | PTC Therapeutics, Inc | 5,180,588 |
256 |
TIAA-CREF FUNDS - Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
52,255 | * | Puma Biotechnology, Inc | $ | 437,374 | ||||||
33,798 | * | Quanterix Corp | 1,237,345 | |||||||
73,857 | * | Radius Health, Inc | 990,422 | |||||||
17,705 | * | RAPT Therapeutics, Inc | 508,842 | |||||||
33,131 | * | Recro Pharma, Inc | 52,678 | |||||||
54,287 | * | REGENXBIO, Inc | 1,561,294 | |||||||
51,780 | * | Relay Therapeutics, Inc | 1,912,753 | |||||||
25,154 | *,e | Relmada Therapeutics, Inc | 778,013 | |||||||
33,520 | * | Replimune Group, Inc | 1,401,471 | |||||||
78,645 | * | Retrophin, Inc | 1,591,775 | |||||||
101,096 | *,e | Revance Therapeutics, Inc | 2,616,364 | |||||||
61,965 | * | REVOLUTION Medicines, Inc | 1,870,723 | |||||||
54,037 | * | Rhythm Pharmaceuticals, Inc | 1,143,963 | |||||||
290,839 | * | Rigel Pharmaceuticals, Inc | 721,281 | |||||||
55,090 | * | Rocket Pharmaceuticals, Inc | 1,539,215 | |||||||
69,886 | *,e | Rubius Therapeutics, Inc | 295,618 | |||||||
189,249 | *,e | Sangamo Therapeutics Inc | 1,956,835 | |||||||
14,708 | *,e | Satsuma Pharmaceuticals, Inc | 52,360 | |||||||
36,215 | * | Scholar Rock Holding Corp | 1,408,763 | |||||||
48,595 | * | Schrodinger, Inc | 2,370,464 | |||||||
8,929 | * | scPharmaceuticals, Inc | 76,968 | |||||||
108,559 | *,e | Selecta Biosciences, Inc | 321,335 | |||||||
85,270 | * | Seres Therapeutics, Inc | 2,378,180 | |||||||
96,294 | * | SIGA Technologies, Inc | 615,319 | |||||||
53,975 | *,e | Soleno Therapeutics, Inc | 93,916 | |||||||
39,671 | *,e | Solid Biosciences, Inc | 129,724 | |||||||
355,513 | *,e | Sorrento Therapeutics, Inc | 2,467,260 | |||||||
232,146 | * | Spectrum Pharmaceuticals, Inc | 796,261 | |||||||
23,276 | * | Spero Therapeutics, Inc | 305,148 | |||||||
34,083 | * | SpringWorks Therapeutics, Inc | 1,976,473 | |||||||
19,478 | * | Stoke Therapeutics, Inc | 747,760 | |||||||
52,657 | * | Strongbridge Biopharma plc | 102,681 | |||||||
78,260 | * | Supernus Pharmaceuticals, Inc | 1,436,854 | |||||||
41,755 | *,e | Sutro Biopharma, Inc | 536,969 | |||||||
43,145 | * | Syndax Pharmaceuticals, Inc | 751,154 | |||||||
66,295 | *,e | Syros Pharmaceuticals, Inc | 442,188 | |||||||
40,853 | * | TCR2 Therapeutics Inc | 803,579 | |||||||
178,316 | * | TG Therapeutics, Inc | 4,506,045 | |||||||
402,116 | *,e | TherapeuticsMD, Inc | 490,582 | |||||||
73,678 | * | Theravance Biopharma, Inc | 1,393,251 | |||||||
109,509 | * | Translate Bio, Inc | 1,405,000 | |||||||
45,266 | * | Tricida, Inc | 254,848 | |||||||
58,520 | * | Turning Point Therapeutics Inc | 5,394,959 | |||||||
52,534 | * | Twist Bioscience Corp | 4,026,206 | |||||||
89,629 | *,e | Tyme Technologies, Inc | 77,807 | |||||||
92,382 | *,e | Ultragenyx Pharmaceutical, Inc | 9,284,391 | |||||||
50,989 | *,e | UNITY Biotechnology, Inc | 197,327 | |||||||
32,317 | *,e | UroGen Pharma Ltd | 727,779 | |||||||
85,753 | * | Vanda Pharmaceuticals, Inc | 916,700 | |||||||
84,317 | *,e | Vaxart Inc | 414,840 | |||||||
29,319 | * | Vaxcyte, Inc | 1,095,651 | |||||||
274,344 | *,e | VBI Vaccines, Inc | 644,708 | |||||||
91,975 | * | Veracyte, Inc | 3,187,854 | |||||||
261,466 | *,e | Verastem, Inc | 313,759 | |||||||
71,338 | * | Vericel Corp | 1,321,893 | |||||||
20,030 | *,e | Verrica Pharmaceuticals, Inc | 148,422 |
257 |
TIAA-CREF FUNDS - Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
36,684 | *,e | Viela Bio, Inc | $ | 1,170,586 | ||||||
106,890 | *,e | Viking Therapeutics, Inc | 601,791 | |||||||
86,043 | *,e | Vir Biotechnology, Inc | 2,705,192 | |||||||
38,785 | * | Voyager Therapeutics, Inc | 412,285 | |||||||
30,865 | *,e | vTv Therapeutics, Inc | 52,471 | |||||||
233,823 | *,e | VYNE Therapeutics, Inc | 374,117 | |||||||
39,383 | * | WaVe Life Sciences Ltd | 278,438 | |||||||
25,626 | *,e | X4 Pharmaceuticals, Inc | 147,093 | |||||||
22,872 | *,e | XBiotech, Inc | 391,340 | |||||||
89,096 | * | Xencor, Inc | 3,419,504 | |||||||
72,369 | *,e | Xeris Pharmaceuticals, Inc | 342,305 | |||||||
9,763 | *,e | XOMA Corp | 242,220 | |||||||
48,053 | * | Y-mAbs Therapeutics, Inc | 2,053,785 | |||||||
18,985 | * | Zentalis Pharmaceuticals, Inc | 751,616 | |||||||
339,984 | *,e | ZIOPHARM Oncology, Inc | 710,567 | |||||||
92,154 | * | Zogenix, Inc | 1,964,723 | |||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 426,774,455 | |||||||||
REAL ESTATE - 6.3% | ||||||||||
137,949 | Acadia Realty Trust | 1,287,064 | ||||||||
85,418 | Agree Realty Corp | 5,301,895 | ||||||||
114,624 | Alexander & Baldwin, Inc | 1,472,918 | ||||||||
3,719 | Alexander’s, Inc | 904,424 | ||||||||
10,845 | Alpine Income Property Trust, Inc | 151,288 | ||||||||
8,515 | * | Altisource Portfolio Solutions S.A. | 94,772 | |||||||
79,968 | American Assets Trust, Inc | 1,673,730 | ||||||||
177,135 | American Finance Trust, Inc | 1,021,183 | ||||||||
2,523 | *,e | American Realty Investors, Inc | 20,462 | |||||||
90,404 | Armada Hoffler Properties, Inc | 814,540 | ||||||||
36,499 | Bluerock Residential Growth REIT, Inc | 316,081 | ||||||||
15,565 | Brt Realty Trust | 193,784 | ||||||||
153,902 | CareTrust REIT, Inc | 2,631,724 | ||||||||
74,012 | CatchMark Timber Trust, Inc | 643,164 | ||||||||
74,176 | Chatham Lodging Trust | 545,194 | ||||||||
18,535 | CIM Commercial Trust Corp | 148,280 | ||||||||
68,862 | City Office REIT, Inc | 435,208 | ||||||||
24,541 | Clipper Realty, Inc | 137,920 | ||||||||
771,695 | Colony Capital, Inc | 2,747,234 | ||||||||
183,496 | Columbia Property Trust, Inc | 1,941,388 | ||||||||
34,205 | Community Healthcare Trust, Inc | 1,583,692 | ||||||||
190,073 | CoreCivic, Inc | 1,218,368 | ||||||||
14,239 | CorEnergy Infrastructure Trust, Inc | 66,639 | ||||||||
61,306 | CorePoint Lodging, Inc | 293,043 | ||||||||
7,539 | CTO Realty Growth, Inc | 332,696 | ||||||||
177,201 | * | Cushman & Wakefield plc | 2,076,796 | |||||||
314,567 | DiamondRock Hospitality Co | 1,553,961 | ||||||||
389,997 | Diversified Healthcare Trust | 1,129,041 | ||||||||
128,419 | Easterly Government Properties, Inc | 2,683,957 | ||||||||
62,653 | EastGroup Properties, Inc | 8,337,861 | ||||||||
147,411 | Essential Properties Realty Trust, Inc | 2,435,230 | ||||||||
39,042 | * | eXp World Holdings Inc | 1,654,990 | |||||||
48,957 | Farmland Partners, Inc | 315,283 | ||||||||
8,537 | *,e | Fathom Holdings, Inc | 160,154 | |||||||
26,897 | * | Forestar Group, Inc | 447,566 | |||||||
113,159 | Four Corners Property Trust, Inc | 2,867,449 | ||||||||
159,771 | Franklin Street Properties Corp | 671,038 |
258 |
TIAA-CREF FUNDS - Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
79,966 | Front Yard Residential Corp | $ | 1,070,745 | |||||||
10,641 | * | FRP Holdings, Inc | 430,535 | |||||||
190,509 | Geo Group, Inc | 1,687,910 | ||||||||
54,641 | Getty Realty Corp | 1,435,965 | ||||||||
54,153 | Gladstone Commercial Corp | 879,986 | ||||||||
31,354 | Gladstone Land Corp | 434,880 | ||||||||
65,481 | Global Medical REIT, Inc | 813,929 | ||||||||
144,649 | Global Net Lease, Inc | 2,058,355 | ||||||||
4,142 | Griffin Land & Nurseries, Inc (Class A) | 219,733 | ||||||||
220,109 | Healthcare Realty Trust, Inc | 6,119,030 | ||||||||
66,368 | Hersha Hospitality Trust | 325,203 | ||||||||
151,141 | Independence Realty Trust, Inc | 1,836,363 | ||||||||
104,805 | Industrial Logistics Properties Trust | 2,010,160 | ||||||||
34,877 | Innovative Industrial Properties, Inc | 4,067,705 | ||||||||
20,596 | Investors Real Estate Trust | 1,388,376 | ||||||||
116,981 | iStar Inc | 1,380,376 | ||||||||
35,910 | Jernigan Capital, Inc | 620,884 | ||||||||
195,865 | Kennedy-Wilson Holdings, Inc | 2,581,501 | ||||||||
134,935 | Kite Realty Group Trust | 1,397,927 | ||||||||
448,151 | Lexington Realty Trust | 4,450,139 | ||||||||
62,711 | LTC Properties, Inc | 2,070,090 | ||||||||
250,278 | Macerich Co | 1,741,935 | ||||||||
139,485 | Mack-Cali Realty Corp | 1,532,940 | ||||||||
39,362 | * | Marcus & Millichap, Inc | 1,229,275 | |||||||
14,335 | * | Maui Land & Pineapple Co, Inc | 144,640 | |||||||
152,869 | Monmouth Real Estate Investment Corp (Class A) | 2,117,236 | ||||||||
69,078 | National Health Investors, Inc | 3,871,822 | ||||||||
101,404 | National Storage Affiliates Trust | 3,436,582 | ||||||||
21,109 | NETSTREIT Corp | 370,252 | ||||||||
123,100 | New Senior Investment Group, Inc | 481,321 | ||||||||
227,748 | Newmark Group, Inc | 1,078,387 | ||||||||
34,862 | NexPoint Residential Trust, Inc | 1,545,084 | ||||||||
77,341 | Office Properties Income Trust | 1,423,848 | ||||||||
26,959 | One Liberty Properties, Inc | 415,977 | ||||||||
213,851 | Pebblebrook Hotel Trust | 2,561,935 | ||||||||
335,054 | Physicians Realty Trust | 5,649,010 | ||||||||
201,590 | Piedmont Office Realty Trust, Inc | 2,302,158 | ||||||||
23,250 | Plymouth Industrial REIT, Inc | 295,508 | ||||||||
107,332 | PotlatchDeltic Corp | 4,459,645 | ||||||||
75,735 | Preferred Apartment Communities, Inc | 408,969 | ||||||||
32,237 | PS Business Parks, Inc | 3,675,985 | ||||||||
98,722 | QTS Realty Trust, Inc | 6,072,390 | ||||||||
14,630 | * | Rafael Holdings, Inc | 239,932 | |||||||
28,655 | Re/Max Holdings, Inc | 926,703 | ||||||||
183,296 | * | Realogy Holdings Corp | 2,045,583 | |||||||
157,363 | * | Redfin Corp | 6,573,053 | |||||||
183,621 | Retail Opportunities Investment Corp | 1,786,632 | ||||||||
342,110 | Retail Properties of America, Inc | 1,792,656 | ||||||||
31,564 | Retail Value, Inc | 394,550 | ||||||||
266,137 | RLJ Lodging Trust | 2,177,001 | ||||||||
24,169 | RMR Group, Inc | 644,346 | ||||||||
122,235 | RPT Realty | 597,729 | ||||||||
81,158 | Ryman Hospitality Properties | 3,234,146 | ||||||||
329,901 | Sabra Healthcare REIT, Inc | 4,341,497 | ||||||||
29,029 | Safehold, Inc | 1,997,776 | ||||||||
19,029 | Saul Centers, Inc | 470,968 |
259 |
TIAA-CREF FUNDS - Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
58,305 | * | Seritage Growth Properties | $ | 742,223 | ||||||
265,294 | Service Properties Trust | 1,912,770 | ||||||||
244,356 | SITE Centers Corp | 1,664,064 | ||||||||
52,905 | * | St. Joe Co | 1,430,551 | |||||||
243,521 | STAG Industrial, Inc | 7,578,374 | ||||||||
6,780 | * | Stratus Properties, Inc | 144,889 | |||||||
163,286 | Summit Hotel Properties, Inc | 862,150 | ||||||||
345,244 | Sunstone Hotel Investors, Inc | 2,561,710 | ||||||||
147,976 | Tanger Factory Outlet Centers, Inc | 915,971 | ||||||||
33,212 | * | Tejon Ranch Co | 455,337 | |||||||
108,587 | Terreno Realty Corp | 6,111,276 | ||||||||
1,971 | * | Transcontinental Realty Investors, Inc | 43,362 | |||||||
55,707 | UMH Properties, Inc | 759,286 | ||||||||
311,793 | Uniti Group, Inc | 2,750,014 | ||||||||
20,674 | Universal Health Realty Income Trust | 1,105,439 | ||||||||
184,970 | Urban Edge Properties | 1,738,718 | ||||||||
45,289 | Urstadt Biddle Properties, Inc (Class A) | 430,698 | ||||||||
132,417 | Washington REIT | 2,314,649 | ||||||||
62,101 | Whitestone REIT | 370,122 | ||||||||
182,632 | Xenia Hotels & Resorts, Inc | 1,504,888 | ||||||||
TOTAL REAL ESTATE | 195,023,771 | |||||||||
RETAILING - 3.8% | ||||||||||
39,924 | * | 1-800-FLOWERS.COM, Inc (Class A) | 791,693 | |||||||
109,942 | Aaron’s Holdings Co, Inc | 5,745,569 | ||||||||
99,243 | Abercrombie & Fitch Co (Class A) | 1,411,235 | ||||||||
243,220 | e | American Eagle Outfitters, Inc | 3,334,546 | |||||||
10,101 | * | America’s Car-Mart, Inc | 873,939 | |||||||
31,041 | * | Asbury Automotive Group, Inc | 3,196,602 | |||||||
86,433 | * | At Home Group, Inc | 1,407,994 | |||||||
204,320 | e | Bed Bath & Beyond, Inc | 4,045,536 | |||||||
63,072 | Big Lots, Inc | 3,002,227 | ||||||||
46,951 | * | Boot Barn Holdings, Inc | 1,503,371 | |||||||
48,817 | Buckle, Inc | 1,169,655 | ||||||||
59,476 | Caleres, Inc | 456,776 | ||||||||
52,214 | Camping World Holdings, Inc | 1,380,538 | ||||||||
33,420 | *,e | CarParts.com, Inc | 424,100 | |||||||
34,028 | Cato Corp (Class A) | 208,251 | ||||||||
191,671 | Chico’s FAS, Inc | 205,088 | ||||||||
23,561 | e | Children’s Place, Inc | 595,386 | |||||||
16,047 | Citi Trends, Inc | 418,987 | ||||||||
31,045 | * | Conn’s, Inc | 290,892 | |||||||
36,261 | * | Container Store Group, Inc | 345,205 | |||||||
71,207 | Core-Mark Holding Co, Inc | 1,947,511 | ||||||||
99,388 | Designer Brands, Inc | 430,350 | ||||||||
12,187 | e | Dillard’s, Inc (Class A) | 545,125 | |||||||
20,914 | *,e | Duluth Holdings, Inc | 320,821 | |||||||
17,689 | * | Envela Corp | 71,464 | |||||||
96,450 | *,e | Express Parent LLC | 58,931 | |||||||
34,348 | *,e | Funko, Inc | 217,766 | |||||||
92,405 | *,e | GameStop Corp (Class A) | 967,480 | |||||||
22,946 | * | Genesco, Inc | 406,603 | |||||||
29,362 | *,e | Greenlane Holdings Inc | 71,350 | |||||||
27,923 | Group 1 Automotive, Inc | 2,962,072 | ||||||||
38,412 | * | Groupon, Inc | 744,809 | |||||||
57,520 | *,e | GrowGeneration Corp | 960,584 |
260 |
TIAA-CREF FUNDS - Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
69,616 | Guess?, Inc | $ | 820,076 | |||||||
28,941 | Haverty Furniture Cos, Inc | 724,104 | ||||||||
26,506 | * | Hibbett Sports, Inc | 1,002,192 | |||||||
62,776 | * | Hudson Ltd | 479,609 | |||||||
18,693 | * | Lands’ End, Inc | 300,023 | |||||||
41,683 | * | Liquidity Services, Inc | 355,556 | |||||||
40,934 | Lithia Motors, Inc (Class A) | 9,397,218 | ||||||||
46,886 | * | Lumber Liquidators, Inc | 1,037,118 | |||||||
510,745 | e | Macy’s, Inc | 3,171,726 | |||||||
169,019 | *,e | Magnite, Inc | 1,526,242 | |||||||
34,654 | * | MarineMax, Inc | 1,038,927 | |||||||
118,852 | *,e | Michaels Cos, Inc | 963,890 | |||||||
53,268 | Monro Muffler, Inc | 2,240,452 | ||||||||
44,276 | * | Murphy USA, Inc | 5,414,512 | |||||||
129,159 | * | National Vision Holdings, Inc | 5,208,982 | |||||||
84,478 | * | ODP Corp | 1,647,321 | |||||||
7,306 | * | OneWater Marine, Inc | 136,111 | |||||||
69,715 | * | Overstock.com, Inc | 3,911,011 | |||||||
30,325 | e | PetMed Express, Inc | 897,014 | |||||||
136,743 | * | Quotient Technology, Inc | 1,217,013 | |||||||
100,387 | * | RealReal, Inc | 1,263,872 | |||||||
78,296 | Rent-A-Center, Inc | 2,419,346 | ||||||||
25,220 | * | RH | 8,454,501 | |||||||
180,915 | *,e | Sally Beauty Holdings, Inc | 1,514,259 | |||||||
15,076 | e | Shoe Carnival, Inc | 467,054 | |||||||
35,125 | Shutterstock, Inc | 2,298,931 | ||||||||
87,333 | e | Signet Jewelers Ltd | 1,945,779 | |||||||
43,716 | * | Sleep Number Corp | 2,769,846 | |||||||
37,819 | e | Sonic Automotive, Inc (Class A) | 1,363,753 | |||||||
66,748 | * | Sportsman’s Warehouse Holdings, Inc | 869,059 | |||||||
27,446 | * | Stamps.com, Inc | 6,127,045 | |||||||
90,577 | *,e | Stitch Fix Inc | 3,118,566 | |||||||
33,883 | Tilly’s, Inc | 208,042 | ||||||||
110,841 | * | Urban Outfitters, Inc | 2,476,188 | |||||||
149,720 | * | Waitr Holdings Inc | 381,786 | |||||||
10,368 | Weyco Group, Inc | 164,229 | ||||||||
4,686 | Winmark Corp | 793,855 | ||||||||
33,574 | * | Zumiez, Inc | 940,072 | |||||||
TOTAL RETAILING | 119,577,736 | |||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.7% | ||||||||||
63,831 | * | Acacia Communications, Inc | 4,323,912 | |||||||
60,967 | * | Advanced Energy Industries, Inc | 4,113,443 | |||||||
36,534 | * | Alpha & Omega Semiconductor Ltd | 579,429 | |||||||
53,210 | * | Ambarella, Inc | 2,908,991 | |||||||
165,494 | * | Amkor Technology, Inc | 1,961,104 | |||||||
33,085 | *,e | Atomera, Inc | 269,643 | |||||||
52,473 | * | Axcelis Technologies, Inc | 1,158,079 | |||||||
67,772 | * | AXT, Inc | 403,243 | |||||||
118,532 | Brooks Automation, Inc | 5,535,444 | ||||||||
34,557 | * | Ceva, Inc | 1,393,338 | |||||||
16 | *,† | China Energy Savings Technology, Inc | 0 | |||||||
66,574 | Cohu, Inc | 1,446,653 | ||||||||
11,110 | * | CyberOptics Corp | 255,974 | |||||||
68,050 | * | Diodes, Inc | 3,935,331 | |||||||
35,872 | * | DSP Group, Inc | 472,434 |
261 |
TIAA-CREF FUNDS - Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
123,769 | * | Formfactor, Inc | $ | 3,508,851 | ||||||
22,115 | * | GSI Technology, Inc | 135,123 | |||||||
36,068 | * | Ichor Holdings Ltd | 838,942 | |||||||
26,883 | *,e | Impinj, Inc | 685,785 | |||||||
218,771 | * | Lattice Semiconductor Corp | 7,635,108 | |||||||
75,391 | * | MACOM Technology Solutions Holdings, Inc | 2,751,772 | |||||||
15,554 | *,e | Maxeon Solar Technologies Ltd | 251,975 | |||||||
108,645 | * | MaxLinear, Inc | 2,872,574 | |||||||
76,603 | * | Nanometrics, Inc | 2,456,658 | |||||||
77,072 | * | NeoPhotonics Corp Ltd | 524,860 | |||||||
7,060 | NVE Corp | 325,678 | ||||||||
46,492 | * | PDF Solutions, Inc | 871,260 | |||||||
101,378 | * | Photronics, Inc | 988,436 | |||||||
60,732 | * | Pixelworks, Inc | 134,825 | |||||||
96,217 | Power Integrations, Inc | 5,793,226 | ||||||||
182,866 | * | Rambus, Inc | 2,521,722 | |||||||
103,646 | * | Semtech Corp | 5,689,129 | |||||||
70,504 | * | Silicon Laboratories, Inc | 7,223,840 | |||||||
14,644 | * | SiTime Corp | 1,222,628 | |||||||
23,200 | * | SMART Global Holdings, Inc | 612,248 | |||||||
124,441 | *,e | SunPower Corp | 1,989,812 | |||||||
54,636 | * | Synaptics, Inc | 4,188,942 | |||||||
63,738 | * | Ultra Clean Holdings | 1,356,982 | |||||||
75,284 | * | Veeco Instruments, Inc | 958,365 | |||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 84,295,759 | |||||||||
SOFTWARE & SERVICES - 7.4% | ||||||||||
167,251 | * | 8x8, Inc | 2,890,097 | |||||||
98,299 | * | A10 Networks, Inc | 662,535 | |||||||
183,894 | * | ACI Worldwide, Inc | 5,364,188 | |||||||
76,667 | * | Alarm.com Holdings, Inc | 4,471,986 | |||||||
68,649 | *,e | Altair Engineering, Inc | 2,953,966 | |||||||
47,226 | American Software, Inc (Class A) | 693,278 | ||||||||
26,357 | * | Appfolio, Inc | 3,765,625 | |||||||
57,141 | *,e | Appian Corp | 3,617,025 | |||||||
21,628 | *,e | Asure Software, Inc | 152,910 | |||||||
132,842 | * | Avaya Holdings Corp | 2,284,882 | |||||||
46,182 | * | Benefitfocus, Inc | 474,289 | |||||||
79,366 | Blackbaud, Inc | 3,915,918 | ||||||||
80,561 | * | Blackline, Inc | 7,869,198 | |||||||
69,662 | * | Bottomline Technologies, Inc | 2,766,975 | |||||||
222,714 | * | Box, Inc | 3,452,067 | |||||||
65,364 | * | Brightcove, Inc | 826,855 | |||||||
59,108 | * | Cardtronics plc | 1,052,713 | |||||||
22,628 | Cass Information Systems, Inc | 887,470 | ||||||||
59,206 | * | Cerence Inc | 3,231,463 | |||||||
47,643 | * | ChannelAdvisor Corp | 771,817 | |||||||
328,979 | * | Cloudera, Inc | 3,197,676 | |||||||
67,344 | * | Commvault Systems, Inc | 2,666,149 | |||||||
279,960 | * | Conduent, Inc | 975,661 | |||||||
97,489 | * | Cornerstone OnDemand, Inc | 3,703,607 | |||||||
51,941 | CSG Systems International, Inc | 1,967,525 | ||||||||
21,035 | *,e | Digimarc Corp | 666,599 | |||||||
134,611 | * | Digital Turbine, Inc | 3,857,951 | |||||||
41,070 | * | Domo, Inc | 1,304,794 | |||||||
42,074 | e | Ebix, Inc | 759,856 |
262 |
TIAA-CREF FUNDS - Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
37,794 | * | eGain Corp | $ | 599,035 | ||||||
106,507 | * | Endurance International Group Holdings, Inc | 618,806 | |||||||
86,389 | * | Envestnet, Inc | 6,629,492 | |||||||
97,152 | EVERTEC, Inc | 3,233,219 | ||||||||
65,607 | * | Evo Payments, Inc | 1,382,339 | |||||||
54,162 | * | ExlService Holdings, Inc | 4,102,230 | |||||||
99,322 | * | GreenSky, Inc | 469,793 | |||||||
51,998 | *,e | GTT Communications, Inc | 191,873 | |||||||
78,822 | *,e | GTY Technology Holdings Inc | 229,372 | |||||||
41,876 | Hackett Group, Inc | 541,038 | ||||||||
22,975 | *,e | I3 Verticals, Inc | 473,974 | |||||||
8,594 | * | IBEX Ltd | 129,855 | |||||||
77,784 | * | Information Services Group, Inc | 159,457 | |||||||
12,668 | *,e | Intelligent Systems Corp | 480,371 | |||||||
37,945 | * | International Money Express Inc | 527,815 | |||||||
72,701 | * | j2 Global, Inc | 4,934,944 | |||||||
232,649 | KBR, Inc | 5,185,746 | ||||||||
200,881 | * | Limelight Networks, Inc | 709,110 | |||||||
100,565 | * | Liveperson, Inc | 5,376,205 | |||||||
102,976 | * | LiveRamp Holdings, Inc | 6,805,684 | |||||||
43,801 | Mantech International Corp (Class A) | 2,841,809 | ||||||||
99,527 | MAXIMUS, Inc | 6,726,035 | ||||||||
12,423 | * | MicroStrategy, Inc (Class A) | 2,075,511 | |||||||
91,574 | * | Mimecast Ltd | 3,499,043 | |||||||
66,776 | * | Mitek Systems, Inc | 831,361 | |||||||
164,631 | * | MobileIron, Inc | 1,159,002 | |||||||
54,753 | * | Model N, Inc | 1,928,948 | |||||||
98,832 | *,e | MoneyGram International, Inc | 508,985 | |||||||
106,227 | NIC, Inc | 2,381,609 | ||||||||
53,118 | * | OneSpan, Inc | 1,164,878 | |||||||
19,678 | * | Park City Group, Inc | 85,403 | |||||||
49,246 | *,e | Paysign Inc | 234,411 | |||||||
51,965 | * | Perficient, Inc | 2,034,949 | |||||||
223,486 | Perspecta, Inc | 4,007,104 | ||||||||
22,038 | * | PFSweb, Inc | 136,636 | |||||||
58,836 | * | Ping Identity Holding Corp | 1,629,169 | |||||||
9,815 | * | Priority Technology Holdings Inc | 28,365 | |||||||
71,988 | Progress Software Corp | 2,618,204 | ||||||||
63,048 | * | PROS Holdings, Inc | 1,776,062 | |||||||
79,628 | * | Q2 Holdings, Inc | 7,265,259 | |||||||
18,146 | QAD, Inc (Class A) | 759,229 | ||||||||
54,649 | * | Qualys, Inc | 4,800,915 | |||||||
54,526 | * | Rackspace Technology, Inc | 858,784 | |||||||
80,858 | * | Rapid7, Inc | 5,007,536 | |||||||
97,564 | * | Repay Holdings Corp | 2,198,117 | |||||||
28,270 | * | Rimini Street, Inc | 89,616 | |||||||
141,559 | * | SailPoint Technologies Holding, Inc | 5,876,114 | |||||||
41,207 | Sapiens International Corp NV | 1,117,946 | ||||||||
47,717 | * | Seachange International, Inc | 35,788 | |||||||
13,501 | * | SecureWorks Corp | 140,410 | |||||||
139,051 | * | ServiceSource International LLC | 193,281 | |||||||
14,412 | *,e | ShotSpotter, Inc | 422,416 | |||||||
53,444 | * | Smith Micro Software, Inc | 220,189 | |||||||
43,740 | * | Sprout Social, Inc | 1,911,438 | |||||||
56,377 | * | SPS Commerce, Inc | 4,825,307 | |||||||
39,485 | * | StarTek, Inc | 207,296 |
263 |
TIAA-CREF FUNDS - Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
194,174 | * | SVMK, Inc | $ | 4,064,062 | ||||||
62,026 | * | Sykes Enterprises, Inc | 2,123,770 | |||||||
65,367 | * | Synchronoss Technologies, Inc | 181,067 | |||||||
51,965 | * | TeleNav, Inc | 211,498 | |||||||
111,879 | * | Tenable Holdings, Inc | 3,816,193 | |||||||
29,265 | TTEC Holdings, Inc | 1,603,137 | ||||||||
14,707 | *,e | Tucows, Inc | 1,085,230 | |||||||
99,942 | * | Unisys Corp | 1,313,238 | |||||||
41,821 | * | Upland Software, Inc | 1,744,772 | |||||||
149,103 | * | Upwork, Inc | 2,750,950 | |||||||
50,795 | * | Varonis Systems, Inc | 5,870,378 | |||||||
102,846 | * | Verint Systems, Inc | 4,990,088 | |||||||
36,684 | *,e | Veritone, Inc | 344,096 | |||||||
215,353 | * | Verra Mobility Corp | 2,069,542 | |||||||
106,522 | e | VirnetX Holding Corp | 590,132 | |||||||
46,931 | * | Virtusa Corp | 2,360,629 | |||||||
63,003 | * | Workiva, Inc | 3,484,696 | |||||||
173,453 | Xperi Holding Corp | 2,150,817 | ||||||||
162,461 | * | Yext, Inc | 2,693,603 | |||||||
92,357 | * | Zix Corp | 566,148 | |||||||
164,610 | * | Zuora Inc | 1,583,548 | |||||||
TOTAL SOFTWARE & SERVICES | 231,180,152 | |||||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 3.1% | ||||||||||
186,107 | *,e | 3D Systems Corp | 1,058,949 | |||||||
79,951 | Adtran, Inc | 854,676 | ||||||||
29,197 | * | Agilysys, Inc | 790,655 | |||||||
49,085 | *,e | Akoustis Technologies, Inc | 406,915 | |||||||
37,079 | *,e | Applied Optoelectronics, Inc | 325,554 | |||||||
134,762 | * | Arlo Technologies, Inc | 601,039 | |||||||
50,282 | * | Avid Technology, Inc | 468,628 | |||||||
47,031 | Badger Meter, Inc | 3,449,254 | ||||||||
16,559 | Bel Fuse, Inc (Class B) | 193,906 | ||||||||
71,214 | Belden CDT, Inc | 2,199,088 | ||||||||
58,864 | Benchmark Electronics, Inc | 1,226,137 | ||||||||
55,850 | * | CalAmp Corp | 395,418 | |||||||
85,737 | * | Calix, Inc | 2,007,103 | |||||||
8,984 | * | Cambium Networks Corp | 206,991 | |||||||
50,054 | * | Casa Systems, Inc | 208,725 | |||||||
18,621 | * | Clearfield, Inc | 389,738 | |||||||
36,907 | Comtech Telecommunications Corp | 531,461 | ||||||||
52,925 | CTS Corp | 1,462,847 | ||||||||
55,737 | Daktronics, Inc | 217,374 | ||||||||
122,561 | * | Diebold, Inc | 763,555 | |||||||
43,266 | * | Digi International, Inc | 637,308 | |||||||
23,195 | * | DZS, Inc | 264,191 | |||||||
24,822 | *,e | Eastman Kodak Co | 171,768 | |||||||
21,061 | * | ePlus, Inc | 1,421,828 | |||||||
185,197 | * | Extreme Networks, Inc | 751,900 | |||||||
58,927 | * | Fabrinet | 3,536,799 | |||||||
28,537 | * | FARO Technologies, Inc | 1,719,069 | |||||||
391,507 | * | Fitbit, Inc | 2,756,209 | |||||||
151,436 | * | Harmonic, Inc | 899,530 | |||||||
163,123 | * | II-VI, Inc | 7,417,203 | |||||||
28,576 | * | Immersion Corp | 176,028 | |||||||
252,940 | * | Infinera Corp | 1,583,404 |
264 |
TIAA-CREF FUNDS - Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
109,976 | *,e | Inseego Corp | $ | 956,791 | ||||||
55,921 | * | Insight Enterprises, Inc | 2,983,385 | |||||||
25,535 | *,e | Intellicheck, Inc | 184,873 | |||||||
49,180 | InterDigital, Inc | 2,753,096 | ||||||||
37,124 | * | Intevac, Inc | 196,015 | |||||||
60,654 | * | Iteris, Inc | 228,666 | |||||||
64,571 | * | Itron, Inc | 4,387,599 | |||||||
36,276 | * | Kimball Electronics, Inc | 439,665 | |||||||
142,726 | * | Knowles Corp | 2,033,846 | |||||||
25,893 | * | KVH Industries, Inc | 225,010 | |||||||
46,474 | * | Luna Innovations, Inc | 293,251 | |||||||
58,758 | Methode Electronics, Inc | 1,807,984 | ||||||||
31,027 | MTS Systems Corp | 753,336 | ||||||||
20,217 | * | Napco Security Technologies, Inc | 487,634 | |||||||
47,918 | * | Netgear, Inc | 1,476,833 | |||||||
112,269 | * | Netscout Systems, Inc | 2,303,760 | |||||||
55,985 | * | nLight, Inc | 1,189,121 | |||||||
55,787 | * | Novanta, Inc | 6,065,163 | |||||||
27,160 | * | OSI Systems, Inc | 2,095,666 | |||||||
25,673 | *,e | PAR Technology Corp | 949,131 | |||||||
16,924 | PC Connection, Inc | 770,888 | ||||||||
28,122 | PC-Tel, Inc | 143,422 | ||||||||
56,183 | Plantronics, Inc | 1,096,692 | ||||||||
46,057 | * | Plexus Corp | 3,202,804 | |||||||
43,785 | * | Powerfleet, Inc | 264,899 | |||||||
46,851 | * | Quantum Corp | 195,837 | |||||||
42,424 | *,e | Research Frontiers, Inc | 109,878 | |||||||
79,331 | *,e | Resonant, Inc | 181,668 | |||||||
107,445 | * | Ribbon Communications, Inc | 463,088 | |||||||
30,086 | * | Rogers Corp | 3,647,025 | |||||||
108,590 | * | Sanmina Corp | 2,653,940 | |||||||
40,648 | * | Scansource, Inc | 817,025 | |||||||
75,096 | * | Super Micro Computer, Inc | 1,706,181 | |||||||
160,989 | * | TTM Technologies, Inc | 1,910,939 | |||||||
366,692 | * | Viavi Solutions, Inc | 4,528,646 | |||||||
212,988 | Vishay Intertechnology, Inc | 3,454,665 | ||||||||
19,714 | * | Vishay Precision Group, Inc | 470,968 | |||||||
18,866 | *,e | Wrap Technologies Inc | 97,537 | |||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 96,620,177 | |||||||||
TELECOMMUNICATION SERVICES - 1.0% | ||||||||||
80,292 | Alaska Communications Systems Group, Inc | 153,358 | ||||||||
17,451 | * | Anterix, Inc | 557,036 | |||||||
18,247 | ATN International, Inc | 815,641 | ||||||||
30,796 | * | Bandwidth Inc | 4,938,293 | |||||||
71,531 | * | Boingo Wireless, Inc | 668,100 | |||||||
84,950 | * | Cincinnati Bell, Inc | 1,278,497 | |||||||
68,214 | Cogent Communications Group, Inc | 3,806,341 | ||||||||
120,307 | * | Consolidated Communications Holdings, Inc | 561,834 | |||||||
88,669 | *,e | Gogo, Inc | 712,899 | |||||||
24,167 | * | IDT Corp (Class B) | 230,311 | |||||||
188,780 | * | Iridium Communications, Inc | 4,985,680 | |||||||
72,105 | * | Liberty Latin America Ltd (Class A) | 706,629 | |||||||
249,081 | * | Liberty Latin America Ltd (Class C) | 2,421,067 | |||||||
31,695 | * | Ooma, Inc | 447,216 | |||||||
130,329 | * | ORBCOMM, Inc | 560,415 |
265 |
TIAA-CREF FUNDS - Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
77,326 | Shenandoah Telecom Co | $ | 3,372,960 | |||||||
31,498 | Spok Holdings, Inc | 286,002 | ||||||||
371,066 | * | Vonage Holdings Corp | 3,925,878 | |||||||
TOTAL TELECOMMUNICATION SERVICES | 30,428,157 | |||||||||
TRANSPORTATION - 1.4% | ||||||||||
97,037 | * | Air Transport Services Group, Inc | 2,720,917 | |||||||
20,993 | Allegiant Travel Co | 2,829,017 | ||||||||
41,798 | ArcBest Corp | 1,275,675 | ||||||||
41,545 | * | Atlas Air Worldwide Holdings, Inc | 2,457,802 | |||||||
84,666 | * | Avis Budget Group, Inc | 2,850,704 | |||||||
78,992 | Costamare, Inc | 449,465 | ||||||||
19,684 | * | Covenant Transportation Group, Inc | 271,049 | |||||||
73,485 | *,e | Daseke, Inc | 482,796 | |||||||
10,195 | *,e | Eagle Bulk Shipping, Inc | 140,283 | |||||||
41,363 | * | Echo Global Logistics, Inc | 1,115,560 | |||||||
44,682 | Forward Air Corp | 2,813,626 | ||||||||
34,315 | Genco Shipping & Trading Ltd | 221,675 | ||||||||
72,314 | Hawaiian Holdings, Inc | 1,001,549 | ||||||||
82,238 | Heartland Express, Inc | 1,505,778 | ||||||||
52,670 | * | Hub Group, Inc (Class A) | 2,640,347 | |||||||
98,713 | Marten Transport Ltd | 1,514,751 | ||||||||
69,087 | Matson, Inc | 3,589,070 | ||||||||
66,864 | * | Mesa Air Group, Inc | 211,290 | |||||||
2,640 | * | PAM Transportation Services, Inc | 104,544 | |||||||
14,122 | Park-Ohio Holdings Corp | 278,768 | ||||||||
56,933 | * | Radiant Logistics, Inc | 292,636 | |||||||
73,761 | * | Safe Bulkers, Inc | 65,397 | |||||||
42,264 | * | Saia, Inc | 6,240,702 | |||||||
14,961 | Scorpio Bulkers, Inc | 164,272 | ||||||||
79,143 | Skywest, Inc | 2,297,521 | ||||||||
141,955 | *,e | Spirit Airlines, Inc | 2,494,149 | |||||||
11,955 | Universal Logistics Holdings Inc | 235,872 | ||||||||
37,863 | * | US Xpress Enterprises, Inc | 272,992 | |||||||
98,337 | Werner Enterprises, Inc | 3,738,773 | ||||||||
TOTAL TRANSPORTATION | 44,276,980 | |||||||||
UTILITIES - 3.3% | ||||||||||
83,716 | Allete, Inc | 4,318,071 | ||||||||
59,209 | American States Water Co | 4,422,320 | ||||||||
13,672 | Artesian Resources Corp | 481,665 | ||||||||
166,433 | *,e | Atlantic Power Corp | 331,202 | |||||||
108,639 | Avista Corp | 3,608,988 | ||||||||
102,685 | Black Hills Corp | 5,818,132 | ||||||||
52,559 | Brookfield Infrastructure Corp | 2,862,889 | ||||||||
111,323 | Brookfield Renewable Corp | 7,433,037 | ||||||||
32,021 | *,e | Cadiz, Inc | 305,801 | |||||||
80,005 | California Water Service Group | 3,565,823 | ||||||||
25,645 | Chesapeake Utilities Corp | 2,492,950 | ||||||||
55,905 | Clearway Energy, Inc (Class A) | 1,465,270 | ||||||||
130,015 | Clearway Energy, Inc (Class C) | 3,661,222 | ||||||||
21,344 | Consolidated Water Co, Inc | 214,721 | ||||||||
25,526 | Genie Energy Ltd | 211,610 | ||||||||
17,733 | Global Water Resources, Inc | 187,970 | ||||||||
58,848 | MGE Energy, Inc | 3,826,297 | ||||||||
28,572 | Middlesex Water Co | 1,832,608 |
266 |
TIAA-CREF FUNDS - Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
153,680 | New Jersey Resources Corp | $ | 4,484,382 | |||||||
48,534 | Northwest Natural Holding Co | 2,156,851 | ||||||||
81,533 | NorthWestern Corp | 4,250,315 | ||||||||
85,486 | ONE Gas, Inc | 5,901,953 | ||||||||
64,255 | Ormat Technologies, Inc | 4,553,752 | ||||||||
67,073 | Otter Tail Corp | 2,572,250 | ||||||||
127,557 | PNM Resources, Inc | 6,377,850 | ||||||||
144,611 | Portland General Electric Co | 5,683,212 | ||||||||
29,806 | * | Pure Cycle Corp | 262,293 | |||||||
13,938 | RGC Resources, Inc | 331,724 | ||||||||
42,488 | SJW Corp | 2,578,597 | ||||||||
162,024 | South Jersey Industries, Inc | 3,122,202 | ||||||||
90,711 | Southwest Gas Holdings Inc | 5,961,527 | ||||||||
20,201 | Spark Energy, Inc | 184,233 | ||||||||
80,630 | Spire, Inc | 4,518,505 | ||||||||
85,265 | * | Sunnova Energy International, Inc | 2,051,476 | |||||||
23,438 | Unitil Corp | 809,783 | ||||||||
19,903 | York Water Co | 840,902 | ||||||||
TOTAL UTILITIES | 103,682,383 | |||||||||
TOTAL COMMON STOCKS | 3,102,806,755 | |||||||||
(Cost $2,730,960,206) | ||||||||||
RIGHTS / WARRANTS - 0.0% | ||||||||||
CAPITAL GOODS - 0.0% | ||||||||||
69,484 | HC2 Holdings, Inc | 0 | ||||||||
TOTAL CAPITAL GOODS | 0 | |||||||||
ENERGY - 0.0% | ||||||||||
4,137 | e | Whiting Petroleum Corp | 11,790 | |||||||
2,068 | e | Whiting Petroleum Corp | 6,142 | |||||||
TOTAL ENERGY | 17,932 | |||||||||
HEALTH CARE EQUIPMENT & SERVICES - 0.0% | ||||||||||
495 | Pulse Biosciences, Inc | 0 | ||||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 0 | |||||||||
MEDIA & ENTERTAINMENT - 0.0% | ||||||||||
122,474 | † | Media General, Inc | 0 | |||||||
TOTAL MEDIA & ENTERTAINMENT | 0 | |||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0% | ||||||||||
20,265 | † | Chinook Therapeutics, Inc | 0 | |||||||
5,149 | † | Omthera Pharmaceuticals, Inc | 3,090 | |||||||
9,351 | † | Tobira Therapeutics, Inc | 561 | |||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 3,651 | |||||||||
TOTAL RIGHTS / WARRANTS | 21,583 | |||||||||
(Cost $3,016) |
267 |
TIAA-CREF FUNDS - Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
SHORT-TERM INVESTMENTS - 4.1% | ||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 4.1% | ||||||||||
128,902,996 | c | State Street Navigator Securities Lending Government Money Market Portfolio | $ | 128,902,996 | ||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 128,902,996 | |||||||||
TOTAL SHORT-TERM INVESTMENTS | 128,902,996 | |||||||||
(Cost $128,902,996) | ||||||||||
TOTAL INVESTMENTS - 103.9% | 3,231,731,334 | |||||||||
(Cost $2,859,866,218) | ||||||||||
OTHER ASSETS & LIABILITIES, NET - (3.9)% | (122,748,402 | ) | ||||||||
NET ASSETS - 100.0% | $ | 3,108,982,932 | ||||||||
* | Non-income producing | ||||||
† | Security is categorized as Level 3 in the fair value hierarchy. | ||||||
c | Investments made with cash collateral received from securities on loan. | ||||||
e | All or a portion of these securities are out on loan. The aggregate value of securities on loan is $172,971,605. | ||||||
g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/2020, the aggregate value of these securities is $3,253,867 or 0.1% of net assets. | ||||||
268 |
TIAA-CREF FUNDS - Emerging Markets Equity Index Fund
TIAA-CREF FUNDS
EMERGING MARKETS EQUITY INDEX FUND
SCHEDULE OF INVESTMENTS
October 31, 2020
SHARES | COMPANY | VALUE | ||||||||
COMMON STOCKS - 100.0% | ||||||||||
ARGENTINA - 0.1% | ||||||||||
19,546 | * | Globant S.A. | $ | 3,530,203 | ||||||
47,900 | * | Telecom Argentina S.A. (ADR) (Class B) | 307,039 | |||||||
92,900 | * | YPF S.A. (ADR) (Class D) | 299,138 | |||||||
TOTAL ARGENTINA | 4,136,380 | |||||||||
BRAZIL - 4.3% | ||||||||||
2,475,697 | AMBEV S.A. | 5,255,185 | ||||||||
212,000 | Atacadao Distribuicao Comercio e Industria Ltd | 681,672 | ||||||||
115,075 | * | B2W Companhia Global Do Varejo | 1,508,944 | |||||||
1,065,982 | B3 SA-Brasil Bolsa Balcao | 9,483,941 | ||||||||
664,724 | Banco Bradesco S.A. | 2,104,939 | ||||||||
2,301,265 | Banco Bradesco S.A. (Preference) | 8,085,379 | ||||||||
118,100 | Banco BTG Pactual S.A. - Unit | 1,492,214 | ||||||||
438,283 | Banco do Brasil S.A. | 2,276,219 | ||||||||
2,571,453 | Banco Itau Holding Financeira S.A. | 10,522,524 | ||||||||
215,674 | Banco Santander Brasil S.A. | 1,204,673 | ||||||||
352,848 | BB Seguridade Participacoes S.A. | 1,456,172 | ||||||||
100,115 | * | Braskem S.A. | 398,509 | |||||||
298,505 | * | BRF S.A. | 872,945 | |||||||
169,325 | Centrais Eletricas Brasileiras S.A. | 916,570 | ||||||||
145,892 | Centrais Eletricas Brasileiras S.A. (Preference) | 787,946 | ||||||||
84,357 | Cia Brasileira de Distribuicao | 910,764 | ||||||||
624,956 | Cia de Concessoes Rodoviarias | 1,215,505 | ||||||||
177,858 | Cia de Saneamento Basico do Estado de Sao Paulo | 1,317,363 | ||||||||
555,225 | Cia Energetica de Minas Gerais | 991,827 | ||||||||
54,700 | Cia Paranaense de Energia | 588,759 | ||||||||
364,430 | Cia Siderurgica Nacional S.A. | 1,304,541 | ||||||||
778,194 | Cielo S.A. | 457,047 | ||||||||
848,249 | Cogna Educacao | 634,197 | ||||||||
72,036 | Cosan SA Industria e Comercio | 815,905 | ||||||||
119,600 | CPFL Energia S.A. | 580,913 | ||||||||
93,600 | Energisa S.A. | 684,633 | ||||||||
119,825 | Engie Brasil Energia S.A. | 833,019 | ||||||||
497,900 | Equatorial Energia S.A. | 1,729,389 | ||||||||
571,175 | Gerdau S.A. (Preference) | 2,171,041 | ||||||||
118,300 | g | Hapvida Participacoes e Investimentos S.A. | 1,327,124 | |||||||
197,082 | Hypermarcas S.A. | 958,284 | ||||||||
2,300,832 | Investimentos Itau S.A. - PR | 3,644,954 | ||||||||
499,129 | IRB Brasil Resseguros S | 534,102 | ||||||||
572,664 | JBS S.A. | 1,941,166 | ||||||||
361,733 | Klabin S.A. | 1,496,622 | ||||||||
318,206 | Localiza Rent A Car | 3,365,094 | ||||||||
478,688 | Lojas Americanas S.A. (Preference) | 1,937,961 | ||||||||
392,139 | Lojas Renner S.A. | 2,559,382 | ||||||||
1,529,760 | Magazine Luiza S.A. | 6,566,455 |
269 |
TIAA-CREF FUNDS - Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
130,107 | Multiplan Empreendimentos Imobiliarios S.A. | $ | 430,141 | |||||||
467,119 | Natura & Co Holding S.A. | 3,752,941 | ||||||||
245,500 | Notre Dame Intermedica Participacoes S.A. | 2,813,135 | ||||||||
406,527 | Petrobras Distribuidora S.A. | 1,358,880 | ||||||||
1,989,516 | Petroleo Brasileiro S.A. | 6,587,859 | ||||||||
2,583,168 | Petroleo Brasileiro S.A. (Preference) | 8,526,600 | ||||||||
41,312 | Porto Seguro S.A. | 341,414 | ||||||||
563,915 | Raia Drogasil S.A. | 2,364,572 | ||||||||
681,327 | * | Rumo S.A. | 2,177,701 | |||||||
158,836 | Sul America S.A. | 1,106,990 | ||||||||
391,920 | * | Suzano Papel e Celulose S.A. | 3,418,572 | |||||||
234,521 | Telefonica Brasil S.A. | 1,738,691 | ||||||||
416,266 | TIM S.A. | 859,672 | ||||||||
390,860 | Ultrapar Participacoes S.A. | 1,115,779 | ||||||||
1,940,659 | Vale S.A. | 20,478,900 | ||||||||
671,000 | * | Via Varejo S.A. | 2,006,703 | |||||||
439,917 | Weg S.A. | 5,813,732 | ||||||||
TOTAL BRAZIL | 150,506,161 | |||||||||
CHILE - 0.5% | ||||||||||
1,519,194 | Aguas Andinas S.A. | 394,621 | ||||||||
22,254,220 | Banco de Chile | 1,722,085 | ||||||||
24,128 | Banco de Credito e Inversiones | 755,373 | ||||||||
33,869,125 | Banco Santander Chile S.A. | 1,185,506 | ||||||||
257,747 | Cencosud Shopping S.A. | 341,435 | ||||||||
749,568 | Centros Comerciales Sudamericanos S.A. | 1,043,713 | ||||||||
80,934 | Cia Cervecerias Unidas S.A. | 450,040 | ||||||||
3,490,151 | Colbun S.A. | 526,705 | ||||||||
207,594 | Embotelladora Andina S.A. | 432,208 | ||||||||
97,263 | Empresa Nacional de Telecomunicaciones S.A. | 548,222 | ||||||||
634,055 | Empresas CMPC S.A. | 1,318,536 | ||||||||
212,005 | Empresas COPEC S.A. | 1,616,530 | ||||||||
13,069,567 | Enersis Chile S.A. | 879,355 | ||||||||
19,202,210 | Enersis S.A. | 2,547,522 | ||||||||
394,553 | SACI Falabella | 1,083,173 | ||||||||
62,980 | Sociedad Quimica y Minera de Chile S.A. (Class B) | 2,304,214 | ||||||||
TOTAL CHILE | 17,149,238 | |||||||||
CHINA - 41.6% | ||||||||||
148,600 | 360 Security Technology, Inc | 351,552 | ||||||||
651,500 | *,g | 3SBio, Inc | 607,652 | |||||||
14,033 | * | 51job, Inc (ADR) | 983,713 | |||||||
394,500 | e | AAC Technologies Holdings, Inc | 2,073,642 | |||||||
15,200 | Accelink Technologies Co Ltd | 71,380 | ||||||||
41,900 | Addsino Co Ltd | 126,088 | ||||||||
38,500 | AECC Aero-Engine Control Co Ltd | 102,921 | ||||||||
90,500 | AECC Aviation Power Co Ltd | 494,638 | ||||||||
682,000 | Agile Property Holdings Ltd | 935,814 | ||||||||
15,188,064 | Agricultural Bank of China Ltd | 5,167,227 | ||||||||
2,302,800 | Agricultural Bank of China Ltd (Class A) | 1,083,504 | ||||||||
109,148 | Aier Eye Hospital Group Co Ltd | 1,016,702 | ||||||||
130,490 | Air China Ltd | 132,500 | ||||||||
962,000 | Air China Ltd (H shares) | 622,335 | ||||||||
66,000 | Airtac International Group | 1,776,776 |
270 |
TIAA-CREF FUNDS - Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
55,100 | Aisino Corp | $ | 128,012 | |||||||
214,000 | g | AK Medical Holdings Ltd | 478,844 | |||||||
983,865 | * | Alibaba Group Holding Ltd (ADR) | 299,773,827 | |||||||
1,714,284 | * | Alibaba Health Information Technology Ltd | 4,495,591 | |||||||
234,500 | g | A-Living Services Co Ltd | 987,545 | |||||||
1,736,000 | * | Aluminum Corp of China Ltd | 379,178 | |||||||
164,400 | * | Aluminum Corp of China Ltd (Class A) | 70,601 | |||||||
64,870 | Angang Steel Co Ltd | 25,600 | ||||||||
22,700 | Angel Yeast Co Ltd | 179,239 | ||||||||
650,282 | Anhui Conch Cement Co Ltd | 4,067,832 | ||||||||
130,000 | Anhui Conch Cement Co Ltd (Class A) | 989,961 | ||||||||
58,400 | Anhui Gujing Distillery Co Ltd | 664,486 | ||||||||
10,500 | Anhui Gujing Distillery Co Ltd (Class A) | 330,078 | ||||||||
17,100 | Anhui Kouzi Distillery Co Ltd | 140,159 | ||||||||
559,651 | Anta Sports Products Ltd | 6,212,768 | ||||||||
35,100 | Apeloa Pharmaceutical Co Ltd | 107,250 | ||||||||
5,800 | Asymchem Laboratories Tianjin Co Ltd | 238,035 | ||||||||
6,800 | Autobio Diagnostics Co Ltd | 177,216 | ||||||||
30,700 | Autohome, Inc (ADR) | 2,933,385 | ||||||||
70,700 | AVIC Aircraft Co Ltd | 256,129 | ||||||||
294,858 | Avic Capital Co Ltd | 192,969 | ||||||||
90,600 | AVIC Electromechanical Systems Co Ltd | 143,260 | ||||||||
23,800 | AVIC Jonhon Optronic Technology Co Ltd | 197,243 | ||||||||
47,400 | AVIC Shenyang Aircraft Co Ltd | 367,363 | ||||||||
1,054,861 | AviChina Industry & Technology Co | 544,178 | ||||||||
14,700 | AVICOPTER plc | 110,078 | ||||||||
85,400 | * | BAIC BluePark New Energy Technology Co Ltd | 84,933 | |||||||
874,000 | g | BAIC Motor Corp Ltd | 323,232 | |||||||
143,789 | * | Baidu, Inc (ADR) | 19,131,126 | |||||||
649,400 | Bank of Beijing Co Ltd | 453,096 | ||||||||
155,305 | Bank of Chengdu Co Ltd | 240,334 | ||||||||
1,165,700 | Bank of China Ltd | 553,742 | ||||||||
42,849,953 | Bank of China Ltd (Hong Kong) | 13,534,632 | ||||||||
1,382,800 | Bank of Communications Co Ltd | 935,672 | ||||||||
4,762,934 | Bank of Communications Co Ltd (Hong Kong) | 2,343,281 | ||||||||
195,500 | Bank of Hangzhou Co Ltd | 379,092 | ||||||||
313,700 | Bank of Jiangsu Co Ltd | 281,720 | ||||||||
422,900 | Bank of Nanjing Co Ltd | 483,631 | ||||||||
150,971 | Bank of Ningbo Co Ltd | 767,092 | ||||||||
385,390 | Bank of Shanghai Co Ltd | 452,123 | ||||||||
566,200 | Baoshan Iron & Steel Co Ltd | 452,157 | ||||||||
30,064 | *,e | Baozun, Inc (ADR) | 1,100,042 | |||||||
155,900 | BBMG Corp | 70,191 | ||||||||
165,600 | Beijing Capital Development Co Ltd | 152,796 | ||||||||
902,830 | Beijing Capital International Airport Co Ltd | 551,636 | ||||||||
132,200 | Beijing Dabeinong Technology Group Co Ltd | 164,030 | ||||||||
16,920 | Beijing E-Hualu Information Technology Co Ltd | 80,376 | ||||||||
67,700 | Beijing Enlight Media Co Ltd | 123,047 | ||||||||
299,000 | Beijing Enterprises Holdings Ltd | 900,813 | ||||||||
2,887,583 | Beijing Enterprises Water Group Ltd | 1,098,432 | ||||||||
38,900 | Beijing Kunlun Tech Co Ltd | 142,969 | ||||||||
49,500 | Beijing New Building Materials plc | 255,902 | ||||||||
57,450 | Beijing Oriental Yuhong Waterproof Technology Co Ltd | 319,013 | ||||||||
202,800 | Beijing Originwater Technology Co Ltd | 235,442 |
271 |
TIAA-CREF FUNDS - Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
20,300 | Beijing Shiji Information Technology Co Ltd | $ | 112,224 | |||||||
21,000 | Beijing Shunxin Agriculture Co Ltd | 172,585 | ||||||||
35,100 | Beijing Sinnet Technology Co Ltd | 100,287 | ||||||||
18,500 | Beijing Thunisoft Corp Ltd | 64,611 | ||||||||
37,320 | Beijing Tiantan Biological Products Corp Ltd | 192,511 | ||||||||
44,409 | Beijing Tongrentang Co Ltd | 178,744 | ||||||||
93,500 | Beijing Yanjing Brewery Co Ltd | 121,541 | ||||||||
368,300 | Beijing-Shanghai High Speed Railway Co Ltd | 307,183 | ||||||||
108,300 | *,e | BEST, Inc (ADR) | 278,331 | |||||||
11,900 | Betta Pharmaceuticals Co Ltd | 191,005 | ||||||||
16,700 | BGI Genomics Co Ltd | 372,834 | ||||||||
62,500 | * | Bilibili, Inc (ADR) | 2,791,875 | |||||||
954,600 | BOE Technology Group Co Ltd | 676,158 | ||||||||
151,000 | * | Bohai Leasing Co Ltd | 57,384 | |||||||
1,394,000 | e | Bosideng International Holdings Ltd | 612,372 | |||||||
1,671,945 | Brilliance China Automotive Holdings Ltd | 1,443,242 | ||||||||
33,100 | BTG Hotels Group Co Ltd | 85,768 | ||||||||
57,100 | BYD Co Ltd | 1,362,372 | ||||||||
339,500 | e | BYD Co Ltd (H shares) | 6,862,924 | |||||||
345,000 | e | BYD Electronic International Co Ltd | 1,486,792 | |||||||
51,300 | By-health Co Ltd | 198,429 | ||||||||
39,900 | C&S Paper Co Ltd | 120,776 | ||||||||
150,500 | Caitong Securities Co Ltd | 289,539 | ||||||||
31,800 | *,e,g | CanSino Biologics, Inc | 622,287 | |||||||
35,700 | Centre Testing International Group Co Ltd | 143,958 | ||||||||
6,068,200 | g | CGN Power Co Ltd | 1,301,467 | |||||||
15,300 | Chacha Food Co Ltd | 135,951 | ||||||||
13,400 | Changchun High & New Technology Industry Group, Inc | 750,883 | ||||||||
183,100 | Changjiang Securities Co Ltd | 206,323 | ||||||||
816,600 | Changsha Zoomlion Heavy Industry Science and Technology Development Co Ltd | 720,989 | ||||||||
5,100 | Changzhou Xingyu Automotive Lighting Systems Co Ltd | 123,809 | ||||||||
69,900 | Chaozhou Three-Circle Group Co Ltd | 324,547 | ||||||||
18,500 | Chengdu Kanghong Pharmaceutical Group Co Ltd | 117,492 | ||||||||
78,500 | Chengdu Xingrong Environment Co Ltd | 58,407 | ||||||||
71,000 | China Aerospace Times Electronics Co Ltd | 70,247 | ||||||||
658,000 | China Aoyuan Group Ltd | 618,792 | ||||||||
17,100 | China Avionics Systems Co Ltd | 41,132 | ||||||||
4,246,000 | China Cinda Asset Management Co Ltd | 796,533 | ||||||||
4,869,530 | China Citic Bank | 1,981,934 | ||||||||
119,400 | China CITIC Bank Corp Ltd | 90,084 | ||||||||
230,200 | China Communications Construction Co Ltd | 254,749 | ||||||||
2,366,000 | China Communications Construction Co Ltd (Hong Kong) | 1,238,887 | ||||||||
1,252,400 | China Communications Services Corp Ltd | 729,718 | ||||||||
843,000 | China Conch Venture Holdings Ltd | 3,753,712 | ||||||||
346,200 | China Construction Bank Corp | 325,344 | ||||||||
50,729,641 | China Construction Bank Corp (Hong Kong) | 34,958,458 | ||||||||
1,177,500 | * | China COSCO Holdings Co Ltd | 753,464 | |||||||
289,000 | g | China East Education Holdings Ltd | 556,983 | |||||||
270,700 | China Eastern Airlines Corp Ltd | 185,923 | ||||||||
768,000 | e | China Eastern Airlines Corp Ltd (H Shares) | 305,985 | |||||||
351,000 | China Education Group Holdings Ltd | 585,126 | ||||||||
244,000 | China Enterprise Co Ltd | 143,023 | ||||||||
1,128,800 | China Everbright Bank Co Ltd | 661,149 |
272 |
TIAA-CREF FUNDS - Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
1,437,000 | China Everbright Bank Co Ltd (Hong Kong) | $ | 497,993 | |||||||
2,000,888 | China Everbright International Ltd | 1,009,478 | ||||||||
474,000 | China Everbright Ltd | 627,146 | ||||||||
981,000 | e | China Evergrande Group | 1,956,327 | |||||||
620,000 | g | China Feihe Ltd | 1,410,645 | |||||||
72,100 | China Film Co Ltd | 136,455 | ||||||||
124,146 | China Fortune Land Development Co Ltd | 261,631 | ||||||||
2,089,245 | China Galaxy Securities Co Ltd | 1,146,627 | ||||||||
135,300 | China Galaxy Securities Co Ltd (Class A) | 238,026 | ||||||||
1,367,268 | China Gas Holdings Ltd | 4,201,682 | ||||||||
171,800 | China Gezhouba Group Co Ltd | 178,747 | ||||||||
70,700 | China Great Wall Securities Co Ltd | 131,118 | ||||||||
74,800 | China Greatwall Technology Group Co Ltd | 169,712 | ||||||||
932,500 | China Hongqiao Group Ltd | 674,702 | ||||||||
4,374,000 | g | China Huarong Asset Management Co Ltd | 458,288 | |||||||
2,230,000 | *,† | China Huishan Dairy Holdings Co Ltd | 2,876 | |||||||
873,824 | China Insurance International Holdings Co Ltd | 1,319,602 | ||||||||
713,406 | *,g | China International Capital Corp Ltd | 1,666,936 | |||||||
60,600 | China International Travel Service Corp Ltd | 1,806,542 | ||||||||
112,900 | China Jushi Co Ltd | 235,730 | ||||||||
560,000 | China Lesso Group Holdings Ltd | 907,886 | ||||||||
3,919,880 | China Life Insurance Co Ltd | 8,552,885 | ||||||||
84,000 | China Life Insurance Co Ltd (Class A) | 579,576 | ||||||||
160,800 | *,e,g | China Literature Ltd | 1,321,041 | |||||||
1,638,341 | China Longyuan Power Group Corp | 1,122,936 | ||||||||
712,000 | China Medical System Holdings Ltd | 748,723 | ||||||||
25,800 | China Meheco Co Ltd | 58,069 | ||||||||
1,447,000 | China Mengniu Dairy Co Ltd | 6,821,613 | ||||||||
2,061,368 | China Merchants Bank Co Ltd | 10,737,528 | ||||||||
674,495 | China Merchants Bank Co Ltd (Class A) | 4,013,824 | ||||||||
350,700 | China Merchants Energy Shipping Co Ltd | 303,263 | ||||||||
804,894 | China Merchants Holdings International Co Ltd | 855,582 | ||||||||
31,400 | China Merchants Property Operation & Service Co Ltd | 119,574 | ||||||||
176,020 | * | China Merchants Securities Co Ltd | 544,645 | |||||||
214,900 | China Merchants Shekou Industrial Zone Holdings Co Ltd | 452,357 | ||||||||
1,063,900 | China Minsheng Banking Corp Ltd | 839,211 | ||||||||
3,208,602 | China Minsheng Banking Corp Ltd (Hong Kong) | 1,756,029 | ||||||||
3,238,165 | China Mobile Hong Kong Ltd | 19,806,364 | ||||||||
1,632,000 | China Molybdenum Co Ltd | 593,962 | ||||||||
489,300 | China Molybdenum Co Ltd (Class A) | 289,686 | ||||||||
10,400 | China National Accord Medicines Corp Ltd | 77,343 | ||||||||
2,037,913 | China National Building Material Co Ltd | 2,345,763 | ||||||||
33,800 | China National Chemical Engineering Co Ltd | 26,772 | ||||||||
18,000 | China National Medicines Corp Ltd | 115,444 | ||||||||
296,400 | China National Nuclear Power Co Ltd | 196,445 | ||||||||
22,800 | China National Software & Service Co Ltd | 239,642 | ||||||||
144,400 | * | China Northern Rare Earth Group High-Tech Co Ltd | 217,955 | |||||||
1,010,773 | China Oilfield Services Ltd | 610,387 | ||||||||
2,063,794 | China Overseas Land & Investment Ltd | 5,183,817 | ||||||||
218,200 | China Pacific Insurance Group Co Ltd | 1,042,119 | ||||||||
1,504,000 | China Pacific Insurance Group Co Ltd (Hong Kong) | 4,706,712 | ||||||||
2,274,000 | China Power International Development Ltd | 437,866 | ||||||||
1,124,500 | China Railway Construction Corp | 761,744 | ||||||||
355,500 | China Railway Construction Corp Ltd | 443,125 |
273 |
TIAA-CREF FUNDS - Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
556,900 | China Railway Group Ltd | $ | 447,223 | |||||||
2,183,454 | China Railway Group Ltd (Hong Kong) | 1,005,072 | ||||||||
783,000 | g | China Railway Signal & Communication Corp Ltd | 258,234 | |||||||
3,042,000 | China Reinsurance Group Corp | 291,153 | ||||||||
776,677 | China Resources Beer Holdings Company Ltd | 4,818,952 | ||||||||
486,000 | China Resources Gas Group Ltd | 2,111,773 | ||||||||
1,699,555 | China Resources Land Ltd | 6,950,611 | ||||||||
826,500 | g | China Resources Pharmaceutical Group Ltd | 413,191 | |||||||
1,093,372 | China Resources Power Holdings Co | 1,138,003 | ||||||||
19,700 | China Resources Sanjiu Medical & Pharmaceutical Co Ltd | 79,776 | ||||||||
257,900 | China Shenhua Energy Co Ltd | 642,111 | ||||||||
1,912,500 | China Shenhua Energy Co Ltd (Hong Kong) | 3,313,675 | ||||||||
620,000 | * | China Shipbuilding Industry Co Ltd | 385,662 | |||||||
844,000 | China Shipping Development Co Ltd | 332,929 | ||||||||
46,600 | China South Publishing & Media Group Co Ltd | 73,091 | ||||||||
802,000 | *,e | China Southern Airlines Co Ltd | 420,075 | |||||||
242,700 | * | China Southern Airlines Co Ltd (Class A) | 200,011 | |||||||
44,200 | China Spacesat Co Ltd | 207,457 | ||||||||
1,174,320 | China State Construction Engineering Corp Ltd | 897,713 | ||||||||
1,076,744 | China State Construction International Holdings Ltd | 746,954 | ||||||||
7,167,336 | China Telecom Corp Ltd | 2,249,894 | ||||||||
23,716,778 | g | China Tower Corp Ltd | 3,711,546 | |||||||
31,700 | China TransInfo Technology Co Ltd | 105,298 | ||||||||
3,279,716 | China Unicom Ltd | 2,021,582 | ||||||||
913,600 | China United Network Communications Ltd | 651,928 | ||||||||
897,600 | China Vanke Co Ltd | 2,786,118 | ||||||||
296,400 | China Vanke Co Ltd (Class A) | 1,222,276 | ||||||||
739,000 | China Yangtze Power Co Ltd | 2,096,475 | ||||||||
614,000 | g | China Yuhua Education Corp Ltd | 485,697 | |||||||
88,000 | Chinese Universe Publishing and Media Group Co Ltd | 152,281 | ||||||||
13,100 | Chongqing Brewery Co Ltd | 209,201 | ||||||||
176,300 | * | Chongqing Changan Automobile Co Ltd | 436,281 | |||||||
26,500 | Chongqing Fuling Zhacai Group Co Ltd | 165,561 | ||||||||
1,342,000 | Chongqing Rural Commercial Bank | 535,869 | ||||||||
52,900 | Chongqing Zhifei Biological Products Co Ltd | 1,267,057 | ||||||||
1,642,939 | CIFI Holdings Group Co Ltd | 1,138,197 | ||||||||
3,099,738 | Citic Pacific Ltd | 2,216,121 | ||||||||
1,212,500 | CITIC Securities Co Ltd | 2,628,942 | ||||||||
343,000 | CITIC Securities Co Ltd (Class A) | 1,471,269 | ||||||||
9,784,674 | CNOOC Ltd | 8,952,543 | ||||||||
69,800 | Contemporary Amperex Technology Co Ltd | 2,563,478 | ||||||||
958,196 | COSCO Pacific Ltd | 561,198 | ||||||||
231,000 | COSCO SHIPPING Development Co Ltd | 72,189 | ||||||||
142,500 | COSCO SHIPPING Energy Transportation Co Ltd | 140,070 | ||||||||
162,100 | * | COSCO SHIPPING Holdings Co Ltd | 158,652 | |||||||
4,147,416 | Country Garden Holdings Co Ltd | 5,125,629 | ||||||||
716,000 | Country Garden Services Holdings Co Ltd | 4,509,152 | ||||||||
2,504,050 | CRRC Corp Ltd | 971,273 | ||||||||
697,500 | CRRC Corp Ltd (Class A) | 562,164 | ||||||||
94,100 | CSC Financial Co Ltd | 603,949 | ||||||||
4,751,489 | CSPC Pharmaceutical Group Ltd | 5,045,725 | ||||||||
30,910 | Da An Gene Co Ltd | 174,798 | ||||||||
1,085,500 | g | Dali Foods Group Co Ltd | 673,946 | |||||||
467,600 | Daqin Railway Co Ltd | 447,867 |
274 |
TIAA-CREF FUNDS - Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
30,520 | �� | Dawning Information Industry Co Ltd | $ | 163,361 | ||||||
66,900 | DHC Software Co Ltd | 91,450 | ||||||||
8,900 | Dong-E-E-Jiao Co Ltd | 50,948 | ||||||||
233,800 | Dongfang Electric Corp Ltd | 370,824 | ||||||||
1,609,917 | Dongfeng Motor Group Co Ltd | 1,134,066 | ||||||||
200,700 | Dongxing Securities Co Ltd | 366,706 | ||||||||
235,320 | East Money Information Co Ltd | 824,429 | ||||||||
415,200 | ENN Energy Holdings Ltd | 5,254,813 | ||||||||
46,761 | Eve Energy Co Ltd | 372,872 | ||||||||
123,000 | Everbright Securities Co Ltd | 331,532 | ||||||||
142,860 | * | Fangda Carbon New Material Co Ltd | 134,169 | |||||||
1,007,000 | Far East Horizon Ltd | 993,243 | ||||||||
36,800 | Fiberhome Telecommunication Technologies Co Ltd | 129,868 | ||||||||
116,500 | Financial Street Holdings Co Ltd | 116,194 | ||||||||
178,400 | First Capital Securities Co Ltd | 265,224 | ||||||||
552,340 | Focus Media Information Technology Co Ltd | 772,472 | ||||||||
90,150 | Foshan Haitian Flavouring & Food Co Ltd | 2,157,616 | ||||||||
1,370,952 | Fosun International | 1,655,469 | ||||||||
234,600 | * | Founder Securities Co Ltd | 326,622 | |||||||
228,600 | Foxconn Industrial Internet Co Ltd | 467,036 | ||||||||
2,718,000 | Franshion Properties China Ltd | 1,377,081 | ||||||||
16,400 | Fujian Star-net Communication Co Ltd | 58,814 | ||||||||
26,100 | Fujian Sunner Development Co Ltd | 86,107 | ||||||||
62,700 | Future Land Holdings Co Ltd | 305,094 | ||||||||
37,300 | Fuyao Glass Industry Group Co Ltd | 209,126 | ||||||||
271,698 | g | Fuyao Glass Industry Group Co Ltd (Hong Kong) | 1,152,747 | |||||||
1,500 | G-bits Network Technology Xiamen Co Ltd | 105,837 | ||||||||
134,700 | * | GCL System Integration Technology Co Ltd | 69,531 | |||||||
537,900 | GD Power Development Co Ltd | 157,581 | ||||||||
41,700 | * | GDS Holdings Ltd (ADR) | 3,504,468 | |||||||
3,101,828 | Geely Automobile Holdings Ltd | 6,373,809 | ||||||||
268,600 | GEM Co Ltd | 193,381 | ||||||||
127,600 | Gemdale Corp | 254,897 | ||||||||
544,000 | * | Genscript Biotech Corp | 757,453 | |||||||
819,600 | GF Securities Co Ltd | 1,059,817 | ||||||||
132,000 | GF Securities Co Ltd (Class A) | 304,314 | ||||||||
35,800 | Giant Network Group Co Ltd | 101,644 | ||||||||
11,620 | Gigadevice Semiconductor Beijing, Inc | 337,779 | ||||||||
28,300 | Glodon Co Ltd | 301,305 | ||||||||
92,700 | GoerTek, Inc | 629,149 | ||||||||
5,601,968 | *,e | GOME Electrical Appliances Holdings Ltd | 622,344 | |||||||
251,900 | Grandjoy Holdings Group Co Ltd | 171,894 | ||||||||
1,627,266 | Great Wall Motor Co Ltd | 2,634,657 | ||||||||
85,100 | Gree Electric Appliances, Inc of Zhuhai | 746,073 | ||||||||
207,300 | Greenland Holdings Corp Ltd | 192,115 | ||||||||
757,305 | Greentown Service Group Co Ltd | 831,375 | ||||||||
51,700 | GRG Banking Equipment Co Ltd | 89,469 | ||||||||
41,000 | *,e | GSX Techedu, Inc (ADR) | 2,723,220 | |||||||
37,500 | Guangdong Haid Group Co Ltd | 345,365 | ||||||||
70,300 | * | Guangdong HEC Technology Holding Co Ltd | 59,861 | |||||||
20,100 | Guangdong Hongda Blasting Co Ltd | 143,786 | ||||||||
1,610,000 | Guangdong Investments Ltd | 2,387,806 | ||||||||
216,700 | Guangdong LY Intelligent Manufacturing Co Ltd | 423,140 | ||||||||
397,700 | * | Guanghui Energy Co Ltd | 171,347 |
275 |
TIAA-CREF FUNDS - Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
1,528,851 | Guangzhou Automobile Group Co Ltd (Hong Kong) | $ | 1,571,786 | |||||||
60,400 | Guangzhou Baiyun International Airport Co Ltd | 113,436 | ||||||||
42,100 | Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd | 192,292 | ||||||||
41,100 | Guangzhou Haige Communications Group, Inc Co | 68,809 | ||||||||
11,600 | Guangzhou Kingmed Diagnostics Group Co Ltd | 182,912 | ||||||||
761,600 | Guangzhou R&F Properties Co Ltd | 968,511 | ||||||||
20,272 | Guangzhou Shiyuan Electronic Technology Co Ltd | 311,614 | ||||||||
9,200 | Guangzhou Wondfo Biotech Co Ltd | 104,720 | ||||||||
35,900 | * | Guocheng Mining Co Ltd | 56,620 | |||||||
134,800 | Guosen Securities Co Ltd | 269,403 | ||||||||
221,800 | Guotai Junan Securities Co Ltd | 611,221 | ||||||||
291,400 | g | Guotai Junan Securities Co Ltd (Hong Kong) | 379,837 | |||||||
29,800 | * | Guoxuan High-Tech Co Ltd | 117,723 | |||||||
131,430 | Guoyuan Securities Co Ltd | 164,801 | ||||||||
418,000 | e,g | Haidilao International Holding Ltd | 2,768,747 | |||||||
682,000 | Haier Electronics Group Co Ltd | 2,599,939 | ||||||||
577,300 | * | Hainan Airlines Holding Co Ltd | 133,813 | |||||||
388,000 | Haitian International Holdings Ltd | 961,680 | ||||||||
1,573,200 | * | Haitong Securities Co Ltd | 1,332,733 | |||||||
231,500 | * | Haitong Securities Co Ltd (Class A) | 486,623 | |||||||
292,600 | Hangzhou Hikvision Digital Technology Co Ltd | 1,966,826 | ||||||||
19,700 | Hangzhou Robam Appliances Co Ltd | 107,849 | ||||||||
34,500 | Hangzhou Silan Microelectronics Co Ltd | 77,936 | ||||||||
16,000 | Hangzhou Tigermed Consulting Co Ltd | 297,186 | ||||||||
626,000 | *,g | Hansoh Pharmaceutical Group Co Ltd | 2,801,792 | |||||||
13,500 | Hefei Meiya Optoelectronic Technology, Inc | 85,275 | ||||||||
47,000 | Heilongjiang Agriculture Co Ltd | 122,369 | ||||||||
81,400 | Henan Shuanghui Investment & Development Co Ltd | 608,489 | ||||||||
353,000 | Hengan International Group Co Ltd | 2,462,371 | ||||||||
213,720 | Hengli Petrochemical Co Ltd | 617,202 | ||||||||
82,980 | Hengtong Optic-electric Co Ltd | 181,883 | ||||||||
230,060 | Hengyi Petrochemical Co Ltd | 396,543 | ||||||||
88,900 | * | Hesteel Co Ltd | 27,384 | |||||||
20,000 | Hithink RoyalFlush Information Network Co Ltd | 404,686 | ||||||||
62,200 | * | Holitech Technology Co Ltd | 41,258 | |||||||
18,900 | Hongfa Technology Co Ltd | 145,458 | ||||||||
232,051 | *,e,g | Hua Hong Semiconductor Ltd | 854,899 | |||||||
197,010 | Huaan Securities Co Ltd | 234,953 | ||||||||
408,000 | Huadian Power International Corp Ltd (Class A) | 205,160 | ||||||||
45,800 | Huadong Medicine Co Ltd | 191,202 | ||||||||
28,600 | Huagong Tech Co Ltd | 99,708 | ||||||||
57,720 | Hualan Biological Engineering, Inc | 442,134 | ||||||||
241,400 | Huaneng Power International, Inc | 176,187 | ||||||||
1,843,110 | Huaneng Power International, Inc (Hong Kong) | 688,527 | ||||||||
836,600 | g | Huatai Securities Co Ltd | 1,354,965 | |||||||
216,000 | Huatai Securities Co Ltd (Class A) | 658,662 | ||||||||
135,500 | Huaxi Securities Co Ltd | 235,388 | ||||||||
373,900 | Huaxia Bank Co Ltd | 338,533 | ||||||||
35,900 | Huaxin Cement Co Ltd | 130,120 | ||||||||
113,073 | Huayu Automotive Systems Co Ltd | 526,000 | ||||||||
82,966 | Huazhu Group Ltd (ADR) | 3,287,943 | ||||||||
88,900 | Hubei Biocause Pharmaceutical Co Ltd | 66,212 | ||||||||
104,500 | Hubei Energy Group Co Ltd | 61,869 | ||||||||
29,200 | Hubei Jumpcan Pharmaceutical Co Ltd | 96,492 |
276 |
TIAA-CREF FUNDS - Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
66,500 | * | Hubei Kaile Science & Technology Co Ltd | $ | 123,149 | ||||||
105,800 | Hunan Valin Steel Co Ltd | 80,336 | ||||||||
36,647 | Hundsun Technologies, Inc | 510,574 | ||||||||
36,200 | * | Hutchison China MediTech Ltd (ADR) | 1,065,728 | |||||||
35,000 | *,e | HUYA, Inc (ADR) | 784,000 | |||||||
58,900 | Iflytek Co Ltd | 335,476 | ||||||||
1,842,500 | Industrial & Commercial Bank of China Ltd | 1,354,049 | ||||||||
32,469,777 | Industrial & Commercial Bank of China Ltd (Hong Kong) | 18,438,419 | ||||||||
699,000 | Industrial Bank Co Ltd | 1,859,597 | ||||||||
289,600 | Industrial Securities Co Ltd | 336,151 | ||||||||
1,216,700 | * | Inner Mongolia BaoTou Steel Union Co Ltd | 207,272 | |||||||
37,600 | Inner Mongolia First Machinery Group Co Ltd | 61,012 | ||||||||
343,300 | Inner Mongolia Junzheng Energy & Chemical Industry Group Co Ltd | 362,192 | ||||||||
195,000 | Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd | 74,988 | ||||||||
211,600 | Inner Mongolia Yili Industrial Group Co Ltd | 1,257,447 | ||||||||
577,700 | Inner Mongolia Yitai Coal Co | 362,463 | ||||||||
498,500 | *,g | Innovent Biologics, Inc | 3,696,375 | |||||||
36,064 | Inspur Electronic Information Industry Co Ltd | 164,683 | ||||||||
119,900 | * | IQIYI, Inc (ADR) | 2,961,530 | |||||||
18,240 | Jafron Biomedical Co Ltd | 216,393 | ||||||||
446,424 | * | JD.com, Inc (ADR) | 36,392,485 | |||||||
73,300 | Jiangsu Changshu Rural Commercial Bank Co Ltd | 74,214 | ||||||||
810,000 | Jiangsu Express | 810,712 | ||||||||
29,156 | Jiangsu Hengli Hydraulic Co Ltd | 330,058 | ||||||||
168,212 | Jiangsu Hengrui Medicine Co Ltd | 2,237,309 | ||||||||
33,000 | Jiangsu King's Luck Brewery JSC Ltd | 256,145 | ||||||||
73,692 | Jiangsu Shagang Co Ltd | 142,957 | ||||||||
47,300 | Jiangsu Yanghe Brewery Joint-Stock Co Ltd | 1,189,568 | ||||||||
8,500 | Jiangsu Yangnong Chemical Co Ltd | 118,276 | ||||||||
26,000 | Jiangsu Yuyue Medical Equipment & Supply Co Ltd | 120,037 | ||||||||
207,800 | Jiangsu Zhongnan Construction Group Co Ltd | 280,780 | ||||||||
98,900 | Jiangsu Zhongtian Technology Co Ltd | 163,104 | ||||||||
695,000 | Jiangxi Copper Co Ltd | 829,960 | ||||||||
100,300 | Jiangxi Copper Co Ltd (Class A) | 222,401 | ||||||||
53,000 | Jiangxi Ganfeng Lithium Co Ltd | 483,572 | ||||||||
106,100 | Jiangxi Zhengbang Technology Co Ltd | 271,425 | ||||||||
36,500 | Jilin Aodong Pharmaceutical Group Co Ltd | 91,814 | ||||||||
61,900 | Jinduicheng Molybdenum Co Ltd | 52,531 | ||||||||
208,500 | Jinke Properties Group Co Ltd | 241,943 | ||||||||
39,800 | Jinyu Bio-Technology Co Ltd | 140,958 | ||||||||
49,000 | Joincare Pharmaceutical Group Industry Co Ltd | 110,608 | ||||||||
64,500 | * | Jointown Pharmaceutical Group Co Ltd | 175,227 | |||||||
21,500 | Jonjee Hi-Tech Industrial And Commercial Holding Co Ltd | 202,225 | ||||||||
22,400 | Joyoung Co Ltd | 118,180 | ||||||||
31,304 | JOYY, Inc (ADR) | 2,860,560 | ||||||||
13,800 | Juewei Food Co Ltd | 167,102 | ||||||||
51,600 | Juneyao Airlines Co Ltd | 82,633 | ||||||||
1,152,000 | Kaisa Group Holdings Ltd | 537,294 | ||||||||
48,700 | * | KE Holdings, Inc (ADR) | 3,396,825 | |||||||
392,881 | Kingboard Chemical Holdings Ltd | 1,330,707 | ||||||||
1,221,000 | Kingdee International Software Group Co Ltd | 3,223,752 | ||||||||
431,000 | Kingsoft Corp Ltd | 2,318,452 | ||||||||
126,000 | *,e,g | Koolearn Technology Holding Ltd | 407,958 | |||||||
39,800 | Kweichow Moutai Co Ltd | 9,943,910 |
277 |
TIAA-CREF FUNDS - Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
322,465 | *,† | KWG Living Group Holdings Ltd | $ | 252,897 | ||||||
644,929 | KWG Property Holding Ltd | 855,234 | ||||||||
9,940 | Laobaixing Pharmacy Chain JSC | 106,300 | ||||||||
693,000 | Lee & Man Paper Manufacturing Ltd | 525,192 | ||||||||
389,700 | e,g | Legend Holdings Corp | 524,334 | |||||||
3,805,856 | Lenovo Group Ltd | 2,389,596 | ||||||||
102,600 | Lens Technology Co Ltd | 513,953 | ||||||||
237,100 | Leo Group Co Ltd | 112,462 | ||||||||
50,700 | Lepu Medical Technology Beijing Co Ltd | 233,616 | ||||||||
229,700 | Leyard Optoelectronic Co Ltd | 245,326 | ||||||||
1,103,500 | Li Ning Co Ltd | 5,751,375 | ||||||||
28,800 | Liaoning Cheng Da Co Ltd | 97,255 | ||||||||
22,100 | Livzon Pharmaceutical Group, Inc | 160,000 | ||||||||
672,000 | Logan Property Holdings Co Ltd | 1,054,357 | ||||||||
60,600 | Lomon Billions Group Co Ltd | 224,434 | ||||||||
925,000 | g | Longfor Properties Co Ltd | 5,068,176 | |||||||
122,900 | LONGi Green Energy Technology Co Ltd | 1,397,366 | ||||||||
36,900 | Luenmei Quantum Co Ltd | 72,922 | ||||||||
215,253 | Luxshare Precision Industry Co Ltd | 1,763,123 | ||||||||
1,017,000 | e,g | Luye Pharma Group Ltd | 590,187 | |||||||
41,000 | Luzhou Laojiao Co Ltd | 1,058,926 | ||||||||
96,024 | Maanshan Iron & Steel Co Ltd (Class A) | 37,043 | ||||||||
66,770 | Mango Excellent Media Co Ltd | 741,058 | ||||||||
4,600 | Maxscend Microelectronics Co Ltd | 298,357 | ||||||||
93,728 | * | Meinian Onehealth Healthcare Holdings Co Ltd | 239,162 | |||||||
1,867,200 | * | Meituan Dianping (Class B) | 69,607,644 | |||||||
525,300 | Metallurgical Corp of China Ltd | 203,626 | ||||||||
79,764 | Momo, Inc (ADR) | 1,196,460 | ||||||||
117,846 | Muyuan Foodstuff Co Ltd | 1,249,770 | ||||||||
56,700 | NanJi E-Commerce Co Ltd | 155,891 | ||||||||
15,600 | Nanjing King-Friend Biochemical Pharmaceutical Co Ltd | 91,477 | ||||||||
103,900 | Nanjing Securities Co Ltd | 194,310 | ||||||||
34,500 | * | Nanyang Topsec Technologies Group, Inc | 108,717 | |||||||
131,900 | NARI Technology Co Ltd | 409,892 | ||||||||
14,900 | NAURA Technology Group Co Ltd | 381,771 | ||||||||
124,400 | NavInfo Co Ltd | 264,469 | ||||||||
216,005 | Netease.com (ADR) | 18,747,074 | ||||||||
64,400 | New China Life Insurance Co Ltd | 618,983 | ||||||||
454,200 | New China Life insurance Co Ltd (Hong Kong) | 1,815,371 | ||||||||
139,500 | New Hope Liuhe Co Ltd | 560,520 | ||||||||
74,684 | * | New Oriental Education & Technology Group (ADR) | 11,977,820 | |||||||
21,600 | Newland Digital Technology Co Ltd | 51,120 | ||||||||
23,700 | Ninestar Corp | 103,345 | ||||||||
30,200 | Ningbo Joyson Electronic Corp | 108,143 | ||||||||
31,900 | Ningbo Tuopu Group Co Ltd | 182,156 | ||||||||
557,364 | * | NIO, Inc (ADR) | 17,044,191 | |||||||
17,852 | * | Noah Holdings Ltd (ADR) | 470,043 | |||||||
76,100 | Northeast Securities Co Ltd | 106,243 | ||||||||
365,700 | Oceanwide Holdings Co Ltd | 225,007 | ||||||||
48,900 | Offcn Education Technology Co Ltd | 288,937 | ||||||||
207,326 | Offshore Oil Engineering Co Ltd | 131,285 | ||||||||
74,400 | O-film Tech Co Ltd | 172,122 | ||||||||
7,840 | Oppein Home Group, Inc | 144,153 | ||||||||
144,900 | Orient Securities Co Ltd | 233,108 |
278 |
TIAA-CREF FUNDS - Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
10,500 | Ovctek China, Inc | $ | 107,064 | |||||||
194,200 | * | Pacific Securities Co Ltd | 109,361 | |||||||
193,600 | * | Pangang Group Vanadium Titanium & Resources Co Ltd | 57,654 | |||||||
4,132,220 | People's Insurance Co Group of China Ltd | 1,229,574 | ||||||||
167,600 | * | People's Insurance Co Group of China Ltd (Class A) | 166,301 | |||||||
45,750 | Perfect World Co Ltd | 192,005 | ||||||||
3,686,306 | PICC Property & Casualty Co Ltd | 2,501,945 | ||||||||
142,281 | * | Pinduoduo, Inc (ADR) | 12,802,444 | |||||||
590,800 | Ping An Bank Co Ltd | 1,567,834 | ||||||||
270,600 | *,e,g | Ping An Healthcare and Technology Co Ltd | 3,491,733 | |||||||
3,152,526 | Ping An Insurance Group Co of China Ltd | 32,596,089 | ||||||||
328,900 | Ping An Insurance Group Co of China Ltd (Class A) | 3,827,601 | ||||||||
62,000 | e | Poly Property Development Co Ltd | 447,311 | |||||||
326,100 | Poly Real Estate Group Co Ltd | 749,673 | ||||||||
5,344,000 | g | Postal Savings Bank of China Co Ltd | 2,622,639 | |||||||
342,500 | Postal Savings Bank of China Co Ltd | 235,343 | ||||||||
483,600 | Power Construction Corp of China Ltd | 277,949 | ||||||||
5,200 | Proya Cosmetics Co Ltd | 134,473 | ||||||||
200,100 | Qingdao Haier Co Ltd | 744,559 | ||||||||
173,600 | Qingdao Rural Commercial Bank Corp | 122,137 | ||||||||
162,500 | RiseSun Real Estate Development Co Ltd | 170,935 | ||||||||
122,600 | Rongsheng Petro Chemical Co Ltd | 349,675 | ||||||||
297,100 | SAIC Motor Corp Ltd | 1,028,538 | ||||||||
176,700 | Sanan Optoelectronics Co Ltd | 588,156 | ||||||||
8,600 | Sangfor Technologies, Inc | 244,430 | ||||||||
68,700 | Sansteel Minguang Co Ltd | 67,628 | ||||||||
224,700 | Sany Heavy Industry Co Ltd | 873,223 | ||||||||
105,800 | SDIC Capital Co Ltd | 221,395 | ||||||||
375,600 | SDIC Power Holdings Co Ltd | 519,173 | ||||||||
368,160 | Sealand Securities Co Ltd | 286,640 | ||||||||
1,116,000 | Seazen Group Ltd | 836,673 | ||||||||
1,875,765 | * | Semiconductor Manufacturing International Corp | 5,533,753 | |||||||
97,700 | SF Holding Co Ltd | 1,210,191 | ||||||||
4,700 | SG Micro Corp | 191,172 | ||||||||
266,700 | Shaanxi Coal Industry Co Ltd | 349,245 | ||||||||
73,690 | Shandong Buchang Pharmaceuticals Co Ltd | 267,099 | ||||||||
114,345 | Shandong Gold Mining Co Ltd | 409,060 | ||||||||
43,000 | Shandong Hualu Hengsheng Chemical Co Ltd | 181,951 | ||||||||
44,800 | Shandong Linglong Tyre Co Ltd | 200,604 | ||||||||
399,700 | Shandong Nanshan Aluminum Co Ltd | 140,480 | ||||||||
20,000 | Shandong Sinocera Functional Material Co Ltd | 122,844 | ||||||||
62,300 | Shandong Sun Paper Industry JSC Ltd | 129,672 | ||||||||
1,319,390 | Shandong Weigao Group Medical Polymer Co Ltd | 2,558,810 | ||||||||
135,000 | Shanghai 2345 Network Holding Group Co Ltd | 54,563 | ||||||||
20,000 | Shanghai Baosight Software Co Ltd | 189,953 | ||||||||
198,400 | Shanghai Construction Group Co Ltd | 90,221 | ||||||||
168,400 | * | Shanghai Electric Group Co Ltd | 124,432 | |||||||
1,328,623 | * | Shanghai Electric Group Co Ltd (Hong Kong) | 377,650 | |||||||
83,700 | Shanghai Electric Power Co Ltd | 89,449 | ||||||||
63,300 | Shanghai Fosun Pharmaceutical Group Co Ltd | 515,723 | ||||||||
275,985 | Shanghai Fosun Pharmaceutical Group Co Ltd (Hong Kong) | 1,138,989 | ||||||||
289,000 | Shanghai Industrial Holdings Ltd | 386,155 | ||||||||
31,900 | Shanghai International Airport Co Ltd | 315,584 | ||||||||
295,600 | Shanghai International Port Group Co Ltd | 184,776 |
279 |
TIAA-CREF FUNDS - Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
16,700 | Shanghai Jahwa United Co Ltd | $ | 103,085 | |||||||
20,800 | Shanghai Jinjiang International Hotels Development Co Ltd | 139,123 | ||||||||
595,679 | Shanghai Lujiazui Finance & Trade Zone Development Co Ltd | 490,544 | ||||||||
20,600 | Shanghai M&G Stationery, Inc | 247,465 | ||||||||
88,000 | Shanghai Oriental Pearl Group Co Ltd | 120,864 | ||||||||
60,400 | Shanghai Pharmaceuticals Holding Co Ltd | 180,086 | ||||||||
502,741 | Shanghai Pharmaceuticals Holding Co Ltd (Hong Kong) | 780,408 | ||||||||
1,012,500 | Shanghai Pudong Development Bank Co Ltd | 1,400,629 | ||||||||
13,800 | Shanghai Putailai New Energy Technology Co Ltd | 230,368 | ||||||||
186,000 | Shanghai RAAS Blood Products Co Ltd | 237,485 | ||||||||
189,800 | Shanghai Tunnel Engineering Co Ltd | 158,371 | ||||||||
73,100 | Shanghai Yuyuan Tourist Mart Group Co Ltd | 94,784 | ||||||||
48,800 | Shanghai Zhangjiang High-Tech Park Development Co Ltd | 138,230 | ||||||||
204,600 | Shanxi Lu'an Environmental Energy Development Co Ltd | 180,106 | ||||||||
123,100 | * | Shanxi Meijin Energy Co Ltd | 109,968 | |||||||
173,160 | Shanxi Securities Co Ltd | 194,734 | ||||||||
136,300 | Shanxi Taigang Stainless Steel Co Ltd | 71,358 | ||||||||
22,500 | Shanxi Xinghuacun Fen Wine Factory Co Ltd | 757,118 | ||||||||
144,170 | Shanxi Xishan Coal & Electricity Power Co Ltd | 99,877 | ||||||||
294,700 | Shenergy Co Ltd | 229,855 | ||||||||
55,200 | Shengyi Technology Co Ltd | 197,768 | ||||||||
11,760 | Shennan Circuits Co Ltd | 190,124 | ||||||||
585,400 | Shenwan Hongyuan Group Co Ltd | 441,517 | ||||||||
68,300 | Shenzhen Airport Co Ltd | 81,581 | ||||||||
31,800 | Shenzhen Energy Group Co Ltd | 25,803 | ||||||||
412,000 | Shenzhen Expressway Co Ltd | 367,471 | ||||||||
15,900 | Shenzhen Goodix Technology Co Ltd | 408,854 | ||||||||
30,900 | Shenzhen Hepalink Pharmaceutical Group Co Ltd | 91,935 | ||||||||
43,300 | Shenzhen Inovance Technology Co Ltd | 416,254 | ||||||||
555,238 | Shenzhen International Holdings Ltd | 864,595 | ||||||||
1,772,470 | Shenzhen Investment Ltd | 541,455 | ||||||||
45,700 | Shenzhen Kaifa Technology Co Ltd | 145,246 | ||||||||
23,700 | Shenzhen Kangtai Biological Products Co Ltd | 643,341 | ||||||||
68,200 | Shenzhen Kingdom Sci-Tech Co Ltd | 181,324 | ||||||||
33,200 | Shenzhen Mindray Bio-Medical Electronics Co Ltd | 1,921,814 | ||||||||
202,600 | Shenzhen Overseas Chinese Town Co Ltd | 198,781 | ||||||||
50,500 | Shenzhen Salubris Pharmaceuticals Co Ltd | 232,914 | ||||||||
23,100 | Shenzhen Sunway Communication Co Ltd | 164,205 | ||||||||
440,800 | Shenzhou International Group Holdings Ltd | 7,669,640 | ||||||||
42,700 | Shijiazhuang Yiling Pharmaceutical Co Ltd | 169,995 | ||||||||
651,000 | Shimao Property Holdings Ltd | 2,306,046 | ||||||||
146,900 | * | Siasun Robot & Automation Co Ltd | 294,045 | |||||||
177,200 | Sichuan Chuantou Energy Co Ltd | 266,656 | ||||||||
44,300 | Sichuan Kelun Pharmaceutical Co Ltd | 155,176 | ||||||||
56,400 | Sichuan Languang Development Co Ltd | 41,638 | ||||||||
12,900 | Sichuan Swellfun Co Ltd | 127,744 | ||||||||
39,000 | Silergy Corp | 2,404,460 | ||||||||
31,735 | * | Sina Corp | 1,359,845 | |||||||
82,200 | Sinolink Securities Co Ltd | 184,208 | ||||||||
1,546,471 | Sino-Ocean Land Holdings Ltd | 295,791 | ||||||||
708,000 | Sinopec Engineering Group Co Ltd | 275,202 | ||||||||
2,140,000 | Sinopec Shanghai Petrochemical Co Ltd | 395,495 | ||||||||
228,783 | Sinopec Shanghai Petrochemical Co Ltd (Class A) | 113,126 | ||||||||
774,000 | Sinopharm Group Co | 1,778,220 |
280 |
TIAA-CREF FUNDS - Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
308,700 | Sinotrans Ltd (Class A) | $ | 188,509 | |||||||
368,745 | Sinotruk Hong Kong Ltd | 943,195 | ||||||||
1,016,000 | * | Soho China Ltd | 272,200 | |||||||
105,560 | Songcheng Performance Development Co Ltd | 262,186 | ||||||||
201,120 | SooChow Securities Co Ltd | 294,600 | ||||||||
131,200 | Southwest Securities Co Ltd | 99,045 | ||||||||
40,939 | Spring Airlines Co Ltd | 260,905 | ||||||||
50,800 | STO Express Co Ltd | 107,126 | ||||||||
1,259,500 | Sun Art Retail Group Ltd | 1,364,595 | ||||||||
1,347,031 | Sunac China Holdings Ltd | 4,992,299 | ||||||||
245,100 | Suning.com Co Ltd | 355,611 | ||||||||
375,417 | Sunny Optical Technology Group Co Ltd | 6,233,090 | ||||||||
38,400 | Sunwoda Electronic Co Ltd | 160,573 | ||||||||
33,000 | Suofeiya Home Collection Co Ltd | 139,311 | ||||||||
43,100 | Suzhou Dongshan Precision Manufacturing Co Ltd | 163,440 | ||||||||
84,500 | Suzhou Gold Mantis Construction Decoration Co Ltd | 124,771 | ||||||||
200,132 | * | TAL Education Group (ADR) | 13,300,773 | |||||||
36,800 | Tangshan Jidong Cement Co Ltd | 82,661 | ||||||||
191,900 | TBEA Co Ltd | 235,936 | ||||||||
396,500 | TCL Corp | 358,408 | ||||||||
3,002,604 | Tencent Holdings Ltd | 229,415,785 | ||||||||
194,600 | * | Tencent Music Entertainment (ADR) | 2,895,648 | |||||||
12,000 | Thunder Software Technology Co Ltd | 153,914 | ||||||||
217,800 | Tianfeng Securities Co Ltd | 191,232 | ||||||||
23,300 | Tianjin 712 Communication & Broadcasting Co Ltd | 150,041 | ||||||||
100,400 | Tianjin Chase Sun Pharmaceutical Co Ltd | 82,809 | ||||||||
64,900 | Tianjin Zhonghuan Semiconductor Co Ltd | 226,337 | ||||||||
72,100 | Tianma Microelectronics Co Ltd | 154,005 | ||||||||
66,560 | * | Tianqi Lithium Corp | 197,581 | |||||||
86,500 | Tianshui Huatian Technology Co Ltd | 186,042 | ||||||||
1,058,000 | Tingyi Cayman Islands Holding Corp | 1,936,057 | ||||||||
13,900 | Toly Bread Co Ltd | 132,216 | ||||||||
453,600 | * | Tongcheng-Elong Holdings Ltd | 754,941 | |||||||
36,000 | * | TongFu Microelectronics Co Ltd | 134,012 | |||||||
92,900 | Tonghua Dongbao Pharmaceutical Co Ltd | 199,235 | ||||||||
55,100 | Tongkun Group Co Ltd | 124,813 | ||||||||
199,000 | Tongling Nonferrous Metals Group Co Ltd | 64,606 | ||||||||
116,892 | Tongwei Co Ltd | 538,153 | ||||||||
8,400 | * | Topchoice Medical Corp | 283,100 | |||||||
624,000 | g | Topsports International Holdings Ltd | 855,623 | |||||||
92,900 | Transfar Zhilian Co Ltd | 75,318 | ||||||||
469,661 | Travelsky Technology Ltd | 990,041 | ||||||||
253,796 | * | Trip.com Group Ltd (ADR) | 7,299,173 | |||||||
226,000 | Tsingtao Brewery Co Ltd | 1,872,673 | ||||||||
21,500 | Tsingtao Brewery Co Ltd (Class A) | 254,968 | ||||||||
203,600 | * | Tunghsu Optoelectronic Technology Co Ltd | 83,292 | |||||||
19,100 | Unigroup Guoxin Microelectronics Co Ltd | 307,098 | ||||||||
787,000 | Uni-President China Holdings Ltd | 681,716 | ||||||||
75,880 | Unisplendour Corp Ltd | 249,803 | ||||||||
28,200 | Universal Scientific Industrial Shanghai Co Ltd | 92,334 | ||||||||
19,000 | Venustech Group, Inc | 87,898 | ||||||||
234,724 | * | Vipshop Holdings Ltd (ADR) | 5,023,094 | |||||||
28,200 | * | Visionox Technology, Inc | 54,982 | |||||||
51,400 | Walvax Biotechnology Co Ltd | 383,299 |
281 |
TIAA-CREF FUNDS - Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
58,500 | * | Wanda Film Holding Co Ltd | $ | 134,574 | ||||||
88,500 | Wangsu Science & Technology Co Ltd | 103,156 | ||||||||
89,400 | �� | Wanhua Chemical Group Co Ltd | 1,050,976 | |||||||
2,630,252 | Want Want China Holdings Ltd | 1,741,843 | ||||||||
29,372 | *,e | Weibo Corp (ADR) | 1,220,407 | |||||||
1,054,800 | Weichai Power Co Ltd | 2,000,199 | ||||||||
126,900 | Weichai Power Co Ltd (Class A) | 287,179 | ||||||||
10,200 | Weifu High-Technology Group Co Ltd | 39,205 | ||||||||
12,600 | Weihai Guangwei Composites Co Ltd | 124,501 | ||||||||
185,160 | Wens Foodstuffs Group Co Ltd | 525,309 | ||||||||
140,000 | Western Securities Co Ltd | 190,768 | ||||||||
89,500 | Westone Information Industry, Inc | 247,358 | ||||||||
13,600 | Will Semiconductor Ltd | 402,846 | ||||||||
27,800 | Wingtech Technology Co Ltd | 418,042 | ||||||||
77,860 | Winning Health Technology Group Co Ltd | 207,202 | ||||||||
1,194,000 | Winteam Pharmaceutical Group Ltd | 477,121 | ||||||||
41,400 | * | Wonders Information Co Ltd | 135,066 | |||||||
78,400 | Wuchan Zhongda Group Co Ltd | 51,862 | ||||||||
28,560 | Wuhan Guide Infrared Co Ltd | 144,732 | ||||||||
55,400 | Wuhu Shunrong Sanqi Interactive Entertainment Network Technology Co Ltd | 245,588 | ||||||||
80,400 | Wuhu Token Science Co Ltd | 120,053 | ||||||||
122,800 | Wuliangye Yibin Co Ltd | 4,489,861 | ||||||||
43,900 | WUS Printed Circuit Kunshan Co Ltd | 121,100 | ||||||||
70,420 | WuXi AppTec Co Ltd | 1,189,596 | ||||||||
144,815 | e,g | WuXi AppTec Co Ltd (Hong Kong) | 2,315,346 | |||||||
537,267 | *,g | Wuxi Biologics Cayman, Inc | 15,088,450 | |||||||
26,600 | Wuxi Lead Intelligent Equipment Co Ltd | 238,716 | ||||||||
68,900 | Wuxi Taiji Industry Co Ltd | 104,904 | ||||||||
143,900 | XCMG Construction Machinery Co Ltd | 115,412 | ||||||||
107,700 | Xiamen C & D, Inc | 134,895 | ||||||||
14,000 | Xiamen Intretech, Inc | 123,057 | ||||||||
138,600 | Xiamen Tungsten Co Ltd | 278,779 | ||||||||
5,528,800 | *,g | Xiaomi Corp | 15,724,098 | |||||||
217,900 | Xinhu Zhongbao Co Ltd | 104,490 | ||||||||
105,500 | Xinjiang Goldwind Science & Technology Co Ltd | 182,786 | ||||||||
446,000 | e | Xinjiang Goldwind Science & Technology Co Ltd (Hong Kong) | 587,930 | |||||||
2,135,780 | Xinyi Solar Holdings Ltd | 3,901,740 | ||||||||
54,830 | * | XPeng, Inc (ADR) | 1,062,605 | |||||||
273,900 | Yango Group Co Ltd | 281,285 | ||||||||
45,500 | Yantai Jereh Oilfield Services Group Co Ltd | 182,425 | ||||||||
938,464 | Yanzhou Coal Mining Co Ltd | 683,012 | ||||||||
148,900 | Yanzhou Coal Mining Co Ltd (Class A) | 200,859 | ||||||||
13,800 | Yealink Network Technology Corp Ltd | 124,551 | ||||||||
44,200 | Yifan Pharmaceutical Co Ltd | 150,123 | ||||||||
13,160 | Yifeng Pharmacy Chain Co Ltd | 200,442 | ||||||||
248,000 | Yihai International Holding Ltd | 3,294,449 | ||||||||
71,120 | Yintai Gold Co Ltd | 106,865 | ||||||||
383,600 | Yonghui Superstores Co Ltd | 448,096 | ||||||||
80,899 | Yonyou Network Technology Co Ltd | 523,552 | ||||||||
22,600 | Youzu Interactive Co Ltd | 53,135 | ||||||||
38,100 | * | Yuan Longping High-tech Agriculture Co Ltd | 95,488 | |||||||
3,236,000 | Yuexiul Property Co Ltd | 628,272 | ||||||||
208,173 | Yum China Holdings, Inc | 11,081,049 |
282 |
TIAA-CREF FUNDS - Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
60,710 | Yunda Holding Co Ltd | $ | 174,890 | |||||||
37,900 | Yunnan Baiyao Group Co Ltd | 583,983 | ||||||||
16,100 | Yunnan Energy New Material Co Ltd | 240,807 | ||||||||
926,300 | Yuzhou Properties Co | 358,544 | ||||||||
35,700 | * | Zai Lab Ltd (ADR) | 2,929,185 | |||||||
14,195 | Zhangzhou Pientzehuang Pharmaceutical Co Ltd | 487,437 | ||||||||
630,500 | Zhaojin Mining Industry Co Ltd | 816,219 | ||||||||
164,400 | * | Zhejiang Century Huatong Group Co Ltd | 209,762 | |||||||
56,916 | Zhejiang Chint Electrics Co Ltd | 249,580 | ||||||||
79,600 | * | Zhejiang Conba Pharmaceutical Co Ltd | 59,698 | |||||||
78,200 | Zhejiang Dahua Technology Co Ltd | 264,748 | ||||||||
10,220 | Zhejiang Dingli Machinery Co Ltd | 139,257 | ||||||||
918,414 | Zhejiang Expressway Co Ltd | 626,985 | ||||||||
42,130 | Zhejiang Huahai Pharmaceutical Co Ltd | 212,866 | ||||||||
37,176 | * | Zhejiang Huayou Cobalt Co Ltd | 221,619 | |||||||
38,400 | Zhejiang Jingsheng Mechanical & Electrical Co Ltd | 166,704 | ||||||||
225,600 | Zhejiang Juhua Co Ltd | 225,297 | ||||||||
149,600 | Zhejiang Longsheng Group Co Ltd | 297,576 | ||||||||
60,600 | Zhejiang NHU Co Ltd | 263,163 | ||||||||
99,970 | Zhejiang Sanhua Intelligent Controls Co Ltd | 366,365 | ||||||||
73,800 | Zhejiang Semir Garment Co Ltd | 92,085 | ||||||||
12,900 | Zhejiang Supor Co Ltd | 136,150 | ||||||||
58,900 | Zhejiang Wanfeng Auto Wheel Co Ltd | 63,343 | ||||||||
39,500 | Zhejiang Weixing New Building Materials Co Ltd | 110,531 | ||||||||
13,200 | Zhejiang Wolwo Bio-Pharmaceutical Co Ltd | 119,408 | ||||||||
91,800 | Zhengzhou Yutong Bus Co Ltd | 219,576 | ||||||||
782,000 | Zhenro Properties Group Ltd | 451,276 | ||||||||
128,300 | Zheshang Securities Co Ltd | 286,003 | ||||||||
204,700 | *,e,g | ZhongAn Online P&C Insurance Co Ltd | 1,071,495 | |||||||
14,000 | Zhongji Innolight Co Ltd | 99,123 | ||||||||
190,440 | Zhongjin Gold Corp Ltd | 266,061 | ||||||||
296,500 | Zhongsheng Group Holdings Ltd | 2,114,117 | ||||||||
219,800 | * | Zhongtian Financial Group Co Ltd | 100,132 | |||||||
278,600 | Zhuzhou CSR Times Electric Co Ltd | 857,947 | ||||||||
2,769,299 | Zijin Mining Group Co Ltd | 2,018,854 | ||||||||
591,800 | Zijin Mining Group Co Ltd (Class A) | 622,722 | ||||||||
163,900 | Zoomlion Heavy Industry Science and Technology Co Ltd | 181,507 | ||||||||
126,100 | ZTE Corp | 608,252 | ||||||||
389,664 | ZTE Corp (Class H) | 861,567 | ||||||||
212,022 | ZTO Express Cayman, Inc (ADR) | 6,144,398 | ||||||||
TOTAL CHINA | 1,464,703,423 | |||||||||
COLOMBIA - 0.2% | ||||||||||
138,344 | BanColombia S.A. | 875,742 | ||||||||
233,711 | BanColombia S.A. (Preference) | 1,479,432 | ||||||||
2,969,739 | Ecopetrol S.A. | 1,374,243 | ||||||||
133,223 | Grupo de Inversiones Suramericana S.A. | 691,871 | ||||||||
244,141 | Interconexion Electrica S.A. | 1,315,845 | ||||||||
TOTAL COLOMBIA | 5,737,133 | |||||||||
CZECH REPUBLIC - 0.1% | ||||||||||
94,038 | CEZ AS | 1,779,816 | ||||||||
36,567 | Komercni Banka AS | 742,535 | ||||||||
243,391 | g | Moneta Money Bank AS | 552,521 | |||||||
TOTAL CZECH REPUBLIC | 3,074,872 |
283 |
TIAA-CREF FUNDS - Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
EGYPT - 0.1% | ||||||||||
753,884 | Commercial International Bank | $ | 2,946,804 | |||||||
518,867 | Eastern Tobacco | 393,043 | ||||||||
371,381 | ElSwedy Cables Holding Co | 173,788 | ||||||||
TOTAL EGYPT | 3,513,635 | |||||||||
GREECE - 0.1% | ||||||||||
12,741 | *,† | Hellenic Duty Free Shops S.A. | 148 | |||||||
121,171 | Hellenic Telecommunications Organization S.A. | 1,606,934 | ||||||||
55,194 | JUMBO S.A. | 773,617 | ||||||||
32,834 | Motor Oil Hellas Corinth Refineries S.A. | 306,991 | ||||||||
113,515 | OPAP S.A. | 918,345 | ||||||||
TOTAL GREECE | 3,606,035 | |||||||||
HONG KONG - 0.4% | ||||||||||
6,861,652 | *,e | Alibaba Pictures Group Ltd | 896,135 | |||||||
665,000 | China Overseas Property Holdings Ltd | 482,962 | ||||||||
1,341,226 | China Resources Cement Holdings Ltd | 1,756,241 | ||||||||
565,651 | Kingboard Laminates Holdings Ltd | 904,078 | ||||||||
861,000 | Nine Dragons Paper Holdings Ltd | 1,148,430 | ||||||||
5,480,331 | Sino Biopharmaceutical | 5,551,542 | ||||||||
818,000 | SSY Group Ltd | 447,746 | ||||||||
191,000 | Vinda International Holdings Ltd | 506,866 | ||||||||
803,000 | Wharf Holdings Ltd | 1,662,285 | ||||||||
TOTAL HONG KONG | 13,356,285 | |||||||||
HUNGARY - 0.2% | ||||||||||
217,493 | * | MOL Hungarian Oil & Gas plc | 1,056,129 | |||||||
116,417 | * | OTP Bank | 3,631,578 | |||||||
66,738 | Richter Gedeon Rt | 1,362,620 | ||||||||
TOTAL HUNGARY | 6,050,327 | |||||||||
INDIA - 7.9% | ||||||||||
334,042 | Ambuja Cements Ltd | 1,169,478 | ||||||||
153,609 | Asian Paints Ltd | 4,581,675 | ||||||||
153,581 | Aurobindo Pharma Ltd | 1,600,526 | ||||||||
81,484 | *,g | Avenue Supermarts Ltd | 2,463,480 | |||||||
1,188,124 | * | Axis Bank Ltd | 7,875,628 | |||||||
92,665 | Bajaj Finance Ltd | 4,133,641 | ||||||||
19,119 | Bajaj Finserv Ltd | 1,436,786 | ||||||||
36,763 | Bajaj Holdings and Investment Ltd | 1,432,127 | ||||||||
386,497 | *,g | Bandhan Bank Ltd | 1,502,876 | |||||||
100,444 | Berger Paints India Ltd | 843,684 | ||||||||
115,371 | Bharat Forge Ltd | 701,599 | ||||||||
350,817 | Bharat Petroleum Corp Ltd | 1,677,086 | ||||||||
666,974 | Bharti Airtel Ltd | 3,899,818 | ||||||||
182,660 | Bharti Infratel Ltd | 457,042 | ||||||||
151,873 | * | Biocon Ltd | 826,874 | |||||||
3,399 | Bosch Ltd | 531,393 | ||||||||
30,564 | Britannia Industries Ltd | 1,431,405 | ||||||||
178,785 | Cipla Ltd | 1,819,155 |
284 |
TIAA-CREF FUNDS - Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
672,143 | Coal India Ltd | $ | 1,034,637 | |||||||
35,063 | Colgate-Palmolive India Ltd | 717,383 | ||||||||
90,433 | Container Corp Of India Ltd | 476,354 | ||||||||
290,437 | Dabur India Ltd | 2,004,297 | ||||||||
38,254 | Divi S Laboratories Ltd | 1,621,124 | ||||||||
367,391 | DLF Ltd | 783,895 | ||||||||
59,154 | Dr Reddy's Laboratories Ltd | 3,896,585 | ||||||||
70,190 | Eicher Motors Ltd | 1,975,350 | ||||||||
962,406 | GAIL India Ltd | 1,099,761 | ||||||||
217,659 | Godrej Consumer Products Ltd | 1,955,765 | ||||||||
147,436 | Grasim Industries Ltd | 1,547,888 | ||||||||
116,808 | Havells India Ltd | 1,146,544 | ||||||||
576,467 | HCL Technologies Ltd | 6,558,813 | ||||||||
26,129 | g | HDFC Asset Management Co Ltd | 792,919 | |||||||
372,944 | *,g | HDFC Life Insurance Co Ltd | 2,966,494 | |||||||
51,288 | Hero Honda Motors Ltd | 1,934,972 | ||||||||
612,422 | Hindalco Industries Ltd | 1,413,086 | ||||||||
431,652 | Hindustan Lever Ltd | 12,069,147 | ||||||||
320,033 | Hindustan Petroleum Corp Ltd | 810,651 | ||||||||
864,804 | Housing Development Finance Corp | 22,435,813 | ||||||||
2,677,094 | * | ICICI Bank Ltd | 14,081,615 | |||||||
106,900 | *,g | ICICI Lombard General Insurance Co Ltd | 1,781,743 | |||||||
184,532 | *,g | ICICI Prudential Life Insurance Co Ltd | 1,003,814 | |||||||
1,133,603 | Indian Oil Corp Ltd | 1,216,611 | ||||||||
110,354 | Indraprastha Gas Ltd | 599,205 | ||||||||
32,926 | Info Edge India Ltd | 1,576,051 | ||||||||
1,788,039 | Infosys Technologies Ltd | 25,617,487 | ||||||||
46,919 | *,g | InterGlobe Aviation Ltd | 828,098 | |||||||
1,575,190 | ITC Ltd | 3,520,121 | ||||||||
457,180 | JSW Steel Ltd | 1,909,314 | ||||||||
38,386 | Jubilant Foodworks Ltd | 1,125,779 | ||||||||
244,978 | Larsen & Toubro Ltd | 3,069,368 | ||||||||
168,871 | LIC Housing Finance Ltd | 644,198 | ||||||||
116,299 | Lupin Ltd | 1,426,176 | ||||||||
392,932 | Mahindra & Mahindra Ltd | 3,145,658 | ||||||||
259,552 | Marico Ltd | 1,249,833 | ||||||||
63,957 | Maruti Suzuki India Ltd | 6,007,082 | ||||||||
488,899 | Motherson Sumi Systems Ltd | 695,732 | ||||||||
282,920 | Mundra Port and Special Economic Zone Ltd | 1,372,344 | ||||||||
12,437 | Nestle India Ltd | 2,878,483 | ||||||||
1,253,537 | NTPC Ltd | 1,481,188 | ||||||||
3,174 | Page Industries Ltd | 859,307 | ||||||||
341,675 | Petronet LNG Ltd | 1,064,356 | ||||||||
55,497 | Pidilite Industries Ltd | 1,175,254 | ||||||||
49,329 | Piramal Healthcare Ltd | 839,222 | ||||||||
985,326 | Power Grid Corp of India Ltd | 2,273,738 | ||||||||
1,496,193 | Reliance Industries Ltd | 41,481,599 | ||||||||
411,021 | Rural Electrification Corp Ltd | 570,108 | ||||||||
210,629 | *,g | SBI Life Insurance Co Ltd | 2,184,979 | |||||||
1,058,039 | Sesa Sterlite Ltd | 1,368,608 | ||||||||
4,255 | Shree Cement Ltd | 1,245,369 | ||||||||
50,056 | Shriram Transport Finance Co Ltd | 468,008 | ||||||||
30,838 | Siemens India Ltd | 527,173 | ||||||||
971,736 | * | State Bank of India | 2,475,794 |
285 |
TIAA-CREF FUNDS - Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
438,858 | Sun Pharmaceutical Industries Ltd | $ | 2,756,139 | |||||||
473,305 | Tata Consultancy Services Ltd | 17,058,122 | ||||||||
931,904 | * | Tata Motors Ltd | 1,657,237 | |||||||
186,569 | Tata Steel Ltd | 1,036,361 | ||||||||
229,624 | Tata Tea Ltd | 1,525,766 | ||||||||
234,982 | Tech Mahindra Ltd | 2,587,392 | ||||||||
163,273 | Titan Industries Ltd | 2,569,783 | ||||||||
26,877 | Torrent Pharmaceuticals Ltd | 930,638 | ||||||||
61,017 | Ultra Tech Cement Ltd | 3,763,030 | ||||||||
263,895 | United Phosphorus Ltd | 1,612,314 | ||||||||
151,767 | * | United Spirits Ltd | 1,032,222 | |||||||
586,826 | Wipro Ltd | 2,691,180 | ||||||||
443,127 | ZEE Telefilms Ltd | 1,122,306 | ||||||||
TOTAL INDIA | 277,731,656 | |||||||||
INDONESIA - 1.2% | ||||||||||
7,213,054 | Adaro Energy Tbk | 546,775 | ||||||||
28,600,182 | Bank Rakyat Indonesia | 6,474,277 | ||||||||
1,388,960 | Indofood CBP Sukses Makmur Tbk | 912,380 | ||||||||
2,882,000 | PT ACE Hardware Indonesia Tbk | 307,324 | ||||||||
10,588,572 | PT Astra International Tbk | 3,866,658 | ||||||||
5,245,075 | PT Bank Central Asia Tbk | 10,320,502 | ||||||||
9,301,739 | PT Bank Mandiri Persero Tbk | 3,623,313 | ||||||||
3,531,959 | PT Bank Negara Indonesia | 1,123,689 | ||||||||
11,880,800 | * | PT Barito Pacific Tbk | 719,838 | |||||||
3,661,600 | PT Charoen Pokphand Indonesia Tbk | 1,442,487 | ||||||||
1,610,200 | PT Excelcomindo Pratama | 220,096 | ||||||||
308,900 | * | PT Gudang Garam Tbk | 860,286 | |||||||
4,259,009 | PT Hanjaya Mandala Sampoerna Tbk | 405,818 | ||||||||
1,424,305 | PT Indah Kiat Pulp and Paper Corp Tbk | 872,237 | ||||||||
777,417 | PT Indocement Tunggal Prakarsa Tbk | 641,963 | ||||||||
2,046,900 | PT Indofood Sukses Makmur Tbk | 969,634 | ||||||||
9,861,300 | PT Kalbe Farma Tbk | 1,023,121 | ||||||||
5,462,000 | PT Perusahaan Gas Negara Persero Tbk | 392,022 | ||||||||
1,455,900 | PT Semen Gresik Persero Tbk | 943,150 | ||||||||
25,882,883 | PT Telekomunikasi Indonesia Persero Tbk | 4,582,820 | ||||||||
3,785,145 | PT Unilever Indonesia Tbk | 2,008,725 | ||||||||
961,300 | PT United Tractors Tbk | 1,373,401 | ||||||||
TOTAL INDONESIA | 43,630,516 | |||||||||
KOREA, REPUBLIC OF - 11.6% | ||||||||||
9,587 | * | Alteogen, Inc | 1,352,025 | |||||||
16,790 | Amorepacific Corp | 2,358,754 | ||||||||
5,061 | Amorepacific Corp (Preference) | 235,734 | ||||||||
3,961 | BGF retail Co Ltd | 411,899 | ||||||||
138,454 | BS Financial Group, Inc | 676,352 | ||||||||
35,759 | * | Celltrion Healthcare Co Ltd | 2,682,549 | |||||||
8,502 | * | Celltrion Pharm Inc | 822,412 | |||||||
49,454 | * | Celltrion, Inc | 10,559,597 | |||||||
33,095 | Cheil Communications, Inc | 612,471 | ||||||||
44,910 | Cheil Industries, Inc | 4,399,193 | ||||||||
4,382 | CJ CheilJedang Corp | 1,401,437 | ||||||||
7,960 | CJ Corp | 535,188 | ||||||||
5,823 | CJ O Shopping Co Ltd | 680,353 |
286 |
TIAA-CREF FUNDS - Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
25,545 | * | Coway Co Ltd | $ | 1,564,184 | ||||||
13,976 | Daelim Industrial Co | 965,950 | ||||||||
26,134 | Daewoo International Corp | 308,662 | ||||||||
19,701 | * | Daewoo Shipbuilding & Marine Engineering Co Ltd | 374,241 | |||||||
25,987 | Dongbu Insurance Co Ltd | 1,015,990 | ||||||||
28,387 | Doosan Bobcat, Inc | 725,410 | ||||||||
9,945 | DuzonBIzon Co Ltd | 876,810 | ||||||||
11,261 | E-Mart Co Ltd | 1,417,737 | ||||||||
23,470 | Fila Korea Ltd | 800,838 | ||||||||
9,472 | GLOVIS Co Ltd | 1,407,686 | ||||||||
32,023 | GS Engineering & Construction Corp | 759,819 | ||||||||
25,877 | GS Holdings Corp | 756,342 | ||||||||
12,051 | GS Retail Co Ltd | 342,212 | ||||||||
161,152 | Hana Financial Group, Inc | 4,353,113 | ||||||||
37,843 | Hankook Tire Co Ltd | 1,060,142 | ||||||||
3,480 | Hanmi Pharm Co Ltd | 809,628 | ||||||||
89,111 | Hanon Systems | 883,638 | ||||||||
55,280 | Hanwha Chemical Corp | 2,148,823 | ||||||||
23,754 | Hanwha Corp | 506,582 | ||||||||
23,577 | * | HLB, Inc | 1,932,968 | |||||||
9,428 | Honam Petrochemical Corp | 1,949,844 | ||||||||
17,608 | Hotel Shilla Co Ltd | 1,160,712 | ||||||||
285,976 | Hynix Semiconductor, Inc | 20,287,952 | ||||||||
38,599 | Hyundai Engineering & Construction Co Ltd | 1,052,251 | ||||||||
21,012 | * | Hyundai Heavy Industries | 1,465,165 | |||||||
33,069 | Hyundai Marine & Fire Insurance Co Ltd | 681,111 | ||||||||
34,511 | Hyundai Mobis | 6,914,745 | ||||||||
78,521 | Hyundai Motor Co | 11,493,591 | ||||||||
18,250 | Hyundai Motor Co Ltd (2nd Preference) | 1,293,122 | ||||||||
12,263 | Hyundai Motor Co Ltd (Preference) | 855,526 | ||||||||
4,911 | Hyundai Robotics Co Ltd | 934,572 | ||||||||
51,201 | Hyundai Steel Co | 1,316,305 | ||||||||
148,772 | Industrial Bank of Korea | 1,080,176 | ||||||||
29,621 | Kakao Corp | 8,637,215 | ||||||||
56,962 | Kangwon Land, Inc | 1,062,876 | ||||||||
205,203 | KB Financial Group, Inc | 7,340,068 | ||||||||
139,671 | Kia Motors Corp | 6,264,124 | ||||||||
13,605 | * | KMW Co Ltd | 754,127 | |||||||
36,145 | Korea Aerospace Industries Ltd | 699,908 | ||||||||
134,877 | * | Korea Electric Power Corp | 2,379,148 | |||||||
4,851 | * | Korea Express Co Ltd | 684,649 | |||||||
16,318 | Korea Gas Corp | 394,687 | ||||||||
20,005 | Korea Investment Holdings Co Ltd | 1,221,944 | ||||||||
9,838 | Korea Kumho Petrochemical | 1,163,718 | ||||||||
4,054 | Korea Zinc Co Ltd | 1,371,092 | ||||||||
39,602 | * | Korean Air Lines Co Ltd | 703,187 | |||||||
62,802 | KT&G Corp | 4,484,323 | ||||||||
24,087 | LG Chem Ltd | 13,134,184 | ||||||||
3,949 | LG Chem Ltd (Preference) | 1,094,974 | ||||||||
49,134 | LG Corp | 2,942,097 | ||||||||
54,355 | LG Electronics, Inc | 4,040,721 | ||||||||
4,875 | LG Household & Health Care Ltd | 6,463,658 | ||||||||
1,102 | LG Household & Health Care Ltd (Preference) | 673,103 | ||||||||
6,863 | LG Innotek Co Ltd | 930,393 |
287 |
TIAA-CREF FUNDS - Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
106,048 | LG Telecom Ltd | $ | 1,038,164 | |||||||
134,184 | * | LG.Philips LCD Co Ltd | 1,675,490 | |||||||
13,735 | Lotte Corp | 346,218 | ||||||||
6,195 | Lotte Shopping Co Ltd | 458,746 | ||||||||
149,331 | Meritz Securities Co Ltd | 435,930 | ||||||||
156,000 | Mirae Asset Daewoo Co Ltd | 1,162,262 | ||||||||
64,384 | Naver Corp | 16,473,991 | ||||||||
8,566 | NCsoft | 5,885,560 | ||||||||
11,094 | *,g | Netmarble Corp | 1,152,559 | |||||||
12,283 | Orion Corp/Republic of Korea | 1,176,941 | ||||||||
732 | Ottogi Corp | 343,162 | ||||||||
14,492 | Pacific Corp | 560,575 | ||||||||
2,763 | * | Pearl Abyss Corp | 491,385 | |||||||
39,502 | POSCO | 7,292,234 | ||||||||
10,900 | POSCO Refractories & Environment Co Ltd | 716,542 | ||||||||
8,530 | S1 Corp (Korea) | 613,048 | ||||||||
8,563 | *,g | Samsung Biologics Co Ltd | 5,174,595 | |||||||
12,786 | Samsung Card Co | 331,829 | ||||||||
28,397 | Samsung Electro-Mechanics Co Ltd | 3,375,212 | ||||||||
2,501,792 | Samsung Electronics Co Ltd | 125,754,097 | ||||||||
432,046 | Samsung Electronics Co Ltd (Preference) | 19,219,518 | ||||||||
77,417 | * | Samsung Engineering Co Ltd | 809,502 | |||||||
15,949 | Samsung Fire & Marine Insurance Co Ltd | 2,521,792 | ||||||||
254,190 | * | Samsung Heavy Industries Co Ltd | 1,142,576 | |||||||
38,081 | Samsung Life Insurance Co Ltd | 2,131,475 | ||||||||
28,748 | Samsung SDI Co Ltd | 11,324,879 | ||||||||
18,265 | Samsung SDS Co Ltd | 2,725,568 | ||||||||
27,887 | Samsung Securities Co Ltd | 794,370 | ||||||||
9,703 | Seegene, Inc | 2,222,091 | ||||||||
15,384 | * | Shin Poong Pharmaceutical Co Ltd | 1,711,893 | |||||||
232,078 | Shinhan Financial Group Co Ltd | 6,296,801 | ||||||||
3,832 | Shinsegae Co Ltd | 706,804 | ||||||||
18,740 | SK C&C Co Ltd | 3,051,777 | ||||||||
29,726 | SK Energy Co Ltd | 3,322,577 | ||||||||
21,037 | SK Telecom Co Ltd | 3,989,218 | ||||||||
25,625 | S-Oil Corp | 1,237,505 | ||||||||
140,190 | * | STX Pan Ocean Co Ltd | 446,356 | |||||||
275,742 | Woori Financial Group, Inc | 2,177,151 | ||||||||
54,605 | Woori Investment & Securities Co Ltd | 462,627 | ||||||||
24,790 | Yuhan Corp | 1,304,577 | ||||||||
TOTAL KOREA, REPUBLIC OF | 408,721,604 | |||||||||
LUXEMBOURG - 0.0% | ||||||||||
81,022 | Reinet Investments S.C.A | 1,283,656 | ||||||||
TOTAL LUXEMBOURG | 1,283,656 | |||||||||
MALAYSIA - 1.6% | ||||||||||
1,026,433 | AMMB Holdings BHD | 704,407 | ||||||||
1,517,874 | Axiata Group Bhd | 1,070,337 | ||||||||
3,442,481 | Bumiputra-Commerce Holdings BHD | 2,443,230 | ||||||||
73,000 | Carlsberg Brewery-Malay BHD | 324,690 | ||||||||
2,148,977 | Dialog Group BHD | 1,913,943 | ||||||||
1,546,925 | Digi.Com BHD | 1,403,423 | ||||||||
72,100 | Fraser & Neave Holdings BHD | 548,355 |
288 |
TIAA-CREF FUNDS - Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
906,460 | Gamuda BHD | $ | 726,497 | |||||||
1,181,075 | Genting BHD | 841,942 | ||||||||
90,100 | Genting Plantations BHD | 212,892 | ||||||||
350,600 | HAP Seng Consolidated BHD | 618,300 | ||||||||
892,700 | Hartalega Holdings BHD | 3,872,386 | ||||||||
355,287 | Hong Leong Bank BHD | 1,266,478 | ||||||||
103,006 | Hong Leong Credit BHD | 350,079 | ||||||||
1,167,912 | IHH Healthcare BHD | 1,397,856 | ||||||||
1,332,120 | IOI Corp BHD | 1,379,442 | ||||||||
669,000 | Kossan Rubber Industries | 1,208,784 | ||||||||
217,611 | Kuala Lumpur Kepong BHD | 1,110,021 | ||||||||
2,089,050 | Malayan Banking BHD | 3,517,181 | ||||||||
523,176 | Malaysia Airports Holdings BHD | 526,692 | ||||||||
1,116,300 | Maxis BHD | 1,289,376 | ||||||||
752,600 | MISC BHD | 1,193,841 | ||||||||
36,900 | Nestle Malaysia BHD | 1,237,265 | ||||||||
1,310,400 | Petronas Chemicals Group BHD | 1,846,381 | ||||||||
180,700 | Petronas Dagangan BHD | 749,235 | ||||||||
419,500 | Petronas Gas BHD | 1,591,394 | ||||||||
338,740 | PPB Group BHD | 1,533,451 | ||||||||
742,612 | Press Metal BHD | 982,150 | ||||||||
1,540,123 | Public Bank BHD | 5,587,914 | ||||||||
586,950 | QL Resources BHD | 889,629 | ||||||||
1,507,500 | Resorts World BHD | 725,818 | ||||||||
880,370 | RHB Capital BHD | 896,007 | ||||||||
1,441,965 | Sime Darby BHD | 836,393 | ||||||||
1,062,465 | Sime Darby Plantation BHD | 1,237,379 | ||||||||
789,600 | * | Supermax Corp BHD | 1,802,293 | |||||||
573,565 | Telekom Malaysia BHD | 578,159 | ||||||||
1,222,963 | Tenaga Nasional BHD | 2,807,180 | ||||||||
2,458,500 | Top Glove Corp BHD | 5,070,709 | ||||||||
557,400 | Westports Holdings BHD | 522,848 | ||||||||
1,551,204 | * | YTL Corp BHD | 270,853 | |||||||
TOTAL MALAYSIA | 57,085,210 | |||||||||
MEXICO - 1.6% | ||||||||||
1,453,650 | Alfa S.A. de C.V. (Class A) | 971,087 | ||||||||
17,738,041 | America Movil S.A. de C.V. (Series L) | 10,795,942 | ||||||||
279,800 | Becle SAB de C.V. | 587,393 | ||||||||
8,102,697 | Cemex S.A. de C.V. | 3,346,280 | ||||||||
287,760 | e | Coca-Cola Femsa SAB de C.V. | 1,089,639 | |||||||
251,225 | Embotelladoras Arca SAB de C.V. | 1,093,776 | ||||||||
1,646,800 | Fibra Uno Administracion S.A. de C.V. | 1,247,629 | ||||||||
1,024,611 | Fomento Economico Mexicano S.A. de C.V. | 5,491,739 | ||||||||
112,945 | Gruma SAB de C.V. | 1,201,307 | ||||||||
200,130 | Grupo Aeroportuario del Pacifico S.A. de C.V. (B Shares) | 1,665,556 | ||||||||
100,291 | * | Grupo Aeroportuario del Sureste S.A. de C.V. (Class B) | 1,158,490 | |||||||
881,520 | Grupo Bimbo S.A. de C.V. (Series A) | 1,703,487 | ||||||||
225,498 | Grupo Carso S.A. de C.V. (Series A1) | 417,583 | ||||||||
1,367,728 | * | Grupo Financiero Banorte S.A. de C.V. | 6,093,407 | |||||||
1,079,144 | * | Grupo Financiero Inbursa S.A. | 799,253 | |||||||
1,633,732 | Grupo Mexico S.A. de C.V. (Series B) | 4,640,518 | ||||||||
1,243,590 | * | Grupo Televisa S.A. | 1,572,992 | |||||||
73,004 | Industrias Penoles S.A. de C.V. | 1,162,475 |
289 |
TIAA-CREF FUNDS - Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
318,600 | e | Infraestructura Energetica ,NV SAB de C.V. | $ | 1,066,130 | ||||||
823,442 | Kimberly-Clark de Mexico S.A. de C.V. (Class A) | 1,224,012 | ||||||||
146,600 | Megacable Holdings SAB de C.V. | 465,064 | ||||||||
531,523 | Orbia Advance Corp SAB de C.V. | 939,935 | ||||||||
112,320 | Promotora y Operadora de Infraestructura SAB de C.V. | 735,827 | ||||||||
2,743,084 | Wal-Mart de Mexico SAB de C.V. | 6,627,681 | ||||||||
TOTAL MEXICO | 56,097,202 | |||||||||
PAKISTAN - 0.0% | ||||||||||
221,358 | Habib Bank Ltd | 179,781 | ||||||||
191,300 | MCB Bank Ltd | 198,488 | ||||||||
519,317 | Oil & Gas Development Co Ltd | 306,233 | ||||||||
TOTAL PAKISTAN | 684,502 | |||||||||
PERU - 0.2% | ||||||||||
118,822 | Cia de Minas Buenaventura S.A. (ADR) (Series B) | 1,457,946 | ||||||||
35,610 | Credicorp Ltd (NY) | 4,083,755 | ||||||||
45,344 | Southern Copper Corp (NY) | 2,373,305 | ||||||||
TOTAL PERU | 7,915,006 | |||||||||
PHILIPPINES - 0.8% | ||||||||||
1,033,504 | Aboitiz Equity Ventures, Inc | 951,117 | ||||||||
750,800 | Aboitiz Power Corp | 418,938 | ||||||||
14,194 | * | Altus San Nicolas Corp | 3,766 | |||||||
152,663 | Ayala Corp | 2,406,121 | ||||||||
4,285,193 | Ayala Land, Inc | 2,917,208 | ||||||||
1,016,476 | Banco de Oro Universal Bank | 1,861,334 | ||||||||
545,489 | Bank of the Philippine Islands | 827,321 | ||||||||
17,906 | Globe Telecom, Inc | 749,685 | ||||||||
58,566 | GT Capital Holdings, Inc | 519,753 | ||||||||
587,400 | International Container Term Services, Inc | 1,393,051 | ||||||||
1,647,876 | JG Summit Holdings (Series B) | 2,185,660 | ||||||||
227,840 | Jollibee Foods Corp | 799,069 | ||||||||
142,886 | Manila Electric Co | 885,027 | ||||||||
4,426,900 | * | Megaworld Corp | 276,946 | |||||||
6,294,000 | Metro Pacific Investments Corp | 520,749 | ||||||||
906,890 | Metropolitan Bank & Trust | 762,287 | ||||||||
45,360 | PLDT, Inc | 1,237,209 | ||||||||
542,600 | Puregold Price Club, Inc | 462,439 | ||||||||
1,053,143 | Robinsons Land Corp | 326,143 | ||||||||
126,985 | SM Investments Corp | 2,490,313 | ||||||||
5,192,349 | SM Prime Holdings | 3,615,374 | ||||||||
461,747 | Universal Robina | 1,313,215 | ||||||||
TOTAL PHILIPPINES | 26,922,725 | |||||||||
POLAND - 0.6% | ||||||||||
133,859 | *,g | Allegro.eu S.A. | 2,720,395 | |||||||
104,670 | * | Bank Pekao S.A. | 1,120,138 | |||||||
20,184 | * | Bank Zachodni WBK S.A. | 628,292 | |||||||
6,864 | BRE Bank S.A. | 200,734 | ||||||||
34,418 | * | CD Projekt Red S.A. | 2,922,477 | |||||||
146,346 | Cyfrowy Polsat S.A. | 913,477 | ||||||||
25,322 | *,g | Dino Polska S.A. | 1,392,189 | |||||||
56,287 | Grupa Lotos S.A. | 396,973 |
290 |
TIAA-CREF FUNDS - Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
71,195 | * | KGHM Polska Miedz S.A. | $ | 2,130,302 | ||||||
708 | * | LPP S.A. | 939,047 | |||||||
982,160 | Polish Oil & Gas Co | 1,035,734 | ||||||||
441,908 | * | Polska Grupa Energetyczna S.A. | 504,190 | |||||||
167,555 | Polski Koncern Naftowy Orlen S.A. | 1,614,921 | ||||||||
470,970 | Powszechna Kasa Oszczednosci Bank Polski S.A. | 2,259,338 | ||||||||
315,296 | * | Powszechny Zaklad Ubezpieczen S.A. | 1,723,278 | |||||||
333,889 | * | Telekomunikacja Polska S.A. | 513,241 | |||||||
TOTAL POLAND | 21,014,726 | |||||||||
QATAR - 0.8% | ||||||||||
1,128,542 | Barwa Real Estate Co | 1,033,637 | ||||||||
1,040,012 | Commercial Bank of Qatar QSC | 1,218,868 | ||||||||
967,659 | Industries Qatar QSC | 2,387,912 | ||||||||
1,806,165 | Masraf Al Rayan | 2,128,651 | ||||||||
2,413,710 | Mesaieed Petrochemical Holding Co | 1,235,045 | ||||||||
412,631 | Ooredoo QSC | 748,844 | ||||||||
266,540 | Qatar Electricity & Water Co | 1,220,027 | ||||||||
275,910 | Qatar Fuel QSC | 1,302,819 | ||||||||
439,644 | Qatar International Islamic Bank QSC | 998,581 | ||||||||
575,479 | Qatar Islamic Bank SAQ | 2,562,950 | ||||||||
2,383,495 | Qatar National Bank | 11,572,184 | ||||||||
TOTAL QATAR | 26,409,518 | |||||||||
ROMANIA - 0.0% | ||||||||||
199,826 | NEPI Rockcastle plc | 706,904 | ||||||||
TOTAL ROMANIA | 706,904 | |||||||||
RUSSIA - 2.6% | ||||||||||
355,099 | Gazprom (ADR) | 1,367,131 | ||||||||
2,851,696 | Gazprom OAO (ADR) | 10,925,010 | ||||||||
225,744 | LUKOIL PJSC (ADR) | 11,533,261 | ||||||||
150,105 | Magnit OAO (GDR) | 2,071,801 | ||||||||
31,218 | * | Magnit PJSC (GDR) | 430,496 | |||||||
62,992 | MMC Norilsk Nickel PJSC (ADR) | 1,496,060 | ||||||||
272,296 | MMC Norilsk Nickel PJSC (ADR) (London) | 6,490,011 | ||||||||
235,649 | Mobile TeleSystems (ADR) | 1,842,775 | ||||||||
38,648 | NovaTek OAO (GDR) | 4,659,911 | ||||||||
11,062 | Novatek PJSC (GDR) | 1,332,971 | ||||||||
77,905 | Novolipetsk Steel PJSC (GDR) | 1,810,512 | ||||||||
54,326 | PhosAgro OAO (GDR) | 625,969 | ||||||||
21,898 | PhosAgro PJSC (GDR) | 252,265 | ||||||||
127,540 | Polymetal International plc (ADR) | 2,710,799 | ||||||||
36,144 | Polyus PJSC (GDR) | 3,555,091 | ||||||||
735,147 | * | Rosneft Oil Co PJSC (GDR) | 3,212,592 | |||||||
1,437,226 | Sberbank of Russian Federation (ADR) | 14,518,029 | ||||||||
43,480 | Severstal (GDR) | 594,372 | ||||||||
95,228 | Severstal (GDR) (Equiduct) | 1,301,717 | ||||||||
758,920 | Surgutneftegaz (ADR) (London) | 3,183,669 | ||||||||
107,678 | Tatneft PAO (ADR) | 3,346,442 | ||||||||
28,483 | Tatneft PJSC (ADR) | 882,973 | ||||||||
785,086 | VTB Bank PJSC (GDR) Equiduct | 610,176 | ||||||||
126,377 | * | VTB Bank PJSC (GDR) Tradegate | 98,132 | |||||||
66,543 | X 5 Retail Group NV (GDR) | 2,338,957 |
291 |
TIAA-CREF FUNDS - Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
161,100 | * | Yandex NV | $ | 9,274,527 | ||||||
TOTAL RUSSIA | 90,465,649 | |||||||||
SAUDI ARABIA - 2.6% | ||||||||||
21,709 | Abdullah Al Othaim Markets Co | 754,595 | ||||||||
60,880 | Advanced Petrochemical Co | 938,754 | ||||||||
647,806 | Al Rajhi Bank | 11,365,927 | ||||||||
465,681 | * | Alinma Bank | 1,892,770 | |||||||
132,738 | Almarai Co JSC | 1,827,348 | ||||||||
312,240 | Arab National Bank | 1,576,658 | ||||||||
170,600 | Bank AlBilad | 1,056,310 | ||||||||
179,429 | Bank Al-Jazira | 621,383 | ||||||||
311,592 | Banque Saudi Fransi | 2,462,029 | ||||||||
28,460 | * | Bupa Arabia for Cooperative Insurance Co | 866,275 | |||||||
26,430 | * | Co for Cooperative Insurance | 570,222 | |||||||
283,763 | * | Dar Al Arkan Real Estate Development Co | 603,060 | |||||||
249,998 | * | Emaar Economic City | 592,792 | |||||||
181,790 | * | Etihad Etisalat Co | 1,352,749 | |||||||
30,220 | Jarir Marketing Co | 1,395,649 | ||||||||
115,216 | * | Mobile Telecommunications Co Saudi Arabia | 378,022 | |||||||
773,077 | National Commercial Bank | 8,026,586 | ||||||||
211,981 | * | National Industrialization Co | 638,771 | |||||||
121,808 | * | Rabigh Refining & Petrochemical Co | 395,802 | |||||||
703,521 | Riyad Bank | 3,372,258 | ||||||||
187,564 | * | Sahara International Petrochemical Co | 728,661 | |||||||
523,140 | Samba Financial Group | 3,843,115 | ||||||||
19,234 | Saudi Airlines Catering Co | 398,609 | ||||||||
102,944 | Saudi Arabian Fertilizer Co | 2,067,886 | ||||||||
228,510 | * | Saudi Arabian Mining Co | 2,279,117 | |||||||
1,152,555 | g | Saudi Arabian Oil Co | 10,340,269 | |||||||
478,477 | Saudi Basic Industries Corp | 11,476,202 | ||||||||
379,745 | Saudi British Bank | 2,403,872 | ||||||||
45,258 | Saudi Cement Co | 654,077 | ||||||||
443,211 | Saudi Electricity Co | 2,235,919 | ||||||||
115,690 | Saudi Industrial Investment Group | 625,499 | ||||||||
380,181 | * | Saudi Kayan Petrochemical Co | 961,539 | |||||||
315,719 | Saudi Telecom Co | 8,387,394 | ||||||||
138,500 | Savola Group | 1,690,960 | ||||||||
140,602 | Yanbu National Petrochemical Co | 2,152,612 | ||||||||
TOTAL SAUDI ARABIA | 90,933,691 | |||||||||
SINGAPORE - 0.0% | ||||||||||
122,500 | g | BOC Aviation Ltd | 758,538 | |||||||
TOTAL SINGAPORE | 758,538 | |||||||||
SOUTH AFRICA - 3.1% | ||||||||||
378,231 | Absa Group Ltd | 2,033,175 | ||||||||
28,628 | Anglo American Platinum Ltd | 1,895,601 | ||||||||
212,270 | * | Aspen Pharmacare Holdings Ltd | 1,382,307 | |||||||
170,677 | Bid Corp Ltd | 2,349,852 | ||||||||
153,193 | Bidvest Group Ltd | 1,259,703 | ||||||||
33,717 | * | Capitec Bank Holdings Ltd | 2,369,618 | |||||||
135,609 | Clicks Group Ltd | 1,966,169 | ||||||||
190,194 | Discovery Holdings Ltd | 1,257,356 |
292 |
TIAA-CREF FUNDS - Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
126,179 | Exxaro Resources Ltd | $ | 851,216 | |||||||
2,534,499 | FirstRand Ltd | 5,883,399 | ||||||||
458,161 | Gold Fields Ltd | 4,955,094 | ||||||||
1,672,109 | Growthpoint Properties Ltd | 1,093,907 | ||||||||
285,868 | * | Harmony Gold Mining Co Ltd | 1,423,679 | |||||||
423,446 | Impala Platinum Holdings Ltd | 3,768,805 | ||||||||
33,648 | Kumba Iron Ore Ltd | 998,989 | ||||||||
682,932 | Life Healthcare Group Holdings Pte Ltd | 683,614 | ||||||||
384,525 | Momentum Metropolitan Holdings | 307,171 | ||||||||
143,699 | Mr Price Group Ltd | 1,087,080 | ||||||||
904,109 | e | MTN Group Ltd | 3,228,131 | |||||||
242,531 | MultiChoice Group Ltd | 2,000,124 | ||||||||
228,234 | * | Naspers Ltd (N Shares) | 44,557,536 | |||||||
212,227 | Nedbank Group Ltd | 1,255,450 | ||||||||
185,040 | * | Northam Platinum Ltd | 1,777,851 | |||||||
382,703 | e,g | Pepkor Holdings Ltd | 281,023 | |||||||
364,853 | Rand Merchant Investment Holdings Ltd | 635,823 | ||||||||
269,290 | Remgro Ltd | 1,436,519 | ||||||||
940,999 | Sanlam Ltd | 2,744,809 | ||||||||
300,570 | *,e | Sasol Ltd | 1,569,644 | |||||||
267,448 | Shoprite Holdings Ltd | 2,118,548 | ||||||||
1,196,628 | Sibanye Stillwater Ltd | 3,528,520 | ||||||||
104,005 | Spar Group Ltd | 1,103,401 | ||||||||
652,205 | Standard Bank Group Ltd | 4,264,698 | ||||||||
84,627 | e | Tiger Brands Ltd | 1,047,791 | |||||||
329,293 | Vodacom Group Pty Ltd | 2,481,544 | ||||||||
566,283 | Woolworths Holdings Ltd | 1,216,296 | ||||||||
TOTAL SOUTH AFRICA | 110,814,443 | |||||||||
TAIWAN - 12.2% | ||||||||||
270,000 | Accton Technology Corp | 1,961,628 | ||||||||
1,648,380 | �� | Acer, Inc | 1,377,591 | |||||||
202,407 | Advantech Co Ltd | 2,049,139 | ||||||||
1,804,011 | ASE Industrial Holding Co Ltd | 4,049,220 | ||||||||
1,175,512 | Asia Cement Corp | 1,692,065 | ||||||||
15,000 | ASMedia Technology, Inc | 753,012 | ||||||||
382,500 | Asustek Computer, Inc | 3,249,762 | ||||||||
4,781,000 | * | AU Optronics Corp | 1,930,965 | |||||||
373,389 | Catcher Technology Co Ltd | 2,360,385 | ||||||||
4,225,604 | Cathay Financial Holding Co Ltd | 5,678,086 | ||||||||
639,882 | Chailease Holding Co Ltd | 3,108,476 | ||||||||
2,712,843 | Chang Hwa Commercial Bank | 1,617,562 | ||||||||
983,922 | Cheng Shin Rubber Industry Co Ltd | 1,242,810 | ||||||||
317,079 | Chicony Electronics Co Ltd | 955,939 | ||||||||
6,002,754 | China Development Financial Holding Corp | 1,761,565 | ||||||||
1,259,420 | China Life Insurance Co Ltd (Taiwan) | 844,575 | ||||||||
6,182,151 | China Steel Corp | 4,391,565 | ||||||||
9,399,282 | Chinatrust Financial Holding Co | 5,935,739 | ||||||||
2,010,763 | Chunghwa Telecom Co Ltd | 7,543,760 | ||||||||
2,273,000 | Compal Electronics, Inc | 1,480,856 | ||||||||
1,014,768 | Delta Electronics, Inc | 6,751,675 | ||||||||
5,920,875 | E.Sun Financial Holding Co Ltd | 5,034,022 | ||||||||
93,316 | Eclat Textile Co Ltd | 1,241,675 | ||||||||
859,554 | Eva Airways Corp | 324,842 |
293 |
TIAA-CREF FUNDS - Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
898,980 | * | Evergreen Marine Corp Tawain Ltd | $ | 594,781 | ||||||
1,583,071 | Far Eastern Textile Co Ltd | 1,429,212 | ||||||||
857,000 | Far EasTone Telecommunications Co Ltd | 1,798,579 | ||||||||
207,513 | Feng TAY Enterprise Co Ltd | 1,259,655 | ||||||||
5,316,975 | First Financial Holding Co Ltd | 3,730,760 | ||||||||
1,899,173 | Formosa Chemicals & Fibre Corp | 4,574,156 | ||||||||
647,064 | Formosa Petrochemical Corp | 1,781,322 | ||||||||
2,041,453 | Formosa Plastics Corp | 5,651,088 | ||||||||
449,000 | Formosa Taffeta Co Ltd | 491,678 | ||||||||
439,512 | Foxconn Technology Co Ltd | 770,809 | ||||||||
3,608,646 | Fubon Financial Holding Co Ltd | 5,140,714 | ||||||||
5,283,328 | Fuhwa Financial Holdings Co Ltd | 3,284,794 | ||||||||
160,000 | Giant Manufacturing Co Ltd | 1,580,619 | ||||||||
117,509 | Globalwafers Co Ltd | 1,711,199 | ||||||||
440,462 | Highwealth Construction Corp | 639,749 | ||||||||
124,418 | Hiwin Technologies Corp | 1,085,592 | ||||||||
6,609,002 | Hon Hai Precision Industry Co, Ltd | 17,924,474 | ||||||||
157,608 | Hotai Motor Co Ltd | 3,321,814 | ||||||||
4,308,291 | Hua Nan Financial Holdings Co Ltd | 2,592,245 | ||||||||
4,190,487 | InnoLux Display Corp | 1,454,470 | ||||||||
1,362,060 | Inventec Co Ltd | 1,078,044 | ||||||||
53,125 | Largan Precision Co Ltd | 5,641,815 | ||||||||
1,104,778 | Lite-On Technology Corp | 1,799,592 | ||||||||
792,170 | MediaTek, Inc | 18,830,087 | ||||||||
5,698,125 | Mega Financial Holding Co Ltd | 5,490,720 | ||||||||
336,000 | Micro-Star International Co Ltd | 1,354,386 | ||||||||
2,703,860 | Nan Ya Plastics Corp | 5,554,101 | ||||||||
666,000 | Nanya Technology Corp | 1,349,611 | ||||||||
87,000 | Nien Made Enterprise Co Ltd | 980,849 | ||||||||
303,474 | Novatek Microelectronics Corp Ltd | 2,836,006 | ||||||||
1,021,000 | Pegatron Technology Corp | 2,200,283 | ||||||||
75,000 | Phison Electronics Corp | 780,711 | ||||||||
1,263,512 | Pou Chen Corp | 1,116,422 | ||||||||
366,000 | Powertech Technology, Inc | 1,082,933 | ||||||||
316,000 | President Chain Store Corp | 2,852,167 | ||||||||
1,527,000 | Quanta Computer, Inc | 3,853,020 | ||||||||
254,085 | Realtek Semiconductor Corp | 3,165,247 | ||||||||
426,072 | Ruentex Development Co Ltd | 589,187 | ||||||||
1,679,421 | Shanghai Commercial & Savings Bank Ltd | 2,177,090 | ||||||||
5,149,536 | Shin Kong Financial Holding Co Ltd | 1,434,373 | ||||||||
5,063,717 | SinoPac Financial Holdings Co Ltd | 1,895,645 | ||||||||
242,777 | Standard Foods Corp | 519,263 | ||||||||
702,050 | Synnex Technology International Corp | 1,043,381 | ||||||||
4,786,528 | Taishin Financial Holdings Co Ltd | 2,110,792 | ||||||||
2,607,100 | Taiwan Business Bank | 857,651 | ||||||||
2,584,958 | Taiwan Cement Corp | 3,668,505 | ||||||||
4,715,279 | Taiwan Cooperative Financial Holding | 3,167,406 | ||||||||
1,087,000 | Taiwan High Speed Rail Corp | 1,150,505 | ||||||||
892,859 | Taiwan Mobile Co Ltd | 3,050,007 | ||||||||
12,900,848 | Taiwan Semiconductor Manufacturing Co Ltd | 195,185,618 | ||||||||
2,606,908 | Uni-President Enterprises Corp | 5,588,068 | ||||||||
5,852,452 | United Microelectronics Corp | 6,289,926 | ||||||||
489,000 | Vanguard International Semiconductor Corp | 1,597,585 | ||||||||
173,000 | Walsin Technology Corp | 990,697 |
294 |
TIAA-CREF FUNDS - Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
174,878 | Win Semiconductors Corp | $ | 1,907,796 | |||||||
1,409,000 | Winbond Electronics Corp | 836,914 | ||||||||
1,484,560 | Wistron Corp | 1,484,176 | ||||||||
40,000 | Wiwynn Corp | 1,017,811 | ||||||||
786,660 | WPG Holdings Co Ltd | 1,068,473 | ||||||||
195,009 | Yageo Corp | 2,429,382 | ||||||||
308,127 | Zhen Ding Technology Holding Ltd | 1,305,890 | ||||||||
TOTAL TAIWAN | 429,486,759 | |||||||||
TANZANIA, UNITED REPUBLIC OF - 0.1% | ||||||||||
216,177 | AngloGold Ashanti Ltd | 4,981,897 | ||||||||
TOTAL TANZANIA, UNITED REPUBLIC OF | 4,981,897 | |||||||||
THAILAND - 1.6% | ||||||||||
657,600 | Advanced Info Service PCL (Foreign) | 3,637,444 | ||||||||
2,265,400 | Airports of Thailand PCL (Foreign) | 3,756,129 | ||||||||
3,258,300 | Asset World Corp PCL | 304,853 | ||||||||
341,700 | B Grimm Power PCL | 430,060 | ||||||||
306,148 | Bangkok Bank PCL (Foreign) | 951,554 | ||||||||
945,100 | Bangkok Commercial Asset Management PCL | 611,873 | ||||||||
4,771,300 | Bangkok Dusit Medical Services PCL (Foreign) | 2,679,001 | ||||||||
3,279,100 | Bangkok Expressway & Metro PCL | 861,587 | ||||||||
502,500 | Berli Jucker PCL | 462,880 | ||||||||
3,990,500 | BTS Group Holdings PCL | 1,139,503 | ||||||||
195,100 | Bumrungrad Hospital PCL (Foreign) | 569,209 | ||||||||
1,108,400 | Central Pattana PCL (Foreign) | 1,366,994 | ||||||||
862,216 | Central Retail Corp PCL | 736,959 | ||||||||
2,126,680 | Charoen Pokphand Foods PCL | 1,721,487 | ||||||||
3,103,655 | CP Seven Eleven PCL (Foreign) | 5,319,755 | ||||||||
152,000 | Electricity Generating PCL | 808,859 | ||||||||
697,100 | Energy Absolute PCL (Foreign) | 849,805 | ||||||||
310,400 | Global Power Synergy Co Ltd (Foreign) | 515,225 | ||||||||
1,249,050 | Gulf Energy Development PCL | 1,141,886 | ||||||||
3,045,126 | Home Product Center PCL (Foreign) | 1,361,885 | ||||||||
742,978 | Indorama Ventures PCL (Foreign) | 526,074 | ||||||||
1,192,400 | Intouch Holdings PCL (Class F) | 2,045,241 | ||||||||
8,616,500 | IRPC PCL (Foreign) | 552,916 | ||||||||
932,149 | Kasikornbank PCL (Foreign) | 2,244,959 | ||||||||
1,816,360 | Krung Thai Bank PCL (Foreign) | 503,478 | ||||||||
548,100 | Krungthai Card PCL | 694,129 | ||||||||
3,752,000 | Land and Houses PCL Co Reg | 769,439 | ||||||||
1,641,970 | Minor International PCL (Foreign) | 878,507 | ||||||||
362,200 | Muangthai Capital PCL | 635,609 | ||||||||
321,200 | Osotspa PCL | 329,461 | ||||||||
844,098 | PTT Exploration & Production PCL (Foreign) | 2,132,853 | ||||||||
1,205,429 | PTT Global Chemical PCL (Foreign) | 1,544,629 | ||||||||
6,225,100 | PTT PCL (Foreign) | 6,144,630 | ||||||||
424,400 | Ratch Group PCL | 633,189 | ||||||||
413,558 | Siam Cement PCL (Foreign) | 4,481,186 | ||||||||
463,800 | Siam Commercial Bank PCL (Foreign) | 965,692 | ||||||||
294,900 | Srisawad Corp PCL | 468,004 | ||||||||
684,500 | Thai Oil PCL (Foreign) | 751,781 | ||||||||
1,393,400 | Thai Union Group PCL | 679,150 | ||||||||
7,335,631 | TMB Bank PCL (Foreign) | 190,643 |
295 |
TIAA-CREF FUNDS - Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
590,100 | Total Access Communication PCL (Foreign) | $ | 580,294 | |||||||
6,115,448 | True Corp PCL (Foreign) | 532,473 | ||||||||
TOTAL THAILAND | 57,511,285 | |||||||||
TURKEY - 0.3% | ||||||||||
1,635,208 | * | Akbank TAS | 927,672 | |||||||
90,802 | Anadolu Efes Biracilik Ve Malt Sanayii AS | 210,964 | ||||||||
370,914 | Aselsan Elektronik Sanayi Ve Ticaret AS | 741,430 | ||||||||
233,206 | BIM Birlesik Magazalar AS | 1,843,836 | ||||||||
727,230 | Eregli Demir ve Celik Fabrikalari TAS | 831,624 | ||||||||
34,477 | Ford Otomotiv Sanayi AS | 446,045 | ||||||||
466,615 | Haci Omer Sabanci Holding AS | 459,100 | ||||||||
439,680 | KOC Holding AS | 744,259 | ||||||||
72,453 | * | Tupras Turkiye Petrol Rafine | 647,847 | |||||||
285,468 | * | Turk Hava Yollari | 307,156 | |||||||
720,555 | Turk Sise ve Cam Fabrikalari AS | 525,712 | ||||||||
588,201 | * | Turkcell Iletisim Hizmet AS | 1,018,525 | |||||||
1,223,864 | * | Turkiye Garanti Bankasi AS | 966,254 | |||||||
753,373 | * | Turkiye Is Bankasi (Series C) | 460,442 | |||||||
1,496,703 | * | Yapi ve Kredi Bankasi | 384,292 | |||||||
TOTAL TURKEY | 10,515,158 | |||||||||
UNITED ARAB EMIRATES - 0.5% | ||||||||||
1,471,493 | Abu Dhabi Commercial Bank PJSC | 2,341,407 | ||||||||
1,907,605 | Aldar Properties PJSC | 1,408,614 | ||||||||
974,882 | Dubai Islamic Bank PJSC | 1,103,152 | ||||||||
1,119,316 | * | Emaar Malls Group PJSC | 446,360 | |||||||
1,874,053 | * | Emaar Properties PJSC | 1,342,961 | |||||||
1,334,872 | Emirates NBD Bank PJSC | 3,421,428 | ||||||||
924,216 | Emirates Telecommunications Group Co PJSC | 4,234,375 | ||||||||
1,417,591 | National Bank of Abu Dhabi PJSC | 4,368,161 | ||||||||
TOTAL UNITED ARAB EMIRATES | 18,666,458 | |||||||||
UNITED KINGDOM - 0.0% | ||||||||||
2,588,203 | Old Mutual Ltd | 1,501,372 | ||||||||
TOTAL UNITED KINGDOM | 1,501,372 | |||||||||
UNITED STATES - 3.1% | ||||||||||
1,100,000 | iShares MSCI Emerging Markets | 49,181,000 | ||||||||
132,489 | iShares MSCI South Korea Index Fund | 8,598,536 | ||||||||
1,163,380 | Vanguard Emerging Markets ETF | 50,967,678 | ||||||||
TOTAL UNITED STATES | 108,747,214 | |||||||||
TOTAL COMMON STOCKS | 3,524,419,178 | |||||||||
(Cost $2,841,900,349) | ||||||||||
PREFERRED STOCKS - 0.0% | ||||||||||
PHILIPPINES - 0.0% | ||||||||||
307,700 | *,† | Ayala Land, Inc | 635 | |||||||
TOTAL PHILIPPINES | 635 | |||||||||
TOTAL PREFERRED STOCKS | 635 | |||||||||
(Cost $725) |
296 |
TIAA-CREF FUNDS - Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||||||||||
RIGHTS / WARRANTS - 0.0% | ||||||||||||||||||
CHINA - 0.0% | ||||||||||||||||||
12,923 | † | Legend Holdings Corp | $ | 2,167 | ||||||||||||||
TOTAL CHINA | 2,167 | |||||||||||||||||
THAILAND - 0.0% | ||||||||||||||||||
50,767 | Minor International PCL | 10,099 | ||||||||||||||||
11,796 | Srisawad Corp PCL | 3,103 | ||||||||||||||||
TOTAL THAILAND | 13,202 | |||||||||||||||||
TOTAL RIGHTS / WARRANTS | 15,369 | |||||||||||||||||
(Cost $0) | ||||||||||||||||||
PRINCIPAL | ISSUER | RATE | MATURITY DATE | |||||||||||||||
SHORT-TERM INVESTMENTS - 1.7% | ||||||||||||||||||
REPURCHASE AGREEMENT - 1.5% | ||||||||||||||||||
$ | 52,185,000 | r | Fixed Income Clearing Corp (FICC) | 0.070 | % | 11/02/20 | 52,185,000 | |||||||||||
TOTAL REPURCHASE AGREEMENT | 52,185,000 | |||||||||||||||||
SHARES | COMPANY | |||||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.2% | ||||||||||||||||||
8,351,939 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 8,351,939 | |||||||||||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 8,351,939 | |||||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 60,536,939 | |||||||||||||||||
(Cost $60,536,939) | ||||||||||||||||||
TOTAL INVESTMENTS - 101.7% | 3,584,972,121 | |||||||||||||||||
(Cost $2,902,438,013) | ||||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - (1.7)% | (60,243,248 | ) | ||||||||||||||||
NET ASSETS - 100.0% | $ | 3,524,728,873 | ||||||||||||||||
Abbreviation(s): | ||||||||||||||||||
ADR | American Depositary Receipt | |||||||||||||||||
ETF | Exchange Traded Fund | |||||||||||||||||
IRB | Interest Rate Reduction Bond | |||||||||||||||||
GDR | Global Depositary Receipt | |||||||||||||||||
* | Non-income producing | |||||||||||||||||
† | Security is categorized as Level 3 in the fair value hierarchy. | |||||||||||||||||
c | Investments made with cash collateral received from securities on loan. | |||||||||||||||||
e | All or a portion of these securities are out on loan. The aggregate value of securities on loan is $36,143,892. | |||||||||||||||||
g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/2020, the aggregate value of these securities is $113,270,551 or 3.2% of net assets. | |||||||||||||||||
r | Agreement with Fixed Income Clearing Corporation, 0.070% dated 10/30/20 to be repurchased at $52,185,000 on 11/2/20, collateralized by U.S. Treasury Notes valued at $53,228,702. | |||||||||||||||||
297 |
TIAA-CREF FUNDS - Emerging Markets Equity Index Fund
TIAA-CREF FUNDS
EMERGING MARKETS EQUITY INDEX FUND
SUMMARY OF MARKET VALUES BY SECTOR
October 31, 2020
SECTOR | VALUE | % OF NET ASSETS | ||||||
CONSUMER DISCRETIONARY | $ | 713,433,851 | 20.3 | % | ||||
FINANCIALS | 691,406,421 | 19.6 | ||||||
INFORMATION TECHNOLOGY | 630,493,868 | 17.9 | ||||||
COMMUNICATION SERVICES | 451,041,401 | 12.8 | ||||||
MATERIALS | 233,217,589 | 6.6 | ||||||
CONSUMER STAPLES | 200,882,842 | 5.7 | ||||||
ENERGY | 165,918,378 | 4.7 | ||||||
INDUSTRIALS | 150,335,913 | 4.3 | ||||||
HEALTH CARE | 145,563,474 | 4.1 | ||||||
REAL ESTATE | 77,393,642 | 2.2 | ||||||
UTILITIES | 64,747,803 | 1.8 | ||||||
SHORT-TERM INVESTMENTS | 60,536,939 | 1.7 | ||||||
OTHER ASSETS & LIABILITIES, NET | (60,243,248 | ) | (1.7 | ) | ||||
NET ASSETS | $ | 3,524,728,873 | 100.0 | % |
298 |
TIAA-CREF FUNDS - International Equity Index Fund
TIAA-CREF FUNDS
INTERNATIONAL EQUITY INDEX FUND
SCHEDULE OF INVESTMENTS
October 31, 2020
SHARES | COMPANY | VALUE | ||||||||
COMMON STOCKS - 97.8% | ||||||||||
AUSTRALIA - 7.6% | ||||||||||
213,455 | * | Afterpay Touch Group Ltd | $ | 14,533,956 | ||||||
624,579 | AGL Energy Ltd | 5,474,145 | ||||||||
3,420,967 | AMP Ltd | 3,681,274 | ||||||||
245,861 | Ampol Ltd | 4,483,056 | ||||||||
1,174,880 | APA Group | 8,661,613 | ||||||||
575,841 | Aristocrat Leisure Ltd | 11,595,556 | ||||||||
2,004,869 | AusNet Services | 2,818,409 | ||||||||
2,829,418 | Australia & New Zealand Banking Group Ltd | 37,548,163 | ||||||||
198,807 | Australian Stock Exchange Ltd | 11,132,121 | ||||||||
989,098 | *,† | AZ BGP Holdings | 2,781 | |||||||
2,939,464 | BHP Billiton Ltd | 70,463,734 | ||||||||
2,108,715 | BHP Group plc | 40,850,765 | ||||||||
503,380 | BlueScope Steel Ltd | 5,199,257 | ||||||||
1,520,608 | Brambles Ltd | 10,255,464 | ||||||||
98,626 | * | CIMIC Group Ltd | 1,490,613 | |||||||
503,403 | Coca-Cola Amatil Ltd | 4,400,663 | ||||||||
64,918 | Cochlear Ltd | 9,689,357 | ||||||||
1,341,217 | Coles Group Ltd | 16,754,850 | ||||||||
1,764,037 | Commonwealth Bank of Australia | 85,646,695 | ||||||||
483,279 | Computershare Ltd | 4,130,058 | ||||||||
387,226 | Crown Resorts Ltd | 2,254,388 | ||||||||
454,647 | CSL Ltd | 92,046,593 | ||||||||
1,087,164 | Dexus Property Group | 6,577,393 | ||||||||
1,606,759 | Evolution Mining Ltd | 6,299,192 | ||||||||
1,694,721 | Fortescue Metals Group Ltd | 20,732,353 | ||||||||
9,969,742 | Glencore Xstrata plc | 20,111,316 | ||||||||
1,642,381 | Goodman Group | 21,257,591 | ||||||||
1,943,283 | GPT Group | 5,503,866 | ||||||||
2,317,844 | Insurance Australia Group Ltd | 7,780,353 | ||||||||
664,039 | Lend Lease Corp Ltd | 5,585,985 | ||||||||
335,649 | Macquarie Group Ltd | 29,926,451 | ||||||||
126,725 | Magellan Financial Group Ltd | 4,911,676 | ||||||||
2,756,013 | Medibank Pvt Ltd | 5,173,513 | ||||||||
3,938,439 | Mirvac Group | 5,840,592 | ||||||||
3,186,598 | National Australia Bank Ltd | 41,690,192 | ||||||||
806,495 | Newcrest Mining Ltd | 16,724,682 | ||||||||
740,369 | Northern Star Resources Ltd | 7,821,191 | ||||||||
1,971,125 | Oil Search Ltd | 3,558,801 | ||||||||
405,354 | Orica Ltd | 4,351,384 | ||||||||
1,738,503 | Origin Energy Ltd | 4,890,426 | ||||||||
912,687 | Qantas Airways Ltd | 2,685,066 | ||||||||
1,456,084 | QBE Insurance Group Ltd | 8,420,073 | ||||||||
1,914,389 | QR National Ltd | 5,076,306 | ||||||||
184,363 | Ramsay Health Care Ltd | 8,077,736 | ||||||||
53,976 | REA Group Ltd | 4,488,753 |
299 |
TIAA-CREF FUNDS - International Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
370,032 | Rio Tinto Ltd | $ | 24,072,007 | |||||||
1,119,634 | Rio Tinto plc | 63,328,023 | ||||||||
1,757,779 | Santos Ltd | 5,843,535 | ||||||||
5,178,825 | Scentre Group | 7,642,492 | ||||||||
323,396 | Seek Ltd | 4,894,785 | ||||||||
448,880 | Sonic Healthcare Ltd | 10,994,429 | ||||||||
4,865,345 | South32 Ltd | 6,942,755 | ||||||||
2,388,346 | Stockland Trust Group | 6,458,283 | ||||||||
1,246,944 | Suncorp-Metway Ltd | 7,201,461 | ||||||||
1,318,995 | Sydney Airport | 5,057,134 | ||||||||
2,154,816 | Tabcorp Holdings Ltd | 4,978,966 | ||||||||
4,150,485 | Telstra Corp Ltd | 7,816,137 | ||||||||
378,090 | * | TPG Telecom Ltd | 1,908,358 | |||||||
2,719,128 | Transurban Group | 25,749,257 | ||||||||
711,442 | Treasury Wine Estates Ltd | 4,586,556 | ||||||||
3,824,758 | Vicinity Centres | 3,250,306 | ||||||||
110,235 | e | Washington H Soul Pattinson & Co Ltd | 1,963,002 | |||||||
1,123,760 | Wesfarmers Ltd | 36,375,678 | ||||||||
3,601,932 | Westpac Banking Corp | 45,589,150 | ||||||||
142,586 | Wisetech Global Ltd | 2,908,108 | ||||||||
952,858 | Woodside Petroleum Ltd | 11,752,784 | ||||||||
1,267,727 | Woolworths Ltd | 34,102,234 | ||||||||
TOTAL AUSTRALIA | 1,014,013,842 | |||||||||
AUSTRIA - 0.2% | ||||||||||
70,422 | Andritz AG. | 2,375,093 | ||||||||
282,439 | * | Erste Bank der Oesterreichischen Sparkassen AG. | 5,805,665 | |||||||
147,355 | OMV AG. | 3,406,313 | ||||||||
146,549 | * | Raiffeisen International Bank Holding AG. | 2,115,924 | |||||||
67,802 | e | Verbund AG. | 3,910,415 | |||||||
116,411 | Voestalpine AG. | 3,237,026 | ||||||||
TOTAL AUSTRIA | 20,850,436 | |||||||||
BELGIUM - 0.8% | ||||||||||
174,858 | Ageas | 7,041,364 | ||||||||
761,029 | Anheuser-Busch InBev S.A. | 39,365,115 | ||||||||
54,712 | Colruyt S.A. | 3,238,267 | ||||||||
30,968 | e | Elia System Operator S.A. | 2,995,258 | |||||||
42,486 | * | Galapagos NV | 5,017,406 | |||||||
111,387 | Groupe Bruxelles Lambert S.A. (EN Brussels) | 9,134,646 | ||||||||
250,409 | KBC Groep NV | 12,371,911 | ||||||||
148,191 | Proximus plc | 2,880,862 | ||||||||
14,981 | Sofina S.A. | 3,893,540 | ||||||||
73,574 | Solvay S.A. | 5,977,910 | ||||||||
50,061 | Telenet Group Holding NV | 1,925,370 | ||||||||
125,295 | UCB S.A. | 12,375,580 | ||||||||
195,726 | Umicore S.A. | 7,545,492 | ||||||||
TOTAL BELGIUM | 113,762,721 | |||||||||
BRAZIL - 0.0% | ||||||||||
175,873 | Yara International ASA | 6,154,755 | ||||||||
TOTAL BRAZIL | 6,154,755 |
300 |
TIAA-CREF FUNDS - International Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
CHILE - 0.0% | ||||||||||
388,258 | Antofagasta plc | $ | 5,177,102 | |||||||
TOTAL CHILE | 5,177,102 | |||||||||
CHINA - 0.2% | ||||||||||
40,200 | * | BeiGene Ltd (ADR) | 11,920,104 | |||||||
1,753,000 | g | Budweiser Brewing Co APAC Ltd | 5,169,789 | |||||||
725,000 | e | Microport Scientific Corp | 2,561,544 | |||||||
1,926,356 | Wilmar International Ltd | 5,703,067 | ||||||||
2,425,338 | Yangzijiang Shipbuilding | 1,632,854 | ||||||||
TOTAL CHINA | 26,987,358 | |||||||||
DENMARK - 2.5% | ||||||||||
163,359 | e | Ambu A.S. | 4,954,743 | |||||||
3,256 | AP Moller - Maersk AS (Class A) | 4,814,503 | ||||||||
6,546 | AP Moller - Maersk AS (Class B) | 10,490,846 | ||||||||
103,166 | Carlsberg AS (Class B) | 13,062,959 | ||||||||
104,550 | Christian Hansen Holding | 10,550,120 | ||||||||
119,812 | Coloplast AS | 17,521,662 | ||||||||
688,087 | Danske Bank AS | 9,170,526 | ||||||||
206,228 | DSV AS | 33,458,726 | ||||||||
64,844 | * | Genmab AS | 21,659,507 | |||||||
128,108 | GN Store Nord | 9,223,390 | ||||||||
69,398 | H Lundbeck AS | 1,956,431 | ||||||||
1,716,071 | Novo Nordisk AS | 109,426,356 | ||||||||
206,238 | Novozymes AS | 12,403,391 | ||||||||
188,760 | g | Orsted AS | 29,958,858 | |||||||
99,661 | Pandora AS | 7,906,050 | ||||||||
117,954 | Tryg A.S. | 3,273,544 | ||||||||
196,447 | Vestas Wind Systems AS | 33,703,237 | ||||||||
109,916 | *,e | William Demant Holding A.S. | 3,470,407 | |||||||
TOTAL DENMARK | 337,005,256 | |||||||||
FINLAND - 1.2% | ||||||||||
141,419 | Elisa Oyj (Series A) | 6,953,381 | ||||||||
444,063 | Fortum Oyj | 8,346,887 | ||||||||
339,172 | Kone Oyj (Class B) | 27,002,541 | ||||||||
421,994 | Neste Oil Oyj | 22,008,482 | ||||||||
5,644,177 | Nokia Oyj (Turquoise) | 19,027,628 | ||||||||
3,241,615 | Nordea Bank Abp | 24,329,169 | ||||||||
104,801 | Orion Oyj (Class B) | 4,485,441 | ||||||||
470,277 | Sampo Oyj (A Shares) | 17,746,595 | ||||||||
583,413 | Stora Enso Oyj (R Shares) | 8,513,714 | ||||||||
532,859 | UPM-Kymmene Oyj | 15,058,040 | ||||||||
445,868 | Wartsila Oyj (B Shares) | 3,543,231 | ||||||||
TOTAL FINLAND | 157,015,109 | |||||||||
FRANCE - 10.0% | ||||||||||
190,749 | Accor S.A. | 4,861,800 | ||||||||
235,417 | * | Adevinta ASA | 3,637,298 | |||||||
29,703 | Aeroports de Paris | 2,906,664 | ||||||||
471,632 | Air Liquide | 68,970,650 | ||||||||
587,594 | Airbus SE | 42,991,924 | ||||||||
191,304 | * | Alstom RGPT | 8,547,349 | |||||||
60,842 | g | Amundi S.A. | 3,990,750 | |||||||
69,337 | Arkema | 6,790,848 | ||||||||
97,603 | Atos Origin S.A. | 6,667,832 |
301 |
TIAA-CREF FUNDS - International Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
1,940,637 | AXA S.A. | $ | 31,165,266 | |||||||
41,335 | BioMerieux | 6,154,740 | ||||||||
1,126,606 | BNP Paribas S.A. | 39,290,120 | ||||||||
829,848 | Bollore | 2,974,586 | ||||||||
229,803 | Bouygues S.A. | 7,536,027 | ||||||||
289,189 | Bureau Veritas S.A. | 6,341,435 | ||||||||
160,028 | Cap Gemini S.A. | 18,478,080 | ||||||||
596,287 | Carrefour S.A. | 9,267,429 | ||||||||
179,302 | CNP Assurances | 2,022,281 | ||||||||
518,431 | Compagnie de Saint-Gobain | 20,194,706 | ||||||||
1,160,324 | Credit Agricole S.A. | 9,178,785 | ||||||||
612,840 | Danone | 33,991,292 | ||||||||
2,467 | Dassault Aviation S.A. | 2,064,031 | ||||||||
131,528 | Dassault Systemes S.A. | 22,426,882 | ||||||||
241,478 | Edenred | 11,256,240 | ||||||||
85,260 | Eiffage S.A. | 6,187,952 | ||||||||
621,270 | Electricite de France | 7,211,118 | ||||||||
283,788 | Essilor International S.A. | 35,036,147 | ||||||||
38,059 | Eurazeo | 1,730,829 | ||||||||
75,740 | * | Faurecia | 2,872,511 | |||||||
52,672 | Fonciere Des Regions | 3,136,648 | ||||||||
1,824,704 | Gaz de France | 22,068,978 | ||||||||
46,138 | Gecina S.A. | 5,727,710 | ||||||||
438,800 | Getlink S.E. | 5,901,957 | ||||||||
31,512 | Hermes International | 29,340,816 | ||||||||
29,837 | Icade | 1,508,874 | ||||||||
14,885 | Iliad S.A. | 2,877,743 | ||||||||
38,014 | Ipsen | 3,462,313 | ||||||||
84,967 | JC Decaux S.A. | 1,311,410 | ||||||||
75,620 | Kering | 45,698,385 | ||||||||
198,816 | Klepierre | 2,519,017 | ||||||||
85,746 | g | La Francaise des Jeux SAEM | 3,216,522 | |||||||
264,714 | Legrand S.A. | 19,593,945 | ||||||||
250,431 | L’Oreal S.A. | 80,935,614 | ||||||||
277,166 | LVMH Moet Hennessy Louis Vuitton S.A. | 129,920,923 | ||||||||
169,363 | Michelin (C.G.D.E.) (Class B) | 18,291,368 | ||||||||
972,777 | Natixis | 2,265,788 | ||||||||
1,992,351 | Orange S. A. | 22,373,347 | ||||||||
51,477 | Orpea | 5,141,742 | ||||||||
211,929 | Pernod-Ricard S.A. | 34,142,284 | ||||||||
590,626 | Peugeot S.A. | 10,610,128 | ||||||||
216,469 | Publicis Groupe S.A. | 7,520,628 | ||||||||
23,473 | e | Remy Cointreau S.A. | �� | 3,962,998 | ||||||
192,203 | Renault S.A. | 4,760,056 | ||||||||
320,477 | Safran S.A. | 33,803,880 | ||||||||
1,127,160 | Sanofi-Aventis | 101,775,040 | ||||||||
27,515 | Sartorius Stedim Biotech | 10,433,965 | ||||||||
552,252 | Schneider Electric S.A. | 67,102,160 | ||||||||
159,047 | * | SCOR SE | 3,862,495 | |||||||
22,542 | SEB S.A. | 3,663,374 | ||||||||
812,317 | Societe Generale | 11,037,690 | ||||||||
88,305 | Sodexho Alliance S.A. | 5,672,366 | ||||||||
345,049 | Suez Environnement S.A. | 6,316,938 | ||||||||
58,419 | Teleperformance | 17,536,382 | ||||||||
106,932 | Thales S.A. | 6,967,722 | ||||||||
2,468,531 | Total S.A. | 74,788,364 |
302 |
TIAA-CREF FUNDS - International Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
90,741 | * | Ubisoft Entertainment | $ | 8,015,460 | ||||||
113,135 | e | Unibail-Rodamco-Westfield | 4,579,806 | |||||||
26,252 | Unibail-Rodamco-Westfield (Paris) | 1,067,046 | ||||||||
230,810 | Valeo S.A. | 6,982,327 | ||||||||
540,058 | Veolia Environnement | 10,051,906 | ||||||||
515,344 | Vinci S.A. | 40,704,480 | ||||||||
823,834 | Vivendi Universal S.A. | 23,778,736 | ||||||||
26,683 | Wendel | 2,309,182 | ||||||||
231,385 | *,e,g | Worldline S.A. | 17,137,840 | |||||||
TOTAL FRANCE | 1,348,621,925 | |||||||||
GERMANY - 8.8% | ||||||||||
189,946 | Adidas-Salomon AG. | 56,433,880 | ||||||||
416,837 | Allianz AG. | 73,427,752 | ||||||||
1,010,336 | Aroundtown S.A. | 4,846,235 | ||||||||
917,355 | BASF SE | 50,232,696 | ||||||||
979,734 | Bayer AG. | 46,038,206 | ||||||||
331,298 | Bayerische Motoren Werke AG. | 22,640,483 | ||||||||
57,931 | Bayerische Motoren Werke AG. (Preference) | 2,995,234 | ||||||||
103,629 | Beiersdorf AG. | 10,850,917 | ||||||||
154,219 | Brenntag AG. | 9,857,120 | ||||||||
39,583 | Carl Zeiss Meditec AG. | 5,114,522 | ||||||||
1,003,008 | * | Commerzbank AG. | 4,747,549 | |||||||
109,678 | Continental AG. | 11,653,386 | ||||||||
182,558 | g | Covestro AG. | 8,712,758 | |||||||
855,842 | Daimler AG. (Registered) | 44,237,178 | ||||||||
128,552 | *,g | Delivery Hero AG. | 14,757,017 | |||||||
511,545 | Deutsche Annington Immobilien SE | 32,669,045 | ||||||||
1,958,607 | * | Deutsche Bank AG. (Registered) | 18,099,754 | |||||||
188,634 | Deutsche Boerse AG. | 27,795,883 | ||||||||
299,412 | *,e | Deutsche Lufthansa AG. | 2,561,491 | |||||||
985,058 | Deutsche Post AG. | 43,675,480 | ||||||||
3,319,129 | Deutsche Telekom AG. | 50,446,604 | ||||||||
338,363 | Deutsche Wohnen AG. | 17,078,167 | ||||||||
2,229,391 | E.ON AG. | 23,217,248 | ||||||||
211,457 | Evonik Industries AG. | 5,091,225 | ||||||||
40,235 | e | Fraport AG. Frankfurt Airport Services Worldwide | 1,455,239 | |||||||
211,361 | Fresenius Medical Care AG. | 16,139,985 | ||||||||
417,201 | Fresenius SE | 15,475,418 | ||||||||
67,810 | Fuchs Petrolub AG. (Preference) | 3,490,270 | ||||||||
152,785 | GEA Group AG. | 5,088,306 | ||||||||
59,832 | Hannover Rueckversicherung AG. | 8,694,892 | ||||||||
149,338 | HeidelbergCement AG. | 8,541,152 | ||||||||
103,186 | Henkel KGaA | 9,328,414 | ||||||||
176,719 | Henkel KGaA (Preference) | 17,196,628 | ||||||||
24,663 | Hochtief AG. | 1,814,349 | ||||||||
1,248,848 | Infineon Technologies AG. | 34,769,398 | ||||||||
64,691 | KION Group AG. | 5,040,779 | ||||||||
72,278 | Knorr-Bremse AG. | 8,369,876 | ||||||||
83,021 | Lanxess AG. | 4,210,639 | ||||||||
68,505 | LEG Immobilien AG. | 9,258,645 | ||||||||
128,560 | Merck KGaA | 19,043,742 | ||||||||
176,183 | * | METRO AG. | 1,713,349 | |||||||
52,919 | MTU Aero Engines Holding AG. | 9,044,985 | ||||||||
139,739 | Muenchener Rueckver AG. | 32,751,631 | ||||||||
57,497 | Nemetschek AG. | 4,163,181 |
303 |
TIAA-CREF FUNDS - International Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
154,239 | Porsche AG. | $ | 8,262,946 | |||||||
97,379 | Puma AG. Rudolf Dassler Sport | 8,524,862 | ||||||||
640,577 | RWE AG. | 23,706,313 | ||||||||
1,041,119 | SAP AG. | 111,071,340 | ||||||||
35,742 | Sartorius AG. | 15,128,873 | ||||||||
105,377 | g | Scout24 AG. | 8,501,353 | |||||||
763,081 | Siemens AG. | 89,521,635 | ||||||||
396,289 | * | Siemens Energy AG. | 8,676,915 | |||||||
272,603 | g | Siemens Healthineers AG. | 11,702,508 | |||||||
131,674 | Symrise AG. | 16,236,772 | ||||||||
125,555 | *,e,g | Takeaway.com Holding BV | 13,967,524 | |||||||
149,055 | *,g | TeamViewer AG. | 6,570,048 | |||||||
1,003,436 | Telefonica Deutschland Holding AG. | 2,530,935 | ||||||||
413,856 | * | ThyssenKrupp AG. | 1,975,439 | |||||||
201,877 | Uniper SE | 6,029,935 | ||||||||
103,263 | United Internet AG. | 3,621,288 | ||||||||
32,842 | Volkswagen AG. | 5,108,980 | ||||||||
185,930 | Volkswagen AG. (Preference) | 27,083,320 | ||||||||
151,275 | *,g | Zalando SE | 14,087,390 | |||||||
TOTAL GERMANY | 1,185,079,084 | |||||||||
HONG KONG - 2.9% | ||||||||||
12,045,938 | AIA Group Ltd | 114,643,281 | ||||||||
307,612 | ASM Pacific Technology | 3,102,055 | ||||||||
1,254,221 | Bank of East Asia Ltd | 2,262,632 | ||||||||
3,713,044 | BOC Hong Kong Holdings Ltd | 10,312,930 | ||||||||
2,571,303 | CK Asset Holdings Ltd | 11,939,819 | ||||||||
646,869 | CK Infrastructure Holdings Ltd | 3,051,455 | ||||||||
1,635,959 | CLP Holdings Ltd | 15,074,617 | ||||||||
335,915 | e | Dairy Farm International Holdings Ltd | 1,265,333 | |||||||
1,974,971 | Hang Lung Properties Ltd | 4,808,044 | ||||||||
763,168 | Hang Seng Bank Ltd | 11,757,394 | ||||||||
1,418,108 | Henderson Land Development Co Ltd | 5,008,870 | ||||||||
3,112,627 | HK Electric Investments & HK Electric Investments Ltd | 3,168,733 | ||||||||
3,761,931 | HKT Trust and HKT Ltd | 4,865,181 | ||||||||
10,957,694 | Hong Kong & China Gas Ltd | 15,809,791 | ||||||||
1,377,485 | Hong Kong Electric Holdings Ltd | 7,093,620 | ||||||||
1,209,747 | Hong Kong Exchanges and Clearing Ltd | 57,969,512 | ||||||||
1,164,355 | Hongkong Land Holdings Ltd | 4,274,529 | ||||||||
220,761 | Jardine Matheson Holdings Ltd | 9,785,371 | ||||||||
218,250 | Jardine Strategic Holdings Ltd | 4,725,582 | ||||||||
643,948 | Kerry Properties Ltd | 1,579,944 | ||||||||
2,051,907 | Link REIT | 15,659,861 | ||||||||
214,045 | Melco Crown Entertainment Ltd (ADR) | 3,450,405 | ||||||||
1,540,897 | MTR Corp | 7,635,553 | ||||||||
1,527,762 | New World Development Co Ltd | 7,294,126 | ||||||||
4,432,780 | PCCW Ltd | 2,666,918 | ||||||||
3,140,645 | e | Sino Land Co | 3,721,908 | |||||||
1,964,375 | SJM Holdings Ltd | 2,039,628 | ||||||||
1,289,519 | Sun Hung Kai Properties Ltd | 16,598,446 | ||||||||
511,946 | Swire Pacific Ltd (Class A) | 2,334,574 | ||||||||
1,142,054 | Swire Properties Ltd | 3,064,685 | ||||||||
1,370,431 | Techtronic Industries Co | 18,458,804 | ||||||||
9,488,186 | g | WH Group Ltd | 7,473,143 | |||||||
1,661,914 | Wharf Real Estate Investment Co Ltd | 6,396,343 | ||||||||
TOTAL HONG KONG | 389,293,087 |
304 |
TIAA-CREF FUNDS - International Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
IRELAND - 0.7% | ||||||||||
131,175 | * | AerCap Holdings NV | $ | 3,257,075 | ||||||
785,714 | CRH plc | 27,493,527 | ||||||||
153,791 | Flutter Entertainment plc | 26,883,967 | ||||||||
160,563 | Kerry Group plc (Class A) | 19,219,696 | ||||||||
153,787 | Kingspan Group plc | 13,406,237 | ||||||||
224,741 | Smurfit Kappa Group plc | 8,468,037 | ||||||||
TOTAL IRELAND | 98,728,539 | |||||||||
ISRAEL - 0.6% | ||||||||||
42,657 | Azrieli Group | 2,002,145 | ||||||||
1,127,032 | * | Bank Hapoalim Ltd | 6,578,836 | |||||||
1,433,973 | Bank Leumi Le-Israel | 6,758,362 | ||||||||
116,793 | * | Check Point Software Technologies | 13,263,013 | |||||||
26,328 | Elbit Systems Ltd | 2,966,732 | ||||||||
708,509 | Israel Chemicals Ltd | 2,570,369 | ||||||||
1,151,999 | Israel Discount Bank Ltd | 3,224,511 | ||||||||
140,417 | Mizrahi Tefahot Bank Ltd | 2,738,160 | ||||||||
61,823 | * | Nice Systems Ltd | 14,060,347 | |||||||
1,099,870 | * | Teva Pharmaceutical Industries Ltd (ADR) | 9,590,866 | |||||||
51,162 | * | Wix.com Ltd | 12,653,386 | |||||||
TOTAL ISRAEL | 76,406,727 | |||||||||
ITALY - 1.9% | ||||||||||
1,099,673 | Assicurazioni Generali S.p.A. | 14,751,260 | ||||||||
495,691 | * | Autostrade S.p.A. | 7,609,125 | |||||||
579,159 | Davide Campari-Milano NV | 6,052,996 | ||||||||
25,075 | DiaSorin S.p.A. | 5,504,680 | ||||||||
8,111,837 | Enel S.p.A. | 64,493,179 | ||||||||
2,539,550 | ENI S.p.A. | 17,789,660 | ||||||||
127,766 | Ferrari NV | 22,792,412 | ||||||||
606,585 | FinecoBank Banca Fineco S.p.A | 8,328,330 | ||||||||
406,486 | e | Finmeccanica S.p.A. | 1,938,182 | |||||||
252,916 | g | Infrastrutture Wireless Italiane S.p.A | 2,731,905 | |||||||
16,474,959 | Intesa Sanpaolo S.p.A. | 27,350,143 | ||||||||
619,635 | Mediobanca S.p.A. | 4,399,235 | ||||||||
192,420 | Moncler S.p.A | 7,699,050 | ||||||||
436,238 | *,g | Nexi S.p.A | 6,715,492 | |||||||
381,974 | g | Pirelli & C S.p.A | 1,592,638 | |||||||
509,886 | g | Poste Italiane S.p.A | 4,162,541 | |||||||
239,190 | Prysmian S.p.A. | 6,508,934 | ||||||||
108,158 | Recordati S.p.A. | 5,607,409 | ||||||||
2,026,088 | Snam Rete Gas S.p.A. | 9,879,370 | ||||||||
5,702,691 | Telecom Italia RSP | 2,075,818 | ||||||||
8,419,613 | e | Telecom Italia S.p.A. | 2,859,911 | |||||||
1,400,652 | Terna Rete Elettrica Nazionale S.p.A. | 9,456,905 | ||||||||
2,125,138 | UniCredit S.p.A. | 15,915,984 | ||||||||
TOTAL ITALY | 256,215,159 | |||||||||
JAPAN - 26.0% | ||||||||||
35,683 | ABC-Mart, Inc | 1,810,000 | ||||||||
374,274 | Acom Co Ltd | 1,681,995 | ||||||||
199,600 | Advantest Corp | 11,561,423 | ||||||||
652,845 | Aeon Co Ltd | 16,679,001 | ||||||||
94,314 | Aeon Mall Co Ltd | 1,471,241 |
305 |
TIAA-CREF FUNDS - International Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
182,973 | Air Water, Inc | $ | 2,614,282 | |||||||
164,121 | Aisin Seiki Co Ltd | 4,972,550 | ||||||||
468,488 | Ajinomoto Co, Inc | 9,412,281 | ||||||||
183,361 | Alfresa Holdings Corp | 3,357,328 | ||||||||
111,180 | e | All Nippon Airways Co Ltd | 2,424,927 | |||||||
329,796 | Amada Co Ltd | 2,870,430 | ||||||||
118,888 | Aozora Bank Ltd | 1,953,213 | ||||||||
452,421 | Asahi Breweries Ltd | 14,001,123 | ||||||||
195,373 | Asahi Glass Co Ltd | 6,100,708 | ||||||||
195,100 | Asahi Intecc Co Ltd | 6,045,793 | ||||||||
1,251,365 | Asahi Kasei Corp | 10,843,794 | ||||||||
865,699 | Ashikaga Holdings Co Ltd | 1,739,353 | ||||||||
1,854,461 | Astellas Pharma, Inc | 25,430,106 | ||||||||
53,899 | Bank of Kyoto Ltd | 2,380,422 | ||||||||
70,034 | Benesse Holdings, Inc | 1,651,107 | ||||||||
1,981 | BLife Investment Corp | 4,582,571 | ||||||||
528,912 | Bridgestone Corp | 17,239,886 | ||||||||
215,461 | Brother Industries Ltd | 3,329,341 | ||||||||
83,689 | Calbee, Inc | 2,567,296 | ||||||||
999,577 | Canon, Inc | 17,398,835 | ||||||||
187,843 | * | Casio Computer Co Ltd | 2,853,740 | |||||||
143,571 | Central Japan Railway Co | 17,360,464 | ||||||||
43,816 | e | Century Leasing System, Inc | 2,148,229 | |||||||
541,343 | Chiba Bank Ltd | 2,796,193 | ||||||||
666,972 | Chubu Electric Power Co, Inc | 7,471,293 | ||||||||
672,744 | Chugai Pharmaceutical Co Ltd | 25,967,910 | ||||||||
306,003 | Chugoku Electric Power Co, Inc | 3,844,579 | ||||||||
119,764 | Coca-Cola West Japan Co Ltd | 1,690,580 | ||||||||
990,123 | Concordia Financial Group Ltd | 3,268,448 | ||||||||
20,400 | Cosmos Pharmaceutical Corp | 3,464,723 | ||||||||
100,900 | CyberAgent, Inc | 6,346,442 | ||||||||
242,233 | Dai Nippon Printing Co Ltd | 4,512,660 | ||||||||
232,131 | Daicel Chemical Industries Ltd | 1,656,636 | ||||||||
102,089 | Daifuku Co Ltd | 10,527,190 | ||||||||
1,083,146 | Dai-ichi Mutual Life Insurance Co | 16,177,233 | ||||||||
1,703,590 | Daiichi Sankyo Co Ltd | 44,963,933 | ||||||||
247,780 | Daikin Industries Ltd | 46,367,870 | ||||||||
64,159 | Daito Trust Construction Co Ltd | 5,836,232 | ||||||||
562,294 | Daiwa House Industry Co Ltd | 14,774,136 | ||||||||
1,468,972 | * | Daiwa Securities Group, Inc | 5,952,007 | |||||||
431,853 | Denso Corp | 20,122,862 | ||||||||
212,847 | Dentsu, Inc | 6,135,957 | ||||||||
28,485 | Disco Corp | 7,688,339 | ||||||||
414,972 | Don Quijote Co Ltd | 8,805,058 | ||||||||
300,181 | East Japan Railway Co | 15,697,494 | ||||||||
251,596 | Eisai Co Ltd | 19,562,477 | ||||||||
144,149 | Electric Power Development Co | 1,948,124 | ||||||||
190,829 | Fanuc Ltd | 40,307,790 | ||||||||
58,260 | Fast Retailing Co Ltd | 40,638,777 | ||||||||
123,699 | Fuji Electric Holdings Co Ltd | 3,750,919 | ||||||||
615,096 | Fuji Heavy Industries Ltd | 11,288,839 | ||||||||
359,086 | Fujifilm Holdings Corp | 18,310,713 | ||||||||
195,612 | Fujitsu Ltd | 23,143,751 | ||||||||
165,993 | Fukuoka Financial Group, Inc | 2,776,623 | ||||||||
3,665 | GLP J-Reit | 5,650,139 | ||||||||
40,300 | GMO Payment Gateway, Inc | 4,937,897 |
306 |
TIAA-CREF FUNDS - International Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
227,781 | Hakuhodo DY Holdings, Inc | $ | 2,902,198 | |||||||
144,466 | Hamamatsu Photonics KK | 7,269,488 | ||||||||
224,437 | Hankyu Hanshin Holdings, Inc | 6,852,813 | ||||||||
21,483 | Hikari Tsushin, Inc | 5,038,723 | ||||||||
286,437 | * | Hino Motors Ltd | 2,194,602 | |||||||
31,867 | Hirose Electric Co Ltd | 4,448,137 | ||||||||
50,845 | Hisamitsu Pharmaceutical Co, Inc | 2,432,129 | ||||||||
109,937 | * | Hitachi Construction Machinery Co Ltd | 2,711,323 | |||||||
963,855 | * | Hitachi Ltd | 32,486,054 | |||||||
207,546 | Hitachi Metals Ltd | 2,752,323 | ||||||||
1,622,325 | Honda Motor Co Ltd | 38,372,745 | ||||||||
50,792 | Hoshizaki Electric Co Ltd | 4,056,210 | ||||||||
376,896 | * | Hoya Corp | 42,535,312 | |||||||
299,055 | Hulic Co Ltd | 2,770,116 | ||||||||
198,992 | Idemitsu Kosan Co Ltd | 4,024,407 | ||||||||
142,263 | Iida Group Holdings Co Ltd | 2,573,840 | ||||||||
1,022,817 | Inpex Holdings, Inc | 4,850,604 | ||||||||
311,251 | Isetan Mitsukoshi Holdings Ltd | 1,515,837 | ||||||||
553,864 | Isuzu Motors Ltd | 4,493,772 | ||||||||
222,900 | IT Holdings Corp | 4,262,994 | ||||||||
55,600 | e | Ito En Ltd | 3,521,326 | |||||||
1,345,332 | Itochu Corp | 32,312,865 | ||||||||
99,000 | Itochu Techno-Science Corp | 3,358,812 | ||||||||
112,057 | Japan Airlines Co Ltd | 1,957,169 | ||||||||
50,445 | e | Japan Airport Terminal Co Ltd | 2,190,889 | |||||||
390,532 | Japan Post Bank Co Ltd | 3,114,777 | ||||||||
1,556,564 | Japan Post Holdings Co Ltd | 10,680,274 | ||||||||
219,600 | Japan Post Insurance Co Ltd | 3,480,904 | ||||||||
779 | Japan Prime Realty Investment Corp | 2,105,297 | ||||||||
1,298 | Japan Real Estate Investment Corp | 6,361,115 | ||||||||
2,626 | Japan Retail Fund Investment Corp | 3,785,135 | ||||||||
1,201,070 | Japan Tobacco, Inc | 22,612,755 | ||||||||
476,307 | * | JFE Holdings, Inc | 3,346,613 | |||||||
221,007 | JGC Corp | 1,817,202 | ||||||||
198,298 | JSR Corp | 4,481,936 | ||||||||
227,232 | JTEKT Corp | 1,810,754 | ||||||||
3,057,800 | JX Holdings, Inc | 10,317,892 | ||||||||
439,610 | Kajima Corp | 4,697,421 | ||||||||
139,245 | Kakaku.com, Inc | 3,679,886 | ||||||||
105,855 | Kamigumi Co Ltd | 1,893,840 | ||||||||
705,948 | Kansai Electric Power Co, Inc | 6,424,392 | ||||||||
174,483 | Kansai Paint Co Ltd | 4,498,541 | ||||||||
485,310 | Kao Corp | 34,553,436 | ||||||||
132,000 | Kawasaki Heavy Industries Ltd | 1,577,023 | ||||||||
1,609,632 | KDDI Corp | 43,548,577 | ||||||||
97,838 | Keihan Electric Railway Co Ltd | 3,716,886 | ||||||||
225,434 | Keihin Electric Express Railway Co Ltd | 3,152,553 | ||||||||
102,646 | Keio Corp | 5,965,500 | ||||||||
136,116 | Keisei Electric Railway Co Ltd | 3,807,732 | ||||||||
182,722 | Keyence Corp | 82,923,354 | ||||||||
144,860 | Kikkoman Corp | 7,214,048 | ||||||||
173,362 | Kintetsu Corp | 6,926,760 | ||||||||
821,978 | Kirin Brewery Co Ltd | 14,818,921 | ||||||||
49,664 | Kobayashi Pharmaceutical Co Ltd | 4,839,543 | ||||||||
122,600 | e | Kobe Bussan Co Ltd | 3,449,356 | |||||||
102,897 | * | Koito Manufacturing Co Ltd | 4,962,083 |
307 |
TIAA-CREF FUNDS - International Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
869,034 | Komatsu Ltd | $ | 19,592,776 | |||||||
92,856 | Konami Corp | 3,634,224 | ||||||||
33,863 | Kose Corp | 4,316,701 | ||||||||
1,033,275 | Kubota Corp | 17,956,323 | ||||||||
320,056 | Kuraray Co Ltd | 2,960,190 | ||||||||
98,986 | Kurita Water Industries Ltd | 2,945,202 | ||||||||
322,250 | Kyocera Corp | 17,747,097 | ||||||||
267,394 | Kyowa Hakko Kogyo Co Ltd | 6,640,295 | ||||||||
358,133 | Kyushu Electric Power Co, Inc | 3,002,388 | ||||||||
151,321 | Kyushu Railway Co | 3,218,731 | ||||||||
75,100 | Lasertec Corp | 6,505,223 | ||||||||
53,858 | Lawson, Inc | 2,474,536 | ||||||||
58,826 | * | LINE Corp | 3,018,546 | |||||||
225,709 | Lion Corp | 4,602,519 | ||||||||
265,246 | LIXIL Group Corp | 5,759,612 | ||||||||
441,562 | M3, Inc | 29,821,206 | ||||||||
223,046 | Makita Corp | 9,859,433 | ||||||||
1,657,319 | Marubeni Corp | 8,653,203 | ||||||||
190,542 | Marui Co Ltd | 3,443,462 | ||||||||
56,580 | Maruichi Steel Tube Ltd | 1,298,033 | ||||||||
546,257 | Mazda Motor Corp | 2,868,300 | ||||||||
68,711 | McDonald’s Holdings Co Japan Ltd | 3,258,370 | ||||||||
177,448 | Mediceo Paltac Holdings Co Ltd | 3,163,167 | ||||||||
114,177 | MEIJI Holdings Co Ltd | 8,272,065 | ||||||||
85,800 | * | Mercari, Inc | 3,607,233 | |||||||
365,672 | Minebea Co Ltd | 6,604,531 | ||||||||
279,206 | MISUMI Group, Inc | 8,292,297 | ||||||||
1,283,995 | Mitsubishi Chemical Holdings Corp | 7,226,527 | ||||||||
1,336,555 | Mitsubishi Corp | 29,820,362 | ||||||||
1,827,611 | Mitsubishi Electric Corp | 23,537,593 | ||||||||
1,173,900 | Mitsubishi Estate Co Ltd | 17,509,748 | ||||||||
161,704 | Mitsubishi Gas Chemical Co, Inc | 2,947,763 | ||||||||
314,848 | Mitsubishi Heavy Industries Ltd | 6,764,579 | ||||||||
109,017 | Mitsubishi Materials Corp | 2,000,380 | ||||||||
592,178 | Mitsubishi Motors Corp | 1,086,068 | ||||||||
12,212,592 | Mitsubishi UFJ Financial Group, Inc | 48,140,873 | ||||||||
405,537 | Mitsubishi UFJ Lease & Finance Co Ltd | 1,718,256 | ||||||||
1,632,177 | Mitsui & Co Ltd | 25,565,590 | ||||||||
185,510 | Mitsui Chemicals, Inc | 4,751,346 | ||||||||
927,796 | Mitsui Fudosan Co Ltd | 15,798,098 | ||||||||
444,409 | Mitsui Sumitomo Insurance Group Holdings, Inc | 12,161,356 | ||||||||
90,100 | Miura Co Ltd | 4,245,008 | ||||||||
2,415,072 | Mizuho Financial Group, Inc | 29,734,417 | ||||||||
124,400 | MonotaRO Co Ltd | 6,880,776 | ||||||||
571,238 | Murata Manufacturing Co Ltd | 40,060,150 | ||||||||
112,377 | Nabtesco Corp | 4,198,206 | ||||||||
186,421 | Nagoya Railroad Co Ltd | 4,969,093 | ||||||||
200,498 | Namco Bandai Holdings, Inc | 14,984,176 | ||||||||
245,625 | NEC Corp | 12,372,171 | ||||||||
484,489 | Nexon Co Ltd | 13,503,142 | ||||||||
264,138 | NGK Insulators Ltd | 3,773,381 | ||||||||
154,375 | NGK Spark Plug Co Ltd | 2,714,983 | ||||||||
446,282 | Nidec Corp | 45,075,369 | ||||||||
148,800 | Nihon M&A Center, Inc | 8,737,765 | ||||||||
312,826 | Nikon Corp | 1,906,474 | ||||||||
111,678 | Nintendo Co Ltd | 60,383,037 |
308 |
TIAA-CREF FUNDS - International Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
1,465 | Nippon Building Fund, Inc | $ | 7,399,423 | |||||||
73,790 | Nippon Express Co Ltd | 4,138,109 | ||||||||
83,705 | Nippon Meat Packers, Inc | 3,428,805 | ||||||||
145,939 | Nippon Paint Co Ltd | 13,146,180 | ||||||||
2,053 | Nippon ProLogis REIT, Inc | 6,757,324 | ||||||||
46,300 | Nippon Shinyaku Co Ltd | 3,308,418 | ||||||||
793,746 | * | Nippon Steel Corp | 7,698,641 | |||||||
1,282,426 | Nippon Telegraph & Telephone Corp | 26,976,898 | ||||||||
152,790 | Nippon Yusen Kabushiki Kaisha | 2,820,132 | ||||||||
124,074 | Nissan Chemical Industries Ltd | 6,584,690 | ||||||||
2,277,088 | * | Nissan Motor Co Ltd | 8,062,103 | |||||||
191,410 | Nisshin Seifun Group, Inc | 2,882,409 | ||||||||
65,160 | Nissin Food Products Co Ltd | 5,642,169 | ||||||||
80,971 | Nitori Co Ltd | 16,644,130 | ||||||||
157,657 | Nitto Denko Corp | 11,076,309 | ||||||||
334,575 | NKSJ Holdings, Inc | 12,491,649 | ||||||||
3,139,352 | * | Nomura Holdings, Inc | 14,059,392 | |||||||
122,674 | Nomura Real Estate Holdings, Inc | 2,142,675 | ||||||||
4,278 | Nomura Real Estate Master Fund, Inc | 5,108,583 | ||||||||
319,073 | Nomura Research Institute Ltd | 9,405,469 | ||||||||
363,927 | NSK Ltd | 2,913,627 | ||||||||
624,908 | NTT Data Corp | 7,052,841 | ||||||||
1,127,897 | NTT DoCoMo, Inc | 41,997,461 | ||||||||
642,382 | Obayashi Corp | 5,375,669 | ||||||||
70,286 | Obic Co Ltd | 12,443,641 | ||||||||
299,460 | Odakyu Electric Railway Co Ltd | 7,226,720 | ||||||||
870,243 | OJI Paper Co Ltd | 3,667,567 | ||||||||
1,162,868 | Olympus Corp | 22,262,038 | ||||||||
186,299 | Omron Corp | 13,451,911 | ||||||||
371,280 | Ono Pharmaceutical Co Ltd | 10,590,840 | ||||||||
39,189 | * | Oracle Corp Japan | 3,916,550 | |||||||
200,480 | Oriental Land Co Ltd | 28,062,783 | ||||||||
1,318,030 | ORIX Corp | 15,414,672 | ||||||||
2,660 | Orix JREIT, Inc | 3,738,389 | ||||||||
380,595 | Osaka Gas Co Ltd | 7,227,578 | ||||||||
511,463 | Osaka Securities Exchange Co Ltd | 12,486,459 | ||||||||
104,973 | Otsuka Corp | 4,823,684 | ||||||||
391,285 | Otsuka Holdings KK | 14,491,841 | ||||||||
2,204,298 | Panasonic Corp | 20,362,270 | ||||||||
113,334 | Park24 Co Ltd | 1,530,899 | ||||||||
95,100 | * | PeptiDream, Inc | 4,394,864 | |||||||
116,600 | Pigeon Corp | 5,369,609 | ||||||||
88,656 | Pola Orbis Holdings, Inc | 1,748,222 | ||||||||
854,497 | * | Rakuten, Inc | 8,313,561 | |||||||
1,267,573 | Recruit Holdings Co Ltd | 48,231,972 | ||||||||
768,399 | * | Renesas Electronics Corp | 6,342,862 | |||||||
2,078,834 | Resona Holdings, Inc | 6,853,861 | ||||||||
656,080 | Ricoh Co Ltd | 4,308,620 | ||||||||
35,418 | Rinnai Corp | 3,489,964 | ||||||||
87,714 | Rohm Co Ltd | 6,744,056 | ||||||||
241,990 | Ryohin Keikaku Co Ltd | 5,079,206 | ||||||||
364,343 | Santen Pharmaceutical Co Ltd | 6,491,131 | ||||||||
237,718 | * | SBI Holdings, Inc | 5,479,696 | |||||||
209,165 | Secom Co Ltd | 17,670,024 | ||||||||
173,483 | Sega Sammy Holdings, Inc | 2,174,015 | ||||||||
216,575 | Seibu Holdings, Inc | 2,165,296 |
309 |
TIAA-CREF FUNDS - International Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
279,357 | Seiko Epson Corp | $ | 3,244,366 | |||||||
357,987 | Sekisui Chemical Co Ltd | 5,580,415 | ||||||||
618,272 | Sekisui House Ltd | 10,271,539 | ||||||||
752,888 | Seven & I Holdings Co Ltd | 22,883,779 | ||||||||
568,376 | Seven Bank Ltd | 1,304,391 | ||||||||
321,404 | SG Holdings Co Ltd | 7,752,404 | ||||||||
215,815 | * | Sharp Corp | 2,495,603 | |||||||
222,265 | Shimadzu Corp | 6,355,298 | ||||||||
21,378 | Shimamura Co Ltd | 2,279,124 | ||||||||
74,110 | Shimano, Inc | 16,950,111 | ||||||||
552,350 | Shimizu Corp | 3,835,161 | ||||||||
353,501 | Shin-Etsu Chemical Co Ltd | 47,215,981 | ||||||||
155,096 | *,e | Shinsei Bank Ltd | 1,866,044 | |||||||
264,080 | Shionogi & Co Ltd | 12,456,638 | ||||||||
401,130 | Shiseido Co Ltd | 24,832,755 | ||||||||
382,248 | Shizuoka Bank Ltd | 2,570,902 | ||||||||
141,592 | Showa Denko KK | 2,407,584 | ||||||||
56,991 | * | SMC Corp | 30,313,811 | |||||||
2,889,100 | Softbank Corp | 33,621,796 | ||||||||
1,564,072 | Softbank Group Corp | 101,873,909 | ||||||||
75,006 | Sohgo Security Services Co Ltd | 3,494,888 | ||||||||
1,256,445 | Sony Corp | 104,745,326 | ||||||||
90,900 | Square Enix Co Ltd | 5,281,544 | ||||||||
126,329 | Stanley Electric Co Ltd | 3,597,826 | ||||||||
108,833 | Start Today Co Ltd | 2,760,863 | ||||||||
262,199 | Sumco Corp | 3,999,024 | ||||||||
51,900 | Sumisho Computer Systems Corp | 2,580,545 | ||||||||
1,510,594 | Sumitomo Chemical Co Ltd | 4,941,430 | ||||||||
1,181,226 | Sumitomo Corp | 12,923,293 | ||||||||
176,665 | Sumitomo Dainippon Pharma Co Ltd | 2,070,692 | ||||||||
744,283 | Sumitomo Electric Industries Ltd | 8,216,939 | ||||||||
114,717 | Sumitomo Heavy Industries Ltd | 2,458,760 | ||||||||
231,045 | Sumitomo Metal Mining Co Ltd | 7,181,741 | ||||||||
1,307,662 | Sumitomo Mitsui Financial Group, Inc | 36,198,567 | ||||||||
331,909 | Sumitomo Mitsui Trust Holdings, Inc | 8,924,177 | ||||||||
308,545 | Sumitomo Realty & Development Co Ltd | 8,256,456 | ||||||||
171,433 | Sumitomo Rubber Industries, Inc | 1,507,962 | ||||||||
69,857 | Sundrug Co Ltd | 2,593,915 | ||||||||
141,950 | Suntory Beverage & Food Ltd | 4,895,532 | ||||||||
67,052 | Suzuken Co Ltd | 2,420,619 | ||||||||
367,440 | Suzuki Motor Corp | 15,780,701 | ||||||||
167,125 | Sysmex Corp | 15,697,840 | ||||||||
536,149 | T&D Holdings, Inc | 5,358,314 | ||||||||
117,798 | Taiheiyo Cement Corp | 2,764,962 | ||||||||
189,497 | Taisei Corp | 5,896,750 | ||||||||
30,658 | Taisho Pharmaceutical Holdings Co Ltd | 1,844,639 | ||||||||
149,558 | Taiyo Nippon Sanso Corp | 2,192,765 | ||||||||
1,573,473 | Takeda Pharmaceutical Co Ltd | 48,624,387 | ||||||||
128,749 | TDK Corp | 15,140,963 | ||||||||
173,460 | Teijin Ltd | 2,657,053 | ||||||||
173,672 | Temp Holdings Co Ltd | 2,630,471 | ||||||||
650,054 | Terumo Corp | 23,924,571 | ||||||||
123,185 | THK Co Ltd | 3,269,933 | ||||||||
188,390 | Tobu Railway Co Ltd | 5,345,821 | ||||||||
114,142 | Toho Co Ltd | 4,520,117 | ||||||||
74,920 | e | Toho Gas Co Ltd | 3,867,504 |
310 |
TIAA-CREF FUNDS - International Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
417,037 | Tohoku Electric Power Co, Inc | $ | 3,679,555 | |||||||
631,443 | Tokio Marine Holdings, Inc | 28,222,165 | ||||||||
1,376,918 | * | Tokyo Electric Power Co, Inc | 3,552,965 | |||||||
148,943 | Tokyo Electron Ltd | 39,977,912 | ||||||||
381,605 | Tokyo Gas Co Ltd | 8,646,987 | ||||||||
488,644 | Tokyu Corp | 5,797,588 | ||||||||
643,324 | Tokyu Fudosan Holdings Corp | 2,811,209 | ||||||||
252,290 | Toppan Printing Co Ltd | 3,208,219 | ||||||||
1,376,561 | Toray Industries, Inc | 6,228,804 | ||||||||
385,187 | Toshiba Corp | 9,743,634 | ||||||||
255,330 | Tosoh Corp | 4,138,806 | ||||||||
140,932 | Toto Ltd | 6,434,317 | ||||||||
88,099 | Toyo Suisan Kaisha Ltd | 4,384,316 | ||||||||
62,599 | Toyoda Gosei Co Ltd | 1,590,948 | ||||||||
142,633 | Toyota Industries Corp | 9,217,424 | ||||||||
2,112,686 | Toyota Motor Corp | 138,691,259 | ||||||||
213,844 | Toyota Tsusho Corp | 5,967,381 | ||||||||
131,831 | * | Trend Micro, Inc | 7,384,528 | |||||||
37,059 | Tsuruha Holdings, Inc | 5,189,185 | ||||||||
405,322 | Uni-Charm Corp | 18,754,613 | ||||||||
2,980 | United Urban Investment Corp | 3,181,656 | ||||||||
202,923 | USS Co Ltd | 3,711,578 | ||||||||
93,000 | Welcia Holdings Co Ltd | 3,642,008 | ||||||||
161,477 | West Japan Railway Co | 6,926,910 | ||||||||
129,111 | Yakult Honsha Co Ltd | 6,248,071 | ||||||||
726,740 | Yamada Denki Co Ltd | 3,543,436 | ||||||||
133,760 | Yamaha Corp | 6,340,916 | ||||||||
282,379 | Yamaha Motor Co Ltd | 4,037,461 | ||||||||
306,374 | Yamato Transport Co Ltd | 8,109,862 | ||||||||
120,877 | Yamazaki Baking Co Ltd | 1,985,504 | ||||||||
238,265 | Yaskawa Electric Corp | 9,264,649 | ||||||||
226,973 | Yokogawa Electric Corp | 3,336,808 | ||||||||
123,132 | Yokohama Rubber Co Ltd | 1,768,715 | ||||||||
2,641,119 | Z Holdings Corp | 18,416,680 | ||||||||
TOTAL JAPAN | 3,483,879,284 | |||||||||
JORDAN - 0.0% | ||||||||||
175,836 | Hikma Pharmaceuticals plc | 5,717,037 | ||||||||
TOTAL JORDAN | 5,717,037 | |||||||||
LUXEMBOURG - 0.2% | ||||||||||
715,436 | ArcelorMittal | 9,701,330 | ||||||||
13,133 | Eurofins Scientific | 10,458,071 | ||||||||
380,841 | SES Global S.A. | 3,041,901 | ||||||||
TOTAL LUXEMBOURG | 23,201,302 | |||||||||
MACAU - 0.2% | ||||||||||
2,156,361 | Galaxy Entertainment Group Ltd | 14,250,426 | ||||||||
2,392,867 | Sands China Ltd | 8,398,008 | ||||||||
1,556,653 | * | Wynn Macau Ltd | 2,150,725 | |||||||
TOTAL MACAU | 24,799,159 | |||||||||
NETHERLANDS - 4.4% | ||||||||||
423,294 | *,g | ABN AMRO Group NV (ADR) | 3,477,049 | |||||||
17,991 | *,g | Adyen NV | 30,238,250 | |||||||
1,791,029 | Aegon NV | 4,817,898 |
311 |
TIAA-CREF FUNDS - International Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
192,905 | Akzo Nobel NV | $ | 18,555,198 | |||||||
637,306 | * | Altice NV (Class A) | 3,133,414 | |||||||
44,457 | * | Argenx SE | 11,093,874 | |||||||
425,054 | ASML Holding NV | 153,785,761 | ||||||||
171,040 | DSM NV | 27,353,995 | ||||||||
109,616 | EXOR NV | 5,702,971 | ||||||||
113,478 | Heineken Holding NV | 8,744,845 | ||||||||
257,889 | Heineken NV | 22,827,702 | ||||||||
3,910,687 | ING Groep NV | 26,787,099 | ||||||||
1,092,762 | Koninklijke Ahold Delhaize NV | 29,958,909 | ||||||||
3,547,394 | Koninklijke KPN NV | 9,580,728 | ||||||||
910,561 | Koninklijke Philips Electronics NV | 42,174,226 | ||||||||
73,191 | Koninklijke Vopak NV | 3,804,346 | ||||||||
287,946 | NN Group NV | 10,020,788 | ||||||||
486,030 | Prosus NV | 48,523,266 | ||||||||
118,939 | Randstad Holdings NV | 5,934,642 | ||||||||
4,097,112 | Royal Dutch Shell plc (A Shares) | 51,539,537 | ||||||||
3,704,777 | Royal Dutch Shell plc (B Shares) | 44,677,138 | ||||||||
271,579 | Wolters Kluwer NV | 21,988,845 | ||||||||
TOTAL NETHERLANDS | 584,720,481 | |||||||||
NEW ZEALAND - 0.3% | ||||||||||
736,184 | * | a2 Milk Co Ltd | 7,128,595 | |||||||
1,231,378 | * | Auckland International Airport Ltd | 5,696,203 | |||||||
575,242 | Fisher & Paykel Healthcare Corp | 13,307,868 | ||||||||
1,276,410 | Meridian Energy Ltd | 4,473,593 | ||||||||
664,816 | Mighty River Power Ltd | 2,350,361 | ||||||||
404,771 | Ryman Healthcare Ltd | 3,745,782 | ||||||||
1,902,673 | Telecom Corp of New Zealand Ltd | 5,646,495 | ||||||||
TOTAL NEW ZEALAND | 42,348,897 | |||||||||
NORWAY - 0.5% | ||||||||||
945,642 | DNB NOR Holding ASA | 12,770,694 | ||||||||
991,379 | Equinor ASA | 12,649,708 | ||||||||
199,389 | Gjensidige Forsikring BA | 3,799,356 | ||||||||
436,621 | Mowi ASA | 6,897,718 | ||||||||
1,338,826 | Norsk Hydro ASA | 3,762,589 | ||||||||
774,786 | Orkla ASA | 7,313,832 | ||||||||
97,786 | Schibsted ASA (B Shares) | 3,528,390 | ||||||||
749,712 | Telenor ASA | 11,584,760 | ||||||||
TOTAL NORWAY | 62,307,047 | |||||||||
PORTUGAL - 0.2% | ||||||||||
2,754,625 | Energias de Portugal S.A. | 13,587,651 | ||||||||
493,150 | Galp Energia SGPS S.A. | 4,004,961 | ||||||||
263,677 | Jeronimo Martins SGPS S.A. | 4,188,170 | ||||||||
TOTAL PORTUGAL | 21,780,782 | |||||||||
RUSSIA - 0.0% | ||||||||||
524,556 | Evraz plc | 2,442,690 | ||||||||
TOTAL RUSSIA | 2,442,690 | |||||||||
SINGAPORE - 1.0% | ||||||||||
2,990,668 | Ascendas REIT | 6,310,667 | ||||||||
2,604,598 | CapitaLand Ltd | 4,901,297 |
312 |
TIAA-CREF FUNDS - International Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
4,637,724 | CapitaMall Trust | $ | 5,878,581 | |||||||
459,545 | City Developments Ltd | 2,134,068 | ||||||||
1,781,405 | DBS Group Holdings Ltd | 26,535,544 | ||||||||
5,915,684 | Genting Singapore Ltd | 2,793,479 | ||||||||
95,544 | Jardine Cycle & Carriage Ltd | 1,242,850 | ||||||||
1,444,465 | Keppel Corp Ltd | 4,641,734 | ||||||||
2,078,800 | Mapletree Commercial Trust | 2,621,110 | ||||||||
2,582,100 | Mapletree Logistics Trust | 3,688,510 | ||||||||
3,295,547 | Oversea-Chinese Banking Corp | 20,326,098 | ||||||||
1,442,215 | Singapore Airlines Ltd | 3,579,022 | ||||||||
830,860 | Singapore Exchange Ltd | 5,269,606 | ||||||||
1,550,371 | Singapore Technologies Engineering Ltd | 3,963,243 | ||||||||
8,042,999 | Singapore Telecommunications Ltd | 11,956,097 | ||||||||
2,102,564 | Suntec Real Estate Investment Trust | 2,064,836 | ||||||||
1,175,788 | United Overseas Bank Ltd | 16,336,922 | ||||||||
444,897 | UOL Group Ltd | 2,027,926 | ||||||||
273,613 | Venture Corp Ltd | 3,857,057 | ||||||||
TOTAL SINGAPORE | 130,128,647 | |||||||||
SOUTH AFRICA - 0.2% | ||||||||||
1,230,163 | Anglo American plc (London) | 28,863,526 | ||||||||
TOTAL SOUTH AFRICA | 28,863,526 | |||||||||
SPAIN - 2.2% | ||||||||||
268,551 | ACS Actividades de Construccion y Servicios S.A. | 6,383,650 | ||||||||
67,317 | g | Aena S.A. | 9,070,005 | |||||||
449,440 | Amadeus IT Holding S.A. | 21,414,087 | ||||||||
6,682,113 | Banco Bilbao Vizcaya Argentaria S.A. | 19,278,909 | ||||||||
16,622,229 | Banco Santander S.A. (AQXE) | 33,286,932 | ||||||||
669,804 | Bankinter S.A. | 2,517,220 | ||||||||
3,565,514 | CaixaBank S.A. | 6,505,600 | ||||||||
313,423 | g | Cellnex Telecom SAU | 20,118,921 | |||||||
1,070,085 | Corp Mapfre S.A. | 1,614,569 | ||||||||
247,815 | Enagas | 5,348,782 | ||||||||
315,105 | Endesa S.A. | 8,454,024 | ||||||||
481,307 | Ferrovial S.A. | 10,423,925 | ||||||||
302,685 | e | Grifols S.A. | 8,179,811 | |||||||
5,923,044 | Iberdrola S.A. | 69,936,795 | ||||||||
1,088,391 | e | Industria De Diseno Textil S.A. | 26,871,638 | |||||||
293,779 | e | Naturgy Energy Group S.A. | 5,457,867 | |||||||
429,154 | Red Electrica Corp S.A. | 7,559,327 | ||||||||
1,488,021 | Repsol YPF S.A. | 9,341,892 | ||||||||
235,548 | Siemens Gamesa Renewable Energy | 6,684,685 | ||||||||
4,868,497 | Telefonica S.A. | 15,837,370 | ||||||||
TOTAL SPAIN | 294,286,009 | |||||||||
SWEDEN - 3.0% | ||||||||||
314,827 | Alfa Laval AB | 6,394,699 | ||||||||
1,000,383 | Assa Abloy AB | 21,440,674 | ||||||||
670,117 | Atlas Copco AB (A Shares) | 29,579,739 | ||||||||
389,517 | Atlas Copco AB (B Shares) | 14,924,648 | ||||||||
273,968 | Boliden AB | 7,470,860 | ||||||||
225,322 | e | Electrolux AB (Series B) | 5,080,645 | |||||||
385,895 | Epiroc AB | 5,524,333 | ||||||||
652,744 | Epiroc AB (Class A) | 9,746,516 | ||||||||
236,912 | EQT AB | 4,501,601 |
313 |
TIAA-CREF FUNDS - International Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
2,907,138 | Ericsson (LM) (B Shares) | $ | 32,456,785 | |||||||
601,431 | e | Essity AB | 17,407,394 | |||||||
126,553 | g | Evolution Gaming Group AB | 9,386,468 | |||||||
801,069 | e | Hennes & Mauritz AB (B Shares) | 13,024,100 | |||||||
280,790 | Hexagon AB (B Shares) | 20,581,115 | ||||||||
416,059 | e | Husqvarna AB (B Shares) | 4,290,235 | |||||||
100,852 | e | ICA Gruppen AB | 4,774,167 | |||||||
159,237 | Industrivarden AB | 4,065,973 | ||||||||
144,218 | Investment AB Latour | 3,363,030 | ||||||||
455,176 | Investor AB (B Shares) | 27,282,763 | ||||||||
241,630 | e | Kinnevik AB | 9,894,488 | |||||||
75,849 | Lundbergs AB (B Shares) | 3,409,102 | ||||||||
187,698 | Lundin Petroleum AB | 3,588,191 | ||||||||
310,265 | Nibe Industrier AB | 7,470,811 | ||||||||
1,130,167 | Sandvik AB | 20,145,325 | ||||||||
313,193 | Securitas AB (B Shares) | 4,421,010 | ||||||||
1,625,361 | Skandinaviska Enskilda Banken AB (Class A) | 13,947,609 | ||||||||
337,749 | Skanska AB (B Shares) | 6,334,671 | ||||||||
381,160 | SKF AB (B Shares) | 7,802,713 | ||||||||
604,627 | Svenska Cellulosa AB (B Shares) | 8,178,495 | ||||||||
1,549,234 | Svenska Handelsbanken AB | 12,552,947 | ||||||||
900,978 | Swedbank AB (A Shares) | 14,105,358 | ||||||||
160,517 | Swedish Match AB | 12,068,082 | ||||||||
497,505 | Tele2 AB (B Shares) | 5,871,528 | ||||||||
2,449,289 | e | TeliaSonera AB | 9,371,345 | |||||||
1,490,950 | * | Volvo AB (B Shares) | 28,979,877 | |||||||
TOTAL SWEDEN | 409,437,297 | |||||||||
SWITZERLAND - 10.2% | ||||||||||
1,842,721 | ABB Ltd | 44,713,640 | ||||||||
154,360 | Adecco S.A. | 7,568,877 | ||||||||
488,808 | Alcon, Inc | 27,790,260 | ||||||||
46,694 | Baloise Holding AG. | 6,385,650 | ||||||||
30,033 | Banque Cantonale Vaudoise | 2,910,204 | ||||||||
3,009 | Barry Callebaut AG. | 6,212,504 | ||||||||
520,631 | Cie Financiere Richemont S.A. | 32,541,403 | ||||||||
198,489 | Clariant AG. | 3,405,219 | ||||||||
197,687 | Coca-Cola HBC AG. | 4,490,502 | ||||||||
2,433,361 | Credit Suisse Group | 22,949,929 | ||||||||
8,137 | e | EMS-Chemie Holding AG. | 7,157,131 | |||||||
36,846 | Geberit AG. | 20,971,611 | ||||||||
9,159 | Givaudan S.A. | 37,349,834 | ||||||||
524,887 | Holcim Ltd | 22,527,955 | ||||||||
223,746 | Julius Baer Group Ltd | 9,957,868 | ||||||||
53,000 | Kuehne & Nagel International AG. | 10,592,742 | ||||||||
1,074 | Lindt & Spruengli AG. | 8,515,173 | ||||||||
101 | Lindt & Spruengli AG. (Registered) | 8,731,888 | ||||||||
163,351 | Logitech International S.A. | 13,742,091 | ||||||||
74,119 | Lonza Group AG. | 44,909,445 | ||||||||
2,967,357 | Nestle S.A. | 333,762,050 | ||||||||
2,214,731 | Novartis AG. | 172,577,552 | ||||||||
18,595 | Partners Group | 16,741,185 | ||||||||
700,569 | Roche Holding AG. | 225,114,777 | ||||||||
40,541 | Schindler Holding AG. | 10,385,193 | ||||||||
22,461 | Schindler Holding AG. (Registered) | 5,773,433 | ||||||||
6,009 | SGS S.A. | 15,009,346 |
314 |
TIAA-CREF FUNDS - International Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
141,270 | Sika AG. | $ | 34,753,091 | |||||||
54,363 | * | Sonova Holdings AG | 12,904,027 | |||||||
635,526 | STMicroelectronics NV | 19,386,216 | ||||||||
10,290 | Straumann Holding AG. | 10,741,243 | ||||||||
28,804 | Swatch Group AG. | 6,099,849 | ||||||||
53,983 | Swatch Group AG. (Registered) | 2,206,583 | ||||||||
31,849 | Swiss Life Holding | 10,713,639 | ||||||||
76,386 | Swiss Prime Site AG. | 6,426,349 | ||||||||
294,478 | Swiss Re Ltd | 21,131,916 | ||||||||
25,345 | Swisscom AG. | 12,890,489 | ||||||||
66,138 | Temenos Group AG. | 7,107,959 | ||||||||
3,662,524 | UBS Group AG | 42,638,993 | ||||||||
45,319 | Vifor Pharma AG. | 5,100,459 | ||||||||
150,372 | Zurich Insurance Group AG | 49,945,394 | ||||||||
TOTAL SWITZERLAND | 1,364,833,669 | |||||||||
UNITED ARAB EMIRATES - 0.0% | ||||||||||
121,704 | *,† | NMC Health plc | 1,577 | |||||||
TOTAL UNITED ARAB EMIRATES | 1,577 | |||||||||
UNITED KINGDOM - 11.6% | ||||||||||
970,550 | 3i Group plc | 12,121,867 | ||||||||
188,731 | Admiral Group plc | 6,723,325 | ||||||||
449,268 | Ashtead Group plc | 16,235,336 | ||||||||
351,748 | Associated British Foods plc | 7,735,551 | ||||||||
1,312,653 | AstraZeneca plc | 131,797,539 | ||||||||
967,530 | g | Auto Trader Group plc | 7,274,303 | |||||||
63,572 | Aveva Group plc | 3,528,741 | ||||||||
3,941,140 | Aviva plc | 13,145,961 | ||||||||
3,187,953 | BAE Systems plc | 16,387,324 | ||||||||
17,368,910 | Barclays plc | 24,074,579 | ||||||||
1,022,860 | Barratt Developments plc | 6,393,473 | ||||||||
125,373 | Berkeley Group Holdings plc | 6,591,897 | ||||||||
20,214,578 | BP plc | 51,560,984 | ||||||||
2,287,438 | British American Tobacco plc | 72,501,196 | ||||||||
876,445 | British Land Co plc | 3,957,948 | ||||||||
8,861,933 | BT Group plc | 11,638,810 | ||||||||
335,436 | Bunzl plc | 10,427,454 | ||||||||
405,670 | Burberry Group plc | 7,124,705 | ||||||||
2,704,599 | CK Hutchison Holdings Ltd | 16,335,716 | ||||||||
1,018,838 | CNH Industrial NV | 7,899,739 | ||||||||
204,534 | Coca-Cola European Partners plc (Class A) | 7,303,909 | ||||||||
1,779,714 | Compass Group plc | 24,360,252 | ||||||||
132,783 | Croda International plc | 10,378,201 | ||||||||
96,970 | DCC plc | 6,301,300 | ||||||||
2,337,351 | Diageo plc | 75,538,149 | ||||||||
1,352,732 | Direct Line Insurance Group plc | 4,622,835 | ||||||||
904,365 | Experian Group Ltd | 33,130,404 | ||||||||
1,098,264 | Fiat DaimlerChrysler Automobiles NV | 13,473,075 | ||||||||
4,994,760 | GlaxoSmithKline plc | 83,404,895 | ||||||||
582,509 | GVC Holdings plc | 7,297,108 | ||||||||
390,245 | Halma plc | 11,975,676 | ||||||||
335,321 | Hargreaves Lansdown plc | 5,886,928 | ||||||||
20,305,939 | HSBC Holdings plc | 85,093,918 | ||||||||
938,021 | Imperial Tobacco Group plc | 14,846,705 | ||||||||
1,507,611 | Informa plc | 8,179,745 |
315 |
TIAA-CREF FUNDS - International Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
174,215 | InterContinental Hotels Group plc | $ | 8,851,898 | |||||||
161,218 | Intertek Group plc | 11,612,655 | ||||||||
1,801,298 | J Sainsbury plc | 4,701,792 | ||||||||
439,042 | JD Sports Fashion plc | 4,223,793 | ||||||||
192,702 | Johnson Matthey plc | 5,364,267 | ||||||||
2,105,159 | * | Kingfisher plc | 7,829,053 | |||||||
707,503 | Land Securities Group plc | 4,668,118 | ||||||||
5,984,335 | Legal & General Group plc | 14,348,068 | ||||||||
70,532,803 | Lloyds TSB Group plc | 25,681,461 | ||||||||
315,723 | London Stock Exchange Group plc | 34,034,252 | ||||||||
2,616,740 | M&G plc | 4,977,472 | ||||||||
4,890,014 | Melrose Industries plc | 7,585,720 | ||||||||
482,720 | Mondi plc | 9,149,142 | ||||||||
3,496,262 | National Grid plc | 41,589,730 | ||||||||
132,775 | Next plc | 10,028,033 | ||||||||
456,787 | * | Ocado Ltd | 13,470,605 | |||||||
749,231 | Pearson plc | 4,949,996 | ||||||||
319,653 | Persimmon plc | 9,677,980 | ||||||||
2,609,096 | Prudential plc | 31,910,536 | ||||||||
711,265 | Reckitt Benckiser Group plc | 62,654,273 | ||||||||
1,921,700 | RELX plc (London) | 38,026,416 | ||||||||
1,852,761 | Rentokil Initial plc | 12,613,982 | ||||||||
1,944,777 | e | Rolls-Royce Group plc | 1,800,019 | |||||||
4,832,976 | Royal Bank of Scotland Group plc | 7,792,481 | ||||||||
1,018,853 | RSA Insurance Group plc | 5,595,126 | ||||||||
1,087,609 | Sage Group plc | 8,948,760 | ||||||||
121,212 | Schroders plc | 4,106,355 | ||||||||
1,036,015 | Scottish & Southern Energy plc | 16,990,108 | ||||||||
1,174,374 | Segro plc | 13,722,199 | ||||||||
235,006 | Severn Trent plc | 7,396,142 | ||||||||
867,217 | Smith & Nephew plc | 15,058,469 | ||||||||
396,982 | Smiths Group plc | 6,839,995 | ||||||||
75,124 | Spirax-Sarco Engineering plc | 10,982,635 | ||||||||
534,657 | St. James’s Place plc | 6,231,236 | ||||||||
2,672,523 | Standard Chartered plc | 12,212,905 | ||||||||
2,274,293 | Standard Life Aberdeen plc | 6,626,776 | ||||||||
3,639,817 | Taylor Wimpey plc | 4,986,888 | ||||||||
9,727,429 | Tesco plc | 25,889,995 | ||||||||
1,453,934 | e | Unilever NV | 81,963,688 | |||||||
1,161,474 | Unilever plc | 66,191,028 | ||||||||
676,998 | United Utilities Group plc | 7,568,040 | ||||||||
26,729,377 | Vodafone Group plc | 35,656,137 | ||||||||
204,143 | Whitbread plc | 5,683,902 | ||||||||
2,427,828 | WM Morrison Supermarkets plc | 5,124,836 | ||||||||
1,237,318 | WPP plc | 9,882,809 | ||||||||
TOTAL UNITED KINGDOM | 1,560,449,319 | |||||||||
UNITED STATES - 0.4% | ||||||||||
38,794 | * | CyberArk Software Ltd | 3,846,425 | |||||||
224,261 | Ferguson plc | 22,273,804 | ||||||||
441,059 | James Hardie Industries NV | 10,708,855 | ||||||||
229,933 | * | QIAGEN NV (Turquoise) | 10,917,859 | |||||||
480,676 | Tenaris S.A. | 2,293,799 | ||||||||
TOTAL UNITED STATES | 50,040,742 | |||||||||
TOTAL COMMON STOCKS | 13,124,548,565 | |||||||||
(Cost $12,349,226,637) |
316 |
TIAA-CREF FUNDS - International Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||||||||
RIGHTS / WARRANTS - 0.0% | ||||||||||||||||
SINGAPORE - 0.0% | ||||||||||||||||
46,896 | Mapletree Logistics Trust | $ | 0 | |||||||||||||
TOTAL SINGAPORE | 0 | |||||||||||||||
UNITED KINGDOM - 0.0% | ||||||||||||||||
6,482,590 | e | Rolls-Royce Holdings plc | 3,275,295 | |||||||||||||
TOTAL UNITED KINGDOM | 3,275,295 | |||||||||||||||
TOTAL RIGHTS / WARRANTS | 3,275,295 | |||||||||||||||
(Cost $11,807,688) | ||||||||||||||||
PRINCIPAL | ISSUER | RATE | MATURITY DATE | |||||||||||||
SHORT-TERM INVESTMENTS - 2.7% | ||||||||||||||||
GOVERNMENT AGENCY DEBT - 0.5% | ||||||||||||||||
$ | 12,500,000 | Federal Farm Credit Bank (FFCB) | 0.200 | % | 11/06/20 | 12,499,889 | ||||||||||
$ | 12,012,000 | Federal Home Loan Bank (FHLB) | 0.080 | 11/18/20 | 12,011,573 | |||||||||||
$ | 27,550,000 | Federal Home Loan Bank (FHLB) | 0.075-0.085 | 11/27/20 | 27,548,469 | |||||||||||
$ | 19,990,000 | Federal Home Loan Bank (FHLB) | 0.085 | 12/04/20 | 19,988,401 | |||||||||||
TOTAL GOVERNMENT AGENCY DEBT | 72,048,332 | |||||||||||||||
GOVERNMENT AGENCY DEBT - 0.1% | ||||||||||||||||
6,177,000 | Federal Home Loan Bank (FHLB) | 6,176,413 | ||||||||||||||
TOTAL GOVERNMENT AGENCY DEBT | 6,176,413 | |||||||||||||||
REPURCHASE AGREEMENT - 0.1% | ||||||||||||||||
$ | 19,350,000 | r | Fixed Income Clearing Corp (FICC) | 0.070 | 11/02/20 | 19,350,000 | ||||||||||
TOTAL REPURCHASE AGREEMENT | 19,350,000 | |||||||||||||||
TREASURY DEBT - 0.8% | ||||||||||||||||
$ | 50,000,000 | United States Treasury Bill | 0.060 | 11/05/20 | 49,999,702 | |||||||||||
$ | 53,198,000 | United States Treasury Bill | 0.074-0.086 | 11/17/20 | 53,196,227 | |||||||||||
TOTAL TREASURY DEBT | 103,195,929 | |||||||||||||||
SHARES | COMPANY | |||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.2% | ||||||||||||||||
155,916,611 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 155,916,611 | |||||||||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 155,916,611 | |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 356,687,285 | |||||||||||||||
(Cost $356,686,778) | ||||||||||||||||
TOTAL INVESTMENTS - 100.5% | 13,484,511,145 | |||||||||||||||
(Cost $12,717,721,103) | ||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - (0.5)% | (66,641,357 | ) | ||||||||||||||
NET ASSETS - 100.0% | $ | 13,417,869,788 |
317 |
TIAA-CREF FUNDS - International Equity Index Fund
Abbreviation(s): | ||||||||
ADR | American Depositary Receipt | |||||||
REIT | Real Estate Investment Trust | |||||||
* | Non-income producing | |||||||
† | Security is categorized as Level 3 in the fair value hierarchy. | |||||||
c | Investments made with cash collateral received from securities on loan. | |||||||
e | All or a portion of these securities are out on loan. The aggregate value of securities on loan is $219,129,656. | |||||||
g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/2020, the aggregate value of these securities is $240,013,072 or 1.8% of net assets. | |||||||
r | Agreement with Fixed Income Clearing Corporation, 0.070% dated 10/30/20 to be repurchased at $19,350,000 on 11/2/20, collateralized by U.S. Treasury Notes valued at $19,737,102. | |||||||
Futures contracts outstanding as of October 31, 2020 were as follows:
Description | Number of long (short) contracts | Expiration date | Notional amount | Value | Unrealized appreciation (depreciation) | |||||||||||||
MSCI EAFE Index | 2,236 | 12/18/20 | $ | 204,338,228 | $ | 199,440,020 | $ | (4,898,208 | ) | |||||||||
318 |
TIAA-CREF FUNDS - International Equity Index Fund
TIAA-CREF FUNDS
INTERNATIONAL EQUITY INDEX FUND
SUMMARY OF MARKET VALUES BY SECTOR
October 31, 2020
% OF | ||||||||
SECTOR | VALUE | NET ASSETS | ||||||
FINANCIALS | $ | 2,025,610,583 | 15.2 | % | ||||
INDUSTRIALS | 1,997,735,821 | 14.9 | ||||||
HEALTH CARE | 1,815,187,636 | 13.5 | ||||||
CONSUMER DISCRETIONARY | 1,600,585,062 | 11.9 | ||||||
CONSUMER STAPLES | 1,542,227,350 | 11.5 | ||||||
INFORMATION TECHNOLOGY | 1,111,381,314 | 8.3 | ||||||
MATERIALS | 994,701,846 | 7.4 | ||||||
COMMUNICATION SERVICES | 741,771,047 | 5.5 | ||||||
UTILITIES | 537,850,389 | 4.0 | ||||||
REAL ESTATE | 407,634,931 | 3.0 | ||||||
ENERGY | 353,137,881 | 2.6 | ||||||
SHORT-TERM INVESTMENTS | 356,687,285 | 2.7 | ||||||
OTHER ASSETS & LIABILITIES, NET | (66,641,357 | ) | (0.5 | ) | ||||
NET ASSETS | $ | 13,417,869,788 | 100.0 | % |
319 |
TIAA-CREF FUNDS - Emerging Markets Debt Fund
TIAA-CREF FUNDS
EMERGING MARKETS DEBT FUND
SCHEDULE OF INVESTMENTS
October 31, 2020
PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
BANK LOAN OBLIGATIONS - 1.4% | ||||||||||||||||||
MEXICO - 1.4% | ||||||||||||||||||
$ | 4,000,000 | †,h,i | Grupo Aeromexico SAB de C.V. | LIBOR 1 M + 8.000% | 9.000 | % | 08/19/22 | $ | 4,060,000 | |||||||||
4,000,000 | †,h,i | Grupo Aeromexico SAB de C.V. | LIBOR 1 M + 8.000% | 12.643 | 08/19/22 | 4,090,000 | ||||||||||||
TOTAL MEXICO | 8,150,000 | |||||||||||||||||
TOTAL BANK LOAN OBLIGATIONS | 8,150,000 | |||||||||||||||||
(Cost $7,921,415) | ||||||||||||||||||
BONDS - 94.9% | ||||||||||||||||||
CORPORATE BONDS - 45.4% | ||||||||||||||||||
ARGENTINA - 0.4% | ||||||||||||||||||
2,020,000 | †,g | AES Argentina Generacion S.A. | 7.750 | 02/02/24 | 1,353,400 | |||||||||||||
1,950,000 | †,g | YPF S.A. | 6.950 | 07/21/27 | 1,043,250 | |||||||||||||
TOTAL ARGENTINA | 2,396,650 | |||||||||||||||||
BRAZIL - 4.1% | ||||||||||||||||||
1,775,000 | g | BRF S.A. | 4.875 | 01/24/30 | 1,777,698 | |||||||||||||
1,750,000 | g | BRF S.A. | 5.750 | 09/21/50 | 1,668,187 | |||||||||||||
2,000,000 | g | Cosan Ltd | 5.500 | 09/20/29 | 2,062,020 | |||||||||||||
1,425,000 | g | Embraer Netherlands Finance BV | 6.950 | 01/17/28 | 1,434,975 | |||||||||||||
2,750,000 | g | Itau Unibanco Holding S.A. | 4.625 | NA‡ | 2,378,090 | |||||||||||||
2,250,000 | g | JSM Global Sarl | 4.750 | 10/20/30 | 2,271,656 | |||||||||||||
1,500,000 | g | NBM US Holdings, Inc | 6.625 | 08/06/29 | 1,618,125 | |||||||||||||
619,668 | g | Odebrecht Offshore Drilling Finance Ltd | 6.720 | 12/01/22 | 560,806 | |||||||||||||
3,939,349 | †,g,o | Odebrecht Offshore Drilling Finance Ltd | 7.720 | 12/01/26 | 379,162 | |||||||||||||
527,012 | †,g | Odebrecht Oil & Gas Finance Ltd | 0.000 | NA‡ | 264 | |||||||||||||
714,000 | o | Oi S.A. | 10.000 | 07/27/25 | 697,942 | |||||||||||||
1,000,000 | Petrobras Global Finance BV | 5.625 | 05/20/43 | 1,026,000 | ||||||||||||||
2,000,000 | Petrobras Global Finance BV | 6.900 | 03/19/49 | 2,263,280 | ||||||||||||||
1,960,000 | g | Rio Oil Finance Trust | 8.200 | 04/06/28 | 2,168,250 | |||||||||||||
775,000 | Suzano Austria GmbH | 6.000 | 01/15/29 | 898,620 | ||||||||||||||
1,525,000 | g | Suzano Austria GmbH | 7.000 | 03/16/47 | 1,847,172 | |||||||||||||
TOTAL BRAZIL | 23,052,247 | |||||||||||||||||
CHILE - 3.4% | ||||||||||||||||||
1,650,000 | g | Banco del Estado de Chile | 2.704 | 01/09/25 | 1,734,579 | |||||||||||||
2,325,000 | g | Celulosa Arauco y Constitucion S.A. | 5.150 | 01/29/50 | 2,507,233 | |||||||||||||
1,800,000 | g | Corp Nacional del Cobre de Chile | 3.625 | 08/01/27 | 1,964,291 | |||||||||||||
2,000,000 | g | Corp Nacional del Cobre de Chile | 3.000 | 09/30/29 | 2,105,408 | |||||||||||||
1,800,000 | g | Corp Nacional del Cobre de Chile | 3.150 | 01/14/30 | 1,909,908 | |||||||||||||
2,150,000 | g | Corp Nacional del Cobre de Chile | 4.375 | 02/05/49 | 2,481,745 | |||||||||||||
2,075,000 | g | Embotelladora Andina S.A. | 3.950 | 01/21/50 | 2,202,115 |
320 |
TIAA-CREF FUNDS - Emerging Markets Debt Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
$ | 2,000,000 | g | Empresa de los Ferrocarriles del Estado | 3.068 | % | 08/18/50 | $ | 1,860,000 | ||||||||||
2,250,000 | g | Empresa de Transporte de Pasajeros Metro S.A. | 3.650 | 05/07/30 | 2,464,875 | |||||||||||||
2,600,000 | †,g,q | Latam Finance Ltd | 7.000 | 03/01/26 | 877,500 | |||||||||||||
TOTAL CHILE | 20,107,654 | |||||||||||||||||
CHINA - 2.9% | ||||||||||||||||||
3,100,000 | China Evergrande Group | 8.250 | 03/23/22 | 2,605,272 | ||||||||||||||
2,300,000 | Country Garden Holdings Co Ltd | 4.750 | 07/25/22 | 2,339,697 | ||||||||||||||
1,000,000 | Dalian Deta Holding Co Ltd | 5.950 | 07/29/22 | 1,010,242 | ||||||||||||||
3,000,000 | g | ENN Energy Holdings Ltd | 2.625 | 09/17/30 | 3,017,489 | |||||||||||||
2,050,000 | g | Lenovo Group Ltd | 3.421 | 11/02/30 | 2,075,577 | |||||||||||||
2,600,000 | Shimao Property Holdings Ltd | 5.200 | 01/30/25 | 2,737,875 | ||||||||||||||
625,000 | Weibo Corp | 3.500 | 07/05/24 | 652,435 | ||||||||||||||
1,825,000 | Weibo Corp | 3.375 | 07/08/30 | 1,828,160 | ||||||||||||||
TOTAL CHINA | 16,266,747 | |||||||||||||||||
COLOMBIA - 1.7% | ||||||||||||||||||
1,675,000 | Bancolombia S.A. | 4.625 | 12/18/29 | 1,635,219 | ||||||||||||||
2,000,000 | g | Empresas Publicas de Medellin ESP | 4.250 | 07/18/29 | 2,053,080 | |||||||||||||
1,000,000 | g | Empresas Publicas de Medellin ESP | 4.375 | 02/15/31 | 1,021,260 | |||||||||||||
2,000,000 | g | Geopark Ltd | 5.500 | 01/17/27 | 1,740,020 | |||||||||||||
2,075,000 | g | Grupo Aval Ltd | 4.375 | 02/04/30 | 2,020,013 | |||||||||||||
725,000 | g | Millicom International Cellular S.A. | 4.500 | 04/27/31 | 735,875 | |||||||||||||
475,000 | g | Oleoducto Central S.A. | 4.000 | 07/14/27 | 497,515 | |||||||||||||
TOTAL COLOMBIA | 9,702,982 | |||||||||||||||||
COSTA RICA - 0.6% | ||||||||||||||||||
2,327,130 | g | Autopistas del Sol S.A. | 7.375 | 12/30/30 | 2,138,074 | |||||||||||||
952,000 | g | Banco Nacional de Costa Rica | 5.875 | 04/25/21 | 957,960 | |||||||||||||
TOTAL COSTA RICA | 3,096,034 | |||||||||||||||||
DOMINICAN REPUBLIC - 0.4% | ||||||||||||||||||
2,500,000 | g | Aeropuertos Dominicanos Siglo XXI S.A. | 6.750 | 03/30/29 | 2,287,525 | |||||||||||||
TOTAL DOMINICAN REPUBLIC | 2,287,525 | |||||||||||||||||
GHANA - 0.3% | ||||||||||||||||||
2,000,000 | g | Tullow Oil plc | 6.250 | 04/15/22 | 1,240,000 | |||||||||||||
1,000,000 | g | Tullow Oil plc | 7.000 | 03/01/25 | 522,500 | |||||||||||||
TOTAL GHANA | 1,762,500 | |||||||||||||||||
GUATEMALA - 0.3% | ||||||||||||||||||
1,750,000 | g | Central American Bottling Corp | 5.750 | 01/31/27 | 1,833,125 | |||||||||||||
TOTAL GUATEMALA | 1,833,125 | |||||||||||||||||
HONG KONG - 0.5% | ||||||||||||||||||
825,000 | g | AIA Group Ltd | 3.200 | 09/16/40 | 848,537 | |||||||||||||
2,375,000 | g | Melco Resorts Finance Ltd | 5.750 | 07/21/28 | 2,366,732 | |||||||||||||
TOTAL HONG KONG | 3,215,269 | |||||||||||||||||
INDIA - 2.3% | ||||||||||||||||||
2,325,000 | g | Adani Green Energy UP Ltd | 6.250 | 12/10/24 | 2,509,489 |
321 |
TIAA-CREF FUNDS - Emerging Markets Debt Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
$ | 2,100,000 | g | Adani Ports & Special Economic Zone Ltd | 4.375 | % | 07/03/29 | $ | 2,117,675 | ||||||||||
2,100,000 | g | Azure Power Energy Ltd | 5.500 | 11/03/22 | 2,147,176 | |||||||||||||
400,000 | g | Azure Power Solar Energy Pvt Ltd | 5.650 | 12/24/24 | 420,106 | |||||||||||||
2,250,000 | g | Bharti Airtel Ltd | 4.375 | 06/10/25 | 2,384,013 | |||||||||||||
1,100,000 | g | Indian Railway Finance Corp Ltd | 3.249 | 02/13/30 | 1,107,856 | |||||||||||||
2,200,000 | g | Power Finance Corp Ltd | 3.950 | 04/23/30 | 2,148,408 | |||||||||||||
TOTAL INDIA | 12,834,723 | |||||||||||||||||
INDONESIA - 3.9% | ||||||||||||||||||
2,500,000 | g | Indika Energy Capital IV Pte Ltd | 8.250 | 10/22/25 | 2,485,259 | |||||||||||||
IDR | 12,280,000,000 | g | Jasa Marga Persero Tbk PT | 7.500 | 12/11/20 | 825,562 | ||||||||||||
$ | 1,525,875 | g | LLPL Capital Pte Ltd | 6.875 | 02/04/39 | 1,747,661 | ||||||||||||
300,000 | g | Medco Oak Tree Pte Ltd | 7.375 | 05/14/26 | 289,438 | |||||||||||||
2,200,000 | g | Medco Platinum Road Pte Ltd | 6.750 | 01/30/25 | 2,123,976 | |||||||||||||
2,300,000 | g | Minejesa Capital BV | 5.625 | 08/10/37 | 2,380,500 | |||||||||||||
1,250,000 | g | Pertamina Persero PT | 4.700 | 07/30/49 | 1,344,168 | |||||||||||||
2,750,000 | g | Pertamina Persero PT | 4.150 | 02/25/60 | 2,715,028 | |||||||||||||
2,000,000 | g | Perusahaan Listrik Negara PT | 5.250 | 10/24/42 | 2,305,000 | |||||||||||||
2,000,000 | g | Perusahaan Listrik Negara PT | 6.150 | 05/21/48 | 2,545,000 | |||||||||||||
2,000,000 | g | Saka Energi Indonesia PT | 4.450 | 05/05/24 | 1,840,094 | |||||||||||||
2,086,100 | g | Star Energy Geothermal Wayang Windu Ltd | 6.750 | 04/24/33 | 2,296,738 | |||||||||||||
TOTAL INDONESIA | 22,898,424 | |||||||||||||||||
ISRAEL - 0.9% | ||||||||||||||||||
2,200,000 | g | Bank Leumi Le-Israel BM | 3.275 | 01/29/31 | 2,218,594 | |||||||||||||
3,100,000 | g | Leviathan Bond Ltd | 6.750 | 06/30/30 | 3,169,752 | |||||||||||||
TOTAL ISRAEL | 5,388,346 | |||||||||||||||||
JAMAICA - 0.0% | ||||||||||||||||||
266,926 | †,g,o | Digicel Group 0.5 Ltd | 8.000 | 04/01/25 | 90,087 | |||||||||||||
398,006 | †,g,o | Digicel Group 0.5 Ltd | 7.000 | NA‡ | 53,731 | |||||||||||||
TOTAL JAMAICA | 143,818 | |||||||||||||||||
KAZAKHSTAN - 2.4% | ||||||||||||||||||
KZT | 453,000,000 | g | Development Bank of Kazakhstan JSC | 8.950 | 05/04/23 | 1,017,104 | ||||||||||||
$ | 1,098,937 | g | Kazkommertsbank JSC | 5.500 | 12/21/22 | 1,097,917 | ||||||||||||
1,800,000 | g | KazMunayGas National Co JSC | 4.750 | 04/19/27 | 2,024,156 | |||||||||||||
3,000,000 | g | KazMunayGas National Co JSC | 3.500 | 04/14/33 | 3,079,910 | |||||||||||||
1,550,000 | g | KazMunayGas National Co JSC | 6.375 | 10/24/48 | 2,054,060 | |||||||||||||
2,475,000 | g | KazTransGas JSC | 4.375 | 09/26/27 | 2,696,804 | |||||||||||||
2,000,000 | g | Tengizchevroil Finance Co International Ltd | 2.625 | 08/15/25 | 2,005,366 | |||||||||||||
TOTAL KAZAKHSTAN | 13,975,317 | |||||||||||||||||
KOREA, REPUBLIC OF - 0.1% | ||||||||||||||||||
850,000 | g | Kookmin Bank | 2.500 | 11/04/30 | 847,883 | |||||||||||||
TOTAL KOREA, REPUBLIC OF | 847,883 | |||||||||||||||||
KUWAIT - 0.6% | ||||||||||||||||||
975,000 | g | MEGlobal Canada ULC | 5.875 | 05/18/30 | 1,159,031 | |||||||||||||
2,500,000 | g | NBK Tier 1 Financing 2 Ltd | 4.500 | NA‡ | 2,478,855 | |||||||||||||
TOTAL KUWAIT | 3,637,886 |
322 |
TIAA-CREF FUNDS - Emerging Markets Debt Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
MACAU - 0.8% | ||||||||||||||||||
$ | 775,000 | g | MGM China Holdings Ltd | 5.250 | % | 06/18/25 | $ | 778,643 | ||||||||||
1,325,000 | g | MGM China Holdings Ltd | 5.875 | 05/15/26 | 1,338,329 | |||||||||||||
2,700,000 | g | Wynn Macau Ltd | 5.625 | 08/26/28 | 2,592,000 | |||||||||||||
TOTAL MACAU | 4,708,972 | |||||||||||||||||
MALAYSIA - 0.5% | ||||||||||||||||||
3,000,000 | 1MDB Global Investments Ltd | 4.400 | 03/09/23 | 2,977,500 | ||||||||||||||
TOTAL MALAYSIA | 2,977,500 | |||||||||||||||||
MEXICO - 4.8% | ||||||||||||||||||
5,750,000 | †,g,q | Aerovias de Mexico S.A. | 7.000 | 02/05/25 | 1,365,625 | |||||||||||||
3,000,000 | g | Banco Nacional de Comercio Exterior SNC | 3.800 | 08/11/26 | 2,992,530 | |||||||||||||
800,000 | g | BBVA Bancomer S.A. | 5.350 | 11/12/29 | 799,000 | |||||||||||||
2,000,000 | g | BBVA Bancomer S.A. | 5.125 | 01/18/33 | 1,972,500 | |||||||||||||
2,000,000 | g | Cemex SAB de C.V. | 5.200 | 09/17/30 | 2,112,780 | |||||||||||||
2,000,000 | g | Grupo Bimbo SAB de C.V. | 4.000 | 09/06/49 | 2,128,910 | |||||||||||||
1,650,000 | g | Industrias Penoles SAB de C.V. | 4.150 | 09/12/29 | 1,804,688 | |||||||||||||
1,500,000 | g | Industrias Penoles SAB de C.V. | 4.750 | 08/06/50 | 1,576,875 | |||||||||||||
2,000,000 | Petroleos Mexicanos | 4.875 | 01/18/24 | 1,962,500 | ||||||||||||||
1,000,000 | Petroleos Mexicanos | 4.500 | 01/23/26 | 881,800 | ||||||||||||||
5,100,000 | Petroleos Mexicanos | 5.350 | 02/12/28 | 4,356,369 | ||||||||||||||
4,647,000 | Petroleos Mexicanos | 6.840 | 01/23/30 | 4,146,983 | ||||||||||||||
2,075,000 | Petroleos Mexicanos | 6.350 | 02/12/48 | 1,584,781 | ||||||||||||||
TOTAL MEXICO | 27,685,341 | |||||||||||||||||
PANAMA - 1.4% | ||||||||||||||||||
2,750,000 | g | Banistmo S.A. | 4.250 | 07/31/27 | 2,862,585 | |||||||||||||
1,175,000 | g | Cable Onda S.A. | 4.500 | 01/30/30 | 1,236,688 | |||||||||||||
3,300,000 | g | Empresa de Transmision Electrica S.A. | 5.125 | 05/02/49 | 3,842,553 | |||||||||||||
TOTAL PANAMA | 7,941,826 | |||||||||||||||||
PERU - 1.9% | ||||||||||||||||||
PEN | 9,000,000 | g | Alicorp SAA | 6.875 | 04/17/27 | 2,868,898 | ||||||||||||
$ | 2,825,000 | g | Banco de Credito del Peru | 3.125 | 07/01/30 | 2,856,103 | ||||||||||||
1,500,000 | g | Banco Internacional del Peru SAA Interbank | 4.000 | 07/08/30 | 1,515,000 | |||||||||||||
2,300,000 | g | Inkia Energy Ltd | 5.875 | 11/09/27 | 2,400,740 | |||||||||||||
975,000 | g | Lima Metro Line 2 Finance Ltd | 4.350 | 04/05/36 | 1,066,163 | |||||||||||||
TOTAL PERU | 10,706,904 | |||||||||||||||||
POLAND - 0.1% | ||||||||||||||||||
325,000 | g | CANPACK S.A. | 3.125 | 11/01/25 | 329,062 | |||||||||||||
TOTAL POLAND | 329,062 | |||||||||||||||||
SAUDI ARABIA - 0.6% | ||||||||||||||||||
3,500,000 | g | Saudi Arabian Oil Co | 2.875 | 04/16/24 | 3,667,300 | |||||||||||||
TOTAL SAUDI ARABIA | 3,667,300 | |||||||||||||||||
SINGAPORE - 0.4% | ||||||||||||||||||
2,500,000 | g | Oversea-Chinese Banking Corp Ltd | 1.832 | 09/10/30 | 2,489,402 | |||||||||||||
TOTAL SINGAPORE | 2,489,402 |
323 |
TIAA-CREF FUNDS - Emerging Markets Debt Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
SOUTH AFRICA - 2.6% | ||||||||||||||||||
$ | 2,000,000 | g | Eskom Holdings SOC Ltd | 5.750 | % | 01/26/21 | $ | 1,959,213 | ||||||||||
2,000,000 | g | Eskom Holdings SOC Ltd | 6.750 | 08/06/23 | 1,893,026 | |||||||||||||
1,600,000 | g | Eskom Holdings SOC Ltd | 8.450 | 08/10/28 | 1,521,173 | |||||||||||||
2,300,000 | g | Gold Fields Orogen Holdings BVI Ltd | 6.125 | 05/15/29 | 2,737,000 | |||||||||||||
3,500,000 | †,g,q | Petra Diamonds US Treasury plc | 7.250 | 05/01/22 | 1,505,000 | |||||||||||||
3,000,000 | SASOL Financing USA LLC | 5.875 | 03/27/24 | 2,898,000 | ||||||||||||||
3,000,000 | g | Transnet SOC Ltd | 4.000 | 07/26/22 | 2,979,293 | |||||||||||||
TOTAL SOUTH AFRICA | 15,492,705 | |||||||||||||||||
SPAIN - 0.3% | ||||||||||||||||||
1,995,367 | g | International Airport Finance S.A. | 12.000 | 03/15/33 | 1,780,865 | |||||||||||||
TOTAL SPAIN | 1,780,865 | |||||||||||||||||
TANZANIA, UNITED REPUBLIC OF - 0.4% | ||||||||||||||||||
2,050,000 | AngloGold Ashanti Holdings plc | 3.750 | 10/01/30 | 2,170,104 | ||||||||||||||
TOTAL TANZANIA, UNITED REPUBLIC OF | 2,170,104 | |||||||||||||||||
THAILAND - 1.0% | ||||||||||||||||||
3,000,000 | g | Bangkok Bank PCL | 5.000 | NA‡ | 2,982,647 | |||||||||||||
2,750,000 | g | PTTEP Treasury Center Co Ltd | 3.903 | 12/06/59 | 2,917,668 | |||||||||||||
TOTAL THAILAND | 5,900,315 | |||||||||||||||||
TRINIDAD AND TOBAGO - 0.4% | ||||||||||||||||||
2,350,000 | g | National Gas Company of Trinidad and Tobago Limited | 6.050 | 01/15/36 | 2,355,875 | |||||||||||||
TOTAL TRINIDAD AND TOBAGO | 2,355,875 | |||||||||||||||||
TURKEY - 1.4% | ||||||||||||||||||
2,000,000 | g | Akbank T.A.S. | 6.800 | 02/06/26 | 1,933,086 | |||||||||||||
1,900,000 | g | Akbank T.A.S. | 7.200 | 03/16/27 | 1,723,604 | |||||||||||||
500,000 | g | Akbank T.A.S. | 6.797 | 04/27/28 | 440,756 | |||||||||||||
2,000,000 | g | Turkiye Garanti Bankasi AS. | 6.125 | 05/24/27 | 1,781,000 | |||||||||||||
2,325,000 | g | Ulker Biskuvi Sanayi AS. | 6.950 | 10/30/25 | 2,330,813 | |||||||||||||
TOTAL TURKEY | 8,209,259 | |||||||||||||||||
UKRAINE - 2.1% | ||||||||||||||||||
1,500,000 | g | Kernel Holding S.A. | 6.500 | 10/17/24 | 1,505,066 | |||||||||||||
1,500,000 | g | Kernel Holding S.A. | 6.750 | 10/27/27 | 1,491,848 | |||||||||||||
450,000 | g | Metinvest BV | 7.650 | 10/01/27 | 437,702 | |||||||||||||
2,250,000 | g | Metinvest BV | 7.750 | 10/17/29 | 2,153,250 | |||||||||||||
2,000,000 | NAK Naftogaz Ukraine via Kondor Finance plc | 7.375 | 07/19/22 | 2,019,056 | ||||||||||||||
2,000,000 | g | NAK Naftogaz Ukraine via Kondor Finance plc | 7.625 | 11/08/26 | 1,867,460 | |||||||||||||
2,400,000 | g | Ukreximbank Via Biz Finance plc | 9.750 | 01/22/25 | 2,464,800 | |||||||||||||
TOTAL UKRAINE | 11,939,182 | |||||||||||||||||
UNITED ARAB EMIRATES - 1.3% | ||||||||||||||||||
1,975,000 | g | Abu Dhabi Crude Oil Pipeline LLC | 4.600 | 11/02/47 | 2,352,896 | |||||||||||||
2,100,000 | g | DP World Ltd | 5.625 | 09/25/48 | 2,394,000 |
324 |
TIAA-CREF FUNDS - Emerging Markets Debt Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
$ | 1,000,000 | g,h | Galaxy Pipeline Assets Bidco Ltd | 3.250 | % | 09/30/40 | $ | 988,639 | ||||||||||
2,000,000 | g | MDGH-GMTN BV | 3.700 | 11/07/49 | 2,194,764 | |||||||||||||
TOTAL UNITED ARAB EMIRATES | 7,930,299 | |||||||||||||||||
UNITED KINGDOM - 0.1% | ||||||||||||||||||
600,000 | Tullow Oil Jersey Ltd | 6.625 | 07/12/21 | 480,000 | ||||||||||||||
TOTAL UNITED KINGDOM | 480,000 | |||||||||||||||||
ZAMBIA - 0.5% | ||||||||||||||||||
3,000,000 | g | First Quantum Minerals Ltd | 6.875 | 10/15/27 | 2,985,000 | |||||||||||||
TOTAL ZAMBIA | 2,985,000 | |||||||||||||||||
TOTAL CORPORATE BONDS | 263,197,041 | |||||||||||||||||
(Cost $267,632,370) | ||||||||||||||||||
GOVERNMENT BONDS - 48.7% | ||||||||||||||||||
ANGOLA - 0.8% | ||||||||||||||||||
2,250,000 | g | Angolan Government International Bond | 8.250 | 05/09/28 | 1,767,149 | |||||||||||||
1,775,000 | g | Angolan Government International Bond | 8.000 | 11/26/29 | 1,363,038 | |||||||||||||
2,500,000 | g | Angolan Government International Bond | 9.375 | 05/08/48 | 1,905,848 | |||||||||||||
TOTAL ANGOLA | 5,036,035 | |||||||||||||||||
ARGENTINA - 0.6% | ||||||||||||||||||
401,364 | Argentine Republic Government International Bond | 1.000 | 07/09/29 | 164,961 | ||||||||||||||
2,988,760 | Argentine Republic Government International Bond (Step Bond) | 0.125 | 07/09/30 | 1,090,897 | ||||||||||||||
5,134,989 | Argentine Republic Government International Bond (Step Bond) | 0.125 | 07/09/35 | 1,679,141 | ||||||||||||||
2,650,000 | †,g | Provincia de Buenos Aires | 7.875 | 06/15/27 | 867,875 | |||||||||||||
TOTAL ARGENTINA | 3,802,874 | |||||||||||||||||
AZERBAIJAN - 0.6% | ||||||||||||||||||
3,023,000 | g | Southern Gas Corridor CJSC | 6.875 | 03/24/26 | 3,445,380 | |||||||||||||
TOTAL AZERBAIJAN | 3,445,380 | |||||||||||||||||
BAHRAIN - 1.2% | ||||||||||||||||||
2,100,000 | g | Bahrain Government International Bond | 5.625 | 09/30/31 | 2,076,029 | |||||||||||||
2,000,000 | g | Bahrain Government International Bond | 5.450 | 09/16/32 | 1,948,267 | |||||||||||||
2,450,000 | g | CBB International Sukuk Programme Co SPC | 6.250 | 11/14/24 | 2,639,960 | |||||||||||||
TOTAL BAHRAIN | 6,664,256 | |||||||||||||||||
BARBADOS - 0.5% | ||||||||||||||||||
533 | g | Barbados Government International Bond | 6.500 | 02/01/21 | 530 | |||||||||||||
3,314,800 | g | Barbados Government International Bond | 6.500 | 10/01/29 | 3,182,208 | |||||||||||||
TOTAL BARBADOS | 3,182,738 | |||||||||||||||||
BERMUDA - 0.5% | ||||||||||||||||||
2,000,000 | g | Bermuda Government International Bond | 4.750 | 02/15/29 | 2,401,000 | |||||||||||||
595,000 | g | Bermuda Government International Bond | 2.375 | 08/20/30 | 610,619 | |||||||||||||
TOTAL BERMUDA | 3,011,619 |
325 |
TIAA-CREF FUNDS - Emerging Markets Debt Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
BRAZIL - 1.8% | ||||||||||||||||||
BRL | 6,250,000 | Brazil Notas do Tesouro Nacional Serie F | 10.000 | % | 01/01/27 | $ | 1,226,854 | |||||||||||
8,950,000 | Brazil Notas do Tesouro Nacional Serie F | 10.000 | 01/01/29 | 1,776,303 | ||||||||||||||
$ | 1,625,000 | Brazilian Government International Bond | 2.875 | 06/06/25 | 1,643,704 | |||||||||||||
3,625,000 | Brazilian Government International Bond | 3.875 | 06/12/30 | 3,670,312 | ||||||||||||||
2,050,000 | Brazilian Government International Bond | 5.625 | 02/21/47 | 2,246,800 | ||||||||||||||
TOTAL BRAZIL | 10,563,973 | |||||||||||||||||
CHINA - 0.5% | ||||||||||||||||||
CNY | 2,400,000 | China Government International Bond | 2.360 | 07/02/23 | 352,963 | |||||||||||||
17,000,000 | China Government International Bond | 3.120 | 12/05/26 | 2,529,020 | ||||||||||||||
TOTAL CHINA | 2,881,983 | |||||||||||||||||
COLOMBIA - 0.5% | ||||||||||||||||||
$ | 2,500,000 | Colombia Government International Bond | 3.000 | 01/30/30 | 2,550,000 | |||||||||||||
COP | 2,195,000,000 | Colombian TES | 7.250 | 10/26/50 | 581,109 | |||||||||||||
TOTAL COLOMBIA | 3,131,109 | |||||||||||||||||
COSTA RICA - 0.3% | ||||||||||||||||||
$ | 2,500,000 | g | Costa Rica Government International Bond | 5.625 | 04/30/43 | 1,818,750 | ||||||||||||
TOTAL COSTA RICA | 1,818,750 | |||||||||||||||||
COTE D'IVOIRE - 0.3% | ||||||||||||||||||
2,075,000 | g | Ivory Coast Government International Bond (Step Bond) | 5.750 | 12/31/32 | 2,025,926 | |||||||||||||
TOTAL COTE D'IVOIRE | 2,025,926 | |||||||||||||||||
DOMINICAN REPUBLIC - 2.5% | ||||||||||||||||||
4,275,000 | g | Dominican Republic Government International Bond | 6.875 | 01/29/26 | 4,825,406 | |||||||||||||
DOP | 22,500,000 | g | Dominican Republic Government International Bond | 9.750 | 06/05/26 | 396,299 | ||||||||||||
27,000,000 | g | Dominican Republic Government International Bond | 11.250 | 02/05/27 | 513,720 | |||||||||||||
74,000,000 | g | Dominican Republic Government International Bond | 10.375 | 01/11/30 | 1,352,056 | |||||||||||||
$ | 4,000,000 | g | Dominican Republic Government International Bond | 4.875 | 09/23/32 | 4,060,000 | ||||||||||||
3,060,000 | g | Dominican Republic Government International Bond | 7.450 | 04/30/44 | 3,492,990 | |||||||||||||
TOTAL DOMINICAN REPUBLIC | 14,640,471 | |||||||||||||||||
ECUADOR - 1.4% | ||||||||||||||||||
744,229 | g | Ecuador Government International Bond | 0.000 | 07/31/30 | 338,632 | |||||||||||||
2,532,600 | g | Ecuador Government International Bond (Step Bond) | 0.500 | 07/31/30 | 1,684,204 | |||||||||||||
6,637,020 | g | Ecuador Government International Bond (Step Bond) | 0.500 | 07/31/35 | 3,625,472 | |||||||||||||
3,041,800 | g | Ecuador Government International Bond (Step Bond) | 0.500 | 07/31/40 | 1,505,721 | |||||||||||||
364,583 | g | Petroamazonas EP | 4.625 | 12/06/21 | 329,036 | |||||||||||||
TOTAL ECUADOR | 7,483,065 |
326 |
TIAA-CREF FUNDS - Emerging Markets Debt Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
EGYPT - 2.7% | ||||||||||||||||||
EGP | 12,500,000 | Egypt Government International Bond | 16.000 | % | 06/11/22 | $ | 812,865 | |||||||||||
$ | 1,275,000 | g | Egypt Government International Bond | 5.750 | 05/29/24 | 1,305,452 | ||||||||||||
1,300,000 | g | Egypt Government International Bond | 5.250 | 10/06/25 | 1,290,517 | |||||||||||||
3,200,000 | g | Egypt Government International Bond | 6.588 | 02/21/28 | 3,214,917 | |||||||||||||
1,450,000 | g | Egypt Government International Bond | 7.600 | 03/01/29 | 1,505,996 | |||||||||||||
2,225,000 | g | Egypt Government International Bond | 7.053 | 01/15/32 | 2,168,128 | |||||||||||||
4,050,000 | g | Egypt Government International Bond | 8.500 | 01/31/47 | 4,012,292 | |||||||||||||
1,000,000 | g | Egypt Government International Bond | 8.150 | 11/20/59 | 945,120 | |||||||||||||
TOTAL EGYPT | 15,255,287 | |||||||||||||||||
EL SALVADOR - 0.5% | ||||||||||||||||||
550,000 | g | El Salvador Government International Bond | 6.375 | 01/18/27 | 446,330 | |||||||||||||
3,100,000 | g | El Salvador Government International Bond | 7.625 | 02/01/41 | 2,366,881 | |||||||||||||
TOTAL EL SALVADOR | 2,813,211 | |||||||||||||||||
GHANA - 0.9% | ||||||||||||||||||
GHS | 2,965,000 | g | Citigroup Global Markets Holdings, Inc | 24.500 | 06/28/21 | 531,054 | ||||||||||||
$ | 2,825,000 | g | Ghana Government International Bond | 8.125 | 03/26/32 | 2,591,798 | ||||||||||||
2,000,000 | g | Ghana Government International Bond | 8.627 | 06/16/49 | 1,755,000 | |||||||||||||
1,000,000 | g | Ghana Government International Bond | 8.750 | 03/11/61 | 880,000 | |||||||||||||
TOTAL GHANA | 5,757,852 | |||||||||||||||||
GREECE - 0.7% | ||||||||||||||||||
EUR | 2,850,000 | g | Hellenic Republic Government International Bond | 2.000 | 04/22/27 | 3,607,736 | ||||||||||||
450,000 | g | Hellenic Republic Government International Bond | 1.500 | 06/18/30 | 550,090 | |||||||||||||
TOTAL GREECE | 4,157,826 | |||||||||||||||||
GUATEMALA - 1.2% | ||||||||||||||||||
$ | 1,950,000 | g | Guatemala Government International Bond | 4.500 | 05/03/26 | 2,122,594 | ||||||||||||
1,275,000 | g | Guatemala Government International Bond | 5.375 | 04/24/32 | 1,510,875 | |||||||||||||
2,375,000 | g | Guatemala Government International Bond | 6.125 | 06/01/50 | 2,926,000 | |||||||||||||
TOTAL GUATEMALA | 6,559,469 | |||||||||||||||||
HONDURAS - 0.7% | ||||||||||||||||||
2,500,000 | g | Honduras Government International Bond | 6.250 | 01/19/27 | 2,803,775 | |||||||||||||
975,000 | g | Honduras Government International Bond | 5.625 | 06/24/30 | 1,074,937 | |||||||||||||
TOTAL HONDURAS | 3,878,712 | |||||||||||||||||
INDIA - 0.5% | ||||||||||||||||||
3,000,000 | g | Export-Import Bank of India | 3.250 | 01/15/30 | 3,042,091 | |||||||||||||
TOTAL INDIA | 3,042,091 | |||||||||||||||||
INDONESIA - 1.2% | ||||||||||||||||||
1,275,000 | g | Indonesia Government International Bond | 4.625 | 04/15/43 | 1,490,825 | |||||||||||||
IDR | 12,000,000,000 | Indonesia Treasury Bond | 8.375 | 09/15/26 | 912,253 | |||||||||||||
8,730,000,000 | Indonesia Treasury Bond | 7.000 | 09/15/30 | 613,935 | ||||||||||||||
21,300,000,000 | Indonesia Treasury Bond | 8.375 | 03/15/34 | 1,580,205 | ||||||||||||||
$ | 1,900,000 | g | Perusahaan Penerbit SBSN Indonesia III | 2.800 | 06/23/30 | 1,952,611 | ||||||||||||
TOTAL INDONESIA | 6,549,829 | |||||||||||||||||
IRAQ - 0.8% | ||||||||||||||||||
2,850,000 | g | Iraq Government International Bond | 6.752 | 03/09/23 | 2,650,200 | |||||||||||||
1,968,750 | g | Iraq Government International Bond | 5.800 | 01/15/28 | 1,692,928 | |||||||||||||
TOTAL IRAQ | 4,343,128 |
327 |
TIAA-CREF FUNDS - Emerging Markets Debt Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
ISRAEL - 0.5% | ||||||||||||||||||
$ | 2,350,000 | State of Israel | 3.375 | % | 01/15/50 | $ | 2,538,000 | |||||||||||
400,000 | State of Israel | 3.800 | 05/13/60 | 456,028 | ||||||||||||||
TOTAL ISRAEL | 2,994,028 | |||||||||||||||||
JAMAICA - 1.5% | ||||||||||||||||||
500,000 | Jamaica Government International Bond | 7.625 | 07/09/25 | 572,500 | ||||||||||||||
2,950,000 | Jamaica Government International Bond | 8.000 | 03/15/39 | 3,923,500 | ||||||||||||||
3,135,000 | Jamaica Government International Bond | 7.875 | 07/28/45 | 4,083,338 | ||||||||||||||
TOTAL JAMAICA | 8,579,338 | |||||||||||||||||
JORDAN - 1.0% | ||||||||||||||||||
3,700,000 | g | Jordan Government International Bond | 4.950 | 07/07/25 | 3,760,842 | |||||||||||||
2,000,000 | g | Jordan Government International Bond | 7.375 | 10/10/47 | 2,067,472 | |||||||||||||
TOTAL JORDAN | 5,828,314 | |||||||||||||||||
KAZAKHSTAN - 0.4% | ||||||||||||||||||
1,600,000 | g | Kazakhstan Government International Bond | 6.500 | 07/21/45 | 2,509,602 | |||||||||||||
TOTAL KAZAKHSTAN | 2,509,602 | |||||||||||||||||
KENYA - 1.2% | ||||||||||||||||||
1,950,000 | g | Kenya Government International Bond | 6.875 | 06/24/24 | 2,062,505 | |||||||||||||
900,000 | g | Kenya Government International Bond | 7.000 | 05/22/27 | 934,455 | |||||||||||||
2,250,000 | g | Kenya Government International Bond | 8.000 | 05/22/32 | 2,357,059 | |||||||||||||
1,325,000 | g | Kenya Government International Bond | 8.250 | 02/28/48 | 1,350,944 | |||||||||||||
TOTAL KENYA | 6,704,963 | |||||||||||||||||
LEBANON - 0.2% | ||||||||||||||||||
3,200,000 | †,q | Lebanon Government International Bond | 6.250 | 11/04/24 | 444,000 | |||||||||||||
3,800,000 | †,q | Lebanon Government International Bond | 6.850 | 03/23/27 | 536,378 | |||||||||||||
TOTAL LEBANON | 980,378 | |||||||||||||||||
MALAYSIA - 0.1% | ||||||||||||||||||
MYR | 1,900,000 | Malaysia Government Bond | 3.828 | 07/05/34 | 493,550 | |||||||||||||
TOTAL MALAYSIA | 493,550 | |||||||||||||||||
MEXICO - 1.2% | ||||||||||||||||||
MXN | 38,600,000 | Mexican Bonos | 7.500 | 06/03/27 | 2,001,326 | |||||||||||||
41,700,000 | Mexican Bonos | 7.750 | 05/29/31 | 2,189,125 | ||||||||||||||
$ | 2,775,000 | Mexico Government International Bond | 4.750 | 04/27/32 | 3,170,438 | |||||||||||||
TOTAL MEXICO | 7,360,889 | |||||||||||||||||
MONGOLIA - 0.3% | ||||||||||||||||||
1,425,000 | g | Mongolia Government International Bond | 5.125 | 04/07/26 | 1,467,241 | |||||||||||||
TOTAL MONGOLIA | 1,467,241 | |||||||||||||||||
MOROCCO - 0.6% | ||||||||||||||||||
2,850,000 | g | Morocco Government International Bond | 5.500 | 12/11/42 | 3,421,379 | |||||||||||||
TOTAL MOROCCO | 3,421,379 |
328 |
TIAA-CREF FUNDS - Emerging Markets Debt Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
NIGERIA - 1.3% | ||||||||||||||||||
$ | 1,700,000 | g | Nigeria Government International Bond | 7.625 | % | 11/21/25 | $ | 1,785,002 | ||||||||||
3,975,000 | g | Nigeria Government International Bond | 6.500 | 11/28/27 | 3,852,580 | |||||||||||||
2,000,000 | g | Nigeria Government International Bond | 7.696 | 02/23/38 | 1,837,800 | |||||||||||||
TOTAL NIGERIA | 7,475,382 | |||||||||||||||||
OMAN - 1.2% | ||||||||||||||||||
1,500,000 | g | Oman Government International Bond | 5.375 | 03/08/27 | 1,373,410 | |||||||||||||
4,000,000 | g | Oman Government International Bond | 6.750 | 10/28/27 | 3,879,179 | |||||||||||||
1,200,000 | g | Oman Government International Bond | 6.500 | 03/08/47 | 967,548 | |||||||||||||
1,025,000 | g | Oman Government International Bond | 6.750 | 01/17/48 | 836,548 | |||||||||||||
TOTAL OMAN | 7,056,685 | |||||||||||||||||
PAKISTAN - 0.5% | ||||||||||||||||||
3,200,000 | g | Pakistan Government International Bond | 6.875 | 12/05/27 | 3,125,269 | |||||||||||||
TOTAL PAKISTAN | 3,125,269 | |||||||||||||||||
PANAMA - 0.5% | ||||||||||||||||||
2,850,000 | g | Panama Notas del Tesoro | 3.750 | 04/17/26 | 3,079,140 | |||||||||||||
TOTAL PANAMA | 3,079,140 | |||||||||||||||||
PARAGUAY - 0.5% | ||||||||||||||||||
2,500,000 | g | Paraguay Government International Bond | 5.400 | 03/30/50 | 3,037,500 | |||||||||||||
TOTAL PARAGUAY | 3,037,500 | |||||||||||||||||
PERU - 0.3% | ||||||||||||||||||
PEN | 4,450,000 | g | Peruvian Government International Bond | 6.950 | 08/12/31 | 1,518,017 | ||||||||||||
TOTAL PERU | 1,518,017 | |||||||||||||||||
PHILIPPINES - 0.2% | ||||||||||||||||||
$ | 900,000 | Philippine Government International Bond | 2.457 | 05/05/30 | 960,407 | |||||||||||||
TOTAL PHILIPPINES | 960,407 | |||||||||||||||||
POLAND - 0.1% | ||||||||||||||||||
PLN | 1,650,000 | Republic of Poland Government International Bond | 3.250 | 07/25/25 | 472,541 | |||||||||||||
TOTAL POLAND | 472,541 | |||||||||||||||||
QATAR - 0.4% | ||||||||||||||||||
$ | 2,150,000 | g | Qatar Government International Bond | 3.750 | 04/16/30 | 2,491,672 | ||||||||||||
TOTAL QATAR | 2,491,672 | |||||||||||||||||
REPUBLIC OF SERBIA - 0.5% | ||||||||||||||||||
EUR | 250,000 | g | Serbia Government International Bond | 3.125 | 05/15/27 | 316,391 | ||||||||||||
RSD | 69,650,000 | Serbia Treasury Bonds | 5.875 | 02/08/28 | 807,695 | |||||||||||||
147,700,000 | Serbia Treasury Bonds | 4.500 | 08/20/32 | 1,526,920 | ||||||||||||||
TOTAL REPUBLIC OF SERBIA | 2,651,006 | |||||||||||||||||
ROMANIA - 0.6% | ||||||||||||||||||
$ | 3,380,000 | g | Romanian Government International Bond | 3.000 | 02/14/31 | 3,493,874 | ||||||||||||
TOTAL ROMANIA | 3,493,874 |
329 |
TIAA-CREF FUNDS - Emerging Markets Debt Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
RUSSIA - 1.6% | ||||||||||||||||||
RUB | 105,300,000 | Russian Federal Bond-OFZ | 7.100 | % | 10/16/24 | $ | 1,414,960 | |||||||||||
75,000,000 | Russian Federal Bond-OFZ | 7.950 | 10/07/26 | 1,059,159 | ||||||||||||||
64,000,000 | Russian Federal Bond-OFZ | 7.650 | 04/10/30 | 895,265 | ||||||||||||||
$ | 2,200,000 | g | Russian Foreign Bond - Eurobond | 4.375 | 03/21/29 | 2,510,069 | ||||||||||||
2,800,000 | g | Russian Foreign Bond - Eurobond | 5.100 | 03/28/35 | 3,407,796 | |||||||||||||
TOTAL RUSSIA | 9,287,249 | |||||||||||||||||
RWANDA - 0.4% | ||||||||||||||||||
2,500,000 | g | Rwanda Government International Bond | 6.625 | 05/02/23 | 2,616,573 | |||||||||||||
TOTAL RWANDA | 2,616,573 | |||||||||||||||||
SAUDI ARABIA - 1.1% | ||||||||||||||||||
1,000,000 | g | Saudi Government International Bond | 2.900 | 10/22/25 | 1,068,156 | |||||||||||||
2,400,000 | g | Saudi Government International Bond | 3.250 | 10/26/26 | 2,615,088 | |||||||||||||
2,000,000 | g | Saudi Government International Bond | 3.750 | 01/21/55 | 2,136,240 | |||||||||||||
550,000 | g | Saudi Government International Bond | 4.500 | 04/22/60 | 664,380 | |||||||||||||
TOTAL SAUDI ARABIA | 6,483,864 | |||||||||||||||||
SENEGAL - 0.5% | ||||||||||||||||||
950,000 | g | Senegal Government International Bond | 6.250 | 05/23/33 | 964,375 | |||||||||||||
1,900,000 | g | Senegal Government International Bond | 6.750 | 03/13/48 | 1,855,730 | |||||||||||||
TOTAL SENEGAL | 2,820,105 | |||||||||||||||||
SOUTH AFRICA - 1.5% | ||||||||||||||||||
1,000,000 | Republic of South Africa Government International Bond | 5.750 | 09/30/49 | 901,180 | ||||||||||||||
ZAR | 7,500,000 | South Africa Government International Bond | 10.500 | 12/21/26 | 535,714 | |||||||||||||
$ | 3,000,000 | South Africa Government International Bond | 4.300 | 10/12/28 | 2,911,474 | |||||||||||||
ZAR | 59,300,000 | South Africa Government International Bond | 7.000 | 02/28/31 | 2,979,401 | |||||||||||||
$ | 1,250,000 | South Africa Government International Bond | 5.375 | 07/24/44 | 1,103,555 | |||||||||||||
TOTAL SOUTH AFRICA | 8,431,324 | |||||||||||||||||
SRI LANKA - 0.3% | ||||||||||||||||||
1,850,000 | g | Sri Lanka Government International Bond | 6.850 | 11/03/25 | 1,007,486 | |||||||||||||
1,000,000 | g | Sri Lanka Government International Bond | 6.825 | 07/18/26 | 539,507 | |||||||||||||
TOTAL SRI LANKA | 1,546,993 | |||||||||||||||||
SUPRANATIONAL - 0.5% | ||||||||||||||||||
1,000,000 | g | Banque Ouest Africaine de Developpement | 5.000 | 07/27/27 | 1,073,961 | |||||||||||||
2,000,000 | g | Banque Ouest Africaine de Developpement | 4.700 | 10/22/31 | 2,091,204 | |||||||||||||
TOTAL SUPRANATIONAL | 3,165,165 | |||||||||||||||||
SWEDEN - 0.5% | ||||||||||||||||||
3,000,000 | Svensk Exportkredit AB | 0.500 | 08/26/25 | 2,983,233 | ||||||||||||||
TOTAL SWEDEN | 2,983,233 | |||||||||||||||||
THAILAND - 0.4% | ||||||||||||||||||
THB | 31,000,000 | Thailand Government International Bond | 2.875 | 12/17/28 | 1,115,791 | |||||||||||||
35,700,000 | Thailand Government International Bond | 3.400 | 06/17/36 | 1,413,007 | ||||||||||||||
TOTAL THAILAND | 2,528,798 |
330 |
TIAA-CREF FUNDS - Emerging Markets Debt Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
TRINIDAD AND TOBAGO - 0.3% | ||||||||||||||||||
$ | 2,000,000 | g | Trinidad & Tobago Government International Bond | 4.500 | % | 06/26/30 | $ | 2,025,000 | ||||||||||
TOTAL TRINIDAD AND TOBAGO | 2,025,000 | |||||||||||||||||
TURKEY - 1.4% | ||||||||||||||||||
2,500,000 | Turkey Government International Bond | 5.250 | 03/13/30 | 2,168,110 | ||||||||||||||
4,350,000 | Turkey Government International Bond | 4.875 | 04/16/43 | 3,170,063 | ||||||||||||||
3,000,000 | g | Turkiye Ihracat Kredit Bankasi | 5.375 | 10/24/23 | 2,831,594 | |||||||||||||
TOTAL TURKEY | 8,169,767 | |||||||||||||||||
UGANDA - 0.2% | ||||||||||||||||||
UGX | 4,800,000,000 | Republic of Uganda Government Bonds | 14.250 | 08/23/29 | 1,248,540 | |||||||||||||
TOTAL UGANDA | 1,248,540 | |||||||||||||||||
UKRAINE - 2.6% | ||||||||||||||||||
UAH | 38,000,000 | Citigroup Global Markets Holdings, Inc | 14.700 | 01/25/21 | 1,344,206 | |||||||||||||
6,914,000 | Ukraine Government International Bond | 18.000 | 03/24/21 | 249,658 | ||||||||||||||
37,000,000 | Ukraine Government International Bond | 15.840 | 02/26/25 | 1,435,690 | ||||||||||||||
$ | 5,000,000 | g | Ukraine Government International Bond | 7.750 | 09/01/25 | 5,111,600 | ||||||||||||
1,450,000 | g | Ukraine Government International Bond | 9.750 | 11/01/28 | 1,578,149 | |||||||||||||
EUR | 1,850,000 | g | Ukraine Government International Bond | 4.375 | 01/27/30 | 1,795,029 | ||||||||||||
$ | 2,000,000 | g | Ukraine Government International Bond | 7.253 | 03/15/33 | 1,874,795 | ||||||||||||
2,320,000 | g | Ukraine Government International Bond | 0.000 | 05/31/40 | 2,003,900 | |||||||||||||
TOTAL UKRAINE | 15,393,027 | |||||||||||||||||
UNITED ARAB EMIRATES - 0.7% | ||||||||||||||||||
1,350,000 | g | Abu Dhabi Government International Bond | 3.875 | 04/16/50 | 1,595,868 | |||||||||||||
3,000,000 | g | Abu Dhabi Government International Bond | 2.700 | 09/02/70 | 2,720,742 | |||||||||||||
TOTAL UNITED ARAB EMIRATES | 4,316,610 | |||||||||||||||||
URUGUAY - 1.6% | ||||||||||||||||||
UYU | 62,000,000 | Uruguay Government International Bond | 9.875 | 06/20/22 | 1,487,769 | |||||||||||||
$ | 5,303,796 | Uruguay Government International Bond | 4.375 | 01/23/31 | 6,397,704 | |||||||||||||
700,000 | Uruguay Government International Bond | 4.975 | 04/20/55 | 925,750 | ||||||||||||||
TOTAL URUGUAY | 8,811,223 | |||||||||||||||||
UZBEKISTAN - 0.9% | ||||||||||||||||||
4,550,000 | g | Republic of Uzbekistan Government International Bond | 5.375 | 02/20/29 | 5,025,727 | |||||||||||||
TOTAL UZBEKISTAN | 5,025,727 | |||||||||||||||||
ZAMBIA - 0.4% | ||||||||||||||||||
400,000 | †,g | Zambia Government International Bond | 5.375 | 09/20/22 | 173,998 | |||||||||||||
3,900,000 | †,g | Zambia Government International Bond | 8.500 | 04/14/24 | 1,684,845 | |||||||||||||
750,000 | †,g | Zambia Government International Bond | 8.970 | 07/30/27 | 312,398 | |||||||||||||
TOTAL ZAMBIA | 2,171,241 | |||||||||||||||||
TOTAL GOVERNMENT BONDS | 282,771,198 | |||||||||||||||||
(Cost $296,412,818) |
331 |
TIAA-CREF FUNDS - Emerging Markets Debt Fund
PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
STRUCTURED ASSETS - 0.8% | ||||||||||||||||||
JERSEY, C.I. - 0.4% | ||||||||||||||||||
$ | 2,153,846 | †,i | ARTS Ltd | LIBOR 3 M + 1.780% | 2.030 | % | 09/15/21 | $ | 2,110,769 | |||||||||
Series - 0 2016 53 (Class NOTE) | ||||||||||||||||||
TOTAL JERSEY, C.I. | 2,110,769 | |||||||||||||||||
SPAIN - 0.4% | ||||||||||||||||||
2,333,333 | †,i | Garanti Diversified Payment Rights Finance Co | LIBOR 3 M + 3.172% | 3.402 | 10/09/21 | 2,310,000 | ||||||||||||
Series - 0 2016 A (Class A) | ||||||||||||||||||
TOTAL SPAIN | 2,310,000 | |||||||||||||||||
TOTAL STRUCTURED ASSETS | 4,420,769 | |||||||||||||||||
(Cost $4,429,330) | ||||||||||||||||||
TOTAL BONDS | 550,389,008 | |||||||||||||||||
(Cost $568,474,518) | ||||||||||||||||||
SHARES | COMPANY | |||||||||||||||||
COMMON STOCKS - 0.0% | ||||||||||||||||||
BRAZIL - 0.0% | ||||||||||||||||||
151,162 | * | Oi S.A. (ADR) | 193,488 | |||||||||||||||
TOTAL BRAZIL | 193,488 | |||||||||||||||||
TOTAL COMMON STOCKS | 193,488 | |||||||||||||||||
(Cost $1,044,572) | ||||||||||||||||||
SHORT-TERM INVESTMENTS - 1.6% | ||||||||||||||||||
EGYPT - 0.3% | ||||||||||||||||||
EGP | 25,300,000 | Egypt Treasury Bills | 0.000 | 11/03/20 | 1,611,465 | |||||||||||||
TOTAL EGYPT | 1,611,465 | |||||||||||||||||
UNITED STATES - 1.3% | ||||||||||||||||||
$ | 7,653,000 | United States Treasury Bill | 0.081-0.082 | 11/05/20 | 7,652,954 | |||||||||||||
TOTAL UNITED STATES | 7,652,954 | |||||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 9,264,419 | |||||||||||||||||
(Cost $9,237,907) | ||||||||||||||||||
TOTAL INVESTMENTS - 97.9% | 567,996,915 | |||||||||||||||||
(Cost $586,678,412) | ||||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - 2.1% | 11,916,279 | |||||||||||||||||
NET ASSETS - 100.0% | $ | 579,913,194 |
332 |
TIAA-CREF FUNDS - Emerging Markets Debt Fund
Abbreviation(s): | ||||||||||||||||||
ADR | American Depositary Receipt | |||||||||||||||||
BRL | Brazilian Real | |||||||||||||||||
CNY | Chinese Yuan | |||||||||||||||||
COP | Colombian Peso | |||||||||||||||||
DOP | Dominican Republic Peso | |||||||||||||||||
EGP | Egyptian Pound | |||||||||||||||||
EUR | Euro | |||||||||||||||||
GHS | Ghanaian Cedi | |||||||||||||||||
GMTN | Global Medium Term Note | |||||||||||||||||
IDR | Indonesian Rupiah | |||||||||||||||||
KZT | Kazakhstani Tenge | |||||||||||||||||
LIBOR | London Interbank Offered Rate | |||||||||||||||||
M | Month | |||||||||||||||||
MXN | Mexican Peso | |||||||||||||||||
MYR | Malaysian Ringgit | |||||||||||||||||
PEN | Peruvian Sol | |||||||||||||||||
PLN | Polish Zloty | |||||||||||||||||
RSD | Serbian Dinar | |||||||||||||||||
RUB | Russian Ruble | |||||||||||||||||
THB | Thai Baht | |||||||||||||||||
UAH | Ukrainian Hryvnia | |||||||||||||||||
UGX | Ugandan Shilling | |||||||||||||||||
UYU | Uruguayan Peso | |||||||||||||||||
ZAR | South African Rand | |||||||||||||||||
* | Non-income producing | |||||||||||||||||
† | Security is categorized as Level 3 in the fair value hierarchy. | |||||||||||||||||
‡ | Perpetual security | |||||||||||||||||
g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/2020, the aggregate value of these securities is $421,449,107 or 72.7% of net assets. | |||||||||||||||||
h | All or a portion of these securities were purchased on a delayed delivery basis. | |||||||||||||||||
i | Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end. | |||||||||||||||||
o | Payment in Kind Bond | |||||||||||||||||
q | In default |
333 |
TIAA-CREF FUNDS - Emerging Markets Debt Fund
TIAA-CREF FUNDS
EMERGING MARKETS DEBT FUND
SUMMARY OF MARKET VALUES BY SECTOR (unaudited)
October 31, 2020
SECTOR | VALUE | % OF NET ASSETS | ||||||
GOVERNMENT | $ | 282,771,198 | 48.7 | % | ||||
ENERGY | 59,285,843 | 10.2 | ||||||
FINANCIALS | 52,662,028 | 9.1 | ||||||
UTILITIES | 40,244,680 | 6.9 | ||||||
MATERIALS | 38,068,129 | 6.6 | ||||||
INDUSTRIALS | 30,822,100 | 5.3 | ||||||
CONSUMER STAPLES | 19,424,784 | 3.4 | ||||||
COMMUNICATION SERVICES | 11,927,183 | 2.0 | ||||||
CONSUMER DISCRETIONARY | 9,347,361 | 1.6 | ||||||
REAL ESTATE | 7,682,844 | 1.3 | ||||||
ASSET BACKED SECURITIES | 4,420,769 | 0.8 | ||||||
INFORMATION TECHNOLOGY | 2,075,577 | 0.4 | ||||||
SHORT-TERM INVESTMENTS | 9,264,419 | 1.6 | ||||||
OTHER ASSETS & LIABILITIES, NET | 11,916,279 | 2.1 | ||||||
NET ASSETS | $ | 579,913,194 | 100.0 | % |
334 |
TIAA-CREF FUNDS - International Bond Fund
TIAA-CREF FUNDS
INTERNATIONAL BOND FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
October 31, 2020
REFERENCE | MATURITY | |||||||||||||||||
PRINCIPAL | ISSUER | RATE & SPREAD | RATE | DATE | VALUE | |||||||||||||
BANK LOAN OBLIGATIONS - 1.2% | ||||||||||||||||||
AUSTRALIA - 0.1% | ||||||||||||||||||
$ | 390,252 | i | Hamilton HoldCo LLC | LIBOR 1 M + 2.000% | 2.230 | % | 01/02/27 | $ | 378,545 | |||||||||
TOTAL AUSTRALIA | 378,545 | |||||||||||||||||
CANADA - 0.1% | ||||||||||||||||||
393,857 | i | 1011778 BC ULC | LIBOR 1 M + 1.750% | 1.898 | 11/19/26 | 377,284 | ||||||||||||
TOTAL CANADA | 377,284 | |||||||||||||||||
IRELAND - 0.1% | ||||||||||||||||||
261,086 | i | Avolon TLB Borrower US LLC | LIBOR 1 M + 1.750% | 2.500 | 01/15/25 | 250,838 | ||||||||||||
348,250 | i | Avolon TLB Borrower US LLC | LIBOR 1 M + 1.500% | 2.250 | 02/12/27 | 332,269 | ||||||||||||
TOTAL IRELAND | 583,107 | |||||||||||||||||
LUXEMBOURG - 0.1% | ||||||||||||||||||
433,932 | i | Ineos US Finance LLC | LIBOR 1 M + 2.000% | 2.148 | 03/31/24 | 421,157 | ||||||||||||
TOTAL LUXEMBOURG | 421,157 | |||||||||||||||||
UNITED STATES - 0.8% | ||||||||||||||||||
339,930 | i | American Airlines, Inc | LIBOR 1 M + 2.000% | 2.148 | 12/14/23 | 280,983 | ||||||||||||
387,968 | i | Bausch Health Americas, Inc | LIBOR 1 M + 3.000% | 3.149 | 06/02/25 | 378,432 | ||||||||||||
278,350 | i | Change Healthcare Holdings LLC | LIBOR 1 M and 3 M + 2.500% | 3.500 | 03/01/24 | 271,358 | ||||||||||||
472,607 | i | Dell International LLC | LIBOR 1 M + 2.000% | 2.750 | 09/19/25 | 467,111 | ||||||||||||
120,938 | i | Endo Luxembourg Finance I Co Sarl | LIBOR 3 M + 4.250% | 5.000 | 04/29/24 | 114,588 | ||||||||||||
122,500 | i | HD Supply, Inc | LIBOR 1 M + 1.750% | 1.898 | 10/17/23 | 121,237 | ||||||||||||
488,608 | i | Nielsen Finance LLC | LIBOR 1 M + 2.000% | 2.147 | 10/04/23 | 476,578 | ||||||||||||
449,730 | i | Plantronics, Inc | LIBOR 1 M + 2.500% | 2.647 | 07/02/25 | 429,681 | ||||||||||||
340,002 | i | Sabre GLBL, Inc | LIBOR 1 M + 2.000% | 2.750 | 02/22/24 | 319,391 | ||||||||||||
417,048 | i | Samsonite IP Holdings Sarl | LIBOR 1 M + 1.750% | 1.898 | 04/25/25 | 389,940 | ||||||||||||
329,872 | i | Team Health Holdings, Inc | LIBOR 1 M + 2.750% | 3.750 | 02/06/24 | 268,021 | ||||||||||||
TOTAL UNITED STATES | 3,517,320 | |||||||||||||||||
TOTAL BANK LOAN OBLIGATIONS | 5,277,413 | |||||||||||||||||
(Cost $5,578,192) | ||||||||||||||||||
BONDS - 95.7% | ||||||||||||||||||
CORPORATE BONDS - 19.2% | ||||||||||||||||||
CANADA - 0.1% | ||||||||||||||||||
EUR | 250,000 | g | Fairfax Financial Holdings Ltd | 2.750 | 03/29/28 | 303,800 | ||||||||||||
TOTAL CANADA | 303,800 | |||||||||||||||||
CHILE - 0.4% | ||||||||||||||||||
$ | 300,000 | Celulosa Arauco y Constitucion S.A. | 3.875 | 11/02/27 | 319,875 |
335 |
TIAA-CREF FUNDS - International Bond Fund
MATURITY | ||||||||||||||||
PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
$ | 250,000 | g | Celulosa Arauco y Constitucion S.A. | 4.250 | % | 04/30/29 | $ | 266,877 | ||||||||
200,000 | g | Celulosa Arauco y Constitucion S.A. | 4.200 | 01/29/30 | 213,000 | |||||||||||
425,000 | g | Corp Nacional del Cobre de Chile | 3.625 | 08/01/27 | 463,791 | |||||||||||
425,000 | g | Embotelladora Andina S.A. | 3.950 | 01/21/50 | 451,036 | |||||||||||
200,000 | Enel Chile S.A. | 4.875 | 06/12/28 | 232,250 | ||||||||||||
200,000 | g | Inversiones CMPC S.A. | 3.850 | 01/13/30 | 218,280 | |||||||||||
TOTAL CHILE | 2,165,109 | |||||||||||||||
CHINA - 0.3% | ||||||||||||||||
500,000 | g | ENN Energy Holdings Ltd | 2.625 | 09/17/30 | 502,915 | |||||||||||
350,000 | JD.com, Inc | 3.375 | 01/14/30 | 376,823 | ||||||||||||
EUR | 125,000 | g | Prosus NV | 2.031 | 08/03/32 | 147,064 | ||||||||||
$ | 250,000 | g | Tencent Holdings Ltd | 3.975 | 04/11/29 | 281,241 | ||||||||||
TOTAL CHINA | 1,308,043 | |||||||||||||||
COLOMBIA - 0.2% | ||||||||||||||||
350,000 | Bancolombia S.A. | 3.000 | 01/29/25 | 353,367 | ||||||||||||
300,000 | Ecopetrol S.A. | 5.375 | 06/26/26 | 330,378 | ||||||||||||
75,000 | Ecopetrol S.A. | 6.875 | 04/29/30 | 90,300 | ||||||||||||
TOTAL COLOMBIA | 774,045 | |||||||||||||||
CZECH REPUBLIC - 0.1% | ||||||||||||||||
EUR | 400,000 | z | CEZ AS. | 0.875 | 11/21/22 | 472,643 | ||||||||||
TOTAL CZECH REPUBLIC | 472,643 | |||||||||||||||
DENMARK - 0.1% | ||||||||||||||||
GBP | 500,000 | Danske Bank A.S. | 2.250 | 01/14/28 | 657,053 | |||||||||||
TOTAL DENMARK | 657,053 | |||||||||||||||
FRANCE - 0.7% | ||||||||||||||||
EUR | 600,000 | Airbus SE | 1.625 | 06/09/30 | 732,969 | |||||||||||
250,000 | g | Altice France S.A. | 5.875 | 02/01/27 | 303,537 | |||||||||||
800,000 | BNP Paribas S.A. | 0.500 | 02/19/28 | 927,553 | ||||||||||||
$ | 525,000 | g | BNP Paribas S.A. | 1.904 | 09/30/28 | 522,141 | ||||||||||
EUR | 600,000 | Electricite de France S.A. | 2.000 | 10/02/30 | 802,028 | |||||||||||
TOTAL FRANCE | 3,288,228 | |||||||||||||||
GERMANY - 0.4% | ||||||||||||||||
750,000 | g,o | IHO Verwaltungs GmbH | 3.750 | 09/15/26 | 870,081 | |||||||||||
600,000 | Volkswagen Bank GmbH | 2.500 | 07/31/26 | 774,311 | ||||||||||||
TOTAL GERMANY | 1,644,392 | |||||||||||||||
HONG KONG - 0.0% | ||||||||||||||||
$ | 200,000 | g | AIA Group Ltd | 3.200 | 09/16/40 | 205,706 | ||||||||||
TOTAL HONG KONG | 205,706 | |||||||||||||||
INDIA - 0.2% | ||||||||||||||||
200,000 | g | Adani Ports & Special Economic Zone Ltd | 3.375 | 07/24/24 | 203,043 | |||||||||||
475,000 | g | ICICI Bank Ltd | 3.800 | 12/14/27 | 494,250 | |||||||||||
200,000 | g | Indian Railway Finance Corp Ltd | 3.249 | 02/13/30 | 201,428 | |||||||||||
TOTAL INDIA | 898,721 |
336 |
TIAA-CREF FUNDS - International Bond Fund
MATURITY | ||||||||||||||||
PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
INDONESIA - 0.2% | ||||||||||||||||
$ | 225,000 | g | Pelabuhan Indonesia III Persero PT | 4.500 | % | 05/02/23 | $ | 237,712 | ||||||||
200,000 | g | Pertamina Persero PT | 3.650 | 07/30/29 | 214,291 | |||||||||||
225,000 | g | Perusahaan Listrik Negara PT | 4.875 | 07/17/49 | 249,187 | |||||||||||
TOTAL INDONESIA | 701,190 | |||||||||||||||
ISRAEL - 0.2% | ||||||||||||||||
300,000 | g | Bank Leumi Le-Israel BM | 3.275 | 01/29/31 | 302,536 | |||||||||||
625,000 | g | Israel Electric Corp Ltd | 4.250 | 08/14/28 | 715,340 | |||||||||||
TOTAL ISRAEL | 1,017,876 | |||||||||||||||
ITALY - 0.3% | ||||||||||||||||
700,000 | g | Intesa Sanpaolo S.p.A | 5.710 | 01/15/26 | 762,399 | |||||||||||
750,000 | g | UniCredit S.p.A | 2.569 | 09/22/26 | 743,278 | |||||||||||
TOTAL ITALY | 1,505,677 | |||||||||||||||
JAPAN - 1.0% | ||||||||||||||||
EUR | 500,000 | z | Mitsubishi UFJ Financial Group, Inc | 0.980 | 10/09/23 | 598,882 | ||||||||||
500,000 | z | Mitsubishi UFJ Financial Group, Inc | 0.872 | 09/07/24 | 598,614 | |||||||||||
500,000 | z | Sumitomo Mitsui Financial Group, Inc | 0.819 | 07/23/23 | 595,475 | |||||||||||
1,400,000 | z | Takeda Pharmaceutical Co Ltd | 1.125 | 11/21/22 | 1,669,456 | |||||||||||
500,000 | z | Takeda Pharmaceutical Co Ltd | 3.000 | 11/21/30 | 707,634 | |||||||||||
500,000 | Takeda Pharmaceutical Co Ltd | 1.375 | 07/09/32 | 613,838 | ||||||||||||
TOTAL JAPAN | 4,783,899 | |||||||||||||||
KAZAKHSTAN - 0.2% | ||||||||||||||||
$ | 475,000 | g | KazTransGas JSC | 4.375 | 09/26/27 | 517,568 | ||||||||||
400,000 | g | Tengizchevroil Finance Co International Ltd | 2.625 | 08/15/25 | 401,073 | |||||||||||
TOTAL KAZAKHSTAN | 918,641 | |||||||||||||||
KOREA, REPUBLIC OF - 0.2% | ||||||||||||||||
200,000 | g | Kookmin Bank | 2.500 | 11/04/30 | 199,502 | |||||||||||
400,000 | g | POSCO | 2.500 | 01/17/25 | 414,699 | |||||||||||
EUR | 300,000 | z | Shinhan Bank Co Ltd | 0.250 | 10/16/24 | 349,164 | ||||||||||
TOTAL KOREA, REPUBLIC OF | 963,365 | |||||||||||||||
LUXEMBOURG - 0.3% | ||||||||||||||||
350,000 | g | INEOS Finance plc | 2.875 | 05/01/26 | 392,941 | |||||||||||
500,000 | z | ProLogis International Funding II S.A. | 2.375 | 11/14/30 | 687,222 | |||||||||||
TOTAL LUXEMBOURG | 1,080,163 | |||||||||||||||
MALAYSIA - 0.2% | ||||||||||||||||
$ | 250,000 | z | Axiata Spv5 Labuan Ltd | 3.064 | 08/19/50 | 238,147 | ||||||||||
200,000 | g | Petronas Capital Ltd | 3.500 | 04/21/30 | 221,718 | |||||||||||
TOTAL MALAYSIA | 459,865 | |||||||||||||||
MEXICO - 0.3% | ||||||||||||||||
225,000 | g | BBVA Bancomer S.A. | 1.875 | 09/18/25 | 223,312 | |||||||||||
300,000 | g | Fresnillo plc | 4.250 | 10/02/50 | 305,325 | |||||||||||
200,000 | g | Grupo Bimbo SAB de C.V. | 4.700 | 11/10/47 | 232,526 |
337 |
TIAA-CREF FUNDS - International Bond Fund
MATURITY | ||||||||||||||||
PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
EUR | 200,000 | Petroleos Mexicanos | 1.875 | % | 04/21/22 | $ | 225,108 | |||||||||
$ | 250,000 | g | Sigma Alimentos S.A. de C.V. | 4.125 | 05/02/26 | 271,657 | ||||||||||
TOTAL MEXICO | 1,257,928 | |||||||||||||||
NETHERLANDS - 0.1% | ||||||||||||||||
EUR | 375,000 | g | OCI NV | 3.125 | 11/01/24 | 429,101 | ||||||||||
TOTAL NETHERLANDS | 429,101 | |||||||||||||||
PANAMA - 0.1% | ||||||||||||||||
$ | 300,000 | g | Banco General S.A. | 4.125 | 08/07/27 | 333,753 | ||||||||||
TOTAL PANAMA | 333,753 | |||||||||||||||
PERU - 0.1% | ||||||||||||||||
200,000 | g | Credicorp Ltd | 2.750 | 06/17/25 | 205,250 | |||||||||||
200,000 | g | Kallpa Generacion SA | 4.125 | 08/16/27 | 210,500 | |||||||||||
TOTAL PERU | 415,750 | |||||||||||||||
PORTUGAL - 0.3% | ||||||||||||||||
EUR | 1,000,000 | EDP Finance BV | 1.125 | 02/12/24 | 1,211,516 | |||||||||||
TOTAL PORTUGAL | 1,211,516 | |||||||||||||||
QATAR - 0.2% | ||||||||||||||||
$ | 300,000 | z | QIB Sukuk Ltd | 1.950 | 10/27/25 | 297,837 | ||||||||||
300,000 | z | QNB Finance Ltd | 1.625 | 09/22/25 | 298,192 | |||||||||||
250,000 | z | QNB Finance Ltd | 2.750 | 02/12/27 | 261,144 | |||||||||||
TOTAL QATAR | 857,173 | |||||||||||||||
RUSSIA - 0.1% | ||||||||||||||||
EUR | 300,000 | z | Gazprom OAO Via Gaz Capital S.A. | 2.500 | 03/21/26 | 355,711 | ||||||||||
TOTAL RUSSIA | 355,711 | |||||||||||||||
SAUDI ARABIA - 0.1% | ||||||||||||||||
$ | 250,000 | g | SABIC Capital II BV | 4.000 | 10/10/23 | 268,481 | ||||||||||
300,000 | z | Saudi Electricity Global Sukuk Co 5 | 2.413 | 09/17/30 | 301,865 | |||||||||||
TOTAL SAUDI ARABIA | 570,346 | |||||||||||||||
SINGAPORE - 0.3% | ||||||||||||||||
250,000 | z | SingTel Group Treasury Pte Ltd | 1.875 | 06/10/30 | 251,193 | |||||||||||
EUR | 400,000 | z | Temasek Financial I Ltd | 0.500 | 11/20/31 | 468,532 | ||||||||||
$ | 500,000 | z | United Overseas Bank Ltd | 1.750 | 03/16/31 | 497,380 | ||||||||||
TOTAL SINGAPORE | 1,217,105 | |||||||||||||||
SPAIN - 0.2% | ||||||||||||||||
EUR | 600,000 | Banco Bilbao Vizcaya Argentaria S.A. | 6.000 | N/A‡ | 699,566 | |||||||||||
TOTAL SPAIN | 699,566 | |||||||||||||||
SWITZERLAND - 0.6% | ||||||||||||||||
750,000 | z | Cloverie plc for Zurich Insurance Co Ltd | 1.500 | 12/15/28 | 957,760 | |||||||||||
GBP | 700,000 | z | Credit Suisse Group AG. | 2.250 | 06/09/28 | 936,747 | ||||||||||
EUR | 600,000 | h,z | UBS Group AG. | 0.250 | 11/05/28 | 691,284 | ||||||||||
TOTAL SWITZERLAND | 2,585,791 |
338 |
TIAA-CREF FUNDS - International Bond Fund
MATURITY | ||||||||||||||||
PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
TANZANIA, UNITED REPUBLIC OF - 0.1% | ||||||||||||||||
$ | 450,000 | AngloGold Ashanti Holdings plc | 3.750 | % | 10/01/30 | $ | 476,364 | |||||||||
TOTAL TANZANIA, UNITED REPUBLIC OF | 476,364 | |||||||||||||||
THAILAND - 0.1% | ||||||||||||||||
200,000 | g,z | PTTEP Treasury Center Co Ltd | 2.587 | 06/10/27 | 205,831 | |||||||||||
300,000 | g | Thaioil Treasury Center Co Ltd | 2.500 | 06/18/30 | 289,315 | |||||||||||
TOTAL THAILAND | 495,146 | |||||||||||||||
UNITED ARAB EMIRATES - 0.4% | ||||||||||||||||
400,000 | g | DP World Ltd | 5.625 | 09/25/48 | 456,000 | |||||||||||
500,000 | z | EI Sukuk Co Ltd | 1.827 | 09/23/25 | 495,130 | |||||||||||
GBP | 300,000 | z | First Abu Dhabi Bank PJSC | 1.375 | 02/19/23 | 391,949 | ||||||||||
$ | 300,000 | z | National Central Cooling Co PJSC | 2.500 | 10/21/27 | 299,448 | ||||||||||
TOTAL UNITED ARAB EMIRATES | 1,642,527 | |||||||||||||||
UNITED KINGDOM - 1.3% | ||||||||||||||||
GBP | 1,050,000 | BAE Systems plc | 4.125 | 06/08/22 | 1,429,235 | |||||||||||
EUR | 800,000 | z | Barclays plc | 0.625 | 11/14/23 | 937,516 | ||||||||||
1,000,000 | z | Coca-Cola European Partners plc | 1.500 | 11/08/27 | 1,267,190 | |||||||||||
GBP | 750,000 | HSBC Holdings plc | 2.175 | 06/27/23 | 988,241 | |||||||||||
EUR | 750,000 | RELX Capital, Inc | 1.300 | 05/12/25 | 925,374 | |||||||||||
TOTAL UNITED KINGDOM | 5,547,556 | |||||||||||||||
UNITED STATES - 9.8% | ||||||||||||||||
500,000 | z | Abbott Ireland Financing DAC | 1.500 | 09/27/26 | 633,613 | |||||||||||
1,200,000 | g | AbbVie, Inc | 1.250 | 06/01/24 | 1,453,056 | |||||||||||
150,000 | g | AbbVie, Inc | 2.625 | 11/15/28 | 205,602 | |||||||||||
400,000 | g | Adient Global Holdings Ltd | 3.500 | 08/15/24 | 434,100 | |||||||||||
JPY | 100,000,000 | Aflac, Inc | 0.550 | 03/12/30 | 929,620 | |||||||||||
100,000,000 | Aflac, Inc | 1.122 | 12/16/39 | 937,328 | ||||||||||||
EUR | 575,000 | American Honda Finance Corp | 1.950 | 10/18/24 | 720,670 | |||||||||||
300,000 | American Tower Corp | 1.375 | 04/04/25 | 367,728 | ||||||||||||
600,000 | American Tower Corp | 1.950 | 05/22/26 | 760,934 | ||||||||||||
1,000,000 | z | Amphenol Technologies Holding GmbH | 2.000 | 10/08/28 | 1,318,736 | |||||||||||
600,000 | Aon plc | 2.875 | 05/14/26 | 791,499 | ||||||||||||
1,125,000 | Apple, Inc | 1.375 | 05/24/29 | 1,459,947 | ||||||||||||
500,000 | Aptiv plc | 1.500 | 03/10/25 | 610,706 | ||||||||||||
300,000 | g | Ashland Services BV | 2.000 | 01/30/28 | 330,108 | |||||||||||
500,000 | AT&T, Inc | 2.350 | 09/05/29 | 665,538 | ||||||||||||
500,000 | g | Avantor Funding, Inc | 3.875 | 07/15/28 | 591,889 | |||||||||||
325,000 | Ball Corp | 0.875 | 03/15/24 | 371,164 | ||||||||||||
500,000 | z | Bank of America Corp | 1.662 | 04/25/28 | 624,897 | |||||||||||
500,000 | z | Bank of America Corp | 0.654 | 10/26/31 | 574,002 | |||||||||||
700,000 | Becton Dickinson & Co | 1.401 | 05/24/23 | 841,256 | ||||||||||||
670,000 | Becton Dickinson & Co | 1.900 | 12/15/26 | 837,607 | ||||||||||||
100,000 | Capital One Financial Corp | 0.800 | 06/12/24 | 116,923 | ||||||||||||
350,000 | Chubb INA Holdings, Inc | 0.875 | 06/15/27 | 418,816 | ||||||||||||
750,000 | Chubb INA Holdings, Inc | 1.550 | 03/15/28 | 935,816 | ||||||||||||
350,000 | Chubb INA Holdings, Inc | 1.400 | 06/15/31 | 433,274 | ||||||||||||
750,000 | z | Citigroup, Inc | 1.250 | 07/06/26 | 908,124 |
339 |
TIAA-CREF FUNDS - International Bond Fund
MATURITY | ||||||||||||||||
PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
GBP | 500,000 | z | Citigroup, Inc | 1.750 | % | 10/23/26 | $ | 667,247 | ||||||||
EUR | 600,000 | Coca-Cola Co | 0.800 | 03/15/40 | 706,084 | |||||||||||
700,000 | Comcast Corp | 0.250 | 05/20/27 | 822,843 | ||||||||||||
900,000 | DH Europe Finance Sarl | 1.200 | 06/30/27 | 1,114,937 | ||||||||||||
GBP | 100,000 | z | Digital Stout Holding LLC | 2.750 | 07/19/24 | 138,440 | ||||||||||
200,000 | Discovery Communications LLC | 2.500 | 09/20/24 | 269,711 | ||||||||||||
$ | 1,075,000 | Enable Midstream Partners LP | 4.150 | 09/15/29 | 962,363 | |||||||||||
EUR | 400,000 | FedEx Corp | 1.000 | 01/11/23 | 475,492 | |||||||||||
500,000 | FedEx Corp | 1.625 | 01/11/27 | 630,691 | ||||||||||||
GBP | 150,000 | Fidelity National Information Services, Inc | 1.700 | 06/30/22 | 197,765 | |||||||||||
EUR | 375,000 | Fidelity National Information Services, Inc | 1.100 | 07/15/24 | 454,486 | |||||||||||
775,000 | z | Goldman Sachs Group, Inc | 1.375 | 05/15/24 | 929,706 | |||||||||||
1,000,000 | Honeywell International, Inc | 0.000 | 03/10/24 | 1,168,876 | ||||||||||||
600,000 | International Business Machines Corp | 0.650 | 02/11/32 | 706,854 | ||||||||||||
$ | 250,000 | g | James Hardie International Finance DAC | 4.750 | 01/15/25 | 256,250 | ||||||||||
EUR | 500,000 | z | JPMorgan Chase & Co | 1.638 | 05/18/28 | 625,292 | ||||||||||
500,000 | Kinder Morgan, Inc | 2.250 | 03/16/27 | 640,070 | ||||||||||||
650,000 | Liberty Mutual Group, Inc | 2.750 | 05/04/26 | 847,143 | ||||||||||||
450,000 | g | Liberty Mutual Group, Inc | 2.750 | 05/04/26 | 586,484 | |||||||||||
500,000 | McDonald’s Corp | 0.900 | 06/15/26 | 610,604 | ||||||||||||
600,000 | Medtronic Global Holdings S.C.A | 0.375 | 10/15/28 | 707,404 | ||||||||||||
600,000 | z | Metropolitan Life Global Funding I | 0.550 | 06/16/27 | 712,568 | |||||||||||
670,000 | Morgan Stanley | 1.342 | 10/23/26 | 820,064 | ||||||||||||
400,000 | g | OI European Group BV | 3.125 | 11/15/24 | 465,476 | |||||||||||
800,000 | Parker-Hannifin Corp | 1.125 | 03/01/25 | 960,608 | ||||||||||||
600,000 | PepsiCo, Inc | 0.500 | 05/06/28 | 721,483 | ||||||||||||
540,000 | ProLogis Euro Finance LLC | 0.375 | 02/06/28 | 637,982 | ||||||||||||
500,000 | g | Scientific Games International, Inc | 3.375 | 02/15/26 | 544,474 | |||||||||||
400,000 | Silgan Holdings, Inc | 3.250 | 03/15/25 | 468,262 | ||||||||||||
450,000 | Stryker Corp | 2.625 | 11/30/30 | 625,557 | ||||||||||||
1,100,000 | SYSCO Corp | 1.250 | 06/23/23 | 1,308,999 | ||||||||||||
700,000 | The Procter & Gamble Company | 0.625 | 10/30/24 | 845,699 | ||||||||||||
500,000 | The Procter & Gamble Company | 1.875 | 10/30/38 | 734,825 | ||||||||||||
350,000 | Thermo Fisher Scientific, Inc | 1.400 | 01/23/26 | 436,634 | ||||||||||||
400,000 | Verizon Communications, Inc | 1.375 | 10/27/26 | 501,325 | ||||||||||||
400,000 | Verizon Communications, Inc | 1.875 | 10/26/29 | 525,043 | ||||||||||||
600,000 | Walmart, Inc | 2.550 | 04/08/26 | 802,624 | ||||||||||||
TOTAL UNITED STATES | 42,903,318 | |||||||||||||||
TOTAL CORPORATE BONDS | 84,147,067 | |||||||||||||||
(Cost $79,698,321) | ||||||||||||||||
GOVERNMENT BONDS - 76.5% | ||||||||||||||||
ARGENTINA - 0.0% | ||||||||||||||||
13,818 | Argentina Republic Government International Bond | 1.000 | 07/09/29 | 5,679 | ||||||||||||
397,700 | Argentina Republic Government International Bond (Step Bond) | 0.125 | 07/09/30 | 145,161 | ||||||||||||
TOTAL ARGENTINA | 150,840 | |||||||||||||||
AUSTRALIA - 1.9% | ||||||||||||||||
AUD | 3,100,000 | z | Australia Government International Bond | 2.250 | 05/21/28 | 2,447,950 |
340 |
TIAA-CREF FUNDS - International Bond Fund
MATURITY | ||||||||||||||||
PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
AUD | 4,100,000 | z | Australia Government International Bond | 1.000 | % | 11/21/31 | $ | 2,912,468 | ||||||||
1,750,000 | z | Australia Government International Bond | 1.750 | 06/21/51 | 1,216,120 | |||||||||||
1,715,000 | Western Australian Treasury Corp | 2.750 | 07/24/29 | 1,390,343 | ||||||||||||
TOTAL AUSTRALIA | 7,966,881 | |||||||||||||||
BELGIUM - 0.9% | ||||||||||||||||
EUR | 2,125,000 | g | Kingdom of Belgium Government International Bond | 0.000 | 10/22/27 | 2,570,440 | ||||||||||
875,000 | Kingdom of Belgium Government International Bond | 1.250 | 04/22/33 | 1,210,894 | ||||||||||||
TOTAL BELGIUM | 3,781,334 | |||||||||||||||
BERMUDA - 0.4% | ||||||||||||||||
$ | 950,000 | g | Bermuda Government International Bond | 4.750 | 02/15/29 | 1,140,475 | ||||||||||
340,000 | g | Bermuda Government International Bond | 2.375 | 08/20/30 | 348,925 | |||||||||||
TOTAL BERMUDA | 1,489,400 | |||||||||||||||
BRAZIL - 0.3% | ||||||||||||||||
BRL | 8,900,000 | Brazil Notas do Tesouro Nacional Serie F | 10.000 | 01/01/27 | 1,747,039 | |||||||||||
TOTAL BRAZIL | 1,747,039 | |||||||||||||||
CANADA - 2.1% | ||||||||||||||||
CAD | 1,700,000 | g | Canada Housing Trust No 1 | 2.550 | 12/15/23 | 1,358,009 | ||||||||||
1,950,000 | Canadian Government International Bond | 1.500 | 02/01/22 | 1,487,462 | ||||||||||||
1,300,000 | Canadian Government International Bond | 5.000 | 06/01/37 | 1,589,321 | ||||||||||||
1,350,000 | Hydro-Quebec | 4.000 | 02/15/55 | 1,470,429 | ||||||||||||
1,600,000 | Province of British Columbia Canada | 2.550 | 06/18/27 | 1,324,038 | ||||||||||||
1,600,000 | Province of New Brunswick Canada | 3.100 | 08/14/28 | 1,363,333 | ||||||||||||
1,000,000 | Province of Quebec Canada | 2.750 | 09/01/27 | 836,193 | ||||||||||||
TOTAL CANADA | 9,428,785 | |||||||||||||||
CHINA - 6.7% | ||||||||||||||||
CNY | 15,000,000 | China Government International Bond | 2.240 | 03/05/23 | 2,208,256 | |||||||||||
27,700,000 | China Government International Bond | 2.360 | 07/02/23 | 4,073,782 | ||||||||||||
49,600,000 | China Government International Bond | 2.940 | 10/17/24 | 7,406,834 | ||||||||||||
60,500,000 | China Government International Bond | 3.120 | 12/05/26 | 9,000,335 | ||||||||||||
18,900,000 | China Government International Bond | 3.860 | 07/22/49 | 2,805,129 | ||||||||||||
30,000,000 | China Government International Bond | 3.390 | 03/16/50 | 4,098,265 | ||||||||||||
TOTAL CHINA | 29,592,601 | |||||||||||||||
COTE D’IVOIRE - 0.3% | ||||||||||||||||
EUR | 1,000,000 | g | Ivory Coast Government International Bond | 5.875 | 10/17/31 | 1,138,744 | ||||||||||
TOTAL COTE D’IVOIRE | 1,138,744 | |||||||||||||||
CROATIA - 0.3% | ||||||||||||||||
1,100,000 | z | Croatia Government International Bond | 1.500 | 06/17/31 | 1,346,675 | |||||||||||
TOTAL CROATIA | 1,346,675 | |||||||||||||||
CYPRUS - 1.1% | ||||||||||||||||
1,300,000 | z | Cyprus Government International Bond | 2.375 | 09/25/28 | 1,755,271 | |||||||||||
1,100,000 | z | Cyprus Government International Bond | 0.625 | 01/21/30 | 1,303,867 | |||||||||||
575,000 | z | Cyprus Government International Bond | 2.750 | 02/26/34 | 836,264 | |||||||||||
500,000 | z | Cyprus Government International Bond | 2.750 | 05/03/49 | 782,788 | |||||||||||
TOTAL CYPRUS | 4,678,190 |
341 |
TIAA-CREF FUNDS - International Bond Fund
MATURITY | ||||||||||||||||
PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
DENMARK - 0.3% | ||||||||||||||||
DKK | 7,200,000 | g | Denmark Government International Bond | 0.500 | % | 11/15/29 | $ | 1,229,238 | ||||||||
TOTAL DENMARK | 1,229,238 | |||||||||||||||
DOMINICAN REPUBLIC - 0.5% | ||||||||||||||||
DOP | 48,650,000 | g | Dominican Republic Government International Bond | 8.900 | 02/15/23 | 835,943 | ||||||||||
15,000,000 | g | Dominican Republic Government International Bond | 9.750 | 06/05/26 | 264,200 | |||||||||||
$ | 750,000 | g | Dominican Republic Government International Bond | 4.875 | 09/23/32 | 761,250 | ||||||||||
TOTAL DOMINICAN REPUBLIC | 1,861,393 | |||||||||||||||
ECUADOR - 0.1% | ||||||||||||||||
78,000 | g | Ecuador Government International Bond | 0.000 | 07/31/30 | 35,491 | |||||||||||
236,250 | g | Ecuador Government International Bond (Step Bond) | 0.500 | 07/31/30 | 157,109 | |||||||||||
619,125 | g | Ecuador Government International Bond (Step Bond) | 0.500 | 07/31/35 | 338,197 | |||||||||||
283,750 | g | Ecuador Government International Bond (Step Bond) | 0.500 | 07/31/40 | 140,459 | |||||||||||
TOTAL ECUADOR | 671,256 | |||||||||||||||
EGYPT - 1.1% | ||||||||||||||||
500,000 | g | Egypt Government International Bond | 4.550 | 11/20/23 | 501,325 | |||||||||||
850,000 | g | Egypt Government International Bond | 5.750 | 05/29/24 | 870,302 | |||||||||||
EGP | 16,250,000 | Egypt Government International Bond | 15.900 | 07/02/24 | 1,076,952 | |||||||||||
$ | 550,000 | g | Egypt Government International Bond | 5.250 | 10/06/25 | 545,988 | ||||||||||
EUR | 900,000 | g | Egypt Government International Bond | 6.375 | 04/11/31 | 1,001,579 | ||||||||||
$ | 300,000 | g | Egypt Government International Bond | 7.053 | 01/15/32 | 292,332 | ||||||||||
675,000 | g | Egypt Government International Bond | 8.500 | 01/31/47 | 668,715 | |||||||||||
TOTAL EGYPT | 4,957,193 | |||||||||||||||
FRANCE - 4.2% | ||||||||||||||||
300,000 | g | Caisse d’Amortissement de la Dette Sociale | 1.000 | 10/21/30 | 295,357 | |||||||||||
EUR | 4,500,000 | French Republic Government Bond OAT | 0.500 | 05/25/25 | 5,530,936 | |||||||||||
3,775,000 | French Republic Government Bond OAT | 0.750 | 11/25/28 | 4,846,940 | ||||||||||||
1,850,000 | g | French Republic Government Bond OAT | 2.000 | 05/25/48 | 3,156,708 | |||||||||||
910,000 | g | French Republic Government Bond OAT | 0.750 | 05/25/52 | 1,185,210 | |||||||||||
2,500,000 | z | UNEDIC ASSEO | 0.250 | 07/16/35 | 3,003,633 | |||||||||||
TOTAL FRANCE | 18,018,784 | |||||||||||||||
GERMANY - 0.7% | ||||||||||||||||
2,350,000 | Bundesrepublik Deutschland Bundesanleihe | 0.000 | 02/15/30 | 2,909,435 | ||||||||||||
TOTAL GERMANY | 2,909,435 | |||||||||||||||
GHANA - 0.5% | ||||||||||||||||
$ | 333,333 | g | Ghana Government International Bond | 9.250 | 09/15/22 | 340,114 | ||||||||||
825,000 | g | Ghana Government International Bond | 8.125 | 03/26/32 | 756,897 | |||||||||||
1,000,000 | g | Ghana Government International Bond | 8.627 | 06/16/49 | 877,500 | |||||||||||
TOTAL GHANA | 1,974,511 | |||||||||||||||
GREECE - 2.9% | ||||||||||||||||
EUR | 1,200,000 | g | Hellenic Republic Government International Bond | 3.450 | 04/02/24 | 1,549,009 | ||||||||||
920,000 | g | Hellenic Republic Government International Bond | 3.375 | 02/15/25 | 1,207,240 |
342 |
TIAA-CREF FUNDS - International Bond Fund
MATURITY | ||||||||||||||||
PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
EUR | 4,600,000 | g | Hellenic Republic Government International Bond | 1.875 | % | 07/23/26 | $ | 5,766,170 | ||||||||
575,000 | g | Hellenic Republic Government International Bond | 3.875 | 03/12/29 | 834,485 | |||||||||||
2,700,000 | g | Hellenic Republic Government International Bond | 1.500 | 06/18/30 | 3,300,538 | |||||||||||
TOTAL GREECE | 12,657,442 | |||||||||||||||
GUATEMALA - 0.3% | ||||||||||||||||
$ | 200,000 | g | Guatemala Government International Bond | 5.375 | 04/24/32 | 237,000 | ||||||||||
775,000 | g | Guatemala Government International Bond | 6.125 | 06/01/50 | 954,800 | |||||||||||
TOTAL GUATEMALA | 1,191,800 | |||||||||||||||
HONDURAS - 0.0% | ||||||||||||||||
200,000 | g | Honduras Government International Bond | 5.625 | 06/24/30 | 220,500 | |||||||||||
TOTAL HONDURAS | 220,500 | |||||||||||||||
HUNGARY - 0.5% | ||||||||||||||||
HUF | 372,000,000 | Hungary Government International Bond | 1.750 | 10/26/22 | 1,198,060 | |||||||||||
EUR | 600,000 | z | Hungary Government International Bond | 1.750 | 06/05/35 | 752,576 | ||||||||||
TOTAL HUNGARY | 1,950,636 | |||||||||||||||
INDIA - 0.0% | ||||||||||||||||
$ | 200,000 | Export-Import Bank of India | 3.875 | 03/12/24 | 211,190 | |||||||||||
TOTAL INDIA | 211,190 | |||||||||||||||
INDONESIA - 1.0% | ||||||||||||||||
IDR | 13,000,000,000 | Indonesia Treasury Bond | 8.125 | 05/15/24 | 969,156 | |||||||||||
22,800,000,000 | Indonesia Treasury Bond | 7.500 | 05/15/38 | 1,571,251 | ||||||||||||
$ | 1,700,000 | g | Perusahaan Penerbit SBSN Indonesia III | 3.900 | 08/20/24 | 1,862,809 | ||||||||||
TOTAL INDONESIA | 4,403,216 | |||||||||||||||
ISRAEL - 1.2% | ||||||||||||||||
ILS | 5,250,000 | Israel Government International Bond | 5.500 | 01/31/42 | 2,633,673 | |||||||||||
3,200,000 | Israel Government International Bond | 3.750 | 03/31/47 | 1,315,724 | ||||||||||||
$ | 1,250,000 | z | State of Israel | 3.800 | 05/13/60 | 1,425,087 | ||||||||||
TOTAL ISRAEL | 5,374,484 | |||||||||||||||
ITALY - 5.1% | ||||||||||||||||
EUR | 3,300,000 | Italy Buoni Poliennali Del Tesoro | 0.050 | 04/15/21 | 3,852,222 | |||||||||||
5,525,000 | Italy Buoni Poliennali Del Tesoro | 2.450 | 10/01/23 | 6,932,839 | ||||||||||||
3,950,000 | Italy Buoni Poliennali Del Tesoro | 1.250 | 12/01/26 | 4,872,967 | ||||||||||||
1,575,000 | g | Italy Buoni Poliennali Del Tesoro | 2.950 | 09/01/38 | 2,339,313 | |||||||||||
900,000 | g | Italy Buoni Poliennali Del Tesoro | 3.450 | 03/01/48 | 1,494,710 | |||||||||||
1,050,000 | g | Italy Buoni Poliennali Del Tesoro | 3.850 | 09/01/49 | 1,871,059 | |||||||||||
950,000 | g | Italy Buoni Poliennali Del Tesoro | 1.700 | 09/01/51 | 1,130,525 | |||||||||||
TOTAL ITALY | 22,493,635 | |||||||||||||||
JAPAN - 16.7% | �� | |||||||||||||||
JPY | 13,000,000 | Japan Finance Organization for Municipalities | 0.440 | 08/15/25 | 126,631 | |||||||||||
21,000,000 | Japan Finance Organization for Municipalities | 0.320 | 01/19/26 | 203,633 | ||||||||||||
30,000,000 | Japan Finance Organization for Municipalities | 0.145 | 02/16/26 | 288,291 | ||||||||||||
14,000,000 | Japan Finance Organization for Municipalities | 0.020 | 05/22/26 | 133,620 | ||||||||||||
628,000,000 | Japan Government Five Year Bond | 0.100 | 06/20/23 | 6,034,171 |
343 |
TIAA-CREF FUNDS - International Bond Fund
MATURITY | ||||||||||||||||
PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
JPY | 170,000,000 | Japan Government Ten Year Bond | 0.100 | % | 09/20/26 | $ | 1,641,641 | |||||||||
557,000,000 | Japan Government Ten Year Bond | 0.100 | 06/20/28 | 5,381,734 | ||||||||||||
335,000,000 | Japan Government Ten Year Bond | 0.100 | 06/20/29 | 3,229,879 | ||||||||||||
322,000,000 | Japan Government Ten Year Bond | 0.100 | 09/20/29 | 3,102,164 | ||||||||||||
325,000,000 | Japan Government Ten Year Bond | 0.100 | 12/20/29 | 3,127,893 | ||||||||||||
210,000,000 | Japan Government Ten Year Bond | 0.100 | 03/20/30 | 2,020,211 | ||||||||||||
425,000,000 | Japan Government Ten Year Bond | 0.100 | 06/20/30 | 4,083,201 | ||||||||||||
525,950,000 | Japan Government Thirty Year Bond | 2.500 | 09/20/34 | 6,582,076 | ||||||||||||
457,700,000 | Japan Government Thirty Year Bond | 0.500 | 09/20/46 | 4,307,097 | ||||||||||||
73,000,000 | Japan Government Thirty Year Bond | 0.600 | 09/20/50 | 688,078 | ||||||||||||
340,000,000 | Japan Government Twenty Year Bond | 2.100 | 03/20/26 | 3,631,337 | ||||||||||||
229,000,000 | Japan Government Twenty Year Bond | 1.800 | 09/20/31 | 2,589,307 | ||||||||||||
117,000,000 | Japan Government Twenty Year Bond | 1.700 | 03/20/32 | 1,316,615 | ||||||||||||
278,000,000 | Japan Government Twenty Year Bond | 0.600 | 12/20/36 | 2,774,907 | ||||||||||||
256,000,000 | Japan Government Twenty Year Bond | 0.500 | 06/20/38 | 2,500,954 | ||||||||||||
660,000,000 | Japan Government Twenty Year Bond | 0.700 | 09/20/38 | 6,655,538 | ||||||||||||
185,000,000 | Japan Government Twenty Year Bond | 0.300 | 06/20/39 | 1,737,927 | ||||||||||||
312,000,000 | Japan Government Twenty Year Bond | 0.400 | 09/20/40 | 2,966,701 | ||||||||||||
867,000,000 | Japan Government Two Year Bond | 0.100 | 03/01/22 | 8,308,565 | ||||||||||||
TOTAL JAPAN | 73,432,171 | |||||||||||||||
KENYA - 0.3% | ||||||||||||||||
$ | 1,200,000 | g | Kenya Government International Bond | 7.000 | 05/22/27 | 1,245,940 | ||||||||||
TOTAL KENYA | 1,245,940 | |||||||||||||||
KOREA, REPUBLIC OF - 3.6% | ||||||||||||||||
200,000 | Export-Import Bank of Korea | 3.000 | 11/01/22 | 209,611 | ||||||||||||
500,000 | g | Korea Housing Finance Corp | 2.000 | 10/11/21 | 506,759 | |||||||||||
KRW | 2,060,000,000 | Korea Treasury Bond | 1.875 | 03/10/22 | 1,842,374 | |||||||||||
2,220,000,000 | Korea Treasury Bond | 2.250 | 09/10/23 | 2,025,503 | ||||||||||||
3,800,000,000 | Korea Treasury Bond | 1.500 | 03/10/25 | 3,390,368 | ||||||||||||
1,800,000,000 | Korea Treasury Bond | 1.500 | 12/10/26 | 1,600,546 | ||||||||||||
1,200,000,000 | Korea Treasury Bond | 1.375 | 12/10/29 | 1,041,188 | ||||||||||||
3,000,000,000 | Korea Treasury Bond | 1.375 | 06/10/30 | 2,597,958 | ||||||||||||
2,815,000,000 | Korea Treasury Bond | 2.375 | 09/10/38 | 2,753,754 | ||||||||||||
TOTAL KOREA, REPUBLIC OF | 15,968,061 | |||||||||||||||
LEBANON - 0.0% | ||||||||||||||||
$ | 1,400,000 | †,q,z | Lebanon Government International Bond | 6.850 | 03/23/27 | 197,613 | ||||||||||
TOTAL LEBANON | 197,613 | |||||||||||||||
MACEDONIA - 0.3% | ||||||||||||||||
EUR | 1,050,000 | g | North Macedonia Government International Bond | 3.675 | 06/03/26 | 1,329,289 | ||||||||||
TOTAL MACEDONIA | 1,329,289 | |||||||||||||||
MEXICO - 0.8% | ||||||||||||||||
MXN | 23,500,000 | Mexican Bonos | 5.750 | 03/05/26 | 1,127,178 | |||||||||||
13,800,000 | Mexican Bonos | 7.750 | 05/29/31 | 724,459 | ||||||||||||
$ | 1,300,000 | Mexico Government International Bond | 3.250 | 04/16/30 | 1,342,523 | |||||||||||
TOTAL MEXICO | 3,194,160 |
344 |
TIAA-CREF FUNDS - International Bond Fund
MATURITY | ||||||||||||||||
PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
MOROCCO - 0.5% | ||||||||||||||||
EUR | 850,000 | g | Morocco Government International Bond | 1.375 | % | 03/30/26 | $ | 981,568 | ||||||||
1,100,000 | g | Morocco Government International Bond | 1.500 | 11/27/31 | 1,186,120 | |||||||||||
TOTAL MOROCCO | 2,167,688 | |||||||||||||||
NETHERLANDS - 0.4% | ||||||||||||||||
GBP | 350,000 | z | BNG Bank NV | 0.375 | 12/15/25 | 455,846 | ||||||||||
EUR | 550,000 | g | Netherlands Government International Bond | 2.750 | 01/15/47 | 1,150,905 | ||||||||||
TOTAL NETHERLANDS | 1,606,751 | |||||||||||||||
NEW ZEALAND - 0.6% | ||||||||||||||||
NZD | 1,800,000 | New Zealand Government International Bond | 2.750 | 04/15/25 | 1,333,764 | |||||||||||
1,700,000 | New Zealand Government International Bond | 3.000 | 04/20/29 | 1,367,799 | ||||||||||||
TOTAL NEW ZEALAND | 2,701,563 | |||||||||||||||
NIGERIA - 0.3% | ||||||||||||||||
$ | 1,325,000 | g | Nigeria Government International Bond | 6.500 | 11/28/27 | 1,284,193 | ||||||||||
TOTAL NIGERIA | 1,284,193 | |||||||||||||||
NORWAY - 1.3% | ||||||||||||||||
NOK | 9,000,000 | City of Oslo Norway | 2.050 | 10/31/24 | 986,168 | |||||||||||
44,320,000 | g | Norway Government International Bond | 1.375 | 08/19/30 | 4,942,740 | |||||||||||
TOTAL NORWAY | 5,928,908 | |||||||||||||||
PANAMA - 0.2% | ||||||||||||||||
$ | 1,000,000 | g | Panama Notas del Tesoro | 3.750 | 04/17/26 | 1,080,400 | ||||||||||
TOTAL PANAMA | 1,080,400 | |||||||||||||||
PARAGUAY - 0.3% | ||||||||||||||||
925,000 | g | Paraguay Government International Bond | 5.400 | 03/30/50 | 1,123,875 | |||||||||||
TOTAL PARAGUAY | 1,123,875 | |||||||||||||||
PERU - 0.5% | ||||||||||||||||
PEN | 8,300,000 | g | Peruvian Government International Bond | 5.400 | 08/12/34 | 2,416,557 | ||||||||||
TOTAL PERU | 2,416,557 | |||||||||||||||
POLAND - 1.3% | ||||||||||||||||
PLN | 4,425,000 | Republic of Poland Government International Bond | 2.500 | 04/25/24 | 1,208,909 | |||||||||||
8,445,000 | Republic of Poland Government International Bond | 3.250 | 07/25/25 | 2,418,552 | ||||||||||||
7,675,000 | Republic of Poland Government International Bond | 2.750 | 10/25/29 | 2,212,190 | ||||||||||||
TOTAL POLAND | 5,839,651 | |||||||||||||||
PORTUGAL - 1.0% | ||||||||||||||||
EUR | 1,275,000 | g | Portugal Obrigacoes do Tesouro OT | 0.700 | 10/15/27 | 1,576,119 | ||||||||||
1,800,000 | g | Portugal Obrigacoes do Tesouro OT | 1.950 | 06/15/29 | 2,455,494 | |||||||||||
TOTAL PORTUGAL | 4,031,613 | |||||||||||||||
REPUBLIC OF SERBIA - 0.9% | ||||||||||||||||
1,700,000 | g | Serbia Government International Bond | 1.500 | 06/26/29 | 1,929,804 | |||||||||||
RSD | 120,000,000 | Serbia Treasury Bonds | 5.875 | 02/08/28 | 1,391,578 | |||||||||||
101,500,000 | Serbia Treasury Bonds | 4.500 | 08/20/32 | 1,049,306 | ||||||||||||
TOTAL REPUBLIC OF SERBIA | 4,370,688 |
345 |
TIAA-CREF FUNDS - International Bond Fund
MATURITY | ||||||||||||||||
PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
ROMANIA - 0.2% | ||||||||||||||||
EUR | 800,000 | g | Romanian Government International Bond | 2.000 | % | 01/28/32 | $ | 931,319 | ||||||||
TOTAL ROMANIA | 931,319 | |||||||||||||||
RUSSIA - 0.2% | ||||||||||||||||
RUB | 90,000,000 | Russian Federal Bond-OFZ | 4.500 | 07/16/25 | 1,093,683 | |||||||||||
TOTAL RUSSIA | 1,093,683 | |||||||||||||||
SAUDI ARABIA - 0.3% | ||||||||||||||||
$ | 375,000 | g | Saudi Government International Bond | 2.900 | 10/22/25 | 400,559 | ||||||||||
750,000 | g | Saudi Government International Bond | 2.500 | 02/03/27 | 785,155 | |||||||||||
TOTAL SAUDI ARABIA | 1,185,714 | |||||||||||||||
SENEGAL - 0.3% | ||||||||||||||||
EUR | 1,000,000 | g | Senegal Government International Bond | 4.750 | 03/13/28 | 1,150,951 | ||||||||||
TOTAL SENEGAL | 1,150,951 | |||||||||||||||
SOUTH AFRICA - 0.5% | ||||||||||||||||
ZAR | 10,700,000 | South Africa Government International Bond | 10.500 | 12/21/26 | 764,285 | |||||||||||
16,500,000 | South Africa Government International Bond | 7.000 | 02/28/31 | 829,007 | ||||||||||||
7,800,000 | South Africa Government International Bond | 8.750 | 01/31/44 | 364,895 | ||||||||||||
TOTAL SOUTH AFRICA | 1,958,187 | |||||||||||||||
SPAIN - 3.3% | ||||||||||||||||
EUR | 1,100,000 | z | Autonomous Community of Madrid Spain | 1.571 | 04/30/29 | 1,431,845 | ||||||||||
4,600,000 | g | Spain Government International Bond | 2.750 | 10/31/24 | 6,048,703 | |||||||||||
1,095,000 | g | Spain Government International Bond | 1.400 | 07/30/28 | 1,423,220 | |||||||||||
1,875,000 | g | Spain Government International Bond | 0.600 | 10/31/29 | 2,295,290 | |||||||||||
2,650,000 | g | Spain Government International Bond | 1.200 | 10/31/40 | 3,376,626 | |||||||||||
TOTAL SPAIN | 14,575,684 | |||||||||||||||
SRI LANKA - 0.1% | ||||||||||||||||
$ | 750,000 | g | Sri Lanka Government International Bond | 6.850 | 03/14/24 | 416,089 | ||||||||||
TOTAL SRI LANKA | 416,089 | |||||||||||||||
SUPRANATIONAL - 2.3% | ||||||||||||||||
750,000 | z | African Export-Import Bank | 5.250 | 10/11/23 | 810,812 | |||||||||||
1,250,000 | g | Banque Ouest Africaine de Developpement | 4.700 | 10/22/31 | 1,307,003 | |||||||||||
AUD | 2,150,000 | Inter-American Development Bank | 4.750 | 08/27/24 | 1,761,068 | |||||||||||
NZD | 1,577,000 | International Bank for Reconstruction & Development | 3.375 | 01/25/22 | 1,083,629 | |||||||||||
AUD | 4,100,000 | International Bank for Reconstruction & Development | 2.200 | 02/27/24 | 3,058,436 | |||||||||||
CAD | 1,600,000 | International Bank for Reconstruction & Development | 1.900 | 01/16/25 | 1,263,811 | |||||||||||
GBP | 700,000 | International Finance Corp | 0.250 | 12/15/25 | 906,930 | |||||||||||
TOTAL SUPRANATIONAL | 10,191,689 |
346 |
TIAA-CREF FUNDS - International Bond Fund
MATURITY | ||||||||||||||||
PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
SWEDEN - 0.2% | ||||||||||||||||
SEK | 6,750,000 | Kommuninvest I Sverige AB | 1.000 | % | 05/12/25 | $ | 789,678 | |||||||||
TOTAL SWEDEN | 789,678 | |||||||||||||||
THAILAND - 1.2% | ||||||||||||||||
THB | 60,500,000 | Thailand Government International Bond | 2.400 | 12/17/23 | 2,042,565 | |||||||||||
30,000,000 | Thailand Government International Bond | 1.450 | 12/17/24 | 987,352 | ||||||||||||
55,000,000 | Thailand Government International Bond | 3.300 | 06/17/38 | 2,131,277 | ||||||||||||
TOTAL THAILAND | 5,161,194 | |||||||||||||||
UKRAINE - 0.8% | ||||||||||||||||
UAH | 31,000,000 | Ukraine Government International Bond | 17.000 | 05/11/22 | 1,171,341 | |||||||||||
EUR | 1,000,000 | g | Ukraine Government International Bond | 6.750 | 06/20/26 | 1,143,839 | ||||||||||
1,125,000 | g | Ukraine Government International Bond | 4.375 | 01/27/30 | 1,091,572 | |||||||||||
TOTAL UKRAINE | 3,406,752 | |||||||||||||||
UNITED ARAB EMIRATES - 0.4% | ||||||||||||||||
$ | 1,000,000 | g | Abu Dhabi Government International Bond | 2.700 | 09/02/70 | 906,914 | ||||||||||
750,000 | z | Dubai DOF Sukuk Ltd | 2.763 | 09/09/30 | 748,488 | |||||||||||
250,000 | z | Emirate of Dubai Government International Bonds | 3.900 | 09/09/50 | 233,270 | |||||||||||
TOTAL UNITED ARAB EMIRATES | 1,888,672 | |||||||||||||||
UNITED KINGDOM - 4.7% | ||||||||||||||||
GBP | 2,425,000 | United Kingdom Gilt | 1.625 | 10/22/28 | 3,512,358 | |||||||||||
2,720,000 | United Kingdom Gilt | 4.750 | 12/07/30 | 5,091,397 | ||||||||||||
3,350,000 | United Kingdom Gilt | 1.750 | 09/07/37 | 5,073,061 | ||||||||||||
3,035,000 | United Kingdom Gilt | 1.500 | 07/22/47 | 4,584,115 | ||||||||||||
1,260,000 | United Kingdom Gilt | 0.625 | 10/22/50 | 1,539,416 | ||||||||||||
675,000 | United Kingdom Gilt | 1.625 | 10/22/54 | 1,090,291 | ||||||||||||
TOTAL UNITED KINGDOM | 20,890,638 | |||||||||||||||
URUGUAY - 0.3% | ||||||||||||||||
UYU | 21,800,000 | g | Uruguay Government International Bond | 8.500 | 03/15/28 | 531,195 | ||||||||||
625,000 | Uruguay Government International Bond | 4.375 | 01/23/31 | 753,906 | ||||||||||||
TOTAL URUGUAY | 1,285,101 | |||||||||||||||
UZBEKISTAN - 0.3% | ||||||||||||||||
$ | 1,450,000 | g | Republic of Uzbekistan Government International Bond | 4.750 | 02/20/24 | 1,517,004 | ||||||||||
TOTAL UZBEKISTAN | 1,517,004 | |||||||||||||||
TOTAL GOVERNMENT BONDS | 335,806,678 | |||||||||||||||
(Cost $318,474,803) | ||||||||||||||||
TOTAL BONDS | 419,953,745 | |||||||||||||||
(Cost $398,173,124) | ||||||||||||||||
SHORT-TERM INVESTMENTS - 0.7% | ||||||||||||||||
EGYPT - 0.7% | ||||||||||||||||
EGP | 52,700,000 | Egypt Treasury Bills | 0.000 | 02/16/21 | 3,233,134 | |||||||||||
TOTAL EGYPT | 3,233,134 |
347 |
TIAA-CREF FUNDS - International Bond Fund
VALUE | ||||||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | $ | 3,233,134 | ||||||||||||||||
(Cost $3,197,443) | ||||||||||||||||||
TOTAL INVESTMENTS - 97.6% | 428,464,292 | |||||||||||||||||
(Cost $406,948,759) | ||||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - 2.4% | 10,350,019 | |||||||||||||||||
NET ASSETS - 100.0% | $ | 438,814,311 | ||||||||||||||||
Abbreviation(s): | ||||||||||||||||||
AUD | Australian Dollar | |||||||||||||||||
BRL | Brazilian Real | |||||||||||||||||
CAD | Canadian Dollar | |||||||||||||||||
CNY | Chinese Yuan | |||||||||||||||||
DKK | Danish Krone | |||||||||||||||||
DOP | Dominican Republic Peso | |||||||||||||||||
EGP | Egyptian Pound | |||||||||||||||||
EUR | Euro | |||||||||||||||||
GBP | Pound Sterling | |||||||||||||||||
HUF | Hungarian Forint | |||||||||||||||||
IDR | Indonesian Rupiah | |||||||||||||||||
ILS | Israeli New Shekel | |||||||||||||||||
JPY | Japanese Yen | |||||||||||||||||
KRW | South Korean Won | |||||||||||||||||
LIBOR | London Interbank Offered Rate | |||||||||||||||||
M | Month | |||||||||||||||||
MXN | Mexican Peso | |||||||||||||||||
NOK | Norwegian Krone | |||||||||||||||||
NZD | New Zealand Dollar | |||||||||||||||||
PEN | Peruvian Sol | |||||||||||||||||
PLN | Polish Zloty | |||||||||||||||||
RSD | Serbian Dinar | |||||||||||||||||
RUB | Russian Ruble | |||||||||||||||||
SEK | Swedish Krona | |||||||||||||||||
THB | Thai Baht | |||||||||||||||||
UAH | Ukrainian Hryvnia | |||||||||||||||||
UYU | Uruguayan Peso | |||||||||||||||||
ZAR | South African Rand | |||||||||||||||||
† | Security is categorized as Level 3 in the fair value hierarchy. | |||||||||||||||||
‡ | Perpetual security | |||||||||||||||||
g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 10/31/2020, the aggregate value of these securities is $109,432,791 or 24.9% of net assets. | |||||||||||||||||
h | All or a portion of these securities were purchased on a delayed delivery basis. | |||||||||||||||||
i | Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end. | |||||||||||||||||
o | Payment in Kind Bond | |||||||||||||||||
q | In default | |||||||||||||||||
z | All or a portion of this security is owned by TIAA-CREF International Bond Offshore Limited which is a 100% owned subsidiary of the fund. |
348 |
TIAA-CREF FUNDS - International Bond Fund
Forward foreign currency contracts outstanding as of October 31, 2020 were as follows:
Currency to be purchased | Receive | Currency to be sold | Deliver | Counterparty | Settlement date | Unrealized appreciation (depreciation) | ||||||||
$ | 462,773 | AUD | 642,391 | Australia and New Zealand Banking Group | 11/30/20 | $ | 11,166 | |||||||
$ | 11,631,968 | CAD | 15,564,015 | Australia and New Zealand Banking Group | 11/30/20 | (51,237 | ) | |||||||
$ | 1,023,066 | EUR | 864,896 | Australia and New Zealand Banking Group | 11/30/20 | 15,098 | ||||||||
$ | 323,984 | EUR | 273,773 | Australia and New Zealand Banking Group | 11/30/20 | 4,924 | ||||||||
$ | 3,800,766 | NZD | 5,797,209 | Australia and New Zealand Banking Group | 11/30/20 | (32,464 | ) | |||||||
EUR | 297,579 | $ | 351,968 | Australia and New Zealand Banking Group | 11/05/20 | (5,354 | ) | |||||||
EUR | 492,439 | $ | 577,237 | Australia and New Zealand Banking Group | 11/30/20 | (3,338 | ) | |||||||
EUR | 489,044 | $ | 578,499 | Australia and New Zealand Banking Group | 11/30/20 | (8,557 | ) | |||||||
EUR | 1,039,518 | $ | 1,212,460 | Australia and New Zealand Banking Group | 11/30/20 | (984 | ) | |||||||
EUR | 970,125 | $ | 1,133,799 | Australia and New Zealand Banking Group | 11/30/20 | (3,197 | ) | |||||||
Total | $ | (73,943 | ) | |||||||||||
$ | 605,153 | JPY | 63,104,014 | Bank of America | 11/30/20 | $ 2,205 | ||||||||
$ | 2,604,240 | JPY | 271,558,987 | Bank of America | 11/30/20 | 9,538 | ||||||||
Total | $ | 11,743 | ||||||||||||
$ | 10,513,390 | AUD | 14,890,200 | Citibank, N.A. | 11/30/20 | $ | 45,426 | |||||||
$ | 1,810,500 | BRL | 10,385,571 | Citibank, N.A. | 11/30/20 | 3,214 | ||||||||
$ | 22,363,178 | CNY | 150,327,965 | Citibank, N.A. | 11/30/20 | (25,379 | ) | |||||||
$ | 146,216,215 | EUR | 125,319,867 | Citibank, N.A. | 11/30/20 | 165,927 | ||||||||
$ | 163,636 | EUR | 139,190 | Citibank, N.A. | 11/30/20 | 1,421 | ||||||||
EUR | 2,578,076 | $ | 3,029,224 | Citibank, N.A. | 11/04/20 | (26,403 | ) | |||||||
Total | $ | 164,206 | ||||||||||||
$ | 17,964,018 | KRW | 20,405,112,344 | Morgan Stanley | 11/30/20 | $ | 20,725 | |||||||
$ | 2,950,186 | PLN | 11,680,583 | Morgan Stanley | 11/30/20 | (716 | ) | |||||||
$ | 498,721 | ZAR | 8,201,530 | Morgan Stanley | 11/30/20 | (3,488 | ) | |||||||
Total | $ | 16,521 | ||||||||||||
$ | 1,226,555 | DKK | 7,819,555 | Toronto Dominion Bank | 11/30/20 | $ | 2,408 | |||||||
$ | 27,823,515 | GBP | 21,646,308 | Toronto Dominion Bank | 11/30/20 | (224,463 | ) | |||||||
$ | 641,334 | GBP | 490,001 | Toronto Dominion Bank | 11/30/20 | 6,421 | ||||||||
$ | 4,076,017 | ILS | 13,934,749 | Toronto Dominion Bank | 11/30/20 | (9,006 | ) | |||||||
$ | 61,951,608 | JPY | 6,530,603,979 | Toronto Dominion Bank | 11/30/20 | (447,268 | ) | |||||||
$ | 5,977,153 | NOK | 56,618,822 | Toronto Dominion Bank | 11/30/20 | 47,332 | ||||||||
$ | 772,892 | SEK | 6,984,543 | Toronto Dominion Bank | 11/30/20 | (12,278 | ) | |||||||
$ | 3,097,918 | THB | 96,910,975 | Toronto Dominion Bank | 11/30/20 | (10,768 | ) | |||||||
CAD | 1,113,772 | $ | 836,704 | Toronto Dominion Bank | 11/30/20 | (646 | ) | |||||||
EUR | 932,880 | $ | 1,088,426 | Toronto Dominion Bank | 11/30/20 | (1,229 | ) | |||||||
GBP | 251,938 | $ | 328,370 | Toronto Dominion Bank | 11/30/20 | (1,924 | ) | |||||||
GBP | 181,190 | $ | 234,658 | Toronto Dominion Bank | 11/30/20 | 117 | ||||||||
Total | $ | (651,304 | ) | |||||||||||
Total | $ | (532,777 | ) |
Abbreviation(s): | |||
AUD | Australian Dollar | ||
BRL | Brazilian Real | ||
CAD | Canadian Dollar | ||
CNY | Chinese Yuan | ||
DKK | Danish Krone |
349 |
TIAA-CREF FUNDS - International Bond Fund
EUR | Euro | ||
GBP | Pound Sterling | ||
ILS | Israeli New Shekel | ||
JPY | Japanese Yen | ||
KRW | South Korean Won | ||
NOK | Norwegian Krone | ||
NZD | New Zealand Dollar | ||
PLN | Polish Zloty | ||
SEK | Swedish Krona | ||
THB | Thai Baht | ||
ZAR | South African Rand |
350 |
TIAA-CREF FUNDS - International Bond Fund
TIAA-CREF FUNDS
INTERNATIONAL BOND FUND
CONSOLIDATED SUMMARY OF MARKET VALUES BY SECTOR (unaudited)
October 31, 2020
SECTOR | VALUE | % OF NET ASSETS | ||||||
GOVERNMENT | $ | 335,806,678 | �� | 76.5 | % | |||
FINANCIALS | 29,078,214 | 6.6 | ||||||
HEALTH CARE | 10,763,479 | 2.4 | ||||||
INDUSTRIALS | 10,075,238 | 2.3 | ||||||
CONSUMER STAPLES | 7,342,124 | 1.7 | ||||||
MATERIALS | 6,081,152 | 1.4 | ||||||
INFORMATION TECHNOLOGY | 5,657,507 | 1.3 | ||||||
CONSUMER DISCRETIONARY | 5,135,385 | 1.2 | ||||||
UTILITIES | 5,091,381 | 1.2 | ||||||
ENERGY | 4,052,653 | 0.9 | ||||||
COMMUNICATION SERVICES | 3,555,041 | 0.8 | ||||||
REAL ESTATE | 2,592,306 | 0.6 | ||||||
SHORT-TERM INVESTMENTS | 3,233,134 | 0.7 | ||||||
OTHER ASSETS & LIABILITIES, NET | 10,350,019 | 2.4 | ||||||
NET ASSETS | $ | 438,814,311 | 100.0 | % |
(A12448-D 12/20)
351 |
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of TIAA-CREF Funds and Shareholders of TIAA-CREF Growth & Income Fund, TIAA-CREF Large-Cap Growth Fund, TIAA-CREF Large-Cap Value Fund, TIAA-CREF Mid-Cap Growth Fund, TIAA-CREF Mid-Cap Value Fund, TIAA-CREF Quant Large-Cap Growth Fund, TIAA-CREF Quant Large-Cap Value Fund, TIAA-CREF Quant Small-Cap Equity Fund, TIAA-CREF Quant Small/Mid-Cap Equity Fund, TIAA-CREF Social Choice Equity Fund, TIAA-CREF Social Choice Low Carbon Equity Fund, TIAA-CREF Emerging Markets Equity Fund, TIAA-CREF International Equity Fund, TIAA-CREF International Opportunities Fund, TIAA-CREF Quant International Equity Fund, TIAA-CREF Quant International Small-Cap Equity Fund and TIAA-CREF Social Choice International Equity Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the summary portfolios of investments, of TIAA-CREF Growth & Income Fund, TIAA-CREF Large-Cap Growth Fund, TIAA-CREF Large-Cap Value Fund, TIAA-CREF Mid-Cap Growth Fund, TIAA-CREF Mid-Cap Value Fund, TIAA-CREF Quant Large-Cap Growth Fund, TIAA-CREF Quant Large-Cap Value Fund, TIAA-CREF Quant Small-Cap Equity Fund, TIAA-CREF Quant Small/Mid-Cap Equity Fund, TIAA-CREF Social Choice Equity Fund, TIAA-CREF Social Choice Low Carbon Equity Fund, TIAA-CREF Emerging Markets Equity Fund, TIAA-CREF International Equity Fund, TIAA-CREF International Opportunities Fund, TIAA-CREF Quant International Equity Fund, TIAA-CREF Quant International Small-Cap Equity Fund, and TIAA-CREF Social Choice International Equity Fund (seventeen of the funds constituting TIAA-CREF Funds, hereafter collectively referred to as the “Funds”) as of October 31, 2020, the related statements of operations for the year ended October 31, 2020, the statements of changes in net assets for each of the two years in the period ended October 31, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (included in Item 1 of this Form N-CSR) and the schedules of investments (included in Item 6 of this Form N-CSR) as of October 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2020, and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant
352 |
estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2020 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
Baltimore, Maryland
December 17, 2020
We have served as the auditor of one or more investment companies in TIAA-CREF Funds’ investment company group since 2005.
353 |
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of TIAA-CREF Funds and Shareholders of TIAA-CREF Equity Index Fund, TIAA-CREF Large-Cap Growth Index Fund, TIAA-CREF Large-Cap Value Index Fund, TIAA-CREF S&P 500 Index Fund, TIAA-CREF Small-Cap Blend Index Fund, TIAA-CREF Emerging Markets Equity Index Fund and TIAA-CREF International Equity Index Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the summary portfolios of investments, of TIAA-CREF Equity Index Fund, TIAA-CREF Large-Cap Growth Index Fund, TIAA-CREF Large-Cap Value Index Fund, TIAA-CREF S&P 500 Index Fund, TIAA-CREF Small-Cap Blend Index Fund, TIAA-CREF Emerging Markets Equity Index Fund, and TIAA-CREF International Equity Index Fund (seven of the funds constituting TIAA-CREF Funds, hereafter collectively referred to as the “Funds”) as of October 31, 2020, the related statements of operations for the year ended October 31, 2020, the statements of changes in net assets for each of the two years in the period ended October 31, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (included in Item 1 of this Form N-CSR) and the schedules of investments (included in Item 6 of this Form N-CSR) as of October 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2020, and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2020 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
Baltimore, Maryland
December 17, 2020
We have served as the auditor of one or more investment companies in TIAA-CREF Funds’ investment company group since 2005.
354 |
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of TIAA-CREF Funds and Shareholders of TIAA-CREF Emerging Markets Debt Fund and TIAA-CREF International Bond Fund
Opinions on the Financial Statements
We have audited the (i) accompanying statement of assets and liabilities, including the summary portfolio of investments, of TIAA-CREF Emerging Markets Debt Fund as of October 31, 2020, the related statement of operations for the year ended October 31, 2020, the statement of changes in net assets for each of the two years in the period ended October 31, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (included in Item 1 of this Form N-CSR) and the schedule of investments (included in Item 6 of this Form N-CSR) as of October 31, 2020, and (ii) the accompanying consolidated statement of assets and liabilities, including the consolidated summary portfolio of investments, of TIAA-CREF International Bond Fund as of October 31, 2020, the related consolidated statement of operations for the year ended October 31, 2020, the consolidated statement of changes in net assets for each of the two years in the period ended October 31, 2020, including the related notes, and the consolidated financial highlights for each of the periods indicated therein (included in Item 1 of this Form N-CSR) and the schedule of investments (included in Item 6 of this Form N-CSR) as of October 31, 2020 (two of the funds constituting TIAA-CREF Funds, hereafter collectively referred to as the “Funds”) (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2020, and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2020 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
Baltimore, Maryland
December 17, 2020
We have served as the auditor of one or more investment companies in TIAA-CREF Funds’ investment company group since 2005.
355 |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not Applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not Applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not Applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.
Item 11. Controls and Procedures.
(a) An evaluation was performed within 90 days of the filing date of the report under the supervision of the Registrant’s management, including the principal executive officer and principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on that evaluation, the Registrant’s management, including the principal executive officer and principal financial officer, concluded that the Registrant’s disclosure controls and procedures were effective for this annual reporting period.
(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s annual period covered by this report that materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not Applicable.
Item 13. Exhibits.
13(a)(1) Copy of current SOX code of conduct for Senior Financial Officers
13(a)(2)(i) Section 302 certification of the principal executive officer
13(a)(2)(ii) Section 302 certification of the principal financial officer
13(b) Section 906 certification of principal executive officer and principal financial officer
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
TIAA-CREF FUNDS | ||
Dated: December 17, 2020 | By: | /s/Bradley Finkle |
Bradley Finkle | ||
Principal Executive Officer and President |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
Dated: December 17, 2020 | By: | /s/Bradley Finkle |
Bradley Finkle | ||
Principal Executive Officer and President | ||
(principal executive officer) |
Dated: December 17, 2020 | By: | /s/E. Scott Wickerham |
E. Scott Wickerham | ||
Principal Financial Officer, Principal Accounting | ||
Officer and Treasurer | ||
(principal financial officer) |