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: April 30, 2021
Item 1. Reports to Stockholders.
TIAA-CREF Funds | April 30, 2021 |
TIAA-CREF
Equity Funds
The semiannual report contains the financial statements (unaudited).
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 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 Small-Cap Equity Fund | TIISX | TAISX | TPISX | TTISX | TLISX | TAIWX | ||||||
Social Choice International Equity Fund | TSONX | TSOHX | TSOPX | TSOEX | TSORX | — |
Semiannual
Report
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 not be sent to you 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.
You may elect to receive shareholder reports and other communications from the Funds electronically anytime by either (1) 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 (2) 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 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 receive 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 six months ended April 30, 2021. The report contains four main sections:
• | A letter from Brad Finkle, President of the TIAA-CREF Fund Complex. | |
• | 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 April 30, 2021. | |
• | 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 websites at TIAA.org or nuveen.com, 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 ■ 2021 Semiannual Report | 3 |
Brad Finkle
Global stocks generated impressive gains for the six months ended April 30, 2021. The U.S. economy expanded at a robust pace as restrictions to contain the COVID-19 virus were slowly eased and the vaccine rollout was implemented. The U.S. Federal Reserve kept benchmark interest rates at historically low levels, while the federal government took aggressive fiscal action with two large stimulus measures. Major foreign economies had mixed performance as some countries continued to struggle with the effects of the pandemic. For the six months:
• | The Russell 3000® Index, which measures the performance of the broad U.S. stock market, advanced 31.1%. Please see page 8 for benchmark definitions. | |
• | The MSCI EAFE® Index, which represents stocks in 21 developed-markets nations outside North America, returned 28.8%. | |
• | The MSCI Emerging Markets Index, which tracks the performance of stocks in 27 developing nations, gained 23.0%. | |
• | Institutional Class returns were positive for all 14 TIAA-CREF Equity Funds. Seven of the funds outperformed their respective benchmarks for the period. |
U.S. economy continued its recovery
Domestic stocks recorded broad gains for the period in response to a strong economic recovery and improving data related to the COVID-19 pandemic. The U.S. economy expanded at a brisk pace in both the fourth quarter of 2020 and the first quarter of 2021. Unemployment declined and consumer spending increased, while inflation was higher than expected at the end of the period. Federal Reserve policymakers maintained they would not increase short-term interest rates before seeing specific signs of sustained economic growth. The federal government approved a $900 billion stimulus package in December 2020 and enacted a $1.9 trillion COVID-19 relief bill in March 2021.
For the six months, small-cap stocks outpaced large caps, while value shares outperformed growth stocks across all market capitalization sizes. (Returns by investment style and capitalization size are based on the Russell indexes.)
Stocks in foreign developed markets posted strong gains
International developed stock markets also benefited from the delivery of vaccines and expectations of continued economic growth. However, economic trends overseas were mixed. The economy of the 19-nation euro area contracted in both the fourth quarter of 2020 and the first quarter of 2021. Similarly, the United Kingdom’s economy contracted during the first three months of 2021. By contrast, China’s economy posted solid growth in the fourth quarter of 2020 and grew at its fastest pace in three decades in the first quarter of 2021. The European Central Bank and the Bank of England both left benchmark interest rates at near-zero levels throughout the period.
Emerging markets trailed foreign developed and U.S. stocks
Emerging-markets equities delivered broad gains for the period. Positive results were recorded in all but one of the 27 countries tracked by the MSCI Emerging Markets Index. Stocks in China, which account for 37.5% of the index’s weighting, advanced but underperformed the overall benchmark result for the six months. Stocks in Taiwan and Korea, the next two largest components of the index, both surpassed this benchmark’s return by wide margins.
4 | 2021 Semiannual Report ■ TIAA-CREF Funds: Equity Funds |
Seven funds outpaced their benchmarks
All of the 14 TIAA-CREF funds generated strong positive returns, while seven exceeded the returns of their respective benchmarks. Performance ranged from a 55.3% advance by the Quant Small-Cap Equity Fund to a 22.5% return by the Emerging Markets Equity Fund. (All fund returns are for the Institutional Class.)
The superior performance of smaller stocks and value-oriented equities were generally reflected in fund returns. The Quant Small-Cap Equity Fund’s gain outpaced the return of its benchmark, as did the Quant Small/Mid-Cap Equity Fund, which advanced 51.6%.
The Mid-Cap Value Fund gained 42.2% to outpace its benchmark, while the Large-Cap Value Fund advanced 38.6% to also exceed the performance of its benchmark, the Russell 1000® Value Index.
The Social Choice Low Carbon Equity Fund gained 30.5%, and the Social Choice Equity Fund returned 30.3%, but both lagged their shared benchmark, the Russell 3000 Index.
The Mid-Cap Growth Fund advanced 30.0%, and the Large-Cap Growth Fund gained 27.3%. Both outperformed their respective benchmarks. The Growth & Income Fund climbed 29.6% to surpass its benchmark, the S&P 500® Index.
Looking to foreign stock funds, the Quant International Small-Cap Equity Fund returned 31.0% but trailed its benchmark. The International Equity Fund gained 28.6% and the Social Choice International Equity Fund returned 27.9%. However, both modestly underperformed their mutual benchmark, the MSCI EAFE Index.
The International Opportunities Fund and Emerging Markets Equity Fund both had solid gains of 22.9% and 22.5%, respectively, but both fell short of their benchmarks.
A detailed overview of the financial markets during the six-month period appears on page 6, and a discussion of how each fund performed in relation to its benchmark begins on page 10.
Maintaining a long-term perspective
It’s encouraging to see that the health threat posed by COVID-19 is lessening. Many businesses and restaurants are seeing a welcome influx of customers, and consumer confidence appears to be on the rise.
However, we believe that no matter what the economic outlook may be—whether prosperous or uncertain—maintaining a diversified portfolio as part of a long-term, well-thought-out financial plan is a wise course of action. As such, a professionally managed portfolio of multiple asset classes that includes equities can provide the means to help investors achieve the appropriate balance of risk and reward and reach their long-term financial goals. Of course, diversification does not guarantee against market losses.
If you have any questions or would like to discuss the current status of your portfolio, please contact your financial advisor or call a TIAA financial consultant at 800-842-2252. We always stand ready to help.
/s/ Brad Finkle
Brad Finkle
President of the TIAA-CREF Fund Complex
TIAA-CREF Funds: Equity Funds ■ 2021 Semiannual Report | 5 |
U.S. stocks led global equities in broad market rally
For the six months ended April 30, 2021, U.S. stocks generated double-digit gains as the economy grew and the country slowly eased COVID-19 restrictions that were intended to limit the spread of the virus. The Russell 3000® Index, a broad measure of U.S. stock market performance, advanced 31.1%. International developed- and emerging-markets stocks both produced smaller but impressive gains.
Economy grew at a brisk pace
The U.S. economy extended its recovery through the six-month period, bouncing back from the earlier effects of the pandemic. Business activity gradually returned to more normal levels as vaccines were administered and COVID-19 data improved. Real gross domestic product (GDP), which measures the value of all goods and services produced in the nation, grew at an annualized rate of 4.3% during the fourth quarter of 2020. Strong consumer spending helped GDP expand further in the first quarter of 2021 at an annualized rate of 6.4%, according to the government’s “advance” estimate. Personal income increased $2.4 trillion during the first quarter, primarily reflecting direct payments and other government benefits related to pandemic relief programs. The unemployment rate edged down from 6.7% at the start of the period to 6.1% in April 2021, while consumer confidence climbed to its highest level since February 2020 by the end of the period.
Core inflation, which includes all items except food and energy, rose 3.0% over the twelve months ended April 2021. Furthermore, oil prices climbed steeply as demand increased during the six-month period. The price of West Texas Intermediate crude oil rose from less than $37 per barrel to more than $63 by the end of April. The U.S. dollar generally lost ground against other major currencies during the period.
Small-cap stocks and value shares performed best
Among U.S. stock market investment styles, small-cap shares outperformed large- and mid-cap stocks, while value equities outpaced growth shares in all size categories. Small-cap stocks gained 48.1%, mid-cap equities advanced 35.4% and large-cap shares returned 30.0%. Among small caps, value shares gained 59.2%, while growth stocks returned 37.8%. Mid-cap value equities advanced 41.4%, while mid-cap growth shares gained 24.8%. Within the large-cap category, value stocks returned 36.3% and growth stocks gained 24.3%. (Returns by investment style and capitalization size are based on the Russell indexes.)
International stocks also produced strong gains over the six-month period. The MSCI EAFE® Index, which tracks stock performance in 21 developed-markets countries outside North America, gained 28.8%. The MSCI Emerging Markets Index returned 23.0%.
U.S. equities rose as economy recovered
During the six-month period, U.S. stocks extended a rally that began in the spring of 2020. The economic recovery, along with strong fiscal action and accommodative monetary policy, drove stocks higher. The Federal Reserve left the federal funds target rate unchanged, maintaining the key short-term interest-rate measure at 0.00%---0.25%. Policymakers indicated they would take no action on rates until they saw specific signs of continued economic improvement. The federal government approved a $900 billion stimulus package in December 2020 and enacted an additional $1.9 trillion COVID-19 relief bill in March 2021.
Around the world, economic recoveries were mixed as some countries continued to struggle to contain the COVID-19 virus and administer vaccines on a large scale. The economy of the 19-nation euro area contracted year-over-year in both the fourth quarter of 2020 and the first quarter of 2021. China’s economy grew 6.5% year-over-year in the fourth quarter of 2020 and expanded 18.3% year-over-year during the first three months of 2021—its fastest pace in nearly three decades. The European Central Bank held its key benchmark interest rates at near-zero levels and continued a bond-buying program to support its economy. The Bank of England maintained its benchmark interest rate at 0.10%.
Small-cap value stocks led performance
In a period of stellar returns, U.S. small-cap stocks outpaced large caps, and value dominated growth
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. Six-month returns as of April 30, 2021.
6 | 2021 Semiannual 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 websites at TIAA.org or nuveen.com; 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 ■ 2021 Semiannual 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 49 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 27 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 27 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 | 2021 Semiannual 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 (November 1, 2020–April 30, 2021).
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 ■ 2021 Semiannual Report | 9 |
Expense example
Six months ended April 30, 2021
Growth & Income Fund | Beginning account value (11/1/20) | Ending account value (4/30/21) | Expenses paid during period* (11/1/20– 4/30/21) | ||||||||
Actual return | |||||||||||
Institutional Class | $1,000.00 | $1,295.73 | $2.33 | ||||||||
Advisor Class | 1,000.00 | 1,295.61 | 2.90 | ||||||||
Premier Class | 1,000.00 | 1,294.74 | 3.19 | ||||||||
Retirement Class | 1,000.00 | 1,294.66 | 3.76 | ||||||||
Retail Class | 1,000.00 | 1,294.46 | 3.93 | ||||||||
Class W | 1,000.00 | 1,298.53 | 0.00 | ||||||||
5% annual hypothetical return | |||||||||||
Institutional Class | 1,000.00 | 1,022.76 | 2.06 | ||||||||
Advisor Class | 1,000.00 | 1,022.27 | 2.56 | ||||||||
Premier Class | 1,000.00 | 1,022.02 | 2.81 | ||||||||
Retirement Class | 1,000.00 | 1,021.52 | 3.31 | ||||||||
Retail Class | 1,000.00 | 1,021.37 | 3.46 | ||||||||
Class W | 1,000.00 | 1,024.79 | 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 181/365. There were 181 days in the six months ended April 30, 2021. The Fund’s annualized six-month expense ratios for that period were 0.41% for the Institutional Class, 0.51% for the Advisor Class, 0.56% for the Premier Class, 0.66% 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 4/30/2021 | ||
Information technology | 25.5 | ||
Consumer discretionary | 14.6 | ||
Health care | 13.0 | ||
Communication services | 11.1 | ||
Industrials | 11.0 | ||
Financials | 10.3 | ||
Consumer staples | 5.5 | ||
Materials | 4.8 | ||
Energy | 2.2 | ||
Real estate | 1.0 | ||
Utilities | 1.0 | ||
Total | 100.0 |
Performance for the six months ended April 30, 2021
The Growth & Income Fund returned 29.57% for the Institutional Class, compared with the 28.85% return of its benchmark, the S&P 500® Index. For the one-year period ended April 30, 2021, the Fund returned 51.04% versus 45.98% for the index. The performance table shows returns for all share classes of the Fund.
U.S. stocks soared as economy recovered from the effects of COVID-19
The U.S. economy grew at a robust pace during the six-month period, extending its recovery after struggling through the impact of the COVID-19 pandemic. Retail and other business activities increased as restrictions imposed to limit the spread of the virus were slowly eased. Unemployment edged down over the period, finishing at 6.1% in April 2021. Core inflation, which includes all items except food and energy, rose 3.0% over the twelve months ended in April. Oil prices increased sharply during the period.
Stock markets delivered double-digit gains across all size and style categories for the period. Equities benefited from the recovering economy, aided by aggressive fiscal action and accommodative monetary policy. The Federal Reserve held the federal funds target rate steady at historically low levels throughout the period, maintaining the key short-term interest-rate measure at 0.00%–0.25%.
For the six-month period, the large-cap-oriented S&P 500 Index trailed the Russell 3000® Index, a broad measure of the U.S. stock market, which gained 31.08%. A portion of the Russell 3000 Index consists of small-cap equities, which outperformed large caps for the period.
Energy and financials led the benchmark’s broad advance
All eleven industry sectors in the S&P 500 Index generated positive results for the six months. Economically sensitive sectors tended to perform best, led by energy, which rose 75.9%. Next came financials, which gained 53.6%, followed by industrials and materials, which climbed 35.4% and 32.6%, respectively. Together, these four sectors represented more than one-quarter of the index’s total market capitalization on April 30, 2021. Information technology, the index’s largest sector, advanced 26.5%. The utilities and consumer staples sectors recorded the smallest gains of 8.7% and 13.1%, respectively.
For the six-month period, only one of the five largest stocks in the S&P 500 Index—Alphabet (the parent company of Google)—surpassed the overall return of the benchmark. The four stocks that underperformed posted double-digit gains. Among them, Microsoft performed best, followed by Facebook, Apple and Amazon.com.
Fund outperformed its benchmark
Several stock allocations helped the Fund’s relative return, led by an out-of-benchmark position in retailer Children’s Place, which experienced strong growth in online sales. The next-largest contributor was electric car maker Tesla, which joined the S&P 500 Index in December 2020. Other top contributors included overweight positions in travel company Expedia, which benefited from expectations of a rebound in travel, and Bank of America, which reported an earnings increase.
In contrast, the largest detractor was an underweight position in Exxon Mobil, which surged alongside the rally in oil prices. An out-of-benchmark position in Acadia Pharmaceuticals, which performed poorly, and an underweight in Wells Fargo also detracted.
10 | 2021 Semiannual Report ■ TIAA-CREF Funds: Equity Funds |
Performance as of April 30, 2021
Growth & Income Fund | Total return | Average annual total return | Annual operating expenses* | |||||||||||||||||||||||
Inception date | 6 months | 1 year | 5 years | 10 years | gross | net | ||||||||||||||||||||
Institutional Class | 7/1/99 | 29.57 | % | 51.04 | % | 17.09 | % | 13.88 | % | 0.40 | % | 0.40 | % | |||||||||||||
Advisor Class | 12/4/15 | 29.56 | 50.94 | 17.01 | 13.84 | † | 0.49 | 0.49 | ||||||||||||||||||
Premier Class | 9/30/09 | 29.47 | 50.86 | 16.92 | 13.71 | 0.55 | 0.55 | |||||||||||||||||||
Retirement Class | 10/1/02 | 29.47 | 50.80 | 16.80 | 13.60 | 0.65 | 0.65 | |||||||||||||||||||
Retail Class | 3/31/06 | 29.45 | 50.68 | 16.75 | 13.54 | 0.69 | 0.69 | |||||||||||||||||||
Class W | 9/28/18 | 29.85 | 51.67 | 17.34 | † | 14.00 | † | 0.40 | 0.00 | |||||||||||||||||
S&P 500® Index | — | 28.85 | 45.98 | 17.42 | 14.17 | — | — |
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, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period. |
† | 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. |
Holdings by company size
Market capitalization | % of equity investments as of 4/30/2021 | |
More than $50 billion | 66.6 | |
More than $15 billion–$50 billion | 22.3 | |
More than $2 billion–$15 billion | 10.7 | |
$2 billion or less | 0.4 | |
Total | 100.0 |
Fund profile
as of 4/30/2021 | |
Net assets | $6.21 billion |
Portfolio turnover rate* | 38% |
Number of holdings | 190 |
Weighted median market capitalization | $149.58 billion |
Price/earnings ratio (weighted 12-month trailing average)† | 56.1 |
* | The portfolio turnover rate covers the six-month period from November 1, 2020–April 30, 2021, and is not annualized. |
† | 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 ■ 2021 Semiannual Report | 11 |
Expense example
Six months ended April 30, 2021
Large-Cap Growth Fund | Beginning account value (11/1/20) | Ending account value (4/30/21) | Expenses paid during period* (11/1/20– 4/30/21) | ||||||||
Actual return | |||||||||||
Institutional Class | $1,000.00 | $1,272.52 | $2.25 | ||||||||
Advisor Class | 1,000.00 | 1,271.94 | 2.70 | ||||||||
Premier Class | 1,000.00 | 1,271.26 | 3.10 | ||||||||
Retirement Class | 1,000.00 | 1,270.55 | 3.66 | ||||||||
Retail Class | 1,000.00 | 1,270.39 | 3.88 | ||||||||
Class W | 1,000.00 | 1,274.44 | 0.00 | ||||||||
5% annual hypothetical return | |||||||||||
Institutional Class | 1,000.00 | 1,022.81 | 2.01 | ||||||||
Advisor Class | 1,000.00 | 1,022.41 | 2.41 | ||||||||
Premier Class | 1,000.00 | 1,022.07 | 2.76 | ||||||||
Retirement Class | 1,000.00 | 1,021.57 | 3.26 | ||||||||
Retail Class | 1,000.00 | 1,021.37 | 3.46 | ||||||||
Class W | 1,000.00 | 1,024.79 | 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 181/365. There were 181 days in the six months ended April 30, 2021. The Fund’s annualized six-month expense ratios for that period were 0.40% for the Institutional Class, 0.48% 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 4/30/2021 | ||
Information technology | 34.5 | ||
Consumer discretionary | 21.0 | ||
Communication services | 19.2 | ||
Health care | 13.1 | ||
Industrials | 5.6 | ||
Consumer staples | 5.3 | ||
Financials | 0.9 | ||
Materials | 0.5 | ||
Short-term investments, other assets & liabilities, net | –0.1 | ||
Total | 100.0 |
Performance for the six months ended April 30, 2021
The Large-Cap Growth Fund returned 27.25% for the Institutional Class, compared with the 24.31% return of its benchmark, the Russell 1000® Growth Index. For the one-year period ended April 30, 2021, the Fund returned 57.13% versus 51.41% for the index. The performance table shows returns for all share classes of the Fund.
U.S. stocks soared as economy recovered from the effects of COVID-19
The U.S. economy grew at a robust pace during the six-month period, extending its recovery after struggling through the impact of the COVID-19 pandemic. Retail and other business activities increased as restrictions imposed to limit the spread of the virus were slowly eased. Unemployment edged down over the period, finishing at 6.1% in April 2021. Core inflation, which includes all items except food and energy, rose 3.0% over the twelve months ended in April. Oil prices increased sharply during the period.
Stock markets delivered double-digit gains across all size and style categories for the period. Equities benefited from the recovering economy, aided by aggressive fiscal action and accommodative monetary policy. The Federal Reserve held the federal funds target rate steady at historically low levels throughout the period, maintaining the key short-term interest-rate measure at 0.00%–0.25%.
For the six months, the Russell 3000® Index, a broad measure of the U.S. stock market, gained 31.08%. Smaller stocks outperformed large-cap equities, while value shares outpaced growth stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)
All benchmark sectors posted double-digit gains
All eleven industry sectors in the Russell 1000 Growth Index advanced for the six months. Energy led the way, surging 60.9% amid the increase in oil prices. Information technology—the largest sector, representing more than 40.0% of the index’s total market capitalization on April 30, 2021—gained 24.6% and was the top contributor to the index’s return. The next-largest contributors were the consumer discretionary sector, which rose 26.3%, and the communication services sector, which returned 31.5%. Consumer staples and utilities, which tend to be more defensive, were the worst-performing sectors despite gaining 11.7% and 15.2%, respectively.
For the six-month period, two of the five largest stocks in the Russell 1000 Growth Index produced returns that exceeded the overall return of the index. They were Alphabet (the parent company of Google), which benefited from strong spending on digital advertising, and Microsoft. Facebook, Apple and Amazon.com registered double-digit returns but underperformed the index.
Fund outperformed its benchmark
For the period, the Fund outperformed its benchmark on the strength of several stock choices. The top contributors were an overweight position in technology conglomerate IAC, which reported strong growth in its online video platform business; an overweight in payment processing firm PayPal, which added a significant number of net new active accounts; and an overweight in semiconductor manufacturing equipment supplier Applied Materials, which benefited from a positive demand outlook.
The largest detractor was an overweight position in software company salesforce.com, which announced an acquisition that many investors viewed as being too costly. The next-largest detractors were an underweight in electric car maker Tesla and an overweight in retailer Costco.
12 | 2021 Semiannual Report ■ TIAA-CREF Funds: Equity Funds |
Performance as of April 30, 2021
Large-Cap Growth Fund | Total return | Average annual total return | Annual operating expenses* | |||||||||||||||||||||||
Inception date | 6 months | 1 year | 5 years | 10 years | gross | net | ||||||||||||||||||||
Institutional Class | 3/31/06 | 27.25 | % | 57.13 | % | 23.58 | % | 17.67 | % | 0.41 | % | 0.41 | % | |||||||||||||
Advisor Class | 12/4/15 | 27.19 | 57.01 | 23.50 | 17.62 | † | 0.48 | 0.48 | ||||||||||||||||||
Premier Class | 9/30/09 | 27.13 | 56.88 | 23.39 | 17.49 | 0.56 | 0.56 | |||||||||||||||||||
Retirement Class | 3/31/06 | 27.06 | 56.74 | 23.25 | 17.36 | 0.66 | 0.66 | |||||||||||||||||||
Retail Class | 3/31/06 | 27.04 | 56.65 | 23.20 | 17.27 | 0.70 | 0.70 | |||||||||||||||||||
Class W | 9/28/18 | 27.44 | 57.73 | 23.83 | † | 17.79 | † | 0.41 | 0.00 | |||||||||||||||||
Russell 1000® Growth Index | — | 24.31 | 51.41 | 22.88 | 17.02 | — | — |
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, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period. |
† | 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. |
Holdings by company size
Market capitalization | % of equity investments as of 4/30/2021 | |
More than $50 billion | 75.6 | |
More than $15 billion–$50 billion | 21.5 | |
More than $2 billion–$15 billion | 2.7 | |
$2 billion or less | 0.2 | |
Total | 100.0 |
Fund profile
as of 4/30/2021 | |
Net assets | $6.94 billion |
Portfolio turnover rate* | 17% |
Number of holdings | 95 |
Weighted median market capitalization | $164.19 billion |
Price/earnings ratio (weighted 12-month trailing average)† | 63.5 |
* | The portfolio turnover rate covers the six-month period from November 1, 2020–April 30, 2021, and is not annualized. |
† | 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 ■ 2021 Semiannual Report | 13 |
Expense example
Six months ended April 30, 2021
Large-Cap Value Fund | Beginning account value (11/1/20) | Ending account value (4/30/21) | Expenses paid during period* (11/1/20– 4/30/21) | ||||||||
Actual return | |||||||||||
Institutional Class | $1,000.00 | $1,386.01 | $2.37 | ||||||||
Advisor Class | 1,000.00 | 1,385.71 | 2.84 | ||||||||
Premier Class | 1,000.00 | 1,384.58 | 3.25 | ||||||||
Retirement Class | 1,000.00 | 1,384.61 | 3.84 | ||||||||
Retail Class | 1,000.00 | 1,383.97 | 4.20 | ||||||||
Class W | 1,000.00 | 1,389.01 | 0.00 | ||||||||
5% annual hypothetical return | |||||||||||
Institutional Class | 1,000.00 | 1,022.81 | 2.01 | ||||||||
Advisor Class | 1,000.00 | 1,022.41 | 2.41 | ||||||||
Premier Class | 1,000.00 | 1,022.07 | 2.76 | ||||||||
Retirement Class | 1,000.00 | 1,021.57 | 3.26 | ||||||||
Retail Class | 1,000.00 | 1,021.27 | 3.56 | ||||||||
Class W | 1,000.00 | 1,024.79 | 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 181/365. There were 181 days in the six months ended April 30, 2021. The Fund’s annualized six-month expense ratios for that period were 0.40% for the Institutional Class, 0.48% for the Advisor Class, 0.55% for the Premier Class, 0.65% for the Retirement Class, 0.71% 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 4/30/2021 | ||
Financials | 23.5 | ||
Industrials | 17.1 | ||
Health care | 14.1 | ||
Information technology | 12.8 | ||
Communication services | 9.8 | ||
Consumer discretionary | 6.8 | ||
Materials | 4.7 | ||
Energy | 4.2 | ||
Consumer staples | 3.0 | ||
Utilities | 2.7 | ||
Real estate | 0.9 | ||
Short-term investments, other assets & liabilities, net | 0.4 | ||
Total | 100.0 |
Performance for the six months ended April 30, 2021
The Large-Cap Value Fund returned 38.60% for the Institutional Class, compared with the 36.30% return of its benchmark, the Russell 1000® Value Index. For the one-year period ended April 30, 2021, the Fund returned 47.93% versus 45.92% for the index. The performance table shows returns for all share classes of the Fund.
U.S. stocks soared as economy recovered from the effects of COVID-19
The U.S. economy grew at a robust pace during the six-month period, extending its recovery after struggling through the impact of the COVID-19 pandemic. Retail and other business activities increased as restrictions imposed to limit the spread of the virus were slowly eased. Unemployment edged down over the period, finishing at 6.1% in April 2021. Core inflation, which includes all items except food and energy, rose 3.0% over the twelve months ended in April. Oil prices increased sharply during the period.
Stock markets delivered double-digit gains across all size and style categories for the period. Equities benefited from the recovering economy, aided by aggressive fiscal action and accommodative monetary policy. The Federal Reserve held the federal funds target rate steady at historically low levels throughout the period, maintaining the key short-term interest-rate measure at 0.00%–0.25%.
For the six months, the Russell 3000® Index, a broad measure of the U.S. stock market, gained 31.08%. Smaller stocks outperformed large-cap equities, while value shares outpaced growth stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)
All benchmark sectors advanced
All eleven industry sectors in the Russell 1000 Value Index posted gains for the six months. Energy produced the strongest return, climbing 76.3% amid the increase in oil prices. Financials, the largest sector, rose 56.6% and was the top contributor to the index’s return. The next-largest contributors were industrials (up 40.7%) and information technology (up 36.9%). Together, these four sectors accounted for nearly one-half of the index’s total market capitalization on April 30, 2021. Utilities and consumer staples, which tend to be more defensive, recorded the smallest gains, rising 9.4% and 15.2%, respectively.
For the six-month period, three of the five largest stocks in the Russell 1000 Value Index generated returns that surpassed the overall return of the index. JPMorgan Chase performed best, followed by Walt Disney and Alphabet (the parent company of Google). Berkshire Hathaway narrowly lagged the index. Johnson & Johnson underperformed the index by a significant margin but still delivered a strong gain.
Fund outperformed its benchmark
For the period, the Fund outperformed its benchmark due to favorable security selection. The top contributor was an out-of-benchmark position in semiconductor manufacturing equipment supplier Applied Materials, which benefited from a positive demand outlook. The next-largest contributors were overweight positions in Bank of America and Goldman Sachs.
These positive effects were tempered by certain unsuccessful stock selections. The largest detractor was an underweight position in Exxon Mobil, which surged alongside the rally in oil prices. The next-largest detractors were overweight positions in pharmaceutical manufacturer Merck and utility company American Electric Power.
14 | 2021 Semiannual Report ■ TIAA-CREF Funds: Equity Funds |
Performance as of April 30, 2021
Large-Cap Value Fund | Total return | Average annual total return | Annual operating expenses* | |||||||||||||||||||||||
Inception date | 6 months | 1 year | 5 years | 10 years | gross | net | ||||||||||||||||||||
Institutional Class | 10/1/02 | 38.60 | % | 47.93 | % | 11.51 | % | 9.97 | % | 0.41 | % | 0.41 | % | |||||||||||||
Advisor Class | 12/4/15 | 38.57 | 47.82 | 11.47 | 9.93 | † | 0.49 | 0.49 | ||||||||||||||||||
Premier Class | 9/30/09 | 38.46 | 47.71 | 11.34 | 9.80 | 0.56 | 0.56 | |||||||||||||||||||
Retirement Class | 10/1/02 | 38.46 | 47.54 | 11.24 | 9.70 | 0.66 | 0.66 | |||||||||||||||||||
Retail Class | 10/1/02 | 38.40 | 47.50 | 11.18 | 9.62 | 0.73 | 0.73 | |||||||||||||||||||
Class W | 9/28/18 | 38.90 | 48.52 | 11.74 | † | 10.08 | † | 0.41 | 0.00 | |||||||||||||||||
Russell 1000® Value Index | — | 36.30 | 45.92 | 12.15 | 11.13 | — | — |
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, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period. |
† | 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. |
Holdings by company size
Market capitalization | % of equity investments as of 4/30/2021 | |
More than $50 billion | 79.1 | |
More than $15 billion–$50 billion | 17.9 | |
More than $2 billion–$15 billion | 3.0 | |
Total | 100.0 |
Fund profile
as of 4/30/2021 | |
Net assets | $5.79 billion |
Portfolio turnover rate* | 7% |
Number of holdings | 87 |
Weighted median market capitalization | $126.48 billion |
Price/earnings ratio (weighted 12-month trailing average)† | 26.4 |
* | The portfolio turnover rate covers the six-month period from November 1, 2020–April 30, 2021, and is not annualized. |
† | 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 ■ 2021 Semiannual Report | 15 |
Expense example
Six months ended April 30, 2021
Mid-Cap Growth Fund | Beginning account value (11/1/20) | Ending account value (4/30/21) | Expenses paid during period* (11/1/20– 4/30/21) | ||||||||
Actual return | |||||||||||
Institutional Class | $1,000.00 | $1,300.23 | $2.62 | ||||||||
Advisor Class | 1,000.00 | 1,300.35 | 2.79 | ||||||||
Premier Class | 1,000.00 | 1,299.23 | 3.48 | ||||||||
Retirement Class | 1,000.00 | 1,298.56 | 4.05 | ||||||||
Retail Class | 1,000.00 | 1,298.40 | 4.27 | ||||||||
5% annual hypothetical return | |||||||||||
Institutional Class | 1,000.00 | 1,022.51 | 2.31 | ||||||||
Advisor Class | 1,000.00 | 1,022.36 | 2.46 | ||||||||
Premier Class | 1,000.00 | 1,021.77 | 3.06 | ||||||||
Retirement Class | 1,000.00 | 1,021.27 | 3.56 | ||||||||
Retail Class | 1,000.00 | 1,021.08 | 3.76 |
* | “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 181/365. There were 181 days in the six months ended April 30, 2021. The Fund’s annualized six-month expense ratios for that period were 0.46% for the Institutional Class, 0.49% for the Advisor Class, 0.61% for the Premier Class, 0.71% for the Retirement Class and 0.75% 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 4/30/2021 | ||
Information technology | 34.0 | ||
Consumer discretionary | 22.1 | ||
Health care | 19.3 | ||
Industrials | 8.4 | ||
Communication services | 7.5 | ||
Financials | 4.1 | ||
Consumer staples | 2.5 | ||
Materials | 0.8 | ||
Real estate | 0.4 | ||
Short-term investments, other assets & liabilities, net | 0.9 | ||
Total | 100.0 |
Performance for the six months ended April 30, 2021
The Mid-Cap Growth Fund returned 30.02% for the Institutional Class, compared with the 24.84% return of its benchmark, the Russell Midcap® Growth Index. For the one-year period ended April 30, 2021, the Fund returned 67.61% versus 53.97% for the index. The performance table shows returns for all share classes of the Fund.
U.S. stocks soared as economy recovered from the effects of COVID-19
The U.S. economy grew at a robust pace during the six-month period, extending its recovery after struggling through the impact of the COVID-19 pandemic. Retail and other business activities increased as restrictions imposed to limit the spread of the virus were slowly eased. Unemployment edged down over the period, finishing at 6.1% in April 2021. Core inflation, which includes all items except food and energy, rose 3.0% over the twelve months ended in April. Oil prices increased sharply during the period.
Stock markets delivered double-digit gains across all size and style categories for the period. Equities benefited from the recovering economy, aided by aggressive fiscal action and accommodative monetary policy. The Federal Reserve held the federal funds target rate steady at historically low levels throughout the period, maintaining the key short-term interest-rate measure at 0.00%–0.25%. The federal government approved a $900 billion stimulus package in December 2020 and enacted an additional $1.9 trillion COVID-19 relief bill in March 2021.
For the six months, the Russell 3000® Index, a broad measure of the U.S. stock market, gained 31.08%. Smaller stocks outperformed large-cap equities, while value shares outpaced growth stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)
All benchmark sectors advanced
All eleven industry sectors in the Russell Midcap Growth Index posted gains. Energy rose 60.9% and was the strongest performer, but it made a relatively small contribution to the index’s return given its low weighting. The largest sectors—information technology and health care—were the top contributors, climbing 26.9% and 20.5%, respectively. Together, these two sectors accounted for nearly 60.0% of the index’s total market capitalization on April 30, 2021. Consumer staples, which increased 5.0%, generated the smallest gain.
For the six-month period, all of the five largest stocks in the Russell Midcap Growth Index posted returns that exceeded the overall return of the benchmark. The best performers were biotechnology company Moderna and semiconductor equipment maker KLA. Next came orthodontics supplier Align Technology, software provider Twilio and veterinary testing firm IDEXX Laboratories.
Fund outperformed its benchmark
The Fund outperformed its benchmark mainly because of numerous successful stock choices. The top contributors were an out-of-benchmark position in travel technology company Sabre, which surged on expectations of a recovery in the travel industry; an overweight position in technology conglomerate IAC, which reported strong growth in its online video platform business; and not owning software firm Splunk, which performed poorly as the pandemic slowed demand for its products.
Conversely, not owning Moderna detracted most, as its COVID-19 vaccine proved to be highly effective. The next-largest detractors were an underweight position in KLA and an out-of-benchmark position in Clarivate Analytics, a provider of information services.
16 | 2021 Semiannual Report ■ TIAA-CREF Funds: Equity Funds |
Performance as of April 30, 2021
Mid-Cap Growth Fund | Total return | Average annual total return | Annual operating expenses* | |||||||||||||||||||||||
Inception date | 6 months | 1 year | 5 years | 10 years | gross | net | ||||||||||||||||||||
Institutional Class | 10/1/02 | 30.02 | % | 67.61 | % | 20.21 | % | 13.34 | % | 0.48 | % | 0.48 | % | |||||||||||||
Advisor Class | 12/4/15 | 30.04 | 67.65 | 20.17 | 13.32 | † | 0.56 | 0.56 | ||||||||||||||||||
Premier Class | 9/30/09 | 29.92 | 67.42 | 20.04 | 13.18 | 0.63 | 0.63 | |||||||||||||||||||
Retirement Class | 10/1/02 | 29.86 | 67.22 | 19.91 | 13.06 | 0.73 | 0.73 | |||||||||||||||||||
Retail Class | 10/1/02 | 29.84 | 67.14 | 19.84 | 12.99 | 0.78 | 0.78 | |||||||||||||||||||
Russell Midcap® Growth Index | — | 24.84 | 53.97 | 19.70 | 14.33 | — | — |
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, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period. |
† | 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. |
Holdings by company size
Market capitalization | % of equity investments as of 4/30/2021 | |
More than $50 billion | 5.2 | |
More than $15 billion–$50 billion | 60.8 | |
More than $2 billion–$15 billion | 32.3 | |
$2 billion or less | 1.7 | |
Total | 100.0 |
Fund profile
as of 4/30/2021 | |
Net assets | $1.84 billion |
Portfolio turnover rate* | 30% |
Number of holdings | 116 |
Weighted median market capitalization | $18.59 billion |
Price/earnings ratio (weighted 12-month trailing average)† | 41.5 |
* | The portfolio turnover rate covers the six-month period from November 1, 2020–April 30, 2021, and is not annualized. |
† | 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 ■ 2021 Semiannual Report | 17 |
Expense example
Six months ended April 30, 2021
Expenses | |||
paid | |||
Beginning | Ending | during | |
account | account | period* | |
Mid-Cap | value | value | (11/1/20– |
Value Fund | (11/1/20) | (4/30/21) | 4/30/21) |
Actual return | |||
Institutional Class | $1,000.00 | $1,422.10 | $2.64 |
Advisor Class | 1,000.00 | 1,420.41 | 3.24 |
Premier Class | 1,000.00 | 1,419.91 | 3.54 |
Retirement Class | 1,000.00 | 1,419.44 | 4.14 |
Retail Class | 1,000.00 | 1,419.58 | 4.50 |
5% annual hypothetical return | |||
Institutional Class | 1,000.00 | 1,022.61 | 2.21 |
Advisor Class | 1,000.00 | 1,022.12 | 2.71 |
Premier Class | 1,000.00 | 1,021.87 | 2.96 |
Retirement Class | 1,000.00 | 1,021.37 | 3.46 |
Retail Class | 1,000.00 | 1,021.08 | 3.76 |
* | “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 181/365. There were 181 days in the six months ended April 30, 2021. The Fund’s annualized six-month expense ratios for that period were 0.44% for the Institutional Class, 0.54% for the Advisor Class, 0.59% for the Premier Class, 0.69% for the Retirement Class and 0.75% 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 4/30/2021 |
Industrials | 20.0 |
Financials | 18.9 |
Consumer discretionary | 12.7 |
Information technology | 9.8 |
Real estate | 9.4 |
Health care | 8.8 |
Materials | 8.4 |
Utilities | 7.7 |
Energy | 1.4 |
Consumer staples | 1.3 |
Communication services | 0.6 |
Short-term investments, other assets & liabilities, net | 1.0 |
Total | 100.0 |
Performance for the six months ended April 30, 2021
The Mid-Cap Value Fund returned 42.21% for the Institutional Class, compared with the 41.41% return of its benchmark, the Russell Midcap® Value Index. For the one-year period ended April 30, 2021, the Fund returned 56.44% versus 60.70% for the index. The performance table shows returns for all share classes of the Fund.
U.S. stocks soared as economy recovered from the effects of COVID-19
The U.S. economy grew at a robust pace during the six-month period, extending its recovery after struggling through the impact of the COVID-19 pandemic. Retail and other business activities increased as restrictions imposed to limit the spread of the virus were slowly eased. Unemployment edged down over the period, finishing at 6.1% in April 2021. Core inflation, which includes all items except food and energy, rose 3.0% over the twelve months ended in April. Oil prices increased sharply during the period.
Stock markets delivered double-digit gains across all size and style categories for the period. Equities benefited from the recovering economy, aided by aggressive fiscal action and accommodative monetary policy. The Federal Reserve held the federal funds target rate steady at historically low levels throughout the period, maintaining the key short-term interest-rate measure at 0.00%–0.25%. The federal government approved a $900 billion stimulus package in December 2020 and enacted an additional $1.9 trillion COVID-19 relief bill in March 2021.
For the six months, the Russell 3000® Index, a broad measure of the U.S. stock market, gained 31.08%. Smaller stocks outperformed large-cap equities, while value shares outpaced growth stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)
All benchmark sectors advanced
All eleven industry sectors in the Russell Midcap Value Index registered double-digit gains. Energy and financials performed best, advancing 85.5% and 58.4%, respectively. The financials sector was also the top contributor to the index’s return. The next-largest contributors were industrials—the index’s biggest sector—and consumer discretionary, which climbed 40.3% and 46.5%, respectively. Together, these four sectors made up nearly one-half of the index’s total market capitalization on April 30, 2021. Gains were more modest in traditionally defensive sectors, including utilities, which returned 10.2%.
For the six-month period, four of the five largest stocks in the Russell Midcap Value Index produced returns that exceeded the overall return of the index. Mining company Freeport-McMoRan performed best, helped by rising copper prices. Next came computer and printer company HP, followed by Ford and industrial conglomerate Johnson Controls. Social media platform Twitter underperformed the index but still generated a strong gain.
Fund outperformed its benchmark
Several stock choices helped the Fund’s relative return, led by an overweight position in bank holding company Western Alliance, which experienced robust loan and deposit growth. The next-largest contributors were overweights in fashion company Capri, which benefited from accelerating e-commerce sales, and Ally Financial, which reported strong results in its auto financing unit.
The largest detractors were out-of-benchmark positions in utility company American Electric Power and health insurer Centene. An overweight position in electric utility Entergy was another major detractor, as the company was hurt by winter storms in Texas.
18 | 2021 Semiannual Report ■ TIAA-CREF Funds: Equity Funds |
Performance as of April 30, 2021 | ||||||||||||||||||||||||||
Mid-Cap Value Fund | Average annual | Annual operating | ||||||||||||||||||||||||
Total return | total return | expenses* | ||||||||||||||||||||||||
Inception | ||||||||||||||||||||||||||
date | 6 months | 1 year | 5 years | 10 years | gross | net | ||||||||||||||||||||
Institutional Class | 10/1/02 | 42.21 | % | 56.44 | % | 9.46 | % | 9.04 | % | 0.46 | % | 0.46 | % | |||||||||||||
Advisor Class | 12/4/15 | 42.04 | 56.16 | 9.37 | 8.98 | † | 0.55 | 0.55 | ||||||||||||||||||
Premier Class | 9/30/09 | 41.99 | 56.11 | 9.30 | 8.88 | 0.61 | 0.61 | |||||||||||||||||||
Retirement Class | 10/1/02 | 41.94 | 56.04 | 9.19 | 8.77 | 0.71 | 0.71 | |||||||||||||||||||
Retail Class | 10/1/02 | 41.96 | 55.91 | 9.13 | 8.71 | 0.78 | 0.78 | |||||||||||||||||||
Russell Midcap® Value Index | — | 41.41 | 60.70 | 12.18 | 11.31 | — | — |
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, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period. |
† | 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. |
Holdings by company size | |
Market capitalization | % of equity investments as of 4/30/2021 |
More than $50 billion | 6.6 |
More than $15 billion–$50 billion | 44.7 |
More than $2 billion–$15 billion | 47.5 |
$2 billion or less | 1.2 |
Total | 100.0 |
Fund profile | |
as of 4/30/2021 | |
Net assets | $2.33 billion |
Portfolio turnover rate* | 55% |
Number of holdings | 90 |
Weighted median market capitalization | $15.20 billion |
Price/earnings ratio (weighted 12-month trailing average)† | 30.8 |
* | The portfolio turnover rate covers the six-month period from November 1, 2020–April 30, 2021, and is not annualized. |
† | 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 ■ 2021 Semiannual Report | 19 |
Expense example | |||
Six months ended April 30, 2021 | |||
Expenses | |||
paid | |||
Beginning | Ending | during | |
account | account | period* | |
Quant Small-Cap | value | value | (11/1/20– |
Equity Fund | (11/1/20) | (4/30/21) | 4/30/21) |
Actual return | |||
Institutional Class | $1,000.00 | $1,553.12 | $2.60 |
Advisor Class | 1,000.00 | 1,553.09 | 2.98 |
Premier Class | 1,000.00 | 1,552.17 | 3.54 |
Retirement Class | 1,000.00 | 1,550.79 | 4.17 |
Retail Class | 1,000.00 | 1,550.91 | 4.17 |
Class W | 1,000.00 | 1,556.65 | 0.00 |
5% annual hypothetical return | |||
Institutional Class | 1,000.00 | 1,022.76 | 2.06 |
Advisor Class | 1,000.00 | 1,022.46 | 2.36 |
Premier Class | 1,000.00 | 1,022.02 | 2.81 |
Retirement Class | 1,000.00 | 1,021.52 | 3.31 |
Retail Class | 1,000.00 | 1,021.52 | 3.31 |
Class W | 1,000.00 | 1,024.79 | 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 181/365. There were 181 days in the six months ended April 30, 2021. The Fund’s annualized six-month expense ratios for that period were 0.41% for the Institutional Class, 0.47% for the Advisor Class, 0.56% for the Premier Class, 0.66% for the Retirement Class, 0.66% 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 4/30/2021 |
Health care | 18.4 |
Industrials | 17.1 |
Consumer discretionary | 15.4 |
Financials | 14.7 |
Information technology | 11.1 |
Real estate | 6.5 |
Materials | 5.3 |
Consumer staples | 3.8 |
Energy | 3.1 |
Communication services | 2.7 |
Utilities | 1.7 |
Short-term investments, other assets & liabilities, net | 0.2 |
Total | 100.0 |
Performance for the six months ended April 30, 2021
The Quant Small-Cap Equity Fund returned 55.31% for the Institutional Class, compared with the 48.06% return of its benchmark, the Russell 2000® Index. For the one-year period ended April 30, 2021, the Fund returned 79.78% versus 74.91% for the index. The performance table shows returns for all share classes of the Fund.
U.S. stocks soared as economy recovered from the effects of COVID-19
The U.S. economy grew at a robust pace during the six-month period, extending its recovery after struggling through the impact of the COVID-19 pandemic. Retail and other business activities increased as restrictions imposed to limit the spread of the virus were slowly eased. Unemployment edged down over the period, finishing at 6.1% in April 2021. Core inflation, which includes all items except food and energy, rose 3.0% over the twelve months ended in April. Oil prices increased sharply during the period.
Stock markets delivered double-digit gains across all size and style categories for the period. Equities benefited from the recovering economy, aided by aggressive fiscal action and accommodative monetary policy. The Federal Reserve held the federal funds target rate steady at historically low levels throughout the period, maintaining the key short-term interest-rate measure at 0.00%–0.25%.
For the six months, the Russell 3000® Index, a broad measure of the U.S. stock market, gained 31.08%. Smaller stocks outperformed large-cap equities, while value shares outpaced growth stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)
All benchmark sectors posted substantial gains
All eleven industry sectors in the Russell 2000 Index posted strong returns for the six months. Energy was the best-performing sector, rising 103.2% amid the strong increase in oil prices. The top contributors to the index’s return were the industrials and consumer discretionary sectors, which advanced 54.1% and 68.0%, respectively. Health care, the index’s largest component, gained 30.1%. Together, these four sectors made up more than one-half of the index’s total market capitalization on April 30, 2021. Utilities, which rose 20.8%, was the worst-performing sector.
For the six-month period, all of the five largest stocks in the Russell 2000 Index produced gains that surpassed the overall return of the benchmark. Biotechnology firm Novavax performed best, lifted by favorable test results for its COVID-19 vaccine candidate. Next in line were casino and hotel operator Caesars Entertainment and hydrogen fuel-cell developer Plug Power. Penn National Gaming and food products company Darling Ingredients posted smaller gains but surpassed the index’s return.
Fund outperformed its benchmark
For the six-month period, the top contributors to the Fund’s relative performance were overweight positions in biopharmaceutical firm Cassava Sciences, which showed progress in the development of its lead drug candidate, and mobile applications provider Digital Turbine, which reported strong revenue growth. An overweight in freelance marketplace firm Upwork was the third-largest contributor.
Alternatively, not owning retailer GameStop detracted most as social media-driven buying led to a dramatic rally in its price. The next-largest detractors were overweight positions in retailer BJ’s Wholesale Club and human resources company TriNet.
20 | 2021 Semiannual Report ■ TIAA-CREF Funds: Equity Funds |
Performance as of April 30, 2021
Quant Small-Cap Equity Fund | Average annual | Annual operating | ||||||||||||||||||||||||
Total return | total return | expenses* | ||||||||||||||||||||||||
Inception | ||||||||||||||||||||||||||
date | 6 months | 1 year | 5 years | 10 years | gross | net | ||||||||||||||||||||
Institutional Class | 10/1/02 | 55.31 | % | 79.78 | % | 15.76 | % | 11.57 | % | 0.43 | % | 0.43 | % | |||||||||||||
Advisor Class | 12/4/15 | 55.31 | 79.65 | 15.69 | 11.53 | † | 0.51 | 0.51 | ||||||||||||||||||
Premier Class | 9/30/09 | 55.22 | 79.45 | 15.59 | 11.40 | 0.58 | 0.58 | |||||||||||||||||||
Retirement Class | 10/1/02 | 55.08 | 79.25 | 15.47 | 11.29 | 0.68 | 0.68 | |||||||||||||||||||
Retail Class | 10/1/02 | 55.09 | 79.20 | 15.43 | 11.22 | 0.74 | 0.74 | |||||||||||||||||||
Class W | 9/28/18 | 55.67 | 80.42 | 16.00 | † | 11.69 | † | 0.42 | 0.00 | |||||||||||||||||
Russell 2000® Index | — | 48.06 | 74.91 | 16.48 | 11.63 | — | — |
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, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period. |
† | 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. |
Holdings by company size | |
Market capitalization | % of equity investments as of 4/30/2021 |
More than $15 billion–$50 billion | 1.1 |
More than $2 billion–$15 billion | 67.8 |
$2 billion or less | 31.1 |
Total | 100.0 |
Fund profile | |
as of 4/30/2021 | |
Net assets | $3.08 billion |
Portfolio turnover rate* | 28% |
Number of holdings | 448 |
Weighted median market capitalization | $2.90 billion |
Price/earnings ratio (weighted 12-month trailing average)† | 18.4 |
* | The portfolio turnover rate covers the six-month period from November 1, 2020–April 30, 2021, and is not annualized. |
† | 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 ■ 2021 Semiannual Report | 21 |
Quant Small/Mid-Cap Equity Fund
Expense example | |||
Six months ended April 30, 2021 | |||
Expenses | |||
paid | |||
Beginning | Ending | during | |
Quant | account | account | period* |
Small/Mid-Cap | value | value | (11/1/20– |
Equity Fund | (11/1/20) | (4/30/21) | 4/30/21) |
Actual return | |||
Institutional Class | $1,000.00 | $1,516.20 | $2.93 |
Advisor Class | 1,000.00 | 1,515.38 | 3.68 |
Premier Class | 1,000.00 | 1,514.73 | 4.12 |
Retirement Class | 1,000.00 | 1,513.43 | 4.49 |
Retail Class | 1,000.00 | 1,512.05 | 5.61 |
Class W | 1,000.00 | 1,519.26 | 0.00 |
5% annual hypothetical return | |||
Institutional Class | 1,000.00 | 1,022.46 | 2.36 |
Advisor Class | 1,000.00 | 1,021.87 | 2.96 |
Premier Class | 1,000.00 | 1,021.52 | 3.31 |
Retirement Class | 1,000.00 | 1,021.22 | 3.61 |
Retail Class | 1,000.00 | 1,020.33 | 4.51 |
Class W | 1,000.00 | 1,024.79 | 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 181/365. There were 181 days in the six months ended April 30, 2021. The Fund’s annualized six-month expense ratios for that period were 0.47% for the Institutional Class, 0.59% for the Advisor Class, 0.66% for the Premier Class, 0.72% 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 4/30/2021 |
Industrials | 17.8 |
Financials | 16.2 |
Information technology | 15.3 |
Consumer discretionary | 14.1 |
Health care | 13.8 |
Real estate | 7.4 |
Materials | 5.3 |
Consumer staples | 4.0 |
Energy | 2.5 |
Communication services | 2.3 |
Utilities | 1.2 |
Short-term investments, other assets & liabilities, net | 0.1 |
Total | 100.0 |
Performance for the six months ended April 30, 2021
The Quant Small/Mid-Cap Equity Fund returned 51.62% for the Institutional Class, compared with the 44.37% return of its benchmark, the Russell 2500® Index. For the one-year period ended April 30, 2021, the Fund returned 78.85% versus 71.95% for the index. The performance table shows returns for all share classes of the Fund.
U.S. stocks soared as economy recovered from the effects of COVID-19
The U.S. economy grew at a robust pace during the six-month period, extending its recovery after struggling through the impact of the COVID-19 pandemic. Retail and other business activities increased as restrictions imposed to limit the spread of the virus were slowly eased. Unemployment edged down over the period, finishing at 6.1% in April 2021. Core inflation, which includes all items except food and energy, rose 3.0% over the twelve months ended in April. Oil prices increased sharply during the period.
Stock markets delivered double-digit gains across all size and style categories for the period. Equities benefited from the recovering economy, aided by aggressive fiscal action and accommodative monetary policy. The Federal Reserve held the federal funds target rate steady at historically low levels throughout the period, maintaining the key short-term interest-rate measure at 0.00%–0.25%. The federal government approved a $900 billion stimulus package in December 2020 and enacted an additional $1.9 trillion COVID-19 relief bill in March 2021.
For the six months, the Russell 3000® Index, a broad measure of the U.S. stock market, gained 31.08%. Smaller stocks outperformed large-cap equities, while value shares outpaced growth stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)
All benchmark sectors generated significant gains
All eleven industry sectors in the Russell 2500 Index registered strong returns for the six months, led by energy, which soared 111.3%. Industrials, which rose 49.3%, made the largest contribution to the index’s return, followed by financials and consumer discretionary, which gained 52.8% and 59.0%, respectively. Together, these four sectors represented nearly one-half of the benchmark’s total market capitalization on April 30, 2021. Utilities, which advanced 19.1%, was the worst-performing sector and made the smallest contribution to the index’s return.
For the six-month period, four of the five largest stocks in the Russell 2500 posted gains that surpassed the overall return of the benchmark. They were software provider HubSpot, health care firm Novocure, e-commerce retailer Etsy and online real estate company Zillow. Testing equipment maker Teradyne trailed the benchmark by a narrow margin.
Fund outperformed its benchmark
The Fund outperformed its benchmark primarily on the strength of successful stock selections. Chief among them was an overweight position in retailer GameStop, which rose dramatically due to social media-driven buying. The next-largest contributors were overweight positions in online advertising company Magnite and electrical infrastructure provider Atkore, both of which also posted outsized gains.
The largest detractor was an overweight position in Acadia Pharmaceuticals, which experienced a setback in the approval for expanded use of a key drug. Overweight positions in fitness equipment maker Nautilus and biopharmaceutical company Amicus Therapeutics also detracted.
22 | 2021 Semiannual Report ■ TIAA-CREF Funds: Equity Funds |
Performance as of April 30, 2021
Quant Small/Mid-Cap Equity | Average annual | Annual operating | ||||||||||||||||||||
Fund | Total return | total return | expenses* | |||||||||||||||||||
Inception | since | |||||||||||||||||||||
date | 6 months | 1 year | inception | gross | net | |||||||||||||||||
Institutional Class | 8/5/16 | 51.62 | % | 78.85 | % | 17.95 | % | 0.50 | % | 0.50 | % | |||||||||||
Advisor Class | 8/5/16 | 51.54 | 78.69 | 17.92 | 0.58 | 0.58 | ||||||||||||||||
Premier Class | 8/5/16 | 51.47 | 78.51 | 17.77 | 0.68 | 0.68 | ||||||||||||||||
Retirement Class | 8/5/16 | 51.34 | 78.48 | 17.64 | 0.75 | 0.75 | ||||||||||||||||
Retail Class | 8/5/16 | 51.21 | 78.18 | 17.49 | 0.89 | 0.89 | ||||||||||||||||
Class W | 9/28/18 | 51.93 | 79.81 | 18.27 | † | 0.50 | 0.00 | |||||||||||||||
Russell 2500® Index | — | 44.37 | 71.95 | 15.66 | ‡ | — | — |
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, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period. |
† | 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. |
Holdings by company size | |
Market capitalization | % of equity investments as of 4/30/2021 |
More than $50 billion | 1.6 |
More than $15 billion–$50 billion | 9.8 |
More than $2 billion–$15 billion | 70.2 |
$2 billion or less | 18.4 |
Total | 100.0 |
Fund profile | |
as of 4/30/2021 | |
Net assets | $1.19 billion |
Portfolio turnover rate* | 47% |
Number of holdings | 400 |
Weighted median market capitalization | $5.78 billion |
Price/earnings ratio (weighted 12-month trailing average)† | 47.1 |
* | The portfolio turnover rate covers the six-month period from November 1, 2020–April 30, 2021, and is not annualized. |
† | 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 ■ 2021 Semiannual Report | 23 |
Expense example | |||
Six months ended April 30, 2021 | |||
Expenses | |||
paid | |||
Beginning | Ending | during | |
account | account | period* | |
Social Choice | value | value | (11/1/20– |
Equity Fund | (11/1/20) | (4/30/21) | 4/30/21) |
Actual return | |||
Institutional Class | $1,000.00 | $1,303.02 | $0.91 |
Advisor Class | 1,000.00 | 1,303.07 | 1.43 |
Premier Class | 1,000.00 | 1,302.09 | 1.83 |
Retirement Class | 1,000.00 | 1,301.18 | 2.34 |
Retail Class | 1,000.00 | 1,301.93 | 2.51 |
5% annual hypothetical return | |||
Institutional Class | 1,000.00 | 1,024.00 | 0.80 |
Advisor Class | 1,000.00 | 1,023.55 | 1.25 |
Premier Class | 1,000.00 | 1,023.21 | 1.61 |
Retirement Class | 1,000.00 | 1,022.76 | 2.06 |
Retail Class | 1,000.00 | 1,022.61 | 2.21 |
* | “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 181/365. There were 181 days in the six months ended April 30, 2021. The Fund’s annualized six-month expense ratios for that period were 0.16% for the Institutional Class, 0.25% for the Advisor Class, 0.32% for the Premier Class, 0.41% for the Retirement Class and 0.44% 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 | |
% of net assets | |
Sector | as of 4/30/2021 |
Information technology | 25.6 |
Health care | 13.5 |
Financials | 12.4 |
Consumer discretionary | 11.1 |
Industrials | 10.2 |
Communication services | 9.7 |
Consumer staples | 5.6 |
Real estate | 3.3 |
Materials | 3.2 |
Energy | 2.7 |
Utilities | 2.4 |
Short-term investments, other assets & liabilities, net | 0.3 |
Total | 100.0 |
Performance for the six months ended April 30, 2021
The Social Choice Equity Fund returned 30.30% for the Institutional Class, compared with the 31.08% return of its benchmark, the Russell 3000® Index. For the one-year period ended April 30, 2021, the Fund returned 49.18% versus 50.92% for the 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.
Fund’s relative performance was hindered by omitting some stocks
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 six-month period, but the net effect was that the Fund underperformed its benchmark.
Excluding JPMorgan Chase, Bank of America and Exxon Mobil detracted most from the Fund’s performance relative to its benchmark. JPMorgan Chase saw its net income rise, aided by an improving economy, and low long-term interest rates supported strength in the firm’s mortgage loan originations. Bank of America was helped by progress toward ending the pandemic and optimism regarding economic improvement. Exxon Mobil benefited as crude oil prices rebounded from multiyear lows in 2020.
Fund benefited from excluding other benchmark stocks
Not holding Amazon.com, Facebook or Walmart had the most positive effect on relative performance among stocks in which the Fund did not invest. Amazon rose during the period, but it trailed the benchmark’s return. Facebook’s stock rose, but it underperformed the broader market due to ongoing privacy regulation issues. Walmart’s earnings disappointed investors, as did the company’s expectation that sales would moderate over the coming year.
Fund trailed 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, an overweight position in Quidel, an underweight in PayPal and an overweight in Procter & Gamble hindered relative performance the most. Quidel, a provider of rapid diagnostic testing solutions, announced that revenues were below previous expectations due to the difficulty in predicting demand for COVID-19 tests as well as a flu season that failed to materialize. PayPal’s stock outperformed as net new active accounts, total payment volume and net revenue increased. Procter & Gamble’s stock declined over the six-month period, despite reporting solid results in a challenging operating environment.
By contrast, the Fund’s performance was helped most by overweight positions in Tesla, Applied Materials and Expedia Group. Electric car maker Tesla reported that its Model 3 was the best-selling premium sedan in the world and that revenue growth remained strong compared to the prior year. Semiconductor manufacturing equipment supplier Applied Materials saw record quarterly revenues as demand for silicon chips remained robust. Amid vaccine rollouts, internet-based travel company Expedia gained on consumer optimism for a more normal travel environment in 2021.
24 | 2021 Semiannual Report ■ TIAA-CREF Funds: Equity Funds |
Performance as of April 30, 2021 | ||||||||||||||||||||||||||
Social Choice Equity Fund | Average annual | Annual operating | ||||||||||||||||||||||||
Total return | total return | expenses* | ||||||||||||||||||||||||
Inception | ||||||||||||||||||||||||||
date | 6 months | 1 year | 5 years | 10 years | gross | net | ||||||||||||||||||||
Institutional Class | 7/1/99 | 30.30 | % | 49.18 | % | 17.46 | % | 13.42 | % | 0.18 | % | 0.18 | % | |||||||||||||
Advisor Class | 12/4/15 | 30.31 | 49.05 | 17.41 | 13.39 | † | 0.26 | 0.26 | ||||||||||||||||||
Premier Class | 9/30/09 | 30.21 | 48.93 | 17.28 | 13.25 | 0.34 | 0.34 | |||||||||||||||||||
Retirement Class | 10/1/02 | 30.12 | 48.79 | 17.15 | 13.13 | 0.43 | 0.43 | |||||||||||||||||||
Retail Class | 3/31/06 | 30.19 | 48.79 | 17.14 | 13.11 | 0.46 | 0.46 | |||||||||||||||||||
Russell 3000® Index | — | 31.08 | 50.92 | 17.67 | 14.03 | — | — |
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, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period. |
† | 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. |
Holdings by company size | |
Market capitalization | % of equity investments as of 4/30/2021 |
More than $50 billion | 60.8 |
More than $15 billion–$50 billion | 26.7 |
More than $2 billion–$15 billion | 10.8 |
$2 billion or less | 1.7 |
Total | 100.0 |
Fund profile | |
as of 4/30/2021 | |
Net assets | $7.01 billion |
Portfolio turnover rate* | 16% |
Number of holdings | 634 |
Weighted median market capitalization | $79.27 billion |
Price/earnings ratio (weighted 12-month trailing average)† | 43.5 |
* | The portfolio turnover rate covers the six-month period from November 1, 2020–April 30, 2021, and is not annualized. |
† | 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 ■ 2021 Semiannual Report | 25 |
Social Choice Low Carbon Equity Fund
Expense example | |||||||||||
Six months ended April 30, 2021 | |||||||||||
Social Choice Low Carbon Equity Fund | Beginning account value (11/1/20) | Ending account value (4/30/21) | Expenses paid during period* (11/1/20– 4/30/21) | ||||||||
Actual return | |||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,305.30 | $ 1.77 | ||||||
Advisor Class | 1,000.00 | 1,305.39 | 2.29 | ||||||||
Premier Class | 1,000.00 | 1,304.33 | 2.69 | ||||||||
Retirement Class | 1,000.00 | 1,303.22 | 3.20 | ||||||||
Retail Class | 1,000.00 | 1,303.68 | 3.60 | ||||||||
5% annual hypothetical return | |||||||||||
Institutional Class | 1,000.00 | 1,023.26 | 1.56 | ||||||||
Advisor Class | 1,000.00 | 1,022.81 | 2.01 | ||||||||
Premier Class | 1,000.00 | 1,022.46 | 2.36 | ||||||||
Retirement Class | 1,000.00 | 1,022.02 | 2.81 | ||||||||
Retail Class | 1,000.00 | 1,021.67 | 3.16 |
* | “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 181/365. There were 181 days in the six months ended April 30, 2021. The Fund’s annualized six-month expense ratios for that period were 0.31% for the Institutional Class, 0.40% for the Advisor Class, 0.47% for the Premier Class, 0.56% for the Retirement Class and 0.63% 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 | |||
% of net assets | |||
Sector | as of 4/30/2021 | ||
Information technology | 24.9 | ||
Health care | 13.2 | ||
Financials | 12.7 | ||
Consumer discretionary | 11.2 | ||
Industrials | 10.3 | ||
Communication services | 9.8 | ||
Consumer staples | 5.7 | ||
Real estate | 3.6 | ||
Materials | 3.1 | ||
Energy | 2.0 | ||
Utilities | 1.8 | ||
Short-term investments, other assets & liabilities, net | 1.7 | ||
Total | 100.0 |
Performance for the six months ended April 30, 2021
The Social Choice Low Carbon Equity Fund returned 30.53% for the Institutional Class, compared with the 31.08% return of its benchmark, the Russell 3000® Index. For the one-year period ended April 30, 2021, the Fund returned 51.06% versus 50.92% for the 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 some stocks hindered 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 six-month period, but the net effect was that the Fund underperformed its benchmark.
Among stocks the Fund left out, JPMorgan Chase, Bank of America and Exxon Mobil detracted most from performance relative to the benchmark. JPMorgan Chase saw net income rise, aided by an improving economy, and low long-term interest rates supported strength in the firm’s mortgage loan originations. Bank of America was helped by progress toward ending the pandemic and optimism regarding economic improvement. Exxon Mobil benefited as crude oil prices recovered from multiyear lows in 2020.
Omitting other stocks helped the Fund’s relative performance
Not holding Amazon.com, Facebook or Walmart contributed most to relative performance among stocks the Fund avoided. Amazon rose during the period, but it trailed the benchmark’s return. Facebook’s stock rose but underperformed the broader market due to ongoing privacy issues. Walmart’s earnings disappointed investors, as did the company’s expectation that sales would moderate over the coming year.
Fund trailed 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.
Among the Fund’s holdings, an underweight position in PayPal and overweights in Quidel and Roku detracted most from the Fund’s relative performance. PayPal’s stock outperformed as net new active accounts, total payment volume and net revenue increased. Quidel, a provider of rapid diagnostic testing solutions, announced that revenues were below previous expectations due to the difficulty of predicting demand for COVID-19 tests and a flu season that failed to materialize. The Fund’s position in Roku, a provider of consumer electronics products—including wireless devices that stream audio and video content—declined during the reporting period.
In contrast, overweight investments in GameStop, Applied Materials and Tesla contributed most to relative performance among stocks the Fund held. Retailer GameStop’s stock soared due to a social media-driven rally. Semiconductor manufacturing equipment provider Applied Materials saw record quarterly revenues as demand for silicon chips remained robust. Electric car maker Tesla reported that its Model 3 was the best-selling premium sedan in the world and that revenue growth was strong compared to the prior year.
26 | 2021 Semiannual Report ■ TIAA-CREF Funds: Equity Funds |
Performance as of April 30, 2021 | ||||||||||||||||||||||||||
Social Choice Low Carbon Equity Fund | Total return | Average annual total return | Annual operating expenses* | |||||||||||||||||||||||
Inception date | 6 months | 1 year | 5 years | since inception | gross | net | ||||||||||||||||||||
Institutional Class | 8/7/15 | 30.53 | % | 51.06 | % | 17.81 | % | 15.48 | % | 0.35 | % | 0.32 | % | |||||||||||||
Advisor Class | 12/4/15 | 30.54 | 50.87 | 17.72 | 15.40 | † | 0.45 | 0.42 | ||||||||||||||||||
Premier Class | 8/7/15 | 30.43 | 50.80 | 17.64 | 15.33 | 0.50 | 0.47 | |||||||||||||||||||
Retirement Class | 8/7/15 | 30.32 | 50.58 | 17.51 | 15.19 | 0.60 | 0.57 | |||||||||||||||||||
Retail Class | 8/7/15 | 30.37 | 50.52 | 17.47 | 15.12 | 0.66 | 0.63 | |||||||||||||||||||
Russell 3000® Index | — | 31.08 | 50.92 | 17.67 | 15.21 | ‡ | — | — |
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, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period. |
† | 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. |
Holdings by company size | |
% of equity investments | |
Market capitalization | as of 4/30/2021 |
More than $50 billion | 63.0 |
More than $15 billion–$50 billion | 26.5 |
More than $2 billion–$15 billion | 8.8 |
$2 billion or less | 1.7 |
Total | 100.0 |
Fund profile | |
as of 4/30/2021 | |
Net assets | $763.44 million |
Portfolio turnover rate* | 14% |
Number of holdings | 494 |
Weighted median market capitalization | $82.24 billion |
Price/earnings ratio (weighted 12-month trailing average)† | 38.3 |
* | The portfolio turnover rate covers the six-month period from November 1, 2020–April 30, 2021, and is not annualized. |
† | 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 ■ 2021 Semiannual Report | 27 |
Expense example | |||||||||||
Six months ended April 30, 2021 | |||||||||||
Emerging Markets Equity Fund | Beginning account value (11/1/20) | Ending account value (4/30/21) | Expenses paid during period* (11/1/20– 4/30/21) | ||||||||
Actual return | |||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,224.63 | $ | 4.85 | |||||
Advisor Class | 1,000.00 | 1,222.72 | 5.35 | ||||||||
Premier Class | 1,000.00 | 1,223.41 | 5.40 | ||||||||
Retirement Class | 1,000.00 | 1,223.63 | 5.40 | ||||||||
Retail Class | 1,000.00 | 1,221.96 | 7.27 | ||||||||
Class W | 1,000.00 | 1,229.52 | 0.00 | ||||||||
5% annual hypothetical return | |||||||||||
Institutional Class | 1,000.00 | 1,020.43 | 4.41 | ||||||||
Advisor Class | 1,000.00 | 1,019.98 | 4.86 | ||||||||
Premier Class | 1,000.00 | 1,019.93 | 4.91 | ||||||||
Retirement Class | 1,000.00 | 1,019.93 | 4.91 | ||||||||
Retail Class | 1,000.00 | 1,018.25 | 6.61 | ||||||||
Class W | 1,000.00 | 1,024.79 | 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 181/365. There were 181 days in the six months ended April 30, 2021. The Fund’s annualized six-month expense ratios for that period were 0.88% for the Institutional Class, 0.97% for the Advisor Class, 0.98% for the Premier Class, 0.98% for the Retirement Class, 1.32% 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 | |
% of net assets | |
Sector | as of 4/30/2021 |
Consumer discretionary | 35.0 |
Information technology | 16.6 |
Communication services | 15.5 |
Financials | 13.1 |
Consumer staples | 9.0 |
Energy | 5.8 |
Materials | 3.5 |
Real estate | 1.0 |
Short-term investments, other assets & liabilities, net | 0.5 |
Total | 100.0 |
Performance for the six months ended April 30, 2021
The Emerging Markets Equity Fund returned 22.46% for the Institutional Class, compared with the 22.95% return of its benchmark, the MSCI Emerging Markets Index. For the one-year period ended April 30, 2021, the Fund returned 55.66% versus 48.71% for the index. The performance table shows returns for all share classes of the Fund.
Foreign stocks advanced as economic results varied
International stocks in both developed- and emerging-markets countries recorded solid gains as investors anticipated a return to more normal business activity and the easing of pandemic-related restrictions. But global economies performed unevenly as the effectiveness of COVID-19 recovery efforts varied widely. The economy in the 19-nation euro area contracted during the period, while China’s economy grew at its fastest pace in nearly three decades.
Global central banks maintained highly accommodative monetary policies. The Federal Reserve left the federal funds target rate unchanged at 0.00%–0.25%, while the European Central Bank held its benchmark interest rates at near-zero levels and maintained its aggressive bond-buying program.
The MSCI EAFE® Index, which measures stock performance in 21 developed-markets nations outside North America, gained 28.84%, outperforming the MSCI Emerging Markets Index. Both benchmarks underperformed the 31.08% return of the Russell 3000® Index, a broad measure of the U.S. stock market.
Most countries in the benchmark advanced
Of the 27 country components in the MSCI Emerging Markets Index, 26 posted gains in U.S.-dollar terms for the six months. Czech Republic and Greece—two of the smallest index components—rose 52.0% and 47.1%, respectively. Taiwan, the second-largest component, advanced 45.2%. Korea, the third-largest component, gained 43.8%. Together, these four countries accounted for nearly 30.0% of the index’s total market capitalization on April 30, 2021. Egypt was the only decliner, returning –2.1%.
Fund advanced strongly but trailed its benchmark
For the six-month period, the Fund posted double-digit gains but underperformed its benchmark. The largest detractors were overweight positions in China-based companies Alibaba Group Holding, an internet retail giant that has come under antitrust scrutiny, and HUYA, a video game developer. India-based energy firm Reliance Industries also detracted.
By contrast, the three largest contributors were overweight positions in Brazilian retail giant Companhia Brasileira de Distribuicao, which had strong first-quarter revenues and earnings, followed by Mexican media company Grupo Televisa, SAB and South Korean beauty and cosmetics firm Amorepacific Corp.
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.
28 | 2021 Semiannual Report ■ TIAA-CREF Funds: Equity Funds |
Performance as of April 30, 2021 | ||||||||||||||||||||||||||
Emerging Markets Equity Fund | Total return | Average annual total return | Annual operating expenses* | |||||||||||||||||||||||
Inception date | 6 months | 1 year | 5 years | 10 years | gross | net | ||||||||||||||||||||
Institutional Class | 8/31/10 | 22.46 | % | 55.66 | % | 14.35 | % | 3.84 | % | 0.88 | % | 0.88 | % | |||||||||||||
Advisor Class | 12/4/15 | 22.27 | 55.57 | 14.31 | 3.81 | † | 0.96 | 0.96 | ||||||||||||||||||
Premier Class | 8/31/10 | 22.34 | 55.47 | 14.22 | 3.70 | 1.03 | 1.03 | |||||||||||||||||||
Retirement Class | 8/31/10 | 22.36 | 55.38 | 14.16 | 3.61 | 1.13 | 1.13 | |||||||||||||||||||
Retail Class | 8/31/10 | 22.20 | 54.98 | 13.93 | 3.44 | 1.27 | 1.27 | |||||||||||||||||||
Class W | 9/28/18 | 22.95 | 57.05 | 14.88 | † | 4.08 | † | 0.88 | 0.00 | |||||||||||||||||
MSCI Emerging Markets Index | — | 22.95 | 48.71 | 12.50 | 3.59 | — | — |
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, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period. |
† | 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. |
Holdings by country | |
% of portfolio investments | |
as of 4/30/2021 | |
China | 32.6 |
Brazil | 13.8 |
Taiwan | 8.4 |
India | 8.3 |
Korea, Republic of | 8.0 |
Mexico | 5.9 |
South Africa | 4.7 |
Macau | 3.4 |
Hong Kong | 2.4 |
Tanzania, United Republic of | 2.1 |
7 other nations | 8.1 |
Short-term investments | 2.3 |
Total | 100.0 |
Holdings by company size | |
% of equity investments | |
Market capitalization | as of 4/30/2021 |
More than $50 billion | 47.1 |
More than $15 billion–$50 billion | 16.0 |
More than $2 billion–$15 billion | 27.6 |
$2 billion or less | 9.3 |
Total | 100.0 |
Fund profile | |
as of 4/30/2021 | |
Net assets | $1.61 billion |
Portfolio turnover rate* | 45% |
Number of holdings | 59 |
Weighted median market capitalization | $42.73 billion |
Price/earnings ratio (weighted 12-month trailing average)† | 62.4 |
* | The portfolio turnover rate covers the six-month period from November 1, 2020–April 30, 2021, and is not annualized. |
† | 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 ■ 2021 Semiannual Report | 29 |
Expense example | |||||||||||
Six months ended April 30, 2021 | |||||||||||
International Equity Fund | Beginning account value (11/1/20) | Ending account value (4/30/21) | Expenses paid during period* (11/1/20– 4/30/21) | ||||||||
Actual return | |||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,286.33 | $ | 2.61 | |||||
Advisor Class | 1,000.00 | 1,285.25 | 3.17 | ||||||||
Premier Class | 1,000.00 | 1,284.42 | 3.46 | ||||||||
Retirement Class | 1,000.00 | 1,285.08 | 4.02 | ||||||||
Retail Class | 1,000.00 | 1,283.79 | 4.53 | ||||||||
Class W | 1,000.00 | 1,288.43 | 0.00 | ||||||||
5% annual hypothetical return | |||||||||||
Institutional Class | 1,000.00 | 1,022.51 | 2.31 | ||||||||
Advisor Class | 1,000.00 | 1,022.02 | 2.81 | ||||||||
Premier Class | 1,000.00 | 1,021.77 | 3.06 | ||||||||
Retirement Class | 1,000.00 | 1,021.27 | 3.56 | ||||||||
Retail Class | 1,000.00 | 1,020.83 | 4.01 | ||||||||
Class W | 1,000.00 | 1,024.79 | 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 181/365. There were 181 days in the six months ended April 30, 2021. The Fund’s annualized six-month expense ratios for that period were 0.46% for the Institutional Class, 0.56% for the Advisor Class, 0.61% for the Premier Class, 0.71% for the Retirement Class, 0.80% 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 | |
% of net assets | |
Sector | as of 4/30/2021 |
Financials | 19.1 |
Industrials | 18.5 |
Consumer discretionary | 15.4 |
Information technology | 10.6 |
Materials | 10.6 |
Health care | 8.3 |
Consumer staples | 6.6 |
Communication services | 3.3 |
Energy | 3.3 |
Utilities | 2.7 |
Short-term investments, other assets & liabilities, net | 1.6 |
Total | 100.0 |
Performance for the six months ended April 30, 2021
The International Equity Fund returned 28.63% for the Institutional Class, compared with the 28.84% return of its benchmark, the MSCI EAFE® Index. For the one-year period ended April 30, 2021, the Fund returned 50.90% versus 39.88% for the index. The performance table shows returns for all share classes of the Fund.
Foreign stocks advanced as economic results varied
International stocks in both developed- and emerging-markets countries recorded solid gains as investors anticipated a return to more normal business activity and the easing of pandemic-related restrictions. But global economies performed unevenly as the effectiveness of COVID-19 recovery efforts varied widely. The economy in the 19-nation euro area contracted during the period, while China’s economy grew at its fastest pace in nearly three decades.
Global central banks maintained highly accommodative monetary policies. The Federal Reserve left the federal funds target rate unchanged at 0.00%–0.25%. The European Central Bank held its benchmark interest rates steady at near-zero levels and maintained an aggressive bond-buying program to support European economies. The Bank of England kept its benchmark interest rate at 0.10%
The MSCI EAFE Index, which measures stock performance in 21 developed-markets nations outside North America, outperformed the 22.95% return of the MSCI Emerging Markets Index for the period. Both benchmarks underperformed the 31.08% return of the Russell 3000® Index, a broad measure of the U.S. stock market.
All countries in the benchmark advanced
All of the 21 countries in the MSCI EAFE Index advanced in U.S.-dollar terms for the six-month period. The largest index components were Japan (23.8%), the United Kingdom (14.5%) and France (11.5%), gaining 17.2%, 36.5% and 40.1%, respectively. These three nations collectively represented nearly one-half of the benchmark’s total market capitalization on April 30, 2021.
Fund trailed its benchmark
The largest detractor from the Fund’s performance versus the benchmark was an overweight position in Japanese game maker Nintendo, which, despite strong sales, did not escape the volatility in technology share prices during the period. An underweight in energy giant Royal Dutch Shell and an overweight in Japanese pharmaceutical firm Daiichi Sankyo were the next-largest detractors.
In contrast, overweight positions in Dutch financial firm ING, European multinational Airbus and French financial company BNP Paribas contributed to the Fund’s relative performance. ING saw profits rebound on increased fee income and lower risk costs.
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.
30 | 2021 Semiannual Report ■ TIAA-CREF Funds: Equity Funds |
Performance as of April 30, 2021 | ||||||||||||||||||||||||||
International Equity Fund | Total return | Average annual total return | Annual operating expenses* | |||||||||||||||||||||||
Inception date | 6 months | 1 year | 5 years | 10 years | gross | net | ||||||||||||||||||||
Institutional Class | 7/1/99 | 28.63 | % | 50.90 | % | 8.65 | % | 4.84 | % | 0.48 | % | 0.48 | % | |||||||||||||
Advisor Class | 12/4/15 | 28.52 | 50.69 | 8.54 | 4.79 | † | 0.57 | 0.57 | ||||||||||||||||||
Premier Class | 9/30/09 | 28.44 | 50.56 | 8.48 | 4.69 | 0.63 | 0.63 | |||||||||||||||||||
Retirement Class | 10/1/02 | 28.51 | 50.41 | 8.38 | 4.59 | 0.73 | 0.73 | |||||||||||||||||||
Retail Class | 3/31/06 | 28.38 | 50.29 | 8.30 | 4.50 | 0.82 | 0.82 | |||||||||||||||||||
Class W | 9/28/18 | 28.84 | 51.51 | 8.91 | † | 4.97 | † | 0.48 | 0.00 | |||||||||||||||||
MSCI EAFE® Index | — | 28.84 | 39.88 | 8.87 | 5.22 | — | — |
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, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period. |
† | 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. |
Holdings by country | |
% of portfolio investments | |
as of 4/30/2021 | |
Japan | 19.8 |
France | 17.1 |
United Kingdom | 12.9 |
Germany | 10.9 |
Netherlands | 6.6 |
Australia | 6.3 |
Switzerland | 5.4 |
Denmark | 2.8 |
China | 2.4 |
Italy | 2.3 |
9 other nations | 12.5 |
Short-term investments | 1.0 |
Total | 100.0 |
Holdings by company size | |
% of equity investments | |
Market capitalization | as of 4/30/2021 |
More than $50 billion | 60.1 |
More than $15 billion–$50 billion | 32.5 |
More than $2 billion–$15 billion | 7.4 |
Total | 100.0 |
Fund profile | |
as of 4/30/2021 | |
Net assets | $6.11 billion |
Portfolio turnover rate* | 16% |
Number of holdings | 87 |
Weighted median market capitalization | $63.66 billion |
Price/earnings ratio (weighted 12-month trailing average)† | 31.3 |
* | The portfolio turnover rate covers the six-month period from November 1, 2020–April 30, 2021, and is not annualized. |
† | 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 ■ 2021 Semiannual Report | 31 |
International Opportunities Fund
Expense example
Six months ended April 30, 2021
International Opportunities Fund | Beginning account value (11/1/20) | Ending account value (4/30/21) | Expenses paid during period* (11/1/20– 4/30/21) | ||||||||
Actual return | |||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,229.35 | $ | 3.37 | |||||
Advisor Class | 1,000.00 | 1,229.37 | 3.92 | ||||||||
Premier Class | 1,000.00 | 1,228.71 | 4.26 | ||||||||
Retirement Class | 1,000.00 | 1,228.98 | 4.26 | ||||||||
Retail Class | 1,000.00 | 1,227.31 | 5.96 | ||||||||
Class W | 1,000.00 | 1,233.64 | 0.00 | ||||||||
5% annual hypothetical return | |||||||||||
Institutional Class | 1,000.00 | 1,021.77 | 3.06 | ||||||||
Advisor Class | 1,000.00 | 1,021.27 | 3.56 | ||||||||
Premier Class | 1,000.00 | 1,020.98 | 3.86 | ||||||||
Retirement Class | 1,000.00 | 1,020.98 | 3.86 | ||||||||
Retail Class | 1,000.00 | 1,019.44 | 5.41 | ||||||||
Class W | 1,000.00 | 1,024.79 | 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 181/365. There were 181 days in the six months ended April 30, 2021. The Fund’s annualized six-month expense ratios for that period were 0.61% for the Institutional Class, 0.71% for the Advisor Class, 0.77% for the Premier Class, 0.77% for the Retirement Class, 1.08% 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 4/30/2021 | ||
Information technology | 20.4 | ||
Consumer discretionary | 18.3 | ||
Industrials | 14.0 | ||
Financials | 12.1 | ||
Consumer staples | 9.6 | ||
Health care | 9.5 | ||
Materials | 5.8 | ||
Energy | 3.0 | ||
Communication services | 3.0 | ||
Real estate | 0.8 | ||
Short-term investments, other assets & liabilities, net | 3.5 | ||
Total | 100.0 |
Performance for the six months ended April 30, 2021
The International Opportunities Fund returned 22.93% for the Institutional Class, compared with the 27.40% return of its benchmark, the MSCI All Country World (ACWI) ex USA Index. For the one-year period ended April 30, 2021, the Fund returned 55.78% versus 42.98% for the index. The performance table shows returns for all share classes of the Fund.
Foreign stocks advanced as economic results varied
International stocks in both developed- and emerging-markets countries recorded solid gains as investors anticipated a return to more normal business activity and the easing of pandemic-related restrictions. But global economies performed unevenly as the effectiveness of COVID-19 recovery efforts varied widely. The economy in the 19-nation euro area contracted during the period, while China’s economy grew at its fastest pace in nearly three decades.
Global central banks maintained highly accommodative monetary policies. The Federal Reserve left the federal funds target rate unchanged at 0.00%–0.25%. The European Central Bank held its benchmark interest rates steady at near-zero levels and maintained an aggressive bond-buying program to support European economies. The Bank of England kept its benchmark interest rate at 0.10%
The MSCI EAFE® Index, which measures stock performance in 21 developed-markets nations outside North America, returned 28.84%, outperforming the 22.95% return of the MSCI Emerging Markets Index for the period. Both benchmarks underperformed the 31.08% return of the Russell 3000® Index, a broad measure of the U.S. stock market.
Most country components outperformed the benchmark’s return
Within the MSCI ACWI ex USA Index, 28 of 49 countries beat the benchmark’s return in U.S.-dollar terms for the six-month period. The largest markets were Japan (14.9%), China (11.6%) and the United Kingdom (9.0%), returning 17.2%, 6.6% and 36.5%, respectively. These three nations collectively represented over one-third of the index’s total market capitalization on April 30, 2021.
Fund trailed its benchmark
The Fund trailed its benchmark for the six months. The largest detractors were out-of-benchmark positions in Japanese internet services provider BASE and Japan-based uniforms retailer Workman. An overweight position in Japanese website operator MonotaRO also detracted.
By contrast, the Fund’s relative performance benefited most from an overweight position in Brazil’s Banco Inter and by the exclusion of Chinese online retailer Alibaba Group, a large benchmark stock that declined. An overweight in U.K.-based equipment rental company Ashtead also contributed. Banco Inter and Ashtead both outperformed 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.
32 | 2021 Semiannual Report ■ TIAA-CREF Funds: Equity Funds |
Performance as of April 30, 2021
International Opportunities Fund | Total return | Average annual total return | Annual operating expenses* | |||||||||||||||||||||||
Inception date | 6 months | 1 year | 5 years | since inception | gross | net | ||||||||||||||||||||
Institutional Class | 4/12/13 | 22.93 | % | 55.78 | % | 14.90 | % | 9.54 | % | 0.61 | % | 0.61 | % | |||||||||||||
Advisor Class | 12/4/15 | 22.94 | 55.73 | 14.84 | 9.49 | † | 0.71 | 0.71 | ||||||||||||||||||
Premier Class | 4/12/13 | 22.87 | 55.64 | 14.76 | 9.38 | 0.77 | 0.77 | |||||||||||||||||||
Retirement Class | 4/12/13 | 22.90 | 55.54 | 14.69 | 9.30 | 0.86 | 0.86 | |||||||||||||||||||
Retail Class | 4/12/13 | 22.73 | 55.27 | 14.44 | 9.10 | 1.01 | 1.01 | |||||||||||||||||||
Class W | 9/28/18 | 23.36 | 56.86 | 15.27 | † | 9.75 | † | 0.61 | 0.00 | |||||||||||||||||
MSCI All Country World Index ex USA | — | 27.40 | 42.98 | 9.83 | 6.30 | ‡ | — | — |
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, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period. |
† | 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. |
Holdings by country
% of portfolio investments as of 4/30/2021 | |||
United Kingdom | 10.3 | ||
Japan | 9.8 | ||
Canada | 8.2 | ||
China | 7.1 | ||
Netherlands | 5.9 | ||
Brazil | 5.8 | ||
Australia | 5.7 | ||
Germany | 5.3 | ||
France | 5.1 | ||
Ireland | 4.4 | ||
15 other nations | 26.1 | ||
Short-term investments | 6.3 | ||
Total | 100.0 |
Holdings by company size
Market capitalization | % of equity investments as of 4/30/2021 | ||
More than $50 billion | 24.3 | ||
More than $15 billion–$50 billion | 32.0 | ||
More than $2 billion–$15 billion | 40.4 | ||
$2 billion or less | 3.3 | ||
Total | 100.0 |
Fund profile
as of 4/30/2021 | |
Net assets | $2.15 billion |
Portfolio turnover rate* | 12% |
Number of holdings | 100 |
Weighted median market capitalization | $24.32 billion |
Price/earnings ratio (weighted 12-month trailing average)† | 52.7 |
* | The portfolio turnover rate covers the six-month period from November 1, 2020–April 30, 2021, and is not annualized. |
† | 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 ■ 2021 Semiannual Report | 33 |
Quant International Small-Cap Equity Fund
Expense example
Six months ended April 30, 2021
Quant International Small-Cap Equity Fund | Beginning account value (11/1/20) | Ending account value (4/30/21) | Expenses paid during period* (11/1/20– 4/30/21) | ||||||||
Actual return | |||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,309.53 | $ | 3.84 | |||||
Advisor Class | 1,000.00 | 1,309.40 | 4.12 | ||||||||
Premier Class | 1,000.00 | 1,307.97 | 4.86 | ||||||||
Retirement Class | 1,000.00 | 1,307.68 | 4.81 | ||||||||
Retail Class | 1,000.00 | 1,306.67 | 6.23 | ||||||||
Class W | 1,000.00 | 1,314.26 | 0.00 | ||||||||
5% annual hypothetical return | |||||||||||
Institutional Class | 1,000.00 | 1,021.47 | 3.36 | ||||||||
Advisor Class | 1,000.00 | 1,021.22 | 3.61 | ||||||||
Premier Class | 1,000.00 | 1,020.58 | 4.26 | ||||||||
Retirement Class | 1,000.00 | 1,020.63 | 4.21 | ||||||||
Retail Class | 1,000.00 | 1,019.39 | 5.46 | ||||||||
Class W | 1,000.00 | 1,024.79 | 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 181/365. There were 181 days in the six months ended April 30, 2021. The Fund’s annualized six-month expense ratios for that period were 0.67% for the Institutional Class, 0.72% 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 4/30/2021 | ||
Industrials | 20.3 | ||
Consumer discretionary | 12.6 | ||
Financials | 11.8 | ||
Information technology | 11.7 | ||
Materials | 11.4 | ||
Real estate | 9.5 | ||
Health care | 7.7 | ||
Consumer staples | 4.9 | ||
Communication services | 4.4 | ||
Utilities | 2.8 | ||
Energy | 2.3 | ||
Short-term investments, other assets & liabilities, net | 0.6 | ||
Total | 100.0 |
Performance for the six months ended April 30, 2021
The Quant International Small-Cap Equity Fund returned 30.95% for the Institutional Class, compared with the 34.44% return of its benchmark, the MSCI All Country World (ACWI) ex USA Small Cap Index. For the one-year period ended April 30, 2021, the Fund returned 55.39% versus 58.37% for the index. The performance table shows returns for all share classes of the Fund.
Foreign stocks advanced as economic results varied
International stocks in both developed- and emerging-markets countries recorded solid gains as investors anticipated a return to more normal business activity and the easing of pandemic-related restrictions. But global economies performed unevenly as the effectiveness of COVID-19 recovery efforts varied widely. The economy in the 19-nation euro area contracted during the period, while China’s economy grew at its fastest pace in nearly three decades.
Global central banks maintained highly accommodative monetary policies. The Federal Reserve left the federal funds target rate unchanged at 0.00%–0.25%. The European Central Bank held its benchmark interest rates steady at near-zero levels and maintained an aggressive bond-buying program to support European economies.
The MSCI EAFE® Index, which measures stock performance in 21 developed-markets nations outside North America, returned 28.84%, outperforming the 22.95% return of the MSCI Emerging Markets Index for the period. Both benchmarks underperformed the 31.08% return of the Russell 3000® Index, a broad measure of the U.S. stock market.
Most country components outperformed the benchmark’s return
For the six-month period, 28 of 49 countries had returns that exceeded that of the benchmark in U.S.-dollar terms. The largest markets were Japan (18.7%), the United Kingdom (12.6%) and Canada (6.5%), returning 13.2%, 46.0% and 39.3%, respectively. Together, these three nations represented over one-third of the index’s total market capitalization on April 30, 2021.
Fund trailed its benchmark
For the six months, the largest detractor from the Fund’s relative performance was an overweight position in Australian protective equipment provider Ansell, which underperformed despite reporting strong operating results. Japanese construction contractor Haseko and Japan-based office products provider ASKUL were the next-largest detractors.
Conversely, several overweight holdings aided relative performance. Dutch semiconductor equipment manufacturer ASM International was the top contributor, followed by Hong Kong-based shipping services provider SITC International Holdings and Canadian transportation firm TFI International. All three companies reported strong revenue growth.
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 | 2021 Semiannual Report ■ TIAA-CREF Funds: Equity Funds |
Performance as of April 30, 2021
Quant International Small-Cap Equity Fund | Total return | Average annual total return | Annual operating expenses* | |||||||||||||||||||
Inception date | 6 months | 1 year | since inception | gross | net | |||||||||||||||||
Institutional Class | 12/9/16 | 30.95 | % | 55.39 | % | 8.72 | % | 0.71 | % | 0.71 | % | |||||||||||
Advisor Class | 12/9/16 | 30.94 | 55.21 | 8.65 | 0.79 | 0.79 | ||||||||||||||||
Premier Class | 12/9/16 | 30.80 | 55.07 | 8.58 | 0.91 | 0.90 | ||||||||||||||||
Retirement Class | 12/9/16 | 30.77 | 55.01 | 8.49 | 0.96 | 0.96 | ||||||||||||||||
Retail Class | 12/9/16 | 30.67 | 54.66 | 8.27 | 1.44 | 1.14 | ||||||||||||||||
Class W | 9/28/18 | 31.43 | 56.39 | 9.14 | † | 0.71 | 0.00 | |||||||||||||||
MSCI ACWI ex USA Small Cap Index | — | 34.44 | 58.37 | 12.43 | ‡ | — | — |
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, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period. |
† | 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. |
Holdings by country
% of portfolio investments as of 4/30/2021 | |||
Japan | 16.8 | ||
United Kingdom | 12.1 | ||
Sweden | 6.2 | ||
Australia | 5.9 | ||
Taiwan | 5.8 | ||
Canada | 5.7 | ||
Korea, Republic of | 5.7 | ||
Switzerland | 4.0 | ||
United States | 3.6 | ||
Germany | 2.9 | ||
38 other nations | 30.4 | ||
Short-term investments | 0.9 | ||
Total | 100.0 |
Holdings by company size
Market capitalization | % of equity investments as of 4/30/2021 | ||
More than $50 billion | 0.5 | ||
More than $15 billion–$50 billion | 0.7 | ||
More than $2 billion–$15 billion | 55.8 | ||
$2 billion or less | 43.0 | ||
Total | 100.0 |
Fund profile
as of 4/30/2021 | |
Net assets | $1.25 billion |
Portfolio turnover rate* | 57% |
Number of holdings | 661 |
Weighted median market capitalization | $2.19 billion |
Price/earnings ratio (weighted 12-month trailing average)† | 36.5 |
* | The portfolio turnover rate covers the six-month period from November 1, 2020–April 30, 2021, and is not annualized. |
† | 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 ■ 2021 Semiannual Report | 35 |
Social Choice International Equity Fund
Expense example
Six months ended April 30, 2021
Social Choice International Equity | Beginning account value (11/1/20) | Ending account value (4/30/21) | Expenses paid during period* (11/1/20– 4/30/21) | ||||||||
Actual return | |||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,279.42 | $ | 2.09 | |||||
Advisor Class | 1,000.00 | 1,279.38 | 2.66 | ||||||||
Premier Class | 1,000.00 | 1,278.51 | 2.99 | ||||||||
Retirement Class | 1,000.00 | 1,278.46 | 3.50 | ||||||||
Retail Class | 1,000.00 | 1,277.96 | 4.12 | ||||||||
5% annual hypothetical return | |||||||||||
Institutional Class | 1,000.00 | 1,022.96 | 1.86 | ||||||||
Advisor Class | 1,000.00 | 1,022.46 | 2.36 | ||||||||
Premier Class | 1,000.00 | 1,022.17 | 2.66 | ||||||||
Retirement Class | 1,000.00 | 1,021.72 | 3.11 | ||||||||
Retail Class | 1,000.00 | 1,021.17 | 3.66 |
* | “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 181/365. There were 181 days in the six months ended April 30, 2021. The Fund’s annualized six-month expense ratios for that period were 0.37% for the Institutional Class, 0.47% for the Advisor Class, 0.53% for the Premier Class, 0.62% for the Retirement Class and 0.73% 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 4/30/2021 | ||
Financials | 18.2 | ||
Industrials | 14.0 | ||
Consumer discretionary | 11.5 | ||
Health care | 11.3 | ||
Consumer staples | 9.6 | ||
Materials | 8.7 | ||
Information technology | 8.3 | ||
Communication services | 5.5 | ||
Utilities | 4.0 | ||
Real estate | 3.9 | ||
Energy | 3.7 | ||
Short-term investments, other assets & liabilities, net | 1.3 | ||
Total | 100.0 |
Performance for the six months ended April 30, 2021
The Social Choice International Equity Fund returned 27.94% for the Institutional Class, compared with the 28.84% return of its benchmark, the MSCI EAFE® Index. For the one-year period ended April 30, 2021, the Fund returned 39.70% versus 39.88% for the 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 detracted from the Fund’s relative performance
Because of its ESG criteria, the Fund omitted certain stocks in the MSCI EAFE Index. Excluding these companies produced mixed results during the six-month period, but the net effect was that the Fund underperformed its benchmark.
The Fund’s relative performance was hurt most by omitting LVMH, Royal Dutch Shell and Banco Santander. French luxury goods group LVMH reported record revenue from its fashion and leather goods segment; Royal Dutch Shell benefited from rising gas prices as demand recovered; and Banco Santander saw profits grow on strength in U.S. and U.K. operations.
Avoiding other stocks benefited the Fund’s relative performance
Leaving out Unilever, Novartis and Reckitt Benckiser aided relative performance most. Consumer products giant Unilever reported that the pandemic continued to affect sales in parts of the world. Lower demand for cold and flu products resulted in weaker financial results for the Sandoz division of Swiss drug-maker Novartis and global consumer goods firm Reckitt Benckiser.
Fund trailed 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.
Among stocks the Fund held, overweight positions in Japanese companies Daiichi Sankyo, Nippon Paint and Unicharm detracted most. Daiichi reported that prescription drug revenue declined, while Nippon Paint saw reduced sales due to the pandemic. Hygiene products manufacturer Unicharm also reported disappointing sales growth.
Conversely, overweights in CNH Industrial, Repsol and Unibail-Rodamco-Westfield (URW) helped relative performance. U.K. industrial company CNH saw robust demand for agricultural machinery and commercial vehicles; Spanish oil and gas producer Repsol posted higher income as crude oil prices recovered; and French real estate investment trust URW’s stock soared in late 2020.
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 | 2021 Semiannual Report ■ TIAA-CREF Funds: Equity Funds |
Performance as of April 30, 2021
Social Choice International Equity Fund | Total return | Average annual total return | Annual operating expenses* | |||||||||||||||||||||||
Inception date | 6 months | 1 year | 5 years | since inception | gross | net | ||||||||||||||||||||
Institutional Class | 8/7/15 | 27.94 | % | 39.70 | % | 9.26 | % | 6.73 | % | 0.41 | % | 0.40 | % | |||||||||||||
Advisor Class | 12/4/15 | 27.94 | 39.56 | 9.20 | 6.68 | † | 0.52 | 0.51 | ||||||||||||||||||
Premier Class | 8/7/15 | 27.85 | 39.45 | 9.10 | 6.57 | 0.56 | 0.55 | |||||||||||||||||||
Retirement Class | 8/7/15 | 27.85 | 39.35 | 8.99 | 6.47 | 0.66 | 0.65 | |||||||||||||||||||
Retail Class | 8/7/15 | 27.80 | 39.29 | 8.92 | 6.38 | 0.72 | 0.71 | |||||||||||||||||||
MSCI EAFE® Index | — | 28.84 | 39.88 | 8.87 | 6.22 | ‡ | — | — |
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, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period. |
† | 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. |
Holdings by country
% of portfolio investments as of 4/30/2021 | |||
Japan | 23.4 | ||
United Kingdom | 13.1 | ||
France | 10.2 | ||
Switzerland | 8.9 | ||
Germany | 8.7 | ||
Australia | 6.7 | ||
Sweden | 3.9 | ||
Netherlands | 3.6 | ||
Hong Kong | 2.9 | ||
Spain | 2.6 | ||
15 other nations | 13.3 | ||
Short-term investments | 2.7 | ||
Total | 100.0 |
Holdings by company size
Market capitalization | % of equity investments as of 4/30/2021 | ||
More than $50 billion | 40.5 | ||
More than $15 billion–$50 billion | 38.1 | ||
More than $2 billion–$15 billion | 21.4 | ||
Total | 100.0 |
Fund profile
as of 4/30/2021 | |
Net assets | $784.83 million |
Portfolio turnover rate* | 9% |
Number of holdings | 401 |
Weighted median market capitalization | $35.88 billion |
Price/earnings ratio (weighted 12-month trailing average)† | 30.7 |
* | The portfolio turnover rate covers the six-month period from November 1, 2020–April 30, 2021, and is not annualized. |
† | 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 ■ 2021 Semiannual Report | 37 |
Summary portfolio of investments (unaudited)
Growth & Income Fund ■ April 30, 2021
Shares | Company | Value | % of net assets | |||||||||||
COMMON STOCKS | ||||||||||||||
AUTOMOBILES & COMPONENTS | ||||||||||||||
654,632 | * | General Motors Co | $ | 37,458,043 | 0.6 | % | ||||||||
85,780 | * | Tesla, Inc | 60,855,763 | 1.0 | ||||||||||
Other | 32,611,661 | 0.5 | ||||||||||||
130,925,467 | 2.1 | |||||||||||||
BANKS | ||||||||||||||
2,509,982 | Bank of America Corp | 101,729,571 | 1.6 | |||||||||||
589,695 | JPMorgan Chase & Co | 90,700,988 | 1.4 | |||||||||||
914,870 | Wells Fargo & Co | 41,214,894 | 0.7 | |||||||||||
Other | 67,460,843 | 1.1 | ||||||||||||
301,106,296 | 4.8 | |||||||||||||
CAPITAL GOODS | ||||||||||||||
138,455 | Deere & Co | 51,346,037 | 0.8 | |||||||||||
370,349 | Eaton Corp | 52,933,983 | 0.9 | |||||||||||
309,597 | Honeywell International, Inc | 69,052,515 | 1.1 | |||||||||||
76,377 | * | Teledyne Technologies, Inc | 34,197,802 | 0.5 | ||||||||||
Other | 271,133,304 | 4.4 | ||||||||||||
478,663,641 | 7.7 | |||||||||||||
COMMERCIAL & PROFESSIONAL SERVICES | 65,829,532 | 1.1 | ||||||||||||
CONSUMER DURABLES & APPAREL | 96,618,276 | 1.6 | ||||||||||||
CONSUMER SERVICES | ||||||||||||||
285,213 | * | Expedia Group, Inc | 50,263,087 | 0.8 | ||||||||||
Other | 143,056,774 | 2.3 | ||||||||||||
193,319,861 | 3.1 | |||||||||||||
DIVERSIFIED FINANCIALS | ||||||||||||||
378,479 | Discover Financial Services | 43,146,606 | 0.7 | |||||||||||
1,466,396 | Equitable Holdings, Inc | 50,194,735 | 0.8 | |||||||||||
783,221 | Morgan Stanley | 64,654,894 | 1.0 | |||||||||||
Other | 57,098,331 | 1.0 | ||||||||||||
215,094,566 | 3.5 | |||||||||||||
ENERGY | 135,608,317 | 2.2 | ||||||||||||
FOOD & STAPLES RETAILING | 46,095,986 | 0.7 | ||||||||||||
FOOD, BEVERAGE & TOBACCO | ||||||||||||||
421,664 | PepsiCo, Inc | 60,787,082 | 1.0 | |||||||||||
Other | 151,307,400 | 2.4 | ||||||||||||
212,094,482 | 3.4 | |||||||||||||
HEALTH CARE EQUIPMENT & SERVICES | ||||||||||||||
308,919 | Abbott Laboratories | 37,094,994 | 0.6 | |||||||||||
232,377 | Danaher Corp | 59,009,815 | 0.9 | |||||||||||
481,322 | Medtronic plc | 63,014,676 | 1.0 | |||||||||||
152,259 | UnitedHealth Group, Inc | 60,720,889 | 1.0 | |||||||||||
Other | 188,892,854 | 3.1 | ||||||||||||
408,733,228 | 6.6 | |||||||||||||
HOUSEHOLD & PERSONAL PRODUCTS | ||||||||||||||
384,868 | Procter & Gamble Co | 51,349,089 | 0.8 | |||||||||||
Other | 33,992,385 | 0.6 | ||||||||||||
85,341,474 | 1.4 |
Shares | Company | Value | % of net assets | |||||||||||
INSURANCE | ||||||||||||||
523,095 | Hartford Financial Services Group, Inc | $ | 34,503,346 | 0.6 | % | |||||||||
673,640 | Metlife, Inc | 42,863,713 | 0.7 | |||||||||||
Other | 46,419,899 | 0.7 | ||||||||||||
123,786,958 | 2.0 | |||||||||||||
MATERIALS | ||||||||||||||
702,251 | Corteva, Inc | 34,241,759 | 0.5 | |||||||||||
551,193 | Dow, Inc | 34,449,562 | 0.6 | |||||||||||
250,945 | Linde plc | 71,730,119 | 1.1 | |||||||||||
204,231 | PPG Industries, Inc | 34,972,516 | 0.6 | |||||||||||
Other | 120,915,159 | 2.0 | ||||||||||||
296,309,115 | 4.8 | |||||||||||||
MEDIA & ENTERTAINMENT | ||||||||||||||
109,483 | * | Alphabet, Inc (Class C) | 263,867,168 | 4.2 | ||||||||||
846,468 | Comcast Corp (Class A) | 47,529,178 | 0.8 | |||||||||||
444,052 | * | Facebook, Inc | 144,352,424 | 2.3 | ||||||||||
97,980 | * | Netflix, Inc | 50,309,791 | 0.8 | ||||||||||
456,753 | * | Walt Disney Co | 84,965,193 | 1.4 | ||||||||||
Other | 66,412,006 | 1.1 | ||||||||||||
657,435,760 | 10.6 | |||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | ||||||||||||||
616,794 | AbbVie, Inc | 68,772,531 | 1.1 | |||||||||||
1,525,246 | Pfizer, Inc | 58,950,758 | 1.0 | |||||||||||
Other | 272,893,512 | 4.3 | ||||||||||||
400,616,801 | 6.4 | |||||||||||||
REAL ESTATE | ||||||||||||||
303,308 | Prologis, Inc | 35,344,481 | 0.6 | |||||||||||
Other | 26,743,113 | 0.4 | ||||||||||||
62,087,594 | 1.0 | |||||||||||||
RETAILING | ||||||||||||||
73,332 | * | Amazon.com, Inc | 254,272,843 | 4.1 | ||||||||||
208,374 | Home Depot, Inc | 67,444,413 | 1.1 | |||||||||||
241,958 | Target Corp | 50,148,215 | 0.8 | |||||||||||
Other | 114,664,630 | 1.8 | ||||||||||||
486,530,101 | 7.8 | |||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | ||||||||||||||
654,469 | Intel Corp | 37,651,601 | 0.6 | |||||||||||
119,734 | NVIDIA Corp | 71,885,899 | 1.2 | |||||||||||
Other | 246,587,190 | 3.9 | ||||||||||||
356,124,690 | 5.7 | |||||||||||||
SOFTWARE & SERVICES | ||||||||||||||
336,924 | * | Fiserv, Inc | 40,471,311 | 0.6 | ||||||||||
253,026 | Mastercard, Inc (Class A) | 96,671,113 | 1.6 | |||||||||||
1,344,399 | Microsoft Corp | 339,030,540 | 5.5 | |||||||||||
225,468 | * | PayPal Holdings, Inc | 59,138,002 | 1.0 | ||||||||||
295,714 | * | salesforce.com, Inc | 68,108,848 | 1.1 | ||||||||||
74,258 | * | ServiceNow, Inc | 37,602,023 | 0.6 | ||||||||||
Other | 84,278,629 | 1.3 | ||||||||||||
725,300,466 | 11.7 |
38 | 2021 Semiannual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements |
Summary portfolio of investments (unaudited) | continued |
Growth & Income Fund ■ April 30, 2021 |
Shares | Company | Value | % of net assets | |||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT | ||||||||||||||
2,701,633 | Apple, Inc | $ | 355,156,674 | 5.7 | % | |||||||||
1,078,770 | Cisco Systems, Inc | 54,920,181 | 0.9 | |||||||||||
298,754 | TE Connectivity Ltd | 40,173,450 | 0.7 | |||||||||||
Other | 52,378,927 | 0.8 | ||||||||||||
502,629,232 | 8.1 | |||||||||||||
TELECOMMUNICATION SERVICES | 31,015,236 | 0.5 | ||||||||||||
TRANSPORTATION | ||||||||||||||
226,638 | United Parcel Service, Inc (Class B) | 46,202,423 | 0.7 | |||||||||||
Other | 92,649,919 | 1.5 | ||||||||||||
138,852,342 | 2.2 | |||||||||||||
UTILITIES | ||||||||||||||
607,744 | NextEra Energy, Inc | 47,106,237 | 0.8 | |||||||||||
Other | 13,472,048 | 0.2 | ||||||||||||
60,578,285 | 1.0 | |||||||||||||
TOTAL COMMON STOCKS (Cost $3,157,514,886) | 6,210,697,706 | 100.0 | ||||||||||||
PURCHASED OPTIONS | ||||||||||||||
CAPITAL GOODS | 12,650 | 0.0 | ||||||||||||
MATERIALS | 63,240 | 0.0 | ||||||||||||
MEDIA & ENTERTAINMENT | 128,100 | 0.0 | ||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 52,608 | 0.0 | ||||||||||||
SOFTWARE & SERVICES | 439,200 | 0.0 | ||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT | 311,567 | 0.0 | ||||||||||||
TOTAL PURCHASED OPTIONS (Cost $1,944,787) | 1,007,365 | 0.0 |
Principal | Issuer | Value | % of net assets | ||||||||||||
SHORT-TERM INVESTMENTS | |||||||||||||||
GOVERNMENT AGENCY DEBT | $ | 5,565,000 | 0.1 | % | |||||||||||
REPURCHASE AGREEMENT | 14,405,000 | 0.2 | |||||||||||||
Shares | Company | ||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | |||||||||||||||
55,595,849 | c | State Street Navigator Securities Lending Government Money Market Portfolio 0.020% | 55,595,849 | 0.9 | |||||||||||
55,595,849 | 0.9 | ||||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $75,565,788) | 75,565,849 | 1.2 | |||||||||||||
TOTAL PORTFOLIO (Cost $3,235,025,461) | 6,287,270,920 | 101.2 | |||||||||||||
OTHER ASSETS & LIABILITIES, NET | (73,370,941 | ) | (1.2 | ) | |||||||||||
NET ASSETS | $ | 6,213,899,979 | 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 04/30/21, the aggregate value of securities on loan is $52,658,433. 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 April 30, 2021 were as follows:
Description/underlying investment | Number of contracts | Notional amount | Exercise price | Expiration date | Value | |||||||||||||
Anaplan, Inc, Call | 720 | $ | 582,368 | $ | 67.50 | 11/19/21 | $ | 439,200 | ||||||||||
Boeing Co, Call | 55 | 166,927 | 250.00 | 05/21/21 | 12,650 | |||||||||||||
DuPont de Nemours, Inc, Call | 620 | 325,522 | 87.50 | 07/16/21 | 63,240 | |||||||||||||
Lumentum Holdings, Inc, Call | 500 | 311,567 | 92.50 | 09/17/21 | 311,567 | |||||||||||||
QUALCOMM, Inc, Call | 274 | 77,478 | 150.00 | 06/18/21 | 52,608 | |||||||||||||
ViacomCBS, Inc, Call | 700 | 480,925 | 52.50 | 09/17/21 | 128,100 | |||||||||||||
Total | 2,869 | $ | 1,944,787 | $ | 1,007,365 |
See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2021 Semiannual Report | 39 |
Summary portfolio of investments (unaudited) | continued |
Growth & Income Fund ■ April 30, 2021
Written options outstanding as of April 30, 2021 were as follows:
Description/underlying investment | Number of contracts | Notional amount | Exercise price | Expiration date | Value | |||||||||||||
AbbVie, Inc, Put | 480 | $ | (47,204 | ) | $ | 82.50 | 05/21/21 | $ | (6,240 | ) | ||||||||
ACADIA Pharmaceuticals, Inc, Put | 500 | (157,396 | ) | 17.50 | 01/21/22 | (108,750 | ) | |||||||||||
Advanced Micro Devices, Inc, Call | 400 | (64,498 | ) | 100.00 | 06/18/21 | (23,600 | ) | |||||||||||
Altria Group, Inc, Put | 1,000 | (33,735 | ) | 40.00 | 05/21/21 | (7,000 | ) | |||||||||||
Anaplan, Inc, Call | 720 | (452,313 | ) | 72.50 | 11/19/21 | (331,200 | ) | |||||||||||
Anaplan, Inc, Put | 720 | (262,536 | ) | 50.00 | 11/19/21 | (324,000 | ) | |||||||||||
Apple, Inc, Call | 1,000 | (204,963 | ) | 150.00 | 07/16/21 | (111,000 | ) | |||||||||||
Apple, Inc, Call | 1,268 | (1,361,921 | ) | 150.00 | 09/17/21 | (374,060 | ) | |||||||||||
Apple, Inc, Put | 616 | (208,185 | ) | 110.00 | 05/21/21 | (7,392 | ) | |||||||||||
Apple, Inc, Put | 924 | (299,342 | ) | 105.00 | 06/18/21 | (27,720 | ) | |||||||||||
Apple, Inc, Put | 1,268 | (447,511 | ) | 110.00 | 06/18/21 | (54,524 | ) | |||||||||||
Applied Materials, Inc, Put | 364 | (29,107 | ) | 110.00 | 05/21/21 | (13,832 | ) | |||||||||||
Arcturus Therapeutics Holdings, Inc, Put | 500 | (652,701 | ) | 45.00 | 09/17/21 | (720,000 | ) | |||||||||||
Arcturus Therapeutics Holdings, Inc, Put | 500 | (720,611 | ) | 50.00 | 09/17/21 | (930,000 | ) | |||||||||||
Biogen, Inc, Put | 150 | (209,348 | ) | 220.00 | 06/18/21 | (106,500 | ) | |||||||||||
Boeing Co, Call | 55 | (111,536 | ) | 280.00 | 05/21/21 | (2,145 | ) | |||||||||||
Boeing Co, Put | 167 | (524,687 | ) | 205.00 | 05/21/21 | (14,028 | ) | |||||||||||
Cadence Design Systems, Inc, Put | 350 | (42,551 | ) | 115.00 | 06/18/21 | (29,750 | ) | |||||||||||
Caesars Entertainment, Inc, Call | 320 | (33,909 | ) | 125.00 | 05/21/21 | (10,880 | ) | |||||||||||
Caesars Entertainment, Inc, Put | 534 | (68,333 | ) | 75.00 | 05/21/21 | (44,322 | ) | |||||||||||
Celsius Holdings, Inc, Put | 1,000 | (86,385 | ) | 40.00 | 05/21/21 | (70,000 | ) | |||||||||||
Chevron Corp, Call | 222 | (47,722 | ) | 125.00 | 06/18/21 | (2,664 | ) | |||||||||||
Chevron Corp, Put | 222 | (23,968 | ) | 85.00 | 06/18/21 | (5,994 | ) | |||||||||||
Children’s Place, Inc, Call | 615 | (755,181 | ) | 100.00 | 09/17/21 | (310,575 | ) | |||||||||||
Children’s Place, Inc, Put | 625 | (87,853 | ) | 55.00 | 05/21/21 | (31,250 | ) | |||||||||||
Children’s Place, Inc, Put | 615 | (441,538 | ) | 50.00 | 09/17/21 | (112,237 | ) | |||||||||||
Chipotle Mexican Grill, Inc, Call | 44 | (293,693 | ) | 1,780.00 | 09/17/21 | (92,840 | ) | |||||||||||
Chipotle Mexican Grill, Inc, Put | 44 | (152,165 | ) | 1,100.00 | 09/17/21 | (39,160 | ) | |||||||||||
Citigroup, Inc, Call | 445 | (173,533 | ) | 87.50 | 01/21/22 | (90,335 | ) | |||||||||||
Citigroup, Inc, Put | 445 | (173,533 | ) | 57.50 | 01/21/22 | (101,905 | ) | |||||||||||
Corteva, Inc, Call | 800 | (104,884 | ) | 55.00 | 09/17/21 | (115,200 | ) | |||||||||||
Corteva, Inc, Put | 800 | (90,892 | ) | 38.00 | 09/17/21 | (60,000 | ) | |||||||||||
Cree, Inc, Call | 295 | (39,502 | ) | 140.00 | 05/21/21 | (5,900 | ) | |||||||||||
Cree, Inc, Put | 500 | (48,982 | ) | 80.00 | 06/18/21 | (67,500 | ) | |||||||||||
Delta Air Lines, Inc, Put | 1,000 | (29,965 | ) | 40.00 | 05/21/21 | (10,000 | ) | |||||||||||
DraftKings, Inc, Put | 800 | (128,164 | ) | 50.00 | 05/21/21 | (81,600 | ) | |||||||||||
DuPont de Nemours, Inc, Call | 620 | (153,734 | ) | 95.00 | 07/16/21 | (23,250 | ) | |||||||||||
DuPont de Nemours, Inc, Put | 620 | (264,712 | ) | 60.00 | 10/15/21 | (63,240 | ) | |||||||||||
eBay, Inc, Put | 800 | (35,900 | ) | 50.00 | 06/18/21 | (36,800 | ) | |||||||||||
Eli Lilly & Co, Put | 250 | (22,801 | ) | 160.00 | 05/21/21 | (5,375 | ) | |||||||||||
Emergent BioSolutions, Inc, Put | 444 | (309,895 | ) | 70.00 | 09/17/21 | (628,260 | ) | |||||||||||
Enphase Energy, Inc, Put | 340 | (43,641 | ) | 120.00 | 05/21/21 | (51,680 | ) | |||||||||||
Enphase Energy, Inc, Put | 200 | (229,588 | ) | 130.00 | 05/21/21 | (77,000 | ) | |||||||||||
Enphase Energy, Inc, Put | 200 | (211,376 | ) | 110.00 | 08/20/21 | (129,000 | ) | |||||||||||
Enphase Energy, Inc, Put | 200 | (169,660 | ) | 105.00 | 11/19/21 | (186,000 | ) | |||||||||||
Envista Holdings Corp, Call | 800 | (39,172 | ) | 50.00 | 05/21/21 | (12,000 | ) | |||||||||||
EQT Corp, Put | 1,300 | (37,653 | ) | 14.00 | 05/21/21 | (16,250 | ) | |||||||||||
Expedia Group, Inc, Call | 320 | (259,658 | ) | 210.00 | 10/15/21 | (233,600 | ) | |||||||||||
Expedia Group, Inc, Put | 320 | (102,977 | ) | 145.00 | 07/16/21 | (80,640 | ) | |||||||||||
Freeport-McMoRan, Inc, Put | 1,300 | (38,955 | ) | 31.00 | 05/07/21 | (2,600 | ) | |||||||||||
General Motors Co, Put | 800 | (39,604 | ) | 50.00 | 05/21/21 | (25,600 | ) | |||||||||||
Hess Corp, Call | 444 | (26,252 | ) | 90.00 | 06/18/21 | (24,420 | ) | |||||||||||
Home Depot, Inc, Call | 240 | (319,910 | ) | 345.00 | 11/19/21 | (289,800 | ) | |||||||||||
Home Depot, Inc, Put | 240 | (95,511 | ) | 260.00 | 11/19/21 | (109,200 | ) | |||||||||||
Honeywell International, Inc, Put | 250 | (7,909 | ) | 200.00 | 05/21/21 | (7,750 | ) | |||||||||||
Horizon Therapeutics PLC, Call | 420 | (75,585 | ) | 105.00 | 05/21/21 | (67,200 | ) | |||||||||||
Horizon Therapeutics PLC, Put | 616 | (45,562 | ) | 65.00 | 05/21/21 | (9,240 | ) | |||||||||||
Humana, Inc, Put | 160 | (68,268 | ) | 300.00 | 05/21/21 | (160 | ) | |||||||||||
LivePerson, Inc, Put | 1,000 | (65,965 | ) | 40.00 | 05/21/21 | (52,500 | ) | |||||||||||
Lumentum Holdings, Inc, Call | 500 | (138,252 | ) | 105.00 | 09/17/21 | (138,252 | ) | |||||||||||
Lumentum Holdings, Inc, Put | 300 | (197,385 | ) | 75.00 | 09/17/21 | (102,000 | ) | |||||||||||
Lumentum Holdings, Inc, Put | 200 | (170,589 | ) | 80.00 | 09/17/21 | (102,000 | ) | |||||||||||
Match Group, Inc, Put | 230 | (20,517 | ) | 110.00 | 05/21/21 | (3,910 | ) | |||||||||||
Mattel, Inc, Put | 2,000 | (37,930 | ) | 17.00 | 05/21/21 | (10,000 | ) | |||||||||||
Menora Mivtachim Holdings Ltd, Put | 360 | (114,187 | ) | 100.00 | 07/16/21 | (25,200 | ) | |||||||||||
Moderna, Inc, Put | 340 | (30,928 | ) | 115.00 | 05/21/21 | (8,840 | ) |
40 | 2021 Semiannual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements |
Summary portfolio of investments (unaudited) | concluded |
Growth & Income Fund ■ April 30, 2021
Description/underlying investment | Number of contracts | Notional amount | Exercise price | Expiration date | Value | |||||||||||||
Monolithic Power Systems, Inc, Put | 134 | $ | (126,842 | ) | $ | 260.00 | 06/18/21 | $ | (34,505 | ) | ||||||||
Mosaic Co, Put | 1,600 | (60,152 | ) | 25.00 | 05/21/21 | (3,200 | ) | |||||||||||
NetFlix, Inc, Put | 160 | (21,114 | ) | 455.00 | 05/07/21 | (3,040 | ) | |||||||||||
NextEra Energy, Inc, Put | 574 | (30,402 | ) | 70.00 | 06/18/21 | (25,830 | ) | |||||||||||
Nordstrom, Inc, Put | 1,980 | (554,317 | ) | 30.00 | 07/16/21 | (196,020 | ) | |||||||||||
Pacific Biosciences of California, Inc, Put | 1,800 | (88,137 | ) | 22.00 | 06/18/21 | (88,137 | ) | |||||||||||
Palomar Holdings, Inc, Put | 800 | (60,771 | ) | 50.00 | 05/21/21 | (28,000 | ) | |||||||||||
QUALCOMM, Inc, Call | 274 | (33,416 | ) | 160.00 | 06/18/21 | (21,920 | ) | |||||||||||
QUALCOMM, Inc, Put | 274 | (61,432 | ) | 125.00 | 06/18/21 | (48,224 | ) | |||||||||||
Six Flags Entertainment Corp, Put | 940 | (55,427 | ) | 42.50 | 05/21/21 | (44,180 | ) | |||||||||||
Snap, Inc, Put | 800 | (33,572 | ) | 50.00 | 05/21/21 | (21,600 | ) | |||||||||||
Spotify Technology S.A., Put | 180 | (53,813 | ) | 220.00 | 06/18/21 | (68,400 | ) | |||||||||||
STERIS plc, Put | 230 | (105,099 | ) | 155.00 | 06/18/21 | (10,925 | ) | |||||||||||
Teladoc Health, Inc, Put | 286 | (46,608 | ) | 140.00 | 06/18/21 | (37,466 | ) | |||||||||||
Twitter, Inc, Call | 500 | (41,482 | ) | 80.00 | 05/21/21 | (2,500 | ) | |||||||||||
Twitter, Inc, Put | 870 | (41,730 | ) | 46.00 | 06/18/21 | (41,730 | ) | |||||||||||
Universal Health Services, Inc, Put | 332 | (222,755 | ) | 110.00 | 07/16/21 | (22,410 | ) | |||||||||||
ViacomCBS, Inc, Call | 700 | (310,073 | ) | 60.00 | 09/17/21 | (67,200 | ) | |||||||||||
ViacomCBS, Inc, Put | 700 | (401,332 | ) | 48.00 | 09/17/21 | (693,000 | ) | |||||||||||
Total | 49,256 | $ | (14,332,897 | ) | $ | (8,424,157 | ) |
See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2021 Semiannual Report | 41 |
Summary portfolio of investments (unaudited)
Large-Cap Growth Fund ■ April 30, 2021
Shares | Company | Value | % of net assets | |||||||||||
COMMON STOCKS | ||||||||||||||
AUTOMOBILES & COMPONENTS | ||||||||||||||
123,516 | * | Tesla, Inc | $ | 87,627,191 | 1.2 | % | ||||||||
Other | 33,411,216 | 0.5 | ||||||||||||
121,038,407 | 1.7 | |||||||||||||
CAPITAL GOODS | ||||||||||||||
196,570 | Roper Technologies Inc | 87,756,711 | 1.3 | |||||||||||
Other | 31,119,455 | 0.4 | ||||||||||||
118,876,166 | 1.7 | |||||||||||||
COMMERCIAL & PROFESSIONAL SERVICES | ||||||||||||||
1,350,754 | Experian Group Ltd | 52,073,643 | 0.7 | |||||||||||
642,276 | Waste Connections, Inc | 76,501,494 | 1.1 | |||||||||||
Other | 58,919,177 | 0.9 | ||||||||||||
187,494,314 | 2.7 | |||||||||||||
CONSUMER DURABLES & APPAREL | ||||||||||||||
411,005 | Nike, Inc (Class B) | 54,507,483 | 0.8 | |||||||||||
Other | 88,288,007 | 1.3 | ||||||||||||
142,795,490 | 2.1 | |||||||||||||
CONSUMER SERVICES | ||||||||||||||
48,662 | * | Booking Holdings, Inc | 120,004,385 | 1.7 | ||||||||||
2,726,639 | * | Carnival Corp | 76,236,827 | 1.1 | ||||||||||
41,960 | * | Chipotle Mexican Grill, Inc (Class A) | 62,605,579 | 0.9 | ||||||||||
255,908 | * | Flutter Entertainment plc | 52,441,002 | 0.8 | ||||||||||
Other | 37,367,926 | 0.5 | ||||||||||||
348,655,719 | 5.0 | |||||||||||||
DIVERSIFIED FINANCIALS | ||||||||||||||
144,616 | S&P Global, Inc | 56,456,640 | 0.8 | |||||||||||
Other | 5,231,061 | 0.1 | ||||||||||||
61,687,701 | 0.9 | |||||||||||||
FOOD & STAPLES RETAILING | ||||||||||||||
366,525 | Costco Wholesale Corp | 136,380,287 | 2.0 | |||||||||||
136,380,287 | 2.0 | |||||||||||||
FOOD, BEVERAGE & TOBACCO | ||||||||||||||
835,330 | * | Monster Beverage Corp | 81,068,777 | 1.1 | ||||||||||
Other | 92,869,855 | 1.4 | ||||||||||||
173,938,632 | 2.5 | |||||||||||||
HEALTH CARE EQUIPMENT & SERVICES | ||||||||||||||
123,409 | * | Align Technology, Inc | 73,493,762 | 1.1 | ||||||||||
310,769 | Cigna Corp | 77,384,588 | 1.1 | |||||||||||
310,190 | * | Guardant Health, Inc | 49,314,006 | 0.7 | ||||||||||
86,731 | * | Intuitive Surgical, Inc | 75,022,315 | 1.1 | ||||||||||
Other | 125,121,946 | 1.8 | ||||||||||||
400,336,617 | 5.8 | |||||||||||||
HOUSEHOLD & PERSONAL PRODUCTS | ||||||||||||||
177,570 | Estee Lauder Cos (Class A) | 55,721,466 | 0.8 | |||||||||||
55,721,466 | 0.8 | |||||||||||||
MATERIALS | 31,959,770 | 0.5 |
Shares | Company | Value | % of net assets | |||||||||||
MEDIA & ENTERTAINMENT | ||||||||||||||
178,667 | * | Alphabet, Inc (Class C) | $ | 430,608,910 | 6.2 | % | ||||||||
402,182 | Electronic Arts, Inc | 57,142,019 | 0.8 | |||||||||||
983,331 | * | Facebook, Inc | 319,661,241 | 4.6 | ||||||||||
415,134 | * | IAC/InterActive Corp | 105,224,015 | 1.5 | ||||||||||
576,194 | * | Match Group, Inc | 89,673,072 | 1.3 | ||||||||||
582,500 | Tencent Holdings Ltd | 46,467,185 | 0.7 | |||||||||||
319,586 | * | Walt Disney Co | 59,449,388 | 0.8 | ||||||||||
Other | 115,876,006 | 1.7 | ||||||||||||
1,224,101,836 | 17.6 | |||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | ||||||||||||||
570,765 | AstraZeneca plc | 60,754,437 | 0.9 | |||||||||||
2,597,781 | * | Avantor, Inc | 83,232,903 | 1.2 | ||||||||||
256,163 | * | Illumina, Inc | 100,631,073 | 1.5 | ||||||||||
297,328 | * | Vertex Pharmaceuticals, Inc | 64,876,970 | 0.9 | ||||||||||
643,274 | Zoetis, Inc | 111,305,700 | 1.6 | |||||||||||
Other | 90,908,764 | 1.3 | ||||||||||||
511,709,847 | 7.4 | |||||||||||||
RETAILING | ||||||||||||||
228,539 | * | Alibaba Group Holding Ltd (ADR) | 52,781,082 | 0.8 | ||||||||||
147,069 | * | Amazon.com, Inc | 509,949,992 | 7.4 | ||||||||||
536,943 | * | CarMax, Inc | 71,542,285 | 1.0 | ||||||||||
991,793 | TJX Companies, Inc | 70,417,303 | 1.0 | |||||||||||
Other | 137,572,908 | 1.9 | ||||||||||||
842,263,570 | 12.1 | |||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | ||||||||||||||
650,640 | Applied Materials, Inc | 86,346,434 | 1.3 | |||||||||||
143,583 | Broadcom, Inc | 65,502,565 | 0.9 | |||||||||||
1,296,120 | Intel Corp | 74,565,784 | 1.1 | |||||||||||
192,691 | NVIDIA Corp | 115,687,822 | 1.7 | |||||||||||
436,200 | QUALCOMM, Inc | 60,544,560 | 0.9 | |||||||||||
552,546 | Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 64,504,220 | 0.9 | |||||||||||
Other | 42,934,355 | 0.6 | ||||||||||||
510,085,740 | 7.4 | |||||||||||||
SOFTWARE & SERVICES | ||||||||||||||
25,843 | *,g | Adyen NV | 63,602,030 | 0.9 | ||||||||||
237,989 | Intuit, Inc | 98,089,546 | 1.4 | |||||||||||
1,540,589 | Microsoft Corp | 388,505,734 | 5.6 | |||||||||||
1,068,273 | * | PayPal Holdings, Inc | 280,197,325 | 4.0 | ||||||||||
1,102,367 | * | salesforce.com, Inc | 253,897,167 | 3.7 | ||||||||||
173,287 | * | ServiceNow, Inc | 87,747,338 | 1.3 | ||||||||||
1,195,224 | Visa, Inc (Class A) | 279,156,517 | 4.0 | |||||||||||
Other | 157,500,499 | 2.3 | ||||||||||||
1,608,696,156 | 23.2 | |||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT | ||||||||||||||
2,112,332 | Apple, Inc | 277,687,165 | 4.0 | |||||||||||
277,687,165 | 4.0 | |||||||||||||
TELECOMMUNICATION SERVICES | ||||||||||||||
457,944 | * | T-Mobile US, Inc | 60,508,140 | 0.9 | ||||||||||
Other | 44,665,527 | 0.6 | ||||||||||||
105,173,667 | 1.5 |
42 | 2021 Semiannual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements |
Summary portfolio of investments (unaudited) | concluded |
Large-Cap Growth Fund ■ April 30, 2021
Shares | Company | Value | % of net assets | ||||||||||||
TRANSPORTATION | |||||||||||||||
1,561,605 | * | Uber Technologies, Inc | $ | 85,529,106 | 1.2 | % | |||||||||
85,529,106 | 1.2 | ||||||||||||||
TOTAL COMMON STOCKS (Cost $3,779,784,115) | 6,944,131,656 | 100.1 | |||||||||||||
Principal | Issuer | ||||||||||||||
SHORT-TERM INVESTMENTS | |||||||||||||||
GOVERNMENT AGENCY DEBT | 38,190,000 | 0.5 | |||||||||||||
Shares | Company | ||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | |||||||||||||||
48,115,518 | c | State Street Navigator Securities Lending Government Money Market Portfolio 0.020% | 48,115,518 | 0.7 | |||||||||||
48,115,518 | 0.7 | ||||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $86,305,508) | 86,305,518 | 1.2 | |||||||||||||
TOTAL PORTFOLIO (Cost $3,866,089,623) | 7,030,437,174 | 101.3 | |||||||||||||
OTHER ASSETS & LIABILITIES, NET | (92,860,725 | ) | (1.3 | ) | |||||||||||
NET ASSETS | $ | 6,937,576,449 | 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 4/30/21, the aggregate value of these securities, including those in “Other,” is $108,267,557 or 1.6% 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 04/30/21, the aggregate value of securities on loan is $49,931,388. 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 ■ 2021 Semiannual Report | 43 |
Summary portfolio of investments (unaudited)
Large-Cap Value Fund ■ April 30, 2021
Shares | Company | Value | % of net assets | |||||||||||
COMMON STOCKS | ||||||||||||||
AUTOMOBILES & COMPONENTS | $ | 41,622,858 | 0.7 | % | ||||||||||
BANKS | ||||||||||||||
4,984,999 | Bank of America Corp | 202,042,009 | 3.5 | |||||||||||
1,327,431 | Citigroup, Inc | 94,566,184 | 1.6 | |||||||||||
1,530,834 | JPMorgan Chase & Co | 235,457,578 | 4.1 | |||||||||||
368,645 | PNC Financial Services Group, Inc | 68,918,183 | 1.2 | |||||||||||
1,128,771 | US Bancorp | 66,992,559 | 1.1 | |||||||||||
1,893,147 | Wells Fargo & Co | 85,286,272 | 1.5 | |||||||||||
753,262,785 | 13.0 | |||||||||||||
CAPITAL GOODS | ||||||||||||||
285,090 | Caterpillar, Inc | 65,031,880 | 1.1 | |||||||||||
296,896 | Deere & Co | 110,103,882 | 1.9 | |||||||||||
427,635 | Dover Corp | 63,798,866 | 1.1 | |||||||||||
431,955 | Eaton Corp | 61,739,328 | 1.1 | |||||||||||
574,502 | Honeywell International, Inc | 128,136,926 | 2.2 | |||||||||||
978,381 | Masco Corp | 62,498,978 | 1.1 | |||||||||||
263,323 | Parker-Hannifin Corp | 82,633,391 | 1.4 | |||||||||||
921,212 | Raytheon Technologies Corp | 76,681,687 | 1.3 | |||||||||||
421,594 | Trane Technologies plc | 73,285,685 | 1.3 | |||||||||||
Other | 97,737,018 | 1.7 | ||||||||||||
821,647,641 | 14.2 | |||||||||||||
CONSUMER DURABLES & APPAREL | ||||||||||||||
14,282 | * | NVR, Inc | 71,668,504 | 1.2 | ||||||||||
71,668,504 | 1.2 | |||||||||||||
CONSUMER SERVICES | ||||||||||||||
572,250 | * | Hilton Worldwide Holdings, Inc | 73,648,575 | 1.3 | ||||||||||
258,861 | McDonald’s Corp | 61,111,905 | 1.1 | |||||||||||
Other | 42,110,782 | 0.7 | ||||||||||||
176,871,262 | 3.1 | |||||||||||||
DIVERSIFIED FINANCIALS | ||||||||||||||
615,163 | American Express Co | 94,335,246 | 1.6 | |||||||||||
312,093 | * | Berkshire Hathaway, Inc (Class B) | 85,809,971 | 1.5 | ||||||||||
74,600 | BlackRock, Inc | 61,119,780 | 1.1 | |||||||||||
311,736 | Goldman Sachs Group, Inc | 108,624,409 | 1.9 | |||||||||||
349,889,406 | 6.1 | |||||||||||||
ENERGY | ||||||||||||||
924,302 | Chevron Corp | 95,267,807 | 1.6 | |||||||||||
1,103,495 | ConocoPhillips | 56,432,735 | 1.0 | |||||||||||
Other | 91,757,726 | 1.6 | ||||||||||||
243,458,268 | 4.2 | |||||||||||||
FOOD & STAPLES RETAILING | ||||||||||||||
574,362 | Walmart, Inc | 80,358,987 | 1.4 | |||||||||||
80,358,987 | 1.4 | |||||||||||||
FOOD, BEVERAGE & TOBACCO | 47,631,318 | 0.8 |
Shares | Company | Value | % of net assets | |||||||||||
HEALTH CARE EQUIPMENT & SERVICES | ||||||||||||||
215,089 | Anthem, Inc | $ | 81,602,616 | 1.4 | % | |||||||||
348,070 | Cigna Corp | 86,672,910 | 1.5 | |||||||||||
328,284 | HCA Healthcare, Inc | 66,004,781 | 1.1 | |||||||||||
640,875 | Medtronic plc | 83,903,355 | 1.5 | |||||||||||
218,165 | UnitedHealth Group, Inc | 87,004,202 | 1.5 | |||||||||||
496,749 | Zimmer Biomet Holdings, Inc | 88,004,053 | 1.5 | |||||||||||
493,191,917 | 8.5 | |||||||||||||
HOUSEHOLD & PERSONAL PRODUCTS | 43,892,645 | 0.8 | ||||||||||||
INSURANCE | ||||||||||||||
1,359,060 | American International Group, Inc | 65,846,457 | 1.1 | |||||||||||
539,947 | Chubb Ltd | 92,649,506 | 1.6 | |||||||||||
Other | 100,377,587 | 1.8 | ||||||||||||
258,873,550 | 4.5 | |||||||||||||
MATERIALS | ||||||||||||||
691,132 | Crown Holdings, Inc | 75,886,294 | 1.3 | |||||||||||
408,886 | PPG Industries, Inc | 70,017,639 | 1.2 | |||||||||||
Other | 127,062,777 | 2.2 | ||||||||||||
272,966,710 | 4.7 | |||||||||||||
MEDIA & ENTERTAINMENT | ||||||||||||||
59,544 | * | Alphabet, Inc (Class C) | 143,508,185 | 2.5 | ||||||||||
2,778,185 | Comcast Corp (Class A) | 155,995,088 | 2.7 | |||||||||||
708,378 | * | Walt Disney Co | 131,772,475 | 2.3 | ||||||||||
Other | 51,960,035 | 0.9 | ||||||||||||
483,235,783 | 8.4 | |||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | ||||||||||||||
990,535 | Bristol-Myers Squibb Co | 61,829,195 | 1.1 | |||||||||||
980,555 | Johnson & Johnson | 159,565,715 | 2.7 | |||||||||||
Other | 101,856,636 | 1.8 | ||||||||||||
323,251,546 | 5.6 | |||||||||||||
REAL ESTATE | 54,415,898 | 0.9 | ||||||||||||
RETAILING | ||||||||||||||
315,141 | Home Depot, Inc | 102,001,688 | 1.8 | |||||||||||
102,001,688 | 1.8 | |||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | ||||||||||||||
531,301 | Applied Materials, Inc | 70,508,956 | 1.2 | |||||||||||
1,209,969 | Intel Corp | 69,609,516 | 1.2 | |||||||||||
693,688 | * | Micron Technology, Inc | 59,705,726 | 1.0 | ||||||||||
Other | 142,380,055 | 2.5 | ||||||||||||
342,204,253 | 5.9 | |||||||||||||
SOFTWARE & SERVICES | ||||||||||||||
253,162 | Accenture plc | 73,409,385 | 1.3 | |||||||||||
329,156 | Microsoft Corp | 83,006,560 | 1.4 | |||||||||||
Other | 70,865,884 | 1.2 | ||||||||||||
227,281,829 | 3.9 | |||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT | ||||||||||||||
1,455,580 | Cisco Systems, Inc | 74,103,578 | 1.3 | |||||||||||
702,932 | TE Connectivity Ltd | 94,523,266 | 1.6 | |||||||||||
168,626,844 | 2.9 |
44 | 2021 Semiannual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements |
Summary portfolio of investments (unaudited) | concluded |
Large-Cap Value Fund ■ April 30, 2021
Shares | Company | Value | % of net assets | |||||||||||
TELECOMMUNICATION SERVICES | ||||||||||||||
424,978 | * | T-Mobile US, Inc | $ | 56,152,343 | 1.0 | % | ||||||||
Other | 24,994,637 | 0.4 | ||||||||||||
81,146,980 | 1.4 | |||||||||||||
TRANSPORTATION | ||||||||||||||
420,663 | Union Pacific Corp | 93,425,046 | 1.6 | |||||||||||
Other | 74,984,851 | 1.3 | ||||||||||||
168,409,897 | 2.9 | |||||||||||||
UTILITIES | 154,717,438 | 2.7 | ||||||||||||
TOTAL COMMON STOCKS (Cost $3,658,131,186) | 5,760,628,007 | 99.6 |
Principal | Issuer | Value | % of net assets | |||||||||||
SHORT-TERM INVESTMENTS | ||||||||||||||
GOVERNMENT AGENCY DEBT | $ | 18,377,000 | 0.3 | % | ||||||||||
REPURCHASE AGREEMENT | 13,785,000 | 0.2 | ||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $32,161,974) | 32,162,000 | 0.5 | ||||||||||||
TOTAL PORTFOLIO (Cost $3,690,293,160) | 5,792,790,007 | 100.1 | ||||||||||||
OTHER ASSETS & LIABILITIES, NET | (7,629,666 | ) | (0.1 | ) | ||||||||||
NET ASSETS | $ | 5,785,160,341 | 100.0 | % |
Abbreviation(s):
* | 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 ■ 2021 Semiannual Report | 45 |
Summary portfolio of investments (unaudited)
Mid-Cap Growth Fund ■ April 30, 2021
Shares | Company | Value | % of net assets | ||||||||||
COMMON STOCKS | |||||||||||||
AUTOMOBILES & COMPONENTS | $ | 13,252,701 | 0.7 | % | |||||||||
CAPITAL GOODS | |||||||||||||
32,358 | * | TransDigm Group, Inc | 19,859,399 | 1.1 | |||||||||
Other | 30,222,178 | 1.6 | |||||||||||
50,081,577 | 2.7 | ||||||||||||
COMMERCIAL & PROFESSIONAL SERVICES | |||||||||||||
165,364 | * | Cimpress plc | 15,752,575 | 0.9 | |||||||||
745,341 | * | Clarivate Analytics plc | 20,817,374 | 1.1 | |||||||||
205,109 | Waste Connections, Inc | 24,430,533 | 1.3 | ||||||||||
Other | 28,646,326 | 1.6 | |||||||||||
89,646,808 | 4.9 | ||||||||||||
CONSUMER DURABLES & APPAREL | |||||||||||||
223,347 | * | Peloton Interactive, Inc | 21,966,177 | 1.2 | |||||||||
522,085 | Tempur Sealy International, Inc | 19,912,322 | 1.1 | ||||||||||
Other | 51,455,157 | 2.8 | |||||||||||
93,333,656 | 5.1 | ||||||||||||
CONSUMER SERVICES | |||||||||||||
16,210 | * | Chipotle Mexican Grill, Inc (Class A) | 24,185,806 | 1.3 | |||||||||
99,710 | * | Expedia Group, Inc | 17,571,893 | 1.0 | |||||||||
200,815 | * | Royal Caribbean Cruises Ltd | 17,460,864 | 0.9 | |||||||||
Other | 35,915,218 | 2.0 | |||||||||||
95,133,781 | 5.2 | ||||||||||||
DIVERSIFIED FINANCIALS | |||||||||||||
176,885 | Discover Financial Services | 20,164,890 | 1.1 | ||||||||||
Other | 27,218,852 | 1.5 | |||||||||||
47,383,742 | 2.6 | ||||||||||||
FOOD, BEVERAGE & TOBACCO | |||||||||||||
120,886 | *,e | Beyond Meat, Inc | 15,918,268 | 0.9 | |||||||||
Other | 30,641,588 | 1.6 | |||||||||||
46,559,856 | 2.5 | ||||||||||||
HEALTH CARE EQUIPMENT & SERVICES | |||||||||||||
74,730 | * | Align Technology, Inc | 44,503,957 | 2.4 | |||||||||
126,703 | * | Guardant Health, Inc | 20,143,243 | 1.1 | |||||||||
30,701 | * | IDEXX Laboratories, Inc | 16,854,542 | 0.9 | |||||||||
65,231 | * | Insulet Corp | 19,257,496 | 1.0 | |||||||||
111,722 | * | Molina Healthcare, Inc | 28,500,282 | 1.6 | |||||||||
279,504 | * | Oak Street Health, Inc | 17,225,831 | 0.9 | |||||||||
37,424 | Teleflex, Inc | 15,810,892 | 0.9 | ||||||||||
59,250 | West Pharmaceutical Services, Inc | 19,464,810 | 1.1 | ||||||||||
Other | 36,142,178 | 1.9 | |||||||||||
217,903,231 | 11.8 | ||||||||||||
INSURANCE | |||||||||||||
208,704 | * | Trupanion, Inc | 16,925,894 | 0.9 | |||||||||
Other | 11,285,097 | 0.6 | |||||||||||
28,210,991 | 1.5 | ||||||||||||
MATERIALS | 14,160,244 | 0.8 |
Shares | Company | Value | % of net assets | ||||||||||
MEDIA & ENTERTAINMENT | |||||||||||||
147,428 | * | IAC/InterActive Corp | $ | 37,368,575 | 2.0 | % | |||||||
156,302 | * | Match Group, Inc | 24,325,280 | 1.3 | |||||||||
490,195 | * | Twitter, Inc | 27,068,568 | 1.5 | |||||||||
Other | 38,706,812 | 2.1 | |||||||||||
127,469,235 | 6.9 | ||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | |||||||||||||
106,570 | * | 10X Genomics, Inc | 21,079,546 | 1.2 | |||||||||
938,188 | * | Avantor, Inc | 30,059,544 | 1.6 | |||||||||
296,892 | * | Horizon Therapeutics Plc | 28,091,921 | 1.5 | |||||||||
Other | 59,125,087 | 3.2 | |||||||||||
138,356,098 | 7.5 | ||||||||||||
REAL ESTATE | 7,691,549 | 0.4 | |||||||||||
RETAILING | |||||||||||||
13,608 | * | AutoZone, Inc | 19,923,745 | 1.1 | |||||||||
49,040 | * | Burlington Stores, Inc | 16,003,223 | 0.9 | |||||||||
183,929 | * | CarMax, Inc | 24,506,700 | 1.3 | |||||||||
140,051 | * | Dollar Tree, Inc | 16,091,860 | 0.9 | |||||||||
Other | 129,080,308 | 7.0 | |||||||||||
205,605,836 | 11.2 | ||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | |||||||||||||
405,365 | Marvell Technology, Inc | 18,326,552 | 1.0 | ||||||||||
119,133 | MKS Instruments, Inc | 21,337,912 | 1.2 | ||||||||||
71,249 | Monolithic Power Systems, Inc | 25,747,963 | 1.4 | ||||||||||
90,078 | NXP Semiconductors NV | 17,340,916 | 0.9 | ||||||||||
93,833 | Skyworks Solutions, Inc | 17,014,738 | 0.9 | ||||||||||
Other | 25,696,875 | 1.4 | |||||||||||
125,464,956 | 6.8 | ||||||||||||
SOFTWARE & SERVICES | |||||||||||||
10,534 | *,g | Adyen NV | 25,925,155 | 1.4 | |||||||||
459,846 | * | Anaplan, Inc | 27,429,814 | 1.5 | |||||||||
169,104 | * | DocuSign, Inc | 37,700,046 | 2.1 | |||||||||
36,535 | * | Fair Isaac Corp | 19,049,714 | 1.0 | |||||||||
68,898 | * | HubSpot, Inc | 36,271,352 | 2.0 | |||||||||
70,298 | * | MongoDB, Inc | 20,910,843 | 1.1 | |||||||||
264,755 | * | nCino, Inc | 17,312,330 | 0.9 | |||||||||
136,071 | * | Paylocity Holding Corp | 26,294,360 | 1.4 | |||||||||
116,608 | * | Proofpoint, Inc | 20,069,403 | 1.1 | |||||||||
2,381,066 | * | Sabre Corp | 35,668,369 | 1.9 | |||||||||
161,442 | * | Synopsys, Inc | 39,885,861 | 2.2 | |||||||||
106,288 | * | Twilio, Inc | 39,092,726 | 2.1 | |||||||||
177,624 | * | Zendesk, Inc | 25,959,748 | 1.4 | |||||||||
Other | 83,095,685 | 4.6 | |||||||||||
454,665,406 | 24.7 | ||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT | |||||||||||||
211,551 | Cognex Corp | 18,218,772 | 1.0 | ||||||||||
Other | 26,277,474 | 1.4 | |||||||||||
44,496,246 | 2.4 | ||||||||||||
TELECOMMUNICATION SERVICES | 11,498,512 | 0.6 | |||||||||||
TRANSPORTATION | 14,254,470 | 0.8 | |||||||||||
TOTAL COMMON STOCKS (Cost $1,216,855,516) | 1,825,168,895 | 99.1 |
46 | 2021 Semiannual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements |
Summary portfolio of investments (unaudited) | concluded |
Mid-Cap Growth Fund ■ April 30, 2021
Principal | Issuer | Value | % of net assets | ||||||||||
SHORT-TERM INVESTMENTS | |||||||||||||
GOVERNMENT AGENCY DEBT | $ | 11,792,000 | 0.7 | % | |||||||||
REPURCHASE AGREEMENT | 4,380,000 | 0.2 | |||||||||||
Shares | Company | ||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | |||||||||||||
36,851,204 | c | State Street Navigator Securities Lending Government Money Market Portfolio 0.020% | 36,851,204 | 2.0 | |||||||||
36,851,204 | 2.0 | ||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $53,023,160) | 53,023,204 | 2.9 | |||||||||||
TOTAL PORTFOLIO (Cost $1,269,878,676) | 1,878,192,099 | 102.0 | |||||||||||
OTHER ASSETS & LIABILITIES, NET | (35,984,334 | ) | (2.0 | ) | |||||||||
NET ASSETS | $ | 1,842,207,765 | 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 $50,356,451. 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 4/30/21, the aggregate value of these securities, including those in “Other,” is $46,426,981 or 2.5% 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 ■ 2021 Semiannual Report | 47 |
Summary portfolio of investments (unaudited)
Mid-Cap Value Fund ■ April 30, 2021
Shares | Company | Value | % of net assets | ||||||||||
COMMON STOCKS | |||||||||||||
AUTOMOBILES & COMPONENTS | |||||||||||||
220,130 | * | Aptiv plc | $ | 31,674,506 | 1.4 | % | |||||||
Other | 38,646,365 | 1.6 | |||||||||||
70,320,871 | 3.0 | ||||||||||||
BANKS | |||||||||||||
679,356 | Fifth Third Bancorp | 27,541,092 | 1.2 | ||||||||||
1,938,407 | Huntington Bancshares, Inc | 29,696,395 | 1.3 | ||||||||||
108,662 | Signature Bank | 27,329,580 | 1.2 | ||||||||||
353,905 | Western Alliance Bancorp | 37,184,798 | 1.6 | ||||||||||
Other | 23,745,322 | 1.0 | |||||||||||
145,497,187 | 6.3 | ||||||||||||
CAPITAL GOODS | |||||||||||||
224,683 | AGCO Corp | 32,785,743 | 1.4 | ||||||||||
871,922 | Carrier Global Corp | 37,998,361 | 1.6 | ||||||||||
275,962 | Crane Co | 25,956,986 | 1.1 | ||||||||||
186,912 | Eaton Corp | 26,715,332 | 1.2 | ||||||||||
172,792 | Hubbell, Inc | 33,177,792 | 1.4 | ||||||||||
715,569 | Johnson Controls International plc | 44,608,572 | 1.9 | ||||||||||
189,367 | Stanley Black & Decker, Inc | 39,155,415 | 1.7 | ||||||||||
1,357,352 | Vertiv Holdings Co | 30,811,890 | 1.3 | ||||||||||
344,620 | Wabtec Corp | 28,282,963 | 1.2 | ||||||||||
287,814 | * | WESCO International, Inc | 26,398,300 | 1.1 | |||||||||
Other | 60,856,435 | 2.7 | |||||||||||
386,747,789 | 16.6 | ||||||||||||
COMMERCIAL & PROFESSIONAL SERVICES | |||||||||||||
347,280 | Republic Services, Inc | 36,915,864 | 1.6 | ||||||||||
36,915,864 | 1.6 | ||||||||||||
CONSUMER DURABLES & APPAREL | |||||||||||||
143,626 | * | Mohawk Industries, Inc | 29,515,143 | 1.3 | |||||||||
1,010,135 | Newell Brands Inc | 27,233,240 | 1.2 | ||||||||||
131,000 | Whirlpool Corp | 30,974,950 | 1.3 | ||||||||||
Other | 39,261,772 | 1.7 | |||||||||||
126,985,105 | 5.5 | ||||||||||||
CONSUMER SERVICES | |||||||||||||
489,565 | Travel & Leisure Co | 31,591,629 | 1.4 | ||||||||||
505,032 | Wyndham Hotels & Resorts, Inc | 36,922,890 | 1.6 | ||||||||||
238,541 | Yum! Brands, Inc | 28,510,420 | 1.2 | ||||||||||
97,024,939 | 4.2 | ||||||||||||
DIVERSIFIED FINANCIALS | |||||||||||||
1,849,319 | AGNC Investment Corp | 33,158,290 | 1.4 | ||||||||||
828,172 | Ally Financial, Inc | 42,609,449 | 1.9 | ||||||||||
127,003 | Ameriprise Financial, Inc | 32,817,575 | 1.4 | ||||||||||
430,624 | Discover Financial Services | 49,091,136 | 2.1 | ||||||||||
865,417 | Synchrony Financial | 37,853,340 | 1.6 | ||||||||||
443,592 | Voya Financial, Inc | 30,084,409 | 1.3 | ||||||||||
225,614,199 | 9.7 | ||||||||||||
ENERGY | |||||||||||||
209,074 | Pioneer Natural Resources Co | 32,161,853 | 1.4 | ||||||||||
32,161,853 | 1.4 |
Shares | Company | Value | % of net assets | ||||||||||
FOOD, BEVERAGE & TOBACCO | |||||||||||||
402,782 | Tyson Foods, Inc (Class A) | $ | 31,195,466 | 1.3 | % | ||||||||
31,195,466 | 1.3 | ||||||||||||
HEALTH CARE EQUIPMENT & SERVICES | |||||||||||||
545,824 | * | Centene Corp | 33,699,174 | 1.5 | |||||||||
140,622 | * | Molina Healthcare, Inc | 35,872,672 | 1.5 | |||||||||
223,211 | Zimmer Biomet Holdings, Inc | 39,544,061 | 1.7 | ||||||||||
Other | 19,480,025 | 0.8 | |||||||||||
128,595,932 | 5.5 | ||||||||||||
INSURANCE | |||||||||||||
915,265 | * | BRP Group, Inc | 26,560,990 | 1.1 | |||||||||
415,661 | Prudential Financial, Inc | 41,715,738 | 1.8 | ||||||||||
68,276,728 | 2.9 | ||||||||||||
MATERIALS | |||||||||||||
813,318 | * | Axalta Coating Systems Ltd | 25,936,711 | 1.1 | |||||||||
210,282 | FMC Corp | 24,863,744 | 1.1 | ||||||||||
1,326,793 | Freeport-McMoRan, Inc (Class B) | 50,033,364 | 2.1 | ||||||||||
283,516 | International Flavors & Fragrances, Inc | 40,307,470 | 1.7 | ||||||||||
Other | 54,810,082 | 2.4 | |||||||||||
195,951,371 | 8.4 | ||||||||||||
MEDIA & ENTERTAINMENT | 14,280,941 | 0.6 | |||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | |||||||||||||
145,414 | * | United Therapeutics Corp | 29,309,646 | 1.3 | |||||||||
Other | 46,165,527 | 2.0 | |||||||||||
75,475,173 | 3.3 | ||||||||||||
REAL ESTATE | |||||||||||||
671,708 | MGM Growth Properties LLC | 24,194,922 | 1.0 | ||||||||||
440,515 | Regency Centers Corp | 28,043,185 | 1.2 | ||||||||||
495,581 | Rexford Industrial Realty, Inc | 27,529,524 | 1.2 | ||||||||||
196,409 | Simon Property Group, Inc | 23,910,832 | 1.0 | ||||||||||
Other | 114,207,271 | 5.0 | |||||||||||
217,885,734 | 9.4 | ||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | |||||||||||||
47,158 | Lam Research Corp | 29,259,181 | 1.3 | ||||||||||
154,326 | NXP Semiconductors NV | 29,709,298 | 1.3 | ||||||||||
Other | 59,840,520 | 2.5 | |||||||||||
118,808,999 | 5.1 | ||||||||||||
SOFTWARE & SERVICES | 51,786,946 | 2.2 | |||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT | |||||||||||||
816,545 | * | Vontier Corp | 25,590,520 | 1.1 | |||||||||
Other | 32,101,127 | 1.4 | |||||||||||
57,691,647 | 2.5 | ||||||||||||
TRANSPORTATION | 42,567,576 | 1.8 | |||||||||||
UTILITIES | |||||||||||||
719,853 | Alliant Energy Corp | 40,434,143 | 1.7 | ||||||||||
326,101 | American Electric Power Co, Inc | 28,928,420 | 1.3 | ||||||||||
574,410 | Evergy, Inc | 36,745,008 | 1.6 | ||||||||||
Other | 73,787,832 | 3.1 | |||||||||||
179,895,403 | 7.7 | ||||||||||||
TOTAL COMMON STOCKS (Cost $1,755,174,204) | 2,303,679,723 | 99.0 |
48 | 2021 Semiannual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements |
Summary portfolio of investments (unaudited) | concluded |
Mid-Cap Value Fund ■ April 30, 2021
Principal | Issuer | Value | % of net assets | ||||||||||
SHORT-TERM INVESTMENTS | |||||||||||||
$ | 24,592,000 | 1.1 | % | ||||||||||
GOVERNMENT AGENCY DEBT | 2,596,000 | 0.1 | |||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $27,187,732) | 27,188,000 | 1.2 | |||||||||||
TOTAL PORTFOLIO (Cost $1,782,361,936) | 2,330,867,723 | 100.2 | |||||||||||
OTHER ASSETS & LIABILITIES, NET | (4,866,923 | ) | (0.2 | ) | |||||||||
NET ASSETS | $ | 2,326,000,800 | 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 ■ 2021 Semiannual Report | 49 |
Summary portfolio of investments (unaudited)
Quant Small-Cap Equity Fund ■ April 30, 2021
Shares | Company | Value | % of net assets | ||||||||||
COMMON STOCKS | |||||||||||||
AUTOMOBILES & COMPONENTS | $ | 33,876,667 | 1.1 | % | |||||||||
BANKS | |||||||||||||
304,550 | Essent Group Ltd | 16,013,239 | 0.5 | ||||||||||
217,150 | Glacier Bancorp, Inc | 12,800,992 | 0.4 | ||||||||||
854,250 | Investors Bancorp, Inc | 12,506,220 | 0.4 | ||||||||||
282,780 | Pacific Premier Bancorp, Inc | 12,450,803 | 0.4 | ||||||||||
707,850 | Radian Group, Inc | 17,441,424 | 0.6 | ||||||||||
615,742 | United Community Banks, Inc | 20,147,078 | 0.7 | ||||||||||
135,800 | Walker & Dunlop, Inc | 15,053,430 | 0.5 | ||||||||||
Other | 204,848,861 | 6.6 | |||||||||||
311,262,047 | 10.1 | ||||||||||||
CAPITAL GOODS | |||||||||||||
237,184 | Advanced Drainage Systems, Inc | 26,483,965 | 0.9 | ||||||||||
179,703 | * | Atkore International Group, Inc | 14,067,151 | 0.5 | |||||||||
219,950 | Boise Cascade Co | 14,675,064 | 0.5 | ||||||||||
616,818 | * | Builders FirstSource, Inc | 30,020,532 | 1.0 | |||||||||
318,700 | Comfort Systems USA, Inc | 26,248,132 | 0.9 | ||||||||||
306,430 | Federal Signal Corp | 12,695,395 | 0.4 | ||||||||||
486,860 | * | Plug Power, Inc | 13,880,379 | 0.5 | |||||||||
69,578 | * | RBC Bearings, Inc | 13,875,941 | 0.4 | |||||||||
326,844 | Rexnord Corp | 16,319,321 | 0.5 | ||||||||||
461,760 | * | WillScot Mobile Mini Holdings Corp | 13,515,715 | 0.4 | |||||||||
Other | 193,585,751 | 6.2 | |||||||||||
375,367,346 | 12.2 | ||||||||||||
COMMERCIAL & PROFESSIONAL SERVICES | |||||||||||||
390,180 | KBR, Inc | 15,435,521 | 0.5 | ||||||||||
234,028 | * | TriNet Group, Inc | 18,420,344 | 0.6 | |||||||||
438,330 | * | Upwork, Inc | 20,189,480 | 0.6 | |||||||||
Other | 57,610,694 | 1.9 | |||||||||||
111,656,039 | 3.6 | ||||||||||||
CONSUMER DURABLES & APPAREL | |||||||||||||
180,790 | * | Crocs, Inc | 18,100,695 | 0.6 | |||||||||
503,780 | * | Sonos, Inc | 20,166,313 | 0.7 | |||||||||
195,920 | * | YETI Holdings, Inc | 16,735,486 | 0.5 | |||||||||
Other | 76,373,328 | 2.5 | |||||||||||
131,375,822 | 4.3 | ||||||||||||
CONSUMER SERVICES | |||||||||||||
282,160 | * | SeaWorld Entertainment, Inc | 15,451,082 | 0.5 | |||||||||
Other | 131,848,500 | 4.3 | |||||||||||
147,299,582 | 4.8 | ||||||||||||
DIVERSIFIED FINANCIALS | |||||||||||||
433,914 | Stifel Financial Corp | 30,022,510 | 1.0 | ||||||||||
Other | 68,634,617 | 2.2 | |||||||||||
98,657,127 | 3.2 | ||||||||||||
ENERGY | |||||||||||||
449,710 | * | Green Plains Inc | 13,401,358 | 0.4 | |||||||||
Other | 83,307,777 | 2.7 | |||||||||||
96,709,135 | 3.1 |
Shares | Company | Value | % of net assets | ||||||||||
FOOD & STAPLES RETAILING | |||||||||||||
481,911 | * | BJ’s Wholesale Club Holdings, Inc | $ | 21,526,964 | 0.7 | % | |||||||
Other | 17,125,127 | 0.5 | |||||||||||
38,652,091 | 1.2 | ||||||||||||
FOOD, BEVERAGE & TOBACCO | 54,201,855 | 1.8 | |||||||||||
HEALTH CARE EQUIPMENT & SERVICES | |||||||||||||
568,720 | * | R1 RCM, Inc | 15,514,682 | 0.5 | |||||||||
285,850 | * | Tenet Healthcare Corp | 16,939,471 | 0.6 | |||||||||
Other | 186,551,472 | 6.0 | |||||||||||
219,005,625 | 7.1 | ||||||||||||
HOUSEHOLD & PERSONAL PRODUCTS | 25,328,600 | 0.8 | |||||||||||
INSURANCE | 43,155,770 | 1.4 | |||||||||||
MATERIALS | |||||||||||||
255,970 | Louisiana-Pacific Corp | 16,863,304 | 0.5 | ||||||||||
152,410 | Sensient Technologies Corp | 12,534,198 | 0.4 | ||||||||||
550,540 | * | Summit Materials, Inc | 15,850,047 | 0.5 | |||||||||
709,770 | United States Steel Corp | 16,331,808 | 0.5 | ||||||||||
Other | 103,591,516 | 3.4 | |||||||||||
165,170,873 | 5.3 | ||||||||||||
MEDIA & ENTERTAINMENT | |||||||||||||
672,970 | TEGNA, Inc | 13,499,778 | 0.4 | ||||||||||
Other | 48,958,486 | 1.6 | |||||||||||
62,458,264 | 2.0 | ||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | |||||||||||||
221,334 | * | Natera, Inc | 24,351,167 | 0.8 | |||||||||
96,300 | * | Novavax, Inc | 22,816,359 | 0.7 | |||||||||
Other | 304,002,833 | 9.9 | |||||||||||
351,170,359 | 11.4 | ||||||||||||
REAL ESTATE | |||||||||||||
93,160 | EastGroup Properties, Inc | 14,780,766 | 0.5 | ||||||||||
364,410 | National Storage Affiliates Trust | 16,558,790 | 0.5 | ||||||||||
121,938 | PS Business Parks, Inc | 19,799,073 | 0.6 | ||||||||||
429,500 | STAG Industrial, Inc | 15,681,045 | 0.5 | ||||||||||
Other | 133,061,112 | 4.4 | |||||||||||
199,880,786 | 6.5 | ||||||||||||
RETAILING | |||||||||||||
419,140 | Rent-A-Center, Inc | 24,121,507 | 0.8 | ||||||||||
124,360 | * | Sleep Number Corp | 13,914,640 | 0.4 | |||||||||
Other | 125,708,055 | 4.1 | |||||||||||
163,744,202 | 5.3 | ||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | |||||||||||||
143,061 | Brooks Automation, Inc | 14,496,371 | 0.5 | ||||||||||
313,647 | * | Lattice Semiconductor Corp | 15,779,580 | 0.5 | |||||||||
Other | 63,128,381 | 2.0 | |||||||||||
93,404,332 | 3.0 | ||||||||||||
SOFTWARE & SERVICES | |||||||||||||
328,840 | * | Digital Turbine, Inc | 24,804,401 | 0.8 | |||||||||
150,790 | * | Workiva, Inc | 14,174,260 | 0.5 | |||||||||
Other | 123,219,372 | 4.0 | |||||||||||
162,198,033 | 5.3 |
50 | 2021 Semiannual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements |
Summary portfolio of investments (unaudited) | concluded |
Quant Small-Cap Equity Fund ■ April 30, 2021
Shares | Company | Value | % of net assets | |||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT | ||||||||||||||
403,731 | * | Sanmina Corp | $ | 16,488,374 | 0.5 | % | ||||||||
Other | 65,674,755 | 2.2 | ||||||||||||
82,163,129 | 2.7 | |||||||||||||
TELECOMMUNICATION SERVICES | 19,728,666 | 0.6 | ||||||||||||
TRANSPORTATION | 39,452,160 | 1.3 | ||||||||||||
UTILITIES | ||||||||||||||
180,058 | Black Hills Corp | 12,420,401 | 0.4 | |||||||||||
Other | 39,149,857 | 1.3 | ||||||||||||
51,570,258 | 1.7 | |||||||||||||
TOTAL COMMON STOCKS (Cost $2,006,613,328) | 3,077,488,768 | 99.8 | ||||||||||||
Principal | Issuer | |||||||||||||
SHORT-TERM INVESTMENTS | ||||||||||||||
GOVERNMENT AGENCY DEBT | ||||||||||||||
Federal Home Loan Bank (FHLB) | ||||||||||||||
$ | 13,001,000 | 1.000%, 05/05/21 | 13,001,000 | 0.4 | ||||||||||
Other | 2,740,000 | 0.1 | ||||||||||||
15,741,000 | 0.5 | |||||||||||||
TREASURY DEBT | 479,998 | 0.0 |
Shares | Company | Value | % of net assets | |||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | ||||||||||||||
30,680,500 | c | State Street Navigator Securities Lending Government Money Market Portfolio 0.020% | $ | 30,680,500 | 1.0 | % | ||||||||
30,680,500 | 1.0 | |||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $46,901,486) | 46,901,498 | 1.5 | ||||||||||||
TOTAL PORTFOLIO (Cost $2,053,514,814) | 3,124,390,266 | 101.3 | ||||||||||||
OTHER ASSETS & LIABILITIES, NET | (40,269,401 | ) | (1.3 | ) | ||||||||||
NET ASSETS | $ | 3,084,120,865 | 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 04/30/21, the aggregate value of securities on loan is $65,488,320. 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 April 30, 2021 were as follows:
Description | Number of long (short contracts | ) | Expiration date | Notional amount | Value | Unrealized appreciation (depreciation | ) | |||||||||||
CME E-mini Russell 2000 Index Futures | 130 | 06/18/21 | $14,195,329 | $14,699,750 | $504,421 |
See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2021 Semiannual Report | 51 |
Summary portfolio of investments (unaudited)
Quant Small/Mid-Cap Equity Fund ■ April 30, 2021
Shares | Company | Value | % of net assets | ||||||||||
COMMON STOCKS | |||||||||||||
AUTOMOBILES & COMPONENTS | $ | 14,177,007 | 1.2 | % | |||||||||
BANKS | |||||||||||||
450,902 | First Bancorp (Puerto Rico) | 5,667,838 | 0.5 | ||||||||||
Other | 82,697,667 | 6.9 | |||||||||||
88,365,505 | 7.4 | ||||||||||||
CAPITAL GOODS | |||||||||||||
68,732 | Advanced Drainage Systems, Inc | 7,674,615 | 0.7 | ||||||||||
77,046 | * | Aecom Technology Corp | 5,118,166 | 0.4 | |||||||||
35,830 | AGCO Corp | 5,228,314 | 0.4 | ||||||||||
38,270 | Allegion plc | 5,142,723 | 0.4 | ||||||||||
95,958 | * | Atkore International Group, Inc | 7,511,592 | 0.6 | |||||||||
143,406 | * | Builders FirstSource, Inc | 6,979,570 | 0.6 | |||||||||
60,321 | EMCOR Group, Inc | 7,226,456 | 0.6 | ||||||||||
98,331 | UFP Industries, Inc | 8,263,737 | 0.7 | ||||||||||
Other | 108,960,987 | 9.3 | |||||||||||
162,106,160 | 13.7 | ||||||||||||
COMMERCIAL & PROFESSIONAL SERVICES | |||||||||||||
62,589 | Booz Allen Hamilton Holding Co | 5,191,757 | 0.4 | ||||||||||
Other | 18,220,817 | 1.6 | |||||||||||
23,412,574 | 2.0 | ||||||||||||
CONSUMER DURABLES & APPAREL | |||||||||||||
63,057 | * | CROCS, Inc | 6,313,267 | 0.5 | |||||||||
105,365 | Pulte Homes, Inc | 6,229,179 | 0.5 | ||||||||||
130,000 | * | Sonos, Inc | 5,203,900 | 0.5 | |||||||||
138,770 | Tempur Sealy International, Inc | 5,292,688 | 0.5 | ||||||||||
67,430 | * | YETI Holdings, Inc | 5,759,871 | 0.5 | |||||||||
Other | 25,216,549 | 2.1 | |||||||||||
54,015,454 | 4.6 | ||||||||||||
CONSUMER SERVICES | |||||||||||||
78,820 | * | Boyd Gaming Corp | 5,213,943 | 0.4 | |||||||||
Other | 30,826,159 | 2.6 | |||||||||||
36,040,102 | 3.0 | ||||||||||||
DIVERSIFIED FINANCIALS | |||||||||||||
82,000 | e | iShares Russell 2000 Index Fund | 18,440,980 | 1.6 | |||||||||
67,303 | LPL Financial Holdings, Inc | 10,546,380 | 0.9 | ||||||||||
Other | 44,450,880 | 3.7 | |||||||||||
73,438,240 | 6.2 | ||||||||||||
ENERGY | |||||||||||||
456,060 | Marathon Oil Corp | 5,135,235 | 0.4 | ||||||||||
Other | 24,932,843 | 2.1 | |||||||||||
30,068,078 | 2.5 | ||||||||||||
FOOD & STAPLES RETAILING | |||||||||||||
150,624 | * | United Natural Foods, Inc | 5,552,001 | 0.5 | |||||||||
Other | 8,832,772 | 0.7 | |||||||||||
14,384,773 | 1.2 | ||||||||||||
FOOD, BEVERAGE & TOBACCO | |||||||||||||
59,623 | Bunge Ltd | 5,033,374 | 0.4 | ||||||||||
65,530 | Lamb Weston Holdings, Inc | 5,275,165 | 0.5 | ||||||||||
Other | 9,336,829 | 0.8 | |||||||||||
19,645,368 | 1.7 |
Shares | Company | Value | % of net assets | ||||||||||
HEALTH CARE EQUIPMENT & SERVICES | |||||||||||||
30,160 | * | Molina Healthcare, Inc | $ | 7,693,816 | 0.6 | % | |||||||
Other | 52,800,913 | 4.5 | |||||||||||
60,494,729 | 5.1 | ||||||||||||
HOUSEHOLD & PERSONAL PRODUCTS | 13,393,780 | 1.1 | |||||||||||
INSURANCE | |||||||||||||
47,721 | American Financial Group, Inc | 5,863,002 | 0.5 | ||||||||||
102,460 | Brown & Brown, Inc | 5,448,823 | 0.5 | ||||||||||
64,340 | W.R. Berkley Corp | 5,129,185 | 0.4 | ||||||||||
Other | 13,275,775 | 1.1 | |||||||||||
29,716,785 | 2.5 | ||||||||||||
MATERIALS | |||||||||||||
30,622 | Avery Dennison Corp | 6,558,314 | 0.6 | ||||||||||
75,670 | Louisiana-Pacific Corp | 4,985,140 | 0.4 | ||||||||||
35,984 | Reliance Steel & Aluminum Co | 5,768,595 | 0.5 | ||||||||||
24,613 | Scotts Miracle-Gro Co (Class A) | 5,689,541 | 0.5 | ||||||||||
Other | 39,872,761 | 3.3 | |||||||||||
62,874,351 | 5.3 | ||||||||||||
MEDIA & ENTERTAINMENT | 23,439,521 | 2.0 | |||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | |||||||||||||
22,432 | * | Charles River Laboratories International, Inc | 7,457,518 | 0.6 | |||||||||
104,683 | * | Horizon Therapeutics Plc | 9,905,105 | 0.8 | |||||||||
32,641 | * | PRA Health Sciences, Inc | 5,447,456 | 0.5 | |||||||||
Other | 80,221,931 | 6.8 | |||||||||||
103,032,010 | 8.7 | ||||||||||||
REAL ESTATE | |||||||||||||
138,620 | American Homes 4 Rent | 5,134,485 | 0.4 | ||||||||||
78,256 | Equity Lifestyle Properties, Inc | 5,430,966 | 0.5 | ||||||||||
Other | 76,721,444 | 6.5 | |||||||||||
87,286,895 | 7.4 | ||||||||||||
RETAILING | |||||||||||||
28,930 | * | Etsy, Inc | 5,750,995 | 0.5 | |||||||||
87,120 | Kohl’s Corp | 5,110,459 | 0.4 | ||||||||||
15,530 | Pool Corp | 6,561,736 | 0.6 | ||||||||||
9,190 | * | RH | 6,322,904 | 0.5 | |||||||||
Other | 39,462,102 | 3.3 | |||||||||||
63,208,196 | 5.3 | ||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | |||||||||||||
57,213 | Brooks Automation, Inc | 5,797,393 | 0.5 | ||||||||||
53,349 | Teradyne, Inc | 6,672,893 | 0.6 | ||||||||||
Other | 29,890,284 | 2.5 | |||||||||||
42,360,570 | 3.6 | ||||||||||||
SOFTWARE & SERVICES | |||||||||||||
39,431 | * | Five9, Inc | 7,411,845 | 0.6 | |||||||||
134,620 | * | Nuance Communications, Inc | 7,157,745 | 0.6 | |||||||||
39,681 | Pegasystems, Inc | 5,037,106 | 0.4 | ||||||||||
52,433 | * | SPS Commerce, Inc | 5,371,237 | 0.5 | |||||||||
36,332 | * | Zendesk, Inc | 5,309,922 | 0.4 | |||||||||
Other | 66,437,570 | 5.7 | |||||||||||
96,725,425 | 8.2 | ||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT | 42,285,487 | 3.6 |
52 | 2021 Semiannual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements |
Summary portfolio of investments (unaudited) | concluded |
Quant Small/Mid-Cap Equity Fund ■ April 30, 2021
Shares | Company | Value | % of net assets | |||||||||||
TELECOMMUNICATION SERVICES | $ | 4,147,847 | 0.3 | % | ||||||||||
TRANSPORTATION | ||||||||||||||
91,755 | * | Hub Group, Inc (Class A) | 6,030,138 | 0.5 | ||||||||||
29,914 | Landstar System, Inc | 5,153,584 | 0.4 | |||||||||||
Other | 13,436,994 | 1.2 | ||||||||||||
24,620,716 | 2.1 | |||||||||||||
UTILITIES | 14,286,022 | 1.2 | ||||||||||||
TOTAL COMMON STOCKS (Cost $786,678,469) | 1,183,525,595 | 99.9 | ||||||||||||
Principal | Issuer | |||||||||||||
SHORT-TERM INVESTMENTS | ||||||||||||||
REPURCHASE AGREEMENT | ||||||||||||||
Fixed Income Clearing Corp (FICC) | ||||||||||||||
$ | 6,280,000 | r | 0.005%, 5/3/21 | 6,280,000 | 0.5 | |||||||||
6,280,000 | 0.5 |
Shares | Company | Value | % of net assets | |||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | ||||||||||||||
29,158,029 | c | State Street Navigator Securities Lending Government Money Market Portfolio 0.020% | $ | 29,158,029 | 2.5 | % | ||||||||
29,158,029 | 2.5 | |||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $35,438,029) | 35,438,029 | 3.0 | ||||||||||||
TOTAL PORTFOLIO (Cost $822,116,498) | 1,218,963,624 | 102.9 | ||||||||||||
OTHER ASSETS & LIABILITIES, NET | (33,925,886 | ) | (2.9 | ) | ||||||||||
NET ASSETS | $ | 1,185,037,738 | 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 $29,955,232. See Note 4 in the Notes to financial statements for additional information about securities lending collateral. | |
r | Agreement with Fixed Income Clearing Corporation, 0.005% dated 4/30/21 to be repurchased at $6,280,000 on 5/3/21, collateralized by U.S. Treasury Notes valued at $6,405,626. |
“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 ■ 2021 Semiannual Report | 53 |
Summary portfolio of investments (unaudited)
Social Choice Equity Fund ■ April 30, 2021
Shares | Company | Value | % of net assets | |||||||||||
COMMON STOCKS | ||||||||||||||
AUTOMOBILES & COMPONENTS | ||||||||||||||
170,522 | * | Tesla, Inc | $ | 120,975,128 | 1.7 | % | ||||||||
Other | 19,257,488 | 0.3 | ||||||||||||
140,232,616 | 2.0 | |||||||||||||
BANKS | ||||||||||||||
251,083 | PNC Financial Services Group, Inc | 46,939,967 | 0.7 | |||||||||||
Other | 180,933,921 | 2.5 | ||||||||||||
227,873,888 | 3.2 | |||||||||||||
CAPITAL GOODS | ||||||||||||||
213,347 | 3M Co | 42,059,228 | 0.6 | |||||||||||
218,248 | Caterpillar, Inc | 49,784,551 | 0.7 | |||||||||||
135,980 | Deere & Co | 50,428,183 | 0.7 | |||||||||||
Other | 284,351,641 | 4.1 | ||||||||||||
426,623,603 | 6.1 | |||||||||||||
COMMERCIAL & PROFESSIONAL SERVICES | 112,204,955 | 1.6 | ||||||||||||
CONSUMER DURABLES & APPAREL | ||||||||||||||
462,257 | Nike, Inc (Class B) | 61,304,523 | 0.9 | |||||||||||
Other | 48,857,276 | 0.7 | ||||||||||||
110,161,799 | 1.6 | |||||||||||||
CONSUMER SERVICES | ||||||||||||||
20,720 | * | Booking Holdings, Inc | 51,097,178 | 0.7 | ||||||||||
481,777 | Starbucks Corp | 55,158,649 | 0.8 | |||||||||||
Other | 108,429,897 | 1.6 | ||||||||||||
214,685,724 | 3.1 | |||||||||||||
DIVERSIFIED FINANCIALS | ||||||||||||||
316,873 | American Express Co | 48,592,475 | 0.7 | |||||||||||
66,250 | BlackRock, Inc | 54,278,625 | 0.8 | |||||||||||
616,865 | Charles Schwab Corp | 43,427,296 | 0.6 | |||||||||||
350,309 | Intercontinental Exchange Group, Inc | 41,234,872 | 0.6 | |||||||||||
613,023 | Morgan Stanley | 50,605,049 | 0.7 | |||||||||||
107,469 | S&P Global, Inc | 41,954,823 | 0.6 | |||||||||||
Other | 172,800,839 | 2.5 | ||||||||||||
452,893,979 | 6.5 | |||||||||||||
ENERGY | ||||||||||||||
501,595 | Chevron Corp | 51,699,397 | 0.7 | |||||||||||
Other | 137,426,584 | 2.0 | ||||||||||||
189,125,981 | 2.7 | |||||||||||||
FOOD & STAPLES RETAILING | 48,113,874 | 0.7 | ||||||||||||
FOOD, BEVERAGE & TOBACCO | ||||||||||||||
1,106,400 | Coca-Cola Co | 59,723,472 | 0.9 | |||||||||||
466,553 | PepsiCo, Inc | 67,258,281 | 1.0 | |||||||||||
Other | 59,213,984 | 0.8 | ||||||||||||
186,195,737 | 2.7 | |||||||||||||
HEALTH CARE EQUIPMENT & SERVICES | ||||||||||||||
191,615 | Cigna Corp | 47,714,051 | 0.7 | |||||||||||
Other | 394,693,566 | 5.6 | ||||||||||||
442,407,617 | 6.3 | |||||||||||||
HOUSEHOLD & PERSONAL PRODUCTS | ||||||||||||||
641,116 | Procter & Gamble Co | 85,537,697 | 1.2 | |||||||||||
Other | 70,700,425 | 1.0 | ||||||||||||
156,238,122 | 2.2 |
Shares | Company | Value | % of net assets | |||||||||||
INSURANCE | $ | 189,468,116 | 2.7 | % | ||||||||||
MATERIALS | ||||||||||||||
194,299 | Ecolab, Inc | 43,546,292 | 0.6 | |||||||||||
206,745 | Linde plc | 59,095,991 | 0.8 | |||||||||||
Other | 120,588,621 | 1.8 | ||||||||||||
223,230,904 | 3.2 | |||||||||||||
MEDIA & ENTERTAINMENT | ||||||||||||||
56,887 | * | Alphabet, Inc (Class A) | 133,883,555 | 1.9 | ||||||||||
55,165 | * | Alphabet, Inc (Class C) | 132,954,270 | 1.9 | ||||||||||
Other | 297,767,139 | 4.2 | ||||||||||||
564,604,964 | 8.0 | |||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | ||||||||||||||
387,840 | AbbVie, Inc | 43,244,160 | 0.6 | |||||||||||
180,747 | Amgen, Inc | 43,314,211 | 0.6 | |||||||||||
694,911 | Bristol-Myers Squibb Co | 43,376,345 | 0.6 | |||||||||||
279,150 | Eli Lilly & Co | 51,020,245 | 0.7 | |||||||||||
688,678 | Merck & Co, Inc | 51,306,511 | 0.7 | |||||||||||
117,437 | Thermo Fisher Scientific, Inc | 55,222,401 | 0.8 | |||||||||||
Other | 213,792,622 | 3.1 | ||||||||||||
501,276,495 | 7.1 | |||||||||||||
REAL ESTATE | ||||||||||||||
206,290 | American Tower Corp | 52,556,503 | 0.8 | |||||||||||
Other | 182,075,161 | 2.5 | ||||||||||||
234,631,664 | 3.3 | |||||||||||||
RETAILING | ||||||||||||||
257,453 | Home Depot, Inc | 83,329,813 | 1.2 | |||||||||||
212,649 | Lowe’s Companies, Inc | 41,732,366 | 0.6 | |||||||||||
226,308 | Target Corp | 46,904,596 | 0.7 | |||||||||||
Other | 142,588,949 | 2.0 | ||||||||||||
314,555,724 | 4.5 | |||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | ||||||||||||||
383,762 | Applied Materials, Inc | 50,929,055 | 0.7 | |||||||||||
1,272,342 | Intel Corp | 73,197,835 | 1.1 | |||||||||||
70,704 | Lam Research Corp | 43,868,297 | 0.6 | |||||||||||
154,078 | NVIDIA Corp | 92,505,350 | 1.3 | |||||||||||
341,844 | Texas Instruments, Inc | 61,706,260 | 0.9 | |||||||||||
Other | 39,937,209 | 0.6 | ||||||||||||
362,144,006 | 5.2 | |||||||||||||
SOFTWARE & SERVICES | ||||||||||||||
220,982 | Accenture plc | 64,078,151 | 0.9 | |||||||||||
146,354 | * | Adobe, Inc | 74,397,592 | 1.0 | ||||||||||
388,803 | International Business Machines Corp | 55,163,370 | 0.8 | |||||||||||
113,870 | Intuit, Inc | 46,932,659 | 0.7 | |||||||||||
234,672 | Mastercard, Inc (Class A) | 89,658,784 | 1.3 | |||||||||||
1,364,381 | Microsoft Corp | 344,069,601 | 4.9 | |||||||||||
323,933 | * | PayPal Holdings, Inc | 84,964,387 | 1.2 | ||||||||||
292,774 | * | salesforce.com, Inc | 67,431,708 | 1.0 | ||||||||||
Other | 298,970,952 | 4.2 | ||||||||||||
1,125,667,204 | 16.0 |
54 | 2021 Semiannual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements |
Summary portfolio of investments (unaudited) | concluded |
Social Choice Equity Fund ■ April 30, 2021
Shares | Company | Value | % of net assets | ||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT | |||||||||||||||
1,318,948 | Cisco Systems, Inc | $ | 67,147,643 | 1.0 | % | ||||||||||
1,221,596 | HP, Inc | 41,668,640 | 0.6 | ||||||||||||
Other | 198,541,006 | 2.8 | |||||||||||||
307,357,289 | 4.4 | ||||||||||||||
TELECOMMUNICATION SERVICES | |||||||||||||||
1,261,731 | Verizon Communications, Inc | 72,915,434 | 1.0 | ||||||||||||
Other | 40,132,887 | 0.6 | |||||||||||||
113,048,321 | 1.6 | ||||||||||||||
TRANSPORTATION | |||||||||||||||
284,796 | United Parcel Service, Inc (Class B) | 58,058,513 | 0.8 | ||||||||||||
Other | 121,489,137 | 1.8 | |||||||||||||
179,547,650 | 2.6 | ||||||||||||||
UTILITIES | 171,477,329 | 2.4 | |||||||||||||
TOTAL COMMON STOCKS (Cost $4,205,528,312) | 6,993,767,561 | 99.7 | |||||||||||||
Principal | Issuer | ||||||||||||||
SHORT-TERM INVESTMENTS | |||||||||||||||
GOVERNMENT AGENCY DEBT | 45,992,000 | 0.6 | |||||||||||||
REPURCHASE AGREEMENT | 5,705,000 | 0.1 | |||||||||||||
TREASURY DEBT | 4,332,000 | 0.1 |
Shares | Company | Value | % of net assets | |||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | ||||||||||||||
37,193,500 | c | State Street Navigator Securities Lending Government Money Market Portfolio 0.020% | $ | 37,193,500 | 0.5 | % | ||||||||
37,193,500 | 0.5 | |||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $93,222,065) | 93,222,500 | 1.3 | ||||||||||||
TOTAL PORTFOLIO (Cost $4,298,750,377) | 7,086,990,061 | 101.0 | ||||||||||||
OTHER ASSETS & LIABILITIES, NET | (73,320,447 | ) | (1.0 | ) | ||||||||||
NET ASSETS | $ | 7,013,669,614 | 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 04/30/21, the aggregate value of securities on loan is $55,425,854. 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 April 30, 2021 were as follows:
Description | Number of long (short contracts | ) | Expiration date | Notional amount | Value | Unrealized appreciation (depreciation | ) | |||||||||||
S&P 500 E Mini Index | 270 | 06/18/21 | $55,762,473 | $56,354,400 | $591,927 | |||||||||||||
See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2021 Semiannual Report | 55 |
Summary portfolio of investments (unaudited)
Social Choice Low Carbon Equity Fund ■ April 30, 2021
Shares | Company | Value | % of net assets | |||||||||||
COMMON STOCKS | ||||||||||||||
AUTOMOBILES & COMPONENTS | ||||||||||||||
18,724 | * | Tesla, Inc | $ | 13,283,554 | 1.8 | % | ||||||||
Other | 1,643,480 | 0.2 | ||||||||||||
14,927,034 | 2.0 | |||||||||||||
BANKS | ||||||||||||||
89,145 | Citigroup, Inc | 6,350,690 | 0.8 | |||||||||||
28,192 | PNC Financial Services Group, Inc | 5,270,494 | 0.7 | |||||||||||
88,550 | Truist Financial Corp | 5,251,901 | 0.7 | |||||||||||
Other | 10,617,482 | 1.4 | ||||||||||||
27,490,567 | 3.6 | |||||||||||||
CAPITAL GOODS | ||||||||||||||
28,209 | 3M Co | 5,561,122 | 0.7 | |||||||||||
25,080 | Caterpillar, Inc | 5,720,999 | 0.7 | |||||||||||
13,604 | Deere & Co | 5,045,043 | 0.7 | |||||||||||
Other | 35,879,759 | 4.7 | ||||||||||||
52,206,923 | 6.8 | |||||||||||||
COMMERCIAL & PROFESSIONAL SERVICES | 11,768,309 | 1.5 | ||||||||||||
CONSUMER DURABLES & APPAREL | ||||||||||||||
50,731 | Nike, Inc (Class B) | 6,727,945 | 0.9 | |||||||||||
Other | 4,660,069 | 0.6 | ||||||||||||
11,388,014 | 1.5 | |||||||||||||
CONSUMER SERVICES | ||||||||||||||
2,284 | * | Booking Holdings, Inc | 5,632,527 | 0.7 | ||||||||||
52,453 | Starbucks Corp | 6,005,344 | 0.8 | |||||||||||
Other | 12,209,865 | 1.6 | ||||||||||||
23,847,736 | 3.1 | |||||||||||||
DIVERSIFIED FINANCIALS | ||||||||||||||
37,372 | American Express Co | 5,730,996 | 0.8 | |||||||||||
7,217 | BlackRock, Inc | 5,912,888 | 0.8 | |||||||||||
71,143 | Morgan Stanley | 5,872,855 | 0.8 | |||||||||||
13,726 | S&P Global, Inc | 5,358,493 | 0.7 | |||||||||||
Other | 22,335,967 | 2.8 | ||||||||||||
45,211,199 | 5.9 | |||||||||||||
ENERGY | 15,023,399 | 2.0 | ||||||||||||
FOOD & STAPLES RETAILING | 4,048,198 | 0.5 | ||||||||||||
FOOD, BEVERAGE & TOBACCO | ||||||||||||||
137,059 | Coca-Cola Co | 7,398,445 | 1.0 | |||||||||||
50,198 | PepsiCo, Inc | 7,236,543 | 1.0 | |||||||||||
Other | 7,923,264 | 1.0 | ||||||||||||
22,558,252 | 3.0 | |||||||||||||
HEALTH CARE EQUIPMENT & SERVICES | ||||||||||||||
20,521 | Cigna Corp | 5,109,934 | 0.7 | |||||||||||
Other | 39,129,757 | 5.1 | ||||||||||||
44,239,691 | 5.8 | |||||||||||||
HOUSEHOLD & PERSONAL PRODUCTS | ||||||||||||||
71,201 | Procter & Gamble Co | 9,499,637 | 1.2 | |||||||||||
Other | 7,583,405 | 1.0 | ||||||||||||
17,083,042 | 2.2 |
Shares | Company | Value | % of net assets | |||||||||||
INSURANCE | ||||||||||||||
30,140 | Chubb Ltd | $ | 5,171,723 | 0.7 | % | |||||||||
Other | 19,168,443 | 2.5 | ||||||||||||
24,340,166 | 3.2 | |||||||||||||
MATERIALS | 23,347,932 | 3.1 | ||||||||||||
MEDIA & ENTERTAINMENT | ||||||||||||||
6,193 | * | Alphabet, Inc (Class A) | 14,575,225 | 1.9 | ||||||||||
6,018 | * | Alphabet, Inc (Class C) | 14,504,102 | 1.9 | ||||||||||
Other | 32,508,484 | 4.3 | ||||||||||||
61,587,811 | 8.1 | |||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | ||||||||||||||
23,772 | Amgen, Inc | 5,696,722 | 0.8 | |||||||||||
96,257 | Bristol-Myers Squibb Co | 6,008,362 | 0.8 | |||||||||||
29,893 | Eli Lilly & Co | 5,463,544 | 0.7 | |||||||||||
92,598 | Merck & Co, Inc | 6,898,551 | 0.9 | |||||||||||
14,657 | Thermo Fisher Scientific, Inc | 6,892,161 | 0.9 | |||||||||||
30,544 | Zoetis, Inc | 5,285,028 | 0.7 | |||||||||||
Other | 20,417,829 | 2.6 | ||||||||||||
56,662,197 | 7.4 | |||||||||||||
REAL ESTATE | ||||||||||||||
22,469 | American Tower Corp | 5,724,427 | 0.8 | |||||||||||
45,213 | Prologis, Inc | 5,268,671 | 0.7 | |||||||||||
Other | 16,308,696 | 2.1 | ||||||||||||
27,301,794 | 3.6 | |||||||||||||
RETAILING | ||||||||||||||
30,687 | Home Depot, Inc | 9,932,461 | 1.3 | |||||||||||
28,606 | Lowe’s Companies, Inc | 5,613,927 | 0.8 | |||||||||||
24,877 | Target Corp | 5,156,007 | 0.7 | |||||||||||
Other | 14,416,662 | 1.8 | ||||||||||||
35,119,057 | 4.6 | |||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | ||||||||||||||
42,948 | Applied Materials, Inc | 5,699,629 | 0.7 | |||||||||||
136,240 | Intel Corp | 7,837,887 | 1.0 | |||||||||||
8,105 | Lam Research Corp | 5,028,747 | 0.7 | |||||||||||
16,660 | NVIDIA Corp | 10,002,331 | 1.3 | |||||||||||
35,907 | Texas Instruments, Inc | 6,481,572 | 0.9 | |||||||||||
Other | 4,078,648 | 0.5 | ||||||||||||
39,128,814 | 5.1 | |||||||||||||
SOFTWARE & SERVICES | ||||||||||||||
24,109 | Accenture plc | 6,990,887 | 0.9 | |||||||||||
15,804 | * | Adobe, Inc | 8,033,805 | 1.0 | ||||||||||
42,858 | International Business Machines Corp | 6,080,693 | 0.8 | |||||||||||
25,308 | Mastercard, Inc (Class A) | 9,669,174 | 1.3 | |||||||||||
148,033 | Microsoft Corp | 37,330,962 | 4.9 | |||||||||||
34,916 | * | PayPal Holdings, Inc | 9,158,118 | 1.2 | ||||||||||
31,338 | * | salesforce.com, Inc | 7,217,768 | 1.0 | ||||||||||
Other | 30,961,386 | 4.0 | ||||||||||||
115,442,793 | 15.1 | |||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT | ||||||||||||||
147,324 | Cisco Systems, Inc | 7,500,265 | 1.0 | |||||||||||
Other | 28,372,110 | 3.7 | ||||||||||||
35,872,375 | 4.7 |
56 | 2021 Semiannual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements |
Summary portfolio of investments (unaudited) | concluded |
Social Choice Low Carbon Equity Fund ■ April 30, 2021
Shares | Company | Value | % of net assets | ||||||||||||
TELECOMMUNICATION SERVICES | |||||||||||||||
37,688 | * | T-Mobile US, Inc | $ | 4,979,715 | 0.7 | % | |||||||||
138,671 | Verizon Communications, Inc | 8,013,797 | 1.1 | ||||||||||||
Other | 503,902 | 0.0 | |||||||||||||
13,497,414 | 1.8 | ||||||||||||||
TRANSPORTATION | |||||||||||||||
50,024 | CSX Corp | 5,039,918 | 0.7 | ||||||||||||
32,259 | United Parcel Service, Inc (Class B) | 6,576,320 | 0.9 | ||||||||||||
Other | 2,830,843 | 0.3 | |||||||||||||
14,447,081 | 1.9 | ||||||||||||||
UTILITIES | 13,585,600 | 1.8 | |||||||||||||
TOTAL COMMON STOCKS (Cost $569,797,797) | 750,125,398 | 98.3 | |||||||||||||
Principal | Issuer | ||||||||||||||
SHORT-TERM INVESTMENTS | |||||||||||||||
GOVERNMENT AGENCY DEBT | |||||||||||||||
Federal Home Loan Bank (FHLB) | |||||||||||||||
$ | 5,000,000 | 0.500%, 05/26/21 | 5,000,000 | 0.6 | |||||||||||
Other | 2,000,000 | 0.3 | |||||||||||||
7,000,000 | 0.9 | ||||||||||||||
REPURCHASE AGREEMENT | 4,075,000 | 0.5 | |||||||||||||
TREASURY DEBT | 1,589,992 | 0.2 |
Shares | Company | Value | % of net assets | |||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | ||||||||||||||
588,912 | c | State Street Navigator Securities Lending Government Money Market Portfolio 0.020% | $ | 588,912 | 0.1 | % | ||||||||
588,912 | 0.1 | |||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $13,253,878) | 13,253,904 | 1.7 | ||||||||||||
TOTAL PORTFOLIO (Cost $583,051,675) | 763,379,302 | 100.0 | ||||||||||||
OTHER ASSETS & LIABILITIES, NET | 59,851 | 0.0 | ||||||||||||
NET ASSETS | $ | 763,439,153 | 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 04/30/21, the aggregate value of securities on loan is $3,085,410. 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 April 30, 2021 were as follows:
Description | Number of long (short contracts | ) | Expiration date | Notional amount | Value | Unrealized appreciation (depreciation | ) | |||||||||||
S&P 500 E Mini Index | 52 | 06/18/21 | $10,830,351 | $10,853,440 | $23,089 |
See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2021 Semiannual Report | 57 |
Summary portfolio of investments (unaudited)
Emerging Markets Equity Fund ■ April 30, 2021
Shares | Company | Value | % of net assets | |||||||||||
COMMON STOCKS | ||||||||||||||
BRAZIL | ||||||||||||||
9,984,365 | Arcos Dorados Holdings, Inc | $ | 57,210,411 | 3.5 | % | |||||||||
1,200,100 | * | B2W Companhia Global Do Varejo | 14,872,973 | 0.9 | ||||||||||
3,043,270 | Banco Bradesco S.A. (Preference) | 13,361,804 | 0.8 | |||||||||||
1,868,800 | Cia Brasileira de Distribuicao | 14,012,431 | 0.9 | |||||||||||
4,998,300 | Itau Unibanco Holding S.A. | 25,331,725 | 1.6 | |||||||||||
10,111,950 | Lojas Americanas S.A. (Preference) | 38,831,616 | 2.4 | |||||||||||
2,271,100 | Sendas Distribuidora S.A. | 33,819,512 | 2.1 | |||||||||||
236,805 | * | StoneCo Ltd | 15,307,075 | 1.0 | ||||||||||
Other | 14,517,175 | 0.9 | ||||||||||||
227,264,722 | 14.1 | |||||||||||||
CHINA | ||||||||||||||
4,613,500 | AAC Technologies Holdings, Inc | 25,610,360 | 1.6 | |||||||||||
529,651 | * | Alibaba Group Holding Ltd (ADR) | 122,322,899 | 7.6 | ||||||||||
204,465 | * | Baidu, Inc (ADR) | 43,005,123 | 2.7 | ||||||||||
475,702 | *,e | Baozun, Inc (ADR) | 16,511,616 | 1.0 | ||||||||||
3,602,900 | China Vanke Co Ltd (Class A) | 15,664,218 | 1.0 | |||||||||||
9,745,755 | Foxconn Industrial Internet Co Ltd | 20,669,859 | 1.3 | |||||||||||
7,238,000 | Geely Automobile Holdings Ltd | 18,852,759 | 1.2 | |||||||||||
349,367 | * | Huazhu Group Ltd (ADR) | 20,598,678 | 1.3 | ||||||||||
2,216,585 | *,e | HUYA, Inc (ADR) | 39,056,228 | 2.4 | ||||||||||
1,433,707 | * | iClick Interactive Asia Group Ltd (ADR) | 18,494,820 | 1.1 | ||||||||||
580,259 | * | JD.com, Inc (ADR) | 44,888,836 | 2.8 | ||||||||||
3,014,863 | Ping An Insurance Group Co of China Ltd (Class A) | 33,690,600 | 2.1 | |||||||||||
1,001,776 | Tencent Holdings Ltd | 79,913,666 | 4.9 | |||||||||||
888,899 | * | Tencent Music Entertainment (ADR) | 15,484,621 | 0.9 | ||||||||||
Other | 22,125,394 | 1.4 | ||||||||||||
536,889,677 | 33.3 | |||||||||||||
HONG KONG | ||||||||||||||
2,017,340 | * | Melco Crown Entertainment Ltd (ADR) | 38,914,489 | 2.4 | ||||||||||
38,914,489 | 2.4 | |||||||||||||
INDIA | ||||||||||||||
22,956,912 | Edelweiss Capital Ltd | 18,082,213 | 1.1 | |||||||||||
1,561,784 | * | ICICI Bank Ltd | 12,651,183 | 0.8 | ||||||||||
1,771,734 | Piramal Healthcare Ltd | 40,103,847 | 2.5 | |||||||||||
2,422,304 | Reliance Industries Ltd | 65,078,094 | 4.0 | |||||||||||
135,915,337 | 8.4 | |||||||||||||
INDONESIA | ||||||||||||||
44,911,400 | Astra International Tbk PT | 17,067,902 | 1.1 | |||||||||||
9,237,400 | PT United Tractors Tbk | 13,519,771 | 0.8 | |||||||||||
30,587,673 | 1.9 | |||||||||||||
ITALY | 5,849,175 | 0.4 | ||||||||||||
KOREA, REPUBLIC OF | ||||||||||||||
89,679 | Amorepacific Corp | 21,738,644 | 1.4 | |||||||||||
406,903 | KB Financial Group, Inc | 20,031,254 | 1.2 | |||||||||||
1,151,814 | Samsung Electronics Co Ltd | 83,950,515 | 5.2 | |||||||||||
Other | 6,233,463 | 0.4 | ||||||||||||
131,953,876 | 8.2 |
Shares | Company | Value | % of net assets | |||||||||||
MACAU | ||||||||||||||
1,730,079 | * | Galaxy Entertainment Group Ltd | $ | 15,186,843 | 0.9 | % | ||||||||
21,172,100 | * | Wynn Macau Ltd | 40,604,088 | 2.5 | ||||||||||
55,790,931 | 3.4 | |||||||||||||
MEXICO | ||||||||||||||
268,419 | Fomento Economico Mexicano SAB de C.V. (ADR) | 20,802,473 | 1.3 | |||||||||||
3,015,348 | * | Grupo Televisa SAB (ADR) | 37,330,008 | 2.3 | ||||||||||
11,771,900 | Wal-Mart de Mexico SAB de C.V. | 38,534,565 | 2.4 | |||||||||||
96,667,046 | 6.0 | |||||||||||||
RUSSIA | ||||||||||||||
1,203,004 | Sberbank of Russia (ADR) | 18,971,373 | 1.2 | |||||||||||
Other | 11,909,679 | 0.7 | ||||||||||||
30,881,052 | 1.9 | |||||||||||||
SOUTH AFRICA | ||||||||||||||
121,229 | * | Capitec Bank Holdings Ltd | 12,425,084 | 0.8 | ||||||||||
285,182 | Naspers Ltd (N Shares) | 64,901,716 | 4.0 | |||||||||||
77,326,800 | 4.8 | |||||||||||||
TAIWAN | ||||||||||||||
4,735,000 | ASE Technology Holding Co Ltd | 19,786,319 | 1.2 | |||||||||||
1,167,000 | Delta Electronics, Inc | 12,501,973 | 0.8 | |||||||||||
66,117 | * | Sea Ltd (ADR) | 16,697,187 | 1.1 | ||||||||||
4,237,400 | Taiwan Semiconductor Manufacturing Co Ltd | 89,237,979 | 5.5 | |||||||||||
138,223,458 | 8.6 | |||||||||||||
TANZANIA, UNITED REPUBLIC OF | ||||||||||||||
1,649,861 | AngloGold Ashanti Ltd (ADR) | 33,954,139 | 2.1 | |||||||||||
33,954,139 | 2.1 | |||||||||||||
THAILAND | ||||||||||||||
12,276,100 | PTT PCL (ADR) | 15,713,187 | 1.0 | |||||||||||
15,713,187 | 1.0 | |||||||||||||
TURKEY | ||||||||||||||
5,495,500 | Anadolu Efes Biracilik Ve Malt Sanayii AS | 15,480,001 | 1.0 | |||||||||||
18,860,282 | Turkiye Garanti Bankasi AS | 16,439,662 | 1.0 | |||||||||||
31,919,663 | 2.0 | |||||||||||||
UNITED STATES | ||||||||||||||
129,816 | * | Wynn Resorts Ltd | 16,668,374 | 1.0 | ||||||||||
16,668,374 | 1.0 | |||||||||||||
TOTAL COMMON STOCKS (Cost $1,347,655,459) | 1,604,519,599 | 99.5 | ||||||||||||
PREFERRED STOCKS | ||||||||||||||
PHILIPPINES | 3,576 | 0.0 | ||||||||||||
TOTAL PREFERRED STOCKS (Cost $4,057) | 3,576 | 0.0 |
58 | 2021 Semiannual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements |
Summary portfolio of investments (unaudited) | concluded |
Emerging Markets Equity Fund ■ April 30, 2021
Shares | Company | Value | % of net assets | |||||||||||
SHORT-TERM INVESTMENTS | ||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | ||||||||||||||
37,660,366 | c | State Street Navigator Securities Lending Government Money Market Portfolio 0.020% | $ | 37,660,366 | 2.3 | % | ||||||||
37,660,366 | 2.3 | |||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $37,660,366) | 37,660,366 | 2.3 | ||||||||||||
TOTAL PORTFOLIO (Cost $1,385,319,882) | 1,642,183,541 | 101.8 | ||||||||||||
OTHER ASSETS & LIABILITIES, NET | (29,515,800 | ) | (1.8 | ) | ||||||||||
NET ASSETS | $ | 1,612,667,741 | 100.0 | % |
Abbreviation(s):
ADR American Depositary Receipt
* | Non-income producing |
e | All or a portion of these securities are out on loan. The aggregate value of securities on loan is $39,456,925. 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.
Summary of market values by sector (unaudited)
Emerging Markets Equity Fund ■ April 30, 2021
Sector | Value | % of net assets | |||||||
CONSUMER DISCRETIONARY | $ | 565,019,209 | 35.0 | % | |||||
INFORMATION TECHNOLOGY | 267,064,079 | 16.6 | |||||||
COMMUNICATION SERVICES | 249,981,654 | 15.5 | |||||||
FINANCIALS | 211,088,747 | 13.1 | |||||||
CONSUMER STAPLES | 144,387,625 | 9.0 | |||||||
ENERGY | 94,311,051 | 5.8 | |||||||
MATERIALS | 57,003,016 | 3.5 | |||||||
REAL ESTATE | 15,667,794 | 1.0 | |||||||
SHORT-TERM INVESTMENTS | 37,660,366 | 2.3 | |||||||
OTHER ASSETS & LIABILITIES, NET | (29,515,800 | ) | (1.8 | ) | |||||
NET ASSETS | $ | 1,612,667,741 | 100.0 | % |
See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2021 Semiannual Report | 59 |
Summary portfolio of investments (unaudited)
International Equity Fund ■ April 30, 2021
Shares | Company | Value | % of net assets | |||||||||||
COMMON STOCKS | ||||||||||||||
AUSTRALIA | ||||||||||||||
2,452,367 | BHP Billiton Ltd | $ | 89,256,062 | 1.5 | % | |||||||||
1,386,403 | Commonwealth Bank of Australia | 94,908,403 | 1.5 | |||||||||||
1,029,515 | Rio Tinto plc | 86,229,255 | 1.4 | |||||||||||
Other | 115,442,570 | 1.9 | ||||||||||||
385,836,290 | 6.3 | |||||||||||||
BRAZIL | 83,081,751 | 1.4 | ||||||||||||
CHINA | 144,500,578 | 2.4 | ||||||||||||
DENMARK | ||||||||||||||
596,173 | DSV AS | 132,821,454 | 2.2 | |||||||||||
Other | 39,758,304 | 0.6 | ||||||||||||
172,579,758 | 2.8 | |||||||||||||
FINLAND | 40,614,085 | 0.7 | ||||||||||||
FRANCE | ||||||||||||||
1,245,895 | * | Airbus SE | 149,830,891 | 2.4 | ||||||||||
1,833,748 | BNP Paribas S.A. | 117,575,694 | 1.9 | |||||||||||
1,696,914 | Compagnie de Saint-Gobain | 107,067,012 | 1.7 | |||||||||||
5,099,001 | Credit Agricole S.A. | 78,872,407 | 1.3 | |||||||||||
330,078 | Dassault Systemes S.A. | 76,569,001 | 1.3 | |||||||||||
541,035 | Essilor International S.A. | 90,049,741 | 1.5 | |||||||||||
114,204 | Kering | 91,512,968 | 1.5 | |||||||||||
881,469 | Schneider Electric S.A. | 140,643,443 | 2.3 | |||||||||||
1,802,747 | Total S.A. | 79,677,371 | 1.3 | |||||||||||
648,491 | Vinci S.A. | 71,158,716 | 1.2 | |||||||||||
Other | 35,180,758 | 0.6 | ||||||||||||
1,038,138,002 | 17.0 | |||||||||||||
GERMANY | ||||||||||||||
213,625 | Adidas-Salomon AG. | 65,980,392 | 1.1 | |||||||||||
822,926 | HeidelbergCement AG. | 75,407,399 | 1.3 | |||||||||||
2,757,451 | Infineon Technologies AG. | 110,575,256 | 1.8 | |||||||||||
851,941 | Lanxess AG. | 62,696,362 | 1.0 | |||||||||||
1,105,211 | Siemens AG. | 184,387,743 | 3.0 | |||||||||||
306,849 | Volkswagen AG. (Preference) | 79,891,039 | 1.3 | |||||||||||
Other | 84,701,625 | 1.4 | ||||||||||||
663,639,816 | 10.9 | |||||||||||||
HONG KONG | ||||||||||||||
1,927,924 | Hong Kong Exchanges and Clearing Ltd | 116,275,071 | 1.9 | |||||||||||
116,275,071 | 1.9 | |||||||||||||
IRELAND | ||||||||||||||
2,083,623 | CRH plc | 98,314,092 | 1.6 | |||||||||||
98,314,092 | 1.6 | |||||||||||||
ITALY | ||||||||||||||
6,490,460 | Enel S.p.A. | 64,445,899 | 1.0 | |||||||||||
1,271,861 | e | Moncler S.p.A | 77,952,923 | 1.3 | ||||||||||
142,398,822 | 2.3 |
Shares | Company | Value | % of net assets | |||||||||||
JAPAN | ||||||||||||||
3,900,000 | Daiichi Sankyo Co Ltd | $ | 99,607,602 | 1.6 | % | |||||||||
384,116 | Daikin Industries Ltd | 77,481,830 | 1.3 | |||||||||||
332,400 | * | Fanuc Ltd | 76,545,976 | 1.2 | ||||||||||
2,670,079 | * | Hitachi Ltd | 132,162,812 | 2.2 | ||||||||||
219,028 | Nintendo Co Ltd | 125,646,024 | 2.0 | |||||||||||
2,327,800 | Recruit Holdings Co Ltd | 104,954,636 | 1.7 | |||||||||||
978,400 | Shiseido Co Ltd | 71,199,404 | 1.2 | |||||||||||
1,875,959 | Sony Corp | 187,556,319 | 3.1 | |||||||||||
1,891,400 | Sumitomo Mitsui Financial Group, Inc | 66,442,461 | 1.1 | |||||||||||
1,607,989 | * | Toyota Motor Corp | 120,316,445 | 2.0 | ||||||||||
Other | 137,436,634 | 2.2 | ||||||||||||
1,199,350,143 | 19.6 | |||||||||||||
KOREA, REPUBLIC OF | ||||||||||||||
78,511 | LG Chem Ltd | 65,539,999 | 1.1 | |||||||||||
Other | 22,545,887 | 0.3 | ||||||||||||
88,085,886 | 1.4 | |||||||||||||
NETHERLANDS | ||||||||||||||
289,286 | ASML Holding NV | 187,787,542 | 3.1 | |||||||||||
10,575,246 | ING Groep NV | 135,098,553 | 2.2 | |||||||||||
4,223,690 | Royal Dutch Shell plc (A Shares) | 79,474,059 | 1.3 | |||||||||||
402,360,154 | 6.6 | |||||||||||||
RUSSIA | 109,660,824 | 1.8 | ||||||||||||
SPAIN | ||||||||||||||
13,275,902 | Banco Bilbao Vizcaya Argentaria S.A. | 74,339,490 | 1.2 | |||||||||||
74,339,490 | 1.2 | |||||||||||||
SWITZERLAND | ||||||||||||||
6,088,422 | Credit Suisse Group | 63,806,516 | 1.0 | |||||||||||
117,594 | * | Lonza Group AG. | 74,756,169 | 1.2 | ||||||||||
565,936 | Nestle S.A. | 67,533,534 | 1.1 | |||||||||||
346,700 | Roche Holding AG. | 113,078,142 | 1.9 | |||||||||||
Other | 6,988,404 | 0.1 | ||||||||||||
326,162,765 | 5.3 | |||||||||||||
TAIWAN | 47,851,142 | 0.8 | ||||||||||||
UNITED KINGDOM | ||||||||||||||
1,359,355 | Ashtead Group plc | 87,339,808 | 1.4 | |||||||||||
1,304,268 | AstraZeneca plc | 138,831,336 | 2.3 | |||||||||||
46,566,922 | Barclays plc | 112,737,063 | 1.8 | |||||||||||
2,253,866 | Diageo plc | 101,179,119 | 1.7 | |||||||||||
353,094 | Linde plc (Xetra) | 100,927,344 | 1.7 | |||||||||||
747,069 | Reckitt Benckiser Group plc | 66,517,233 | 1.1 | |||||||||||
20,643,032 | Tesco plc | 63,014,179 | 1.0 | |||||||||||
Other | 112,385,048 | 1.8 | ||||||||||||
782,931,130 | 12.8 | |||||||||||||
UNITED STATES | 101,823,949 | 1.7 | ||||||||||||
TOTAL COMMON STOCKS (Cost $4,528,671,824) | 6,017,943,748 | 98.5 |
60 | 2021 Semiannual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements |
Summary portfolio of investments (unaudited) | concluded |
International Equity Fund ■ April 30, 2021
Principal | Issuer | Value | % of net assets | |||||||||||
SHORT-TERM INVESTMENTS | ||||||||||||||
GOVERNMENT AGENCY DEBT | $ | 62,346,000 | 1.0 | % | ||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | ||||||||||||||
171 | c | State Street Navigator Securities Lending Government Money Market Portfolio 0.020% | 171 | 0.0 | ||||||||||
171 | 0.0 | |||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $62,345,033) | 62,346,171 | 1.0 | ||||||||||||
TOTAL PORTFOLIO (Cost $4,591,016,857) | 6,080,289,919 | 99.5 | ||||||||||||
OTHER ASSETS & LIABILITIES, NET | 32,777,764 | 0.5 | ||||||||||||
NET ASSETS | $ | 6,113,067,683 | 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 $23,878,769. 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.
Summary of market values by sector (unaudited)
International Equity Fund ■ April 30, 2021
Sector | Value | % of net assets | |||||||
FINANCIALS | $ | 1,170,566,868 | 19.2 | % | |||||
INDUSTRIALS | 1,132,231,508 | 18.5 | |||||||
CONSUMER DISCRETIONARY | 939,977,067 | 15.4 | |||||||
INFORMATION TECHNOLOGY | 648,812,423 | 10.6 | |||||||
MATERIALS | 646,498,607 | 10.6 | |||||||
HEALTH CARE | 509,465,717 | 8.3 | |||||||
CONSUMER STAPLES | 401,443,752 | 6.6 | |||||||
COMMUNICATION SERVICES | 203,008,597 | 3.3 | |||||||
ENERGY | 199,765,515 | 3.3 | |||||||
UTILITIES | 166,173,694 | 2.7 | |||||||
SHORT-TERM INVESTMENTS | 62,346,171 | 1.0 | |||||||
OTHER ASSETS & LIABILITIES, NET | 32,777,764 | 0.5 | |||||||
NET ASSETS | $ | 6,113,067,683 | 100.0 | % |
See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2021 Semiannual Report | 61 |
Summary portfolio of investments (unaudited)
International Opportunities Fund ■ April 30, 2021
Shares | Company | Value | % of net assets | |||||||||||
COMMON STOCKS | ||||||||||||||
AUSTRALIA | ||||||||||||||
272,267 | * | Afterpay Touch Group Ltd | $ | 24,521,844 | 1.2 | % | ||||||||
1,349,050 | Australia & New Zealand Banking Group Ltd | 29,765,813 | 1.4 | |||||||||||
Other | 71,717,155 | 3.3 | ||||||||||||
126,004,812 | 5.9 | |||||||||||||
BRAZIL | ||||||||||||||
585,000 | Banco Inter S.A. | 24,952,734 | 1.1 | |||||||||||
4,633,600 | Itau Unibanco Holding S.A. | 23,483,401 | 1.1 | |||||||||||
5,613,900 | Magazine Luiza S.A. | 20,700,549 | 1.0 | |||||||||||
Other | 58,771,615 | 2.7 | ||||||||||||
127,908,299 | 5.9 | |||||||||||||
CANADA | ||||||||||||||
1,089,847 | Alimentation Couche Tard, Inc | 36,929,689 | 1.7 | |||||||||||
309,150 | e | Bank of Montreal | 29,178,287 | 1.3 | ||||||||||
589,280 | Dollarama, Inc | 27,461,220 | 1.3 | |||||||||||
360,556 | * | Lightspeed POS, Inc | 25,177,173 | 1.2 | ||||||||||
538,500 | Nutrien Ltd (Toronto) | 29,725,603 | 1.4 | |||||||||||
28,757 | * | Shopify, Inc (Class A) | 33,945,028 | 1.6 | ||||||||||
182,417,000 | 8.5 | |||||||||||||
CHINA | ||||||||||||||
311,000 | * | JD.com, Inc (ADR) | 24,058,960 | 1.1 | ||||||||||
252,600 | Silergy Corp | 25,962,343 | 1.2 | |||||||||||
703,300 | Tencent Holdings Ltd | 56,103,641 | 2.6 | |||||||||||
1,840,000 | *,g | Wuxi Biologics Cayman, Inc | 25,829,540 | 1.2 | ||||||||||
Other | 26,563,035 | 1.3 | ||||||||||||
158,517,519 | 7.4 | |||||||||||||
DENMARK | ||||||||||||||
146,100 | Carlsberg AS (Class B) | 25,631,788 | 1.2 | |||||||||||
510,300 | Novo Nordisk AS | 37,643,527 | 1.7 | |||||||||||
63,275,315 | 2.9 | |||||||||||||
FINLAND | 2,976,545 | 0.1 | ||||||||||||
FRANCE | ||||||||||||||
171,602 | Essilor International S.A. | 28,561,398 | 1.3 | |||||||||||
83,512 | L’Oreal S.A. | 34,195,653 | 1.6 | |||||||||||
127,639 | Teleperformance | 49,287,069 | 2.3 | |||||||||||
112,044,120 | 5.2 | |||||||||||||
GERMANY | ||||||||||||||
278,006 | * | HelloFresh SE | 23,062,051 | 1.1 | ||||||||||
Other | 93,589,810 | 4.3 | ||||||||||||
116,651,861 | 5.4 | |||||||||||||
HONG KONG | 18,250,269 | 0.9 | ||||||||||||
INDONESIA | ||||||||||||||
85,976,300 | Bank Rakyat Indonesia | 24,059,174 | 1.1 | |||||||||||
24,059,174 | 1.1 |
Shares | Company | Value | % of net assets | |||||||||||
IRELAND | ||||||||||||||
491,610 | CRH plc | $ | 23,196,226 | 1.1 | % | |||||||||
109,518 | * | Flutter Entertainment plc | 22,442,572 | 1.0 | ||||||||||
610,422 | * | Keywords Studios plc | 22,812,203 | 1.1 | ||||||||||
587,889 | Smurfit Kappa Group plc | 30,053,039 | 1.4 | |||||||||||
98,504,040 | 4.6 | |||||||||||||
ITALY | ||||||||||||||
1,926,620 | Davide Campari-Milano NV | 22,734,889 | 1.0 | |||||||||||
119,600 | Ferrari NV | 25,620,324 | 1.2 | |||||||||||
382,568 | Moncler S.p.A | 23,447,762 | 1.1 | |||||||||||
Other | 10,748,359 | 0.5 | ||||||||||||
82,551,334 | 3.8 | |||||||||||||
JAPAN | ||||||||||||||
147,099 | * | SHIFT, Inc | 21,412,382 | 1.0 | ||||||||||
Other | 195,590,394 | 9.1 | ||||||||||||
217,002,776 | 10.1 | |||||||||||||
NETHERLANDS | ||||||||||||||
11,177 | *,g | Adyen NV | 27,507,638 | 1.3 | ||||||||||
88,896 | ASML Holding NV | 57,706,081 | 2.7 | |||||||||||
3,492,429 | ING Groep NV | 44,615,710 | 2.0 | |||||||||||
129,829,429 | 6.0 | |||||||||||||
NEW ZEALAND | 19,329,670 | 0.9 | ||||||||||||
NORWAY | ||||||||||||||
1,467,893 | Aker BP ASA | 41,804,495 | 1.9 | |||||||||||
1,162,538 | Equinor ASA | 23,474,847 | 1.1 | |||||||||||
65,279,342 | 3.0 | |||||||||||||
PHILIPPINES | 18,748,822 | 0.9 | ||||||||||||
POLAND | 19,517,954 | 0.9 | ||||||||||||
PORTUGAL | ||||||||||||||
1,204,396 | Jeronimo Martins SGPS S.A. | 21,994,887 | 1.0 | |||||||||||
21,994,887 | 1.0 | |||||||||||||
SPAIN | ||||||||||||||
376,699 | Amadeus IT Holding S.A. | 25,652,457 | 1.2 | |||||||||||
Other | 1,709 | 0.0 | ||||||||||||
25,654,166 | 1.2 | |||||||||||||
SWEDEN | ||||||||||||||
105,626 | g | Evolution Gaming Group AB | 20,851,480 | 1.0 | ||||||||||
287,127 | Hexagon AB (B Shares) | 27,426,054 | 1.3 | |||||||||||
652,000 | e | Intrum Justitia AB | 22,423,074 | 1.0 | ||||||||||
294,598 | Swedish Match AB | 24,117,113 | 1.1 | |||||||||||
94,817,721 | 4.4 | |||||||||||||
SWITZERLAND | ||||||||||||||
52,867 | * | Lonza Group AG. | 33,608,299 | 1.6 | ||||||||||
98,700 | Roche Holding AG. | 32,191,557 | 1.5 | |||||||||||
Other | 18,042,891 | 0.8 | ||||||||||||
83,842,747 | 3.9 | |||||||||||||
TAIWAN | 17,693,608 | 0.8 |
62 | 2021 Semiannual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements |
Summary portfolio of investments (unaudited) | concluded |
International Opportunities Fund ■ April 30, 2021
Shares | Company | Value | % of net assets | ||||||||||||
UNITED KINGDOM | |||||||||||||||
915,246 | Ashtead Group plc | $ | 58,805,396 | 2.7 | % | ||||||||||
457,780 | Dechra Pharmaceuticals plc | 25,503,628 | 1.2 | ||||||||||||
2,207,886 | Electrocomponents plc | 32,496,180 | 1.5 | ||||||||||||
85,385 | Linde plc (Xetra) | 24,406,196 | 1.1 | ||||||||||||
2,502,520 | * | THG Holdings Ltd | 21,427,845 | 1.0 | |||||||||||
Other | 68,438,050 | 3.2 | |||||||||||||
231,077,295 | 10.7 | ||||||||||||||
UNITED STATES | 20,417,943 | 1.0 | |||||||||||||
TOTAL COMMON STOCKS (Cost $1,177,374,107) | 2,078,366,648 | 96.5 | |||||||||||||
RIGHTS / WARRANTS | |||||||||||||||
AUSTRALIA | 312,419 | 0.0 | |||||||||||||
TOTAL RIGHTS / WARRANTS (Cost $0) | 312,419 | 0.0 | |||||||||||||
Principal | Issuer | ||||||||||||||
SHORT-TERM INVESTMENTS | |||||||||||||||
GOVERNMENT AGENCY DEBT | |||||||||||||||
Federal Home Loan Bank (FHLB) | |||||||||||||||
$ | 29,820,000 | 1.000%, 05/05/21 | 29,820,000 | 1.4 | |||||||||||
Other | 34,657,193 | 1.6 | |||||||||||||
64,477,193 | 3.0 | ||||||||||||||
REPURCHASE AGREEMENT | 3,830,000 | 0.2 | |||||||||||||
TREASURY DEBT | 4,459,979 | 0.2 |
Shares | Company | Value | % of net assets | |||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | ||||||||||||||
66,715,772 | c | State Street Navigator Securities Lending Government Money Market Portfolio 0.020% | $ | 66,715,772 | 3.1 | % | ||||||||
66,715,772 | 3.1 | |||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $139,482,005) | 139,482,944 | 6.5 | ||||||||||||
TOTAL PORTFOLIO (Cost $1,316,856,112) | 2,218,162,011 | 103.0 | ||||||||||||
OTHER ASSETS & LIABILITIES, NET | (64,045,434 | ) | (3.0 | ) | ||||||||||
NET ASSETS | $ | 2,154,116,577 | 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 $108,934,960. 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 4/30/21, the aggregate value of these securities, including those in “Other,” is $119,729,540 or 5.6% 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 ■ April 30, 2021
Sector | Value | % of net assets | ||||||
INFORMATION TECHNOLOGY | $ | 439,977,380 | 20.4 | % | ||||
CONSUMER DISCRETIONARY | 393,198,444 | 18.3 | ||||||
INDUSTRIALS | 302,105,713 | 14.0 | ||||||
FINANCIALS | 259,773,735 | 12.1 | ||||||
CONSUMER STAPLES | 205,886,653 | 9.6 | ||||||
HEALTH CARE | 204,849,448 | 9.5 | ||||||
MATERIALS | 125,423,955 | 5.8 | ||||||
ENERGY | 65,279,342 | 3.0 | ||||||
COMMUNICATION SERVICES | 64,831,826 | 3.0 | ||||||
REAL ESTATE | 17,352,571 | 0.8 | ||||||
SHORT-TERM INVESTMENTS | 139,482,944 | 6.5 | ||||||
OTHER ASSETS & LIABILITIES, NET | (64,045,434 | ) | (3.0 | ) | ||||
NET ASSETS | $ | 2,154,116,577 | 100.0 | % |
See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2021 Semiannual Report | 63 |
Summary portfolio of investments (unaudited)
Quant International Small-Cap Equity Fund ■ April 30, 2021
Shares | Company | Value | % of net assets | |||||||||||
COMMON STOCKS | ||||||||||||||
AUSTRALIA | ||||||||||||||
244,344 | Ansell Ltd | $ | 7,948,581 | 0.6 | % | |||||||||
438,691 | carsales.com Ltd | 6,701,735 | 0.5 | |||||||||||
3,160,599 | Cleanaway Waste Management Ltd | 6,929,048 | 0.6 | |||||||||||
1,106,213 | Independence Group NL | 6,320,939 | 0.5 | |||||||||||
Other | 45,663,684 | 3.7 | ||||||||||||
73,563,987 | 5.9 | |||||||||||||
AUSTRIA | ||||||||||||||
159,000 | Wienerberger AG. | 6,233,463 | 0.5 | |||||||||||
Other | 5,200,789 | 0.4 | ||||||||||||
11,434,252 | 0.9 | |||||||||||||
BELGIUM | 6,624,975 | 0.5 | ||||||||||||
BRAZIL | 30,359,764 | 2.4 | ||||||||||||
BURKINA FASO | 1,318,374 | 0.1 | ||||||||||||
CANADA | ||||||||||||||
1,523,249 | e | Crescent Point Energy Corp | 6,010,460 | 0.5 | ||||||||||
1,100,595 | * | MEG Energy Corp | 6,079,844 | 0.5 | ||||||||||
111,081 | TFI International, Inc | 9,733,087 | 0.8 | |||||||||||
Other | 49,610,989 | 3.9 | ||||||||||||
71,434,380 | 5.7 | |||||||||||||
CHILE | 3,713,743 | 0.3 | ||||||||||||
CHINA | ||||||||||||||
2,223,000 | SITC International Co Ltd | 8,470,561 | 0.7 | |||||||||||
Other | 26,167,813 | 2.1 | ||||||||||||
34,638,374 | 2.8 | |||||||||||||
COLOMBIA | 236,129 | 0.0 | ||||||||||||
DENMARK | ||||||||||||||
69,549 | Royal Unibrew A.S. | 8,495,470 | 0.7 | |||||||||||
Other | 14,502,336 | 1.1 | ||||||||||||
22,997,806 | 1.8 | |||||||||||||
EGYPT | 5,296,749 | 0.4 | ||||||||||||
FINLAND | ||||||||||||||
187,554 | Kesko Oyj (B Shares) | 5,710,897 | 0.5 | |||||||||||
192,201 | Valmet Corp | 8,027,716 | 0.6 | |||||||||||
Other | 1,068,790 | 0.1 | ||||||||||||
14,807,403 | 1.2 | |||||||||||||
FRANCE | 14,036,367 | 1.1 | ||||||||||||
GERMANY | ||||||||||||||
39,472 | Wacker Chemie AG. | 5,953,150 | 0.5 | |||||||||||
Other | 29,726,306 | 2.4 | ||||||||||||
35,679,456 | 2.9 | |||||||||||||
GREECE | 3,484,306 | 0.3 | ||||||||||||
GUERNSEY, C.I. | 452,893 | 0.0 | ||||||||||||
HONG KONG | 17,237,417 | 1.4 |
Shares | Company | Value | % of net assets | |||||||||||
INDIA | ||||||||||||||
637,996 | Central Depository Services India Ltd | $ | 6,936,175 | 0.6 | % | |||||||||
1,058,000 | * | Jindal Steel & Power Ltd | 6,283,257 | 0.5 | ||||||||||
Other | 18,787,792 | 1.5 | ||||||||||||
32,007,224 | 2.6 | |||||||||||||
INDONESIA | 16,653,715 | 1.3 | ||||||||||||
IRELAND | 683,108 | 0.1 | ||||||||||||
ISRAEL | ||||||||||||||
62,470 | * | Kornit Digital Ltd | 6,107,067 | 0.5 | ||||||||||
Other | 19,359,744 | 1.5 | ||||||||||||
25,466,811 | 2.0 | |||||||||||||
ITALY | ||||||||||||||
259,046 | Azimut Holding S.p.A. | 6,197,796 | 0.5 | |||||||||||
141,614 | De’Longhi S.p.A. | 6,189,945 | 0.5 | |||||||||||
Other | 18,531,208 | 1.5 | ||||||||||||
30,918,949 | 2.5 | |||||||||||||
JAPAN | ||||||||||||||
160,300 | ASKUL Corp | 5,863,932 | 0.5 | |||||||||||
151,900 | Dowa Holdings Co Ltd | 6,348,495 | 0.5 | |||||||||||
1,161,400 | * | Fujikura Ltd | 5,986,780 | 0.5 | ||||||||||
500,700 | K’s Holdings Corp | 6,830,691 | 0.6 | |||||||||||
269,100 | Nippon Electric Glass Co Ltd | 6,809,139 | 0.5 | |||||||||||
Other | 179,564,429 | 14.4 | ||||||||||||
211,403,466 | 17.0 | |||||||||||||
KOREA, REPUBLIC OF | ||||||||||||||
176,069 | Samsung Techwin Co Ltd | 6,081,518 | 0.5 | |||||||||||
293,430 | Seah Besteel Corp | 6,867,293 | 0.5 | |||||||||||
Other | 58,137,172 | 4.7 | ||||||||||||
71,085,983 | 5.7 | |||||||||||||
MALAYSIA | ||||||||||||||
2,840,300 | Bursa Malaysia BHD | 5,844,476 | 0.5 | |||||||||||
Other | 10,976,118 | 0.9 | ||||||||||||
16,820,594 | 1.4 | |||||||||||||
MALTA | 4,804,351 | 0.4 | ||||||||||||
MEXICO | 2,518,328 | 0.2 | ||||||||||||
NETHERLANDS | ||||||||||||||
28,599 | ASM International NV | 8,676,278 | 0.7 | |||||||||||
159,427 | g | Signify NV | 9,053,712 | 0.7 | ||||||||||
Other | 3,035,219 | 0.3 | ||||||||||||
20,765,209 | 1.7 | |||||||||||||
NEW ZEALAND | 176,686 | 0.0 | ||||||||||||
NORWAY | 5,406,529 | 0.4 | ||||||||||||
PAKISTAN | 1,142,434 | 0.1 | ||||||||||||
PERU | 5,087,280 | 0.4 | ||||||||||||
PHILIPPINES | 42,044 | 0.0 | ||||||||||||
POLAND | 1,941,738 | 0.2 | ||||||||||||
QATAR | 256,182 | 0.0 |
64 | 2021 Semiannual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements |
Summary portfolio of investments (unaudited) | concluded |
Quant International Small-Cap Equity Fund ■ April 30, 2021
Shares | Company | Value | % of net assets | |||||||||||
RUSSIA | $ | 1,365,600 | 0.1 | % | ||||||||||
SAUDI ARABIA | 2,105,737 | 0.2 | ||||||||||||
SINGAPORE | ||||||||||||||
5,902,000 | Frasers Logistics & Industrial Trust | 6,503,807 | 0.5 | |||||||||||
Other | 4,402,038 | 0.4 | ||||||||||||
10,905,845 | 0.9 | |||||||||||||
SOUTH AFRICA | 11,542,970 | 0.9 | ||||||||||||
SPAIN | 7,775,418 | 0.6 | ||||||||||||
SWEDEN | ||||||||||||||
227,881 | * | Embracer Group AB | 6,961,407 | 0.6 | ||||||||||
269,637 | Getinge AB (B Shares) | 9,119,397 | 0.7 | |||||||||||
256,607 | Trelleborg AB (B Shares) | 6,675,841 | 0.5 | |||||||||||
Other | 54,784,428 | 4.4 | ||||||||||||
77,541,073 | 6.2 | |||||||||||||
SWITZERLAND | ||||||||||||||
58,000 | Cembra Money Bank AG. | 6,306,773 | 0.5 | |||||||||||
98,000 | g | Galenica AG. | 6,632,297 | 0.5 | ||||||||||
14,295 | Tecan Group AG. | 6,965,746 | 0.6 | |||||||||||
28,765 | g | VAT Group AG. | 8,214,251 | 0.7 | ||||||||||
Other | 21,477,252 | 1.7 | ||||||||||||
49,596,319 | 4.0 | |||||||||||||
TAIWAN | ||||||||||||||
516,000 | Simplo Technology Co Ltd | 6,870,895 | 0.5 | |||||||||||
1,177,000 | Tripod Technology Corp | 5,845,658 | 0.5 | |||||||||||
Other | 59,715,466 | 4.8 | ||||||||||||
72,432,019 | 5.8 | |||||||||||||
THAILAND | 67,943 | 0.0 | ||||||||||||
TURKEY | 16,074,969 | 1.3 | ||||||||||||
UNITED ARAB EMIRATES | 448,591 | 0.0 | ||||||||||||
UNITED KINGDOM | ||||||||||||||
39,000 | Games Workshop Group plc | 5,843,689 | 0.5 | |||||||||||
588,000 | Howden Joinery Group plc | 6,568,837 | 0.5 | |||||||||||
496,698 | IG Group Holdings plc | 6,283,699 | 0.5 | |||||||||||
909,483 | Rightmove plc | 7,709,885 | 0.6 | |||||||||||
1,341,962 | Rotork plc | 6,378,344 | 0.5 | |||||||||||
957,834 | * | Royal Mail plc | 6,562,290 | 0.5 | ||||||||||
2,925,991 | Tritax Big Box REIT plc | 7,688,989 | 0.6 | |||||||||||
492,350 | Unite Group plc | 7,921,531 | 0.7 | |||||||||||
Other | 95,967,582 | 7.7 | ||||||||||||
150,924,846 | 12.1 | |||||||||||||
UNITED STATES | ||||||||||||||
1,129,012 | g | Avast plc | 7,448,445 | 0.6 | ||||||||||
257,882 | * | Carnival plc | 6,028,402 | 0.5 | ||||||||||
238,914 | iShares MSCI EAFE Small-Cap ETF | 17,813,428 | 1.4 | |||||||||||
Other | 13,137,872 | 1.1 | ||||||||||||
44,428,147 | 3.6 | |||||||||||||
TOTAL COMMON STOCKS (Cost $1,002,702,942) | 1,239,706,483 | 99.4 |
Principal | Issuer | Value | % of net assets | |||||||||||
SHORT-TERM INVESTMENTS | ||||||||||||||
GOVERNMENT AGENCY DEBT | $ | 879,000 | 0.1 | % | ||||||||||
Shares | Company | |||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | ||||||||||||||
10,256,092 | c | State Street Navigator Securities Lending Government Money Market Portfolio 0.020% | 10,256,092 | 0.8 | ||||||||||
10,256,092 | 0.8 | |||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $11,135,092) | 11,135,092 | 0.9 | ||||||||||||
TOTAL PORTFOLIO (Cost $1,013,838,034) | 1,250,841,575 | 100.3 | ||||||||||||
OTHER ASSETS & LIABILITIES, NET | (3,409,886 | ) | (0.3 | ) | ||||||||||
NET ASSETS | $ | 1,247,431,689 | 100.0 | % |
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 $28,669,686. 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 4/30/21, the aggregate value of these securities, including those in “Other,” is $59,945,935 or 4.8% 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 ■ 2021 Semiannual Report | 65 |
Summary of market values by sector (unaudited)
Quant International Small-Cap Equity Fund ■ April 30, 2021
Sector | Value | % of net assets | ||||||
INDUSTRIALS | $ | 253,137,215 | 20.3 | % | ||||
CONSUMER DISCRETIONARY | 157,461,627 | 12.6 | ||||||
INFORMATION TECHNOLOGY | 146,141,655 | 11.7 | ||||||
FINANCIALS | 147,012,388 | 11.8 | ||||||
MATERIALS | 142,155,531 | 11.4 | ||||||
REAL ESTATE | 118,608,607 | 9.5 | ||||||
HEALTH CARE | 95,973,409 | 7.7 | ||||||
CONSUMER STAPLES | 60,625,373 | 4.9 | ||||||
COMMUNICATION SERVICES | 55,431,456 | 4.4 | ||||||
UTILITIES | 34,657,594 | 2.8 | ||||||
ENERGY | 28,501,628 | 2.3 | ||||||
SHORT-TERM INVESTMENTS | 11,135,092 | 0.9 | ||||||
OTHER ASSETS & LIABILITIES, NET | (3,409,886 | ) | (0.3 | ) | ||||
NET ASSETS | $ | 1,247,431,689 | 100.0 | % |
66 | 2021 Semiannual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements |
Summary portfolio of investments (unaudited)
Social Choice International Equity Fund ■ April 30, 2021
Shares | Company | Value | % of net assets | |||||||||||
COMMON STOCKS | ||||||||||||||
AUSTRALIA | ||||||||||||||
228,590 | Australia & New Zealand Banking Group Ltd | $ | 5,043,673 | 0.6 | % | |||||||||
113,549 | Commonwealth Bank of Australia | 7,773,176 | 1.0 | |||||||||||
29,016 | CSL Ltd | 6,061,280 | 0.8 | |||||||||||
32,534 | Macquarie Group Ltd | 4,010,221 | 0.5 | |||||||||||
277,731 | Westpac Banking Corp | 5,352,063 | 0.7 | |||||||||||
Other | 24,800,059 | 3.1 | ||||||||||||
53,040,472 | 6.7 | |||||||||||||
AUSTRIA | 4,428,978 | 0.6 | ||||||||||||
BELGIUM | 6,964,592 | 0.9 | ||||||||||||
CHILE | 2,765,582 | 0.4 | ||||||||||||
CHINA | 2,846,462 | 0.4 | ||||||||||||
DENMARK | ||||||||||||||
106,220 | Novo Nordisk AS | 7,835,578 | 1.0 | |||||||||||
Other | 10,370,792 | 1.3 | ||||||||||||
18,206,370 | 2.3 | |||||||||||||
FINLAND | 7,056,170 | 0.9 | ||||||||||||
FRANCE | ||||||||||||||
169,653 | AXA S.A. | 4,791,853 | 0.6 | |||||||||||
86,976 | BNP Paribas S.A. | 5,576,701 | 0.7 | |||||||||||
26,330 | Essilor International S.A. | 4,382,359 | 0.6 | |||||||||||
4,996 | Kering | 4,003,352 | 0.5 | |||||||||||
17,142 | L’Oreal S.A. | 7,019,134 | 0.9 | |||||||||||
38,925 | Schneider Electric S.A. | 6,210,707 | 0.8 | |||||||||||
167,364 | Total S.A. | 7,397,113 | 0.9 | |||||||||||
Other | 41,953,004 | 5.3 | ||||||||||||
81,334,223 | 10.3 | |||||||||||||
GERMANY | ||||||||||||||
27,773 | Allianz AG. | 7,210,338 | 0.9 | |||||||||||
60,432 | BASF SE | 4,870,291 | 0.6 | |||||||||||
39,876 | Bayerische Motoren Werke AG. | 3,995,981 | 0.5 | |||||||||||
84,545 | Deutsche Post AG. | 4,979,460 | 0.6 | |||||||||||
64,282 | SAP AG. | 9,000,807 | 1.1 | |||||||||||
48,907 | Siemens AG. | 8,159,393 | 1.0 | |||||||||||
Other | 30,664,194 | 4.0 | ||||||||||||
68,880,464 | 8.7 | |||||||||||||
HONG KONG | ||||||||||||||
92,538 | Hong Kong Exchanges and Clearing Ltd | 5,581,062 | 0.7 | |||||||||||
Other | 17,857,662 | 2.3 | ||||||||||||
23,438,724 | 3.0 | |||||||||||||
IRELAND | ||||||||||||||
83,553 | CRH plc | 3,942,382 | 0.5 | |||||||||||
Other | 2,786,996 | 0.4 | ||||||||||||
6,729,378 | 0.9 | |||||||||||||
ISRAEL | 2,456,925 | 0.3 |
Shares | Company | Value | % of net assets | |||||||||||
ITALY | ||||||||||||||
601,898 | Enel S.p.A. | $ | 5,976,442 | 0.8 | % | |||||||||
1,574,888 | Intesa Sanpaolo S.p.A. | 4,390,650 | 0.6 | |||||||||||
Other | 6,954,870 | 0.9 | ||||||||||||
17,321,962 | 2.3 | |||||||||||||
JAPAN | ||||||||||||||
157,600 | Daiichi Sankyo Co Ltd | 4,025,169 | 0.5 | |||||||||||
148,996 | KDDI Corp | 4,504,065 | 0.6 | |||||||||||
13,346 | Keyence Corp | 6,406,783 | 0.8 | |||||||||||
144,779 | Mitsubishi Corp | 4,003,241 | 0.5 | |||||||||||
49,600 | Murata Manufacturing Co Ltd | 3,943,566 | 0.5 | |||||||||||
8,104 | Nintendo Co Ltd | 4,648,882 | 0.6 | |||||||||||
25,400 | Shin-Etsu Chemical Co Ltd | 4,287,572 | 0.5 | |||||||||||
79,415 | Sony Corp | 7,939,824 | 1.0 | |||||||||||
11,900 | Tokyo Electron Ltd | 5,404,833 | 0.7 | |||||||||||
128,095 | * | Toyota Motor Corp | 9,584,602 | 1.2 | ||||||||||
Other | 132,278,668 | 16.8 | ||||||||||||
187,027,205 | 23.7 | |||||||||||||
NETHERLANDS | ||||||||||||||
23,181 | ASML Holding NV | 15,047,749 | 1.9 | |||||||||||
41,690 | Prosus NV | 4,524,682 | 0.6 | |||||||||||
Other | 9,058,199 | 1.2 | ||||||||||||
28,630,630 | 3.7 | |||||||||||||
NEW ZEALAND | 6,163,662 | 0.7 | ||||||||||||
NORWAY | 9,045,088 | 1.2 | ||||||||||||
PORTUGAL | 2,572,539 | 0.3 | ||||||||||||
SAUDI ARABIA | 3,273,233 | 0.4 | ||||||||||||
SINGAPORE | ||||||||||||||
173,191 | DBS Group Holdings Ltd | 3,881,392 | 0.5 | |||||||||||
Other | 7,313,989 | 0.9 | ||||||||||||
11,195,381 | 1.4 | |||||||||||||
SPAIN | ||||||||||||||
719,333 | Banco Bilbao Vizcaya Argentaria S.A. | 4,027,963 | 0.5 | |||||||||||
323,123 | Iberdrola S.A. | 4,366,667 | 0.6 | |||||||||||
Other | 12,320,356 | 1.6 | ||||||||||||
20,714,986 | 2.7 | |||||||||||||
SWEDEN | ||||||||||||||
64,714 | Atlas Copco AB (A Shares) | 3,924,260 | 0.5 | |||||||||||
Other | 27,034,581 | 3.5 | ||||||||||||
30,958,841 | 4.0 | |||||||||||||
SWITZERLAND | ||||||||||||||
52,806 | Alcon, Inc | 3,966,297 | 0.5 | |||||||||||
7,076 | * | Lonza Group AG. | 4,498,313 | 0.6 | ||||||||||
152,464 | Nestle S.A. | 18,193,635 | 2.3 | |||||||||||
39,459 | Roche Holding AG. | 12,869,773 | 1.6 | |||||||||||
316,501 | UBS Group AG | 4,833,159 | 0.6 | |||||||||||
12,475 | Zurich Insurance Group AG | 5,117,974 | 0.7 | |||||||||||
Other | 21,347,066 | 2.8 | ||||||||||||
70,826,217 | 9.1 |
See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2021 Semiannual Report | 67 |
Summary portfolio of investments (unaudited) | concluded |
Social Choice International Equity Fund ■ April 30, 2021
Shares | Company | Value | % of net assets | |||||||||||
UNITED KINGDOM | ||||||||||||||
63,630 | AstraZeneca plc | $ | 6,773,024 | 0.9 | % | |||||||||
186,680 | * | Compass Group plc | 4,061,087 | 0.5 | ||||||||||
355,048 | GlaxoSmithKline plc | 6,561,196 | 0.8 | |||||||||||
Other | 86,814,033 | 11.1 | ||||||||||||
104,209,340 | 13.3 | |||||||||||||
UNITED STATES | 4,396,438 | 0.5 | ||||||||||||
TOTAL COMMON STOCKS (Cost $641,098,456) | 774,483,862 | 98.7 | ||||||||||||
Principal | Issuer | |||||||||||||
SHORT-TERM INVESTMENTS | ||||||||||||||
GOVERNMENT AGENCY DEBT | ||||||||||||||
$ | 4,000,000 | Federal Farm Credit Bank (FFCB) 1.000%, 05/20/21 | 4,000,000 | 0.5 | ||||||||||
7,422,000 | Federal Home Loan Bank (FHLB) 0.500%, 05/21/21 | 7,422,000 | 1.0 | |||||||||||
Other | 4,494,000 | 0.6 | ||||||||||||
15,916,000 | 2.1 | |||||||||||||
REPURCHASE AGREEMENT | 1,750,000 | 0.2 | ||||||||||||
TREASURY DEBT | 4,061,997 | 0.5 |
Shares | Company | Value | % of net assets | |||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | ||||||||||||||
64 | c | State Street Navigator Securities Lending Government Money Market Portfolio 0.020% | $ | 64 | 0.0 | % | ||||||||
64 | 0.0 | |||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $21,728,011) | 21,728,061 | 2.8 | ||||||||||||
TOTAL PORTFOLIO (Cost $662,826,467) | 796,211,923 | 101.5 | ||||||||||||
OTHER ASSETS & LIABILITIES, NET | (11,384,515 | ) | (1.5 | ) | ||||||||||
NET ASSETS | $ | 784,827,408 | 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 04/30/21, the aggregate value of securities on loan is $4,315,913. 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 April 30, 2021 were as follows:
Description | Number of long (short) contracts | Expiration date | Notional amount | Value | Unrealized appreciation (depreciation | ) | |||||
MSCI EAFE Index | 175 | 06/18/21 | $19,877,502 | $19,751,375 | $(126,127) |
Summary of market values by sector (unaudited)
Social Choice International Equity Fund ■ April 30, 2021
Sector | Value | % of net assets | ||||||
FINANCIALS | $ | 143,566,057 | 18.3 | % | ||||
INDUSTRIALS | 109,812,185 | 14.0 | ||||||
CONSUMER DISCRETIONARY | 89,997,251 | 11.5 | ||||||
HEALTH CARE | 88,789,117 | 11.3 | ||||||
CONSUMER STAPLES | 75,436,377 | 9.6 | ||||||
MATERIALS | 68,215,876 | 8.7 | ||||||
INFORMATION TECHNOLOGY | 64,906,706 | 8.3 | ||||||
COMMUNICATION SERVICES | 43,455,352 | 5.5 | ||||||
UTILITIES | 31,095,323 | 3.9 | ||||||
REAL ESTATE | 30,457,859 | 3.9 | ||||||
ENERGY | 28,751,759 | 3.7 | ||||||
SHORT-TERM INVESTMENTS | 21,728,061 | 2.8 | ||||||
OTHER ASSETS & LIABILITIES, NET | (11,384,515 | ) | (1.5 | ) | ||||
NET ASSETS | $ | 784,827,408 | 100.0 | % |
68 | 2021 Semiannual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements |
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TIAA-CREF Funds: Equity Funds ■ 2021 Semiannual Report | 69 |
Statements of assets and liabilities (unaudited)
TIAA-CREF Funds ■ April 30, 2021
Growth & Income Fund | Large-Cap Growth Fund | Large-Cap Value Fund | Mid-Cap Growth Fund | Mid-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 | ||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||
Portfolio investments, at value*† | $ | 6,287,270,920 | $ | 7,030,437,174 | $ | 5,792,790,007 | $ | 1,878,192,099 | $ | 2,330,867,723 | $3,124,390,266 | $ | 1,218,963,624 | $ | 7,086,990,061 | $ | 763,379,302 | $ | 1,584,973,130 | ||||||||||||||||||||||
Affiliated investments, at value‡ | — | — | — | — | — | — | — | — | — | 57,210,411 | |||||||||||||||||||||||||||||||
Cash | 419 | 886 | — | 1,711 | 34 | — | 801 | — | — | 298,617 | |||||||||||||||||||||||||||||||
Cash - foreign^ | 301 | — | 1,519 | — | 47,640 | — | — | — | — | 193,306 | |||||||||||||||||||||||||||||||
Receivable from securities transactions | 94,413,393 | 13,093,423 | 26,572,008 | 786 | 1,121,474 | 13,032,208 | 13,076,516 | 28,063,872 | — | 19,245,202 | |||||||||||||||||||||||||||||||
Receivable for delayed delivery securities | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Receivable from Fund shares sold | 589,319 | 1,994,941 | 419,661 | 7,414,143 | 944,345 | 749,513 | 407,104 | 2,764,920 | 1,109,027 | 3,699,500 | |||||||||||||||||||||||||||||||
Dividends and interest receivable | 2,926,041 | 624,644 | 3,445,731 | 414,107 | 1,689,493 | 426,494 | 283,588 | 6,073,645 | 702,962 | 2,824,983 | |||||||||||||||||||||||||||||||
Due from affiliates | 940,826 | 1,041,922 | 1,061,597 | 6,522 | 16,285 | 322,303 | 393,845 | 69,420 | 5,458 | 825,248 | |||||||||||||||||||||||||||||||
Receivable for variation margin on open futures contracts | — | — | — | — | — | 194,125 | — | — | 20,151 | — | |||||||||||||||||||||||||||||||
Other | 896,689 | 795,563 | 858,461 | 295,906 | 570,451 | 297,672 | 26,415 | 312,226 | 8,036 | 226,056 | |||||||||||||||||||||||||||||||
Total assets | 6,387,037,908 | 7,047,988,553 | 5,825,148,984 | 1,886,325,274 | 2,335,257,445 | 3,139,412,581 | 1,233,151,893 | 7,124,274,144 | 765,224,936 | 1,669,496,453 | |||||||||||||||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||||||||||||||||||||
Management fees payable | 1,995,875 | 2,208,477 | 1,871,898 | 651,956 | 805,352 | 1,017,589 | 423,385 | 854,960 | 151,332 | 1,116,272 | |||||||||||||||||||||||||||||||
Service agreement fees payable | 114,029 | 92,202 | 107,598 | 99,313 | 119,086 | 97,940 | 14,296 | 211,344 | 78,068 | 28,399 | |||||||||||||||||||||||||||||||
Distribution fees payable | 315,503 | 284,815 | 40,083 | 65,075 | 55,533 | 36,339 | 2,610 | 140,642 | 9,889 | 3,792 | |||||||||||||||||||||||||||||||
Overdraft payable | — | — | 4,942 | 786 | — | 724,129 | — | 632,130 | 94,490 | — | |||||||||||||||||||||||||||||||
Payable for collateral for securities loaned | 55,595,849 | 48,115,518 | — | 36,851,204 | — | 30,680,500 | 29,158,029 | 37,193,500 | 588,912 | 37,660,366 | |||||||||||||||||||||||||||||||
Payable for securities transactions | 74,944,477 | 22,622,844 | 3,073,789 | 5,883,079 | 4,118,398 | 12,984,299 | 7,795,648 | 69,702,509 | — | 12,120,991 | |||||||||||||||||||||||||||||||
Payable for delayed delivery securities | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Payable for Fund shares redeemed | 30,931,441 | 36,472,915 | 34,220,386 | 282,324 | 3,583,251 | 9,365,097 | 10,629,859 | 958,982 | 765,664 | 1,839,096 | |||||||||||||||||||||||||||||||
Written options◊ | 8,424,157 | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Payable for variation margin on futures contracts | — | — | — | — | — | — | — | 52,800 | — | — | |||||||||||||||||||||||||||||||
Payable for trustee compensation | 527,550 | 376,367 | 530,436 | 191,358 | 445,893 | 293,743 | 25,173 | 303,585 | 7,299 | 100,696 | |||||||||||||||||||||||||||||||
Accrued expenses and other payables | 289,048 | 238,966 | 139,511 | 92,414 | 129,132 | 92,080 | 65,155 | 554,078 | 90,129 | 3,959,100 | |||||||||||||||||||||||||||||||
Total liabilities | 173,137,929 | 110,412,104 | 39,988,643 | 44,117,509 | 9,256,645 | 55,291,716 | 48,114,155 | 110,604,530 | 1,785,783 | 56,828,712 | |||||||||||||||||||||||||||||||
NET ASSETS | $ | 6,213,899,979 | $ | 6,937,576,449 | $ | 5,785,160,341 | $ | 1,842,207,765 | $ | 2,326,000,800 | $ | 3,084,120,865 | $ | 1,185,037,738 | $ | 7,013,669,614 | $ | 763,439,153 | $ | 1,612,667,741 | |||||||||||||||||||||
NET ASSETS CONSIST OF: | |||||||||||||||||||||||||||||||||||||||||
Paid-in-capital | $ | 2,305,023,865 | $ | 3,496,369,470 | $ | 3,582,509,153 | $ | 1,108,955,159 | $ | 1,676,685,507 | $ | 1,841,079,523 | $ | 706,217,560 | $ | 3,878,657,527 | $ | 557,239,359 | $ | 1,105,224,059 | |||||||||||||||||||||
Total distributable earnings (loss) | 3,908,876,114 | 3,441,206,979 | 2,202,651,188 | 733,252,606 | 649,315,293 | 1,243,041,342 | 478,820,178 | 3,135,012,087 | 206,199,794 | 507,443,682 | |||||||||||||||||||||||||||||||
NET ASSETS | $ | 6,213,899,979 | $ | 6,937,576,449 | $ | 5,785,160,341 | $ | 1,842,207,765 | $ | 2,326,000,800 | $ | 3,084,120,865 | $ | 1,185,037,738 | $ | 7,013,669,614 | $ | 763,439,153 | $ | 1,612,667,741 | |||||||||||||||||||||
* | Includes securities loaned of | $ | 52,658,433 | $ | 49,931,388 | $ | — | $ | 50,356,451 | $ | — | $ | 65,488,320 | $ | 29,955,232 | $ | 55,425,854 | $ | 3,085,410 | $ | 39,456,925 | ||||||||||||||||||||
† | Portfolio investments, cost | $ | 3,235,025,461 | $ | 3,866,089,623 | $ | 3,690,293,160 | $ | 1,269,878,676 | $ | 1,782,361,936 | $ | 2,053,514,814 | $ | 822,116,498 | $ | 4,298,750,377 | $ | 583,051,675 | $ | 1,323,434,152 | ||||||||||||||||||||
‡ | Affiliated investments, cost | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 61,885,730 | ||||||||||||||||||||
^ | Foreign cash, cost | $ | 301 | $ | — | $ | 1,529 | $ | — | $ | 47,208 | $ | — | $ | — | $ | — | $ | — | $ | 191,196 | ||||||||||||||||||||
◊ | Written options premiums | $ | 14,332,897 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — |
70 | 2021 Semiannual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2021 Semiannual Report | 71 |
Statements of assets and liabilities (unaudited) | continued |
TIAA-CREF Funds ■ April 30, 2021
Growth & Income Fund | Large-Cap Growth Fund | Large-Cap Value Fund | Mid-Cap Growth Fund | Mid-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 | |||||||||||||||||||||||||||||||
INSTITUTIONAL CLASS: | ||||||||||||||||||||||||||||||||||||||||
Net assets | $ | 1,277,113,686 | $ | 1,969,255,138 | $ | 1,932,143,377 | $ | 1,011,733,457 | $ | 1,422,041,820 | $ | 1,468,498,112 | $ | 63,973,169 | $ | 5,229,685,761 | $ | 311,680,023 | $ | 334,232,239 | ||||||||||||||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 69,656,789 | 79,004,232 | 88,750,349 | 34,666,366 | 70,729,871 | 66,094,638 | 3,761,327 | 190,025,563 | 16,096,935 | 23,756,914 | ||||||||||||||||||||||||||||||
Net asset value per share | $ | 18.33 | $ | 24.93 | $ | 21.77 | $ | 29.18 | $ | 20.11 | $ | 22.22 | $ | 17.01 | $ | 27.52 | $ | 19.36 | $ | 14.07 | ||||||||||||||||||||
ADVISOR CLASS: | ||||||||||||||||||||||||||||||||||||||||
Net assets | $ | 3,387,958 | $ | 5,529,924 | $ | 442,150 | $ | 7,002,943 | $ | 444,095 | $ | 728,469 | $ | 7,193,118 | $ | 49,154,188 | $ | 2,432,842 | $ | 204,275 | ||||||||||||||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 184,674 | 222,030 | 20,325 | 240,106 | 22,112 | 32,794 | 422,241 | 1,787,779 | 125,748 | 14,513 | ||||||||||||||||||||||||||||||
Net asset value per share | $ | 18.35 | $ | 24.91 | $ | 21.75 | $ | 29.17 | $ | 20.08 | $ | 22.21 | $ | 17.04 | $ | 27.49 | $ | 19.35 | $ | 14.08 | ||||||||||||||||||||
PREMIER CLASS: | ||||||||||||||||||||||||||||||||||||||||
Net assets | $ | 27,477,944 | $ | 15,171,421 | $ | 79,763,866 | $ | 50,191,820 | $ | 82,825,920 | $ | 88,254,205 | $ | 188,868 | $ | 114,656,346 | $ | 5,075,074 | $ | 12,279,953 | ||||||||||||||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 1,495,880 | 608,973 | 3,670,158 | 1,736,167 | 4,126,193 | 3,998,399 | 11,042 | 4,183,105 | 261,716 | 872,200 | ||||||||||||||||||||||||||||||
Net asset value per share | $ | 18.37 | $ | 24.91 | $ | 21.73 | $ | 28.91 | $ | 20.07 | $ | 22.07 | $ | 17.11 | $ | 27.41 | $ | 19.39 | $ | 14.08 | ||||||||||||||||||||
RETIREMENT CLASS: | ||||||||||||||||||||||||||||||||||||||||
Net assets | $ | 558,576,444 | $ | 447,111,733 | $ | 529,883,063 | $ | 484,737,804 | $ | 598,112,999 | $ | 475,866,008 | $ | 69,091,234 | $ | 994,161,507 | $ | 397,253,983 | $ | 136,027,221 | ||||||||||||||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 29,813,753 | 18,108,996 | 24,429,786 | 17,363,444 | 29,976,574 | 22,110,107 | 4,080,599 | 35,541,482 | 20,610,974 | 9,709,395 | ||||||||||||||||||||||||||||||
Net asset value per share | $ | 18.74 | $ | 24.69 | $ | 21.69 | $ | 27.92 | $ | 19.95 | $ | 21.52 | $ | 16.93 | $ | 27.97 | $ | 19.27 | $ | 14.01 | ||||||||||||||||||||
RETAIL CLASS: | ||||||||||||||||||||||||||||||||||||||||
Net assets | $ | 1,544,441,301 | $ | 1,395,638,336 | $ | 148,803,092 | $ | 288,541,741 | $ | 222,575,966 | $ | 153,730,864 | $ | 13,458,637 | $ | 626,011,812 | $ | 46,997,231 | $ | 11,455,112 | ||||||||||||||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 59,207,670 | 56,211,155 | 7,183,217 | 10,362,511 | 11,489,996 | 7,240,338 | 795,883 | 25,818,654 | 2,436,593 | 815,875 | ||||||||||||||||||||||||||||||
Net asset value per share | $ | 26.09 | $ | 24.83 | $ | 20.72 | $ | 27.84 | $ | 19.37 | $ | 21.23 | $ | 16.91 | $ | 24.25 | $ | 19.29 | $ | 14.04 | ||||||||||||||||||||
CLASS W: | ||||||||||||||||||||||||||||||||||||||||
Net assets | $ | 2,802,902,646 | $ | 3,104,869,897 | $ | 3,094,124,793 | $ | — | $ | — | $ | 897,043,207 | $ | 1,031,132,712 | $ | — | $ | — | $ | 1,118,468,941 | ||||||||||||||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 152,894,701 | 124,437,904 | 141,911,417 | — | — | 40,337,512 | 60,453,306 | — | — | 79,334,788 | ||||||||||||||||||||||||||||||
Net asset value per share | $ | 18.33 | $ | 24.95 | $ | 21.80 | $ | — | $ | — | $ | 22.24 | $ | 17.06 | $ | — | $ | — | $ | 14.10 |
72 | 2021 Semiannual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2021 Semiannual Report | 73 |
Statements of assets and liabilities (unaudited) | continued |
TIAA-CREF Funds ■ April 30, 2021
International Equity Fund | International Opportunities Fund | Quant International Small-Cap Equity Fund | Social Choice International Equity Fund | ||||||||||||||
ASSETS | |||||||||||||||||
Portfolio investments, at value*† | $ | 6,080,289,919 | $ | 2,218,162,011 | $ | 1,250,841,575 | $ | 796,211,923 | |||||||||
Cash | 7 | 3,830 | 17,014 | 1,114,202 | |||||||||||||
Cash - foreign^ | 1,993,336 | 1,790,329 | 2,247,153 | 280,209 | |||||||||||||
Receivable from securities transactions | 7,082,954 | 19,805,618 | 26,737,423 | 17,987,378 | |||||||||||||
Receivable for delayed delivery securities | — | — | 1,051,010 | 335,506 | |||||||||||||
Receivable from Fund shares sold | 6,177,236 | 376,580 | 2,527,454 | 1,307,857 | |||||||||||||
Dividends and interest receivable | 28,188,349 | 5,252,782 | 5,367,348 | 3,822,118 | |||||||||||||
Due from affiliates | 951,295 | 952,410 | 717,951 | 5,517 | |||||||||||||
Other | 911,798 | 259,751 | 46,210 | 8,167 | |||||||||||||
Total assets | 6,125,594,894 | 2,246,603,311 | 1,289,553,138 | 821,072,877 | |||||||||||||
LIABILITIES | |||||||||||||||||
Management fees payable | 2,236,235 | 1,034,571 | 657,180 | 189,439 | |||||||||||||
Service agreement fees payable | 98,206 | 38,266 | 904 | 57,873 | |||||||||||||
Distribution fees payable | 67,461 | 1,804 | 214 | 3,744 | |||||||||||||
Payable for collateral for securities loaned | 171 | 66,715,772 | 10,256,092 | 64 | |||||||||||||
Payable for securities transactions | 4,537,995 | 15,091,218 | 26,733,787 | 35,747,671 | |||||||||||||
Payable for delayed delivery securities | — | — | 1,249,654 | ||||||||||||||
Payable for Fund shares redeemed | 4,881,395 | 9,437,292 | 2,228,043 | 66,116 | |||||||||||||
Payable for variation margin on futures contracts | — | — | — | 46,864 | |||||||||||||
Payable for trustee compensation | 450,863 | 95,267 | 32,929 | 6,849 | |||||||||||||
Accrued expenses and other payables | 254,885 | 72,544 | 962,646 | 126,849 | |||||||||||||
Total liabilities | 12,527,211 | 92,486,734 | 42,121,449 | 36,245,469 | |||||||||||||
NET ASSETS | $ | 6,113,067,683 | $ | 2,154,116,577 | $ | 1,247,431,689 | $ | 784,827,408 | |||||||||
NET ASSETS CONSIST OF: | |||||||||||||||||
Paid-in-capital | $ | 4,855,625,710 | $ | 1,137,896,472 | $ | 1,063,586,974 | $ | 644,518,244 | |||||||||
Total distributable earnings (loss) | 1,257,441,973 | 1,016,220,105 | 183,844,715 | 140,309,164 | |||||||||||||
NET ASSETS | $ | 6,113,067,683 | $ | 2,154,116,577 | $ | 1,247,431,689 | $ | 784,827,408 | |||||||||
* | Includes securities loaned of | $ | 23,878,769 | $ | 108,934,960 | $ | 28,669,686 | $ | 4,315,913 | ||||||||
† | Portfolio investments, cost | $ | 4,591,016,857 | $ | 1,316,856,112 | $ | 1,013,838,034 | $ | 662,826,467 | ||||||||
^ | Foreign cash, cost | $ | 2,011,996 | $ | 1,798,940 | $ | 2,249,554 | $ | 283,205 |
74 | 2021 Semiannual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2021 Semiannual Report | 75 |
Statements of assets and liabilities (unaudited) | concluded |
TIAA-CREF Funds ■ April 30, 2021 |
International Equity Fund | International Opportunities Fund | Quant International Small-Cap Equity Fund | Social Choice International Equity Fund | |||||||||||||
INSTITUTIONAL CLASS: | ||||||||||||||||
Net assets | $ | 2,778,084,236 | $ | 133,424,781 | $ | 68,780,792 | $ | 472,365,310 | ||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 200,404,244 | 7,091,732 | 5,699,147 | 36,237,901 | ||||||||||||
Net asset value per share | $ | 13.86 | $ | 18.81 | $ | 12.07 | $ | 13.04 | ||||||||
ADVISOR CLASS: | ||||||||||||||||
Net assets | $ | 3,409,390 | $ | 5,003,043 | $ | 88,291 | $ | 2,206,143 | ||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 240,592 | 266,272 | 7,321 | 169,291 | ||||||||||||
Net asset value per share | $ | 14.17 | $ | 18.79 | $ | 12.06 | $ | 13.03 | ||||||||
PREMIER CLASS: | ||||||||||||||||
Net assets | $ | 73,889,739 | $ | 540,964 | $ | 89,556 | $ | 770,176 | ||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 5,337,297 | 28,700 | 7,327 | 59,006 | ||||||||||||
Net asset value per share | $ | 13.84 | $ | 18.85 | $ | 12.22 | $ | 13.05 | ||||||||
RETIREMENT CLASS: | ||||||||||||||||
Net assets | $ | 475,371,311 | $ | 182,337,667 | $ | 4,402,875 | $ | 291,323,481 | ||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 32,966,559 | 9,728,000 | 365,028 | 22,418,940 | ||||||||||||
Net asset value per share | $ | 14.42 | $ | 18.74 | $ | 12.06 | $ | 12.99 | ||||||||
RETAIL CLASS: | ||||||||||||||||
Net assets | $ | 279,957,220 | $ | 8,611,386 | $ | 996,172 | $ | 18,162,298 | ||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 32,315,949 | 458,891 | 82,420 | 1,397,277 | ||||||||||||
Net asset value per share | $ | 8.66 | $ | 18.77 | $ | 12.09 | $ | 13.00 | ||||||||
CLASS W: | ||||||||||||||||
Net assets | $ | 2,502,355,787 | $ | 1,824,198,736 | $ | 1,173,074,003 | $ | — | ||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 179,978,046 | 96,675,773 | 96,867,495 | — | ||||||||||||
Net asset value per share | $ | 13.90 | $ | 18.87 | $ | 12.11 | $ | — |
76 | 2021 Semiannual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2021 Semiannual Report | 77 |
Statements of operations (unaudited)
TIAA-CREF Funds ■ For the period ended April 30, 2021
Growth & Income Fund | Large-Cap Growth Fund | Large-Cap Value Fund | Mid-Cap Growth Fund | Mid-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 | ||||||||||||||||||||||||||||||||
INVESTMENT INCOME | |||||||||||||||||||||||||||||||||||||||||
Dividends* | $ | 33,146,321 | $ | 17,614,332 | $ | 45,623,838 | $ | 795,265 | $ | 13,956,682 | $ | 11,363,548 | $ | 5,056,989 | $ | 42,448,880 | $ 4,009,064 | $ 8,190,971 | |||||||||||||||||||||||
Payment from affiliate | 499,846 | 552,959 | 428,581 | 133,702 | 160,906 | — | — | — | — | 174,412 | |||||||||||||||||||||||||||||||
Income from securities lending, net | 81,019 | 560,448 | — | 187,641 | 1,955 | 907,608 | 270,276 | 204,690 | 17,286 | 520,505 | |||||||||||||||||||||||||||||||
Interest | 4,086 | — | 5,901 | 1,399 | 4,862 | 549 | 863 | 7,675 | 1,447 | 9,571 | |||||||||||||||||||||||||||||||
Total income | 33,731,272 | 18,727,739 | 46,058,320 | 1,118,007 | 14,124,405 | 12,271,705 | 5,328,128 | 42,661,245 | 4,027,797 | 8,895,459 | |||||||||||||||||||||||||||||||
EXPENSES | |||||||||||||||||||||||||||||||||||||||||
Management fees | 11,724,621 | 12,898,410 | 10,673,138 | 3,707,608 | 4,460,988 | 5,955,562 | 2,355,627 | 4,767,935 | 749,677 | 6,826,155 | |||||||||||||||||||||||||||||||
Shareholder servicing – Institutional Class | 803 | 1,838 | 725 | 630 | 930 | 1,126 | 152 | 3,938 | 212 | 284 | |||||||||||||||||||||||||||||||
Shareholder servicing – Advisor Class | 1,544 | 2,113 | 136 | 1,006 | 218 | 207 | 2,865 | 18,704 | 888 | 93 | |||||||||||||||||||||||||||||||
Shareholder servicing – Premier Class | 35 | 35 | 42 | 39 | 46 | 45 | 32 | 6,330 | 34 | 36 | |||||||||||||||||||||||||||||||
Shareholder servicing – Retirement Class | 651,696 | 544,718 | 612,361 | 573,934 | 642,218 | 546,952 | 50,920 | 1,136,407 | 369,155 | 174,505 | |||||||||||||||||||||||||||||||
Shareholder servicing – Retail Class | 263,519 | 281,270 | 41,535 | 55,865 | 66,659 | 39,165 | 8,579 | 64,807 | 11,908 | 10,096 | |||||||||||||||||||||||||||||||
Shareholder servicing – Class W | 887 | 1,057 | 958 | — | — | 542 | 564 | — | — | 615 | |||||||||||||||||||||||||||||||
Distribution fees – Premier Class | 19,879 | 11,487 | 57,403 | 34,095 | 58,456 | 62,166 | 118 | 77,986 | 3,423 | 8,145 | |||||||||||||||||||||||||||||||
Distribution fees – Retail Class | 1,761,061 | 1,610,667 | 162,889 | 340,115 | 249,722 | 170,511 | 12,085 | 694,611 | 42,543 | 13,412 | |||||||||||||||||||||||||||||||
Custody and accounting fees | 87,959 | 43,546 | 43,916 | 26,946 | 9,285 | 27,782 | 23,098 | 30,547 | 18,185 | 160,092 | |||||||||||||||||||||||||||||||
Administrative service fees | 85,903 | 89,452 | 80,543 | 48,174 | 49,186 | 62,694 | 49,678 | 80,760 | 40,752 | 55,349 | |||||||||||||||||||||||||||||||
Trustee fees and expenses | 31,148 | 34,034 | 27,866 | 8,514 | 10,334 | 15,265 | 5,289 | 32,458 | 3,023 | 8,636 | |||||||||||||||||||||||||||||||
Other expenses | 143,545 | 157,286 | 89,639 | 88,097 | 11,008 | 84,486 | 79,862 | 557,314 | 129,684 | 91,402 | |||||||||||||||||||||||||||||||
Total expenses | 14,772,600 | 15,675,913 | 11,791,151 | 4,885,023 | 5,559,050 | 6,966,503 | 2,588,869 | 7,471,797 | 1,369,484 | 7,348,820 | |||||||||||||||||||||||||||||||
Less: Expenses reimbursed by the investment adviser | (5,581,600 | ) | (6,004,649 | ) | (5,804,575 | ) | — | — | (1,722,980 | ) | (2,244,116 | ) | — | — | (5,071,906 | ) | |||||||||||||||||||||||||
Fee waiver by investment adviser and Nuveen Securities | — | (164,689 | ) | (267,549 | ) | — | (51,257 | ) | (108,898 | ) | — | (325,001 | ) | — | — | ||||||||||||||||||||||||||
Net expenses | 9,191,000 | 9,506,575 | 5,719,027 | 4,885,023 | 5,507,793 | 5,134,625 | 344,753 | 7,146,796 | 1,369,484 | 2,276,914 | |||||||||||||||||||||||||||||||
Net investment income (loss) | 24,540,272 | 9,221,164 | 40,339,293 | (3,767,016 | ) | 8,616,612 | 7,137,080 | 4,983,375 | 35,514,449 | 2,658,313 | 6,618,545 | ||||||||||||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS | |||||||||||||||||||||||||||||||||||||||||
Realized gain (loss): | |||||||||||||||||||||||||||||||||||||||||
Portfolio investments‡ | 872,749,763 | 289,930,940 | 218,073,632 | 137,273,081 | 216,824,213 | 325,102,842 | 84,828,691 | 323,970,526 | 23,976,868 | 270,415,814 | |||||||||||||||||||||||||||||||
Written options | 25,159,124 | 439,421 | — | — | — | — | — | — | — | 936,342 | |||||||||||||||||||||||||||||||
Futures contracts | — | — | — | — | — | 5,175,690 | — | 8,583,676 | 1,759,819 | — | |||||||||||||||||||||||||||||||
Foreign currency transactions | (127,835 | ) | 275,680 | 5,493 | 116,995 | 7,144 | — | — | — | — | (866,624 | ) | |||||||||||||||||||||||||||||
Net realized gain (loss) on total investments | 897,781,052 | 290,646,041 | 218,079,125 | 137,390,076 | 216,831,357 | 330,278,532 | 84,828,691 | 332,554,202 | 25,736,687 | 270,485,532 | |||||||||||||||||||||||||||||||
Change in unrealized appreciation (depreciation) on: | |||||||||||||||||||||||||||||||||||||||||
Portfolio investments** | 629,848,522 | 1,275,577,635 | 1,470,917,376 | 275,317,403 | 475,268,927 | 901,645,513 | 325,723,762 | 1,255,109,882 | 119,335,216 | 40,315,035 | |||||||||||||||||||||||||||||||
Affiliated investments | — | — | — | — | — | — | — | — | — | 17,073,264 | |||||||||||||||||||||||||||||||
Purchased options | (817,563 | ) | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Written options | (2,702,444 | ) | 2,305,442 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Futures contracts | — | — | — | — | — | 193,821 | — | 1,343,494 | 461,123 | — | |||||||||||||||||||||||||||||||
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies | 8,502 | 12,379 | (2,084 | ) | 192 | (2,265 | ) | — | — | — | — | 181,060 | |||||||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments | 626,337,017 | 1,277,895,456 | 1,470,915,292 | 275,317,595 | 475,266,662 | 901,839,334 | 325,723,762 | 1,256,453,376 | 119,796,339 | 57,569,359 | |||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on total investments | 1,524,118,069 | 1,568,541,497 | 1,688,994,417 | 412,707,671 | 692,098,019 | 1,232,117,866 | 410,552,453 | 1,589,007,578 | 145,533,026 | 328,054,891 | |||||||||||||||||||||||||||||||
Net increase (decrease) in net assets from operations | $ | 1,548,658,341 | $ | 1,577,762,661 | $ | 1,729,333,710 | $ | 408,940,655 | $ | 700,714,631 | $ | 1,239,254,946 | $ | 415,535,828 | $ | 1,624,522,027 | $ | 148,191,339 | $ | 334,673,436 | |||||||||||||||||||||
* | Net of foreign withholding taxes of | $ | 103,332 | $ | 240,699 | $ | (93,104 | ) | $ | 35,224 | $ | (56,059 | ) | $ | 24,053 | $ | 16,091 | $ | 520 | $ | 103 | $ | 1,395,598 | ||||||||||||||||||
‡ | Includes net realized gain (loss) from securities sold to affiliates of | $ | 1,594,808 | $ | 25,811,192 | $ | 13,303,932 | $ | 2,742,715 | $ | (1,244,161 | ) | $ | 1,478,231 | $ | 8,720,348 | $ | 39,518 | $ | 27,384 | $ | — | |||||||||||||||||||
** | Includes net change in unrealized foreign capital gains taxes of | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (3,363,401 | ) |
78 | 2021 Semiannual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2021 Semiannual Report | 79 |
Statements of operations (unaudited) | concluded |
TIAA-CREF Funds ■ For the period ended April 30, 2021
Quant International | Social Choice | ||||||||||||||||
International | International | Small-Cap | International | ||||||||||||||
Equity Fund | Opportunities Fund | Equity Fund | Equity Fund | ||||||||||||||
INVESTMENT INCOME | |||||||||||||||||
Dividends* | $ | 79,283,020 | $ | 13,224,180 | $ | 13,020,980 | $ | 9,195,279 | |||||||||
Payment from affiliate | 568,230 | 213,228 | — | — | |||||||||||||
Income from securities lending, net | 58,740 | 842,543 | 382,189 | 41,650 | |||||||||||||
Interest | 49,631 | 19,187 | — | — | |||||||||||||
Total income | 79,959,621 | 14,299,138 | 13,403,169 | 9,236,929 | |||||||||||||
EXPENSES | |||||||||||||||||
Management fees | 12,984,588 | 6,059,208 | 3,763,342 | 1,008,640 | |||||||||||||
Shareholder servicing – Institutional Class | 1,759 | 193 | 130 | 319 | |||||||||||||
Shareholder servicing – Advisor Class | 1,751 | 2,321 | 23 | 892 | |||||||||||||
Shareholder servicing – Premier Class | 48 | 35 | 30 | 34 | |||||||||||||
Shareholder servicing – Retirement Class | 576,813 | 225,567 | 5,115 | 288,854 | |||||||||||||
Shareholder servicing – Retail Class | 126,034 | 8,253 | 6,371 | 7,838 | |||||||||||||
Shareholder servicing – Class W | 801 | 730 | 546 | — | |||||||||||||
Distribution fees – Premier Class | 59,892 | 368 | 62 | 442 | |||||||||||||
Distribution fees – Retail Class | 334,100 | 9,271 | 1,138 | 18,038 | |||||||||||||
Custody and accounting fees | 127,981 | 84,905 | 276,710 | 44,461 | |||||||||||||
Administrative service fees | 82,075 | 57,533 | 51,175 | 41,266 | |||||||||||||
Trustee fees and expenses | 29,496 | 10,685 | 5,991 | 3,419 | |||||||||||||
Other expenses | 152,765 | 109,117 | 90,067 | 138,210 | |||||||||||||
Total expenses | 14,478,103 | 6,568,186 | 4,200,700 | 1,552,413 | |||||||||||||
Less: Expenses reimbursed by the investment adviser | (5,409,944 | ) | (5,402,237 | ) | (3,668,015 | ) | — | ||||||||||
Fee waiver by investment adviser and Nuveen Securities | — | — | (291,501 | ) | — | ||||||||||||
Net expenses | 9,068,159 | 1,165,949 | 241,184 | 1,552,413 | |||||||||||||
Net investment income (loss) | 70,891,462 | 13,133,189 | 13,161,985 | 7,684,516 | |||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS | |||||||||||||||||
Realized gain (loss): | |||||||||||||||||
Portfolio investments‡ | 73,452,760 | 108,330,958 | 109,654,705 | 5,165,535 | |||||||||||||
Futures contracts | — | — | — | 2,153,915 | |||||||||||||
Foreign currency transactions | 295,785 | 130,635 | (197,721 | ) | 64,730 | ||||||||||||
Net realized gain (loss) on total investments | 73,748,545 | 108,461,593 | 109,456,984 | 7,384,180 | |||||||||||||
Change in unrealized appreciation (depreciation) on: | |||||||||||||||||
Portfolio investments** | 1,229,062,992 | 299,383,740 | 184,464,969 | 133,618,173 | |||||||||||||
Affiliated investments | |||||||||||||||||
Futures contracts | — | — | — | 131,932 | |||||||||||||
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies | 265,000 | 23,573 | 41,237 | (2,490 | ) | ||||||||||||
Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments | 1,229,327,992 | 299,407,313 | 184,506,206 | 133,747,615 | |||||||||||||
Net realized and unrealized gain (loss) on total investments | 1,303,076,537 | 407,868,906 | 293,963,190 | 141,131,795 | |||||||||||||
Net increase (decrease) in net assets from operations | $ | 1,373,967,999 | $ | 421,002,095 | $ | 307,125,175 | $ | 148,816,311 | |||||||||
* | Net of foreign withholding taxes of | $ | 5,177,257 | $ | 1,370,500 | $ | 1,382,637 | $ | 899,669 | ||||||||
‡ | Includes net realized gain (loss) from securities sold to affiliates of | $ | — | $ | — | $ | 225,492 | $ | — | ||||||||
** | Includes net change in unrealized foreign capital gains taxes of | $ | — | $ | — | $ | (701,919 | ) | $ | — |
80 | 2021 Semiannual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2021 Semiannual Report | 81 |
Statements of changes in net assets
TIAA-CREF Funds ■ For the period or year ended
Growth & Income Fund | Large-Cap Growth Fund | Large-Cap Value Fund | Mid-Cap Growth Fund | Mid-Cap Value Fund | Quant Small-Cap Equity Fund | |||||||||||||||||||||||||||||||||||||||||||||
April 30, | October 31, | April 30, | October 31, | April 30, | October 31, | April 30, | October 31, | April 30, | October 31, | April 30, | October 31, | |||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||||||||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 24,540,272 | $ | 81,340,716 | $ | 9,221,164 | $ | 29,929,720 | $ | 40,339,293 | $ | 110,770,184 | $ | (3,767,016) | $ | (1,847,217) | $ | 8,616,612 | $ | 30,188,838 | $ | 7,137,080 | $ | 16,759,466 | ||||||||||||||||||||||||||
Net realized gain (loss) on total investments | 897,781,052 | 329,967,841 | 290,646,041 | 1,933,885,002 | 218,079,125 | (95,177,011 | ) | 137,390,076 | 192,373,268 | 216,831,357 | (81,187,847 | ) | 330,278,532 | (146,015,497 | ) | |||||||||||||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on total investments | 626,337,017 | 282,436,044 | 1,277,895,456 | (221,762,317 | ) | 1,470,915,292 | (360,500,498 | ) | 275,317,595 | 103,908,392 | 475,266,662 | (333,445,616 | ) | 901,839,334 | (37,283,583 | ) | ||||||||||||||||||||||||||||||||||
Net increase (decrease) in net assets from operations | 1,548,658,341 | 693,744,601 | 1,577,762,661 | 1,742,052,405 | 1,729,333,710 | (344,907,325 | ) | 408,940,655 | 294,434,443 | 700,714,631 | (384,444,625 | ) | 1,239,254,946 | (166,539,614 | ) | |||||||||||||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | (82,159,322 | ) | (90,187,214 | ) | (495,708,886 | ) | (59,458,798 | ) | (31,869,814 | ) | (38,755,194 | ) | (90,478,167 | ) | (80,335,148 | ) | (21,604,109 | ) | (337,686,068 | ) | (9,177,672 | ) | (77,018,388 | ) | ||||||||||||||||||||||||||
Advisor Class | (199,025 | ) | (137,212 | ) | (1,539,583 | ) | (129,148 | ) | (5,188 | ) | (4,294 | ) | (668,347 | ) | (22,522 | ) | (7,453 | ) | (164,800 | ) | (3,304 | ) | (39,401 | ) | ||||||||||||||||||||||||||
Premier Class | (1,676,217 | ) | (2,740,056 | ) | (4,254,808 | ) | (850,923 | ) | (1,269,479 | ) | (2,491,295 | ) | (4,580,207 | ) | (5,427,327 | ) | (1,192,312 | ) | (21,311,997 | ) | (373,242 | ) | (5,924,839 | ) | ||||||||||||||||||||||||||
Retirement Class | (32,755,895 | ) | (30,407,664 | ) | (124,055,269 | ) | (12,895,313 | ) | (8,037,304 | ) | (10,640,127 | ) | (49,900,869 | ) | (37,939,320 | ) | (7,509,518 | ) | (105,807,299 | ) | (1,834,410 | ) | (22,793,848 | ) | ||||||||||||||||||||||||||
Retail Class | (63,432,440 | ) | (54,350,956 | ) | (348,213,454 | ) | (37,462,033 | ) | (2,126,306 | ) | (2,571,729 | ) | (29,683,392 | ) | (21,438,004 | ) | (2,969,487 | ) | (43,383,144 | ) | (551,590 | ) | (6,769,035 | ) | ||||||||||||||||||||||||||
Class W | (191,115,429 | ) | (233,832,649 | ) | (848,095,442 | ) | (148,119,014 | ) | (65,314,928 | ) | (73,355,148 | ) | — | — | — | — | (7,896,457 | ) | (36,278,527 | ) | ||||||||||||||||||||||||||||||
Total distributions | (371,338,328 | ) | (411,655,751 | ) | (1,821,867,442 | ) | (258,915,229 | ) | (108,623,019 | ) | (127,817,787 | ) | (175,310,982 | ) | (145,162,321 | ) | (33,282,879 | ) | (508,353,308 | ) | (19,836,675 | ) | (148,824,038 | ) | ||||||||||||||||||||||||||
SHAREHOLDER TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||||||||||||||
Subscriptions: | Institutional Class | 54,903,085 | 115,589,909 | 277,783,978 | 312,699,882 | 86,348,859 | 171,995,022 | 167,445,662 | 60,162,075 | 62,451,822 | 130,510,745 | 48,978,510 | 106,045,488 | |||||||||||||||||||||||||||||||||||||
Advisor Class | 195,029 | 834,046 | 392,073 | 2,240,767 | 122,585 | 102,500 | 710,459 | 4,781,260 | 4,719 | 72,930 | 85,883 | 10,865 | ||||||||||||||||||||||||||||||||||||||
Premier Class | 2,362,676 | 1,419,729 | 3,026,957 | 6,545,943 | 4,603,564 | 3,653,888 | 9,847,620 | 7,525,232 | 6,526,601 | 4,852,190 | 4,443,450 | 5,817,555 | ||||||||||||||||||||||||||||||||||||||
Retirement Class | 12,461,863 | 9,953,510 | 36,578,043 | 76,133,475 | 9,875,156 | 6,513,918 | 37,001,320 | 19,963,314 | 47,893,114 | 13,579,801 | 20,070,852 | 10,423,456 | ||||||||||||||||||||||||||||||||||||||
Retail Class | 27,028,680 | 33,192,257 | 47,588,286 | 70,004,884 | 8,037,239 | 6,218,826 | 12,739,425 | 14,012,563 | 4,942,891 | 12,195,194 | 6,939,704 | 5,299,863 | ||||||||||||||||||||||||||||||||||||||
Class W | 12,101,747 | 392,152,562 | 32,829,365 | 317,943,280 | 43,689,860 | 715,364,513 | — | — | — | — | 20,500,659 | 243,367,738 | ||||||||||||||||||||||||||||||||||||||
Reinvestments of distributions: | Institutional Class | 69,408,568 | 72,872,260 | 467,006,882 | 55,700,498 | 31,490,431 | 38,553,955 | 90,440,535 | 80,291,402 | 21,420,211 | 334,665,335 | 9,164,887 | 76,848,206 | |||||||||||||||||||||||||||||||||||||
Advisor Class | 182,195 | 125,265 | 1,465,577 | 122,626 | 3,012 | 1,896 | 651,922 | 10,262 | 6,067 | 146,334 | 2,656 | 33,954 | ||||||||||||||||||||||||||||||||||||||
Premier Class | 1,676,217 | 2,740,056 | 4,254,808 | 850,923 | 1,269,438 | 2,491,250 | 4,580,207 | 5,427,327 | 1,192,312 | 21,311,997 | 373,242 | 5,924,839 | ||||||||||||||||||||||||||||||||||||||
Retirement Class | 32,755,867 | 30,407,485 | 123,785,256 | 12,849,316 | 8,036,604 | 10,639,371 | 49,900,869 | 37,939,320 | 7,509,195 | 105,799,497 | 1,834,375 | 22,793,471 | ||||||||||||||||||||||||||||||||||||||
Retail Class | 61,185,373 | 52,271,670 | 335,163,445 | 36,075,177 | 2,035,509 | 2,441,536 | 29,015,395 | 20,939,726 | 2,863,255 | 41,874,195 | 528,992 | 6,530,584 | ||||||||||||||||||||||||||||||||||||||
Class W | 168,568,108 | 172,049,045 | 848,095,442 | 148,119,014 | 65,314,928 | 73,355,148 | — | — | — | — | 7,896,457 | 36,278,527 | ||||||||||||||||||||||||||||||||||||||
Redemptions: | Institutional Class | (206,401,438 | ) | (498,046,878 | ) | (312,941,915 | ) | (460,990,116 | ) | (173,117,270 | ) | (507,628,529 | ) | (94,018,645 | ) | (259,001,371 | ) | (116,568,778 | ) | (708,695,941 | ) | (347,542,519 | ) | (328,544,974 | ) | |||||||||||||||||||||||||
Advisor Class | (273,852 | ) | (442,634 | ) | (867,989 | ) | (1,353,097 | ) | (41,325 | ) | (2,864 | ) | (376,965 | ) | (63,372 | ) | (161,985 | ) | (367,723 | ) | (74,305 | ) | (228,646 | ) | ||||||||||||||||||||||||||
Premier Class | (7,563,047 | ) | (22,471,952 | ) | (5,915,870 | ) | (16,804,954 | ) | (18,813,672 | ) | (56,042,234 | ) | (10,500,944 | ) | (29,799,247 | ) | (18,748,766 | ) | (44,530,024 | ) | (15,226,434 | ) | (44,374,779 | ) | ||||||||||||||||||||||||||
Retirement Class | (37,597,295 | ) | (99,542,880 | ) | (87,820,466 | ) | (84,436,426 | ) | (58,954,200 | ) | (121,179,790 | ) | (40,301,115 | ) | (73,976,529 | ) | (37,512,516 | ) | (110,286,394 | ) | (50,344,321 | ) | (85,530,849 | ) | ||||||||||||||||||||||||||
Retail Class | (47,074,082 | ) | (131,988,268 | ) | (68,152,713 | ) | (208,959,097 | ) | (8,367,726 | ) | (20,015,839 | ) | (15,744,865 | ) | (33,592,750 | ) | (19,175,391 | ) | (41,128,534 | ) | (9,139,136 | ) | (20,312,794 | ) | ||||||||||||||||||||||||||
Class W | (842,364,470 | ) | (1,194,519,163 | ) | (612,795,766 | ) | (1,365,252,961 | ) | (603,989,145 | ) | (752,980,610 | ) | — | — | — | — | (158,386,985 | ) | (344,276,647 | ) | ||||||||||||||||||||||||||||||
Net increase (decrease) from shareholder transactions | (698,444,776 | ) | (1,063,403,981 | ) | 1,089,475,393 | (1,098,510,866 | ) | (602,456,153 | ) | (426,518,043 | ) | 241,390,880 | (145,380,788 | ) | (37,357,249 | ) | (240,000,398 | ) | (459,894,033 | ) | (303,894,143 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) in net assets | 478,875,237 | (781,315,131 | ) | 845,370,612 | 384,626,310 | 1,018,254,538 | (899,243,155 | ) | 475,020,553 | 3,891,334 | 630,074,503 | (1,132,798,331 | ) | 759,524,238 | (619,257,795 | ) | ||||||||||||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning 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 | 2,324,596,627 | 2,943,854,422 | ||||||||||||||||||||||||||||||||||||||
End of period | $ | 6,213,899,979 | $ | 5,735,024,742 | $ | 6,937,576,449 | $ | 6,092,205,837 | $ | 5,785,160,341 | $ | 4,766,905,803 | $ | 1,842,207,765 | $ | 1,367,187,212 | $ | 2,326,000,800 | $ | 1,695,926,297 | $ | 3,084,120,865 | $ | 2,324,596,627 | ||||||||||||||||||||||||||
CHANGE IN FUND SHARES | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shares sold: | Institutional Class | 3,210,698 | 8,382,883 | 11,726,126 | 13,451,128 | 4,375,473 | 11,087,888 | 5,881,672 | 2,808,955 | 3,389,317 | 10,085,475 | 2,402,799 | 7,987,403 | |||||||||||||||||||||||||||||||||||||
Advisor Class | 11,619 | 59,801 | 15,200 | 91,080 | 6,371 | 5,822 | 25,018 | 196,466 | 297 | 4,366 | 4,897 | 833 | ||||||||||||||||||||||||||||||||||||||
Premier Class | 135,751 | 97,983 | 113,273 | 275,119 | 230,322 | 225,945 | 348,652 | 350,397 | 357,244 | 334,363 | 224,717 | 409,137 | ||||||||||||||||||||||||||||||||||||||
Retirement Class | 714,981 | 689,661 | 1,432,255 | 3,206,462 | 494,883 | 398,421 | 1,360,001 | 927,648 | 2,647,612 | 942,549 | 1,002,981 | 777,129 | ||||||||||||||||||||||||||||||||||||||
Retail Class | 1,111,670 | 1,694,526 | 1,945,132 | 2,934,816 | 423,698 | 410,760 | 471,393 | 677,212 | 286,714 | 767,297 | 356,604 | 401,187 | ||||||||||||||||||||||||||||||||||||||
Class W | 712,590 | 29,674,980 | 1,320,746 | 14,502,962 | 2,290,839 | 46,609,406 | — | — | — | — | 1,118,452 | 20,436,913 | ||||||||||||||||||||||||||||||||||||||
Shares reinvested: | Institutional Class | 4,344,095 | 5,154,374 | 21,353,767 | 2,642,339 | 1,714,231 | 2,150,248 | 3,429,675 | 3,852,754 | 1,310,907 | 19,277,957 | 515,171 | 4,740,790 | |||||||||||||||||||||||||||||||||||||
Advisor Class | 11,394 | 8,886 | 67,044 | 5,817 | 164 | 106 | 24,732 | 493 | 372 | 8,434 | 149 | 2,093 | ||||||||||||||||||||||||||||||||||||||
Premier Class | 104,661 | 193,849 | 194,550 | 40,366 | 69,179 | 139,098 | 175,218 | 262,190 | 73,058 | 1,229,066 | 21,111 | 367,546 | ||||||||||||||||||||||||||||||||||||||
Retirement Class | 2,005,545 | 2,108,792 | 5,709,652 | 613,040 | 438,679 | 594,711 | 1,976,272 | 1,887,528 | 462,674 | 6,133,304 | 106,340 | 1,449,045 | ||||||||||||||||||||||||||||||||||||||
Retail Class | 2,693,970 | 2,653,304 | 15,367,420 | 1,713,785 | 116,315 | 142,780 | 1,151,862 | 1,043,855 | 181,679 | 2,498,460 | 31,080 | 420,785 | ||||||||||||||||||||||||||||||||||||||
Class W | 10,575,164 | 12,006,214 | 38,796,681 | 7,026,518 | 3,555,521 | 4,091,196 | — | — | — | — | 444,120 | 2,240,798 | ||||||||||||||||||||||||||||||||||||||
Shares redeemed: | Institutional Class | (12,219,513 | ) | (35,575,357 | ) | (13,269,578 | ) | (19,103,946 | ) | (9,016,811 | ) | (30,289,793 | ) | (3,337,590 | ) | (12,234,975 | ) | (6,545,594 | ) | (49,053,484 | ) | (16,688,567 | ) | (22,253,562 | ) | |||||||||||||||||||||||||
Advisor Class | (16,409 | ) | (32,375 | ) | (37,911 | ) | (59,066 | ) | (2,248 | ) | (159 | ) | (13,000 | ) | (3,224 | ) | (9,554 | ) | (24,952 | ) | (4,498 | ) | (16,361 | ) | ||||||||||||||||||||||||||
Premier Class | (443,765 | ) | (1,617,829 | ) | (230,374 | ) | (710,896 | ) | (975,088 | ) | (3,434,585 | ) | (373,651 | ) | (1,394,313 | ) | (1,050,110 | ) | (2,926,560 | ) | (806,303 | ) | (3,186,647 | ) | ||||||||||||||||||||||||||
Retirement Class | (2,146,446 | ) | (6,913,801 | ) | (3,732,392 | ) | (3,682,402 | ) | (3,059,161 | ) | (7,383,975 | ) | (1,485,336 | ) | (3,644,601 | ) | (2,092,165 | ) | (7,306,845 | ) | (2,548,582 | ) | (6,046,704 | ) | ||||||||||||||||||||||||||
Retail Class | (1,953,965 | ) | (6,875,813 | ) | (2,830,870 | ) | (9,390,272 | ) | (455,435 | ) | (1,312,926 | ) | (587,989 | ) | (1,669,409 | ) | (1,132,355 | ) | (2,799,547 | ) | (491,999 | ) | (1,506,659 | ) | ||||||||||||||||||||||||||
Class W | (50,638,009 | ) | (79,264,097 | ) | (23,707,736 | ) | (55,336,058 | ) | (31,896,375 | ) | (46,255,477 | ) | — | — | — | — | (8,309,754 | ) | (22,377,838 | ) | ||||||||||||||||||||||||||||||
Net increase (decrease) from shareholder transactions | (41,785,969 | ) | (67,554,019 | ) | 54,232,985 | (41,779,208 | ) | (31,689,443 | ) | (22,820,534 | ) | 9,046,929 | (6,939,024 | ) | (2,119,904 | ) | (20,830,117 | ) | (22,621,282 | ) | (16,154,112 | ) |
82 | 2021 Semiannual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2021 Semiannual Report | 83 |
Statements of changes in net assets | continued |
TIAA-CREF Funds ■ For the period or year ended
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 | |||||||||||||||||||||||||||||||||||||||||||||
April 30, | October 31, | April 30, | October 31, | April 30, | October 31, | April 30, | October 31, | April 30, | October 31, | April 30, | October 31, | |||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||||||||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 4,983,375 | $ | 8,553,202 | $ | 35,514,449 | $ | 70,855,016 | $ | 2,658,313 | $ | 3,907,526 | $ | 6,618,545 | $ | 20,925,514 | $ | 70,891,462 | $ | 82,972,209 | $ | 13,133,189 | $ | 18,207,219 | ||||||||||||||||||||||||||
Net realized gain (loss) on total investments | 84,828,691 | 7,878,185 | 332,554,202 | 9,991,307 | 25,736,687 | 6,166,132 | 270,485,532 | 142,855,021 | 73,748,545 | 58,354,801 | 108,461,593 | 105,186,413 | ||||||||||||||||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on total investments | 325,723,762 | (25,201,059 | ) | 1,256,453,376 | 383,240,449 | 119,796,339 | 29,893,256 | 57,569,359 | 54,349,308 | 1,229,327,992 | (131,984,746 | ) | 299,407,313 | 186,966,241 | ||||||||||||||||||||||||||||||||||||
Net increase (decrease) in net assets from operations | 415,535,828 | (8,769,672 | ) | 1,624,522,027 | 464,086,772 | 148,191,339 | 39,966,914 | 334,673,436 | 218,129,843 | 1,373,967,999 | 9,342,264 | 421,002,095 | 310,359,873 | |||||||||||||||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | (972,771 | ) | (2,489,336 | ) | (63,889,184 | ) | (168,531,817 | ) | (5,334,207 | ) | (2,848,127 | ) | (27,194,444 | ) | (3,989,002 | ) | (32,194,161 | ) | (41,855,343 | ) | (3,386,116 | ) | (1,293,437 | ) | ||||||||||||||||||||||||||
Advisor Class | (41,428 | ) | (19,288 | ) | (566,039 | ) | (1,107,346 | ) | (37,811 | ) | (33,026 | ) | (17,018 | ) | (3,478 | ) | (38,781 | ) | (62,322 | ) | (114,491 | ) | (44,413 | ) | ||||||||||||||||||||||||||
Premier Class | (2,336 | ) | (6,181 | ) | (1,238,365 | ) | (4,581,397 | ) | (89,062 | ) | (61,050 | ) | (863,824 | ) | (110,927 | ) | (789,476 | ) | (2,078,293 | ) | (10,930 | ) | (12,250 | ) | ||||||||||||||||||||||||||
Retirement Class | (488,125 | ) | (768,208 | ) | (10,248,378 | ) | (31,299,265 | ) | (5,039,612 | ) | (3,103,548 | ) | (11,602,049 | ) | (1,896,928 | ) | (4,316,468 | ) | (6,530,742 | ) | (4,385,255 | ) | (1,648,514 | ) | ||||||||||||||||||||||||||
Retail Class | (122,413 | ) | (326,525 | ) | (7,105,313 | ) | (24,251,603 | ) | (536,250 | ) | (408,117 | ) | (802,316 | ) | (109,979 | ) | (4,327,792 | ) | (5,872,130 | ) | (151,722 | ) | (27,365 | ) | ||||||||||||||||||||||||||
Class W | (19,278,776 | ) | (38,931,761 | ) | — | — | — | — | (104,871,082 | ) | (28,568,947 | ) | (35,398,089 | ) | (32,389,087 | ) | (52,658,909 | ) | (24,740,090 | ) | ||||||||||||||||||||||||||||||
Total distributions | (20,905,849 | ) | (42,541,299 | ) | (83,047,279 | ) | (229,771,428 | ) | (11,036,942 | ) | (6,453,868 | ) | (145,350,733 | ) | (34,679,261 | ) | (77,064,767 | ) | (88,787,917 | ) | (60,707,423 | ) | (27,766,069 | ) | ||||||||||||||||||||||||||
SHAREHOLDER TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||||||||||||||
Subscriptions: | Institutional Class | 9,913,815 | 10,169,763 | 391,570,078 | 774,039,788 | 67,627,590 | 124,913,509 | 44,972,418 | 74,883,538 | 185,375,121 | 430,295,003 | 16,470,621 | 25,065,516 | |||||||||||||||||||||||||||||||||||||
Advisor Class | 4,536,091 | 3,528,786 | 5,427,320 | 17,179,786 | 586,159 | 381,693 | — | 1,989,897 | — | 132,884 | 57,530 | 392,019 | ||||||||||||||||||||||||||||||||||||||
Premier Class | 20,555 | — | 10,994,022 | 20,051,471 | 1,305,982 | 2,895,744 | 2,461,201 | 2,227,728 | 5,527,892 | 14,604,715 | 64,191 | 9,956 | ||||||||||||||||||||||||||||||||||||||
Retirement Class | 35,984,676 | 14,847,619 | 33,882,450 | 86,698,513 | 124,276,370 | 74,664,586 | 8,463,179 | 10,935,096 | 31,137,292 | 20,645,145 | 7,004,223 | 3,643,217 | ||||||||||||||||||||||||||||||||||||||
Retail Class | 5,027,433 | 3,318,589 | 46,847,804 | 36,964,798 | 19,036,590 | 8,707,501 | 2,001,933 | 3,904,236 | 5,152,241 | 6,860,817 | 2,386,426 | 2,347,771 | ||||||||||||||||||||||||||||||||||||||
Class W | 119,908,008 | 176,583,780 | — | — | — | — | 57,490,730 | 358,446,732 | 437,856,384 | 604,782,138 | 158,484,066 | 296,553,656 | ||||||||||||||||||||||||||||||||||||||
Reinvestments of distributions: | Institutional Class | 972,316 | 2,284,974 | 60,468,392 | 160,206,156 | 3,219,592 | 1,390,280 | 27,194,444 | 3,989,002 | 30,709,663 | 39,648,451 | 3,386,116 | 1,293,437 | |||||||||||||||||||||||||||||||||||||
Advisor Class | 38,963 | 12,197 | 435,562 | 702,022 | 34,084 | 29,073 | 2,895 | 1,468 | 37,138 | 60,104 | 110,126 | 43,044 | ||||||||||||||||||||||||||||||||||||||
Premier Class | 6 | — | 1,227,440 | 4,551,489 | 78,842 | 38,694 | 862,627 | 110,765 | 789,417 | 2,078,218 | 99 | 8,990 | ||||||||||||||||||||||||||||||||||||||
Retirement Class | 487,893 | 767,517 | 10,245,670 | 31,290,055 | 5,039,268 | 3,103,181 | 11,600,853 | 1,896,766 | 4,316,323 | 6,529,999 | 4,384,817 | 1,648,386 | ||||||||||||||||||||||||||||||||||||||
Retail Class | 120,042 | 299,546 | 6,801,862 | 23,269,895 | 529,625 | 404,694 | 783,574 | 107,225 | 4,164,562 | 5,667,087 | 149,949 | 26,316 | ||||||||||||||||||||||||||||||||||||||
Class W | 19,278,776 | 38,931,761 | — | — | — | — | 104,871,081 | 28,568,947 | 35,398,089 | 32,389,087 | 52,658,909 | 24,740,090 | ||||||||||||||||||||||||||||||||||||||
Redemptions: | Institutional Class | (9,336,306 | ) | (11,539,434 | ) | (333,072,319 | ) | (586,715,726 | ) | (32,724,537 | ) | (21,970,434 | ) | (57,827,254 | ) | (74,801,763 | ) | (269,954,095 | ) | (684,526,155 | ) | (30,673,525 | ) | (41,607,529 | ) | |||||||||||||||||||||||||
Advisor Class | (528,660 | ) | (2,100,439 | ) | (4,876,065 | ) | (6,088,629 | ) | (158,343 | ) | (146,632 | ) | (454 | ) | (1,879,362 | ) | (422,168 | ) | (1,047,269 | ) | (40,425 | ) | (1,004,353 | ) | ||||||||||||||||||||||||||
Premier Class | (3,776 | ) | — | (12,132,174 | ) | (34,183,879 | ) | (595,080 | ) | (1,993,688 | ) | (1,326,218 | ) | (1,580,411 | ) | (32,584,630 | ) | (63,500,310 | ) | (2,716 | ) | (963,134 | ) | |||||||||||||||||||||||||||
Retirement Class | (1,745,845 | ) | (6,063,852 | ) | (38,904,996 | ) | (61,419,796 | ) | (296,557 | ) | (8,104,752 | ) | (17,485,743 | ) | (40,186,667 | ) | (48,460,809 | ) | (93,744,704 | ) | (18,656,412 | ) | (46,899,317 | ) | ||||||||||||||||||||||||||
Retail Class | (1,882,236 | ) | (2,111,434 | ) | (30,864,138 | ) | (72,722,058 | ) | (2,792,969 | ) | (3,693,509 | ) | (910,507 | ) | (5,338,289 | ) | (11,451,184 | ) | (31,848,125 | ) | (756,264 | ) | (1,515,111 | ) | ||||||||||||||||||||||||||
Class W | (138,258,236 | ) | (117,218,660 | ) | — | — | — | — | (373,740,958 | ) | (510,225,830 | ) | (255,666,471 | ) | (326,407,349 | ) | (217,166,159 | ) | (520,866,075 | ) | ||||||||||||||||||||||||||||||
Net increase (decrease) from shareholder transactions | 44,533,515 | 111,710,713 | 148,050,908 | 393,823,885 | 185,166,616 | 180,619,940 | (190,586,199 | ) | (146,950,922 | ) | 121,924,765 | (37,380,264 | ) | (22,138,428 | ) | (257,083,121 | ) | |||||||||||||||||||||||||||||||||
Net increase (decrease) in net assets | 439,163,494 | 60,399,742 | 1,689,525,656 | 628,139,229 | 322,321,013 | 214,132,986 | (1,263,496 | ) | 36,499,660 | 1,418,827,997 | (116,825,917 | ) | 338,156,244 | 25,510,683 | ||||||||||||||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning of period | 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 | 4,694,239,686 | 4,811,065,603 | 1,815,960,333 | 1,790,449,650 | ||||||||||||||||||||||||||||||||||||||
End of period | $ | 1,185,037,738 | $ | 745,874,244 | $ | 7,013,669,614 | $ | 5,324,143,958 | $ | 763,439,153 | $ | 441,118,140 | $ | 1,612,667,741 | $ | 1,613,931,237 | $ | 6,113,067,683 | $ | 4,694,239,686 | $ | 2,154,116,577 | $ | 1,815,960,333 | ||||||||||||||||||||||||||
CHANGE IN FUND SHARES | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shares sold: | Institutional Class | 703,159 | 932,676 | 15,631,692 | 38,433,650 | 3,774,936 | 9,042,956 | 3,250,263 | 6,819,748 | 13,945,673 | 42,819,485 | 913,889 | 1,826,542 | |||||||||||||||||||||||||||||||||||||
Advisor Class | 303,241 | 322,590 | 216,684 | 897,326 | 32,006 | 26,768 | — | 154,500 | — | 12,631 | 3,149 | 28,870 | ||||||||||||||||||||||||||||||||||||||
Premier Class | 1,269 | — | 437,299 | 986,199 | 74,452 | 200,749 | 173,966 | 192,014 | 414,378 | 1,359,212 | 3,484 | 713 | ||||||||||||||||||||||||||||||||||||||
Retirement Class | 2,324,614 | 1,366,168 | 1,324,769 | 4,160,637 | 6,932,068 | 5,173,717 | 619,899 | 937,534 | 2,238,539 | 1,881,484 | 382,594 | 247,934 | ||||||||||||||||||||||||||||||||||||||
Retail Class | 321,344 | 307,261 | 2,069,471 | 2,091,754 | 1,063,807 | 612,147 | 143,478 | 340,329 | 619,530 | 1,053,646 | 131,501 | 156,949 | ||||||||||||||||||||||||||||||||||||||
Class W | 9,153,725 | 15,891,729 | — | — | — | — | 4,086,401 | 34,663,615 | 34,840,828 | 56,698,948 | 8,848,890 | 21,548,880 | ||||||||||||||||||||||||||||||||||||||
Shares reinvested: | Institutional Class | 72,184 | 188,841 | 2,526,887 | 7,958,577 | 191,187 | 99,023 | 2,017,392 | 341,524 | 2,431,486 | 3,540,040 | 193,382 | 94,549 | |||||||||||||||||||||||||||||||||||||
Advisor Class | 2,886 | 1,005 | 18,217 | 34,892 | 2,025 | 2,071 | 214 | 126 | 2,874 | 5,249 | 6,297 | 3,149 | ||||||||||||||||||||||||||||||||||||||
Premier Class | — | — | 51,465 | 226,894 | 4,673 | 2,748 | 63,946 | 9,475 | 62,553 | 185,721 | 6 | 656 | ||||||||||||||||||||||||||||||||||||||
Retirement Class | 36,356 | 63,589 | 420,767 | 1,527,835 | 300,314 | 221,656 | 864,445 | 162,952 | 328,238 | 560,034 | 251,279 | 120,849 | ||||||||||||||||||||||||||||||||||||||
Retail Class | 8,945 | 24,838 | 322,364 | 1,308,033 | 31,544 | 28,866 | 58,172 | 9,180 | 527,160 | 801,795 | 8,573 | 1,922 | ||||||||||||||||||||||||||||||||||||||
Class W | 1,429,116 | 3,220,162 | — | — | — | — | 7,791,314 | 2,448,068 | 2,798,268 | 2,891,883 | 3,005,646 | 1,808,486 | ||||||||||||||||||||||||||||||||||||||
Shares redeemed: | Institutional Class | (605,666 | ) | (1,055,234 | ) | (13,092,415 | ) | (30,433,918 | ) | (1,829,969 | ) | (1,580,859 | ) | (4,151,900 | ) | (6,677,913 | ) | (20,388,193 | ) | (66,636,310 | ) | (1,703,495 | ) | (3,026,409 | ) | |||||||||||||||||||||||||
Advisor Class | (32,530 | ) | (194,746 | ) | (191,762 | ) | (292,550 | ) | (8,422 | ) | (10,054 | ) | (33 | ) | (160,768 | ) | (30,747 | ) | (97,361 | ) | (2,255 | ) | (85,407 | ) | ||||||||||||||||||||||||||
Premier Class | (227 | ) | — | (491,375 | ) | (1,734,937 | ) | (31,723 | ) | (144,746 | ) | (92,753 | ) | (141,355 | ) | (2,540,502 | ) | (6,232,095 | ) | (164 | ) | (73,835 | ) | |||||||||||||||||||||||||||
Retirement Class | (126,725 | ) | (559,995 | ) | (1,491,314 | ) | (3,048,202 | ) | (16,415 | ) | (573,847 | ) | (1,248,836 | ) | (3,585,022 | ) | (3,446,874 | ) | (8,600,226 | ) | (1,024,981 | ) | (3,455,399 | ) | ||||||||||||||||||||||||||
Retail Class | (129,494 | ) | (209,086 | ) | (1,393,865 | ) | (4,183,746 | ) | (156,665 | ) | (264,479 | ) | (66,345 | ) | (481,026 | ) | (1,388,794 | ) | (4,817,963 | ) | (41,502 | ) | (108,084 | ) | ||||||||||||||||||||||||||
Class W | (8,958,219 | ) | (10,875,257 | ) | — | — | — | — | (27,152,259 | ) | (42,854,027 | ) | (19,437,285 | ) | (31,220,450 | ) | (11,951,707 | ) | (37,435,122 | ) | ||||||||||||||||||||||||||||||
Net increase (decrease) from shareholder transactions | 4,503,978 | 9,424,541 | 6,358,884 | 17,932,444 | 10,363,818 | 12,836,716 | (13,642,636 | ) | (7,821,046 | ) | 10,977,132 | (5,794,277 | ) | (975,414 | ) | (18,344,757 | ) |
84 | 2021 Semiannual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2021 Semiannual Report | 85 |
Statements of changes in net assets | concluded |
TIAA-CREF Funds ■ For the period or year ended
Quant International | Social Choice | |||||||||||||||||
Small-Cap Equity Fund | International Equity Fund | |||||||||||||||||
April 30, | October 31, | April 30, | October 31, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||
(unaudited) | (unaudited) | |||||||||||||||||
OPERATIONS | ||||||||||||||||||
Net investment income (loss) | $ | 13,161,985 | $ | 25,738,523 | $ | 7,684,516 | $ | 8,545,250 | ||||||||||
Net realized gain (loss) on total investments | 109,456,984 | (39,133,571 | ) | 7,384,180 | (5,012,492 | ) | ||||||||||||
Net change in unrealized appreciation (depreciation) on total investments | 184,506,206 | (19,350,590 | ) | 133,747,615 | (14,235,252 | ) | ||||||||||||
Net increase (decrease) in net assets from operations | 307,125,175 | (32,745,638 | ) | 148,816,311 | (10,702,494 | ) | ||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||
Institutional Class | (1,268,142 | ) | (1,872,151 | ) | (6,126,216 | ) | (3,507,089 | ) | ||||||||||
Advisor Class | (1,574 | ) | (2,853 | ) | (20,437 | ) | (20,514 | ) | ||||||||||
Premier Class | (1,472 | ) | (2,446 | ) | (7,326 | ) | (29,235 | ) | ||||||||||
Retirement Class | (70,772 | ) | (118,259 | ) | (2,794,652 | ) | (1,001,947 | ) | ||||||||||
Retail Class | (14,356 | ) | (25,424 | ) | (158,750 | ) | (91,457 | ) | ||||||||||
Class W | (27,780,465 | ) | (37,081,313 | ) | — | — | ||||||||||||
Total distributions | (29,136,781 | ) | (39,102,446 | ) | (9,107,381 | ) | (4,650,242 | ) | ||||||||||
SHAREHOLDER TRANSACTIONS | ||||||||||||||||||
Subscriptions: | Institutional Class | 5,055,572 | 10,480,650 | 65,700,396 | 224,647,331 | |||||||||||||
Advisor Class | — | 231 | 808,036 | 730,537 | ||||||||||||||
Premier Class | — | — | 271,230 | 647,366 | ||||||||||||||
Retirement Class | 830,434 | 1,533,686 | 80,309,225 | 110,700,131 | ||||||||||||||
Retail Class | 65,177 | 245,187 | 6,688,029 | 12,581,394 | ||||||||||||||
Class W | 52,710,316 | 165,819,466 | — | — | ||||||||||||||
Reinvestments of distributions: | Institutional Class | 1,267,923 | 1,871,799 | 3,943,380 | 2,250,257 | |||||||||||||
Advisor Class | — | 309 | 18,561 | 18,562 | ||||||||||||||
Premier Class | — | — | 4,241 | 26,389 | ||||||||||||||
Retirement Class | 70,739 | 118,204 | 2,794,500 | 1,001,803 | ||||||||||||||
Retail Class | 14,221 | 25,228 | 155,211 | 88,589 | ||||||||||||||
Class W | 27,780,465 | 37,081,313 | — | — | ||||||||||||||
Redemptions: | Institutional Class | (7,101,462 | ) | (9,291,666 | ) | (26,417,365 | ) | (74,125,046 | ) | |||||||||
Advisor Class | — | (9,034 | ) | (140,973 | ) | (653,773 | ) | |||||||||||
Premier Class | — | — | (66,181 | ) | (1,813,228 | ) | ||||||||||||
Retirement Class | (721,112 | ) | (1,128,212 | ) | (451,347 | ) | (445,256 | ) | ||||||||||
Retail Class | (59,450 | ) | (298,904 | ) | (1,935,267 | ) | (8,656,307 | ) | ||||||||||
Class W | (91,951,917 | ) | (139,420,278 | ) | — | — | ||||||||||||
Net increase (decrease) from shareholder transactions | (12,039,094 | ) | 67,027,979 | 131,681,676 | 266,998,749 | |||||||||||||
Net increase (decrease) in net assets | 265,949,300 | (4,820,105 | ) | 271,390,606 | 251,646,013 | |||||||||||||
NET ASSETS | ||||||||||||||||||
Beginning of period | 981,482,389 | 986,302,494 | 513,436,802 | 261,790,789 | ||||||||||||||
End of period | $ | 1,247,431,689 | $ | 981,482,389 | $ | 784,827,408 | $ | 513,436,802 | ||||||||||
CHANGE IN FUND SHARES | ||||||||||||||||||
Shares sold: | Institutional Class | 455,831 | 1,206,969 | 5,273,015 | 22,570,611 | |||||||||||||
Advisor Class | — | 28 | 63,568 | 69,911 | ||||||||||||||
Premier Class | — | — | 21,508 | 57,224 | ||||||||||||||
Retirement Class | 75,566 | 155,410 | 6,422,058 | 10,368,114 | ||||||||||||||
Retail Class | 5,915 | 26,451 | 535,598 | 1,229,278 | ||||||||||||||
Class W | 4,825,782 | 19,154,003 | — | — | ||||||||||||||
Shares reinvested: | Institutional Class | 121,332 | 182,082 | 328,889 | 201,817 | |||||||||||||
Advisor Class | — | 30 | 1,548 | 1,665 | ||||||||||||||
Premier Class | — | — | 353 | 2,364 | ||||||||||||||
Retirement Class | 6,769 | 11,487 | 233,654 | 90,009 | ||||||||||||||
Retail Class | 1,357 | 2,445 | 12,967 | 7,959 | ||||||||||||||
Class W | 2,655,876 | 3,607,132 | — | — | ||||||||||||||
Shares redeemed: | Institutional Class | (641,507 | ) | (1,009,016 | ) | (2,125,975 | ) | (7,253,505 | ) | |||||||||
Advisor Class | — | (946 | ) | (11,188 | ) | (61,397 | ) | |||||||||||
Premier Class | — | — | (5,230 | ) | (174,262 | ) | ||||||||||||
Retirement Class | (64,154 | ) | (122,689 | ) | (36,698 | ) | (45,350 | ) | ||||||||||
Retail Class | (5,291 | ) | (31,081 | ) | (154,843 | ) | (813,954 | ) | ||||||||||
Class W | (8,173,574 | ) | (14,704,387 | ) | — | — | ||||||||||||
Net increase (decrease) from shareholder transactions | (736,098 | ) | 8,477,918 | 10,559,224 | 26,250,484 |
86 | 2021 Semiannual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements |
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TIAA-CREF Funds: Equity Funds ■ 2021 Semiannual Report | 87 |
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: | 4/30/21 | # | $15.16 | $0.06 | $ 4.25 | $ 4.31 | $(0.10 | ) | $(1.04 | ) | $(1.14 | ) | $18.33 | |||||||||||||||||||||||
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: | 4/30/21 | # | 15.17 | 0.05 | 4.27 | 4.32 | (0.10 | ) | (1.04 | ) | (1.14 | ) | 18.35 | |||||||||||||||||||||||
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: | 4/30/21 | # | 15.19 | 0.05 | 4.26 | 4.31 | (0.09 | ) | (1.04 | ) | (1.13 | ) | 18.37 | |||||||||||||||||||||||
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: | 4/30/21 | # | 15.47 | 0.04 | 4.35 | 4.39 | (0.08 | ) | (1.04 | ) | (1.12 | ) | 18.74 | |||||||||||||||||||||||
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: | 4/30/21 | # | 21.14 | 0.05 | 6.01 | 6.06 | (0.07 | ) | (1.04 | ) | (1.11 | ) | 26.09 | |||||||||||||||||||||||
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: | 4/30/21 | # | 15.16 | 0.10 | 4.25 | 4.35 | (0.14 | ) | (1.04 | ) | (1.18 | ) | 18.33 | |||||||||||||||||||||||
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 |
88 | 2021 Semiannual 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: | 4/30/21 | # | 29.57 | %b | 29.56 | %b | $1,277,114 | 0.41 | %c | 0.41 | %c | 0.73 | %c | 0.71 | %c | 38 | % | |||||||||||||||||||
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: | 4/30/21 | # | 29.56 | b | 29.55 | b | 3,388 | 0.51 | c | 0.51 | c | 0.62 | c | 0.60 | c | 38 | ||||||||||||||||||||
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: | 4/30/21 | # | 29.47 | b | 29.46 | b | 27,478 | 0.56 | c | 0.56 | c | 0.59 | c | 0.57 | c | 38 | ||||||||||||||||||||
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: | 4/30/21 | # | 29.47 | b | 29.46 | b | 558,576 | 0.66 | c | 0.66 | c | 0.47 | c | 0.46 | c | 38 | ||||||||||||||||||||
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: | 4/30/21 | # | 29.45 | b | 29.44 | b | 1,544,441 | 0.69 | c | 0.69 | c | 0.43 | c | 0.42 | c | 38 | ||||||||||||||||||||
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: | 4/30/21 | # | 29.85 | b | 29.84 | b | 2,802,903 | 0.41 | c | 0.00 | c | 1.14 | c | 1.12 | c | 38 | ||||||||||||||||||||
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 ■ 2021 Semiannual Report | 89 |
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: | 4/30/21 | # | $27.14 | $ 0.02 | $ 6.19 | $ 6.21 | $(0.11 | ) | $(8.31 | ) | $(8.42 | ) | $24.93 | |||||||||||||||||||||||
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: | 4/30/21 | # | 27.12 | 0.01 | 6.19 | 6.20 | (0.10 | ) | (8.31 | ) | (8.41 | ) | 24.91 | |||||||||||||||||||||||
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: | 4/30/21 | # | 27.10 | 0.00 | d | 6.18 | 6.18 | (0.06 | ) | (8.31 | ) | (8.37 | ) | 24.91 | ||||||||||||||||||||||
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: | 4/30/21 | # | 26.93 | (0.01 | ) | 6.13 | 6.12 | (0.05 | ) | (8.31 | ) | (8.36 | ) | 24.69 | ||||||||||||||||||||||
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: | 4/30/21 | # | 27.03 | (0.02 | ) | 6.17 | 6.15 | (0.04 | ) | (8.31 | ) | (8.35 | ) | 24.83 | ||||||||||||||||||||||
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: | 4/30/21 | # | 27.24 | 0.07 | 6.19 | 6.26 | (0.24 | ) | (8.31 | ) | (8.55 | ) | 24.95 | |||||||||||||||||||||||
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 |
90 | 2021 Semiannual 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: | 4/30/21 | # | 27.25 | %b | 27.24 | %b | $1,969,255 | 0.40 | %c | 0.40 | %c | 0.17 | %c | 0.15 | %c | 17 | % | |||||||||||||||||||
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: | 4/30/21 | # | 27.19 | b | 27.18 | b | 5,530 | 0.48 | c | 0.48 | c | 0.10 | c | 0.08 | c | 17 | ||||||||||||||||||||
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: | 4/30/21 | # | 27.13 | b | 27.12 | b | 15,171 | 0.55 | c | 0.55 | c | 0.02 | c | 0.00 | c | 17 | ||||||||||||||||||||
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: | 4/30/21 | # | 27.06 | b | 27.05 | b | 447,112 | 0.65 | c | 0.65 | c | (0.08 | )c | (0.09 | )c | 17 | ||||||||||||||||||||
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: | 4/30/21 | # | 27.04 | b | 27.03 | b | 1,395,638 | 0.70 | c | 0.69 | c | (0.13 | )c | (0.14 | )c | 17 | ||||||||||||||||||||
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: | 4/30/21 | # | 27.44 | b | 27.43 | b | 3,104,870 | 0.40 | c | 0.00 | c | 0.57 | c | 0.55 | c | 17 | ||||||||||||||||||||
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 ■ 2021 Semiannual Report | 91 |
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: | 4/30/21 | # | $16.01 | $0.13 | $ 5.98 | $ 6.11 | $(0.35 | ) | $ — | $(0.35 | ) | $21.77 | ||||||||||||||||||||||||
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: | 4/30/21 | # | 15.99 | 0.12 | 5.98 | 6.10 | (0.34 | ) | — | (0.34 | ) | 21.75 | ||||||||||||||||||||||||
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: | 4/30/21 | # | 15.97 | 0.11 | 5.97 | 6.08 | (0.32 | ) | — | (0.32 | ) | 21.73 | ||||||||||||||||||||||||
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: | 4/30/21 | # | 15.93 | 0.10 | 5.97 | 6.07 | (0.31 | ) | — | (0.31 | ) | 21.69 | ||||||||||||||||||||||||
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: | 4/30/21 | # | 15.23 | 0.09 | 5.70 | 5.79 | (0.30 | ) | — | (0.30 | ) | 20.72 | ||||||||||||||||||||||||
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: | 4/30/21 | # | 16.07 | 0.17 | 5.99 | 6.16 | (0.43 | ) | — | (0.43 | ) | 21.80 | ||||||||||||||||||||||||
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 |
92 | 2021 Semiannual 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: | 4/30/21 | # | 38.60 | %b | 38.59 | %b | $1,932,143 | 0.41 | %c | 0.40 | %c | 1.32 | %c | 1.30 | %c | 7 | % | |||||||||||||||||||
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: | 4/30/21 | # | 38.57 | b | 38.56 | b | 442 | 0.49 | c | 0.48 | c | 1.21 | c | 1.20 | c | 7 | ||||||||||||||||||||
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: | 4/30/21 | # | 38.46 | b | 38.45 | b | 79,764 | 0.56 | c | 0.55 | c | 1.17 | c | 1.15 | c | 7 | ||||||||||||||||||||
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: | 4/30/21 | # | 38.46 | b | 38.45 | b | 529,883 | 0.66 | c | 0.65 | c | 1.07 | c | 1.06 | c | 7 | ||||||||||||||||||||
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: | 4/30/21 | # | 38.40 | b | 38.39 | b | 148,803 | 0.72 | c | 0.71 | c | 1.00 | c | 0.98 | c | 7 | ||||||||||||||||||||
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: | 4/30/21 | # | 38.90 | b | 38.89 | b | 3,094,125 | 0.41 | c | 0.00 | c | 1.73 | c | 1.71 | c | 7 | ||||||||||||||||||||
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 ■ 2021 Semiannual Report | 93 |
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: | 4/30/21 | # | $25.15 | $(0.05 | ) | $ 7.26 | $ 7.21 | $ — | $(3.18 | ) | $(3.18 | ) | $29.18 | |||||||||||||||||||||||
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: | 4/30/21 | # | 25.14 | (0.05 | ) | 7.26 | 7.21 | — | (3.18 | ) | (3.18 | ) | 29.17 | |||||||||||||||||||||||
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: | 4/30/21 | # | 24.96 | (0.07 | ) | 7.20 | 7.13 | — | (3.18 | ) | (3.18 | ) | 28.91 | |||||||||||||||||||||||
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: | 4/30/21 | # | 24.21 | (0.08 | ) | 6.97 | 6.89 | — | (3.18 | ) | (3.18 | ) | 27.92 | |||||||||||||||||||||||
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: | 4/30/21 | # | 24.15 | (0.08 | ) | 6.95 | 6.87 | — | (3.18 | ) | (3.18 | ) | 27.84 | |||||||||||||||||||||||
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 |
94 | 2021 Semiannual 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: | 4/30/21 | # | 30.02 | %b | 30.01 | %b | $1,011,733 | 0.46 | %c | 0.46 | %c | (0.33 | )%c | (0.35 | )%c | 30 | % | |||||||||||||||||||
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: | 4/30/21 | # | 30.04 | b | 30.03 | b | 7,003 | 0.49 | c | 0.49 | c | (0.36 | )c | (0.38 | )c | 30 | ||||||||||||||||||||
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: | 4/30/21 | # | 29.92 | b | 29.91 | b | 50,192 | 0.61 | c | 0.61 | c | (0.48 | )c | (0.50 | )c | 30 | ||||||||||||||||||||
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: | 4/30/21 | # | 29.86 | b | 29.85 | b | 484,738 | 0.71 | c | 0.71 | c | (0.58 | )c | (0.59 | )c | 30 | ||||||||||||||||||||
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: | 4/30/21 | # | 29.84 | b | 29.83 | b | 288,542 | 0.75 | c | 0.75 | c | (0.62 | )c | (0.63 | )c | 30 | ||||||||||||||||||||
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 ■ 2021 Semiannual Report | 95 |
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: | 4/30/21 | # | $14.40 | $0.08 | $5.93 | $6.01 | $(0.30 | ) | $ — | $(0.30 | ) | $20.11 | |||||||||||||||||||||||
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: | 4/30/21 | # | 14.38 | 0.08 | 5.90 | 5.98 | (0.28 | ) | — | (0.28 | ) | 20.08 | |||||||||||||||||||||||
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: | 4/30/21 | # | 14.37 | 0.07 | 5.90 | 5.97 | (0.27 | ) | — | (0.27 | ) | 20.07 | |||||||||||||||||||||||
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: | 4/30/21 | # | 14.28 | 0.06 | 5.87 | 5.93 | (0.26 | ) | — | (0.26 | ) | 19.95 | |||||||||||||||||||||||
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: | 4/30/21 | # | 13.86 | 0.05 | 5.71 | 5.76 | (0.25 | ) | — | (0.25 | ) | 19.37 | |||||||||||||||||||||||
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 |
96 | 2021 Semiannual 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: | 4/30/21 | # | 42.21 | %b | 42.20 | %b | $1,422,042 | 0.44 | %c | 0.44 | %c | 0.94 | %c | 0.93 | %c | 55 | % | |||||||||||||||||
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: | 4/30/21 | # | 42.04 | b | 42.03 | b | 444 | 0.54 | c | 0.54 | c | 0.94 | c | 0.93 | c | 55 | ||||||||||||||||||
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: | 4/30/21 | # | 41.99 | b | 41.98 | b | 82,826 | 0.59 | c | 0.59 | c | 0.79 | c | 0.78 | c | 55 | ||||||||||||||||||
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: | 4/30/21 | # | 41.94 | b | 41.93 | b | 598,113 | 0.69 | c | 0.69 | c | 0.68 | c | 0.66 | c | 55 | ||||||||||||||||||
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: | 4/30/21 | # | 41.96 | b | 41.95 | b | 222,576 | 0.76 | c | 0.75 | c | 0.63 | c | 0.61 | c | 55 | ||||||||||||||||||
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 ■ 2021 Semiannual Report | 97 |
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 SMALL-CAP EQUITY FUND | ||||||||||||||||||||||||||||||||||
Institutional Class: | 4/30/21 | # | $14.40 | $0.04 | $7.90 | $7.94 | $(0.12 | ) | $ — | $(0.12 | ) | $22.22 | ||||||||||||||||||||||
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: | 4/30/21 | # | 14.39 | 0.03 | 7.89 | 7.92 | (0.10 | ) | — | (0.10 | ) | 22.21 | ||||||||||||||||||||||
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: | 4/30/21 | # | 14.30 | 0.02 | 7.84 | 7.86 | (0.09 | ) | — | (0.09 | ) | 22.07 | ||||||||||||||||||||||
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: | 4/30/21 | # | 13.94 | 0.01 | 7.65 | 7.66 | (0.08 | ) | — | (0.08 | ) | 21.52 | ||||||||||||||||||||||
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: | 4/30/21 | # | 13.75 | 0.01 | 7.55 | 7.56 | (0.08 | ) | — | (0.08 | ) | 21.23 | ||||||||||||||||||||||
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: | 4/30/21 | # | 14.43 | 0.08 | 7.91 | 7.99 | (0.18 | ) | — | (0.18 | ) | 22.24 | ||||||||||||||||||||||
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 |
98 | 2021 Semiannual 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: | 4/30/21 | # | 55.31 | %b | $ | 1,468,498 | 0.41 | %c | 0.41 | %c | 0.43 | %c | 28 | % | ||||||||||||
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: | 4/30/21 | # | 55.31 | b | 728 | 0.48 | c | 0.47 | c | 0.31 | c | 28 | ||||||||||||||
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: | 4/30/21 | # | 55.22 | b | 88,254 | 0.56 | c | 0.56 | c | 0.24 | c | 28 | ||||||||||||||
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: | 4/30/21 | # | 55.08 | b | 475,866 | 0.66 | c | 0.66 | c | 0.14 | c | 28 | ||||||||||||||
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: | 4/30/21 | # | 55.09 | b | 153,731 | 0.72 | c | 0.66 | c | 0.12 | c | 28 | ||||||||||||||
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: | 4/30/21 | # | 55.67 | b | 897,043 | 0.41 | c | 0.00 | c | 0.81 | c | 47 | ||||||||||||||
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 ■ 2021 Semiannual Report | 99 |
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: | 4/30/21 | # | $11.43 | $0.04 | $5.79 | $5.83 | $(0.10 | ) | $(0.15 | ) | $(0.25 | ) | $17.01 | |||||||||||||||||||||
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: | 4/30/21 | # | 11.45 | 0.02 | 5.81 | 5.83 | (0.09 | ) | (0.15 | ) | (0.24 | ) | 17.04 | |||||||||||||||||||||
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: | 4/30/21 | # | 11.49 | 0.02 | 5.83 | 5.85 | (0.08 | ) | (0.15 | ) | (0.23 | ) | 17.11 | |||||||||||||||||||||
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: | 4/30/21 | # | 11.38 | 0.01 | 5.77 | 5.78 | (0.08 | ) | (0.15 | ) | (0.23 | ) | 16.93 | |||||||||||||||||||||
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: | 4/30/21 | # | 11.36 | 0.00 | d | 5.76 | 5.76 | (0.06 | ) | (0.15 | ) | (0.21 | ) | 16.91 | ||||||||||||||||||||
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: | 4/30/21 | # | 11.48 | 0.07 | 5.81 | 5.88 | (0.15 | ) | (0.15 | ) | (0.30 | ) | 17.06 | |||||||||||||||||||||
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 |
100 | 2021 Semiannual 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: | 4/30/21 | # | 51.62 | %b | $63,973 | 0.47 | %c | 0.47 | %c | 0.53 | %c | 47 | % | |||||||||||||
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: | 4/30/21 | # | 51.54 | b | 7,193 | 0.59 | c | 0.59 | c | 0.24 | c | 47 | ||||||||||||||
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: | 4/30/21 | # | 51.47 | b | 189 | 0.66 | c | 0.66 | c | 0.32 | c | 47 | ||||||||||||||
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: | 4/30/21 | # | 51.34 | b | 69,091 | 0.72 | c | 0.72 | c | 0.12 | c | 47 | ||||||||||||||
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: | 4/30/21 | # | 51.21 | b | 13,459 | 0.90 | c | 0.90 | c | 0.03 | c | 47 | ||||||||||||||
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: | 4/30/21 | # | 51.93 | b | 1,031,133 | 0.47 | c | 0.00 | c | 1.00 | c | 47 | ||||||||||||||
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 ■ 2021 Semiannual Report | 101 |
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 EQUITY FUND | ||||||||||||||||||||||||||||||||||
Institutional Class: | 4/30/21 | # | $21.42 | $0.15 | $6.29 | $6.44 | $(0.30 | ) | $(0.04 | ) | $(0.34 | ) | $27.52 | |||||||||||||||||||||
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: | 4/30/21 | # | 21.39 | 0.14 | 6.29 | 6.43 | (0.29 | ) | (0.04 | ) | (0.33 | ) | 27.49 | |||||||||||||||||||||
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: | 4/30/21 | # | 21.32 | 0.13 | 6.27 | 6.40 | (0.27 | ) | (0.04 | ) | (0.31 | ) | 27.41 | |||||||||||||||||||||
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: | 4/30/21 | # | 21.75 | 0.12 | 6.39 | 6.51 | (0.25 | ) | (0.04 | ) | (0.29 | ) | 27.97 | |||||||||||||||||||||
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: | 4/30/21 | # | 18.88 | 0.10 | 5.56 | 5.66 | (0.25 | ) | (0.04 | ) | (0.29 | ) | 24.25 | |||||||||||||||||||||
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 |
102 | 2021 Semiannual 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: | 4/30/21 | # | 30.30 | %b | $5,229,686 | 0.17 | %c | 0.16 | %c | 1.18 | %c | 16 | % | |||||||||||||
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: | 4/30/21 | # | 30.31 | b | 49,154 | 0.26 | c | 0.25 | c | 1.10 | c | 16 | ||||||||||||||
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: | 4/30/21 | # | 30.21 | b | 114,656 | 0.33 | c | 0.32 | c | 1.02 | c | 16 | ||||||||||||||
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: | 4/30/21 | # | 30.12 | b | 994,162 | 0.42 | c | 0.41 | c | 0.93 | c | 16 | ||||||||||||||
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: | 4/30/21 | # | 30.19 | b | 626,012 | 0.45 | c | 0.44 | c | 0.91 | c | 16 | ||||||||||||||
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 ■ 2021 Semiannual Report | 103 |
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 LOW CARBON EQUITY FUND | ||||||||||||||||||||||||||||||||||
Institutional Class: | 4/30/21 | # | $15.16 | $0.09 | $4.49 | $4.58 | $(0.16 | ) | $(0.22 | ) | $(0.38 | ) | $19.36 | |||||||||||||||||||||
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: | 4/30/21 | # | 15.14 | 0.08 | 4.49 | 4.57 | (0.14 | ) | (0.22 | ) | (0.36 | ) | 19.35 | |||||||||||||||||||||
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: | 4/30/21 | # | 15.18 | 0.08 | 4.49 | 4.57 | (0.14 | ) | (0.22 | ) | (0.36 | ) | 19.39 | |||||||||||||||||||||
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: | 4/30/21 | # | 15.09 | 0.07 | 4.46 | 4.53 | (0.13 | ) | (0.22 | ) | (0.35 | ) | 19.27 | |||||||||||||||||||||
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: | 4/30/21 | # | 15.09 | 0.06 | 4.48 | 4.54 | (0.12 | ) | (0.22 | ) | (0.34 | ) | 19.29 | |||||||||||||||||||||
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 |
104 | 2021 Semiannual 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: | 4/30/21 | # | 30.53 | %b | $311,680 | 0.31 | %c | 0.31 | %c | 1.04 | %c | 14 | % | |||||||||||||
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: | 4/30/21 | # | 30.54 | b | 2,433 | 0.40 | c | 0.40 | c | 0.95 | c | 14 | ||||||||||||||
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: | 4/30/21# | 30.43 | b | 5,075 | 0.47 | c | 0.47 | c | 0.89 | c | 14 | |||||||||||||||
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: | 4/30/21 | # | 30.32 | b | 397,254 | 0.56 | c | 0.56 | c | 0.77 | c | 14 | ||||||||||||||
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: | 4/30/21 | # | 30.37 | b | 46,997 | 0.63 | c | 0.63 | c | 0.69 | c | 14 | ||||||||||||||
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 ■ 2021 Semiannual Report | 105 |
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: | 4/30/21 | # | $12.53 | $0.02 | $2.73 | $2.75 | $(0.10 | ) | $(1.11 | ) | $(1.21 | ) | $14.07 | |||||||||||||||||||||
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: | 4/30/21 | # | 12.52 | 0.01 | 2.74 | 2.75 | (0.08 | ) | (1.11 | ) | (1.19 | ) | 14.08 | |||||||||||||||||||||
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: | 4/30/21 | # | 12.53 | 0.01 | 2.74 | 2.75 | (0.09 | ) | (1.11 | ) | (1.20 | ) | 14.08 | |||||||||||||||||||||
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: | 4/30/21 | # | 12.48 | 0.01 | 2.72 | 2.73 | (0.09 | ) | (1.11 | ) | (1.20 | ) | 14.01 | |||||||||||||||||||||
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: | 4/30/21 | # | 12.49 | (0.01 | ) | 2.72 | 2.71 | (0.05 | ) | (1.11 | ) | (1.16 | ) | 14.04 | ||||||||||||||||||||
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: | 4/30/21 | # | 12.62 | 0.08 | 2.75 | 2.83 | (0.24 | ) | (1.11 | ) | (1.35 | ) | 14.10 | |||||||||||||||||||||
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 |
106 | 2021 Semiannual 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: | 4/30/21 | # | 22.46 | %b | 22.45 | %b | $ | 334,232 | 0.88 | %c | 0.88 | %c | 0.22 | %c | 0.20 | %c | 45 | % | ||||||||||||||||
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: | 4/30/21 | # | 22.27 | b | 22.26 | b | 204 | 0.97 | c | 0.97 | c | 0.12 | c | 0.10 | c | 45 | ||||||||||||||||||
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: | 4/30/21 | # | 22.34 | b | 22.33 | b | 12,280 | 1.03 | c | 0.98 | c | 0.13 | c | 0.11 | c | 45 | ||||||||||||||||||
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: | 4/30/21 | # | 22.36 | b | 22.35 | b | 136,027 | 1.13 | c | 0.98 | c | 0.12 | c | 0.10 | c | 45 | ||||||||||||||||||
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: | 4/30/21 | # | 22.20 | b | 22.19 | b | 11,455 | 1.32 | c | 1.32 | c | (0.21 | )c | (0.23 | )c | 45 | ||||||||||||||||||
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: | 4/30/21 | # | 22.95 | b | 22.94 | b | 1,118,469 | 0.88 | c | 0.00 | c | 1.09 | c | 1.07 | c | 45 | ||||||||||||||||||
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 ■ 2021 Semiannual 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 | |||||||||||||||||||||||||
INTERNATIONAL EQUITY FUND | ||||||||||||||||||||||||||||||||||
Institutional Class: | 4/30/21 | # | $10.91 | $0.15 | $2.96 | $3.11 | $(0.16 | ) | $ | — | $(0.16 | ) | $13.86 | |||||||||||||||||||||
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: | 4/30/21 | # | 11.15 | 0.14 | 3.03 | 3.17 | (0.15 | ) | — | (0.15 | ) | 14.17 | ||||||||||||||||||||||
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: | 4/30/21# | 10.89 | 0.14 | 2.94 | 3.08 | (0.13 | ) | — | (0.13 | ) | 13.84 | |||||||||||||||||||||||
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: | 4/30/21 | # | 11.33 | 0.14 | 3.08 | 3.22 | (0.13 | ) | — | (0.13 | ) | 14.42 | ||||||||||||||||||||||
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: | 4/30/21 | # | 6.86 | 0.08 | 1.85 | 1.93 | (0.13 | ) | — | (0.13 | ) | 8.66 | ||||||||||||||||||||||
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: | 4/30/21 | # | 10.96 | 0.18 | 2.96 | 3.14 | (0.20 | ) | — | (0.20 | ) | 13.90 | ||||||||||||||||||||||
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 |
108 | 2021 Semiannual 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 | ||||||||||||||||||||||||
INTERNATIONAL EQUITY FUND | ||||||||||||||||||||||||||||||||||
Institutional Class: | 4/30/21 | # | 28.63 | %b | 28.62 | %b | $ | 2,778,084 | 0.46 | %c | 0.46 | %c | 2.28 | %c | 2.26 | %c | 16 | % | ||||||||||||||||
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: | 4/30/21 | # | 28.52 | b | 28.51 | b | 3,409 | 0.56 | c | 0.56 | c | 2.14 | c | 2.12 | c | 16 | ||||||||||||||||||
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: | 4/30/21 | # | 28.44 | b | 28.43 | b | 73,890 | 0.61 | c | 0.61 | c | 2.09 | c | 2.07 | c | 16 | ||||||||||||||||||
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: | 4/30/21 | # | 28.51 | b | 28.50 | b | 475,371 | 0.71 | c | 0.71 | c | 2.03 | c | 2.01 | c | 16 | ||||||||||||||||||
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: | 4/30/21 | # | 28.38 | b | 28.37 | b | 279,957 | 0.80 | c | 0.80 | c | 1.94 | c | 1.92 | c | 16 | ||||||||||||||||||
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: | 4/30/21 | # | 28.84 | b | 28.83 | b | 2,502,356 | 0.46 | c | 0.00 | c | 2.75 | c | 2.73 | c | 16 | ||||||||||||||||||
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 ■ 2021 Semiannual Report | 109 |
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: | 4/30/21 | # | $15.70 | $0.07 | $ 3.50 | $ 3.57 | $(0.09 | ) | $(0.37 | ) | $(0.46 | ) | $18.81 | |||||||||||||||||||||
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: | 4/30/21 | # | 15.67 | 0.06 | 3.51 | 3.57 | (0.08 | ) | (0.37 | ) | (0.45 | ) | 18.79 | |||||||||||||||||||||
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: | 4/30/21 | # | 15.72 | 0.06 | 3.51 | 3.57 | (0.07 | ) | (0.37 | ) | (0.44 | ) | 18.85 | |||||||||||||||||||||
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: | 4/30/21 | # | 15.63 | 0.05 | 3.50 | 3.55 | (0.07 | ) | (0.37 | ) | (0.44 | ) | 18.74 | |||||||||||||||||||||
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: | 4/30/21 | # | 15.65 | 0.03 | 3.50 | 3.53 | (0.04 | ) | (0.37 | ) | (0.41 | ) | 18.77 | |||||||||||||||||||||
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: | 4/30/21 | # | 15.78 | 0.12 | 3.53 | 3.65 | (0.19 | ) | (0.37 | ) | (0.56 | ) | 18.87 | |||||||||||||||||||||
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 |
110 | 2021 Semiannual 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 | ||||||||||||||||||||||
INTERNATIONAL OPPORTUNITIES FUND | ||||||||||||||||||||||||||||||||||
Institutional Class: | 4/30/21 | # | 22.93 | %b | 22.92 | %b | $ 133,425 | 0.61 | %c | 0.61 | %c | 0.74 | %c | 0.72 | %c | 12 | % | |||||||||||||||||
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: | 4/30/21 | # | 22.94 | b | 22.93 | b | 5,003 | 0.71 | c | 0.71 | c | 0.67 | c | 0.65 | c | 12 | ||||||||||||||||||
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: | 4/30/21 | # | 22.87 | b | 22.86 | b | 541 | 0.77 | c | 0.77 | c | 0.64 | c | 0.62 | c | 12 | ||||||||||||||||||
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: | 4/30/21 | # | 22.90 | b | 22.89 | b | 182,338 | 0.86 | c | 0.77 | c | 0.60 | c | 0.58 | c | 12 | ||||||||||||||||||
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: | 4/30/21 | # | 22.73 | b | 22.72 | b | 8,611 | 1.08 | c | 1.08 | c | 0.36 | c | 0.33 | c | 12 | ||||||||||||||||||
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: | 4/30/21 | # | 23.36 | b | 23.35 | b | 1,824,199 | 0.61 | c | 0.00 | c | 1.38 | c | 1.36 | c | 12 | ||||||||||||||||||
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 |
See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2021 Semiannual 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 INTERNATIONAL SMALL-CAP EQUITY FUND | ||||||||||||||||||||||||||||||||||
Institutional Class: | 4/30/21 | # | $ 9.41 | $0.09 | $ 2.79 | $ 2.88 | $(0.22 | ) | $ — | $(0.22 | ) | $12.07 | ||||||||||||||||||||||
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: | 4/30/21 | # | 9.40 | 0.09 | 2.79 | 2.88 | (0.22 | ) | — | (0.22 | ) | 12.06 | ||||||||||||||||||||||
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: | 4/30/21 | # | 9.52 | 0.08 | 2.82 | 2.90 | (0.20 | ) | — | (0.20 | ) | 12.22 | ||||||||||||||||||||||
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: | 4/30/21 | # | 9.40 | 0.08 | 2.78 | 2.86 | (0.20 | ) | — | (0.20 | ) | 12.06 | ||||||||||||||||||||||
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: | 4/30/21 | # | 9.41 | 0.07 | 2.79 | 2.86 | (0.18 | ) | — | (0.18 | ) | 12.09 | ||||||||||||||||||||||
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: | 4/30/21 | # | 9.46 | 0.13 | 2.80 | 2.93 | (0.28 | ) | — | (0.28 | ) | 12.11 | ||||||||||||||||||||||
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 |
112 | 2021 Semiannual 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: | 4/30/21 | # | 30.95 | %b | $ 68,781 | 0.72 | %c | 0.67 | %c | 1.63 | %c | 57 | % | |||||||||||||
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: | 4/30/21 | # | 30.94 | b | 88 | 0.77 | c | 0.72 | c | 1.58 | c | 57 | ||||||||||||||
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: | 4/30/21 | # | 30.80 | b | 90 | 0.94 | c | 0.85 | c | 1.45 | c | 57 | ||||||||||||||
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: | 4/30/21 | # | 30.77 | b | 4,403 | 0.97 | c | 0.84 | c | 1.48 | c | 57 | ||||||||||||||
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: | 4/30/21 | # | 30.67 | b | 996 | 2.37 | c | 1.09 | c | 1.21 | c | 57 | ||||||||||||||
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: | 4/30/21 | # | 31.43 | b | 1,173,074 | 0.72 | c | 0.00 | c | 2.30 | c | 57 | ||||||||||||||
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 ■ 2021 Semiannual Report | 113 |
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: | 4/30/21 | # | $10.34 | $0.14 | $ 2.74 | $ 2.88 | $(0.18 | ) | $ — | $(0.18 | ) | $13.04 | ||||||||||||||||||||||
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: | 4/30/21 | # | 10.33 | 0.15 | 2.72 | 2.87 | (0.17 | ) | — | (0.17 | ) | 13.03 | ||||||||||||||||||||||
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: | 4/30/21 | # | 10.34 | 0.14 | 2.73 | 2.87 | (0.16 | ) | — | (0.16 | ) | 13.05 | ||||||||||||||||||||||
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: | 4/30/21 | # | 10.30 | 0.14 | 2.71 | 2.85 | (0.16 | ) | — | (0.16 | ) | 12.99 | ||||||||||||||||||||||
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: | 4/30/21 | # | 10.30 | 0.13 | 2.72 | 2.85 | (0.15 | ) | — | (0.15 | ) | 13.00 | ||||||||||||||||||||||
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 |
# | Unaudited |
† | Class W commenced operations on September 28, 2018. |
§ | The Fund commenced operations on August 5, 2016. |
** | The Fund commenced operations on December 9, 2016. |
‡ | 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. |
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. |
114 | 2021 Semiannual 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 ended | Total return | end of period (in thousands | ) | Gross expenses | Net expenses | Net investment income (loss | ) | turnover rate | ||||||||||||||||||
SOCIAL CHOICE INTERNATIONAL EQUITY FUND | ||||||||||||||||||||||||||
Institutional Class: | 4/30/21 | # | 27.94 | %b | $472,365 | 0.37 | %c | 0.37 | %c | 2.34 | %c | 9 | % | |||||||||||||
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: | 4/30/21 | # | 27.94 | b | 2,206 | 0.47 | c | 0.47 | c | 2.40 | c | 9 | ||||||||||||||
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: | 4/30/21 | # | 27.85 | b | 770 | 0.53 | c | 0.53 | c | 2.27 | c | 9 | ||||||||||||||
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: | 4/30/21 | # | 27.85 | b | 291,323 | 0.62 | c | 0.62 | c | 2.20 | c | 9 | ||||||||||||||
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: | 4/30/21 | # | 27.80 | b | 18,162 | 0.73 | c | 0.73 | c | 2.11 | c | 9 | ||||||||||||||
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 ■ 2021 Semiannual Report | 115 |
Notes to financial statements (unaudited)
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 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 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” 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’
116 | 2021 Semiannual 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.
New rule issuance: In December 2020, the SEC voted to adopt a new rule governing fund valuation practices. New Rule 2a-5 under the 1940 Act establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 will permit fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are “readily available” for purposes of Section 2(a)(41) of the 1940 Act, which requires a fund to fair value a security when market quotations are not readily available. The SEC also adopted new Rule 31a-4 under the 1940 Act, which sets forth the recordkeeping requirements associated with fair value determinations. Finally, the SEC is rescinding previously issued guidance on related issues, including the role of a board in determining fair value and the accounting and auditing of fund investments. Rule 2a-5 and Rule 31a-4 became effective on March 8, 2021, with a compliance date of September 8, 2022. A fund may voluntarily comply with the rules after the effective date, and in advance of the compliance date, under certain conditions. Management is currently assessing the impact of these provisions on the Funds’ financial statements.
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:
Debt securities: Prices of fixed-income securities are 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.
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 categorized 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 the securities 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.
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.
TIAA-CREF Funds: Equity Funds ■ 2021 Semiannual Report | 117 |
Notes to financial statements (unaudited)
Repurchase Agreements: Repurchase agreements are valued at contract 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.
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 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.
The following table summarizes the market value of the Funds’ investments as of April 30, 2021, based on the inputs used to value them:
Fund | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Growth & Income | ||||||||||||||||
Equity investments: | ||||||||||||||||
Communication services | $ | 685,730,342 | $ | 2,720,653 | $ | — | $ | 688,450,995 | ||||||||
Consumer discretionary | 856,073,524 | 51,320,181 | — | 907,393,705 | ||||||||||||
Consumer staples | 324,910,362 | 18,621,580 | — | 343,531,942 | ||||||||||||
Financials | 616,113,209 | 23,874,610 | — | 639,987,819 | ||||||||||||
Health care | 763,584,991 | 45,765,039 | — | 809,350,030 | ||||||||||||
Industrials | 639,994,737 | 43,350,777 | — | 683,345,514 | ||||||||||||
Materials | 290,642,392 | 5,666,724 | — | 296,309,116 | ||||||||||||
All other equity investments* | 1,842,328,585 | — | — | 1,842,328,585 | ||||||||||||
Short-term investments | 55,595,849 | 19,970,000 | — | 75,565,849 | ||||||||||||
Purchased options** | 1,007,365 | — | — | 1,007,365 | ||||||||||||
Written options** | (8,424,157 | ) | — | — | (8,424,157 | ) | ||||||||||
Total | $ | 6,067,557,199 | $ | 211,289,564 | $ | — | $ | 6,278,846,763 | ||||||||
Large-Cap Growth | ||||||||||||||||
Equity investments: | ||||||||||||||||
Communication services | $ | 1,238,142,792 | $ | 91,132,711 | $ | — | $ | 1,329,275,503 | ||||||||
Consumer discretionary | 1,306,643,346 | 148,109,839 | — | 1,454,753,185 | ||||||||||||
Consumer staples | 332,831,318 | 33,209,067 | — | 366,040,385 | ||||||||||||
Health care | 779,083,329 | 132,963,134 | — | 912,046,463 | ||||||||||||
Industrials | 338,390,368 | 53,509,219 | — | 391,899,587 | ||||||||||||
Information technology | 2,332,867,032 | 63,602,030 | — | 2,396,469,062 | ||||||||||||
All other equity investments* | 93,647,471 | — | — | 93,647,471 | ||||||||||||
Short-term investments | 48,115,518 | 38,190,000 | — | 86,305,518 | ||||||||||||
Total | $ | 6,469,721,174 | $ | 560,716,000 | $ | — | $ | 7,030,437,174 | ||||||||
Large-Cap Value | ||||||||||||||||
Equity investments* | $ | 5,760,628,007 | $ | — | $ | — | $ | 5,760,628,007 | ||||||||
Short-term investments | — | 32,162,000 | — | 32,162,000 | ||||||||||||
Total | $ | 5,760,628,007 | $ | 32,162,000 | $ | — | $ | 5,792,790,007 | ||||||||
Mid-Cap Growth | ||||||||||||||||
Equity investments: | ||||||||||||||||
Communication services | $ | 127,469,235 | $ | 11,498,512 | $ | — | $ | 138,967,747 | ||||||||
Consumer discretionary | 359,934,833 | 47,391,140 | — | 407,325,973 | ||||||||||||
Consumer staples | 27,891,305 | 18,668,551 | — | 46,559,856 | ||||||||||||
Industrials | 142,341,679 | 11,641,176 | — | 153,982,855 | ||||||||||||
Information technology | 590,130,618 | 34,495,991 | — | 624,626,609 | ||||||||||||
All other equity investments* | 453,705,855 | — | — | 453,705,855 | ||||||||||||
Short-term investments | 36,851,204 | 16,172,000 | — | 53,023,204 | ||||||||||||
Total | $ | 1,738,324,729 | $ | 139,867,370 | $ | — | $ | 1,878,192,099 | ||||||||
Mid-Cap Value | ||||||||||||||||
Equity investments* | $ | 2,303,679,723 | $ | — | $ | — | $ | 2,303,679,723 | ||||||||
Short-term investments | — | 27,188,000 | — | 27,188,000 | ||||||||||||
Total | $ | 2,303,679,723 | $ | 27,188,000 | $ | — | $ | 2,330,867,723 |
118 | 2021 Semiannual Report ■ TIAA-CREF Funds: Equity Funds |
continued
Fund | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Quant Small-Cap Equity | ||||||||||||||||
Equity investments | $ | 3,077,488,768 | $ | — | $ | — | $ | 3,077,488,768 | ||||||||
Short-term investments | 30,680,500 | 16,220,998 | — | 46,901,498 | ||||||||||||
Futures contracts** | 504,421 | — | — | 504,421 | ||||||||||||
Total | $ | 3,108,673,689 | $ | 16,220,998 | $ | — | $ | 3,124,894,687 | ||||||||
Quant Small/Mid-Cap Equity | ||||||||||||||||
Equity investments | 1,183,525,595 | — | — | 1,183,525,595 | ||||||||||||
Short-term investments | 29,158,029 | 6,280,000 | — | 35,438,029 | ||||||||||||
Total | $ | 1,212,683,624 | $ | 6,280,000 | $ | — | $ | 1,218,963,624 | ||||||||
Social Choice Equity | ||||||||||||||||
Equity investments: | ||||||||||||||||
Communication Directionary | $ | 777,765,667 | $ | 1,870,196 | $ | — | $ | 779,635,863 | ||||||||
Energy | 188,584,768 | 541,213 | — | 189,125,981 | ||||||||||||
Financials | 870,232,601 | — | 3,382 | 870,235,983 | ||||||||||||
Health care | 942,955,440 | 728,672 | — | 943,684,112 | ||||||||||||
Information Technology | 1,787,815,735 | 7,352,764 | — | 1,795,168,499 | ||||||||||||
All other equity investments* | 2,415,917,123 | — | — | 2,415,917,123 | ||||||||||||
Short-term investments | 37,193,500 | 56,029,000 | — | 93,222,500 | ||||||||||||
Futures contracts** | 591,927 | — | — | 591,927 | ||||||||||||
Total | $ | 7,021,056,761 | $ | 66,521,845 | $ | 3,382 | $ | 7,087,581,988 | ||||||||
Social Choice Low Carbon Equity | ||||||||||||||||
Equity investments: | ||||||||||||||||
Communication Directionary | $ | 85,089,875 | $ | 191,966 | $ | — | $ | 85,281,841 | ||||||||
Energy | 14,938,583 | 84,815 | — | 15,023,398 | ||||||||||||
Financials | 97,041,801 | — | 131 | 97,041,932 | ||||||||||||
Health care | 100,808,326 | 93,562 | — | 100,901,888 | ||||||||||||
Information Technology | 189,663,126 | 780,857 | — | 190,443,983 | ||||||||||||
All other equity investments* | 261,432,356 | — | — | 261,432,356 | ||||||||||||
Short-term investments | 588,911 | 12,664,993 | — | 13,253,904 | ||||||||||||
Futures contracts** | 23,089 | — | — | 23,089 | ||||||||||||
Total | $ | 749,586,067 | $ | 13,816,193 | $ | 131 | $ | 763,402,391 | ||||||||
Emerging Markets Equity | ||||||||||||||||
Equity investments: | ||||||||||||||||
Africa/Middle East | $ | 33,954,139 | $ | 77,326,800 | $ | — | $ | 111,280,939 | ||||||||
Asia | 392,560,185 | 645,127,581 | — | 1,037,687,766 | ||||||||||||
Latin America | 323,931,767 | — | — | 323,931,767 | ||||||||||||
All other equity investments* | 47,549,429 | 84,069,698 | 3,576 | 131,622,703 | ||||||||||||
Short-term investments | 37,660,366 | — | — | 37,660,366 | ||||||||||||
Total | $ | 835,655,886 | $ | 806,524,079 | $ | 3,576 | $ | 1,642,183,541 | ||||||||
International Equity | ||||||||||||||||
Equity investments: | ||||||||||||||||
Asia | $ | 51,450,942 | $ | 1,408,674,850 | $ | — | $ | 1,460,125,792 | ||||||||
Australasia | — | 385,836,290 | — | 385,836,290 | ||||||||||||
Europe | 62,542,669 | 3,673,642,694 | — | 3,736,185,363 | ||||||||||||
North America | 101,823,949 | — | — | 101,823,949 | ||||||||||||
All other equity investments* | 153,478,781 | 180,493,573 | — | 333,972,354 | ||||||||||||
Short-term investments | 171 | 62,346,000 | — | 62,346,171 | ||||||||||||
Total | $ | 369,296,512 | $ | 5,710,993,407 | $ | — | $ | 6,080,289,919 | ||||||||
International Opportunities | ||||||||||||||||
Equity investments: | ||||||||||||||||
Asia | $ | 50,621,994 | $ | 324,898,300 | $ | — | $ | 375,520,294 | ||||||||
Australasia | — | 126,317,231 | — | 126,317,231 | ||||||||||||
Europe | — | 1,077,873,204 | — | 1,077,873,204 | ||||||||||||
Latin America | 127,908,299 | — | — | 127,908,299 | ||||||||||||
North America | 182,417,000 | — | — | 182,417,000 | ||||||||||||
All other equity investments* | 41,644,758 | 146,996,572 | 1,709 | 188,643,039 | ||||||||||||
Short-term investments | 66,715,772 | 72,767,172 | — | 139,482,944 | ||||||||||||
Total | $ | 469,307,823 | $ | 1,748,852,479 | $ | 1,709 | $ | 2,218,162,011 |
TIAA-CREF Funds: Equity Funds ■ 2021 Semiannual Report | 119 |
Notes to financial statements (unaudited)
Fund | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Quant International Small-Cap Equity | ||||||||||||||||
Equity investments: | ||||||||||||||||
Africa/Middle East | $ | 11,210,299 | $ | 14,256,512 | $ | — | $ | 25,466,811 | ||||||||
Asia | 4,626,741 | 416,940,325 | — | 421,567,066 | ||||||||||||
Australasia | — | 73,563,987 | — | 73,563,987 | ||||||||||||
Europe | — | 388,423,659 | — | 388,423,659 | ||||||||||||
Latin America | 30,359,764 | — | — | 30,359,764 | ||||||||||||
North America | 99,345,633 | 16,516,894 | — | 115,862,527 | ||||||||||||
All other equity investments* | 14,239,454 | 170,223,215 | — | 184,462,669 | ||||||||||||
Short-term investments | 10,256,092 | 879,000 | — | 11,135,092 | ||||||||||||
Total | $ | 170,037,983 | $ | 1,080,803,592 | $ | — | $ | 1,250,841,575 | ||||||||
Social Choice International Equity | ||||||||||||||||
Equity investments: | ||||||||||||||||
Asia | $ | — | $ | 210,465,933 | $ | — | $ | 210,465,933 | ||||||||
Australasia | — | 53,040,471 | — | 53,040,471 | ||||||||||||
Europe | 6,029,518 | 399,525,181 | — | 405,554,699 | ||||||||||||
All other equity investments* | — | 105,422,759 | — | 105,422,759 | ||||||||||||
Short-term investments | 64 | 21,727,997 | — | 21,728,061 | ||||||||||||
Futures contracts** | (126,127 | ) | — | — | (126,127 | ) | ||||||||||
Total | $ | 5,903,455 | $ | 790,182,341 | $ | — | $ | 796,085,796 |
* | 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 Agent or by a third-party bank engaged by the Agent as a special “tri-party” custodian on behalf of the Funds, and the Funds do not have the ability to sell or re-hypothecate those securities.
As of April 30, 2021, 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 April 30, 2021, the total value of securities on loan and the total value of collateral received were as follows:
Aggregate value | Cash | Non-cash | Total | |||||||||||||
of securities | collateral | collateral | collateral | |||||||||||||
Fund | on loan | received | * | received | received | |||||||||||
Growth & Income | $ | 52,658,433 | $ | 55,595,849 | $ | — | $ | 55,595,849 | ||||||||
Large-Cap Growth | 49,931,388 | 48,115,518 | 4,309,145 | 52,424,663 | ||||||||||||
Mid-Cap Growth | 50,356,451 | 36,851,204 | 15,882,945 | 52,734,149 | ||||||||||||
Quant Small-Cap Equity | 65,488,320 | 30,680,500 | 37,994,215 | 68,674,715 | ||||||||||||
Quant Small/Mid-Cap Equity | 29,955,232 | 29,158,029 | 1,858,664 | 31,016,693 | ||||||||||||
Social Choice Equity | 55,425,854 | 37,193,500 | 20,004,305 | 57,197,805 | ||||||||||||
Social Choice Low Carbon Equity | 3,085,410 | 588,912 | 2,624,493 | 3,213,405 | ||||||||||||
Emerging Markets Equity | 39,456,925 | 37,660,366 | 4,196,187 | 41,856,553 | ||||||||||||
International Equity | 23,878,769 | 171 | 25,596,381 | 25,596,552 | ||||||||||||
International Opportunities | 108,934,960 | 66,715,772 | 50,802,940 | 117,518,712 | ||||||||||||
Quant International Small-Cap Equity | 28,669,686 | 10,256,092 | 20,647,357 | 30,903,449 | ||||||||||||
Social Choice International Equity | 4,315,913 | 64 | 4,475,467 | 4,475,531 |
* | May include cash and investment of cash collateral. |
120 | 2021 Semiannual Report ■ TIAA-CREF Funds: Equity Funds |
continued
Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the period ended April 30, 2021 were as follows:
Fund | Non-U.S. government purchases | Non-U.S. government sales | ||||||
Growth & Income | $2,223,560,635 | $3,235,512,829 | ||||||
Large-Cap Growth | 1,130,124,414 | 1,842,997,491 | ||||||
Large-Cap Value | 389,336,759 | 1,045,472,677 | ||||||
Mid-Cap Growth | 543,102,124 | 488,808,131 | ||||||
Mid-Cap Value | 1,096,003,749 | 1,149,489,786 | ||||||
Quant Small-Cap Equity | 807,199,103 | 1,278,012,997 | ||||||
Quant Small/Mid-Cap Equity | 520,643,200 | 491,118,768 | ||||||
Social Choice Equity | 990,738,570 | 857,437,088 | ||||||
Social Choice Low Carbon Equity | 259,105,073 | 80,451,510 | ||||||
Emerging Markets Equity | 704,280,886 | 894,747,033 | ||||||
International Equity | 1,206,086,189 | 881,810,937 | ||||||
International Opportunities | 240,952,114 | 305,536,462 | ||||||
Quant International Small-Cap Equity | 648,499,467 | 681,049,373 | ||||||
Social Choice International Equity | 190,531,083 | 59,845,725 |
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 April 30, 2021, 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 | $1,007,365 | Written options | $(8,424,157 | ) | |||||||
Quant Small-Cap Equity Fund | ||||||||||||
Equity contracts | Futures contracts* | 504,421 | ||||||||||
Social Choice Equity Fund | ||||||||||||
Equity contracts | Futures contracts* | 591,927 | ||||||||||
Social Choice Low Carbon Equity Fund | ||||||||||||
Equity contracts | Futures contracts* | 23,089 | ||||||||||
Social Choice International Equity Fund | ||||||||||||
Equity contracts | Futures contracts* | (126,127 | ) |
* | 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 |
For the period ended April 30, 2021, 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 | $ | — | $ | (817,563 | ) | ||||
Equity contracts | Written options | 25,159,124 | (2,702,444 | ) | ||||||
Large-Cap Growth Fund | ||||||||||
Equity contracts | Written options | 439,421 | 2,305,442 | |||||||
Quant Small-Cap Equity Fund | ||||||||||
Equity contracts | Futures contracts | 5,175,690 | 193,821 | |||||||
Social Choice Equity Fund | ||||||||||
Equity contracts | Futures contracts | 8,583,676 | 1,343,494 | |||||||
Social Choice Low Carbon Equity Fund | ||||||||||
Equity contracts | Futures contracts | 1,759,819 | 461,123 | |||||||
Emerging Markets Equity Fund | ||||||||||
Equity contracts | Written options | 936,342 | — | |||||||
Social Choice International Equity Fund | ||||||||||
Equity contracts | Futures contracts | 2,153,915 | 131,932 |
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 clearinghouse (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 period ended April 30, 2021, the Growth & Income Fund, Large-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 April 30, 2021 are disclosed in the Summary portfolio of investments and the full Schedules of investments.
TIAA-CREF Funds: Equity Funds ■ 2021 Semiannual Report | 121 |
Notes to financial statements (unaudited)
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 period ended April 30, 2021, the Quant Small-Cap Equity Fund, Social Choice Equity Fund, Social Choice Low Carbon Equity Fund and Social Choice International 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 April 30, 2021 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.
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 April 30, 2021, 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 | $3,291,331,901 | $3,084,904,780 | $(83,057,021 | ) | $3,001,847,759 | |||||||||||
Large-Cap Growth | 3,888,659,637 | 3,185,512,752 | (43,735,215 | ) | 3,141,777,537 | |||||||||||
Large-Cap Value | 3,707,793,523 | 2,106,522,674 | (21,526,190 | ) | 2,084,996,484 | |||||||||||
Mid-Cap Growth | 1,278,424,105 | 619,232,332 | (19,464,338 | ) | 599,767,994 | |||||||||||
Mid-Cap Value | 1,798,167,431 | 566,456,099 | (33,755,807 | ) | 532,700,292 | |||||||||||
Quant Small-Cap Equity | 2,059,393,090 | 1,141,685,753 | (76,184,156 | ) | 1,065,501,597 | |||||||||||
Quant Small/Mid-Cap Equity | 827,190,954 | 412,580,053 | (20,807,383 | ) | 391,772,670 | |||||||||||
Social Choice Equity | 4,308,003,600 | 2,846,509,442 | (66,931,054 | ) | 2,779,578,388 | |||||||||||
Social Choice Low Carbon Equity | 585,117,025 | 184,960,717 | (6,675,351 | ) | 178,285,366 | |||||||||||
Emerging Markets Equity | 1,404,987,928 | 322,150,579 | (84,954,966 | ) | 237,195,613 | |||||||||||
International Equity | 4,658,397,011 | 1,589,004,028 | (167,111,291 | ) | 1,421,892,737 | |||||||||||
International Opportunities | 1,320,590,849 | 931,820,333 | (34,249,171 | ) | 897,571,162 | |||||||||||
Quant International Small-Cap Equity | 1,022,892,875 | 269,992,281 | (42,043,581 | ) | 227,948,700 | |||||||||||
Social Choice International Equity | 666,012,008 | 143,920,298 | (13,846,510 | ) | 130,073,788 |
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 year ended October 31, 2020 was as follows:
10/31/2020 | ||||||||||||
Fund | Ordinary income | Long-term capital gains | Total | |||||||||
Growth & Income | $ 94,655,539 | $317,000,212 | $411,655,751 | |||||||||
Large-Cap Growth | 32,073,551 | 226,841,678 | 258,915,229 | |||||||||
Large-Cap Value | 127,817,787 | — | 127,817,787 | |||||||||
Mid-Cap Growth | 1,432,788 | 143,729,533 | 145,162,321 | |||||||||
Mid-Cap Value | 64,499,632 | 443,853,676 | 508,353,308 | |||||||||
Quant Small-Cap Equity | 29,660,062 | 119,163,976 | 148,824,038 | |||||||||
Quant Small/Mid-Cap Equity | 9,170,076 | 33,371,223 | 42,541,299 | |||||||||
Social Choice Equity | 90,118,246 | 139,653,182 | 229,771,428 | |||||||||
Social Choice Low Carbon Equity | 3,087,118 | 3,366,750 | 6,453,868 | |||||||||
Emerging Markets Equity | 34,679,261 | — | 34,679,261 | |||||||||
International Equity | 88,787,917 | — | 88,787,917 | |||||||||
International Opportunities | 27,766,069 | — | 27,766,069 | |||||||||
Quant International Small-Cap Equity | 39,102,446 | — | 39,102,446 | |||||||||
Social Choice International Equity | 4,650,242 | — | 4,650,242 |
The tax character of the fiscal year 2021 distributions will be determined at the end of the fiscal year.
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
122 | 2021 Semiannual Report ■ TIAA-CREF Funds: Equity Funds |
continued
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 April 30, 2021, 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 | % | 0.200 | % | 0.250 | % | 0.150 | % | 0.250 | % | 0.520 | % | 0.670 | % | 0.670 | % | 0.770 | % | 0.910 | % | 0.520 | % | ||||||||||||||||||||||
Large-Cap Growth* | 0.300–0.450 | a | 0.190 | 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 | 0.200 | 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 | 0.220 | 0.250 | 0.150 | 0.250 | 0.550 | 0.700 | 0.700 | 0.800 | 0.940 | — | |||||||||||||||||||||||||||||||||
Mid-Cap Value* | 0.290–0.480 | c | 0.220 | 0.250 | 0.150 | 0.250 | 0.545 | c | 0.695 | c | 0.695 | c | 0.795 | c | 0.935 | c | — | |||||||||||||||||||||||||||
Quant Small-Cap Equity* | 0.270–0.460 | d | 0.200 | 0.250 | 0.150 | 0.250 | e | 0.525 | d | 0.675 | d | 0.675 | d | 0.775 | d | 0.865 | d | 0.525 | d | |||||||||||||||||||||||||
Quant Small/Mid-Cap Equity* | 0.270–0.460 | 0.220 | 0.250 | 0.150 | 0.250 | 0.530 | 0.680 | 0.680 | 0.780 | 0.920 | 0.530 | |||||||||||||||||||||||||||||||||
Social Choice Equity | 0.150 | f | 0.070 | 0.250 | 0.150 | 0.250 | 0.210 | f | 0.360 | f | 0.360 | f | 0.460 | f | 0.600 | f | — | |||||||||||||||||||||||||||
Social Choice Low Carbon Equity* | 0.200–0.250 | 0.120 | 0.250 | 0.150 | 0.250 | 0.320 | 0.470 | 0.470 | 0.570 | 0.710 | — | |||||||||||||||||||||||||||||||||
Emerging Markets Equity* | 0.700–0.850 | 0.420 | 0.250 | 0.150 | 0.250 | 0.950 | 1.100 | 0.980 | g | 0.980 | g | 1.340 | 0.950 | |||||||||||||||||||||||||||||||
International Equity* | 0.350–0.500 | 0.230 | 0.250 | 0.150 | 0.250 | 0.600 | 0.750 | 0.750 | 0.850 | 0.990 | 0.600 | |||||||||||||||||||||||||||||||||
International Opportunities* | 0.450–0.600 | 0.290 | 0.250 | 0.150 | 0.250 | 0.700 | 0.850 | 0.765 | h | 0.765 | h | 1.090 | 0.700 | |||||||||||||||||||||||||||||||
Quant International Small-Cap Equity* | 0.500–0.650 | i | — | 0.250 | 0.150 | 0.250 | 0.700 | i | 0.850 | i | 0.850 | i | 0.840 | i | 1.090 | i | 0.700 | i | ||||||||||||||||||||||||||
Social Choice International Equity* | 0.250–0.300 | 0.150 | 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, 2022. 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. |
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. |
d | 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. |
e | Effective May 1, 2020, Nuveen Securities agreed to voluntarily waive a portion of the distribution Rule 12b1 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%. |
f | 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. |
TIAA-CREF Funds: Equity Funds ■ 2021 Semiannual Report | 123 |
Notes to financial statements (unaudited)
g | 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 and can be discontinued at any time without prior notice to shareholders upon Board approval. |
h | 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. |
i | 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. This waiver is voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval. |
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 period ended April 30, 2021, the Funds engaged in the following security transactions with affiliated entities:
Fund | Purchases | Sales | Realized gain (loss) | |||||||||
Growth & Income | $ | 1,770,706 | $ | 4,433,014 | $ | 1,594,808 | ||||||
Large-Cap Growth | 119,679 | 209,467,903 | 25,811,192 | |||||||||
Large-Cap Value | 5,743,227 | 93,974,702 | 13,303,932 | |||||||||
Mid-Cap Growth | 15,762,572 | 8,914,618 | 2,742,715 | |||||||||
Mid-Cap Value | 665,750 | 8,065,087 | (1,244,161 | ) | ||||||||
Quant Small-Cap Equity | 588,376 | 4,043,929 | 1,478,231 | |||||||||
Quant Small/Mid-Cap Equity | 10,206,692 | 66,980,953 | 8,720,348 | |||||||||
Social Choice Equity | 33,710,137 | 2,231,567 | 39,518 | |||||||||
Social Choice Low Carbon Equity | 50,877,343 | 438,684 | 27,384 | |||||||||
Emerging Markets Equity | 779,131 | — | — | |||||||||
International Equity | 507,019 | — | — | |||||||||
Quant International Small-Cap Equity | — | 337,802 | 225,492 |
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 April 30, 2021:
Underlying Fund | TIAA-CREF Lifecycle Funds | TIAA-CREF Lifestyle Funds | TIAA-CREF Managed Allocation Fund | TIAA Access | Total | |||||||||||||||
Growth & Income | 49 | % | 2 | % | 1 | % | 5 | % | 57 | % | ||||||||||
Large-Cap Growth | 45 | 2 | 1 | 3 | 51 | |||||||||||||||
Large-Cap Value | 53 | 2 | 1 | 8 | 64 | |||||||||||||||
Mid-Cap Growth | — | — | — | 17 | 17 | |||||||||||||||
Mid-Cap Value | — | — | — | 19 | 19 | |||||||||||||||
Quant Small-Cap Equity | 29 | 1 | 1 | 8 | 39 | |||||||||||||||
Quant Small/Mid-Cap Equity | 87 | 3 | 2 | — | 92 | |||||||||||||||
Social Choice Equity | — | — | — | 6 | 6 | |||||||||||||||
Emerging Markets Equity | 69 | 3 | 2 | 2 | 76 | |||||||||||||||
International Equity | 40 | 1 | 1 | 8 | 50 | |||||||||||||||
International Opportunities | 84 | 3 | 2 | — | 89 | |||||||||||||||
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, 2020 | Purchases cost | Sales proceeds | Realized gain (loss) | Change in unrealized appreciation (depreciation) | Dividend income | Shares at April 30, 2021 | Value at April 30, 2021 | ||||||||||||||||||||||||
Emerging Markets Equity Fund | ||||||||||||||||||||||||||||||||
Common stock | ||||||||||||||||||||||||||||||||
Uruguay | ||||||||||||||||||||||||||||||||
Arcos Dorados Holdings, Inc | $40,137,147 | $ | — | $ | — | $ | — | $17,073,264 | $ | — | 9,984,365 | $57,210,411 |
124 | 2021 Semiannual Report ■ TIAA-CREF Funds: Equity Funds |
concluded
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 period ended April 30, 2021, 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 period ended April 30, 2021, there were no borrowings under this credit facility by the Funds.
Note 11—subsequent event
Advisors has agreed to implement voluntary waivers reducing the management fee breakpoint schedules for several Funds for one year effective May 1, 2021. These waivers are voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval. During this one-year period the range paid to Advisors is as follows:
Fund | Waiver | Investment management fee range | ||||||
Mid-Cap Value | 0.005 | % | 0.285%–0.475 | % | ||||
Social Choice Equity | 0.005 | –0.145 |
Also, Advisors has agreed to implement voluntary waivers reducing the expense cap for several Funds for one year effective May 1, 2021. These waivers are voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval. During this one-year period, the expense cap after the waiver for each Fund is as follows:
Fund | Waiver | Maximum expense amounts | ||||||
Mid-Cap Value – Institutional Class | 0.005 | % | 0.545 | % | ||||
Mid-Cap Value – Advisor Class | 0.005 | 0.695 | ||||||
Mid-Cap Value – Premier Class | 0.005 | 0.695 | ||||||
Mid-Cap Value – Retirement Class | 0.005 | 0.795 | ||||||
Mid-Cap Value – Retail Class | 0.005 | 0.935 | ||||||
Social Choice Equity – Institutional Class | 0.005 | 0.215 | ||||||
Social Choice Equity – Advisor Class | 0.005 | 0.365 | ||||||
Social Choice Equity – Premier Class | 0.005 | 0.365 | ||||||
Social Choice Equity – Retirement Class | 0.005 | 0.465 | ||||||
Social Choice Equity – Retail Class | 0.005 | 0.605 | ||||||
Emerging Markets Equity – Premier Class | 0.130 | 0.970 | ||||||
Emerging Markets Equity – Retirement Class | 0.230 | 0.970 | ||||||
International Opportunities – Premier Class | 0.150 | 0.700 | ||||||
International Opportunities – Retirement Class | 0.250 | 0.700 |
TIAA-CREF Funds: Equity Funds ■ 2021 Semiannual Report | 125 |
Approval of investment management agreement (unaudited)
Board renewal of the investment management agreement for certain series of the TIAA-CREF Funds
The Board of Trustees (the “Board” or the “Trustees”) of the TIAA-CREF Funds (the “Trust”) determines whether to initially approve and periodically renew the investment management agreement (the “Agreement”) between Teachers Advisors, LLC (“Advisors”) and the Trust on behalf of each series of the Trust. Under the Agreement, Advisors is responsible for providing investment advisory services to each series of the Trust and overseeing the everyday operations and other service providers of the Trust. Below is a summary of the process the Board undertook related to its most recent renewal of the Agreement with respect to each series covered by this Report (the “Funds”).
Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that, after an initial period of up to two years, the Agreement for each Fund will remain in effect only if the Board, including a majority of those Trustees who have no direct or indirect interest in the Agreement, and who are independent Trustees because they are not “interested persons” of the Trust, as that term is defined in the 1940 Act, annually renews the Agreement. None of the Trustees is an interested person of the Trust under the 1940 Act. Rather, they are all deemed to be independent Trustees.
Under normal circumstances, Section 15(c) requires any initial approval or annual renewal of an investment management agreement to be made at an in-person meeting of the Board. However, due to the COVID-19 pandemic, the Securities and Exchange Commission (“SEC”) issued a temporary, conditional exemptive order (the “SEC Order”), permitting mutual fund boards to vote to approve matters subject to the Section 15(c) in-person approval requirement at a meeting that is not held in person if the board determines that reliance on the SEC Order is necessary or appropriate due to prevailing circumstances related to the current or potential effects of COVID-19 and the board ratifies any action taken pursuant to the SEC Order at its next in-person meeting.
Overview of the renewal process
The Board held a videoconference meeting on March 12, 2021, in order to consider the annual renewal of the Agreement with respect to each applicable Fund using the process established by the Board described further below. At the outset of the meeting, the Board considered reliance upon the SEC Order and determined that such reliance was necessary due to, among other considerations, COVID-19 pandemic-related social distancing requirements, travel restrictions and other governmental mandates imposed for health and safety reasons. The Board noted that it would ratify actions taken at this meeting pursuant to the SEC Order at its next in-person meeting.
As part of the Board’s established process, the Board delegated certain tasks to its Operations Committee. Among these tasks, the Operations Committee or certain of its designated members worked with Advisors, other Board members and legal counsel to the Trustees to develop guidance and specific requests relating to the types of information to be provided to the Board in connection with the proposed contract renewals.
Among other matters, the Operations Committee or certain of its designated members, following consultations with
representatives of Advisors, other Board members, legal counsel to the Trustees and legal counsel to Advisors and the Trust, confirmed or established certain guidance regarding the preparation of reports to be provided to the Board with respect to each Fund by the Board Reporting and Compliance unit of Broadridge Financial Solutions, Inc. (“Broadridge”), using data from Lipper, Inc., an independent provider of investment company data. The Operations Committee considered that Broadridge is widely recognized as a leading provider of comparative analyses used by independent directors and trustees of investment companies during their advisory contract review processes.
Based on guidance provided by the Operations Committee or certain of its designated members on behalf of the Board, Broadridge produced, among other information, comparative performance and expense data for each Fund, including data relating to each Fund’s management fee rate, total expense ratio, short-term and long-term investment performance, brokerage commission costs and portfolio turnover rate (as applicable). Broadridge compared this data, as relevant, for each Fund against a universe of investment companies (except for brokerage commission costs) and against a more selective peer group of mutual funds with similar investment objectives and strategies, each of which was selected by Broadridge, and also compared the performance of each Fund against one or more appropriate broad-based indices. In each case, Broadridge summarized, and the Board considered, the methodologies Broadridge employed to provide the data contained in its reports. In addition, Broadridge represented to the Board that its reports were designed specifically to provide the Board with the fee, expense and performance information that is necessary to help the Board satisfy its duties under Section 15(c) of the 1940 Act. Broadridge also represented that the purpose of its reports is to provide an objective view of each Fund’s relative position regarding the level of fees, expenses and performance against a competitive peer group and universe (as applicable) selected by Broadridge (and not Advisors or the Board). The Board considered the propriety of each Fund’s applicable peer group as selected by Broadridge and use of the Institutional Class shares as the base share class for comparison purposes.
In advance of the Board meeting held on March 12, 2021, legal counsel for the Trustees requested on behalf of the Board, and Advisors provided, information that was designed to assist the Board in its consideration of whether to renew the Agreement for each Fund. In addition to the data provided by Broadridge as described above, this information included, but was not limited to, the following: (1) further information relating to each Fund’s investment performance and a narrative analysis of the performance of each Fund that had underperformed certain Board-specified criteria, together with an explanation of any events that had a material impact on the Fund’s performance during that period; (2) a description of any fee waiver or expense reimbursement arrangements that were proposed or were in place during the prior year and the extent to which such arrangements would be continued or modified in the coming year; (3) a comparison of each Fund’s management fee rate and performance to other accounts with comparable strategies managed by Advisors or certain of its affiliates; (4) any “fall-out”
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benefits that accrued or were identified as reasonably likely to accrue to Advisors or its affiliates due to their relationship with the Funds in addition to the Funds’ direct fee payments to Advisors pursuant to the Agreement; (5) information regarding Advisors’ financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements, capacity to manage the Funds at current and foreseeable asset levels, insurance coverage, portfolio trading, soft dollar usage and best execution practices, and any actual and potential conflicts of interest identified by Advisors in connection with rendering services to the Funds; (6) information as to any profits earned by Advisors in connection with its services pursuant to the Agreement; (7) a copy of the Agreement and certain related agreements between the Funds and affiliates of Advisors; (8) a copy of Advisors’ Form ADV as filed with the SEC (which was presented only to legal counsel for the Trustees); and (9) draft narrative explanations to be included in shareholder reports of reasons why the Board should renew the Agreement. The Trustees were also provided with performance ratings of Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service. Additionally, the Board received information from management on the impact of the COVID-19 pandemic on the Teachers Insurance and Annuity Association of America (“TIAA”) enterprise generally and the Funds in particular including, among other information, the current and expected impact on the Funds’ performance and operations.
On March 4, 2021, the Board held a videoconference meeting with legal counsel to the Trustees to discuss Advisors’ materials, which led to the Trustees providing additional questions to, and requesting additional information from, Advisors. Subsequently, at the March 12, 2021 meeting, the Trustees were given the opportunity to, and did, ask additional questions and they discussed responses from Advisors to the Board’s follow-up questions and requests presented by the Board after its initial review of the information described above.
In considering whether to renew the Agreement with respect to each Fund, the Board considered various factors, including: (1) the nature, extent and quality of services provided or to be provided by Advisors to the Fund; (2) the Fund’s investment performance; (3) the costs of the services provided to the Fund and the profits realized or potential profits to be realized (if any) by Advisors and its affiliates from their relationship with the Fund; (4) fees charged to comparable mutual funds by other advisers; (5) the extent to which economies of scale have been realized or are anticipated to be realized as the Fund grows; (6) how such economies of scale are shared with the Fund for the benefit of its investors, such as, if applicable, through management fee breakpoints; (7) comparisons, if applicable, of the services provided by Advisors to, and the fee rates and performance of, the Fund to other clients to whom Advisors provides comparable services; and (8) any other benefits identified by Advisors derived or anticipated to be derived by Advisors or its affiliates from their relationship with the Fund. As a general matter, the Board considered these factors, and any other factors deemed relevant by the Trustees, in their totality, and no single factor was identified as being the determining factor in deciding whether to renew the Agreement.
In addition to the March 12, 2021 meeting that included Advisors’ personnel, the Trustees met in executive sessions, at which no representatives of Advisors were present, to discuss the proposed renewal of the Agreement for each Fund. The Board also received and considered information from its legal counsel as to certain relevant guidance that relates to the renewal process under Section 15(c) of the 1940 Act and certain other legal authorities.
While the contract renewal process included a series of discussions and meetings leading up to the March 12, 2021 meeting, the oversight and evaluation of Advisors’ services to the Funds by the Board and its Committees is an ongoing process. The Board, as well as its Committees, discussed reports on various investment and operational topics that had been identified by the Board or its Committees for review in the year since the last annual renewal process. Further, at their regularly scheduled meetings, the Board and its Investment Committee and its other Committees receive and discuss information regarding the performance of the Funds and other matters. Thus, in reaching its decisions regarding the renewal of the Agreement for each Fund, the Board took into account the information described herein and other information provided to the Board and its Committees throughout the year.
The Board received and considered both Trust-level and Fund-specific information, but made its renewal determinations on a Fund-by-Fund basis. In deciding whether to renew the Agreement for each Fund, each Trustee may have accorded different weight to different factors and, thus, may have had a different basis for his or her ultimate decision to vote to renew the Agreement for each Fund. At its meeting on March 12, 2021, all Board members voted unanimously to renew the Agreement for each Fund. Set forth below is a summary of the primary factors the Board considered with respect to each Fund.
The nature, extent and quality of services
The Board considered the level and depth of knowledge of Advisors, including the professional experience and qualifications of its personnel. The Board also considered that Advisors is an experienced investment adviser that has managed the Funds since their operations commenced. Investment professionals at Advisors also manage various funds and accounts of the College Retirement Equities Fund, the TIAA-CREF Life Funds and TIAA Separate Account VA-1, as well as advise and sub-advise other investment companies and vehicles. Under the Agreement, Advisors is responsible for, among other duties: managing the assets of the Funds, including conducting research, identifying investments and placing orders to buy and sell securities for the Funds’ investment portfolios; active daily monitoring of the Funds’ investment portfolios; reporting on the investment performance and other metrics of the Funds to the Board on a regular basis; responding to Fund flows; compliance monitoring; coordinating the activities of each Fund’s service providers; and overseeing the provision of various administrative services to the Funds. The Board considered that Advisors has carried out these responsibilities in a competent and professional manner. The Board also considered that Advisors has committed
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Approval of investment management agreement (unaudited)
significant resources to supporting the series of the Trust, including the Funds. It also considered Advisors’ compliance program and resources and its compliance record with respect to the Funds.
The Board also considered, among other factors, the performance of each Fund, as discussed below. In addition, the Board considered the nature and quality of non-portfolio management services provided by Advisors and its affiliates. In this regard, the Board considered its ongoing review of the performance of certain affiliated and unaffiliated service providers, including the quality of services provided by those firms and Advisors’ oversight of those service providers and the outsourcing of certain services to other firms.
During its review, the Board noted its ongoing efforts to examine the level of personnel and other resources available to Advisors to provide portfolio management and other services to the Funds, including the impact of recent and anticipated regulatory requirements and operational changes on such resources, so as to assess the adequacy of the resources devoted to these services.
Investment performance
The Board considered the investment performance of each Fund, over the periods indicated in the Fund-by-Fund synopsis below. The Board considered each Fund’s performance as compared to its peer group and peer universe (as applicable) and its benchmark index or, in circumstances where a Fund’s peer group or peer universe was not viewed as a representative basis for comparison, other comparative information deemed relevant by management and/or the Board. For details regarding each Fund’s performance, see the Fund-by-Fund synopsis below.
The Board considered, in those cases in which a Fund had performed materially differently from its Broadridge peers based on a Board-established threshold, the factors identified by Advisors that contributed to such difference and any remedial measures being undertaken by Advisors. Thus, the Board concluded that, under the totality of circumstances considered, the investment performance of each Fund was reasonable or that appropriate actions had been or were being implemented.
Cost and profitability
The Board considered financial and profitability data relating to Advisors’ services to the Funds for the calendar year 2020. The Board considered Advisors’ profit calculations with respect to its services to each Fund both before and after taking into account the costs incurred directly or indirectly by Advisors in connection with the distribution of shares of the Fund. The Board acknowledged the reasonableness of having management fee rates which permit Advisors to maintain and improve the quality of services provided to the Funds and recognized the entrepreneurial and other risks assumed by Advisors in managing the Funds. The Board considered that Advisors had calculated that it earned profits with respect to most of the Funds under the Agreement for the one-year period ended December 31, 2020. However, with respect to the Social Choice Low Carbon Equity Fund, Advisors calculated that it had incurred losses.
The Board considered Advisors’ voluntary reduction of certain Funds’ management fee rates for the year ended April 30, 2021: 0.050% for the Quant International Small-Cap Equity Fund; 0.010% for the Large-Cap Value and Social Choice Equity Funds; and 0.005% for the Large-Cap Growth, Mid-Cap Value and Quant Small-Cap Equity Funds. The Board also considered Advisors’ voluntary waiver of the Mid-Cap Value and Social Choice Equity Funds’ management fees by 0.005% for the year ended April 30, 2022. The Board also acknowledged Advisors’ commitment to reimburse Fund expenses to the extent that total annual operating expenses exceeded certain specified amounts. With respect to those Funds for which the Agreement was calculated by Advisors to be profitable to Advisors in 2020, the Board concluded that those profits were reasonable in light of various relevant factors.
Fees charged by other advisers
The Board considered comparative information regarding each Fund’s contractual and effective management fee rates and the contractual and effective management fee rates paid by similar mutual funds to other advisers, as analyzed by Broadridge and reflected in the Fund-by-Fund synopsis below. The Board determined that the management fee rate charged to a Fund under the Agreement typically was lower than the management fee rates charged to many or most other comparable mutual funds. In this connection, the Board also considered the inherent limitations of such comparisons in light of uncertainty as to how the fees of such similar mutual funds are set and potentially material differences between a Fund and its comparable mutual funds. The Board considered Broadridge’s treatment of all fund fee waivers, regardless of their type, as management fee waivers, which could materially impact how the Funds’ actual management fee rates compare to those of similar mutual funds. Additionally, the Board considered the potential limitations of such comparisons due to, among other factors, the fact that, in many instances, Broadridge based its comparisons on financial data relating to fiscal periods that differed from the period for which the Funds’ data were derived. Based on all factors considered, the Board concluded that the management fee rates under the Agreement with respect to each Fund were reasonable in relation to those charged by appropriate groups of comparable mutual funds.
Economies of scale
The Board considered whether Advisors has experienced or is anticipated to experience economies of scale in connection with the operation of each Fund, and whether any such economies are shared with the Funds. The Board also considered the extent to which the current fee rate schedule breakpoints for most of the Funds that were currently profitable to Advisors affected Advisors’ fees. The Board considered, in connection with the supporting Broadridge reports, Advisors’ position that the maximum fee rate that could be charged to each Fund based on its level of assets under the Agreement is comparatively low in relation to peer groups of mutual funds. The Board also considered the contractual fee rate reductions and one-year voluntary advisory fee waivers agreed to by Advisors, as noted above. The Board also considered Advisors’ reimbursement to
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continued
the Funds for all of the soft dollar amounts the Funds spent on research during the year. Based on all factors considered, the Board concluded that the Funds’ management fee rate schedules were reasonable in light of current economies of scale considerations and current asset levels.
Fee and performance comparisons with other Advisors clients
The Board considered that Advisors and its affiliate, TIAA-CREF Investment Management, LLC, provide investment management services to other investment companies, including other mutual funds, foreign funds (UCITS), and separately managed accounts that may have similar investment strategies as certain of the Funds. In particular, the Board discussed the management fee rate Advisors charges to, and the performance of, a separately managed account that has a similar mandate to the Mid-Cap Value Fund. The Board also considered Advisors’ comments that, in the future, Advisors may manage client assets through additional funds and accounts with similar investment strategies. The Board also considered Advisors’ representation that, while the management fee rates charged to the Funds may differ from the management fee rates chargeable to these other funds and accounts, this may be due in part to the fact that these other funds and accounts may: (1) involve less entrepreneurial risk on the part of Advisors; (2) be offered in different types of markets; (3) be provided with different types or levels of services; (4) have different regulatory burdens; and/or (5) target different investors.
Other benefits
The Board also considered additional “fall-out benefits” to Advisors and its affiliates arising from the Agreement. Such benefits include, among others, other fees paid by the Funds to Advisors or its affiliates for other services, such as distribution, administration and investment-related benefits and/or personnel with other clients of Advisors, such as economies of scale to the extent the Funds share investment resources, use of research obtained through the Funds’ use of soft dollar to manage the assets of other clients and the ability to incubate strategies within one or more Funds that could be subsequently utilized to manage other non-Fund products. Advisors and its affiliates may also benefit from the level of business and relationships the Funds have with certain service providers. Additionally, the Funds may be utilized as investment options for other products and businesses of Advisors and its affiliates, such as variable products, fund of funds and 529 education savings plans. Also, Advisors and its affiliates may benefit from their relationship with the Funds to the extent that this relationship results in potential investors viewing TIAA, of which Advisors is an indirect, wholly-owned subsidiary, as a leading retirement plan provider in the academic and non-profit markets and as a single source for all their financial service needs.
Fund-by-fund synopsis of factors
The Board considered the following specific factors (among others) in connection with its determination to renew the Agreement with respect to each Fund. If a Fund is described in the following discussions as being in the “1st” quintile, it is in the best of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below to quintiles are based on data provided to the Board in the reports prepared by Broadridge. The specific management fee, expense and performance factors outlined below are based on the Institutional Class shares of each Fund. Because the Institutional Class generally has lower non-management expenses than the other classes of these Funds, the expenses and performance of these other classes will differ from the expenses and performance shown for the Institutional Class. All time periods referenced below are ended December 31, 2020. Under the Morningstar rating system, an Overall Morningstar Rating of 5 stars is the highest (best) rating category and 1 star is the lowest (worst) rating category. The Morningstar data is as of December 31, 2020. Statements below regarding a Fund’s “effective management fee rate” refer to the overall effective blended fee rate that applied to that Fund after taking into account any breakpoints in the management fee rate schedule for the Fund and any applicable fee waivers and/or expense reimbursements. Statements below regarding “net profit” or “net loss” refer to whether Advisors calculated that it earned a profit or incurred a loss for the services that it rendered to a Fund during 2020 under the Agreement.
Growth & Income Fund
• | The Fund’s annual contractual management fee rate starts at 0.45% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2020 asset level was 0.396% of average daily net assets. |
• | The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 1st quintile of both the group of comparable funds selected by Broadridge for expense comparison purposes (“Expense Group”). The Fund’s total expense ratio and contractual management fee rate were each in the 1st quintile of the universe of comparable funds selected by Broadridge for expense comparison purposes (“Expense Universe”) and its actual management fee rate was in the 2nd quintile of its Expense Universe. |
• | The Fund was in the 2nd, 3rd, 3rd and 2nd quintiles of the group of comparable funds selected by Broadridge for performance comparison purposes (“Performance Group”) for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 2nd, 2nd, 2nd and 1st quintiles of the universe of comparable funds selected by Broadridge for performance comparison purposes (“Performance Universe”) for the one-, three-, five- and ten-year periods, respectively. |
• | The Fund received an Overall Morningstar Rating of 3 stars. |
• | Advisors calculated that it earned a net profit with respect to its services to the Fund for the one-year period. |
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Large-Cap Growth Fund
• | The Fund’s annual contractual management fee rate starts at 0.45% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2020 asset level was 0.392% of average daily net assets, which includes the effect of a voluntary management fee rate waiver of 0.005% for the year ended April 30, 2021. |
• | The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 1st quintile of both its Expense Group and its Expense Universe. |
• | The Fund was in the 1st, 2nd, 1st and 2nd quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 1st, 2nd, 2nd and 1st quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively. |
• | The Fund received an Overall Morningstar Rating of 4 stars. |
• | Advisors calculated that it earned a net profit with respect to its services to the Fund for the one-year period. |
Large-Cap Value Fund
• | The Fund’s annual contractual management fee rate starts at 0.45% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2020 asset level was 0.400% of average daily net assets, which includes the effect of a voluntary management fee rate waiver of 0.010% for the year ended April 30, 2021. |
• | The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 1st quintile of both its Expense Group and its Expense Universe. |
• | The Fund was in the 4th, 5th, 5th and 5th quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 3rd, 4th, 4th and 4th quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively. |
• | The Fund received an Overall Morningstar Rating of 2 stars. |
• | Advisors calculated that it earned a net profit with respect to its services to the Fund for the one-year period. |
Mid-Cap Growth Fund
• | The Fund’s annual contractual management fee rate starts at 0.48% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2020 asset level was 0.443% of average daily net assets. |
• | The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 1st quintile of both its Expense Group and its Expense Universe. |
• | The Fund was in the 1st, 1st, 3rd and 3rd quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 2nd, 3rd, 3rd and 3rd quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively. |
• | The Fund received an Overall Morningstar Rating of 3 stars. |
• | Advisors calculated that it earned a net profit with respect to its services to the Fund for the one-year period. |
Mid-Cap Value Fund
• | The Fund’s annual contractual management fee rate starts at 0.48% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2020 asset level was 0.438% of average daily net assets, which includes the effect of a voluntary management fee rate waiver of 0.005% for the year ended April 30, 2021. |
• | Effective May 1, 2021, Advisors has voluntarily agreed to continue to reduce the Fund’s management fee rate by 0.005% through April 30, 2022. |
• | The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 1st quintile of both its Expense Group and its Expense Universe. |
• | The Fund was in the 5th, 4th, 4th and 5th quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 5th, 4th, 4th and 4th quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively. |
• | The Fund received an Overall Morningstar Rating of 3 stars. |
• | Advisors calculated that it earned a net profit with respect to its services to the Fund for the one-year period. |
Quant Small-Cap Equity Fund
• | The Fund’s annual contractual management fee rate starts at 0.46% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2020 asset level was 0.400% of average daily net assets, which includes the effect of a voluntary management fee rate waiver of 0.005% for the year ended April 30, 2021. |
• | The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 1st quintile of both its Expense Group and its Expense Universe. |
• | The Fund was in the 3rd, 2nd, 3rd and 2nd quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 2nd quintile of its Performance Universe for each of the one-, three-, five- and ten-year periods. |
• | The Fund received an Overall Morningstar Rating of 4 stars. |
• | Advisors calculated that it earned a net profit with respect to its services to the Fund for the one-year period. |
Quant Small/Mid-Cap Equity Fund
• | The Fund’s annual contractual management fee rate starts at 0.46% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2020 asset level was 0.442% of average daily net assets. |
• | The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 1st quintile of both its Expense Group and its Expense Universe. |
• | The Fund was in the 5th and 4th quintiles of both its Performance Group and its Performance Universe for the one-and three-year periods, respectively. |
• | The Fund received an Overall Morningstar Rating of 5 stars. |
• | Advisors calculated that it earned a net profit with respect to its services to the Fund for the one-year period. |
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Social Choice Equity Fund
• | The Fund’s annual contractual management fee rate is 0.15% of average daily net assets. The Fund’s effective management fee rate at its December 31, 2020 asset level was 0.150%, of average daily net assets, which includes the effect of a voluntary management fee rate waiver of 0.010% for the year ended April 30, 2021. Effective May 1, 2020, Advisors has voluntarily agreed to decrease this management fee rate waiver to 0.005% of average daily net assets through April 30, 2022. |
• | The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 1st quintile of both its Expense Group and its Expense Universe. |
• | The Fund was in the 3rd, 2nd, 2nd and 2nd quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 2nd, 2nd, 1st and 2nd quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively. |
• | The Fund received an Overall Morningstar Rating of 3 stars. |
• | Advisors calculated that it earned a net profit with respect to its services to the Fund for the one-year period. |
Social Choice Low Carbon Equity Fund
• | The Fund’s annual contractual management fee rate starts at 0.25% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2020 asset level was 0.250% of average daily net assets. |
• | The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 1st quintile of both its Expense Group and its Expense Universe. |
• | The Fund was in the 2nd, 1st and 1st quintiles of its Performance Group for the one-, three- and five-year periods, respectively. The Fund was in the 1st quintile of its Performance Universe for each of the one-, three- and five-year periods. |
• | The Fund received an Overall Morningstar Rating of 3 stars. |
• | Advisors calculated that it incurred a net loss with respect to its services to the Fund for the one-year period. |
Emerging Markets Equity Fund
• | The Fund’s annual contractual management fee rate starts at 0.85% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2020 asset level was 0.839% of average daily net assets. |
• | The Fund’s total expense ratio, actual management fee and contractual management fee were in the 1st, 2nd and 1st quintiles of its Expense Group, respectively. The Fund’s total expense ratio, actual management fee and contractual management fee were in the 1st, 3rd and 2nd quintiles of its Expense Universe, respectively. |
• | The Fund was in the 4th, 3rd, 4th and 4th quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 3rd, 2nd, 2nd and 3rd quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively. |
• | The Fund received an Overall Morningstar Rating of 4 stars. |
• | Advisors calculated that it earned a net profit with respect to its services to the Fund for the one-year period. |
International Equity Fund
• | The Fund’s annual contractual management fee rate starts at 0.50% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2020 asset level was 0.445% of average daily net assets. |
• | The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 1st quintile of both its Expense Group and its Expense Universe. |
• | The Fund was in the 1st, 5th, 2nd and 4th quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 1st, 4th, 2nd and 2nd quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively. |
• | The Fund received an Overall Morningstar Rating of 3 stars. |
• | Advisors calculated that it earned a net profit with respect to its services to the Fund for the one-year period. |
International Opportunities Fund
• | The Fund’s annual contractual management fee rate starts at 0.60% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2020 asset level was 0.582% of average daily net assets. |
• | The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 1st quintile of its Expense Group. The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were in the 1st, 2nd and 2nd quintiles of its Expense Universe, respectively. |
• | The Fund was in the 1st, 2nd and 2nd quintiles of its Performance Group for the one-, three-, and five-year periods, respectively. The Fund was in the 1st quintile of its Performance Universe for each of the one-, three-, and five-year periods. |
• | The Fund received an Overall Morningstar Rating of 4 stars. |
• | Advisors calculated that it earned a net profit with respect to its services to the Fund for the one-year period. |
Quant International Small-Cap Equity Fund
• | The Fund’s annual contractual management fee rate starts at 0.65% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2020 asset level was 0.645% of average daily net assets, which includes the effect of a voluntary management fee rate waiver of 0.050% for the year ended April 30, 2021. |
• | The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 1st quintile of both its Expense Group and its Expense Universe. |
• | The Fund was in the 5th quintile of both its Performance Group and its Performance Universe for each of the one- and three-year periods. |
• | The Fund received an Overall Morningstar Rating of 3 stars. |
• | Advisors calculated that it earned a net profit with respect to its services to the Fund for the one-year period. |
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Social Choice International Equity Fund
• | The Fund’s annual contractual management fee rate starts at 0.30% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2020 asset level was 0.300% of average daily net assets. |
• | The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 1st quintile of both its Expense Group and its Expense Universe. |
• | The Fund was in the 2nd, 2nd and 4th quintiles of its Performance Group for the one-, three- and five-year periods, respectively. The Fund was in the 2nd, 1st and 2nd quintiles of its Performance Universe for the one-, three- and five-year periods, respectively |
• | The Fund received an Overall Morningstar Rating of 4 stars. |
• | Advisors calculated that it earned a net profit with respect to its services to the Fund for the one-year period. |
Based primarily on the foregoing factors and considerations, the Board renewed the Agreement for each Fund.
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Liquidity risk management program
Discussion of the operation and effectiveness of the Funds’ liquidity risk management program
In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), each series of the Trust covered by this Report (the “Funds”) has adopted and implemented a liquidity risk management program (the “Program”), which is reasonably designed to assess and manage the Funds’ liquidity risk. The Program consists of various provisions relating to assessing and managing Fund liquidity risk, as discussed further below. The Funds’ Board of Trustees (the “Board”) previously approved the designation of Advisors (the “Administrator”) as Program administrator. The Liquidity Monitoring and Analysis Team (the “LMAT”) carries out day-to-day Program management with oversight by the Liquidity Oversight Committee (the “LOSC”). Personnel from the Administrator and Nuveen Fund Advisors, LLC, an affiliate of the Administrator, comprise the LMAT and LOSC.
At a February 9, 2021 Board meeting, the Administrator provided the Board with a written report addressing the Program’s operation, adequacy, and effectiveness of implementation for the period from January 1, 2020 through December 31, 2020 (the “Review Period”), as required under the Liquidity Rule. The report noted that the Program has been and continues to be adequately and effectively implemented to monitor and (as applicable) respond to the Funds’ liquidity developments.
In accordance with the Program, the LMAT assesses each Fund’s liquidity risk no less frequently than annually based on various factors, such as (i) the Fund’s investment strategy and the liquidity of portfolio investments, (ii) cash flow projections, and (iii) holdings of cash and cash equivalents and borrowing arrangements and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions.
Each Fund portfolio investment is classified into one of four liquidity categories (including “highly liquid investments” and “illiquid investments,” discussed below). The classification is based on a determination of how long it is reasonably expected to take to convert the investment into cash, or sell or dispose of the investment, in current market conditions without significantly changing the market value of the investment. Liquidity classification determinations take into account various market, trading, and investment-specific considerations, as well as market depth, and utilize third-party vendor data.
Any Fund that does not primarily hold highly liquid investments must, among other things, determine a minimum percentage of Fund net assets that must be invested in highly liquid investments (a “Highly Liquid Investment Minimum”). During the Review Period, each Fund primarily held highly liquid investments and therefore was exempt from the requirement to adopt a Highly Liquid Investment Minimum and to comply with the related requirements under the Liquidity Rule.
The Liquidity Rule also limits the Funds’ investments in illiquid investments. Specifically, the Liquidity Rule prohibits acquisition of illiquid investments if doing so would result in the Fund holding more than 15% of its net assets in illiquid investments and requires certain reporting anytime a Fund’s holdings of illiquid investments exceed 15% of net assets. During the Review Period, no Fund exceeded the 15% limit on illiquid investments.
TIAA-CREF Funds: Equity Funds ■ 2021 Semiannual Report | 133 |
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)
134 | 2021 Semiannual Report ■ TIAA-CREF Funds: Equity Funds |
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.
©2021 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 | April 30, 2021 |
TIAA-CREF
Equity Index Funds
The semiannual report contains the financial statements (unaudited).
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 |
Semiannual Report
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 not be sent to you 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.
You may elect to receive shareholder reports and other communications from the Funds electronically anytime by either (1) 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 (2) 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 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 receive 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 semiannual report contains information about certain TIAA-CREF Funds and describes their results for the six months ended April 30, 2021. The report contains four main sections:
• | A letter from Brad Finkle, President of the TIAA-CREF Fund Complex. | |
• | 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 April 30, 2021. | |
• | 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 websites at TIAA.org or nuveen.com, 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 ■ 2021 Semiannual Report | 3 |
Brad Finkle
Global stocks generated impressive gains for the six months ended April 30, 2021. The U.S. economy expanded at a robust pace as restrictions to contain the COVID-19 virus were slowly eased and the vaccine rollout was implemented. The U.S. Federal Reserve kept benchmark interest rates at historically low levels, while the federal government took aggressive fiscal action with two large stimulus measures. Major foreign economies had mixed performance as some countries continued to struggle with the effects of the pandemic. For the six months:
• | The Russell 3000® Index, which measures the performance of the broad U.S. stock market, advanced 31.1%. Please see page 8 for benchmark definitions. | |
• | The MSCI EAFE® Index, which represents stocks in 21 developed-markets nations outside North America, returned 28.8%. | |
• | The MSCI Emerging Markets Index, which tracks the performance of stocks in 27 developing nations, gained 23.0%. | |
• | All seven TIAA-CREF Equity Index Funds (Institutional Class) posted double-digit returns. |
U.S. economy continued its recovery
Domestic stocks recorded broad gains for the period in response to a strong economic recovery and improving data related to the COVID-19 pandemic. The U.S. economy expanded at a brisk pace in both the fourth quarter of 2020 and the first quarter of 2021. Unemployment declined and consumer spending increased, while inflation was higher than expected at the end of the period. Federal Reserve policymakers maintained they would not increase short-term interest rates before seeing specific signs of sustained economic growth. The federal government approved a $900 billion stimulus package in December 2020 and enacted a $1.9 trillion COVID-19 relief bill in March 2021.
For the six months, small-cap stocks outpaced large caps, while value shares outperformed growth stocks across all market capitalization sizes. (Returns by investment style and capitalization size are based on the Russell indexes.)
Stocks in foreign developed markets posted strong gains
International developed stock markets also benefited from the delivery of vaccines and expectations of continued economic growth. However, economic trends overseas were mixed. The economy of the 19-nation euro area contracted in both the fourth quarter of 2020 and the first quarter of 2021. Similarly, the United Kingdom’s economy contracted during the first three months of 2021. By contrast, China’s economy posted solid growth in the fourth quarter of 2020 and grew at its fastest pace in three decades in the first quarter of 2021. The European Central Bank and the Bank of England both left benchmark interest rates at near-zero levels throughout the period.
Emerging markets trailed foreign developed and U.S. stocks
Emerging-markets equities delivered broad gains for the period. Positive results were recorded in all but one of the 27 countries tracked by the MSCI Emerging Markets Index. Stocks in China, which account for 37.5% of the index’s weighting, advanced but underperformed the overall benchmark result for the six months. Stocks in Taiwan and Korea, the next two largest components of the index, both surpassed this benchmark’s return by wide margins.
4 | 2021 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds |
All index funds generated sizable results
All of the TIAA-CREF Equity Index Funds produced double-digit gains for the six 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’ six-month returns ranged from 48.0% for the Small-Cap Blend Index Fund to 21.8% for the Emerging Markets Equity Index Fund. (All fund returns are for the Institutional Class.)
The Large-Cap Value Index Fund advanced 36.2%, while its growth counterpart, the Large-Cap Growth Index Fund, rose 24.3%. The Equity Index Fund gained 31.0%, and the S&P 500 Index Fund returned 28.8%, while the Small-Cap Blend Index Fund posted the largest return of all of the TIAA-CREF Equity Index Funds.
Among TIAA-CREF’s international equity index portfolios, the International Equity Index Fund advanced 28.4%, while the Emerging Markets Equity Index Fund produced a more modest double-digit gain.
A detailed overview of the financial markets during the six-month period appears on page 6, and a discussion of how each fund performed in relation to its benchmark begins on page 10.
Maintaining a long-term perspective
It’s encouraging to see that the health threat posed by COVID-19 is lessening. Many businesses and restaurants are seeing a welcome influx of customers, and consumer confidence appears to be on the rise.
However, we believe that no matter what the economic outlook may be—whether prosperous or uncertain—maintaining a diversified portfolio as part of a long-term, well-thought-out financial plan is a wise course of action. As such, a professionally managed portfolio of multiple asset classes that includes equities can provide the means to help investors achieve the appropriate balance of risk and reward and reach their long-term financial goals. Of course, diversification does not guarantee against market losses.
If you have any questions or would like to discuss the current status of your portfolio, please contact your financial advisor or call a TIAA financial consultant at 800-842-2252. We always stand ready to help.
/s/ Brad Finkle
Brad Finkle
President of the TIAA-CREF Fund Complex
TIAA-CREF Funds: Equity Index Funds ■ 2021 Semiannual Report | 5 |
U.S. stocks led global equities in broad market rally
For the six months ended April 30, 2021, U.S. stocks generated double-digit gains as the economy grew and the country slowly eased COVID-19 restrictions that were intended to limit the spread of the virus. The Russell 3000® Index, a broad measure of U.S. stock market performance, advanced 31.1%. International developed- and emerging-markets stocks both produced smaller but impressive gains.
Economy grew at a brisk pace
The U.S. economy extended its recovery through the six-month period, bouncing back from the earlier effects of the pandemic. Business activity gradually returned to more normal levels as vaccines were administered and COVID-19 data improved. Real gross domestic product (GDP), which measures the value of all goods and services produced in the nation, grew at an annualized rate of 4.3% during the fourth quarter of 2020. Strong consumer spending helped GDP expand further in the first quarter of 2021 at an annualized rate of 6.4%, according to the government’s “advance” estimate. Personal income increased $2.4 trillion during the first quarter, primarily reflecting direct payments and other government benefits related to pandemic relief programs. The unemployment rate edged down from 6.7% at the start of the period to 6.1% in April 2021, while consumer confidence climbed to its highest level since February 2020 by the end of the period.
Core inflation, which includes all items except food and energy, rose 3.0% over the twelve months ended April 2021. Furthermore, oil prices climbed steeply as demand increased during the six-month period. The price of West Texas Intermediate crude oil rose from less than $37 per barrel to more than $63 by the end of April. The U.S. dollar generally lost ground against other major currencies during the period.
Small-cap stocks and value shares performed best
Among U.S. stock market investment styles, small-cap shares outperformed large- and mid-cap stocks, while value equities outpaced growth shares in all size categories. Small-cap stocks gained 48.1%, mid-cap equities advanced 35.4% and large-cap shares returned 30.0%. Among small caps, value shares gained 59.2%, while growth stocks returned 37.8%. Mid-cap value equities advanced 41.4%, while mid-cap growth shares gained 24.8%. Within the large-cap category, value stocks returned 36.3% and growth stocks gained 24.3%. (Returns by investment style and capitalization size are based on the Russell indexes.)
International stocks also produced strong gains over the six-month period. The MSCI EAFE® Index, which tracks stock performance in 21 developed-markets countries outside North America, gained 28.8%. The MSCI Emerging Markets Index returned 23.0%.
U.S. equities rose as economy recovered
During the six-month period, U.S. stocks extended a rally that began in the spring of 2020. The economic recovery, along with strong fiscal action and accommodative monetary policy, drove stocks higher. The Federal Reserve left the federal funds target rate unchanged, maintaining the key short-term interest-rate measure at 0.00%---0.25%. Policymakers indicated they would take no action on rates until they saw specific signs of continued economic improvement. The federal government approved a $900 billion stimulus package in December 2020 and enacted an additional $1.9 trillion COVID-19 relief bill in March 2021.
Around the world, economic recoveries were mixed as some countries continued to struggle to contain the COVID-19 virus and administer vaccines on a large scale. The economy of the 19-nation euro area contracted year-over-year in both the fourth quarter of 2020 and the first quarter of 2021. China’s economy grew 6.5% year-over-year in the fourth quarter of 2020 and expanded 18.3% year-over-year during the first three months of 2021—its fastest pace in nearly three decades. The European Central Bank held its key benchmark interest rates at near-zero levels and continued a bond-buying program to support its economy. The Bank of England maintained its benchmark interest rate at 0.10%.
Small-cap value stocks led performance
In a period of stellar returns, U.S. small-cap stocks outpaced large caps, and value dominated growth
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. Six-month returns as of April 30, 2021.
6 | 2021 Semiannual 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 websites at TIAA.org or nuveen.com; 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 ■ 2021 Semiannual 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 27 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 | 2021 Semiannual 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 (November 1, 2020–April 30, 2021).
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 ■ 2021 Semiannual Report | 9 |
Expense example
Six months ended April 30, 2021
Equity Index Fund | Beginning account value (11/1/20) | Ending account value (4/30/21) | Expenses paid during period* (11/1/20– 4/30/21) | ||||||||
Actual return | |||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,310.26 | $ 0.29 | ||||||
Advisor Class | 1,000.00 | 1,309.81 | 0.92 | ||||||||
Premier Class | 1,000.00 | 1,309.70 | 1.15 | ||||||||
Retirement Class | 1,000.00 | 1,308.88 | 1.72 | ||||||||
Retail Class | 1,000.00 | 1,308.80 | 1.83 | ||||||||
Class W | 1,000.00 | 1,310.63 | 0.00 | ||||||||
5% annual hypothetical return | |||||||||||
Institutional Class | 1,000.00 | 1,024.55 | 0.25 | ||||||||
Advisor Class | 1,000.00 | 1,024.00 | 0.80 | ||||||||
Premier Class | 1,000.00 | 1,023.80 | 1.00 | ||||||||
Retirement Class | 1,000.00 | 1,023.31 | 1.51 | ||||||||
Retail Class | 1,000.00 | 1,023.21 | 1.61 | ||||||||
Class W | 1,000.00 | 1,024.79 | 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 181/365. There were 181 days in the six months ended April 30, 2021. 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, 0.32% 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 4/30/2021 | ||
Information technology | 25.7 | ||
Health care | 13.3 | ||
Consumer discretionary | 12.4 | ||
Financials | 11.8 | ||
Communication services | 10.1 | ||
Industrials | 9.6 | ||
Consumer staples | 5.5 | ||
Real estate | 3.3 | ||
Materials | 2.9 | ||
Utilities | 2.5 | ||
Energy | 2.5 | ||
Short-term investments, other assets & liabilities, net | 0.4 | ||
Total | 100.0 |
Performance for the six months ended April 30, 2021
The Equity Index Fund returned 31.03% for the Institutional Class, compared with the 31.08% return of its benchmark, the Russell 3000® Index. For the one-year period ended April 30, 2021, the Fund returned 50.83% versus 50.92% for the index. The performance table shows returns for all share classes of the Fund.
For the six-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 soared as economy recovered from the effects of COVID-19
The U.S. economy grew at a robust pace during the six-month period, extending its recovery after struggling through the impact of the COVID-19 pandemic. Retail and other business activities increased as restrictions imposed to limit the spread of the virus were slowly eased. Unemployment edged down over the period, finishing at 6.1% in April 2021. Core inflation, which includes all items except food and energy, rose 3.0% over the twelve months ended in April. Oil prices increased sharply during the period.
Stock markets delivered double-digit gains across all size and style categories for the period. Equities benefited from the recovering economy, aided by aggressive fiscal action and accommodative monetary policy. The Federal Reserve held the federal funds target rate steady at historically low levels throughout the period, maintaining the key short-term interest-rate measure at 0.00%–0.25%. The federal government approved a $900 billion stimulus package in December 2020 and enacted an additional $1.9 trillion COVID-19 relief bill in March 2021.
For the six months, the Russell 3000 Index, a broad measure of the U.S. stock market, gained 31.08%. Smaller stocks outperformed large-cap equities, while value shares outpaced growth stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)
All benchmark sectors posted double-digit gains
All eleven industry sectors in the Russell 3000 Index advanced for the six months. Energy led the way, surging 77.6% amid the increase in oil prices. Information technology—the largest sector—gained a more modest 27.0% but was the top contributor to the index’s return. The COVID-19 pandemic accelerated certain trends, such as working remotely and shopping online, which in turn boosted demand for technology products and services. The next-largest contributors were the financials sector, which rose 53.2%, and the consumer discretionary sector, which returned 32.4%. Together, these four sectors accounted for more than one-half of the index’s total market capitalization on April 30, 2021. Utilities and consumer staples, which tend to be more defensive, were the worst-performing sectors despite gaining 10.1% and 14.7%, respectively.
Only one of the benchmark’s five largest stocks outperformed
For the six-month period, only one of the five largest stocks in the Russell 3000 Index registered a return that exceeded the overall return of the benchmark. That stock was Alphabet (the parent company of Google), which reported impressive revenue and earnings growth amid strong spending on digital advertising. All four stocks that underperformed the benchmark posted double-digit gains. Among them, Microsoft performed best, followed by Facebook, Apple and Amazon.com.
10 | 2021 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds |
Performance as of April 30, 2021
Equity Index Fund | Total return | Average annual total return | Annual operating expenses* | |||||||||||||||||||||||
Inception date | 6 months | 1 year | 5 years | 10 years | gross | net | ||||||||||||||||||||
Institutional Class | 7/1/99 | 31.03 | % | 50.83 | % | 17.63 | % | 13.99 | % | 0.05 | % | 0.05 | % | |||||||||||||
Advisor Class | 12/4/15 | 30.98 | 50.65 | 17.52 | 13.93 | † | 0.17 | 0.17 | ||||||||||||||||||
Premier Class | 9/30/09 | 30.97 | 50.62 | 17.46 | 13.82 | 0.20 | 0.20 | |||||||||||||||||||
Retirement Class | 3/31/06 | 30.89 | 50.43 | 17.34 | 13.70 | 0.30 | 0.30 | |||||||||||||||||||
Retail Class | 3/31/06 | 30.88 | 50.42 | 17.30 | 13.65 | 0.33 | 0.33 | |||||||||||||||||||
Class W | 9/28/18 | 31.06 | 50.86 | 17.66 | † | 14.00 | † | 0.05 | 0.00 | |||||||||||||||||
Russell 3000® Index | — | 31.08 | 50.92 | 17.67 | 14.03 | — | — |
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, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period. |
† | 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. |
Holdings by company size
Market capitalization | % of equity investments as of 4/30/2021 |
More than $50 billion | 64.9 |
More than $15 billion–$50 billion | 19.9 |
More than $2 billion–$15 billion | 13.2 |
$2 billion or less | 2.0 |
Total | 100.0 |
Fund profile
as of 4/30/2021 | |
Net assets | $32.79 billion |
Portfolio turnover rate* | 2% |
Number of holdings | 2,991 |
Weighted median market capitalization | $123.45 billion |
Price/earnings ratio (weighted 12-month trailing average)† | 38.3 |
* | The portfolio turnover rate covers the six-month period from November 1, 2020–April 30, 2021, and is not annualized. |
† | 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 ■ 2021 Semiannual Report | 11 |
Expense example
Six months ended April 30, 2021
Large-Cap Growth Index Fund | Beginning account value (11/1/20) | Ending account value (4/30/21) | Expenses paid during period* (11/1/20– 4/30/21) | ||||||||
Actual return | |||||||||||
Institutional Class | $1,000.00 | $1,242.76 | $ 0.28 | ||||||||
Advisor Class | 1,000.00 | 1,241.75 | 0.94 | ||||||||
Retirement Class | 1,000.00 | 1,241.13 | 1.67 | ||||||||
Class W | 1,000.00 | 1,242.99 | 0.00 | ||||||||
5% annual hypothetical return | |||||||||||
Institutional Class | 1,000.00 | 1,024.55 | 0.25 | ||||||||
Advisor Class | 1,000.00 | 1,023.95 | 0.85 | ||||||||
Retirement Class | 1,000.00 | 1,023.31 | 1.51 | ||||||||
Class W | 1,000.00 | 1,024.79 | 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 181/365. There were 181 days in the six months ended April 30, 2021. The Fund’s annualized six-month expense ratios for that period were 0.05% for the Institutional Class, 0.17% for the Advisor Class, 0.30% 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 4/30/2021 | ||
Information technology | 44.0 | ||
Consumer discretionary | 16.7 | ||
Health care | 13.3 | ||
Communication services | 12.3 | ||
Industrials | 4.8 | ||
Consumer staples | 4.3 | ||
Financials | 1.9 | ||
Real estate | 1.7 | ||
Materials | 0.8 | ||
Energy | 0.1 | ||
Short-term investments, other assets & liabilities, net | 0.1 | ||
Total | 100.0 |
Performance for the six months ended April 30, 2021
The Large-Cap Growth Index Fund returned 24.28% for the Institutional Class, compared with the 24.31% return of its benchmark, the Russell 1000® Growth Index. For the one-year period ended April 30, 2021, the Fund returned 51.32% versus 51.41% for the index. The performance table shows returns for all share classes of the Fund.
For the six-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 soared as economy recovered from the effects of COVID-19
The U.S. economy grew at a robust pace during the six-month period, extending its recovery after struggling through the impact of the COVID-19 pandemic. Retail and other business activities increased as restrictions imposed to limit the spread of the virus were slowly eased. Unemployment edged down over the period, finishing at 6.1% in April 2021. Core inflation, which includes all items except food and energy, rose 3.0% over the twelve months ended in April. Oil prices increased sharply during the period.
Stock markets delivered double-digit gains across all size and style categories for the period. Equities benefited from the recovering economy, aided by aggressive fiscal action and accommodative monetary policy. The Federal Reserve held the federal funds target rate steady at historically low levels throughout the period, maintaining the key short-term interest-rate measure at 0.00%–0.25%. The federal government approved a $900 billion stimulus package in December 2020 and enacted an additional $1.9 trillion COVID-19 relief bill in March 2021.
For the six months, the Russell 3000® Index, a broad measure of the U.S. stock market, gained 31.08%. Smaller stocks outperformed large-cap equities, while value shares outpaced growth stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)
All benchmark sectors posted double-digit gains
All eleven industry sectors in the Russell 1000 Growth Index advanced for the six months. Energy led the way, surging 60.9% amid the increase in oil prices. Information technology—the largest sector, representing more than 40.0% of the index’s total market capitalization on April 30, 2021—gained 24.6% and was the top contributor to the index’s return. The COVID-19 pandemic accelerated certain trends, such as working remotely and shopping online, which in turn boosted demand for technology products and services. The next-largest contributors were the consumer discretionary sector, which rose 26.3%, and the communication services sector, which returned 31.5%. Consumer staples and utilities, which tend to be more defensive, were the worst-performing sectors despite gaining 11.7% and 15.2%, respectively.
Two of the benchmark’s five largest stocks outperformed
For the six-month period, two of the five largest stocks in the Russell 1000 Growth Index produced returns that exceeded the overall return of the index. They were Alphabet (the parent company of Google), which benefited from strong spending on digital advertising, and Microsoft, which experienced robust growth in its cloud-computing and video gaming businesses. Facebook, Apple and Amazon.com registered double-digit returns but lagged the index.
12 | 2021 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds |
Performance as of April 30, 2021
Large-Cap Growth Index Fund | Total return | Average annual total return | Annual operating expenses* | |||||||||||||||||||||||
Inception date | 6 months | 1 year | 5 years | 10 years | gross | net | ||||||||||||||||||||
Institutional Class | 10/1/02 | 24.28 | % | 51.32 | % | 22.80 | % | 16.95 | % | 0.05 | % | 0.05 | % | |||||||||||||
Advisor Class | 12/4/15 | 24.18 | 51.13 | 22.67 | 16.88 | † | 0.18 | 0.18 | ||||||||||||||||||
Retirement Class | 10/1/02 | 24.11 | 50.92 | 22.50 | 16.65 | 0.30 | 0.30 | |||||||||||||||||||
Class W | 9/30/19 | 24.30 | 51.37 | 22.82 | † | 16.96 | † | 0.05 | 0.00 | |||||||||||||||||
Russell 1000® Growth Index | — | 24.31 | 51.41 | 22.88 | 17.02 | — | — |
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, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period. |
† | 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. |
Holdings by company size
Market capitalization | % of equity investments as of 4/30/2021 |
More than $50 billion | 80.8 |
More than $15 billion–$50 billion | 15.0 |
More than $2 billion–$15 billion | 4.2 |
Total | 100.0 |
Fund profile
as of 4/30/2021 | |
Net assets | $13.48 billion |
Portfolio turnover rate* | 5% |
Number of holdings | 462 |
Weighted median market capitalization | $307.40 billion |
Price/earnings ratio (weighted 12-month trailing average)† | 41.1 |
* | The portfolio turnover rate covers the six-month period from November 1, 2020–April 30, 2021, and is not annualized. |
† | 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 ■ 2021 Semiannual Report | 13 |
Expense example
Six months ended April 30, 2021
Large-Cap Value Index Fund | Beginning account value (11/1/20) | Ending account value (4/30/21) | Expenses paid during period* (11/1/20– 4/30/21) | ||||||||
Actual return | |||||||||||
Institutional Class | $1,000.00 | $1,362.41 | $ 0.29 | ||||||||
Advisor Class | 1,000.00 | 1,361.85 | 1.11 | ||||||||
Retirement Class | 1,000.00 | 1,360.37 | 1.76 | ||||||||
Class W | 1,000.00 | 1,362.79 | 0.00 | ||||||||
5% annual hypothetical return | |||||||||||
Institutional Class | 1,000.00 | 1,024.55 | 0.25 | ||||||||
Advisor Class | 1,000.00 | 1,023.85 | 0.95 | ||||||||
Retirement Class | 1,000.00 | 1,023.31 | 1.51 | ||||||||
Class W | 1,000.00 | 1,024.79 | 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 181/365. There were 181 days in the six months ended April 30, 2021. The Fund’s annualized six-month expense ratios for that period were 0.05% for the Institutional Class, 0.19% 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 4/30/2021 | ||
Financials | 21.9 | ||
Industrials | 13.5 | ||
Health care | 12.4 | ||
Information technology | 9.2 | ||
Communication services | 9.1 | ||
Consumer discretionary | 7.7 | ||
Consumer staples | 6.9 | ||
Utilities | 5.0 | ||
Energy | 4.9 | ||
Materials | 4.8 | ||
Real estate | 4.5 | ||
Short-term investments, other assets & liabilities, net | 0.1 | ||
Total | 100.0 |
Performance for the six months ended April 30, 2021
The Large-Cap Value Index Fund returned 36.24% for the Institutional Class, compared with the 36.30% return of its benchmark, the Russell 1000® Value Index. For the one-year period ended April 30, 2021, the Fund returned 45.78% versus 45.92% for the index. The performance table shows returns for all share classes of the Fund.
For the six-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 soared as economy recovered from the effects of COVID-19
The U.S. economy grew at a robust pace during the six-month period, extending its recovery after struggling through the impact of the COVID-19 pandemic. Retail and other business activities increased as restrictions imposed to limit the spread of the virus were slowly eased. Unemployment edged down over the period, finishing at 6.1% in April 2021. Core inflation, which includes all items except food and energy, rose 3.0% over the twelve months ended in April. Oil prices increased sharply during the period.
Stock markets delivered double-digit gains across all size and style categories for the period. Equities benefited from the recovering economy, aided by aggressive fiscal action and accommodative monetary policy. The Federal Reserve held the federal funds target rate steady at historically low levels throughout the period, maintaining the key short-term interest-rate measure at 0.00%–0.25%. The federal government approved a $900 billion stimulus package in December 2020 and enacted an additional $1.9 trillion COVID-19 relief bill in March 2021.
For the six months, the Russell 3000® Index, a broad measure of the U.S. stock market, gained 31.08%. Smaller stocks outperformed large-cap equities, while value shares outpaced growth stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)
All benchmark sectors advanced
All eleven industry sectors in the Russell 1000 Value Index posted gains for the six months. Energy produced the strongest return, climbing 76.3% amid the increase in oil prices. Financials, the largest sector, rose 56.6% and was the top contributor to the index’s return. Financials benefited from several tailwinds, including the improving economy and a steepening in the U.S. Treasury yield curve, which boosted banks’ profitability. The next-largest contributors were industrials, which gained 40.7%, and information technology, which advanced 36.9%. Together, these four sectors accounted for nearly one-half of the index’s total market capitalization on April 30, 2021. Utilities and consumer staples, which tend to be more defensive sectors, recorded the smallest gains, rising 9.4% and 15.2%, respectively.
Three of the benchmark’s five largest stocks outperformed
For the six-month period, three of the five largest stocks in the Russell 1000 Value Index generated returns that surpassed the overall return of the index. JPMorgan Chase performed best, helped by robust growth in its trading and investment banking operations. Next came Walt Disney and Alphabet (the parent company of Google). Berkshire Hathaway narrowly lagged the index. Johnson & Johnson underperformed the index by a significant margin but still delivered a strong gain.
14 | 2021 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds |
Performance as of April 30, 2021
Large-Cap Value Index Fund | Total return | Average annual total return | Annual operating expenses* | |||||||||||||||||||||||
Inception date | 6 months | 1 year | 5 years | 10 years | gross | net | ||||||||||||||||||||
Institutional Class | 10/1/02 | 36.24 | % | 45.78 | % | 12.09 | % | 11.07 | % | 0.05 | % | 0.05 | % | |||||||||||||
Advisor Class | 12/4/15 | 36.19 | 45.67 | 11.98 | 11.00 | † | 0.19 | 0.19 | ||||||||||||||||||
Retirement Class | 10/1/02 | 36.04 | 45.48 | 11.82 | 10.79 | 0.30 | 0.30 | |||||||||||||||||||
Class W | 9/30/19 | 36.28 | 45.91 | 12.12 | † | 11.08 | † | 0.05 | 0.00 | |||||||||||||||||
Russell 1000® Value Index | — | 36.30 | 45.92 | 12.15 | 11.13 | — | — |
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, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period. |
† | 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. |
Holdings by company size
Market capitalization | % of equity investments as of 4/30/2021 |
More than $50 billion | 58.5 |
More than $15 billion–$50 billion | 27.4 |
More than $2 billion–$15 billion | 14.0 |
$2 billion or less | 0.1 |
Total | 100.0 |
Fund profile
as of 4/30/2021 | |
Net assets | $8.78 billion |
Portfolio turnover rate* | 7% |
Number of holdings | 859 |
Weighted median market capitalization | $76.82 billion |
Price/earnings ratio (weighted 12-month trailing average)† | 31.1 |
* | The portfolio turnover rate covers the six-month period from November 1, 2020–April 30, 2021, and is not annualized. |
† | 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 ■ 2021 Semiannual Report | 15 |
Expense example
Six months ended April 30, 2021
S&P 500 Index Fund | Beginning account value (11/1/20) | Ending account value (4/30/21) | Expenses paid during period* (11/1/20– 4/30/21) | ||||||||
Actual return | |||||||||||
Institutional Class | $1,000.00 | $1,288.18 | $ 0.28 | ||||||||
Advisor Class | 1,000.00 | 1,287.26 | 1.02 | ||||||||
Retirement Class | 1,000.00 | 1,286.30 | 1.70 | ||||||||
Class W | 1,000.00 | 1,288.38 | 0.00 | ||||||||
5% annual hypothetical return | |||||||||||
Institutional Class | 1,000.00 | 1,024.55 | 0.25 | ||||||||
Advisor Class | 1,000.00 | 1,023.90 | 0.90 | ||||||||
Retirement Class | 1,000.00 | 1,023.31 | 1.51 | ||||||||
Class W | 1,000.00 | 1,024.79 | 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 181/365. There were 181 days in the six months ended April 30, 2021. 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 4/30/2021 | ||
Information technology | 26.5 | ||
Health care | 12.8 | ||
Consumer discretionary | 12.6 | ||
Financials | 11.3 | ||
Communication services | 11.1 | ||
Industrials | 8.6 | ||
Consumer staples | 5.9 | ||
Materials | 2.7 | ||
Energy | 2.7 | ||
Utilities | 2.6 | ||
Real estate | 2.5 | ||
Short-term investments, other assets & liabilities, net | 0.7 | ||
Total | 100.0 |
Performance for the six months ended April 30, 2021
The S&P 500 Index Fund returned 28.82% for the Institutional Class, compared with the 28.85% return of its benchmark, the S&P 500® Index. For the one-year period ended April 30, 2021, the Fund returned 45.87% versus 45.98% for the index. The performance table shows returns for all share classes of the Fund.
For the six-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 soared as economy recovered from the effects of COVID-19
The U.S. economy grew at a robust pace during the six-month period, extending its recovery after struggling through the impact of the COVID-19 pandemic. Retail and other business activities increased as restrictions imposed to limit the spread of the virus were slowly eased. Unemployment edged down over the period, finishing at 6.1% in April 2021. Core inflation, which includes all items except food and energy, rose 3.0% over the twelve months ended in April. Oil prices increased sharply during the period.
Stock markets delivered double-digit gains across all size and style categories for the period. Equities benefited from the recovering economy, aided by aggressive fiscal action and accommodative monetary policy. The Federal Reserve held the federal funds target rate steady at historically low levels throughout the period, maintaining the key short-term interest-rate measure at 0.00%–0.25%. The federal government approved a $900 billion stimulus package in December 2020 and enacted an additional $1.9 trillion COVID-19 relief bill in March 2021.
For the six-month period, the large-cap-oriented S&P 500 Index trailed the Russell 3000® Index, a broad measure of the U.S. stock market, which gained 31.08%. A portion of the Russell 3000 Index consists of small-cap equities, which outperformed large caps for the period.
Energy and financials led the benchmark’s broad advance
All eleven industry sectors in the S&P 500 Index generated positive results for the six months. Against an improving economic backdrop, sectors that are sensitive to economic activity generally delivered the strongest returns, led by energy, which rose 75.9%. Next came financials, which gained 53.6%, followed by industrials and materials, which climbed 35.4% and 32.6%, respectively. Together, these four sectors represented more than one-quarter of the index’s total market capitalization on April 30, 2021. Returns were more moderate but still robust for information technology, the index’s largest sector, which advanced 26.5%. The utilities and consumer staples sectors, which tend to be more defensive, recorded the smallest gains of 8.7% and 13.1%, respectively.
Only one of the benchmark’s five largest stocks outperformed
For the six-month period, only one of the five largest stocks in the S&P 500 Index registered a return that exceeded the overall return of the benchmark. That stock was Alphabet (the parent company of Google), which reported impressive revenue and earnings growth amid strong spending on digital advertising. All four stocks that underperformed the benchmark posted double-digit gains. Among them, Microsoft performed best, followed by Facebook, Apple and Amazon.com.
16 | 2021 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds |
Performance as of April 30, 2021
S&P 500 Index Fund | Total return | Average annual total return | Annual operating expenses* | |||||||||||||||||||||||
Inception date | 6 months | 1 year | 5 years | 10 years | gross | net | ||||||||||||||||||||
Institutional Class | 10/1/02 | 28.82 | % | 45.87 | % | 17.35 | % | 14.10 | % | 0.05 | % | 0.05 | % | |||||||||||||
Advisor Class | 12/4/15 | 28.73 | 45.68 | 17.22 | 14.03 | † | 0.18 | 0.18 | ||||||||||||||||||
Retirement Class | 10/1/02 | 28.63 | 45.50 | 17.06 | 13.81 | 0.30 | 0.30 | |||||||||||||||||||
Class W | 9/30/19 | 28.84 | 45.94 | 17.37 | † | 14.11 | † | 0.04 | 0.00 | |||||||||||||||||
S&P 500® Index | — | 28.85 | 45.98 | 17.42 | 14.17 | — | — |
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, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period. |
† | 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. |
Holdings by company size
Market capitalization | % of equity investments as of 4/30/2021 |
More than $50 billion | 77.1 |
More than $15 billion–$50 billion | 20.0 |
More than $2 billion–$15 billion | 2.9 |
Total | 100.0 |
Fund profile
as of 4/30/2021 | |
Net assets | $7.75 billion |
Portfolio turnover rate* | 5% |
Number of holdings | 514 |
Weighted median market capitalization | $176.34 billion |
Price/earnings ratio (weighted 12-month trailing average)† | 33.8 |
* | The portfolio turnover rate covers the six-month period from November 1, 2020–April 30, 2021, and is not annualized. |
† | 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 ■ 2021 Semiannual Report | 17 |
Expense example | |||||||||||
Six months ended April 30, 2021 | |||||||||||
Small-Cap Blend Index Fund | Beginning account value (11/1/20) | Ending account value (4/30/21) | Expenses paid during period* (11/1/20– 4/30/21) | ||||||||
Actual return | |||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,480.02 | $ 0.31 | ||||||
Advisor Class | 1,000.00 | 1,479.31 | 1.23 | ||||||||
Retirement Class | 1,000.00 | 1,478.13 | 1.84 | ||||||||
5% annual hypothetical return | |||||||||||
Institutional Class | 1,000.00 | 1,024.55 | 0.25 | ||||||||
Advisor Class | 1,000.00 | 1,023.80 | 1.00 | ||||||||
Retirement Class | 1,000.00 | 1,023.31 | 1.51 |
* | “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 181/365. There were 181 days in the six months ended April 30, 2021. 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 4/30/2021 | ||
Health care | 19.1 | ||
Financials | 16.4 | ||
Industrials | 15.9 | ||
Consumer discretionary | 14.8 | ||
Information technology | 12.4 | ||
Real estate | 6.1 | ||
Materials | 4.4 | ||
Consumer staples | 3.3 | ||
Utilities | 2.7 | ||
Energy | 2.5 | ||
Communication services | 2.3 | ||
Short-term investments, other assets & liabilities, net | 0.1 | ||
Total | 100.0 |
Performance for the six months ended April 30, 2021
The Small-Cap Blend Index Fund returned 48.00% for the Institutional Class, compared with the 48.06% return of its benchmark, the Russell 2000® Index. For the one-year period ended April 30, 2021, the Fund returned 75.10% versus 74.91% for the index. The performance table shows returns for all share classes of the Fund.
For the six-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. During the six months, the Fund participated in a securities lending program.
U.S. stocks soared as economy recovered from the effects of COVID-19
The U.S. economy grew at a robust pace during the six-month period, extending its recovery after struggling through the impact of the COVID-19 pandemic. Retail and other business activities increased as restrictions imposed to limit the spread of the virus were slowly eased. Unemployment edged down over the period, finishing at 6.1% in April 2021. Core inflation, which includes all items except food and energy, rose 3.0% over the twelve months ended in April. Oil prices increased sharply during the period.
Stock markets delivered double-digit gains across all size and style categories for the period. Equities benefited from the recovering economy, aided by aggressive fiscal action and accommodative monetary policy. The Federal Reserve held the federal funds target rate steady at historically low levels throughout the period, maintaining the key short-term interest-rate measure at 0.00%–0.25%. The federal government approved a $900 billion stimulus package in December 2020 and enacted an additional $1.9 trillion COVID-19 relief bill in March 2021.
For the six months, the Russell 3000® Index, a broad measure of the U.S. stock market, gained 31.08%. Smaller stocks outperformed large-cap equities, while value shares outpaced growth stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)
All benchmark sectors posted substantial gains
All eleven industry sectors in the Russell 2000 Index posted strong returns for the six months. Energy was the best-performing sector, rising 103.2% amid the strong increase in oil prices. The top contributors to the index’s return were the industrials and consumer discretionary sectors, which advanced 54.1% and 68.0%, respectively. Health care gained a relatively modest 30.1% but was a major contributor because it was the largest component in the index. Together, these four sectors made up more than one-half of the index’s total market capitalization on April 30, 2021. Utilities, which rose 20.8%, was the worst-performing sector and made the smallest contribution to the index’s return.
All of the benchmark’s five largest stocks outperformed
For the six-month period, all of the five largest stocks in the Russell 2000 Index produced gains that surpassed the overall return of the benchmark. Biotechnology firm Novavax performed best, lifted by favorable test results for its COVID-19 vaccine candidate. Next in line were casino and hotel operator Caesars Entertainment, which benefited from positive trends in hotel bookings, and hydrogen fuel-cell developer Plug Power. Penn National Gaming and food products company Darling Ingredients posted smaller gains but surpassed the index’s return.
18 | 2021 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds |
Performance as of April 30, 2021
Small-Cap Blend Index Fund | Total return | Average annual total return | Annual operating expenses* | |||||||||||||||||||||||
Inception date | 6 months | 1 year | 5 years | 10 years | gross | net | ||||||||||||||||||||
Institutional Class | 10/1/02 | 48.00 | % | 75.10 | % | 16.62 | % | 11.82 | % | 0.06 | % | 0.06 | % | |||||||||||||
Advisor Class | 12/4/15 | 47.93 | 74.76 | 16.48 | 11.75 | † | 1.08 | 0.21 | ||||||||||||||||||
Retirement Class | 10/1/02 | 47.81 | 74.57 | 16.34 | 11.54 | 0.30 | 0.30 | |||||||||||||||||||
Russell 2000® Index | — | 48.06 | 74.91 | 16.48 | 11.63 | — | — |
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, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period. |
† | 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. |
Holdings by company size
% of equity investments | |||
Market capitalization | as of 4/30/2021 | ||
More than $50 billion | 0.5 | ||
More than $15 billion–$50 billion | 1.1 | ||
More than $2 billion–$15 billion | 68.6 | ||
$2 billion or less | 29.8 | ||
Total | 100.0 |
Fund profile
as of 4/30/2021 | |||
Net assets | $4.71 billion | ||
Portfolio turnover rate* | 11% | ||
Number of holdings | 2,056 | ||
Weighted median market capitalization | $3.12 billion | ||
Price/earnings ratio (weighted 12-month trailing average)† | 19.5 |
* | The portfolio turnover rate covers the six-month period from November 1, 2020–April 30, 2021, and is not annualized. |
† | 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 ■ 2021 Semiannual Report | 19 |
Emerging Markets Equity Index Fund
Expense example
Six months ended April 30, 2021
Emerging Markets Equity Index Fund | Beginning account value (11/1/20) | Ending account value (4/30/21) | Expenses paid during period* (11/1/20– 4/30/21) | ||||||||
Actual return | |||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,218.27 | $ 0.99 | ||||||
Advisor Class | 1,000.00 | 1,218.10 | 1.76 | ||||||||
Premier Class | 1,000.00 | 1,218.26 | 1.82 | ||||||||
Retirement Class | 1,000.00 | 1,218.03 | 2.36 | ||||||||
Retail Class | 1,000.00 | 1,216.45 | 3.08 | ||||||||
Class W | 1,000.00 | 1,219.67 | 0.00 | ||||||||
5% annual hypothetical return | |||||||||||
Institutional Class | 1,000.00 | 1,023.90 | 0.90 | ||||||||
Advisor Class | 1,000.00 | 1,023.21 | 1.61 | ||||||||
Premier Class | 1,000.00 | 1,023.16 | 1.66 | ||||||||
Retirement Class | 1,000.00 | 1,022.66 | 2.16 | ||||||||
Retail Class | 1,000.00 | 1,022.02 | 2.81 | ||||||||
Class W | 1,000.00 | 1,024.79 | 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 181/365. There were 181 days in the six months ended April 30, 2021. The Fund’s annualized six-month expense ratios for that period were 0.18% for the Institutional Class, 0.32% 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
% of net assets | |||
Sector | as of 4/30/2021 | ||
Information technology | 20.5 | ||
Financials | 20.2 | ||
Consumer discretionary | 16.9 | ||
Communication services | 11.4 | ||
Materials | 8.4 | ||
Consumer staples | 5.4 | ||
Health care | 4.6 | ||
Energy | 4.5 | ||
Industrials | 4.3 | ||
Real estate | 2.0 | ||
Utilities | 1.9 | ||
Short-term investments, other assets & liabilities, net | –0.1 | ||
Total | 100.0 |
Performance for the six months ended April 30, 2021
The Emerging Markets Equity Index Fund returned 21.83% for the Institutional Class, compared with the 22.95% return of its benchmark, the MSCI Emerging Markets Index. For the one-year period ended April 30, 2021, the Fund returned 48.49% versus 48.71% for the index. The performance table shows returns for all share classes of the Fund.
For the six-month period, the Fund’s return underperformed that of its benchmark index due to the effect of expenses and fair value pricing. 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.
Foreign stocks advanced as economic results varied
International stocks in both developed- and emerging-markets countries recorded solid gains as investors anticipated a return to more normal business activity and the easing of restrictions imposed to limit the spread of COVID-19. But global economies performed unevenly as the effectiveness of pandemic recovery efforts varied widely. The economy in the 19-nation euro area contracted during the period, while China’s economy grew at its fastest pace in nearly three decades.
Global central banks maintained highly accommodative monetary policies. The Federal Reserve left the federal funds target rate unchanged at 0.00%–0.25%, while the European Central Bank held its benchmark interest rates at near-zero levels and maintained its aggressive bond-buying program.
The MSCI EAFE® Index, which measures stock performance in 21 developed-markets nations outside North America, gained 28.84%, outperforming the MSCI Emerging Markets Index. Both benchmarks underperformed the 31.08% return of the Russell 3000® Index, a broad measure of the U.S. stock market.
Most countries in the benchmark advanced
Of the 27 country components in the MSCI Emerging Markets Index, 26 posted gains in U.S.-dollar terms for the six months. Czech Republic and Greece—two of the smallest index components—rose 52.0% and 47.1%, respectively. Taiwan, the second-largest component, advanced 45.2%. Korea, the third-largest component, gained 43.8%. Together, these four countries accounted for nearly 30.0% of the index’s total market capitalization on April 30, 2021. Egypt was the only decliner, returning –2.1%.
Two of the benchmark’s five largest stocks outperformed
Two of the five largest stocks in the MSCI Emerging Markets Index surpassed the benchmark’s overall return. Samsung Electronics and Taiwan Semiconductor Manufacturing—the index’s largest position—posted sizable double-digit gains. Internet company Tencent Holdings and online service firm Meituan advanced but lagged the index. Online retailer Alibaba Group Holding declined.
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 | 2021 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds |
Performance as of April 30, 2021
Emerging Markets Equity Index Fund | Total return | Average annual total return | Annual operating expenses* | |||||||||||||||||||||||
Inception date | 6 months | 1 year | 5 years | 10 years | gross | net | ||||||||||||||||||||
Institutional Class | 8/31/10 | 21.83 | % | 48.49 | % | 12.27 | % | 3.31 | % | 0.20 | % | 0.20 | % | |||||||||||||
Advisor Class | 12/4/15 | 21.81 | 48.44 | 12.19 | 3.26 | † | 0.34 | 0.34 | ||||||||||||||||||
Premier Class | 8/31/10 | 21.83 | 48.29 | 12.12 | 3.15 | 0.35 | 0.35 | |||||||||||||||||||
Retirement Class | 8/31/10 | 21.80 | 48.19 | 12.01 | 3.05 | 0.45 | 0.45 | |||||||||||||||||||
Retail Class | 8/31/10 | 21.64 | 48.09 | 11.87 | 2.92 | 0.57 | 0.57 | |||||||||||||||||||
Class W | 9/28/18 | 21.97 | 48.76 | 12.38 | † | 3.36 | † | 0.20 | 0.00 | |||||||||||||||||
MSCI Emerging Markets Index | — | 22.95 | 48.71 | 12.50 | 3.59 | — | — |
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, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period. |
† | 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. |
Holdings by country | |||
% of portfolio investments as of 4/30/2021 | |||
China | 35.5 | ||
Taiwan | 13.7 | ||
Korea, Republic of | 12.8 | ||
India | 8.9 | ||
Brazil | 4.3 | ||
South Africa | 3.4 | ||
Russia | 2.9 | ||
United States | 2.8 | ||
Saudi Arabia | 2.7 | ||
Thailand | 1.7 | ||
23 other nations | 9.1 | ||
Short-term investments | 2.2 | ||
Total | 100.0 | ||
Holdings by company size | |||
% of equity investments | |||
Market capitalization | as of 4/30/2021 | ||
More than $50 billion | 46.4 | ||
More than $15 billion–$50 billion | 24.1 | ||
More than $2 billion–$15 billion | 29.1 | ||
$2 billion or less | 0.4 | ||
Total | 100.0 | ||
Fund profile | |||
as of 4/30/2021 | |||
Net assets | $4.35 billion | ||
Portfolio turnover rate* | 18% | ||
Number of holdings | 1,387 | ||
Weighted median market capitalization | $44.17 billion | ||
Price/earnings ratio (weighted 12-month trailing average)† | 24.5 |
* | The portfolio turnover rate covers the six-month period from November 1, 2020–April 30, 2021, and is not annualized. |
† | 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 ■ 2021 Semiannual Report | 21 |
International Equity Index Fund
Expense example
Six months ended April 30, 2021
International Equity Index Fund | Beginning account value (11/1/20) | Ending account value (4/30/21) | Expenses paid during period* (11/1/20– 4/30/21) | ||||||||
Actual return | |||||||||||
Institutional Class | $ | 1,000.00 | $ | 1,284.17 | $ 0.28 | ||||||
Advisor Class | 1,000.00 | 1,283.38 | 0.96 | ||||||||
Premier Class | 1,000.00 | 1,283.93 | 1.13 | ||||||||
Retirement Class | 1,000.00 | 1,282.93 | 1.70 | ||||||||
Class W | 1,000.00 | 1,284.57 | 0.00 | ||||||||
5% annual hypothetical return | |||||||||||
Institutional Class | 1,000.00 | 1,024.55 | 0.25 | ||||||||
Advisor Class | 1,000.00 | 1,023.95 | 0.85 | ||||||||
Premier Class | 1,000.00 | 1,023.80 | 1.00 | ||||||||
Retirement Class | 1,000.00 | 1,023.31 | 1.51 | ||||||||
Class W | 1,000.00 | 1,024.79 | 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 181/365. There were 181 days in the six months ended April 30, 2021. 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
% of net assets | |
Sector | as of 4/30/2021 |
Financials | 17.0 |
Industrials | 15.1 |
Consumer discretionary | 12.5 |
Health care | 11.8 |
Consumer staples | 10.2 |
Information technology | 9.1 |
Materials | 7.9 |
Communication services | 5.2 |
Utilities | 3.6 |
Energy | 3.1 |
Real estate | 3.0 |
Short-term investments, other assets & liabilities, net | 1.5 |
Total | 100.0 |
Performance for the six months ended April 30, 2021
The International Equity Index Fund returned 28.42% for the Institutional Class, compared with the 28.84% return of its benchmark, the MSCI EAFE® Index. For the one-year period ended April 30, 2021, the Fund returned 40.48% versus 39.88% for the index. The performance table shows returns for all share classes of the Fund.
For the six-month period, the Fund’s return underperformed that of its benchmark index due to the effect of expenses and fair value pricing. 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.
Foreign stocks advanced as economic results varied
International stocks in both developed- and emerging-markets countries recorded solid gains as investors anticipated a return to more normal business activity and the easing of restrictions imposed to limit the spread of COVID-19. But global economies performed unevenly as the effectiveness of pandemic recovery efforts varied widely. The economy in the 19-nation euro area contracted during the period, while China’s economy grew at its fastest pace in nearly three decades.
Global central banks maintained highly accommodative monetary policies. The Federal Reserve left the federal funds target rate unchanged at 0.00%–0.25%. The European Central Bank held its benchmark interest rates steady at near-zero levels and maintained an aggressive bond-buying program to support European economies.
The MSCI EAFE Index, which measures stock performance in 21 developed-markets nations outside North America, outperformed the 22.95% return of the MSCI Emerging Markets Index for the period. Both benchmarks underperformed the 31.08% return of the Russell 3000® Index, a broad measure of the U.S. stock market.
All countries in the benchmark advanced
All of the 21 countries in the MSCI EAFE Index advanced in U.S.-dollar terms for the six-month period. The largest index components were Japan (23.8%), the United Kingdom (14.5%) and France (11.5%), gaining 17.2%, 36.5% and 40.1%, respectively. These three nations collectively represented nearly one-half of the benchmark’s total market capitalization on April 30, 2021.
Two of the benchmark’s five largest stocks outperformed
For the six-month period, two of the five largest stocks in the MSCI EAFE Index surpassed the benchmark’s overall return. Dutch semiconductor firm ASML Holding performed best, followed by French luxury goods group LVMH. Swiss drug-maker Novartis, Nestle and Swiss pharmaceutical manufacturer Roche Holding advanced but underperformed the index’s return.
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 | 2021 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds |
Performance as of April 30, 2021
International Equity Index Fund | Total return | Average annual total return | Annual operating expenses* | |||||||||||||||||||||||
Inception date | 6 months | 1 year | 5 years | 10 years | gross | net | ||||||||||||||||||||
Institutional Class | 10/1/02 | 28.42 | % | 40.48 | % | 9.18 | % | 5.34 | % | 0.05 | % | 0.05 | % | |||||||||||||
Advisor Class | 12/4/15 | 28.34 | 40.33 | 9.06 | 5.28 | † | 0.17 | 0.17 | ||||||||||||||||||
Premier Class | 9/30/09 | 28.39 | 40.24 | 9.01 | 5.19 | 0.20 | 0.20 | |||||||||||||||||||
Retirement Class | 10/1/02 | 28.29 | 40.15 | 8.90 | 5.09 | 0.30 | 0.30 | |||||||||||||||||||
Class W | 9/28/18 | 28.46 | 40.52 | 9.21 | † | 5.36 | † | 0.05 | 0.00 | |||||||||||||||||
MSCI EAFE® Index | — | 28.84 | 39.88 | 8.87 | 5.22 | — | — |
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, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period. |
† | 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. |
Holdings by country
% of portfolio investments | |
as of 4/30/2021 | |
Japan | 23.5 |
United Kingdom | 11.9 |
France | 11.0 |
Switzerland | 9.3 |
Germany | 9.3 |
Australia | 8.0 |
Netherlands | 5.1 |
Sweden | 3.4 |
Hong Kong | 2.8 |
Spain | 2.5 |
23 other nations | 11.8 |
Short-term investments | 1.4 |
Total | 100.0 |
Holdings by company size
% of equity investments | |
Market capitalization | as of 4/30/2021 |
More than $50 billion | 46.7 |
More than $15 billion–$50 billion | 34.5 |
More than $2 billion–$15 billion | 18.8 |
Total | 100.0 |
Fund profile
as of 4/30/2021 | |
Net assets | $16.06 billion |
Portfolio turnover rate* | 2% |
Number of holdings | 887 |
Weighted median market capitalization | $46.36 billion |
Price/earnings ratio (weighted 12-month trailing average)† | 33.9 |
* | The portfolio turnover rate covers the six-month period from November 1, 2020–April 30, 2021, and is not annualized. |
† | 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 ■ 2021 Semiannual Report | 23 |
Summary portfolio of investments (unaudited)
Equity Index Fund ■ April 30, 2021
Shares | Company | Value | % of net assets | |||||||||||
COMMON STOCKS | ||||||||||||||
AUTOMOBILES & COMPONENTS | ||||||||||||||
590,802 | * | Tesla, Inc | $ | 419,138,571 | 1.3 | % | ||||||||
Other | 189,835,275 | 0.6 | ||||||||||||
608,973,846 | 1.9 | |||||||||||||
BANKS | ||||||||||||||
5,962,571 | Bank of America Corp | 241,663,003 | 0.8 | |||||||||||
2,334,643 | JPMorgan Chase & Co | 359,091,440 | 1.1 | |||||||||||
2,925,600 | Wells Fargo & Co | 131,798,280 | 0.4 | |||||||||||
Other | 812,840,275 | 2.4 | ||||||||||||
1,545,392,998 | 4.7 | |||||||||||||
CAPITAL GOODS | ||||||||||||||
541,585 | Honeywell International, Inc | 120,795,118 | 0.4 | |||||||||||
Other | 1,952,146,335 | 5.9 | ||||||||||||
2,072,941,453 | 6.3 | |||||||||||||
COMMERCIAL & PROFESSIONAL SERVICES | 398,914,521 | 1.2 | ||||||||||||
CONSUMER DURABLES & APPAREL | ||||||||||||||
957,299 | Nike, Inc (Class B) | 126,956,993 | 0.4 | |||||||||||
Other | 370,199,842 | 1.1 | ||||||||||||
497,156,835 | 1.5 | |||||||||||||
CONSUMER SERVICES | ||||||||||||||
573,183 | McDonald’s Corp | 135,317,043 | 0.4 | |||||||||||
Other | 626,165,193 | 1.9 | ||||||||||||
761,482,236 | 2.3 | |||||||||||||
DIVERSIFIED FINANCIALS | ||||||||||||||
1,450,687 | * | Berkshire Hathaway, Inc (Class B) | 398,866,391 | 1.2 | ||||||||||
Other | 1,209,837,627 | 3.7 | ||||||||||||
1,608,704,018 | 4.9 | |||||||||||||
ENERGY | ||||||||||||||
1,484,593 | Chevron Corp | 153,017,000 | 0.5 | |||||||||||
3,265,982 | d | Exxon Mobil Corp | 186,944,810 | 0.6 | ||||||||||
Other | 481,788,753 | 1.4 | ||||||||||||
821,750,563 | 2.5 | |||||||||||||
FOOD & STAPLES RETAILING | ||||||||||||||
340,606 | Costco Wholesale Corp | 126,736,086 | 0.4 | |||||||||||
1,075,922 | Walmart, Inc | 150,532,247 | 0.5 | |||||||||||
Other | 121,117,599 | 0.3 | ||||||||||||
398,385,932 | 1.2 | |||||||||||||
FOOD, BEVERAGE & TOBACCO | ||||||||||||||
2,982,766 | Coca-Cola Co | 161,009,709 | 0.5 | |||||||||||
1,070,439 | PepsiCo, Inc | 154,314,486 | 0.5 | |||||||||||
Other | 619,846,730 | 1.9 | ||||||||||||
935,170,925 | 2.9 | |||||||||||||
HEALTH CARE EQUIPMENT & SERVICES | ||||||||||||||
1,334,937 | Abbott Laboratories | 160,299,235 | 0.5 | |||||||||||
485,439 | Danaher Corp | 123,272,380 | 0.4 | |||||||||||
1,035,124 | Medtronic plc | 135,518,434 | 0.4 | |||||||||||
728,634 | UnitedHealth Group, Inc | 290,579,239 | 0.9 | |||||||||||
Other | 1,369,517,124 | 4.1 | ||||||||||||
2,079,186,412 | 6.3 |
Shares | Company | Value | % of net assets | |||||||||||
HOUSEHOLD & PERSONAL PRODUCTS | ||||||||||||||
1,880,680 | Procter & Gamble Co | $ | 250,920,326 | 0.8 | % | |||||||||
Other | 202,300,825 | 0.6 | ||||||||||||
453,221,151 | 1.4 | |||||||||||||
INSURANCE | 703,106,992 | 2.2 | ||||||||||||
MATERIALS | 957,239,721 | 2.9 | ||||||||||||
MEDIA & ENTERTAINMENT | ||||||||||||||
231,532 | * | Alphabet, Inc (Class A) | 544,910,562 | 1.7 | ||||||||||
224,270 | * | Alphabet, Inc (Class C) | 540,517,612 | 1.7 | ||||||||||
3,494,143 | Comcast Corp (Class A) | 196,196,130 | 0.6 | |||||||||||
1,852,435 | * | Facebook, Inc | 602,189,570 | 1.8 | ||||||||||
328,351 | * | Netflix, Inc | 168,598,388 | 0.5 | ||||||||||
1,395,266 | * | Walt Disney Co | 259,547,381 | 0.8 | ||||||||||
Other | 565,183,982 | 1.6 | ||||||||||||
2,877,143,625 | 8.7 | |||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | ||||||||||||||
1,362,432 | AbbVie, Inc | 151,911,168 | 0.5 | |||||||||||
650,691 | Eli Lilly & Co | 118,926,794 | 0.4 | |||||||||||
2,034,895 | Johnson & Johnson | 331,138,463 | 1.0 | |||||||||||
1,948,781 | Merck & Co, Inc | 145,184,185 | 0.5 | |||||||||||
4,294,060 | Pfizer, Inc | 165,965,419 | 0.5 | |||||||||||
306,300 | Thermo Fisher Scientific, Inc | 144,031,449 | 0.5 | |||||||||||
Other | 1,237,465,137 | 3.6 | ||||||||||||
2,294,622,615 | 7.0 | |||||||||||||
REAL ESTATE | 1,088,140,007 | 3.3 | ||||||||||||
RETAILING | ||||||||||||||
327,108 | * | Amazon.com, Inc | 1,134,220,821 | 3.5 | ||||||||||
828,682 | Home Depot, Inc | 268,219,503 | 0.8 | |||||||||||
Other | 804,312,424 | 2.4 | ||||||||||||
2,206,752,748 | 6.7 | |||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | ||||||||||||||
304,644 | Broadcom, Inc | 138,978,593 | 0.4 | |||||||||||
3,163,401 | Intel Corp | 181,990,459 | 0.6 | |||||||||||
455,619 | NVIDIA Corp | 273,544,535 | 0.8 | |||||||||||
868,190 | QUALCOMM, Inc | 120,504,772 | 0.4 | |||||||||||
708,029 | Texas Instruments, Inc | 127,806,315 | 0.4 | |||||||||||
Other | 702,366,172 | 2.1 | ||||||||||||
1,545,190,846 | 4.7 | |||||||||||||
SOFTWARE & SERVICES | ||||||||||||||
491,789 | Accenture plc | 142,604,056 | 0.5 | |||||||||||
371,465 | * | Adobe, Inc | 188,830,518 | 0.6 | ||||||||||
680,639 | Mastercard, Inc (Class A) | 260,044,936 | 0.8 | |||||||||||
5,775,973 | Microsoft Corp | 1,456,584,871 | 4.5 | |||||||||||
906,533 | * | PayPal Holdings, Inc | 237,774,541 | 0.7 | ||||||||||
676,732 | * | salesforce.com, Inc | 155,864,914 | 0.5 | ||||||||||
1,302,514 | Visa, Inc (Class A) | 304,215,170 | 0.9 | |||||||||||
Other | 1,879,235,787 | 5.7 | ||||||||||||
4,625,154,793 | 14.2 | |||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT | ||||||||||||||
12,220,062 | Apple, Inc | 1,606,449,351 | 4.9 | |||||||||||
3,274,879 | Cisco Systems, Inc | 166,724,090 | 0.5 | |||||||||||
Other | 444,453,522 | 1.4 | ||||||||||||
2,217,626,963 | 6.8 |
24 | 2021 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds | See notes to financial statements |
Summary portfolio of investments (unaudited) | concluded |
Equity Index Fund ■ April 30, 2021
Shares | Company | Value | % of net assets | ||||||||||||
TELECOMMUNICATION SERVICES | |||||||||||||||
5,493,413 | AT&T, Inc | $ | 172,548,102 | 0.5 | % | ||||||||||
3,193,651 | Verizon Communications, Inc | 184,561,091 | 0.6 | ||||||||||||
Other | 87,974,904 | 0.3 | |||||||||||||
445,084,097 | 1.4 | ||||||||||||||
TRANSPORTATION | 692,636,162 | 2.1 | |||||||||||||
UTILITIES | |||||||||||||||
1,510,069 | NextEra Energy, Inc | 117,045,448 | 0.4 | ||||||||||||
Other | 712,556,256 | 2.1 | |||||||||||||
829,601,704 | 2.5 | ||||||||||||||
TOTAL COMMON STOCKS (Cost $14,937,642,816) | 32,663,581,163 | 99.6 | |||||||||||||
RIGHTS / WARRANTS | |||||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 2,704 | 0.0 | |||||||||||||
TOTAL RIGHTS / WARRANTS (Cost $822) | 2,704 | 0.0 | |||||||||||||
Principal | Issuer | ||||||||||||||
SHORT-TERM INVESTMENTS | |||||||||||||||
GOVERNMENT AGENCY DEBT | 200,708,540 | 0.6 | |||||||||||||
REPURCHASE AGREEMENT | 9,390,000 | 0.0 | |||||||||||||
TREASURY DEBT | 88,421,704 | 0.3 |
Shares | Company | Value | % of net assets | |||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | ||||||||||||||
86,481,538 | c | State Street Navigator Securities Lending Government Money Market Portfolio 0.020% | $ | 86,481,538 | 0.3 | % | ||||||||
86,481,538 | 0.3 | |||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $385,000,515) | 385,001,782 | 1.2 | ||||||||||||
TOTAL PORTFOLIO (Cost $15,322,644,153) | 33,048,585,649 | 100.8 | ||||||||||||
OTHER ASSETS & LIABILITIES, NET | (257,884,549 | ) | (0.8 | ) | ||||||||||
NET ASSETS | $ | 32,790,701,100 | 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 4/30/21, the aggregate value of securities on loan is $151,106,293. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.
At 04/30/21, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended, is $2,026,121 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 April 30, 2021 were as follows:
Description | Number of long (short contracts | ) | Expiration date | Notional amount | Value | Unrealized appreciation (depreciation | ) | |||||||||||
Russell 2000 E Mini Index | 206 | 06/18/21 | $ | 23,014,678 | $ | 23,293,450 | $ | 278,772 | ||||||||||
S&P 500 E Mini Index | 1,253 | 06/18/21 | 258,723,510 | 261,526,160 | 2,802,650 | |||||||||||||
S&P Mid-Cap 400 E Mini Index | 28 | 06/18/21 | 7,526,072 | 7,616,840 | 90,768 | |||||||||||||
Total | 1,487 | $ | 289,264,260 | $ | 292,436,450 | $ | 3,172,190 |
See notes to financial statements | TIAA-CREF Funds: Equity Index Funds ■ 2021 Semiannual Report | 25 |
Summary portfolio of investments (unaudited)
Large-Cap Growth Index Fund ■ April 30, 2021
Shares | Company | Value | % of net assets | |||||||||||
COMMON STOCKS | ||||||||||||||
AUTOMOBILES & COMPONENTS | ||||||||||||||
521,814 | * | Tesla, Inc | $ | 370,195,724 | 2.8 | % | ||||||||
Other | 916,267 | 0.0 | ||||||||||||
371,111,991 | 2.8 | |||||||||||||
BANKS | 658,750 | 0.0 | ||||||||||||
CAPITAL GOODS | ||||||||||||||
253,038 | 3M Co | 49,883,911 | 0.4 | |||||||||||
168,776 | Lockheed Martin Corp | 64,229,395 | 0.5 | |||||||||||
Other | 189,684,617 | 1.4 | ||||||||||||
303,797,923 | 2.3 | |||||||||||||
COMMERCIAL & PROFESSIONAL SERVICES | 144,506,345 | 1.1 | ||||||||||||
CONSUMER DURABLES & APPAREL | ||||||||||||||
846,691 | Nike, Inc (Class B) | 112,288,160 | 0.9 | |||||||||||
Other | 39,546,677 | 0.2 | ||||||||||||
151,834,837 | 1.1 | |||||||||||||
CONSUMER SERVICES | ||||||||||||||
27,850 | * | Booking Holdings, Inc | 68,680,328 | 0.5 | ||||||||||
459,975 | Starbucks Corp | 52,662,538 | 0.4 | |||||||||||
Other | 90,073,285 | 0.7 | ||||||||||||
211,416,151 | 1.6 | |||||||||||||
DIVERSIFIED FINANCIALS | 165,055,576 | 1.2 | ||||||||||||
ENERGY | 12,453,625 | 0.1 | ||||||||||||
FOOD & STAPLES RETAILING | ||||||||||||||
265,487 | Costco Wholesale Corp | 98,785,058 | 0.7 | |||||||||||
Other | 23,132,598 | 0.2 | ||||||||||||
121,917,656 | 0.9 | |||||||||||||
FOOD, BEVERAGE & TOBACCO | ||||||||||||||
1,546,197 | Coca-Cola Co | 83,463,714 | 0.6 | |||||||||||
694,187 | PepsiCo, Inc | 100,073,998 | 0.7 | |||||||||||
Other | 101,851,611 | 0.8 | ||||||||||||
285,389,323 | 2.1 | |||||||||||||
HEALTH CARE EQUIPMENT & SERVICES | ||||||||||||||
451,885 | Abbott Laboratories | 54,262,351 | 0.4 | |||||||||||
78,912 | * | Intuitive Surgical, Inc | 68,258,880 | 0.5 | ||||||||||
535,467 | UnitedHealth Group, Inc | 213,544,240 | 1.6 | |||||||||||
Other | 470,660,678 | 3.5 | ||||||||||||
806,726,149 | 6.0 | |||||||||||||
HOUSEHOLD & PERSONAL PRODUCTS | ||||||||||||||
742,304 | Procter & Gamble Co | 99,038,200 | 0.8 | |||||||||||
Other | 71,122,919 | 0.5 | ||||||||||||
170,161,119 | 1.3 | |||||||||||||
INSURANCE | 95,842,786 | 0.7 | ||||||||||||
MATERIALS | 109,802,133 | 0.8 |
Shares | Company | Value | % of net assets | |||||||||||
MEDIA & ENTERTAINMENT | ||||||||||||||
158,769 | * | Alphabet, Inc (Class A) | $ | 373,662,842 | 2.8 | % | ||||||||
153,786 | * | Alphabet, Inc (Class C) | 370,642,714 | 2.8 | ||||||||||
86,410 | * | Charter Communications, Inc | 58,192,815 | 0.4 | ||||||||||
1,636,486 | * | Facebook, Inc | 531,988,869 | 4.0 | ||||||||||
289,841 | * | Netflix, Inc | 148,824,658 | 1.1 | ||||||||||
Other | 171,859,150 | 1.2 | ||||||||||||
1,655,171,048 | 12.3 | |||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | ||||||||||||||
1,128,731 | AbbVie, Inc | 125,853,506 | 0.9 | |||||||||||
397,100 | Amgen, Inc | 95,161,044 | 0.7 | |||||||||||
574,118 | Eli Lilly & Co | 104,931,547 | 0.8 | |||||||||||
1,505,582 | Merck & Co, Inc | 112,165,859 | 0.8 | |||||||||||
158,070 | Thermo Fisher Scientific, Inc | 74,329,256 | 0.5 | |||||||||||
293,172 | Zoetis, Inc | 50,727,551 | 0.4 | |||||||||||
Other | 427,451,047 | 3.2 | ||||||||||||
990,619,810 | 7.3 | |||||||||||||
REAL ESTATE | ||||||||||||||
300,708 | American Tower Corp | 76,611,377 | 0.6 | |||||||||||
264,273 | Crown Castle International Corp | 49,963,454 | 0.4 | |||||||||||
Other | 107,170,820 | 0.7 | ||||||||||||
233,745,651 | 1.7 | |||||||||||||
RETAILING | ||||||||||||||
288,974 | * | Amazon.com, Inc | 1,001,994,227 | 7.4 | ||||||||||
366,235 | Home Depot, Inc | 118,539,283 | 0.9 | |||||||||||
500,095 | Lowe’s Companies, Inc | 98,143,644 | 0.7 | |||||||||||
Other | 296,591,464 | 2.2 | ||||||||||||
1,515,268,618 | 11.2 | |||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | ||||||||||||||
758,937 | * | Advanced Micro Devices, Inc | 61,944,438 | 0.5 | ||||||||||
624,554 | Applied Materials, Inc | 82,884,561 | 0.6 | |||||||||||
255,220 | Broadcom, Inc | 116,431,364 | 0.9 | |||||||||||
97,280 | Lam Research Corp | 60,357,376 | 0.4 | |||||||||||
402,338 | NVIDIA Corp | 241,555,688 | 1.8 | |||||||||||
767,104 | QUALCOMM, Inc | 106,474,035 | 0.8 | |||||||||||
311,419 | Texas Instruments, Inc | 56,214,244 | 0.4 | |||||||||||
Other | 152,463,586 | 1.1 | ||||||||||||
878,325,292 | 6.5 | |||||||||||||
SOFTWARE & SERVICES | ||||||||||||||
434,618 | Accenture plc | 126,026,182 | 0.9 | |||||||||||
327,984 | * | Adobe, Inc | 166,727,387 | 1.2 | ||||||||||
171,569 | Intuit, Inc | 70,713,879 | 0.5 | |||||||||||
601,356 | Mastercard, Inc (Class A) | 229,754,073 | 1.7 | |||||||||||
5,103,473 | Microsoft Corp | 1,286,993,821 | 9.6 | |||||||||||
1,105,289 | Oracle Corp | 83,769,853 | 0.6 | |||||||||||
800,412 | * | PayPal Holdings, Inc | 209,940,064 | 1.6 | ||||||||||
554,003 | * | salesforce.com, Inc | 127,597,971 | 0.9 | ||||||||||
132,525 | * | ServiceNow, Inc | 67,106,684 | 0.5 | ||||||||||
251,673 | * | Square, Inc | 61,614,584 | 0.5 | ||||||||||
1,150,943 | Visa, Inc (Class A) | 268,814,247 | 2.0 | |||||||||||
Other | 843,024,623 | 6.3 | ||||||||||||
3,542,083,368 | 26.3 |
26 | 2021 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds | See notes to financial statements |
Summary portfolio of investments (unaudited) | concluded |
Large-Cap Growth Index Fund ■ April 30, 2021
Shares | Company | Value | % of net assets | |||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT | ||||||||||||||
10,795,947 | Apple, Inc | $ | 1,419,235,193 | 10.5 | % | |||||||||
Other | 93,929,021 | 0.7 | ||||||||||||
1,513,164,214 | 11.2 | |||||||||||||
TRANSPORTATION | ||||||||||||||
232,966 | Union Pacific Corp | 51,739,419 | 0.4 | |||||||||||
322,317 | United Parcel Service, Inc (Class B) | 65,707,544 | 0.5 | |||||||||||
Other | 70,021,512 | 0.5 | ||||||||||||
187,468,475 | 1.4 | |||||||||||||
UTILITIES | 2,096,974 | 0.0 | ||||||||||||
TOTAL COMMON STOCKS (Cost $6,510,833,378) | 13,468,617,814 | 99.9 |
Shares | Company | Value | % of net assets | |||||||||||
SHORT-TERM INVESTMENTS | ||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | ||||||||||||||
6,298,331 | c | State Street Navigator Securities Lending Government Money Market Portfolio 0.020% | $ | 6,298,331 | 0.1 | % | ||||||||
6,298,331 | 0.1 | |||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $6,298,331) | 6,298,331 | 0.1 | ||||||||||||
TOTAL PORTFOLIO (Cost $6,517,131,709) | 13,474,916,145 | 100.0 | ||||||||||||
OTHER ASSETS & LIABILITIES, NET | 1,888,642 | 0.0 | ||||||||||||
NET ASSETS | $ | 13,476,804,787 | 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 4/30/21, the aggregate value of securities on loan is $18,702,007. 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 ■ 2021 Semiannual Report | 27 |
Summary portfolio of investments (unaudited)
Large-Cap Value Index Fund ■ April 30, 2021
Shares | Company | Value | % of net assets | |||||||||||
COMMON STOCKS | ||||||||||||||
AUTOMOBILES & COMPONENTS | $ | 87,944,383 | 1.0 | % | ||||||||||
BANKS | ||||||||||||||
3,404,309 | Bank of America Corp | 137,976,644 | 1.6 | |||||||||||
915,446 | Citigroup, Inc | 65,216,373 | 0.8 | |||||||||||
1,333,349 | JPMorgan Chase & Co | 205,082,410 | 2.3 | |||||||||||
596,651 | US Bancorp | 35,411,237 | 0.4 | |||||||||||
1,670,456 | Wells Fargo & Co | 75,254,043 | 0.9 | |||||||||||
Other | 233,254,457 | 2.6 | ||||||||||||
752,195,164 | 8.6 | |||||||||||||
CAPITAL GOODS | ||||||||||||||
234,645 | * | Boeing Co | 54,979,670 | 0.6 | ||||||||||
238,359 | Caterpillar, Inc | 54,372,071 | 0.6 | |||||||||||
124,193 | Deere & Co | 46,056,974 | 0.5 | |||||||||||
3,825,376 | General Electric Co | 50,188,933 | 0.6 | |||||||||||
309,083 | Honeywell International, Inc | 68,937,872 | 0.8 | |||||||||||
627,850 | Raytheon Technologies Corp | 52,262,234 | 0.6 | |||||||||||
Other | 521,547,645 | 5.9 | ||||||||||||
848,345,399 | 9.6 | |||||||||||||
COMMERCIAL & PROFESSIONAL SERVICES | 91,205,603 | 1.0 | ||||||||||||
CONSUMER DURABLES & APPAREL | 135,533,404 | 1.5 | ||||||||||||
CONSUMER SERVICES | ||||||||||||||
280,470 | McDonald’s Corp | 66,213,358 | 0.8 | |||||||||||
Other | 174,159,153 | 1.9 | ||||||||||||
240,372,511 | 2.7 | |||||||||||||
DIVERSIFIED FINANCIALS | ||||||||||||||
288,078 | American Express Co | 44,176,761 | 0.5 | |||||||||||
828,203 | * | Berkshire Hathaway, Inc (Class B) | 227,714,415 | 2.6 | ||||||||||
64,784 | BlackRock, Inc | 53,077,531 | 0.6 | |||||||||||
606,665 | Charles Schwab Corp | 42,709,216 | 0.5 | |||||||||||
145,855 | Goldman Sachs Group, Inc | 50,823,175 | 0.6 | |||||||||||
537,233 | iShares Russell 1000 Value Index Fund | 84,641,059 | 1.0 | |||||||||||
615,323 | Morgan Stanley | 50,794,914 | 0.6 | |||||||||||
Other | 298,174,519 | 3.3 | ||||||||||||
852,111,590 | 9.7 | |||||||||||||
ENERGY | ||||||||||||||
847,899 | Chevron Corp | 87,392,950 | 1.0 | |||||||||||
1,862,698 | Exxon Mobil Corp | 106,620,834 | 1.2 | |||||||||||
Other | 235,225,288 | 2.7 | ||||||||||||
429,239,072 | 4.9 | |||||||||||||
FOOD & STAPLES RETAILING | ||||||||||||||
613,539 | Walmart, Inc | 85,840,242 | 1.0 | |||||||||||
Other | 51,906,607 | 0.6 | ||||||||||||
137,746,849 | 1.6 | |||||||||||||
FOOD, BEVERAGE & TOBACCO | ||||||||||||||
703,055 | Coca-Cola Co | 37,950,909 | 0.4 | |||||||||||
614,833 | Mondelez International, Inc | 37,387,995 | 0.4 | |||||||||||
683,967 | Philip Morris International, Inc | 64,976,865 | 0.7 | |||||||||||
Other | 186,454,807 | 2.2 | ||||||||||||
326,770,576 | 3.7 |
Shares | Company | Value | % of net assets | |||||||||||
HEALTH CARE EQUIPMENT & SERVICES | ||||||||||||||
467,868 | Abbott Laboratories | $ | 56,181,589 | 0.7 | % | |||||||||
575,913 | CVS Health Corp | 43,999,753 | 0.5 | |||||||||||
275,585 | Danaher Corp | 69,982,055 | 0.8 | |||||||||||
590,469 | Medtronic plc | 77,304,201 | 0.9 | |||||||||||
Other | 326,569,815 | 3.6 | ||||||||||||
574,037,413 | 6.5 | |||||||||||||
HOUSEHOLD & PERSONAL PRODUCTS | ||||||||||||||
593,308 | Procter & Gamble Co | 79,159,153 | 0.9 | |||||||||||
Other | 62,796,387 | 0.7 | ||||||||||||
141,955,540 | 1.6 | |||||||||||||
INSURANCE | 314,279,044 | 3.6 | ||||||||||||
MATERIALS | ||||||||||||||
230,868 | Linde plc | 65,991,309 | 0.8 | |||||||||||
Other | 354,153,411 | 4.0 | ||||||||||||
420,144,720 | 4.8 | |||||||||||||
MEDIA & ENTERTAINMENT | ||||||||||||||
29,559 | * | Alphabet, Inc (Class A) | 69,567,106 | 0.8 | ||||||||||
28,627 | * | Alphabet, Inc (Class C) | 68,994,505 | 0.8 | ||||||||||
1,994,776 | Comcast Corp (Class A) | 112,006,672 | 1.3 | |||||||||||
795,727 | * | Walt Disney Co | 148,021,137 | 1.7 | ||||||||||
Other | 154,466,787 | 1.7 | ||||||||||||
553,056,207 | 6.3 | |||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | ||||||||||||||
635,469 | Bristol-Myers Squibb Co | 39,665,975 | 0.5 | |||||||||||
1,005,513 | Johnson & Johnson | 163,627,131 | 1.9 | |||||||||||
2,448,050 | Pfizer, Inc | 94,617,133 | 1.1 | |||||||||||
Other | 222,234,486 | 2.4 | ||||||||||||
520,144,725 | 5.9 | |||||||||||||
REAL ESTATE | ||||||||||||||
324,126 | Prologis, Inc | 37,770,403 | 0.4 | |||||||||||
Other | 355,011,553 | 4.1 | ||||||||||||
392,781,956 | 4.5 | |||||||||||||
RETAILING | ||||||||||||||
236,406 | Home Depot, Inc | 76,517,530 | 0.9 | |||||||||||
220,128 | Target Corp | 45,623,729 | 0.5 | |||||||||||
Other | 99,544,728 | 1.1 | ||||||||||||
221,685,987 | 2.5 | |||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | ||||||||||||||
1,806,600 | Intel Corp | 103,933,698 | 1.2 | |||||||||||
489,830 | * | Micron Technology, Inc | 42,159,668 | 0.5 | ||||||||||
202,977 | Texas Instruments, Inc | 36,639,378 | 0.4 | |||||||||||
Other | 94,957,879 | 1.1 | ||||||||||||
277,690,623 | 3.2 | |||||||||||||
SOFTWARE & SERVICES | ||||||||||||||
271,948 | Fidelity National Information Services, Inc | 41,580,849 | 0.5 | |||||||||||
391,173 | International Business Machines Corp | 55,499,625 | 0.6 | |||||||||||
Other | 172,290,645 | 2.0 | ||||||||||||
269,371,119 | 3.1 |
28 | 2021 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds | See notes to financial statements |
Summary portfolio of investments (unaudited) | concluded |
Large-Cap Value Index Fund ■ April 30, 2021
Shares | Company | Value | % of net assets | ||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT | |||||||||||||||
1,869,653 | Cisco Systems, Inc | $ | 95,184,034 | 1.1 | % | ||||||||||
Other | 156,158,160 | 1.8 | |||||||||||||
251,342,194 | 2.9 | ||||||||||||||
TELECOMMUNICATION SERVICES | |||||||||||||||
3,136,640 | AT&T, Inc | 98,521,862 | 1.1 | ||||||||||||
1,823,813 | Verizon Communications, Inc | 105,398,153 | 1.2 | ||||||||||||
Other | 39,315,778 | 0.5 | |||||||||||||
243,235,793 | 2.8 | ||||||||||||||
TRANSPORTATION | 256,007,484 | 2.9 | |||||||||||||
UTILITIES | |||||||||||||||
861,610 | NextEra Energy, Inc | 66,783,391 | 0.8 | ||||||||||||
Other | 371,462,776 | 4.2 | |||||||||||||
438,246,167 | 5.0 | ||||||||||||||
TOTAL COMMON STOCKS (Cost $5,862,226,615) | 8,775,443,523 | 99.9 | |||||||||||||
Principal | Issuer | ||||||||||||||
SHORT-TERM INVESTMENTS | |||||||||||||||
GOVERNMENT AGENCY DEBT | 4,000,000 | 0.1 |
Shares | Company | Value | % of net assets | |||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | ||||||||||||||
8,525,252 | c | State Street Navigator Securities Lending Government Money Market Portfolio 0.020% | $ | 8,525,252 | 0.1 | % | ||||||||
8,525,252 | 0.1 | |||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $12,525,243) | 12,525,252 | 0.2 | ||||||||||||
TOTAL PORTFOLIO (Cost $5,874,751,858) | 8,787,968,775 | 100.1 | ||||||||||||
OTHER ASSETS & LIABILITIES, NET | (4,889,388 | ) | (0.1 | ) | ||||||||||
NET ASSETS | $ | 8,783,079,387 | 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 4/30/21, the aggregate value of securities on loan is $14,265,771. 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 ■ 2021 Semiannual Report | 29 |
Summary portfolio of investments (unaudited)
S&P 500 Index Fund ■ April 30, 2021
Shares | Company | Value | % of net assets | |||||||||||
COMMON STOCKS | ||||||||||||||
AUTOMOBILES & COMPONENTS | ||||||||||||||
166,964 | * | Tesla, Inc | $ | 118,450,940 | 1.5 | % | ||||||||
Other | 36,730,164 | 0.5 | ||||||||||||
155,181,104 | 2.0 | |||||||||||||
BANKS | ||||||||||||||
1,651,547 | Bank of America Corp | 66,937,200 | 0.9 | |||||||||||
458,077 | Citigroup, Inc | 32,633,405 | 0.4 | |||||||||||
662,854 | JPMorgan Chase & Co | 101,953,574 | 1.3 | |||||||||||
898,414 | Wells Fargo & Co | 40,473,551 | 0.5 | |||||||||||
Other | 99,813,360 | 1.3 | ||||||||||||
341,811,090 | 4.4 | |||||||||||||
CAPITAL GOODS | ||||||||||||||
151,045 | Honeywell International, Inc | 33,689,077 | 0.4 | |||||||||||
Other | 418,606,551 | 5.4 | ||||||||||||
452,295,628 | 5.8 | |||||||||||||
COMMERCIAL & PROFESSIONAL SERVICES | 62,637,054 | 0.8 | ||||||||||||
CONSUMER DURABLES & APPAREL | ||||||||||||||
275,927 | Nike, Inc (Class B) | 36,593,439 | 0.5 | |||||||||||
Other | 52,805,236 | 0.7 | ||||||||||||
89,398,675 | 1.2 | |||||||||||||
CONSUMER SERVICES | ||||||||||||||
161,954 | McDonald’s Corp | 38,234,100 | 0.5 | |||||||||||
Other | 127,576,891 | 1.6 | ||||||||||||
165,810,991 | 2.1 | |||||||||||||
DIVERSIFIED FINANCIALS | ||||||||||||||
414,109 | * | Berkshire Hathaway, Inc (Class B) | 113,859,270 | 1.5 | ||||||||||
Other | 274,855,812 | 3.5 | ||||||||||||
388,715,082 | 5.0 | |||||||||||||
ENERGY | ||||||||||||||
419,111 | Chevron Corp | 43,197,771 | 0.6 | |||||||||||
925,360 | d | Exxon Mobil Corp | 52,967,606 | 0.7 | ||||||||||
Other | 109,624,345 | 1.4 | ||||||||||||
205,789,722 | 2.7 | |||||||||||||
FOOD & STAPLES RETAILING | ||||||||||||||
95,890 | Costco Wholesale Corp | 35,679,710 | 0.5 | |||||||||||
301,996 | Walmart, Inc | 42,252,260 | 0.5 | |||||||||||
Other | 23,760,316 | 0.3 | ||||||||||||
101,692,286 | 1.3 | |||||||||||||
FOOD, BEVERAGE & TOBACCO | ||||||||||||||
842,482 | Coca-Cola Co | 45,477,178 | 0.6 | |||||||||||
299,381 | PepsiCo, Inc | 43,158,765 | 0.6 | |||||||||||
Other | 146,765,391 | 1.8 | ||||||||||||
235,401,334 | 3.0 | |||||||||||||
HEALTH CARE EQUIPMENT & SERVICES | ||||||||||||||
384,559 | Abbott Laboratories | 46,177,845 | 0.6 | |||||||||||
138,104 | Danaher Corp | 35,070,130 | 0.5 | |||||||||||
292,569 | Medtronic plc | 38,303,133 | 0.5 | |||||||||||
205,261 | UnitedHealth Group, Inc | 81,858,087 | 1.1 | |||||||||||
Other | 290,319,979 | 3.7 | ||||||||||||
491,729,174 | 6.4 |
Shares | Company | Value | % of net assets | |||||||||||
HOUSEHOLD & PERSONAL PRODUCTS | ||||||||||||||
534,579 | Procter & Gamble Co | $ | 71,323,530 | 0.9 | % | |||||||||
Other | 49,813,160 | 0.7 | ||||||||||||
121,136,690 | 1.6 | |||||||||||||
INSURANCE | 150,305,758 | 1.9 | ||||||||||||
MATERIALS | 207,924,832 | 2.7 | ||||||||||||
MEDIA & ENTERTAINMENT | ||||||||||||||
65,352 | * | Alphabet, Inc (Class A) | 153,805,932 | 2.0 | ||||||||||
62,636 | * | Alphabet, Inc (Class C) | 150,960,276 | 2.0 | ||||||||||
992,557 | Comcast Corp (Class A) | 55,732,075 | 0.7 | |||||||||||
522,926 | * | Facebook, Inc | 169,992,784 | 2.2 | ||||||||||
96,446 | * | Netflix, Inc | 49,522,128 | 0.6 | ||||||||||
394,421 | * | Walt Disney Co | 73,370,194 | 1.0 | ||||||||||
Other | 85,831,804 | 1.0 | ||||||||||||
739,215,193 | 9.5 | |||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | ||||||||||||||
383,813 | AbbVie, Inc | 42,795,150 | 0.6 | |||||||||||
570,802 | Johnson & Johnson | 92,886,609 | 1.2 | |||||||||||
551,187 | Merck & Co, Inc | 41,063,432 | 0.5 | |||||||||||
1,216,659 | Pfizer, Inc | 47,023,870 | 0.6 | |||||||||||
85,578 | Thermo Fisher Scientific, Inc | 40,241,343 | 0.5 | |||||||||||
Other | 227,595,245 | 3.0 | ||||||||||||
491,605,649 | 6.4 | |||||||||||||
REAL ESTATE | 194,558,726 | 2.5 | ||||||||||||
RETAILING | ||||||||||||||
93,053 | * | Amazon.com, Inc | 322,653,833 | 4.2 | ||||||||||
233,893 | Home Depot, Inc | 75,704,147 | 1.0 | |||||||||||
Other | 166,159,768 | 2.1 | ||||||||||||
564,517,748 | 7.3 | |||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | ||||||||||||||
88,558 | Broadcom, Inc | 40,400,160 | 0.5 | |||||||||||
883,180 | Intel Corp | 50,809,345 | 0.7 | |||||||||||
134,802 | NVIDIA Corp | 80,932,425 | 1.0 | |||||||||||
247,436 | QUALCOMM, Inc | 34,344,117 | 0.4 | |||||||||||
200,189 | Texas Instruments, Inc | 36,136,116 | 0.5 | |||||||||||
Other | 166,478,481 | 2.2 | ||||||||||||
409,100,644 | 5.3 | |||||||||||||
SOFTWARE & SERVICES | ||||||||||||||
137,630 | Accenture plc | 39,908,571 | 0.5 | |||||||||||
104,213 | * | Adobe, Inc | 52,975,636 | 0.7 | ||||||||||
190,547 | Mastercard, Inc (Class A) | 72,800,387 | 0.9 | |||||||||||
1,639,417 | Microsoft Corp | 413,428,179 | 5.3 | |||||||||||
254,689 | * | PayPal Holdings, Inc | 66,802,378 | 0.9 | ||||||||||
199,461 | * | salesforce.com, Inc | 45,939,858 | 0.6 | ||||||||||
368,524 | Visa, Inc (Class A) | 86,072,465 | 1.1 | |||||||||||
Other | 275,900,675 | 3.6 | ||||||||||||
1,053,828,149 | 13.6 | |||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT | ||||||||||||||
3,430,771 | Apple, Inc | 451,009,156 | 5.8 | |||||||||||
917,165 | Cisco Systems, Inc | 46,692,870 | 0.6 | |||||||||||
Other | 92,069,303 | 1.2 | ||||||||||||
589,771,329 | 7.6 |
30 | 2021 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds | See notes to financial statements |
Summary portfolio of investments (unaudited) | concluded |
S&P 500 Index Fund ■ April 30, 2021
Shares | Company | Value | % of net assets | |||||||||||
TELECOMMUNICATION SERVICES | ||||||||||||||
1,553,872 | AT&T, Inc | $ | 48,807,120 | 0.6 | % | |||||||||
902,957 | Verizon Communications, Inc | 52,181,885 | 0.7 | |||||||||||
Other | 19,318,861 | 0.3 | ||||||||||||
120,307,866 | 1.6 | |||||||||||||
TRANSPORTATION | 155,847,585 | 2.0 | ||||||||||||
UTILITIES | ||||||||||||||
425,619 | NextEra Energy, Inc | 32,989,729 | 0.4 | |||||||||||
Other | 170,461,304 | 2.2 | ||||||||||||
203,451,033 | 2.6 | |||||||||||||
TOTAL COMMON STOCKS (Cost $3,156,475,184) | 7,692,033,342 | 99.3 | ||||||||||||
Principal | Issuer | |||||||||||||
SHORT-TERM INVESTMENTS | ||||||||||||||
GOVERNMENT AGENCY DEBT | 49,525,000 | 0.7 |
Shares | Company | Value | % of net assets | |||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | ||||||||||||||
1,244,796 | c | State Street Navigator Securities Lending Government Money Market Portfolio 0.020% | $ | 1,244,796 | 0.0 | % | ||||||||
1,244,796 | 0.0 | |||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $50,769,472) | 50,769,796 | 0.7 | ||||||||||||
TOTAL PORTFOLIO (Cost $3,207,244,656) | 7,742,803,138 | 100.0 | ||||||||||||
OTHER ASSETS & LIABILITIES, NET | 3,824,973 | 0.0 | ||||||||||||
NET ASSETS | $ | 7,746,628,111 | 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 4/30/21, the aggregate value of securities on loan is $1,209,752. 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 April 30, 2021 were as follows:
Description | Number of long (short contracts | ) | Expiration date | Notional amount | Value | Unrealized appreciation (depreciation | ) | |||||||||||
S&P 500 E Mini Index | 250 | 06/18/21 | $52,236,111 | $52,180,000 | $(56,111 | ) |
See notes to financial statements | TIAA-CREF Funds: Equity Index Funds ■ 2021 Semiannual Report | 31 |
Summary portfolio of investments (unaudited)
Small-Cap Blend Index Fund ■ April 30, 2021
Shares | Company | Value | % of net assets | |||||||||||
COMMON STOCKS | ||||||||||||||
AUTOMOBILES & COMPONENTS | ||||||||||||||
67,450 | * | Fox Factory Holding Corp | $ | 10,335,363 | 0.2 | % | ||||||||
Other | 62,889,617 | 1.4 | ||||||||||||
73,224,980 | 1.6 | |||||||||||||
BANKS | ||||||||||||||
211,169 | First Financial Bankshares, Inc | 10,364,175 | 0.2 | |||||||||||
Other | 473,340,574 | 10.1 | ||||||||||||
483,704,749 | 10.3 | |||||||||||||
CAPITAL GOODS | �� | |||||||||||||
91,888 | Advanced Drainage Systems, Inc | 10,260,214 | 0.2 | |||||||||||
332,676 | * | Builders FirstSource, Inc | 16,191,341 | 0.3 | ||||||||||
88,288 | EMCOR Group, Inc | 10,576,902 | 0.2 | |||||||||||
672,205 | * | Plug Power, Inc | 19,164,565 | 0.4 | ||||||||||
71,658 | * | SiteOne Landscape Supply, Inc | 12,854,012 | 0.3 | ||||||||||
258,951 | * | Sunrun, Inc | 12,688,599 | 0.3 | ||||||||||
Other | 435,445,047 | 9.3 | ||||||||||||
517,180,680 | 11.0 | |||||||||||||
COMMERCIAL & PROFESSIONAL SERVICES | ||||||||||||||
87,844 | Tetra Tech, Inc | 11,211,530 | 0.2 | |||||||||||
Other | 149,975,454 | 3.2 | ||||||||||||
161,186,984 | 3.4 | |||||||||||||
CONSUMER DURABLES & APPAREL | ||||||||||||||
109,070 | * | Crocs, Inc | 10,920,088 | 0.2 | ||||||||||
45,687 | * | Deckers Outdoor Corp | 15,451,343 | 0.3 | ||||||||||
53,911 | * | TopBuild Corp | 11,988,728 | 0.3 | ||||||||||
129,803 | * | YETI Holdings, Inc | 11,087,772 | 0.2 | ||||||||||
Other | 140,321,455 | 3.0 | ||||||||||||
189,769,386 | 4.0 | |||||||||||||
CONSUMER SERVICES | ||||||||||||||
293,735 | * | Caesars Entertainment, Inc | 28,739,032 | 0.6 | ||||||||||
62,042 | Churchill Downs, Inc | 13,121,883 | 0.3 | |||||||||||
65,992 | * | Marriott Vacations Worldwide Corp | 11,722,159 | 0.3 | ||||||||||
254,174 | * | Penn National Gaming, Inc | 22,651,987 | 0.5 | ||||||||||
107,152 | * | Texas Roadhouse, Inc (Class A) | 11,467,407 | 0.3 | ||||||||||
Other | 125,439,620 | 2.5 | ||||||||||||
213,142,088 | 4.5 | |||||||||||||
DIVERSIFIED FINANCIALS | ||||||||||||||
94,977 | e | iShares Russell 2000 Index Fund | 21,359,378 | 0.5 | ||||||||||
163,348 | Stifel Financial Corp | 11,302,048 | 0.2 | |||||||||||
Other | 161,484,705 | 3.4 | ||||||||||||
194,146,131 | 4.1 | |||||||||||||
ENERGY | ||||||||||||||
427,425 | Ovintiv, Inc | 10,228,280 | 0.2 | |||||||||||
Other | 106,783,387 | 2.3 | ||||||||||||
117,011,667 | 2.5 | |||||||||||||
FOOD & STAPLES RETAILING | ||||||||||||||
213,452 | * | Performance Food Group Co | 12,529,632 | 0.3 | ||||||||||
Other | 25,479,574 | 0.5 | ||||||||||||
38,009,206 | 0.8 |
Shares | Company | Value | % of net assets | |||||||||||
FOOD, BEVERAGE & TOBACCO | ||||||||||||||
262,513 | * | Darling International, Inc | $ | 18,231,528 | 0.4 | % | ||||||||
66,403 | * | Freshpet, Inc | 12,272,602 | 0.3 | ||||||||||
Other | 56,892,589 | 1.2 | ||||||||||||
87,396,719 | 1.9 | |||||||||||||
HEALTH CARE EQUIPMENT & SERVICES | ||||||||||||||
42,706 | * | Inspire Medical Systems, Inc | 10,113,635 | 0.2 | ||||||||||
49,302 | * | LHC Group, Inc | 10,268,128 | 0.2 | ||||||||||
74,300 | * | Staar Surgical Co | 10,179,843 | 0.2 | ||||||||||
170,647 | * | Tenet Healthcare Corp | 10,112,541 | 0.2 | ||||||||||
Other | 299,960,154 | 6.4 | ||||||||||||
340,634,301 | 7.2 | |||||||||||||
HOUSEHOLD & PERSONAL PRODUCTS | 26,552,206 | 0.6 | ||||||||||||
INSURANCE | 91,873,441 | 2.0 | ||||||||||||
MATERIALS | ||||||||||||||
305,448 | * | Alcoa Corp | 11,191,615 | 0.2 | ||||||||||
732,111 | *,e | Cleveland-Cliffs, Inc | 13,075,502 | 0.3 | ||||||||||
178,603 | Louisiana-Pacific Corp | 11,766,366 | 0.3 | |||||||||||
Other | 173,299,405 | 3.6 | ||||||||||||
209,332,888 | 4.4 | |||||||||||||
MEDIA & ENTERTAINMENT | 72,558,576 | 1.5 | ||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | ||||||||||||||
166,933 | * | Arrowhead Pharmaceuticals Inc | 12,146,045 | 0.3 | ||||||||||
123,809 | * | Fate Therapeutics, Inc | 10,819,669 | 0.2 | ||||||||||
215,205 | * | Halozyme Therapeutics, Inc | 10,749,490 | 0.2 | ||||||||||
69,758 | * | Mirati Therapeutics, Inc | 11,595,175 | 0.3 | ||||||||||
123,344 | * | Natera, Inc | 13,570,307 | 0.3 | ||||||||||
100,550 | * | Novavax, Inc | 23,823,312 | 0.5 | ||||||||||
76,590 | * | Twist Bioscience Corp | 10,277,612 | 0.2 | ||||||||||
103,616 | * | Ultragenyx Pharmaceutical, Inc | 11,567,690 | 0.3 | ||||||||||
Other | 458,446,317 | 9.6 | ||||||||||||
562,995,617 | 11.9 | |||||||||||||
REAL ESTATE | ||||||||||||||
63,908 | EastGroup Properties, Inc | 10,139,643 | 0.2 | |||||||||||
162,529 | * | Redfin Corp | 11,503,803 | 0.2 | ||||||||||
Other | 267,178,805 | 5.7 | ||||||||||||
288,822,251 | 6.1 | |||||||||||||
RETAILING | ||||||||||||||
93,299 | *,e | GameStop Corp (Class A) | 16,195,773 | 0.4 | ||||||||||
42,428 | Lithia Motors, Inc (Class A) | 16,308,475 | 0.4 | |||||||||||
25,732 | * | RH | 17,704,131 | 0.4 | ||||||||||
Other | 171,775,159 | 3.5 | ||||||||||||
221,983,538 | 4.7 | |||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | ||||||||||||||
118,498 | Brooks Automation, Inc | 12,007,402 | 0.3 | |||||||||||
221,503 | * | Lattice Semiconductor Corp | 11,143,816 | 0.2 | ||||||||||
Other | 114,158,373 | 2.4 | ||||||||||||
137,309,591 | 2.9 |
32 | 2021 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds | See notes to financial statements |
Summary portfolio of investments (unaudited) | concluded |
Small-Cap Blend Index Fund ■ April 30, 2021
Shares | Company | Value | % of net assets | |||||||||||
SOFTWARE & SERVICES | ||||||||||||||
137,391 | * | Digital Turbine, Inc | $ | 10,363,403 | 0.2 | % | ||||||||
Other | 296,133,032 | 6.3 | ||||||||||||
306,496,435 | 6.5 | |||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT | ||||||||||||||
167,418 | * | II-VI, Inc | 11,240,445 | 0.3 | ||||||||||
Other | 128,178,898 | 2.7 | ||||||||||||
139,419,343 | 3.0 | |||||||||||||
TELECOMMUNICATION SERVICES | 39,331,230 | 0.8 | ||||||||||||
TRANSPORTATION | ||||||||||||||
42,882 | * | Saia, Inc | 10,055,829 | 0.2 | ||||||||||
Other | 59,112,200 | 1.3 | ||||||||||||
69,168,029 | 1.5 | |||||||||||||
UTILITIES | 128,265,647 | 2.7 | ||||||||||||
TOTAL COMMON STOCKS (Cost $2,876,052,780) | 4,709,515,683 | 99.9 | ||||||||||||
RIGHTS / WARRANTS | ||||||||||||||
ENERGY | 21,345 | 0.0 | ||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 3,651 | 0.0 | ||||||||||||
TOTAL RIGHTS / WARRANTS (Cost $561) | 24,996 | 0.0 | ||||||||||||
Principal | Issuer | |||||||||||||
SHORT-TERM INVESTMENTS | ||||||||||||||
REPURCHASE AGREEMENT | 3,730,000 | 0.1 |
Shares | Company | Value | % of net assets | |||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | ||||||||||||||
114,636,088 | c | State Street Navigator Securities Lending Government Money Market Portfolio 0.020% | $ | 114,636,088 | 2.4 | % | ||||||||
114,636,088 | 2.4 | |||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $118,366,088) | 118,366,088 | 2.5 | ||||||||||||
TOTAL PORTFOLIO (Cost $2,994,419,429) | 4,827,906,767 | 102.4 | ||||||||||||
OTHER ASSETS & LIABILITIES, NET | (115,032,812 | ) | (2.4 | ) | ||||||||||
NET ASSETS | $ | 4,712,873,955 | 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 $205,815,174. 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 04/30/21, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended, is $4,910,869 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 ■ 2021 Semiannual Report | 33 |
Summary portfolio of investments (unaudited)
Emerging Markets Equity Index Fund ■ April 30, 2021
Shares | Company | Value | % of net assets | |||||||||||
COMMON STOCKS | ||||||||||||||
ARGENTINA | $ | 441,017 | 0.0 | % | ||||||||||
BRAZIL | ||||||||||||||
2,484,853 | Itau Unibanco Holding S.A. | 12,593,404 | 0.3 | |||||||||||
1,904,359 | Vale S.A. | 38,220,049 | 0.9 | |||||||||||
Other | 141,408,246 | 3.2 | ||||||||||||
192,221,699 | 4.4 | |||||||||||||
CHILE | 20,888,026 | 0.5 | ||||||||||||
CHINA | ||||||||||||||
977,665 | * | Alibaba Group Holding Ltd (ADR) | 225,791,732 | 5.2 | ||||||||||
139,289 | * | Baidu, Inc (ADR) | 29,296,655 | 0.7 | ||||||||||
42,849,953 | Bank of China Ltd | 17,000,632 | 0.4 | |||||||||||
50,247,641 | China Construction Bank Corp | 39,662,552 | 0.9 | |||||||||||
2,023,868 | China Merchants Bank Co Ltd | 16,256,540 | 0.4 | |||||||||||
31,901,777 | Industrial & Commercial Bank of China Ltd | |||||||||||||
(Hong Kong) | 20,700,792 | 0.5 | ||||||||||||
446,624 | * | JD.com, Inc (ADR) | 34,550,833 | 0.8 | ||||||||||
38,900 | Kweichow Moutai Co Ltd | 12,017,823 | 0.3 | |||||||||||
1,860,500 | *,g | Meituan Dianping (Class B) | 71,209,304 | 1.6 | ||||||||||
216,005 | NetEase, Inc | 24,205,520 | 0.5 | |||||||||||
795,550 | * | New Oriental Education & Technology Group (ADR) | 12,140,093 | 0.3 | ||||||||||
663,234 | * | NIO, Inc (ADR) | 26,423,243 | 0.6 | ||||||||||
203,159 | * | Pinduoduo, Inc (ADR) | 27,209,085 | 0.6 | ||||||||||
3,087,526 | Ping An Insurance Group Co of China Ltd | 33,661,023 | 0.8 | |||||||||||
2,968,804 | Tencent Holdings Ltd | 236,827,406 | 5.4 | |||||||||||
1,686,801 | *,g | Wuxi Biologics Cayman, Inc | 23,678,964 | 0.5 | ||||||||||
7,355,400 | *,g | Xiaomi Corp | 23,179,341 | 0.5 | ||||||||||
208,173 | Yum China Holdings, Inc | 13,098,245 | 0.3 | |||||||||||
Other | 694,951,475 | 16.0 | ||||||||||||
1,581,861,258 | 36.3 | |||||||||||||
COLOMBIA | 6,396,966 | 0.2 | ||||||||||||
CZECH REPUBLIC | 4,413,436 | 0.1 | ||||||||||||
EGYPT | 3,382,771 | 0.1 | ||||||||||||
GREECE | 4,622,515 | 0.1 | ||||||||||||
HONG KONG | 13,857,112 | 0.3 | ||||||||||||
HUNGARY | 8,644,717 | 0.2 | ||||||||||||
INDIA | ||||||||||||||
420,679 | Hindustan Lever Ltd | 13,342,905 | 0.3 | |||||||||||
880,817 | Housing Development Finance Corp | 28,684,045 | 0.7 | |||||||||||
2,637,347 | * | ICICI Bank Ltd | 21,363,748 | 0.5 | ||||||||||
1,774,161 | Infosys Technologies Ltd | 32,243,062 | 0.7 | |||||||||||
1,474,783 | Reliance Industries Ltd | 39,621,809 | 0.9 | |||||||||||
483,731 | Tata Consultancy Services Ltd | 19,795,986 | 0.5 | |||||||||||
Other | 241,670,118 | 5.5 | ||||||||||||
396,721,673 | 9.1 | |||||||||||||
INDONESIA | 50,016,950 | 1.2 |
Shares | Company | Value | % of net assets | |||||||||||
KOREA, REPUBLIC OF | ||||||||||||||
283,360 | Hynix Semiconductor, Inc | $ | 32,326,070 | 0.7 | % | |||||||||
77,610 | Hyundai Motor Co | 14,757,682 | 0.3 | |||||||||||
148,105 | Kakao Corp | 15,081,051 | 0.4 | |||||||||||
23,816 | LG Chem Ltd | 19,881,298 | 0.5 | |||||||||||
63,411 | Naver Corp | 20,419,734 | 0.5 | |||||||||||
39,502 | POSCO | 12,909,832 | 0.3 | |||||||||||
2,465,258 | Samsung Electronics Co Ltd | 179,681,510 | 4.1 | |||||||||||
428,275 | Samsung Electronics Co Ltd (Preference) | 28,118,119 | 0.6 | |||||||||||
28,748 | Samsung SDI Co Ltd | 16,779,635 | 0.4 | |||||||||||
Other | 230,555,418 | 5.3 | ||||||||||||
570,510,349 | 13.1 | |||||||||||||
KUWAIT | 21,858,518 | 0.5 | ||||||||||||
LUXEMBOURG | 1,564,014 | 0.0 | ||||||||||||
MALAYSIA | 58,549,693 | 1.3 | ||||||||||||
MEXICO | ||||||||||||||
17,738,041 | America Movil S.A.B. de C.V. | 12,390,447 | 0.3 | |||||||||||
Other | 61,721,951 | 1.4 | ||||||||||||
74,112,398 | 1.7 | |||||||||||||
PAKISTAN | 691,095 | 0.0 | ||||||||||||
PERU | 8,554,111 | 0.2 | ||||||||||||
PHILIPPINES | 27,138,858 | 0.6 | ||||||||||||
POLAND | 29,423,283 | 0.7 | ||||||||||||
QATAR | 29,144,115 | 0.7 | ||||||||||||
ROMANIA | 1,346,182 | 0.0 | ||||||||||||
RUSSIA | ||||||||||||||
2,851,696 | Gazprom OAO (ADR) | 17,291,940 | 0.4 | |||||||||||
225,744 | LUKOIL PJSC (ADR) | 17,436,466 | 0.4 | |||||||||||
1,380,561 | Sberbank of Russian Federation (ADR) | 21,734,484 | 0.5 | |||||||||||
Other | 71,208,208 | 1.6 | ||||||||||||
127,671,098 | 2.9 | |||||||||||||
SAUDI ARABIA | ||||||||||||||
637,197 | Al Rajhi Bank | 16,776,907 | 0.4 | |||||||||||
1,122,617 | * | National Commercial Bank | 17,002,999 | 0.4 | ||||||||||
478,477 | Saudi Basic Industries Corp | 15,769,188 | 0.4 | |||||||||||
Other | 71,871,858 | 1.6 | ||||||||||||
121,420,952 | 2.8 | |||||||||||||
SINGAPORE | 1,102,675 | 0.0 | ||||||||||||
SOUTH AFRICA | ||||||||||||||
223,694 | Naspers Ltd (N Shares) | 50,908,278 | 1.1 | |||||||||||
Other | 99,052,246 | 2.3 | ||||||||||||
149,960,524 | 3.4 |
34 | 2021 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds | See notes to financial statements |
Summary portfolio of investments (unaudited) | concluded |
Emerging Markets Equity Index Fund ■ April 30, 2021
Shares | Company | Value | % of net assets | |||||||||||
TAIWAN | ||||||||||||||
6,510,002 | Hon Hai Precision Industry Co, Ltd | $ | 26,762,919 | 0.6 | % | |||||||||
784,170 | MediaTek, Inc | 32,874,415 | 0.8 | |||||||||||
12,716,848 | Taiwan Semiconductor Manufacturing Co Ltd | 267,811,820 | 6.1 | |||||||||||
6,049,452 | United Microelectronics Corp | 12,065,688 | 0.3 | |||||||||||
Other | 269,100,304 | 6.2 | ||||||||||||
608,615,146 | 14.0 | |||||||||||||
TANZANIA, UNITED REPUBLIC OF | 4,095,787 | 0.1 | ||||||||||||
THAILAND | 77,137,741 | 1.8 | ||||||||||||
TURKEY | 11,926,478 | 0.3 | ||||||||||||
UNITED ARAB EMIRATES | 23,960,395 | 0.6 | ||||||||||||
UNITED STATES | ||||||||||||||
171,447 | iShares MSCI South Korea Index Fund | 15,526,240 | 0.3 | |||||||||||
1,948,340 | e | Vanguard Emerging Markets ETF | 103,223,053 | 2.4 | ||||||||||
Other | 7,654,899 | 0.2 | ||||||||||||
126,404,192 | 2.9 | |||||||||||||
TOTAL COMMON STOCKS (Cost $2,904,054,673) | 4,358,655,744 | 100.1 | ||||||||||||
PREFERRED STOCKS | ||||||||||||||
PHILIPPINES | 639 | 0.0 | ||||||||||||
TOTAL PREFERRED STOCKS (Cost $725) | 639 | 0.0 | ||||||||||||
RIGHTS / WARRANTS | ||||||||||||||
THAILAND | 7,690 | 0.0 | ||||||||||||
TOTAL RIGHTS / WARRANTS (Cost $0) | 7,690 | 0.0 | ||||||||||||
Principal | Issuer | |||||||||||||
SHORT-TERM INVESTMENTS | ||||||||||||||
REPURCHASE AGREEMENT | 1,735,000 | 0.0 |
Shares | Company | Value | % of net assets | |||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | ||||||||||||||
95,821,556 | c | State Street Navigator Securities Lending Government Money Market Portfolio 0.020% | $ | 95,821,556 | 2.2 | % | ||||||||
95,821,556 | 2.2 | |||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $97,556,556) | 97,556,556 | 2.2 | ||||||||||||
TOTAL PORTFOLIO (Cost $3,001,611,954) | 4,456,220,629 | 102.3 | ||||||||||||
OTHER ASSETS & LIABILITIES, NET | (102,188,191 | ) | (2.3 | ) | ||||||||||
NET ASSETS | $ | 4,354,032,438 | 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. | |
e | All or a portion of these securities are out on loan. The aggregate value of securities on loan is $139,370,482. 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 4/30/21, the aggregate value of these securities, including those in “Other,” is $230,309,776 or 5.3% 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 Index Fund ■ April 30, 2021
Sector | Value | % of net assets | |||||||
INFORMATION TECHNOLOGY | $ | 895,357,718 | 20.5 | % | |||||
FINANCIALS | 881,226,537 | 20.2 | |||||||
CONSUMER DISCRETIONARY | 737,808,426 | 16.9 | |||||||
COMMUNICATION SERVICES | 497,057,323 | 11.4 | |||||||
MATERIALS | 365,468,375 | 8.4 | |||||||
CONSUMER STAPLES | 234,328,183 | 5.4 | |||||||
HEALTH CARE | 198,683,043 | 4.6 | |||||||
ENERGY | 194,807,726 | 4.5 | |||||||
INDUSTRIALS | 187,443,408 | 4.3 | |||||||
REAL ESTATE | 85,561,994 | 2.0 | |||||||
UTILITIES | 80,921,340 | 1.9 | |||||||
SHORT-TERM INVESTMENTS | 97,556,556 | 2.2 | |||||||
OTHER ASSETS & LIABILITIES, NET | (102,188,191 | ) | (2.3 | ) | |||||
NET ASSETS | $ | 4,354,032,438 | 100.0 | % | |||||
See notes to financial statements | TIAA-CREF Funds: Equity Index Funds ■ 2021 Semiannual Report | 35 |
Summary portfolio of investments (unaudited)
International Equity Index Fund ■ April 30, 2021
Shares | Company | Value | % of net | |||||||||||
COMMON STOCKS | ||||||||||||||
AUSTRALIA | ||||||||||||||
2,785,760 | BHP Billiton Ltd | $ | 101,390,195 | 0.6 | % | |||||||||
1,996,923 | BHP Group plc | 60,136,900 | 0.4 | |||||||||||
1,677,940 | Commonwealth Bank of Australia | 114,866,028 | 0.7 | |||||||||||
430,857 | CSL Ltd | 90,003,620 | 0.6 | |||||||||||
3,113,782 | National Australia Bank Ltd | 63,720,978 | 0.4 | |||||||||||
1,060,531 | Rio Tinto plc | 88,827,066 | 0.5 | |||||||||||
3,416,248 | Westpac Banking Corp | 65,833,394 | 0.4 | |||||||||||
Other | 704,125,598 | 4.4 | ||||||||||||
1,288,903,779 | 8.0 | |||||||||||||
AUSTRIA | 29,513,407 | 0.2 | ||||||||||||
BELGIUM | 140,600,832 | 0.9 | ||||||||||||
BRAZIL | 8,574,305 | 0.1 | ||||||||||||
CHILE | 9,594,540 | 0.1 | ||||||||||||
CHINA | 30,151,899 | 0.2 | ||||||||||||
DENMARK | ||||||||||||||
1,628,541 | Novo Nordisk AS | 120,133,308 | 0.7 | |||||||||||
Other | 272,601,067 | 1.7 | ||||||||||||
392,734,375 | 2.4 | |||||||||||||
FINLAND | 194,254,080 | 1.2 | ||||||||||||
FRANCE | ||||||||||||||
448,627 | Air Liquide | 75,549,810 | 0.5 | |||||||||||
557,160 | * | Airbus SE | 67,003,864 | 0.4 | ||||||||||
1,058,088 | BNP Paribas S.A. | 67,842,163 | 0.4 | |||||||||||
238,533 | L’Oreal S.A. | 97,672,091 | 0.6 | |||||||||||
262,860 | LVMH Moet Hennessy Louis Vuitton S.A. | 198,025,615 | 1.2 | |||||||||||
1,071,884 | Sanofi-Aventis | 112,378,747 | 0.7 | |||||||||||
510,257 | Schneider Electric S.A. | 81,414,436 | 0.5 | |||||||||||
2,385,596 | Total S.A. | 105,437,989 | 0.7 | |||||||||||
Other | 960,344,993 | 6.0 | ||||||||||||
1,765,669,708 | 11.0 | |||||||||||||
GERMANY | ||||||||||||||
389,713 | Allianz AG. | 101,176,054 | 0.6 | |||||||||||
868,685 | BASF SE | 70,008,418 | 0.4 | |||||||||||
929,962 | Bayer AG. | 60,176,271 | 0.4 | |||||||||||
810,951 | Daimler AG. (Registered) | 72,173,602 | 0.4 | |||||||||||
3,176,565 | Deutsche Telekom AG. | 61,133,105 | 0.4 | |||||||||||
987,866 | SAP AG. | 138,321,633 | 0.9 | |||||||||||
723,291 | Siemens AG. | 120,670,166 | 0.7 | |||||||||||
Other | 860,989,318 | 5.4 | ||||||||||||
1,484,648,567 | 9.2 | |||||||||||||
HONG KONG | ||||||||||||||
11,451,347 | AIA Group Ltd | 145,347,033 | 0.9 | |||||||||||
1,140,964 | Hong Kong Exchanges and Clearing Ltd | 68,812,708 | 0.4 | |||||||||||
Other | 235,361,040 | 1.5 | ||||||||||||
449,520,781 | 2.8 | |||||||||||||
IRELAND | 110,743,864 | 0.7 | ||||||||||||
ISRAEL | 92,106,638 | 0.6 |
Shares | Company | Value | % of net assets | |||||||||||
ITALY | ||||||||||||||
7,693,618 | Enel S.p.A. | $ | 76,392,449 | 0.5 | % | |||||||||
Other | 251,136,867 | 1.5 | ||||||||||||
327,529,316 | 2.0 | |||||||||||||
JAPAN | ||||||||||||||
172,686 | Keyence Corp | 82,898,380 | 0.5 | |||||||||||
11,567,388 | Mitsubishi UFJ Financial Group, Inc | 61,539,617 | 0.4 | |||||||||||
105,913 | Nintendo Co Ltd | 60,757,288 | 0.4 | |||||||||||
1,483,825 | Softbank Group Corp | 133,708,372 | 0.8 | |||||||||||
1,193,432 | Sony Corp | 119,318,020 | 0.8 | |||||||||||
141,353 | Tokyo Electron Ltd | 64,200,789 | 0.4 | |||||||||||
2,007,710 | * | Toyota Motor Corp | 150,225,237 | 0.9 | ||||||||||
Other | 3,101,291,349 | 19.3 | ||||||||||||
3,773,939,052 | 23.5 | |||||||||||||
JORDAN | 5,568,915 | 0.0 | ||||||||||||
LUXEMBOURG | 35,036,164 | 0.2 | ||||||||||||
MACAU | 34,236,342 | 0.2 | ||||||||||||
MEXICO | 1,923,252 | 0.0 | ||||||||||||
NETHERLANDS | ||||||||||||||
403,023 | ASML Holding NV | 261,618,946 | 1.6 | |||||||||||
3,879,049 | Royal Dutch Shell plc (A Shares) | 72,989,204 | 0.5 | |||||||||||
3,505,815 | Royal Dutch Shell plc (B Shares) | 62,731,844 | 0.4 | |||||||||||
Other | 414,933,464 | 2.6 | ||||||||||||
812,273,458 | 5.1 | |||||||||||||
NEW ZEALAND | 54,399,217 | 0.3 | ||||||||||||
NORWAY | 87,202,826 | 0.5 | ||||||||||||
PORTUGAL | 24,261,253 | 0.2 | ||||||||||||
RUSSIA | 4,221,764 | 0.0 | ||||||||||||
SAUDI ARABIA | 19,562,619 | 0.1 | ||||||||||||
SINGAPORE | 167,387,825 | 1.0 | ||||||||||||
SOUTH AFRICA | 49,252,757 | 0.3 | ||||||||||||
SPAIN | ||||||||||||||
16,504,270 | Banco Santander S.A. (AQXE) | 63,666,071 | 0.4 | |||||||||||
5,809,352 | Iberdrola S.A. | 78,507,277 | 0.5 | |||||||||||
Other | 254,406,753 | 1.6 | ||||||||||||
396,580,101 | 2.5 | |||||||||||||
SWEDEN | 541,174,859 | 3.4 | ||||||||||||
SWITZERLAND | ||||||||||||||
2,725,189 | Nestle S.A. | 325,198,688 | 2.0 | |||||||||||
2,099,371 | Novartis AG. | 179,152,643 | 1.1 | |||||||||||
664,446 | Roche Holding AG. | 216,712,775 | 1.4 | |||||||||||
Other | 770,708,739 | 4.8 | ||||||||||||
1,491,772,845 | 9.3 | |||||||||||||
UNITED ARAB EMIRATES | 1,681 | 0.0 |
36 | 2021 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds | See notes to financial statements |
Summary portfolio of investments (unaudited) | concluded |
International Equity Index Fund ■ April 30, 2021
Shares | Company | Value | % of net assets | |||||||||||
UNITED KINGDOM | ||||||||||||||
1,241,612 | AstraZeneca plc | $ | 132,161,989 | 0.8 | % | |||||||||
19,184,233 | BP plc | 80,311,818 | 0.5 | |||||||||||
2,170,183 | British American Tobacco plc | 80,521,046 | 0.5 | |||||||||||
2,212,025 | Diageo plc | 99,300,819 | 0.6 | |||||||||||
4,742,078 | GlaxoSmithKline plc | 87,632,385 | 0.6 | |||||||||||
19,282,667 | HSBC Holdings plc | 120,395,401 | 0.8 | |||||||||||
674,123 | Reckitt Benckiser Group plc | 60,022,296 | 0.4 | |||||||||||
2,487,046 | Unilever plc | 145,683,903 | 0.9 | |||||||||||
Other | 1,100,258,111 | 6.8 | ||||||||||||
1,906,287,768 | 11.9 | |||||||||||||
UNITED STATES | 93,549,798 | 0.6 | ||||||||||||
TOTAL COMMON STOCKS (Cost $11,866,037,509) | 15,823,178,587 | 98.5 | ||||||||||||
RIGHTS / WARRANTS | ||||||||||||||
SWITZERLAND | 36,883 | 0.0 | ||||||||||||
TOTAL RIGHTS / WARRANTS (Cost $0) | 36,883 | 0.0 | ||||||||||||
Principal | Issuer | |||||||||||||
SHORT-TERM INVESTMENTS | ||||||||||||||
GOVERNMENT AGENCY DEBT | 44,923,765 | 0.3 | ||||||||||||
REPURCHASE AGREEMENT | 4,445,000 | 0.0 | ||||||||||||
TREASURY DEBT | 73,951,899 | 0.5 |
Shares | Company | Value | % of net assets | |||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | ||||||||||||||
93,575,022 | c | State Street Navigator Securities Lending Government Money Market Portfolio 0.020% | $ | 93,575,022 | 0.6 | % | ||||||||
93,575,022 | 0.6 | |||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $216,895,272) | 216,895,686 | 1.4 | ||||||||||||
TOTAL PORTFOLIO (Cost $12,082,932,781) | 16,040,111,156 | 99.9 | ||||||||||||
OTHER ASSETS & LIABILITIES, NET | 17,466,437 | 0.1 | ||||||||||||
NET ASSETS | $ | 16,057,577,593 | 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 04/30/21, the aggregate value of securities on loan is $193,540,932. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.
At 04/30/21, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended, is $300,649,090 or 1.9% 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.
Futures contracts outstanding as of April 30, 2021 were as follows:
Description | Number of long (short contracts | ) | Expiration date | Notional amount | Value | Unrealized appreciation (depreciation | ) | |||||||||||
MSCI EAFE Index | 1,057 | 06/18/21 | $119,346,583 | $119,298,305 | $(48,278 | ) |
Summary of market values by sector (unaudited)
International Equity Index Fund ■ April 30, 2021
Sector | Value | % of net assets | |||||||
FINANCIALS | $ | 2,738,970,475 | 17.0 | % | |||||
INDUSTRIALS | 2,421,466,423 | 15.1 | |||||||
CONSUMER DISCRETIONARY | 2,007,928,501 | 12.5 | |||||||
HEALTH CARE | 1,890,289,377 | 11.8 | |||||||
CONSUMER STAPLES | 1,632,305,558 | 10.2 | |||||||
INFORMATION TECHNOLOGY | 1,464,425,960 | 9.1 | |||||||
MATERIALS | 1,275,900,880 | 7.9 | |||||||
COMMUNICATION SERVICES | 831,730,937 | 5.2 | |||||||
UTILITIES | 570,391,740 | 3.6 | |||||||
ENERGY | 502,241,966 | 3.1 | |||||||
REAL ESTATE | 487,563,653 | 3.0 | |||||||
SHORT-TERM INVESTMENTS | 216,895,686 | 1.4 | |||||||
OTHER ASSETS & LIABILITIES, NET | 17,466,437 | 0.1 | |||||||
NET ASSETS | $ | 16,057,577,593 | 100.0 | % |
See notes to financial statements | TIAA-CREF Funds: Equity Index Funds ■ 2021 Semiannual Report | 37 |
Statements of assets and liabilities (unaudited)
TIAA-CREF Funds ■ April 30, 2021
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 | International Equity Index Fund | |||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||
Portfolio investments, at value*† | $ | 33,048,585,649 | $ | 13,474,916,145 | $ | 8,787,968,775 | $ | 7,742,803,138 | $ | 4,827,906,767 | $ | 4,456,220,629 | $ | 16,040,111,156 | |||||||||||||||
Cash | — | — | 93,967 | — | — | 3,829 | 1,092,694 | ||||||||||||||||||||||
Cash – foreign^ | — | — | — | — | — | 1,471,291 | 9,616,671 | ||||||||||||||||||||||
Receivable from securities transactions | — | 42,860,957 | 10,924,026 | — | — | 817,181 | 9,369,545 | ||||||||||||||||||||||
Receivable for delayed delivery securities | — | — | — | — | — | — | 11,839,771 | ||||||||||||||||||||||
Receivable from Fund shares sold | 22,127,378 | 3,964,681 | 5,885,198 | 3,935,023 | 2,462,897 | 9,252,968 | 19,470,201 | ||||||||||||||||||||||
Dividends and interest receivable | 20,711,135 | 4,801,406 | 8,431,185 | 5,448,658 | 943,915 | 4,091,365 | 85,062,189 | ||||||||||||||||||||||
Due from affiliates | 739,519 | 102,887 | 13,599 | 11,909 | 7,355 | 412,701 | 262,464 | ||||||||||||||||||||||
Receivable for variation margin on open futures contracts | 528,858 | — | — | — | — | — | — | ||||||||||||||||||||||
Other | 1,246,490 | 398,932 | 413,716 | 372,437 | 225,381 | 146,217 | 817,892 | ||||||||||||||||||||||
Total assets | 33,093,939,029 | 13,527,045,008 | 8,813,730,466 | 7,752,571,165 | 4,831,546,315 | 4,472,416,181 | 16,177,642,583 | ||||||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||||||||
Management fees payable | 1,067,158 | 439,616 | 282,320 | 251,787 | 153,227 | 497,993 | 528,812 | ||||||||||||||||||||||
Service agreement fees payable | 164,877 | 220,841 | 242,188 | 430,005 | 244,777 | 115,482 | 332,388 | ||||||||||||||||||||||
Distribution fees payable | 289,369 | — | — | — | — | 8,720 | 30,506 | ||||||||||||||||||||||
Overdraft payable | 5,412,410 | 2,308,739 | — | 287,172 | 24,891 | — | — | ||||||||||||||||||||||
Payable for collateral for securities loaned | 86,481,538 | 6,298,331 | 8,525,252 | 1,244,796 | 114,636,088 | 95,821,556 | 93,575,022 | ||||||||||||||||||||||
Payable for securities transactions | — | 847,488 | 5,014,075 | — | 2,447,725 | 6,414,474 | 8,763,582 | ||||||||||||||||||||||
Payable for Fund shares redeemed | 208,246,257 | 39,490,140 | 16,041,332 | 3,212,479 | 859,866 | 4,304,229 | 15,509,624 | ||||||||||||||||||||||
Payable for variation margin on futures contracts | — | — | — | 52,954 | — | — | 74,894 | ||||||||||||||||||||||
Payable for trustee compensation | 1,204,253 | 383,313 | 402,998 | 362,493 | 220,021 | 140,686 | 795,672 | ||||||||||||||||||||||
Accrued expenses and other payables | 372,067 | 251,753 | 142,914 | 101,368 | 85,765 | 11,080,603 | 454,490 | ||||||||||||||||||||||
Total liabilities | 303,237,929 | 50,240,221 | 30,651,079 | 5,943,054 | 118,672,360 | 118,383,743 | 120,064,990 | ||||||||||||||||||||||
NET ASSETS | $ | 32,790,701,100 | $ | 13,476,804,787 | $ | 8,783,079,387 | $ | 7,746,628,111 | $ | 4,712,873,955 | $ | 4,354,032,438 | $ | 16,057,577,593 | |||||||||||||||
NET ASSETS CONSIST OF: | |||||||||||||||||||||||||||||
Paid-in-capital | $ | 15,217,975,334 | $ | 6,508,686,619 | $ | 6,188,775,217 | $ | 3,249,243,277 | $ | 2,897,110,810 | $ | 3,223,216,272 | $ | 12,535,563,183 | |||||||||||||||
Total distributable earnings (loss) | 17,572,725,766 | 6,968,118,168 | 2,594,304,170 | 4,497,384,834 | 1,815,763,145 | 1,130,816,166 | 3,522,014,410 | ||||||||||||||||||||||
NET ASSETS | $ | 32,790,701,100 | $ | 13,476,804,787 | $ | 8,783,079,387 | $ | 7,746,628,111 | $ | 4,712,873,955 | $ | 4,354,032,438 | $ | 16,057,577,593 | |||||||||||||||
INSTITUTIONAL CLASS: | |||||||||||||||||||||||||||||
Net assets | $ | 11,221,151,993 | $ | 9,267,481,958 | $ | 7,524,441,585 | $ | 5,628,444,123 | $ | 3,546,453,322 | $ | 1,040,187,681 | $ | 8,769,711,019 | |||||||||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 361,057,865 | 174,248,625 | 318,784,041 | 122,101,124 | 126,584,864 | 74,863,693 | 388,547,168 | ||||||||||||||||||||||
Net asset value per share | $ | 31.08 | $ | 53.19 | $ | 23.60 | $ | 46.10 | $ | 28.02 | $ | 13.89 | $ | 22.57 | |||||||||||||||
ADVISOR CLASS: | |||||||||||||||||||||||||||||
Net assets | $ | 14,487,696 | $ | 71,430,104 | $ | 42,272,154 | $ | 124,001,945 | $ | 13,151,327 | $ | 6,639,949 | $ | 149,824,908 | |||||||||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 465,925 | 1,344,853 | 1,794,383 | 2,694,458 | 470,084 | 476,378 | 6,647,234 | ||||||||||||||||||||||
Net asset value per share | $ | 31.09 | $ | 53.11 | $ | 23.56 | $ | 46.02 | $ | 27.98 | $ | 13.94 | $ | 22.54 | |||||||||||||||
PREMIER CLASS: | |||||||||||||||||||||||||||||
Net assets | $ | 67,361,829 | $ | — | $ | — | $ | — | $ | — | $ | 29,895,108 | $ | 246,125,926 | |||||||||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 2,172,647 | — | — | — | — | 2,157,020 | 10,931,169 | ||||||||||||||||||||||
Net asset value per share | $ | 31.00 | $ | — | $ | — | $ | — | $ | — | $ | 13.86 | $ | 22.52 | |||||||||||||||
RETIREMENT CLASS: | |||||||||||||||||||||||||||||
Net assets | $ | 803,216,426 | $ | 1,009,427,830 | $ | 1,177,222,313 | $ | 1,970,502,659 | $ | 1,153,269,306 | $ | 559,872,135 | $ | 1,416,173,536 | |||||||||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 25,461,501 | 18,845,451 | 48,966,087 | 43,060,880 | 41,003,399 | 40,493,360 | 61,310,220 | ||||||||||||||||||||||
Net asset value per share | $ | 31.55 | $ | 53.56 | $ | 24.04 | $ | 45.76 | $ | 28.13 | $ | 13.83 | $ | 23.10 | |||||||||||||||
RETAIL CLASS: | |||||||||||||||||||||||||||||
Net assets | $ | 1,388,549,722 | $ | — | $ | — | $ | — | $ | — | $ | 24,646,608 | $ | — | |||||||||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 43,868,476 | — | — | — | — | 1,779,925 | — | ||||||||||||||||||||||
Net asset value per share | $ | 31.65 | $ | — | $ | — | $ | — | $ | — | $ | 13.85 | $ | — | |||||||||||||||
CLASS W: | |||||||||||||||||||||||||||||
Net assets | $ | 19,295,933,434 | $ | 3,128,464,895 | $ | 39,143,335 | $ | 23,679,384 | $ | — | $ | 2,692,790,957 | $ | 5,475,742,204 | |||||||||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 620,705,196 | 58,786,265 | 1,658,235 | 513,636 | — | 193,526,183 | 242,522,508 | ||||||||||||||||||||||
Net asset value per share | $ | 31.09 | $ | 53.22 | $ | 23.61 | $ | 46.10 | $ | — | $ | 13.91 | $ | 22.58 | |||||||||||||||
* | Includes securities loaned of | $ | 151,106,293 | $ | 18,702,007 | $ | 14,265,771 | $ | 1,209,752 | $ | 205,815,174 | $ | 139,370,482 | $ | 193,540,932 | ||||||||||||||
† | Portfolio investments, cost | $ | 15,322,644,153 | $ | 6,517,131,709 | $ | 5,874,751,858 | $ | 3,207,244,656 | $ | 2,994,419,429 | $ | 3,001,611,954 | $ | 12,082,932,781 | ||||||||||||||
^ | Foreign cash, cost | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,478,422 | $ | 9,701,654 |
38 | 2021 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Funds: Equity Index Funds ■ 2021 Semiannual Report | 39 |
Statements of operations (unaudited)
TIAA-CREF Funds ■ For the period ended April 30, 2021
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 | International Equity Index Fund | |||||||||||||||||||||||
INVESTMENT INCOME | |||||||||||||||||||||||||||||
Dividends* | $ | 207,155,580 | $ | 51,502,662 | $ | 76,877,609 | $ | 52,675,893 | $ | 17,451,151 | $ | 29,675,645 | $ | 205,907,746 | |||||||||||||||
Income from securities lending, net | 1,119,907 | 94,792 | 361,941 | 28,202 | 1,489,474 | 279,985 | 847,501 | ||||||||||||||||||||||
Interest | 16,701 | 5,640 | 1,042 | 5,867 | 2,940 | 887 | 5,515 | ||||||||||||||||||||||
Total income | 208,292,188 | 51,603,094 | 77,240,592 | 52,709,962 | 18,943,565 | 29,956,517 | 206,760,762 | ||||||||||||||||||||||
EXPENSES | |||||||||||||||||||||||||||||
Management fees | 6,106,758 | 2,490,520 | 1,559,209 | 1,419,894 | 850,541 | 2,906,186 | 3,139,006 | ||||||||||||||||||||||
Shareholder servicing – Institutional Class | 9,554 | 10,956 | 7,393 | 2,852 | 4,417 | 1,155 | 11,083 | ||||||||||||||||||||||
Shareholder servicing – Advisor Class | 7,473 | 43,030 | 16,040 | 76,703 | 42,994 | 3,088 | 78,729 | ||||||||||||||||||||||
Shareholder servicing – Premier Class | 48 | — | — | — | — | 31 | 106 | ||||||||||||||||||||||
Shareholder servicing – Retirement Class | 907,940 | 1,199,317 | 1,252,637 | 2,250,925 | 1,321,679 | 652,103 | 1,697,135 | ||||||||||||||||||||||
Shareholder servicing – Retail Class | 159,285 | — | — | — | — | 13,579 | — | ||||||||||||||||||||||
Shareholder servicing – Class W | 4,675 | 1,087 | 90 | 87 | — | 1,057 | 1,653 | ||||||||||||||||||||||
Distribution fees – Premier Class | 46,850 | — | — | — | — | 22,178 | 178,372 | ||||||||||||||||||||||
Distribution fees – Retail Class | 1,574,379 | — | — | — | — | 26,088 | — | ||||||||||||||||||||||
Administrative service fees | 252,488 | 112,346 | 81,249 | 79,178 | 52,036 | 72,096 | 146,346 | ||||||||||||||||||||||
Trustee fees and expenses | 155,623 | 61,942 | 39,816 | 36,308 | 21,592 | 21,119 | 80,530 | ||||||||||||||||||||||
Custody and accounting fees | 100,429 | 92,570 | 27,064 | 27,412 | 23,692 | 670,326 | 382,064 | ||||||||||||||||||||||
Other expenses | 367,101 | 287,843 | 198,882 | 145,403 | 137,480 | 121,546 | 282,249 | ||||||||||||||||||||||
Total expenses | 9,692,603 | 4,299,611 | 3,182,380 | 4,038,762 | 2,454,431 | 4,510,552 | 5,997,273 | ||||||||||||||||||||||
Less: Expenses reimbursed by the investment adviser | (3,967,753 | ) | (677,777 | ) | (8,632 | ) | (5,258 | ) | (34,075 | ) | (2,305,765 | ) | (1,284,820 | ) | |||||||||||||||
Net expenses | 5,724,850 | 3,621,834 | 3,173,748 | 4,033,504 | 2,420,356 | 2,204,787 | 4,712,453 | ||||||||||||||||||||||
Net investment income (loss) | 202,567,338 | 47,981,260 | 74,066,844 | 48,676,458 | 16,523,209 | 27,751,730 | 202,048,309 | ||||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS | |||||||||||||||||||||||||||||
Realized gain (loss): | |||||||||||||||||||||||||||||
Portfolio investments‡ | 56,874,084 | 14,489,205 | 7,043,730 | 32,787,716 | 28,158,473 | (19,255,229 | ) | (40,329,531 | ) | ||||||||||||||||||||
Futures contracts | 18,017,701 | — | — | 7,973,271 | (47 | ) | — | 39,720,054 | |||||||||||||||||||||
Foreign currency transactions | — | — | — | — | — | (753,549 | ) | 1,186,206 | |||||||||||||||||||||
In-kind redemptions | 743,310,680 | — | — | — | — | — | 370,919,506 | ||||||||||||||||||||||
Net realized gain (loss) on total investments | 818,202,465 | 14,489,205 | 7,043,730 | 40,760,987 | 28,158,426 | (20,008,778 | ) | 371,496,235 | |||||||||||||||||||||
Change in unrealized appreciation (depreciation) on: | |||||||||||||||||||||||||||||
Portfolio investments** | 7,029,512,503 | 2,503,745,048 | 2,253,485,294 | 1,662,730,597 | 1,461,622,222 | 764,221,450 | 3,190,388,333 | ||||||||||||||||||||||
Futures contracts | 4,426,743 | — | — | 415,789 | — | — | 4,821,115 | ||||||||||||||||||||||
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies | — | — | — | — | — | 36,690 | (442,150 | ) | |||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments | 7,033,939,246 | 2,503,745,048 | 2,253,485,294 | 1,663,146,386 | 1,461,622,222 | 764,258,140 | 3,194,767,298 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) on total investments | 7,852,141,711 | 2,518,234,253 | 2,260,529,024 | 1,703,907,373 | 1,489,780,648 | 744,249,362 | 3,566,263,533 | ||||||||||||||||||||||
Net increase (decrease) in net assets from operations | $ | 8,054,709,049 | $ | 2,566,215,513 | $ | 2,334,595,868 | $ | 1,752,583,831 | $ | 1,506,303,857 | $ | 772,001,092 | $ | 3,768,311,842 | |||||||||||||||
* | Net of foreign withholding taxes of | $ | 25,579 | $ | — | $ | 3,327 | $ | — | $ | 40,688 | $ | 3,966,870 | $ | 17,666,990 | ||||||||||||||
‡ | Includes net realized gain (loss) from securities sold to affiliates of | $ | 84,397 | $ | 1,081,167 | $ | (801,429 | ) | $ | 4,491,201 | $ | (146,180 | ) | $ | (199,575 | ) | $ | (13,302,737 | ) | ||||||||||
** | Includes net change in unrealized foreign capital gains taxes of | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 7,853,116 | $ | — |
40 | 2021 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Funds: Equity Index Funds ■ 2021 Semiannual Report | 41 |
Statements of changes in net assets
TIAA-CREF Funds ■ For the period or 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 | |||||||||||||||||||||||||||||||||||||||||||||
April 30, 2021 | October 31, 2020 | April 30, 2021 | October 31, 2020 | April 30, 2021 | October 31, 2020 | April 30, 2021 | October 31, 2020 | April 30, 2021 | October 31, 2020 | April 30, 2021 | October 31, 2020 | |||||||||||||||||||||||||||||||||||||||
(unaudited | ) | (unaudited | ) | (unaudited | ) | (unaudited | ) | (unaudited | ) | (unaudited | ) | |||||||||||||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 202,567,338 | $ | 413,771,581 | $ | 47,981,260 | $ | 80,701,773 | $ | 74,066,844 | $ | 165,012,226 | $ | 48,676,458 | $ | 101,293,790 | $ | 16,523,209 | $ | 32,861,429 | $ | 27,751,730 | $ | 67,412,204 | ||||||||||||||||||||||||||
Net realized gain (loss) on total investments | 818,202,465 | (213,830,290 | ) | 14,489,205 | 459,246,509 | 7,043,730 | (140,178,303 | ) | 40,760,987 | (41,076,547 | ) | 28,158,426 | 73,316,462 | (20,008,778 | ) | (81,098,298 | ) | |||||||||||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on total investments | 7,033,939,246 | 2,380,858,333 | 2,503,745,048 | 1,504,438,346 | 2,253,485,294 | (503,895,217 | ) | 1,663,146,386 | 474,267,747 | 1,461,622,222 | (111,474,968 | ) | 764,258,140 | 293,902,831 | ||||||||||||||||||||||||||||||||||||
Net increase (decrease) in net assets from operations | 8,054,709,049 | 2,580,799,624 | 2,566,215,513 | 2,044,386,628 | 2,334,595,868 | (479,061,294 | ) | 1,752,583,831 | 534,484,990 | 1,506,303,857 | (5,297,077 | ) | 772,001,092 | 280,216,737 | ||||||||||||||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | (158,023,347 | ) | (188,672,283 | ) | (164,805,321 | ) | (171,117,083 | ) | (147,209,704 | ) | (416,083,828 | ) | (78,758,573 | ) | (91,617,002 | ) | (79,088,443 | ) | (121,261,570 | ) | (21,408,760 | ) | (23,694,217 | ) | ||||||||||||||||||||||||||
Advisor Class | (147,386 | ) | (954,062 | ) | (1,310,526 | ) | (1,221,913 | ) | (288,876 | ) | (2,208,511 | ) | (1,669,528 | ) | (1,944,516 | ) | (283,310 | ) | (419,691 | ) | (48,204 | ) | (332,300 | ) | ||||||||||||||||||||||||||
Premier Class | (770,802 | ) | (1,243,642 | ) | — | — | — | — | — | — | — | — | (541,547 | ) | (764,353 | ) | ||||||||||||||||||||||||||||||||||
Retirement Class | (8,514,237 | ) | (12,122,608 | ) | (16,232,510 | ) | (15,539,759 | ) | (18,932,616 | ) | (58,587,438 | ) | (23,413,255 | ) | (28,317,601 | ) | (24,143,020 | ) | (39,812,298 | ) | (9,215,401 | ) | (9,140,752 | ) | ||||||||||||||||||||||||||
Retail Class | (14,418,739 | ) | (18,246,452 | ) | — | — | — | — | — | — | — | — | (317,009 | ) | (368,304 | ) | ||||||||||||||||||||||||||||||||||
Class W | (250,943,860 | ) | (249,759,049 | ) | (49,891,625 | ) | (532,201 | ) | (776,527 | ) | (1,962,348 | ) | (333,650 | ) | (392,802 | ) | — | — | (53,173,723 | ) | (45,714,504 | ) | ||||||||||||||||||||||||||||
Total distributions | (432,818,371 | ) | (470,998,096 | ) | (232,239,982 | ) | (188,410,956 | ) | (167,207,723 | ) | (478,842,125 | ) | (104,175,006 | ) | (122,271,921 | ) | (103,514,773 | ) | (161,493,559 | ) | (84,704,644 | ) | (80,014,430 | ) | ||||||||||||||||||||||||||
SHAREHOLDER TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||||||||||||||
Subscriptions: | Institutional Class | 451,316,088 | 1,869,864,766 | 868,079,352 | 1,766,639,482 | 682,082,683.00 | 1,585,018,314 | 405,171,262 | 722,236,542 | 373,310,585 | 386,395,309 | 67,280,580 | 264,735,647 | |||||||||||||||||||||||||||||||||||||
Advisor Class | 3,668,719 | 4,182,181 | 13,590,115 | 44,562,327 | 30,611,897 | 15,854,567 | 15,666,237 | 57,894,307 | 2,025,951 | 4,634,341 | 4,571,980 | 2,835,380 | ||||||||||||||||||||||||||||||||||||||
Premier Class | 3,885,316 | 9,182,263 | — | — | — | — | — | — | — | — | 9,814,036 | 12,090,118 | ||||||||||||||||||||||||||||||||||||||
Retirement Class | 36,380,484 | 42,119,059 | 53,424,305 | 133,335,426 | 100,518,402 | 112,756,176 | 130,399,459 | 291,028,196 | 42,700,593 | 81,262,992 | 45,048,066 | 85,511,682 | ||||||||||||||||||||||||||||||||||||||
Retail Class | 43,933,878 | 73,037,504 | — | — | — | — | — | — | — | — | 9,965,456 | 6,804,939 | ||||||||||||||||||||||||||||||||||||||
Class W | 1,358,977,846 | 3,788,862,814 | 1,445,799,650 | 1,407,427,456 | 3,573,546 | 10,225,516 | 2,168,544 | 4,170,772 | — | — | 312,243,806 | 741,305,512 | ||||||||||||||||||||||||||||||||||||||
Reinvestments of distributions: | Institutional Class | 157,404,139 | 187,944,328 | 134,210,760 | 143,396,014 | 121,869,085 | 352,666,600 | 76,296,247 | 90,094,298 | 77,489,433 | 118,809,583 | 21,212,715 | 23,609,222 | |||||||||||||||||||||||||||||||||||||
Advisor Class | 143,897 | 949,716 | 1,306,342 | 1,218,032 | 286,145 | 2,199,560 | 1,666,946 | 1,941,297 | 279,613 | 413,424 | 45,300 | 328,518 | ||||||||||||||||||||||||||||||||||||||
Premier Class | 755,033 | 1,236,277 | — | — | — | — | — | — | — | — | 538,664 | 764,353 | ||||||||||||||||||||||||||||||||||||||
Retirement Class | 8,505,320 | 12,111,151 | 16,208,061 | 15,517,976 | 18,914,001 | 58,535,117 | 23,413,255 | 28,317,602 | 24,143,020 | 39,812,298 | 9,215,401 | 9,140,751 | ||||||||||||||||||||||||||||||||||||||
Retail Class | 13,709,838 | 17,337,990 | — | — | — | — | — | — | — | — | 303,631 | 355,270 | ||||||||||||||||||||||||||||||||||||||
Class W | 250,943,860 | 249,759,049 | 49,891,625 | 532,200 | 776,527 | 1,962,348 | 333,650 | 392,802 | — | — | 53,173,723 | 45,714,504 | ||||||||||||||||||||||||||||||||||||||
Redemptions: | Institutional Class | (1,669,477,053 | ) | (2,361,151,638 | ) | (936,061,838 | ) | (2,930,060,988 | ) | (738,621,023 | ) | (1,506,247,463 | ) | (478,416,139 | ) | (723,659,925 | ) | (258,478,717 | ) | (382,328,259 | ) | (149,050,971 | ) | (228,335,800 | ) | |||||||||||||||||||||||||
Advisor Class | (1,773,387 | ) | (44,876,512 | ) | (21,063,228 | ) | (48,429,142 | ) | (3,465,628 | ) | (33,181,121 | ) | (24,105,356 | ) | (51,490,501 | ) | (1,940,472 | ) | (3,716,370 | ) | (765,319 | ) | (10,925,564 | ) | ||||||||||||||||||||||||||
Premier Class | (10,957,755 | ) | (20,137,058 | ) | — | — | — | — | — | — | — | — | (10,527,721 | ) | (15,069,736 | ) | ||||||||||||||||||||||||||||||||||
Retirement Class | (34,959,239 | ) | (150,328,488 | ) | (102,647,865 | ) | (160,976,505 | ) | (42,800,709 | ) | (98,365,132 | ) | (111,026,579 | ) | (280,912,558 | ) | (58,428,067 | ) | (76,851,519 | ) | (8,074,095 | ) | (12,931,319 | ) | ||||||||||||||||||||||||||
Retail Class | (53,776,755 | ) | (123,671,851 | ) | — | — | — | — | — | — | — | — | (3,789,442 | ) | (6,926,906 | ) | ||||||||||||||||||||||||||||||||||
Class W | (1,644,861,269 | ) | (1,816,710,563 | ) | (192,942,861 | ) | (8,558,721 | ) | (5,108,245 | ) | (6,618,586 | ) | (3,031,395 | ) | (4,268,089 | ) | — | — | (219,198,693 | ) | (196,981,732 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) from shareholder transactions | (1,086,181,040 | ) | 1,739,710,988 | 1,329,794,418 | 364,603,557 | 168,636,681 | 494,805,896 | 38,536,131 | 135,744,743 | 201,101,939 | 168,431,799 | 142,007,117 | 722,024,839 | |||||||||||||||||||||||||||||||||||||
Net increase (decrease) in net assets | 6,535,709,638 | 3,849,512,516 | 3,663,769,949 | 2,220,579,229 | 2,336,024,826 | (463,097,523 | ) | 1,686,944,956 | 547,957,812 | 1,603,891,023 | 1,641,163 | 829,303,565 | 922,227,146 | |||||||||||||||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning 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 | ||||||||||||||||||||||||||||||||||||||
End of period | $ | 32,790,701,100 | $ | 26,254,991,462 | $ | 13,476,804,787 | $ | 9,813,034,838 | $ | 8,783,079,387 | $ | 6,447,054,561 | $ | 7,746,628,111 | $ | 6,059,683,155 | $ | 4,712,873,955 | $ | 3,108,982,932 | $ | 4,354,032,438 | $ | 3,524,728,873 | ||||||||||||||||||||||||||
CHANGE IN FUND SHARES | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shares sold: | Institutional Class | 16,027,785 | 87,045,156 | 17,644,499 | 46,486,714 | 31,908,429 | 92,634,227 | 9,668,437 | 21,444,059 | 14,518,456 | 21,385,912 | 4,910,190 | 24,554,564 | |||||||||||||||||||||||||||||||||||||
Advisor Class | 133,048 | 206,406 | 275,778 | 1,336,144 | 1,422,261 | 873,308 | 372,000 | 1,750,644 | 78,436 | 256,789 | 320,733 | 271,335 | ||||||||||||||||||||||||||||||||||||||
Premier Class | 137,659 | 411,409 | — | — | — | — | — | — | — | — | 724,791 | 1,117,836 | ||||||||||||||||||||||||||||||||||||||
Retirement Class | 1,250,969 | 1,818,715 | 1,072,487 | 3,501,790 | 4,479,981 | 5,934,561 | 3,170,847 | 8,765,222 | 1,620,725 | 4,308,922 | 3,306,801 | 7,884,920 | ||||||||||||||||||||||||||||||||||||||
Retail Class | 1,512,369 | 3,204,767 | — | — | — | — | — | — | — | — | 722,150 | 638,840 | ||||||||||||||||||||||||||||||||||||||
Class W | 47,550,067 | 169,783,033 | 30,511,881 | 30,647,699 | 168,393 | 584,260 | 51,407 | 122,610 | — | — | 22,888,284 | 70,177,431 | ||||||||||||||||||||||||||||||||||||||
Shares reinvested: | Institutional Class | 5,819,007 | 8,268,558 | 2,826,680 | 4,069,127 | 6,060,124 | 17,775,534 | 1,898,861 | 2,618,259 | 3,290,422 | 5,835,441 | 1,639,313 | 2,171,961 | |||||||||||||||||||||||||||||||||||||
Advisor Class | 5,316 | 41,764 | 27,537 | 34,594 | 14,250 | 111,033 | 41,528 | 56,466 | 11,883 | 20,316 | 3,487 | 30,167 | ||||||||||||||||||||||||||||||||||||||
Premier Class | 27,964 | 54,486 | — | — | — | — | — | — | — | — | 41,692 | 70,447 | ||||||||||||||||||||||||||||||||||||||
Retirement Class | 309,510 | 524,292 | 338,656 | 436,757 | 922,634 | 2,893,481 | 586,357 | 827,758 | 1,019,984 | 1,944,909 | 714,926 | 844,022 | ||||||||||||||||||||||||||||||||||||||
Retail Class | 497,274 | 747,977 | — | — | — | — | — | — | — | — | 23,519 | 32,744 | ||||||||||||||||||||||||||||||||||||||
Class W | 9,277,037 | 10,988,079 | 1,050,350 | 15,102 | 38,614 | 98,909 | 8,304 | 11,415 | — | — | 4,106,079 | 4,205,566 | ||||||||||||||||||||||||||||||||||||||
Shares redeemed: | Institutional Class | (58,138,600 | ) | (102,924,430 | ) | (18,893,520 | ) | (75,248,474 | ) | (34,401,790 | ) | (85,965,863 | ) | (11,237,052 | ) | (21,497,157 | ) | (9,919,825 | ) | (21,331,318 | ) | (10,886,904 | ) | (22,127,492 | ) | |||||||||||||||||||||||||
Advisor Class | (63,470 | ) | (2,095,231 | ) | (419,801 | ) | (1,331,354 | ) | (156,728 | ) | (1,984,879 | ) | (573,917 | ) | (1,576,294 | ) | (74,720 | ) | (213,217 | ) | (58,068 | ) | (1,185,785 | ) | ||||||||||||||||||||||||||
Premier Class | (399,443 | ) | (901,560 | ) | — | — | — | — | — | — | — | — | (782,746 | ) | (1,444,478 | ) | ||||||||||||||||||||||||||||||||||
Retirement Class | (1,205,423 | ) | (6,547,804 | ) | (2,052,421 | ) | (4,205,309 | ) | (2,010,997 | ) | (5,290,118 | ) | (2,580,402 | ) | (8,369,709 | ) | (2,222,760 | ) | (4,211,125 | ) | (590,377 | ) | (1,237,384 | ) | ||||||||||||||||||||||||||
Retail Class | (1,857,760 | ) | (5,559,038 | ) | — | — | — | — | — | — | — | — | (279,397 | ) | (650,627 | ) | ||||||||||||||||||||||||||||||||||
Class W | (56,678,084 | ) | (78,474,699 | ) | (3,837,044 | ) | (219,391 | ) | (239,063 | ) | (370,219 | ) | (71,683 | ) | (124,518 | ) | — | — | (16,206,545 | ) | (18,083,233 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) from shareholder transactions | (35,794,775 | ) | 86,591,880 | 28,545,082 | 5,523,399 | 8,206,108 | 27,294,234 | 1,334,687 | 4,028,755 | 8,322,601 | 7,996,629 | 10,597,928 | 67,270,834 |
42 | 2021 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Funds: Equity Index Funds ■ 2021 Semiannual Report | 43 |
Statements of changes in net assets | concluded |
TIAA-CREF Funds ■ For the period or year ended |
International Equity Index Fund | ||||||||||
April 30, 2021 | October 31, 2020 | |||||||||
(unaudited | ) | |||||||||
OPERATIONS | ||||||||||
Net investment income (loss) | $ | 202,048,309 | $ | 326,178,016 | ||||||
Net realized gain (loss) on total investments | 371,496,235 | (190,634,176 | ) | |||||||
Net change in unrealized appreciation (depreciation) on total investments | 3,194,767,298 | (975,808,381 | ) | |||||||
Net increase (decrease) in net assets from operations | 3,768,311,842 | (840,264,541 | ) | |||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||
Institutional Class | (179,887,061 | ) | (245,800,056 | ) | ||||||
Advisor Class | (2,504,669 | ) | (3,679,322 | ) | ||||||
Premier Class | (4,375,400 | ) | (7,532,223 | ) | ||||||
Retirement Class | (22,985,372 | ) | (32,985,275 | ) | ||||||
Retail Class | — | — | ||||||||
Class W | (99,167,970 | ) | (116,525,339 | ) | ||||||
Total distributions | (308,920,472 | ) | (406,522,215 | ) | ||||||
SHAREHOLDER TRANSACTIONS | ||||||||||
Subscriptions: | Institutional Class | 499,821,935 | 1,531,729,367 | |||||||
Advisor Class | 15,872,027 | 41,912,638 | ||||||||
Premier Class | 18,103,806 | 41,293,116 | ||||||||
Retirement Class | 43,324,494 | 182,257,495 | ||||||||
Retail Class | — | — | ||||||||
Class W | 459,567,913 | 1,292,839,800 | ||||||||
Reinvestments of distributions: | Institutional Class | 174,854,263 | 237,980,362 | |||||||
Advisor Class | 2,501,794 | 3,675,587 | ||||||||
Premier Class | 4,375,400 | 7,532,223 | ||||||||
Retirement Class | 22,985,372 | 32,985,275 | ||||||||
Retail Class | — | — | ||||||||
Class W | 99,167,970 | 116,525,340 | ||||||||
Redemptions: | Institutional Class | (1,549,969,202 | ) | (1,176,795,599 | ) | |||||
Advisor Class | (10,120,683 | ) | (40,072,197 | ) | ||||||
Premier Class | (29,663,824 | ) | (65,382,558 | ) | ||||||
Retirement Class | (88,759,158 | ) | (130,901,190 | ) | ||||||
Retail Class | — | — | ||||||||
Class W | (481,745,672 | ) | (400,572,288 | ) | ||||||
Net increase (decrease) from shareholder transactions | (819,683,565 | ) | 1,675,007,371 | |||||||
Net increase (decrease) in net assets | 2,639,707,805 | 428,220,615 | ||||||||
NET ASSETS | ||||||||||
Beginning of period | 13,417,869,788 | 12,989,649,173 | ||||||||
End of period | $ | 16,057,577,593 | $ | 13,417,869,788 | ||||||
CHANGE IN FUND SHARES | ||||||||||
Shares sold: | Institutional Class | 23,632,622 | 85,506,993 | |||||||
Advisor Class | 742,541 | 2,352,677 | ||||||||
Premier Class | 869,787 | 2,200,148 | ||||||||
Retirement Class | 1,993,254 | 9,477,950 | ||||||||
Retail Class | — | — | ||||||||
Class W | 21,244,071 | 72,141,696 | ||||||||
Shares reinvested: | Institutional Class | 8,471,621 | 12,185,374 | |||||||
Advisor Class | 121,328 | 188,395 | ||||||||
Premier Class | 212,398 | 386,268 | ||||||||
Retirement Class | 1,087,293 | 1,649,264 | ||||||||
Retail Class | — | — | ||||||||
Class W | 4,804,649 | 5,966,479 | ||||||||
Shares redeemed: | Institutional Class | (71,680,241 | ) | (66,182,507 | ) | |||||
Advisor Class | (471,887 | ) | (2,277,490 | ) | ||||||
Premier Class | (1,414,813 | ) | (3,541,386 | ) | ||||||
Retirement Class | (4,007,828 | ) | (7,101,612 | ) | ||||||
Retail Class | — | — | ||||||||
Class W | (22,592,219 | ) | (21,674,365 | ) | ||||||
Net increase (decrease) from shareholder transactions | (36,987,424 | ) | 91,277,884 |
44 | 2021 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds | See notes to financial statements |
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TIAA-CREF Funds: Equity Index Funds ■ 2021 Semiannual 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 | value, | investment | unrealized gain | (loss) from | Net | Net | dividends | value, | ||||||||||||||||||||||||||||
or year | beginning | income | (loss) on total | investment | investment | realized | and | end of | ||||||||||||||||||||||||||||
ended | of period | (loss | )a | investments | operations | income | gains | distributions | period | |||||||||||||||||||||||||||
EQUITY INDEX FUND | ||||||||||||||||||||||||||||||||||||
Institutional Class: | 4/30/21 | # | $24.07 | $0.19 | $ 7.22 | $ 7.41 | $(0.40 | ) | $ — | $(0.40 | ) | $31.08 | ||||||||||||||||||||||||
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: | 4/30/21 | # | 24.05 | 0.17 | 7.22 | 7.39 | (0.35 | ) | — | (0.35 | ) | 31.09 | ||||||||||||||||||||||||
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: | 4/30/21 | # | 23.99 | 0.16 | 7.21 | 7.37 | (0.36 | ) | — | (0.36 | ) | 31.00 | ||||||||||||||||||||||||
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: | 4/30/21 | # | 24.40 | 0.15 | 7.34 | 7.49 | (0.34 | ) | — | (0.34 | ) | 31.55 | ||||||||||||||||||||||||
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: | 4/30/21 | # | 24.48 | 0.15 | 7.35 | 7.50 | (0.33 | ) | — | (0.33 | ) | 31.65 | ||||||||||||||||||||||||
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: | 4/30/21 | # | 24.08 | 0.19 | 7.23 | 7.42 | (0.41 | ) | — | (0.41 | ) | 31.09 | ||||||||||||||||||||||||
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: | 4/30/21 | # | 43.65 | 0.19 | 10.29 | 10.48 | (0.35 | ) | (0.59 | ) | (0.94 | ) | 53.19 | |||||||||||||||||||||||
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: | 4/30/21 | # | 43.57 | 0.16 | 10.26 | 10.42 | (0.29 | ) | (0.59 | ) | (0.88 | ) | 53.11 | |||||||||||||||||||||||
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: | 4/30/21 | # | 43.91 | 0.13 | 10.35 | 10.48 | (0.24 | ) | (0.59 | ) | (0.83 | ) | 53.56 | |||||||||||||||||||||||
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: | 4/30/21 | # | 43.67 | 0.20 | 10.29 | 10.49 | (0.35 | ) | (0.59 | ) | (0.94 | ) | 53.22 | |||||||||||||||||||||||
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 | 2021 Semiannual 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 | end of period | Gross | Net | Net investment | turnover | |||||||||||||||||||||||
ended | Total return | (in thousands | ) | expenses | expenses | income (loss | ) | rate | ||||||||||||||||||||
EQUITY INDEX FUND | ||||||||||||||||||||||||||||
Institutional Class: | 4/30/21 | # | 31.03 | %b | $ 11,221,152 | 0.05 | %c | 0.05 | %c | 1.33 | %c | 2 | %b,f | |||||||||||||||
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: | 4/30/21 | # | 30.98 | b | 14,488 | 0.16 | c | 0.16 | c | 1.18 | c | 2 | b,f | |||||||||||||||
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: | 4/30/21 | # | 30.97 | b | 67,362 | 0.20 | c | 0.20 | c | 1.17 | c | 2 | b,f | |||||||||||||||
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: | 4/30/21 | # | 30.89 | b | 803,216 | 0.30 | c | 0.30 | c | 1.06 | c | 2 | b,f | |||||||||||||||
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: | 4/30/21 | # | 30.88 | b | 1,388,550 | 0.32 | c | 0.32 | c | 1.04 | c | 2 | b,f | |||||||||||||||
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: | 4/30/21 | # | 31.06 | b | 19,295,933 | 0.05 | c | 0.00 | c | 1.36 | c | 2 | b,f | |||||||||||||||
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: | 4/30/21 | # | 24.28 | b | 9,267,482 | 0.05 | c | 0.05 | c | 0.78 | c | 5 | b | |||||||||||||||
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: | 4/30/21 | # | 24.18 | b | 71,430 | 0.17 | c | 0.17 | c | 0.67 | c | 5 | b | |||||||||||||||
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: | 4/30/21 | # | 24.11 | b | 1,009,428 | 0.30 | c | 0.30 | c | 0.54 | c | 5 | b | |||||||||||||||
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: | 4/30/21 | # | 24.30 | b | 3,128,465 | 0.05 | c | 0.00 | c | 0.81 | c | 5 | b | |||||||||||||||
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 ■ 2021 Semiannual 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 | value, | investment | unrealized gain | (loss) from | Net | Net | dividends | value, | ||||||||||||||||||||||||||||
or year | beginning | income | (loss) on total | investment | investment | realized | and | end of | ||||||||||||||||||||||||||||
ended | of period | (loss | )a | investments | operations | income | gains | distributions | period | |||||||||||||||||||||||||||
LARGE-CAP VALUE INDEX FUND | ||||||||||||||||||||||||||||||||||||
Institutional Class: | 4/30/21 | # | $17.72 | $0.20 | $ 6.14 | $ 6.34 | $(0.46 | ) | $ — | $(0.46 | ) | $23.60 | ||||||||||||||||||||||||
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: | 4/30/21 | # | 17.67 | 0.16 | 6.16 | 6.32 | (0.43 | ) | — | (0.43 | ) | 23.56 | ||||||||||||||||||||||||
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: | 4/30/21 | # | 18.03 | 0.18 | 6.25 | 6.43 | (0.42 | ) | — | (0.42 | ) | 24.04 | ||||||||||||||||||||||||
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: | 4/30/21 | # | 17.73 | 0.21 | 6.14 | 6.35 | (0.47 | ) | — | (0.47 | ) | 23.61 | ||||||||||||||||||||||||
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: | 4/30/21 | # | 36.35 | 0.30 | 10.08 | 10.38 | (0.63 | ) | — | (0.63 | ) | 46.10 | ||||||||||||||||||||||||
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: | 4/30/21 | # | 36.27 | 0.27 | 10.06 | 10.33 | (0.58 | ) | — | (0.58 | ) | 46.02 | ||||||||||||||||||||||||
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: | 4/30/21 | # | 36.06 | 0.25 | 9.99 | 10.24 | (0.54 | ) | — | (0.54 | ) | 45.76 | ||||||||||||||||||||||||
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: | 4/30/21 | # | 36.36 | 0.31 | 10.08 | 10.39 | (0.65 | ) | — | (0.65 | ) | 46.10 | ||||||||||||||||||||||||
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 |
48 | 2021 Semiannual 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 | end of period | Gross | Net | Net investment | turnover | |||||||||||||||||||||||
ended | Total return | (in thousands | ) | expenses | expenses | income (loss | ) | rate | ||||||||||||||||||||
LARGE-CAP VALUE INDEX FUND | ||||||||||||||||||||||||||||
Institutional Class: | 4/30/21 | # | 36.24 | %b | $7,524,442 | 0.05 | %c | 0.05 | %c | 1.94 | %c | 7 | %b | |||||||||||||||
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: | 4/30/21 | # | 36.19 | b | 42,272 | 0.19 | c | 0.19 | c | 1.49 | c | 7 | b | |||||||||||||||
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: | 4/30/21 | # | 36.04 | b | 1,177,222 | 0.30 | c | 0.30 | c | 1.67 | c | 7 | b | |||||||||||||||
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: | 4/30/21 | # | 36.28 | b | 39,143 | 0.05 | c | 0.00 | c | 1.99 | c | 7 | b | |||||||||||||||
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: | 4/30/21 | # | 28.82 | b | 5,628,444 | 0.05 | c | 0.05 | c | 1.44 | c | 5 | b | |||||||||||||||
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: | 4/30/21 | # | 28.73 | b | 124,002 | 0.18 | c | 0.18 | c | 1.31 | c | 5 | b | |||||||||||||||
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: | 4/30/21 | # | 28.63 | b | 1,970,503 | 0.30 | c | 0.30 | c | 1.18 | c | 5 | b | |||||||||||||||
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: | 4/30/21 | # | 28.84 | b | 23,679 | 0.05 | c | 0.00 | c | 1.49 | c | 5 | b | |||||||||||||||
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 |
See notes to financial statements | TIAA-CREF Funds: Equity Index Funds ■ 2021 Semiannual 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 | value, | investment | unrealized gain | (loss) from | Net | Net | dividends | value, | ||||||||||||||||||||||||||||
or year | beginning | income | (loss) on total | investment | investment | realized | and | end of | ||||||||||||||||||||||||||||
ended | of period | (loss | )a | investments | operations | income | gains | distributions | period | |||||||||||||||||||||||||||
SMALL-CAP BLEND INDEX FUND | ||||||||||||||||||||||||||||||||||||
Institutional Class: | 4/30/21 | # | $19.45 | $0.11 | $ 9.11 | $ 9.22 | $(0.26 | ) | $(0.39 | ) | $(0.65 | ) | $28.02 | |||||||||||||||||||||||
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: | 4/30/21 | # | 19.41 | 0.09 | 9.10 | 9.19 | (0.23 | ) | (0.39 | ) | (0.62 | ) | 27.98 | |||||||||||||||||||||||
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: | 4/30/21 | # | 19.51 | 0.08 | 9.14 | 9.22 | (0.21 | ) | (0.39 | ) | (0.60 | ) | 28.13 | |||||||||||||||||||||||
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 | |||||||||||||||||||||||||
EMERGING MARKETS EQUITY INDEX FUND | ||||||||||||||||||||||||||||||||||||
Institutional Class: | 4/30/21 | # | 11.64 | 0.08 | 2.44 | 2.52 | (0.27 | ) | — | (0.27 | ) | 13.89 | ||||||||||||||||||||||||
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: | 4/30/21 | # | 11.65 | 0.08 | 2.44 | 2.52 | (0.23 | ) | — | (0.23 | ) | 13.94 | ||||||||||||||||||||||||
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: | 4/30/21 | # | 11.60 | 0.07 | 2.44 | 2.51 | (0.25 | ) | — | (0.25 | ) | 13.86 | ||||||||||||||||||||||||
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: | 4/30/21 | # | 11.57 | 0.07 | 2.43 | 2.50 | (0.24 | ) | — | (0.24 | ) | 13.83 | ||||||||||||||||||||||||
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: | 4/30/21 | # | 11.59 | 0.06 | 2.43 | 2.49 | (0.23 | ) | — | (0.23 | ) | 13.85 | ||||||||||||||||||||||||
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: | 4/30/21 | # | 11.66 | 0.10 | 2.44 | 2.54 | (0.29 | ) | — | (0.29 | ) | 13.91 | ||||||||||||||||||||||||
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 |
50 | 2021 Semiannual 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 | end of period | Gross | Net | Net investment | turnover | |||||||||||||||||||||||
ended | Total return | (in thousands | ) | expenses | expenses | income (loss | ) | rate | ||||||||||||||||||||
SMALL-CAP BLEND INDEX FUND | ||||||||||||||||||||||||||||
Institutional Class: | 4/30/21 | # | 48.00 | %b | $3,546,453 | 0.05 | %c | 0.05 | %c | 0.84 | %c | 11 | %b | |||||||||||||||
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: | 4/30/21 | # | 47.93 | b | 13,151 | 0.77 | c | 0.20 | c | 0.69 | c | 11 | b | |||||||||||||||
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: | 4/30/21 | # | 47.81 | b | 1,153,269 | 0.30 | c | 0.30 | c | 0.59 | c | 11 | b | |||||||||||||||
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 | ||||||||||||||||||||||
EMERGING MARKETS EQUITY INDEX FUND | ||||||||||||||||||||||||||||
Institutional Class: | 4/30/21 | # | 21.83 | b | 1,040,188 | 0.18 | c | 0.18 | c | 1.25 | c | 18 | b | |||||||||||||||
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: | 4/30/21 | # | 21.81 | b | 6,640 | 0.32 | c | 0.32 | c | 1.21 | c | 18 | b | |||||||||||||||
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: | 4/30/21 | # | 21.83 | b | 29,895 | 0.33 | c | 0.33 | c | 1.11 | c | 18 | b | |||||||||||||||
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: | 4/30/21 | # | 21.80 | b | 559,872 | 0.43 | c | 0.43 | c | 1.02 | c | 18 | b | |||||||||||||||
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: | 4/30/21 | # | 21.64 | b | 24,647 | 0.56 | c | 0.56 | c | 0.92 | c | 18 | b | |||||||||||||||
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: | 4/30/21 | # | 21.97 | b | 2,692,791 | 0.18 | c | 0.00 | c | 1.45 | c | 18 | b | |||||||||||||||
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 |
See notes to financial statements | TIAA-CREF Funds: Equity Index Funds ■ 2021 Semiannual Report | 51 |
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 | value, | investment | unrealized gain | (loss) from | Net | Net | dividends | value, | ||||||||||||||||||||||||||||
or year | beginning | income | (loss) on total | investment | investment | realized | and | end of | ||||||||||||||||||||||||||||
ended | of period | (loss | )a | investments | operations | income | gains | distributions | period | |||||||||||||||||||||||||||
INTERNATIONAL EQUITY INDEX FUND | ||||||||||||||||||||||||||||||||||||
Institutional Class: | 4/30/21 | # | $17.93 | $0.27 | $ 4.79 | $ 5.06 | $(0.42 | ) | $ — | $(0.42 | ) | $22.57 | ||||||||||||||||||||||||
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: | 4/30/21 | # | 17.90 | 0.27 | 4.77 | 5.04 | (0.40 | ) | — | (0.40 | ) | 22.54 | ||||||||||||||||||||||||
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: | 4/30/21 | # | 17.87 | 0.26 | 4.78 | 5.04 | (0.39 | ) | — | (0.39 | ) | 22.52 | ||||||||||||||||||||||||
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: | 4/30/21 | # | 18.32 | 0.26 | 4.89 | 5.15 | (0.37 | ) | — | (0.37 | ) | 23.10 | ||||||||||||||||||||||||
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: | 4/30/21 | # | 17.94 | 0.29 | 4.78 | 5.07 | (0.43 | ) | — | (0.43 | ) | 22.58 | ||||||||||||||||||||||||
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 |
# | Unaudited |
‡ | 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. |
52 | 2021 Semiannual 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 | end of period | Gross | Net | Net investment | turnover | |||||||||||||||||||||||
ended | Total return | (in thousands | ) | expenses | expenses | income (loss | ) | rate | ||||||||||||||||||||
INTERNATIONAL EQUITY INDEX FUND | ||||||||||||||||||||||||||||
Institutional Class: | 4/30/21 | # | 28.42 | %b | $ 8,769,711 | 0.05 | %c | 0.05 | %c | 2.55 | %c | 2 | %b,f | |||||||||||||||
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: | 4/30/21 | # | 28.34 | b | 149,825 | 0.17 | c | 0.17 | c | 2.53 | c | 2 | b,f | |||||||||||||||
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: | 4/30/21 | # | 28.39 | b | 246,126 | 0.20 | c | 0.20 | c | 2.46 | c | 2 | b,f | |||||||||||||||
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: | 4/30/21 | # | 28.29 | b | 1,416,174 | 0.30 | c | 0.30 | c | 2.36 | c | 2 | b,f | |||||||||||||||
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: | 4/30/21 | # | 28.46 | b | 5,475,742 | 0.05 | c | 0.00 | c | 2.69 | c | 2 | b,f | |||||||||||||||
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 ■ 2021 Semiannual Report | 53 |
Notes to financial statements (unaudited)
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.
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’ fees, including any deferred and long-term compensation incurred, are reflected in the Statements of operations.
54 | 2021 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds |
continued
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.
New rule issuance: In December 2020, the SEC voted to adopt a new rule governing fund valuation practices. New Rule 2a-5 under the 1940 Act establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 will permit fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are “readily available” for purposes of Section 2(a)(41) of the 1940 Act, which requires a fund to fair value a security when market quotations are not readily available. The SEC also adopted new Rule 31a-4 under the 1940 Act, which sets forth the recordkeeping requirements associated with fair value determinations. Finally, the SEC is rescinding previously issued guidance on related issues, including the role of a board in determining fair value and the accounting and auditing of fund investments. Rule 2a-5 and Rule 31a-4 became effective on March 8, 2021, with a compliance date of September 8, 2022. A fund may voluntarily comply with the rules after the effective date, and in advance of the compliance date, under certain conditions. Management is currently assessing the impact of these provisions on the Funds’ financial statements.
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:
Debt securities: Prices of fixed-income securities are 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.
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 categorized 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 the securities 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.
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.
TIAA-CREF Funds: Equity Index Funds ■ 2021 Semiannual Report | 55 |
Notes to financial statements (unaudited)
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; otherwise they would be classified as Level 3.
As of April 30, 2021, 100% of the value of investments in the Large-Cap Growth Index Fund was valued based on Level 1 inputs.
The following table summarizes the market value of the Funds’ investments as of April 30, 2021, based on the inputs used to value them:
Fund | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Equity Index | ||||||||||||||||
Equity investments: | ||||||||||||||||
Financials | $ | 3,857,199,832 | $ | — | $ | 4,176 | $ | 3,857,204,008 | ||||||||
Health Care | 4,373,727,271 | — | 84,460 | 4,373,811,731 | ||||||||||||
All other equity investments* | 24,432,568,128 | — | — | 24,432,568,128 | ||||||||||||
Short-term investments | 86,481,537 | 298,520,245 | — | 385,001,782 | ||||||||||||
Futures contracts** | 3,172,190 | — | — | 3,172,190 | ||||||||||||
Total | $ | 32,753,148,958 | $ | 298,520,245 | $ | 88,636 | $ | 33,051,757,839 | ||||||||
Large-Cap Value Index | ||||||||||||||||
Equity investments* | $ | 8,775,443,523 | $ | — | $ | — | $ | 8,775,443,523 | ||||||||
Short-term investments | 8,525,252 | 4,000,000 | — | 12,525,252 | ||||||||||||
Total | $ | 8,783,968,775 | $ | 4,000,000 | $ | — | $ | 8,787,968,775 | ||||||||
S&P 500 Index | ||||||||||||||||
Equity investments* | $ | 7,692,033,342 | $ | — | $ | — | $ | 7,692,033,342 | ||||||||
Short-term investments | 1,244,796 | 49,525,000 | — | 50,769,796 | ||||||||||||
Futures contracts** | (56,111 | ) | — | — | (56,111 | ) | ||||||||||
Total | $ | 7,693,222,027 | $ | 49,525,000 | $ | — | $ | 7,742,747,027 | ||||||||
Small-Cap Blend Index | ||||||||||||||||
Equity investments: | ||||||||||||||||
Financials | $ | 769,715,681 | $ | — | $ | 8,640 | $ | 769,724,321 | ||||||||
Health Care | 903,527,175 | — | 106,394 | 903,633,569 | ||||||||||||
All other equity investments* | 3,036,182,789 | — | — | 3,036,182,789 | ||||||||||||
Short-term investments | 114,636,088 | 3,730,000 | — | 118,366,088 | ||||||||||||
Total | $ | 4,824,061,733 | $ | 3,730,000 | $ | 115,034 | $ | 4,827,906,767 | ||||||||
Emerging Markets Equity Index | ||||||||||||||||
Equity investments: | ||||||||||||||||
Africa/Middle East | $ | — | $ | 271,381,476 | $ | — | $ | 271,381,476 | ||||||||
Asia | 493,663,174 | 2,740,011,198 | 1,179,486 | 3,234,853,858 | ||||||||||||
Europe | 36,772,961 | 90,898,137 | — | 127,671,098 | ||||||||||||
Latin America | 192,221,699 | — | — | 192,221,699 | ||||||||||||
North America | 126,404,192 | — | — | 126,404,192 | ||||||||||||
All other equity investments* | 111,252,535 | 294,878,423 | 792 | 406,131,750 | ||||||||||||
Short-term investments | 95,821,556 | 1,735,000 | — | 97,556,556 | ||||||||||||
Total | $ | 1,056,136,117 | $ | 3,398,904,234 | $ | 1,180,278 | $ | 4,456,220,629 | ||||||||
56 | 2021 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds |
continued
Fund | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
International Equity Index | ||||||||||||||||
Equity investments: | ||||||||||||||||
Asia | $ | 3,866,372 | $ | 4,219,593,461 | $ | — | $ | 4,223,459,833 | ||||||||
Australasia | — | 1,288,900,731 | 3,048 | 1,288,903,779 | ||||||||||||
Europe | 11,029,330 | 9,107,678,549 | — | 9,118,707,879 | ||||||||||||
All other equity investments* | 45,454,174 | 1,146,688,124 | 1,681 | 1,192,143,979 | ||||||||||||
Short-term investments | 93,575,022 | 123,320,664 | — | 216,895,686 | ||||||||||||
Futures contracts** | (48,278 | ) | — | — | (48,278 | ) | ||||||||||
Total | $ | 153,876,620 | $ | 15,886,181,529 | $ | 4,729 | $ | 16,040,062,878 |
* | For detailed categories, see the accompanying Summary portfolio of investments. |
** | Derivative instruments 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 Agent or by a third-party bank engaged by the Agent as a special “tri-party” custodian on behalf of the Funds, and the Funds do not have the ability to sell or re-hypothecate those securities.
As of April 30, 2021, 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 April 30, 2021, 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 | $151,106,293 | $ | 86,481,538 | $ | 70,915,505 | $ | 157,397,043 | |||||||||
Large-Cap Growth Index | 18,702,007 | 6,298,331 | 13,222,501 | 19,520,832 | ||||||||||||
Large-Cap Value Index | 14,265,771 | 8,525,252 | 6,230,168 | 14,755,420 | ||||||||||||
S&P 500 Index | 1,209,752 | 1,244,796 | — | 1,244,796 | ||||||||||||
Small-Cap Blend Index | 205,815,174 | 114,636,088 | 99,931,838 | 214,567,926 | ||||||||||||
Emerging Markets Equity Index | 139,370,482 | 95,821,556 | 50,558,901 | 146,380,457 | ||||||||||||
International Equity Index | 193,540,932 | 93,575,022 | 119,793,523 | 213,368,545 |
* | May include cash and investment of cash collateral. |
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.
Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the period ended April 30, 2021 were as follows:
Fund | Non-U.S. government purchases | Non-U.S. government sales | ||||||
Equity Index | $ | 726,569,655 | $ | 1,047,250,996 | ||||
Large-Cap Growth Index | 1,759,900,004 | 603,787,726 | ||||||
Large-Cap Value Index | 635,776,301 | 549,778,531 | ||||||
S&P 500 Index | 317,327,591 | 345,315,941 | ||||||
Small-Cap Blend Index | 586,197,010 | 462,410,817 | ||||||
Emerging Markets Equity Index | 806,696,866 | 725,819,844 | ||||||
International Equity Index | 377,507,009 | 553,191,907 |
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
TIAA-CREF Funds: Equity Index Funds ■ 2021 Semiannual Report | 57 |
Notes to financial statements (unaudited)
instruments at fair value, with changes in fair value recognized on the Statements of operations, when applicable.
At April 30, 2021, the following Funds have invested in derivative contracts which are reflected in the Statements of assets and liabilities as follows:
Asset derivatives | Liabilities derivatives | ||||||||||||
Fair value | Fair value | ||||||||||||
Derivative contract | Location | amount | Location | amount | |||||||||
Equity Index Fund | |||||||||||||
Equity contracts | Futures contracts* | $ | 3,172,190 | ||||||||||
S&P 500 Index Fund | |||||||||||||
Equity contracts | Futures contracts* | $ | (56,111 | ) | |||||||||
International Equity Index Fund | |||||||||||||
Equity contracts | Futures contracts* | (48,278 | ) |
* | 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 period ended April 30, 2021, 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 | $ | 18,017,701 | $ | 4,426,743 | |||||
S&P 500 Index Fund | ||||||||||
Equity contracts | Futures contracts | 7,973,271 | 415,789 | |||||||
Small-Cap Blend Index Fund | ||||||||||
Equity contracts | Futures contracts | (47 | ) | — | ||||||
International Equity Index Fund | ||||||||||
Equity contracts | Futures contracts | 39,720,054 | 4,821,115 |
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 period ended April 30, 2021, the Equity Index Fund, the S&P 500 Index Fund, and the International Equity Index Fund had exposure to futures contracts, based on underlying notional values, generally between 0% and 1% of net assets. The futures contracts outstanding as of April 30,
2021 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.
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 April 30, 2021, 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 | $ | 15,560,452,259 | $ | 18,122,732,646 | $ | (631,427,066 | ) | $ | 17,491,305,580 | |||||||
Large-Cap Growth Index | 6,548,343,712 | 6,995,817,462 | (69,245,029 | ) | 6,926,572,433 | |||||||||||
Large-Cap Value Index | 5,993,917,998 | 3,105,025,063 | (310,974,286 | ) | 2,794,050,777 | |||||||||||
S&P 500 Index | 3,294,518,773 | 4,622,573,212 | (174,344,958 | ) | 4,448,228,254 | |||||||||||
Small-Cap Blend Index | 3,046,042,016 | 2,027,816,337 | (245,951,586 | ) | 1,781,864,751 | |||||||||||
Emerging Markets Equity Index | 3,064,839,063 | 1,650,810,821 | (259,429,255 | ) | 1,391,381,566 | |||||||||||
International Equity Index | 12,247,187,000 | 4,969,163,827 | (1,176,287,949 | ) | 3,792,875,878 |
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.
58 | 2021 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds |
continued
Distributions to shareholders: The tax character of distributions paid to shareholders during the year ended October 31, 2020 was as follows:
10/31/2020 | ||||||||||||
Fund | Ordinary income | Long-term capital gains | Total | |||||||||
Equity Index | $ | 432,656,400 | $ | 38,341,696 | $ | 470,998,096 | ||||||
Large-Cap Growth Index | 85,041,646 | 103,369,310 | 188,410,956 | |||||||||
Large-Cap Value Index | 187,639,650 | 291,202,475 | 478,842,125 | |||||||||
S&P 500 Index | 105,924,670 | 16,347,251 | 122,271,921 | |||||||||
Small-Cap Blend Index | 54,413,020 | 107,080,539 | 161,493,559 | |||||||||
Emerging Markets Equity Index | 80,014,430 | — | 80,014,430 | |||||||||
International Equity Index | 406,522,215 | — | 406,522,215 |
The tax character of the fiscal year 2021 distributions will be determined at the end of the fiscal year.
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 period ended April 30, 2021, the Equity Index Fund recognized a net capital gain of $743,310,680 as the result of a delivery of $944,191,137 of securities from in-kind redemption transactions. The International Equity Index Fund recognized a net capital gain of $370,919,506 as the result of a delivery of $656,992,254 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.
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 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. 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 April 30, 2021, 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, 2022. 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. |
TIAA-CREF Funds: Equity Index Funds ■ 2021 Semiannual Report | 59 |
Notes to financial statements (unaudited) | concluded |
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 period ended April 30, 2021, the Funds engaged in the following security transactions with affiliated entities:
Fund | Purchases | Sales | Realized gain (loss | ) | ||||||||
Equity Index | $ | 137,099,786 | $ | 1,719,561 | $ | 84,397 | ||||||
Large-Cap Growth Index | 447,380,914 | 18,424,644 | 1,081,167 | |||||||||
Large-Cap Value Index | 12,482,595 | 8,728,305 | (801,429 | ) | ||||||||
S&P 500 Index | 30,099,419 | 23,249,929 | 4,491,201 | |||||||||
Small-Cap Blend Index | 5,819,379 | 10,209,806 | (146,180 | ) | ||||||||
Emerging Markets Equity Index | 4,245,053 | 8,920,972 | (199,575 | ) | ||||||||
International Equity Index | 76,665,762 | 138,242,337 | (13,302,737 | ) |
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 April 30, 2021:
Fund | TIAA-CREF Lifecycle Funds | TIAA-CREF Lifecycle Index Funds | TIAA Access | Total | ||||||||||||
Equity Index | — | % | 58 | % | 1 | % | 59 | % | ||||||||
Large-Cap Growth Index | 23 | — | 4 | 27 | ||||||||||||
Large-Cap Value Index | — | — | 7 | 7 | ||||||||||||
S&P 500 Index | — | — | 11 | 11 | ||||||||||||
Small-Cap Blend Index | — | — | 18 | 18 | ||||||||||||
Emerging Markets Equity Index | — | 61 | 2 | 63 | ||||||||||||
International Equity Index | — | 34 | 6 | 40 |
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 April 30, 2021, three 529 Plans owned 5%, 6% and 7% respectively, of the Equity Index Fund; and two 529 Plans owned 11% and 7% respectively, of the S&P 500 Index Fund.
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 period ended April 30, 2021, 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 period ended April 30, 2021, there were no borrowings under this credit facility by the Funds.
60 | 2021 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds |
Approval of investment management agreement (unaudited)
Board renewal of the investment management agreement for certain series of the TIAA-CREF Funds
The Board of Trustees (the “Board” or the “Trustees”) of the TIAA-CREF Funds (the “Trust”) determines whether to initially approve and periodically renew the investment management agreement (the “Agreement”) between Teachers Advisors, LLC (“Advisors”) and the Trust on behalf of each series of the Trust. Under the Agreement, Advisors is responsible for providing investment advisory services to each series of the Trust and overseeing the everyday operations and other service providers of the Trust. Below is a summary of the process the Board undertook related to its most recent renewal of the Agreement with respect to each series covered by this Report (the “Funds”).
Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that, after an initial period of up to two years, the Agreement for each Fund will remain in effect only if the Board, including a majority of those Trustees who have no direct or indirect interest in the Agreement, and who are independent Trustees because they are not “interested persons” of the Trust, as that term is defined in the 1940 Act, annually renews the Agreement. None of the Trustees is an interested person of the Trust under the 1940 Act. Rather, they are all deemed to be independent Trustees.
Under normal circumstances, Section 15(c) requires any initial approval or annual renewal of an investment management agreement to be made at an in-person meeting of the Board. However, due to the COVID-19 pandemic, the Securities and Exchange Commission (“SEC”) issued a temporary, conditional exemptive order (the “SEC Order”), permitting mutual fund boards to vote to approve matters subject to the Section 15(c) in-person approval requirement at a meeting that is not held in person if the board determines that reliance on the SEC Order is necessary or appropriate due to prevailing circumstances related to the current or potential effects of COVID-19 and the board ratifies any action taken pursuant to the SEC Order at its next in-person meeting.
Overview of the renewal process
The Board held a videoconference meeting on March 12, 2021, in order to consider the annual renewal of the Agreement with respect to each applicable Fund using the process established by the Board described further below. At the outset of the meeting, the Board considered reliance upon the SEC Order and determined that such reliance was necessary due to, among other considerations, COVID-19 pandemic-related social distancing requirements, travel restrictions and other governmental mandates imposed for health and safety reasons. The Board noted that it would ratify actions taken at this meeting pursuant to the SEC Order at its next in-person meeting.
As part of the Board’s established process, the Board delegated certain tasks to its Operations Committee. Among these tasks, the Operations Committee or certain of its designated members worked with Advisors, other Board members and legal counsel to the Trustees to develop guidance and specific requests relating to the types of information to be provided to the Board in connection with the proposed contract renewals.
Among other matters, the Operations Committee or certain of its designated members, following consultations with representatives of Advisors, other Board members, legal
counsel to the Trustees and legal counsel to Advisors and the Trust, confirmed or established certain guidance regarding the preparation of reports to be provided to the Board with respect to each Fund by the Board Reporting and Compliance unit of Broadridge Financial Solutions, Inc. (“Broadridge”), using data from Lipper, Inc., an independent provider of investment company data. The Operations Committee considered that Broadridge is widely recognized as a leading provider of comparative analyses used by independent directors and trustees of investment companies during their advisory contract review processes.
Based on guidance provided by the Operations Committee or certain of its designated members on behalf of the Board, Broadridge produced, among other information, comparative performance and expense data for each Fund, including data relating to each Fund’s management fee rate, total expense ratio, short-term and long-term investment performance, brokerage commission costs and portfolio turnover rate (as applicable). Broadridge compared this data, as relevant, for each Fund against a universe of investment companies (except for brokerage commission costs) and against a more selective peer group of mutual funds with similar investment objectives and strategies, each of which was selected by Broadridge, and also compared the performance of each Fund against one or more appropriate broad-based indices. In each case, Broadridge summarized, and the Board considered, the methodologies Broadridge employed to provide the data contained in its reports. In addition, Broadridge represented to the Board that its reports were designed specifically to provide the Board with the fee, expense and performance information that is necessary to help the Board satisfy its duties under Section 15(c) of the 1940 Act. Broadridge also represented that the purpose of its reports is to provide an objective view of each Fund’s relative position regarding the level of fees, expenses and performance against a competitive peer group and universe (as applicable) selected by Broadridge (and not Advisors or the Board). The Board considered the propriety of each Fund’s applicable peer group as selected by Broadridge and use of the Institutional Class share as the base share class for comparison purposes.
In advance of the Board meeting held on March 12, 2021, legal counsel for the Trustees requested on behalf of the Board, and Advisors provided, information that was designed to assist the Board in its consideration of whether to renew the Agreement for each Fund. In addition to the data provided by Broadridge as described above, this information included, but was not limited to, the following: (1) further information relating to each Fund’s investment performance and a narrative analysis of the performance of each Fund that had underperformed certain Board-specified criteria, together with an explanation of any events that had a material impact on the Fund’s performance during that period; (2) a description of any contractual fee rate, fee waiver or expense reimbursement arrangements that were proposed or were in place during the prior year and the extent to which such arrangements would be continued or modified in the coming year; (3) a comparison of each Fund’s management fee rate and performance to other accounts with comparable strategies managed by Advisors or certain of its affiliates; (4) any “fall-out” benefits that accrued or were identified as reasonably likely to accrue to Advisors or its affiliates due to their relationship with the
TIAA-CREF Funds: Equity Index Funds ■ 2021 Semiannual Report | 61 |
Approval of investment management agreement (unaudited)
Funds in addition to the Funds’ direct fee payments to Advisors pursuant to the Agreement; (5) information regarding Advisors’ financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements, capacity to manage the Funds at current and foreseeable asset levels, insurance coverage, portfolio trading and best execution practices, and any actual and potential conflicts of interest identified by Advisors in connection with rendering services to the Funds; (6) information as to any profits earned by Advisors in connection with its services pursuant to the Agreement; (7) a copy of the Agreement and certain related agreements between the Funds and affiliates of Advisors; (8) a copy of Advisors’ Form ADV as filed with the SEC (which was presented only to legal counsel for the Trustees); and (9) draft narrative explanations of reasons to be included in the shareholder reports of why the Board should renew the Agreement. The Trustees were also provided with performance ratings of Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service. Additionally, the Board received information from management on the impact of the COVID-19 pandemic on the Teachers Insurance and Annuity Association of America (“TIAA”) enterprise generally and the Funds in particular including, among other information, the current and expected impact on the Funds’ performance and operations
On March 4, 2021, the Board held a videoconference meeting with legal counsel to the Trustees to discuss Advisors’ materials, which led to the Trustees providing additional questions to, and requesting additional information from, Advisors. Subsequently, at the March 12, 2021 meeting, the Trustees were given the opportunity to, and did, ask additional questions and they discussed responses from Advisors to the Board’s follow-up questions and requests presented by the Board after its initial review of the information described above.
In considering whether to renew the Agreement with respect to each Fund, the Board considered various factors, including: (1) the nature, extent and quality of services provided or to be provided by Advisors to the Fund; (2) the Fund’s investment performance; (3) the costs of the services provided to the Fund and the profits realized or potential profits to be realized (if any) by Advisors from their relationship with the Fund; (4) fees charged to comparable mutual funds by other advisers; (5) the extent to which economies of scale have been realized or are anticipated to be realized as the Fund grows; (6) how such economies of scale are shared with the Fund for the benefit of its investors, such as, if applicable, through management fee breakpoints; (7) comparisons, if applicable, of the services provided by Advisors to, and the fee rates and performance of, the Fund to other clients to whom Advisors provides comparable services; and (8) any other benefits identified by Advisors derived or anticipated to be derived by Advisors or its affiliates from their relationship with the Fund. As a general matter, the Board considered these factors, and any other factors deemed relevant by the Trustees, in their totality, and no single factor was identified as being the determining factor in deciding whether to renew the Agreement.
In addition to the March 12, 2021 meeting that included Advisors’ personnel, the Trustees met in executive sessions, at which no representatives of Advisors were present, to discuss the proposed renewal of the Agreement for each Fund. The
Board also received and considered information from its legal counsel as to certain relevant guidance that relates to the renewal process under Section 15(c) of the 1940 Act and certain other legal authorities.
While the contract renewal process included a series of discussions and meetings leading up to the March 12, 2021 meeting, the oversight and evaluation of Advisors’ services to the Funds by the Board and its Committees is an ongoing process. The Board, as well as its Committees, discussed reports on various investment and operational topics that had been identified by the Board or its Committees for review in the year since the last annual renewal process. Further, at their regularly scheduled meetings, the Board and its Investment Committee and its other Committees receive and discuss information regarding the performance of the Funds and other matters. Thus, in reaching its decisions regarding the renewal of the Agreement for each Fund, the Board took into account the information described herein and other information provided to the Board and its Committees throughout the year.
The Board received and considered both Trust-level and Fund-specific information, but made its renewal determinations on a Fund-by-Fund basis. In deciding whether to renew the Agreement for each Fund, each Trustee may have accorded different weight to different factors and, thus, may have had a different basis for his or her ultimate decision to vote to renew the Agreement for each Fund. At its meeting on March 12, 2021, all Board members voted unanimously to renew the Agreement for each Fund. Set forth below is a summary of the primary factors the Board considered with respect to each Fund.
The nature, extent and quality of services
The Board considered the level and depth of knowledge of Advisors, including the professional experience and qualifications of its personnel. The Board also considered that Advisors is an experienced investment adviser that has managed the Funds since their operations commenced. Investment professionals at Advisors also manage various funds and accounts of the College Retirement Equities Fund, the TIAA-CREF Life Funds and TIAA Separate Account VA-1, as well as advise and sub-advise other investment companies and vehicles. Under the Agreement, Advisors is responsible for, among other duties: managing the assets of the Funds, including conducting research, identifying investments and placing orders to buy and sell securities for the Funds’ investment portfolios; active daily monitoring of the Funds’ investment portfolios; reporting on the investment performance and other metrics of the Funds to the Board on a regular basis; responding to Fund flows; compliance monitoring; coordinating the activities of each Fund’s service providers; and overseeing the provision of various administrative services to the Funds. The Board considered that Advisors has carried out these responsibilities in a competent and professional manner. The Board also considered that Advisors has committed significant resources to supporting the series of the Trust, including the Funds. It also considered Advisors’ compliance program and resources and its compliance record with respect to the Funds.
The Board also considered, among other factors, the performance of each Fund, as discussed below. In addition, the Board considered the nature and quality of non-portfolio
62 | 2021 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds |
continued
management services provided by Advisors and its affiliates. In this regard, the Board considered its ongoing review of the performance of certain affiliated and unaffiliated service providers, including the quality of services provided by those firms and Advisors’ oversight of those service providers and the outsourcing of certain services to other firms.
During its review, the Board noted its ongoing efforts to examine the level of personnel and other resources available to Advisors to provide portfolio management and other services to the Funds, including the impact of recent and anticipated regulatory requirements and operational changes on such resources, so as to assess the adequacy of the resources devoted to these services.
Investment performance
The Board considered the investment performance of each Fund, over the periods indicated in the Fund-by-Fund synopsis below. The Board considered each Fund’s performance as compared to its benchmark index or other comparative information deemed relevant by management and/or the Board. The Board also reviewed the three-year performance of the Funds before any reductions for fees and expenses. In this analysis, the Board considered the impact of net asset value rounding and the effects of fair valuation, foreign exchange rates, effective tax rates, securities lending and class action litigation, as applicable, on each Fund’s performance as compared to the performance of its benchmark index. For details regarding each Fund’s performance, see the Fund-by-Fund synopsis below.
The Board considered, in those cases in which a Fund had performed materially differently from its benchmark based on a Board-established threshold, the factors identified by Advisors that contributed to such difference and any remedial measures being undertaken by Advisors. Thus, the Board concluded that, under the totality of circumstances considered, the investment performance of each Fund was reasonable or that appropriate actions had been or were being implemented.
Cost and profitability
The Board considered financial and profitability data relating to Advisors’ services to the Funds for the calendar year 2020. The Board considered Advisors’ profit calculations with respect to its services to each Fund both before and after taking into account the costs incurred directly or indirectly by Advisors in connection with the distribution of shares of the Fund. The Board acknowledged the reasonableness of having management fee rates which permit Advisors to maintain and improve the quality of services provided to the Funds and recognized the entrepreneurial and other risks assumed by Advisors in managing the Funds. The Board considered that Advisors had calculated that it earned profits with respect to each of the Funds under the Agreement for the one-year period ended December 31, 2020. The Board acknowledge Advisors’ commitment to contractually reduce the Emerging Markets Equity Index Fund by 0.02% starting August 1, 2021 and by another 0.02% starting August 1, 2022. The Board also acknowledged Advisors’ commitment to reimburse Fund expenses to the extent that total annual operating expenses
exceeded certain specified amounts. Based upon the information provided by Advisors with respect to Advisors’ profitability under the Agreement for each Fund in 2020, the Board concluded that those profits were reasonable in light of various relevant factors.
Fees charged by other advisers
The Board considered comparative information regarding each Fund’s contractual and effective management fee rates and the contractual and effective management fee rates paid by similar mutual funds to other advisers, as analyzed by Broadridge and reflected in the Fund-by-Fund synopsis below. The Board determined that the management fee rate charged to a Fund under the Agreement typically was lower than the management fee rates charged to many or most other comparable mutual funds. In this connection, the Board also considered the inherent limitations of such comparisons in light of uncertainty as to how the fees of such similar mutual funds are set and potentially material differences between a Fund and its comparable mutual funds. The Board considered Broadridge’s treatment of all fund fee waivers, regardless of their type, as management fee waivers, which could materially impact how the Funds’ actual management fee rates compare to those of similar mutual funds. Additionally, the Board considered the potential limitations of such comparisons due to, among other factors, the fact that, in many instances, Broadridge based its comparisons on financial data relating to fiscal periods that differed from the period for which the Funds’ data were derived. Based on all factors considered, the Board concluded that the management fee rates under the Agreement with respect to each Fund were reasonable in relation to those charged by appropriate groups of comparable mutual funds.
Economies of scale
The Board considered whether Advisors has experienced or is anticipated to experience economies of scale in connection with the operation of each Fund, and whether any such economies are shared with the Funds. The Board considered, in connection with the supporting Broadridge reports, Advisors’ position that the maximum fee rate that could be charged to each Fund based on its level of assets under the Agreement is comparatively low in relation to peer groups of mutual funds. Based on all factors considered, the Board concluded that the Funds’ management fee rate schedules were reasonable in light of current economies of scale considerations and current asset levels.
Fee and performance comparisons with other Advisors clients
The Board considered that Advisors and its affiliate, TIAA-CREF Investment Management, LLC, provide investment management services to other investment companies that may have similar investment strategies as certain of the Funds. The Board considered the management fee rates and the performance of such investment companies. The Board also considered Advisors’ comments that, in the future, Advisors may manage client assets through additional funds and accounts with similar investment strategies. The Board also considered Advisors’ representation that, while the management fee rates charged to
TIAA-CREF Funds: Equity Index Funds ■ 2021 Semiannual Report | 63 |
Approval of investment management agreement (unaudited)
the Funds may differ from the management fee rates chargeable to these other funds and accounts, this may be due in part to the fact that these other funds and accounts may: (1) involve less entrepreneurial risk on the part of Advisors; (2) be offered in different types of markets; (3) be provided with different types or levels of services; (4) have different regulatory burdens; and/or (5) target different investors.
Other benefits
The Board also considered additional “fall-out benefits” to Advisors and its affiliates arising from the Agreement. Such benefits include, among others, other fees paid by the Funds to Advisors or its affiliates for other services, such as distribution, administration and investment-related benefits and/or personnel with other clients of Advisors, such as economies of scale to the extent the Funds share investment resources and the ability to incubate strategies within one or more Funds that could be subsequently utilized to manage other non-Fund products. Advisors and its affiliates may also benefit from the level of business and relationships the Funds have with certain service providers. Additionally, the Funds may be utilized as investment options for other products and businesses of Advisors and its affiliates, such as variable products, fund of funds and 529 education savings plans. Also, Advisors and its affiliates may benefit from their relationship with the Funds to the extent that this relationship results in potential investors viewing TIAA, of which Advisors is an indirect, wholly-owned subsidiary, as a leading retirement plan provider in the academic and non-profit markets and as a single source for all their financial service needs.
Fund-by-fund synopsis of factors
The Board considered the following specific factors (among others) in connection with its determination to renew the Agreement with respect to each Fund. If a Fund is described in the following discussions as being in the “1st” quintile, it is in the best of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below to quintiles are based on data provided to the Board in the reports prepared by Broadridge. The specific management fee, expense and performance factors outlined below are based on the Institutional Class shares of each Fund. Because the Institutional Class generally has lower non-management expenses than the other classes of these Funds, the expenses and performance of these other classes will differ from the expenses and performance shown for the Institutional Class. References to “adjusted” relative gross performance means the performance of a Fund minus the impact of net asset value rounding and the effects of fair valuation, foreign exchange rates, effective tax rates, securities lending and class action litigation, as applicable. All time periods referenced below are ended December 31, 2020. Under the Morningstar rating system, an Overall Morningstar Rating of 5 stars is the highest (best) rating category and 1 star is the lowest (worst) rating category. The Morningstar data is as of December 31, 2020. For reference, one basis point equals 0.01%. Statements below regarding “net profit” refer to Advisors’ calculation that it earned a profit for the services that it rendered to a Fund during 2020 under the Agreement.
Equity Index Fund
• | The Fund’s annual contractual management fee rate is 0.04% of average daily net assets. |
• | The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were in the 1st, 2nd and 1st quintiles of both the group of comparable funds selected by Broadridge for expense comparison purposes (“Expense Group”) and the universe of comparable funds selected by Broadridge for expense comparison purposes (“Expense Universe”), respectively. |
• | For the three-year period, the Fund’s adjusted relative gross performance as compared to its benchmark, the Russell 3000® Index, differed by –2 basis points. |
• | The Fund received an Overall Morningstar Rating of 4 stars. |
• | Advisors calculated that it earned a net profit with respect to its services to the Fund for the one-year period. |
Large-Cap Growth Index Fund
• | The Fund’s annual contractual management fee rate is 0.04% of average daily net assets. |
• | The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were in the 1st, 2nd and 2nd, quintiles of its Expense Group and in the 1st, 2nd and 1st quintiles of its Expense Universe, respectively. |
• | For the three-year period, the Fund’s adjusted relative gross performance as compared to its benchmark, the Russell 1000® Growth Index, differed by –1 basis point. |
• | The Fund received an Overall Morningstar Rating of 5 stars. |
• | Advisors calculated that it earned a net profit with respect to its services to the Fund for the one-year period. |
Large-Cap Value Index Fund
• | The Fund’s annual contractual management fee rate is 0.04% of average daily net assets. |
• | The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were in the 1st, 2nd and 2nd, quintiles of its Expense Group and in the 1st, 2nd and 1st quintiles of its Expense Universe, respectively. |
• | For the three-year period, the Fund’s adjusted relative gross performance as compared to its benchmark, the Russell 1000® Value Index, differed by +2 basis points. |
• | The Fund received an Overall Morningstar Rating of 4 stars. |
• | Advisors calculated that it earned a net profit with respect to its services to the Fund for the one-year period. |
S&P 500 Index Fund
• | The Fund’s annual contractual management fee rate is 0.04% of average daily net assets. |
• | The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were in the 2nd, 2nd and 1st quintiles of is Expense Group, respectively, and each were in the 1st quintile of its Expense Universe. |
• | For the three-year period, the Fund’s adjusted relative gross performance was the same as compared to its benchmark, the S&P 500® Index. |
• | The Fund received an Overall Morningstar Rating of 5 stars. |
• | Advisors calculated that it earned a net profit with respect to its services to the Fund for the one-year period. |
64 | 2021 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds |
concluded
Small-Cap Blend Index Fund
• | The Fund’s annual contractual management fee rate is 0.04% of average daily net assets. |
• | The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 1st quintile of both its Expense Group and Expense Universe. |
• | For the three-year period, the Fund’s adjusted relative gross performance as compared to its benchmark, the Russell 2000® Index, differed by +4 basis points. |
• | The Fund received an Overall Morningstar Rating of 4 stars. |
• | Advisors calculated that it earned a net profit with respect to its services to the Fund for the one-year period. |
Emerging Markets Equity Index Fund
• | The Fund’s annual contractual management fee rate is 0.14% of average daily net assets. |
• | Effective August 1, 2021, the Fund’s contractual management fee rate will be reduced to 0.12% of average daily net assets, and effective August 1, 2022, the Fund’s contractual management fee rate will be reduced to 0.10% of average daily net assets. |
• | The Fund’s total expense ratio and contractual management fee rate were each in the 2nd quintile of both its Expense Group and Expense Universe. The Fund’s actual management fee rate was in the 4th and 3rd quintiles of its Expense Group and Expense Universe, respectively. |
• | For the three-year period, the Fund’s adjusted relative gross performance as compared to its benchmark, the MSCI Emerging Markets Index, differed by –10 basis points. |
• | The Fund received an Overall Morningstar Rating of 3 stars. |
• | Advisors calculated that it earned a net profit with respect to its services to the Fund for the one-year period. |
International Equity Index Fund
• | The Fund’s annual contractual management fee rate is 0.04% of average daily net assets. |
• | The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 1st quintile of its Expense Group and in the 1st, 2nd and 1st quintiles of its Expense Universe, respectively. |
• | For the three-year period, the Fund’s adjusted relative gross performance as compared to its benchmark, the MSCI EAFE Index, differed by –6 basis points. |
• | The Fund received an Overall Morningstar Rating of 4 stars. |
• | Advisors calculated that it earned a net profit with respect to its services to the Fund for the one-year period. |
Based primarily on the foregoing factors and considerations, the Board renewed the Agreement for each Fund.
TIAA-CREF Funds: Equity Index Funds ■ 2021 Semiannual Report | 65 |
Liquidity risk management program
Discussion of the operation and effectiveness of the Funds’ liquidity risk management program
In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), each series of the Trust covered by this Report (the “Funds”) has adopted and implemented a liquidity risk management program (the “Program”), which is reasonably designed to assess and manage the Funds’ liquidity risk. The Program consists of various provisions relating to assessing and managing Fund liquidity risk, as discussed further below. The Funds’ Board of Trustees (the “Board”) previously approved the designation of Advisors (the “Administrator”) as Program administrator. The Liquidity Monitoring and Analysis Team (the “LMAT”) carries out day-to-day Program management with oversight by the Liquidity Oversight Committee (the “LOSC”). Personnel from the Administrator and Nuveen Fund Advisors, LLC, an affiliate of the Administrator, comprise the LMAT and LOSC.
At a February 9, 2021 Board meeting, the Administrator provided the Board with a written report addressing the Program’s operation, adequacy, and effectiveness of implementation for the period from January 1, 2020 through December 31, 2020 (the “Review Period”), as required under the Liquidity Rule. The report noted that the Program has been and continues to be adequately and effectively implemented to monitor and (as applicable) respond to the Funds’ liquidity developments.
In accordance with the Program, the LMAT assesses each Fund’s liquidity risk no less frequently than annually based on various factors, such as (i) the Fund’s investment strategy and the liquidity of portfolio investments, (ii) cash flow projections, and (iii) holdings of cash and cash equivalents and borrowing arrangements and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions.
Each Fund portfolio investment is classified into one of four liquidity categories (including “highly liquid investments” and “illiquid investments,” discussed below). The classification is based on a determination of how long it is reasonably expected to take to convert the investment into cash, or sell or dispose of the investment, in current market conditions without significantly changing the market value of the investment. Liquidity classification determinations take into account various market, trading, and investment-specific considerations, as well as market depth, and utilize third-party vendor data.
Any Fund that does not primarily hold highly liquid investments must, among other things, determine a minimum percentage of Fund net assets that must be invested in highly liquid investments (a “Highly Liquid Investment Minimum”). During the Review Period, each Fund primarily held highly liquid investments and therefore was exempt from the requirement to adopt a Highly Liquid Investment Minimum and to comply with the related requirements under the Liquidity Rule.
The Liquidity Rule also limits the Funds’ investments in illiquid investments. Specifically, the Liquidity Rule prohibits acquisition of illiquid investments if doing so would result in the Fund holding more than 15% of its net assets in illiquid investments and requires certain reporting anytime a Fund’s holdings of illiquid investments exceed 15% of net assets. During the Review Period, no Fund exceeded the 15% limit on illiquid investments.
66 | 2021 Semiannual 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 ■ 2021 Semiannual 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.
©2021 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 | April 30, 2021 |
TIAA-CREF
International Fixed-Income Funds
The semiannual report contains the financial statements (unaudited).
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 |
Semiannual
Report
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 not be sent to you 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.
You may elect to receive shareholder reports and other communications from the Funds electronically anytime by either (1) 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 (2) 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 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 receive 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 semiannual report contains information about certain TIAA-CREF Funds and describes their results for the six months ended April 30, 2021. The report contains four main sections:
• | A letter from Brad Finkle, President of the TIAA-CREF Fund Complex. | |
• | 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 April 30, 2021. | |
• | 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 websites at TIAA.org or nuveen.com, 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 ■ 2021 Semiannual Report | 3 |
International fixed-income securities recorded mixed results for the six months ended April 30, 2021. Emerging-markets debt advanced for the period despite rising U.S. bond yields. Foreign investment-grade fixed-rate bonds declined modestly as countries began to recover from the COVID-19 pandemic. For the six months:
• | Emerging-markets debt securities gained 3.3%, as measured by the JP Morgan Emerging Markets Bond Index (EMBI) Global Diversified. Please see page 7 for benchmark definitions. | |
• | International investment-grade fixed-rate bonds returned –1.4%, as measured by the Bloomberg Barclays Global Aggregate Ex-USD Index (Hedged). | |
• | The TIAA-CREF Emerging Markets Debt Fund (Institutional Class) advanced 6.6%, while the TIAA-CREF International Bond Fund (Institutional Class) returned –0.2%. Both outperformed their respective benchmarks. |
Emerging-markets debt securities advanced in the early months of the period as COVID-19 vaccination approvals improved risk sentiment, oil prices recovered and the U.S. dollar weakened. However, they lost some ground later in the period amid a spike in U.S. bond yields, robust economic data and rising inflation.
International investment-grade fixed-rate bonds declined slightly over the six months. Modest gains early in the period were offset later by the impact of U.S. bond yields that rose sharply amid growing inflation concerns. Economies in the 19-nation euro area contracted during the fourth quarter of 2020 and the first quarter of 2021. Meanwhile, global central banks maintained accommodative monetary policies, keeping interest rates low and conducting bond-buying programs to support their economies.
Foreign bonds posted mixed results versus U.S. bonds
For the six months, international bonds delivered mixed results when compared with the performance of U.S. bonds. International investment-grade securities surpassed the –1.5% return of U.S. investment-grade fixed-rate bonds, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index. Emerging-markets debt lagged the 6.6% gain of U.S. high-yield bonds, as measured by the ICE BofA BB-B U.S. Cash Pay High Yield Constrained Index.
The value of a diversified approach
The COVID-19 pandemic presented many global challenges, but it did not affect countries uniformly. Some struggled more than others, and the timing and impact of the virus varied considerably from nation to nation.
4 | 2021 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds |
Brad Finkle
As the pandemic evolved, diversification by geography and asset class was a sensible investment strategy to help navigate shifts in global bond markets. It may also serve investors well as the world recovers and gradually returns to more normal levels of business and consumer activities.
Since the progression of recovery among the world’s economies may be difficult to forecast, diversification that includes international fixed-income securities may help to balance market risks and opportunities more effectively, allowing investors to achieve their long-term financial goals. As such, a professionally managed portfolio of foreign bonds within a mutual fund offers investors a prudent way to gain access to this 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 welcome the opportunity to assist you.
/s/ Brad Finkle
Brad Finkle
President of the TIAA-CREF Fund Complex
TIAA-CREF International Fixed-Income Funds ■ 2021 Semiannual 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 websites at TIAA.org or nuveen.com; 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 | 2021 Semiannual 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 2021, 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 ■ 2021 Semiannual 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 (November 1, 2020–April 30, 2021).
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 | 2021 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds |
Performance for the six months ended April 30, 2021
The Emerging Markets Debt Fund returned 6.61% for the Institutional Class, compared with the 3.26% return of its benchmark, the JP Morgan Emerging Markets Bond Index (EMBI) Global Diversified (“JP Morgan index”). For the one-year period ended April 30, 2021, the Fund returned 22.85% versus 15.97% for the index. The performance table shows returns for all share classes of the Fund.
Emerging-markets debt rose amid a mix of positive and negative economic trends
Emerging-markets (EM) debt, as measured by the JP Morgan index, gained 4.68% in the first three months of the period. COVID-19 vaccination approvals improved risk sentiment, oil prices recovered as Saudi Arabia contained production, the U.S. dollar weakened and the Democratic electoral victory led to the potential for higher levels of fiscal stimulus.
However, EM debt returned –1.35% in the final three months amid a sharp rise in U.S. bond yields triggered by a combination of factors: faster-than-expected vaccine distribution, the passage of a larger-than-expected $1.9 trillion U.S. fiscal stimulus package, robust economic data and a concurrent rise in headline inflation. Furthermore, higher U.S. interest rates and strong growth prospects drove the dollar higher in late March.
Fund surpassed its benchmark
For the period, the Fund outperformed its benchmark largely due to strong security allocations within sovereigns and selections within corporate debt. The allocation to local-currency positions (which outperformed the benchmark’s performance) was positive but not as noteworthy as gains from recovering high-yield markets in sovereigns and corporates.
Sovereign overweight positions in Angola, Zambia and Jamaica, as well as an underweight to Peru, were major contributors. Overweight positions in Oman and Egypt, and underweights to less volatile markets like Panama, Romania, Qatar and the Philippines, also contributed within the U.S. dollar sovereign segment.
Within corporates, Brazilian selections, an underweight and selections in China, along with an underweight to Malaysian quasi-sovereigns and a recovery in a Ghanaian oil producer, all boosted performance. Chilean and United Arab Emirates corporate selections and exposure to pan-Caribbean telecom provider Digicel also benefited. Exposure to Mexico and Ukraine contributed further.
By contrast, the Fund’s performance was hurt by an underweight to sovereigns and certain high-yield markets that had particularly sharp recoveries. Unfavorable security selection in Costa Rica within the corporate sector also detracted.
TIAA-CREF International Fixed-Income Funds ■ 2021 Semiannual Report | 9 |
Emerging Markets Debt Fund
Performance as of April 30, 2021 | ||||||||||||||||||||||||||
Emerging Markets Debt Fund | Average annual | Annual operating | ||||||||||||||||||||||||
Total return | total return | expenses* | ||||||||||||||||||||||||
Inception | since | |||||||||||||||||||||||||
date | 6 months | 1 year | 5 years | inception | gross | net | ||||||||||||||||||||
Institutional Class | 9/26/14 | 6.61 | % | 22.85 | % | 6.85 | % | 5.52 | % | 0.62 | % | 0.62 | % | |||||||||||||
Advisor Class | 12/4/15 | 6.67 | 22.83 | 6.84 | 5.50 | † | 0.69 | 0.69 | ||||||||||||||||||
Premier Class | 9/26/14 | 6.56 | 22.70 | 6.68 | 5.35 | 0.78 | 0.78 | |||||||||||||||||||
Retirement Class | 9/26/14 | 6.49 | 22.59 | 6.60 | 5.25 | 0.87 | 0.87 | |||||||||||||||||||
Retail Class | 9/26/14 | 6.48 | 22.54 | 6.52 | 5.17 | 0.93 | 0.93 | |||||||||||||||||||
Class W | 9/28/18 | 6.92 | 23.56 | 7.19 | † | 5.77 | † | 0.62 | 0.00 | |||||||||||||||||
J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified | — | 3.26 | 15.97 | 5.14 | 4.93 | ‡ | — | — |
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, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period. |
† | 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 | 2021 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds |
Emerging Markets Debt Fund
Expense example | |||||||
Six months ended April 30, 2021 | |||||||
Beginning | Ending | Expenses paid | |||||
account value | account value | during period | * | ||||
Emerging Markets Debt Fund | (11/1/20 | ) | (4/30/21 | ) | (11/1/20–4/30/21 | ) | |
Actual return | |||||||
Institutional Class | $1,000.00 | $1,066.10 | $3.12 | ||||
Advisor Class | 1,000.00 | 1,066.68 | 3.43 | ||||
Premier Class | 1,000.00 | 1,065.56 | 3.99 | ||||
Retirement Class | 1,000.00 | 1,064.88 | 4.35 | ||||
Retail Class | 1,000.00 | 1,064.83 | 4.71 | ||||
Class W | 1,000.00 | 1,069.25 | 0.00 | ||||
5% annual hypothetical return | |||||||
Institutional Class | 1,000.00 | 1,021.77 | 3.06 | ||||
Advisor Class | 1,000.00 | 1,021.47 | 3.36 | ||||
Premier Class | 1,000.00 | 1,020.93 | 3.91 | ||||
Retirement Class | 1,000.00 | 1,020.58 | 4.26 | ||||
Retail Class | 1,000.00 | 1,020.23 | 4.61 | ||||
Class W | 1,000.00 | 1,024.79 | 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 181/365. There were 181 days in the six months ended April 30, 2021. The Fund’s annualized six-month expense ratios for that period were 0.61% for the Institutional Class, 0.67% for the Advisor Class, 0.78% for the Premier Class, 0.85% for the Retirement Class, 0.92% 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 4/30/2021 | ||
Net assets | $706.15 million | |
Portfolio turnover rate* | 19% | |
Number of issues | 353 | |
Option-adjusted duration‡ | 6.89 years | |
Average maturity§ | 11.75 years |
* | The portfolio turnover rate covers the six-month period from November 1, 2020–April 30, 2021, and is not annualized. |
‡ | 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 ■ 2021 Semiannual Report | 11 |
Emerging Markets Debt Fund
Portfolio composition | |
% of net assets | |
Sector | as of 4/30/2021 |
Foreign government securities | 48.6 |
Corporate bonds | 47.0 |
Bank loan obligations | 1.0 |
Common stocks & rights | 0.2 |
Short-term investments, other assets & liabilities, net | 3.2 |
Total | 100.0 |
Holdings by country | |
% of portfolio investments | |
as of 4/30/2021 | |
Mexico | 8.0 |
Brazil | 6.7 |
South Africa | 4.6 |
Indonesia | 3.8 |
Turkey | 3.7 |
India | 3.7 |
Ukraine | 3.6 |
Peru | 3.1 |
59 other nations | 59.0 |
Short-term investments | 3.8 |
Total | 100.0 |
Holdings by maturity | |
% of fixed-income investments | |
(excluding short-term investments) | |
as of 4/30/2021 | |
Less than 1 year | 1.9 |
1–3 years | 7.4 |
3–5 years | 12.7 |
5–10 years | 45.1 |
Over 10 years | 32.9 |
Total | 100.0 |
Holdings by credit quality | |
% of fixed-income investments | |
(excluding short-term investments) | |
as of 4/30/2021 | |
A/A | 5.7 |
Baa/BBB | 26.3 |
Ba/BB | 31.8 |
B/B | 22.4 |
Below B/B | 4.5 |
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.
12 | 2021 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds |
Performance for the six months ended April 30, 2021
The International Bond Fund returned –0.16% for the Institutional Class, compared with the –1.38% return of its benchmark, the Bloomberg Barclays Global Aggregate Ex-USD Index (Hedged) (“Global Aggregate index”). For the one-year period ended April 30, 2021, the Fund returned 3.79% versus –0.07% for the index. The performance table shows returns for all share classes of the Fund.
International fixed-income markets declined as interest rates spiked
International bond markets began the period with modest gains, buoyed by positive vaccine trial results and continued fiscal and monetary accommodations, which added momentum to the global economic recovery and weakening U.S. dollar trend. However, sentiment shifted during the first quarter of 2021 after a Democratic win in the Senate paved the way for more U.S. stimulus, stoking fears of an overshoot and driving a sharp repricing of U.S. Treasury yields. The U.S.-led move created headwinds across markets with interest rates higher and credit spreads wider, though European bonds outperformed, anchored by a slower recovery.
Global economic growth was uneven as the pandemic’s path and vaccine rollouts varied widely among countries and regions. The economy in the 19-nation euro area contracted year-over-year in both the fourth quarter of 2020 and the first quarter of 2021. Meanwhile, China’s economy grew 18.3% year-over-year, and the U.S. posted 6.4% annualized growth in the first quarter of 2021. As the U.S. recovery gathered steam during the second half of the period, the euro and Japanese yen, along with most emerging-markets (EM) currencies, fell against the dollar.
Fund surpassed its benchmark
For the six-month period, the Fund declined slightly but outperformed its benchmark. Asset allocation was the most significant contributor. Off-benchmark selections in EM credit, particularly holdings in Africa, were key drivers of outperformance. Corporates were also contributors, led by high yield. Security selection also benefited the Fund’s return, led by holdings of certain European Treasuries. Currency positioning also helped, driven by exposure to EM, including the South African rand, Egyptian pound and Mexican peso, while the Japanese yen and Peruvian sol detracted.
By contrast, yield curve positioning was a slight detractor, with U.S. dollar duration as the main drag due to exposure in certain credit positions. Positioning in European and Canadian rates was positive, moderating the overall impact to performance from local interest-rate moves.
TIAA-CREF International Fixed-Income Funds ■ 2021 Semiannual Report | 13 |
International Bond Fund
Performance as of April 30, 2021 | ||||||||||||||||||||||
International Bond Fund | Average annual | Annual operating | ||||||||||||||||||||
Total return | total return | expenses* | ||||||||||||||||||||
Inception | since | |||||||||||||||||||||
date | 6 months | 1 year | inception | gross | net | |||||||||||||||||
Institutional Class | 8/5/16 | –0.16 | % | 3.79 | % | 3.19 | % | 0.60 | % | 0.60 | % | |||||||||||
Advisor Class | 8/5/16 | –0.19 | 3.76 | 3.14 | 0.70 | 0.70 | ||||||||||||||||
Premier Class | 8/5/16 | –0.22 | 3.61 | 3.04 | 0.78 | 0.75 | ||||||||||||||||
Retirement Class | 8/5/16 | –0.28 | 3.57 | 2.95 | 0.85 | 0.85 | ||||||||||||||||
Retail Class | 8/5/16 | –0.37 | 3.47 | 2.84 | 1.07 | 0.95 | ||||||||||||||||
Class W | 9/28/18 | 0.19 | 4.45 | 3.54 | † | 0.60 | 0.00 | |||||||||||||||
Bloomberg Barclays Global Aggregate ex-USD Index (Hedged) | — | –1.38 | –0.07 | 2.79 | ‡ | — | — |
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, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period. |
† | 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. |
14 | 2021 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds |
International Bond Fund
Expense example | |||||||
Six months ended April 30, 2021 | |||||||
Beginning | Ending | Expenses paid | |||||
account value | account value | during period | * | ||||
International Bond Fund | (11/1/20 | ) | (4/30/21 | ) | (11/1/20–4/30/21 | ) | |
Actual return | |||||||
Institutional Class | $1,000.00 | $ 998.41 | $2.92 | ||||
Advisor Class | 1,000.00 | 998.08 | 3.42 | ||||
Premier Class | 1,000.00 | 997.81 | 3.72 | ||||
Retirement Class | 1,000.00 | 997.21 | 4.11 | ||||
Retail Class | 1,000.00 | 996.25 | 4.70 | ||||
Class W | 1,000.00 | 1,001.91 | 0.00 | ||||
5% annual hypothetical return | |||||||
Institutional Class | 1,000.00 | 1,021.87 | 2.96 | ||||
Advisor Class | 1,000.00 | 1,021.37 | 3.46 | ||||
Premier Class | 1,000.00 | 1,021.08 | 3.76 | ||||
Retirement Class | 1,000.00 | 1,020.68 | 4.16 | ||||
Retail Class | 1,000.00 | 1,020.08 | 4.76 | ||||
Class W | 1,000.00 | 1,024.79 | 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 181/365. There were 181 days in the six months ended April 30, 2021. The Fund’s annualized six-month expense ratios for that period were 0.59% for the Institutional Class, 0.69% for the Advisor Class, 0.75% for the Premier Class, 0.83% 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 4/30/2021 | ||
Net assets | $510.68 million | |
Portfolio turnover rate* | 20% | |
Number of issues | 403 | |
Option-adjusted duration‡ | 7.18 years | |
Average maturity§ | 8.42 years |
* | The portfolio turnover rate covers the six-month period from November 1, 2020–April 30, 2021, and is not annualized. |
‡ | 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 ■ 2021 Semiannual Report | 15 |
International Bond Fund
Portfolio composition | ||
% of net assets | ||
Sector | as of 4/30/2021 | |
Foreign government securities | 68.9 | |
Corporate bonds | 20.3 | |
Mortgage-backed securities | 1.8 | |
Bank loan obligations | 1.0 | |
Commercial mortgage-backed securities | 0.8 | |
Asset-backed securities | 0.7 | |
Short-term investments, other assets & liabilities, net | 6.5 | |
Total | 100.0 |
Holdings by country | ||
% of portfolio investments | ||
as of 4/30/2021 | ||
Japan | 14.4 | |
United States | 13.3 | |
China | 9.0 | |
United Kingdom | 5.7 | |
Italy | 5.3 | |
France | 4.4 | |
Spain | 3.4 | |
Canada | 3.2 | |
65 other nations | 37.5 | |
Short-term investments | 3.8 | |
Total | 100.0 |
Holdings by maturity | |
% of fixed-income investments | |
(excluding short-term investments) | |
as of 4/30/2021 | |
Less than 1 year | 2.8 |
1–3 years | 15.3 |
3–5 years | 15.4 |
5–10 years | 40.9 |
Over 10 years | 25.6 |
Total | 100.0 |
Holdings by credit quality | |
% of fixed-income investments | |
(excluding short-term investments) | |
as of 4/30/2021 | |
Aaa/AAA | 8.3 |
Aa/AA | 13.1 |
A/A | 36.8 |
Baa/BBB | 27.0 |
Ba/BB | 7.9 |
B/B | 5.3 |
Non-rated | 1.6 |
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.
16 | 2021 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds |
Summary portfolio of investments (unaudited)
Emerging Markets Debt Fund ■ April 30, 2021
% of net | |||||||||||||||
Principal | Issuer | Value | assets | ||||||||||||
BANK LOAN OBLIGATIONS | |||||||||||||||
MEXICO | |||||||||||||||
$ | 4,000,000 | †,i | Grupo Aeromexico SAB de C.V. LIBOR 1M + 8.000% | 9.000%, 8/19/22 | $ | 4,015,000 | 0.5 | % | |||||||
3,250,000 | †,i | Grupo Aeromexico SAB de C.V. LIBOR 1M + 12.500% | 12.613%, 8/19/22 | 3,323,125 | 0.5 | ||||||||||
TOTAL BANK LOAN OBLIGATIONS (Cost $7,197,022) | 7,338,125 | 1.0 | |||||||||||||
BONDS | |||||||||||||||
CORPORATE BONDS | |||||||||||||||
ARGENTINA | 2,837,975 | 0.4 | |||||||||||||
BRAZIL | |||||||||||||||
3,000,000 | g | Amaggi Luxembourg International Sarl | 5.250%, 01/28/28 | 3,135,750 | 0.4 | ||||||||||
3,750,000 | g | Banco BTG Pactual S.A. | 2.750%, 01/11/26 | 3,562,538 | 0.5 | ||||||||||
Other | 29,867,175 | 4.2 | |||||||||||||
36,565,463 | 5.1 | ||||||||||||||
CHILE | |||||||||||||||
7,625,000 | g | Corp Nacional del Cobre de Chile | 3.000%–4.375%, 08/01/27–01/15/51 | 7,972,253 | 1.1 | ||||||||||
Other | 13,686,473 | 1.9 | |||||||||||||
21,658,726 | 3.0 | ||||||||||||||
CHINA | 16,965,396 | 2.4 | |||||||||||||
COLOMBIA | 8,984,454 | 1.3 | |||||||||||||
COSTA RICA | 2,306,991 | 0.3 | |||||||||||||
DOMINICAN REPUBLIC | 4,640,889 | 0.7 | |||||||||||||
ECUADOR | 2,010,332 | 0.3 | |||||||||||||
GHANA | 2,833,750 | 0.5 | |||||||||||||
GUATEMALA | 3,432,650 | 0.5 | |||||||||||||
HONG KONG | 2,767,202 | 0.4 | |||||||||||||
INDIA | |||||||||||||||
3,750,000 | g | Bharti Airtel Ltd | 3.250%, 06/03/31 | 3,657,899 | 0.5 | ||||||||||
Other | 17,435,873 | 2.5 | |||||||||||||
21,093,772 | 3.0 | ||||||||||||||
INDONESIA | |||||||||||||||
3,750,000 | g | Saka Energi Indonesia PT | 4.450%, 05/05/24 | 3,150,000 | 0.5 | ||||||||||
Other | 17,067,874 | 2.4 | |||||||||||||
20,217,874 | 2.9 | ||||||||||||||
ISRAEL | |||||||||||||||
3,500,000 | g | Mizrahi Tefahot Bank Ltd | 3.077%, 04/07/31 | 3,552,500 | 0.5 | ||||||||||
Other | 6,358,040 | 0.9 | |||||||||||||
9,910,540 | 1.4 | ||||||||||||||
JAMAICA | 536,444 | 0.1 |
See notes to financial statements | TIAA-CREF International Fixed-Income Funds ■ 2021 Semiannual Report | 17 |
Summary portfolio of investments (unaudited) | continued |
Emerging Markets Debt Fund ■ April 30, 2021 |
% of net | |||||||||||||||
Principal | Issuer | Value | assets | ||||||||||||
KAZAKHSTAN | |||||||||||||||
$ | 3,000,000 | g | KazMunayGas National Co JSC | 3.500%, 04/14/33 | $ | 3,186,088 | 0.5 | % | |||||||
Other | 12,162,924 | 1.7 | |||||||||||||
15,349,012 | 2.2 | ||||||||||||||
KUWAIT | 4,603,233 | 0.7 | |||||||||||||
MACAU | 6,271,688 | 0.9 | |||||||||||||
MALAYSIA | 5,990,688 | 0.8 | |||||||||||||
MEXICO | |||||||||||||||
5,750,000 | †,g,q | Aerovias de Mexico S.A. | 7.000%, 02/05/25 | 3,191,307 | 0.5 | ||||||||||
5,100,000 | Petroleos Mexicanos | 5.350%, 02/12/28 | 5,010,240 | 0.7 | |||||||||||
4,647,000 | Petroleos Mexicanos | 7.000%, 01/23/30 | 4,774,792 | 0.7 | |||||||||||
Other | 23,001,808 | 3.2 | |||||||||||||
35,978,147 | 5.1 | ||||||||||||||
OMAN | 4,025,990 | 0.6 | |||||||||||||
PAKISTAN | 977,338 | 0.1 | |||||||||||||
PANAMA | 9,074,354 | 1.3 | |||||||||||||
PERU | 15,803,828 | 2.2 | |||||||||||||
RUSSIA | |||||||||||||||
3,000,000 | g | LUKOIL Securities BV | 3.875%, 05/06/30 | 3,152,400 | 0.4 | ||||||||||
Other | 2,753,108 | 0.4 | |||||||||||||
5,905,508 | 0.8 | ||||||||||||||
SAUDI ARABIA | |||||||||||||||
3,500,000 | g | Arabian Centres Sukuk II Ltd | 5.625%, 10/07/26 | 3,611,510 | 0.5 | ||||||||||
3,611,510 | 0.5 | ||||||||||||||
SOUTH AFRICA | |||||||||||||||
6,525,000 | g | Eskom Holdings SOC Ltd | 6.350%–8.450%, 08/06/23–08/10/28 | 6,946,005 | 1.0 | ||||||||||
3,000,000 | Sasol Financing USA LLC | 5.875%, 03/27/24 | 3,199,500 | 0.5 | |||||||||||
3,000,000 | g | Transnet SOC Ltd | 4.000%, 07/26/22 | 3,058,021 | 0.4 | ||||||||||
Other | 8,598,864 | 1.2 | |||||||||||||
21,802,390 | 3.1 | ||||||||||||||
SPAIN | 2,977,500 | 0.4 | |||||||||||||
TANZANIA, UNITED REPUBLIC OF | |||||||||||||||
3,050,000 | AngloGold Ashanti Holdings plc | 3.750%, 10/01/30 | 3,154,457 | 0.4 | |||||||||||
3,154,457 | 0.4 | ||||||||||||||
THAILAND | |||||||||||||||
3,000,000 | g | Bangkok Bank PCL | 5.000%, N/A‡ | 3,150,000 | 0.4 | ||||||||||
Other | 2,759,953 | 0.4 | |||||||||||||
5,909,953 | 0.8 | ||||||||||||||
TRINIDAD AND TOBAGO | 2,470,461 | 0.3 | |||||||||||||
TURKEY | 11,962,882 | 1.7 | |||||||||||||
UKRAINE | 9,757,521 | 1.4 |
18 | 2021 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds | See notes to financial statements |
Summary portfolio of investments (unaudited) | continued |
Emerging Markets Debt Fund ■ April 30, 2021
% of net | |||||||||||||||
Principal | Issuer | Value | assets | ||||||||||||
UNITED ARAB EMIRATES | $ | 6,131,705 | 0.9 | % | |||||||||||
ZAMBIA | |||||||||||||||
$ | 3,000,000 | g | First Quantum Minerals Ltd | 6.875%, 10/15/27 | 3,292,500 | 0.5 | |||||||||
3,292,500 | 0.5 | ||||||||||||||
TOTAL CORPORATE BONDS (Cost $324,539,457) | 331,813,123 | 47.0 | |||||||||||||
GOVERNMENT BONDS | |||||||||||||||
ANGOLA | |||||||||||||||
6,525,000 | g | Angolan Government International Bond | 8.000%–9.375%, 05/09/28–05/08/48 | 6,668,231 | 0.9 | ||||||||||
6,668,231 | 0.9 | ||||||||||||||
ARGENTINA | 4,000,239 | 0.6 | |||||||||||||
AZERBAIJAN | |||||||||||||||
3,023,000 | g | Southern Gas Corridor CJSC | 6.875%, 03/24/26 | 3,627,842 | 0.5 | ||||||||||
3,627,842 | 0.5 | ||||||||||||||
BAHRAIN | 4,617,261 | 0.7 | |||||||||||||
BARBADOS | |||||||||||||||
3,314,800 | g | Barbados Government International Bond | 6.500%, 10/01/29 | 3,372,809 | 0.5 | ||||||||||
3,372,809 | 0.5 | ||||||||||||||
BENIN | 1,991,888 | 0.3 | |||||||||||||
BERMUDA | 2,900,762 | 0.4 | |||||||||||||
BRAZIL | |||||||||||||||
3,100,000 | Brazilian Government International Bond | 3.875%, 06/12/30 | 3,077,246 | 0.4 | |||||||||||
Other | 7,560,156 | 1.2 | |||||||||||||
10,637,402 | 1.6 | ||||||||||||||
CHINA | 4,500,017 | 0.7 | |||||||||||||
COLOMBIA | 6,642,827 | 1.0 | |||||||||||||
COSTA RICA | 2,325,000 | 0.3 | |||||||||||||
COTE D’IVOIRE | 2,781,817 | 0.4 | |||||||||||||
DOMINICAN REPUBLIC | |||||||||||||||
3,425,000 | g | Dominican Republic Government International Bond | 6.875%, 01/29/26 | 3,998,687 | 0.6 | ||||||||||
4,000,000 | g | Dominican Republic Government International Bond | 4.875%, 09/23/32 | 4,186,000 | 0.6 | ||||||||||
3,060,000 | g | Dominican Republic Government International Bond | 7.450%, 04/30/44 | 3,694,950 | 0.5 | ||||||||||
Other | 3,530,097 | 0.5 | |||||||||||||
15,409,734 | 2.2 | ||||||||||||||
ECUADOR | |||||||||||||||
4,637,020 | g | Ecuador Government International Bond (Step Bond) | 0.500%, 07/31/35 | 3,153,220 | 0.4 | ||||||||||
Other | 4,510,751 | 0.6 | |||||||||||||
7,663,971 | 1.0 |
See notes to financial statements | TIAA-CREF International Fixed-Income Funds ■ 2021 Semiannual Report | 19 |
Summary portfolio of investments (unaudited) | continued |
Emerging Markets Debt Fund ■ April 30, 2021
% of net | |||||||||||||||
Principal | Issuer | Value | assets | ||||||||||||
EGYPT | |||||||||||||||
$ | 5,225,000 | g | Egypt Government International Bond | 5.875%, 02/16/31 | $ | 5,037,951 | 0.7 | % | |||||||
4,050,000 | g | Egypt Government International Bond | 8.500%, 01/31/47 | 4,179,178 | 0.6 | ||||||||||
EGP, EUR, $ | |||||||||||||||
19,450,000 | g | Egypt Government International Bond | 5.625%–16.000%, 06/11/22–11/20/59 | 8,114,207 | 1.1 | ||||||||||
17,331,336 | 2.4 | ||||||||||||||
EL SALVADOR | |||||||||||||||
$ | 3,100,000 | g | El Salvador Government International Bond | 7.625%, 02/01/41 | 3,178,430 | 0.4 | |||||||||
Other | 2,092,800 | 0.3 | |||||||||||||
5,271,230 | 0.7 | ||||||||||||||
GHANA | |||||||||||||||
10,075,000 | g | Ghana Government International Bond | 0.000%–8.750%, 04/07/25–03/11/61 | 9,567,534 | 1.4 | ||||||||||
Other | 1,659,701 | 0.2 | |||||||||||||
11,227,235 | 1.6 | ||||||||||||||
GREECE | |||||||||||||||
EUR | 2,850,000 | g | Hellenic Republic Government International Bond | 2.000%, 04/22/27 | 3,758,415 | 0.5 | |||||||||
3,758,415 | 0.5 | ||||||||||||||
GUATEMALA | 6,459,562 | 0.9 | |||||||||||||
HONDURAS | 1,673,687 | 0.2 | |||||||||||||
INDIA | 5,495,332 | 0.8 | |||||||||||||
INDONESIA | 7,022,804 | 1.0 | |||||||||||||
IRAQ | 5,680,012 | 0.8 | |||||||||||||
ISRAEL | 899,484 | 0.1 | |||||||||||||
JAMAICA | |||||||||||||||
$ | 2,950,000 | Jamaica Government International Bond | 8.000%, 03/15/39 | 4,144,750 | 0.6 | ||||||||||
3,135,000 | Jamaica Government International Bond | 7.875%, 07/28/45 | 4,373,325 | 0.6 | |||||||||||
Other | 582,500 | 0.1 | |||||||||||||
9,100,575 | 1.3 | ||||||||||||||
JORDAN | |||||||||||||||
4,050,000 | g | Jordan Government International Bond | 4.950%, 07/07/25 | 4,188,934 | 0.6 | ||||||||||
Other | 2,096,008 | 0.3 | |||||||||||||
6,284,942 | 0.9 | ||||||||||||||
KAZAKHSTAN | 3,712,990 | 0.5 | |||||||||||||
KENYA | 7,017,431 | 1.0 | |||||||||||||
LEBANON | 860,106 | 0.2 | |||||||||||||
MALAYSIA | 973,225 | 0.1 | |||||||||||||
MEXICO | |||||||||||||||
2,775,000 | Mexico Government International Bond | 4.750%, 04/27/32 | 3,117,713 | 0.4 | |||||||||||
3,500,000 | Mexico Government International Bond | 4.280%, 08/14/41 | 3,570,000 | 0.5 | |||||||||||
Other | 4,897,872 | 0.7 | |||||||||||||
11,585,585 | 1.6 |
20 | 2021 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds | See notes to financial statements |
Summary portfolio of investments (unaudited) | continued |
Emerging Markets Debt Fund ■ April 30, 2021
% of net | |||||||||||||||
Principal | Issuer | Value | assets | ||||||||||||
MONGOLIA | $ | 2,599,775 | 0.4 | % | |||||||||||
MOROCCO | |||||||||||||||
$ | 2,850,000 | g | Morocco Government International Bond | 5.500%, 12/11/42 | 3,165,267 | 0.4 | |||||||||
Other | 1,944,789 | 0.3 | |||||||||||||
5,110,056 | 0.7 | ||||||||||||||
NIGERIA | |||||||||||||||
3,475,000 | g | Nigeria Government International Bond | 6.500%, 11/28/27 | 3,673,345 | 0.5 | ||||||||||
Other | 3,987,341 | 0.6 | |||||||||||||
7,660,686 | 1.1 | ||||||||||||||
OMAN | |||||||||||||||
4,750,000 | g | Oman Government International Bond | 6.750%, 10/28/27 | 5,331,808 | 0.8 | ||||||||||
Other | 5,870,922 | 0.8 | |||||||||||||
11,202,730 | 1.6 | ||||||||||||||
PAKISTAN | |||||||||||||||
3,200,000 | g | Pakistan Government International Bond | 6.875%, 12/05/27 | 3,346,320 | 0.5 | ||||||||||
Other | 2,628,636 | 0.4 | |||||||||||||
5,974,956 | 0.9 | ||||||||||||||
PANAMA | |||||||||||||||
2,850,000 | Panama Notas del Tesoro | 3.750%, 04/17/26 | 3,065,175 | 0.4 | |||||||||||
3,065,175 | 0.4 | ||||||||||||||
PARAGUAY | 3,854,869 | 0.5 | |||||||||||||
PERU | 6,185,297 | 0.9 | |||||||||||||
PHILIPPINES | 977,930 | 0.1 | |||||||||||||
QATAR | 4,971,897 | 0.7 | |||||||||||||
REPUBLIC OF SERBIA | 4,175,098 | 0.6 | |||||||||||||
ROMANIA | |||||||||||||||
3,380,000 | g | Romanian Government International Bond | 3.000%, 02/14/31 | 3,438,267 | 0.5 | ||||||||||
Other | 2,325,939 | 0.3 | |||||||||||||
5,764,206 | 0.8 | ||||||||||||||
RUSSIA | |||||||||||||||
2,800,000 | g | Russian Foreign Bond – Eurobond | 5.100%, 03/28/35 | 3,296,076 | 0.5 | ||||||||||
Other | 5,857,979 | 0.8 | |||||||||||||
9,154,055 | 1.3 | ||||||||||||||
RWANDA | 2,631,790 | 0.4 | |||||||||||||
SAUDI ARABIA | |||||||||||||||
9,400,000 | g | Saudi Government International Bond | 2.250%–3.750%, 10/22/25–02/02/61 | 9,390,811 | 1.3 | ||||||||||
9,390,811 | 1.3 | ||||||||||||||
SENEGAL | 2,905,201 | 0.4 |
See notes to financial statements | TIAA-CREF International Fixed-Income Funds ■ 2021 Semiannual Report | 21 |
Summary portfolio of investments (unaudited) | continued |
Emerging Markets Debt Fund ■ April 30, 2021
% of net | ||||||||||||||||
Principal | Issuer | Value | assets | |||||||||||||
SOUTH AFRICA | ||||||||||||||||
ZAR | 59,300,000 | South Africa Government International Bond | 7.000%, 02/28/31 | $ | 3,395,390 | 0.5 | % | |||||||||
Other | 7,219,669 | 1.0 | ||||||||||||||
10,615,059 | 1.5 | |||||||||||||||
SRI LANKA | 2,921,721 | 0.5 | ||||||||||||||
SUPRANATIONAL | ||||||||||||||||
$ | 2,975,000 | g | Banque Ouest Africaine de Developpement | 4.700%, 10/22/31 | 3,167,654 | 0.4 | ||||||||||
3,167,654 | 0.4 | |||||||||||||||
THAILAND | 1,700,490 | 0.2 | ||||||||||||||
TRINIDAD AND TOBAGO | 1,098,090 | 0.2 | ||||||||||||||
TUNISIA | 1,029,640 | 0.1 | ||||||||||||||
TURKEY | ||||||||||||||||
4,350,000 | Turkey Government International Bond | 4.875%, 04/16/43 | 3,349,848 | 0.5 | ||||||||||||
Other | 9,157,165 | 1.3 | ||||||||||||||
12,507,013 | 1.8 | |||||||||||||||
UGANDA | 1,795,215 | 0.3 | ||||||||||||||
UKRAINE | ||||||||||||||||
5,000,000 | g | Ukraine Government International Bond | 7.750%, 09/01/25 | 5,384,800 | 0.8 | |||||||||||
3,500,000 | g | Ukraine Government International Bond | 7.253%, 03/15/33 | 3,502,701 | 0.5 | |||||||||||
Other | 6,731,542 | 0.9 | ||||||||||||||
15,619,043 | 2.2 | |||||||||||||||
UNITED ARAB EMIRATES | 5,040,068 | 0.7 | ||||||||||||||
URUGUAY | ||||||||||||||||
5,303,796 | Uruguay Government International Bond | 4.375%, 01/23/31 | 6,166,458 | 0.9 | ||||||||||||
Other | 2,332,957 | 0.3 | ||||||||||||||
8,499,415 | 1.2 | |||||||||||||||
UZBEKISTAN | ||||||||||||||||
4,550,000 | g | Republic of Uzbekistan Government International Bond | 5.375%, 02/20/29 | 5,081,835 | 0.7 | |||||||||||
Other | 1,431,895 | 0.2 | ||||||||||||||
6,513,730 | 0.9 | |||||||||||||||
ZAMBIA | 3,071,134 | 0.4 | ||||||||||||||
TOTAL GOVERNMENT BONDS (Cost $343,246,098) | 340,696,555 | 48.2 | ||||||||||||||
STRUCTURED ASSETS | ||||||||||||||||
TURKEY | 2,232,372 | 0.4 | ||||||||||||||
TOTAL STRUCTURED ASSETS (Cost $2,224,408) | 2,232,372 | 0.4 | ||||||||||||||
TOTAL BONDS (Cost $670,009,963) | 674,742,050 | 95.6 | ||||||||||||||
Shares | Company | |||||||||||||||
COMMON STOCKS | ||||||||||||||||
BRAZIL | 231,278 | 0.0 | ||||||||||||||
UNITED STATES | 994,137 | 0.2 | ||||||||||||||
TOTAL COMMON STOCKS (Cost $1,959,028) | 1,225,415 | 0.2 |
22 | 2021 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds | See notes to financial statements |
Summary portfolio of investments (unaudited) | concluded |
Emerging Markets Debt Fund ■ April 30, 2021
% of net | ||||||||||||||||
Principal | Issuer | Value | assets | |||||||||||||
SHORT-TERM INVESTMENTS | ||||||||||||||||
EGYPT | $ | 2,744,258 | 0.4 | % | ||||||||||||
UNITED STATES | ||||||||||||||||
$ | 5,040,000 | r | Fixed Income Clearing Corp (FICC) | 0.005%, 05/03/21 | 5,040,000 | 0.7 | ||||||||||
Other | 2,000,000 | 0.3 | ||||||||||||||
7,040,000 | 1.0 | |||||||||||||||
Shares | Company | |||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | ||||||||||||||||
17,039,061 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 0.020% | 17,039,061 | 2.4 | |||||||||||
17,039,061 | 2.4 | |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $26,810,692) | 26,823,319 | 3.8 | ||||||||||||||
TOTAL PORTFOLIO (Cost $705,976,705) | 710,128,909 | 100.6 | ||||||||||||||
OTHER ASSETS & LIABILITIES, NET | (3,977,802 | ) | (0.6 | ) | ||||||||||||
NET ASSETS | $ | 706,151,107 | 100.0 | % |
Abbreviation(s):
EGP | Egyptian Pound |
EUR | Euro |
LIBOR | London Interbank Offered Rate |
M | Month |
ZAR | South African Rand |
† | Security is categorized as Level 3 in the fair value hierarchy. |
‡ | Perpetual security |
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 4/30/21, the aggregate value of these securities, including those in “Other”, is $522,166,679 or 73.9% of net assets. |
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. |
q | In default |
r | Agreement with Fixed Income Clearing Corporation (FICC), 0.005% dated 4/30/21 to be repurchased at $5,040,000 on 5/03/21, collateralized by U.S. Treasury Notes valued at $5,140,816. |
“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.
At 4/30/21, the aggregate value of securities on loan is $16,587,627. 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.
Forward foreign currency contracts outstanding as of April 30, 2021 were as follows:
Currency | Currency | Unrealized | |||||||||||
to be | to be | Settlement | appreciation | ||||||||||
purchased | Receive | sold | Deliver | Counterparty | date | (depreciation | ) | ||||||
$ | 2,341,007 | PEN | 9,000,000 | Citibank, N.A. | 07/30/21 | $ (37,617 | ) |
Abbreviation(s):
PEN | Peruvian Sol |
See notes to financial statements | TIAA-CREF International Fixed-Income Funds ■ 2021 Semiannual Report | 23 |
Summary of market values by sector (unaudited)
Emerging Markets Debt Fund ■ April 30, 2021
% of net | ||||||||
Sector | Value | assets | ||||||
GOVERNMENT | $ | 340,696,555 | 48.2 | % | ||||
ENERGY | 62,028,047 | 8.8 | ||||||
FINANCIALS | 59,913,383 | 8.5 | ||||||
UTILITIES | 53,323,839 | 7.6 | ||||||
MATERIALS | 42,177,513 | 6.0 | ||||||
INDUSTRIALS | 40,158,578 | 5.7 | ||||||
COMMUNICATION SERVICES | 36,808,798 | 5.2 | ||||||
CONSUMER STAPLES | 19,349,970 | 2.7 | ||||||
CONSUMER DISCRETIONARY | 13,415,444 | 1.9 | ||||||
REAL ESTATE | 11,119,275 | 1.6 | ||||||
ASSET BACKED SECURITIES | 2,232,372 | 0.3 | ||||||
INFORMATION TECHNOLOGY | 2,081,816 | 0.3 | ||||||
SHORT-TERM INVESTMENTS | 26,823,319 | 3.8 | ||||||
OTHER ASSETS & LIABILITIES, NET | (3,977,802 | ) | (0.6 | ) | ||||
NET ASSETS | $ | 706,151,107 | 100.0 | % |
24 | 2021 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds | See notes to financial statements |
Consolidated summary portfolio of investments (unaudited)
International Bond Fund ■ April 30, 2021
Principal | Issuer | Value | % of net assets | ||||||||
BANK LOAN OBLIGATIONS | |||||||||||
AUSTRALIA | $ | 383,725 | 0.1 | % | |||||||
CANADA | 385,442 | 0.1 | |||||||||
IRELAND | 600,180 | 0.1 | |||||||||
LUXEMBOURG | 426,521 | 0.1 | |||||||||
UNITED STATES | 3,225,957 | 0.6 | |||||||||
TOTAL BANK LOAN OBLIGATIONS (Cost $5,107,986) | 5,021,825 | 1.0 | |||||||||
BONDS | |||||||||||
CORPORATE BONDS | |||||||||||
AUSTRALIA | 1,163,278 | 0.3 | |||||||||
BRAZIL | 203,000 | 0.0 | |||||||||
CANADA | 2,824,149 | 0.5 | |||||||||
CHILE | 2,465,421 | 0.5 | |||||||||
CHINA | 1,280,108 | 0.3 | |||||||||
COLOMBIA | 786,352 | 0.2 | |||||||||
CZECH REPUBLIC | 486,578 | 0.1 | |||||||||
DENMARK | 706,522 | 0.1 | |||||||||
FRANCE | 4,486,689 | 1.0 | |||||||||
GERMANY | 3,651,662 | 0.7 | |||||||||
INDIA | 1,972,201 | 0.3 | |||||||||
INDONESIA | 691,807 | 0.2 | |||||||||
IRELAND | 1,195,453 | 0.2 | |||||||||
ISRAEL | 1,003,554 | 0.2 | |||||||||
ITALY | 1,541,164 | 0.3 | |||||||||
JAPAN | 2,572,634 | 0.5 | |||||||||
KAZAKHSTAN | 936,847 | 0.2 | |||||||||
KOREA, REPUBLIC OF | 1,249,311 | 0.2 | |||||||||
LUXEMBOURG | 1,123,604 | 0.2 | |||||||||
MALAYSIA | 860,472 | 0.2 | |||||||||
MEXICO | 2,286,731 | 0.3 | |||||||||
NETHERLANDS | 768,508 | 0.1 | |||||||||
PANAMA | 325,128 | 0.1 | |||||||||
PERU | 601,700 | 0.0 |
See notes to financial statements | TIAA-CREF International Fixed-Income Funds ■ 2021 Semiannual Report | 25 |
Consolidated summary portfolio of investments (unaudited) | continued |
International Bond Fund ■ April 30, 2021
Principal | Issuer | Value | % of net assets | |||||||||||
PORTUGAL | $ | 1,243,210 | 0.2 | % | ||||||||||
QATAR | 861,651 | 0.2 | ||||||||||||
RUSSIA | 898,785 | 0.2 | ||||||||||||
SAUDI ARABIA | 835,450 | 0.3 | ||||||||||||
SINGAPORE | 937,715 | 0.2 | ||||||||||||
SPAIN | 882,000 | 0.2 | ||||||||||||
SWITZERLAND | 3,866,515 | 0.7 | ||||||||||||
TANZANIA, UNITED REPUBLIC OF | 465,412 | 0.1 | ||||||||||||
THAILAND | 495,032 | 0.1 | ||||||||||||
UNITED ARAB EMIRATES | 1,698,626 | 0.4 | ||||||||||||
UNITED KINGDOM | 8,321,769 | 1.7 | ||||||||||||
UNITED STATES | 47,842,368 | 9.3 | ||||||||||||
TOTAL CORPORATE BONDS (Cost $97,760,898) | 103,531,406 | 20.3 | ||||||||||||
GOVERNMENT BONDS | ||||||||||||||
ARGENTINA | 147,390 | 0.0 | ||||||||||||
AUSTRALIA | ||||||||||||||
AUD | 4,100,000 | z | Australia Government Bond | 1.000%, 11/21/31 | 2,929,070 | 0.6 | ||||||||
Other | 5,806,620 | 1.1 | ||||||||||||
8,735,690 | 1.7 | |||||||||||||
BELGIUM | ||||||||||||||
EUR | 2,125,000 | g | Kingdom of Belgium Government International Bond | 0.000%, 10/22/27 | 2,602,926 | 0.5 | ||||||||
2,602,926 | 0.5 | |||||||||||||
BERMUDA | 335,750 | 0.1 | ||||||||||||
BRAZIL | 2,739,113 | 0.5 | ||||||||||||
CANADA | ||||||||||||||
CAD | 3,600,000 | Canadian Government International Bond | 2.000%, 09/01/23 | 3,040,794 | 0.6 | |||||||||
Other | 9,620,140 | 2.0 | ||||||||||||
12,660,934 | 2.6 | |||||||||||||
CHILE | 1,673,369 | 0.3 | ||||||||||||
CHINA | ||||||||||||||
CNY | 61,260,000 | China Government International Bond | 2.880%, 11/05/23 | 9,495,287 | 1.9 | |||||||||
27,700,000 | China Government International Bond | 2.360%, 07/02/23 | 4,244,581 | 0.8 | ||||||||||
49,600,000 | China Government International Bond | 2.940%, 10/17/24 | 7,687,388 | 1.5 | ||||||||||
60,500,000 | China Government International Bond | 3.120%, 12/05/26 | 9,401,995 | 1.8 | ||||||||||
18,900,000 | China Government International Bond | 3.860%, 07/22/49 | 3,009,615 | 0.6 | ||||||||||
30,000,000 | China Government International Bond | 3.390%, 03/16/50 | 4,362,045 | 0.9 | ||||||||||
Other | 5,080,330 | 0.9 | ||||||||||||
43,281,241 | 8.4 |
26 | 2021 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds | See notes to financial statements |
Consolidated summary portfolio of investments (unaudited) | continued |
International Bond Fund ■ April 30, 2021
Principal | Issuer | Value | % of net assets | |||||||||||
COTE D’IVOIRE | $ | 1,421,691 | 0.3 | % | ||||||||||
CROATIA | 1,187,550 | 0.2 | ||||||||||||
CYPRUS | ||||||||||||||
EUR | 3,475,000 | z | Cyprus Government International Bond | 0.625%–2.750%, 09/25/28–05/03/49 | 4,803,499 | 1.0 | ||||||||
4,803,499 | 1.0 | |||||||||||||
DOMINICAN REPUBLIC | 1,958,546 | 0.5 | ||||||||||||
ECUADOR | 621,162 | 0.1 | ||||||||||||
EGYPT | 4,687,071 | 1.0 | ||||||||||||
FRANCE | ||||||||||||||
EUR | 4,500,000 | French Republic Government Bond OAT | 0.500%, 05/25/25 | 5,634,867 | 1.1 | |||||||||
3,775,000 | French Republic Government Bond OAT | 0.750%, 11/25/28 | 4,849,224 | 0.9 | ||||||||||
2,450,000 | g | French Republic Government Bond OAT | 0.500%, 05/25/40 | 2,876,225 | 0.6 | |||||||||
2,500,000 | z | UNEDIC ASSEO | 0.250%, 07/16/35 | 2,927,993 | 0.6 | |||||||||
Other | 1,038,054 | 0.2 | ||||||||||||
17,326,363 | 3.4 | |||||||||||||
GERMANY | ||||||||||||||
2,350,000 | Bundesrepublik Deutschland Bundesanleihe | 0.000%, 02/15/30 | 2,898,264 | 0.6 | ||||||||||
Other | 1,471,653 | 0.3 | ||||||||||||
4,369,917 | 0.9 | |||||||||||||
GHANA | 3,401,374 | 0.7 | ||||||||||||
GREECE | ||||||||||||||
2,300,000 | g | Hellenic Republic Government International Bond | 1.500%, 06/18/30 | 2,917,530 | 0.6 | |||||||||
Other | 858,957 | 0.2 | ||||||||||||
3,776,487 | 0.8 | |||||||||||||
GUATEMALA | 1,160,500 | 0.2 | ||||||||||||
HONDURAS | 210,000 | 0.0 | ||||||||||||
HONG KONG | 445,659 | 0.1 | ||||||||||||
HUNGARY | 764,170 | 0.1 | ||||||||||||
ICELAND | 1,189,096 | 0.2 | ||||||||||||
INDIA | 443,257 | 0.0 | ||||||||||||
INDONESIA | 4,435,043 | 0.9 | ||||||||||||
ISRAEL | ||||||||||||||
ILS | 5,250,000 | Israel Government International Bond | 5.500%, 01/31/42 | 2,588,009 | 0.5 | |||||||||
Other | 2,637,212 | 0.5 | ||||||||||||
5,225,221 | 1.0 |
See notes to financial statements | TIAA-CREF International Fixed-Income Funds ■ 2021 Semiannual Report | 27 |
Consolidated summary portfolio of investments (unaudited) | continued |
International Bond Fund ■ April 30, 2021
Principal | Issuer | Value | % of net assets | |||||||||||
ITALY | ||||||||||||||
EUR | 5,525,000 | Italy Buoni Poliennali Del Tesoro | 2.450%, 10/01/23 | $ | 7,074,498 | 1.4 | % | |||||||
3,950,000 | Italy Buoni Poliennali Del Tesoro | 1.250%, 12/01/26 | 5,005,886 | 1.0 | ||||||||||
3,675,000 | g | Italy Buoni Poliennali Del Tesoro | 0.950%, 09/15/27 | 4,567,338 | 0.9 | |||||||||
5,775,000 | g | Italy Buoni Poliennali Del Tesoro | 0.900%–3.850%, 04/01/31–09/01/51 | 8,232,280 | 1.7 | |||||||||
24,880,002 | 5.0 | |||||||||||||
JAPAN | ||||||||||||||
JPY | 628,000,000 | Japan Government Five Year Bond | 0.100%, 06/20/23 | 5,773,152 | 1.1 | |||||||||
557,000,000 | Japan Government Ten Year Bond | 0.100%, 06/20/28 | 5,143,742 | 1.0 | ||||||||||
335,000,000 | Japan Government Ten Year Bond | 0.100%, 06/20/29 | 3,086,791 | 0.6 | ||||||||||
322,000,000 | Japan Government Ten Year Bond | 0.100%, 09/20/29 | 2,965,000 | 0.6 | ||||||||||
325,000,000 | Japan Government Ten Year Bond | 0.100%, 12/20/29 | 2,990,216 | 0.6 | ||||||||||
425,000,000 | Japan Government Ten Year Bond | 0.100%, 06/20/30 | 3,904,622 | 0.8 | ||||||||||
513,000,000 | Japan Government Ten Year Bond | 0.100%, 09/20/30 | 4,708,316 | 0.9 | ||||||||||
525,950,000 | Japan Government Thirty Year Bond | 2.500%, 09/20/34 | 6,248,802 | 1.2 | ||||||||||
457,700,000 | Japan Government Thirty Year Bond | 0.500%, 09/20/46 | 4,114,155 | 0.8 | ||||||||||
340,000,000 | Japan Government Twenty Year Bond | 2.100%, 03/20/26 | 3,444,934 | 0.7 | ||||||||||
278,000,000 | Japan Government Twenty Year Bond | 0.600%, 12/20/36 | 2,653,481 | 0.5 | ||||||||||
660,000,000 | Japan Government Twenty Year Bond | 0.700%, 09/20/38 | 6,356,972 | 1.2 | ||||||||||
312,000,000 | Japan Government Twenty Year Bond | 0.400%, 09/20/40 | 2,827,787 | 0.6 | ||||||||||
787,000,000 | Japan Government Twenty Year Bond | 0.300%–1.800%, 09/20/31–06/20/39 | 7,759,574 | 1.5 | ||||||||||
Other | 6,746,252 | 1.3 | ||||||||||||
68,723,796 | 13.4 | |||||||||||||
KAZAKHSTAN | 1,252,305 | 0.2 | ||||||||||||
KENYA | 1,304,713 | 0.3 | ||||||||||||
KOREA, REPUBLIC OF | ||||||||||||||
KRW | 3,290,000,000 | Korea Treasury Bond | 1.250%, 12/10/22 | 2,975,219 | 0.6 | |||||||||
3,800,000,000 | Korea Treasury Bond | 1.500%, 03/10/25 | 3,418,769 | 0.7 | ||||||||||
2,815,000,000 | Korea Treasury Bond | 2.375%, 09/10/38 | 2,574,232 | 0.5 | ||||||||||
Other | 5,372,052 | 1.0 | ||||||||||||
14,340,272 | 2.8 | |||||||||||||
LEBANON | 173,460 | 0.0 | ||||||||||||
MACEDONIA | 2,361,972 | 0.5 | ||||||||||||
MALAYSIA | 1,386,846 | 0.3 | ||||||||||||
MEXICO | 4,246,089 | 0.8 | ||||||||||||
MOROCCO | 2,266,267 | 0.4 | ||||||||||||
NETHERLANDS | 1,055,855 | 0.2 | ||||||||||||
NEW ZEALAND | 1,394,205 | 0.3 | ||||||||||||
NIGERIA | 1,400,628 | 0.3 | ||||||||||||
NORWAY | ||||||||||||||
NOK | 35,620,000 | g | Norway Government International Bond | 1.375%, 08/19/30 | 4,260,579 | 0.8 | ||||||||
Other | 1,107,579 | 0.2 | ||||||||||||
5,368,158 | 1.0 |
28 | 2021 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds | See notes to financial statements |
Consolidated summary portfolio of investments (unaudited) | continued |
International Bond Fund ■ April 30, 2021
Principal | Issuer | Value | % of net assets | |||||||||||
PAKISTAN | $ | 1,027,866 | 0.2 | % | ||||||||||
PANAMA | 1,075,500 | 0.2 | ||||||||||||
PARAGUAY | 1,042,022 | 0.2 | ||||||||||||
PERU | 2,090,663 | 0.4 | ||||||||||||
PHILIPPINES | 977,930 | 0.2 | ||||||||||||
POLAND | ||||||||||||||
PLN | 11,905,000 | Republic of Poland Government International Bond | 2.750%, 10/25/29 | 3,428,624 | 0.7 | |||||||||
3,428,624 | 0.7 | |||||||||||||
PORTUGAL | 4,073,991 | 0.8 | ||||||||||||
REPUBLIC OF SERBIA | 5,203,887 | 1.0 | ||||||||||||
ROMANIA | ||||||||||||||
RON | 9,500,000 | Romania Government Bond | 4.150%, 01/26/28 | 2,499,446 | 0.5 | |||||||||
Other | 1,974,863 | 0.4 | ||||||||||||
4,474,309 | 0.9 | |||||||||||||
RUSSIA | 1,113,254 | 0.2 | ||||||||||||
SAUDI ARABIA | 1,175,027 | 0.2 | ||||||||||||
SENEGAL | 1,247,560 | 0.2 | ||||||||||||
SOUTH AFRICA | 2,214,837 | 0.5 | ||||||||||||
SPAIN | ||||||||||||||
EUR | 4,600,000 | g | Spain Government International Bond | 2.750%, 10/31/24 | 6,137,621 | 1.2 | ||||||||
2,650,000 | g | Spain Government International Bond | 1.200%, 10/31/40 | 3,220,801 | 0.6 | |||||||||
4,220,000 | g | Spain Government International Bond | 0.100%–1.400%, 07/30/28–04/30/31 | 5,199,338 | 1.0 | |||||||||
Other | 1,448,604 | 0.3 | ||||||||||||
16,006,364 | 3.1 | |||||||||||||
SUPRANATIONAL | ||||||||||||||
AUD | 4,100,000 | International Bank for Reconstruction & Development | 2.200%, 02/27/24 | 3,317,039 | 0.7 | |||||||||
Other | 10,943,188 | 2.2 | ||||||||||||
14,260,227 | 2.9 | |||||||||||||
SWEDEN | 969,831 | 0.2 | ||||||||||||
THAILAND | 3,829,515 | 0.8 | ||||||||||||
TURKEY | 589,108 | 0.1 | ||||||||||||
UKRAINE | 3,391,755 | 0.6 | ||||||||||||
UNITED ARAB EMIRATES | 977,588 | 0.1 |
See notes to financial statements | TIAA-CREF International Fixed-Income Funds ■ 2021 Semiannual Report | 29 |
Consolidated summary portfolio of investments (unaudited) | continued |
International Bond Fund ■ April 30, 2021
Principal | Issuer | Value | % of net assets | ||||||||||||
UNITED KINGDOM | |||||||||||||||
GBP | 2,425,000 | United Kingdom Gilt | 1.625%, 10/22/28 | $ | 3,588,641 | 0.7 | % | ||||||||
2,720,000 | United Kingdom Gilt | 4.750%, 12/07/30 | 5,110,112 | 1.0 | |||||||||||
3,350,000 | United Kingdom Gilt | 1.750%, 09/07/37 | 4,996,655 | 1.0 | |||||||||||
2,000,000 | United Kingdom Gilt | 1.250%, 10/22/41 | 2,737,480 | 0.5 | |||||||||||
Other | 3,683,573 | 0.7 | |||||||||||||
20,116,461 | 3.9 | ||||||||||||||
URUGUAY | 1,242,969 | 0.2 | |||||||||||||
UZBEKISTAN | 1,545,840 | 0.3 | |||||||||||||
TOTAL GOVERNMENT BONDS (Cost $338,352,854) | 351,832,715 | 68.9 | |||||||||||||
STRUCTURED ASSETS | |||||||||||||||
IRELAND | 1,852,597 | 0.4 | |||||||||||||
UNITED STATES | |||||||||||||||
$ | 4,540,062 | i | Connecticut Avenue Securities Series 2017 C02 (Class 2ED3), LIBOR 1 M + 1.350% | 1.456%, 09/25/29 | 4,560,086 | 0.9 | |||||||||
4,678,135 | i | Connecticut Avenue Securities Series 2017 C05 (Class 1M2), LIBOR 1 M + 2.200% | 2.306%, 01/25/30 | 4,738,571 | 0.9 | ||||||||||
Other | 5,749,613 | 1.1 | |||||||||||||
15,048,270 | 2.9 | ||||||||||||||
TOTAL STRUCTURED ASSETS (Cost $16,905,259) | 16,900,867 | 3.3 | |||||||||||||
TOTAL BONDS (Cost $453,019,011) | 472,264,988 | 92.5 | |||||||||||||
SHORT-TERM INVESTMENTS | |||||||||||||||
EGYPT | |||||||||||||||
EGP | 56,500,000 | Egypt Treasury Bill | 0.000%, 11/16/21 | 3,365,953 | 0.6 | ||||||||||
3,365,953 | 0.6 | ||||||||||||||
UKRAINE | 822,652 | 0.2 | |||||||||||||
UNITED STATES | |||||||||||||||
$ | 6,790,000 | Federal Farm Credit Bank (FFCB) | 0.010%, 05/03/21 | 6,790,000 | 1.3 | ||||||||||
6,310,000 | United States Treasury Bill | 0.013%, 05/20/21 | 6,309,970 | 1.2 | |||||||||||
Other | 1,038,000 | 0.2 | |||||||||||||
14,137,970 | 2.7 | ||||||||||||||
Shares | Company | ||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | |||||||||||||||
399,975 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 0.020%, | 399,975 | 0.1 | ||||||||||
399,975 | 0.1 | ||||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $18,726,991) | 18,726,550 | 3.6 | |||||||||||||
TOTAL PORTFOLIO (Cost $476,853,988) | 496,013,363 | 97.1 | |||||||||||||
OTHER ASSETS & LIABILITIES, NET | 14,669,263 | 2.9 | |||||||||||||
NET ASSETS | $ | 510,682,626 | 100.0 | % |
30 | 2021 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds | See notes to financial statements |
Consolidated summary portfolio of investments (unaudited) | continued |
International Bond Fund ■ April 30, 2021
Abbreviation(s): | LIBOR | London Interbank Offered Rate | |
AUD | Australian Dollar | M | Month |
CAD | Canadian Dollar | JPY | Japanese Yen |
CNY | Chinese Yuan | KRW | South Korean Won |
EGP | Egyptian Pound | NOK | Norwegian Krone |
EUR | Euro | PLN | Polish Zloty |
GBP | Pound Sterling | RON | Romanian Leu |
ILS | New Israeli Shekel | UAH | Ukrainian Hryvnia |
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 4/30/21, the aggregate value of these securities, including those in “Other”, is $129,203,154 or 25.3% of net assets. |
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. |
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.
At 4/30/21, the aggregate value of securities on loan is $392,066. 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 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 April 30, 2021 were as follows:
Currency | Currency | Unrealized | ||||||||||
to be | to be | Settlement | appreciation | |||||||||
purchased | Receive | sold | Deliver | Counterparty | date | (depreciation | ) | |||||
$ | 2,580,794 | NZD | 3,580,721 | Australia and New Zealand Banking Group | 07/30/21 | $ | 19,362 | |||||
$ | 894,366 | BRL | 4,877,245 | Citibank, N.A. | 05/28/21 | $ | (1,079 | ) | ||||
$ | 11,678,125 | KRW | 12,970,777,159 | Citibank, N.A. | 05/28/21 | 75,775 | ||||||
$ | 1,763,122 | PLN | 6,665,040 | Citibank, N.A. | 05/28/21 | 5,331 | ||||||
$ | 2,863,320 | THB | 89,907,108 | Citibank, N.A. | 05/28/21 | (23,537 | ) | |||||
Total | $ | 56,490 | ||||||||||
$ | 12,043,023 | AUD | 15,493,551 | Morgan Stanley | 07/30/21 | $ | 102,915 | |||||
$ | 161,973,436 | EUR | 133,687,611 | Morgan Stanley | 07/30/21 | 942,745 | ||||||
$ | 1,977,571 | ILS | 6,439,004 | Morgan Stanley | 05/28/21 | (5,179 | ) | |||||
$ | 5,448,516 | NOK | 45,316,742 | Morgan Stanley | 07/30/21 | 3,755 | ||||||
Total | $ | 1,044,236 | ||||||||||
$ | 13,956,759 | CAD | 17,269,257 | Toronto Dominion Bank | 07/30/21 | $ | (95,397 | ) | ||||
$ | 30,557,168 | CNY | 198,412,580 | Toronto Dominion Bank | 05/28/21 | (17,664 | ) | |||||
$ | 33,322,547 | GBP | 23,967,621 | Toronto Dominion Bank | 07/30/21 | 213,927 | ||||||
$ | 68,325,071 | JPY | 7,415,948,575 | Toronto Dominion Bank | 07/30/21 | 414,232 | ||||||
$ | 494,572 | SEK | 4,132,365 | Toronto Dominion Bank | 07/30/21 | 6,014 | ||||||
EUR | 343,061 | $ | 415,200 | Toronto Dominion Bank | 07/30/21 | (1,973 | ) | |||||
$ | 575,343 | ZAR | 8,268,024 | Toronto Dominion Bank | 05/28/21 | 7,506 | ||||||
Total | $ | 526,645 | ||||||||||
Total | $ | 1,646,733 |
See notes to financial statements | TIAA-CREF International Fixed-Income Funds ■ 2021 Semiannual Report | 31 |
Consolidated summary portfolio of investments (unaudited) | concluded |
International Bond Fund ■ April 30, 2021
Abbreviation(s):
AUD | Australian Dollar |
BRL | Brazilian Real |
CAD | Canadian Dollar |
CNY | Chinese Yuan |
EUR | Euro |
GBP | Pound Sterling |
ILS | New Israeli 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 |
Consolidated summary of market values by sector (unaudited)
International Bond Fund ■ April 30, 2021
Sector | Value | % of net assets | ||||||
GOVERNMENT | $ | 351,832,715 | 68.9 | % | ||||
FINANCIALS | 35,393,711 | 7.0 | ||||||
MORTGAGE SECURITIES | 13,151,252 | 2.6 | ||||||
INDUSTRIALS | 10,428,316 | 2.0 | ||||||
HEALTH CARE | 10,147,119 | 2.0 | ||||||
MATERIALS | 9,630,039 | 1.9 | ||||||
COMMUNICATION SERVICES | 9,087,278 | 1.8 | ||||||
CONSUMER DISCRETIONARY | 7,723,939 | 1.5 | ||||||
CONSUMER STAPLES | 7,201,573 | 1.4 | ||||||
UTILITIES | 5,879,886 | 1.2 | ||||||
ENERGY | 5,312,924 | 1.0 | ||||||
INFORMATION TECHNOLOGY | 5,094,671 | 1.0 | ||||||
ASSET BACKED SECURITIES | 3,749,616 | 0.7 | ||||||
REAL ESTATE | 2,653,774 | 0.5 | ||||||
SHORT-TERM INVESTMENTS | 18,726,550 | 3.6 | ||||||
OTHER ASSETS & LIABILITIES, NET | 14,669,263 | 2.9 | ||||||
NET ASSETS | $ | 510,682,626 | 100.0 | % |
32 | 2021 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds | See notes to financial statements |
Statements of assets and liabilities (unaudited)
TIAA-CREF Funds ■ April 30, 2021
Emerging Markets Debt Fund | International Bond Fund | § | |||||||
ASSETS | |||||||||
Portfolio investments, at value*† | $ | 710,128,909 | $ | 496,013,363 | |||||
Cash | 2,856 | 5,517,605 | |||||||
Cash – foreign^ | 7,599 | — | |||||||
Receivable from securities transactions | 6,806,033 | 1,998,735 | |||||||
Receivable for delayed delivery securities | — | 203,488 | |||||||
Receivable from Fund shares sold | 7,836,839 | 8,825,917 | |||||||
Dividends and interest receivable | 8,822,154 | 3,547,413 | |||||||
Due from affiliates | 276,689 | 251,277 | |||||||
Unrealized appreciation on forward foreign currency contracts | — | 1,791,562 | |||||||
Other | 22,950 | 13,625 | |||||||
Total assets | 733,904,029 | 518,162,985 | |||||||
LIABILITIES | |||||||||
Management fees payable | 314,133 | 206,220 | |||||||
Service agreement fees payable | 7,911 | 1,408 | |||||||
Distribution fees payable | 7,375 | 405 | |||||||
Overdraft payable | — | 5,411,102 | |||||||
Payable for collateral for securities loaned | 17,039,061 | 399,975 | |||||||
Payable for securities transactions | 8,582,973 | 203,872 | |||||||
Payable for delayed delivery securities | 1,625,000 | 999,854 | |||||||
Payable for Fund shares redeemed | 18,389 | — | |||||||
Unrealized depreciation on forward foreign currency contracts | 37,617 | 144,829 | |||||||
Payable for trustee compensation | 21,363 | 12,941 | |||||||
Accrued expenses and other payables | 99,100 | 99,753 | |||||||
Total liabilities | 27,752,922 | 7,480,359 | |||||||
NET ASSETS | $ | 706,151,107 | $ | 510,682,626 | |||||
NET ASSETS CONSIST OF: | |||||||||
Paid-in-capital | $ | 701,828,836 | $ | 509,977,104 | |||||
Total distributable earnings (loss) | 4,322,271 | 705,522 | |||||||
NET ASSETS | $ | 706,151,107 | $ | 510,682,626 | |||||
§ | Consolidated statement of assets and liabilities (see Note 2) | ||||||||
* | Includes securities loaned of | $ | 16,587,627 | $ | 392,066 | ||||
† | Portfolio investments, cost | $ | 705,976,705 | $ | 476,853,988 | ||||
^ | Foreign cash, cost | $ | 11,823 | $ | — |
See notes to financial statements | TIAA-CREF International Fixed-Income Funds ■ 2021 Semiannual Report | 33 |
Statements of assets and liabilities (unaudited) | concluded |
TIAA-CREF Funds ■ April 30, 2021
Emerging Markets Debt Fund | International Bond Fund | § | ||||||
INSTITUTIONAL CLASS: | ||||||||
Net assets | $ | 66,967,810 | $ | 723,497 | ||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 6,649,820 | 72,690 | ||||||
Net asset value per share | $ | 10.07 | $ | 9.95 | ||||
ADVISOR CLASS: | ||||||||
Net assets | $ | 21,178,864 | $ | 116,147 | ||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 2,097,386 | 11,682 | ||||||
Net asset value per share | $ | 10.10 | $ | 9.94 | ||||
PREMIER CLASS: | ||||||||
Net assets | $ | 254,981 | $ | 102,961 | ||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 25,328 | 10,285 | ||||||
Net asset value per share | $ | 10.07 | $ | 10.01 | ||||
RETIREMENT CLASS: | ||||||||
Net assets | $ | 20,089,505 | $ | 6,517,069 | ||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 1,996,436 | 655,865 | ||||||
Net asset value per share | $ | 10.06 | $ | 9.94 | ||||
RETAIL CLASS: | ||||||||
Net assets | $ | 36,170,026 | $ | 1,872,827 | ||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 3,596,490 | 188,374 | ||||||
Net asset value per share | $ | 10.06 | $ | 9.94 | ||||
CLASS W: | ||||||||
Net assets | $ | 561,489,921 | $ | 501,350,125 | ||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 55,734,598 | 50,257,229 | ||||||
Net asset value per share | $ | 10.07 | $ | 9.98 |
34 | 2021 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds | See notes to financial statements |
Statements of operations (unaudited)
TIAA-CREF Funds ■ For the period ended April 30, 2021
Emerging Markets Debt Fund | International Bond Fund | § | |||||||
INVESTMENT INCOME | |||||||||
Interest* | $ | 16,906,648 | $ | 4,663,947 | |||||
Total income | 16,906,648 | 4,663,947 | |||||||
EXPENSES | |||||||||
Management fees | 1,779,384 | 1,189,999 | |||||||
Shareholder servicing — Institutional Class | 445 | 33 | |||||||
Shareholder servicing — Advisor Class | 7,320 | 63 | |||||||
Shareholder servicing — Premier Class | 34 | 29 | |||||||
Shareholder servicing — Retirement Class | 25,326 | 9,926 | |||||||
Shareholder servicing — Retail Class | 8,550 | 6,436 | |||||||
Shareholder servicing — Class W | 428 | 344 | |||||||
Distribution fees — Premier Class | 213 | 77 | |||||||
Distribution fees — Retail Class | 34,561 | 2,403 | |||||||
Administrative service fees | 47,981 | 46,458 | |||||||
Trustee fees and expenses | 3,440 | 2,492 | |||||||
Other expenses | 129,026 | 153,546 | |||||||
Total expenses | 2,036,708 | 1,411,806 | |||||||
Less: Expenses reimbursed by the investment adviser | (1,577,992 | ) | (1,363,703 | ) | |||||
Net expenses | 458,716 | 48,103 | |||||||
Net investment income (loss) | 16,447,932 | 4,615,844 | |||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS | |||||||||
Realized gain (loss): | |||||||||
Portfolio investments | 1,393,613 | 2,549,515 | |||||||
Forward foreign currency contracts | 23,951 | (7,989,726 | ) | ||||||
Foreign currency transactions | (646,795 | ) | 960,097 | ||||||
Net realized gain (loss) on total investments | 770,769 | (4,480,114 | ) | ||||||
Change in unrealized appreciation (depreciation) on: | |||||||||
Portfolio investments‡ | 22,831,246 | (2,356,158 | ) | ||||||
Forward foreign currency contracts | (37,617 | ) | 2,179,510 | ||||||
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies | (8,925 | ) | (27,946 | ) | |||||
Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments | 22,784,704 | (204,594 | ) | ||||||
Net realized and unrealized gain (loss) on total investments | 23,555,473 | (4,684,708 | ) | ||||||
Net increase (decrease) in net assets from operations | $ | 40,003,405 | $ | (68,864 | ) | ||||
§ | Consolidated statement of operations (see Note 2) | ||||||||
* | Net of foreign withholding taxes of | $ | 60,967 | $ | 88,934 | ||||
‡ | Includes net change in unrealized foreign capital gains taxes of | $ | (2,455 | ) | $ | — |
See notes to financial statements | TIAA-CREF International Fixed-Income Funds ■ 2021 Semiannual Report | 35 |
Statements of changes in net assets
TIAA-CREF Funds ■ For the period or year ended
Emerging Markets Debt Fund | International Bond Fund§ | |||||||||||||||||
April 30, 2021 | October 31, 2020 | April 30, 2021 | October 31, 2020 | |||||||||||||||
(unaudited | ) | (unaudited | ) | |||||||||||||||
OPERATIONS | ||||||||||||||||||
Net investment income (loss) | $ | 16,447,932 | $ | 31,635,194 | $ | 4,615,844 | $ | 8,448,720 | ||||||||||
Net realized gain (loss) on total investments | 770,769 | (6,505,954 | ) | (4,480,114 | ) | (3,428,857 | ) | |||||||||||
Net change in unrealized appreciation (depreciation) on total investments | 22,784,704 | (27,676,391 | ) | (204,594 | ) | 7,122,290 | ||||||||||||
Net increase (decrease) in net assets from operations | 40,003,405 | (2,547,151 | ) | (68,864 | ) | 12,142,153 | ||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||
Institutional Class | (1,197,045 | ) | (1,932,730 | ) | (24,626 | ) | (18,717 | ) | ||||||||||
Advisor Class | (454,058 | ) | (1,224,162 | ) | (3,221 | ) | (2,755 | ) | ||||||||||
Premier Class | (12,092 | ) | (20,748 | ) | (2,701 | ) | (2,704 | ) | ||||||||||
Retirement Class | (401,834 | ) | (815,401 | ) | (212,350 | ) | (145,875 | ) | ||||||||||
Retail Class | (515,492 | ) | (942,624 | ) | (45,719 | ) | (34,693 | ) | ||||||||||
Class W | (12,741,439 | ) | (24,726,109 | ) | (14,770,167 | ) | (11,358,780 | ) | ||||||||||
Total distributions | (15,321,960 | ) | (29,661,774 | ) | (15,058,784 | ) | (11,563,524 | ) | ||||||||||
SHAREHOLDER TRANSACTIONS | ||||||||||||||||||
Subscriptions: | Institutional Class | 26,415,159 | 36,895,432 | 123,194 | 264,820 | |||||||||||||
Advisor Class | 5,899,521 | 43,516,755 | — | 26,741 | ||||||||||||||
Premier Class | 950,680 | 313,046 | — | — | ||||||||||||||
Retirement Class | 4,134,914 | 7,187,365 | 710,443 | 4,163,815 | ||||||||||||||
Retail Class | 30,865,526 | 22,685,532 | 258,939 | 1,011,790 | ||||||||||||||
Class W | 91,057,630 | 242,777,901 | 118,272,713 | 147,706,134 | ||||||||||||||
Reinvestments of distributions: | Institutional Class | 1,186,281 | 1,869,418 | 24,347 | 18,450 | |||||||||||||
Advisor Class | 451,136 | 1,217,775 | 14 | — | ||||||||||||||
Premier Class | 6,804 | 9,592 | — | — | ||||||||||||||
Retirement Class | 401,630 | 814,956 | 212,062 | 145,582 | ||||||||||||||
Retail Class | 513,046 | 931,629 | 45,120 | 34,055 | ||||||||||||||
Class W | — | — | 4,197,582 | — | ||||||||||||||
Redemptions: | Institutional Class | (9,640,540 | ) | (31,510,664 | ) | (279,803 | ) | (127,854 | ) | |||||||||
Advisor Class | (6,582,726 | ) | (36,376,172 | ) | (12,513 | ) | — | |||||||||||
Premier Class | (950,080 | ) | (961,387 | ) | — | — | ||||||||||||
Retirement Class | (3,020,196 | ) | (8,259,501 | ) | (2,215,439 | ) | (2,160,854 | ) | ||||||||||
Retail Class | (15,755,295 | ) | (25,226,278 | ) | (216,995 | ) | (490,803 | ) | ||||||||||
Class W | (24,377,022 | ) | (179,189,427 | ) | (34,123,701 | ) | (124,531,451 | ) | ||||||||||
Net increase (decrease) from shareholder transactions | 101,556,468 | 76,695,972 | 86,995,963 | 26,060,425 | ||||||||||||||
Net increase (decrease) in net assets | 126,237,913 | 44,487,047 | 71,868,315 | 26,639,054 | ||||||||||||||
NET ASSETS | ||||||||||||||||||
Beginning of period | 579,913,194 | 535,426,147 | 438,814,311 | 412,175,257 | ||||||||||||||
End of period | $ | 706,151,107 | $ | 579,913,194 | $ | 510,682,626 | $ | 438,814,311 |
36 | 2021 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF International Fixed-Income Funds ■ 2021 Semiannual Report | 37 |
Statements of changes in net assets | concluded |
TIAA-CREF Funds ■ For the period or year ended
Emerging Markets Debt Fund | International Bond Fund§ | |||||||||||||||||
April 30, 2021 | October 31, 2020 | April 30, 2021 | October 31, 2020 | |||||||||||||||
(unaudited | ) | (unaudited | ) | |||||||||||||||
CHANGE IN FUND SHARES | ||||||||||||||||||
Shares sold: | Institutional Class | 2,603,961 | 3,986,970 | 12,096 | 27,135 | |||||||||||||
Advisor Class | 581,997 | 4,342,304 | — | 2,623 | ||||||||||||||
Premier Class | 95,123 | 30,996 | — | — | ||||||||||||||
Retirement Class | 407,236 | 732,577 | 69,421 | 414,843 | ||||||||||||||
Retail Class | 3,056,622 | 2,320,378 | 25,416 | 100,082 | ||||||||||||||
Class W | 9,012,721 | 25,333,944 | 11,626,121 | 14,677,615 | ||||||||||||||
Shares reinvested: | Institutional Class | 118,059 | 197,686 | 2,399 | 1,858 | |||||||||||||
Advisor Class | 44,696 | 133,732 | 1 | — | ||||||||||||||
Premier Class | 687 | 971 | — | — | ||||||||||||||
Retirement Class | 39,918 | 87,301 | 20,913 | 14,661 | ||||||||||||||
Retail Class | 51,155 | 99,409 | 4,445 | 3,426 | ||||||||||||||
Class W | — | — | 413,555 | — | ||||||||||||||
Shares redeemed: | Institutional Class | (969,644 | ) | (3,334,013 | ) | (28,009 | ) | (12,584 | ) | |||||||||
Advisor Class | (648,922 | ) | (4,144,550 | ) | (1,217 | ) | — | |||||||||||
Premier Class | (95,775 | ) | (94,089 | ) | — | — | ||||||||||||
Retirement Class | (301,143 | ) | (871,948 | ) | (221,518 | ) | (217,345 | ) | ||||||||||
Retail Class | (1,568,812 | ) | (2,597,809 | ) | (21,548 | ) | (49,630 | ) | ||||||||||
Class W | (2,415,327 | ) | (19,108,850 | ) | (3,355,483 | ) | (12,419,796 | ) | ||||||||||
Net increase (decrease) from shareholder transactions | 10,012,552 | 7,115,009 | 8,546,592 | 2,542,888 |
§ | Consolidated statement of changes in net assets (see Note 2) |
38 | 2021 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF International Fixed-Income Funds ■ 2021 Semiannual Report | 39 |
TIAA-CREF Funds
Select per share data | Ratios and supplemental data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (loss) from investment operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net realized | Ratios to average net assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the | Net asset | Net | and 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: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/21 | # | $ 9.65 | $0.23 | $ 0.41 | $ 0.64 | $(0.22 | ) | $ — | $(0.22 | ) | $10.07 | 6.61 | %b | $ 66,968 | 0.61 | %c | 0.61 | %c | 4.64 | %c | 19 | %b | ||||||||||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/21 | # | 9.67 | 0.23 | 0.41 | 0.64 | (0.21 | ) | — | (0.21 | ) | 10.10 | 6.67 | b | 21,179 | 0.67 | c | 0.67 | c | 4.54 | c | 19 | b | ||||||||||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/21 | # | 9.65 | 0.22 | 0.41 | 0.63 | (0.21 | ) | — | (0.21 | ) | 10.07 | 6.56 | b | 255 | 0.78 | c | 0.78 | c | 4.44 | c | 19 | b | ||||||||||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/21 | # | 9.64 | 0.22 | 0.40 | 0.62 | (0.20 | ) | — | (0.20 | ) | 10.06 | 6.49 | b | 20,089 | 0.86 | c | 0.85 | c | 4.37 | c | 19 | b | ||||||||||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/21 | # | 9.64 | 0.22 | 0.40 | 0.62 | (0.20 | ) | — | (0.20 | ) | 10.06 | 6.48 | b | 36,170 | 0.92 | c | 0.92 | c | 4.34 | c | 19 | b | ||||||||||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/21 | # | 9.65 | 0.26 | 0.41 | 0.67 | (0.25 | ) | — | (0.25 | ) | 10.07 | 6.92 | b | 561,490 | 0.61 | c | 0.00 | c | 5.22 | c | 19 | b | ||||||||||||||||||||||||||||||||||||
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 |
40 | 2021 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF International Fixed-Income Funds ■ 2021 Semiannual Report | 41 |
Financial highlights | continued |
TIAA-CREF Funds
Select per share data | Ratios and supplemental data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (loss) from investment operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net realized | Ratios to average net assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the | Net asset | Net | and 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: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/21 | # | $10.24 | $0.07 | $(0.08 | ) | $(0.01 | ) | $(0.18 | ) | $(0.10 | ) | $(0.28 | ) | $ 9.95 | (0.16 | )%b | $ 724 | 0.59 | %c | 0.59 | %c | 1.36 | %c | 20 | %b | |||||||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/21 | # | 10.23 | 0.06 | (0.07 | ) | (0.01 | ) | (0.18 | ) | (0.10 | ) | (0.28 | ) | 9.94 | (0.19 | )b | 116 | 0.69 | c | 0.69 | c | 1.26 | c | 20 | b | |||||||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/21 | # | 10.29 | 0.06 | (0.07 | ) | (0.01 | ) | (0.17 | ) | (0.10 | ) | (0.27 | ) | 10.01 | (0.22 | )b | 103 | 0.79 | c | 0.75 | c | 1.20 | c | 20 | b | |||||||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/21 | # | 10.22 | 0.06 | (0.08 | ) | (0.02 | ) | (0.16 | ) | (0.10 | ) | (0.26 | ) | 9.94 | (0.28 | )b | 6,517 | 0.83 | c | 0.83 | c | 1.11 | c | 20 | b | |||||||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/21 | # | 10.22 | 0.05 | (0.08 | ) | (0.03 | ) | (0.15 | ) | (0.10 | ) | (0.25 | ) | 9.94 | (0.37 | )b | 1,873 | 1.50 | c | 0.95 | c | 1.00 | c | 20 | b | |||||||||||||||||||||||||||||||||
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 |
42 | 2021 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF International Fixed-Income Funds ■ 2021 Semiannual Report | 43 |
Financial highlights | concluded |
TIAA-CREF Funds
Select per share data | Ratios and supplemental data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (loss) from investment operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net realized | Ratios to average net assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the | Net asset | Net | and 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§ continued | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class W: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/21 | # | $10.29 | $0.10 | $(0.07 | ) | $ 0.03 | $(0.24 | ) | $(0.10 | ) | $(0.34 | ) | $ 9.98 | 0.19 | %b | $501,350 | 0.59 | %c | 0.00 | %c | 1.96 | %c | 20 | %b | ||||||||||||||||||||||||||||||||||
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 |
# | Unaudited |
§ | 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 | 2021 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF International Fixed-Income Funds ■ 2021 Semiannual Report | 45 |
Notes to financial statements (unaudited)
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 a realized gain. The Funds estimate the components of distributions received that may be considered return of capital distributions or capital gain distributions.
46 | 2021 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds |
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.
Indemnification: Under the Trust’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of
TIAA-CREF International Fixed-Income Funds ■ 2021 Semiannual Report | 47 |
Notes to financial statements (unaudited)
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 April 30, 2021, the net assets of the Subsidiary were $46,815,864 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 | $ | 46,426,460 | ||
Net assets | 46,815,864 | |||
Net investment income (loss) | 252,126 | |||
Net realized gain (loss) | 425,792 | |||
Net change in unrealized appreciation (depreciation) | (24,959 | ) |
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, 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, provided the only change to existing contracts are a change to an approved benchmark interest rate, account for modifications as a continuance of the existing contract without additional
48 | 2021 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds |
continued
analysis. For new and existing contracts, the Funds may elect to apply the amendments as of March 12, 2020 through December 31, 2022. Management has not yet elected to apply the amendments, is continuously evaluating the potential effect a discontinuation of LIBOR could have on the Funds’ investments and has currently determined that it is unlikely the ASU’s adoption will have a significant impact on the Funds’ financial statements and various filings.
New rule issuance: In December 2020, the SEC voted to adopt a new rule governing fund valuation practices. New Rule 2a-5 under the 1940 Act establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 will permit fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are “readily available” for purposes of Section 2(a)(41) of the 1940 Act, which requires a fund to fair value a security when market quotations are not readily available. The SEC also adopted new Rule 31a-4 under the 1940 Act, which sets forth the recordkeeping requirements associated with fair value determinations. Finally, the SEC is rescinding previously issued guidance on related issues, including the role of a board in determining fair value and the accounting and auditing of fund investments. Rule 2a-5 and Rule 31a-4 became effective on March 8, 2021, with a compliance date of September 8, 2022. A fund may voluntarily comply with the rules after the effective date, and in advance of the compliance date, under certain conditions. Management is currently assessing the impact of these provisions on the Funds’ financial statements.
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). |
TIAA-CREF International Fixed-Income Funds ■ 2021 Semiannual Report | 49 |
Notes to financial statements (unaudited)
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.
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 the securities 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
50 | 2021 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds |
continued
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.
The following table summarizes the market value of the Funds’ investments as of April 30, 2021, based on the inputs used to value them:
Fund | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Emerging Markets Debt | ||||||||||||||||
Africa/Middle East | $ | — | $ | 185,699,550 | $ | 4,450,553 | $ | 190,150,103 | ||||||||
Asia | — | 140,163,431 | 1,400,304 | 141,563,735 | ||||||||||||
Europe | — | 81,581,240 | 2,232,370 | 83,813,610 | ||||||||||||
Latin America | 231,278 | 250,875,499 | 12,509,574 | 263,616,351 | ||||||||||||
North America | — | 994,137 | — | 994,137 | ||||||||||||
All other debt investments* | — | 3,167,654 | — | 3,167,654 | ||||||||||||
Short-term investments | 17,039,061 | 9,784,258 | — | 26,823,319 | ||||||||||||
Forward foreign currency contracts** | — | (37,617 | ) | — | (37,617 | ) | ||||||||||
Total | $ | 17,270,339 | $ | 672,228,152 | $ | 20,592,801 | $ | 710,091,292 | ||||||||
International Bond | ||||||||||||||||
Africa/Middle East | $ | — | $ | 30,186,668 | $ | 173,460 | $ | 30,360,128 | ||||||||
Asia | — | 151,433,395 | 1,252,305 | 152,685,700 | ||||||||||||
Australasia | — | 11,676,897 | — | 11,676,897 | ||||||||||||
Europe | — | 160,339,189 | 766,146 | 161,105,335 | ||||||||||||
Latin America | — | 25,211,403 | — | 25,211,403 | ||||||||||||
North America | — | 81,987,124 | — | 81,987,124 | ||||||||||||
All other debt investments* | — | 14,260,226 | — | 14,260,226 | ||||||||||||
Short-term investments | 399,975 | 18,326,575 | — | 18,726,550 | ||||||||||||
Forward foreign currency contracts** | — | 1,646,733 | — | 1,646,733 | ||||||||||||
Total | $ | 399,975 | $ | 495,068,210 | $ | 2,191,911 | $ | 497,660,096 |
* | 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, 2020 | $ | 23,258,282 | ||
Purchases | 1,047,520 | |||
Sales | (6,093,841 | ) | ||
Gains (losses) | (1,259,148 | ) | ||
Change in unrealized appreciation (depreciation) | 6,483,353 | |||
Transfers out of Level 3 | (3,374,419 | ) | ||
Transfers into Level 3 | 531,054 | |||
Balance as of April 30, 2021 | $ | 20,592,801 |
TIAA-CREF International Fixed-Income Funds ■ 2021 Semiannual Report | 51 |
Notes to financial statements (unaudited)
The following table summarizes the significant unobservable inputs used to value Level 3 investments in the Emerging Markets Debt Fund as of April 30, 2021:
Fair value | Valuation technique | Unobservable input | Range (weighted average)§ | |||||||
Bank loan obligations | $7,338,125 | Broker quote | * | |||||||
Corporate bonds | 4,012,073 | Recent market transaction | Discount | 44.5%–98.8% (51.8%) | ||||||
Government bonds | 1,919,616 | Broker quote | * | |||||||
Government bonds | 5,090,615 | Recent market transaction | Discount | 39.0%–87.8% (51.3%) | ||||||
Structured assets | 2,232,372 | Broker quote | * | |||||||
Total | $20,592,801 |
* | Single source broker quote. | |
§ | Unobservable inputs were weighted by the relative fair value of the instruments. |
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 Agent or by a third-party bank engaged by the Agent as a special “tri-party” custodian on behalf of the Funds, and the Funds do not have the ability to sell or re-hypothecate those securities.
As of April 30, 2021, securities lending transactions are for fixed income 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
52 | 2021 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds |
continued
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 April 30, 2021, 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 | ||||||||||||
Emerging Markets Debt | $16,587,627 | $17,039,061 | $ | — | $17,039,061 | |||||||||||
International Bond | 392,066 | 399,975 | — | 399,975 |
* | May include cash and investment of cash collateral |
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 period ended April 30, 2021 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 | $ | 220,449,568 | $ | — | $ | 117,808,178 | $ | — | ||||||||
International Bond | 132,227,174 | 9,378,896 | 91,263,878 | — |
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,
TIAA-CREF International Fixed-Income Funds ■ 2021 Semiannual Report | 53 |
Notes to financial statements (unaudited)
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 April 30, 2021, 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 | ||||||||
Emerging Markets Debt Fund | ||||||||||||
Foreign-exchange contracts | Forward foreign currency contracts | $ (37,617 | ) | |||||||||
International Bond Fund | ||||||||||||
Foreign-exchange contracts | Forward foreign currency contracts | $1,791,562 | Forward foreign currency contracts | (144,829 | ) |
For the period ended April 30, 2021, 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 | ) | |||||
Emerging Markets Debt Fund | ||||||||||
Foreign-exchange contracts | Forward foreign currency contracts | $ | 23,951 | $ | (37,617 | ) | ||||
International Bond Fund | ||||||||||
Foreign-exchange contracts | Forward foreign currency contracts | (7,989,726 | ) | 2,179,510 |
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 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 period ended April 30, 2021, the Emerging Markets Debt Fund and International Bond Fund had exposure to forward
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contracts, based on underlying notional values, generally between 0% and 69% of net assets. The forward contracts outstanding as of April 30, 2021 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.
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 April 30, 2021, 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 | $706,054,277 | $27,609,165 | $(23,572,150 | ) | $4,037,015 | |||||||||||
International Bond | 497,972,503 | 26,324,740 | (26,637,147 | ) | (312,407 | ) |
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.
TIAA-CREF International Fixed-Income Funds ■ 2021 Semiannual Report | 55 |
Notes to financial statements (unaudited)
Distributions to shareholders: The tax character of distributions paid to shareholders during the year ended October 31, 2020 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 |
The tax character of the fiscal year 2021 distributions will be determined at the end of the fiscal year.
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
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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. As of April 30, 2021, 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 | 0.50 | 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 | %a | 1.00 | % | 0.65 | % | ||||||||||||
International Bond | 0.60 | 0.75 | 0.75 | 0.85 | 0.95 | 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, 2022. 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 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. |
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 period ended April 30, 2021, the Funds engaged in the following security transactions with affiliated entities:
The following is the percentage of the Fund’s shares owned by affiliates as of April 30, 2021:
Underlying Fund | TIAA-CREF Lifecycle Funds | |||
Emerging Markets Debt | 79 | % | ||
International Bond | 98 |
TIAA-CREF International Fixed-Income Funds ■ 2021 Semiannual Report | 57 |
Notes to financial statements (unaudited)
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 period ended April 30, 2021, 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 period ended April 30, 2021, there were no borrowings under this credit facility by the Funds.
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concluded
Note 11—subsequent event
Advisors has agreed to implement voluntary waivers reducing the expense cap for several Funds for one year effective May 1, 2021. These waivers are voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval. During this one-year period, the expense cap after the waiver for each Fund is as follows:
Fund | Waiver | Maximum expense amounts | ||||||
Emerging Markets Debt – Retirement Class | 0.12 | % | 0.78 | % | ||||
International Bond – Retail Class | 0.02 | 0.93 |
TIAA-CREF International Fixed-Income Funds ■ 2021 Semiannual Report | 59 |
Approval of investment management agreement (unaudited)
Board renewal of the investment management agreement for the TIAA-CREF Emerging Markets Debt Fund and TIAA-CREF International Bond Fund
The Board of Trustees (the “Board” or the “Trustees”) of the TIAA-CREF Funds (the “Trust”) determines whether to initially approve and periodically renew the investment management agreement (the “Agreement”) between Teachers Advisors, LLC (“Advisors”) and the Trust on behalf of each series of the Trust. Under the Agreement, Advisors is responsible for providing investment advisory services to each series of the Trust and overseeing the everyday operations and other service providers of the Trust. Below is a summary of the process the Board undertook related to its most recent renewal of the Agreement with respect to the TIAA-CREF Emerging Markets Debt Fund and the TIAA-CREF International Bond Fund (the “Funds”).
Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that, after an initial period of up to two years, the Agreement for each Fund will remain in effect only if the Board, including a majority of those Trustees who have no direct or indirect interest in the Agreement, and who are independent Trustees because they are not “interested persons” of the Trust, as that term is defined in the 1940 Act, annually renews the Agreement. None of the Trustees is an interested person of the Trust under the 1940 Act. Rather, they are all deemed to be independent Trustees.
Under normal circumstances, Section 15(c) requires any initial approval or annual renewal of an investment management agreement to be made at an in-person meeting of the Board. However, due to the COVID-19 pandemic, the Securities and Exchange Commission (“SEC”) issued a temporary, conditional exemptive order (the “SEC Order”), permitting mutual fund boards to vote to approve matters subject to the Section 15(c) in-person approval requirement at a meeting that is not held in person if the board determines that reliance on the SEC Order is necessary or appropriate due to prevailing circumstances related to the current or potential effects of COVID-19 and the board ratifies any action taken pursuant to the SEC Order at its next in-person meeting.
Overview of the renewal process
The Board held a videoconference meeting on March 12, 2021, in order to consider the annual renewal of the Agreement with respect to each applicable Fund using the process established by the Board described further below. At the outset of the meeting, the Board considered reliance upon the SEC Order and determined that such reliance was necessary due to, among other considerations, COVID-19 pandemic-related social distancing requirements, travel restrictions and other governmental mandates imposed for health and safety reasons. The Board noted that it would ratify actions taken at this meeting pursuant to the SEC Order at its next in-person meeting.
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As part of the Board’s established process, the Board delegated certain tasks to its Operations Committee. Among these tasks, the Operations Committee or certain of its designated members worked with Advisors, other Board members and legal counsel to the Trustees to develop guidance and specific requests relating to the types of information to be provided to the Board in connection with the proposed contract renewals.
Among other matters, the Operations Committee or certain of its designated members, following consultations with representatives of Advisors, other Board members, legal counsel to the Trustees and legal counsel to Advisors and the Trust, confirmed or established certain guidance regarding the preparation of reports to be provided to the Board with respect to each Fund by the Board Reporting and Compliance unit of Broadridge Financial Solutions, Inc. (“Broadridge”), using data from Lipper, Inc., an independent provider of investment company data. The Operations Committee considered that Broadridge is widely recognized as a leading provider of comparative analyses used by independent directors and trustees of investment companies during their advisory contract review processes.
Based on guidance provided by the Operations Committee or certain of its designated members on behalf of the Board, Broadridge produced, among other information, comparative performance and expense data for each Fund, including data relating to each Fund’s management fee rate, total expense ratio, short-term and long-term investment performance, brokerage commission costs and portfolio turnover rate (as applicable). Broadridge compared this data, as relevant, for each Fund against a universe of investment companies (except for brokerage commission costs) and against a more selective peer group of mutual funds with similar investment objectives and strategies, each of which was selected by Broadridge, and also compared the performance of each Fund against one or more appropriate broad-based indices. In each case, Broadridge summarized, and the Board considered, the methodologies Broadridge employed to provide the data contained in its reports. In addition, Broadridge represented to the Board that its reports were designed specifically to provide the Board with the fee, expense and performance information that is necessary to help the Board satisfy its duties under Section 15(c) of the 1940 Act. Broadridge also represented that the purpose of its reports is to provide an objective view of each Fund’s relative position regarding the level of fees, expenses and performance against a competitive peer group and universe (as applicable) selected by Broadridge (and not Advisors or the Board). The Board considered the propriety of each Fund’s applicable peer group as selected by Broadridge and use of the Institutional Class shares as the base share class for comparison purposes.
In advance of the Board meeting held on March 12, 2021, legal counsel for the Trustees requested on behalf of the Board, and Advisors provided, information that was designed to assist the Board in its consideration of whether to renew the Agreement for each Fund. In addition to the data provided by Broadridge as described above, this information included, but was not limited to, the following:
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Approval of investment management agreement (unaudited)
(1) further information relating to each Fund’s investment performance and a narrative analysis of the performance of each Fund that had underperformed certain Board-specified criteria, together with an explanation of any events that had a material impact on the Fund’s performance during that period; (2) a description of any fee waiver or expense reimbursement arrangements that were proposed or were in place during the prior year and the extent to which such arrangements would be continued or modified in the coming year; (3) a comparison of each Fund’s management fee rate and performance to other accounts with comparable strategies managed by Advisors or certain of its affiliates; (4) any “fall-out” benefits that accrued or were identified as reasonably likely to accrue to Advisors or its affiliates due to their relationship with the Funds in addition to the Funds’ direct fee payments to Advisors pursuant to the Agreement; (5) information regarding Advisors’ financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements, capacity to manage the Funds at current and foreseeable asset levels, insurance coverage, portfolio trading and best execution practices, and any actual and potential conflicts of interest identified by Advisors in connection with rendering services to the Funds; (6) information as to any profits earned by Advisors in connection with its services pursuant to the Agreement; (7) a copy of the Agreement and certain related agreements between the Funds and affiliates of Advisors; (8) a copy of Advisors’ Form ADV as filed with the SEC (which was presented only to legal counsel for the Trustees); and (9) draft narrative explanations to be included in the shareholder reports of reasons why the Board should renew the Agreement. The Trustees were also provided with performance ratings of Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service. Additionally, the Board received information from management on the impact of the COVID-19 pandemic on the Teachers Insurance and Annuity Association of America (“TIAA”) enterprise generally and the Funds in particular including, among other information, the current and expected impact on the Funds’ performance and operations.
On March 4, 2021, the Board held a videoconference meeting with legal counsel to the Trustees to discuss Advisors’ materials, which led to the Trustees providing additional questions to, and requesting additional information from, Advisors. Subsequently, at the March 12, 2021 meeting, the Trustees were given the opportunity to, and did, ask additional questions and they discussed responses from Advisors to the Board’s follow-up questions and requests presented by the Board after its initial review of the information described above.
In considering whether to renew the Agreement with respect to each Fund, the Board considered various factors, including: (1) the nature, extent and quality of services provided or to be provided by Advisors to the Fund; (2) the Fund’s investment performance; (3) the costs of the services provided to the Fund and the profits realized or potential profits to be realized (if any) by Advisors from their relationship with the Fund; (4) fees charged to comparable mutual funds by other advisers; (5) the extent to which economies of scale have been realized or are anticipated to be realized as the Fund grows; (6) how such economies of scale are shared with the Fund for the benefit
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of its investors, such as, if applicable, through management fee breakpoints; (7) comparisons, if applicable, of the services provided by Advisors to, and the fee rates and performance of, the Fund to other clients to whom Advisors provides comparable services; and (8) any other benefits identified by Advisors derived or anticipated to be derived by Advisors or its affiliates from their relationship with the Fund. As a general matter, the Board considered these factors, and any other factors deemed relevant by the Trustees, in their totality, and no single factor was identified as being the determining factor in deciding whether to renew the Agreement.
In addition to the March 12, 2021 meeting that included Advisors’ personnel, the Trustees met in executive sessions, at which no representatives of Advisors were present, to discuss the proposed renewal of the Agreement for each Fund. The Board also received and considered information from its legal counsel as to certain relevant guidance that relates to the renewal process under Section 15(c) of the 1940 Act and certain other legal authorities.
While the contract renewal process included a series of discussions and meetings leading up to the March 12, 2021 meeting, the oversight and evaluation of Advisors’ services to the Funds by the Board and its Committees is an ongoing process. The Board, as well as its Committees, discussed reports on various investment and operational topics that had been identified by the Board or its Committees for review in the year since the last annual renewal process. Further, at their regularly scheduled meetings, the Board and its Investment Committee and its other Committees receive and discuss information regarding the performance of the Funds and other matters. Thus, in reaching its decisions regarding the renewal of the Agreement for each Fund, the Board took into account the information described herein and other information provided to the Board and its Committees throughout the year.
The Board received and considered both Trust-level and Fund-specific information, but made its renewal determinations on a Fund-by-Fund basis. In deciding whether to renew the Agreement for each Fund, each Trustee may have accorded different weight to different factors and, thus, may have had a different basis for his or her ultimate decision to vote to renew the Agreement for each Fund. At its meeting on March 12, 2021, all Board members voted unanimously to renew the Agreement for each Fund. Set forth below is a summary of the primary factors the Board considered with respect to each Fund.
The nature, extent and quality of services
The Board considered the level and depth of knowledge of Advisors, including the professional experience and qualifications of its personnel. The Board also considered that Advisors is an experienced investment adviser that has managed the Funds since their operations commenced. Investment professionals at Advisors also manage various funds and accounts of the College Retirement Equities Fund, the TIAA-CREF Life Funds and TIAA Separate Account VA-1, as well as advise and sub-advise other investment companies and vehicles. Under the Agreement, Advisors is responsible for, among other duties: managing the assets of the Funds, including
TIAA-CREF International Fixed-Income Funds ■ 2021 Semiannual Report | 63 |
Approval of investment management agreement (unaudited)
conducting research, identifying investments and placing orders to buy and sell securities for the Funds’ investment portfolios; active daily monitoring of the Funds’ investment portfolios; reporting on the investment performance and other metrics of the Funds to the Board on a regular basis; responding to Fund flows; compliance monitoring; coordinating the activities of each Fund’s service providers; and overseeing the provision of various administrative services to the Funds. The Board considered that Advisors has carried out these responsibilities in a competent and professional manner. The Board also considered that Advisors has committed significant resources to supporting the series of the Trust, including the Funds. It also considered Advisors’ compliance program and resources and its compliance record with respect to the Funds.
The Board also considered, among other factors, the performance of each Fund, as discussed below. In addition, the Board considered the nature and quality of non-portfolio management services provided by Advisors and its affiliates. In this regard, the Board considered its ongoing review of the performance of certain affiliated and unaffiliated service providers, including the quality of services provided by those firms and Advisors’ oversight of those service providers and the outsourcing of certain services to other firms.
During its review, the Board noted its ongoing efforts to examine the level of personnel and other resources available to Advisors to provide portfolio management and other services to the Funds, including the impact of recent and anticipated regulatory requirements and operational changes on such resources, so as to assess the adequacy of the resources devoted to these services.
Investment performance
The Board considered the investment performance of each Fund, over the periods indicated in the Fund-by-Fund synopsis below. The Board considered each Fund’s performance as compared to its peer group and peer universe (as applicable) and its benchmark index. For details regarding each Fund’s performance, see the Fund-by-Fund synopsis below. Thus, the Board concluded that, under the totality of circumstances considered, the investment performance of each Fund was reasonable or that appropriate actions had been or were being implemented.
Cost and profitability
The Board considered financial and profitability data relating to Advisors’ services to the Funds for the calendar year 2020. The Board considered Advisors’ profit calculations with respect to its services to each Fund both before and after taking into account the costs incurred directly or indirectly by Advisors in connection with the distribution of shares of the Fund. The Board acknowledged the reasonableness of having management fee rates which permit Advisors to maintain and improve the quality of services provided to the Funds and recognized the entrepreneurial and other risks assumed by Advisors in managing the Funds. The Board considered that
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Advisors had calculated that it had incurred losses with respect to the Funds under the Agreement for the one-year period ended December 31, 2020.
Fees charged by other advisers
The Board considered comparative information regarding each Fund’s contractual and effective management fee rates and the contractual and effective management fee rates paid by similar mutual funds to other advisers, as analyzed by Broadridge and reflected in the Fund-by-Fund synopsis below. The Board determined that the management fee rate charged to a Fund under the Agreement typically was lower than the management fee rates charged to many or most other comparable mutual funds. In this connection, the Board also considered the inherent limitations of such comparisons in light of uncertainty as to how the fees of such similar mutual funds are set and potentially material differences between a Fund and its comparable mutual funds. The Board considered Broadridge’s treatment of all fund fee waivers, regardless of their type, as management fee waivers, which could materially impact how the Funds’ actual management fee rates compare to those of similar mutual funds. Additionally, the Board considered the potential limitations of such comparisons due to, among other factors, the fact that, in many instances, Broadridge based its comparisons on financial data relating to fiscal periods that differed from the period for which the Funds’ data were derived. Based on all factors considered, the Board concluded that the management fee rates under the Agreement with respect to each Fund were reasonable in relation to those charged by appropriate groups of comparable mutual funds.
Economies of scale
The Board considered whether Advisors has experienced or is anticipated to experience economies of scale in connection with the operation of each Fund, and whether any such economies are shared with the Funds. The Board also considered the extent to which the current fee rate schedule breakpoints for the Funds affected Advisors’ fees. The Board considered, in connection with the supporting Broadridge reports, Advisors’ position that the maximum fee rate that could be charged to each Fund based on its level of assets under the Agreement is comparatively low in relation to peer groups of mutual funds. Based on all factors considered, the Board concluded that the Funds’ management fee rate schedules were reasonable in light of current economies of scale considerations and current asset levels.
Fee and performance comparisons with other Advisors clients
The Board considered that Advisors and its affiliate, TIAA-CREF Investment Management, LLC, provide investment management services to other investment companies, including other mutual funds, foreign funds (UCITS), and separately managed accounts that may have similar investment strategies as the Funds. In particular, the Board discussed the management fee rate Advisors charges to a UCITS series that has a similar mandate to the Emerging Markets Debt Fund and the
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Approval of investment management agreement (unaudited)
performance of such UCITS. The Board also considered Advisors’ comments that, in the future, Advisors may manage client assets through additional funds and accounts with similar investment strategies. The Board also considered Advisors’ representation that, while the management fee rates charged to the Funds may differ from the management fee rates chargeable to these other funds and accounts, this may be due in part to the fact that these other funds and accounts may: (1) involve less entrepreneurial risk on the part of Advisors; (2) be offered in different types of markets; (3) be provided with different types or levels of services; (4) have different regulatory burdens; and/or (5) target different investors.
Other benefits
The Board also considered additional “fall-out benefits” to Advisors and its affiliates arising from the Agreement. Such benefits include, among others, other fees paid by the Funds to Advisors or its affiliates for other services, such as distribution, administration and investment-related benefits and/or personnel with other clients of Advisors, such as economies of scale to the extent the Funds share investment resources and the ability to incubate strategies within one or more Funds that could be subsequently utilized to manage other non-Fund products. Advisors and its affiliates may also benefit from the level of business and relationships the Funds have with certain service providers. Additionally, the Funds may be utilized as investment options for other products and businesses of Advisors and its affiliates, such as variable products, fund of funds and 529 education savings plans. Also, Advisors and its affiliates may benefit from their relationship with the Funds to the extent that this relationship results in potential investors viewing TIAA, of which Advisors is an indirect, wholly-owned subsidiary, as a leading retirement plan provider in the academic and non-profit markets and as a single source for all their financial service needs.
Fund-by-fund synopsis of factors
The Board considered the following specific factors (among others) in connection with its determination to renew the Agreement with respect to each Fund. If a Fund is described in the following discussions as being in the “1st” quintile, it is in the best of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below to quintiles are based on data provided to the Board in the reports prepared by Broadridge. The specific management fee, expense and performance factors outlined below are based on the Institutional Class shares of each Fund. Because the Institutional Class generally has lower non-management expenses than the other classes of these Funds, the expenses and performance of these other classes will differ from the expenses and performance shown for the Institutional Class. All time periods referenced below are ended December 31, 2020. Under the Morningstar rating system, an Overall Morningstar Rating of 5 stars is the highest (best) rating category and 1 star is the lowest (worst) rating category. The Morningstar data is as of December 31, 2020. Statements below regarding a Fund’s “effective management fee rate” refer to the overall effective blended fee rate that applied to that Fund after taking into account any
66 | 2021 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds |
concluded
breakpoints in the management fee rate schedule for the Fund and any applicable fee waivers and/or expense reimbursements. Statements below regarding “net loss” refer to Advisors’ calculation that it incurred a loss for the services that it rendered to a Fund during 2020 under the Agreement.
Emerging Markets Debt Fund
• | The Fund’s annual contractual management fee rate starts at 0.55% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2020 asset level was 0.550% of average daily net assets. |
• | The Fund’s total expense ratio, actual management fee and contractual management fee rate were in the 1st, 2nd and 1st quintiles of the group of comparable funds selected by Broadridge for expense comparison purposes (“Expense Group”), respectively. and were in the 1st, 3rd and 1st quintiles within the universe of comparable funds identified by Broadridge for expense comparison purposes (“Expense Universe”), respectively. |
• | The Fund was in the 3rd, 1st and 1st quintiles of both the group of comparable funds selected by Broadridge for performance comparison purposes (“Performance Group”) and the universe of comparable funds selected by Broadridge for performance comparison purposes (“Performance Universe”) for the one-, three- and five-year periods, respectively. |
• | The Fund received an Overall Morningstar Rating of 5 stars. |
• | Advisors calculated that it incurred a net loss with respect to its services to the Fund for the one-year period. |
International Bond Fund
• | The Fund’s annual contractual management fee rate starts at 0.50% of average daily net assets, and includes breakpoints that reduce the rate paid on assets above certain thresholds. The Fund’s effective management fee rate at its December 31, 2020 asset level was 0.500% of average daily net assets. |
• | The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were in the 1st, 2nd and 1st quintiles of its Expense Group, respectively. The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were in the 1st, 3rd and 1st quintiles of its Expense Universe, respectively. |
• | The Fund was in the 5th and 1st quintiles of its Performance Group for the one- and three-year periods, respectively and in the 4th and 2nd quintiles of its Performance Universe for the one- and three-year periods, respectively. |
• | The Fund received an Overall Morningstar Rating of 4 stars. |
• | Advisors calculated that it incurred a net loss with respect to its services to the Fund for the one-year period. |
Based primarily on the foregoing factors and considerations, the Board renewed the Agreement for each Fund.
TIAA-CREF International Fixed-Income Funds ■ 2021 Semiannual Report | 67 |
Liquidity risk management program
Discussion of the operation and effectiveness of the Funds’ liquidity risk management program
In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), each series of the Trust covered by this Report (the “Funds”) has adopted and implemented a liquidity risk management program (the “Program”), which is reasonably designed to assess and manage the Funds’ liquidity risk. The Program consists of various provisions relating to assessing and managing Fund liquidity risk, as discussed further below. The Funds’ Board of Trustees (the “Board”) previously approved the designation of Advisors (the “Administrator”) as Program administrator. The Liquidity Monitoring and Analysis Team (the “LMAT”) carries out day-to-day Program management with oversight by the Liquidity Oversight Committee (the “LOSC”). Personnel from the Administrator and Nuveen Fund Advisors, LLC, an affiliate of the Administrator, comprise the LMAT and LOSC.
At a February 9, 2021 Board meeting, the Administrator provided the Board with a written report addressing the Program’s operation, adequacy, and effectiveness of implementation for the period from January 1, 2020 through December 31, 2020 (the “Review Period”), as required under the Liquidity Rule. The report noted that the Program has been and continues to be adequately and effectively implemented to monitor and (as applicable) respond to the Funds’ liquidity developments.
In accordance with the Program, the LMAT assesses each Fund’s liquidity risk no less frequently than annually based on various factors, such as (i) the Fund’s investment strategy and the liquidity of portfolio investments, (ii) cash flow projections, and (iii) holdings of cash and cash equivalents and borrowing arrangements and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions.
Each Fund portfolio investment is classified into one of four liquidity categories (including “highly liquid investments” and “illiquid investments,” discussed below). The classification is based on a determination of how long it is reasonably expected to take to convert the investment into cash, or sell or dispose of the investment, in current market conditions without significantly changing the market value of the investment. Liquidity classification determinations take into account various market, trading, and investment-specific considerations, as well as market depth, and utilize third-party vendor data.
Any Fund that does not primarily hold highly liquid investments must, among other things, determine a minimum percentage of Fund net assets that must be invested in highly liquid investments (a “Highly Liquid Investment Minimum”). During the Review Period, each Fund primarily held highly liquid investments and therefore was exempt from the requirement to adopt a Highly Liquid Investment Minimum and to comply with the related requirements under the Liquidity Rule.
68 | 2021 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds |
concluded
The Liquidity Rule also limits the Funds’ investments in illiquid investments. Specifically, the Liquidity Rule prohibits acquisition of illiquid investments if doing so would result in the Fund holding more than 15% of its net assets in illiquid investments and requires certain reporting anytime a Fund’s holdings of illiquid investments exceed 15% of net assets. During the Review Period, no Fund exceeded the 15% limit on illiquid investments.
TIAA-CREF International Fixed-Income Funds ■ 2021 Semiannual Report | 69 |
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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.
©2021 Teachers Insurance and Annuity Association of America—College Retirement Equities Fund,
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Item 2. Code of Conduct.
Not Applicable.
Item 3. Audit Committee Financial Expert.
Not Applicable.
Item 4. Principal Accountant Fees and Services.
Not Applicable.
Item 5. Audit Committee of Listed Registrants.
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Item 6. Schedule of Investments.
TIAA-CREF FUNDS – Growth & Income Fund
TIAA-CREF FUNDS
GROWTH & INCOME FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2021
SHARES | COMPANY | VALUE | ||||||||
COMMON STOCKS - 100.0% | ||||||||||
AUTOMOBILES & COMPONENTS - 2.1% | ||||||||||
226,643 | * | Aptiv plc | $ | 32,611,661 | ||||||
654,632 | *,n | General Motors Co | 37,458,043 | |||||||
85,780 | * | Tesla, Inc | 60,855,763 | |||||||
TOTAL AUTOMOBILES & COMPONENTS | 130,925,467 | |||||||||
BANKS - 4.8% | ||||||||||
2,509,982 | Bank of America Corp | 101,729,571 | ||||||||
247,972 | n | Citigroup, Inc | 17,665,525 | |||||||
639,386 | Fifth Third Bancorp | 25,920,708 | ||||||||
1,868,857 | ING Groep NV | 23,874,610 | ||||||||
589,695 | JPMorgan Chase & Co | 90,700,988 | ||||||||
914,870 | Wells Fargo & Co | 41,214,894 | ||||||||
TOTAL BANKS | 301,106,296 | |||||||||
CAPITAL GOODS - 7.7% | ||||||||||
343,862 | * | Builders FirstSource, Inc | 16,735,763 | |||||||
81,616 | Carlisle Cos, Inc | 15,641,706 | ||||||||
138,455 | Deere & Co | 51,346,037 | ||||||||
204,435 | Dover Corp | 30,499,658 | ||||||||
370,349 | Eaton Corp | 52,933,983 | ||||||||
309,597 | n | Honeywell International, Inc | 69,052,515 | |||||||
679,422 | * | InPost S.A. | 12,946,832 | |||||||
353,642 | ITT, Inc | 33,351,977 | ||||||||
132,188 | John Bean Technologies Corp | 19,217,491 | ||||||||
84,282 | Northrop Grumman Corp | 29,872,912 | ||||||||
206,865 | Otis Worldwide Corp | 16,108,578 | ||||||||
378,574 | Raytheon Technologies Corp | 31,512,500 | ||||||||
398,406 | Spirit Aerosystems Holdings, Inc (Class A) | 18,203,170 | ||||||||
76,377 | * | Teledyne Technologies, Inc | 34,197,802 | |||||||
263,391 | Textron, Inc | 16,920,238 | ||||||||
173,287 | Trane Technologies plc | 30,122,479 | ||||||||
TOTAL CAPITAL GOODS | 478,663,641 | |||||||||
COMMERCIAL & PROFESSIONAL SERVICES - 1.1% | ||||||||||
107,616 | Jacobs Engineering Group, Inc | 14,378,574 | ||||||||
255,478 | * | Stericycle, Inc | 19,487,862 | |||||||
231,667 | Waste Management, Inc | 31,963,096 | ||||||||
TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 65,829,532 | |||||||||
CONSUMER DURABLES & APPAREL - 1.6% | ||||||||||
129,656 | Brunswick Corp | 13,890,047 | ||||||||
339,588 | Callaway Golf Co | 9,831,073 | ||||||||
530,294 | Levi Strauss & Co | 15,304,285 |
1 |
TIAA-CREF FUNDS – Growth & Income Fund
SHARES | COMPANY | VALUE | ||||||||
1,213,037 | *,n | Mattel, Inc | $ | 26,031,774 | ||||||
395,232 | Tempur Sealy International, Inc | 15,074,148 | ||||||||
69,727 | Whirlpool Corp | 16,486,949 | ||||||||
TOTAL CONSUMER DURABLES & APPAREL | 96,618,276 | |||||||||
CONSUMER SERVICES - 3.1% | ||||||||||
52,760 | *,e | Airbnb, Inc | 9,112,180 | |||||||
255,147 | *,n | Caesars Entertainment, Inc | 24,963,582 | |||||||
14,752 | *,n | Chipotle Mexican Grill, Inc (Class A) | 22,010,427 | |||||||
57,984 | Churchill Downs, Inc | 12,263,616 | ||||||||
174,213 | Darden Restaurants, Inc | 25,560,531 | ||||||||
285,213 | *,n | Expedia Group, Inc | 50,263,087 | |||||||
74,424 | * | Flutter Entertainment plc | 15,251,064 | |||||||
148,182 | * | Hilton Worldwide Holdings, Inc | 19,071,023 | |||||||
315,546 | *,n | Six Flags Entertainment Corp | 14,824,351 | |||||||
TOTAL CONSUMER SERVICES | 193,319,861 | |||||||||
DIVERSIFIED FINANCIALS - 3.5% | ||||||||||
201,899 | Blackstone Group, Inc | 17,866,042 | ||||||||
24,994 | * | Coinbase Global, Inc | 7,439,214 | |||||||
378,479 | Discover Financial Services | 43,146,606 | ||||||||
1,466,396 | Equitable Holdings, Inc | 50,194,735 | ||||||||
230,546 | KKR & Co, Inc | 13,044,293 | ||||||||
206,347 | Lazard Ltd (Class A) | 9,283,552 | ||||||||
783,221 | Morgan Stanley | 64,654,894 | ||||||||
139,564 | Voya Financial, Inc | 9,465,230 | ||||||||
TOTAL DIVERSIFIED FINANCIALS | 215,094,566 | |||||||||
ENERGY - 2.2% | ||||||||||
221,495 | * | Cheniere Energy, Inc | 17,170,292 | |||||||
191,205 | n | Chevron Corp | 19,707,499 | |||||||
1,119,509 | *,n | EQT Corp | 21,382,622 | |||||||
398,032 | n | Hess Corp | 29,657,364 | |||||||
448,067 | Marathon Petroleum Corp | 24,934,929 | ||||||||
147,927 | Pioneer Natural Resources Co | 22,755,611 | ||||||||
TOTAL ENERGY | 135,608,317 | |||||||||
FOOD & STAPLES RETAILING - 0.7% | ||||||||||
257,924 | * | Performance Food Group Co | 15,140,139 | |||||||
153,356 | Walmart, Inc | 21,456,038 | ||||||||
28,544 | * | Zur Rose Group AG. | 9,499,809 | |||||||
TOTAL FOOD & STAPLES RETAILING | 46,095,986 | |||||||||
FOOD, BEVERAGE & TOBACCO - 3.4% | ||||||||||
193,833 | Bunge Ltd | 16,363,382 | ||||||||
283,006 | Coca-Cola Co | 15,276,664 | ||||||||
74,906 | * | Freshpet, Inc | 13,844,127 | |||||||
144,534 | Hershey Co | 23,746,936 | ||||||||
310,601 | Kraft Heinz Co | 12,824,715 | ||||||||
500,655 | Mondelez International, Inc | 30,444,831 | ||||||||
305,873 | * | Monster Beverage Corp | 29,684,975 | |||||||
421,664 | PepsiCo, Inc | 60,787,082 | ||||||||
44,417 | Pernod-Ricard S.A. | 9,121,770 | ||||||||
TOTAL FOOD, BEVERAGE & TOBACCO | 212,094,482 |
2 |
TIAA-CREF FUNDS – Growth & Income Fund
SHARES | COMPANY | VALUE | ||||||||
HEALTH CARE EQUIPMENT & SERVICES - 6.6% | ||||||||||
308,919 | Abbott Laboratories | $ | 37,094,994 | |||||||
232,377 | Danaher Corp | 59,009,815 | ||||||||
75,054 | * | DexCom, Inc | 28,978,350 | |||||||
424,285 | *,n | Envista Holdings Corp | 18,363,055 | |||||||
98,152 | * | Guardant Health, Inc | 15,604,205 | |||||||
50,846 | n | Humana, Inc | 22,638,673 | |||||||
55,388 | * | IDEXX Laboratories, Inc | 30,407,458 | |||||||
481,322 | Medtronic plc | 63,014,676 | ||||||||
102,568 | n | STERIS plc | 21,643,899 | |||||||
152,259 | UnitedHealth Group, Inc | 60,720,889 | ||||||||
53,627 | West Pharmaceutical Services, Inc | 17,617,542 | ||||||||
189,883 | Zimmer Biomet Holdings, Inc | 33,639,672 | ||||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 408,733,228 | |||||||||
HOUSEHOLD & PERSONAL PRODUCTS - 1.4% | ||||||||||
108,325 | Estee Lauder Cos (Class A) | 33,992,385 | ||||||||
384,868 | Procter & Gamble Co | 51,349,089 | ||||||||
TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 85,341,474 | |||||||||
INSURANCE - 2.0% | ||||||||||
111,983 | Everest Re Group Ltd | 31,013,692 | ||||||||
523,095 | Hartford Financial Services Group, Inc | 34,503,346 | ||||||||
240,234 | Lincoln National Corp | 15,406,207 | ||||||||
673,640 | Metlife, Inc | 42,863,713 | ||||||||
TOTAL INSURANCE | 123,786,958 | |||||||||
MATERIALS - 4.8% | ||||||||||
106,615 | Celanese Corp (Series A) | 16,701,240 | ||||||||
595,307 | CF Industries Holdings, Inc | 28,949,779 | ||||||||
702,251 | n | Corteva, Inc | 34,241,759 | |||||||
551,193 | Dow, Inc | 34,449,562 | ||||||||
159,549 | DuPont de Nemours, Inc | 12,302,823 | ||||||||
519,781 | n | Freeport-McMoRan, Inc (Class B) | 19,600,942 | |||||||
131,942 | International Flavors & Fragrances, Inc | 18,758,194 | ||||||||
250,945 | Linde plc | 71,730,119 | ||||||||
1,345,667 | * | Lynas Corp Ltd | 5,666,724 | |||||||
185,768 | n | Mosaic Co | 6,535,318 | |||||||
204,231 | PPG Industries, Inc | 34,972,516 | ||||||||
77,351 | Reliance Steel & Aluminum Co | 12,400,139 | ||||||||
TOTAL MATERIALS | 296,309,115 | |||||||||
MEDIA & ENTERTAINMENT - 10.6% | ||||||||||
109,483 | * | Alphabet, Inc (Class C) | 263,867,168 | |||||||
846,468 | Comcast Corp (Class A) | 47,529,178 | ||||||||
444,052 | * | Facebook, Inc | 144,352,424 | |||||||
97,980 | *,n | Netflix, Inc | 50,309,791 | |||||||
215,183 | *,n | Snap, Inc | 13,302,613 | |||||||
120,000 | * | Take-Two Interactive Software, Inc | 21,045,600 | |||||||
283,019 | *,n | Twitter, Inc | 15,628,309 | |||||||
400,670 | n | ViacomCBS, Inc (Class B) | 16,435,484 | |||||||
456,753 | * | Walt Disney Co | 84,965,193 | |||||||
TOTAL MEDIA & ENTERTAINMENT | 657,435,760 |
3 |
TIAA-CREF FUNDS – Growth & Income Fund
SHARES | COMPANY | VALUE | ||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 6.4% | ||||||||||
69,891 | * | 10X Genomics, Inc | $ | 13,824,440 | ||||||
616,794 | n | AbbVie, Inc | 68,772,531 | |||||||
245,153 | AstraZeneca plc (ADR) | 13,184,744 | ||||||||
1,001,436 | * | Avantor, Inc | 32,086,009 | |||||||
178,826 | * | Axsome Therapeutics, Inc | 10,811,820 | |||||||
413,955 | Bristol-Myers Squibb Co | 25,839,071 | ||||||||
163,543 | * | Catalent, Inc | 18,393,681 | |||||||
432,733 | Daiichi Sankyo Co Ltd | 11,052,179 | ||||||||
246,656 | * | Genmab A.S. (ADR) | 9,094,207 | |||||||
212,328 | Gilead Sciences, Inc | 13,476,458 | ||||||||
254,866 | *,n | Horizon Therapeutics Plc | 24,115,421 | |||||||
159,613 | * | Ionis Pharmaceuticals, Inc | 6,834,629 | |||||||
144,520 | * | IQVIA Holdings, Inc | 33,917,399 | |||||||
27,928 | * | Lonza Group AG. | 17,754,224 | |||||||
342,961 | Merck & Co, Inc | 25,550,594 | ||||||||
96,529 | Merck KGaA | 16,958,636 | ||||||||
1,525,246 | Pfizer, Inc | 58,950,758 | ||||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 400,616,801 | |||||||||
REAL ESTATE - 1.0% | ||||||||||
303,308 | Prologis, Inc | 35,344,481 | ||||||||
219,674 | Simon Property Group, Inc | 26,743,113 | ||||||||
TOTAL REAL ESTATE | 62,087,594 | |||||||||
RETAILING - 7.8% | ||||||||||
73,332 | * | Amazon.com, Inc | 254,272,843 | |||||||
187,807 | *,n | Children’s Place, Inc | 14,714,678 | |||||||
530,713 | *,e | Coupang, Inc | 22,236,875 | |||||||
55,550 | Dollar General Corp | 11,929,363 | ||||||||
208,374 | n | Home Depot, Inc | 67,444,413 | |||||||
23,768 | Kering | 19,045,570 | ||||||||
654,951 | *,e | Petco Health & Wellness Co, Inc | 15,469,943 | |||||||
241,958 | Target Corp | 50,148,215 | ||||||||
1,988,150 | * | THG Holdings Ltd | 17,023,548 | |||||||
396,787 | * | Urban Outfitters, Inc | 14,244,653 | |||||||
TOTAL RETAILING | 486,530,101 | |||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.7% | ||||||||||
217,224 | *,n | Advanced Micro Devices, Inc | 17,729,823 | |||||||
246,714 | n | Applied Materials, Inc | 32,741,415 | |||||||
24,560 | ASML Holding NV (ADR) | 15,917,336 | ||||||||
71,923 | Broadcom, Inc | 32,811,273 | ||||||||
172,077 | *,n | Cree, Inc | 17,107,895 | |||||||
62,331 | *,n | Enphase Energy, Inc | 8,679,592 | |||||||
654,469 | Intel Corp | 37,651,601 | ||||||||
460,857 | Marvell Technology, Inc | 20,835,345 | ||||||||
68,674 | n | Monolithic Power Systems, Inc | 24,817,410 | |||||||
119,734 | NVIDIA Corp | 71,885,899 | ||||||||
153,926 | NXP Semiconductors NV | 29,632,294 | ||||||||
196,793 | QUALCOMM, Inc | 27,314,868 | ||||||||
104,781 | Skyworks Solutions, Inc | 18,999,939 | ||||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 356,124,690 |
4 |
TIAA-CREF FUNDS – Growth & Income Fund
SHARES | COMPANY | VALUE | ||||||||
SOFTWARE & SERVICES - 11.7% | ||||||||||
336,924 | * | Fiserv, Inc | $ | 40,471,311 | ||||||
70,374 | Global Payments, Inc | 15,104,372 | ||||||||
170,841 | *,n | Liveperson, Inc | 9,336,461 | |||||||
253,026 | Mastercard, Inc (Class A) | 96,671,113 | ||||||||
1,344,399 | Microsoft Corp | 339,030,540 | ||||||||
225,468 | * | PayPal Holdings, Inc | 59,138,002 | |||||||
295,714 | * | salesforce.com, Inc | 68,108,848 | |||||||
74,258 | * | ServiceNow, Inc | 37,602,023 | |||||||
103,594 | * | Synopsys, Inc | 25,593,934 | |||||||
42,735 | * | Twilio, Inc | 15,717,933 | |||||||
108,738 | *,e | UiPath, Inc | 7,829,136 | |||||||
57,007 | * | Zscaler, Inc | 10,696,793 | |||||||
TOTAL SOFTWARE & SERVICES | 725,300,466 | |||||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 8.1% | ||||||||||
2,701,633 | n | Apple, Inc | 355,156,674 | |||||||
236,680 | * | Calix, Inc | 10,009,197 | |||||||
280,472 | * | Ciena Corp | 14,155,422 | |||||||
1,078,770 | Cisco Systems, Inc | 54,920,181 | ||||||||
176,910 | Cognex Corp | 15,235,489 | ||||||||
579,153 | * | Stratasys Ltd | 12,978,819 | |||||||
298,754 | TE Connectivity Ltd | 40,173,450 | ||||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 502,629,232 | |||||||||
TELECOMMUNICATION SERVICES - 0.5% | ||||||||||
36,078 | Cogent Communications Group, Inc | 2,720,653 | ||||||||
214,142 | * | T-Mobile US, Inc | 28,294,583 | |||||||
TOTAL TELECOMMUNICATION SERVICES | 31,015,236 | |||||||||
TRANSPORTATION - 2.2% | ||||||||||
431,580 | *,n | Delta Air Lines, Inc | 20,249,734 | |||||||
136,469 | DSV AS | 30,403,945 | ||||||||
40,419 | * | Saia, Inc | 9,478,255 | |||||||
158,030 | * | Uber Technologies, Inc | 8,655,303 | |||||||
107,446 | Union Pacific Corp | 23,862,682 | ||||||||
226,638 | United Parcel Service, Inc (Class B) | 46,202,423 | ||||||||
TOTAL TRANSPORTATION | 138,852,342 | |||||||||
UTILITIES - 1.0% | ||||||||||
156,252 | Eversource Energy | 13,472,048 | ||||||||
607,744 | n | NextEra Energy, Inc | 47,106,237 | |||||||
TOTAL UTILITIES | 60,578,285 | |||||||||
TOTAL COMMON STOCKS | 6,210,697,706 | |||||||||
(Cost $3,157,514,886) | ||||||||||
PURCHASED OPTIONS - 0.0% | ||||||||||
CAPITAL GOODS - 0.0% | ||||||||||
5,500 | n | Boeing Co | 12,650 | |||||||
TOTAL CAPITAL GOODS | 12,650 |
5 |
TIAA-CREF FUNDS – Growth & Income Fund
SHARES | COMPANY | VALUE | ||||||||
MATERIALS - 0.0% | ||||||||||
62,000 | n | DuPont de Nemours, Inc | $ | 63,240 | ||||||
TOTAL MATERIALS | 63,240 | |||||||||
MEDIA & ENTERTAINMENT - 0.0% | ||||||||||
70,000 | ViacomCBS, Inc | 128,100 | ||||||||
TOTAL MEDIA & ENTERTAINMENT | 128,100 | |||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.0% | ||||||||||
27,400 | n | QUALCOMM, Inc | 52,608 | |||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 52,608 | |||||||||
SOFTWARE & SERVICES - 0.0% | ||||||||||
72,000 | n | Anaplan, Inc | 439,200 | |||||||
TOTAL SOFTWARE & SERVICES | 439,200 | |||||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 0.0% | ||||||||||
50,000 | n | Lumentum Holdings, Inc | 311,567 | |||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 311,567 | |||||||||
TOTAL PURCHASED OPTIONS | 1,007,365 | |||||||||
(Cost $1,944,787) |
PRINCIPAL | ISSUER | RATE | MATURITY DATE | |||||||||||||
SHORT-TERM INVESTMENTS - 1.2% | ||||||||||||||||
GOVERNMENT AGENCY DEBT - 0.1% | ||||||||||||||||
$ | 2,565,000 | Federal Home Loan Bank (FHLB) | 0.010 | % | 05/14/21 | 2,565,000 | ||||||||||
1,000,000 | FHLB | 0.005 | 05/19/21 | 1,000,000 | ||||||||||||
2,000,000 | FHLB | 0.017 | 06/22/21 | 2,000,000 | ||||||||||||
TOTAL GOVERNMENT AGENCY DEBT | 5,565,000 | |||||||||||||||
REPURCHASE AGREEMENT - 0.2% | ||||||||||||||||
14,405,000 | r | Fixed Income Clearing Corp (FICC) | 0.005 | 05/03/21 | 14,405,000 | |||||||||||
TOTAL REPURCHASE AGREEMENT | 14,405,000 | |||||||||||||||
SHARES | COMPANY | |||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.9% | ||||||||||||||||
55,595,849 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 0.020 | 55,595,849 | ||||||||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 55,595,849 | |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 75,565,849 | |||||||||||||||
(Cost $75,565,788) | ||||||||||||||||
TOTAL INVESTMENTS - 101.2% | 6,287,270,920 | |||||||||||||||
(Cost $3,235,025,461) | ||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - (1.2)% | (73,370,941 | ) | ||||||||||||||
NET ASSETS - 100.0% | $ | 6,213,899,979 |
6 |
TIAA-CREF FUNDS – Growth & Income 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 $52,658,433. | ||
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, 0.005% dated 4/30/21 to be repurchased at $14,405,000 on 5/3/21, collateralized by U.S. Treasury Notes valued at $14,693,104. | ||
Purchased options outstanding as of April 30, 2021 were as follows:
Description/underlying investment | Number of contracts | Notional amount | Exercise price | Expiration date | Value | |||||||||||||
Anaplan, Inc, Call | 720 | $ | 582,368 | $ | 67 .50 | 11/19/21 | $ | 439,200 | ||||||||||
Boeing Co, Call | 55 | 166,927 | 250 .00 | 05/21/21 | 12,650 | |||||||||||||
DuPont de Nemours, Inc, Call | 620 | 325,522 | 87 .50 | 07/16/21 | 63,240 | |||||||||||||
Lumentum Holdings, Inc, Call | 500 | 311,567 | 92 .50 | 09/17/21 | 311,567 | |||||||||||||
QUALCOMM, Inc, Call | 274 | 77,478 | 150 .00 | 06/18/21 | 52,608 | |||||||||||||
ViacomCBS, Inc, Call | 700 | 480,925 | 52 .50 | 09/17/21 | 128,100 | |||||||||||||
Total | 2,869 | $ | 1,944,787 | $ | 1,007,365 |
Written options outstanding as of April 30, 2021 were as follows:
Description/underlying investment | Number of contracts | Notional amount | Exercise price | Expiration date | Value | |||||||||||||
AbbVie, Inc, Put | 480 | $ | (47,204 | ) | $ | 82 .50 | 05/21/21 | $ | (6,240 | ) | ||||||||
ACADIA Pharmaceuticals, Inc, Put | 500 | (157,396 | ) | 17 .50 | 01/21/22 | (108,750 | ) | |||||||||||
Advanced Micro Devices, Inc, Call | 400 | (64,498 | ) | 100 .00 | 06/18/21 | (23,600 | ) | |||||||||||
Altria Group, Inc, Put | 1,000 | (33,735 | ) | 40 .00 | 05/21/21 | (7,000 | ) | |||||||||||
Anaplan, Inc, Call | 720 | (452,313 | ) | 72 .50 | 11/19/21 | (331,200 | ) | |||||||||||
Anaplan, Inc, Put | 720 | (262,536 | ) | 50 .00 | 11/19/21 | (324,000 | ) | |||||||||||
Apple, Inc, Call | 1,000 | (204,963 | ) | 150 .00 | 07/16/21 | (111,000 | ) | |||||||||||
Apple, Inc, Call | 1,268 | (1,361,921 | ) | 150 .00 | 09/17/21 | (374,060 | ) | |||||||||||
Apple, Inc, Put | 616 | (208,185 | ) | 110 .00 | 05/21/21 | (7,392 | ) | |||||||||||
Apple, Inc, Put | 924 | (299,342 | ) | 105 .00 | 06/18/21 | (27,720 | ) | |||||||||||
Apple, Inc, Put | 1,268 | (447,511 | ) | 110 .00 | 06/18/21 | (54,524 | ) | |||||||||||
Applied Materials, Inc, Put | 364 | (29,107 | ) | 110 .00 | 05/21/21 | (13,832 | ) | |||||||||||
Arcturus Therapeutics Holdings, Inc, Put | 500 | (652,701 | ) | 45 .00 | 09/17/21 | (720,000 | ) | |||||||||||
Arcturus Therapeutics Holdings, Inc, Put | 500 | (720,611 | ) | 50 .00 | 09/17/21 | (930,000 | ) | |||||||||||
Biogen, Inc, Put | 150 | (209,348 | ) | 220 .00 | 06/18/21 | (106,500 | ) | |||||||||||
Boeing Co, Call | 55 | (111,536 | ) | 280 .00 | 05/21/21 | (2,145 | ) | |||||||||||
Boeing Co, Put | 167 | (524,687 | ) | 205 .00 | 05/21/21 | (14,028 | ) | |||||||||||
Cadence Design Systems, Inc, Put | 350 | (42,551 | ) | 115 .00 | 06/18/21 | (29,750 | ) | |||||||||||
Caesars Entertainment, Inc, Call | 320 | (33,909 | ) | 125 .00 | 05/21/21 | (10,880 | ) | |||||||||||
Caesars Entertainment, Inc, Put | 534 | (68,333 | ) | 75 .00 | 05/21/21 | (44,322 | ) | |||||||||||
Celsius Holdings, Inc, Put | 1,000 | (86,385 | ) | 40 .00 | 05/21/21 | (70,000 | ) | |||||||||||
Chevron Corp, Call | 222 | (47,722 | ) | 125 .00 | 06/18/21 | (2,664 | ) | |||||||||||
Chevron Corp, Put | 222 | (23,968 | ) | 85 .00 | 06/18/21 | (5,994 | ) | |||||||||||
Children’s Place, Inc, Call | 615 | (755,181 | ) | 100 .00 | 09/17/21 | (310,575 | ) | |||||||||||
Children’s Place, Inc, Put | 625 | (87,853 | ) | 55 .00 | 05/21/21 | (31,250 | ) | |||||||||||
Children’s Place, Inc, Put | 615 | (441,538 | ) | 50 .00 | 09/17/21 | (112,237 | ) | |||||||||||
Chipotle Mexican Grill, Inc, Call | 44 | (293,693 | ) | 1,780 .00 | 09/17/21 | (92,840 | ) | |||||||||||
Chipotle Mexican Grill, Inc, Put | 44 | (152,165 | ) | 1,100 .00 | 09/17/21 | (39,160 | ) | |||||||||||
Citigroup, Inc, Call | 445 | (173,533 | ) | 87 .50 | 01/21/22 | (90,335 | ) | |||||||||||
Citigroup, Inc, Put | 445 | (173,533 | ) | 57 .50 | 01/21/22 | (101,905 | ) | |||||||||||
Corteva, Inc, Call | 800 | (104,884 | ) | 55 .00 | 09/17/21 | (115,200 | ) | |||||||||||
Corteva, Inc, Put | 800 | (90,892 | ) | 38 .00 | 09/17/21 | (60,000 | ) |
7 |
TIAA-CREF FUNDS – Growth & Income Fund
Description/underlying investment | Number of contracts | Notional amount | Exercise price | Expiration date | Value | |||||||||||||
Cree, Inc, Call | 295 | (39,502 | ) | 140 .00 | 05/21/21 | (5,900 | ) | |||||||||||
Cree, Inc, Put | 500 | (48,982 | ) | 80 .00 | 06/18/21 | (67,500 | ) | |||||||||||
Delta Air Lines, Inc, Put | 1,000 | (29,965 | ) | 40 .00 | 05/21/21 | (10,000 | ) | |||||||||||
DraftKings, Inc, Put | 800 | (128,164 | ) | 50 .00 | 05/21/21 | (81,600 | ) | |||||||||||
DuPont de Nemours, Inc, Call | 620 | (153,734 | ) | 95 .00 | 07/16/21 | (23,250 | ) | |||||||||||
DuPont de Nemours, Inc, Put | 620 | (264,712 | ) | 60 .00 | 10/15/21 | (63,240 | ) | |||||||||||
eBay, Inc, Put | 800 | (35,900 | ) | 50 .00 | 06/18/21 | (36,800 | ) | |||||||||||
Eli Lilly & Co, Put | 250 | (22,801 | ) | 160 .00 | 05/21/21 | (5,375 | ) | |||||||||||
Emergent BioSolutions, Inc, Put | 444 | (309,895 | ) | 70 .00 | 09/17/21 | (628,260 | ) | |||||||||||
Enphase Energy, Inc, Put | 340 | (43,641 | ) | 120 .00 | 05/21/21 | (51,680 | ) | |||||||||||
Enphase Energy, Inc, Put | 200 | (229,588 | ) | 130 .00 | 05/21/21 | (77,000 | ) | |||||||||||
Enphase Energy, Inc, Put | 200 | (211,376 | ) | 110 .00 | 08/20/21 | (129,000 | ) | |||||||||||
Enphase Energy, Inc, Put | 200 | (169,660 | ) | 105 .00 | 11/19/21 | (186,000 | ) | |||||||||||
Envista Holdings Corp, Call | 800 | (39,172 | ) | 50 .00 | 05/21/21 | (12,000 | ) | |||||||||||
EQT Corp, Put | 1,300 | (37,653 | ) | 14 .00 | 05/21/21 | (16,250 | ) | |||||||||||
Expedia Group, Inc, Call | 320 | (259,658 | ) | 210 .00 | 10/15/21 | (233,600 | ) | |||||||||||
Expedia Group, Inc, Put | 320 | (102,977 | ) | 145 .00 | 07/16/21 | (80,640 | ) | |||||||||||
Freeport-McMoRan, Inc, Put | 1,300 | (38,955 | ) | 31 .00 | 05/07/21 | (2,600 | ) | |||||||||||
General Motors Co, Put | 800 | (39,604 | ) | 50 .00 | 05/21/21 | (25,600 | ) | |||||||||||
Hess Corp, Call | 444 | (26,252 | ) | 90 .00 | 06/18/21 | (24,420 | ) | |||||||||||
Home Depot, Inc, Call | 240 | (319,910 | ) | 345 .00 | 11/19/21 | (289,800 | ) | |||||||||||
Home Depot, Inc, Put | 240 | (95,511 | ) | 260 .00 | 11/19/21 | (109,200 | ) | |||||||||||
Honeywell International, Inc, Put | 250 | (7,909 | ) | 200 .00 | 05/21/21 | (7,750 | ) | |||||||||||
Horizon Therapeutics PLC, Call | 420 | (75,585 | ) | 105 .00 | 05/21/21 | (67,200 | ) | |||||||||||
Horizon Therapeutics PLC, Put | 616 | (45,562 | ) | 65 .00 | 05/21/21 | (9,240 | ) | |||||||||||
Humana, Inc, Put | 160 | (68,268 | ) | 300 .00 | 05/21/21 | (160 | ) | |||||||||||
LivePerson, Inc, Put | 1,000 | (65,965 | ) | 40 .00 | 05/21/21 | (52,500 | ) | |||||||||||
Lumentum Holdings, Inc, Call | 500 | (138,252 | ) | 105 .00 | 09/17/21 | (138,252 | ) | |||||||||||
Lumentum Holdings, Inc, Put | 300 | (197,385 | ) | 75 .00 | 09/17/21 | (102,000 | ) | |||||||||||
Lumentum Holdings, Inc, Put | 200 | (170,589 | ) | 80 .00 | 09/17/21 | (102,000 | ) | |||||||||||
Match Group, Inc, Put | 230 | (20,517 | ) | 110 .00 | 05/21/21 | (3,910 | ) | |||||||||||
Mattel, Inc, Put | 2,000 | (37,930 | ) | 17 .00 | 05/21/21 | (10,000 | ) | |||||||||||
Menora Mivtachim Holdings Ltd, Put | 360 | (114,187 | ) | 100 .00 | 07/16/21 | (25,200 | ) | |||||||||||
Moderna, Inc, Put | 340 | (30,928 | ) | 115 .00 | 05/21/21 | (8,840 | ) | |||||||||||
Monolithic Power Systems, Inc, Put | 134 | (126,842 | ) | 260 .00 | 06/18/21 | (34,505 | ) | |||||||||||
Mosaic Co, Put | 1,600 | (60,152 | ) | 25 .00 | 05/21/21 | (3,200 | ) | |||||||||||
NetFlix, Inc, Put | 160 | (21,114 | ) | 455 .00 | 05/07/21 | (3,040 | ) | |||||||||||
NextEra Energy, Inc, Put | 574 | (30,402 | ) | 70 .00 | 06/18/21 | (25,830 | ) | |||||||||||
Nordstrom, Inc, Put | 1,980 | (554,317 | ) | 30 .00 | 07/16/21 | (196,020 | ) | |||||||||||
Pacific Biosciences of California, Inc, Put | 1,800 | (88,137 | ) | 22 .00 | 06/18/21 | (88,137 | ) | |||||||||||
Palomar Holdings, Inc, Put | 800 | (60,771 | ) | 50 .00 | 05/21/21 | (28,000 | ) | |||||||||||
QUALCOMM, Inc, Call | 274 | (33,416 | ) | 160 .00 | 06/18/21 | (21,920 | ) | |||||||||||
QUALCOMM, Inc, Put | 274 | (61,432 | ) | 125 .00 | 06/18/21 | (48,224 | ) | |||||||||||
Six Flags Entertainment Corp, Put | 940 | (55,427 | ) | 42 .50 | 05/21/21 | (44,180 | ) | |||||||||||
Snap, Inc, Put | 800 | (33,572 | ) | 50 .00 | 05/21/21 | (21,600 | ) | |||||||||||
Spotify Technology S.A., Put | 180 | (53,813 | ) | 220 .00 | 06/18/21 | (68,400 | ) | |||||||||||
STERIS plc, Put | 230 | (105,099 | ) | 155 .00 | 06/18/21 | (10,925 | ) | |||||||||||
Teladoc Health, Inc, Put | 286 | (46,608 | ) | 140 .00 | 06/18/21 | (37,466 | ) | |||||||||||
Twitter, Inc, Call | 500 | (41,482 | ) | 80 .00 | 05/21/21 | (2,500 | ) | |||||||||||
Twitter, Inc, Put | 870 | (41,730 | ) | 46 .00 | 06/18/21 | (41,730 | ) | |||||||||||
Universal Health Services, Inc, Put | 332 | (222,755 | ) | 110 .00 | 07/16/21 | (22,410 | ) | |||||||||||
ViacomCBS, Inc, Call | 700 | (310,073 | ) | 60 .00 | 09/17/21 | (67,200 | ) | |||||||||||
ViacomCBS, Inc, Put | 700 | (401,332 | ) | 48 .00 | 09/17/21 | (693,000 | ) | |||||||||||
Total | 49,256 | $ | (14,332,897 | ) | $ | (8,424,157 | ) |
8 |
TIAA-CREF FUNDS – Large-Cap Growth Fund
TIAA-CREF FUNDS
LARGE-CAP GROWTH FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2021
SHARES | COMPANY | VALUE | ||||||||||||||
COMMON STOCKS - 100.1% | ||||||||||||||||
AUTOMOBILES & COMPONENTS - 1.7% | ||||||||||||||||
583,908 | * | General Motors Co | $ | 33,411,216 | ||||||||||||
123,516 | * | Tesla, Inc | 87,627,191 | |||||||||||||
TOTAL AUTOMOBILES & COMPONENTS | 121,038,407 | |||||||||||||||
CAPITAL GOODS - 1.7% | ||||||||||||||||
1,091,686 | * | Churchill Capital Corp IV | 25,174,279 | |||||||||||||
421,458 | * | Liberty Media Acquisition Corp | 4,509,600 | |||||||||||||
196,570 | Roper Technologies Inc | 87,756,711 | ||||||||||||||
9,586 | Safran S.A. | 1,435,576 | ||||||||||||||
TOTAL CAPITAL GOODS | 118,876,166 | |||||||||||||||
COMMERCIAL & PROFESSIONAL SERVICES - 2.7% | ||||||||||||||||
195,469 | * | Cimpress plc | 18,620,377 | |||||||||||||
1,180,902 | * | Clarivate Analytics plc | 32,982,593 | |||||||||||||
256,529 | * | Driven Brands Holdings, Inc | 7,316,207 | |||||||||||||
1,350,754 | Experian Group Ltd | 52,073,643 | ||||||||||||||
642,276 | Waste Connections, Inc | 76,501,494 | ||||||||||||||
TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 187,494,314 | |||||||||||||||
CONSUMER DURABLES & APPAREL - 2.1% | ||||||||||||||||
189,241 | Essilor International S.A. | 31,497,229 | ||||||||||||||
411,005 | Nike, Inc (Class B) | 54,507,483 | ||||||||||||||
327,373 | * | Peloton Interactive, Inc | 32,197,135 | |||||||||||||
3,962,700 | Prada S.p.A | 24,593,643 | ||||||||||||||
TOTAL CONSUMER DURABLES & APPAREL | 142,795,490 | |||||||||||||||
CONSUMER SERVICES - 5.0% | ||||||||||||||||
48,662 | * | Booking Holdings, Inc | 120,004,385 | |||||||||||||
2,726,639 | * | Carnival Corp | 76,236,827 | |||||||||||||
41,960 | * | Chipotle Mexican Grill, Inc (Class A) | 62,605,579 | |||||||||||||
255,908 | * | Flutter Entertainment plc | 52,441,002 | |||||||||||||
609,989 | * | Las Vegas Sands Corp | 37,367,926 | |||||||||||||
TOTAL CONSUMER SERVICES | 348,655,719 | |||||||||||||||
DIVERSIFIED FINANCIALS - 0.9% | ||||||||||||||||
464,158 | * | Ribbit LEAP Ltd | 5,231,061 | |||||||||||||
144,616 | S&P Global, Inc | 56,456,640 | ||||||||||||||
TOTAL DIVERSIFIED FINANCIALS | 61,687,701 | |||||||||||||||
FOOD & STAPLES RETAILING - 2.0% | ||||||||||||||||
366,525 | Costco Wholesale Corp | 136,380,287 | ||||||||||||||
TOTAL FOOD & STAPLES RETAILING | 136,380,287 | |||||||||||||||
FOOD, BEVERAGE & TOBACCO - 2.5% | ||||||||||||||||
106,514 | Constellation Brands, Inc (Class A) | 25,597,444 |
9 |
TIAA-CREF FUNDS – Large-Cap Growth Fund
SHARES | COMPANY | VALUE | ||||||||||||||
2,814,232 | Davide Campari-Milano NV | $ | 33,209,067 | |||||||||||||
950,163 | Keurig Dr Pepper, Inc | 34,063,344 | ||||||||||||||
835,330 | * | Monster Beverage Corp | 81,068,777 | |||||||||||||
TOTAL FOOD, BEVERAGE & TOBACCO | 173,938,632 | |||||||||||||||
HEALTH CARE EQUIPMENT & SERVICES - 5.8% | ||||||||||||||||
455,810 | Alcon, Inc | 34,236,221 | ||||||||||||||
123,409 | * | Align Technology, Inc | 73,493,762 | |||||||||||||
504,948 | * | Boston Scientific Corp | 22,015,733 | |||||||||||||
310,769 | Cigna Corp | 77,384,588 | ||||||||||||||
96,213 | * | DexCom, Inc | 37,147,839 | |||||||||||||
210,114 | *,e | GoodRx Holdings, Inc | 8,406,661 | |||||||||||||
310,190 | * | Guardant Health, Inc | 49,314,006 | |||||||||||||
86,731 | * | Intuitive Surgical, Inc | 75,022,315 | |||||||||||||
378,314 | * | Oak Street Health, Inc | 23,315,492 | |||||||||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 400,336,617 | |||||||||||||||
HOUSEHOLD & PERSONAL PRODUCTS - 0.8% | ||||||||||||||||
177,570 | Estee Lauder Cos (Class A) | 55,721,466 | ||||||||||||||
TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 55,721,466 | |||||||||||||||
MATERIALS - 0.5% | ||||||||||||||||
111,810 | Linde plc | 31,959,770 | ||||||||||||||
TOTAL MATERIALS | 31,959,770 | |||||||||||||||
MEDIA & ENTERTAINMENT - 17.6% | ||||||||||||||||
178,667 | * | Alphabet, Inc (Class C) | 430,608,910 | |||||||||||||
551,572 | Comcast Corp (Class A) | 30,970,768 | ||||||||||||||
402,182 | Electronic Arts, Inc | 57,142,019 | ||||||||||||||
983,331 | * | Facebook, Inc | 319,661,241 | |||||||||||||
415,134 | * | IAC/InterActive Corp | 105,224,015 | |||||||||||||
576,194 | * | Match Group, Inc | 89,673,072 | |||||||||||||
75,725 | * | Netflix, Inc | 38,882,516 | |||||||||||||
582,500 | Tencent Holdings Ltd | 46,467,185 | ||||||||||||||
833,443 | * | Twitter, Inc | 46,022,722 | |||||||||||||
319,586 | * | Walt Disney Co | 59,449,388 | |||||||||||||
TOTAL MEDIA & ENTERTAINMENT | 1,224,101,836 | |||||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.4% | ||||||||||||||||
120,635 | * | 10X Genomics, Inc | 23,861,603 | |||||||||||||
570,765 | AstraZeneca plc | 60,754,437 | ||||||||||||||
2,597,781 | * | Avantor, Inc | 83,232,903 | |||||||||||||
286,930 | * | Horizon Therapeutics Plc | 27,149,316 | |||||||||||||
256,163 | * | Illumina, Inc | 100,631,073 | |||||||||||||
59,732 | * | Lonza Group AG. | 37,972,477 | |||||||||||||
89,552 | * | Sana Biotechnology, Inc | 1,925,368 | |||||||||||||
297,328 | * | Vertex Pharmaceuticals, Inc | 64,876,970 | |||||||||||||
643,274 | Zoetis, Inc | 111,305,700 | ||||||||||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 511,709,847 | |||||||||||||||
RETAILING - 12.1% | ||||||||||||||||
228,539 | * | Alibaba Group Holding Ltd (ADR) | 52,781,082 | |||||||||||||
147,069 | * | Amazon.com, Inc | 509,949,992 | |||||||||||||
372,468 | * | ASOS plc | 26,851,537 | |||||||||||||
536,943 | * | CarMax, Inc | 71,542,285 |
10 |
TIAA-CREF FUNDS – Large-Cap Growth Fund
SHARES | COMPANY | VALUE | ||||||||||||||
739,615 | *,e | Coupang, Inc | $ | 30,989,869 | ||||||||||||
353,217 | * | GrubHub, Inc | 24,032,885 | |||||||||||||
391,375 | * | JD.com, Inc (ADR) | 30,276,770 | |||||||||||||
15,882 | Kering | 12,726,428 | ||||||||||||||
537,486 | *,e | Petco Health & Wellness Co, Inc | 12,695,419 | |||||||||||||
991,793 | TJX Companies, Inc | 70,417,303 | ||||||||||||||
TOTAL RETAILING | 842,263,570 | |||||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 7.4% | ||||||||||||||||
650,640 | Applied Materials, Inc | 86,346,434 | ||||||||||||||
143,583 | Broadcom, Inc | 65,502,565 | ||||||||||||||
1,296,120 | Intel Corp | 74,565,784 | ||||||||||||||
949,665 | Marvell Technology, Inc | 42,934,355 | ||||||||||||||
192,691 | NVIDIA Corp | 115,687,822 | ||||||||||||||
436,200 | QUALCOMM, Inc | 60,544,560 | ||||||||||||||
552,546 | Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 64,504,220 | ||||||||||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 510,085,740 | |||||||||||||||
SOFTWARE & SERVICES - 23.2% | ||||||||||||||||
142,143 | * | ACV Auctions, Inc | 4,831,441 | |||||||||||||
25,843 | *,g | Adyen NV | 63,602,030 | |||||||||||||
188,734 | * | DocuSign, Inc | 42,076,358 | |||||||||||||
237,989 | Intuit, Inc | 98,089,546 | ||||||||||||||
1,540,589 | Microsoft Corp | 388,505,734 | ||||||||||||||
1,068,273 | * | PayPal Holdings, Inc | 280,197,325 | |||||||||||||
221,644 | * | Qualtrics International, Inc | 8,278,403 | |||||||||||||
1,102,367 | * | salesforce.com, Inc | 253,897,167 | |||||||||||||
173,287 | * | ServiceNow, Inc | 87,747,338 | |||||||||||||
557,689 | * | Slack Technologies, Inc | 23,646,014 | |||||||||||||
178,841 | * | Synopsys, Inc | 44,184,458 | |||||||||||||
93,757 | * | Twilio, Inc | 34,483,825 | |||||||||||||
1,195,224 | Visa, Inc (Class A) | 279,156,517 | ||||||||||||||
TOTAL SOFTWARE & SERVICES | 1,608,696,156 | |||||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 4.0% | ||||||||||||||||
2,112,332 | Apple, Inc | 277,687,165 | ||||||||||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 277,687,165 | |||||||||||||||
TELECOMMUNICATION SERVICES - 1.5% | ||||||||||||||||
789,645 | g | Cellnex Telecom SAU | 44,665,527 | |||||||||||||
457,944 | * | T-Mobile US, Inc | 60,508,140 | |||||||||||||
TOTAL TELECOMMUNICATION SERVICES | 105,173,667 | |||||||||||||||
TRANSPORTATION - 1.2% | ||||||||||||||||
1,561,605 | * | Uber Technologies, Inc | 85,529,106 | |||||||||||||
TOTAL TRANSPORTATION | 85,529,106 | |||||||||||||||
TOTAL COMMON STOCKS | 6,944,131,656 | |||||||||||||||
(Cost $3,779,784,115) | �� | |||||||||||||||
PRINCIPAL | ISSUER | RATE | MATURITY DATE | |||||||||||||
SHORT-TERM INVESTMENTS - 1.2% | ||||||||||||||||
GOVERNMENT AGENCY DEBT - 0.5% | ||||||||||||||||
$ | 23,293,000 | Federal Home Loan Bank (FHLB) | 0.001 | % | 05/04/21 | 23,293,000 | ||||||||||
4,300,000 | FHLB | 0.005 | 05/12/21 | 4,300,000 |
11 |
TIAA-CREF FUNDS – Large-Cap Growth Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
$ | 10,597,000 | Federal Agricultural Mortgage Corp (FAMC) | 0.001 | % | 05/06/21 | $ | 10,597,000 | |||||||||
TOTAL GOVERNMENT AGENCY DEBT | 38,190,000 | |||||||||||||||
SHARES | COMPANY | |||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.7% | ||||||||||||||||
48,115,518 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 0.020 | 48,115,518 | ||||||||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 48,115,518 | |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 86,305,518 | |||||||||||||||
(Cost $86,305,508) | ||||||||||||||||
TOTAL INVESTMENTS - 101.3% | 7,030,437,174 | |||||||||||||||
(Cost $3,866,089,623) | ||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - (1.3)% | (92,860,725 | ) | ||||||||||||||
NET ASSETS - 100.0% | $ | 6,937,576,449 |
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 $49,931,388. | ||
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 4/30/21, the aggregate value of these securities is $108,267,557 or 1.6% of net assets. |
12 |
TIAA-CREF FUNDS – Large-Cap Value Fund
TIAA-CREF FUNDS
LARGE-CAP VALUE FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2021
SHARES | COMPANY | VALUE | ||||||||||||||
COMMON STOCKS - 99.6% | ||||||||||||||||
AUTOMOBILES & COMPONENTS - 0.7% | ||||||||||||||||
727,418 | * | General Motors Co | $ | 41,622,858 | ||||||||||||
TOTAL AUTOMOBILES & COMPONENTS | 41,622,858 | |||||||||||||||
BANKS - 13.0% | ||||||||||||||||
4,984,999 | Bank of America Corp | 202,042,009 | ||||||||||||||
1,327,431 | Citigroup, Inc | 94,566,184 | ||||||||||||||
1,530,834 | JPMorgan Chase & Co | 235,457,578 | ||||||||||||||
368,645 | PNC Financial Services Group, Inc | 68,918,183 | ||||||||||||||
1,128,771 | US Bancorp | 66,992,559 | ||||||||||||||
1,893,147 | Wells Fargo & Co | 85,286,272 | ||||||||||||||
TOTAL BANKS | 753,262,785 | |||||||||||||||
CAPITAL GOODS - 14.2% | ||||||||||||||||
168,162 | Allegion plc | 22,597,609 | ||||||||||||||
180,778 | * | Boeing Co | 42,358,093 | |||||||||||||
285,090 | Caterpillar, Inc | 65,031,880 | ||||||||||||||
296,896 | Deere & Co | 110,103,882 | ||||||||||||||
427,635 | Dover Corp | 63,798,866 | ||||||||||||||
431,955 | Eaton Corp | 61,739,328 | ||||||||||||||
574,502 | Honeywell International, Inc | 128,136,926 | ||||||||||||||
978,381 | Masco Corp | 62,498,978 | ||||||||||||||
263,323 | Parker-Hannifin Corp | 82,633,391 | ||||||||||||||
921,212 | Raytheon Technologies Corp | 76,681,687 | ||||||||||||||
158,540 | Stanley Black & Decker, Inc | 32,781,316 | ||||||||||||||
421,594 | Trane Technologies plc | 73,285,685 | ||||||||||||||
TOTAL CAPITAL GOODS | 821,647,641 | |||||||||||||||
CONSUMER DURABLES & APPAREL - 1.2% | ||||||||||||||||
14,282 | * | NVR, Inc | 71,668,504 | |||||||||||||
TOTAL CONSUMER DURABLES & APPAREL | 71,668,504 | |||||||||||||||
CONSUMER SERVICES - 3.1% | ||||||||||||||||
17,076 | * | Booking Holdings, Inc | 42,110,782 | |||||||||||||
572,250 | * | Hilton Worldwide Holdings, Inc | 73,648,575 | |||||||||||||
258,861 | McDonald’s Corp | 61,111,905 | ||||||||||||||
TOTAL CONSUMER SERVICES | 176,871,262 | |||||||||||||||
DIVERSIFIED FINANCIALS - 6.1% | ||||||||||||||||
615,163 | American Express Co | 94,335,246 | ||||||||||||||
312,093 | * | Berkshire Hathaway, Inc (Class B) | 85,809,971 | |||||||||||||
74,600 | BlackRock, Inc | 61,119,780 | ||||||||||||||
311,736 | Goldman Sachs Group, Inc | 108,624,409 | ||||||||||||||
TOTAL DIVERSIFIED FINANCIALS | 349,889,406 |
13 |
TIAA-CREF FUNDS – Large-Cap Value Fund
SHARES | COMPANY | VALUE | ||||||||||||||
ENERGY - 4.2% | ||||||||||||||||
924,302 | Chevron Corp | $ | 95,267,807 | |||||||||||||
1,103,495 | ConocoPhillips | 56,432,735 | ||||||||||||||
351,352 | EOG Resources, Inc | 25,873,561 | ||||||||||||||
656,001 | Exxon Mobil Corp | 37,549,497 | ||||||||||||||
383,108 | Valero Energy Corp | 28,334,668 | ||||||||||||||
TOTAL ENERGY | 243,458,268 | |||||||||||||||
FOOD & STAPLES RETAILING - 1.4% | ||||||||||||||||
574,362 | Walmart, Inc | 80,358,987 | ||||||||||||||
TOTAL FOOD & STAPLES RETAILING | 80,358,987 | |||||||||||||||
FOOD, BEVERAGE & TOBACCO - 0.8% | ||||||||||||||||
783,281 | Mondelez International, Inc | 47,631,318 | ||||||||||||||
TOTAL FOOD, BEVERAGE & TOBACCO | 47,631,318 | |||||||||||||||
HEALTH CARE EQUIPMENT & SERVICES - 8.5% | ||||||||||||||||
215,089 | Anthem, Inc | 81,602,616 | ||||||||||||||
348,070 | Cigna Corp | 86,672,910 | ||||||||||||||
328,284 | HCA Healthcare, Inc | 66,004,781 | ||||||||||||||
640,875 | Medtronic plc | 83,903,355 | ||||||||||||||
218,165 | UnitedHealth Group, Inc | 87,004,202 | ||||||||||||||
496,749 | Zimmer Biomet Holdings, Inc | 88,004,053 | ||||||||||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 493,191,917 | |||||||||||||||
HOUSEHOLD & PERSONAL PRODUCTS - 0.8% | ||||||||||||||||
328,981 | Procter & Gamble Co | 43,892,645 | ||||||||||||||
TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 43,892,645 | |||||||||||||||
INSURANCE - 4.5% | ||||||||||||||||
1,359,060 | American International Group, Inc | 65,846,457 | ||||||||||||||
539,947 | Chubb Ltd | 92,649,506 | ||||||||||||||
380,122 | Marsh & McLennan Cos, Inc | 51,582,555 | ||||||||||||||
486,200 | Prudential Financial, Inc | 48,795,032 | ||||||||||||||
TOTAL INSURANCE | 258,873,550 | |||||||||||||||
MATERIALS - 4.7% | ||||||||||||||||
254,255 | Ball Corp | 23,808,438 | ||||||||||||||
691,132 | Crown Holdings, Inc | 75,886,294 | ||||||||||||||
375,666 | DuPont de Nemours, Inc | 28,967,605 | ||||||||||||||
155,930 | Linde plc | 44,571,031 | ||||||||||||||
408,886 | PPG Industries, Inc | 70,017,639 | ||||||||||||||
185,364 | Reliance Steel & Aluminum Co | 29,715,703 | ||||||||||||||
TOTAL MATERIALS | 272,966,710 | |||||||||||||||
MEDIA & ENTERTAINMENT - 8.4% | ||||||||||||||||
59,544 | * | Alphabet, Inc (Class C) | 143,508,185 | |||||||||||||
77,155 | * | Charter Communications, Inc | 51,960,035 | |||||||||||||
2,778,185 | Comcast Corp (Class A) | 155,995,088 | ||||||||||||||
708,378 | * | Walt Disney Co | 131,772,475 | |||||||||||||
TOTAL MEDIA & ENTERTAINMENT | 483,235,783 | |||||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 5.6% | ||||||||||||||||
49,807 | Amgen, Inc | 11,935,749 | ||||||||||||||
990,535 | Bristol-Myers Squibb Co | 61,829,195 | ||||||||||||||
980,555 | Johnson & Johnson | 159,565,715 |
14 |
TIAA-CREF FUNDS – Large-Cap Value Fund
SHARES | COMPANY | VALUE | ||||||||||||||
591,787 | Merck & Co, Inc | $ | 44,088,132 | |||||||||||||
1,185,841 | Pfizer, Inc | 45,832,755 | ||||||||||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 323,251,546 | |||||||||||||||
REAL ESTATE - 0.9% | ||||||||||||||||
466,969 | Prologis, Inc | 54,415,898 | ||||||||||||||
TOTAL REAL ESTATE | 54,415,898 | |||||||||||||||
RETAILING - 1.8% | ||||||||||||||||
315,141 | Home Depot, Inc | 102,001,688 | ||||||||||||||
TOTAL RETAILING | 102,001,688 | |||||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.9% | ||||||||||||||||
348,855 | Analog Devices, Inc | 53,430,632 | ||||||||||||||
531,301 | Applied Materials, Inc | 70,508,956 | ||||||||||||||
1,209,969 | Intel Corp | 69,609,516 | ||||||||||||||
55,353 | Lam Research Corp | 34,343,769 | ||||||||||||||
693,688 | * | Micron Technology, Inc | 59,705,726 | |||||||||||||
283,651 | NXP Semiconductors NV | 54,605,654 | ||||||||||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 342,204,253 | |||||||||||||||
SOFTWARE & SERVICES - 3.9% | ||||||||||||||||
253,162 | Accenture plc | 73,409,385 | ||||||||||||||
328,317 | * | Fiserv, Inc | 39,437,438 | |||||||||||||
329,156 | Microsoft Corp | 83,006,560 | ||||||||||||||
414,678 | Oracle Corp | 31,428,446 | ||||||||||||||
TOTAL SOFTWARE & SERVICES | 227,281,829 | |||||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 2.9% | ||||||||||||||||
1,455,580 | Cisco Systems, Inc | 74,103,578 | ||||||||||||||
702,932 | TE Connectivity Ltd | 94,523,266 | ||||||||||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 168,626,844 | |||||||||||||||
TELECOMMUNICATION SERVICES - 1.4% | ||||||||||||||||
424,978 | * | T-Mobile US, Inc | 56,152,343 | |||||||||||||
432,508 | Verizon Communications, Inc | 24,994,637 | ||||||||||||||
TOTAL TELECOMMUNICATION SERVICES | 81,146,980 | |||||||||||||||
TRANSPORTATION - 2.9% | ||||||||||||||||
423,315 | CSX Corp | 42,648,986 | ||||||||||||||
420,663 | Union Pacific Corp | 93,425,046 | ||||||||||||||
158,618 | United Parcel Service, Inc (Class B) | 32,335,865 | ||||||||||||||
TOTAL TRANSPORTATION | 168,409,897 | |||||||||||||||
UTILITIES - 2.7% | ||||||||||||||||
518,346 | American Electric Power Co, Inc | 45,982,474 | ||||||||||||||
1,868,760 | Centerpoint Energy, Inc | 45,765,932 | ||||||||||||||
453,555 | Entergy Corp | 49,569,026 | ||||||||||||||
172,881 | NextEra Energy, Inc | 13,400,006 | ||||||||||||||
TOTAL UTILITIES | 154,717,438 | |||||||||||||||
TOTAL COMMON STOCKS | 5,760,628,007 | |||||||||||||||
(Cost $3,658,131,186) |
15 |
TIAA-CREF FUNDS – Large-Cap Value Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | |||||||||||||
SHORT-TERM INVESTMENTS - 0.5% | |||||||||||||||||
GOVERNMENT AGENCY DEBT - 0.3% | |||||||||||||||||
$ | 1,140,000 | Federal Home Loan Bank (FHLB) | 0.010 | % | 05/05/21 | $ | 1,140,000 | ||||||||||
6,986,000 | FHLB | 0.010 | 05/11/21 | 6,986,000 | |||||||||||||
10,251,000 | Tennessee Valley Authority (TVA) | 0.005 | 05/05/21 | 10,251,000 | |||||||||||||
TOTAL GOVERNMENT AGENCY DEBT | 18,377,000 | ||||||||||||||||
REPURCHASE AGREEMENT - 0.2% | |||||||||||||||||
13,785,000 | r | Fixed Income Clearing Corp (FICC) | 0.005 | 05/03/21 | 13,785,000 | ||||||||||||
TOTAL REPURCHASE AGREEMENT | 13,785,000 | ||||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 32,162,000 | ||||||||||||||||
(Cost $32,161,974) | |||||||||||||||||
TOTAL INVESTMENTS - 100.1% | 5,792,790,007 | ||||||||||||||||
(Cost $3,690,293,160) | |||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - (0.1)% | (7,629,666 | ) | |||||||||||||||
NET ASSETS - 100.0% | $ | 5,785,160,341 | |||||||||||||||
* | Non-income producing | ||||||||||||||||
r | Agreement with Fixed Income Clearing Corporation, 0.005% dated 4/30/21 to be repurchased at $13,785,000 on 5/3/21, collateralized by U.S. Treasury Notes valued at $14,060,794. |
16 |
TIAA-CREF FUNDS – Mid-Cap Growth Fund
TIAA-CREF FUNDS
MID-CAP GROWTH FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2021
SHARES | COMPANY | VALUE | ||||||||
COMMON STOCKS - 99.1% | ||||||||||
AUTOMOBILES & COMPONENTS - 0.7% | ||||||||||
92,103 | * | Aptiv plc | $ | 13,252,701 | ||||||
TOTAL AUTOMOBILES & COMPONENTS | 13,252,701 | |||||||||
CAPITAL GOODS - 2.7% | ||||||||||
77,938 | Ametek, Inc | 10,516,174 | ||||||||
94,721 | Carrier Global Corp | 4,127,941 | ||||||||
107,898 | * | Liberty Media Acquisition Corp | 1,154,509 | |||||||
120,041 | Spirit Aerosystems Holdings, Inc (Class A) | 5,484,673 | ||||||||
19,964 | * | Teledyne Technologies, Inc | 8,938,881 | |||||||
32,358 | * | TransDigm Group, Inc | 19,859,399 | |||||||
TOTAL CAPITAL GOODS | 50,081,577 | |||||||||
COMMERCIAL & PROFESSIONAL SERVICES - 4.9% | ||||||||||
165,364 | * | Cimpress plc | 15,752,575 | |||||||
745,341 | * | Clarivate Analytics plc | 20,817,374 | |||||||
287,151 | * | Driven Brands Holdings, Inc | 8,189,547 | |||||||
301,964 | Experian Group Ltd | 11,641,176 | ||||||||
115,569 | * | Stericycle, Inc | 8,815,603 | |||||||
205,109 | Waste Connections, Inc | 24,430,533 | ||||||||
TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 89,646,808 | |||||||||
CONSUMER DURABLES & APPAREL - 5.1% | ||||||||||
256,569 | * | Capri Holdings Ltd | 14,131,821 | |||||||
101,908 | Garmin Ltd | 13,985,854 | ||||||||
223,347 | * | Peloton Interactive, Inc | 21,966,177 | |||||||
1,357,500 | Prada S.p.A | 8,425,031 | ||||||||
522,085 | Tempur Sealy International, Inc | 19,912,322 | ||||||||
748,993 | * | Under Armour, Inc (Class C) | 14,912,451 | |||||||
TOTAL CONSUMER DURABLES & APPAREL | 93,333,656 | |||||||||
CONSUMER SERVICES - 5.2% | ||||||||||
16,210 | * | Chipotle Mexican Grill, Inc (Class A) | 24,185,806 | |||||||
99,710 | * | Expedia Group, Inc | 17,571,893 | |||||||
60,687 | * | Flutter Entertainment plc | 12,436,060 | |||||||
200,815 | * | Royal Caribbean Cruises Ltd | 17,460,864 | |||||||
113,688 | * | Shake Shack, Inc | 12,363,570 | |||||||
86,570 | * | Wynn Resorts Ltd | 11,115,588 | |||||||
TOTAL CONSUMER SERVICES | 95,133,781 | |||||||||
DIVERSIFIED FINANCIALS - 2.6% | ||||||||||
176,885 | Discover Financial Services | 20,164,890 | ||||||||
170,586 | Tradeweb Markets, Inc | 13,865,230 | ||||||||
196,898 | Voya Financial, Inc | 13,353,622 | ||||||||
TOTAL DIVERSIFIED FINANCIALS | 47,383,742 |
17 |
TIAA-CREF FUNDS – Mid-Cap Growth Fund
SHARES | COMPANY | VALUE | ||||||||
FOOD, BEVERAGE & TOBACCO - 2.5% | ||||||||||
120,886 | *,e | Beyond Meat, Inc | $ | 15,918,268 | ||||||
757,466 | Davide Campari-Milano NV | 8,938,403 | ||||||||
280,920 | Fevertree Drinks plc | 9,730,148 | ||||||||
30,822 | * | Freshpet, Inc | 5,696,522 | |||||||
64,673 | * | Monster Beverage Corp | 6,276,515 | |||||||
TOTAL FOOD, BEVERAGE & TOBACCO | 46,559,856 | |||||||||
HEALTH CARE EQUIPMENT & SERVICES - 11.8% | ||||||||||
315,690 | * | 1Life Healthcare, Inc | 13,735,672 | |||||||
74,730 | * | Align Technology, Inc | 44,503,957 | |||||||
278,132 | *,e | GoodRx Holdings, Inc | 11,128,061 | |||||||
126,703 | * | Guardant Health, Inc | 20,143,243 | |||||||
30,701 | * | IDEXX Laboratories, Inc | 16,854,542 | |||||||
65,231 | * | Insulet Corp | 19,257,496 | |||||||
111,722 | * | Molina Healthcare, Inc | 28,500,282 | |||||||
65,265 | * | Nevro Corp | 11,278,445 | |||||||
279,504 | * | Oak Street Health, Inc | 17,225,831 | |||||||
37,424 | Teleflex, Inc | 15,810,892 | ||||||||
59,250 | West Pharmaceutical Services, Inc | 19,464,810 | ||||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 217,903,231 | |||||||||
INSURANCE - 1.5% | ||||||||||
1,047,827 | *,e | Root, Inc | 11,285,097 | |||||||
208,704 | * | Trupanion, Inc | 16,925,894 | |||||||
TOTAL INSURANCE | 28,210,991 | |||||||||
MATERIALS - 0.8% | ||||||||||
444,034 | * | Axalta Coating Systems Ltd | 14,160,244 | |||||||
TOTAL MATERIALS | 14,160,244 | |||||||||
MEDIA & ENTERTAINMENT - 6.9% | ||||||||||
79,010 | * | Bilibili, Inc (ADR) | 8,759,049 | |||||||
147,428 | * | IAC/InterActive Corp | 37,368,575 | |||||||
79,186 | * | Liberty Broadband Corp (Class C) | 12,885,146 | |||||||
156,302 | * | Match Group, Inc | 24,325,280 | |||||||
326,707 | News Corp (Class A) | 8,558,090 | ||||||||
48,492 | * | Take-Two Interactive Software, Inc | 8,504,527 | |||||||
490,195 | * | Twitter, Inc | 27,068,568 | |||||||
TOTAL MEDIA & ENTERTAINMENT | 127,469,235 | |||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.5% | ||||||||||
106,570 | * | 10X Genomics, Inc | 21,079,546 | |||||||
938,188 | * | Avantor, Inc | 30,059,544 | |||||||
177,306 | * | BioMarin Pharmaceutical, Inc | 13,815,684 | |||||||
120,201 | * | Catalent, Inc | 13,519,006 | |||||||
442,023 | * | Elanco Animal Health, Inc | 14,016,549 | |||||||
100,948 | * | Exact Sciences Corp | 13,306,965 | |||||||
296,892 | * | Horizon Therapeutics Plc | 28,091,921 | |||||||
207,762 | * | Sana Biotechnology, Inc | 4,466,883 | |||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 138,356,098 | |||||||||
REAL ESTATE - 0.4% | ||||||||||
190,432 | Americold Realty Trust | 7,691,549 | ||||||||
TOTAL REAL ESTATE | 7,691,549 |
18 |
TIAA-CREF FUNDS – Mid-Cap Growth Fund
SHARES | COMPANY | VALUE | ||||||||
RETAILING - 11.2% | ||||||||||
587,244 | *,g | Allegro.eu S.A. | $ | 9,003,314 | ||||||
149,170 | * | ASOS plc | 10,753,793 | |||||||
13,608 | * | AutoZone, Inc | 19,923,745 | |||||||
49,040 | * | Burlington Stores, Inc | 16,003,223 | |||||||
183,929 | * | CarMax, Inc | 24,506,700 | |||||||
154,592 | *,e | Coupang, Inc | 6,477,405 | |||||||
140,051 | * | Dollar Tree, Inc | 16,091,860 | |||||||
314,183 | * | Farfetch Ltd | 15,391,825 | |||||||
54,749 | * | Five Below, Inc | 11,019,331 | |||||||
405,799 | Gap, Inc | 13,431,947 | ||||||||
197,246 | * | Groupon, Inc | 9,986,565 | |||||||
153,391 | * | GrubHub, Inc | 10,436,724 | |||||||
348,049 | *,e | Petco Health & Wellness Co, Inc | 8,220,917 | |||||||
791,000 | * | THG Holdings Ltd | 6,772,943 | |||||||
235,291 | * | Trip.com Group Ltd (ADR) | 9,195,172 | |||||||
307,523 | * | Vipshop Holdings Ltd (ADR) | 9,462,483 | |||||||
192,952 | * | Vroom, Inc | 8,927,889 | |||||||
TOTAL RETAILING | 205,605,836 | |||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 6.8% | ||||||||||
113,232 | Entegris, Inc | 12,747,658 | ||||||||
41,063 | KLA Corp | 12,949,217 | ||||||||
405,365 | Marvell Technology, Inc | 18,326,552 | ||||||||
119,133 | MKS Instruments, Inc | 21,337,912 | ||||||||
71,249 | Monolithic Power Systems, Inc | 25,747,963 | ||||||||
90,078 | NXP Semiconductors NV | 17,340,916 | ||||||||
93,833 | Skyworks Solutions, Inc | 17,014,738 | ||||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 125,464,956 | |||||||||
SOFTWARE & SERVICES - 24.7% | ||||||||||
277,973 | * | ACV Auctions, Inc | 9,448,302 | |||||||
10,534 | *,g | Adyen NV | 25,925,155 | |||||||
459,846 | * | Anaplan, Inc | 27,429,814 | |||||||
178,331 | Aveva Group plc | 8,570,835 | ||||||||
188,953 | * | Black Knight, Inc | 13,683,976 | |||||||
169,104 | * | DocuSign, Inc | 37,700,046 | |||||||
36,535 | * | Fair Isaac Corp | 19,049,714 | |||||||
68,898 | * | HubSpot, Inc | 36,271,352 | |||||||
70,298 | * | MongoDB, Inc | 20,910,843 | |||||||
264,755 | * | nCino, Inc | 17,312,330 | |||||||
284,278 | * | Nuance Communications, Inc | 15,115,061 | |||||||
136,071 | * | Paylocity Holding Corp | 26,294,360 | |||||||
116,608 | * | Proofpoint, Inc | 20,069,403 | |||||||
248,335 | * | Qualtrics International, Inc | 9,275,312 | |||||||
2,381,066 | * | Sabre Corp | 35,668,369 | |||||||
305,207 | * | Slack Technologies, Inc | 12,940,777 | |||||||
161,442 | * | Synopsys, Inc | 39,885,861 | |||||||
106,288 | * | Twilio, Inc | 39,092,726 | |||||||
44,235 | * | Wix.com Ltd | 14,061,422 | |||||||
177,624 | * | Zendesk, Inc | 25,959,748 | |||||||
TOTAL SOFTWARE & SERVICES | 454,665,406 | |||||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 2.4% | ||||||||||
36,701 | * | Arista Networks, Inc | 11,567,054 |
19 |
TIAA-CREF FUNDS – Mid-Cap Growth Fund
SHARES | COMPANY | VALUE | ||||||||
211,551 | Cognex Corp | $ | 18,218,772 | |||||||
101,908 | * | Keysight Technologies, Inc | 14,710,420 | |||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 44,496,246 | |||||||||
TELECOMMUNICATION SERVICES - 0.6% | ||||||||||
203,283 | g | Cellnex Telecom SAU | 11,498,512 | |||||||
TOTAL TELECOMMUNICATION SERVICES | 11,498,512 | |||||||||
TRANSPORTATION - 0.8% | ||||||||||
256,099 | * | Lyft, Inc (Class A) | 14,254,470 | |||||||
TOTAL TRANSPORTATION | 14,254,470 | |||||||||
TOTAL COMMON STOCKS | 1,825,168,895 | |||||||||
(Cost $1,216,855,516) | ||||||||||
PRINCIPAL | ISSUER | RATE | MATURITY DATE | |||||||||||||
SHORT-TERM INVESTMENTS - 2.9% | ||||||||||||||||
GOVERNMENT AGENCY DEBT - 0.7% | ||||||||||||||||
$ | 3,792,000 | Federal Home Loan Bank (FHLB) | 0.005 | % | 06/02/21 | 3,792,000 | ||||||||||
8,000,000 | Federal Agricultural Mortgage Corp (FAMC) | 0.005 | 05/25/21 | 8,000,000 | ||||||||||||
TOTAL GOVERNMENT AGENCY DEBT | 11,792,000 | |||||||||||||||
REPURCHASE AGREEMENT - 0.2% | ||||||||||||||||
4,380,000 | r | Fixed Income Clearing Corp (FICC) | 0.005 | 05/03/21 | 4,380,000 | |||||||||||
TOTAL REPURCHASE AGREEMENT | 4,380,000 | |||||||||||||||
SHARES | COMPANY | |||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 2.0% | ||||||||||||||||
36,851,204 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 0.020 | 36,851,204 | ||||||||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 36,851,204 | |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 53,023,204 | |||||||||||||||
(Cost $53,023,160) | ||||||||||||||||
TOTAL INVESTMENTS - 102.0% | 1,878,192,099 | |||||||||||||||
(Cost $1,269,878,676) | ||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - (2.0)% | (35,984,334 | ) | ||||||||||||||
NET ASSETS - 100.0% | $ | 1,842,207,765 |
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 $50,356,451. | ||
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 4/30/21, the aggregate value of these securities is $46,426,981 or 2.5% of net assets. | ||
r | Agreement with Fixed Income Clearing Corporation, 0.005% dated 4/30/21 to be repurchased at $4,380,000 on 5/3/21, collateralized by U.S. Treasury Notes valued at $4,467,670. | ||
20 |
TIAA-CREF FUNDS – Mid-Cap Value Fund
TIAA-CREF FUNDS
MID-CAP VALUE FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2021
SHARES | COMPANY | VALUE | ||||||||
COMMON STOCKS - 99.0% | ||||||||||
AUTOMOBILES & COMPONENTS - 3.0% | ||||||||||
478,720 | * | Adient plc | $ | 22,183,885 | ||||||
220,130 | * | Aptiv plc | 31,674,506 | |||||||
287,705 | * | General Motors Co | 16,462,480 | |||||||
TOTAL AUTOMOBILES & COMPONENTS | 70,320,871 | |||||||||
BANKS - 6.3% | ||||||||||
311,823 | East West Bancorp, Inc | 23,745,322 | ||||||||
679,356 | Fifth Third Bancorp | 27,541,092 | ||||||||
1,938,407 | Huntington Bancshares, Inc | 29,696,395 | ||||||||
108,662 | Signature Bank | 27,329,580 | ||||||||
353,905 | Western Alliance Bancorp | 37,184,798 | ||||||||
TOTAL BANKS | 145,497,187 | |||||||||
CAPITAL GOODS - 16.6% | ||||||||||
224,683 | AGCO Corp | 32,785,743 | ||||||||
453,975 | Air Lease Corp | 21,205,172 | ||||||||
871,922 | Carrier Global Corp | 37,998,361 | ||||||||
275,962 | Crane Co | 25,956,986 | ||||||||
186,912 | Eaton Corp | 26,715,332 | ||||||||
172,792 | Hubbell, Inc | 33,177,792 | ||||||||
715,569 | Johnson Controls International plc | 44,608,572 | ||||||||
184,397 | Owens Corning, Inc | 17,851,474 | ||||||||
189,367 | Stanley Black & Decker, Inc | 39,155,415 | ||||||||
463,924 | Terex Corp | 21,799,789 | ||||||||
1,357,352 | Vertiv Holdings Co | 30,811,890 | ||||||||
344,620 | Wabtec Corp | 28,282,963 | ||||||||
287,814 | * | WESCO International, Inc | 26,398,300 | |||||||
TOTAL CAPITAL GOODS | 386,747,789 | |||||||||
COMMERCIAL & PROFESSIONAL SERVICES - 1.6% | ||||||||||
347,280 | Republic Services, Inc | 36,915,864 | ||||||||
TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 36,915,864 | |||||||||
CONSUMER DURABLES & APPAREL - 5.5% | ||||||||||
397,305 | * | Capri Holdings Ltd | 21,883,559 | |||||||
276,591 | Kontoor Brands, Inc | 17,378,213 | ||||||||
143,626 | * | Mohawk Industries, Inc | 29,515,143 | |||||||
1,010,135 | Newell Brands Inc | 27,233,240 | ||||||||
131,000 | Whirlpool Corp | 30,974,950 | ||||||||
TOTAL CONSUMER DURABLES & APPAREL | 126,985,105 | |||||||||
CONSUMER SERVICES - 4.2% | ||||||||||
489,565 | Travel & Leisure Co | 31,591,629 | ||||||||
505,032 | Wyndham Hotels & Resorts, Inc | 36,922,890 | ||||||||
238,541 | Yum! Brands, Inc | 28,510,420 | ||||||||
TOTAL CONSUMER SERVICES | 97,024,939 |
21 |
TIAA-CREF FUNDS – Mid-Cap Value Fund
SHARES | COMPANY | VALUE | ||||||||
DIVERSIFIED FINANCIALS - 9.7% | ||||||||||
1,849,319 | AGNC Investment Corp | $ | 33,158,290 | |||||||
828,172 | Ally Financial, Inc | 42,609,449 | ||||||||
127,003 | Ameriprise Financial, Inc | 32,817,575 | ||||||||
430,624 | Discover Financial Services | 49,091,136 | ||||||||
865,417 | Synchrony Financial | 37,853,340 | ||||||||
443,592 | Voya Financial, Inc | 30,084,409 | ||||||||
TOTAL DIVERSIFIED FINANCIALS | 225,614,199 | |||||||||
ENERGY - 1.4% | ||||||||||
209,074 | Pioneer Natural Resources Co | 32,161,853 | ||||||||
TOTAL ENERGY | 32,161,853 | |||||||||
FOOD, BEVERAGE & TOBACCO - 1.3% | ||||||||||
402,782 | Tyson Foods, Inc (Class A) | 31,195,466 | ||||||||
TOTAL FOOD, BEVERAGE & TOBACCO | 31,195,466 | |||||||||
HEALTH CARE EQUIPMENT & SERVICES - 5.5% | ||||||||||
545,824 | * | Centene Corp | 33,699,174 | |||||||
450,093 | * | Envista Holdings Corp | 19,480,025 | |||||||
140,622 | * | Molina Healthcare, Inc | 35,872,672 | |||||||
223,211 | Zimmer Biomet Holdings, Inc | 39,544,061 | ||||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 128,595,932 | |||||||||
INSURANCE - 2.9% | ||||||||||
915,265 | * | BRP Group, Inc | 26,560,990 | |||||||
415,661 | Prudential Financial, Inc | 41,715,738 | ||||||||
TOTAL INSURANCE | 68,276,728 | |||||||||
MATERIALS - 8.4% | ||||||||||
813,318 | * | Axalta Coating Systems Ltd | 25,936,711 | |||||||
384,949 | CF Industries Holdings, Inc | 18,720,070 | ||||||||
210,282 | FMC Corp | 24,863,744 | ||||||||
1,326,793 | Freeport-McMoRan, Inc (Class B) | 50,033,364 | ||||||||
283,516 | International Flavors & Fragrances, Inc | 40,307,470 | ||||||||
255,556 | Newmont Goldcorp Corp | 15,949,250 | ||||||||
364,935 | Nutrien Ltd | 20,140,762 | ||||||||
TOTAL MATERIALS | 195,951,371 | |||||||||
MEDIA & ENTERTAINMENT - 0.6% | ||||||||||
258,619 | * | Twitter, Inc | 14,280,941 | |||||||
TOTAL MEDIA & ENTERTAINMENT | 14,280,941 | |||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 3.3% | ||||||||||
98,154 | * | IQVIA Holdings, Inc | 23,035,762 | |||||||
140,692 | * | Jazz Pharmaceuticals plc | 23,129,765 | |||||||
145,414 | * | United Therapeutics Corp | 29,309,646 | |||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 75,475,173 | |||||||||
REAL ESTATE - 9.4% | ||||||||||
45,988 | Essex Property Trust, Inc | 13,360,434 | ||||||||
642,197 | Invitation Homes, Inc | 22,515,427 | ||||||||
671,708 | MGM Growth Properties LLC | 24,194,922 |
22 |
TIAA-CREF FUNDS – Mid-Cap Value Fund
SHARES | COMPANY | VALUE | ||||||||
535,582 | Omega Healthcare Investors, Inc | $ | 20,352,116 | |||||||
440,515 | Regency Centers Corp | 28,043,185 | ||||||||
495,581 | Rexford Industrial Realty, Inc | 27,529,524 | ||||||||
196,409 | Simon Property Group, Inc | 23,910,832 | ||||||||
286,873 | SL Green Realty Corp | 21,231,471 | ||||||||
139,606 | Sun Communities, Inc | 23,290,469 | ||||||||
289,717 | UDR, Inc | 13,457,354 | ||||||||
TOTAL REAL ESTATE | 217,885,734 | |||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.1% | ||||||||||
153,335 | * | Cree, Inc | 15,244,566 | |||||||
47,158 | Lam Research Corp | 29,259,181 | ||||||||
496,185 | Marvell Technology, Inc | 22,432,524 | ||||||||
123,742 | MKS Instruments, Inc | 22,163,430 | ||||||||
154,326 | NXP Semiconductors NV | 29,709,298 | ||||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 118,808,999 | |||||||||
SOFTWARE & SERVICES - 2.2% | ||||||||||
148,215 | * | Check Point Software Technologies | 17,312,994 | |||||||
117,792 | * | j2 Global, Inc | 14,252,832 | |||||||
81,847 | * | Synopsys, Inc | 20,221,120 | |||||||
TOTAL SOFTWARE & SERVICES | 51,786,946 | |||||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 2.5% | ||||||||||
252,828 | * | Ciena Corp | 12,760,229 | |||||||
1,207,297 | Hewlett Packard Enterprise Co | 19,340,898 | ||||||||
816,545 | * | Vontier Corp | 25,590,520 | |||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 57,691,647 | |||||||||
TRANSPORTATION - 1.8% | ||||||||||
433,469 | * | Delta Air Lines, Inc | 20,338,365 | |||||||
1,091,808 | * | JetBlue Airways Corp | 22,229,211 | |||||||
TOTAL TRANSPORTATION | 42,567,576 | |||||||||
UTILITIES - 7.7% | ||||||||||
719,853 | Alliant Energy Corp | 40,434,143 | ||||||||
326,101 | American Electric Power Co, Inc | 28,928,420 | ||||||||
407,766 | Brookfield Renewable Corp | 16,914,134 | ||||||||
882,542 | Centerpoint Energy, Inc | 21,613,453 | ||||||||
574,410 | Evergy, Inc | 36,745,008 | ||||||||
470,590 | Exelon Corp | 21,148,314 | ||||||||
102,580 | Sempra Energy | 14,111,931 | ||||||||
TOTAL UTILITIES | 179,895,403 | |||||||||
TOTAL COMMON STOCKS | 2,303,679,723 | |||||||||
(Cost $1,755,174,204) | ||||||||||
PRINCIPAL | ISSUER | RATE | MATURITY DATE | |||||||||||||
SHORT-TERM INVESTMENTS - 1.2% | ||||||||||||||||
GOVERNMENT AGENCY DEBT - 1.2% | ||||||||||||||||
$ | 701,000 | Federal Home Loan Bank (FHLB) | 0.010 | % | 05/11/21 | 701,000 | ||||||||||
3,891,000 | FHLB | 0.005 | 05/26/21 | 3,891,000 | ||||||||||||
10,000,000 | FHLB | 0.010 | 06/18/21 | 10,000,000 |
23 |
TIAA-CREF FUNDS – Mid-Cap Value Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
$ | 10,000,000 | FHLB | 0.008 | % | 06/23/21 | $ | 10,000,000 | |||||||||
2,596,000 | Federal Agricultural Mortgage Corp (FAMC) | 0.010 | 05/03/21 | 2,596,000 | ||||||||||||
TOTAL GOVERNMENT AGENCY DEBT | 27,188,000 | |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 27,188,000 | |||||||||||||||
(Cost $27,187,732) | ||||||||||||||||
TOTAL INVESTMENTS - 100.2% | 2,330,867,723 | |||||||||||||||
(Cost $1,782,361,936) | ||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - (0.2)% | (4,866,923 | ) | ||||||||||||||
NET ASSETS - 100.0% | $ | 2,326,000,800 | ||||||||||||||
* | Non-income producing |
24 |
TIAA-CREF FUNDS – Quant Small-Cap Equity Fund
TIAA-CREF FUNDS
QUANT SMALL-CAP EQUITY FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2021
SHARES | COMPANY | VALUE | ||||||||
COMMON STOCKS - 99.8% | ||||||||||
AUTOMOBILES & COMPONENTS - 1.1% | ||||||||||
166,000 | * | Adient plc | $ | 7,692,440 | ||||||
79,080 | * | Gentherm, Inc | 5,630,496 | |||||||
108,920 | * | Goodyear Tire & Rubber Co | 1,874,513 | |||||||
348,920 | * | Modine Manufacturing Co | 5,680,418 | |||||||
46,310 | Patrick Industries, Inc | 4,149,376 | ||||||||
60,460 | Standard Motor Products, Inc | 2,589,502 | ||||||||
37,500 | * | Stoneridge, Inc | 1,246,875 | |||||||
497,820 | * | Tenneco, Inc | 5,013,047 | |||||||
TOTAL AUTOMOBILES & COMPONENTS | 33,876,667 | |||||||||
BANKS - 10.1% | ||||||||||
56,890 | Amalgamated Financial Corp | 918,773 | ||||||||
62,770 | * | Axos Financial, Inc | 2,834,065 | |||||||
83,280 | Bank of NT Butterfield & Son Ltd | 3,266,242 | ||||||||
90,450 | Banner Corp | 5,141,178 | ||||||||
237,770 | Cathay General Bancorp | 9,624,930 | ||||||||
162,890 | Central Pacific Financial Corp | 4,389,885 | ||||||||
140,193 | ConnectOne Bancorp, Inc | 3,806,240 | ||||||||
182,300 | * | Customers Bancorp, Inc | 6,292,996 | |||||||
304,550 | Essent Group Ltd | 16,013,239 | ||||||||
70,260 | Federal Agricultural Mortgage Corp Class C | 7,226,944 | ||||||||
97,148 | First Bancorp | 4,119,075 | ||||||||
345,530 | First Financial Bancorp | 8,468,940 | ||||||||
90,620 | First Merchants Corp | 4,187,550 | ||||||||
196,190 | Flagstar Bancorp, Inc | 9,130,683 | ||||||||
217,150 | Glacier Bancorp, Inc | 12,800,992 | ||||||||
178,636 | Great Western Bancorp, Inc | 5,903,920 | ||||||||
95,610 | Heartland Financial USA, Inc | 4,806,315 | ||||||||
202,840 | Heritage Commerce Corp | 2,448,279 | ||||||||
341,197 | Hilltop Holdings, Inc | 12,010,134 | ||||||||
55,620 | HomeStreet, Inc | 2,271,521 | ||||||||
150,750 | Horizon Bancorp | 2,764,755 | ||||||||
85,519 | Independent Bank Corp | 2,014,828 | ||||||||
119,970 | Independent Bank Group, Inc | 9,058,935 | ||||||||
854,250 | Investors Bancorp, Inc | 12,506,220 | ||||||||
88,440 | Kearny Financial Corp | 1,130,263 | ||||||||
133,790 | Lakeland Bancorp, Inc | 2,425,613 | ||||||||
23,420 | Lakeland Financial Corp | 1,527,687 | ||||||||
76,510 | * | Mr Cooper Group, Inc | 2,638,065 | |||||||
192,600 | National Bank Holdings Corp | 7,684,740 | ||||||||
208,240 | * | NMI Holdings, Inc | 5,380,922 | |||||||
210,100 | OceanFirst Financial Corp | 4,802,886 | ||||||||
451,970 | OFG Bancorp | 10,707,169 | ||||||||
282,780 | Pacific Premier Bancorp, Inc | 12,450,803 | ||||||||
58,030 | Peapack Gladstone Financial Corp | 1,856,960 | ||||||||
70,090 | PennyMac Financial Services, Inc | 4,220,119 |
25 |
TIAA-CREF FUNDS – Quant Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
168,630 | Premier Financial Corp | $ | 5,327,022 | |||||||
55,495 | QCR Holdings, Inc | 2,675,969 | ||||||||
707,850 | Radian Group, Inc | 17,441,424 | ||||||||
260,430 | Simmons First National Corp (Class A) | 7,422,255 | ||||||||
258,590 | * | The Bancorp, Inc | 5,741,991 | |||||||
170,960 | Towne Bank | 5,296,341 | ||||||||
165,340 | * | Tristate Capital Holdings, Inc | 3,946,666 | |||||||
615,742 | United Community Banks, Inc | 20,147,078 | ||||||||
135,800 | Walker & Dunlop, Inc | 15,053,430 | ||||||||
112,110 | Washington Federal, Inc | 3,649,180 | ||||||||
241,360 | WesBanco, Inc | 8,758,954 | ||||||||
175,570 | WSFS Financial Corp | 8,969,871 | ||||||||
TOTAL BANKS | 311,262,047 | |||||||||
CAPITAL GOODS - 12.2% | ||||||||||
112,490 | * | AAR Corp | 4,526,598 | |||||||
237,184 | Advanced Drainage Systems, Inc | 26,483,965 | ||||||||
87,300 | * | Aerovironment, Inc | 9,635,301 | |||||||
43,000 | Altra Industrial Motion Corp | 2,537,430 | ||||||||
253,360 | *,g | API Group Corp | 5,386,434 | |||||||
112,520 | Applied Industrial Technologies, Inc | 10,763,663 | ||||||||
90,840 | Astec Industries, Inc | 6,813,908 | ||||||||
179,703 | * | Atkore International Group, Inc | 14,067,151 | |||||||
166,202 | * | Bloom Energy Corp | 4,316,266 | |||||||
219,950 | Boise Cascade Co | 14,675,064 | ||||||||
616,818 | * | Builders FirstSource, Inc | 30,020,532 | |||||||
18,040 | * | Chart Industries, Inc | 2,897,765 | |||||||
85,490 | Columbus McKinnon Corp | 4,232,610 | ||||||||
318,700 | Comfort Systems USA, Inc | 26,248,132 | ||||||||
133,430 | * | Construction Partners Inc | 4,233,734 | |||||||
473,950 | * | Cornerstone Building Brands, Inc | 6,663,737 | |||||||
60,709 | CSW Industrials, Inc | 8,220,606 | ||||||||
86,406 | EMCOR Group, Inc | 10,351,439 | ||||||||
56,245 | EnPro Industries, Inc | 4,817,384 | ||||||||
306,430 | Federal Signal Corp | 12,695,395 | ||||||||
40,830 | Franklin Electric Co, Inc | 3,318,254 | ||||||||
97,470 | * | Great Lakes Dredge & Dock Corp | 1,530,279 | |||||||
140,350 | Hillenbrand, Inc | 6,889,781 | ||||||||
24,000 | * | Mastec, Inc | 2,504,640 | |||||||
199,820 | Maxar Technologies, Inc | 7,755,014 | ||||||||
76,200 | McGrath RentCorp | 6,246,876 | ||||||||
146,390 | * | Meritor, Inc | 3,956,922 | |||||||
139,250 | Mueller Industries, Inc | 6,248,147 | ||||||||
486,860 | * | Plug Power, Inc | 13,880,379 | |||||||
248,190 | Primoris Services Corp | 8,105,885 | ||||||||
69,578 | * | RBC Bearings, Inc | 13,875,941 | |||||||
329,760 | * | Resideo Technologies, Inc | 9,896,098 | |||||||
326,844 | d | Rexnord Corp | 16,319,321 | |||||||
173,930 | Rush Enterprises, Inc (Class A) | 8,585,185 | ||||||||
125,130 | Shyft Group, Inc | 4,432,105 | ||||||||
102,770 | Simpson Manufacturing Co, Inc | 11,582,179 | ||||||||
28,980 | * | SiteOne Landscape Supply, Inc | 5,198,432 | |||||||
236,430 | * | Sunrun, Inc | 11,585,070 | |||||||
112,820 | *,e | The ExOne Company | 2,623,065 | |||||||
75,620 | * | Titan Machinery, Inc | 1,974,438 | |||||||
114,740 | Triton International Ltd | 5,756,506 |
26 |
TIAA-CREF FUNDS – Quant Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
461,760 | * | WillScot Mobile Mini Holdings Corp | $ | 13,515,715 | ||||||
TOTAL CAPITAL GOODS | 375,367,346 | |||||||||
COMMERCIAL & PROFESSIONAL SERVICES - 3.6% | ||||||||||
122,690 | ABM Industries, Inc | 6,307,493 | ||||||||
62,530 | Brady Corp (Class A) | 3,412,262 | ||||||||
100,122 | Exponent, Inc | 9,644,752 | ||||||||
75,940 | * | Franklin Covey Co | 2,319,208 | |||||||
197,610 | HNI Corp | 8,366,807 | ||||||||
67,563 | ICF International, Inc | 6,152,287 | ||||||||
43,330 | Insperity, Inc | 3,793,108 | ||||||||
390,180 | KBR, Inc | 15,435,521 | ||||||||
96,710 | Kforce, Inc | 5,419,628 | ||||||||
142,884 | Mantech International Corp (Class A) | 12,195,149 | ||||||||
234,028 | * | TriNet Group, Inc | 18,420,344 | |||||||
438,330 | * | Upwork, Inc | 20,189,480 | |||||||
TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 111,656,039 | |||||||||
CONSUMER DURABLES & APPAREL - 4.3% | ||||||||||
177,830 | * | Beazer Homes USA, Inc | 3,967,387 | |||||||
327,960 | Callaway Golf Co | 9,494,442 | ||||||||
144,070 | * | Century Communities, Inc | 10,652,536 | |||||||
180,790 | * | CROCS, Inc | 18,100,695 | |||||||
26,750 | * | Deckers Outdoor Corp | 9,046,850 | |||||||
25,600 | Johnson Outdoors, Inc | 3,630,336 | ||||||||
215,320 | * | Purple Innovation, Inc | 7,338,106 | |||||||
178,992 | * | Skyline Champion Corp | 7,952,615 | |||||||
154,400 | Smith & Wesson Brands, Inc | 2,686,560 | ||||||||
503,780 | * | Sonos, Inc | 20,166,313 | |||||||
314,550 | * | Taylor Morrison Home Corp | 9,817,105 | |||||||
240,140 | * | Turtle Beach Corp | 6,673,491 | |||||||
156,820 | * | Vista Outdoor, Inc | 5,113,900 | |||||||
195,920 | * | YETI Holdings, Inc | 16,735,486 | |||||||
TOTAL CONSUMER DURABLES & APPAREL | 131,375,822 | |||||||||
CONSUMER SERVICES - 4.8% | ||||||||||
232,030 | * | Adtalem Global Education, Inc | 7,960,949 | |||||||
101,290 | * | American Public Education, Inc | 3,085,293 | |||||||
12,500 | * | Biglari Holdings, Inc (B Shares) | 1,663,250 | |||||||
304,370 | * | Bloomin’ Brands, Inc | 9,618,092 | |||||||
39,020 | * | Bluegreen Vacations Holding Corp | 722,650 | |||||||
109,330 | * | Caesars Entertainment, Inc | 10,696,847 | |||||||
120,330 | Carriage Services, Inc | 4,473,869 | ||||||||
336,610 | * | Carrols Restaurant Group, Inc | 1,982,633 | |||||||
89,230 | * | Chuy’s Holdings, Inc | 4,359,778 | |||||||
90,800 | * | Dave & Buster’s Entertainment, Inc | 4,145,928 | |||||||
201,590 | * | Everi Holdings, Inc | 3,564,111 | |||||||
88,660 | *,e | GAN Ltd | 1,634,891 | |||||||
240,310 | * | Hilton Grand Vacations, Inc | 10,708,214 | |||||||
1,158,250 | * | Houghton Mifflin Harcourt Co | 10,516,910 | |||||||
558,930 | *,e | International Game Technology plc | 9,624,775 | |||||||
94,690 | Jack in the Box, Inc | 11,424,349 | ||||||||
347,880 | * | Laureate Education, Inc | 4,783,350 | |||||||
243,730 | * | Noodles & Co | 2,945,477 | |||||||
64,560 | Papa John’s International, Inc | 6,244,243 | ||||||||
380,409 | * | Perdoceo Education Corp | 4,435,569 |
27 |
TIAA-CREF FUNDS – Quant Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
64,720 | * | Red Robin Gourmet Burgers, Inc | $ | 2,353,219 | ||||||
303,680 | * | Red Rock Resorts, Inc | 11,123,798 | |||||||
282,160 | * | SeaWorld Entertainment, Inc | 15,451,082 | |||||||
132,040 | * | Stride, Inc | 3,780,305 | |||||||
TOTAL CONSUMER SERVICES | 147,299,582 | |||||||||
DIVERSIFIED FINANCIALS - 3.2% | ||||||||||
102,670 | Artisan Partners Asset Management, Inc | 5,227,956 | ||||||||
1,730,010 | BGC Partners, Inc (Class A) | 9,169,053 | ||||||||
244,860 | * | Blucora, Inc | 3,524,760 | |||||||
187,010 | Brightsphere Investment Group, Inc | 4,209,595 | ||||||||
230,010 | Cowen Group, Inc | 9,083,095 | ||||||||
258,863 | * | Enova International, Inc | 8,863,469 | |||||||
353,770 | Federated Investors, Inc (Class B) | 10,188,576 | ||||||||
122,050 | * | Green Dot Corp | 5,585,008 | |||||||
50,780 | Hamilton Lane, Inc | 4,593,051 | ||||||||
70,610 | Piper Jaffray Cos | 8,190,054 | ||||||||
433,914 | Stifel Financial Corp | 30,022,510 | ||||||||
TOTAL DIVERSIFIED FINANCIALS | 98,657,127 | |||||||||
ENERGY - 3.1% | ||||||||||
1,054,120 | * | Antero Resources Corp | 9,508,162 | |||||||
353,076 | Berry Petroleum Co LLC | 2,157,294 | ||||||||
190,410 | Brigham Minerals, Inc | 3,263,627 | ||||||||
529,430 | * | ChampionX Corp | 11,123,324 | |||||||
202,590 | * | CNX Resources Corp | 2,718,758 | |||||||
259,340 | Delek US Holdings, Inc | 6,154,138 | ||||||||
449,710 | * | Green Plains Inc | 13,401,358 | |||||||
221,470 | * | Liberty Oilfield Services, Inc | 2,591,199 | |||||||
1,415,065 | * | NexTier Oilfield Solutions, Inc | 5,080,083 | |||||||
504,230 | * | Oceaneering International, Inc | 5,420,473 | |||||||
447,459 | * | Par Pacific Holdings, Inc | 6,796,902 | |||||||
490,320 | * | PBF Energy, Inc | 6,952,738 | |||||||
323,850 | * | PDC Energy, Inc | 11,823,764 | |||||||
744,560 | * | ProPetro Holding Corp | 7,170,113 | |||||||
45,879 | * | Renewable Energy Group, Inc | 2,547,202 | |||||||
TOTAL ENERGY | 96,709,135 | |||||||||
FOOD & STAPLES RETAILING - 1.2% | ||||||||||
164,148 | Andersons, Inc | 4,714,331 | ||||||||
481,911 | * | BJ’s Wholesale Club Holdings, Inc | 21,526,964 | |||||||
110,408 | Natural Grocers by Vitamin C | 1,735,614 | ||||||||
181,860 | * | Performance Food Group Co | 10,675,182 | |||||||
TOTAL FOOD & STAPLES RETAILING | 38,652,091 | |||||||||
FOOD, BEVERAGE & TOBACCO - 1.8% | ||||||||||
108,562 | Calavo Growers, Inc | 8,481,949 | ||||||||
177,270 | * | Celsius Holdings, Inc | 10,157,571 | |||||||
218,830 | * | Hostess Brands, Inc | 3,345,911 | |||||||
49,547 | Lancaster Colony Corp | 9,151,826 | ||||||||
67,890 | Sanderson Farms, Inc | 11,169,942 | ||||||||
171,929 | * | Simply Good Foods Co | 5,940,147 | |||||||
244,840 | *,e | Vital Farms, Inc | 5,954,509 | |||||||
TOTAL FOOD, BEVERAGE & TOBACCO | 54,201,855 |
28 |
TIAA-CREF FUNDS – Quant Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
HEALTH CARE EQUIPMENT & SERVICES - 7.1% | ||||||||||
503,690 | * | Allscripts Healthcare Solutions, Inc | $ | 7,837,416 | ||||||
213,440 | * | Alphatec Holdings Inc | 3,412,906 | |||||||
166,030 | * | Angiodynamics, Inc | 4,034,529 | |||||||
847,320 | * | Antares Pharma, Inc | 3,211,343 | |||||||
137,890 | * | Avanos Medical, Inc | 5,958,227 | |||||||
922,090 | * | Brookdale Senior Living, Inc | 6,030,469 | |||||||
160,300 | *,e | Co-Diagnostics, Inc | 1,420,258 | |||||||
41,710 | Conmed Corp | 5,879,024 | ||||||||
51,810 | * | Covetrus, Inc | 1,484,356 | |||||||
55,220 | Ensign Group, Inc | 4,740,637 | ||||||||
286,630 | * | Evolent Health, Inc | 6,208,406 | |||||||
69,010 | * | Health Catalyst, Inc | 3,995,679 | |||||||
136,724 | * | HealthStream, Inc | 3,303,252 | |||||||
29,180 | * | Heska Corp | 5,329,727 | |||||||
69,980 | * | Inari Medical, Inc | 7,998,014 | |||||||
395,979 | * | Inovalon Holdings, Inc | 11,962,526 | |||||||
42,380 | * | Integer Holding Corp | 3,978,634 | |||||||
306,377 | * | Intersect ENT, Inc | 6,682,082 | |||||||
389,477 | * | Lantheus Holdings, Inc | 9,230,605 | |||||||
23,050 | * | Magellan Health Services, Inc | 2,171,310 | |||||||
251,905 | * | Meridian Bioscience, Inc | 4,932,300 | |||||||
68,810 | * | Merit Medical Systems, Inc | 4,376,316 | |||||||
110,778 | * | Natus Medical, Inc | 2,830,378 | |||||||
116,440 | * | Neogen Corp | 11,179,404 | |||||||
266,110 | * | NextGen Healthcare, Inc | 4,872,474 | |||||||
366,940 | * | Option Care Health, Inc | 7,001,215 | |||||||
240,170 | Owens & Minor, Inc | 8,667,735 | ||||||||
130,990 | Patterson Cos, Inc | 4,210,019 | ||||||||
109,608 | * | Pennant Group, Inc | 4,430,355 | |||||||
127,310 | * | Phreesia, Inc | 6,588,293 | |||||||
568,720 | * | R1 RCM, Inc | 15,514,682 | |||||||
26,297 | * | Schrodinger, Inc | 2,004,883 | |||||||
305,110 | * | Select Medical Holdings Corp | 11,508,749 | |||||||
39,270 | * | SI-BONE, Inc | 1,394,085 | |||||||
285,850 | * | Tenet Healthcare Corp | 16,939,471 | |||||||
36,910 | * | Transmedics Group, Inc | 1,059,686 | |||||||
175,890 | * | Varex Imaging Corp | 4,175,629 | |||||||
509,470 | * | ViewRay, Inc | 2,450,551 | |||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 219,005,625 | |||||||||
HOUSEHOLD & PERSONAL PRODUCTS - 0.8% | ||||||||||
250,460 | * | BellRing Brands, Inc | 6,459,363 | |||||||
388,780 | * | elf Beauty, Inc | 11,760,595 | |||||||
67,561 | * | Lifevantage Corp | 549,271 | |||||||
72,890 | * | USANA Health Sciences, Inc | 6,559,371 | |||||||
TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 25,328,600 | |||||||||
INSURANCE - 1.4% | ||||||||||
71,790 | American Equity Investment Life Holding Co | 2,224,054 | ||||||||
105,368 | Amerisafe, Inc | 6,541,245 | ||||||||
241,800 | Conseco, Inc | 6,173,154 | ||||||||
119,050 | Heritage Insurance Holdings, Inc | 1,084,546 | ||||||||
106,728 | James River Group Holdings Ltd | 5,027,956 | ||||||||
209,360 | * | Selectquote, Inc | 6,517,377 | |||||||
356,821 | * | SiriusPoint Ltd | 3,775,166 |
29 |
TIAA-CREF FUNDS – Quant Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
148,760 | Stewart Information Services Corp | $ | 8,724,774 | |||||||
221,326 | Universal Insurance Holdings, Inc | 3,087,498 | ||||||||
TOTAL INSURANCE | 43,155,770 | |||||||||
MATERIALS - 5.3% | ||||||||||
170,050 | Avient Corp | 8,633,438 | ||||||||
89,570 | Balchem Corp | 11,392,408 | ||||||||
760,050 | * | Coeur Mining, Inc | 6,141,204 | |||||||
220,190 | * | Domtar Corp | 8,679,890 | |||||||
161,800 | * | Ferro Corp | 2,695,588 | |||||||
673,900 | *,† | Ferroglobe plc | 0 | |||||||
52,790 | Innospec, Inc | 5,142,274 | ||||||||
105,690 | * | Koppers Holdings, Inc | 3,513,136 | |||||||
255,970 | Louisiana-Pacific Corp | 16,863,304 | ||||||||
114,640 | Materion Corp | 8,117,658 | ||||||||
153,534 | Myers Industries, Inc | 3,463,727 | ||||||||
45,214 | Olympic Steel, Inc | 1,313,467 | ||||||||
140,860 | * | Ranpak Holdings Corp | 2,708,738 | |||||||
193,595 | Schnitzer Steel Industries, Inc (Class A) | 9,139,620 | ||||||||
152,410 | Sensient Technologies Corp | 12,534,198 | ||||||||
90,010 | Stepan Co | 11,760,707 | ||||||||
550,540 | * | Summit Materials, Inc | 15,850,047 | |||||||
176,450 | Trinseo S.A. | 10,924,019 | ||||||||
709,770 | United States Steel Corp | 16,331,808 | ||||||||
157,162 | * | US Concrete, Inc | 9,965,642 | |||||||
TOTAL MATERIALS | 165,170,873 | |||||||||
MEDIA & ENTERTAINMENT - 2.0% | ||||||||||
264,410 | * | Cargurus, Inc | 6,525,639 | |||||||
237,510 | * | Cars.com, Inc | 3,137,507 | |||||||
255,120 | EW Scripps Co (Class A) | 5,515,694 | ||||||||
284,320 | * | Fluent, Inc | 1,057,670 | |||||||
132,080 | Gray Television, Inc | 2,683,866 | ||||||||
400,600 | * | iHeartMedia, Inc | 7,667,484 | |||||||
189,010 | * | Liberty Braves Group (Class C) | 5,233,687 | |||||||
614,640 | * | LiveXLive Media, Inc | 2,636,806 | |||||||
163,030 | * | QuinStreet, Inc | 3,304,618 | |||||||
102,370 | * | TechTarget, Inc | 7,851,779 | |||||||
672,970 | TEGNA, Inc | 13,499,778 | ||||||||
237,650 | * | WideOpenWest, Inc | 3,343,736 | |||||||
TOTAL MEDIA & ENTERTAINMENT | 62,458,264 | |||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 11.4% | ||||||||||
992,130 | *,e | ADMA Biologics, Inc | 1,944,575 | |||||||
703,494 | * | Affimed NV | 7,520,351 | |||||||
496,347 | * | Amicus Therapeutics, Inc | 4,884,054 | |||||||
1,005,330 | * | Amneal Pharmaceuticals, Inc | 5,539,368 | |||||||
106,140 | * | AnaptysBio, Inc | 2,478,369 | |||||||
30,120 | * | Anika Therapeutics, Inc | 1,210,222 | |||||||
673,790 | *,e | Applied Genetic Technologies Corp | 2,850,132 | |||||||
488,420 | *,e | Aquestive Therapeutics, Inc | 1,987,869 | |||||||
93,570 | * | Arcus Biosciences, Inc | 3,157,987 | |||||||
4,773 | * | Arcutis Biotherapeutics, Inc | 159,895 | |||||||
38,951 | * | Arena Pharmaceuticals, Inc | 2,673,207 | |||||||
37,622 | * | Arrowhead Pharmaceuticals Inc | 2,737,377 | |||||||
61,475 | * | Arvinas, Inc | 4,238,086 |
30 |
TIAA-CREF FUNDS – Quant Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
313,030 | * | Atara Biotherapeutics, Inc | $ | 4,401,202 | ||||||
255,970 | * | Avid Bioservices, Inc | 5,479,038 | |||||||
38,450 | * | Axsome Therapeutics, Inc | 2,324,687 | |||||||
795,820 | *,e | BioCryst Pharmaceuticals, Inc | 9,259,366 | |||||||
558,560 | * | BioDelivery Sciences International, Inc | 1,932,618 | |||||||
186,660 | * | Cara Therapeutics, Inc | 2,417,247 | |||||||
153,312 | * | CareDx, Inc | 12,122,380 | |||||||
219,127 | *,e | Cassava Sciences, Inc | 10,255,144 | |||||||
320,370 | * | Catalyst Pharmaceuticals, Inc | 1,467,295 | |||||||
475,600 | * | Chimerix, Inc | 4,142,476 | |||||||
219,720 | * | Codexis, Inc | 5,093,110 | |||||||
130,329 | * | Concert Pharmaceuticals, Inc | 540,865 | |||||||
341,167 | * | CytomX Therapeutics, Inc | 3,193,323 | |||||||
179,590 | * | Editas Medicine, Inc | 6,646,626 | |||||||
76,630 | * | Emergent Biosolutions, Inc | 4,672,897 | |||||||
64,680 | *,e | Esperion Thereapeutics, Inc | 1,743,126 | |||||||
37,850 | * | Fate Therapeutics, Inc | 3,307,711 | |||||||
683,026 | *,e | Fluidigm Corp | 3,421,960 | |||||||
252,810 | * | G1 Therapeutics, Inc | 5,326,707 | |||||||
281,020 | *,e | Genprex, Inc | 1,067,876 | |||||||
557,900 | * | GlycoMimetics, Inc | 1,338,960 | |||||||
435,890 | * | Gossamer Bio, Inc | 3,766,090 | |||||||
134,580 | * | Immunovant, Inc | 2,110,214 | |||||||
450,480 | *,e | Inovio Pharmaceuticals, Inc | 3,067,769 | |||||||
93,196 | * | Intellia Therapeutics, Inc | 7,154,657 | |||||||
217,454 | * | Intra-Cellular Therapies, Inc | 7,486,941 | |||||||
210,555 | *,e | Invitae Corp | 7,348,370 | |||||||
646,710 | * | Ironwood Pharmaceuticals, Inc | 7,139,678 | |||||||
293,360 | *,e | Karyopharm Therapeutics, Inc | 2,739,982 | |||||||
123,570 | Luminex Corp | 4,533,783 | ||||||||
27,200 | * | Medpace Holdings, Inc | 4,615,296 | |||||||
1,269,450 | * | Mustang Bio, Inc | 4,100,324 | |||||||
258,240 | * | Myriad Genetics, Inc | 7,804,013 | |||||||
142,321 | * | NanoString Technologies, Inc | 11,338,714 | |||||||
221,334 | * | Natera, Inc | 24,351,167 | |||||||
206,840 | * | NeoGenomics, Inc | 10,133,092 | |||||||
96,300 | * | Novavax, Inc | 22,816,359 | |||||||
211,720 | *,e | Omeros Corp | 3,738,975 | |||||||
778,420 | * | Oncocyte Corp | 4,001,079 | |||||||
375,660 | * | Organogenesis Holdings Inc | 8,399,758 | |||||||
197,920 | * | Pacific Biosciences of California, Inc | 5,907,912 | |||||||
109,004 | Phibro Animal Health Corp | 2,672,778 | ||||||||
142,270 | *,e | Provention Bio, Inc | 1,022,921 | |||||||
115,380 | * | Puma Biotechnology, Inc | 1,137,647 | |||||||
98,598 | * | Quanterix Corp | 6,028,282 | |||||||
2,234 | * | REVOLUTION Medicines, Inc | 74,146 | |||||||
596,370 | * | Sangamo Therapeutics Inc | 7,025,239 | |||||||
1,138,580 | * | Selecta Biosciences, Inc | 3,415,740 | |||||||
412,325 | * | Solid Biosciences, Inc | 2,098,734 | |||||||
186,730 | * | Sutro Biopharma, Inc | 3,829,832 | |||||||
115,630 | * | TG Therapeutics, Inc | 5,169,817 | |||||||
144,700 | * | Translate Bio, Inc | 3,359,934 | |||||||
368,386 | * | Travere Therapeutics, Inc | 9,106,502 | |||||||
56,000 | * | Turning Point Therapeutics Inc | 4,268,880 | |||||||
38,836 | * | Twist Bioscience Corp | 5,211,403 | |||||||
102,220 | * | Veracyte, Inc | 5,085,445 |
31 |
TIAA-CREF FUNDS – Quant Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
103,020 | * | Vericel Corp | $ | 6,430,508 | ||||||
446,200 | *,e | vTv Therapeutics, Inc | 1,142,272 | |||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 351,170,359 | |||||||||
REAL ESTATE - 6.5% | ||||||||||
268,310 | Armada Hoffler Properties, Inc | 3,657,065 | ||||||||
195,009 | Bluerock Residential Growth REIT, Inc | 1,848,685 | ||||||||
382,960 | CareTrust REIT, Inc | 9,259,973 | ||||||||
1,741,650 | * | Colony Capital, Inc | 12,191,550 | |||||||
293,010 | Columbia Property Trust, Inc | 5,277,110 | ||||||||
1,255,920 | Diversified Healthcare Trust | 5,544,887 | ||||||||
93,160 | EastGroup Properties, Inc | 14,780,766 | ||||||||
227,630 | Four Corners Property Trust, Inc | 6,571,678 | ||||||||
431,060 | Global Net Lease, Inc | 8,276,352 | ||||||||
363,750 | Healthcare Realty Trust, Inc | 11,698,200 | ||||||||
298,860 | Independence Realty Trust, Inc | 5,032,803 | ||||||||
109,370 | * | Marcus & Millichap, Inc | 3,862,948 | |||||||
364,410 | National Storage Affiliates Trust | 16,558,790 | ||||||||
335,308 | Newmark Group, Inc | 3,604,561 | ||||||||
95,520 | Office Properties Income Trust | 2,650,680 | ||||||||
494,000 | Physicians Realty Trust | 9,252,620 | ||||||||
118,150 | Plymouth Industrial REIT, Inc | 2,202,316 | ||||||||
198,630 | PotlatchDeltic Corp | 11,790,677 | ||||||||
115,900 | Preferred Apartment Communities, Inc | 1,182,180 | ||||||||
121,938 | PS Business Parks, Inc | 19,799,073 | ||||||||
166,220 | QTS Realty Trust, Inc | 11,051,968 | ||||||||
531,430 | * | Realogy Holdings Corp | 9,183,110 | |||||||
101,370 | RMR Group, Inc | 4,012,225 | ||||||||
429,500 | STAG Industrial, Inc | 15,681,045 | ||||||||
430,660 | Uniti Group, Inc | 4,909,524 | ||||||||
TOTAL REAL ESTATE | 199,880,786 | |||||||||
RETAILING - 5.3% | ||||||||||
150,360 | *,e | 1-800-FLOWERS.COM, Inc (Class A) | 4,807,761 | |||||||
329,270 | * | Abercrombie & Fitch Co (Class A) | 12,344,332 | |||||||
347,178 | * | At Home Group, Inc | 10,963,881 | |||||||
129,250 | * | Bed Bath & Beyond, Inc | 3,272,610 | |||||||
151,780 | Buckle, Inc | 6,365,653 | ||||||||
162,470 | Caleres, Inc | 3,787,176 | ||||||||
163,940 | Camping World Holdings, Inc | 7,137,948 | ||||||||
81,420 | * | Citi Trends, Inc | 8,516,532 | |||||||
76,870 | Dillard’s, Inc (Class A) | 7,603,212 | ||||||||
100,220 | *,e | GrowGeneration Corp | 4,369,592 | |||||||
153,140 | * | Hibbett Sports, Inc | 12,166,973 | |||||||
583,870 | * | Macy’s, Inc | 9,680,565 | |||||||
52,140 | * | Magnite, Inc | 2,088,207 | |||||||
85,810 | * | MarineMax, Inc | 4,874,008 | |||||||
60,920 | * | Overstock.com, Inc | 4,964,980 | |||||||
393,500 | * | Quotient Technology, Inc | 6,429,790 | |||||||
419,140 | Rent-A-Center, Inc | 24,121,507 | ||||||||
124,360 | * | Sleep Number Corp | 13,914,640 | |||||||
334,610 | * | Sportsman’s Warehouse Holdings, Inc | 5,875,752 | |||||||
50,928 | * | Stamps.com, Inc | 10,459,083 | |||||||
TOTAL RETAILING | 163,744,202 |
32 |
TIAA-CREF FUNDS – Quant Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.0% | ||||||||||
521,160 | Amkor Technology, Inc | $ | 10,537,855 | |||||||
143,061 | Brooks Automation, Inc | 14,496,371 | ||||||||
283,712 | * | Formfactor, Inc | 11,107,325 | |||||||
172,630 | * | Ichor Holdings Ltd | 9,627,575 | |||||||
313,647 | * | Lattice Semiconductor Corp | 15,779,580 | |||||||
50,270 | * | MACOM Technology Solutions Holdings, Inc | 2,845,785 | |||||||
196,600 | * | MaxLinear, Inc | 7,075,634 | |||||||
399,785 | * | Rambus, Inc | 7,587,919 | |||||||
133,590 | * | Semtech Corp | 9,049,387 | |||||||
37,580 | * | Silicon Laboratories, Inc | 5,296,901 | |||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 93,404,332 | |||||||||
SOFTWARE & SERVICES - 5.3% | ||||||||||
59,480 | * | Alarm.com Holdings, Inc | 5,338,925 | |||||||
202,210 | * | Avaya Holdings Corp | 5,817,582 | |||||||
36,747 | * | BM Technologies, Inc | 360,488 | |||||||
488,060 | * | Box, Inc | 10,395,678 | |||||||
161,230 | * | ChannelAdvisor Corp | 3,410,014 | |||||||
696,310 | * | Cloudera, Inc | 8,836,174 | |||||||
108,056 | * | Commvault Systems, Inc | 7,510,973 | |||||||
404,210 | * | Conduent, Inc | 2,748,628 | |||||||
84,000 | * | Cornerstone OnDemand, Inc | 3,718,260 | |||||||
328,840 | * | Digital Turbine, Inc | 24,804,401 | |||||||
141,130 | * | LiveRamp Holdings, Inc | 6,912,547 | |||||||
232,160 | * | Mitek Systems, Inc | 3,763,314 | |||||||
394,763 | Perspecta, Inc | 11,554,713 | ||||||||
209,085 | Progress Software Corp | 9,128,651 | ||||||||
85,334 | * | Rapid7, Inc | 6,933,387 | |||||||
130,990 | Sapiens International Corp NV | 4,238,836 | ||||||||
105,130 | * | Sprout Social, Inc | 6,969,068 | |||||||
62,090 | * | SPS Commerce, Inc | 6,360,500 | |||||||
41,900 | * | Sykes Enterprises, Inc | 1,836,477 | |||||||
272,999 | * | Tenable Holdings, Inc | 10,236,097 | |||||||
150,790 | * | Workiva, Inc | 14,174,260 | |||||||
441,300 | * | Zuora Inc | 7,149,060 | |||||||
TOTAL SOFTWARE & SERVICES | 162,198,033 | |||||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 2.7% | ||||||||||
218,120 | * | Calix, Inc | 9,224,295 | |||||||
543,640 | * | Diebold, Inc | 8,160,036 | |||||||
29,589 | * | ePlus, Inc | 2,969,552 | |||||||
831,490 | * | Extreme Networks, Inc | 9,462,356 | |||||||
78,900 | * | II-VI, Inc | 5,297,346 | |||||||
97,350 | * | Insight Enterprises, Inc | 9,771,020 | |||||||
105,023 | * | OSI Systems, Inc | 10,142,071 | |||||||
247,666 | * | Ribbon Communications, Inc | 1,671,746 | |||||||
403,731 | * | Sanmina Corp | 16,488,374 | |||||||
473,561 | * | TTM Technologies, Inc | 7,103,415 | |||||||
58,749 | * | Vishay Precision Group, Inc | 1,872,918 | |||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 82,163,129 | |||||||||
TELECOMMUNICATION SERVICES - 0.6% | ||||||||||
264,636 | * | Liberty Latin America Ltd (Class A) | 3,674,471 | |||||||
400,403 | * | Liberty Latin America Ltd (Class C) | 5,585,622 | |||||||
96,542 | Spok Holdings, Inc | 991,486 | ||||||||
699,416 | * | Vonage Holdings Corp | 9,477,087 | |||||||
TOTAL TELECOMMUNICATION SERVICES | 19,728,666 |
33 |
TIAA-CREF FUNDS – Quant Small-Cap Equity Fund
SHARES | COMPANY | VALUE | |||||||||||||||
TRANSPORTATION - 1.3% | |||||||||||||||||
138,982 | ArcBest Corp | $ | 10,112,330 | ||||||||||||||
83,190 | * | Avis Budget Group, Inc | 7,454,656 | ||||||||||||||
110,446 | Forward Air Corp | 9,751,277 | |||||||||||||||
167,819 | * | Hub Group, Inc (Class A) | 11,029,065 | ||||||||||||||
165,394 | * | Radiant Logistics, Inc | 1,104,832 | ||||||||||||||
TOTAL TRANSPORTATION | 39,452,160 | ||||||||||||||||
UTILITIES - 1.7% | |||||||||||||||||
108,430 | Avista Corp | 4,989,949 | |||||||||||||||
180,058 | Black Hills Corp | 12,420,401 | |||||||||||||||
127,785 | Clearway Energy, Inc (Class A) | 3,396,525 | |||||||||||||||
56,270 | Northwest Natural Holding Co | 3,034,078 | |||||||||||||||
166,691 | NorthWestern Corp | 11,339,989 | |||||||||||||||
177,955 | e | South Jersey Industries, Inc | 4,404,386 | ||||||||||||||
115,947 | Southwest Gas Holdings Inc | 8,083,825 | |||||||||||||||
51,780 | Spire, Inc | 3,901,105 | |||||||||||||||
TOTAL UTILITIES | 51,570,258 | ||||||||||||||||
TOTAL COMMON STOCKS | 3,077,488,768 | ||||||||||||||||
(Cost $2,006,613,328) | |||||||||||||||||
PRINCIPAL | ISSUER | RATE | MATURITY DATE | ||||||||||||||
SHORT-TERM INVESTMENTS - 1.5% | |||||||||||||||||
GOVERNMENT AGENCY DEBT - 0.5% | |||||||||||||||||
$ | 700,000 | Federal Home Loan Bank (FHLB) | 0.005 | % | 05/03/21 | 700,000 | |||||||||||
13,001,000 | FHLB | 0.005-0.010 | 05/05/21 | 13,001,000 | |||||||||||||
2,040,000 | FHLB | 0.005 | 05/12/21 | 2,040,000 | |||||||||||||
TOTAL GOVERNMENT AGENCY DEBT | 15,741,000 | ||||||||||||||||
TREASURY DEBT - 0.0% | |||||||||||||||||
480,000 | United States Treasury Bill | 0.013 | 05/20/21 | 479,998 | |||||||||||||
TOTAL TREASURY DEBT | 479,998 | ||||||||||||||||
SHARES | COMPANY | ||||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.0% | |||||||||||||||||
30,680,500 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 0.020 | 30,680,500 | |||||||||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 30,680,500 | ||||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 46,901,498 | ||||||||||||||||
(Cost $46,901,486) | |||||||||||||||||
TOTAL INVESTMENTS - 101.3% | 3,124,390,266 | ||||||||||||||||
(Cost $2,053,514,814) | |||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - (1.3)% | (40,269,401 | ) | |||||||||||||||
NET ASSETS - 100.0% | $ | 3,084,120,865 | |||||||||||||||
Abbreviation(s): | |||||||||||||||||
REIT Real Estate Investment Trust | |||||||||||||||||
* | Non-income producing |
34 |
TIAA-CREF FUNDS – Quant Small-Cap Equity Fund
† | 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 $65,488,320. | ||
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 4/30/21, the aggregate value of these securities is $5,386,434 or 0.2% of net assets. | ||
Futures contracts outstanding as of April 30, 2021 were as follows:
Description | Number of long (short) contracts | Expiration date | Notional amount | Value | Unrealized appreciation (depreciation) | |||||||||||||||
Russell 2000 E Mini Index | 130 | 06/18/21 | $ 14,195,329 | $ | 14,699,750 | $ | 504,421 |
35 |
TIAA-CREF FUNDS – Quant Small/Mid-Cap Equity Fund
TIAA-CREF FUNDS
QUANT SMALL/MID-CAP EQUITY FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2021
SHARES | COMPANY | VALUE | ||||||||
COMMON STOCKS - 99.9% | ||||||||||
AUTOMOBILES & COMPONENTS - 1.2% | ||||||||||
94,291 | * | Adient plc | $ | 4,369,445 | ||||||
93,070 | Gentex Corp | 3,274,203 | ||||||||
80,665 | * | Stoneridge, Inc | 2,682,111 | |||||||
27,200 | Thor Industries, Inc | 3,851,248 | ||||||||
TOTAL AUTOMOBILES & COMPONENTS | 14,177,007 | |||||||||
BANKS - 7.4% | ||||||||||
63,130 | * | Axos Financial, Inc | 2,850,319 | |||||||
73,529 | Bank of NT Butterfield & Son Ltd | 2,883,807 | ||||||||
80,645 | BankUnited | 3,758,863 | ||||||||
111,323 | Berkshire Hills Bancorp, Inc | 2,470,257 | ||||||||
32,080 | BOK Financial Corp | 2,821,115 | ||||||||
111,200 | Cadence BanCorp | 2,474,200 | ||||||||
103,820 | Capitol Federal Financial | 1,341,874 | ||||||||
67,181 | Cathay General Bancorp | 2,719,487 | ||||||||
88,065 | Central Pacific Financial Corp | 2,373,352 | ||||||||
49,840 | Comerica, Inc | 3,745,974 | ||||||||
36,533 | ConnectOne Bancorp, Inc | 991,871 | ||||||||
55,398 | Essent Group Ltd | 2,912,827 | ||||||||
450,902 | First Bancorp (Puerto Rico) | 5,667,838 | ||||||||
580 | First Citizens Bancshares, Inc (Class A) | 503,127 | ||||||||
81,180 | First Financial Bancorp | 1,989,722 | ||||||||
21,851 | Flagstar Bancorp, Inc | 1,016,946 | ||||||||
77,815 | Great Western Bancorp, Inc | 2,571,786 | ||||||||
92,389 | Hilltop Holdings, Inc | 3,252,093 | ||||||||
16,090 | International Bancshares Corp | 762,505 | ||||||||
187,715 | MGIC Investment Corp | 2,860,777 | ||||||||
90,348 | National Bank Holdings Corp | 3,604,885 | ||||||||
69,039 | * | NMI Holdings, Inc | 1,783,968 | |||||||
107,010 | OFG Bancorp | 2,535,067 | ||||||||
56,010 | Old National Bancorp | 1,058,589 | ||||||||
101,449 | PacWest Bancorp | 4,403,901 | ||||||||
58,006 | Popular, Inc | 4,290,124 | ||||||||
43,992 | Prosperity Bancshares, Inc | 3,227,253 | ||||||||
128,602 | Radian Group, Inc | 3,168,753 | ||||||||
53,478 | TFS Financial Corp | 1,046,030 | ||||||||
81,626 | * | The Bancorp, Inc | 1,812,505 | |||||||
167,500 | Umpqua Holdings Corp | 3,122,200 | ||||||||
68,344 | Washington Federal, Inc | 2,224,597 | ||||||||
36,240 | Westamerica Bancorporation | 2,297,616 | ||||||||
74,795 | WSFS Financial Corp | 3,821,277 | ||||||||
TOTAL BANKS | 88,365,505 | |||||||||
CAPITAL GOODS - 13.7% | ||||||||||
68,732 | Advanced Drainage Systems, Inc | 7,674,615 | ||||||||
77,046 | * | Aecom Technology Corp | 5,118,166 |
36 |
TIAA-CREF FUNDS – Quant Small/Mid-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
35,830 | AGCO Corp | $ | 5,228,314 | |||||||
38,270 | Allegion plc | 5,142,723 | ||||||||
23,930 | Applied Industrial Technologies, Inc | 2,289,144 | ||||||||
95,958 | * | Atkore International Group, Inc | 7,511,592 | |||||||
15,370 | * | Axon Enterprise, Inc | 2,330,246 | |||||||
36,029 | AZZ, Inc | 1,896,567 | ||||||||
61,200 | * | Beacon Roofing Supply, Inc | 3,447,396 | |||||||
188,127 | * | Bloom Energy Corp | 4,885,658 | |||||||
74,687 | Boise Cascade Co | 4,983,117 | ||||||||
143,406 | * | Builders FirstSource, Inc | 6,979,570 | |||||||
41,170 | BWX Technologies, Inc | 2,755,096 | ||||||||
41,252 | Comfort Systems USA, Inc | 3,397,515 | ||||||||
60,321 | EMCOR Group, Inc | 7,226,456 | ||||||||
30,915 | EnPro Industries, Inc | 2,647,870 | ||||||||
115,366 | * | Evoqua Water Technologies Corp | 3,297,160 | |||||||
64,525 | Federal Signal Corp | 2,673,271 | ||||||||
68,560 | * | Gates Industrial Corp plc | 1,182,660 | |||||||
23,747 | * | Gibraltar Industries, Inc | 2,181,399 | |||||||
55,477 | Graco, Inc | 4,260,634 | ||||||||
104,800 | * | Howmet Aerospace, Inc | 3,349,408 | |||||||
13,140 | Huntington Ingalls | 2,789,885 | ||||||||
50,575 | ITT, Inc | 4,769,728 | ||||||||
254,803 | * | MRC Global, Inc | 2,400,244 | |||||||
45,920 | * | MYR Group, Inc | 3,577,168 | |||||||
15,550 | Nordson Corp | 3,287,426 | ||||||||
291,700 | * | NOW, Inc | 2,864,494 | |||||||
17,230 | Oshkosh Corp | 2,143,929 | ||||||||
91,222 | Primoris Services Corp | 2,979,311 | ||||||||
43,399 | Quanta Services, Inc | 4,194,079 | ||||||||
17,370 | * | RBC Bearings, Inc | 3,464,099 | |||||||
22,810 | Regal-Beloit Corp | 3,294,448 | ||||||||
91,824 | Rexnord Corp | 4,584,772 | ||||||||
15,696 | Simpson Manufacturing Co, Inc | 1,768,939 | ||||||||
50,950 | * | SPX Corp | 3,090,627 | |||||||
56,800 | * | Titan Machinery, Inc | 1,483,048 | |||||||
43,100 | Toro Co | 4,939,260 | ||||||||
98,331 | UFP Industries, Inc | 8,263,737 | ||||||||
41,292 | * | Vectrus, Inc | 2,161,636 | |||||||
93,300 | Vertiv Holdings Co | 2,117,910 | ||||||||
12,590 | Watsco, Inc | 3,687,107 | ||||||||
169,460 | * | Welbilt, Inc | 3,785,736 | |||||||
TOTAL CAPITAL GOODS | 162,106,160 | |||||||||
COMMERCIAL & PROFESSIONAL SERVICES - 2.0% | ||||||||||
64,644 | ABM Industries, Inc | 3,323,348 | ||||||||
62,589 | Booz Allen Hamilton Holding Co | 5,191,757 | ||||||||
84,990 | Kforce, Inc | 4,762,840 | ||||||||
62,900 | Kimball International, Inc (Class B) | 917,082 | ||||||||
31,690 | Manpower, Inc | 3,831,004 | ||||||||
15,729 | Mantech International Corp (Class A) | 1,342,470 | ||||||||
21,561 | * | SP Plus Corp | 740,189 | |||||||
71,730 | * | Upwork, Inc | 3,303,884 | |||||||
TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 23,412,574 |
37 |
TIAA-CREF FUNDS – Quant Small/Mid-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
CONSUMER DURABLES & APPAREL - 4.6% | ||||||||||
10,850 | * | Cavco Industries, Inc | $ | 2,272,315 | ||||||
10,670 | Columbia Sportswear Co | 1,163,137 | ||||||||
63,057 | * | CROCS, Inc | 6,313,267 | |||||||
28,031 | * | Malibu Boats, Inc | 2,336,664 | |||||||
91,810 | *,e | Nautilus, Inc | 1,538,736 | |||||||
180,691 | Newell Brands Inc | 4,871,429 | ||||||||
623 | * | NVR, Inc | 3,126,276 | |||||||
105,365 | Pulte Homes, Inc | 6,229,179 | ||||||||
62,778 | * | Skyline Champion Corp | 2,789,226 | |||||||
68,690 | Smith & Wesson Brands, Inc | 1,195,206 | ||||||||
130,000 | * | Sonos, Inc | 5,203,900 | |||||||
89,193 | Steven Madden Ltd | 3,627,479 | ||||||||
138,770 | Tempur Sealy International, Inc | 5,292,688 | ||||||||
5,961 | * | TopBuild Corp | 1,325,607 | |||||||
29,760 | * | Vista Outdoor, Inc | 970,474 | |||||||
67,430 | * | YETI Holdings, Inc | 5,759,871 | |||||||
TOTAL CONSUMER DURABLES & APPAREL | 54,015,454 | |||||||||
CONSUMER SERVICES - 3.0% | ||||||||||
49,660 | * | Bally’s Corp | 2,878,294 | |||||||
78,820 | * | Boyd Gaming Corp | 5,213,943 | |||||||
37,650 | * | Caesars Entertainment, Inc | 3,683,676 | |||||||
63,590 | Extended Stay America, Inc | 1,264,805 | ||||||||
44,412 | * | frontdoor, Inc | 2,377,374 | |||||||
142,730 | H&R Block, Inc | 3,177,170 | ||||||||
236,010 | * | Houghton Mifflin Harcourt Co | 2,142,971 | |||||||
158,270 | * | International Game Technology plc | 2,725,409 | |||||||
92,445 | * | Perdoceo Education Corp | 1,077,909 | |||||||
125,040 | * | Red Rock Resorts, Inc | 4,580,215 | |||||||
18,565 | Strategic Education, Inc | 1,393,489 | ||||||||
67,704 | * | Terminix Global Holdings, Inc | 3,445,457 | |||||||
74,960 | * | WW International Inc | 2,079,390 | |||||||
TOTAL CONSUMER SERVICES | 36,040,102 | |||||||||
DIVERSIFIED FINANCIALS - 6.2% | ||||||||||
28,089 | Artisan Partners Asset Management, Inc | 1,430,292 | ||||||||
153,314 | Brightsphere Investment Group, Inc | 3,451,098 | ||||||||
97,452 | * | Cannae Holdings, Inc | 3,868,844 | |||||||
49,310 | Carlyle Group, Inc | 2,103,565 | ||||||||
35,508 | Cohen & Steers, Inc | 2,415,254 | ||||||||
94,056 | Federated Investors, Inc (Class B) | 2,708,813 | ||||||||
82,000 | e | iShares Russell 2000 Index Fund | 18,440,980 | |||||||
121,060 | Jefferies Financial Group, Inc | 3,935,661 | ||||||||
35,000 | KKR Real Estate Finance Trust, Inc | 738,500 | ||||||||
171,640 | * | LendingClub Corp | 2,641,540 | |||||||
67,303 | LPL Financial Holdings, Inc | 10,546,380 | ||||||||
17,056 | Morningstar, Inc | 4,520,010 | ||||||||
69,983 | OneMain Holdings, Inc | 3,979,933 | ||||||||
57,930 | PROG Holdings, Inc | 2,950,954 | ||||||||
70,040 | Santander Consumer USA Holdings, Inc | 2,377,158 | ||||||||
80,630 | Starwood Property Trust, Inc | 2,081,867 | ||||||||
36,441 | * | StoneX Group, Inc | 2,314,732 | |||||||
98,976 | Virtu Financial, Inc | 2,932,659 | ||||||||
TOTAL DIVERSIFIED FINANCIALS | 73,438,240 |
38 |
TIAA-CREF FUNDS – Quant Small/Mid-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
ENERGY - 2.5% | ||||||||||
33,234 | Cimarex Energy Co | $ | 2,200,091 | |||||||
123,894 | * | Clean Energy Fuels Corp | 1,362,834 | |||||||
108,760 | Devon Energy Corp | 2,542,809 | ||||||||
60,100 | * | Green Plains Inc | 1,790,980 | |||||||
456,060 | Marathon Oil Corp | 5,135,235 | ||||||||
336,159 | * | NexTier Oilfield Solutions, Inc | 1,206,811 | |||||||
190,220 | * | Oceaneering International, Inc | 2,044,865 | |||||||
311,860 | Patterson-UTI Energy, Inc | 2,108,174 | ||||||||
18,181 | * | Renewable Energy Group, Inc | 1,009,409 | |||||||
299,170 | SM Energy Co | 4,726,886 | ||||||||
123,490 | Targa Resources Investments, Inc | 4,283,868 | ||||||||
53,544 | World Fuel Services Corp | 1,656,116 | ||||||||
TOTAL ENERGY | 30,068,078 | |||||||||
FOOD & STAPLES RETAILING - 1.2% | ||||||||||
87,243 | Andersons, Inc | 2,505,619 | ||||||||
52,310 | * | BJ’s Wholesale Club Holdings, Inc | 2,336,688 | |||||||
116,820 | * | Rite Aid Corp | 2,046,686 | |||||||
100,350 | SpartanNash Co | 1,943,779 | ||||||||
150,624 | * | United Natural Foods, Inc | 5,552,001 | |||||||
TOTAL FOOD & STAPLES RETAILING | 14,384,773 | |||||||||
FOOD, BEVERAGE & TOBACCO - 1.7% | ||||||||||
59,623 | Bunge Ltd | 5,033,374 | ||||||||
13,893 | * | Freshpet, Inc | 2,567,704 | |||||||
147,053 | * | Hostess Brands, Inc | 2,248,440 | |||||||
65,530 | Lamb Weston Holdings, Inc | 5,275,165 | ||||||||
60,060 | * | Pilgrim’s Pride Corp | 1,439,038 | |||||||
18,730 | Sanderson Farms, Inc | 3,081,647 | ||||||||
TOTAL FOOD, BEVERAGE & TOBACCO | 19,645,368 | |||||||||
HEALTH CARE EQUIPMENT & SERVICES - 5.1% | ||||||||||
77,320 | *,e | Accelerate Diagnostics, Inc | 565,209 | |||||||
142,100 | * | Alphatec Holdings Inc | 2,272,179 | |||||||
19,330 | * | Angiodynamics, Inc | 469,719 | |||||||
35,830 | * | Axonics Modulation Technologies, Inc | 2,254,782 | |||||||
115,610 | *,e | Co-Diagnostics, Inc | 1,024,305 | |||||||
254,880 | * | Community Health Systems, Inc | 2,841,912 | |||||||
67,690 | * | Cross Country Healthcare, Inc | 901,631 | |||||||
34,840 | Encompass Health Corp | 2,956,522 | ||||||||
130,430 | * | Evolent Health, Inc | 2,825,114 | |||||||
36,850 | * | Globus Medical, Inc | 2,644,724 | |||||||
42,921 | Hill-Rom Holdings, Inc | 4,730,753 | ||||||||
17,010 | * | Inari Medical, Inc | 1,944,073 | |||||||
62,260 | * | Inovalon Holdings, Inc | 1,880,875 | |||||||
15,925 | * | Magellan Health Services, Inc | 1,500,135 | |||||||
18,601 | * | ModivCare, Inc | 2,605,628 | |||||||
30,160 | * | Molina Healthcare, Inc | 7,693,816 | |||||||
33,920 | * | Natus Medical, Inc | 866,656 | |||||||
48,098 | * | Orthofix Medical Inc | 2,133,146 | |||||||
87,500 | Owens & Minor, Inc | 3,157,875 | ||||||||
80,817 | Patterson Cos, Inc | 2,597,458 | ||||||||
151,100 | * | PAVmed, Inc | 690,527 |
39 |
TIAA-CREF FUNDS – Quant Small/Mid-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
169,900 | * | R1 RCM, Inc | $ | 4,634,872 | ||||||
35,786 | * | Select Medical Holdings Corp | 1,349,848 | |||||||
18,270 | * | Shockwave Medical Inc | 2,986,414 | |||||||
50,060 | * | Tenet Healthcare Corp | 2,966,556 | |||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 60,494,729 | |||||||||
HOUSEHOLD & PERSONAL PRODUCTS - 1.1% | ||||||||||
51,630 | * | BellRing Brands, Inc | 1,331,537 | |||||||
112,984 | * | elf Beauty, Inc | 3,417,766 | |||||||
21,544 | Medifast, Inc | 4,892,427 | ||||||||
33,320 | Spectrum Brands Holdings, Inc | 2,936,825 | ||||||||
92,220 | * | Veru, Inc | 815,225 | |||||||
TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 13,393,780 | |||||||||
INSURANCE - 2.5% | ||||||||||
47,721 | American Financial Group, Inc | 5,863,002 | ||||||||
102,460 | Brown & Brown, Inc | 5,448,823 | ||||||||
55,910 | First American Financial Corp | 3,606,195 | ||||||||
30,622 | Kemper Corp | 2,390,353 | ||||||||
24,356 | Mercury General Corp | 1,516,648 | ||||||||
29,627 | Selective Insurance Group, Inc | 2,255,800 | ||||||||
64,340 | W.R. Berkley Corp | 5,129,185 | ||||||||
3,009 | White Mountains Insurance Group Ltd | 3,506,779 | ||||||||
TOTAL INSURANCE | 29,716,785 | |||||||||
MATERIALS - 5.3% | ||||||||||
30,622 | Avery Dennison Corp | 6,558,314 | ||||||||
39,582 | Avient Corp | 2,009,578 | ||||||||
121,190 | * | Axalta Coating Systems Ltd | 3,864,749 | |||||||
76,676 | CF Industries Holdings, Inc | 3,728,754 | ||||||||
70,620 | * | Domtar Corp | 2,783,840 | |||||||
171,045 | Element Solutions, Inc | 3,742,465 | ||||||||
15,659 | Innospec, Inc | 1,525,343 | ||||||||
75,670 | Louisiana-Pacific Corp | 4,985,140 | ||||||||
20,907 | Materion Corp | 1,480,425 | ||||||||
24,630 | Packaging Corp of America | 3,636,619 | ||||||||
45,160 | * | Ranpak Holdings Corp | 868,427 | |||||||
35,984 | Reliance Steel & Aluminum Co | 5,768,595 | ||||||||
19,746 | Royal Gold, Inc | 2,208,787 | ||||||||
24,613 | Scotts Miracle-Gro Co (Class A) | 5,689,541 | ||||||||
38,520 | Sensient Technologies Corp | 3,167,885 | ||||||||
97,777 | Silgan Holdings, Inc | 4,123,256 | ||||||||
139,474 | * | Summit Materials, Inc | 4,015,456 | |||||||
28,940 | Westlake Chemical Corp | 2,717,177 | ||||||||
TOTAL MATERIALS | 62,874,351 | |||||||||
MEDIA & ENTERTAINMENT - 2.0% | ||||||||||
45,084 | * | EverQuote Inc | 1,526,995 | |||||||
146,140 | * | iHeartMedia, Inc | 2,797,120 | |||||||
4,382 | * | Liberty Broadband Corp (Class C) | 713,039 | |||||||
60,324 | * | Liberty Media Group (Class C) | 2,831,608 | |||||||
261,900 | * | Lions Gate Entertainment Corp (Class A) | 3,789,693 | |||||||
65,890 | * | Meredith Corp | 2,049,179 |
40 |
TIAA-CREF FUNDS – Quant Small/Mid-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
154,030 | News Corp (Class A) | $ | 4,034,816 | |||||||
42,490 | * | Yelp, Inc | 1,669,857 | |||||||
30,950 | * | Zillow Group, Inc (Class C) | 4,027,214 | |||||||
TOTAL MEDIA & ENTERTAINMENT | 23,439,521 | |||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.7% | ||||||||||
73,056 | * | Acadia Pharmaceuticals, Inc | 1,502,031 | |||||||
16,700 | * | Acceleron Pharma, Inc | 2,086,999 | |||||||
171,497 | * | Agenus, Inc | 529,926 | |||||||
28,768 | * | Agios Pharmaceuticals, Inc | 1,605,254 | |||||||
58,652 | * | Alkermes plc | 1,290,637 | |||||||
11,720 | * | Allakos, Inc | 1,278,886 | |||||||
204,407 | * | Amicus Therapeutics, Inc | 2,011,365 | |||||||
62,230 | * | AnaptysBio, Inc | 1,453,070 | |||||||
41,970 | * | Arcutis Biotherapeutics, Inc | 1,405,995 | |||||||
28,260 | * | Arena Pharmaceuticals, Inc | 1,939,484 | |||||||
15,140 | * | Arvinas, Inc | 1,043,752 | |||||||
210 | * | Athenex, Inc | 842 | |||||||
120,370 | * | Avantor, Inc | 3,856,655 | |||||||
64,150 | * | Avid Bioservices, Inc | 1,373,131 | |||||||
4,410 | Bio-Techne Corp | 1,885,231 | ||||||||
23,326 | * | Bluebird Bio, Inc | 699,780 | |||||||
85,790 | * | Cara Therapeutics, Inc | 1,110,980 | |||||||
16,710 | * | CareDx, Inc | 1,321,260 | |||||||
22,432 | * | Charles River Laboratories International, Inc | 7,457,518 | |||||||
93,830 | * | Chimerix, Inc | 817,259 | |||||||
119,160 | * | Exelixis, Inc | 2,933,719 | |||||||
91,980 | * | G1 Therapeutics, Inc | 1,938,019 | |||||||
103,870 | * | Gossamer Bio, Inc | 897,437 | |||||||
60,601 | * | Halozyme Therapeutics, Inc | 3,027,020 | |||||||
104,683 | * | Horizon Therapeutics Plc | 9,905,105 | |||||||
109,780 | *,e | Inovio Pharmaceuticals, Inc | 747,602 | |||||||
40,250 | * | Intellia Therapeutics, Inc | 3,089,993 | |||||||
49,390 | *,e | Invitae Corp | 1,723,711 | |||||||
132,550 | * | Ironwood Pharmaceuticals, Inc | 1,463,352 | |||||||
15,505 | * | Jazz Pharmaceuticals plc | 2,549,022 | |||||||
22,970 | * | Keros Therapeutics, Inc | 1,350,636 | |||||||
141,530 | * | Lexicon Pharmaceuticals, Inc | 687,836 | |||||||
8,790 | * | Ligand Pharmaceuticals, Inc (Class B) | 1,282,373 | |||||||
413,140 | *,e | MannKind Corp | 1,888,050 | |||||||
36,766 | * | Natera, Inc | 4,044,995 | |||||||
26,280 | * | NGM Biopharmaceuticals Inc | 722,700 | |||||||
20,528 | * | Novavax, Inc | 4,863,699 | |||||||
15,170 | * | Nurix Therapeutics, Inc | 528,219 | |||||||
60,360 | * | Organogenesis Holdings Inc | 1,349,650 | |||||||
59,248 | Phibro Animal Health Corp | 1,452,761 | ||||||||
75,430 | * | PPD, Inc | 3,484,866 | |||||||
32,641 | * | PRA Health Sciences, Inc | 5,447,456 | |||||||
45,910 | * | Prothena Corp plc | 1,218,451 | |||||||
87,949 | * | Radius Health, Inc | 1,961,263 | |||||||
7,704 | * | Reata Pharmaceuticals, Inc | 781,186 | |||||||
25,426 | * | Sarepta Therapeutics, Inc | 1,801,178 | |||||||
11,435 | * | Seagen, Inc | 1,643,896 |
41 |
TIAA-CREF FUNDS – Quant Small/Mid-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
62,930 | * | Travere Therapeutics, Inc | $ | 1,555,630 | ||||||
19,955 | * | United Therapeutics Corp | 4,022,130 | |||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 103,032,010 | |||||||||
REAL ESTATE - 7.4% | ||||||||||
99,931 | Alexander & Baldwin, Inc | 1,831,735 | ||||||||
138,620 | American Homes 4 Rent | 5,134,485 | ||||||||
109,900 | CareTrust REIT, Inc | 2,657,382 | ||||||||
142,866 | Columbia Property Trust, Inc | 2,573,017 | ||||||||
102,670 | CubeSmart | 4,347,048 | ||||||||
447,920 | Diversified Healthcare Trust | 1,977,567 | ||||||||
78,256 | Equity Lifestyle Properties, Inc | 5,430,966 | ||||||||
70,239 | First Industrial Realty Trust, Inc | 3,495,795 | ||||||||
106,835 | Gaming and Leisure Properties, Inc | 4,966,759 | ||||||||
56,748 | Getty Realty Corp | 1,792,102 | ||||||||
43,140 | Gladstone Land Corp | 905,509 | ||||||||
71,552 | Healthcare Realty Trust, Inc | 2,301,112 | ||||||||
6,800 | * | Jones Lang LaSalle, Inc | 1,277,788 | |||||||
106,956 | Kennedy-Wilson Holdings, Inc | 2,197,946 | ||||||||
41,439 | Life Storage, Inc | 3,980,630 | ||||||||
19,620 | * | Marcus & Millichap, Inc | 692,978 | |||||||
70,390 | Medical Properties Trust, Inc | 1,552,100 | ||||||||
96,690 | National Retail Properties, Inc | 4,488,350 | ||||||||
24,180 | National Storage Affiliates Trust | 1,098,739 | ||||||||
51,343 | NexPoint Residential Trust, Inc | 2,575,365 | ||||||||
103,570 | Omega Healthcare Investors, Inc | 3,935,660 | ||||||||
232,020 | Paramount Group, Inc | 2,461,732 | ||||||||
105,780 | * | Park Hotels & Resorts, Inc | 2,359,952 | |||||||
60,050 | Regency Centers Corp | 3,822,783 | ||||||||
74,360 | Rexford Industrial Realty, Inc | 4,130,698 | ||||||||
24,778 | RMR Group, Inc | 980,713 | ||||||||
92,785 | STAG Industrial, Inc | 3,387,580 | ||||||||
19,280 | STORE Capital Corp | 690,031 | ||||||||
29,660 | Terreno Realty Corp | 1,913,663 | ||||||||
148,460 | VICI Properties, Inc | 4,706,182 | ||||||||
111,952 | Weingarten Realty Investors | 3,620,528 | ||||||||
TOTAL REAL ESTATE | 87,286,895 | |||||||||
RETAILING - 5.3% | ||||||||||
60,450 | * | Academy Sports & Outdoors, Inc | 1,862,465 | |||||||
43,271 | * | Autonation, Inc | 4,434,412 | |||||||
64,870 | * | Bed Bath & Beyond, Inc | 1,642,508 | |||||||
73,050 | Camping World Holdings, Inc | 3,180,597 | ||||||||
85,930 | * | CarParts.com, Inc | 1,484,870 | |||||||
130,280 | * | Container Store Group, Inc | 1,835,645 | |||||||
86,549 | Core-Mark Holding Co, Inc | 3,683,525 | ||||||||
28,930 | * | Etsy, Inc | 5,750,995 | |||||||
4,910 | * | GameStop Corp (Class A) | 852,327 | |||||||
18,080 | * | Hibbett Sports, Inc | 1,436,456 | |||||||
87,120 | Kohl’s Corp | 5,110,459 | ||||||||
121,855 | * | Magnite, Inc | 4,880,293 | |||||||
48,970 | * | MarineMax, Inc | 2,781,496 | |||||||
55,767 | * | National Vision Holdings, Inc | 2,811,214 |
42 |
TIAA-CREF FUNDS – Quant Small/Mid-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
77,480 | * | ODP Corp | $ | 3,132,516 | ||||||
15,530 | Pool Corp | 6,561,736 | ||||||||
9,190 | * | RH | 6,322,904 | |||||||
32,805 | Sonic Automotive, Inc (Class A) | 1,618,599 | ||||||||
6,170 | Williams-Sonoma, Inc | 1,053,528 | ||||||||
64,502 | * | Zumiez, Inc | 2,771,651 | |||||||
TOTAL RETAILING | 63,208,196 | |||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.6% | ||||||||||
33,030 | * | Alpha & Omega Semiconductor Ltd | 1,027,233 | |||||||
15,690 | * | Ambarella, Inc | 1,529,618 | |||||||
191,174 | Amkor Technology, Inc | 3,865,538 | ||||||||
57,213 | Brooks Automation, Inc | 5,797,393 | ||||||||
24,325 | * | Enphase Energy, Inc | 3,387,256 | |||||||
72,067 | * | Formfactor, Inc | 2,821,423 | |||||||
43,090 | * | Ichor Holdings Ltd | 2,403,129 | |||||||
39,315 | * | Impinj, Inc | 1,865,890 | |||||||
89,256 | * | Lattice Semiconductor Corp | 4,490,470 | |||||||
21,683 | Marvell Technology, Inc | 980,289 | ||||||||
177,428 | * | NeoPhotonics Corp Ltd | 1,660,726 | |||||||
53,349 | Teradyne, Inc | 6,672,893 | ||||||||
63,490 | * | Ultra Clean Holdings | 3,242,434 | |||||||
11,696 | Universal Display Corp | 2,616,278 | ||||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 42,360,570 | |||||||||
SOFTWARE & SERVICES - 8.2% | ||||||||||
38,863 | Amdocs Ltd | 2,982,347 | ||||||||
53,950 | * | Anaplan, Inc | 3,218,118 | |||||||
13,767 | * | Avalara, Inc | 1,950,922 | |||||||
66,290 | * | Avaya Holdings Corp | 1,907,163 | |||||||
52,548 | * | Black Knight, Inc | 3,805,526 | |||||||
210,290 | * | Cloudera, Inc | 2,668,580 | |||||||
26,661 | * | Concentrix Corp | 4,142,586 | |||||||
13,140 | * | Digital Turbine, Inc | 991,150 | |||||||
7,914 | * | DocuSign, Inc | 1,764,347 | |||||||
70,520 | * | Domo, Inc | 4,533,731 | |||||||
92,783 | * | Dynatrace, Inc | 4,828,427 | |||||||
33,695 | * | Elastic NV | 4,064,291 | |||||||
62,061 | EVERTEC, Inc | 2,476,234 | ||||||||
39,431 | * | Five9, Inc | 7,411,845 | |||||||
82,510 | Genpact Ltd | 3,921,700 | ||||||||
5,620 | * | Globant S.A. | 1,287,992 | |||||||
134,620 | * | Nuance Communications, Inc | 7,157,745 | |||||||
143,305 | * | Nutanix, Inc | 3,874,967 | |||||||
23,349 | * | Paylocity Holding Corp | 4,511,961 | |||||||
39,681 | Pegasystems, Inc | 5,037,106 | ||||||||
70,821 | Progress Software Corp | 3,092,045 | ||||||||
42,560 | * | Smartsheet, Inc | 2,523,808 | |||||||
52,433 | * | SPS Commerce, Inc | 5,371,237 | |||||||
103,456 | * | SVMK, Inc | 1,861,173 | |||||||
40,530 | * | Tenable Holdings, Inc | 1,519,672 | |||||||
62,480 | * | Teradata Corp | 3,090,886 | |||||||
58,870 | * | Veritone, Inc | 1,419,944 |
43 |
TIAA-CREF FUNDS – Quant Small/Mid-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
36,332 | * | Zendesk, Inc | $ | 5,309,922 | ||||||
TOTAL SOFTWARE & SERVICES | 96,725,425 | |||||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 3.6% | ||||||||||
174,990 | * | Arlo Technologies, Inc | 1,072,689 | |||||||
33,285 | * | Arrow Electronics, Inc | 3,796,820 | |||||||
89,725 | Avnet, Inc | 3,940,722 | ||||||||
51,210 | * | Cambium Networks Corp | 3,072,600 | |||||||
39,690 | Cognex Corp | 3,418,103 | ||||||||
42,400 | * | EchoStar Corp (Class A) | 1,036,680 | |||||||
8,110 | * | ePlus, Inc | 813,920 | |||||||
84,090 | * | Extreme Networks, Inc | 956,944 | |||||||
39,010 | * | Insight Enterprises, Inc | 3,915,434 | |||||||
68,256 | Jabil Inc | 3,577,979 | ||||||||
126,343 | * | Knowles Corp | 2,640,569 | |||||||
61,711 | National Instruments Corp | 2,555,452 | ||||||||
84,502 | * | Sanmina Corp | 3,451,062 | |||||||
26,661 | Synnex Corp | 3,231,313 | ||||||||
58,600 | * | Trimble Inc | 4,805,200 | |||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 42,285,487 | |||||||||
TELECOMMUNICATION SERVICES - 0.3% | ||||||||||
38,150 | * | Anterix, Inc | 1,805,258 | |||||||
126,513 | * | Liberty Latin America Ltd (Class A) | 1,756,633 | |||||||
42,004 | * | Liberty Latin America Ltd (Class C) | 585,956 | |||||||
TOTAL TELECOMMUNICATION SERVICES | 4,147,847 | |||||||||
TRANSPORTATION - 2.1% | ||||||||||
38,872 | * | Alaska Air Group, Inc | 2,687,610 | |||||||
57,161 | * | Echo Global Logistics, Inc | 1,869,165 | |||||||
17,956 | Forward Air Corp | 1,585,335 | ||||||||
91,755 | * | Hub Group, Inc (Class A) | 6,030,138 | |||||||
29,914 | Landstar System, Inc | 5,153,584 | ||||||||
122,430 | Marten Transport Ltd | 2,047,030 | ||||||||
23,910 | Ryder System, Inc | 1,908,974 | ||||||||
24,000 | * | XPO Logistics, Inc | 3,338,880 | |||||||
TOTAL TRANSPORTATION | 24,620,716 | |||||||||
UTILITIES - 1.2% | ||||||||||
35,951 | Brookfield Renewable Corp | 1,491,248 | ||||||||
91,774 | Clearway Energy, Inc (Class A) | 2,439,353 | ||||||||
115,146 | MDU Resources Group, Inc | 3,852,785 | ||||||||
60,426 | NRG Energy, Inc | 2,164,459 | ||||||||
30,060 | ONE Gas, Inc | 2,418,928 | ||||||||
113,767 | Vistra Energy Corp | 1,919,249 | ||||||||
TOTAL UTILITIES | 14,286,022 | |||||||||
TOTAL COMMON STOCKS | 1,183,525,595 | |||||||||
(Cost $786,678,469) |
44 |
TIAA-CREF FUNDS – Quant Small/Mid-Cap Equity Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | |||||||||||||
SHORT-TERM INVESTMENTS - 3.0% | |||||||||||||||||
REPURCHASE AGREEMENT - 0.5% | |||||||||||||||||
$ | 6,280,000 | r | Fixed Income Clearing Corp (FICC) | 0.005 | % | 05/03/21 | $ | 6,280,000 | |||||||||
TOTAL REPURCHASE AGREEMENT | 6,280,000 | ||||||||||||||||
SHARES | COMPANY | ||||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 2.5% | |||||||||||||||||
29,158,029 | c | State Street Navigator Securities Lending | 0.020 | 29,158,029 | |||||||||||||
Government Money Market Portfolio | |||||||||||||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 29,158,029 | ||||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 35,438,029 | ||||||||||||||||
(Cost $35,438,029) | |||||||||||||||||
TOTAL INVESTMENTS - 102.9% | 1,218,963,624 | ||||||||||||||||
(Cost $822,116,498) | |||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - (2.9)% | (33,925,886 | ) | |||||||||||||||
NET ASSETS - 100.0% | $ | 1,185,037,738 | |||||||||||||||
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 $29,955,232. | ||||||||||||||||
r | Agreement with Fixed Income Clearing Corporation, 0.005% dated 4/30/21 to be repurchased at $6,280,000 on 5/3/21, collateralized by U.S. Treasury Notes valued at $6,405,626. |
45 |
TIAA-CREF FUNDS – Social Choice Equity Fund
TIAA-CREF FUNDS
SOCIAL CHOICE EQUITY FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2021
SHARES | COMPANY | VALUE | ||||||||
COMMON STOCKS - 99.7% | ||||||||||
AUTOMOBILES & COMPONENTS - 2.0% | ||||||||||
202,179 | * | American Axle & Manufacturing Holdings, Inc | $ | 1,870,196 | ||||||
110,497 | * | Aptiv plc | 15,899,413 | |||||||
12,746 | BorgWarner, Inc | 619,201 | ||||||||
86,264 | * | Tenneco, Inc | 868,678 | |||||||
170,522 | * | Tesla, Inc | 120,975,128 | |||||||
TOTAL AUTOMOBILES & COMPONENTS | 140,232,616 | |||||||||
BANKS - 3.2% | ||||||||||
1,694 | Ameris Bancorp | 91,628 | ||||||||
26,689 | Associated Banc-Corp | 584,222 | ||||||||
47,422 | Bank OZK | 1,943,828 | ||||||||
3,518 | Banner Corp | 199,963 | ||||||||
47,884 | Berkshire Hills Bancorp, Inc | 1,062,546 | ||||||||
6,267 | Brookline Bancorp, Inc | 100,899 | ||||||||
8,221 | Bryn Mawr Bank Corp | 377,837 | ||||||||
1,799 | Cadence BanCorp | 40,028 | ||||||||
3,985 | Camden National Corp | 190,164 | ||||||||
487,312 | Citigroup, Inc | 34,716,107 | ||||||||
471,252 | Citizens Financial Group, Inc | 21,809,543 | ||||||||
440 | Columbia Banking System, Inc | 19,153 | ||||||||
108,335 | Comerica, Inc | 8,142,459 | ||||||||
353 | Commerce Bancshares, Inc | 27,467 | ||||||||
1,572 | Community Trust Bancorp, Inc | 70,048 | ||||||||
3,270 | Cullen/Frost Bankers, Inc | 392,596 | ||||||||
46,110 | * | Customers Bancorp, Inc | 1,591,717 | |||||||
12,542 | Federal Agricultural Mortgage Corp (Class C) | 1,290,070 | ||||||||
10,587 | First Busey Corp | 264,463 | ||||||||
44,108 | First Republic Bank | 8,082,350 | ||||||||
1,130 | FNB Corp | 14,566 | ||||||||
540 | Glacier Bancorp, Inc | 31,833 | ||||||||
52,448 | Great Western Bancorp, Inc | 1,733,406 | ||||||||
1,279 | Hancock Whitney Corp | 59,141 | ||||||||
8,920 | Heartland Financial USA, Inc | 448,408 | ||||||||
3,902 | Heritage Financial Corp | 109,646 | ||||||||
19,184 | HomeStreet, Inc | 783,475 | ||||||||
285,811 | Huntington Bancshares, Inc | 4,378,624 | ||||||||
118,883 | Investors Bancorp, Inc | 1,740,447 | ||||||||
94,874 | Kearny Financial Corp | 1,212,490 | ||||||||
218,676 | Keycorp | 4,758,390 | ||||||||
24,031 | Live Oak Bancshares, Inc | 1,537,023 | ||||||||
277,015 | MGIC Investment Corp | 4,221,709 | ||||||||
15,374 | * | Mr Cooper Group, Inc | 530,096 | |||||||
26,162 | National Bank Holdings Corp | 1,043,864 | ||||||||
310 | NBT Bancorp, Inc | 11,746 | ||||||||
468,877 | New York Community Bancorp, Inc | 5,607,769 | ||||||||
7,838 | Old National Bancorp | 148,138 |
46 |
TIAA-CREF FUNDS – Social Choice Equity Fund
SHARES | COMPANY | VALUE | ||||||||
166,628 | People’s United Financial, Inc | $ | 3,020,966 | |||||||
53,702 | Pinnacle Financial Partners, Inc | 4,706,443 | ||||||||
251,083 | PNC Financial Services Group, Inc | 46,939,967 | ||||||||
682,855 | Regions Financial Corp | 14,886,239 | ||||||||
12,826 | Stock Yards Bancorp, Inc | 656,178 | ||||||||
19,485 | * | SVB Financial Group | 11,142,108 | |||||||
1,879 | * | Texas Capital Bancshares, Inc | 128,956 | |||||||
10,055 | TFS Financial Corp | 196,676 | ||||||||
17,614 | * | The Bancorp, Inc | 391,119 | |||||||
3,796 | Trico Bancshares | 175,679 | ||||||||
31,975 | * | Tristate Capital Holdings, Inc | 763,243 | |||||||
513,618 | Truist Financial Corp | 30,462,684 | ||||||||
350 | Trustmark Corp | 11,343 | ||||||||
2,167 | UMB Financial Corp | 210,264 | ||||||||
650 | Umpqua Holdings Corp | 12,116 | ||||||||
3,046 | United Bankshares, Inc | 119,616 | ||||||||
17,523 | Univest Financial Corp | 489,417 | ||||||||
3,230 | Webster Financial Corp | 170,899 | ||||||||
21,910 | WesBanco, Inc | 795,114 | ||||||||
1,553 | Westamerica Bancorporation | 98,460 | ||||||||
230 | Wintrust Financial Corp | 17,733 | ||||||||
684 | WSFS Financial Corp | 34,946 | ||||||||
55,123 | Zions Bancorporation | 3,075,863 | ||||||||
TOTAL BANKS | 227,873,888 | |||||||||
CAPITAL GOODS - 6.1% | ||||||||||
213,347 | 3M Co | 42,059,228 | ||||||||
954 | Acuity Brands, Inc | 176,986 | ||||||||
16,472 | * | Aegion Corp | 495,807 | |||||||
85,519 | * | Axon Enterprise, Inc | 12,965,536 | |||||||
46,198 | Barnes Group, Inc | 2,306,204 | ||||||||
419 | * | Beacon Roofing Supply, Inc | 23,602 | |||||||
159,850 | * | Bloom Energy Corp | 4,151,304 | |||||||
17,565 | Carlisle Cos, Inc | 3,366,332 | ||||||||
65,923 | Carrier Global Corp | 2,872,924 | ||||||||
218,248 | Caterpillar, Inc | 49,784,551 | ||||||||
41,474 | Cubic Corp | 3,103,914 | ||||||||
35,835 | Cummins, Inc | 9,031,853 | ||||||||
74,317 | Curtiss-Wright Corp | 9,505,144 | ||||||||
135,980 | Deere & Co | 50,428,183 | ||||||||
180,177 | Eaton Corp | 25,752,699 | ||||||||
1,365 | EMCOR Group, Inc | 163,527 | ||||||||
119,034 | Fastenal Co | 6,223,098 | ||||||||
99,730 | Fortive Corp | 7,062,879 | ||||||||
300 | GATX Corp | 29,313 | ||||||||
245 | Granite Construction, Inc | 9,334 | ||||||||
11,668 | * | Herc Holdings, Inc | 1,232,141 | |||||||
143,741 | * | Hexcel Corp | 8,108,430 | |||||||
1,801 | IDEX Corp | 403,784 | ||||||||
160,575 | Illinois Tool Works, Inc | 37,006,115 | ||||||||
317,614 | Johnson Controls International plc | 19,800,057 | ||||||||
171,085 | Masco Corp | 10,928,910 | ||||||||
98,990 | * | Mercury Systems, Inc | 7,448,008 | |||||||
23,535 | Moog, Inc (Class A) | 2,036,954 | ||||||||
3,829 | * | MYR Group, Inc | 298,279 | |||||||
6,412 | Owens Corning, Inc | 620,746 |
47 |
TIAA-CREF FUNDS – Social Choice Equity Fund
SHARES | COMPANY | VALUE | ||||||||
59,731 | PACCAR, Inc | $ | 5,368,622 | |||||||
45,133 | * | PAE, Inc | 404,843 | |||||||
47,521 | Parker-Hannifin Corp | 14,912,565 | ||||||||
37,955 | Rockwell Automation, Inc | 10,029,988 | ||||||||
36,980 | Roper Technologies Inc | 16,509,351 | ||||||||
3,916 | Rush Enterprises, Inc (Class A) | 193,294 | ||||||||
9,292 | Snap-On, Inc | 2,207,779 | ||||||||
22,713 | Stanley Black & Decker, Inc | 4,696,367 | ||||||||
37,441 | * | Teledyne Technologies, Inc | 16,764,208 | |||||||
69,059 | Trane Technologies plc | 12,004,526 | ||||||||
19,636 | * | Trimas Corp | 625,210 | |||||||
30,230 | * | United Rentals, Inc | 9,672,089 | |||||||
20,461 | * | Vectrus, Inc | 1,071,133 | |||||||
13,236 | W.W. Grainger, Inc | 5,738,335 | ||||||||
1,174 | Wabash National Corp | 20,674 | ||||||||
4,192 | * | WESCO International, Inc | 384,490 | |||||||
36,655 | Woodward Inc | 4,582,242 | ||||||||
36,530 | Xylem, Inc | 4,042,045 | ||||||||
TOTAL CAPITAL GOODS | 426,623,603 | |||||||||
COMMERCIAL & PROFESSIONAL SERVICES - 1.6% | ||||||||||
540 | ABM Industries, Inc | 27,761 | ||||||||
9,872 | ACCO Brands Corp | 84,702 | ||||||||
279,575 | ADT, Inc | 2,572,090 | ||||||||
970 | * | ASGN Inc | 102,025 | |||||||
15,838 | Cintas Corp | 5,466,327 | ||||||||
140,578 | * | Copart, Inc | 17,503,367 | |||||||
650 | Covanta Holding Corp | 9,776 | ||||||||
11,966 | * | FTI Consulting, Inc | 1,661,479 | |||||||
4,282 | Heidrick & Struggles International, Inc | 181,129 | ||||||||
8,866 | * | Huron Consulting Group, Inc | 498,801 | |||||||
4,156 | ICF International, Inc | 378,445 | ||||||||
262,982 | IHS Markit Ltd | 28,291,604 | ||||||||
232,801 | * | KAR Auction Services, Inc | 3,489,687 | |||||||
39,570 | * | Kelly Services, Inc (Class A) | 991,228 | |||||||
5,758 | Kimball International, Inc (Class B) | 83,952 | ||||||||
590 | Knoll, Inc | 14,101 | ||||||||
19,611 | Resources Connection, Inc | 276,711 | ||||||||
52,605 | Robert Half International, Inc | 4,608,724 | ||||||||
100,455 | Science Applications International Corp | 8,982,686 | ||||||||
1,210 | Steelcase, Inc (Class A) | 16,698 | ||||||||
120,100 | TransUnion | 12,561,259 | ||||||||
2,825 | * | TriNet Group, Inc | 222,356 | |||||||
14,026 | Verisk Analytics, Inc | 2,639,693 | ||||||||
34,600 | * | Viad Corp | 1,441,436 | |||||||
145,676 | Waste Management, Inc | 20,098,918 | ||||||||
TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 112,204,955 | |||||||||
CONSUMER DURABLES & APPAREL - 1.6% | ||||||||||
13,930 | Callaway Golf Co | 403,273 | ||||||||
396 | Columbia Sportswear Co | 43,168 | ||||||||
48,547 | DR Horton, Inc | 4,771,685 | ||||||||
41,286 | Ethan Allen Interiors, Inc | 1,185,321 | ||||||||
6,860 | Garmin Ltd | 941,466 | ||||||||
26,976 | * | GoPro, Inc | 302,940 | |||||||
9,306 | * | Green Brick Partners, Inc | 240,188 |
48 |
TIAA-CREF FUNDS – Social Choice Equity Fund
SHARES | COMPANY | VALUE | ||||||||
258 | Hasbro, Inc | $ | 25,658 | |||||||
23,776 | * | iRobot Corp | 2,586,829 | |||||||
39,735 | Lennar Corp (Class A) | 4,116,546 | ||||||||
27,336 | * | Lululemon Athletica, Inc | 9,164,941 | |||||||
17,259 | * | Mohawk Industries, Inc | 3,546,725 | |||||||
5,483 | Newell Brands Inc | 147,822 | ||||||||
462,257 | Nike, Inc (Class B) | 61,304,523 | ||||||||
2,134 | * | NVR, Inc | 10,708,625 | |||||||
1,614 | * | PVH Corp | 182,673 | |||||||
136,133 | * | Sonos, Inc | 5,449,404 | |||||||
57,495 | VF Corp | 5,040,012 | ||||||||
TOTAL CONSUMER DURABLES & APPAREL | 110,161,799 | |||||||||
CONSUMER SERVICES - 3.1% | ||||||||||
26,652 | * | American Public Education, Inc | 811,820 | |||||||
20,720 | * | Booking Holdings, Inc | 51,097,178 | |||||||
33,683 | * | Bright Horizons Family Solutions | 4,878,309 | |||||||
27,978 | Carriage Services, Inc | 1,040,222 | ||||||||
42,424 | Darden Restaurants, Inc | 6,224,449 | ||||||||
79,641 | * | Dave & Buster’s Entertainment, Inc | 3,636,408 | |||||||
320 | * | Dine Brands Global Inc. | 30,928 | |||||||
24,042 | Domino’s Pizza, Inc | 10,153,898 | ||||||||
36,071 | * | El Pollo Loco Holdings, Inc | 611,043 | |||||||
12,999 | * | frontdoor, Inc | 695,836 | |||||||
7,258 | Graham Holdings Co | 4,613,257 | ||||||||
237,102 | * | Hilton Worldwide Holdings, Inc | 30,515,027 | |||||||
17,475 | * | Marriott Vacations Worldwide Corp | 3,104,084 | |||||||
28,107 | * | Planet Fitness, Inc | 2,360,707 | |||||||
214,045 | * | Royal Caribbean Cruises Ltd | 18,611,213 | |||||||
79,942 | Service Corp International | 4,272,101 | ||||||||
3,259 | * | Shake Shack, Inc | 354,416 | |||||||
73,527 | * | Six Flags Entertainment Corp | 3,454,298 | |||||||
481,777 | Starbucks Corp | 55,158,649 | ||||||||
87,949 | * | Terminix Global Holdings, Inc | 4,475,725 | |||||||
19,207 | * | Vail Resorts, Inc | 6,245,348 | |||||||
74,915 | Wendy’s | 1,690,832 | ||||||||
23,431 | * | WW International Inc | 649,976 | |||||||
TOTAL CONSUMER SERVICES | 214,685,724 | |||||||||
DIVERSIFIED FINANCIALS - 6.5% | ||||||||||
178,603 | Ally Financial, Inc | 9,189,124 | ||||||||
316,873 | American Express Co | 48,592,475 | ||||||||
502,214 | Bank of New York Mellon Corp | 25,050,434 | ||||||||
66,250 | BlackRock, Inc | 54,278,625 | ||||||||
616,865 | Charles Schwab Corp | 43,427,296 | ||||||||
127,359 | CME Group, Inc | 25,725,244 | ||||||||
280 | Cohen & Steers, Inc | 19,046 | ||||||||
350,235 | Discover Financial Services | 39,926,790 | ||||||||
8,872 | Factset Research Systems, Inc | 2,982,944 | ||||||||
93,919 | Franklin Resources, Inc | 2,817,570 | ||||||||
9,333 | * | Green Dot Corp | 427,078 | |||||||
350,309 | Intercontinental Exchange Group, Inc | 41,234,872 | ||||||||
36,329 | Invesco Ltd | 980,883 | ||||||||
18,792 | MarketAxess Holdings, Inc | 9,179,140 | ||||||||
66,740 | Moody’s Corp | 21,804,625 | ||||||||
613,023 | Morgan Stanley | 50,605,049 |
49 |
TIAA-CREF FUNDS – Social Choice Equity Fund
SHARES | COMPANY | VALUE | ||||||||
22,879 | Nasdaq Inc | $ | 3,695,874 | |||||||
14,006 | *,† | NewStar Financial, Inc | 3,382 | |||||||
119,931 | Northern Trust Corp | 13,648,148 | ||||||||
5,668 | * | PRA Group, Inc | 213,570 | |||||||
2,432 | PROG Holdings, Inc | 123,886 | ||||||||
107,469 | S&P Global, Inc | 41,954,823 | ||||||||
123,600 | State Street Corp | 10,376,220 | ||||||||
27,351 | T Rowe Price Group, Inc | 4,901,299 | ||||||||
25,591 | Voya Financial, Inc | 1,735,582 | ||||||||
TOTAL DIVERSIFIED FINANCIALS | 452,893,979 | |||||||||
ENERGY - 2.7% | ||||||||||
365,578 | Antero Midstream Corp | 3,158,594 | ||||||||
168,015 | APA Corp | 3,360,300 | ||||||||
255,419 | Baker Hughes Co | 5,128,814 | ||||||||
2,812 | * | ChampionX Corp | 59,080 | |||||||
131,742 | * | Cheniere Energy, Inc | 10,212,640 | |||||||
501,595 | Chevron Corp | 51,699,397 | ||||||||
12,907 | Cimarex Energy Co | 854,443 | ||||||||
473,573 | ConocoPhillips | 24,218,523 | ||||||||
2,207 | Delek US Holdings, Inc | 52,372 | ||||||||
211,025 | * | EQT Corp | 4,030,577 | |||||||
166,604 | * | Frank’s International NV | 541,213 | |||||||
244,595 | * | Helix Energy Solutions Group, Inc | 1,049,313 | |||||||
96,629 | Hess Corp | 7,199,827 | ||||||||
950,369 | Kinder Morgan, Inc | 16,203,791 | ||||||||
681,982 | * | Kosmos Energy Ltd | 1,950,469 | |||||||
1,400,276 | Marathon Oil Corp | 15,767,108 | ||||||||
702,032 | * | NOV, Inc | 10,495,378 | |||||||
12,097 | * | Oceaneering International, Inc | 130,043 | |||||||
19,522 | ONEOK, Inc | 1,021,781 | ||||||||
496,614 | Schlumberger Ltd | 13,433,409 | ||||||||
101,258 | * | Select Energy Services, Inc | 489,076 | |||||||
744,346 | * | Southwestern Energy Co | 3,178,357 | |||||||
201,345 | Valero Energy Corp | 14,891,476 | ||||||||
TOTAL ENERGY | 189,125,981 | |||||||||
FOOD & STAPLES RETAILING - 0.7% | ||||||||||
191,931 | * | BJ’s Wholesale Club Holdings, Inc | 8,573,558 | |||||||
53,353 | Casey’s General Stores, Inc | 11,854,503 | ||||||||
53,344 | * | Chefs’ Warehouse Holdings, Inc | 1,719,277 | |||||||
47,513 | * | Performance Food Group Co | 2,789,013 | |||||||
37,095 | Pricesmart, Inc | 3,117,464 | ||||||||
59,184 | SpartanNash Co | 1,146,394 | ||||||||
201,369 | * | Sprouts Farmers Market, Inc | 5,157,060 | |||||||
92,192 | * | United Natural Foods, Inc | 3,398,197 | |||||||
249,841 | * | US Foods Holding Corp | 10,358,408 | |||||||
TOTAL FOOD & STAPLES RETAILING | 48,113,874 | |||||||||
FOOD, BEVERAGE & TOBACCO - 2.7% | ||||||||||
48,741 | *,e | Beyond Meat, Inc | 6,418,215 | |||||||
75,680 | Campbell Soup Co | 3,613,720 | ||||||||
1,106,400 | Coca-Cola Co | 59,723,472 | ||||||||
13,309 | * | Darling International, Inc | 924,310 | |||||||
52,427 | Fresh Del Monte Produce, Inc | 1,478,441 | ||||||||
366,471 | General Mills, Inc | 22,303,425 |
50 |
TIAA-CREF FUNDS – Social Choice Equity Fund
SHARES | COMPANY | VALUE | ||||||||
3,800 | * | Hain Celestial Group, Inc | $ | 155,838 | ||||||
206,505 | Hormel Foods Corp | 9,540,531 | ||||||||
130,364 | Kellogg Co | 8,137,321 | ||||||||
70,056 | McCormick & Co, Inc | 6,330,260 | ||||||||
466,553 | PepsiCo, Inc | 67,258,281 | ||||||||
6,553 | * | TreeHouse Foods, Inc | 311,923 | |||||||
TOTAL FOOD, BEVERAGE & TOBACCO | 186,195,737 | |||||||||
HEALTH CARE EQUIPMENT & SERVICES - 6.3% | ||||||||||
36,512 | * | Abiomed, Inc | 11,710,494 | |||||||
40,357 | *,e | Accelerate Diagnostics, Inc | 295,010 | |||||||
25,972 | *,e | Acutus Medical, Inc | 354,518 | |||||||
42,465 | * | Align Technology, Inc | 25,289,181 | |||||||
255,113 | * | Allscripts Healthcare Solutions, Inc | 3,969,558 | |||||||
59,123 | * | Angiodynamics, Inc | 1,436,689 | |||||||
198,633 | * | Antares Pharma, Inc | 752,819 | |||||||
7,715 | * | AtriCure, Inc | 594,595 | |||||||
983 | * | Axonics Modulation Technologies, Inc | 61,860 | |||||||
42,429 | Becton Dickinson & Co | 10,556,759 | ||||||||
18,940 | Cardinal Health, Inc | 1,142,840 | ||||||||
408,000 | * | Centene Corp | 25,189,920 | |||||||
305,608 | Cerner Corp | 22,935,880 | ||||||||
238,681 | * | Cerus Corp | 1,455,954 | |||||||
191,615 | Cigna Corp | 47,714,051 | ||||||||
19,097 | Computer Programs & Systems, Inc | 573,292 | ||||||||
34,556 | Cooper Cos, Inc | 14,198,715 | ||||||||
86,367 | * | Covetrus, Inc | 2,474,415 | |||||||
174,825 | Dentsply Sirona, Inc | 11,802,436 | ||||||||
47,832 | * | DexCom, Inc | 18,467,935 | |||||||
356,778 | * | Edwards Lifesciences Corp | 34,079,435 | |||||||
141,106 | * | Envista Holdings Corp | 6,107,068 | |||||||
12,520 | * | Glaukos Corp | 1,178,883 | |||||||
11,862 | * | Globus Medical, Inc | 851,336 | |||||||
10,134 | * | Guardant Health, Inc | 1,611,103 | |||||||
5,238 | * | Haemonetics Corp | 352,308 | |||||||
105,672 | HCA Healthcare, Inc | 21,246,412 | ||||||||
55,315 | * | Health Catalyst, Inc | 3,202,739 | |||||||
22,037 | * | Henry Schein, Inc | 1,597,683 | |||||||
5,398 | * | Heska Corp | 985,945 | |||||||
92,217 | * | Hologic, Inc | 6,044,824 | |||||||
88,343 | Humana, Inc | 39,333,837 | ||||||||
49,662 | * | IDEXX Laboratories, Inc | 27,263,941 | |||||||
7,998 | * | Inogen, Inc | 522,989 | |||||||
18,829 | * | Integer Holding Corp | 1,767,667 | |||||||
18,561 | * | Intersect ENT, Inc | 404,815 | |||||||
37,957 | * | Laboratory Corp of America Holdings | 10,091,628 | |||||||
25,670 | LeMaitre Vascular, Inc | 1,346,905 | ||||||||
7,921 | * | LivaNova plc | 672,255 | |||||||
1,635 | * | Magellan Health Services, Inc | 154,017 | |||||||
12,655 | * | Meridian Bioscience, Inc | 247,785 | |||||||
57,619 | * | Merit Medical Systems, Inc | 3,664,568 | |||||||
0 | * | ModivCare, Inc | 0 | |||||||
94,024 | * | NextGen Healthcare, Inc | 1,721,579 | |||||||
36,544 | * | Omnicell, Inc | 5,299,611 | |||||||
51,150 | * | OraSure Technologies, Inc | 468,023 | |||||||
30,909 | * | Orthofix Medical Inc | 1,370,814 |
51 |
TIAA-CREF FUNDS – Social Choice Equity Fund
SHARES | COMPANY | VALUE | ||||||||
13,076 | * | Penumbra, Inc | $ | 4,001,125 | ||||||
1,887 | Premier, Inc | 66,705 | ||||||||
22,904 | Quest Diagnostics, Inc | 3,020,580 | ||||||||
60,260 | * | Quidel Corp | 6,314,645 | |||||||
68,280 | Resmed, Inc | 12,834,592 | ||||||||
41,276 | * | Staar Surgical Co | 5,655,225 | |||||||
27,192 | STERIS plc | 5,738,056 | ||||||||
27,194 | * | Tactile Systems Technology, Inc | 1,558,216 | |||||||
14,310 | * | Tandem Diabetes Care, Inc | 1,315,089 | |||||||
86,043 | * | Teladoc, Inc | 14,829,511 | |||||||
14,585 | * | Triple-S Management Corp (Class B) | 345,810 | |||||||
52,629 | * | Vocera Communications, Inc | 1,903,591 | |||||||
37,317 | West Pharmaceutical Services, Inc | 12,259,381 | ||||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 442,407,617 | |||||||||
HOUSEHOLD & PERSONAL PRODUCTS - 2.2% | ||||||||||
71,778 | Clorox Co | 13,099,485 | ||||||||
260,833 | Colgate-Palmolive Co | 21,049,223 | ||||||||
93,175 | Estee Lauder Cos (Class A) | 29,238,315 | ||||||||
54,856 | Kimberly-Clark Corp | 7,313,402 | ||||||||
641,116 | Procter & Gamble Co | 85,537,697 | ||||||||
TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 156,238,122 | |||||||||
INSURANCE - 2.7% | ||||||||||
275,241 | Aflac, Inc | 14,788,699 | ||||||||
96,775 | Allstate Corp | 12,271,070 | ||||||||
198,853 | Chubb Ltd | 34,121,186 | ||||||||
1,444 | * | eHealth, Inc | 102,149 | |||||||
909,210 | * | Genworth Financial, Inc (Class A) | 3,927,787 | |||||||
73,799 | Lincoln National Corp | 4,732,730 | ||||||||
178,033 | Loews Corp | 9,925,340 | ||||||||
237,157 | Marsh & McLennan Cos, Inc | 32,182,205 | ||||||||
36,503 | Metlife, Inc | 2,322,686 | ||||||||
245,742 | Progressive Corp | 24,756,049 | ||||||||
268,139 | Prudential Financial, Inc | 26,910,430 | ||||||||
128,444 | Travelers Cos, Inc | 19,865,149 | ||||||||
366 | White Mountains Insurance Group Ltd | 426,547 | ||||||||
12,115 | Willis Towers Watson plc | 3,136,089 | ||||||||
TOTAL INSURANCE | 189,468,116 | |||||||||
MATERIALS - 3.2% | ||||||||||
15,724 | Amcor plc | 184,757 | ||||||||
10,332 | Aptargroup, Inc | 1,558,169 | ||||||||
242,787 | Ball Corp | 22,734,575 | ||||||||
78,491 | * | Century Aluminum Co | 1,229,169 | |||||||
1,709 | Compass Minerals International, Inc | 116,075 | ||||||||
378,897 | DuPont de Nemours, Inc | 29,216,748 | ||||||||
194,299 | Ecolab, Inc | 43,546,292 | ||||||||
945 | H.B. Fuller Co | 63,145 | ||||||||
58,009 | International Flavors & Fragrances, Inc | 8,247,139 | ||||||||
206,745 | Linde plc | 59,095,991 | ||||||||
15,280 | Martin Marietta Materials, Inc | 5,395,673 | ||||||||
121,472 | Mosaic Co | 4,273,385 | ||||||||
417,007 | Newmont Goldcorp Corp | 26,025,407 | ||||||||
127,761 | Nucor Corp | 10,509,620 | ||||||||
19,087 | PPG Industries, Inc | 3,268,458 |
52 |
TIAA-CREF FUNDS – Social Choice Equity Fund
SHARES | COMPANY | VALUE | ||||||||
2,337 | Reliance Steel & Aluminum Co | $ | 374,644 | |||||||
4,126 | Schnitzer Steel Industries, Inc (Class A) | 194,788 | ||||||||
145,000 | * | Summit Materials, Inc | 4,174,550 | |||||||
21,681 | Trinseo S.A. | 1,342,271 | ||||||||
26,495 | * | US Concrete, Inc | 1,680,048 | |||||||
TOTAL MATERIALS | 223,230,904 | |||||||||
MEDIA & ENTERTAINMENT - 8.0% | ||||||||||
446,292 | Activision Blizzard, Inc | 40,697,367 | ||||||||
56,887 | * | Alphabet, Inc (Class A) | 133,883,555 | |||||||
55,165 | * | Alphabet, Inc (Class C) | 132,954,270 | |||||||
2,875 | Cable One, Inc | 5,146,250 | ||||||||
21,905 | * | Cardlytics, Inc | 3,012,595 | |||||||
183,270 | * | Cinemark Holdings, Inc | 3,885,324 | |||||||
0 | *,e | Discovery, Inc (Class A) | 0 | |||||||
284,699 | * | Discovery, Inc (Class C) | 9,198,625 | |||||||
155,882 | Electronic Arts, Inc | 22,147,715 | ||||||||
155,166 | Gray Television, Inc | 3,152,973 | ||||||||
103,389 | * | iHeartMedia, Inc | 1,978,865 | |||||||
84,829 | * | Imax Corp | 1,749,174 | |||||||
104,365 | Interpublic Group of Cos, Inc | 3,313,589 | ||||||||
48,734 | John Wiley & Sons, Inc (Class A) | 2,774,914 | ||||||||
19,147 | * | Liberty Broadband Corp (Class A) | 3,018,907 | |||||||
170,308 | * | Liberty Broadband Corp (Class C) | 27,712,518 | |||||||
223,677 | * | Live Nation, Inc | 18,314,673 | |||||||
17,298 | * | Madison Square Garden Co | 3,197,362 | |||||||
58,591 | New York Times Co (Class A) | 2,660,617 | ||||||||
200,000 | Nuveen ESG Large-Cap ETF | 7,785,780 | ||||||||
294,588 | Omnicom Group, Inc | 24,232,809 | ||||||||
436,290 | * | Pinterest, Inc | 28,956,567 | |||||||
4,632 | * | Roku, Inc | 1,588,637 | |||||||
38,431 | Scholastic Corp | 1,165,612 | ||||||||
79,157 | Sinclair Broadcast Group, Inc (Class A) | 2,570,228 | ||||||||
2,058,500 | e | Sirius XM Holdings, Inc | 12,556,850 | |||||||
77,379 | * | Take-Two Interactive Software, Inc | 13,570,729 | |||||||
8,077 | TEGNA, Inc | 162,025 | ||||||||
179,898 | * | TripAdvisor, Inc | 8,478,593 | |||||||
469,482 | * | Twitter, Inc | 25,924,796 | |||||||
39,121 | World Wrestling Entertainment, Inc (Class A) | 2,155,958 | ||||||||
1,539,472 | * | Zynga, Inc | 16,657,087 | |||||||
TOTAL MEDIA & ENTERTAINMENT | 564,604,964 | |||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.1% | ||||||||||
387,840 | AbbVie, Inc | 43,244,160 | ||||||||
54,132 | * | Acadia Pharmaceuticals, Inc | 1,112,954 | |||||||
72,985 | * | Aerie Pharmaceuticals, Inc | 1,250,233 | |||||||
150,551 | Agilent Technologies, Inc | 20,119,636 | ||||||||
46,854 | * | Agios Pharmaceuticals, Inc | 2,614,453 | |||||||
180,747 | Amgen, Inc | 43,314,211 | ||||||||
19,093 | * | AnaptysBio, Inc | 445,822 | |||||||
39,118 | * | Assembly Biosciences, Inc | 167,425 | |||||||
68,699 | * | Atara Biotherapeutics, Inc | 965,908 | |||||||
7,618 | * | Avrobio, Inc | 88,978 | |||||||
2,503 | * | Axsome Therapeutics, Inc | 151,331 | |||||||
253,324 | *,e | BioCryst Pharmaceuticals, Inc | 2,947,425 | |||||||
59,313 | * | Biogen, Inc | 15,856,144 |
53 |
TIAA-CREF FUNDS – Social Choice Equity Fund
SHARES | COMPANY | VALUE | ||||||||
47,040 | * | BioMarin Pharmaceutical, Inc | $ | 3,665,357 | ||||||
53,151 | * | Bluebird Bio, Inc | 1,594,530 | |||||||
694,911 | Bristol-Myers Squibb Co | 43,376,345 | ||||||||
54,314 | * | Collegium Pharmaceutical, Inc | 1,211,202 | |||||||
86,060 | * | Cymabay Therapeutics, Inc | 374,154 | |||||||
279,150 | Eli Lilly & Co | 51,020,245 | ||||||||
4,990 | *,e | Esperion Thereapeutics, Inc | 134,480 | |||||||
34,362 | *,e | Flexion Therapeutics, Inc | 266,649 | |||||||
369,794 | Gilead Sciences, Inc | 23,470,825 | ||||||||
32,627 | * | Halozyme Therapeutics, Inc | 1,629,719 | |||||||
13,651 | * | Illumina, Inc | 5,362,659 | |||||||
32,728 | * | Insmed, Inc | 1,103,915 | |||||||
91,116 | * | Intra-Cellular Therapies, Inc | 3,137,124 | |||||||
56,297 | * | IQVIA Holdings, Inc | 13,212,343 | |||||||
27,862 | * | Jazz Pharmaceuticals plc | 4,580,513 | |||||||
67,163 | * | Karyopharm Therapeutics, Inc | 627,302 | |||||||
32,897 | * | MacroGenics, Inc | 1,064,547 | |||||||
688,678 | Merck & Co, Inc | 51,306,511 | ||||||||
5,838 | * | Mettler-Toledo International, Inc | 7,667,162 | |||||||
2,895 | * | Mirati Therapeutics, Inc | 481,207 | |||||||
5,398 | * | Novavax, Inc | 1,278,948 | |||||||
365,030 | *,e | Opko Health, Inc | 1,496,623 | |||||||
42,303 | Perrigo Co plc | 1,761,074 | ||||||||
66,120 | * | Prothena Corp plc | 1,754,825 | |||||||
9,835 | * | Regeneron Pharmaceuticals, Inc | 4,733,586 | |||||||
14,849 | * | Repligen Corp | 3,143,682 | |||||||
74,418 | * | Revance Therapeutics, Inc | 2,167,052 | |||||||
5,837 | * | Sage Therapeutics, Inc | 459,722 | |||||||
87,463 | * | Sangamo Therapeutics Inc | 1,030,314 | |||||||
607,784 | *,e | TherapeuticsMD, Inc | 735,419 | |||||||
117,437 | Thermo Fisher Scientific, Inc | 55,222,401 | ||||||||
5,640 | * | Tricida, Inc | 26,226 | |||||||
28,275 | * | Ultragenyx Pharmaceutical, Inc | 3,156,621 | |||||||
138,897 | * | Vertex Pharmaceuticals, Inc | 30,307,325 | |||||||
18,425 | * | Waters Corp | 5,525,105 | |||||||
238,042 | * | ZIOPHARM Oncology, Inc | 823,625 | |||||||
230,091 | Zoetis, Inc | 39,812,646 | ||||||||
14,602 | * | Zogenix, Inc | 275,832 | |||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 501,276,495 | |||||||||
REAL ESTATE - 3.3% | ||||||||||
48,860 | Alexandria Real Estate Equities, Inc | 8,848,546 | ||||||||
206,290 | American Tower Corp | 52,556,503 | ||||||||
5,584 | Americold Realty Trust | 225,538 | ||||||||
72,632 | Boston Properties, Inc | 7,942,309 | ||||||||
54,010 | Brixmor Property Group, Inc | 1,206,583 | ||||||||
27,618 | CatchMark Timber Trust, Inc | 321,197 | ||||||||
84,154 | * | CBRE Group, Inc | 7,169,921 | |||||||
7,957 | Coresite Realty | 966,696 | ||||||||
23,373 | Cousins Properties, Inc | 857,088 | ||||||||
31,197 | CyrusOne, Inc | 2,272,078 | ||||||||
309,873 | * | DiamondRock Hospitality Co | 3,228,877 | |||||||
8,358 | Douglas Emmett, Inc | 280,327 | ||||||||
19,598 | Easterly Government Properties, Inc | 419,985 | ||||||||
36,148 | Equinix, Inc | 26,054,033 | ||||||||
33,420 | First Industrial Realty Trust, Inc | 1,663,313 |
54 |
TIAA-CREF FUNDS – Social Choice Equity Fund
SHARES | COMPANY | VALUE | ||||||||
52,368 | Franklin Street Properties Corp | $ | 276,503 | |||||||
204,267 | Healthpeak Properties Inc | 7,014,529 | ||||||||
296,126 | * | Host Hotels and Resorts, Inc | 5,377,648 | |||||||
32,022 | * | Howard Hughes Corp | 3,456,455 | |||||||
24,076 | Hudson Pacific Properties | 676,776 | ||||||||
27,253 | iStar Inc | 504,453 | ||||||||
5,945 | * | Jones Lang LaSalle, Inc | 1,117,125 | |||||||
4,739 | Kilroy Realty Corp | 324,811 | ||||||||
88,542 | Kimco Realty Corp | 1,859,382 | ||||||||
243,312 | Macerich Co | 3,355,272 | ||||||||
4,166 | Paramount Group, Inc | 44,201 | ||||||||
412,858 | * | Park Hotels & Resorts, Inc | 9,210,862 | |||||||
540 | Piedmont Office Realty Trust, Inc | 10,055 | ||||||||
349,941 | Prologis, Inc | 40,778,625 | ||||||||
4,690 | QTS Realty Trust, Inc | 311,838 | ||||||||
59,974 | * | Realogy Holdings Corp | 1,036,351 | |||||||
15,022 | Regency Centers Corp | 956,301 | ||||||||
33,735 | RLJ Lodging Trust | 544,483 | ||||||||
2,009 | RMR Group, Inc | 79,516 | ||||||||
50,222 | SBA Communications Corp | 15,052,538 | ||||||||
30,349 | UDR, Inc | 1,409,711 | ||||||||
63,246 | Ventas, Inc | 3,507,623 | ||||||||
297 | Washington REIT | 6,896 | ||||||||
177,561 | Welltower, Inc | 13,322,402 | ||||||||
238,457 | Weyerhaeuser Co | 9,244,978 | ||||||||
58,638 | * | Xenia Hotels & Resorts, Inc | 1,139,336 | |||||||
TOTAL REAL ESTATE | 234,631,664 | |||||||||
RETAILING - 4.5% | ||||||||||
42,656 | *,e | 1-800-FLOWERS.COM, Inc (Class A) | 1,363,926 | |||||||
1,216 | Aaron’s Co, Inc | 37,562 | ||||||||
15,656 | Advance Auto Parts, Inc | 3,133,705 | ||||||||
250 | Buckle, Inc | 10,485 | ||||||||
1,601 | * | CarMax, Inc | 213,317 | |||||||
110,482 | * | Designer Brands, Inc | 1,955,531 | |||||||
19,185 | * | Dollar Tree, Inc | 2,204,357 | |||||||
627,982 | eBay, Inc | 35,035,116 | ||||||||
6,360 | * | Five Below, Inc | 1,280,077 | |||||||
20,838 | Gap, Inc | 689,738 | ||||||||
24,775 | * | Genesco, Inc | 1,238,750 | |||||||
41,091 | * | Groupon, Inc | 2,080,437 | |||||||
29,239 | * | Hibbett Sports, Inc | 2,323,039 | |||||||
257,453 | Home Depot, Inc | 83,329,813 | ||||||||
17,745 | * | Lands’ End, Inc | 408,845 | |||||||
77,025 | * | LKQ Corp | 3,597,838 | |||||||
212,649 | Lowe’s Companies, Inc | 41,732,366 | ||||||||
424,516 | * | Macy’s, Inc | 7,038,475 | |||||||
35,671 | * | MarineMax, Inc | 2,026,113 | |||||||
397 | Pool Corp | 167,740 | ||||||||
147,288 | * | Quotient Technology, Inc | 2,406,686 | |||||||
106,917 | * | RealReal, Inc | 2,648,334 | |||||||
44,159 | Ross Stores, Inc | 5,782,180 | ||||||||
5,448 | * | Sally Beauty Holdings, Inc | 109,341 | |||||||
16,066 | Shoe Carnival, Inc | 963,157 | ||||||||
226,308 | Target Corp | 46,904,596 | ||||||||
467,945 | TJX Companies, Inc | 33,224,095 |
55 |
TIAA-CREF FUNDS – Social Choice Equity Fund
SHARES | COMPANY | VALUE | ||||||||
15,754 | Tractor Supply Co | $ | 2,971,204 | |||||||
97,178 | * | Wayfair, Inc | 28,722,901 | |||||||
0 | Williams-Sonoma, Inc | 0 | ||||||||
860 | Winmark Corp | 165,610 | ||||||||
18,394 | * | Zumiez, Inc | 790,390 | |||||||
TOTAL RETAILING | 314,555,724 | |||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.2% | ||||||||||
383,762 | Applied Materials, Inc | 50,929,055 | ||||||||
22,180 | * | Cirrus Logic, Inc | 1,650,414 | |||||||
27,359 | * | Cree, Inc | 2,720,032 | |||||||
75,276 | * | First Solar, Inc | 5,760,872 | |||||||
1,272,342 | Intel Corp | 73,197,835 | ||||||||
70,704 | Lam Research Corp | 43,868,297 | ||||||||
154,078 | NVIDIA Corp | 92,505,350 | ||||||||
625,390 | * | ON Semiconductor Corp | 24,390,210 | |||||||
18,585 | * | Silicon Laboratories, Inc | 2,619,556 | |||||||
341,844 | Texas Instruments, Inc | 61,706,260 | ||||||||
12,500 | Universal Display Corp | 2,796,125 | ||||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 362,144,006 | |||||||||
SOFTWARE & SERVICES - 16.0% | ||||||||||
220,982 | Accenture plc | 64,078,151 | ||||||||
146,354 | * | Adobe, Inc | 74,397,592 | |||||||
8,239 | * | Anaplan, Inc | 491,456 | |||||||
21,767 | * | Aspen Technology, Inc | 2,847,994 | |||||||
136,139 | * | Autodesk, Inc | 39,740,336 | |||||||
154,389 | Automatic Data Processing, Inc | 28,869,199 | ||||||||
147,482 | * | Avaya Holdings Corp | 4,243,057 | |||||||
50,952 | * | Benefitfocus, Inc | 688,871 | |||||||
11,196 | * | Bill.Com Holdings, Inc | 1,731,237 | |||||||
86,552 | * | Blackline, Inc | 10,045,225 | |||||||
7,095 | * | BM Technologies, Inc | 69,602 | |||||||
133,543 | * | Cadence Design Systems, Inc | 17,596,961 | |||||||
31,906 | * | ChannelAdvisor Corp | 674,812 | |||||||
27,122 | * | Concentrix Corp | 4,214,216 | |||||||
55,469 | CSG Systems International, Inc | 2,551,019 | ||||||||
437,308 | * | DXC Technology Co | 14,391,806 | |||||||
38,717 | * | Elastic NV | 4,670,045 | |||||||
57,024 | * | ExlService Holdings, Inc | 5,267,877 | |||||||
107,101 | * | Five9, Inc | 20,131,775 | |||||||
182 | InterDigital, Inc | 12,634 | ||||||||
388,803 | International Business Machines Corp | 55,163,370 | ||||||||
113,870 | Intuit, Inc | 46,932,659 | ||||||||
216,899 | *,e | Limelight Networks, Inc | 678,894 | |||||||
17,107 | * | Liveperson, Inc | 934,898 | |||||||
234,672 | Mastercard, Inc (Class A) | 89,658,784 | ||||||||
1,364,381 | d | Microsoft Corp | 344,069,601 | |||||||
87,517 | * | New Relic, Inc | 5,627,343 | |||||||
123,295 | * | Nutanix, Inc | 3,333,897 | |||||||
104,832 | * | Okta, Inc | 28,273,190 | |||||||
5,290 | * | OneSpan, Inc | 141,825 | |||||||
27,817 | * | Paylocity Holding Corp | 5,375,357 | |||||||
323,933 | * | PayPal Holdings, Inc | 84,964,387 | |||||||
54,901 | * | Perficient, Inc | 3,602,055 | |||||||
21,141 | * | Qualys, Inc | 2,142,852 |
56 |
TIAA-CREF FUNDS – Social Choice Equity Fund
SHARES | COMPANY | VALUE | ||||||||
28,640 | * | Rapid7, Inc | $ | 2,327,000 | ||||||
475,652 | * | Sabre Corp | 7,125,267 | |||||||
292,774 | * | salesforce.com, Inc | 67,431,708 | |||||||
15,522 | * | ServiceNow, Inc | 7,859,875 | |||||||
34,748 | * | Smartsheet, Inc | 2,060,556 | |||||||
61,226 | * | SPS Commerce, Inc | 6,271,991 | |||||||
110,299 | * | SVMK, Inc | 1,984,279 | |||||||
67,259 | * | Sykes Enterprises, Inc | 2,947,962 | |||||||
58,543 | * | Teradata Corp | 2,896,122 | |||||||
29,975 | TTEC Holdings, Inc | 3,049,357 | ||||||||
134,149 | *,e | VMware, Inc (Class A) | 21,575,184 | |||||||
74,003 | * | WEX, Inc | 15,186,156 | |||||||
66,646 | * | Workday, Inc | 16,461,562 | |||||||
9,332 | * | Workiva, Inc | 877,208 | |||||||
TOTAL SOFTWARE & SERVICES | 1,125,667,204 | |||||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 4.4% | ||||||||||
73,619 | Avnet, Inc | 3,233,346 | ||||||||
63,953 | Belden CDT, Inc | 2,767,886 | ||||||||
3,739 | Benchmark Electronics, Inc | 112,245 | ||||||||
131,980 | * | Ciena Corp | 6,661,031 | |||||||
1,318,948 | Cisco Systems, Inc | 67,147,643 | ||||||||
132,522 | Cognex Corp | 11,412,795 | ||||||||
823,449 | Corning, Inc | 36,404,680 | ||||||||
34,326 | CTS Corp | 1,116,282 | ||||||||
113,572 | Dolby Laboratories, Inc (Class A) | 11,524,151 | ||||||||
5,701 | * | ePlus, Inc | 572,152 | |||||||
26,536 | * | Fabrinet | 2,272,012 | |||||||
1,520,006 | Hewlett Packard Enterprise Co | 24,350,496 | ||||||||
1,221,596 | HP, Inc | 41,668,640 | ||||||||
11,733 | * | Insight Enterprises, Inc | 1,177,641 | |||||||
3,493 | * | Itron, Inc | 314,160 | |||||||
154,293 | * | Keysight Technologies, Inc | 22,272,195 | |||||||
37,235 | * | Kimball Electronics, Inc | 856,777 | |||||||
126,755 | * | Knowles Corp | 2,649,180 | |||||||
14,814 | * | Lumentum Holdings, Inc | 1,259,931 | |||||||
6,814 | Methode Electronics, Inc | 306,153 | ||||||||
3,474 | Motorola Solutions, Inc | 654,154 | ||||||||
54,373 | National Instruments Corp | 2,251,586 | ||||||||
3,344 | * | Novanta, Inc | 440,438 | |||||||
500 | * | OSI Systems, Inc | 48,285 | |||||||
55,453 | * | Ribbon Communications, Inc | 374,308 | |||||||
11,038 | * | Rogers Corp | 2,161,682 | |||||||
27,122 | Synnex Corp | 3,287,186 | ||||||||
211,150 | * | Trimble Inc | 17,314,300 | |||||||
179,596 | * | TTM Technologies, Inc | 2,693,940 | |||||||
73,134 | Vishay Intertechnology, Inc | 1,796,902 | ||||||||
18,688 | * | Vishay Precision Group, Inc | 595,773 | |||||||
276,797 | * | Vontier Corp | 8,674,818 | |||||||
304,889 | Xerox Holdings Corp | 7,352,764 | ||||||||
44,351 | * | Zebra Technologies Corp (Class A) | 21,631,757 | |||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 307,357,289 | |||||||||
TELECOMMUNICATION SERVICES - 1.6% | ||||||||||
72,710 | * | Boingo Wireless, Inc | 1,015,032 | |||||||
167,393 | * | Iridium Communications, Inc | 6,359,260 |
57 |
TIAA-CREF FUNDS – Social Choice Equity Fund
SHARES | COMPANY | VALUE | ||||||||
247,927 | * | T-Mobile US, Inc | $ | 32,758,595 | ||||||
1,261,731 | Verizon Communications, Inc | 72,915,434 | ||||||||
TOTAL TELECOMMUNICATION SERVICES | 113,048,321 | |||||||||
TRANSPORTATION - 2.6% | ||||||||||
43,563 | ArcBest Corp | 3,169,644 | ||||||||
26,629 | * | Avis Budget Group, Inc | 2,386,225 | |||||||
55,101 | CH Robinson Worldwide, Inc | 5,349,205 | ||||||||
382,556 | CSX Corp | 38,542,517 | ||||||||
787,884 | * | Delta Air Lines, Inc | 36,967,517 | |||||||
45,853 | * | Echo Global Logistics, Inc | 1,499,393 | |||||||
8 | Expeditors International of Washington, Inc | 879 | ||||||||
5,175 | Kansas City Southern | 1,512,187 | ||||||||
180 | Landstar System, Inc | 31,010 | ||||||||
113,436 | Norfolk Southern Corp | 31,675,869 | ||||||||
1,373 | Old Dominion Freight Line | 353,973 | ||||||||
9 | Ryder System, Inc | 718 | ||||||||
284,796 | United Parcel Service, Inc (Class B) | 58,058,513 | ||||||||
TOTAL TRANSPORTATION | 179,547,650 | |||||||||
UTILITIES - 2.4% | ||||||||||
276,600 | American Electric Power Co, Inc | 24,537,186 | ||||||||
31,187 | American Water Works Co, Inc | 4,864,860 | ||||||||
126,378 | Centerpoint Energy, Inc | 3,094,997 | ||||||||
10,650 | CMS Energy Corp | 685,754 | ||||||||
187,145 | Consolidated Edison, Inc | 14,486,895 | ||||||||
187,480 | Dominion Energy, Inc | 14,979,652 | ||||||||
19,802 | DTE Energy Co | 2,772,676 | ||||||||
134,706 | Eversource Energy | 11,614,351 | ||||||||
290 | Ormat Technologies, Inc | 20,996 | ||||||||
206,735 | Public Service Enterprise Group, Inc | 13,057,383 | ||||||||
163,123 | Sempra Energy | 22,440,831 | ||||||||
6,282 | e | South Jersey Industries, Inc | 155,480 | |||||||
499,130 | Southern Co | 33,027,432 | ||||||||
18,122 | * | Sunnova Energy International, Inc | 640,069 | |||||||
30,558 | UGI Corp | 1,335,690 | ||||||||
112,385 | WEC Energy Group, Inc | 10,920,450 | ||||||||
180,121 | Xcel Energy, Inc | 12,842,627 | ||||||||
TOTAL UTILITIES | 171,477,329 | |||||||||
TOTAL COMMON STOCKS (Cost $4,205,528,312) | 6,993,767,561 | |||||||||
RIGHTS / WARRANTS - 0.0% | ||||||||||
MEDIA & ENTERTAINMENT - 0.0% | ||||||||||
21,053 | † | Media General, Inc | 0 | |||||||
TOTAL MEDIA & ENTERTAINMENT | 0 | |||||||||
TOTAL RIGHTS / WARRANTS | 0 | |||||||||
(Cost $0) |
58 |
TIAA-CREF FUNDS – Social Choice Equity Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
SHORT-TERM INVESTMENTS - 1.3% | ||||||||||||||||
GOVERNMENT AGENCY DEBT - 0.6% | ||||||||||||||||
$ | 18,232,000 | Federal Home Loan Bank (FHLB) | 0.005-0.010 | % | 05/05/21 | $ | 18,232,000 | |||||||||
27,760,000 | FHLB | 0.005-0.020 | 06/23/21 | 27,760,000 | ||||||||||||
TOTAL GOVERNMENT AGENCY DEBT | 45,992,000 | |||||||||||||||
REPURCHASE AGREEMENT - 0.1% | ||||||||||||||||
5,705,000 | r | Fixed Income Clearing Corp (FICC) | 0.005 | 05/03/21 | 5,705,000 | |||||||||||
TOTAL REPURCHASE AGREEMENT | 5,705,000 | |||||||||||||||
TREASURY DEBT - 0.1% | ||||||||||||||||
4,332,000 | United States Treasury Bill | 0.005 | 05/04/21 | 4,332,000 | ||||||||||||
TOTAL TREASURY DEBT | 4,332,000 | |||||||||||||||
SHARES | COMPANY | |||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.5% | ||||||||||||||||
37,193,500 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 0.020 | 37,193,500 | ||||||||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 37,193,500 | |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 93,222,500 | |||||||||||||||
(Cost $93,222,065) | ||||||||||||||||
TOTAL INVESTMENTS - 101.0% | 7,086,990,061 | |||||||||||||||
(Cost $4,298,750,377) | ||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - (1.0)% | (73,320,447 | ) | ||||||||||||||
NET ASSETS - 100.0% | $ | 7,013,669,614 |
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 futures contracts. | ||
e | All or a portion of these securities are out on loan. The aggregate value of securities on loan is $55,425,854. | ||
r | Agreement with Fixed Income Clearing Corporation, 0.005% dated 4/30/21 to be repurchased at $5,705,000 on 5/3/21, collateralized by U.S. Treasury Notes valued at $5,819,115. | ||
Futures contracts outstanding as of April 30, 2021 were as follows: | ||||||||||||||||||||
Description | Number of long (short) contracts | Expiration date | Notional amount | Value | Unrealized appreciation (depreciation) | |||||||||||||||
S&P 500 E Mini Index | 270 | 06/18/21 | $ | 55,762,473 | $ | 56,354,400 | $ | 591,927 |
59 |
TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund
TIAA-CREF FUNDS
SOCIAL CHOICE LOW CARBON EQUITY FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2021
SHARES | COMPANY | VALUE | ||||||||
COMMON STOCKS - 98.3% | ||||||||||
AUTOMOBILES & COMPONENTS - 2.0% | ||||||||||
20,686 | * | American Axle & Manufacturing Holdings, Inc | $ | 191,966 | ||||||
9,867 | * | Aptiv plc | 1,419,763 | |||||||
3,153 | * | Tenneco, Inc | 31,751 | |||||||
18,724 | * | Tesla, Inc | 13,283,554 | |||||||
TOTAL AUTOMOBILES & COMPONENTS | 14,927,034 | |||||||||
BANKS - 3.6% | ||||||||||
1,105 | Amalgamated Financial Corp | 17,846 | ||||||||
3,289 | * | Amerant Bancorp Inc | 62,327 | |||||||
5,989 | Berkshire Hills Bancorp, Inc | 132,896 | ||||||||
3,941 | Brookline Bancorp, Inc | 63,450 | ||||||||
3,200 | Bryn Mawr Bank Corp | 147,072 | ||||||||
339 | Camden National Corp | 16,177 | ||||||||
1,460 | CBTX, Inc | 45,654 | ||||||||
89,145 | Citigroup, Inc | 6,350,690 | ||||||||
49,591 | Citizens Financial Group, Inc | 2,295,071 | ||||||||
3,253 | Comerica, Inc | 244,495 | ||||||||
2,370 | * | Customers Bancorp, Inc | 81,812 | |||||||
2,710 | Dime Community Bancshares, Inc | 89,755 | ||||||||
129 | Federal Agricultural Mortgage Corp (FAMC) | 13,269 | ||||||||
119 | First Commonwealth Financial Corp | 1,724 | ||||||||
5,530 | First Republic Bank | 1,013,317 | ||||||||
4,571 | Great Western Bancorp, Inc | 151,072 | ||||||||
414 | HomeStreet, Inc | 16,908 | ||||||||
16,834 | Huntington Bancshares, Inc | 257,897 | ||||||||
11,424 | Investors Bancorp, Inc | 167,247 | ||||||||
3,981 | Kearny Financial Corp | 50,877 | ||||||||
33,252 | Keycorp | 723,564 | ||||||||
262 | Live Oak Bancshares, Inc | 16,758 | ||||||||
48,945 | MGIC Investment Corp | 745,922 | ||||||||
1,482 | National Bank Holdings Corp | 59,132 | ||||||||
22,902 | New York Community Bancorp, Inc | 273,908 | ||||||||
28,192 | PNC Financial Services Group, Inc | 5,270,494 | ||||||||
1,527 | Premier Financial Corp | 48,238 | ||||||||
2,454 | QCR Holdings, Inc | 118,332 | ||||||||
65,064 | Regions Financial Corp | 1,418,395 | ||||||||
2,387 | * | SVB Financial Group | 1,364,958 | |||||||
6,131 | * | Texas Capital Bancshares, Inc | 420,771 | |||||||
4,644 | * | Tristate Capital Holdings, Inc | 110,852 | |||||||
88,550 | Truist Financial Corp | 5,251,901 | ||||||||
1,445 | Univest Financial Corp | 40,359 | ||||||||
3,256 | WesBanco, Inc | 118,160 | ||||||||
5,184 | Zions Bancorporation | 289,267 | ||||||||
TOTAL BANKS | 27,490,567 |
60 |
TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund
SHARES | COMPANY | VALUE | ||||||||
CAPITAL GOODS - 6.8% | ||||||||||
28,209 | 3M Co | $ | 5,561,122 | |||||||
2,505 | * | Aegion Corp | 75,401 | |||||||
9,282 | * | Axon Enterprise, Inc | 1,407,244 | |||||||
16,323 | * | Bloom Energy Corp | 423,908 | |||||||
430 | Carlisle Cos, Inc | 82,410 | ||||||||
26,385 | Carrier Global Corp | 1,149,858 | ||||||||
25,080 | Caterpillar, Inc | 5,720,999 | ||||||||
2,596 | Cubic Corp | 194,285 | ||||||||
7,126 | Curtiss-Wright Corp | 911,415 | ||||||||
13,604 | Deere & Co | 5,045,043 | ||||||||
30,256 | Eaton Corp | 4,324,490 | ||||||||
271 | EMCOR Group, Inc | 32,466 | ||||||||
28,654 | Fastenal Co | 1,498,031 | ||||||||
18,048 | Fortive Corp | 1,278,159 | ||||||||
3,873 | Granite Construction, Inc | 147,561 | ||||||||
13,285 | * | Hexcel Corp | 749,407 | |||||||
20,628 | Illinois Tool Works, Inc | 4,753,929 | ||||||||
32,510 | Johnson Controls International plc | 2,026,673 | ||||||||
10,631 | Maxar Technologies, Inc | 412,589 | ||||||||
10,481 | * | Mercury Systems, Inc | 788,591 | |||||||
1,616 | Moog, Inc (Class A) | 139,865 | ||||||||
3,920 | Owens Corning, Inc | 379,495 | ||||||||
7,907 | PACCAR, Inc | 710,681 | ||||||||
8,367 | * | PAE, Inc | 75,052 | |||||||
7,728 | Parker-Hannifin Corp | 2,425,124 | ||||||||
5,962 | Quanta Services, Inc | 576,168 | ||||||||
4,893 | Raven Industries, Inc | 198,754 | ||||||||
6,567 | Rockwell Automation, Inc | 1,735,396 | ||||||||
2,252 | Roper Technologies Inc | 1,005,383 | ||||||||
20,252 | Stanley Black & Decker, Inc | 4,187,506 | ||||||||
5,131 | * | Teledyne Technologies, Inc | 2,297,405 | |||||||
2,387 | Trane Technologies plc | 414,932 | ||||||||
1,593 | * | United Rentals, Inc | 509,680 | |||||||
1,821 | * | Vectrus, Inc | 95,329 | |||||||
537 | W.W. Grainger, Inc | 232,811 | ||||||||
143 | * | WESCO International, Inc | 13,116 | |||||||
3,439 | Woodward Inc | 429,909 | ||||||||
1,778 | Xylem, Inc | 196,736 | ||||||||
TOTAL CAPITAL GOODS | 52,206,923 | |||||||||
COMMERCIAL & PROFESSIONAL SERVICES - 1.5% | ||||||||||
6,190 | ACCO Brands Corp | 53,110 | ||||||||
30,235 | ADT, Inc | 278,162 | ||||||||
10,125 | Cintas Corp | 3,494,543 | ||||||||
33,241 | * | Copart, Inc | 4,138,837 | |||||||
1,243 | Heidrick & Struggles International, Inc | 52,579 | ||||||||
278 | ICF International, Inc | 25,315 | ||||||||
15,579 | IHS Markit Ltd | 1,675,989 | ||||||||
162 | Insperity, Inc | 14,181 | ||||||||
4,819 | Interface, Inc | 61,876 | ||||||||
5,463 | * | Kelly Services, Inc (Class A) | 136,848 | |||||||
7 | Kforce, Inc | 392 | ||||||||
2,978 | Kimball International, Inc (Class B) | 43,419 | ||||||||
4,140 | Knoll, Inc | 98,946 | ||||||||
2,521 | Resources Connection, Inc | 35,571 | ||||||||
8,735 | Science Applications International Corp | 781,084 |
61 |
TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund
SHARES | COMPANY | VALUE | ||||||||
1,902 | * | SP Plus Corp | $ | 65,296 | ||||||
5,558 | TransUnion | 581,311 | ||||||||
1,943 | * | TrueBlue, Inc | 54,987 | |||||||
393 | Verisk Analytics, Inc | 73,963 | ||||||||
2,446 | * | Viad Corp | 101,900 | |||||||
TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 11,768,309 | |||||||||
CONSUMER DURABLES & APPAREL - 1.5% | ||||||||||
702 | Garmin Ltd | 96,342 | ||||||||
5 | Hasbro, Inc | 497 | ||||||||
1,724 | * | iRobot Corp | 187,571 | |||||||
4,908 | Lennar Corp (Class A) | 508,469 | ||||||||
6,784 | * | Lululemon Athletica, Inc | 2,274,472 | |||||||
50,731 | Nike, Inc (Class B) | 6,727,945 | ||||||||
118 | * | NVR, Inc | 592,136 | |||||||
9,623 | * | Sonos, Inc | 385,209 | |||||||
7,020 | VF Corp | 615,373 | ||||||||
TOTAL CONSUMER DURABLES & APPAREL | 11,388,014 | |||||||||
CONSUMER SERVICES - 3.1% | ||||||||||
2,547 | * | American Public Education, Inc | 77,582 | |||||||
2,284 | * | Booking Holdings, Inc | 5,632,527 | |||||||
3,091 | * | Bright Horizons Family Solutions | 447,669 | |||||||
1,115 | Carriage Services, Inc | 41,456 | ||||||||
8,720 | Darden Restaurants, Inc | 1,279,398 | ||||||||
5,630 | * | Dave & Buster’s Entertainment, Inc | 257,066 | |||||||
2,879 | Domino’s Pizza, Inc | 1,215,917 | ||||||||
1,397 | * | El Pollo Loco Holdings, Inc | 23,665 | |||||||
128 | * | frontdoor, Inc | 6,852 | |||||||
333 | Graham Holdings Co | 211,658 | ||||||||
28,899 | * | Hilton Worldwide Holdings, Inc | 3,719,301 | |||||||
38,710 | * | Royal Caribbean Cruises Ltd | 3,365,834 | |||||||
1,399 | Service Corp International | 74,763 | ||||||||
4,968 | * | Six Flags Entertainment Corp | 233,397 | |||||||
52,453 | Starbucks Corp | 6,005,344 | ||||||||
8,519 | * | Terminix Global Holdings, Inc | 433,532 | |||||||
2,511 | * | Vail Resorts, Inc | 816,477 | |||||||
191 | * | WW International Inc | 5,298 | |||||||
TOTAL CONSUMER SERVICES | 23,847,736 | |||||||||
DIVERSIFIED FINANCIALS - 5.9% | ||||||||||
6,499 | Ally Financial, Inc | 334,374 | ||||||||
37,372 | American Express Co | 5,730,996 | ||||||||
47,646 | Bank of New York Mellon Corp | 2,376,582 | ||||||||
7,217 | BlackRock, Inc | 5,912,888 | ||||||||
68,568 | Charles Schwab Corp | 4,827,187 | ||||||||
19,549 | CME Group, Inc | 3,948,703 | ||||||||
21,600 | Discover Financial Services | 2,462,400 | ||||||||
5,328 | * | Encore Capital Group, Inc | 209,604 | |||||||
36,233 | Intercontinental Exchange Group, Inc | 4,264,986 | ||||||||
8,331 | Moody’s Corp | 2,721,821 | ||||||||
71,143 | Morgan Stanley | 5,872,855 | ||||||||
544 | *,† | NewStar Financial, Inc | 131 | |||||||
13,726 | S&P Global, Inc | 5,358,493 | ||||||||
11,874 | State Street Corp | 996,822 | ||||||||
1,079 | T Rowe Price Group, Inc | 193,357 | ||||||||
TOTAL DIVERSIFIED FINANCIALS | 45,211,199 |
62 |
TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund
SHARES | COMPANY | VALUE | ||||||||
ENERGY - 2.0% | ||||||||||
74,031 | APA Corp | $ | 1,480,620 | |||||||
23,226 | Archrock, Inc | 216,931 | ||||||||
128,735 | Baker Hughes Co | 2,584,999 | ||||||||
8,518 | Cactus, Inc | 253,922 | ||||||||
35,005 | * | ChampionX Corp | 735,455 | |||||||
41,670 | * | Cheniere Energy, Inc | 3,230,258 | |||||||
20,285 | * | Clean Energy Fuels Corp | 223,135 | |||||||
11,183 | Delek US Holdings, Inc | 265,373 | ||||||||
2,093 | * | DMC Global, Inc | 113,022 | |||||||
6,168 | * | Dril-Quip, Inc | 189,049 | |||||||
26,097 | * | Frank’s International NV | 84,815 | |||||||
21,912 | * | Helix Energy Solutions Group, Inc | 94,002 | |||||||
15,246 | * | Liberty Oilfield Services, Inc | 178,378 | |||||||
74,481 | * | NOV, Inc | 1,113,491 | |||||||
17,766 | * | Oceaneering International, Inc | 190,985 | |||||||
66,311 | ONEOK, Inc | 3,470,718 | ||||||||
5,324 | * | Renewable Energy Group, Inc | 295,588 | |||||||
9,050 | * | Select Energy Services, Inc | 43,712 | |||||||
8,372 | World Fuel Services Corp | 258,946 | ||||||||
TOTAL ENERGY | 15,023,399 | |||||||||
FOOD & STAPLES RETAILING - 0.5% | ||||||||||
17,173 | * | BJ’s Wholesale Club Holdings, Inc | 767,118 | |||||||
4,345 | * | Chefs’ Warehouse Holdings, Inc | 140,039 | |||||||
22,067 | * | Performance Food Group Co | 1,295,333 | |||||||
5,542 | SpartanNash Co | 107,349 | ||||||||
18,448 | * | Sprouts Farmers Market, Inc | 472,453 | |||||||
6,704 | * | United Natural Foods, Inc | 247,109 | |||||||
24,573 | * | US Foods Holding Corp | 1,018,797 | |||||||
TOTAL FOOD & STAPLES RETAILING | 4,048,198 | |||||||||
FOOD, BEVERAGE & TOBACCO - 3.0% | ||||||||||
9,352 | Archer-Daniels-Midland Co | 590,392 | ||||||||
6,700 | * | Beyond Meat, Inc | 882,256 | |||||||
137,059 | Coca-Cola Co | 7,398,445 | ||||||||
1,258 | * | Darling International, Inc | 87,368 | |||||||
2,570 | Fresh Del Monte Produce, Inc | 72,474 | ||||||||
53,245 | General Mills, Inc | 3,240,491 | ||||||||
87 | * | Hain Celestial Group, Inc | 3,568 | |||||||
38,355 | Hormel Foods Corp | 1,772,001 | ||||||||
6,455 | Kellogg Co | 402,921 | ||||||||
9,648 | McCormick & Co, Inc | 871,793 | ||||||||
50,198 | PepsiCo, Inc | 7,236,543 | ||||||||
TOTAL FOOD, BEVERAGE & TOBACCO | 22,558,252 | |||||||||
HEALTH CARE EQUIPMENT & SERVICES - 5.8% | ||||||||||
2,773 | * | Abiomed, Inc | 889,384 | |||||||
126 | * | Acadia Healthcare Co, Inc | 7,676 | |||||||
3,696 | *,e | Accelerate Diagnostics, Inc | 27,018 | |||||||
2,715 | *,e | Acutus Medical, Inc | 37,060 | |||||||
5,929 | * | Align Technology, Inc | 3,530,897 | |||||||
8,131 | * | Allscripts Healthcare Solutions, Inc | 126,518 | |||||||
43 | * | AMN Healthcare Services, Inc | 3,410 |
63 |
TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund
SHARES | COMPANY | VALUE | ||||||||
2,779 | * | Angiodynamics, Inc | $ | 67,530 | ||||||
9,859 | * | Antares Pharma, Inc | 37,366 | |||||||
16,925 | Becton Dickinson & Co | 4,211,109 | ||||||||
22,631 | * | Brookdale Senior Living, Inc | 148,007 | |||||||
49,903 | * | Centene Corp | 3,081,011 | |||||||
22,079 | Cerner Corp | 1,657,029 | ||||||||
10,266 | * | Cerus Corp | 62,623 | |||||||
20,521 | Cigna Corp | 5,109,934 | ||||||||
711 | Computer Programs & Systems, Inc | 21,344 | ||||||||
2,215 | Cooper Cos, Inc | 910,121 | ||||||||
15,250 | Dentsply Sirona, Inc | 1,029,528 | ||||||||
6,456 | * | DexCom, Inc | 2,492,662 | |||||||
49,087 | * | Edwards Lifesciences Corp | 4,688,790 | |||||||
295 | Encompass Health Corp | 25,034 | ||||||||
9,467 | * | Envista Holdings Corp | 409,732 | |||||||
517 | * | Guardant Health, Inc | 82,193 | |||||||
10,796 | HCA Healthcare, Inc | 2,170,644 | ||||||||
3,910 | * | Health Catalyst, Inc | 226,389 | |||||||
1,150 | Hill-Rom Holdings, Inc | 126,753 | ||||||||
6,341 | * | Hologic, Inc | 415,653 | |||||||
8,603 | Humana, Inc | 3,830,400 | ||||||||
6,189 | * | IDEXX Laboratories, Inc | 3,397,699 | |||||||
90 | * | Integer Holding Corp | 8,449 | |||||||
6,206 | * | Intersect ENT, Inc | 135,353 | |||||||
62 | * | LivaNova plc | 5,262 | |||||||
2,340 | * | NextGen Healthcare, Inc | 42,845 | |||||||
5,147 | * | Omnicell, Inc | 746,418 | |||||||
4,963 | * | OraSure Technologies, Inc | 45,411 | |||||||
1,385 | * | Orthofix Medical Inc | 61,425 | |||||||
69 | * | Penumbra, Inc | 21,113 | |||||||
1,739 | * | Quidel Corp | 182,230 | |||||||
7,333 | * | Quotient Ltd | 28,745 | |||||||
586 | * | RadNet, Inc | 13,091 | |||||||
6,489 | Resmed, Inc | 1,219,737 | ||||||||
2,949 | * | Staar Surgical Co | 404,043 | |||||||
368 | * | Tactile Systems Technology, Inc | 21,086 | |||||||
1,379 | * | Tandem Diabetes Care, Inc | 126,730 | |||||||
5,780 | * | Teladoc, Inc | 996,183 | |||||||
272 | * | Tivity Health, Inc | 6,577 | |||||||
3,682 | * | Triple-S Management Corp (Class B) | 87,300 | |||||||
3,852 | * | Vocera Communications, Inc | 139,327 | |||||||
3,424 | West Pharmaceutical Services, Inc | 1,124,852 | ||||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 44,239,691 | |||||||||
HOUSEHOLD & PERSONAL PRODUCTS - 2.2% | ||||||||||
1,263 | Clorox Co | 230,498 | ||||||||
�� | 26,913 | Colgate-Palmolive Co | 2,171,879 | |||||||
15,714 | Estee Lauder Cos (Class A) | 4,931,053 | ||||||||
1,875 | Kimberly-Clark Corp | 249,975 | ||||||||
71,201 | Procter & Gamble Co | 9,499,637 | ||||||||
TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 17,083,042 | |||||||||
INSURANCE - 3.2% | ||||||||||
48,655 | Aflac, Inc | 2,614,233 | ||||||||
5,460 | Allstate Corp | 692,328 | ||||||||
30,140 | Chubb Ltd | 5,171,723 |
64 |
TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund
SHARES | COMPANY | VALUE | ||||||||
86,123 | * | Genworth Financial, Inc (Class A) | $ | 372,051 | ||||||
4,760 | Lincoln National Corp | 305,259 | ||||||||
41,554 | Loews Corp | 2,316,635 | ||||||||
31,094 | Marsh & McLennan Cos, Inc | 4,219,456 | ||||||||
33,502 | Metlife, Inc | 2,131,732 | ||||||||
6,495 | ProAssurance Corp | 162,375 | ||||||||
12,140 | Progressive Corp | 1,222,984 | ||||||||
30,958 | Prudential Financial, Inc | 3,106,945 | ||||||||
11,412 | Travelers Cos, Inc | 1,764,980 | ||||||||
156 | White Mountains Insurance Group Ltd | 181,807 | ||||||||
300 | Willis Towers Watson plc | 77,658 | ||||||||
TOTAL INSURANCE | 24,340,166 | |||||||||
MATERIALS - 3.1% | ||||||||||
36,547 | Ball Corp | 3,422,261 | ||||||||
81 | Compass Minerals International, Inc | 5,502 | ||||||||
9,255 | * | Domtar Corp | 364,832 | |||||||
54,415 | DuPont de Nemours, Inc | 4,195,941 | ||||||||
20,802 | Ecolab, Inc | 4,662,144 | ||||||||
1,370 | Innospec, Inc | 133,452 | ||||||||
6,388 | International Flavors & Fragrances, Inc | 908,182 | ||||||||
3,928 | * | Koppers Holdings, Inc | 130,567 | |||||||
1,729 | Martin Marietta Materials, Inc | 610,544 | ||||||||
47,168 | Mosaic Co | 1,659,370 | ||||||||
898 | Myers Industries, Inc | 20,259 | ||||||||
69,604 | Newmont Goldcorp Corp | 4,343,986 | ||||||||
6,517 | PPG Industries, Inc | 1,115,971 | ||||||||
2,256 | Reliance Steel & Aluminum Co | 361,659 | ||||||||
1,689 | Schnitzer Steel Industries, Inc (Class A) | 79,738 | ||||||||
3,886 | Scotts Miracle-Gro Co (Class A) | 898,288 | ||||||||
4,276 | Trinseo S.A. | 264,727 | ||||||||
2,689 | * | US Concrete, Inc | 170,509 | |||||||
TOTAL MATERIALS | 23,347,932 | |||||||||
MEDIA & ENTERTAINMENT - 8.1% | ||||||||||
33,960 | Activision Blizzard, Inc | 3,096,812 | ||||||||
6,193 | * | Alphabet, Inc (Class A) | 14,575,225 | |||||||
6,018 | * | Alphabet, Inc (Class C) | 14,504,102 | |||||||
336 | Cable One, Inc | 601,440 | ||||||||
18,250 | * | Cinemark Holdings, Inc | 386,900 | |||||||
24,973 | *,e | Discovery, Inc (Class A) | 940,483 | |||||||
44,563 | * | Discovery, Inc (Class C) | 1,439,830 | |||||||
18,047 | Electronic Arts, Inc | 2,564,118 | ||||||||
14,623 | Gray Television, Inc | 297,139 | ||||||||
768 | * | Hemisphere Media Group, Inc | 9,385 | |||||||
9,193 | * | iHeartMedia, Inc | 175,954 | |||||||
7,724 | * | Imax Corp | 159,269 | |||||||
32,301 | Interpublic Group of Cos, Inc | 1,025,557 | ||||||||
3,586 | John Wiley & Sons, Inc (Class A) | 204,187 | ||||||||
4,125 | * | Liberty Broadband Corp (Class A) | 650,389 | |||||||
9,113 | * | Liberty Broadband Corp (Class C) | 1,482,867 | |||||||
24,361 | * | Live Nation, Inc | 1,994,679 | |||||||
2,286 | * | Madison Square Garden Co | 422,544 | |||||||
10,118 | New York Times Co (Class A) | 459,458 | ||||||||
17,682 | Omnicom Group, Inc | 1,454,521 | ||||||||
49,882 | * | Pinterest, Inc | 3,310,668 |
65 |
TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund
SHARES | COMPANY | VALUE | ||||||||
11,544 | * | Roku, Inc | $ | 3,959,246 | ||||||
2,171 | Scholastic Corp | 65,846 | ||||||||
6,895 | Sinclair Broadcast Group, Inc (Class A) | 223,881 | ||||||||
196,515 | e | Sirius XM Holdings, Inc | 1,198,741 | |||||||
8,178 | * | Take-Two Interactive Software, Inc | 1,434,258 | |||||||
18,129 | TEGNA, Inc | 363,668 | ||||||||
14,313 | * | TripAdvisor, Inc | 674,572 | |||||||
52,767 | * | Twitter, Inc | 2,913,794 | |||||||
4,324 | * | WideOpenWest, Inc | 60,839 | |||||||
4,343 | World Wrestling Entertainment, Inc (Class A) | 239,343 | ||||||||
64,519 | * | Zynga, Inc | 698,096 | |||||||
TOTAL MEDIA & ENTERTAINMENT | 61,587,811 | |||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.4% | ||||||||||
44,290 | AbbVie, Inc | 4,938,335 | ||||||||
4,202 | * | Aerie Pharmaceuticals, Inc | 71,980 | |||||||
5,756 | Agilent Technologies, Inc | 769,232 | ||||||||
6,524 | * | Agios Pharmaceuticals, Inc | 364,039 | |||||||
23,772 | Amgen, Inc | 5,696,722 | ||||||||
1,705 | * | Assembly Biosciences, Inc | 7,297 | |||||||
7,200 | * | Atara Biotherapeutics, Inc | 101,232 | |||||||
3,874 | * | Avrobio, Inc | 45,248 | |||||||
18,693 | *,e | BioCryst Pharmaceuticals, Inc | 217,493 | |||||||
5,322 | * | Biogen, Inc | 1,422,730 | |||||||
1,272 | * | BioMarin Pharmaceutical, Inc | 99,114 | |||||||
8,261 | * | Bluebird Bio, Inc | 247,830 | |||||||
96,257 | Bristol-Myers Squibb Co | 6,008,362 | ||||||||
13,049 | * | Cymabay Therapeutics, Inc | 56,502 | |||||||
29,893 | Eli Lilly & Co | 5,463,544 | ||||||||
1,573 | * | Esperion Thereapeutics, Inc | 42,392 | |||||||
2,615 | * | Flexion Therapeutics, Inc | 20,292 | |||||||
45,225 | Gilead Sciences, Inc | 2,870,431 | ||||||||
2,701 | * | Illumina, Inc | 1,061,061 | |||||||
4,157 | * | Insmed, Inc | 140,216 | |||||||
5,648 | * | Intra-Cellular Therapies, Inc | 194,461 | |||||||
1,896 | * | IQVIA Holdings, Inc | 444,972 | |||||||
3,271 | *,e | Kala Pharmaceuticals, Inc | 25,285 | |||||||
8,497 | * | Karyopharm Therapeutics, Inc | 79,362 | |||||||
5,337 | * | MacroGenics, Inc | 172,705 | |||||||
92,598 | Merck & Co, Inc | 6,898,551 | ||||||||
6,517 | *,e | Opko Health, Inc | 26,720 | |||||||
2,785 | * | Prothena Corp plc | 73,914 | |||||||
5,509 | * | Radius Health, Inc | 122,851 | |||||||
417 | *,e | Reata Pharmaceuticals, Inc | 42,284 | |||||||
4,469 | * | Regeneron Pharmaceuticals, Inc | 2,150,930 | |||||||
2,210 | * | Revance Therapeutics, Inc | 64,355 | |||||||
6,238 | * | Sage Therapeutics, Inc | 491,305 | |||||||
7,138 | * | Sangamo Therapeutics Inc | 84,086 | |||||||
43,973 | *,e | TherapeuticsMD, Inc | 53,207 | |||||||
14,657 | Thermo Fisher Scientific, Inc | 6,892,161 | ||||||||
2,551 | * | Ultragenyx Pharmaceutical, Inc | 284,794 | |||||||
16,390 | * | Vertex Pharmaceuticals, Inc | 3,576,298 | |||||||
183 | * | Waters Corp | 54,876 | |||||||
30,544 | Zoetis, Inc | 5,285,028 | ||||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 56,662,197 |
66 |
TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund
SHARES | COMPANY | VALUE | ||||||||
REAL ESTATE - 3.6% | ||||||||||
2,875 | Alexandria Real Estate Equities, Inc | $ | 520,662 | |||||||
349 | American Campus Communities, Inc | 15,778 | ||||||||
22,469 | American Tower Corp | 5,724,427 | ||||||||
5,091 | Boston Properties, Inc | 556,701 | ||||||||
7,158 | * | CBRE Group, Inc | 609,862 | |||||||
3,538 | City Office REIT, Inc | 38,670 | ||||||||
58,844 | * | Colony Capital, Inc | 411,908 | |||||||
37 | CyrusOne, Inc | 2,695 | ||||||||
24,207 | * | DiamondRock Hospitality Co | 252,237 | |||||||
11,972 | Empire State Realty Trust, Inc | 136,361 | ||||||||
6,735 | Equinix, Inc | 4,854,319 | ||||||||
8,585 | Franklin Street Properties Corp | 45,329 | ||||||||
4,263 | Healthpeak Properties Inc | 146,391 | ||||||||
39,784 | * | Host Hotels and Resorts, Inc | 722,477 | |||||||
2,503 | * | Howard Hughes Corp | 270,174 | |||||||
973 | Hudson Pacific Properties | 27,351 | ||||||||
6,811 | Iron Mountain, Inc | 273,257 | ||||||||
22,106 | Macerich Co | 304,842 | ||||||||
32,490 | Paramount Group, Inc | 344,719 | ||||||||
33,468 | * | Park Hotels & Resorts, Inc | 746,671 | |||||||
45,213 | Prologis, Inc | 5,268,671 | ||||||||
1,297 | Regency Centers Corp | 82,567 | ||||||||
21,708 | RLJ Lodging Trust | 350,367 | ||||||||
8,969 | SBA Communications Corp | 2,688,189 | ||||||||
3,687 | SL Green Realty Corp | 272,875 | ||||||||
17,766 | * | Sunstone Hotel Investors, Inc | 233,801 | |||||||
1,117 | UDR, Inc | 51,885 | ||||||||
3,285 | Ventas, Inc | 182,186 | ||||||||
25,318 | Welltower, Inc | 1,899,609 | ||||||||
13,732 | * | Xenia Hotels & Resorts, Inc | 266,813 | |||||||
TOTAL REAL ESTATE | 27,301,794 | |||||||||
RETAILING - 4.6% | ||||||||||
4,018 | * | 1-800-FLOWERS.COM, Inc (Class A) | 128,476 | |||||||
10,384 | * | Designer Brands, Inc | 183,797 | |||||||
72,396 | eBay, Inc | 4,038,973 | ||||||||
1,171 | * | Genesco, Inc | 58,550 | |||||||
4,534 | * | Groupon, Inc | 229,556 | |||||||
703 | * | Hibbett Sports, Inc | 55,853 | |||||||
30,687 | Home Depot, Inc | 9,932,461 | ||||||||
519 | * | Lands’ End, Inc | 11,958 | |||||||
11 | * | LKQ Corp | 514 | |||||||
28,606 | Lowe’s Companies, Inc | 5,613,927 | ||||||||
39,162 | * | Macy’s, Inc | 649,306 | |||||||
5,592 | * | Nordstrom, Inc | 205,115 | |||||||
13,828 | * | Quotient Technology, Inc | 225,950 | |||||||
9,923 | * | RealReal, Inc | 245,793 | |||||||
5,128 | Ross Stores, Inc | 671,460 | ||||||||
1,635 | * | Signet Jewelers Ltd | 97,691 | |||||||
24,877 | Target Corp | 5,156,007 | ||||||||
66,027 | TJX Companies, Inc | 4,687,917 | ||||||||
9,786 | * | Wayfair, Inc | 2,892,448 | |||||||
104 | Winmark Corp | 20,027 | ||||||||
309 | * | Zumiez, Inc | 13,278 | |||||||
TOTAL RETAILING | 35,119,057 |
67 |
TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund
SHARES | COMPANY | VALUE | ||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.1% | ||||||||||
42,948 | Applied Materials, Inc | $ | 5,699,629 | |||||||
67 | Brooks Automation, Inc | 6,789 | ||||||||
5,538 | * | Cirrus Logic, Inc | 412,083 | |||||||
1,373 | * | Cree, Inc | 136,504 | |||||||
17,400 | * | First Solar, Inc | 1,331,622 | |||||||
136,240 | Intel Corp | 7,837,887 | ||||||||
8,105 | Lam Research Corp | 5,028,747 | ||||||||
16,660 | NVIDIA Corp | 10,002,331 | ||||||||
38,916 | * | ON Semiconductor Corp | 1,517,724 | |||||||
10,812 | * | Rambus, Inc | 205,212 | |||||||
1,540 | * | Silicon Laboratories, Inc | 217,063 | |||||||
35,907 | Texas Instruments, Inc | 6,481,572 | ||||||||
1,125 | Universal Display Corp | 251,651 | ||||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 39,128,814 | |||||||||
SOFTWARE & SERVICES - 15.1% | ||||||||||
24,109 | Accenture plc | 6,990,887 | ||||||||
15,804 | * | Adobe, Inc | 8,033,805 | |||||||
10,967 | * | Autodesk, Inc | 3,201,377 | |||||||
26,180 | Automatic Data Processing, Inc | 4,895,398 | ||||||||
5,540 | * | Avaya Holdings Corp | 159,386 | |||||||
2,397 | * | Benefitfocus, Inc | 32,407 | |||||||
960 | * | Blackline, Inc | 111,418 | |||||||
364 | * | BM Technologies, Inc | 3,571 | |||||||
1,366 | * | Cadence Design Systems, Inc | 179,998 | |||||||
1,156 | * | ChannelAdvisor Corp | 24,449 | |||||||
5,062 | * | Concentrix Corp | 786,534 | |||||||
3,962 | CSG Systems International, Inc | 182,212 | ||||||||
49,716 | * | DXC Technology Co | 1,636,154 | |||||||
330 | * | Elastic NV | 39,805 | |||||||
3,754 | * | ExlService Holdings, Inc | 346,794 | |||||||
1,161 | * | Five9, Inc | 218,233 | |||||||
42,858 | International Business Machines Corp | 6,080,693 | ||||||||
11,053 | Intuit, Inc | 4,555,604 | ||||||||
19,627 | * | Limelight Networks, Inc | 61,432 | |||||||
25,308 | Mastercard, Inc (Class A) | 9,669,174 | ||||||||
148,033 | d | Microsoft Corp | 37,330,962 | |||||||
6,139 | * | New Relic, Inc | 394,738 | |||||||
3,674 | * | Nutanix, Inc | 99,345 | |||||||
12,350 | * | Okta, Inc | 3,330,795 | |||||||
34,916 | * | PayPal Holdings, Inc | 9,158,118 | |||||||
3,577 | * | Perficient, Inc | 234,687 | |||||||
33,623 | * | Sabre Corp | 503,673 | |||||||
31,338 | * | salesforce.com, Inc | 7,217,768 | |||||||
5,970 | * | ServiceNow, Inc | 3,023,029 | |||||||
2,174 | * | SPS Commerce, Inc | 222,705 | |||||||
5,395 | * | SVMK, Inc | 97,056 | |||||||
4,281 | * | Sykes Enterprises, Inc | 187,636 | |||||||
9,005 | * | Teradata Corp | 445,477 | |||||||
1,948 | TTEC Holdings, Inc | 198,170 | ||||||||
9,518 | *,e | VMware, Inc (Class A) | 1,530,780 | |||||||
6,809 | * | WEX, Inc | 1,397,275 | |||||||
11,584 | * | Workday, Inc | 2,861,248 | |||||||
TOTAL SOFTWARE & SERVICES | 115,442,793 |
68 |
TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund
SHARES | COMPANY | VALUE | ||||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 4.7% | ||||||||||
9,399 | Avnet, Inc | $ | 412,804 | |||||||
2,779 | Badger Meter, Inc | 259,531 | ||||||||
3,478 | Benchmark Electronics, Inc | 104,410 | ||||||||
9,562 | * | Ciena Corp | 482,594 | |||||||
147,324 | Cisco Systems, Inc | 7,500,265 | ||||||||
16,070 | Cognex Corp | 1,383,948 | ||||||||
845 | * | Coherent, Inc | 219,691 | |||||||
93,105 | Corning, Inc | 4,116,172 | ||||||||
3,035 | CTS Corp | 98,698 | ||||||||
12,748 | * | Diebold, Inc | 191,347 | |||||||
6,043 | Dolby Laboratories, Inc (Class A) | 613,183 | ||||||||
2,346 | * | ePlus, Inc | 235,445 | |||||||
3,500 | * | Fabrinet | 299,670 | |||||||
1,692 | * | FARO Technologies, Inc | 128,330 | |||||||
10,117 | FLIR Systems, Inc | 606,716 | ||||||||
194,312 | Hewlett Packard Enterprise Co | 3,112,878 | ||||||||
131,262 | HP, Inc | 4,477,347 | ||||||||
565 | * | Insight Enterprises, Inc | 56,709 | |||||||
17,946 | * | Keysight Technologies, Inc | 2,590,505 | |||||||
3,987 | * | Kimball Electronics, Inc | 91,741 | |||||||
15,636 | * | Knowles Corp | 326,792 | |||||||
172 | * | Lumentum Holdings, Inc | 14,629 | |||||||
600 | Methode Electronics, Inc | 26,958 | ||||||||
147 | * | OSI Systems, Inc | 14,196 | |||||||
644 | * | Ribbon Communications, Inc | 4,347 | |||||||
5,062 | Synnex Corp | 613,514 | ||||||||
33,205 | * | Trimble Inc | 2,722,810 | |||||||
17,643 | * | TTM Technologies, Inc | 264,645 | |||||||
48 | Vishay Intertechnology, Inc | 1,179 | ||||||||
2,060 | * | Vishay Precision Group, Inc | 65,673 | |||||||
29,934 | * | Vontier Corp | 938,132 | |||||||
32,347 | Xerox Holdings Corp | 780,857 | ||||||||
6,390 | * | Zebra Technologies Corp (Class A) | 3,116,659 | |||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 35,872,375 | |||||||||
TELECOMMUNICATION SERVICES - 1.8% | ||||||||||
5,309 | * | Boingo Wireless, Inc | 74,114 | |||||||
8,310 | * | Cincinnati Bell, Inc | 128,223 | |||||||
7,938 | * | Iridium Communications, Inc | 301,565 | |||||||
37,688 | * | T-Mobile US, Inc | 4,979,715 | |||||||
138,671 | Verizon Communications, Inc | 8,013,797 | ||||||||
TOTAL TELECOMMUNICATION SERVICES | 13,497,414 | |||||||||
TRANSPORTATION - 1.9% | ||||||||||
3,575 | * | Avis Budget Group, Inc | 320,356 | |||||||
50,024 | CSX Corp | 5,039,918 | ||||||||
5,920 | Kansas City Southern | 1,729,883 | ||||||||
5,982 | Macquarie Infrastructure Co LLC | 199,261 | ||||||||
1,477 | Old Dominion Freight Line | 380,785 | ||||||||
2,512 | Ryder System, Inc | 200,558 | ||||||||
32,259 | United Parcel Service, Inc (Class B) | 6,576,320 | ||||||||
TOTAL TRANSPORTATION | 14,447,081 |
69 |
TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund
SHARES | COMPANY | VALUE | ||||||||||||||
UTILITIES - 1.8% | ||||||||||||||||
17,387 | American Water Works Co, Inc | $ | 2,712,198 | |||||||||||||
27,119 | Consolidated Edison, Inc | 2,099,282 | ||||||||||||||
32,947 | Eversource Energy | 2,840,690 | ||||||||||||||
1,853 | Ormat Technologies, Inc | 134,157 | ||||||||||||||
32,165 | Sempra Energy | 4,424,939 | ||||||||||||||
5,408 | Southwest Gas Holdings Inc | 377,046 | ||||||||||||||
22,816 | UGI Corp | 997,288 | ||||||||||||||
TOTAL UTILITIES | 13,585,600 | |||||||||||||||
TOTAL COMMON STOCKS | 750,125,398 | |||||||||||||||
(Cost $569,797,797) | ||||||||||||||||
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 - 1.7% | ||||||||||||||||
GOVERNMENT AGENCY DEBT - 0.9% | ||||||||||||||||
$ | 2,000,000 | Federal Home Loan Bank (FHLB) | 0.005 | % | 05/19/21 | 2,000,000 | ||||||||||
5,000,000 | FHLB | 0.005 | 05/26/21 | 5,000,000 | ||||||||||||
TOTAL GOVERNMENT AGENCY DEBT | 7,000,000 | |||||||||||||||
REPURCHASE AGREEMENT - 0.5% | ||||||||||||||||
4,075,000 | r | Fixed Income Clearing Corp (FICC) | 0.005 | 05/03/21 | 4,075,000 | |||||||||||
TOTAL REPURCHASE AGREEMENT | 4,075,000 | |||||||||||||||
TREASURY DEBT - 0.2% | ||||||||||||||||
1,590,000 | United States Treasury Bill | 0.013 | 05/20/21 | 1,589,992 | ||||||||||||
TOTAL TREASURY DEBT | 1,589,992 | |||||||||||||||
SHARES | COMPANY | |||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.1% | ||||||||||||||||
588,912 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 0.020 | 588,912 | ||||||||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 588,912 | |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 13,253,904 | |||||||||||||||
(Cost $13,253,878) | ||||||||||||||||
TOTAL INVESTMENTS - 100.0% | 763,379,302 | |||||||||||||||
(Cost $583,051,675) | ||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - 0.0% | 59,851 | |||||||||||||||
NET ASSETS - 100.0% | $ | 763,439,153 |
70 |
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 futures contracts. | ||
e | All or a portion of these securities are out on loan. The aggregate value of securities on loan is $3,085,410. | ||
r | Agreement with Fixed Income Clearing Corporation, 0.005% dated 4/30/21 to be repurchased at $4,075,000 on 5/3/21, collateralized by U.S. Treasury Notes valued at $4,156,524. | ||
Futures contracts outstanding as of April 30, 2021 were as follows:
Description | Number of long (short) contracts | Expiration date | Notional amount | Value | Unrealized appreciation (depreciation) | |||||||||||
S&P 500 E Mini Index | 52 | 06/18/21 | $ | 10,830,351 | $ | 10,853,440 | $ | 23,089 |
71 |
TIAA-CREF FUNDS – Emerging Markets Equity Fund
TIAA-CREF FUNDS
EMERGING MARKETS EQUITY FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2021
SHARES | COMPANY | VALUE | ||||||||
COMMON STOCKS - 99.5% | ||||||||||
BRAZIL - 14.1% | ||||||||||
9,984,365 | a | Arcos Dorados Holdings, Inc | $ | 57,210,411 | ||||||
1,200,100 | * | B2W Companhia Global Do Varejo | 14,872,973 | |||||||
3,043,270 | Banco Bradesco S.A. (Preference) | 13,361,804 | ||||||||
1,868,800 | Cia Brasileira de Distribuicao | 14,012,431 | ||||||||
5,768,225 | * | CSN Mineracao S.A. | 11,139,198 | |||||||
4,998,300 | Itau Unibanco Holding S.A. | 25,331,725 | ||||||||
924,400 | * | Lojas Americanas S.A. | 3,377,977 | |||||||
10,111,950 | Lojas Americanas S.A. (Preference) | 38,831,616 | ||||||||
2,271,100 | Sendas Distribuidora S.A. | 33,819,512 | ||||||||
236,805 | * | StoneCo Ltd | 15,307,075 | |||||||
TOTAL BRAZIL | 227,264,722 | |||||||||
CHINA - 33.3% | ||||||||||
4,613,500 | AAC Technologies Holdings, Inc | 25,610,360 | ||||||||
529,651 | * | Alibaba Group Holding Ltd (ADR) | 122,322,899 | |||||||
204,465 | * | Baidu, Inc (ADR) | 43,005,123 | |||||||
475,702 | *,e | Baozun, Inc (ADR) | 16,511,616 | |||||||
3,602,900 | China Vanke Co Ltd (Class A) | 15,664,218 | ||||||||
9,745,755 | Foxconn Industrial Internet Co Ltd | 20,669,859 | ||||||||
7,238,000 | Geely Automobile Holdings Ltd | 18,852,759 | ||||||||
349,367 | * | Huazhu Group Ltd (ADR) | 20,598,678 | |||||||
2,216,585 | *,e | HUYA, Inc (ADR) | 39,056,228 | |||||||
1,433,707 | * | iClick Interactive Asia Group Ltd (ADR) | 18,494,820 | |||||||
580,259 | * | JD.com, Inc (ADR) | 44,888,836 | |||||||
307,600 | *,g | Meituan Dianping (Class B) | 11,773,169 | |||||||
259,845 | * | NIO, Inc (ADR) | 10,352,225 | |||||||
3,014,863 | Ping An Insurance Group Co of China Ltd (Class A) | 33,690,600 | ||||||||
1,001,776 | Tencent Holdings Ltd | 79,913,666 | ||||||||
888,899 | * | Tencent Music Entertainment (ADR) | 15,484,621 | |||||||
TOTAL CHINA | 536,889,677 | |||||||||
HONG KONG - 2.4% | ||||||||||
2,017,340 | * | Melco Crown Entertainment Ltd (ADR) | 38,914,489 | |||||||
22,290 | *,† | Mongolian Metals Corporation | 0 | |||||||
TOTAL HONG KONG | 38,914,489 | |||||||||
INDIA - 8.4% | ||||||||||
22,956,912 | Edelweiss Capital Ltd | 18,082,213 | ||||||||
1,561,784 | * | ICICI Bank Ltd | 12,651,183 | |||||||
1,771,734 | Piramal Healthcare Ltd | 40,103,847 | ||||||||
2,422,304 | Reliance Industries Ltd | 65,078,094 | ||||||||
TOTAL INDIA | 135,915,337 |
72 |
TIAA-CREF FUNDS – Emerging Markets Equity Fund
SHARES | COMPANY | VALUE | ||||||||
INDONESIA - 1.9% | ||||||||||
44,911,400 | Astra International Tbk PT | $ | 17,067,902 | |||||||
9,237,400 | PT United Tractors Tbk | 13,519,771 | ||||||||
TOTAL INDONESIA | 30,587,673 | |||||||||
ITALY - 0.4% | ||||||||||
942,460 | Prada S.p.A | 5,849,175 | ||||||||
TOTAL ITALY | 5,849,175 | |||||||||
KOREA, REPUBLIC OF - 8.2% | ||||||||||
89,679 | Amorepacific Corp | 21,738,644 | ||||||||
148,770 | * | Coupang, Inc | 6,233,463 | |||||||
406,903 | KB Financial Group, Inc | 20,031,254 | ||||||||
1,151,814 | Samsung Electronics Co Ltd | 83,950,515 | ||||||||
TOTAL KOREA, REPUBLIC OF | 131,953,876 | |||||||||
MACAU - 3.4% | ||||||||||
1,730,079 | * | Galaxy Entertainment Group Ltd | 15,186,843 | |||||||
21,172,100 | * | Wynn Macau Ltd | 40,604,088 | |||||||
TOTAL MACAU | 55,790,931 | |||||||||
MEXICO - 6.0% | ||||||||||
268,419 | Fomento Economico Mexicano SAB de C.V. (ADR) | 20,802,473 | ||||||||
3,015,348 | * | Grupo Televisa SAB (ADR) | 37,330,008 | |||||||
11,771,900 | Wal-Mart de Mexico SAB de C.V. | 38,534,565 | ||||||||
TOTAL MEXICO | 96,667,046 | |||||||||
RUSSIA - 1.9% | ||||||||||
348,644 | MMC Norilsk Nickel PJSC (ADR) | 11,909,679 | ||||||||
1,203,004 | Sberbank of Russia (ADR) | 18,971,373 | ||||||||
TOTAL RUSSIA | 30,881,052 | |||||||||
SOUTH AFRICA - 4.8% | ||||||||||
121,229 | * | Capitec Bank Holdings Ltd | 12,425,084 | |||||||
285,182 | Naspers Ltd (N Shares) | 64,901,716 | ||||||||
TOTAL SOUTH AFRICA | 77,326,800 | |||||||||
TAIWAN - 8.6% | ||||||||||
4,735,000 | ASE Technology Holding Co Ltd | 19,786,319 | ||||||||
1,167,000 | Delta Electronics, Inc | 12,501,973 | ||||||||
66,117 | * | Sea Ltd (ADR) | 16,697,187 | |||||||
4,237,400 | Taiwan Semiconductor Manufacturing Co Ltd | 89,237,979 | ||||||||
TOTAL TAIWAN | 138,223,458 | |||||||||
TANZANIA, UNITED REPUBLIC OF - 2.1% | ||||||||||
1,649,861 | AngloGold Ashanti Ltd (ADR) | 33,954,139 | ||||||||
TOTAL TANZANIA, UNITED REPUBLIC OF | 33,954,139 | |||||||||
THAILAND - 1.0% | ||||||||||
12,276,100 | PTT PCL (ADR) | 15,713,187 | ||||||||
TOTAL THAILAND | 15,713,187 | |||||||||
TURKEY - 2.0% | ||||||||||
5,495,500 | Anadolu Efes Biracilik Ve Malt Sanayii AS | 15,480,001 | ||||||||
18,860,282 | Turkiye Garanti Bankasi AS | 16,439,662 | ||||||||
TOTAL TURKEY | 31,919,663 |
73 |
TIAA-CREF FUNDS – Emerging Markets Equity Fund
SHARES | COMPANY | RATE | VALUE | |||||||||||||
UNITED STATES - 1.0% | ||||||||||||||||
129,816 | * | Wynn Resorts Ltd | $ | 16,668,374 | ||||||||||||
TOTAL UNITED STATES | 16,668,374 | |||||||||||||||
TOTAL COMMON STOCKS | 1,604,519,599 | |||||||||||||||
(Cost $1,347,655,459) | ||||||||||||||||
PREFERRED STOCKS - 0.0% | ||||||||||||||||
PHILIPPINES - 0.0% | ||||||||||||||||
1,721,900 | *,† | Ayala Land, Inc | 3,576 | |||||||||||||
TOTAL PHILIPPINES | 3,576 | |||||||||||||||
TOTAL PREFERRED STOCKS | 3,576 | |||||||||||||||
(Cost $4,057) | ||||||||||||||||
SHORT-TERM INVESTMENTS - 2.3% | ||||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 2.3% | ||||||||||||||||
37,660,366 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 0.020 | % | 37,660,366 | |||||||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 37,660,366 | |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 37,660,366 | |||||||||||||||
(Cost $37,660,366) | ||||||||||||||||
TOTAL INVESTMENTS - 101.8% | 1,642,183,541 | |||||||||||||||
(Cost $1,385,319,882) | ||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - (1.8)% | (29,515,800 | ) | ||||||||||||||
NET ASSETS - 100.0% | $ | 1,612,667,741 |
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 $39,456,925. | ||
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 4/30/21, the aggregate value of these securities is $11,773,169 or 0.7% of net assets. | ||
74 |
TIAA-CREF FUNDS – Emerging Markets Equity Fund
TIAA-CREF FUNDS
EMERGING MARKETS EQUITY FUND
SUMMARY OF MARKET VALUES BY SECTOR (unaudited)
April 30, 2021
% OF | ||||||||
SECTOR | VALUE | NET ASSETS | ||||||
CONSUMER DISCRETIONARY | $ | 565,019,209 | 35.0 | % | ||||
INFORMATION TECHNOLOGY | 267,064,079 | 16.6 | ||||||
COMMUNICATION SERVICES | 249,981,654 | 15.5 | ||||||
FINANCIALS | 211,088,747 | 13.1 | ||||||
CONSUMER STAPLES | 144,387,625 | 9.0 | ||||||
ENERGY | 94,311,051 | 5.8 | ||||||
MATERIALS | 57,003,016 | 3.5 | ||||||
REAL ESTATE | 15,667,794 | 1.0 | ||||||
SHORT-TERM INVESTMENTS | 37,660,366 | 2.3 | ||||||
OTHER ASSETS & LIABILITIES, NET | (29,515,800 | ) | (1.8 | ) | ||||
NET ASSETS | $ | 1,612,667,741 | 100.0 | % |
75 |
TIAA-CREF FUNDS – International Equity Fund
TIAA-CREF FUNDS
INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2021
SHARES | COMPANY | VALUE | ||||||||||||||
COMMON STOCKS - 98.5% | ||||||||||||||||
AUSTRALIA - 6.3% | ||||||||||||||||
2,452,367 | BHP Billiton Ltd | $ | 89,256,062 | |||||||||||||
1,386,403 | Commonwealth Bank of Australia | 94,908,403 | ||||||||||||||
132,272 | CSL Ltd | 27,630,882 | ||||||||||||||
2,623,845 | Fortescue Metals Group Ltd | 45,395,960 | ||||||||||||||
4,769,371 | * | NEXTDC Ltd | 42,415,728 | |||||||||||||
1,029,515 | Rio Tinto plc | 86,229,255 | ||||||||||||||
TOTAL AUSTRALIA | 385,836,290 | |||||||||||||||
BRAZIL - 1.4% | ||||||||||||||||
10,020,780 | Banco Bradesco S.A. (Preference) | 43,997,313 | ||||||||||||||
1,117,200 | Cia Brasileira de Distribuicao | 8,376,866 | ||||||||||||||
3,664,566 | Lojas Americanas S.A. (Preference) | 14,072,560 | ||||||||||||||
1,117,100 | Sendas Distribuidora S.A. | 16,635,012 | ||||||||||||||
TOTAL BRAZIL | 83,081,751 | |||||||||||||||
CHINA - 2.4% | ||||||||||||||||
620,115 | * | GDS Holdings Ltd (ADR) | 51,450,942 | |||||||||||||
469,940 | Tencent Holdings Ltd | 37,488,049 | ||||||||||||||
3,958,000 | *,g | Wuxi Biologics Cayman, Inc | 55,561,587 | |||||||||||||
TOTAL CHINA | 144,500,578 | |||||||||||||||
DENMARK - 2.8% | ||||||||||||||||
596,173 | DSV AS | 132,821,454 | ||||||||||||||
273,507 | g | Orsted AS | 39,758,304 | |||||||||||||
TOTAL DENMARK | 172,579,758 | |||||||||||||||
FINLAND - 0.7% | ||||||||||||||||
671,632 | Neste Oil Oyj | 40,614,085 | ||||||||||||||
TOTAL FINLAND | 40,614,085 | |||||||||||||||
FRANCE - 17.0% | ||||||||||||||||
1,245,895 | * | Airbus SE | 149,830,891 | |||||||||||||
1,833,748 | BNP Paribas S.A. | 117,575,694 | ||||||||||||||
1,696,914 | Compagnie de Saint-Gobain | 107,067,012 | ||||||||||||||
5,099,001 | Credit Agricole S.A. | 78,872,407 | ||||||||||||||
330,078 | Dassault Systemes S.A. | 76,569,001 | ||||||||||||||
541,035 | Essilor International S.A. | 90,049,741 | ||||||||||||||
114,204 | Kering | 91,512,968 | ||||||||||||||
881,469 | Schneider Electric S.A. | 140,643,443 | ||||||||||||||
1,802,747 | Total S.A. | 79,677,371 | ||||||||||||||
1,085,626 | Valeo S.A. | 35,180,758 | ||||||||||||||
648,491 | Vinci S.A. | 71,158,716 | ||||||||||||||
TOTAL FRANCE | 1,038,138,002 |
76 |
TIAA-CREF FUNDS – International Equity Fund
SHARES | COMPANY | VALUE | ||||||||||||||
GERMANY - 10.9% | ||||||||||||||||
213,625 | Adidas-Salomon AG. | $ | 65,980,392 | |||||||||||||
282,067 | BASF SE | 22,732,135 | ||||||||||||||
822,926 | HeidelbergCement AG. | 75,407,399 | ||||||||||||||
2,757,451 | Infineon Technologies AG. | 110,575,256 | ||||||||||||||
851,941 | Lanxess AG. | 62,696,362 | ||||||||||||||
1,631,985 | RWE AG. | 61,969,490 | ||||||||||||||
1,105,211 | Siemens AG. | 184,387,743 | ||||||||||||||
306,849 | Volkswagen AG. (Preference) | 79,891,039 | ||||||||||||||
TOTAL GERMANY | 663,639,816 | |||||||||||||||
HONG KONG - 1.9% | ||||||||||||||||
1,927,924 | Hong Kong Exchanges and Clearing Ltd | 116,275,071 | ||||||||||||||
TOTAL HONG KONG | 116,275,071 | |||||||||||||||
IRELAND - 1.6% | ||||||||||||||||
2,083,623 | CRH plc | 98,314,092 | ||||||||||||||
TOTAL IRELAND | 98,314,092 | |||||||||||||||
ITALY - 2.3% | ||||||||||||||||
6,490,460 | Enel S.p.A. | 64,445,899 | ||||||||||||||
1,271,861 | e | Moncler S.p.A | 77,952,923 | |||||||||||||
TOTAL ITALY | 142,398,822 | |||||||||||||||
JAPAN - 19.6% | ||||||||||||||||
3,900,000 | Daiichi Sankyo Co Ltd | 99,607,602 | ||||||||||||||
384,116 | Daikin Industries Ltd | 77,481,830 | ||||||||||||||
332,400 | * | Fanuc Ltd | 76,545,976 | |||||||||||||
2,670,079 | * | Hitachi Ltd | 132,162,812 | |||||||||||||
219,028 | Nintendo Co Ltd | 125,646,024 | ||||||||||||||
2,830,400 | ORIX Corp | 45,693,596 | ||||||||||||||
2,327,800 | Recruit Holdings Co Ltd | 104,954,636 | ||||||||||||||
2,145,700 | * | SBI Holdings, Inc | 60,647,794 | |||||||||||||
978,400 | Shiseido Co Ltd | 71,199,404 | ||||||||||||||
1,875,959 | Sony Corp | 187,556,319 | ||||||||||||||
1,891,400 | Sumitomo Mitsui Financial Group, Inc | 66,442,461 | ||||||||||||||
648,400 | Tokio Marine Holdings, Inc | 31,095,244 | ||||||||||||||
1,607,989 | * | Toyota Motor Corp | 120,316,445 | |||||||||||||
TOTAL JAPAN | 1,199,350,143 | |||||||||||||||
KOREA, REPUBLIC OF - 1.4% | ||||||||||||||||
538,088 | * | Coupang, Inc | 22,545,887 | |||||||||||||
78,511 | LG Chem Ltd | 65,539,999 | ||||||||||||||
TOTAL KOREA, REPUBLIC OF | 88,085,886 | |||||||||||||||
NETHERLANDS - 6.6% | ||||||||||||||||
289,286 | ASML Holding NV | 187,787,542 | ||||||||||||||
10,575,246 | ING Groep NV | 135,098,553 | ||||||||||||||
4,223,690 | Royal Dutch Shell plc (A Shares) | 79,474,059 | ||||||||||||||
TOTAL NETHERLANDS | 402,360,154 | |||||||||||||||
RUSSIA - 1.8% | ||||||||||||||||
1,437,422 | Sberbank of Russia (ADR) | 22,668,145 |
77 |
TIAA-CREF FUNDS – International Equity Fund
SHARES | COMPANY | VALUE | ||||||||||||||
815,193 | TCS Group Holding plc (ADR) | $ | 47,118,155 | |||||||||||||
608,307 | * | Yandex NV | 39,874,524 | |||||||||||||
TOTAL RUSSIA | 109,660,824 | |||||||||||||||
SPAIN - 1.2% | ||||||||||||||||
13,275,902 | Banco Bilbao Vizcaya Argentaria S.A. | 74,339,490 | ||||||||||||||
TOTAL SPAIN | 74,339,490 | |||||||||||||||
SWITZERLAND - 5.3% | ||||||||||||||||
6,088,422 | Credit Suisse Group | 63,806,516 | ||||||||||||||
117,594 | * | Lonza Group AG. | 74,756,169 | |||||||||||||
565,936 | Nestle S.A. | 67,533,534 | ||||||||||||||
346,700 | Roche Holding AG. | 113,078,142 | ||||||||||||||
20,998 | *,e | Zur Rose Group AG. | 6,988,404 | |||||||||||||
TOTAL SWITZERLAND | 326,162,765 | |||||||||||||||
TAIWAN - 0.8% | ||||||||||||||||
409,895 | Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 47,851,142 | ||||||||||||||
TOTAL TAIWAN | 47,851,142 | |||||||||||||||
UNITED KINGDOM - 12.8% | ||||||||||||||||
1,359,355 | Ashtead Group plc | 87,339,808 | ||||||||||||||
1,304,268 | AstraZeneca plc | 138,831,336 | ||||||||||||||
46,566,922 | Barclays plc | 112,737,063 | ||||||||||||||
2,253,866 | Diageo plc | 101,179,119 | ||||||||||||||
7,147,576 | HSBC Holdings plc | 44,627,399 | ||||||||||||||
353,094 | Linde plc (Xetra) | 100,927,344 | ||||||||||||||
23,383,905 | Lloyds TSB Group plc | 14,663,564 | ||||||||||||||
747,069 | Reckitt Benckiser Group plc | 66,517,233 | ||||||||||||||
20,643,032 | Tesco plc | 63,014,179 | ||||||||||||||
6,200,764 | * | THG Holdings Ltd | 53,094,085 | |||||||||||||
TOTAL UNITED KINGDOM | 782,931,130 | |||||||||||||||
UNITED STATES - 1.7% | ||||||||||||||||
871,901 | * | Las Vegas Sands Corp | 53,412,655 | |||||||||||||
377,035 | * | Wynn Resorts Ltd | 48,411,294 | |||||||||||||
TOTAL UNITED STATES | 101,823,949 | |||||||||||||||
TOTAL COMMON STOCKS | 6,017,943,748 | |||||||||||||||
(Cost $4,528,671,824) | ||||||||||||||||
RIGHTS / WARRANTS - 0.0% | ||||||||||||||||
SWITZERLAND - 0.0% | ||||||||||||||||
6,088,422 | †,e | Credit Suisse Group AG. | 0 | |||||||||||||
TOTAL SWITZERLAND | 0 | |||||||||||||||
TOTAL RIGHTS / WARRANTS | 0 | |||||||||||||||
(Cost $0) |
78 |
TIAA-CREF FUNDS – International Equity Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
SHORT-TERM INVESTMENTS - 1.0% | ||||||||||||||||
GOVERNMENT AGENCY DEBT - 1.0% | ||||||||||||||||
$ | 1,453,000 | Federal Agricultural Mortgage Corp (FAMC) | 0.010 | % | 05/03/21 | $ | 1,453,000 | |||||||||
13,120,000 | Federal Home Loan Bank (FHLB) | 0.001 | 05/12/21 | 13,120,000 | ||||||||||||
9,653,000 | FHLB | 0.035 | 05/28/21 | 9,653,000 | ||||||||||||
22,295,000 | FHLB | 0.010-0.035 | 06/04/21 | 22,295,000 | ||||||||||||
10,000,000 | FHLB | 0.010 | 06/18/21 | 10,000,000 | ||||||||||||
5,825,000 | FHLB | 0.008 | 06/23/21 | 5,825,000 | ||||||||||||
TOTAL GOVERNMENT AGENCY DEBT | 62,346,000 | |||||||||||||||
SHARES | COMPANY | |||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.0% | ||||||||||||||||
171 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 0.020 | 171 | ||||||||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 171 | |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 62,346,171 | |||||||||||||||
(Cost $62,345,033) | ||||||||||||||||
TOTAL INVESTMENTS - 99.5% | 6,080,289,919 | |||||||||||||||
(Cost $4,591,016,857) | ||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - 0.5% | 32,777,764 | |||||||||||||||
NET ASSETS - 100.0% | $ | 6,113,067,683 |
Abbreviation(s): | ||
ADR American 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 $23,878,769. | |
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 4/30/21, the aggregate value of these securities is $95,319,891 or 1.6% of net assets. |
79 |
TIAA-CREF FUNDS – International Equity Fund
TIAA-CREF FUNDS
INTERNATIONAL EQUITY FUND
SUMMARY OF MARKET VALUES BY SECTOR (unaudited)
April 30, 2021
% OF | ||||||||
SECTOR | VALUE | NET ASSETS | ||||||
FINANCIALS | $ | 1,170,566,868 | 19.2 | % | ||||
INDUSTRIALS | 1,132,231,508 | 18.5 | ||||||
CONSUMER DISCRETIONARY | 939,977,067 | 15.4 | ||||||
INFORMATION TECHNOLOGY | 648,812,423 | 10.6 | ||||||
MATERIALS | 646,498,607 | 10.6 | ||||||
HEALTH CARE | 509,465,717 | 8.3 | ||||||
CONSUMER STAPLES | 401,443,752 | 6.6 | ||||||
COMMUNICATION SERVICES | 203,008,597 | 3.3 | ||||||
ENERGY | 199,765,515 | 3.3 | ||||||
UTILITIES | 166,173,694 | 2.7 | ||||||
SHORT-TERM INVESTMENTS | 62,346,171 | 1.0 | ||||||
OTHER ASSETS & LIABILITIES, NET | 32,777,764 | 0.5 | ||||||
NET ASSETS | $ | 6,113,067,683 | 100.0 | % |
80 |
TIAA-CREF FUNDS – International Opportunities Fund
TIAA-CREF FUNDS
INTERNATIONAL OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2021
SHARES | COMPANY | VALUE | ||||||||
COMMON STOCKS - 96.5% | ||||||||||
AUSTRALIA - 5.9% | ||||||||||
272,267 | * | Afterpay Touch Group Ltd | $ | 24,521,844 | ||||||
1,349,050 | Australia & New Zealand Banking Group Ltd | 29,765,813 | ||||||||
1,145,920 | IDP Education Ltd | 20,015,685 | ||||||||
1,865,100 | * | NEXTDC Ltd | 16,587,003 | |||||||
1,882,496 | * | PointsBet Holdings Ltd | 19,629,077 | |||||||
2,519,909 | *,e | Zip Co Ltd | 15,485,390 | |||||||
TOTAL AUSTRALIA | 126,004,812 | |||||||||
BRAZIL - 5.9% | ||||||||||
585,000 | Banco Inter S.A. | 24,952,734 | ||||||||
4,633,600 | Itau Unibanco Holding S.A. | 23,483,401 | ||||||||
1,743,700 | Localiza Rent A Car | 20,640,441 | ||||||||
5,613,900 | Magazine Luiza S.A. | 20,700,549 | ||||||||
416,348 | * | Pagseguro Digital Ltd | 19,043,758 | |||||||
295,288 | * | StoneCo Ltd | 19,087,416 | |||||||
TOTAL BRAZIL | 127,908,299 | |||||||||
CANADA - 8.5% | ||||||||||
1,089,847 | Alimentation Couche Tard, Inc | 36,929,689 | ||||||||
309,150 | e | Bank of Montreal | 29,178,287 | |||||||
589,280 | Dollarama, Inc | 27,461,220 | ||||||||
360,556 | * | Lightspeed POS, Inc | 25,177,173 | |||||||
538,500 | Nutrien Ltd (Toronto) | 29,725,603 | ||||||||
28,757 | * | Shopify, Inc (Class A) | 33,945,028 | |||||||
TOTAL CANADA | 182,417,000 | |||||||||
CHINA - 7.4% | ||||||||||
214,976 | * | GDS Holdings Ltd (ADR) | 17,836,559 | |||||||
676,471 | * | iClick Interactive Asia Group Ltd (ADR) | 8,726,476 | |||||||
311,000 | * | JD.com, Inc (ADR) | 24,058,960 | |||||||
252,600 | Silergy Corp | 25,962,343 | ||||||||
703,300 | Tencent Holdings Ltd | 56,103,641 | ||||||||
1,840,000 | *,g | Wuxi Biologics Cayman, Inc | 25,829,540 | |||||||
TOTAL CHINA | 158,517,519 | |||||||||
DENMARK - 2.9% | ||||||||||
146,100 | Carlsberg AS (Class B) | 25,631,788 | ||||||||
510,300 | Novo Nordisk AS | 37,643,527 | ||||||||
TOTAL DENMARK | 63,275,315 | |||||||||
FINLAND - 0.1% | ||||||||||
51,259 | Cargotec Corp (B Shares) | 2,976,545 | ||||||||
TOTAL FINLAND | 2,976,545 |
81 |
TIAA-CREF FUNDS – International Opportunities Fund
SHARES | COMPANY | VALUE | ||||||||
FRANCE - 5.2% | ||||||||||
171,602 | Essilor International S.A. | $ | 28,561,398 | |||||||
83,512 | L’Oreal S.A. | 34,195,653 | ||||||||
127,639 | Teleperformance | 49,287,069 | ||||||||
TOTAL FRANCE | 112,044,120 | |||||||||
GERMANY - 5.4% | ||||||||||
309,000 | Bayer AG. | 19,994,868 | ||||||||
161,482 | Beiersdorf AG. | 18,226,549 | ||||||||
118,700 | Deutsche Boerse AG. | 20,455,010 | ||||||||
278,006 | * | HelloFresh SE | 23,062,051 | |||||||
166,241 | *,e,g | Just Eat Takeaway.com NV | 17,176,563 | |||||||
373,151 | *,g | TeamViewer AG. | 17,736,820 | |||||||
TOTAL GERMANY | 116,651,861 | |||||||||
HONG KONG - 0.9% | ||||||||||
946,100 | * | Melco Crown Entertainment Ltd (ADR) | 18,250,269 | |||||||
TOTAL HONG KONG | 18,250,269 | |||||||||
INDONESIA - 1.1% | ||||||||||
85,976,300 | Bank Rakyat Indonesia | 24,059,174 | ||||||||
TOTAL INDONESIA | 24,059,174 | |||||||||
IRELAND - 4.6% | ||||||||||
491,610 | CRH plc | 23,196,226 | ||||||||
109,518 | * | Flutter Entertainment plc | 22,442,572 | |||||||
610,422 | * | Keywords Studios plc | 22,812,203 | |||||||
587,889 | Smurfit Kappa Group plc | 30,053,039 | ||||||||
TOTAL IRELAND | 98,504,040 | |||||||||
ITALY - 3.8% | ||||||||||
254,669 | Amplifon S.p.A. | 10,748,359 | ||||||||
1,926,620 | Davide Campari-Milano NV | 22,734,889 | ||||||||
119,600 | Ferrari NV | 25,620,324 | ||||||||
382,568 | Moncler S.p.A | 23,447,762 | ||||||||
TOTAL ITALY | 82,551,334 | |||||||||
JAPAN - 10.1% | ||||||||||
1,069,400 | *,e | BASE, Inc | 17,681,768 | |||||||
639,100 | Benefit One, Inc | 16,035,150 | ||||||||
152,400 | GMO Payment Gateway, Inc | 19,376,667 | ||||||||
2,174,800 | Infomart Corp | 20,504,187 | ||||||||
153,900 | IR Japan Holdings Ltd | 20,158,086 | ||||||||
857,800 | Japan Elevator Service Holdings Co Ltd | 17,214,099 | ||||||||
797,400 | MonotaRO Co Ltd | 20,247,896 | ||||||||
354,000 | Paltac Corp | 18,444,090 | ||||||||
2 | Seria Co Ltd | 73 | ||||||||
147,099 | * | SHIFT, Inc | 21,412,382 | |||||||
544,400 | SMS Co Ltd | 14,854,916 | ||||||||
245,800 | TechnoPro Holdings, Inc | 18,076,403 | ||||||||
199,400 | e | Workman Co Ltd | 12,997,059 | |||||||
TOTAL JAPAN | 217,002,776 |
82 |
TIAA-CREF FUNDS – International Opportunities Fund
SHARES | COMPANY | VALUE | ||||||||
NETHERLANDS - 6.0% | ||||||||||
11,177 | *,g | Adyen NV | $ | 27,507,638 | ||||||
88,896 | ASML Holding NV | 57,706,081 | ||||||||
3,492,429 | ING Groep NV | 44,615,710 | ||||||||
TOTAL NETHERLANDS | 129,829,429 | |||||||||
NEW ZEALAND - 0.9% | ||||||||||
750,000 | Fisher & Paykel Healthcare Corp | 19,329,670 | ||||||||
TOTAL NEW ZEALAND | 19,329,670 | |||||||||
NORWAY - 3.0% | ||||||||||
1,467,893 | Aker BP ASA | 41,804,495 | ||||||||
1,162,538 | Equinor ASA | 23,474,847 | ||||||||
TOTAL NORWAY | 65,279,342 | |||||||||
PHILIPPINES - 0.9% | ||||||||||
5,703,054 | BDO Unibank, Inc | 12,196,931 | ||||||||
6,009,020 | Robinsons Retail Holdings, Inc | 6,551,891 | ||||||||
TOTAL PHILIPPINES | 18,748,822 | |||||||||
POLAND - 0.9% | ||||||||||
693,182 | *,g | Allegro.eu S.A. | 10,627,499 | |||||||
466,552 | * | InPost S.A. | 8,890,455 | |||||||
TOTAL POLAND | 19,517,954 | |||||||||
PORTUGAL - 1.0% | ||||||||||
1,204,396 | Jeronimo Martins SGPS S.A. | 21,994,887 | ||||||||
TOTAL PORTUGAL | 21,994,887 | |||||||||
SPAIN - 1.2% | ||||||||||
376,699 | Amadeus IT Holding S.A. | 25,652,457 | ||||||||
142,139 | *,†,e | Let’s GOWEX S.A. | 1,709 | |||||||
TOTAL SPAIN | 25,654,166 | |||||||||
SWEDEN - 4.4% | ||||||||||
105,626 | g | Evolution Gaming Group AB | 20,851,480 | |||||||
287,127 | Hexagon AB (B Shares) | 27,426,054 | ||||||||
652,000 | e | Intrum Justitia AB | 22,423,074 | |||||||
294,598 | Swedish Match AB | 24,117,113 | ||||||||
TOTAL SWEDEN | 94,817,721 | |||||||||
SWITZERLAND - 3.9% | ||||||||||
4,306 | Givaudan S.A. | 18,042,891 | ||||||||
52,867 | * | Lonza Group AG. | 33,608,299 | |||||||
98,700 | Roche Holding AG. | 32,191,557 | ||||||||
TOTAL SWITZERLAND | 83,842,747 | |||||||||
TAIWAN - 0.8% | ||||||||||
1,197,540 | Dadi Early-Childhood Education Group Ltd | 7,759,809 | ||||||||
2,700,349 | Hota Industrial Manufacturing Co Ltd | 9,933,799 | ||||||||
TOTAL TAIWAN | 17,693,608 | |||||||||
UNITED KINGDOM - 10.7% | ||||||||||
915,246 | Ashtead Group plc | 58,805,396 | ||||||||
3,252,963 | * | Beazley plc | 15,206,795 | |||||||
457,780 | Dechra Pharmaceuticals plc | 25,503,628 |
83 |
TIAA-CREF FUNDS – International Opportunities Fund
SHARES | COMPANY | VALUE | ||||||||
2,207,886 | Electrocomponents plc | $ | 32,496,180 | |||||||
447,623 | Fevertree Drinks plc | 15,504,193 | ||||||||
85,385 | Linde plc (Xetra) | 24,406,196 | ||||||||
199,421 | London Stock Exchange Group plc | 20,374,491 | ||||||||
2,502,520 | * | THG Holdings Ltd | 21,427,845 | |||||||
6,603,400 | Tritax Big Box REIT plc | 17,352,571 | ||||||||
TOTAL UNITED KINGDOM | 231,077,295 | |||||||||
UNITED STATES - 1.0% | ||||||||||
60,900 | * | Lululemon Athletica, Inc | 20,417,943 | |||||||
TOTAL UNITED STATES | 20,417,943 | |||||||||
TOTAL COMMON STOCKS | 2,078,366,648 | |||||||||
(Cost $1,177,374,107) | ||||||||||
RIGHTS / WARRANTS - 0.0% | ||||||||||
AUSTRALIA - 0.0% | ||||||||||
112,654 | e | PointsBet Holdings Pty Ltd | 312,419 | |||||||
TOTAL AUSTRALIA | 312,419 | |||||||||
TOTAL RIGHTS / WARRANTS | 312,419 | |||||||||
(Cost $0) |
PRINCIPAL | ISSUER | RATE | MATURITY DATE | |||||||||||||
SHORT-TERM INVESTMENTS - 6.5% | ||||||||||||||||
GOVERNMENT AGENCY DEBT - 3.0% | ||||||||||||||||
$ | 29,820,000 | Federal Home Loan Bank (FHLB) | 0.010 | % | 05/05/21 | 29,820,000 | ||||||||||
7,111,000 | Federal Home Loan Bank (FHLB) | 0.005 | 05/10/21 | 7,111,000 | ||||||||||||
8,992,000 | Federal Home Loan Bank (FHLB) | 0.005 | 05/26/21 | 8,992,000 | ||||||||||||
8,800,000 | Federal Home Loan Bank (FHLB) | 0.035 | 05/28/21 | 8,800,000 | ||||||||||||
9,755,000 | Federal Home Loan Bank (FHLB) | 0.035 | 09/29/21 | 9,754,193 | ||||||||||||
TOTAL GOVERNMENT AGENCY DEBT | 64,477,193 | |||||||||||||||
REPURCHASE AGREEMENT - 0.2% | ||||||||||||||||
3,830,000 | r | Fixed Income Clearing Corp (FICC) | 0.005 | 05/03/21 | 3,830,000 | |||||||||||
TOTAL REPURCHASE AGREEMENT | 3,830,000 | |||||||||||||||
TREASURY DEBT - 0.2% | ||||||||||||||||
4,460,000 | United States Treasury Bill | 0.013 | 05/20/21 | 4,459,979 | ||||||||||||
TOTAL TREASURY DEBT | 4,459,979 | |||||||||||||||
SHARES | COMPANY | |||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 3.1% | ||||||||||||||||
66,715,772 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 0.020 | 66,715,772 | ||||||||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 66,715,772 | |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 139,482,944 | |||||||||||||||
(Cost $139,482,005) | ||||||||||||||||
TOTAL INVESTMENTS - 103.0% | 2,218,162,011 | |||||||||||||||
(Cost $1,316,856,112) | ||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - (3.0)% | (64,045,434 | ) | ||||||||||||||
NET ASSETS - 100.0% | $ | 2,154,116,577 |
84 |
TIAA-CREF FUNDS – International Opportunities Fund
Abbreviation(s): | |||
ADR American 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 $108,934,960. | ||
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 4/30/21, the aggregate value of these securities is $119,729,540 or 5.6% of net assets. | ||
r | Agreement with Fixed Income Clearing Corporation, 0.005% dated 4/30/21 to be repurchased at $3,830,000 on 5/3/21, collateralized by U.S. Treasury Notes valued at $3,906,635. |
85 |
TIAA-CREF FUNDS – International Opportunities Fund
TIAA-CREF FUNDS
INTERNATIONAL OPPORTUNITIES FUND
SUMMARY OF MARKET VALUES BY SECTOR (unaudited)
April 30, 2021
% OF | ||||||||
SECTOR | VALUE | NET ASSETS | ||||||
INFORMATION TECHNOLOGY | $ | 439,977,380 | 20.4 | % | ||||
CONSUMER DISCRETIONARY | 393,198,444 | 18.3 | ||||||
INDUSTRIALS | 302,105,713 | 14.0 | ||||||
FINANCIALS | 259,773,735 | 12.1 | ||||||
CONSUMER STAPLES | 205,886,653 | 9.6 | ||||||
HEALTH CARE | 204,849,448 | 9.5 | ||||||
MATERIALS | 125,423,955 | 5.8 | ||||||
ENERGY | 65,279,342 | 3.0 | ||||||
COMMUNICATION SERVICES | 64,831,826 | 3.0 | ||||||
REAL ESTATE | 17,352,571 | 0.8 | ||||||
SHORT-TERM INVESTMENTS | 139,482,944 | 6.5 | ||||||
OTHER ASSETS & LIABILITIES, NET | (64,045,434 | ) | (3.0 | ) | ||||
NET ASSETS | $ | 2,154,116,577 | 100.0 | % |
86 |
TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund
TIAA-CREF FUNDS
QUANT INTERNATIONAL SMALL-CAP EQUITY FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2021
SHARES | COMPANY | VALUE | ||||||||
COMMON STOCKS - 99.4% | ||||||||||
AUSTRALIA - 5.9% | ||||||||||
359,724 | Accent Group Ltd | $ | 813,542 | |||||||
244,344 | Ansell Ltd | 7,948,581 | ||||||||
12,267 | ARB Corp Ltd | 368,038 | ||||||||
1,232,000 | Austal Ltd | 2,286,223 | ||||||||
250,257 | Aventus Retail Property Fund Ltd | 572,198 | ||||||||
260,000 | BWX Ltd | 939,854 | ||||||||
438,691 | carsales.com Ltd | 6,701,735 | ||||||||
15,520 | Cedar Woods Properties Ltd | 87,637 | ||||||||
368,032 | * | Champion Iron Ltd | 1,920,355 | |||||||
175,213 | Charter Hall Education Trust | 438,674 | ||||||||
239,466 | Charter Hall Group | 2,586,775 | ||||||||
565,214 | Charter Hall Long Wale REIT | 2,128,471 | ||||||||
3,160,599 | Cleanaway Waste Management Ltd | 6,929,048 | ||||||||
1,768,625 | *,g | Coronado Global Resources, Inc (ADR) | 804,750 | |||||||
45,216 | * | Domain Holdings Australia Ltd | 176,444 | |||||||
561,000 | GDI Property Group | 460,052 | ||||||||
107,531 | Growthpoint Properties Australia Ltd | 310,696 | ||||||||
1,106,213 | Independence Group NL | 6,320,939 | ||||||||
911,000 | Ingenia Communities Group | 3,710,585 | ||||||||
9,053 | JB Hi-Fi Ltd | 322,060 | ||||||||
1,559,872 | * | Mayne Pharma Group Ltd | 484,861 | |||||||
80,200 | Mineral Resources Ltd | 2,928,939 | ||||||||
107,713 | e | Moelis Australia Ltd | 449,365 | |||||||
97,843 | Netwealth Group Ltd | 1,119,952 | ||||||||
830,307 | New Hope Corp Ltd | 741,554 | ||||||||
442,594 | * | Nufarm Ltd | 1,776,506 | |||||||
833,204 | Perenti Global Ltd | 697,500 | ||||||||
6,077,975 | * | Pilbara Minerals Ltd | 5,291,474 | |||||||
298,000 | Pinnacle Investment Management Group Ltd | 2,430,321 | ||||||||
209,000 | Premier Investments Ltd | 4,232,329 | ||||||||
143,952 | Ramelius Resources Ltd | 186,636 | ||||||||
654,947 | St Barbara Ltd | 925,707 | ||||||||
655,851 | Waypoint REIT | 1,260,420 | ||||||||
848,101 | *,e | Zip Co Ltd | 5,211,766 | |||||||
TOTAL AUSTRALIA | 73,563,987 | |||||||||
AUSTRIA - 0.9% | ||||||||||
263,654 | * | ams AG. | 4,571,291 | |||||||
77,000 | Telekom Austria AG. | 629,498 | ||||||||
159,000 | Wienerberger AG. | 6,233,463 | ||||||||
TOTAL AUSTRIA | 11,434,252 | |||||||||
BELGIUM - 0.5% | ||||||||||
23,000 | Befimmo SCA Sicafi | 977,890 |
87 |
TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
9,638 | Gimv NV | $ | 604,889 | |||||||
36,000 | * | KBC Ancora | 1,571,513 | |||||||
16,839 | Melexis NV | 1,833,099 | ||||||||
4,467 | Montea C.V.A | 489,535 | ||||||||
20,000 | Warehouses De Pauw CVA | 705,364 | ||||||||
45,571 | *,g | X-Fab Silicon Foundries SE | 442,685 | |||||||
TOTAL BELGIUM | 6,624,975 | |||||||||
BRAZIL - 2.4% | ||||||||||
73,400 | * | Adecoagro S.A. | 683,354 | |||||||
276,800 | Aliansce Sonae Shopping Centers sa | 1,308,062 | ||||||||
173,290 | Arcos Dorados Holdings, Inc | 992,952 | ||||||||
286,600 | * | Azul S.A. | 2,031,296 | |||||||
1,051,200 | Banco Pan S.A. | 3,558,798 | ||||||||
1,999,500 | BR Properties S.A. | 3,301,795 | ||||||||
1,785,800 | Cia de Saneamento de Minas Gerais-COPASA | 5,526,329 | ||||||||
760,400 | Cia Energetica de Sao Paulo (Class B) | 3,541,595 | ||||||||
356,400 | * | Embraer S.A. | 1,010,403 | |||||||
634,500 | Guararapes Confeccoes S.A. | 1,960,017 | ||||||||
155,600 | JHSF Participacoes S.A. | 195,644 | ||||||||
379,000 | LOG Commercial Properties e Participacoes S.A. | 2,058,945 | ||||||||
758,200 | M Dias Branco S.A. | 3,715,592 | ||||||||
205,300 | * | Marisa Lojas S.A. | 202,577 | |||||||
35,400 | Transmissora Alianca de Energia Eletrica S.A. | 272,405 | ||||||||
TOTAL BRAZIL | 30,359,764 | |||||||||
BURKINA FASO - 0.1% | ||||||||||
422,000 | * | IAMGOLD Corp | 1,318,374 | |||||||
TOTAL BURKINA FASO | 1,318,374 | |||||||||
CANADA - 5.7% | ||||||||||
87,407 | ARC Resources Ltd | 549,694 | ||||||||
149,209 | e | Atlas Corp | 2,056,100 | |||||||
67,952 | *,e | Aurora Cannabis, Inc | 605,357 | |||||||
154,000 | Canaccord Financial, Inc | 1,484,685 | ||||||||
117,875 | Canadian Western Bank | 3,241,407 | ||||||||
75,614 | * | Canfor Corp | 1,888,581 | |||||||
121,000 | Cascades, Inc | 1,419,534 | ||||||||
237,143 | * | Celestica, Inc | 1,975,629 | |||||||
832,872 | Corus Entertainment, Inc | 3,984,288 | ||||||||
1,523,249 | e | Crescent Point Energy Corp | 6,010,460 | |||||||
72,087 | Enerflex Ltd | 480,912 | ||||||||
85,459 | Granite REIT | 5,471,072 | ||||||||
345,574 | H&R Real Estate Investment Trust | 4,281,896 | ||||||||
73,000 | e | Intertape Polymer Group, Inc | 1,796,567 | |||||||
140,000 | Killam Apartment Real Estate Investment Trust | 2,157,263 | ||||||||
90,000 | Linamar Corp | 5,274,133 | ||||||||
84,994 | * | Lundin Gold, Inc | 824,251 | |||||||
120,000 | Martinrea International, Inc | 1,303,340 | ||||||||
82,895 | Maverix Metals, Inc | 468,040 | ||||||||
1,100,595 | * | MEG Energy Corp | 6,079,844 | |||||||
41,944 | Slate Grocery REIT | 423,484 | ||||||||
15,892 | *,e | SunOpta, Inc | 196,783 |
88 |
TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
111,081 | TFI International, Inc | $ | 9,733,087 | |||||||
100,000 | e | Timbercreek Financial Corp | 740,349 | |||||||
113,000 | Tourmaline Oil Corp | 2,438,075 | ||||||||
170,579 | TransAlta Corp | 1,676,438 | ||||||||
4,751 | * | Trillium Therapeutics, Inc | 45,069 | |||||||
264,000 | * | Vermilion Energy, Inc | 1,958,817 | |||||||
655,522 | e | Whitecap Resources, Inc | 2,869,225 | |||||||
TOTAL CANADA | 71,434,380 | |||||||||
CHILE - 0.3% | ||||||||||
356,015 | Empresa Nacional de Telecomunicaciones S.A. | 1,999,150 | ||||||||
40,083 | Inversiones La Construccion S.A. | 269,126 | ||||||||
424,519,368 | * | Itau CorpBanca Chile SA | 1,445,467 | |||||||
TOTAL CHILE | 3,713,743 | |||||||||
CHINA - 2.8% | ||||||||||
45,504 | *,e | 111, Inc (ADR) | 566,980 | |||||||
595,000 | Chaowei Power Holdings Ltd | 215,712 | ||||||||
14,220,000 | China BlueChemical Ltd | 4,020,401 | ||||||||
28,800 | * | China Online Education Group (ADR) | 616,320 | |||||||
745,000 | China Shineway Pharmaceutical Group Ltd | 536,747 | ||||||||
1,840,000 | China South City Holdings Ltd | 193,846 | ||||||||
58,837 | China Yuchai International Ltd | 939,627 | ||||||||
1,405,000 | Citic 1616 Holdings Ltd | 507,815 | ||||||||
5,284,000 | * | Citic Resources Holdings Ltd | 264,643 | |||||||
1,140,000 | Cofco International Ltd | 474,633 | ||||||||
259,000 | *,e,g | CStone Pharmaceuticals | 371,228 | |||||||
96,000 | Essex Bio-technology Ltd | 69,456 | ||||||||
699,000 | Fufeng Group Ltd | 258,570 | ||||||||
4,282,823 | Fushan International Energy Group Ltd | 1,118,370 | ||||||||
8,630,000 | Gemdale Properties and Investment Corp Ltd | 1,210,815 | ||||||||
19,800 | * | Genetron Holdings Ltd (ADR) | 418,968 | |||||||
119,000 | * | Immunotech Biopharm Ltd | 264,497 | |||||||
959,000 | *,g | InnoCare Pharma Ltd | 3,032,051 | |||||||
80 | *,e | JinkoSolar Holding Co Ltd (ADR) | 2,957 | |||||||
4,710,000 | * | KWG Living Group Holdings Ltd | 4,826,875 | |||||||
5,238,000 | Lonking Holdings Ltd | 2,220,938 | ||||||||
67,600 | *,e | OneSmart International Education Group Ltd (ADR) | 184,548 | |||||||
60 | *,e | Qutoutiao, Inc (ADR) | 138 | |||||||
348,000 | * | Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co Ltd | 222,736 | |||||||
4,356,500 | Shui On Land Ltd | 716,816 | ||||||||
2,223,000 | SITC International Co Ltd | 8,470,561 | ||||||||
200,550 | *,e | So-Young International, Inc (ADR) | 1,897,203 | |||||||
960,000 | VST Holdings Ltd | 948,645 | ||||||||
393,000 | Xinji Shaxi Group Co Ltd | 66,278 | ||||||||
TOTAL CHINA | 34,638,374 | |||||||||
COLOMBIA - 0.0% | ||||||||||
172,761 | Cementos Argos S.A. | 236,129 | ||||||||
TOTAL COLOMBIA | 236,129 |
89 |
TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
DENMARK - 1.8% | ||||||||||
115,000 | Alm Brand AS | $ | 1,307,482 | |||||||
51,891 | Chemometec A.S. | 5,636,054 | ||||||||
21,000 | PER Aarsleff A.S. | 1,028,662 | ||||||||
30,000 | Ringkjoebing Landbobank A.S. | 3,049,707 | ||||||||
69,549 | Royal Unibrew A.S. | 8,495,470 | ||||||||
111,000 | g | Scandinavian Tobacco Group A.S. | 2,021,688 | |||||||
30,000 | Topdanmark AS | 1,458,743 | ||||||||
TOTAL DENMARK | 22,997,806 | |||||||||
EGYPT - 0.4% | ||||||||||
3,471,267 | Centamin plc | 5,147,357 | ||||||||
215,801 | Telecom Egypt | 149,392 | ||||||||
TOTAL EGYPT | 5,296,749 | |||||||||
FINLAND - 1.2% | ||||||||||
321 | Admicom Oyj | 40,136 | ||||||||
187,554 | Kesko Oyj (B Shares) | 5,710,897 | ||||||||
40,000 | Tokmanni Group Corp | 1,028,654 | ||||||||
192,201 | Valmet Corp | 8,027,716 | ||||||||
TOTAL FINLAND | 14,807,403 | |||||||||
FRANCE - 1.1% | ||||||||||
10,024 | ABC Arbitrage | 86,167 | ||||||||
47,955 | Carmila S.A. | 805,000 | ||||||||
21,219 | * | Cellectis S.A. | 398,155 | |||||||
4,064 | Icade | 316,252 | ||||||||
2,989 | Pharmagest Inter@ctive | 356,139 | ||||||||
136,431 | Rexel S.A. | 2,681,858 | ||||||||
31,000 | Sechilienne-Sidec | 1,403,092 | ||||||||
18,000 | Sopra Group S.A. | 3,349,992 | ||||||||
70,585 | SPIE S.A. | 1,784,198 | ||||||||
14,407 | g | Verallia S.A. | 583,262 | |||||||
7,000 | * | Virbac S.A. | 2,272,252 | |||||||
TOTAL FRANCE | 14,036,367 | |||||||||
GERMANY - 2.9% | ||||||||||
127,000 | * | ADVA AG. Optical Networking | 1,593,866 | |||||||
105,208 | * | Aurelius AG. | 3,529,802 | |||||||
1,718 | Basler AG. | 224,309 | ||||||||
1,814 | Bertrandt AG. | 100,429 | ||||||||
5,813 | bet-at-home.com AG. | 316,263 | ||||||||
4,378 | Cewe Color Holding AG. | 709,513 | ||||||||
7,524 | Dermapharm Holding SE | 657,607 | ||||||||
74,000 | DIC Asset AG. | 1,319,829 | ||||||||
7,959 | Draegerwerk AG. | 743,010 | ||||||||
1,151 | Draegerwerk AG. & Co KGaA | 101,640 | ||||||||
48,000 | Eckert & Ziegler Strahlen- und Medizintechnik AG. | 4,713,132 | ||||||||
3,195 | * | flatexDEGIRO AG. | 409,178 | |||||||
5,345 | g | JOST Werke AG. | 351,689 | |||||||
94,540 | * | Kloeckner & Co AG. | 1,281,506 | |||||||
11,000 | * | Morphosys AG. | 1,038,561 | |||||||
2,964 | New Work SE | 899,776 | ||||||||
41,000 | Patrizia Immobilien AG. | 1,121,675 | ||||||||
54,442 | Salzgitter AG. | 1,731,596 |
90 |
TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
143,372 | Sirius Real Estate Ltd | $ | 201,325 | |||||||
1,070 | Sixt AG. (Preference) | 88,274 | ||||||||
31,443 | Stabilus S.A. | 2,455,105 | ||||||||
4,600 | STRATEC Biomedical AG. | 651,370 | ||||||||
22,658 | TAG Tegernsee Immobilien und Beteiligungs AG. | 700,723 | ||||||||
350,724 | * | ThyssenKrupp AG. | 4,688,792 | |||||||
39,472 | Wacker Chemie AG. | 5,953,150 | ||||||||
4,473 | Wuestenrot & Wuerttembergische AG. | 97,336 | ||||||||
TOTAL GERMANY | 35,679,456 | |||||||||
GREECE - 0.3% | ||||||||||
306,144 | * | Public Power Corp | 3,484,306 | |||||||
TOTAL GREECE | 3,484,306 | |||||||||
GUERNSEY, C.I. - 0.0% | ||||||||||
411,391 | BMO Commercial Property Trust Ltd | 452,893 | ||||||||
TOTAL GUERNSEY, C.I. | 452,893 | |||||||||
HONG KONG - 1.4% | ||||||||||
9,556,000 | * | Beijing Energy International Holding Co Ltd | 306,324 | |||||||
760,000 | e | China Grand Pharmaceutical and Healthcare Holdings Ltd | 637,920 | |||||||
3,266,000 | China High Speed Transmission Equipment Group Co Ltd | 2,364,430 | ||||||||
17,820,000 | e | CMBC Capital Holdings Ltd | 242,250 | |||||||
1,370,000 | Concord New Energy Group Ltd | 98,668 | ||||||||
210,400 | Dah Sing Banking Group Ltd | 230,629 | ||||||||
4,873,000 | Digital China Holdings Ltd | 3,643,680 | ||||||||
838,000 | Hang Lung Group Ltd | 2,198,323 | ||||||||
2,191,400 | Hutchison Port Holdings Trust | 546,717 | ||||||||
523,500 | Johnson Electric Holdings Ltd | 1,391,189 | ||||||||
1,903,734 | K Wah International Holdings Ltd | 947,350 | ||||||||
1,162,800 | Man Wah Holdings Ltd | 2,434,365 | ||||||||
1,952,000 | * | Skyworth Digital Holdings Ltd | 637,809 | |||||||
142,000 | Sun Hung Kai & Co Ltd | 73,123 | ||||||||
635,200 | Television Broadcasts Ltd | 695,079 | ||||||||
964,000 | United Laboratories Ltd | 789,561 | ||||||||
TOTAL HONG KONG | 17,237,417 | |||||||||
INDIA - 2.6% | ||||||||||
15,137 | Aarti Drugs Ltd | 144,933 | ||||||||
25,856 | * | Adani Gas Ltd | 400,776 | |||||||
5,650 | Amara Raja Batteries Ltd | 61,723 | ||||||||
74,501 | * | Apollo Tyres Ltd | 217,004 | |||||||
1,699 | Astral Polytechnik Ltd | 36,139 | ||||||||
2,137 | Bata India Ltd | 39,457 | ||||||||
19,325 | Birlasoft Ltd | 63,926 | ||||||||
122,784 | Castrol India Ltd | 208,163 | ||||||||
637,996 | Central Depository Services India Ltd | 6,936,175 | ||||||||
30,098 | Cholamandalam Investment and Finance Co Ltd | 231,611 | ||||||||
619 | Coforge Ltd | 23,925 | ||||||||
119,000 | Crompton Greaves Consumer Electricals Ltd | 616,985 | ||||||||
13,261 | * | Deepak Nitrite Ltd | 333,379 | |||||||
22,844 | * | Dhani Services Ltd | 54,315 | |||||||
23,083 | Emami Ltd | 152,982 | ||||||||
108,364 | Escorts Ltd | 1,632,790 |
91 |
TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
471,053 | * | Federal Bank Ltd | $ | 507,957 | ||||||
25,960 | Glenmark Pharmaceuticals Ltd | 201,864 | ||||||||
29,751 | * | Godrej Properties Ltd | 548,368 | |||||||
12,280 | Gujarat Gas Ltd | 87,834 | ||||||||
13,344 | Gujarat State Petronet Ltd | 48,526 | ||||||||
1,110,842 | * | IDFC Bank Ltd | 817,654 | |||||||
31,634 | India Cements Ltd | 69,571 | ||||||||
195,570 | * | Indiabulls Housing Finance Ltd | 476,349 | |||||||
9,794 | *,g | IndiaMart InterMesh Ltd | 1,049,240 | |||||||
1,058,000 | * | Jindal Steel & Power Ltd | 6,283,257 | |||||||
190,162 | JSW Energy Ltd | 280,701 | ||||||||
40,179 | Kaveri Seed Co Ltd | 327,185 | ||||||||
171,325 | * | L&T Finance Holdings Ltd | 200,675 | |||||||
249,814 | g | Laurus Labs Ltd | 1,524,345 | |||||||
34,471 | LIC Housing Finance Ltd | 188,238 | ||||||||
1,480 | Mahanagar Gas Ltd | 22,446 | ||||||||
55,528 | Manappuram General Finance & Leasing Ltd | 111,403 | ||||||||
6,175 | * | Max Financial Services Ltd | 74,576 | |||||||
63,624 | MindTree Ltd | 1,806,552 | ||||||||
29,001 | Mphasis Ltd | 690,173 | ||||||||
17,559 | Multi Commodity Exchange of India Ltd | 349,575 | ||||||||
161,488 | *,g | RBL Bank Ltd | 403,380 | |||||||
1,317 | SRF Ltd | 114,142 | ||||||||
12,390 | Strides Arcolab Ltd | 144,371 | ||||||||
26,741 | * | Sun Pharma Advanced Research Company Ltd | 63,034 | |||||||
31,647 | Tanla Platforms Ltd | 377,577 | ||||||||
46,702 | Tata Elxsi Ltd | 2,191,181 | ||||||||
232,367 | Tata Power Co Ltd | 309,097 | ||||||||
67,337 | Torrent Power Ltd | 359,704 | ||||||||
10,108,245 | * | Vodafone Idea Ltd | 1,135,396 | |||||||
12,769 | * | Wockhardt Ltd | 88,570 | |||||||
TOTAL INDIA | 32,007,224 | |||||||||
INDONESIA - 1.3% | ||||||||||
13,400,300 | * | Bank Tabungan Negara Persero Tbk PT | 1,470,833 | |||||||
80,695,000 | * | Erajaya Swasembada Tbk PT | 3,404,123 | |||||||
11,411,400 | Golden Agri-Resources Ltd | 2,140,387 | ||||||||
3,102,100 | * | Indosat Tbk PT | 1,409,779 | |||||||
1,392,800 | Industri Jamu Dan Farmasi Sido Muncul Tbk PT | 76,655 | ||||||||
24,321,100 | Japfa Comfeed Indonesia Tbk PT | 3,546,170 | ||||||||
25,668,200 | * | Lippo Karawaci Tbk PT | 379,709 | |||||||
1,274,800 | PT Selamat Sempurna Tbk | 116,054 | ||||||||
13,521,000 | PT Tambang Batubara Bukit Asam Tbk | 2,212,571 | ||||||||
42,643,000 | Puradelta Lestari Tbk PT | 713,214 | ||||||||
8,760,500 | * | Surya Citra Media Tbk PT | 953,643 | |||||||
1,598,500 | XL Axiata Tbk PT | 230,577 | ||||||||
TOTAL INDONESIA | 16,653,715 | |||||||||
IRELAND - 0.1% | ||||||||||
349,441 | Irish Residential Properties REIT plc | 683,108 | ||||||||
TOTAL IRELAND | 683,108 |
92 |
TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
ISRAEL - 2.0% | ||||||||||
23,613 | Amot Investments Ltd | $ | 153,965 | |||||||
41,000 | Ashtrom Group Ltd | 882,834 | ||||||||
143,426 | Bayside Land Corp | 1,314,218 | ||||||||
14,000 | Elco Holdings Ltd | 739,566 | ||||||||
2,000 | Electra Israel Ltd | 1,107,852 | ||||||||
18,383 | * | Fattal Holdings 1998 Ltd | 1,905,384 | |||||||
23,397 | * | Fiverr International Ltd | 4,868,214 | |||||||
107,000 | Gazit Globe Ltd | 697,075 | ||||||||
10,756 | Ituran Location and Control Ltd | 235,019 | ||||||||
62,470 | * | Kornit Digital Ltd | 6,107,067 | |||||||
126,241 | Maytronics Ltd | 2,570,576 | ||||||||
34,231 | * | Nova Measuring Instruments Ltd | 3,284,573 | |||||||
20,444 | Shapir Engineering and Industry Ltd | 146,353 | ||||||||
49,775 | Strauss Group Ltd | 1,454,115 | ||||||||
TOTAL ISRAEL | 25,466,811 | |||||||||
ITALY - 2.5% | ||||||||||
120,000 | ACEA S.p.A. | 2,724,477 | ||||||||
259,046 | Azimut Holding S.p.A. | 6,197,796 | ||||||||
185,840 | Buzzi Unicem S.p.A. | 4,958,561 | ||||||||
45,262 | * | Credito Emiliano S.p.A. | 279,413 | |||||||
14,084 | Danieli & Co S.p.A. | 345,581 | ||||||||
141,614 | De’Longhi S.p.A. | 6,189,945 | ||||||||
52,064 | *,g | GVS S.p.A | 907,273 | |||||||
686,706 | Hera S.p.A. | 2,763,339 | ||||||||
765,000 | Piaggio & C S.p.A. | 2,962,607 | ||||||||
21,000 | * | Sesa S.p.A | 2,912,821 | |||||||
22,557 | * | Tinexta S.p.A | 677,136 | |||||||
TOTAL ITALY | 30,918,949 | |||||||||
JAPAN - 17.0% | ||||||||||
26,000 | Aeon Delight Co Ltd | 793,299 | ||||||||
1,874,900 | h | Aiful Corp | 5,394,131 | |||||||
362,500 | Alps Electric Co Ltd | 4,392,313 | ||||||||
34,000 | Altech Corp | 624,045 | ||||||||
17,400 | Arata Corp | 707,662 | ||||||||
160,300 | ASKUL Corp | 5,863,932 | ||||||||
13,200 | BayCurrent Consulting, Inc | 3,599,531 | ||||||||
104,300 | Bunka Shutter Co Ltd | 913,058 | ||||||||
72,500 | h | Central Glass Co Ltd | 1,494,768 | |||||||
44,000 | Computer Engineering & Consulting Ltd | 544,848 | ||||||||
14,129 | Daiichi Jitsugyo Co Ltd | 544,831 | ||||||||
90,000 | Daio Paper Corp | 1,476,001 | ||||||||
223,800 | DCM Holdings Co Ltd | 2,231,843 | ||||||||
190,900 | *,h | Dena Co Ltd | 3,905,684 | |||||||
151,900 | Dowa Holdings Co Ltd | 6,348,495 | ||||||||
100,100 | Foster Electric Co Ltd | 1,070,361 | ||||||||
1,161,400 | * | Fujikura Ltd | 5,986,780 | |||||||
162,600 | Futaba Corp/Chiba | 1,281,414 | ||||||||
25,000 | Fuyo General Lease Co Ltd | 1,665,661 | ||||||||
50,800 | Gakken Co Ltd | 642,940 | ||||||||
62,000 | GMO internet, Inc | 1,841,752 |
93 |
TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
24,000 | Godo Steel Ltd | $ | 385,327 | |||||||
123,000 | Goldcrest Co Ltd | 1,785,727 | ||||||||
106,800 | * | GungHo Online Entertainment Inc | 2,031,599 | |||||||
224,500 | *,h | Gurunavi, Inc | 1,290,119 | |||||||
44,300 | Hanwa Co Ltd | 1,316,372 | ||||||||
51,900 | * | Heroz, Inc | 1,296,770 | |||||||
86,000 | Hosiden Corp | 815,984 | ||||||||
99 | Hosokawa Micron Corp | 5,636 | ||||||||
51,000 | Inaba Denki Sangyo Co Ltd | 1,192,685 | ||||||||
28,300 | Inabata & Co Ltd | 426,428 | ||||||||
44,200 | * | Iseki & Co Ltd | 628,869 | |||||||
60,000 | Itochu Enex Co Ltd | 572,367 | ||||||||
33,000 | * | Jafco Co Ltd | 2,375,602 | |||||||
2,882,300 | * | Japan Display, Inc | 1,209,116 | |||||||
272,000 | e | Japan Investment Adviser Co Ltd | 4,008,455 | |||||||
80 | JDC Corp | 438 | ||||||||
27,100 | Joshin Denki Co Ltd | 684,737 | ||||||||
94,400 | Joyful Honda Co Ltd | 1,162,739 | ||||||||
12,600 | h | K&O Energy Group, Inc | 164,812 | |||||||
56,000 | Kaken Pharmaceutical Co Ltd | 2,308,919 | ||||||||
100,000 | Kanto Denka Kogyo Co Ltd | 788,119 | ||||||||
6,600 | Kato Sangyo Co Ltd | 193,627 | ||||||||
122,000 | Kinden Corp | 2,077,104 | ||||||||
90,700 | Kintetsu World Express, Inc | 2,188,362 | ||||||||
56,200 | h | Kitz Corp | 352,174 | |||||||
131,800 | Kobe Steel Ltd | 948,929 | ||||||||
74,000 | Kohnan Shoji Co Ltd | 2,001,601 | ||||||||
148,200 | Komeri Co Ltd | 3,804,496 | ||||||||
119,500 | Komori Corp | 825,117 | ||||||||
500,700 | K’s Holdings Corp | 6,830,691 | ||||||||
41,800 | Kumagai Gumi Co Ltd | 1,164,128 | ||||||||
80,000 | e | LEC, Inc | 836,851 | |||||||
423,565 | e | Maeda Corp | 3,619,231 | |||||||
18,000 | Maruzen Showa Unyu Co Ltd | 523,872 | ||||||||
73,900 | * | Maxell Holdings Ltd | 871,016 | |||||||
13,200 | Maxvalu Tokai Co Ltd | 299,114 | ||||||||
11,200 | Ministop Co Ltd | 146,028 | ||||||||
168,900 | Mitsubishi Materials Corp | 3,794,578 | ||||||||
913,400 | * | Mitsubishi Motors Corp | 2,474,735 | |||||||
15,000 | Mitsubishi Research Institute, Inc | 565,857 | ||||||||
47,000 | Mitsui-Soko Co Ltd | 949,469 | ||||||||
2,262 | Mori Hills REIT Investment Corp | 3,281,168 | ||||||||
47,000 | Musashino Bank Ltd | 699,618 | ||||||||
48,000 | Nichiha Corp | 1,395,488 | ||||||||
48,000 | Nihon Unisys Ltd | 1,520,462 | ||||||||
471,900 | Nikon Corp | 4,443,427 | ||||||||
87,000 | Nippo Corp | 2,278,465 | ||||||||
269,100 | Nippon Electric Glass Co Ltd | 6,809,139 | ||||||||
77,000 | Nippon Konpo Unyu Soko Co Ltd | 1,615,059 | ||||||||
16,000 | Nippon Steel Trading Co Ltd | 565,326 | ||||||||
85,700 | NOF Corp | 4,528,964 | ||||||||
110,000 | Nojima Corp | 2,744,236 | ||||||||
44,100 | NOK Corp | 568,357 | ||||||||
255,800 | Nomura Co Ltd | 1,860,762 |
94 |
TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
854,500 | * | NTN Corp | $ | 2,427,702 | ||||||
1,850,000 | h | Onward Kashiyama Co Ltd | 5,089,222 | |||||||
26,000 | Organo Corp | 1,740,833 | ||||||||
22,400 | e | Pressance Corp | 329,354 | |||||||
79,000 | Prima Meat Packers Ltd | 2,495,819 | ||||||||
50,000 | Proto Corp | 532,010 | ||||||||
521,400 | Rengo Co Ltd | 4,327,499 | ||||||||
35,000 | Riken Vitamin Co Ltd | 435,719 | ||||||||
16,600 | Riso Kagaku Corp | 200,780 | ||||||||
24,200 | * | Ryobi Ltd | 350,395 | |||||||
3,800 | Sakai Moving Service Co Ltd | 173,275 | ||||||||
170,500 | Sankyo Co Ltd | 4,408,579 | ||||||||
316,100 | Sanwa Shutter Corp | 4,083,734 | ||||||||
100,100 | *,h | Sanyo Special Steel Co Ltd | 1,515,886 | |||||||
104,700 | h | Sato Corp | 2,571,747 | |||||||
100,000 | SBS Holdings, Inc | 2,456,124 | ||||||||
28,000 | Seria Co Ltd | 1,014,695 | ||||||||
5,700 | * | Serverworks Co Ltd | 225,821 | |||||||
19,700 | Shiga Bank Ltd | 389,348 | ||||||||
21,300 | Shima Seiki Manufacturing Ltd | 428,689 | ||||||||
22,800 | h | Shizuoka Gas Co Ltd | 193,717 | |||||||
15,500 | h | Showa Denko KK | 469,334 | |||||||
30,000 | Sinko Industries Ltd | 617,647 | ||||||||
759,000 | Sky Perfect Jsat Corp | 3,193,126 | ||||||||
49,000 | Starts Corp, Inc | 1,200,158 | ||||||||
27,100 | Sumitomo Bakelite Co Ltd | 1,097,375 | ||||||||
60 | Sumitomo Mitsui Construction Co Ltd | 256 | ||||||||
78,300 | Sun Frontier Fudousan Co Ltd | 683,476 | ||||||||
1,361,000 | e | Suruga Bank Ltd | 4,877,457 | |||||||
35,000 | Taikisha Ltd | 943,689 | ||||||||
301,000 | Takara Leben Co Ltd | 964,871 | ||||||||
39,700 | Takasago Thermal Engineering Co Ltd | 598,321 | ||||||||
69,000 | * | Tamron Co Ltd | 1,496,246 | |||||||
92,000 | TechMatrix Corp | 1,766,175 | ||||||||
231,000 | Toda Corp | 1,649,179 | ||||||||
163,000 | Toho Pharmaceutical Co Ltd | 2,757,677 | ||||||||
63,000 | Tokyo Tatemono Co Ltd | 932,734 | ||||||||
197,000 | Tosei Corp | 1,950,142 | ||||||||
8,200 | Trancom Co Ltd | 636,500 | ||||||||
24,100 | * | Trans Cosmos, Inc/Japan | 688,339 | |||||||
55,700 | Uchida Yoko Co Ltd | 2,383,126 | ||||||||
48,500 | h | Wacoal Holdings Corp | 1,094,873 | |||||||
6,200 | WDB Holdings Co Ltd | 132,190 | ||||||||
56,300 | World Co Ltd | 721,203 | ||||||||
326,000 | Yamaguchi Financial Group, Inc | 1,928,233 | ||||||||
36,000 | e | Yokogawa Bridge Holdings Corp | 678,571 | |||||||
TOTAL JAPAN | 211,403,466 | |||||||||
KOREA, REPUBLIC OF - 5.7% | ||||||||||
14,056 | Boditech Med, Inc | 308,992 | ||||||||
5,815 | Cuckoo Electronics Co Ltd | 733,988 |
95 |
TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
25,290 | Daishin Securities Co Ltd PF | $ | 370,050 | |||||||
99,522 | Dongbu HiTek Co Ltd | 4,914,811 | ||||||||
29,172 | Dongwon Development Co Ltd | 168,330 | ||||||||
132,473 | * | Feelux Co Ltd | 450,615 | |||||||
5,783 | Global & Yuasa Battery Co Ltd | 447,473 | ||||||||
3,903 | Hanssem Co Ltd | 391,463 | ||||||||
130,145 | Hanwha Life Insurance Co Ltd | 409,213 | ||||||||
63,546 | Hyosung Corp | 5,664,843 | ||||||||
21,368 | * | Hyundai Electric & Energy System Co Ltd | 420,681 | |||||||
273,548 | * | Hyundai Rotem Co Ltd | 4,944,346 | |||||||
55,887 | Ilyang Pharmaceutical Co Ltd | 1,913,678 | ||||||||
192,092 | JB Financial Group Co Ltd | 1,260,280 | ||||||||
15,203 | Kginicis Co Ltd | 272,788 | ||||||||
1,932 | Korea District Heating Corp | 73,773 | ||||||||
16,533 | Korea Petrochemical Ind Co Ltd | 4,649,824 | ||||||||
37,623 | LG Hausys Ltd | 3,066,848 | ||||||||
198,828 | LG International Corp | 5,490,344 | ||||||||
125,285 | * | Lock & Lock Co Ltd | 1,723,470 | |||||||
200,413 | LOTTE Reit Co Ltd | 973,829 | ||||||||
38,000 | LS Industrial Systems Co Ltd | 1,937,417 | ||||||||
3,440 | Meritz Fire & Marine Insurance Co Ltd | 61,663 | ||||||||
107,712 | NICE Information Service Co Ltd | 2,115,072 | ||||||||
9,603 | * | OCI Co Ltd | 1,069,880 | |||||||
40,750 | Osstem Implant Co Ltd | 3,242,420 | ||||||||
52,000 | S&T Daewoo Co Ltd | 2,853,383 | ||||||||
176,069 | Samsung Techwin Co Ltd | 6,081,518 | ||||||||
293,430 | Seah Besteel Corp | 6,867,293 | ||||||||
39,234 | SK Discovery Co Ltd | 2,031,677 | ||||||||
54,959 | * | Soulbrain Holdings Co Ltd | 2,064,616 | |||||||
198,334 | * | Telcon RF Pharmaceutical Inc | 879,652 | |||||||
91,298 | * | TY Holdings Co Ltd | 2,212,510 | |||||||
41,434 | Ubiquoss Holdings, Inc | 770,346 | ||||||||
8,015 | * | Webzen, Inc | 248,897 | |||||||
TOTAL KOREA, REPUBLIC OF | 71,085,983 | |||||||||
MALAYSIA - 1.4% | ||||||||||
2,840,300 | Bursa Malaysia BHD | 5,844,476 | ||||||||
1,123,900 | Drb-Hicom BHD | 522,289 | ||||||||
347,900 | * | Greatech Technology Bhd | 508,609 | |||||||
5,389,500 | Inari Amertron BHD | 4,522,807 | ||||||||
252,700 | IOI Properties Group BHD | 84,513 | ||||||||
1,873,600 | g | Lotte Chemical Titan Holding BHD | 1,474,972 | |||||||
256,500 | Malaysian Pacific Industries BHD | 2,424,720 | ||||||||
15,344,300 | * | Sapurakencana Petroleum BHD | 500,405 | |||||||
828,700 | * | UEM Sunrise Bhd | 85,874 | |||||||
368,300 | UWC BHD | 535,800 | ||||||||
80,700 | ViTrox Corp BHD | 316,129 | ||||||||
TOTAL MALAYSIA | 16,820,594 | |||||||||
MALTA - 0.4% | ||||||||||
70,760 | * | Kambi Group plc | 3,565,143 | |||||||
72,000 | Kindred Group plc (ADR) | 1,239,208 | ||||||||
TOTAL MALTA | 4,804,351 |
96 |
TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
MEXICO - 0.2% | ||||||||||
60 | Bolsa Mexicana de Valores S.A. de C.V. | $ | 133 | |||||||
96,800 | Grupo Cementos de Chihuahua SAB de C.V. | 687,831 | ||||||||
573,200 | Grupo Comercial Chedraui S.a. DE C.V. | 889,639 | ||||||||
534,100 | g | Macquarie Mexico Real Estate Management SA de CV | 633,843 | |||||||
201,500 | PLA Administradora Industrial S de RL de C.V. | 306,671 | ||||||||
20 | Qualitas Controladora SAB de C.V. | 109 | ||||||||
20 | * | Regional SAB de C.V. | 102 | |||||||
TOTAL MEXICO | 2,518,328 | |||||||||
NETHERLANDS - 1.7% | ||||||||||
28,599 | ASM International NV | 8,676,278 | ||||||||
1,273 | * | Brack Capital Properties NV | 118,832 | |||||||
83,903 | Brunel International NV | 1,121,299 | ||||||||
159,427 | g | Signify NV | 9,053,712 | |||||||
343,661 | TNT NV | 1,795,088 | ||||||||
TOTAL NETHERLANDS | 20,765,209 | |||||||||
NEW ZEALAND - 0.0% | ||||||||||
166,466 | Argosy Property Ltd | 176,686 | ||||||||
TOTAL NEW ZEALAND | 176,686 | |||||||||
NORWAY - 0.4% | ||||||||||
282,000 | *,g | Europris ASA | 1,919,488 | |||||||
73,520 | g | Fjordkraft Holding ASA | 550,693 | |||||||
118,000 | g | Sbanken ASA | 1,466,227 | |||||||
23,264 | Selvaag Bolig ASA | 170,763 | ||||||||
130,000 | Sparebanken Nord-Norge | 1,299,358 | ||||||||
TOTAL NORWAY | 5,406,529 | |||||||||
PAKISTAN - 0.1% | ||||||||||
393,659 | Engro Chemical Pakistan Ltd | 758,950 | ||||||||
558,679 | Fauji Fertilizer Co Ltd | 383,484 | ||||||||
TOTAL PAKISTAN | 1,142,434 | |||||||||
PERU - 0.4% | ||||||||||
681,158 | HudBay Minerals, Inc | 5,087,280 | ||||||||
TOTAL PERU | 5,087,280 | |||||||||
PHILIPPINES - 0.0% | ||||||||||
576,000 | Vista Land & Lifescapes, Inc | 42,044 | ||||||||
TOTAL PHILIPPINES | 42,044 | |||||||||
POLAND - 0.2% | ||||||||||
35,000 | Asseco Poland S.A. | 649,387 | ||||||||
10,396 | * | Bank Handlowy w Warszawie S.A. | 111,256 | |||||||
119,278 | * | Enea S.A. | 264,719 | |||||||
74,506 | Warsaw Stock Exchange | 916,376 | ||||||||
TOTAL POLAND | 1,941,738 | |||||||||
QATAR - 0.0% | ||||||||||
48,455 | Al Meera Consumer Goods Co | 256,182 | ||||||||
TOTAL QATAR | 256,182 |
97 |
TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
RUSSIA - 0.1% | ||||||||||
153,266 | Sistema PJSFC | $ | 1,365,600 | |||||||
TOTAL RUSSIA | 1,365,600 | |||||||||
SAUDI ARABIA - 0.2% | ||||||||||
140,380 | * | Al Hammadi Co for Development and Investment | 1,283,814 | |||||||
15,866 | Eastern Province Cement Co | 205,401 | ||||||||
46,285 | * | Saudi Ceramic Co | 616,522 | |||||||
TOTAL SAUDI ARABIA | 2,105,737 | |||||||||
SINGAPORE - 0.9% | ||||||||||
86,048 | g | BW LPG Ltd | 636,593 | |||||||
5,902,000 | Frasers Logistics & Industrial Trust | 6,503,807 | ||||||||
301,200 | Japfa Ltd | 206,844 | ||||||||
313,100 | Overseas Union Enterprise Ltd | 345,388 | ||||||||
202,400 | Parkway Life Real Estate Investment Trust | 634,235 | ||||||||
2,217,300 | Sheng Siong Group Ltd | 2,578,978 | ||||||||
TOTAL SINGAPORE | 10,905,845 | |||||||||
SOUTH AFRICA - 0.9% | ||||||||||
218,699 | African Rainbow Minerals Ltd | 4,082,366 | ||||||||
1,498,405 | *,e | Brait S.A. | 275,019 | |||||||
172,712 | * | DataTec Ltd | 339,410 | |||||||
149,118 | Imperial Holdings Ltd | 486,864 | ||||||||
277,471 | * | Massmart Holdings Ltd | 1,028,570 | |||||||
667,332 | Royal Bafokeng Platinum Ltd | 5,061,646 | ||||||||
76,746 | * | Super Group Ltd | 148,967 | |||||||
16,251 | * | Wilson Bayly Holmes-Ovcon Ltd | 120,128 | |||||||
TOTAL SOUTH AFRICA | 11,542,970 | |||||||||
SPAIN - 0.6% | ||||||||||
51,146 | g | ContourGlobal plc | 141,460 | |||||||
5,132 | Corp Financiera Alba | 271,810 | ||||||||
6,496,047 | *,e | Distribuidora Internacional de Alimentacion S.A. | 637,285 | |||||||
371,654 | Faes Farma S.A. (Sigma) | 1,548,681 | ||||||||
86,064 | * | Mediaset Espana Comunicacion SA | 547,816 | |||||||
163,730 | g | Prosegur Cash S.A. | 147,473 | |||||||
44,000 | Viscofan S.A. | 3,006,924 | ||||||||
232,700 | Zardoya Otis S.A. | 1,473,969 | ||||||||
TOTAL SPAIN | 7,775,418 | |||||||||
SWEDEN - 6.2% | ||||||||||
173,864 | AAK AB | 3,981,633 | ||||||||
221,000 | Arjo AB | 2,179,080 | ||||||||
231,000 | Betsson AB | 2,098,870 | ||||||||
101,000 | e | Bilia AB | 1,760,562 | |||||||
111,000 | * | Clas Ohlson AB (B Shares) | 1,184,734 | |||||||
357,000 | *,e | Collector AB | 1,319,032 | |||||||
227,881 | * | Embracer Group AB | 6,961,407 | |||||||
60,873 | Fortnox AB | 3,120,752 |
98 |
TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
269,637 | Getinge AB (B Shares) | $ | 9,119,397 | |||||||
172,800 | e | Hexpol AB | 2,118,597 | |||||||
6,667 | HMS Networks AB | 288,344 | ||||||||
5,928 | Investment AB Oresund | 106,514 | ||||||||
116,000 | Inwido AB | 2,029,437 | ||||||||
8,218 | * | K-fast Holding AB | 300,935 | |||||||
595,305 | g | LeoVegas AB | 3,560,306 | |||||||
4,650 | Lifco AB | 497,981 | ||||||||
19,794 | Lime Technologies AB | 766,550 | ||||||||
104,000 | Lindab International AB | 2,116,692 | ||||||||
173,570 | Mekonomen AB | 2,977,050 | ||||||||
56,292 | MIPS AB | 4,553,598 | ||||||||
187,111 | NCC AB (B Shares) | 3,528,087 | ||||||||
247,377 | *,g | Nobina AB | 2,186,639 | |||||||
30,000 | e | Nolato AB (B Shares) | 2,962,212 | |||||||
169,353 | Nyfosa AB | 2,037,333 | ||||||||
44,992 | *,g | Oncopeptides AB | 697,193 | |||||||
162,691 | Paradox Interactive AB | 3,811,729 | ||||||||
242,312 | Samhallsbyggnadsbolaget i - D | 862,788 | ||||||||
42,644 | g | Thule Group AB | 1,934,236 | |||||||
256,607 | Trelleborg AB (B Shares) | 6,675,841 | ||||||||
88,227 | e | Wihlborgs Fastigheter AB | 1,803,544 | |||||||
TOTAL SWEDEN | 77,541,073 | |||||||||
SWITZERLAND - 4.0% | ||||||||||
10,978 | Bachem Holding AG. | 5,573,264 | ||||||||
1,767 | Belimo Holding AG. | 705,167 | ||||||||
1,342 | Bucher Industries AG. | 704,305 | ||||||||
58,000 | Cembra Money Bank AG. | 6,306,773 | ||||||||
6,678 | Coltene Holding AG. | 945,170 | ||||||||
2,000 | Emmi AG. | 2,076,102 | ||||||||
98,000 | g | Galenica AG. | 6,632,297 | |||||||
1,000 | Gurit Holding AG. | 2,600,602 | ||||||||
213 | LEM Holding S.A. | 398,828 | ||||||||
33,000 | PSP Swiss Property AG. | 4,072,077 | ||||||||
9,000 | Sulzer AG. | 1,025,330 | ||||||||
14,295 | Tecan Group AG. | 6,965,746 | ||||||||
28,765 | g | VAT Group AG. | 8,214,251 | |||||||
24,220 | Vetropack Holding AG. | 1,465,575 | ||||||||
11,966 | Vontobel Holding AG. | 900,586 | ||||||||
11,738 | VZ Holding AG. | 1,010,246 | ||||||||
TOTAL SWITZERLAND | 49,596,319 | |||||||||
TAIWAN - 5.8% | ||||||||||
342,000 | Benq Corp | 443,678 | ||||||||
1,491,000 | Cheng Loong Corp | 2,381,496 | ||||||||
139,000 | Cheng Uei Precision Industry Co Ltd | 229,460 | ||||||||
364,000 | Chicony Power Technology Co Ltd | 964,453 | ||||||||
641,000 | China Bills Finance Corp | 379,775 | ||||||||
370,000 | ChipMOS Technologies, Inc | 625,612 | ||||||||
235,000 | Chong Hong Construction Co | 697,024 | ||||||||
115,000 | Clevo Co | 133,664 | ||||||||
89,000 | eMemory Technology, Inc | 3,244,953 |
99 |
TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
3,381,000 | Evergreen International Storage & Transport Corp | $ | 2,960,828 | |||||||
575,000 | Ginko International Co Ltd | 3,638,684 | ||||||||
258,000 | Global Unichip Corp | 3,675,885 | ||||||||
506 | Hannstar Board Corp | 896 | ||||||||
918,000 | Kindom Construction Co | 1,427,224 | ||||||||
1,343,000 | King’s Town Bank | 2,075,071 | ||||||||
686,000 | KMC Kuei Meng International In | 5,636,875 | ||||||||
1,151,000 | Marketech International Corp | 4,851,193 | ||||||||
600 | Mercuries & Associates Holding Ltd | 504 | ||||||||
3,942,000 | * | Mercuries Life Insurance Co Lt | 1,450,511 | |||||||
325,000 | Merida Industry Co Ltd | 3,866,178 | ||||||||
268,000 | Nantex Industry Co Ltd | 1,312,271 | ||||||||
42,000 | Paiho Shih Holdings Corp | 73,075 | ||||||||
290,000 | Prince Housing & Development Corp | 130,637 | ||||||||
1,221,000 | Radiant Opto-Electronics Corp | 5,594,693 | ||||||||
786,000 | * | Ritek Corp | 350,325 | |||||||
1,046,000 | * | Roo Hsing Co Ltd | 415,907 | |||||||
331,000 | * | Shining Building Business Co Ltd | 181,302 | |||||||
516,000 | Simplo Technology Co Ltd | 6,870,895 | ||||||||
355,000 | Systex Corp | 1,162,621 | ||||||||
534,000 | Taiwan Hon Chuan Enterprise Co Ltd | 1,500,841 | ||||||||
297,000 | Taiwan Secom Co Ltd | 1,013,723 | ||||||||
35,000 | * | Tanvex BioPharma, Inc | 83,575 | |||||||
275,000 | Topco Scientific Co Ltd | 1,339,638 | ||||||||
1,281,000 | * | TPK Holding Co Ltd | 2,488,180 | |||||||
1,177,000 | Tripod Technology Corp | 5,845,658 | ||||||||
827,000 | Union Bank Of Taiwan | 354,992 | ||||||||
1,414,944 | USI Corp | 2,089,093 | ||||||||
64,700 | Voltronic Power Technology Corp | 2,940,629 | ||||||||
TOTAL TAIWAN | 72,432,019 | |||||||||
THAILAND - 0.0% | ||||||||||
678,500 | SC Asset Corp PCL | 67,943 | ||||||||
TOTAL THAILAND | 67,943 | |||||||||
TURKEY - 1.3% | ||||||||||
1,886,938 | Anadolu Efes Biracilik Ve Malt Sanayii AS | 5,315,222 | ||||||||
112,000 | Coca-Cola Icecek AS | 1,064,452 | ||||||||
88,926 | * | Izmir Demir Celik Sanayi AS | 23,846 | |||||||
155,000 | * | Migros Ticaret AS | 680,139 | |||||||
3,187,276 | * | Sok Marketler Ticaret AS. | 4,658,582 | |||||||
663,736 | Tofas Turk Otomobil Fabrik | 2,392,376 | ||||||||
76,812 | Turk Traktor ve Ziraat Makineleri AS | 1,940,352 | ||||||||
TOTAL TURKEY | 16,074,969 | |||||||||
UNITED ARAB EMIRATES - 0.0% | ||||||||||
1,377,022 | * | DAMAC Properties Dubai Co PJSC | 448,591 | |||||||
TOTAL UNITED ARAB EMIRATES | 448,591 | |||||||||
UNITED KINGDOM - 12.1% | ||||||||||
772,228 | 888 Holdings plc | 4,549,626 | ||||||||
234,272 | Alliance Pharma plc | 310,600 | ||||||||
3,361,000 | Assura Group Ltd | 3,460,003 | ||||||||
1,273,528 | * | Avacta Group plc | 4,678,422 |
100 |
TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
3,765 | Avon Rubber plc | $ | 172,524 | |||||||
237,752 | Big Yellow Group plc | 3,934,023 | ||||||||
278,000 | Brewin Dolphin Holdings plc | 1,306,158 | ||||||||
201,926 | Cairn Energy plc | 473,530 | ||||||||
5,384,191 | Centrica plc | 4,214,408 | ||||||||
251,987 | Civitas Social Housing plc | 397,276 | ||||||||
127,118 | Clipper Logistics plc | 1,207,827 | ||||||||
238,312 | g | CMC Markets plc | 1,606,109 | |||||||
56,000 | Computacenter plc | 2,071,308 | ||||||||
25,477 | Dechra Pharmaceuticals plc | 1,419,363 | ||||||||
93,346 | Diploma plc | 3,695,491 | ||||||||
54,568 | * | Draper Esprit plc | 635,294 | |||||||
233,278 | Drax Group plc | 1,316,380 | ||||||||
15,972 | EMIS Group plc | 270,433 | ||||||||
639,000 | * | Empiric Student Property plc | 776,592 | |||||||
36,461 | * | Ergomed plc | 720,069 | |||||||
308,000 | * | Frasers Group plc | 2,191,195 | |||||||
70,912 | *,g | Funding Circle Holdings plc | 150,407 | |||||||
39,000 | Games Workshop Group plc | 5,843,689 | ||||||||
58,861 | GB Group plc | 730,390 | ||||||||
469,678 | GCP Student Living plc | 1,064,188 | ||||||||
21,000 | Genus plc | 1,474,867 | ||||||||
396,804 | Grainger plc | 1,566,468 | ||||||||
612,000 | * | Halfords Group plc | 3,186,413 | |||||||
120,537 | HomeServe plc | 1,821,627 | ||||||||
588,000 | Howden Joinery Group plc | 6,568,837 | ||||||||
278,421 | Hunting plc | 945,902 | ||||||||
496,698 | IG Group Holdings plc | 6,283,699 | ||||||||
2,956,272 | * | IP Group plc | 5,240,645 | |||||||
168,148 | Kainos Group plc | 3,548,333 | ||||||||
51,805 | Keller Group plc | 591,679 | ||||||||
178,345 | Lancashire Holdings Ltd | 1,748,470 | ||||||||
8,251 | Marshalls plc | 82,845 | ||||||||
796,519 | Micro Focus International plc | 5,681,436 | ||||||||
836,774 | * | Mitie Group | 717,644 | |||||||
336,000 | Ninety One plc | 1,134,096 | ||||||||
61,841 | Numis Corp plc | 325,395 | ||||||||
498,000 | OSB Group plc | 3,297,363 | ||||||||
310,249 | Pennon Group plc | 4,431,572 | ||||||||
17,419 | Pets at Home Group plc | 106,893 | ||||||||
419,273 | Picton Property Income Ltd | 526,344 | ||||||||
30,641 | * | Playtech Ltd | 196,857 | |||||||
47,120 | PZ Cussons plc | 171,771 | ||||||||
982,114 | QinetiQ plc | 4,501,711 | ||||||||
75,478 | Rathbone Brothers | 1,764,646 | ||||||||
909,483 | Rightmove plc | 7,709,885 | ||||||||
1,341,962 | Rotork plc | 6,378,344 | ||||||||
957,834 | * | Royal Mail plc | 6,562,290 | |||||||
402,000 | Safestore Holdings plc | 4,727,374 | ||||||||
619,652 | Serco Group plc | 1,199,612 | ||||||||
676,990 | Spirent Communications plc | 2,396,556 | ||||||||
48,954 | * | Team17 Group plc | 523,961 | |||||||
2,925,991 | Tritax Big Box REIT plc | 7,688,989 | ||||||||
492,350 | Unite Group plc | 7,921,531 |
101 |
TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||||||||
527,556 | Warehouse REIT plc | $ | 979,213 | |||||||||||||
65,225 | * | Weir Group plc | 1,726,273 | |||||||||||||
TOTAL UNITED KINGDOM | 150,924,846 | |||||||||||||||
UNITED STATES - 3.6% | ||||||||||||||||
1,129,012 | g | Avast plc | 7,448,445 | |||||||||||||
1,832 | * | Beyondspring Inc | 19,767 | |||||||||||||
257,882 | * | Carnival plc | 6,028,402 | |||||||||||||
131,440 | * | Charlottes Web Holdings, Inc | 529,332 | |||||||||||||
84,705 | iShares Core MSCI Emerging Markets ETF | 5,545,636 | ||||||||||||||
48,314 | iShares MSCI Canada Index Fund | 1,720,462 | ||||||||||||||
238,914 | iShares MSCI EAFE Small-Cap ETF | 17,813,428 | ||||||||||||||
62,000 | Parade Technologies Ltd | 3,040,046 | ||||||||||||||
30,838 | * | Taro Pharmaceutical Industries Ltd | 2,282,629 | |||||||||||||
TOTAL UNITED STATES | 44,428,147 | |||||||||||||||
TOTAL COMMON STOCKS | 1,239,706,483 | |||||||||||||||
(Cost $1,002,702,942) | ||||||||||||||||
PRINCIPAL | ISSUER | RATE | MATURITY DATE | |||||||||||||
SHORT-TERM INVESTMENTS - 0.9% | ||||||||||||||||
GOVERNMENT AGENCY DEBT - 0.1% | ||||||||||||||||
$ | 879,000 | Federal Agricultural Mortgage Corp (FAMC) | 0.010 | % | 05/03/21 | 879,000 | ||||||||||
TOTAL GOVERNMENT AGENCY DEBT | 879,000 | |||||||||||||||
SHARES | COMPANY | |||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.8% | ||||||||||||||||
10,256,092 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 0.020 | 10,256,092 | ||||||||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 10,256,092 | |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 11,135,092 | |||||||||||||||
(Cost $11,135,092) | ||||||||||||||||
TOTAL INVESTMENTS - 100.3% | 1,250,841,575 | |||||||||||||||
(Cost $1,013,838,034) | ||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - (0.3)% | (3,409,886 | ) | ||||||||||||||
NET ASSETS - 100.0% | $ | 1,247,431,689 |
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 $28,669,686. |
102 |
TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund
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 4/30/21, the aggregate value of these securities is $59,945,935 or 4.8% of net assets. | |
h | All or a portion of these securities were purchased on a delayed delivery basis. |
103 |
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)
April 30, 2021
% OF | ||||||||
SECTOR | VALUE | NET ASSETS | ||||||
INDUSTRIALS | $ | 253,137,215 | 20.3 | % | ||||
CONSUMER DISCRETIONARY | 157,461,627 | 12.6 | ||||||
FINANCIALS | 147,012,388 | 11.8 | ||||||
INFORMATION TECHNOLOGY | 146,141,655 | 11.7 | ||||||
MATERIALS | 142,155,531 | 11.4 | ||||||
REAL ESTATE | 118,608,607 | 9.5 | ||||||
HEALTH CARE | 95,973,409 | 7.7 | ||||||
CONSUMER STAPLES | 60,625,373 | 4.9 | ||||||
COMMUNICATION SERVICES | 55,431,456 | 4.4 | ||||||
UTILITIES | 34,657,594 | 2.8 | ||||||
ENERGY | 28,501,628 | 2.3 | ||||||
SHORT-TERM INVESTMENTS | 11,135,092 | 0.9 | ||||||
OTHER ASSETS & LIABILITIES, NET | (3,409,886 | ) | (0.3 | ) | ||||
NET ASSETS | $ | 1,247,431,689 | 100.0 | % |
104 |
TIAA-CREF FUNDS – Social Choice International Equity Fund
TIAA-CREF FUNDS
SOCIAL CHOICE INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2021
SHARES | COMPANY | VALUE | ||||||||
COMMON STOCKS - 98.7% | ||||||||||
AUSTRALIA - 6.7% | ||||||||||
8,425 | Ampol Ltd | $ | 166,072 | |||||||
74,309 | APA Group | 574,137 | ||||||||
10,912 | Aurizon Holdings Ltd | 31,394 | ||||||||
205,677 | AusNet Services | 301,055 | ||||||||
228,590 | Australia & New Zealand Banking Group Ltd | 5,043,673 | ||||||||
8,834 | Australian Stock Exchange Ltd | 496,372 | ||||||||
69,761 | BlueScope Steel Ltd | 1,153,265 | ||||||||
40,091 | Brambles Ltd | 321,166 | ||||||||
4,415 | Cochlear Ltd | 755,759 | ||||||||
24,361 | Coles Group Ltd | 305,917 | ||||||||
113,549 | Commonwealth Bank of Australia | 7,773,176 | ||||||||
33,257 | Computershare Ltd | 361,593 | ||||||||
29,016 | CSL Ltd | 6,061,280 | ||||||||
39,866 | Dexus Property Group | 312,939 | ||||||||
123,256 | Evolution Mining Ltd | 436,425 | ||||||||
207,191 | Fortescue Metals Group Ltd | 3,584,676 | ||||||||
114,345 | Goodman Group | 1,667,443 | ||||||||
84,960 | GPT Group | 302,396 | ||||||||
71,463 | Insurance Australia Group Ltd | 269,258 | ||||||||
35,032 | Lend Lease Corp Ltd | 342,323 | ||||||||
32,534 | Macquarie Group Ltd | 4,010,221 | ||||||||
190,339 | Mirvac Group | 394,385 | ||||||||
120,833 | Newcrest Mining Ltd | 2,469,590 | ||||||||
2,654 | Orica Ltd | 27,631 | ||||||||
461,549 | Origin Energy Ltd | 1,475,840 | ||||||||
83,107 | QBE Insurance Group Ltd | 628,669 | ||||||||
24,861 | Ramsay Health Care Ltd | 1,288,776 | ||||||||
61,244 | * | Seek Ltd | 1,459,576 | |||||||
192,404 | Stockland Trust Group | 693,361 | ||||||||
53,700 | * | Sydney Airport | 255,377 | |||||||
306,717 | Transurban Group | 3,344,525 | ||||||||
186,464 | Vicinity Centres | 227,870 | ||||||||
277,731 | Westpac Banking Corp | 5,352,063 | ||||||||
37,212 | Wisetech Global Ltd | 895,647 | ||||||||
14,714 | Woodside Petroleum Ltd | 256,622 | ||||||||
TOTAL AUSTRALIA | 53,040,472 | |||||||||
AUSTRIA - 0.6% | ||||||||||
31,796 | Erste Bank der Oesterreichischen Sparkassen AG. | 1,130,101 | ||||||||
40,945 | OMV AG. | 2,012,793 | ||||||||
29,644 | Voestalpine AG. | 1,286,084 | ||||||||
TOTAL AUSTRIA | 4,428,978 | |||||||||
BELGIUM - 0.9% | ||||||||||
26,372 | KBC Groep NV | 2,046,165 |
105 |
TIAA-CREF FUNDS – Social Choice International Equity Fund
SHARES | COMPANY | VALUE | ||||||||
3,149 | Solvay S.A. | $ | 400,435 | |||||||
19,737 | UCB S.A. | 1,827,607 | ||||||||
44,277 | Umicore S.A. | 2,690,385 | ||||||||
TOTAL BELGIUM | 6,964,592 | |||||||||
CHILE - 0.4% | ||||||||||
107,359 | Antofagasta plc | 2,765,582 | ||||||||
TOTAL CHILE | 2,765,582 | |||||||||
CHINA - 0.4% | ||||||||||
809,517 | BOC Hong Kong Holdings Ltd | 2,846,462 | ||||||||
TOTAL CHINA | 2,846,462 | |||||||||
DENMARK - 2.3% | ||||||||||
3,923 | * | Chr Hansen Holding A/S | 360,160 | |||||||
7,347 | Coloplast AS | 1,216,954 | ||||||||
2,016 | * | Genmab AS | 739,796 | |||||||
14,973 | GN Store Nord | 1,350,373 | ||||||||
15,526 | H Lundbeck AS | 478,092 | ||||||||
106,220 | Novo Nordisk AS | 7,835,578 | ||||||||
2,296 | Novozymes AS | 162,838 | ||||||||
21,837 | g | Orsted AS | 3,174,332 | |||||||
4,056 | Pandora AS | 459,337 | ||||||||
1,728 | Tryg A.S. | 39,514 | ||||||||
57,240 | Vestas Wind Systems A.S. | 2,389,396 | ||||||||
TOTAL DENMARK | 18,206,370 | |||||||||
FINLAND - 0.9% | ||||||||||
3,543 | Elisa Oyj (Series A) | 200,843 | ||||||||
26,369 | Kesko Oyj (B Shares) | 802,919 | ||||||||
55,319 | Neste Oil Oyj | 3,345,181 | ||||||||
12,657 | Orion Oyj (Class B) | 560,438 | ||||||||
28,559 | Stora Enso Oyj (R Shares) | 546,404 | ||||||||
24,422 | UPM-Kymmene Oyj | 955,074 | ||||||||
50,005 | Wartsila Oyj (B Shares) | 645,311 | ||||||||
TOTAL FINLAND | 7,056,170 | |||||||||
FRANCE - 10.3% | ||||||||||
18,445 | Accor S.A. | 742,710 | ||||||||
18,929 | Air Liquide | 3,187,687 | ||||||||
14,375 | g | Amundi S.A. | 1,281,079 | |||||||
16,314 | Atos Origin S.A. | 1,110,977 | ||||||||
169,653 | AXA S.A. | 4,791,853 | ||||||||
86,976 | BNP Paribas S.A. | 5,576,701 | ||||||||
15,655 | Bouygues S.A. | 670,902 | ||||||||
19,658 | Cap Gemini S.A. | 3,602,266 | ||||||||
64,656 | Carrefour S.A. | 1,252,192 | ||||||||
47,724 | CNP Assurances | 834,728 | ||||||||
47,834 | Danone | 3,376,577 | ||||||||
9,164 | Eiffage S.A. | 1,003,802 | ||||||||
26,330 | Essilor International S.A. | 4,382,359 | ||||||||
10,754 | Eurazeo | 896,016 | ||||||||
14,148 | Fonciere Des Regions | 1,262,158 | ||||||||
3,308 | Gecina S.A. | 484,217 |
106 |
TIAA-CREF FUNDS – Social Choice International Equity Fund
SHARES | COMPANY | VALUE | ||||||||
37,510 | Getlink S.E. | $ | 596,686 | |||||||
4,996 | Kering | 4,003,352 | ||||||||
53,077 | Klepierre | 1,408,723 | ||||||||
15,519 | Legrand S.A. | 1,510,617 | ||||||||
17,142 | L’Oreal S.A. | 7,019,134 | ||||||||
23,337 | Michelin (C.G.D.E.) (Class B) | 3,376,878 | ||||||||
263,229 | Natixis | 1,285,347 | ||||||||
136,990 | Orange S. A. | 1,705,966 | ||||||||
38,925 | Schneider Electric S.A. | 6,210,707 | ||||||||
2,332 | SEB S.A. | 424,692 | ||||||||
120,255 | Societe Generale | 3,420,915 | ||||||||
2,559 | Teleperformance | 988,143 | ||||||||
167,364 | Total S.A. | 7,397,113 | ||||||||
6,609 | Unibail-Rodamco-Westfield | 544,993 | ||||||||
26,446 | Unibail-Rodamco-Westfield | 2,177,871 | ||||||||
62,516 | Valeo S.A. | 2,025,891 | ||||||||
60,583 | * | Vivendi Universal S.A. | 2,111,954 | |||||||
5,026 | Wendel | 669,017 | ||||||||
TOTAL FRANCE | 81,334,223 | |||||||||
GERMANY - 8.7% | ||||||||||
10,008 | Adidas-Salomon AG. | 3,091,079 | ||||||||
27,773 | Allianz AG. | 7,210,338 | ||||||||
60,432 | BASF SE | 4,870,291 | ||||||||
39,876 | Bayerische Motoren Werke AG. | 3,995,981 | ||||||||
11,496 | Beiersdorf AG. | 1,297,559 | ||||||||
9,703 | Brenntag AG. | 871,084 | ||||||||
8,918 | Deutsche Boerse AG. | 1,536,797 | ||||||||
84,545 | Deutsche Post AG. | 4,979,460 | ||||||||
28,770 | Deutsche Wohnen AG. | 1,556,418 | ||||||||
22,418 | HeidelbergCement AG. | 2,054,235 | ||||||||
27,629 | * | HelloFresh SE | 2,291,970 | |||||||
26,826 | Henkel KGaA | 2,665,229 | ||||||||
22,517 | Henkel KGaA (Preference) | 2,586,519 | ||||||||
6,480 | * | Hochtief AG. | 607,636 | |||||||
3,912 | LEG Immobilien AG. | 544,297 | ||||||||
18,879 | Merck KGaA | 3,316,745 | ||||||||
11,781 | MTU Aero Engines Holding AG. | 2,973,021 | ||||||||
8,998 | Muenchener Rueckver AG. | 2,599,828 | ||||||||
5,666 | Puma AG. Rudolf Dassler Sport | 597,322 | ||||||||
64,282 | SAP AG. | 9,000,807 | ||||||||
48,907 | Siemens AG. | 8,159,393 | ||||||||
253,860 | Telefonica Deutschland Holding AG. | 737,761 | ||||||||
12,853 | *,g | Zalando SE | 1,336,694 | |||||||
TOTAL GERMANY | 68,880,464 | |||||||||
HONG KONG - 3.0% | ||||||||||
85,300 | ASM Pacific Technology | 1,288,322 | ||||||||
304,000 | CLP Holdings Ltd | 3,000,697 | ||||||||
150,281 | Hang Seng Bank Ltd | 2,942,062 | ||||||||
1,855,039 | Hong Kong & China Gas Ltd | 2,975,570 | ||||||||
92,538 | Hong Kong Exchanges and Clearing Ltd | 5,581,062 | ||||||||
336,230 | Link REIT | 3,171,677 | ||||||||
429,731 | MTR Corp | 2,393,359 | ||||||||
138,468 | Swire Pacific Ltd (Class A) | 1,115,529 | ||||||||
325,200 | Swire Properties Ltd | 970,446 | ||||||||
TOTAL HONG KONG | 23,438,724 |
107 |
TIAA-CREF FUNDS – Social Choice International Equity Fund
SHARES | COMPANY | VALUE | ||||||||
IRELAND - 0.9% | ||||||||||
83,553 | CRH plc | $ | 3,942,382 | |||||||
21,501 | Kerry Group plc (Class A) | 2,786,996 | ||||||||
TOTAL IRELAND | 6,729,378 | |||||||||
ISRAEL - 0.3% | ||||||||||
309,140 | * | Bank Hapoalim Ltd | 2,456,925 | |||||||
TOTAL ISRAEL | 2,456,925 | |||||||||
ITALY - 2.3% | ||||||||||
17,376 | Amplifon S.p.A. | 733,358 | ||||||||
131,793 | Assicurazioni Generali S.p.A. | 2,638,025 | ||||||||
601,898 | Enel S.p.A. | 5,976,442 | ||||||||
300,858 | ENI S.p.A. | 3,583,487 | ||||||||
1,574,888 | Intesa Sanpaolo S.p.A. | 4,390,650 | ||||||||
TOTAL ITALY | 17,321,962 | |||||||||
JAPAN - 23.7% | ||||||||||
52,900 | Aeon Co Ltd | 1,443,583 | ||||||||
60,200 | Ajinomoto Co, Inc | 1,203,907 | ||||||||
37,037 | Alfresa Holdings Corp | 663,913 | ||||||||
22,714 | * | All Nippon Airways Co Ltd | 521,476 | |||||||
135,600 | Asahi Kasei Corp | 1,428,476 | ||||||||
164,600 | Astellas Pharma, Inc | 2,477,405 | ||||||||
20,800 | Capcom Co Ltd | 674,815 | ||||||||
2,900 | * | Casio Computer Co Ltd | 51,348 | |||||||
18,781 | Central Japan Railway Co | 2,751,637 | ||||||||
85,865 | Chugai Pharmaceutical Co Ltd | 3,222,934 | ||||||||
8,427 | Dai Nippon Printing Co Ltd | 166,983 | ||||||||
6,800 | Daifuku Co Ltd | 672,128 | ||||||||
157,600 | Daiichi Sankyo Co Ltd | 4,025,169 | ||||||||
16,475 | Daikin Industries Ltd | 3,323,249 | ||||||||
52,149 | Daiwa House Industry Co Ltd | 1,546,335 | ||||||||
54,059 | Denso Corp | 3,495,076 | ||||||||
34,332 | East Japan Railway Co | 2,351,317 | ||||||||
36,648 | Eisai Co Ltd | 2,390,252 | ||||||||
1,900 | Fast Retailing Co Ltd | 1,558,820 | ||||||||
24,372 | Fujitsu Ltd | 3,871,687 | ||||||||
10,616 | Hankyu Hanshin Holdings, Inc | 334,819 | ||||||||
61,711 | Hino Motors Ltd | 517,947 | ||||||||
23,400 | * | Hitachi Construction Machinery Co Ltd | 719,333 | |||||||
24,563 | * | Hitachi Metals Ltd | 476,228 | |||||||
70,141 | Hulic Co Ltd | 800,207 | ||||||||
27,000 | Ibiden Co Ltd | 1,274,495 | ||||||||
178,250 | Inpex Holdings, Inc | 1,212,992 | ||||||||
30 | Japan Retail Fund Investment Corp | 29,564 | ||||||||
50,600 | Kajima Corp | 699,948 | ||||||||
2,900 | Kansai Paint Co Ltd | 73,019 | ||||||||
30,100 | Kao Corp | 1,935,235 | ||||||||
148,996 | KDDI Corp | 4,504,065 | ||||||||
1,500 | Keio Corp | 97,647 | ||||||||
13,346 | Keyence Corp | 6,406,783 | ||||||||
24,200 | Kikkoman Corp | 1,487,190 | ||||||||
3,165 | * | Kintetsu Corp | 113,543 |
108 |
TIAA-CREF FUNDS – Social Choice International Equity Fund
SHARES | COMPANY | VALUE | ||||||||
3,200 | Kobayashi Pharmaceutical Co Ltd | $ | 285,799 | |||||||
25,600 | Kobe Bussan Co Ltd | 683,884 | ||||||||
69,200 | Komatsu Ltd | 2,034,800 | ||||||||
4,700 | Kose Corp | 707,517 | ||||||||
109,572 | Kubota Corp | 2,577,765 | ||||||||
5,300 | Kuraray Co Ltd | 57,612 | ||||||||
40,100 | Kyowa Hakko Kogyo Co Ltd | 1,220,568 | ||||||||
2,400 | Kyushu Railway Co | 53,878 | ||||||||
3,200 | Lawson, Inc | 143,811 | ||||||||
12,000 | Lion Corp | 225,158 | ||||||||
1,600 | Marui Co Ltd | 30,071 | ||||||||
15,100 | MEIJI Holdings Co Ltd | 937,008 | ||||||||
114,879 | Mitsubishi Chemical Holdings Corp | 855,215 | ||||||||
144,779 | Mitsubishi Corp | 4,003,241 | ||||||||
63,526 | Mitsubishi Estate Co Ltd | 1,045,567 | ||||||||
89,800 | Mitsubishi UFJ Lease & Finance Co Ltd | 516,091 | ||||||||
3,900 | Mitsui Chemicals, Inc | 122,772 | ||||||||
126,000 | Mitsui Fudosan Co Ltd | 2,739,151 | ||||||||
4,500 | Miura Co Ltd | 236,068 | ||||||||
17,600 | MS&AD Insurance Group Holdings Inc | 499,323 | ||||||||
49,600 | Murata Manufacturing Co Ltd | 3,943,566 | ||||||||
4,500 | Nabtesco Corp | 202,498 | ||||||||
37,601 | NEC Corp | 2,185,959 | ||||||||
5,600 | NGK Insulators Ltd | 102,348 | ||||||||
12,200 | NGK Spark Plug Co Ltd | 203,737 | ||||||||
8,104 | Nintendo Co Ltd | 4,648,882 | ||||||||
4,000 | Nippon Express Co Ltd | 306,135 | ||||||||
172,000 | Nippon Paint Co Ltd | 2,456,819 | ||||||||
169,554 | Nippon Steel Corp | 2,962,951 | ||||||||
147,100 | Nippon Telegraph & Telephone Corp | 3,708,814 | ||||||||
41,700 | Nippon Yusen Kabushiki Kaisha | 1,638,951 | ||||||||
5,313 | Nissin Food Products Co Ltd | 376,484 | ||||||||
1,562 | Nitori Co Ltd | 279,763 | ||||||||
17,700 | Nitto Denko Corp | 1,464,750 | ||||||||
21,100 | Nomura Real Estate Holdings, Inc | 520,168 | ||||||||
166 | Nomura Real Estate Master Fund, Inc | 262,289 | ||||||||
64,800 | Nomura Research Institute Ltd | 1,988,651 | ||||||||
12,285 | Obayashi Corp | 112,401 | ||||||||
2,121 | Odakyu Electric Railway Co Ltd | 57,445 | ||||||||
12,600 | Omron Corp | 954,147 | ||||||||
71,200 | Ono Pharmaceutical Co Ltd | 1,793,446 | ||||||||
13,082 | Oriental Land Co Ltd | 1,854,515 | ||||||||
92,900 | Osaka Gas Co Ltd | 1,798,170 | ||||||||
8,000 | Otsuka Corp | 402,429 | ||||||||
272,606 | Panasonic Corp | 3,200,940 | ||||||||
198,370 | * | Rakuten, Inc | 2,521,712 | |||||||
70,429 | Recruit Holdings Co Ltd | 3,175,466 | ||||||||
288,800 | Resona Holdings, Inc | 1,188,885 | ||||||||
52,100 | Santen Pharmaceutical Co Ltd | 667,280 | ||||||||
11,001 | Secom Co Ltd | 916,761 | ||||||||
6,224 | Sekisui Chemical Co Ltd | 108,518 | ||||||||
17,563 | Sekisui House Ltd | 355,697 | ||||||||
74,200 | SG Holdings Co Ltd | 1,685,018 | ||||||||
56,808 | e | Sharp Corp | 958,657 | |||||||
14,000 | Shimadzu Corp | 490,601 | ||||||||
13,068 | Shimizu Corp | 107,080 |
109 |
TIAA-CREF FUNDS – Social Choice International Equity Fund
SHARES | COMPANY | VALUE | ||||||||
25,400 | Shin-Etsu Chemical Co Ltd | $ | 4,287,572 | |||||||
28,100 | Shionogi & Co Ltd | 1,481,410 | ||||||||
31,200 | Shiseido Co Ltd | 2,270,463 | ||||||||
258,900 | Softbank Corp | 3,337,316 | ||||||||
400 | Sohgo Security Services Co Ltd | 17,537 | ||||||||
25,600 | Sompo Holdings, Inc | 951,427 | ||||||||
79,415 | Sony Corp | 7,939,824 | ||||||||
36,214 | Stanley Electric Co Ltd | 1,036,676 | ||||||||
6,700 | Sumisho Computer Systems Corp | 388,813 | ||||||||
253,100 | Sumitomo Chemical Co Ltd | 1,291,872 | ||||||||
48,708 | Sumitomo Dainippon Pharma Co Ltd | 845,633 | ||||||||
63,071 | Sumitomo Metal Mining Co Ltd | 2,670,321 | ||||||||
79,200 | Sumitomo Mitsui Trust Holdings, Inc | 2,699,342 | ||||||||
33,900 | Suntory Beverage & Food Ltd | 1,144,305 | ||||||||
14,500 | Sysmex Corp | 1,448,311 | ||||||||
77,600 | T&D Holdings, Inc | 952,327 | ||||||||
8,100 | TDK Corp | 1,098,464 | ||||||||
2,900 | Teijin Ltd | 47,747 | ||||||||
2,200 | Toho Gas Co Ltd | 122,611 | ||||||||
30,126 | Tokio Marine Holdings, Inc | 1,444,749 | ||||||||
11,700 | Tokyo Century Corp | 723,312 | ||||||||
11,900 | Tokyo Electron Ltd | 5,404,833 | ||||||||
38,100 | Tokyo Gas Co Ltd | 773,197 | ||||||||
8,300 | Tokyu Corp | 106,744 | ||||||||
29,700 | Toray Industries, Inc | 184,681 | ||||||||
1,824 | Toto Ltd | 94,830 | ||||||||
6,000 | Toyo Suisan Kaisha Ltd | 244,650 | ||||||||
128,095 | * | Toyota Motor Corp | 9,584,602 | |||||||
54,700 | Uni-Charm Corp | 2,126,207 | ||||||||
4,169 | USS Co Ltd | 75,650 | ||||||||
10,100 | Welcia Holdings Co Ltd | 315,134 | ||||||||
4,200 | West Japan Railway Co | 232,200 | ||||||||
18,800 | Yakult Honsha Co Ltd | 915,120 | ||||||||
13,800 | Yamada Denki Co Ltd | 68,700 | ||||||||
2,470 | Yamaha Corp | 134,802 | ||||||||
13,086 | Yaskawa Electric Corp | 603,197 | ||||||||
15,598 | Yokogawa Electric Corp | 283,152 | ||||||||
559,100 | Z Holdings Corp | 2,578,717 | ||||||||
TOTAL JAPAN | 187,027,205 | |||||||||
NETHERLANDS - 3.7% | ||||||||||
468,928 | Aegon NV | 2,173,165 | ||||||||
7,504 | Akzo Nobel NV | 900,997 | ||||||||
23,181 | ASML Holding NV | 15,047,749 | ||||||||
10,464 | DSM NV | 1,876,195 | ||||||||
117,774 | Koninklijke KPN NV | 406,275 | ||||||||
4,972 | e | Koninklijke Vopak NV | 227,659 | |||||||
40,340 | NN Group NV | 2,012,097 | ||||||||
41,690 | Prosus NV | 4,524,682 | ||||||||
6,780 | Randstad Holdings NV | 489,191 | ||||||||
10,753 | Wolters Kluwer NV | 972,620 | ||||||||
TOTAL NETHERLANDS | 28,630,630 | |||||||||
NEW ZEALAND - 0.7% | ||||||||||
41,348 | * | Auckland International Airport Ltd | 223,612 | |||||||
72,699 | Fisher & Paykel Healthcare Corp | 1,873,664 |
110 |
TIAA-CREF FUNDS – Social Choice International Equity Fund
SHARES | COMPANY | VALUE | ||||||||
178,448 | Mercury NZ Ltd | $ | 883,967 | |||||||
172,174 | Meridian Energy Ltd | 656,336 | ||||||||
79,890 | Ryman Healthcare Ltd | 807,689 | ||||||||
48,013 | Telecom Corp of New Zealand Ltd | 151,136 | ||||||||
14,387 | * | Xero Ltd | 1,567,258 | |||||||
TOTAL NEW ZEALAND | 6,163,662 | |||||||||
NORWAY - 1.2% | ||||||||||
159,083 | Equinor ASA | 3,212,324 | ||||||||
35,027 | Mowi ASA | 864,120 | ||||||||
373,900 | Norsk Hydro ASA | 2,380,913 | ||||||||
118,885 | Orkla ASA | 1,211,809 | ||||||||
77,234 | Telenor ASA | 1,375,922 | ||||||||
TOTAL NORWAY | 9,045,088 | |||||||||
PORTUGAL - 0.3% | ||||||||||
185,603 | Energias de Portugal S.A. | 1,031,358 | ||||||||
130,229 | Galp Energia SGPS S.A. | 1,499,561 | ||||||||
2,279 | Jeronimo Martins SGPS S.A. | 41,620 | ||||||||
TOTAL PORTUGAL | 2,572,539 | |||||||||
SAUDI ARABIA - 0.4% | ||||||||||
20,633 | *,g | Delivery Hero AG. | 3,273,233 | |||||||
TOTAL SAUDI ARABIA | 3,273,233 | |||||||||
SINGAPORE - 1.4% | ||||||||||
604,508 | CapitaLand Ltd | 1,685,163 | ||||||||
77,468 | CapitaMall Trust | 124,984 | ||||||||
49,700 | City Developments Ltd | 293,999 | ||||||||
173,191 | DBS Group Holdings Ltd | 3,881,392 | ||||||||
135,800 | Keppel Corp Ltd | 551,716 | ||||||||
357,395 | * | Singapore Airlines Ltd | 1,354,496 | |||||||
36,200 | Singapore Exchange Ltd | 283,580 | ||||||||
367,500 | Singapore Technologies Engineering Ltd | 1,063,160 | ||||||||
814,525 | Singapore Telecommunications Ltd | 1,528,167 | ||||||||
74,300 | UOL Group Ltd | 428,724 | ||||||||
TOTAL SINGAPORE | 11,195,381 | |||||||||
SPAIN - 2.7% | ||||||||||
49,025 | Amadeus IT Holding S.A. | 3,338,506 | ||||||||
719,333 | Banco Bilbao Vizcaya Argentaria S.A. | 4,027,963 | ||||||||
686,840 | * | CaixaBank S.A. | 2,197,176 | |||||||
323,123 | Iberdrola S.A. | 4,366,667 | ||||||||
43,174 | e | Industria De Diseno Textil S.A. | 1,536,160 | |||||||
78,263 | Naturgy Energy Group S.A. | 2,010,544 | ||||||||
10,991 | Red Electrica Corp S.A. | 201,773 | ||||||||
254,367 | Repsol YPF S.A. | 3,036,197 | ||||||||
TOTAL SPAIN | 20,714,986 | |||||||||
SWEDEN - 4.0% | ||||||||||
44,719 | Assa Abloy AB | 1,274,920 | ||||||||
64,714 | Atlas Copco AB (A Shares) | 3,924,260 | ||||||||
59,186 | Atlas Copco AB (B Shares) | 3,071,099 | ||||||||
69,989 | Boliden AB | 2,722,398 | ||||||||
10,733 | e | Electrolux AB (Series B) | 301,240 |
111 |
TIAA-CREF FUNDS – Social Choice International Equity Fund
SHARES | COMPANY | VALUE | ||||||||
66,096 | Essity AB | $ | 2,157,241 | |||||||
23,325 | Hennes & Mauritz AB (B Shares) | 573,967 | ||||||||
9,086 | Husqvarna AB (B Shares) | 126,528 | ||||||||
2,585 | ICA Gruppen AB | 119,150 | ||||||||
51,332 | Kinnevik AB | 2,833,096 | ||||||||
15,109 | Lundin Petroleum AB | 481,946 | ||||||||
120,655 | Sandvik AB | 2,983,731 | ||||||||
227,162 | Skandinaviska Enskilda Banken AB (Class A) | 2,910,659 | ||||||||
19,911 | Skanska AB (B Shares) | 539,252 | ||||||||
11,637 | SKF AB (B Shares) | 300,651 | ||||||||
33,890 | Svenska Cellulosa AB (B Shares) | 593,460 | ||||||||
126,071 | Svenska Handelsbanken AB | 1,459,936 | ||||||||
33,046 | Tele2 AB (B Shares) | 426,832 | ||||||||
72,073 | TeliaSonera AB | 298,658 | ||||||||
158,056 | Volvo AB (B Shares) | 3,859,817 | ||||||||
TOTAL SWEDEN | 30,958,841 | |||||||||
SWITZERLAND - 9.1% | ||||||||||
7,035 | Adecco S.A. | 476,829 | ||||||||
52,806 | Alcon, Inc | 3,966,297 | ||||||||
774 | Barry Callebaut AG. | 1,708,916 | ||||||||
9,228 | Clariant AG. | 193,293 | ||||||||
55,696 | Coca-Cola HBC AG. | 1,924,960 | ||||||||
544 | Givaudan S.A. | 2,279,455 | ||||||||
9,706 | Kuehne & Nagel International AG. | 2,902,044 | ||||||||
7,076 | * | Lonza Group AG. | 4,498,313 | |||||||
152,464 | Nestle S.A. | 18,193,635 | ||||||||
39,459 | Roche Holding AG. | 12,869,773 | ||||||||
411 | SGS S.A. | 1,216,108 | ||||||||
9,317 | Sika AG. | 2,782,639 | ||||||||
10,196 | * | Sonova Holdings AG | 3,019,035 | |||||||
38,342 | Swiss Re Ltd | 3,559,714 | ||||||||
2,365 | Swisscom AG. | 1,284,073 | ||||||||
316,501 | UBS Group AG | 4,833,159 | ||||||||
12,475 | Zurich Insurance Group AG | 5,117,974 | ||||||||
TOTAL SWITZERLAND | 70,826,217 | |||||||||
UNITED KINGDOM - 13.3% | ||||||||||
177,155 | 3i Group plc | 3,137,731 | ||||||||
55,562 | Ashtead Group plc | 3,569,910 | ||||||||
86,744 | * | Associated British Foods plc | 2,767,747 | |||||||
63,630 | AstraZeneca plc | 6,773,024 | ||||||||
38,045 | e | AstraZeneca plc (ADR) | 2,019,048 | |||||||
590,083 | Aviva plc | 3,262,301 | ||||||||
145,816 | Barratt Developments plc | 1,554,725 | ||||||||
14,140 | Berkeley Group Holdings plc | 903,666 | ||||||||
239,677 | British Land Co plc | 1,717,566 | ||||||||
1,468,621 | * | BT Group plc | 3,349,840 | |||||||
27,810 | * | Burberry Group plc | 791,563 | |||||||
187,572 | CNH Industrial NV | 2,784,425 | ||||||||
50,982 | Coca-Cola European Partners plc (Class A) | 2,896,797 | ||||||||
186,680 | * | Compass Group plc | 4,061,087 | |||||||
23,245 | Croda International plc | 2,171,545 | ||||||||
7,785 | DCC plc | 675,497 | ||||||||
355,048 | GlaxoSmithKline plc | 6,561,196 | ||||||||
327,326 | Informa plc | 2,544,341 |
112 |
TIAA-CREF FUNDS – Social Choice International Equity Fund
SHARES | COMPANY | VALUE | ||||||||
39,365 | * | InterContinental Hotels Group plc | $ | 2,797,396 | ||||||
22,639 | Intertek Group plc | 1,919,091 | ||||||||
341,344 | J Sainsbury plc | 1,121,142 | ||||||||
116,607 | * | JD Sports Fashion plc | 1,479,101 | |||||||
16,714 | Johnson Matthey plc | 750,030 | ||||||||
190,476 | * | Kingfisher plc | 940,315 | |||||||
875,561 | Legal & General Group plc | 3,287,369 | ||||||||
35,104 | London Stock Exchange Group plc | 3,586,514 | ||||||||
84,431 | Mondi plc | 2,291,772 | ||||||||
8,732 | Next plc | 941,014 | ||||||||
96,469 | * | Ocado Ltd | 2,792,675 | |||||||
15,585 | Persimmon plc | 674,215 | ||||||||
139,559 | RELX plc (London) | 3,620,922 | ||||||||
28,103 | Schroders plc | 1,400,188 | ||||||||
160,232 | Scottish & Southern Energy plc | 3,248,467 | ||||||||
150,231 | Segro plc | 2,087,096 | ||||||||
77,415 | St. James’s Place plc | 1,456,048 | ||||||||
447,348 | Standard Chartered plc | 3,209,247 | ||||||||
577,802 | Standard Life Aberdeen plc | 2,214,276 | ||||||||
352,705 | Taylor Wimpey plc | 874,953 | ||||||||
913,873 | Tesco plc | 2,789,656 | ||||||||
1,855,703 | Vodafone Group plc | 3,502,080 | ||||||||
58,769 | Vodafone Group plc (ADR) | 1,113,673 | ||||||||
37,101 | * | Whitbread plc | 1,663,358 | |||||||
458,465 | WM Morrison Supermarkets plc | 1,101,087 | ||||||||
133,929 | WPP plc | 1,805,646 | ||||||||
TOTAL UNITED KINGDOM | 104,209,340 | |||||||||
UNITED STATES - 0.5% | ||||||||||
28,166 | Ferguson plc | 3,552,465 | ||||||||
78,707 | Tenaris S.A. | 843,973 | ||||||||
TOTAL UNITED STATES | 4,396,438 | |||||||||
TOTAL COMMON STOCKS | 774,483,862 | |||||||||
(Cost $641,098,456) | ||||||||||
PRINCIPAL | ISSUER | RATE | MATURITY DATE | |||||||||||||
SHORT-TERM INVESTMENTS - 2.8% | ||||||||||||||||
GOVERNMENT AGENCY DEBT - 2.1% | ||||||||||||||||
$ | 4,000,000 | Federal Farm Credit Bank (FFCB) | 0.010 | % | 05/20/21 | 4,000,000 | ||||||||||
930,000 | Federal Home Loan Bank (FHLB) | 0.005 | 05/13/21 | 930,000 | ||||||||||||
7,422,000 | Federal Home Loan Bank (FHLB) | 0.005 | 05/21/21 | 7,422,000 | ||||||||||||
3,564,000 | Tennessee Valley Authority (TVA) | 0.005 | 05/05/21 | 3,564,000 | ||||||||||||
TOTAL GOVERNMENT AGENCY DEBT | 15,916,000 | |||||||||||||||
REPURCHASE AGREEMENT - 0.2% | ||||||||||||||||
1,750,000 | r | Fixed Income Clearing Corp (FICC) | 0.005 | 05/03/21 | 1,750,000 | |||||||||||
TOTAL REPURCHASE AGREEMENT | 1,750,000 | |||||||||||||||
TREASURY DEBT - 0.5% | ||||||||||||||||
1,872,000 | United States Treasury Bill | 0.005 | 05/04/21 | 1,872,000 | ||||||||||||
2,190,000 | United States Treasury Bill | 0.010 | 05/13/21 | 2,189,997 | ||||||||||||
TOTAL TREASURY DEBT | 4,061,997 |
113 |
TIAA-CREF FUNDS – Social Choice International Equity Fund
SHARES | COMPANY | RATE | VALUE | |||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.0% | ||||||||||||||||
64 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 0.020 | % | $ | 64 | ||||||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 64 | |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 21,728,061 | |||||||||||||||
(Cost $21,728,011) | ||||||||||||||||
TOTAL INVESTMENTS - 101.5% | 796,211,923 | |||||||||||||||
(Cost $662,826,467) | ||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - (1.5)% | (11,384,515 | ) | ||||||||||||||
NET ASSETS - 100.0% | $ | 784,827,408 |
* | 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 $4,315,913. | ||
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 4/30/21, the aggregate value of these securities is $9,065,338 or 1.2% of net assets. | ||
r | Agreement with Fixed Income Clearing Corporation, 0.005% dated 4/30/21 to be repurchased at $1,750,000 on 5/3/21, collateralized by U.S. Treasury Notes valued at $1,785,006. | ||
Futures contracts outstanding as of April 30, 2021 were as follows:
Description | Number of long (short) contracts | Expiration date | Notional amount | Value | Unrealized appreciation (depreciation) | |||||||||||||||
MSCI EAFE Index | 175 | 06/18/21 | $ | 19,877,502 | $ | 19,751,375 | $ | (126,127) |
114 |
TIAA-CREF FUNDS – Social Choice International Equity Fund
TIAA-CREF FUNDS
SOCIAL CHOICE INTERNATIONAL EQUITY FUND
SUMMARY OF MARKET VALUES BY SECTOR (unaudited)
April 30, 2021
% OF | ||||||||
SECTOR | VALUE | NET ASSETS | ||||||
FINANCIALS | $ | 143,566,057 | 18.3 | % | ||||
INDUSTRIALS | 109,812,185 | 14.0 | ||||||
CONSUMER DISCRETIONARY | 89,997,251 | 11.5 | ||||||
HEALTH CARE | 88,789,117 | 11.3 | ||||||
CONSUMER STAPLES | 75,436,377 | 9.6 | ||||||
MATERIALS | 68,215,876 | 8.7 | ||||||
INFORMATION TECHNOLOGY | 64,906,706 | 8.3 | ||||||
COMMUNICATION SERVICES | 43,455,352 | 5.5 | ||||||
UTILITIES | 31,095,323 | 3.9 | ||||||
REAL ESTATE | 30,457,859 | 3.9 | ||||||
ENERGY | 28,751,759 | 3.7 | ||||||
SHORT-TERM INVESTMENTS | 21,728,061 | 2.8 | ||||||
OTHER ASSETS & LIABILITIES, NET | (11,384,515 | ) | (1.5 | ) | ||||
NET ASSETS | $ | 784,827,408 | 100.0 | % |
115 |
TIAA-CREF FUNDS - Equity Index Fund
TIAA-CREF FUNDS
EQUITY INDEX FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2021
SHARES | COMPANY | VALUE | ||||||||
COMMON STOCKS - 99.6% | ||||||||||
AUTOMOBILES & COMPONENTS - 1.9% | ||||||||||
68,657 | * | Adient plc | $ | 3,181,565 | ||||||
90,168 | * | American Axle & Manufacturing Holdings, Inc | 836,759 | |||||||
206,850 | * | Aptiv plc | 29,763,647 | |||||||
188,661 | BorgWarner, Inc | 9,165,151 | ||||||||
39,555 | Cooper Tire & Rubber Co | 2,254,240 | ||||||||
12,531 | * | Cooper-Standard Holding, Inc | 363,900 | |||||||
113,579 | Dana Inc | 2,873,549 | ||||||||
20,723 | * | Dorman Products, Inc | 2,055,307 | |||||||
2,992,790 | * | Ford Motor Co | 34,536,797 | |||||||
31,857 | * | Fox Factory Holding Corp | 4,881,448 | |||||||
961,855 | * | General Motors Co | 55,037,343 | |||||||
183,429 | Gentex Corp | 6,453,032 | ||||||||
26,007 | * | Gentherm, Inc | 1,851,698 | |||||||
181,969 | * | Goodyear Tire & Rubber Co | 3,131,687 | |||||||
119,535 | Harley-Davidson, Inc | 5,781,908 | ||||||||
18,753 | LCI Industries, Inc | 2,747,315 | ||||||||
46,685 | Lear Corp | 8,582,570 | ||||||||
29,014 | * | Modine Manufacturing Co | 472,348 | |||||||
12,250 | * | Motorcar Parts of America, Inc | 264,600 | |||||||
17,563 | Patrick Industries, Inc | 1,573,645 | ||||||||
16,474 | Standard Motor Products, Inc | 705,581 | ||||||||
20,436 | * | Stoneridge, Inc | 679,497 | |||||||
40,873 | * | Tenneco, Inc | 411,591 | |||||||
590,802 | * | Tesla, Inc | 419,138,571 | |||||||
42,314 | Thor Industries, Inc | 5,991,239 | ||||||||
22,062 | * | Visteon Corp | 2,687,372 | |||||||
22,645 | Winnebago Industries, Inc | 1,810,468 | ||||||||
71,767 | *,e | Workhorse Group, Inc | 889,193 | |||||||
13,289 | * | XPEL, Inc | 851,825 | |||||||
TOTAL AUTOMOBILES & COMPONENTS | 608,973,846 | |||||||||
BANKS - 4.7% | ||||||||||
322 | 1st Constitution Bancorp | 6,176 | ||||||||
18,376 | 1st Source Corp | 874,514 | ||||||||
3,172 | ACNB Corp | 87,230 | ||||||||
15,176 | Allegiance Bancshares, Inc | 600,970 | ||||||||
6,299 | Altabancorp | 262,983 | ||||||||
479 | Amalgamated Financial Corp | 7,736 | ||||||||
14,015 | * | Amerant Bancorp Inc | 265,584 | |||||||
4,767 | American National Bankshares, Inc | 162,221 | ||||||||
48,289 | Ameris Bancorp | 2,611,952 | ||||||||
3,679 | Ames National Corp | 93,005 | ||||||||
6,991 | Arrow Financial Corp | 247,132 | ||||||||
121,220 | Associated Banc-Corp | 2,653,506 | ||||||||
16,582 | * | Atlantic Capital Bancshares, Inc | 443,568 | |||||||
66,462 | Atlantic Union Bankshares Corp | 2,570,086 |
116 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
46,076 | * | Axos Financial, Inc | $ | 2,080,331 | ||||||
42,478 | Banc of California, Inc | 760,356 | ||||||||
15,213 | Bancfirst Corp | 1,057,456 | ||||||||
81,168 | BancorpSouth Bank | 2,401,761 | ||||||||
4,227 | e | Bank First Corp | 305,697 | |||||||
5,962,571 | Bank of America Corp | 241,663,003 | ||||||||
9,389 | Bank of Commerce Holdings | 121,212 | ||||||||
31,540 | e | Bank of Hawaii Corp | 2,866,671 | |||||||
6,797 | Bank of Marin Bancorp | 240,750 | ||||||||
41,122 | Bank of NT Butterfield & Son Ltd | 1,612,805 | ||||||||
162 | Bank of Princeton | 4,836 | ||||||||
94,287 | Bank OZK | 3,864,824 | ||||||||
107 | Bank7 Corp | 1,895 | ||||||||
7,624 | BankFinancial Corp | 79,442 | ||||||||
73,410 | BankUnited | 3,421,640 | ||||||||
2,718 | Bankwell Financial Group, Inc | 73,413 | ||||||||
27,864 | Banner Corp | 1,583,790 | ||||||||
13,280 | Bar Harbor Bankshares | 380,605 | ||||||||
21,297 | * | Baycom Corp | 385,263 | |||||||
5,794 | BCB Bancorp, Inc | 79,783 | ||||||||
35,684 | Berkshire Hills Bancorp, Inc | 791,828 | ||||||||
25,187 | BOK Financial Corp | 2,214,945 | ||||||||
65,210 | Boston Private Financial Holdings, Inc | 959,891 | ||||||||
865 | * | Bridgewater Bancshares, Inc | 14,627 | |||||||
61,942 | Brookline Bancorp, Inc | 997,266 | ||||||||
22,316 | Bryn Mawr Bank Corp | 1,025,643 | ||||||||
6,258 | Business First Bancshares, Inc | 148,753 | ||||||||
34,233 | Byline Bancorp, Inc | 777,089 | ||||||||
1,625 | C&F Financial Corp | 68,542 | ||||||||
95,463 | Cadence BanCorp | 2,124,052 | ||||||||
2,325 | Cambridge Bancorp | 203,554 | ||||||||
11,481 | Camden National Corp | 547,873 | ||||||||
197 | * | Capital Bancorp, Inc | 4,328 | |||||||
4,674 | Capital City Bank Group, Inc | 118,112 | ||||||||
109,579 | Capitol Federal Financial | 1,416,309 | ||||||||
21,751 | Capstar Financial Holdings, Inc | 417,402 | ||||||||
16,499 | * | Carter Bankshares, Inc | 213,662 | |||||||
63,661 | Cathay General Bancorp | 2,576,997 | ||||||||
11,400 | CBTX, Inc | 356,478 | ||||||||
16,564 | Central Pacific Financial Corp | 446,400 | ||||||||
5,936 | Central Valley Community Bancorp | 116,583 | ||||||||
1,697 | Century Bancorp, Inc | 193,882 | ||||||||
1,519 | Chemung Financial Corp | 64,557 | ||||||||
73,729 | CIT Group, Inc | 3,929,018 | ||||||||
1,602,899 | Citigroup, Inc | 114,190,525 | ||||||||
5,365 | Citizens & Northern Corp | 132,515 | ||||||||
322,991 | Citizens Financial Group, Inc | 14,948,023 | ||||||||
13,730 | City Holding Co | 1,062,702 | ||||||||
5,944 | Civista Bancshares, Inc | 137,485 | ||||||||
8,140 | CNB Financial Corp | 207,244 | ||||||||
318 | * | Coastal Financial Corp | 9,467 | |||||||
4,675 | Codorus Valley Bancorp, Inc | 86,020 | ||||||||
254 | Colony Bankcorp Inc | 3,960 | ||||||||
54,751 | Columbia Banking System, Inc | 2,383,311 | ||||||||
38,006 | * | Columbia Financial, Inc | 694,370 | |||||||
106,844 | Comerica, Inc | 8,030,395 |
117 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
82,807 | Commerce Bancshares, Inc | $ | 6,443,213 | |||||||
41,516 | Community Bank System, Inc | 3,222,887 | ||||||||
12,286 | Community Bankers Trust Corp | 102,957 | ||||||||
2,291 | Community Financial Corp | 82,751 | ||||||||
14,544 | Community Trust Bancorp, Inc | 648,081 | ||||||||
40,655 | ConnectOne Bancorp, Inc | 1,103,783 | ||||||||
33,310 | * | CrossFirst Bankshares, Inc | 490,989 | |||||||
43,840 | Cullen/Frost Bankers, Inc | 5,263,430 | ||||||||
20,084 | * | Customers Bancorp, Inc | 693,300 | |||||||
100,642 | CVB Financial Corp | 2,134,617 | ||||||||
29,954 | Dime Community Bancshares, Inc | 992,076 | ||||||||
28,915 | Eagle Bancorp, Inc | 1,544,350 | ||||||||
110,222 | East West Bancorp, Inc | 8,393,405 | ||||||||
121,309 | Eastern Bankshares, Inc | 2,587,521 | ||||||||
5,411 | Enterprise Bancorp, Inc | 188,465 | ||||||||
20,740 | Enterprise Financial Services Corp | 1,018,956 | ||||||||
11,532 | * | Equity Bancshares, Inc | 337,426 | |||||||
252 | * | Esquire Financial Holdings, Inc | 5,783 | |||||||
4,168 | ESSA Bancorp, Inc | 64,687 | ||||||||
85,813 | Essent Group Ltd | 4,512,048 | ||||||||
2,542 | Evans Bancorp, Inc | 93,952 | ||||||||
5,387 | Farmers & Merchants Bancorp, Inc | 126,594 | ||||||||
12,212 | Farmers National Banc Corp | 202,475 | ||||||||
27,818 | FB Financial Corp | 1,167,243 | ||||||||
4,159 | Federal Agricultural Mortgage Corp (FAMC) | 427,795 | ||||||||
111 | Fidelity D&D Bancorp, Inc | 6,245 | ||||||||
542,737 | Fifth Third Bancorp | 22,002,558 | ||||||||
9,067 | Financial Institutions, Inc | 289,509 | ||||||||
30,241 | First Bancorp | 1,282,218 | ||||||||
163,833 | First Bancorp | 2,059,381 | ||||||||
15,376 | First Bancorp, Inc | 434,987 | ||||||||
15,263 | First Bancshares, Inc | 597,089 | ||||||||
607 | First Bank | 7,703 | ||||||||
39,833 | First Busey Corp | 995,028 | ||||||||
3,440 | First Business Financial Services, Inc | 91,022 | ||||||||
2,779 | e | First Capital Inc | 125,277 | |||||||
357 | First Choice Bancorp | 11,431 | ||||||||
4,968 | First Citizens Bancshares, Inc (Class A) | 4,309,541 | ||||||||
88,224 | First Commonwealth Financial Corp | 1,278,366 | ||||||||
14,507 | First Community Bancshares, Inc | 423,895 | ||||||||
76,443 | First Financial Bancorp | 1,873,618 | ||||||||
102,380 | First Financial Bankshares, Inc | 5,024,810 | ||||||||
16,015 | First Financial Corp | 708,504 | ||||||||
43,187 | First Foundation, Inc | 1,027,851 | ||||||||
2,629 | First Guaranty Bancshares, Inc | 45,666 | ||||||||
106,945 | First Hawaiian, Inc | 2,936,710 | ||||||||
419,165 | First Horizon National Corp | 7,666,528 | ||||||||
3,000 | First Internet Bancorp | 103,050 | ||||||||
34,924 | First Interstate Bancsystem, Inc | 1,640,380 | ||||||||
44,053 | First Merchants Corp | 2,035,689 | ||||||||
5,639 | First Mid-Illinois Bancshares, Inc | 245,522 | ||||||||
87,600 | First Midwest Bancorp, Inc | 1,836,972 | ||||||||
5,115 | First Northwest Bancorp | 85,830 | ||||||||
12,953 | First of Long Island Corp | 275,769 | ||||||||
131,851 | First Republic Bank | 24,160,377 | ||||||||
30,808 | Flagstar Bancorp, Inc | 1,433,804 |
118 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
22,952 | Flushing Financial Corp | $ | 534,093 | |||||||
246,362 | FNB Corp | 3,175,606 | ||||||||
581 | FNCB Bancorp Inc | 4,026 | ||||||||
143 | e | Franklin Financial Services Corp | 4,311 | |||||||
136 | FS Bancorp, Inc | 9,296 | ||||||||
126,629 | Fulton Financial Corp | 2,159,024 | ||||||||
413 | * | FVCBankcorp, Inc | 7,265 | |||||||
20,011 | German American Bancorp, Inc | 867,077 | ||||||||
74,814 | Glacier Bancorp, Inc | 4,410,285 | ||||||||
10,717 | Great Southern Bancorp, Inc | 604,546 | ||||||||
47,035 | Great Western Bancorp, Inc | 1,554,507 | ||||||||
1,634 | Greene County Bancorp, Inc | 41,520 | ||||||||
5,229 | Guaranty Bancshares, Inc | 203,408 | ||||||||
65,791 | Hancock Whitney Corp | 3,042,176 | ||||||||
30,069 | Hanmi Financial Corp | 610,401 | ||||||||
40,940 | HarborOne Northeast Bancorp, Inc | 585,851 | ||||||||
200 | Hawthorn Bancshares Inc | 4,308 | ||||||||
7,463 | HBT Financial, Inc | 135,827 | ||||||||
31,669 | Heartland Financial USA, Inc | 1,592,001 | ||||||||
57,544 | Heritage Commerce Corp | 694,556 | ||||||||
29,249 | Heritage Financial Corp | 821,897 | ||||||||
58,842 | Hilltop Holdings, Inc | 2,071,238 | ||||||||
693 | Hingham Institution for Savings | 210,769 | ||||||||
2,987 | Home Bancorp, Inc | 113,327 | ||||||||
123,387 | Home Bancshares, Inc | 3,433,860 | ||||||||
15,661 | HomeStreet, Inc | 639,595 | ||||||||
8,504 | HomeTrust Bancshares, Inc | 233,010 | ||||||||
110,417 | Hope Bancorp, Inc | 1,657,359 | ||||||||
39,049 | Horizon Bancorp | 716,159 | ||||||||
4,974 | * | Howard Bancorp, Inc | 83,762 | |||||||
783,349 | Huntington Bancshares, Inc | 12,000,907 | ||||||||
27,327 | Independent Bank Corp | 2,238,081 | ||||||||
16,543 | Independent Bank Corp | 389,753 | ||||||||
28,509 | Independent Bank Group, Inc | 2,152,715 | ||||||||
44,473 | International Bancshares Corp | 2,107,575 | ||||||||
4,463 | Investar Holding Corp | 98,677 | ||||||||
181,377 | Investors Bancorp, Inc | 2,655,359 | ||||||||
2,334,643 | JPMorgan Chase & Co | 359,091,440 | ||||||||
64,314 | Kearny Financial Corp | 821,933 | ||||||||
737,996 | Keycorp | 16,058,793 | ||||||||
45,504 | Lakeland Bancorp, Inc | 824,988 | ||||||||
20,428 | Lakeland Financial Corp | 1,332,518 | ||||||||
4,763 | LCNB Corp | 86,306 | ||||||||
159 | Level One Bancorp, Inc | 4,298 | ||||||||
21,566 | Live Oak Bancshares, Inc | 1,379,361 | ||||||||
650 | Luther Burbank Corp | 7,241 | ||||||||
99,975 | M&T Bank Corp | 15,765,058 | ||||||||
13,130 | Macatawa Bank Corp | 125,654 | ||||||||
315 | Mackinac Financial Corp | 6,835 | ||||||||
243 | * | MainStreet Bancshares Inc | 5,152 | |||||||
9,212 | Mercantile Bank Corp | 297,363 | ||||||||
9,590 | Merchants Bancorp | 391,176 | ||||||||
33,412 | Meridian Bancorp, Inc | 738,739 | ||||||||
30,380 | Meta Financial Group, Inc | 1,496,519 | ||||||||
575 | Metrocity Bankshares, Inc | 9,206 | ||||||||
8,949 | * | Metropolitan Bank Holding Corp | 562,445 |
119 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
268,063 | MGIC Investment Corp | $ | 4,085,280 | |||||||
234 | Mid Penn Bancorp, Inc | 6,316 | ||||||||
16,628 | Midland States Bancorp, Inc | 468,577 | ||||||||
6,127 | MidWestOne Financial Group, Inc | 193,368 | ||||||||
166 | *,e | MMA Capital Holdings Inc | 2,835 | |||||||
51,827 | * | Mr Cooper Group, Inc | 1,786,995 | |||||||
338 | MVB Financial Corp | 13,615 | ||||||||
30,003 | National Bank Holdings Corp | 1,197,120 | ||||||||
2,956 | National Bankshares, Inc | 106,091 | ||||||||
35,972 | NBT Bancorp, Inc | 1,362,979 | ||||||||
325,656 | New York Community Bancorp, Inc | 3,894,846 | ||||||||
7,504 | * | Nicolet Bankshares, Inc | 598,519 | |||||||
62,520 | * | NMI Holdings, Inc | 1,615,517 | |||||||
4,268 | Northeast Bank | 120,230 | ||||||||
33,801 | Northfield Bancorp, Inc | 546,900 | ||||||||
3,437 | Northrim BanCorp, Inc | 146,588 | ||||||||
90,595 | Northwest Bancshares, Inc | 1,271,954 | ||||||||
3,515 | Norwood Financial Corp | 89,597 | ||||||||
194 | e | Oak Valley Bancorp | 3,442 | |||||||
53,843 | OceanFirst Financial Corp | 1,230,851 | ||||||||
39,594 | OFG Bancorp | 937,982 | ||||||||
2,468 | Ohio Valley Banc Corp | 55,234 | ||||||||
128,054 | Old National Bancorp | 2,420,221 | ||||||||
15,788 | Old Second Bancorp, Inc | 208,559 | ||||||||
521 | OP Bancorp | 5,668 | ||||||||
9,898 | Origin Bancorp, Inc | 432,840 | ||||||||
3,740 | Orrstown Financial Services, Inc | 88,675 | ||||||||
66,941 | Pacific Premier Bancorp, Inc | 2,947,412 | ||||||||
91,391 | PacWest Bancorp | 3,967,283 | ||||||||
11,966 | Park National Corp | 1,496,827 | ||||||||
4,176 | Parke Bancorp, Inc | 88,197 | ||||||||
451 | PCB Bancorp | 7,126 | ||||||||
10,634 | PCSB Financial Corp | 185,989 | ||||||||
369 | * | PDL Community Bancorp | 4,089 | |||||||
10,600 | Peapack Gladstone Financial Corp | 339,200 | ||||||||
3,034 | Penns Woods Bancorp, Inc | 72,816 | ||||||||
28,339 | PennyMac Financial Services, Inc | 1,706,291 | ||||||||
2,557 | Peoples Bancorp of North Carolina, Inc | 59,757 | ||||||||
8,036 | Peoples Bancorp, Inc | 268,643 | ||||||||
8,413 | Peoples Financial Services Corp | 358,814 | ||||||||
324,144 | People’s United Financial, Inc | 5,876,731 | ||||||||
58,710 | Pinnacle Financial Partners, Inc | 5,145,344 | ||||||||
398 | * | Pioneer Bancorp, Inc | 4,680 | |||||||
326,146 | PNC Financial Services Group, Inc | 60,972,995 | ||||||||
64,274 | Popular, Inc | 4,753,705 | ||||||||
12,596 | Preferred Bank | 825,542 | ||||||||
5,869 | Premier Financial Bancorp, Inc | 111,159 | ||||||||
29,544 | Premier Financial Corp | 933,295 | ||||||||
5,879 | Primis Financial Corp | 84,364 | ||||||||
129 | * | Professional Holding Corp | 2,224 | |||||||
69,992 | Prosperity Bancshares, Inc | 5,134,613 | ||||||||
5,101 | Provident Bancorp Inc | 83,503 | ||||||||
201 | Provident Financial Holdings, Inc | 3,268 | ||||||||
60,407 | Provident Financial Services, Inc | 1,423,793 | ||||||||
4,776 | Prudential Bancorp, Inc | 66,148 | ||||||||
10,985 | QCR Holdings, Inc | 529,697 |
120 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
139,564 | Radian Group, Inc | $ | 3,438,857 | |||||||
8,732 | RBB Bancorp | 184,071 | ||||||||
4,675 | Red River Bancshares Inc | 260,117 | ||||||||
727,462 | Regions Financial Corp | 15,858,672 | ||||||||
15,134 | Reliant Bancorp Inc | 418,152 | ||||||||
44,579 | Renasant Corp | 1,878,113 | ||||||||
4,277 | Republic Bancorp, Inc (Class A) | 192,166 | ||||||||
30,260 | * | Republic First Bancorp, Inc | 120,737 | |||||||
17,819 | e | Richmond Mutual Bancorporation, Inc | 243,586 | |||||||
10,846 | Riverview Bancorp, Inc | 74,729 | ||||||||
85,088 | e | Rocket Cos, Inc | 1,910,226 | |||||||
34,231 | S&T Bancorp, Inc | 1,127,911 | ||||||||
35,885 | Sandy Spring Bancorp, Inc | 1,627,744 | ||||||||
40,441 | * | Seacoast Banking Corp of Florida | 1,470,030 | |||||||
477 | * | Select Bancorp, Inc | 5,624 | |||||||
39,480 | ServisFirst Bancshares, Inc | 2,496,715 | ||||||||
6,930 | Shore Bancshares, Inc | 116,701 | ||||||||
5,427 | Sierra Bancorp | 146,909 | ||||||||
42,675 | Signature Bank | 10,733,189 | ||||||||
12,742 | * | Silvergate Capital Corp | 1,366,197 | |||||||
84,685 | Simmons First National Corp (Class A) | 2,413,522 | ||||||||
16,613 | SmartFinancial, Inc | 393,562 | ||||||||
366 | South Plains Financial Inc | 8,359 | ||||||||
53,621 | South State Corp | 4,521,323 | ||||||||
2,839 | * | Southern First Bancshares, Inc | 146,209 | |||||||
11,045 | Southern Missouri Bancorp, Inc | 462,675 | ||||||||
25,174 | Southside Bancshares, Inc | 1,010,736 | ||||||||
493 | Spirit of Texas Bancshares, Inc | 11,423 | ||||||||
153,369 | Sterling Bancorp | 3,854,163 | ||||||||
639 | * | Sterling Bancorp, Inc | 3,163 | |||||||
18,105 | Stock Yards Bancorp, Inc | 926,252 | ||||||||
6,059 | Summit Financial Group, Inc | 157,837 | ||||||||
39,360 | * | SVB Financial Group | 22,507,229 | |||||||
114,400 | Synovus Financial Corp | 5,360,784 | ||||||||
121,058 | TCF Financial Corp | 5,510,560 | ||||||||
3,886 | Territorial Bancorp, Inc | 97,733 | ||||||||
40,076 | * | Texas Capital Bancshares, Inc | 2,750,416 | |||||||
28,786 | TFS Financial Corp | 563,054 | ||||||||
45,247 | * | The Bancorp, Inc | 1,004,710 | |||||||
3,722 | Timberland Bancorp, Inc | 104,737 | ||||||||
11,508 | Tompkins Financial Corp | 899,350 | ||||||||
59,753 | Towne Bank | 1,851,148 | ||||||||
27,122 | Trico Bancshares | 1,255,206 | ||||||||
22,213 | * | Tristate Capital Holdings, Inc | 530,224 | |||||||
18,271 | * | Triumph Bancorp, Inc | 1,619,359 | |||||||
1,037,213 | Truist Financial Corp | 61,517,103 | ||||||||
104,781 | Trustco Bank Corp | 766,473 | ||||||||
55,905 | Trustmark Corp | 1,811,881 | ||||||||
34,522 | UMB Financial Corp | 3,349,670 | ||||||||
158,667 | Umpqua Holdings Corp | 2,957,553 | ||||||||
97,981 | United Bankshares, Inc | 3,847,714 | ||||||||
60,241 | United Community Banks, Inc | 1,971,086 | ||||||||
7,421 | United Security Bancshares | 61,446 | ||||||||
4,323 | Unity Bancorp, Inc | 95,322 | ||||||||
14,637 | Univest Financial Corp | 408,811 | ||||||||
1,047,371 | US Bancorp | 62,161,469 |
121 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
317,795 | Valley National Bancorp | $ | 4,376,037 | |||||||
46,914 | Veritex Holdings, Inc | 1,584,755 | ||||||||
22,487 | Walker & Dunlop, Inc | 2,492,684 | ||||||||
64,956 | Washington Federal, Inc | 2,114,318 | ||||||||
18,077 | Washington Trust Bancorp, Inc | 922,831 | ||||||||
20,122 | Waterstone Financial, Inc | 396,403 | ||||||||
68,394 | Webster Financial Corp | 3,618,727 | ||||||||
2,925,600 | Wells Fargo & Co | 131,798,280 | ||||||||
53,314 | WesBanco, Inc | 1,934,765 | ||||||||
8,649 | West Bancorporation, Inc | 227,123 | ||||||||
21,091 | Westamerica Bancorporation | 1,337,169 | ||||||||
74,556 | Western Alliance Bancorp | 7,833,599 | ||||||||
15,237 | Western New England Bancorp, Inc | 123,420 | ||||||||
41,642 | Wintrust Financial Corp | 3,210,598 | ||||||||
46,788 | WSFS Financial Corp | 2,390,399 | ||||||||
123,398 | Zions Bancorporation | 6,885,608 | ||||||||
TOTAL BANKS | 1,545,392,998 | |||||||||
CAPITAL GOODS - 6.3% | ||||||||||
433,489 | 3M Co | 85,458,021 | ||||||||
103,645 | A.O. Smith Corp | 7,021,949 | ||||||||
31,735 | e | Aaon, Inc | 2,075,786 | |||||||
24,480 | * | AAR Corp | 985,075 | |||||||
28,158 | Acuity Brands, Inc | 5,223,872 | ||||||||
44,333 | Advanced Drainage Systems, Inc | 4,950,223 | ||||||||
108,225 | * | Aecom Technology Corp | 7,189,387 | |||||||
20,408 | * | Aegion Corp | 614,281 | |||||||
55,944 | Aerojet Rocketdyne Holdings, Inc | 2,613,704 | ||||||||
16,248 | * | Aerovironment, Inc | 1,793,292 | |||||||
48,114 | AGCO Corp | 7,020,795 | ||||||||
84,491 | Air Lease Corp | 3,946,575 | ||||||||
7,721 | Alamo Group, Inc | 1,214,127 | ||||||||
24,539 | Albany International Corp (Class A) | 2,189,860 | ||||||||
71,358 | Allegion plc | 9,589,088 | ||||||||
4,279 | Allied Motion Technologies, Inc | 222,722 | ||||||||
88,061 | Allison Transmission Holdings, Inc | 3,651,890 | ||||||||
11,103 | *,e | Alpha Pro Tech Ltd | 99,483 | |||||||
13,325 | * | Alta Equipment Group, Inc | 171,226 | |||||||
49,939 | Altra Industrial Motion Corp | 2,946,900 | ||||||||
18,536 | * | Ameresco, Inc | 978,515 | |||||||
20,904 | * | American Superconductor Corp | 344,289 | |||||||
13,260 | * | American Woodmark Corp | 1,318,840 | |||||||
176,517 | Ametek, Inc | 23,817,439 | ||||||||
95,302 | *,g | API Group Corp | 2,026,121 | |||||||
16,450 | Apogee Enterprises, Inc | 577,888 | ||||||||
30,483 | Applied Industrial Technologies, Inc | 2,916,004 | ||||||||
37,664 | Arcosa, Inc | 2,270,763 | ||||||||
11,927 | Argan, Inc | 598,139 | ||||||||
36,407 | Armstrong World Industries, Inc | 3,773,586 | ||||||||
94,689 | * | Array Technologies, Inc | 2,666,442 | |||||||
18,121 | Astec Industries, Inc | 1,359,256 | ||||||||
18,079 | * | Astronics Corp | 314,755 | |||||||
35,759 | * | Atkore International Group, Inc | 2,799,215 | |||||||
48,750 | * | Axon Enterprise, Inc | 7,390,988 | |||||||
70,850 | * | AZEK Co, Inc | 3,420,638 | |||||||
24,641 | AZZ, Inc | 1,297,102 |
122 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
36,600 | Barnes Group, Inc | $ | 1,827,072 | |||||||
44,573 | * | Beacon Roofing Supply, Inc | 2,510,797 | |||||||
69,607 | * | Bloom Energy Corp | 1,807,694 | |||||||
8,496 | * | Blue Bird Corp | 228,882 | |||||||
412,130 | * | Boeing Co | 96,566,180 | |||||||
28,213 | Boise Cascade Co | 1,882,371 | ||||||||
160,247 | * | Builders FirstSource, Inc | 7,799,221 | |||||||
73,318 | BWX Technologies, Inc | 4,906,441 | ||||||||
13,838 | Caesarstone Sdot-Yam Ltd | 193,178 | ||||||||
12,590 | CAI International, Inc | 535,705 | ||||||||
41,515 | Carlisle Cos, Inc | 7,956,350 | ||||||||
668,808 | Carrier Global Corp | 29,146,653 | ||||||||
417,810 | Caterpillar, Inc | 95,306,639 | ||||||||
28,021 | * | Chart Industries, Inc | 4,501,013 | |||||||
13,580 | * | CIRCOR International, Inc | 466,745 | |||||||
78,693 | * | Colfax Corp | 3,556,137 | |||||||
16,423 | Columbus McKinnon Corp | 813,103 | ||||||||
27,515 | Comfort Systems USA, Inc | 2,266,135 | ||||||||
917 | * | Concrete Pumping Holdings Inc | 7,455 | |||||||
20,442 | * | Construction Partners Inc | 648,625 | |||||||
38,880 | * | Cornerstone Building Brands, Inc | 546,653 | |||||||
37,358 | Crane Co | 3,513,893 | ||||||||
10,578 | CSW Industrials, Inc | 1,432,367 | ||||||||
25,133 | Cubic Corp | 1,880,954 | ||||||||
112,844 | Cummins, Inc | 28,441,202 | ||||||||
33,142 | Curtiss-Wright Corp | 4,238,862 | ||||||||
217,537 | Deere & Co | 80,673,596 | ||||||||
94,740 | Donaldson Co, Inc | 5,957,251 | ||||||||
17,667 | Douglas Dynamics, Inc | 790,245 | ||||||||
105,137 | Dover Corp | 15,685,389 | ||||||||
6,677 | * | Ducommun, Inc | 393,476 | |||||||
10,001 | * | DXP Enterprises, Inc | 292,729 | |||||||
23,965 | * | Dycom Industries, Inc | 2,248,157 | |||||||
2,940 | Eastern Co | 83,114 | ||||||||
308,706 | Eaton Corp | 44,123,349 | ||||||||
42,848 | EMCOR Group, Inc | 5,133,190 | ||||||||
459,534 | Emerson Electric Co | 41,583,232 | ||||||||
16,665 | Encore Wire Corp | 1,244,542 | ||||||||
44,680 | * | Energy Recovery, Inc | 947,216 | |||||||
42,414 | Enerpac Tool Group Corp | 1,128,212 | ||||||||
34,599 | EnerSys | 3,168,576 | ||||||||
14,980 | EnPro Industries, Inc | 1,283,037 | ||||||||
19,986 | ESCO Technologies, Inc | 2,173,677 | ||||||||
2,079 | * | EVI Industries, Inc | 55,592 | |||||||
75,949 | * | Evoqua Water Technologies Corp | 2,170,622 | |||||||
441,113 | Fastenal Co | 23,061,388 | ||||||||
47,719 | Federal Signal Corp | 1,976,998 | ||||||||
101,738 | Flowserve Corp | 4,032,894 | ||||||||
107,431 | * | Fluor Corp | 2,468,764 | |||||||
230,624 | Fortive Corp | 16,332,792 | ||||||||
107,284 | Fortune Brands Home & Security, Inc | 11,262,674 | ||||||||
36,680 | Franklin Electric Co, Inc | 2,980,984 | ||||||||
222,904 | * | FuelCell Energy, Inc | 2,164,398 | |||||||
35,043 | * | Gates Industrial Corp plc | 604,492 | |||||||
27,787 | GATX Corp | 2,715,068 | ||||||||
3,397 | * | Gencor Industries, Inc | 40,730 |
123 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
46,679 | * | Generac Holdings, Inc | $ | 15,121,662 | ||||||
194,619 | General Dynamics Corp | 37,022,372 | ||||||||
6,706,467 | General Electric Co | 87,988,847 | ||||||||
390 | * | General Finance Corp | 7,402 | |||||||
26,326 | * | Gibraltar Industries, Inc | 2,418,306 | |||||||
27,964 | * | GMS, Inc | 1,222,306 | |||||||
14,216 | Gorman-Rupp Co | 490,736 | ||||||||
126,344 | Graco, Inc | 9,703,219 | ||||||||
132,539 | GrafTech International Ltd | 1,685,896 | ||||||||
4,644 | Graham Corp | 63,669 | ||||||||
40,038 | e | Granite Construction, Inc | 1,525,448 | |||||||
62,965 | * | Great Lakes Dredge & Dock Corp | 988,551 | |||||||
25,927 | Greenbrier Cos, Inc | 1,224,791 | ||||||||
33,330 | Griffon Corp | 903,910 | ||||||||
22,964 | H&E Equipment Services, Inc | 893,300 | ||||||||
54,670 | *,e | HC2 Holdings, Inc | 229,614 | |||||||
34,854 | HEICO Corp | 4,907,443 | ||||||||
60,714 | HEICO Corp (Class A) | 7,666,964 | ||||||||
23,579 | Helios Technologies, Inc | 1,704,290 | ||||||||
22,146 | * | Herc Holdings, Inc | 2,338,618 | |||||||
62,570 | * | Hexcel Corp | 3,529,574 | |||||||
54,482 | Hillenbrand, Inc | 2,674,521 | ||||||||
541,585 | Honeywell International, Inc | 120,795,118 | ||||||||
304,519 | * | Howmet Aerospace, Inc | 9,732,427 | |||||||
42,486 | Hubbell, Inc | 8,157,737 | ||||||||
30,372 | Huntington Ingalls | 6,448,583 | ||||||||
2,869 | Hurco Cos, Inc | 98,550 | ||||||||
7,528 | * | Hydrofarm Holdings Group, Inc | 494,590 | |||||||
6,283 | Hyster-Yale Materials Handling, Inc | 507,981 | ||||||||
58,265 | IDEX Corp | 13,063,013 | ||||||||
9,052 | * | IES Holdings, Inc | 477,855 | |||||||
242,060 | Illinois Tool Works, Inc | 55,785,148 | ||||||||
269,617 | * | Ingersoll Rand, Inc | 13,321,776 | |||||||
16,162 | Insteel Industries, Inc | 616,257 | ||||||||
66,576 | ITT, Inc | 6,278,783 | ||||||||
51,685 | * | JELD-WEN Holding, Inc | 1,507,651 | |||||||
25,594 | John Bean Technologies Corp | 3,720,856 | ||||||||
557,315 | Johnson Controls International plc | 34,743,017 | ||||||||
9,656 | Kadant, Inc | 1,719,058 | ||||||||
23,713 | Kaman Corp | 1,265,089 | ||||||||
65,544 | Kennametal, Inc | 2,632,247 | ||||||||
92,618 | * | Kratos Defense & Security Solutions, Inc | 2,476,605 | |||||||
161,275 | L3Harris Technologies, Inc | 33,743,568 | ||||||||
2,093 | * | Lawson Products, Inc | 109,736 | |||||||
5,752 | * | LB Foster Co (Class A) | 92,837 | |||||||
27,010 | Lennox International, Inc | 9,057,533 | ||||||||
42,099 | Lincoln Electric Holdings, Inc | 5,390,777 | ||||||||
8,690 | Lindsay Corp | 1,440,628 | ||||||||
190,442 | Lockheed Martin Corp | 72,474,608 | ||||||||
19,704 | Luxfer Holdings plc | 435,655 | ||||||||
15,022 | * | Lydall, Inc | 553,561 | |||||||
26,764 | * | Manitowoc Co, Inc | 612,360 | |||||||
195,120 | Masco Corp | 12,464,266 | ||||||||
17,983 | * | Masonite International Corp | 2,271,073 | |||||||
41,862 | * | Mastec, Inc | 4,368,718 | |||||||
14,899 | * | Matrix Service Co | 196,816 |
124 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
47,116 | Maxar Technologies, Inc | $ | 1,828,572 | |||||||
214 | * | Mayville Engineering Co Inc | 3,341 | |||||||
18,531 | McGrath RentCorp | 1,519,171 | ||||||||
42,663 | * | Mercury Systems, Inc | 3,209,964 | |||||||
55,725 | * | Meritor, Inc | 1,506,247 | |||||||
42,303 | * | Middleby Corp | 7,670,380 | |||||||
12,956 | Miller Industries, Inc | 557,367 | ||||||||
24,740 | Moog, Inc (Class A) | 2,141,247 | ||||||||
77,007 | * | MRC Global, Inc | 725,406 | |||||||
34,930 | MSC Industrial Direct Co (Class A) | 3,149,289 | ||||||||
44,442 | Mueller Industries, Inc | 1,994,113 | ||||||||
127,783 | Mueller Water Products, Inc (Class A) | 1,834,964 | ||||||||
15,625 | * | MYR Group, Inc | 1,217,188 | |||||||
3,880 | National Presto Industries, Inc | 399,174 | ||||||||
34,935 | * | Navistar International Corp | 1,545,874 | |||||||
50,241 | * | NN, Inc | 366,759 | |||||||
44,787 | Nordson Corp | 9,468,420 | ||||||||
119,339 | Northrop Grumman Corp | 42,298,515 | ||||||||
5,310 | * | Northwest Pipe Co | 176,664 | |||||||
104,932 | * | NOW, Inc | 1,030,432 | |||||||
8,970 | * | NV5 Global Inc | 808,466 | |||||||
124,469 | nVent Electric plc | 3,790,081 | ||||||||
2,460 | Omega Flex, Inc | 391,140 | ||||||||
19,470 | * | Orion Energy Systems, Inc | 117,209 | |||||||
52,982 | Oshkosh Corp | 6,592,550 | ||||||||
314,168 | Otis Worldwide Corp | 24,464,262 | ||||||||
82,125 | Owens Corning, Inc | 7,950,521 | ||||||||
255,610 | PACCAR, Inc | 22,974,227 | ||||||||
46,943 | * | PAE, Inc | 421,079 | |||||||
17,936 | Park Aerospace Corp | 241,957 | ||||||||
98,126 | Parker-Hannifin Corp | 30,792,920 | ||||||||
5,098 | Park-Ohio Holdings Corp | 185,108 | ||||||||
18,607 | * | Parsons Corp | 824,848 | |||||||
128,574 | Pentair plc | 8,294,309 | ||||||||
54,131 | * | PGT Innovations, Inc | 1,425,269 | |||||||
308,962 | * | Plug Power, Inc | 8,808,507 | |||||||
6,448 | Powell Industries, Inc | 227,228 | ||||||||
1,196 | Preformed Line Products Co | 79,175 | ||||||||
34,956 | Primoris Services Corp | 1,141,663 | ||||||||
20,499 | * | Proto Labs, Inc | 2,297,118 | |||||||
25,421 | Quanex Building Products Corp | 693,739 | ||||||||
106,925 | Quanta Services, Inc | 10,333,232 | ||||||||
21,167 | Raven Industries, Inc | 859,804 | ||||||||
1,100,556 | Raytheon Technologies Corp | 91,610,281 | ||||||||
19,374 | * | RBC Bearings, Inc | 3,863,757 | |||||||
31,610 | Regal-Beloit Corp | 4,565,432 | ||||||||
109,515 | * | Resideo Technologies, Inc | 3,286,545 | |||||||
21,327 | * | REV Group, Inc | 389,004 | |||||||
92,718 | Rexnord Corp | 4,629,410 | ||||||||
89,191 | Rockwell Automation, Inc | 23,569,614 | ||||||||
80,206 | Roper Technologies Inc | 35,807,167 | ||||||||
30,831 | Rush Enterprises, Inc (Class A) | 1,521,818 | ||||||||
4,548 | Rush Enterprises, Inc (Class B) | 199,157 | ||||||||
119,164 | * | Sensata Technologies Holding plc | 6,880,529 | |||||||
69,363 | * | Shoals Technologies Group, Inc | 2,224,471 | |||||||
31,746 | Shyft Group, Inc | 1,124,443 |
125 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
33,033 | Simpson Manufacturing Co, Inc | $ | 3,722,819 | |||||||
34,079 | * | SiteOne Landscape Supply, Inc | 6,113,091 | |||||||
40,946 | Snap-On, Inc | 9,728,770 | ||||||||
82,554 | Spirit Aerosystems Holdings, Inc (Class A) | 3,771,892 | ||||||||
34,159 | * | SPX Corp | 2,072,085 | |||||||
33,086 | SPX FLOW, Inc | 2,203,197 | ||||||||
7,455 | Standex International Corp | 706,883 | ||||||||
118,351 | Stanley Black & Decker, Inc | 24,471,436 | ||||||||
16,556 | * | Sterling Construction Co, Inc | 345,193 | |||||||
116,268 | * | Sunrun, Inc | 5,697,132 | |||||||
11,337 | Systemax, Inc | 484,317 | ||||||||
28,189 | * | Teledyne Technologies, Inc | 12,621,625 | |||||||
14,704 | Tennant Co | 1,160,293 | ||||||||
48,442 | Terex Corp | 2,276,290 | ||||||||
40,242 | * | Textainer Group Holdings Ltd | 1,031,000 | |||||||
177,665 | Textron, Inc | 11,413,200 | ||||||||
10,317 | * | The ExOne Company | 239,870 | |||||||
23,343 | * | Thermon Group Holdings | 445,851 | |||||||
50,017 | Timken Co | 4,194,926 | ||||||||
10,469 | * | Titan Machinery, Inc | 273,346 | |||||||
81,078 | Toro Co | 9,291,539 | ||||||||
23,461 | * | TPI Composites, Inc | 1,246,952 | |||||||
183,662 | Trane Technologies plc | 31,925,965 | ||||||||
232 | * | Transcat Inc | 11,600 | |||||||
40,674 | * | TransDigm Group, Inc | 24,963,261 | |||||||
90,028 | * | Trex Co, Inc | 9,722,124 | |||||||
33,781 | * | Trimas Corp | 1,075,587 | |||||||
71,085 | Trinity Industries, Inc | 1,964,789 | ||||||||
46,140 | Triton International Ltd | 2,314,844 | ||||||||
37,869 | * | Triumph Group, Inc | 640,743 | |||||||
16,208 | * | Tutor Perini Corp | 260,949 | |||||||
46,527 | UFP Industries, Inc | 3,910,129 | ||||||||
55,036 | * | United Rentals, Inc | 17,608,768 | |||||||
120,857 | * | Univar Solutions Inc | 2,822,011 | |||||||
15,399 | Valmont Industries, Inc | 3,801,243 | ||||||||
11,878 | * | Vectrus, Inc | 621,813 | |||||||
9,809 | * | Veritiv Corp | 410,801 | |||||||
170,073 | Vertiv Holdings Co | 3,860,657 | ||||||||
14,903 | * | Vicor Corp | 1,374,504 | |||||||
52,610 | *,e | Virgin Galactic Holdings, Inc | 1,165,312 | |||||||
33,522 | W.W. Grainger, Inc | 14,533,128 | ||||||||
40,766 | Wabash National Corp | 717,889 | ||||||||
140,329 | Wabtec Corp | 11,516,801 | ||||||||
25,434 | Watsco, Inc | 7,448,601 | ||||||||
20,610 | Watts Water Technologies, Inc (Class A) | 2,566,976 | ||||||||
101,849 | * | Welbilt, Inc | 2,275,307 | |||||||
36,985 | * | WESCO International, Inc | 3,392,264 | |||||||
2,289 | * | Willis Lease Finance Corp | 98,015 | |||||||
123,301 | * | WillScot Mobile Mini Holdings Corp | 3,609,020 | |||||||
43,741 | Woodward Inc | 5,468,062 | ||||||||
138,713 | Xylem, Inc | 15,348,593 | ||||||||
TOTAL CAPITAL GOODS | 2,072,941,453 | |||||||||
COMMERCIAL & PROFESSIONAL SERVICES - 1.2% | ||||||||||
52,190 | ABM Industries, Inc | 2,683,088 | ||||||||
34,633 | * | Acacia Research (Acacia Technologies) | 210,569 |
126 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
100,040 | ACCO Brands Corp | $ | 858,343 | |||||||
124,350 | ADT, Inc | 1,144,020 | ||||||||
30,535 | *,e | Akerna Corp | 128,858 | |||||||
39,322 | * | ASGN Inc | 4,135,888 | |||||||
4,474 | Barrett Business Services, Inc | 328,078 | ||||||||
13,584 | BGSF, Inc | 190,312 | ||||||||
105,010 | Booz Allen Hamilton Holding Co | 8,710,579 | ||||||||
38,542 | Brady Corp (Class A) | 2,103,237 | ||||||||
35,982 | * | BrightView Holdings, Inc | 645,157 | |||||||
40,978 | Brink’s Co | 3,274,962 | ||||||||
19,341 | * | CACI International, Inc (Class A) | 4,929,247 | |||||||
35,050 | * | Casella Waste Systems, Inc (Class A) | 2,352,205 | |||||||
41,462 | * | CBIZ, Inc | 1,392,709 | |||||||
16,964 | * | Ceco Environmental Corp | 123,837 | |||||||
14,083 | * | Cimpress plc | 1,341,547 | |||||||
68,092 | Cintas Corp | 23,501,273 | ||||||||
38,125 | * | Clean Harbors, Inc | 3,391,600 | |||||||
157,823 | * | Copart, Inc | 19,650,542 | |||||||
104,364 | * | CoreCivic, Inc | 810,908 | |||||||
55,971 | CoreLogic Inc | 4,460,889 | ||||||||
30,183 | * | CoStar Group, Inc | 25,789,261 | |||||||
80,270 | Covanta Holding Corp | 1,207,261 | ||||||||
4,636 | CRA International, Inc | 372,085 | ||||||||
27,690 | Deluxe Corp | 1,218,914 | ||||||||
28,159 | * | Driven Brands Holdings, Inc | 803,095 | |||||||
68,956 | * | Dun & Bradstreet Holdings, Inc | 1,638,395 | |||||||
29,973 | Ennis, Inc | 621,340 | ||||||||
93,046 | Equifax, Inc | 21,328,935 | ||||||||
40,541 | Exponent, Inc | 3,905,315 | ||||||||
8,467 | * | Forrester Research, Inc | 367,891 | |||||||
6,725 | * | Franklin Covey Co | 205,381 | |||||||
25,922 | * | FTI Consulting, Inc | 3,599,270 | |||||||
19,954 | * | GP Strategies Corp | 314,275 | |||||||
63,399 | * | Harsco Corp | 1,136,744 | |||||||
58,399 | Healthcare Services Group | 1,749,050 | ||||||||
15,494 | Heidrick & Struggles International, Inc | 655,396 | ||||||||
8,521 | * | Heritage-Crystal Clean, Inc | 244,723 | |||||||
46,545 | Herman Miller, Inc | 1,931,617 | ||||||||
38,853 | HNI Corp | 1,645,036 | ||||||||
18,175 | * | Huron Consulting Group, Inc | 1,022,525 | |||||||
104,470 | * | IAA, Inc | 6,561,761 | |||||||
14,707 | ICF International, Inc | 1,339,219 | ||||||||
305,346 | IHS Markit Ltd | 32,849,123 | ||||||||
28,734 | Insperity, Inc | 2,515,374 | ||||||||
36,159 | Interface, Inc | 464,282 | ||||||||
98,411 | Jacobs Engineering Group, Inc | 13,148,694 | ||||||||
103,138 | * | KAR Auction Services, Inc | 1,546,039 | |||||||
107,081 | KBR, Inc | 4,236,124 | ||||||||
19,243 | * | Kelly Services, Inc (Class A) | 482,037 | |||||||
13,183 | Kforce, Inc | 738,775 | ||||||||
18,374 | Kimball International, Inc (Class B) | 267,893 | ||||||||
27,600 | Knoll, Inc | 659,640 | ||||||||
44,966 | Korn/Ferry International | 3,052,742 | ||||||||
105,553 | Leidos Holdings, Inc | 10,690,408 | ||||||||
44,472 | Manpower, Inc | 5,376,220 | ||||||||
21,378 | Mantech International Corp (Class A) | 1,824,612 |
127 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
8,730 | * | Mastech Holdings, Inc | $ | 137,847 | ||||||
24,504 | Matthews International Corp (Class A) | 1,013,976 | ||||||||
15,831 | * | Mistras Group, Inc | 176,199 | |||||||
8,643 | * | Montrose Environmental Group, Inc | 468,537 | |||||||
28,870 | e | MSA Safety, Inc | 4,641,141 | |||||||
273,193 | Nielsen NV | 7,007,400 | ||||||||
8,365 | NL Industries, Inc | 59,391 | ||||||||
136,262 | Pitney Bowes, Inc | 1,017,877 | ||||||||
26,063 | Quad Graphics, Inc | 93,827 | ||||||||
5,447 | *,e | Red Violet, Inc | 113,298 | |||||||
160,286 | Republic Services, Inc | 17,038,402 | ||||||||
32,640 | Resources Connection, Inc | 460,550 | ||||||||
84,934 | Robert Half International, Inc | 7,441,068 | ||||||||
174,699 | Rollins, Inc | 6,512,779 | ||||||||
45,185 | Science Applications International Corp | 4,040,443 | ||||||||
18,282 | * | SP Plus Corp | 627,621 | |||||||
75,038 | Steelcase, Inc (Class A) | 1,035,524 | ||||||||
71,439 | * | Stericycle, Inc | 5,449,367 | |||||||
23,186 | * | Team, Inc | 228,846 | |||||||
41,651 | Tetra Tech, Inc | 5,315,917 | ||||||||
145,490 | TransUnion | 15,216,799 | ||||||||
32,168 | * | TriNet Group, Inc | 2,531,943 | |||||||
28,337 | * | TrueBlue, Inc | 801,937 | |||||||
11,278 | Unifirst Corp | 2,528,415 | ||||||||
73,433 | * | Upwork, Inc | 3,382,324 | |||||||
24,475 | * | US Ecology, Inc | 1,039,209 | |||||||
122,391 | Verisk Analytics, Inc | 23,033,986 | ||||||||
14,763 | * | Viad Corp | 615,027 | |||||||
12,685 | * | Vidler Water Resouces, Inc | 114,799 | |||||||
4,931 | VSE Corp | 212,773 | ||||||||
322,419 | Waste Management, Inc | 44,484,149 | ||||||||
5,131 | * | Willdan Group, Inc | 195,850 | |||||||
TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 398,914,521 | |||||||||
CONSUMER DURABLES & APPAREL - 1.5% | ||||||||||
21,500 | Acushnet Holdings Corp | 909,665 | ||||||||
10,079 | * | American Outdoor Brands, Inc | 260,542 | |||||||
10,679 | * | Beazer Homes USA, Inc | 238,249 | |||||||
60,473 | Brunswick Corp | 6,478,472 | ||||||||
73,906 | Callaway Golf Co | 2,139,579 | ||||||||
110,814 | * | Capri Holdings Ltd | 6,103,635 | |||||||
32,879 | * | Carter’s, Inc | 3,576,906 | |||||||
16,508 | * | Casper Sleep, Inc | 141,143 | |||||||
6,991 | * | Cavco Industries, Inc | 1,464,125 | |||||||
18,065 | * | Century Communities, Inc | 1,335,726 | |||||||
11,251 | Clarus Corp | 209,381 | ||||||||
21,521 | Columbia Sportswear Co | 2,346,004 | ||||||||
51,520 | * | Crocs, Inc | 5,158,182 | |||||||
21,556 | * | Deckers Outdoor Corp | 7,290,239 | |||||||
251,972 | DR Horton, Inc | 24,766,328 | ||||||||
3,923 | Escalade, Inc | 86,384 | ||||||||
18,468 | Ethan Allen Interiors, Inc | 530,216 | ||||||||
39,827 | * | Fossil Group, Inc | 513,768 | |||||||
115,183 | Garmin Ltd | 15,807,715 | ||||||||
34,007 | * | G-III Apparel Group Ltd | 1,104,887 | |||||||
98,454 | * | GoPro, Inc | 1,105,638 |
128 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
37,092 | * | Green Brick Partners, Inc | $ | 957,345 | ||||||
7,328 | e | Hamilton Beach Brands Holding Co | 142,896 | |||||||
255,692 | Hanesbrands, Inc | 5,384,874 | ||||||||
99,238 | Hasbro, Inc | 9,869,219 | ||||||||
19,735 | * | Helen of Troy Ltd | 4,168,229 | |||||||
6,882 | Hooker Furniture Corp | 258,144 | ||||||||
18,462 | Installed Building Products, Inc | 2,485,908 | ||||||||
21,578 | * | iRobot Corp | 2,347,686 | |||||||
4,650 | Johnson Outdoors, Inc | 659,417 | ||||||||
62,787 | KB Home | 3,028,217 | ||||||||
39,507 | Kontoor Brands, Inc | 2,482,225 | ||||||||
8,004 | *,e | Lakeland Industries, Inc | 225,793 | |||||||
34,974 | La-Z-Boy, Inc | 1,554,944 | ||||||||
171 | * | Legacy Housing Corp | 3,054 | |||||||
103,147 | Leggett & Platt, Inc | 5,123,311 | ||||||||
209,614 | Lennar Corp (Class A) | 21,716,010 | ||||||||
13,304 | Lennar Corp (Class B) | 1,071,903 | ||||||||
17,151 | * | LGI Homes, Inc | 2,843,293 | |||||||
4,217 | Lifetime Brands, Inc | 61,147 | ||||||||
7,117 | * | Lovesac Co | 521,463 | |||||||
87,375 | * | Lululemon Athletica, Inc | 29,294,216 | |||||||
21,153 | * | M/I Homes, Inc | 1,474,787 | |||||||
16,019 | * | Malibu Boats, Inc | 1,335,344 | |||||||
7,010 | Marine Products Corp | 121,694 | ||||||||
11,528 | * | MasterCraft Boat Holdings, Inc | 326,934 | |||||||
263,239 | * | Mattel, Inc | 5,649,109 | |||||||
40,624 | MDC Holdings, Inc | 2,383,004 | ||||||||
29,018 | * | Meritage Homes Corp | 3,087,225 | |||||||
45,410 | * | Mohawk Industries, Inc | 9,331,755 | |||||||
20,872 | Movado Group, Inc | 654,755 | ||||||||
23,664 | *,e | Nautilus, Inc | 396,609 | |||||||
298,985 | Newell Brands Inc | 8,060,636 | ||||||||
957,299 | Nike, Inc (Class B) | 126,956,993 | ||||||||
2,554 | * | NVR, Inc | 12,816,227 | |||||||
16,445 | Oxford Industries, Inc | 1,500,277 | ||||||||
195,803 | * | Peloton Interactive, Inc | 19,257,225 | |||||||
43,237 | Polaris Inc | 6,054,477 | ||||||||
206,346 | Pulte Homes, Inc | 12,199,176 | ||||||||
12,871 | * | Purple Innovation, Inc | 438,644 | |||||||
53,665 | * | PVH Corp | 6,073,805 | |||||||
37,160 | * | Ralph Lauren Corp | 4,953,056 | |||||||
264 | Rocky Brands, Inc | 13,900 | ||||||||
102,295 | * | Skechers U.S.A., Inc (Class A) | 4,960,285 | |||||||
40,812 | * | Skyline Champion Corp | 1,813,277 | |||||||
45,875 | Smith & Wesson Brands, Inc | 798,225 | ||||||||
93,242 | * | Sonos, Inc | 3,732,477 | |||||||
68,041 | Steven Madden Ltd | 2,767,227 | ||||||||
13,251 | Sturm Ruger & Co, Inc | 860,520 | ||||||||
12,297 | Superior Uniform Group, Inc | 310,130 | ||||||||
214,769 | * | Tapestry, Inc | 10,276,697 | |||||||
90,204 | * | Taylor Morrison Home Corp | 2,815,267 | |||||||
141,791 | Tempur Sealy International, Inc | 5,407,909 | ||||||||
89,584 | Toll Brothers, Inc | 5,616,917 | ||||||||
25,656 | * | TopBuild Corp | 5,705,381 | |||||||
83,374 | * | TRI Pointe Homes, Inc | 1,985,969 | |||||||
37,338 | * | Tupperware Brands Corp | 909,927 |
129 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
11,009 | * | Turtle Beach Corp | $ | 305,940 | ||||||
144,146 | * | Under Armour, Inc (Class A) | 3,504,189 | |||||||
147,983 | * | Under Armour, Inc (Class C) | 2,946,342 | |||||||
14,350 | * | Unifi, Inc | 387,881 | |||||||
11,195 | * | Universal Electronics, Inc | 636,436 | |||||||
25,970 | * | Vera Bradley, Inc | 288,267 | |||||||
247,152 | VF Corp | 21,665,344 | ||||||||
37,339 | * | Vista Outdoor, Inc | 1,217,625 | |||||||
20,638 | * | VOXX International Corp (Class A) | 351,878 | |||||||
47,402 | Whirlpool Corp | 11,208,203 | ||||||||
62,932 | Wolverine World Wide, Inc | 2,625,523 | ||||||||
60,961 | * | YETI Holdings, Inc | 5,207,289 | |||||||
TOTAL CONSUMER DURABLES & APPAREL | 497,156,835 | |||||||||
CONSUMER SERVICES - 2.3% | ||||||||||
33,295 | * | Accel Entertainment, Inc | 431,503 | |||||||
40,945 | * | Adtalem Global Education, Inc | 1,404,823 | |||||||
12,247 | * | American Public Education, Inc | 373,044 | |||||||
176,604 | ARAMARK Holdings Corp | 6,864,597 | ||||||||
9,857 | *,e | Aspen Group, Inc | 47,018 | |||||||
15,015 | * | Bally’s Corp | 870,269 | |||||||
2,259 | * | Biglari Holdings, Inc (B Shares) | 300,583 | |||||||
16,786 | * | BJ’s Restaurants, Inc | 1,023,778 | |||||||
59,244 | * | Bloomin’ Brands, Inc | 1,872,110 | |||||||
277 | e | Bluegreen Vacations Corp | 2,571 | |||||||
8,305 | * | Bluegreen Vacations Holding Corp | 153,809 | |||||||
31,508 | * | Booking Holdings, Inc | 77,701,249 | |||||||
63,869 | * | Boyd Gaming Corp | 4,224,934 | |||||||
46,459 | * | Bright Horizons Family Solutions | 6,728,657 | |||||||
34,204 | * | Brinker International, Inc | 2,296,115 | |||||||
139,238 | * | Caesars Entertainment, Inc | 13,623,046 | |||||||
473,183 | * | Carnival Corp | 13,230,197 | |||||||
14,388 | Carriage Services, Inc | 534,946 | ||||||||
35,074 | * | Carrols Restaurant Group, Inc | 206,586 | |||||||
17,769 | * | Century Casinos, Inc | 233,662 | |||||||
36,867 | *,e | Cheesecake Factory | 2,307,506 | |||||||
94,235 | * | Chegg, Inc | 8,512,248 | |||||||
21,448 | * | Chipotle Mexican Grill, Inc (Class A) | 32,001,059 | |||||||
27,061 | * | Choice Hotels International, Inc | 3,079,542 | |||||||
29,364 | Churchill Downs, Inc | 6,210,486 | ||||||||
9,538 | * | Chuy’s Holdings, Inc | 466,027 | |||||||
17,634 | Cracker Barrel Old Country Store, Inc | 2,953,166 | ||||||||
100,363 | Darden Restaurants, Inc | 14,725,259 | ||||||||
35,954 | * | Dave & Buster’s Entertainment, Inc | 1,641,660 | |||||||
46,668 | Del Taco Restaurants, Inc | 532,015 | ||||||||
51,535 | * | Denny’s Corp | 976,073 | |||||||
13,988 | * | Dine Brands Global Inc. | 1,351,940 | |||||||
29,442 | Domino’s Pizza, Inc | 12,434,534 | ||||||||
12,624 | * | El Pollo Loco Holdings, Inc | 213,851 | |||||||
63,546 | * | Everi Holdings, Inc | 1,123,493 | |||||||
104,852 | * | Expedia Group, Inc | 18,478,068 | |||||||
140,628 | Extended Stay America, Inc | 2,797,091 | ||||||||
13,910 | * | Fiesta Restaurant Group, Inc | 205,033 | |||||||
65,408 | * | frontdoor, Inc | 3,501,290 | |||||||
15,572 | *,e | GAN Ltd | 287,148 | |||||||
17,627 | * | Golden Entertainment, Inc | 607,603 |
130 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
3,420 | Graham Holdings Co | $ | 2,173,786 | |||||||
36,221 | * | Grand Canyon Education, Inc | 3,922,372 | |||||||
139,199 | H&R Block, Inc | 3,098,570 | ||||||||
70,608 | * | Hilton Grand Vacations, Inc | 3,146,292 | |||||||
208,760 | * | Hilton Worldwide Holdings, Inc | 26,867,412 | |||||||
93,634 | * | Houghton Mifflin Harcourt Co | 850,197 | |||||||
27,715 | * | Hyatt Hotels Corp | 2,281,776 | |||||||
79,385 | *,e | International Game Technology plc | 1,367,010 | |||||||
17,850 | Jack in the Box, Inc | 2,153,602 | ||||||||
6,687 | *,e | Kura Sushi USA, Inc | 240,799 | |||||||
258,212 | * | Las Vegas Sands Corp | 15,818,067 | |||||||
86,132 | * | Laureate Education, Inc | 1,184,315 | |||||||
19,909 | * | Lindblad Expeditions Holdings, Inc | 326,308 | |||||||
206,503 | * | Marriott International, Inc (Class A) | 30,669,826 | |||||||
30,301 | * | Marriott Vacations Worldwide Corp | 5,382,367 | |||||||
573,183 | McDonald’s Corp | 135,317,043 | ||||||||
364,964 | MGM Resorts International | 14,861,334 | ||||||||
9,029 | * | Monarch Casino & Resort, Inc | 680,877 | |||||||
1,621 | Nathan’s Famous, Inc | 102,820 | ||||||||
11,003 | * | Noodles & Co | 132,971 | |||||||
282,810 | *,e | Norwegian Cruise Line Holdings Ltd | 8,781,250 | |||||||
32,942 | * | OneSpaWorld Holdings Ltd | 350,997 | |||||||
25,595 | Papa John’s International, Inc | 2,475,548 | ||||||||
118,498 | * | Penn National Gaming, Inc | 10,560,542 | |||||||
53,516 | * | Perdoceo Education Corp | 623,997 | |||||||
63,164 | * | Planet Fitness, Inc | 5,305,144 | |||||||
21,263 | * | PlayAGS, Inc | 190,304 | |||||||
6,723 | RCI Hospitality Holdings, Inc | 489,502 | ||||||||
18,948 | * | Red Robin Gourmet Burgers, Inc | 688,949 | |||||||
48,546 | * | Red Rock Resorts, Inc | 1,778,240 | |||||||
18,195 | *,e | Regis Corp | 235,443 | |||||||
154,308 | * | Royal Caribbean Cruises Ltd | 13,417,081 | |||||||
33,773 | * | Ruth’s Hospitality Group Inc | 881,813 | |||||||
45,341 | * | Scientific Games Corp (Class A) | 2,653,355 | |||||||
39,441 | * | SeaWorld Entertainment, Inc | 2,159,789 | |||||||
127,863 | Service Corp International | 6,832,999 | ||||||||
27,649 | * | Shake Shack, Inc | 3,006,829 | |||||||
59,980 | * | Six Flags Entertainment Corp | 2,817,860 | |||||||
901,213 | Starbucks Corp | 103,179,876 | ||||||||
18,420 | Strategic Education, Inc | 1,382,605 | ||||||||
31,895 | * | Stride, Inc | 913,154 | |||||||
24,593 | *,e | Target Hospitality Corp | 68,614 | |||||||
102,309 | * | Terminix Global Holdings, Inc | 5,206,505 | |||||||
50,718 | * | Texas Roadhouse, Inc (Class A) | 5,427,840 | |||||||
63,367 | Travel & Leisure Co | 4,089,073 | ||||||||
29,540 | * | Universal Technical Institute, Inc | 166,310 | |||||||
30,166 | * | Vail Resorts, Inc | 9,808,777 | |||||||
59,890 | * | Vivint Smart Home, Inc | 717,482 | |||||||
143,392 | Wendy’s | 3,236,357 | ||||||||
23,222 | Wingstop, Inc | 3,678,597 | ||||||||
36,862 | * | WW International Inc | 1,022,552 | |||||||
73,122 | Wyndham Hotels & Resorts, Inc | 5,345,949 | ||||||||
79,472 | * | Wynn Resorts Ltd | 10,204,205 | |||||||
307,256 | Yum China Holdings, Inc | 19,332,548 | ||||||||
228,797 | Yum! Brands, Inc | 27,345,817 | ||||||||
TOTAL CONSUMER SERVICES | 761,482,236 |
131 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
DIVERSIFIED FINANCIALS - 4.9% | ||||||||||
33,275 | Affiliated Managers Group, Inc | $ | 5,362,932 | |||||||
413,046 | AGNC Investment Corp | 7,405,915 | ||||||||
11,648 | Alerus Financial Corp | 334,880 | ||||||||
288,843 | Ally Financial, Inc | 14,860,972 | ||||||||
3,682 | A-Mark Precious Metals, Inc | 137,228 | ||||||||
505,214 | American Express Co | 77,474,567 | ||||||||
90,071 | Ameriprise Financial, Inc | 23,274,346 | ||||||||
1,091,856 | Annaly Capital Management, Inc | 9,914,052 | ||||||||
129,780 | Apollo Commercial Real Estate Finance, Inc | 1,973,954 | ||||||||
132,907 | Apollo Global Management, Inc | 7,359,061 | ||||||||
81,055 | Arbor Realty Trust, Inc | 1,433,052 | ||||||||
28,800 | Ares Commercial Real Estate Corp | 425,088 | ||||||||
76,842 | Ares Management Corp | 4,035,742 | ||||||||
85,938 | * | Arlington Asset Investment Corp (Class A) | 352,346 | |||||||
60,138 | ARMOUR Residential REIT, Inc | 747,515 | ||||||||
41,148 | Artisan Partners Asset Management, Inc | 2,095,256 | ||||||||
17,886 | * | Assetmark Financial Holdings, Inc | 402,793 | |||||||
2,527 | Associated Capital Group, Inc | 90,290 | ||||||||
3,923 | * | Atlanticus Holdings Corp | 122,633 | |||||||
12,937 | B. Riley Financial, Inc | 922,279 | ||||||||
26,431 | Banco Latinoamericano de Exportaciones S.A. (Class E) | 390,122 | ||||||||
614,645 | Bank of New York Mellon Corp | 30,658,493 | ||||||||
1,450,687 | * | Berkshire Hathaway, Inc (Class B) | 398,866,391 | |||||||
223,083 | BGC Partners, Inc (Class A) | 1,182,340 | ||||||||
113,383 | BlackRock, Inc | 92,894,692 | ||||||||
109,020 | Blackstone Mortgage Trust, Inc | 3,542,060 | ||||||||
40,435 | * | Blucora, Inc | 582,062 | |||||||
48,706 | Brightsphere Investment Group, Inc | 1,096,372 | ||||||||
101,143 | Broadmark Realty Capital, Inc | 1,090,322 | ||||||||
67,189 | * | Cannae Holdings, Inc | 2,667,403 | |||||||
347,955 | Capital One Financial Corp | 51,873,131 | ||||||||
53,286 | Capstead Mortgage Corp | 345,293 | ||||||||
92,171 | Carlyle Group, Inc | 3,932,015 | ||||||||
85,528 | CBOE Global Markets, Inc | 8,926,557 | ||||||||
1,062,896 | Charles Schwab Corp | 74,827,878 | ||||||||
12,922 | Cherry Hill Mortgage Investment Corp | 130,771 | ||||||||
138,669 | Chimera Investment Corp | 1,822,111 | ||||||||
272,862 | CME Group, Inc | 55,115,395 | ||||||||
21,443 | Cohen & Steers, Inc | 1,458,553 | ||||||||
33,841 | Colony Credit Real Estate, Inc | 294,078 | ||||||||
21,902 | Cowen Group, Inc | 864,910 | ||||||||
7,660 | *,e | Credit Acceptance Corp | 3,024,091 | |||||||
18,727 | Curo Group Holdings Corp | 268,171 | ||||||||
2,708 | Diamond Hill Investment Group, Inc | 463,068 | ||||||||
235,168 | Discover Financial Services | 26,809,152 | ||||||||
18,944 | * | Donnelley Financial Solutions, Inc | 578,929 | |||||||
16,465 | Dynex Capital, Inc | 332,593 | ||||||||
32,739 | Ellington Financial Inc | 587,338 | ||||||||
19,178 | Ellington Residential Mortgage REIT | 238,574 | ||||||||
24,831 | * | Encore Capital Group, Inc | 976,852 | |||||||
29,509 | * | Enova International, Inc | 1,010,388 | |||||||
301,165 | Equitable Holdings, Inc | 10,308,878 | ||||||||
31,374 | Evercore Inc | 4,396,439 | ||||||||
29,783 | * | Ezcorp, Inc (Class A) | 167,678 |
132 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
28,112 | Factset Research Systems, Inc | $ | 9,451,817 | |||||||
77,672 | Federated Investors, Inc (Class B) | 2,236,954 | ||||||||
33,197 | FirstCash, Inc | 2,391,180 | ||||||||
25,085 | * | Focus Financial Partners, Inc | 1,180,500 | |||||||
209,677 | Franklin Resources, Inc | 6,290,310 | ||||||||
2,638 | GAMCO Investors, Inc (Class A) | 51,916 | ||||||||
255,173 | Goldman Sachs Group, Inc | 88,915,032 | ||||||||
42,206 | Granite Point Mortgage Trust, Inc | 558,807 | ||||||||
17,463 | Great Ajax Corp | 213,223 | ||||||||
39,215 | * | Green Dot Corp | 1,794,478 | |||||||
22,814 | Greenhill & Co, Inc | 346,317 | ||||||||
155 | *,e | GWG Holdings Inc | 1,100 | |||||||
24,928 | Hamilton Lane, Inc | 2,254,738 | ||||||||
55,870 | Hannon Armstrong Sustainable Infrastructure Capital, Inc | 2,927,588 | ||||||||
39,448 | Houlihan Lokey, Inc | 2,614,219 | ||||||||
57,131 | Interactive Brokers Group, Inc (Class A) | 4,086,009 | ||||||||
422,056 | Intercontinental Exchange Group, Inc | 49,680,212 | ||||||||
290,359 | Invesco Ltd | 7,839,693 | ||||||||
138,965 | Invesco Mortgage Capital, Inc | 541,963 | ||||||||
170,324 | Jefferies Financial Group, Inc | 5,537,233 | ||||||||
407,154 | KKR & Co, Inc | 23,036,773 | ||||||||
18,044 | KKR Real Estate Finance Trust, Inc | 380,728 | ||||||||
92,781 | Ladder Capital Corp | 1,103,166 | ||||||||
77,741 | Lazard Ltd (Class A) | 3,497,568 | ||||||||
44,911 | * | LendingClub Corp | 691,180 | |||||||
9,236 | *,e | LendingTree, Inc | 1,907,142 | |||||||
60,188 | LPL Financial Holdings, Inc | 9,431,460 | ||||||||
28,654 | MarketAxess Holdings, Inc | 13,996,333 | ||||||||
3,520 | Marlin Business Services Corp | 79,376 | ||||||||
366,443 | MFA Financial Inc | 1,612,349 | ||||||||
40,306 | Moelis & Co | 2,187,810 | ||||||||
125,305 | Moody’s Corp | 40,938,397 | ||||||||
1,075,588 | Morgan Stanley | 88,789,789 | ||||||||
16,330 | Morningstar, Inc | 4,327,613 | ||||||||
61,375 | MSCI, Inc (Class A) | 29,814,134 | ||||||||
87,045 | Nasdaq Inc | 14,061,249 | ||||||||
125,064 | Navient Corp | 2,104,827 | ||||||||
13,437 | Nelnet, Inc (Class A) | 997,429 | ||||||||
325,485 | New Residential Investment Corp | 3,489,199 | ||||||||
309,429 | New York Mortgage Trust, Inc | 1,420,279 | ||||||||
17,297 | *,† | NewStar Financial, Inc | 4,176 | |||||||
146,721 | Northern Trust Corp | 16,696,850 | ||||||||
55,347 | OneMain Holdings, Inc | 3,147,584 | ||||||||
15,352 | * | Oportun Financial Corp | 333,292 | |||||||
8,014 | Oppenheimer Holdings, Inc | 410,076 | ||||||||
42,835 | Orchid Island Capital, Inc | 235,593 | ||||||||
80,688 | PennyMac Mortgage Investment Trust | 1,617,794 | ||||||||
15,051 | Piper Jaffray Cos | 1,745,765 | ||||||||
19,040 | PJT Partners, Inc | 1,400,011 | ||||||||
35,342 | * | PRA Group, Inc | 1,331,687 | |||||||
51,803 | PROG Holdings, Inc | 2,638,845 | ||||||||
9,606 | Pzena Investment Management, Inc (Class A) | 101,151 | ||||||||
94,026 | Raymond James Financial, Inc | 12,296,720 | ||||||||
49,956 | Ready Capital Corp | 724,862 | ||||||||
92,635 | Redwood Trust, Inc | 1,029,175 | ||||||||
6,059 | Regional Management Corp | 234,665 |
133 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
185,932 | S&P Global, Inc | $ | 72,585,993 | |||||||
16,133 | * | Safeguard Scientifics, Inc | 99,379 | |||||||
59,412 | Santander Consumer USA Holdings, Inc | 2,016,443 | ||||||||
21,286 | Sculptor Capital Management, Inc | 484,044 | ||||||||
84,829 | SEI Investments Co | 5,211,894 | ||||||||
208 | * | Siebert Financial Corp | 834 | |||||||
3,599 | Silvercrest Asset Management Group, Inc | 50,062 | ||||||||
287,031 | SLM Corp | 5,643,029 | ||||||||
212,308 | Starwood Property Trust, Inc | 5,481,793 | ||||||||
270,618 | State Street Corp | 22,718,381 | ||||||||
13,408 | StepStone Group, Inc | 446,486 | ||||||||
76,002 | Stifel Financial Corp | 5,258,578 | ||||||||
10,836 | * | StoneX Group, Inc | 688,303 | |||||||
445,614 | Synchrony Financial | 19,491,156 | ||||||||
170,828 | T Rowe Price Group, Inc | 30,612,378 | ||||||||
48,537 | TPG RE Finance Trust, Inc | 604,771 | ||||||||
64,021 | Tradeweb Markets, Inc | 5,203,627 | ||||||||
208,653 | Two Harbors Investment Corp | 1,627,493 | ||||||||
10,834 | * | Upstart Holdings, Inc | 1,181,123 | |||||||
50,168 | Virtu Financial, Inc | 1,486,478 | ||||||||
5,785 | Virtus Investment Partners, Inc | 1,581,966 | ||||||||
95,616 | Voya Financial, Inc | 6,484,677 | ||||||||
47,754 | Waddell & Reed Financial, Inc (Class A) | 1,192,895 | ||||||||
73,984 | Western Asset Mortgage Capital Corp | 233,789 | ||||||||
5,819 | Westwood Holdings Group, Inc | 105,266 | ||||||||
87,261 | WisdomTree Investments, Inc | 592,066 | ||||||||
3,402 | * | World Acceptance Corp | 444,777 | |||||||
TOTAL DIVERSIFIED FINANCIALS | 1,608,704,018 | |||||||||
ENERGY - 2.5% | ||||||||||
227,359 | Antero Midstream Corp | 1,964,382 | ||||||||
163,732 | * | Antero Resources Corp | 1,476,863 | |||||||
290,820 | APA Corp | 5,816,400 | ||||||||
12,551 | * | Arch Resources, Inc | 557,390 | |||||||
84,566 | Archrock, Inc | 789,846 | ||||||||
36,328 | * | Ardmore Shipping Corp | 142,406 | |||||||
13,625 | * | Aspen Aerogels, Inc | 248,384 | |||||||
507,198 | Baker Hughes Co | 10,184,536 | ||||||||
77,118 | Berry Petroleum Co LLC | 471,191 | ||||||||
13,218 | * | Bonanza Creek Energy, Inc | 437,384 | |||||||
32,783 | Brigham Minerals, Inc | 561,901 | ||||||||
4,981 | * | Bristow Group, Inc | 131,797 | |||||||
306,413 | Cabot Oil & Gas Corp | 5,107,905 | ||||||||
34,757 | Cactus, Inc | 1,036,106 | ||||||||
146,917 | * | ChampionX Corp | 3,086,726 | |||||||
176,744 | * | Cheniere Energy, Inc | 13,701,195 | |||||||
1,484,593 | Chevron Corp | 153,017,000 | ||||||||
78,905 | Cimarex Energy Co | 5,223,511 | ||||||||
100,851 | * | Clean Energy Fuels Corp | 1,109,361 | |||||||
175,760 | * | CNX Resources Corp | 2,358,699 | |||||||
19,383 | * | Comstock Resources Inc | 106,413 | |||||||
1,045,976 | ConocoPhillips | 53,491,213 | ||||||||
3,938 | * | CONSOL Energy, Inc | 34,576 | |||||||
71,024 | *,e | Contango Oil & Gas Co | 265,630 | |||||||
64,108 | * | Continental Resources, Inc | 1,746,302 | |||||||
25,484 | CVR Energy, Inc | 542,554 |
134 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
45,275 | Delek US Holdings, Inc | $ | 1,074,376 | |||||||
464,201 | Devon Energy Corp | 10,853,019 | ||||||||
94,686 | DHT Holdings, Inc | 558,647 | ||||||||
34,143 | * | Diamond S Shipping Inc | 336,309 | |||||||
124,581 | Diamondback Energy, Inc | 10,182,005 | ||||||||
14,538 | * | DMC Global, Inc | 785,052 | |||||||
26,271 | * | Dorian LPG Ltd | 349,142 | |||||||
24,796 | * | Dril-Quip, Inc | 759,997 | |||||||
34,468 | * | Earthstone Energy, Inc | 241,965 | |||||||
96,630 | *,e | Energy Fuels, Inc | 532,431 | |||||||
448,980 | EOG Resources, Inc | 33,062,887 | ||||||||
216,127 | * | EQT Corp | 4,128,026 | |||||||
324,419 | Equitrans Midstream Corp | 2,647,259 | ||||||||
19,412 | e | Evolution Petroleum Corp | 64,254 | |||||||
9,925 | * | Exterran Corp | 32,554 | |||||||
3,265,982 | d | Exxon Mobil Corp | 186,944,810 | |||||||
28,935 | Falcon Minerals Corp | 128,471 | ||||||||
158,854 | *,e | Frank’s International NV | 516,275 | |||||||
93,320 | e | Frontline Ltd | 712,965 | |||||||
74,372 | * | Golar LNG Ltd | 853,791 | |||||||
243 | *,e | Goodrich Petroleum Corp | 2,442 | |||||||
27,537 | * | Green Plains Inc | 820,603 | |||||||
672,582 | Halliburton Co | 13,155,704 | ||||||||
115,013 | * | Helix Energy Solutions Group, Inc | 493,406 | |||||||
85,720 | Helmerich & Payne, Inc | 2,197,004 | ||||||||
213,209 | Hess Corp | 15,886,203 | ||||||||
116,986 | HollyFrontier Corp | 4,094,510 | ||||||||
21,109 | International Seaways, Inc | 373,207 | ||||||||
1,490,358 | Kinder Morgan, Inc | 25,410,604 | ||||||||
214,240 | * | Kosmos Energy Ltd | 612,726 | |||||||
44,628 | * | Liberty Oilfield Services, Inc | 522,148 | |||||||
84,877 | * | Magnolia Oil & Gas Corp | 955,715 | |||||||
614,392 | Marathon Oil Corp | 6,918,054 | ||||||||
501,584 | Marathon Petroleum Corp | 27,913,150 | ||||||||
92,930 | Matador Resources Co | 2,444,988 | ||||||||
94,630 | Murphy Oil Corp | 1,602,086 | ||||||||
2,454 | * | Nabors Industries Ltd | 198,406 | |||||||
2,620 | Nacco Industries, Inc (Class A) | 60,601 | ||||||||
17,995 | * | National Energy Services Reunited Corp | 228,357 | |||||||
67,670 | * | Newpark Resources, Inc | 192,183 | |||||||
104,424 | * | NexTier Oilfield Solutions, Inc | 374,882 | |||||||
119,762 | e | Nordic American Tankers Ltd | 396,412 | |||||||
306,141 | * | NOV, Inc | 4,576,808 | |||||||
650,231 | Occidental Petroleum Corp | 16,489,858 | ||||||||
75,287 | * | Oceaneering International, Inc | 809,335 | |||||||
51,141 | * | Oil States International, Inc | 286,901 | |||||||
340,476 | ONEOK, Inc | 17,820,514 | ||||||||
67,330 | * | Overseas Shipholding Group, Inc | 148,799 | |||||||
206,210 | Ovintiv, Inc | 4,934,605 | ||||||||
30,460 | * | Par Pacific Holdings, Inc | 462,687 | |||||||
141,573 | Patterson-UTI Energy, Inc | 957,033 | ||||||||
74,899 | * | PBF Energy, Inc | 1,062,068 | |||||||
84,603 | * | PDC Energy, Inc | 3,088,856 | |||||||
54,996 | * | Peabody Energy Corp | 203,485 | |||||||
15,324 | *,e | Penn Virginia Corp | 208,866 | |||||||
338,752 | Phillips 66 | 27,408,424 |
135 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
154,465 | Pioneer Natural Resources Co | $ | 23,761,351 | |||||||
18 | * | PrimeEnergy Corp | 761 | |||||||
67,160 | * | ProPetro Holding Corp | 646,751 | |||||||
161,865 | * | Range Resources Corp | 1,589,514 | |||||||
29,975 | * | Renewable Energy Group, Inc | 1,664,212 | |||||||
3,240 | * | Rex American Resources Corp | 261,565 | |||||||
35,172 | * | RPC, Inc | 170,936 | |||||||
1,075,008 | Schlumberger Ltd | 29,078,966 | ||||||||
41,375 | e | Scorpio Tankers, Inc | 750,542 | |||||||
52,003 | *,e | Select Energy Services, Inc | 251,174 | |||||||
89,438 | SFL Corp Ltd | 694,039 | ||||||||
79,160 | SM Energy Co | 1,250,728 | ||||||||
22,723 | Solaris Oilfield Infrastructure, Inc | 248,590 | ||||||||
497,297 | * | Southwestern Energy Co | 2,123,458 | |||||||
11,888 | * | Talos Energy, Inc | 133,027 | |||||||
173,604 | Targa Resources Investments, Inc | 6,022,323 | ||||||||
110,657 | *,e | Tellurian, Inc | 245,105 | |||||||
51,548 | * | Tidewater, Inc | 631,978 | |||||||
447,905 | *,e | Transocean Ltd | 1,442,254 | |||||||
140,860 | *,e | Uranium Energy Corp | 408,494 | |||||||
65,096 | * | US Silica Holdings, Inc | 693,272 | |||||||
315,413 | Valero Energy Corp | 23,327,945 | ||||||||
109,415 | * | W&T Offshore, Inc | 359,975 | |||||||
932,039 | Williams Cos, Inc | 22,704,470 | ||||||||
51,846 | World Fuel Services Corp | 1,603,597 | ||||||||
TOTAL ENERGY | 821,750,563 | |||||||||
FOOD & STAPLES RETAILING - 1.2% | ||||||||||
120,775 | e | Albertsons Cos, Inc | 2,242,792 | |||||||
24,710 | Andersons, Inc | 709,671 | ||||||||
106,183 | * | BJ’s Wholesale Club Holdings, Inc | 4,743,195 | |||||||
28,675 | Casey’s General Stores, Inc | 6,371,298 | ||||||||
26,760 | * | Chefs’ Warehouse Holdings, Inc | 862,475 | |||||||
340,606 | Costco Wholesale Corp | 126,736,086 | ||||||||
54,313 | * | Grocery Outlet Holding Corp | 2,193,702 | |||||||
39,894 | *,e | HF Foods Group Inc | 248,540 | |||||||
9,085 | e | Ingles Markets, Inc (Class A) | 556,820 | |||||||
580,009 | Kroger Co | 21,193,529 | ||||||||
10,760 | Natural Grocers by Vitamin C | 169,147 | ||||||||
101,780 | * | Performance Food Group Co | 5,974,486 | |||||||
17,934 | Pricesmart, Inc | 1,507,173 | ||||||||
45,057 | *,e | Rite Aid Corp | 789,399 | |||||||
29,053 | SpartanNash Co | 562,757 | ||||||||
90,053 | * | Sprouts Farmers Market, Inc | 2,306,257 | |||||||
373,562 | SYSCO Corp | 31,651,908 | ||||||||
43,334 | * | United Natural Foods, Inc | 1,597,291 | |||||||
169,151 | * | US Foods Holding Corp | 7,013,000 | |||||||
4,683 | Village Super Market (Class A) | 114,172 | ||||||||
562,661 | Walgreens Boots Alliance, Inc | 29,877,299 | ||||||||
1,075,922 | Walmart, Inc | 150,532,247 | ||||||||
8,345 | e | Weis Markets, Inc | 432,688 | |||||||
TOTAL FOOD & STAPLES RETAILING | 398,385,932 | |||||||||
FOOD, BEVERAGE & TOBACCO - 2.9% | ||||||||||
1,659 | Alico, Inc | 49,720 | ||||||||
1,431,740 | Altria Group, Inc | 68,365,585 |
136 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
423,294 | Archer-Daniels-Midland Co | $ | 26,722,550 | |||||||
48,265 | e | B&G Foods, Inc (Class A) | 1,408,373 | |||||||
40,793 | *,e | Beyond Meat, Inc | 5,371,622 | |||||||
6,894 | * | Boston Beer Co, Inc (Class A) | 8,386,482 | |||||||
59 | * | Bridgford Foods Corp | 840 | |||||||
32,846 | Brown-Forman Corp (Class A) | 2,343,562 | ||||||||
137,169 | Brown-Forman Corp (Class B) | 10,463,251 | ||||||||
102,012 | Bunge Ltd | 8,611,853 | ||||||||
14,762 | Calavo Growers, Inc | 1,153,355 | ||||||||
27,027 | Cal-Maine Foods, Inc | 1,009,729 | ||||||||
147,775 | Campbell Soup Co | 7,056,256 | ||||||||
27,128 | * | Celsius Holdings, Inc | 1,554,434 | |||||||
2,982,766 | Coca-Cola Co | 161,009,709 | ||||||||
3,456 | Coca-Cola Consolidated Inc | 1,013,472 | ||||||||
378,848 | ConAgra Brands, Inc | 14,051,472 | ||||||||
124,596 | Constellation Brands, Inc (Class A) | 29,942,911 | ||||||||
120,939 | * | Darling International, Inc | 8,399,214 | |||||||
7,025 | * | Farmer Bros Co | 71,655 | |||||||
150,198 | Flowers Foods, Inc | 3,598,744 | ||||||||
21,564 | Fresh Del Monte Produce, Inc | 608,105 | ||||||||
30,281 | * | Freshpet, Inc | 5,596,534 | |||||||
466,957 | General Mills, Inc | 28,419,003 | ||||||||
64,307 | * | Hain Celestial Group, Inc | 2,637,230 | |||||||
112,577 | Hershey Co | 18,496,401 | ||||||||
210,644 | Hormel Foods Corp | 9,731,753 | ||||||||
94,942 | * | Hostess Brands, Inc | 1,451,663 | |||||||
51,132 | Ingredion, Inc | 4,776,240 | ||||||||
11,897 | J&J Snack Foods Corp | 1,958,365 | ||||||||
85,611 | J.M. Smucker Co | 11,214,185 | ||||||||
7,570 | John B. Sanfilippo & Son, Inc | 665,403 | ||||||||
190,238 | Kellogg Co | 11,874,656 | ||||||||
537,132 | Keurig Dr Pepper, Inc | 19,256,182 | ||||||||
497,210 | Kraft Heinz Co | 20,529,801 | ||||||||
113,703 | Lamb Weston Holdings, Inc | 9,153,092 | ||||||||
14,999 | Lancaster Colony Corp | 2,770,465 | ||||||||
25,123 | * | Landec Corp | 284,392 | |||||||
10,480 | Limoneira Co | 189,269 | ||||||||
189,878 | McCormick & Co, Inc | 17,157,376 | ||||||||
10,303 | MGP Ingredients, Inc | 619,210 | ||||||||
136,050 | * | Molson Coors Brewing Co (Class B) | 7,475,948 | |||||||
1,076,938 | Mondelez International, Inc | 65,488,600 | ||||||||
284,190 | * | Monster Beverage Corp | 27,580,640 | |||||||
17,210 | National Beverage Corp | 836,234 | ||||||||
53,148 | * | NewAge, Inc | 116,394 | |||||||
1,070,439 | PepsiCo, Inc | 154,314,486 | ||||||||
1,200,057 | Philip Morris International, Inc | 114,005,415 | ||||||||
43,159 | * | Pilgrim’s Pride Corp | 1,034,090 | |||||||
48,697 | * | Post Holdings, Inc | 5,540,745 | |||||||
122,967 | Primo Water Corp | 2,058,468 | ||||||||
16,275 | Sanderson Farms, Inc | 2,677,726 | ||||||||
222 | Seaboard Corp | 794,314 | ||||||||
4,216 | * | Seneca Foods Corp | 194,189 | |||||||
63,347 | * | Simply Good Foods Co | 2,188,639 | |||||||
13,172 | e | Tootsie Roll Industries, Inc | 415,840 | |||||||
44,787 | * | TreeHouse Foods, Inc | 2,131,861 | |||||||
7,580 | Turning Point Brands, Inc | 370,056 |
137 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
223,561 | Tyson Foods, Inc (Class A) | $ | 17,314,799 | |||||||
19,801 | Universal Corp | 1,113,410 | ||||||||
107,929 | Vector Group Ltd | 1,408,473 | ||||||||
5,612 | * | Vital Farms, Inc | 136,484 | |||||||
TOTAL FOOD, BEVERAGE & TOBACCO | 935,170,925 | |||||||||
HEALTH CARE EQUIPMENT & SERVICES - 6.3% | ||||||||||
61,348 | * | 1Life Healthcare, Inc | 2,669,252 | |||||||
1,334,937 | Abbott Laboratories | 160,299,235 | ||||||||
34,445 | * | Abiomed, Inc | 11,047,545 | |||||||
68,105 | * | Acadia Healthcare Co, Inc | 4,148,957 | |||||||
24,556 | *,e | Accelerate Diagnostics, Inc | 179,504 | |||||||
10,598 | * | Accolade, Inc | 531,490 | |||||||
78,515 | * | Accuray, Inc | 369,021 | |||||||
7,460 | �� | *,e | Acutus Medical, Inc | 101,829 | ||||||
58,221 | * | AdaptHealth Corp | 1,691,902 | |||||||
10,420 | * | Addus HomeCare Corp | 1,102,436 | |||||||
60,245 | * | Align Technology, Inc | 35,877,705 | |||||||
130,313 | * | Allscripts Healthcare Solutions, Inc | 2,027,670 | |||||||
44,936 | * | Alphatec Holdings Inc | 718,527 | |||||||
24,952 | * | Amedisys, Inc | 6,733,297 | |||||||
44,043 | * | American Well Corp | 677,822 | |||||||
113,688 | AmerisourceBergen Corp | 13,733,510 | ||||||||
35,917 | * | AMN Healthcare Services, Inc | 2,848,218 | |||||||
22,554 | * | Angiodynamics, Inc | 548,062 | |||||||
123,274 | * | Antares Pharma, Inc | 467,208 | |||||||
192,437 | Anthem, Inc | 73,008,673 | ||||||||
20,835 | * | Apollo Medical Holdings, Inc | 618,591 | |||||||
34,428 | * | Apyx Medical Corp | 348,756 | |||||||
81,802 | *,e | Aspira Women’s Health, Inc | 467,907 | |||||||
33,960 | * | AtriCure, Inc | 2,617,297 | |||||||
1,124 | Atrion Corp | 717,786 | ||||||||
737 | *,e | Avalon GloboCare Corp | 752 | |||||||
37,191 | * | Avanos Medical, Inc | 1,607,023 | |||||||
28,753 | * | AxoGen, Inc | 538,256 | |||||||
24,126 | * | Axonics Modulation Technologies, Inc | 1,518,249 | |||||||
392,899 | Baxter International, Inc | 33,667,515 | ||||||||
222,120 | Becton Dickinson & Co | 55,265,677 | ||||||||
2,803 | * | Bellerophon Therapeutics, Inc | 12,305 | |||||||
9,619 | *,e | Beyond Air, Inc | 59,061 | |||||||
10,436 | * | BioLife Solutions Inc | 364,216 | |||||||
13,421 | *,e | BioSig Technologies Inc | 45,900 | |||||||
1,100,445 | * | Boston Scientific Corp | 47,979,402 | |||||||
146,444 | * | Brookdale Senior Living, Inc | 957,744 | |||||||
29,390 | * | Cantel Medical Corp | 2,583,675 | |||||||
227,157 | Cardinal Health, Inc | 13,706,653 | ||||||||
27,347 | * | Cardiovascular Systems, Inc | 1,102,631 | |||||||
9,485 | * | Castle Biosciences, Inc | 654,750 | |||||||
442,875 | * | Centene Corp | 27,343,103 | |||||||
233,034 | Cerner Corp | 17,489,202 | ||||||||
25,156 | * | Certara, Inc | 800,212 | |||||||
128,984 | * | Cerus Corp | 786,802 | |||||||
185,143 | * | Change Healthcare, Inc | 4,249,032 | |||||||
10,887 | *,e | Chembio Diagnostics, Inc | 43,439 | |||||||
12,022 | Chemed Corp | 5,729,805 | ||||||||
265,203 | Cigna Corp | 66,038,199 |
138 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
20,038 | *,e | Co-Diagnostics, Inc | $ | 177,537 | ||||||
64,683 | * | Community Health Systems, Inc | 721,215 | |||||||
6,993 | Computer Programs & Systems, Inc | 209,930 | ||||||||
21,206 | Conmed Corp | 2,988,986 | ||||||||
37,118 | Cooper Cos, Inc | 15,251,415 | ||||||||
6,500 | * | Corvel Corp | 760,565 | |||||||
90,257 | * | Covetrus, Inc | 2,585,863 | |||||||
22,394 | * | Cross Country Healthcare, Inc | 298,288 | |||||||
22,833 | * | CryoLife, Inc | 666,267 | |||||||
26,914 | *,e | CryoPort, Inc | 1,522,525 | |||||||
11,006 | * | Cutera, Inc | 330,510 | |||||||
1,007,375 | CVS Health Corp | 76,963,450 | ||||||||
38,517 | * | CytoSorbents Corp | 356,282 | |||||||
485,439 | Danaher Corp | 123,272,380 | ||||||||
56,949 | * | DaVita, Inc | 6,636,267 | |||||||
169,394 | Dentsply Sirona, Inc | 11,435,789 | ||||||||
70,915 | * | DexCom, Inc | 27,380,282 | |||||||
6,209 | * | Eargo, Inc | 355,403 | |||||||
476,164 | * | Edwards Lifesciences Corp | 45,483,185 | |||||||
13,523 | * | Electromed, Inc | 132,120 | |||||||
75,836 | Encompass Health Corp | 6,435,443 | ||||||||
40,165 | Ensign Group, Inc | 3,448,165 | ||||||||
122,671 | * | Envista Holdings Corp | 5,309,201 | |||||||
34,826 | * | Enzo Biochem, Inc | 106,916 | |||||||
59,647 | * | Evolent Health, Inc | 1,291,954 | |||||||
121 | * | Exagen, Inc | 2,040 | |||||||
15,047 | * | Five Star Senior Living, Inc | 78,395 | |||||||
10,459 | *,e | Fulgent Genetics, Inc | 805,552 | |||||||
33,394 | * | Glaukos Corp | 3,144,379 | |||||||
58,947 | * | Globus Medical, Inc | 4,230,626 | |||||||
63,848 | * | Guardant Health, Inc | 10,150,555 | |||||||
38,243 | * | Haemonetics Corp | 2,572,224 | |||||||
26,333 | * | Hanger Inc | 656,482 | |||||||
205,457 | HCA Healthcare, Inc | 41,309,184 | ||||||||
25,434 | *,e | Health Catalyst, Inc | 1,472,629 | |||||||
57,275 | * | HealthEquity, Inc | 4,351,182 | |||||||
15,634 | * | HealthStream, Inc | 377,717 | |||||||
110,308 | * | Henry Schein, Inc | 7,997,330 | |||||||
5,039 | * | Heska Corp | 920,373 | |||||||
49,341 | Hill-Rom Holdings, Inc | 5,438,365 | ||||||||
195,617 | * | Hologic, Inc | 12,822,694 | |||||||
99,276 | Humana, Inc | 44,201,646 | ||||||||
20,344 | * | iCAD, Inc | 367,006 | |||||||
15,292 | * | ICU Medical, Inc | 3,184,865 | |||||||
64,878 | * | IDEXX Laboratories, Inc | 35,617,373 | |||||||
5,820 | * | Inari Medical, Inc | 665,168 | |||||||
15,740 | * | InfuSystem Holdings, Inc | 356,039 | |||||||
14,364 | * | Inogen, Inc | 939,262 | |||||||
59,047 | * | Inovalon Holdings, Inc | 1,783,810 | |||||||
20,165 | * | Inspire Medical Systems, Inc | 4,775,475 | |||||||
51,077 | * | Insulet Corp | 15,078,952 | |||||||
25,757 | * | Integer Holding Corp | 2,418,067 | |||||||
55,460 | * | Integra LifeSciences Holdings Corp | 4,108,477 | |||||||
21,611 | * | Intersect ENT, Inc | 471,336 | |||||||
13,315 | * | IntriCon Corp | 307,976 | |||||||
89,371 | * | Intuitive Surgical, Inc | 77,305,915 |
139 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
23,166 | * | Invacare Corp | $ | 209,189 | ||||||
161 | * | iRadimed Corp | 4,458 | |||||||
22,296 | * | iRhythm Technologies, Inc | 1,735,967 | |||||||
10,450 | * | Joint Corp | 579,766 | |||||||
74,536 | * | Laboratory Corp of America Holdings | 19,816,886 | |||||||
51,344 | * | Lantheus Holdings, Inc | 1,216,853 | |||||||
16,588 | LeMaitre Vascular, Inc | 870,372 | ||||||||
8,082 | * | LENSAR, Inc | 55,847 | |||||||
23,267 | * | LHC Group, Inc | 4,845,818 | |||||||
38,763 | * | LivaNova plc | 3,289,816 | |||||||
18,437 | * | Magellan Health Services, Inc | 1,736,765 | |||||||
38,374 | * | Masimo Corp | 8,928,479 | |||||||
122,078 | McKesson Corp | 22,896,950 | ||||||||
63,632 | * | MEDNAX, Inc | 1,674,794 | |||||||
1,035,124 | Medtronic plc | 135,518,434 | ||||||||
31,113 | * | Meridian Bioscience, Inc | 609,193 | |||||||
41,189 | * | Merit Medical Systems, Inc | 2,619,620 | |||||||
3,666 | Mesa Laboratories, Inc | 911,551 | ||||||||
80,865 | *,e | Milestone Scientific, Inc | 203,780 | |||||||
7,622 | * | Misonix Inc | 141,541 | |||||||
9,626 | * | ModivCare, Inc | 1,348,410 | |||||||
44,400 | * | Molina Healthcare, Inc | 11,326,440 | |||||||
20,936 | *,e | NantHealth, Inc | 53,177 | |||||||
9,997 | National Healthcare Corp | 702,889 | ||||||||
13,643 | National Research Corp | 699,886 | ||||||||
22,496 | * | Natus Medical, Inc | 574,773 | |||||||
40,843 | * | Neogen Corp | 3,921,336 | |||||||
26,411 | * | Nevro Corp | 4,564,085 | |||||||
43,227 | * | NextGen Healthcare, Inc | 791,486 | |||||||
78,913 | * | Novocure Ltd | 16,106,143 | |||||||
40,332 | * | NuVasive, Inc | 2,881,721 | |||||||
70,300 | * | Oak Street Health, Inc | 4,332,589 | |||||||
32,580 | * | Omnicell, Inc | 4,724,752 | |||||||
5,992 | *,e | Ontrak, Inc | 195,579 | |||||||
10,481 | * | OptimizeRx Corp | 528,871 | |||||||
42,686 | * | Option Care Health, Inc | 814,449 | |||||||
55,936 | * | OraSure Technologies, Inc | 511,814 | |||||||
68,590 | * | Ortho Clinical Diagnostics Holdings plc | 1,350,537 | |||||||
10,498 | * | Orthofix Medical Inc | 465,586 | |||||||
8,489 | * | OrthoPediatrics Corp | 496,607 | |||||||
7,115 | * | Outset Medical, Inc | 426,331 | |||||||
56,763 | Owens & Minor, Inc | 2,048,577 | ||||||||
66,702 | Patterson Cos, Inc | 2,143,802 | ||||||||
64,051 | *,e | PAVmed, Inc | 292,713 | |||||||
19,910 | * | Pennant Group, Inc | 804,762 | |||||||
25,533 | * | Penumbra, Inc | 7,812,843 | |||||||
18,578 | *,e | PetIQ, Inc | 791,423 | |||||||
25,816 | * | Phreesia, Inc | 1,335,978 | |||||||
86,034 | Premier, Inc | 3,041,302 | ||||||||
20,863 | * | Progyny, Inc | 1,187,313 | |||||||
8,415 | * | Pulmonx Corp | 395,589 | |||||||
15,571 | *,e | Pulse Biosciences, Inc | 299,897 | |||||||
103,869 | Quest Diagnostics, Inc | 13,698,244 | ||||||||
28,915 | * | Quidel Corp | 3,030,003 | |||||||
47,864 | * | Quotient Ltd | 187,627 | |||||||
84,719 | * | R1 RCM, Inc | 2,311,134 |
140 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
32,981 | * | RadNet, Inc | $ | 736,796 | ||||||
22,676 | *,e | Repro-Med Systems, Inc | 85,489 | |||||||
110,714 | Resmed, Inc | 20,810,911 | ||||||||
10,301 | *,e | Retractable Technologies, Inc | 100,023 | |||||||
31,391 | *,e | Rockwell Medical, Inc | 30,280 | |||||||
23,159 | * | Schrodinger, Inc | 1,765,642 | |||||||
17,851 | * | SeaSpine Holdings Corp | 371,479 | |||||||
87,546 | * | Select Medical Holdings Corp | 3,302,235 | |||||||
11,192 | * | Sharps Compliance Corp | 195,748 | |||||||
21,919 | * | Shockwave Medical Inc | 3,582,880 | |||||||
20,049 | * | SI-BONE, Inc | 711,740 | |||||||
41,844 | * | Sientra, Inc | 287,050 | |||||||
17,297 | * | Signify Health, Inc | 490,370 | |||||||
22,030 | * | Silk Road Medical Inc | 1,346,914 | |||||||
11,111 | Simulations Plus, Inc | 701,549 | ||||||||
261 | *,e | Soliton Inc | 4,675 | |||||||
35,654 | * | Staar Surgical Co | 4,884,955 | |||||||
37,108 | * | Stereotaxis, Inc | 267,178 | |||||||
63,990 | STERIS plc | 13,503,170 | ||||||||
267,143 | Stryker Corp | 70,159,766 | ||||||||
50,925 | * | Surgalign Holdings, Inc | 92,174 | |||||||
17,146 | * | Surgery Partners, Inc | 826,437 | |||||||
12,498 | * | SurModics, Inc | 668,518 | |||||||
15,711 | *,e | Tabula Rasa HealthCare, Inc | 747,215 | |||||||
16,594 | * | Tactile Systems Technology, Inc | 950,836 | |||||||
46,431 | * | Tandem Diabetes Care, Inc | 4,267,009 | |||||||
9,395 | * | Tela Bio, Inc | 128,524 | |||||||
84,160 | * | Teladoc, Inc | 14,504,976 | |||||||
35,652 | Teleflex, Inc | 15,062,257 | ||||||||
82,701 | * | Tenet Healthcare Corp | 4,900,861 | |||||||
34,296 | * | Tivity Health, Inc | 829,277 | |||||||
19,088 | * | Transmedics Group, Inc | 548,016 | |||||||
19,881 | * | Triple-S Management Corp (Class B) | 471,379 | |||||||
728,634 | UnitedHealth Group, Inc | 290,579,239 | ||||||||
57,176 | Universal Health Services, Inc (Class B) | 8,485,490 | ||||||||
10,603 | e | US Physical Therapy, Inc | 1,192,307 | |||||||
1,543 | Utah Medical Products, Inc | 134,642 | ||||||||
15,373 | * | Vapotherm, Inc | 338,206 | |||||||
22,158 | * | Varex Imaging Corp | 526,031 | |||||||
105,279 | * | Veeva Systems, Inc | 29,736,054 | |||||||
27,034 | * | Viemed Healthcare, Inc | 271,962 | |||||||
85,212 | * | ViewRay, Inc | 409,870 | |||||||
25,288 | * | Vocera Communications, Inc | 914,667 | |||||||
32,564 | *,e | VolitionRX Ltd | 109,089 | |||||||
56,419 | West Pharmaceutical Services, Inc | 18,534,770 | ||||||||
159,027 | Zimmer Biomet Holdings, Inc | 28,173,223 | ||||||||
17,126 | *,e | Zynex Inc | 252,951 | |||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 2,079,186,412 | |||||||||
HOUSEHOLD & PERSONAL PRODUCTS - 1.4% | ||||||||||
28,120 | * | BellRing Brands, Inc | 725,215 | |||||||
8,650 | * | Central Garden & Pet Co | 468,311 | |||||||
31,768 | * | Central Garden and Pet Co (Class A) | 1,565,209 | |||||||
190,783 | Church & Dwight Co, Inc | 16,357,734 | ||||||||
97,147 | Clorox Co | 17,729,327 | ||||||||
648,696 | Colgate-Palmolive Co | 52,349,767 |
141 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
221,781 | * | Coty, Inc | $ | 2,220,028 | ||||||
43,109 | Edgewell Personal Care Co | 1,646,764 | ||||||||
30,324 | * | elf Beauty, Inc | 917,301 | |||||||
49,150 | Energizer Holdings, Inc | 2,423,095 | ||||||||
174,693 | Estee Lauder Cos (Class A) | 54,818,663 | ||||||||
71,425 | * | Herbalife Nutrition Ltd | 3,269,122 | |||||||
13,924 | Inter Parfums, Inc | 1,024,806 | ||||||||
258,882 | Kimberly-Clark Corp | 34,514,148 | ||||||||
8,497 | * | Lifevantage Corp | 69,081 | |||||||
8,443 | Medifast, Inc | 1,917,321 | ||||||||
3,947 | Nature’s Sunshine Products, Inc | 82,137 | ||||||||
41,315 | Nu Skin Enterprises, Inc (Class A) | 2,183,911 | ||||||||
2,626 | Oil-Dri Corp of America | 91,726 | ||||||||
1,880,680 | Procter & Gamble Co | 250,920,326 | ||||||||
5,496 | * | Revlon, Inc (Class A) | 65,238 | |||||||
33,018 | Reynolds Consumer Products, Inc | 968,088 | ||||||||
33,625 | Spectrum Brands Holdings, Inc | 2,963,708 | ||||||||
9,150 | * | USANA Health Sciences, Inc | 823,409 | |||||||
48,983 | * | Veru, Inc | 433,010 | |||||||
10,749 | WD-40 Co | 2,673,706 | ||||||||
TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 453,221,151 | |||||||||
INSURANCE - 2.2% | ||||||||||
524,830 | Aflac, Inc | 28,199,116 | ||||||||
10,701 | * | Alleghany Corp | 7,265,658 | |||||||
231,166 | Allstate Corp | 29,311,849 | ||||||||
26,478 | * | AMBAC Financial Group, Inc | 454,098 | |||||||
72,765 | American Equity Investment Life Holding Co | 2,254,260 | ||||||||
57,708 | American Financial Group, Inc | 7,090,005 | ||||||||
665,633 | American International Group, Inc | 32,249,919 | ||||||||
5,742 | American National Group, Inc | 650,856 | ||||||||
15,389 | Amerisafe, Inc | 955,349 | ||||||||
174,282 | Aon plc | 43,821,466 | ||||||||
297,952 | * | Arch Capital Group Ltd | 11,831,674 | |||||||
27,871 | * | Argo Group International Holdings Ltd | 1,454,309 | |||||||
146,105 | Arthur J. Gallagher & Co | 21,177,920 | ||||||||
45,714 | Assurant, Inc | 7,113,098 | ||||||||
66,612 | Assured Guaranty Ltd | 3,387,220 | ||||||||
88,738 | * | Athene Holding Ltd | 5,294,996 | |||||||
63,661 | Axis Capital Holdings Ltd | 3,552,284 | ||||||||
68,171 | * | Brighthouse Financial, Inc | 3,189,721 | |||||||
177,991 | Brown & Brown, Inc | 9,465,561 | ||||||||
30,789 | * | BRP Group, Inc | 893,497 | |||||||
346,749 | Chubb Ltd | 59,498,661 | ||||||||
116,311 | Cincinnati Financial Corp | 13,105,923 | ||||||||
31,384 | *,e | Citizens, Inc (Class A) | 183,283 | |||||||
24,147 | CNA Financial Corp | 1,133,219 | ||||||||
113,594 | Conseco, Inc | 2,900,055 | ||||||||
563 | Crawford & Co | 5,906 | ||||||||
3,646 | Donegal Group, Inc (Class A) | 56,258 | ||||||||
20,297 | * | eHealth, Inc | 1,435,810 | |||||||
30,028 | Employers Holdings, Inc | 1,215,533 | ||||||||
9,918 | * | Enstar Group Ltd | 2,491,203 | |||||||
18,575 | Erie Indemnity Co (Class A) | 3,975,421 | ||||||||
30,428 | Everest Re Group Ltd | 8,427,035 | ||||||||
6,929 | FBL Financial Group, Inc (Class A) | 392,805 |
142 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
6,057 | FedNat Holding Co | $ | 30,830 | |||||||
214,718 | Fidelity National Financial Inc | 9,795,435 | ||||||||
83,023 | First American Financial Corp | 5,354,983 | ||||||||
396,086 | * | Genworth Financial, Inc (Class A) | 1,711,091 | |||||||
78,273 | Globe Life, Inc | 8,022,200 | ||||||||
31,860 | * | GoHealth, Inc | 380,090 | |||||||
10,133 | Goosehead Insurance, Inc | 1,114,022 | ||||||||
25,827 | * | Greenlight Capital Re Ltd (Class A) | 238,383 | |||||||
29,303 | Hanover Insurance Group, Inc | 4,052,898 | ||||||||
277,168 | Hartford Financial Services Group, Inc | 18,282,001 | ||||||||
8,685 | HCI Group, Inc | 637,653 | ||||||||
32,368 | Heritage Insurance Holdings, Inc | 294,872 | ||||||||
37,257 | Horace Mann Educators Corp | 1,494,006 | ||||||||
2,871 | Independence Holding Co | 126,324 | ||||||||
763 | Investors Title Co | 134,616 | ||||||||
25,292 | James River Group Holdings Ltd | 1,191,506 | ||||||||
48,650 | Kemper Corp | 3,797,619 | ||||||||
16,258 | Kinsale Capital Group, Inc | 2,829,055 | ||||||||
25,945 | *,e | Lemonade, Inc | 2,345,428 | |||||||
146,871 | Lincoln National Corp | 9,418,837 | ||||||||
173,836 | Loews Corp | 9,691,357 | ||||||||
10,504 | * | Markel Corp | 12,357,116 | |||||||
388,825 | Marsh & McLennan Cos, Inc | 52,763,552 | ||||||||
56,330 | * | MBIA, Inc | 564,427 | |||||||
22,360 | Mercury General Corp | 1,392,357 | ||||||||
580,684 | Metlife, Inc | 36,948,923 | ||||||||
1,863 | National Western Life Group, Inc | 427,186 | ||||||||
5,736 | * | NI Holdings, Inc | 109,844 | |||||||
222,173 | Old Republic International Corp | 5,469,899 | ||||||||
16,124 | * | Palomar Holdings, Inc | 1,134,485 | |||||||
31,002 | Primerica, Inc | 4,953,190 | ||||||||
209,876 | Principal Financial Group | 13,404,780 | ||||||||
43,676 | ProAssurance Corp | 1,091,900 | ||||||||
450,857 | Progressive Corp | 45,419,334 | ||||||||
9,175 | * | ProSight Global, Inc | 116,706 | |||||||
3,923 | Protective Insurance Corp | 90,229 | ||||||||
302,969 | Prudential Financial, Inc | 30,405,969 | ||||||||
52,118 | Reinsurance Group of America, Inc (Class A) | 6,802,963 | ||||||||
39,529 | RenaissanceRe Holdings Ltd | 6,672,890 | ||||||||
30,110 | RLI Corp | 3,356,061 | ||||||||
11,864 | Safety Insurance Group, Inc | 973,204 | ||||||||
43,759 | Selective Insurance Group, Inc | 3,331,810 | ||||||||
101,259 | * | Selectquote, Inc | 3,152,193 | |||||||
62,762 | * | SiriusPoint Ltd | 664,022 | |||||||
14,283 | State Auto Financial Corp | 269,663 | ||||||||
20,193 | Stewart Information Services Corp | 1,184,319 | ||||||||
14,139 | Tiptree Inc | 141,531 | ||||||||
193,585 | Travelers Cos, Inc | 29,939,856 | ||||||||
23,398 | * | Trupanion, Inc | 1,897,578 | |||||||
12,876 | United Fire Group Inc | 389,628 | ||||||||
12,036 | United Insurance Holdings Corp | 67,281 | ||||||||
22,601 | Universal Insurance Holdings, Inc | 315,284 | ||||||||
158,920 | Unum Group | 4,491,079 | ||||||||
107,596 | W.R. Berkley Corp | 8,577,553 | ||||||||
14,767 | * | Watford Holdings Ltd | 514,778 | |||||||
2,396 | White Mountains Insurance Group Ltd | 2,792,370 |
143 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
98,686 | Willis Towers Watson plc | $ | 25,545,858 | |||||||
TOTAL INSURANCE | 703,106,992 | |||||||||
MATERIALS - 2.9% | ||||||||||
14,330 | * | Advanced Emissions Solutions, Inc | 67,351 | |||||||
21,255 | * | AdvanSix, Inc | 618,095 | |||||||
170,463 | Air Products & Chemicals, Inc | 49,175,166 | ||||||||
88,614 | Albemarle Corp | 14,902,216 | ||||||||
136,686 | * | Alcoa Corp | 5,008,175 | |||||||
97,921 | * | Allegheny Technologies, Inc | 2,277,642 | |||||||
1,230,079 | Amcor plc | 14,453,428 | ||||||||
16,772 | American Vanguard Corp | 331,750 | ||||||||
83,436 | *,e | Amyris, Inc | 1,214,828 | |||||||
48,954 | Aptargroup, Inc | 7,382,753 | ||||||||
76,974 | * | Arconic Corp | 2,201,456 | |||||||
15,086 | Ardagh Group S.A. | 405,210 | ||||||||
41,798 | Ashland Global Holdings, Inc | 3,603,406 | ||||||||
64,614 | Avery Dennison Corp | 13,838,380 | ||||||||
69,243 | Avient Corp | 3,515,467 | ||||||||
160,481 | * | Axalta Coating Systems Ltd | 5,117,739 | |||||||
25,107 | Balchem Corp | 3,193,359 | ||||||||
246,460 | Ball Corp | 23,078,514 | ||||||||
102,116 | * | Berry Global Group, Inc | 6,496,620 | |||||||
46,925 | Cabot Corp | 2,575,244 | ||||||||
11,306 | e | Caledonia Mining Corp plc | 157,266 | |||||||
36,723 | Carpenter Technology Corp | 1,390,700 | ||||||||
86,762 | Celanese Corp (Series A) | 13,591,267 | ||||||||
37,374 | * | Century Aluminum Co | 585,277 | |||||||
165,118 | CF Industries Holdings, Inc | 8,029,688 | ||||||||
5,569 | Chase Corp | 659,592 | ||||||||
126,652 | Chemours Co | 3,824,890 | ||||||||
12,952 | * | Clearwater Paper Corp | 433,374 | |||||||
349,164 | *,e | Cleveland-Cliffs, Inc | 6,236,069 | |||||||
191,386 | * | Coeur Mining, Inc | 1,546,399 | |||||||
92,569 | Commercial Metals Co | 2,704,866 | ||||||||
27,716 | Compass Minerals International, Inc | 1,882,471 | ||||||||
577,646 | Corteva, Inc | 28,166,019 | ||||||||
97,691 | Crown Holdings, Inc | 10,726,472 | ||||||||
45,594 | * | Domtar Corp | 1,797,316 | |||||||
571,389 | Dow, Inc | 35,711,813 | ||||||||
418,312 | DuPont de Nemours, Inc | 32,256,038 | ||||||||
32,294 | * | Eagle Materials, Inc | 4,461,093 | |||||||
102,464 | Eastman Chemical Co | 11,823,321 | ||||||||
191,152 | Ecolab, Inc | 42,840,986 | ||||||||
173,232 | Element Solutions, Inc | 3,790,316 | ||||||||
73,399 | * | Ferro Corp | 1,222,827 | |||||||
48,283 | *,† | Ferroglobe plc | 0 | |||||||
98,404 | FMC Corp | 11,635,289 | ||||||||
24,415 | * | Forterra, Inc | 572,776 | |||||||
1,116,437 | Freeport-McMoRan, Inc (Class B) | 42,100,839 | ||||||||
24,364 | FutureFuel Corp | 309,423 | ||||||||
18,237 | *,e | Gatos Silver, Inc | 209,361 | |||||||
39,115 | * | GCP Applied Technologies, Inc | 1,004,864 | |||||||
38,095 | Glatfelter Corp | 560,758 | ||||||||
35,140 | Gold Resource Corp | 94,527 | ||||||||
196,770 | Graphic Packaging Holding Co | 3,650,084 |
144 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
20,864 | Greif, Inc (Class A) | $ | 1,262,481 | |||||||
5,806 | Greif, Inc (Class B) | 347,257 | ||||||||
40,341 | H.B. Fuller Co | 2,695,586 | ||||||||
14,948 | Hawkins, Inc | 498,516 | ||||||||
7,327 | Haynes International, Inc | 214,242 | ||||||||
400,042 | Hecla Mining Co | 2,364,248 | ||||||||
152,123 | Huntsman Corp | 4,361,366 | ||||||||
30,978 | * | Ingevity Corp | 2,418,762 | |||||||
20,839 | Innospec, Inc | 2,029,927 | ||||||||
191,620 | International Flavors & Fragrances, Inc | 27,242,615 | ||||||||
301,292 | International Paper Co | 17,474,936 | ||||||||
12,016 | * | Intrepid Potash, Inc | 386,435 | |||||||
14,715 | Kaiser Aluminum Corp | 1,772,716 | ||||||||
12,058 | * | Koppers Holdings, Inc | 400,808 | |||||||
23,752 | * | Kraton Corp | 849,372 | |||||||
17,312 | Kronos Worldwide, Inc | 294,304 | ||||||||
405,140 | Linde plc | 115,805,218 | ||||||||
113,854 | * | Livent Corp | 2,051,649 | |||||||
82,396 | Louisiana-Pacific Corp | 5,428,249 | ||||||||
196,261 | LyondellBasell Industries NV | 20,360,116 | ||||||||
1,527 | * | Marrone Bio Innovations, Inc | 2,581 | |||||||
48,137 | Martin Marietta Materials, Inc | 16,998,137 | ||||||||
15,968 | Materion Corp | 1,130,694 | ||||||||
30,449 | Minerals Technologies, Inc | 2,379,285 | ||||||||
267,689 | Mosaic Co | 9,417,299 | ||||||||
23,866 | Myers Industries, Inc | 538,417 | ||||||||
14,884 | Neenah Inc | 791,382 | ||||||||
5,513 | NewMarket Corp | 1,910,751 | ||||||||
617,827 | Newmont Goldcorp Corp | 38,558,583 | ||||||||
181,575 | * | Novagold Resources Inc | 1,632,359 | |||||||
233,690 | Nucor Corp | 19,223,339 | ||||||||
127,895 | * | O-I Glass, Inc | 2,108,989 | |||||||
113,392 | Olin Corp | 4,879,258 | ||||||||
5,860 | Olympic Steel, Inc | 170,233 | ||||||||
43,249 | * | Orion Engineered Carbons SA | 858,925 | |||||||
72,784 | Packaging Corp of America | 10,746,558 | ||||||||
30,719 | Pactiv Evergreen, Inc | 452,184 | ||||||||
181,349 | PPG Industries, Inc | 31,054,203 | ||||||||
32,840 | PQ Group Holdings, Inc | 459,760 | ||||||||
10,113 | Quaker Chemical Corp | 2,450,886 | ||||||||
23,322 | * | Ranpak Holdings Corp | 448,482 | |||||||
19,426 | * | Rayonier Advanced Materials, Inc | 176,582 | |||||||
48,408 | Reliance Steel & Aluminum Co | 7,760,287 | ||||||||
51,084 | Royal Gold, Inc | 5,714,256 | ||||||||
89,462 | RPM International, Inc | 8,484,576 | ||||||||
11,406 | * | Ryerson Holding Corp | 181,127 | |||||||
15,288 | Schnitzer Steel Industries, Inc (Class A) | 721,747 | ||||||||
25,187 | Schweitzer-Mauduit International, Inc | 1,150,290 | ||||||||
30,644 | Scotts Miracle-Gro Co (Class A) | 7,083,667 | ||||||||
120,303 | Sealed Air Corp | 5,942,968 | ||||||||
31,845 | Sensient Technologies Corp | 2,618,933 | ||||||||
190,443 | Sherwin-Williams Co | 52,156,624 | ||||||||
60,662 | Silgan Holdings, Inc | 2,558,117 | ||||||||
77,462 | Sonoco Products Co | 5,070,663 | ||||||||
60,260 | Southern Copper Corp | 4,182,647 | ||||||||
154,374 | Steel Dynamics, Inc | 8,370,158 |
145 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
17,131 | Stepan Co | $ | 2,238,336 | |||||||
90,890 | * | Summit Materials, Inc | 2,616,723 | |||||||
64,626 | SunCoke Energy, Inc | 436,226 | ||||||||
34,451 | * | TimkenSteel Corp | 414,101 | |||||||
9,133 | * | Trecora Resources | 69,319 | |||||||
15,399 | Tredegar Corp | 225,133 | ||||||||
27,946 | Trinseo S.A. | 1,730,137 | ||||||||
70,170 | Tronox Holdings plc | 1,487,604 | ||||||||
3,261 | * | UFP Technologies, Inc | 163,246 | |||||||
834 | United States Lime & Minerals, Inc | 115,242 | ||||||||
195,769 | United States Steel Corp | 4,504,645 | ||||||||
12,237 | * | US Concrete, Inc | 775,948 | |||||||
142,359 | Valvoline, Inc | 4,470,073 | ||||||||
27,947 | Verso Corp | 431,502 | ||||||||
102,897 | Vulcan Materials Co | 18,340,361 | ||||||||
43,831 | W R Grace & Co | 3,012,505 | ||||||||
40,038 | Warrior Met Coal, Inc | 634,602 | ||||||||
26,283 | Westlake Chemical Corp | 2,467,711 | ||||||||
199,304 | WestRock Co | 11,111,198 | ||||||||
29,399 | Worthington Industries, Inc | 1,918,579 | ||||||||
TOTAL MATERIALS | 957,239,721 | |||||||||
MEDIA & ENTERTAINMENT - 8.7% | ||||||||||
588,532 | Activision Blizzard, Inc | 53,668,233 | ||||||||
231,532 | * | Alphabet, Inc (Class A) | 544,910,562 | |||||||
224,270 | * | Alphabet, Inc (Class C) | 540,517,612 | |||||||
175,791 | * | Altice USA, Inc | 6,382,971 | |||||||
293,751 | *,e | AMC Entertainment Holdings, Inc | 2,946,323 | |||||||
24,488 | *,e | AMC Networks, Inc | 1,231,257 | |||||||
8,391 | * | Boston Omaha Corp | 235,116 | |||||||
4,150 | Cable One, Inc | 7,428,500 | ||||||||
20,398 | * | Cardlytics, Inc | 2,805,337 | |||||||
66,063 | * | Cargurus, Inc | 1,630,435 | |||||||
52,392 | * | Cars.com, Inc | 692,098 | |||||||
108,413 | * | Charter Communications, Inc | 73,010,735 | |||||||
85,356 | * | Cinemark Holdings, Inc | 1,809,547 | |||||||
3,494,143 | Comcast Corp (Class A) | 196,196,130 | ||||||||
37,208 | * | comScore, Inc | 137,298 | |||||||
470 | * | Daily Journal Corp | 143,439 | |||||||
39,986 | * | DHI Group, Inc | 116,759 | |||||||
120,779 | *,e | Discovery, Inc (Class A) | 4,548,537 | |||||||
238,771 | * | Discovery, Inc (Class C) | 7,714,691 | |||||||
189,414 | * | DISH Network Corp (Class A) | 8,483,853 | |||||||
219,738 | Electronic Arts, Inc | 31,220,375 | ||||||||
61,574 | * | Emerald Holding, Inc | 345,430 | |||||||
91,027 | * | Entercom Communications Corp | 440,571 | |||||||
41,363 | Entravision Communications Corp (Class A) | 159,248 | ||||||||
114,747 | *,e | Eros STX Global Corp | 149,171 | |||||||
50,131 | * | Eventbrite Inc | 1,181,588 | |||||||
11,098 | * | EverQuote Inc | 375,889 | |||||||
34,013 | EW Scripps Co (Class A) | 735,361 | ||||||||
1,852,435 | * | Facebook, Inc | 602,189,570 | |||||||
32,327 | * | Fluent, Inc | 120,256 | |||||||
262,826 | Fox Corp (Class A) | 9,834,949 | ||||||||
122,658 | Fox Corp (Class B) | 4,462,298 | ||||||||
5,234 | * | Gaia, Inc | 55,166 |
146 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
103,352 | * | Gannett Co, Inc | $ | 469,218 | ||||||
72,446 | Gray Television, Inc | 1,472,103 | ||||||||
9,282 | * | Hemisphere Media Group, Inc | 113,426 | |||||||
56,904 | * | IAC/InterActive Corp | 14,423,457 | |||||||
47,142 | * | iHeartMedia, Inc | 902,298 | |||||||
38,923 | * | Imax Corp | 802,592 | |||||||
295,209 | Interpublic Group of Cos, Inc | 9,372,886 | ||||||||
38,083 | John Wiley & Sons, Inc (Class A) | 2,168,446 | ||||||||
6,341 | * | Liberty Braves Group (Class A) | 177,485 | |||||||
32,042 | * | Liberty Braves Group (Class C) | 887,243 | |||||||
19,315 | * | Liberty Broadband Corp (Class A) | 3,045,396 | |||||||
123,162 | * | Liberty Broadband Corp (Class C) | 20,040,839 | |||||||
18,720 | * | Liberty Media Group (Class A) | 775,382 | |||||||
154,653 | * | Liberty Media Group (Class C) | 7,259,412 | |||||||
63,511 | * | Liberty SiriusXM Group (Class A) | 2,870,062 | |||||||
133,349 | * | Liberty SiriusXM Group (Class C) | 6,031,375 | |||||||
71,481 | * | Liberty TripAdvisor Holdings, Inc | 361,694 | |||||||
46,102 | * | Lions Gate Entertainment Corp (Class A) | 667,096 | |||||||
89,647 | * | Lions Gate Entertainment Corp (Class B) | 1,129,552 | |||||||
110,417 | * | Live Nation, Inc | 9,040,944 | |||||||
18,131 | * | LiveXLive Media, Inc | 77,782 | |||||||
10,072 | Loral Space & Communications, Inc | 404,189 | ||||||||
14,125 | * | Madison Square Garden Co | 2,610,865 | |||||||
14,125 | * | Madison Square Garden Entertainment Corp | 1,279,866 | |||||||
25,461 | * | Marcus Corp | 508,202 | |||||||
172,515 | * | Match Group, Inc | 26,848,510 | |||||||
7,943 | * | MediaAlpha, Inc | 351,478 | |||||||
34,743 | * | Meredith Corp | 1,080,507 | |||||||
38,231 | * | MSG Networks, Inc | 606,726 | |||||||
48,320 | National CineMedia, Inc | 206,326 | ||||||||
328,351 | * | Netflix, Inc | 168,598,388 | |||||||
126,545 | New York Times Co (Class A) | 5,746,408 | ||||||||
292,807 | News Corp (Class A) | 7,670,079 | ||||||||
96,522 | News Corp (Class B) | 2,346,450 | ||||||||
32,427 | Nexstar Media Group Inc | 4,780,064 | ||||||||
161,886 | Omnicom Group, Inc | 13,316,742 | ||||||||
310,263 | * | Pinterest, Inc | 20,592,155 | |||||||
59,561 | * | Playtika Holding Corp | 1,654,605 | |||||||
42,462 | * | QuinStreet, Inc | 860,705 | |||||||
83,957 | * | Roku, Inc | 28,794,732 | |||||||
1,557 | * | Saga Communications, Inc | 35,079 | |||||||
23,182 | Scholastic Corp | 703,110 | ||||||||
38,405 | Sinclair Broadcast Group, Inc (Class A) | 1,247,010 | ||||||||
851,374 | e | Sirius XM Holdings, Inc | 5,193,381 | |||||||
102,408 | * | Spotify Technology S.A. | 25,819,105 | |||||||
87,050 | * | Take-Two Interactive Software, Inc | 15,266,829 | |||||||
19,799 | * | TechTarget, Inc | 1,518,583 | |||||||
174,569 | TEGNA, Inc | 3,501,854 | ||||||||
12,665 | * | Tribune Publishing Co | 220,878 | |||||||
75,518 | * | TripAdvisor, Inc | 3,559,163 | |||||||
88,583 | * | TrueCar, Inc | 407,482 | |||||||
600,743 | * | Twitter, Inc | 33,173,029 | |||||||
9,181 | e | ViacomCBS, Inc (Class A) | 414,981 | |||||||
421,937 | ViacomCBS, Inc (Class B) | 17,307,856 | ||||||||
1,395,266 | * | Walt Disney Co | 259,547,381 | |||||||
40,981 | * | WideOpenWest, Inc | 576,603 |
147 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
35,196 | World Wrestling Entertainment, Inc (Class A) | $ | 1,939,652 | |||||||
58,093 | * | Yelp, Inc | 2,283,055 | |||||||
45,669 | * | Zillow Group, Inc (Class A) | 6,089,961 | |||||||
112,866 | * | Zillow Group, Inc (Class C) | 14,686,124 | |||||||
686,462 | * | Zynga, Inc | 7,427,519 | |||||||
TOTAL MEDIA & ENTERTAINMENT | 2,877,143,625 | |||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.0% | ||||||||||
44,908 | * | 10X Genomics, Inc | 8,882,802 | |||||||
5,492 | * | 89bio, Inc | 144,385 | |||||||
1,362,432 | AbbVie, Inc | 151,911,168 | ||||||||
55,363 | *,e | Abeona Therapeutics, Inc | 97,993 | |||||||
85,651 | * | Acadia Pharmaceuticals, Inc | 1,760,985 | |||||||
40,384 | * | Acceleron Pharma, Inc | 5,046,788 | |||||||
68,121 | *,e | AcelRx Pharmaceuticals, Inc | 88,557 | |||||||
59,032 | * | Adaptive Biotechnologies Corp | 2,455,731 | |||||||
50,388 | *,e | ADMA Biologics, Inc | 98,760 | |||||||
66,953 | * | Adverum Biotechnologies, Inc | 261,117 | |||||||
33,288 | * | Aeglea BioTherapeutics, Inc | 258,981 | |||||||
28,995 | * | Aerie Pharmaceuticals, Inc | 496,684 | |||||||
56,149 | * | Affimed NV | 600,233 | |||||||
115,174 | * | Agenus, Inc | 355,888 | |||||||
70,317 | *,e | Agile Therapeutics, Inc | 130,086 | |||||||
235,027 | Agilent Technologies, Inc | 31,409,008 | ||||||||
47,992 | * | Agios Pharmaceuticals, Inc | 2,677,954 | |||||||
105,694 | * | Akebia Therapeutics, Inc | 337,164 | |||||||
10,278 | *,e | Akero Therapeutics, Inc | 316,562 | |||||||
10,990 | * | Akouos, Inc | 156,278 | |||||||
10,108 | * | Albireo Pharma, Inc | 324,467 | |||||||
71,596 | *,† | Alder Biopharmaceuticals Inc | 63,004 | |||||||
36,531 | * | Alector, Inc | 712,354 | |||||||
163,925 | * | Alexion Pharmaceuticals, Inc | 27,650,869 | |||||||
7,790 | * | Aligos Therapeutics, Inc | 200,359 | |||||||
121,352 | * | Alkermes plc | 2,670,351 | |||||||
20,271 | * | Allakos, Inc | 2,211,972 | |||||||
41,019 | * | Allogene Therapeutics, Inc | 1,268,307 | |||||||
13,657 | * | Allovir, Inc | 322,715 | |||||||
89,846 | * | Alnylam Pharmaceuticals, Inc | 12,635,941 | |||||||
7,260 | * | ALX Oncology Holdings, Inc | 454,912 | |||||||
451,208 | Amgen, Inc | 108,127,485 | ||||||||
193,454 | * | Amicus Therapeutics, Inc | 1,903,587 | |||||||
90,760 | * | Amneal Pharmaceuticals, Inc | 500,088 | |||||||
29,714 | * | Amphastar Pharmaceuticals, Inc | 517,024 | |||||||
15,851 | * | AnaptysBio, Inc | 370,121 | |||||||
34,119 | *,e | Anavex Life Sciences Corp | 412,158 | |||||||
5,085 | * | ANI Pharmaceuticals, Inc | 169,229 | |||||||
8,726 | * | Anika Therapeutics, Inc | 350,611 | |||||||
9,398 | * | Annexon, Inc | 187,302 | |||||||
44,202 | * | Apellis Pharmaceuticals, Inc | 2,239,715 | |||||||
29,630 | *,e | Applied Genetic Technologies Corp | 125,335 | |||||||
9,388 | *,e | Applied Molecular Transport, Inc | 539,716 | |||||||
12,708 | * | Applied Therapeutics, Inc | 235,352 | |||||||
5,480 | *,e | Aprea Therapeutics, Inc | 25,701 | |||||||
47,220 | *,e | Aptinyx, Inc | 126,550 | |||||||
16,175 | *,e | Aquestive Therapeutics, Inc | 65,832 | |||||||
13,967 | *,e | Aravive Inc | 73,327 |
148 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
18,172 | * | Arcturus Therapeutics Holdings, Inc | $ | 666,186 | ||||||
32,066 | * | Arcus Biosciences, Inc | 1,082,227 | |||||||
16,041 | * | Arcutis Biotherapeutics, Inc | 537,373 | |||||||
50,131 | * | Ardelyx, Inc | 366,458 | |||||||
44,454 | * | Arena Pharmaceuticals, Inc | 3,050,878 | |||||||
78,302 | * | Arrowhead Pharmaceuticals Inc | 5,697,254 | |||||||
26,912 | * | Arvinas, Inc | 1,855,313 | |||||||
23,728 | * | Assembly Biosciences, Inc | 101,556 | |||||||
56,121 | * | Atara Biotherapeutics, Inc | 789,061 | |||||||
10,418 | *,e | Atea Pharmaceuticals, Inc | 257,429 | |||||||
54,957 | * | Athenex, Inc | 220,378 | |||||||
137,117 | *,e | Athersys, Inc | 228,985 | |||||||
9,914 | *,e | Athira Pharma, Inc | 195,108 | |||||||
19,488 | * | Atreca, Inc | 232,687 | |||||||
387,105 | * | Avantor, Inc | 12,402,844 | |||||||
18,249 | *,e | Avenue Therapeutics, Inc | 93,435 | |||||||
17,272 | *,e | AVEO Pharmaceuticals, Inc | 121,768 | |||||||
42,863 | * | Avid Bioservices, Inc | 917,483 | |||||||
12,674 | * | Avidity Biosciences, Inc | 297,079 | |||||||
25,652 | * | Avrobio, Inc | 299,615 | |||||||
36,292 | * | Axcella Health, Inc | 150,249 | |||||||
21,552 | * | Axsome Therapeutics, Inc | 1,303,034 | |||||||
1,870 | *,e | Aytu BioScience, Inc | 12,379 | |||||||
30,906 | *,e | Beam Therapeutics, Inc | 2,534,292 | |||||||
14,129 | * | Berkeley Lights, Inc | 693,875 | |||||||
14,105 | * | Beyondspring Inc | 152,193 | |||||||
8,940 | * | BioAtla, Inc | 443,335 | |||||||
136,958 | *,e | BioCryst Pharmaceuticals, Inc | 1,593,506 | |||||||
59,451 | * | BioDelivery Sciences International, Inc | 205,700 | |||||||
118,242 | * | Biogen, Inc | 31,609,634 | |||||||
37,255 | * | Biohaven Pharmaceutical Holding Co Ltd | 2,797,850 | |||||||
140,169 | * | BioMarin Pharmaceutical, Inc | 10,921,968 | |||||||
16,374 | * | Bio-Rad Laboratories, Inc (Class A) | 10,317,749 | |||||||
29,692 | Bio-Techne Corp | 12,693,033 | ||||||||
9,945 | *,e | Bioxcel Therapeutics Inc | 337,832 | |||||||
12,497 | * | Black Diamond Therapeutics, Inc | 332,920 | |||||||
49,659 | * | Bluebird Bio, Inc | 1,489,770 | |||||||
42,192 | * | Blueprint Medicines Corp | 4,063,933 | |||||||
9,800 | * | Bolt Biotherapeutics, Inc | 219,128 | |||||||
30,785 | *,e | BrainStorm Cell Therapeutics, Inc | 106,824 | |||||||
71,632 | * | Bridgebio Pharma, Inc | 4,005,661 | |||||||
1,746,125 | Bristol-Myers Squibb Co | 108,993,122 | ||||||||
80,409 | Bruker BioSciences Corp | 5,509,625 | ||||||||
8,234 | *,e | C4 Therapeutics, Inc | 272,545 | |||||||
6,432 | *,e | Cabaletta Bio, Inc | 71,588 | |||||||
80,639 | * | Calithera Biosciences, Inc | 174,987 | |||||||
4,890 | *,e | Calyxt, Inc | 24,352 | |||||||
32,865 | * | Cara Therapeutics, Inc | 425,602 | |||||||
37,486 | * | CareDx, Inc | 2,964,018 | |||||||
32,782 | * | CASI Pharmaceuticals, Inc | 58,680 | |||||||
25,270 | *,e | Cassava Sciences, Inc | 1,182,636 | |||||||
27,064 | *,e | Catabasis Pharmaceuticals, Inc | 60,894 | |||||||
125,949 | * | Catalent, Inc | 14,165,484 | |||||||
76,486 | * | Catalyst Pharmaceuticals, Inc | 350,306 | |||||||
28,692 | *,e | CEL-SCI Corp | 692,338 | |||||||
68 | * | Centogene NV | 739 |
149 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
76,225 | * | Cerecor Inc | $ | 239,346 | ||||||
37,951 | * | Charles River Laboratories International, Inc | 12,616,810 | |||||||
94,520 | *,e | Checkpoint Therapeutics Inc | 274,108 | |||||||
38,382 | * | ChemoCentryx, Inc | 1,855,002 | |||||||
39,879 | * | Chiasma, Inc | 118,839 | |||||||
55,373 | * | Chimerix, Inc | 482,299 | |||||||
26,874 | * | Chinook Therapeutics, Inc | 482,388 | |||||||
33,231 | *,e | ChromaDex Corp | 295,091 | |||||||
51,151 | *,e | Cidara Therapeutics, Inc | 113,555 | |||||||
62,954 | *,e | Clovis Oncology, Inc | 373,947 | |||||||
40,339 | * | Codexis, Inc | 935,058 | |||||||
45,593 | * | Coherus Biosciences, Inc | 674,776 | |||||||
24,680 | * | Collegium Pharmaceutical, Inc | 550,364 | |||||||
29,976 | * | Concert Pharmaceuticals, Inc | 124,400 | |||||||
21,905 | * | Constellation Pharmaceuticals, Inc | 473,586 | |||||||
26,842 | *,e | ContraFect Corp | 118,910 | |||||||
55,322 | *,e | Corbus Pharmaceuticals Holdings, Inc | 99,580 | |||||||
75,382 | * | Corcept Therapeutics, Inc | 1,717,956 | |||||||
20,500 | *,e | CorMedix Inc | 177,120 | |||||||
12,442 | *,e | Cortexyme Inc | 487,353 | |||||||
21,423 | * | Crinetics Pharmaceuticals, Inc | 370,832 | |||||||
23,500 | * | Cue Biopharma, Inc | 285,055 | |||||||
10,136 | * | Cullinan Oncology, Inc | 329,015 | |||||||
52,860 | * | Cymabay Therapeutics, Inc | 228,884 | |||||||
50,381 | * | Cytokinetics, Inc | 1,281,693 | |||||||
29,131 | * | CytomX Therapeutics, Inc | 272,666 | |||||||
29,585 | * | Deciphera Pharmaceuticals, Inc | 1,371,856 | |||||||
48,723 | * | Denali Therapeutics, Inc | 2,944,818 | |||||||
7,935 | *,e | DermTech, Inc | 333,667 | |||||||
48,495 | * | Dicerna Pharmaceuticals, Inc | 1,512,559 | |||||||
156,303 | * | Durect Corp | 296,976 | |||||||
20,577 | *,e | Dyadic International, Inc | 92,802 | |||||||
88,569 | *,e | Dynavax Technologies Corp | 883,919 | |||||||
7,289 | * | Dyne Therapeutics, Inc | 143,448 | |||||||
11,214 | * | Eagle Pharmaceuticals, Inc | 457,868 | |||||||
48,697 | * | Editas Medicine, Inc | 1,802,276 | |||||||
19,133 | * | Eiger BioPharmaceuticals, Inc | 162,439 | |||||||
352,016 | * | Elanco Animal Health, Inc | 11,162,427 | |||||||
650,691 | Eli Lilly & Co | 118,926,794 | ||||||||
14,278 | *,e | Eloxx Pharmaceuticals, Inc | 31,126 | |||||||
35,006 | * | Emergent Biosolutions, Inc | 2,134,666 | |||||||
13,792 | * | Enanta Pharmaceuticals, Inc | 699,806 | |||||||
175,799 | * | Endo International plc | 1,007,328 | |||||||
504 | *,e | Enochian Biosciences Inc | 1,704 | |||||||
62,499 | * | Epizyme, Inc | 488,117 | |||||||
20,619 | *,e | Esperion Thereapeutics, Inc | 555,682 | |||||||
13,020 | *,e | Evelo Biosciences, Inc | 171,213 | |||||||
58,211 | *,e | Evofem Biosciences Inc | 86,152 | |||||||
22,516 | * | Evolus, Inc | 205,121 | |||||||
115,658 | * | Exact Sciences Corp | 15,246,038 | |||||||
237,326 | * | Exelixis, Inc | 5,842,966 | |||||||
70,922 | *,e | Exicure, Inc | 139,716 | |||||||
58,311 | * | Fate Therapeutics, Inc | 5,095,798 | |||||||
21,118 | *,e | Fennec Pharmaceuticals, Inc | 131,988 | |||||||
65,218 | * | FibroGen, Inc | 1,455,666 | |||||||
26,060 | * | Flexion Therapeutics, Inc | 202,226 |
150 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
49,352 | *,e | Fluidigm Corp | $ | 247,254 | ||||||
12,202 | * | Forma Therapeutics Holdings, Inc | 328,844 | |||||||
71,352 | *,e | Fortress Biotech, Inc | 308,241 | |||||||
22,241 | *,e | Frequency Therapeutics, Inc | 258,218 | |||||||
11,092 | * | Fulcrum Therapeutics, Inc | 124,785 | |||||||
26,352 | * | G1 Therapeutics, Inc | 555,237 | |||||||
72,963 | *,e | Galectin Therapeutics, Inc | 322,496 | |||||||
9,277 | * | Generation Bio Co | 338,239 | |||||||
23,320 | *,e | Genprex, Inc | 88,616 | |||||||
194,122 | *,e | Geron Corp | 281,477 | |||||||
973,976 | Gilead Sciences, Inc | 61,818,257 | ||||||||
44,211 | * | Global Blood Therapeutics, Inc | 1,802,925 | |||||||
22,054 | * | GlycoMimetics, Inc | 52,930 | |||||||
43,062 | * | Gossamer Bio, Inc | 372,056 | |||||||
5,202 | *,e | Graybug Vision, Inc | 24,657 | |||||||
36,887 | * | Gritstone Oncology, Inc | 333,827 | |||||||
105,915 | * | Halozyme Therapeutics, Inc | 5,290,454 | |||||||
3,376 | * | Harmony Biosciences Holdings, Inc | 98,917 | |||||||
6,122 | * | Harpoon Therapeutics, Inc | 138,602 | |||||||
34,843 | *,e | Harrow Health, Inc | 267,246 | |||||||
61,808 | * | Harvard Bioscience, Inc | 428,329 | |||||||
69,386 | * | Heron Therapeutics, Inc | 1,212,867 | |||||||
29,012 | * | Homology Medicines, Inc | 196,411 | |||||||
17,405 | *,e | Hookipa Pharma, Inc | 235,664 | |||||||
151,549 | * | Horizon Therapeutics Plc | 14,339,566 | |||||||
145,112 | *,e | iBio, Inc | 198,803 | |||||||
13,639 | * | Ideaya Biosciences, Inc | 280,281 | |||||||
6,036 | *,e | IGM Biosciences, Inc | 426,866 | |||||||
113,788 | * | Illumina, Inc | 44,700,478 | |||||||
2,811 | * | Immunic, Inc | 43,177 | |||||||
22,711 | *,e | ImmunityBio, Inc | 403,120 | |||||||
145,304 | * | Immunogen, Inc | 1,171,150 | |||||||
30,492 | * | Immunovant, Inc | 478,115 | |||||||
141,627 | * | Incyte Corp | 12,092,113 | |||||||
5,912 | * | Inhibrx, Inc | 126,103 | |||||||
51,012 | * | Innoviva, Inc | 584,087 | |||||||
122,067 | *,e | Inovio Pharmaceuticals, Inc | 831,276 | |||||||
5,115 | *,e | Inozyme Pharma, Inc | 94,525 | |||||||
76,755 | * | Insmed, Inc | 2,588,946 | |||||||
38,855 | * | Intellia Therapeutics, Inc | 2,982,898 | |||||||
21,877 | * | Intercept Pharmaceuticals, Inc | 432,727 | |||||||
51,393 | * | Intra-Cellular Therapies, Inc | 1,769,461 | |||||||
89,736 | *,e | Invitae Corp | 3,131,786 | |||||||
99,851 | * | Ionis Pharmaceuticals, Inc | 4,275,620 | |||||||
106,776 | * | Iovance Biotherapeutics, Inc | 3,357,037 | |||||||
146,484 | * | IQVIA Holdings, Inc | 34,378,330 | |||||||
119,898 | * | Ironwood Pharmaceuticals, Inc | 1,323,674 | |||||||
6,460 | * | iTeos Therapeutics, Inc | 151,875 | |||||||
55,928 | * | IVERIC bio, Inc | 391,496 | |||||||
42,120 | * | Jazz Pharmaceuticals plc | 6,924,528 | |||||||
2,034,895 | Johnson & Johnson | 331,138,463 | ||||||||
8,662 | * | Jounce Therapeutics, Inc | 81,683 | |||||||
131,404 | * | Kadmon Holdings, Inc | 533,500 | |||||||
38,118 | *,e | Kala Pharmaceuticals, Inc | 294,652 | |||||||
27,253 | * | Kaleido Biosciences Inc | 215,026 | |||||||
17,147 | * | KalVista Pharmaceuticals Inc | 428,161 |
151 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
12,241 | * | Karuna Therapeutics, Inc | $ | 1,358,873 | ||||||
47,526 | * | Karyopharm Therapeutics, Inc | 443,893 | |||||||
10,566 | * | Keros Therapeutics, Inc | 621,281 | |||||||
36,515 | * | Kezar Life Sciences, Inc | 212,882 | |||||||
33,982 | * | Kindred Biosciences, Inc | 169,910 | |||||||
17,424 | * | Kiniksa Pharmaceuticals Ltd | 286,799 | |||||||
10,555 | * | Kinnate Biopharma, Inc | 283,085 | |||||||
25,022 | *,e | Kodiak Sciences, Inc | 3,023,658 | |||||||
10,681 | *,e | Kronos Bio, Inc | 289,135 | |||||||
10,562 | * | Krystal Biotech Inc | 839,045 | |||||||
44,453 | * | Kura Oncology, Inc | 1,197,119 | |||||||
7,413 | * | Kymera Therapeutics, Inc | 337,662 | |||||||
10,743 | *,e | La Jolla Pharmaceutical Co | 47,699 | |||||||
25,546 | * | Lannett Co, Inc | 111,636 | |||||||
31,898 | * | Lexicon Pharmaceuticals, Inc | 155,024 | |||||||
11,370 | * | Ligand Pharmaceuticals, Inc (Class B) | 1,658,769 | |||||||
31,107 | *,e | Liquidia Corp | 88,344 | |||||||
395 | *,e | LogicBio Therapeutics, Inc | 2,180 | |||||||
33,861 | Luminex Corp | 1,242,360 | ||||||||
41,985 | * | MacroGenics, Inc | 1,358,635 | |||||||
6,924 | *,e | Madrigal Pharmaceuticals, Inc | 942,356 | |||||||
16,996 | * | Magenta Therapeutics, Inc | 198,003 | |||||||
173,631 | *,e | MannKind Corp | 793,494 | |||||||
52,282 | * | Maravai LifeSciences Holdings, Inc | 2,034,293 | |||||||
16,647 | *,e | Marinus Pharmaceuticals, Inc | 244,877 | |||||||
93,752 | *,e | Marker Therapeutics Inc | 240,005 | |||||||
50,605 | *,e | MediciNova, Inc | 222,156 | |||||||
20,927 | * | Medpace Holdings, Inc | 3,550,893 | |||||||
67,141 | * | MEI Pharma, Inc | 245,065 | |||||||
11,473 | * | MeiraGTx Holdings plc | 171,866 | |||||||
1,948,781 | Merck & Co, Inc | 145,184,185 | ||||||||
42,083 | * | Mersana Therapeutics, Inc | 670,382 | |||||||
18,122 | * | Mettler-Toledo International, Inc | 23,799,985 | |||||||
25,528 | * | Minerva Neurosciences, Inc | 60,757 | |||||||
33,221 | * | Mirati Therapeutics, Inc | 5,521,995 | |||||||
5,376 | * | Mirum Pharmaceuticals, Inc | 105,047 | |||||||
220,602 | * | Moderna, Inc | 39,448,050 | |||||||
16,898 | * | Molecular Templates, Inc | 158,165 | |||||||
10,823 | * | Morphic Holding, Inc | 599,594 | |||||||
39,098 | * | Mustang Bio, Inc | 126,287 | |||||||
51,538 | * | Myriad Genetics, Inc | 1,557,478 | |||||||
33,206 | * | NanoString Technologies, Inc | 2,645,522 | |||||||
57,888 | * | Natera, Inc | 6,368,838 | |||||||
135,344 | * | Nektar Therapeutics | 2,654,096 | |||||||
81,371 | * | NeoGenomics, Inc | 3,986,365 | |||||||
23,519 | * | Neoleukin Therapeutics, Inc | 293,752 | |||||||
19,825 | * | Neubase Therapeutics, Inc | 119,545 | |||||||
71,239 | * | Neurocrine Biosciences, Inc | 6,731,373 | |||||||
12,885 | * | NextCure Inc | 113,001 | |||||||
17,096 | * | NGM Biopharmaceuticals Inc | 470,140 | |||||||
12,317 | * | Nkarta, Inc | 392,296 | |||||||
47,781 | * | Novavax, Inc | 11,320,752 | |||||||
8,438 | * | Nurix Therapeutics, Inc | 293,811 | |||||||
55,556 | *,e | Nymox Pharmaceutical Corp | 110,556 | |||||||
56,023 | * | Ocular Therapeutix, Inc | 1,029,703 | |||||||
9,458 | * | Olema Pharmaceuticals, Inc | 265,297 |
152 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
53,494 | *,e | Omeros Corp | $ | 944,704 | ||||||
62,129 | * | Oncocyte Corp | 319,343 | |||||||
309,914 | *,e | Opko Health, Inc | 1,270,647 | |||||||
19,877 | *,e | Optinose, Inc | 70,961 | |||||||
20,799 | * | Organogenesis Holdings Inc | 465,066 | |||||||
28,415 | *,e | Orgenesis, Inc | 133,266 | |||||||
14,740 | * | ORIC Pharmaceuticals, Inc | 355,676 | |||||||
18,519 | *,e | Osmotica Pharmaceuticals plc | 53,335 | |||||||
35,176 | *,e | Ovid therapeutics, Inc | 129,096 | |||||||
4,552 | *,e | Oyster Point Pharma, Inc | 93,999 | |||||||
136,962 | * | Pacific Biosciences of California, Inc | 4,088,316 | |||||||
31,707 | * | Pacira BioSciences Inc | 2,003,248 | |||||||
33,108 | * | Paratek Pharmaceuticals, Inc | 253,276 | |||||||
19,202 | * | Passage Bio, Inc | 360,230 | |||||||
86,408 | PerkinElmer, Inc | 11,201,069 | ||||||||
106,709 | Perrigo Co plc | 4,442,296 | ||||||||
18,492 | * | Personalis, Inc | 455,643 | |||||||
25,003 | *,† | Pfenex, Inc CVR | 18,752 | |||||||
4,294,060 | Pfizer, Inc | 165,965,419 | ||||||||
29,202 | *,e | PhaseBio Pharmaceuticals Inc | 88,482 | |||||||
8,197 | * | Phathom Pharmaceuticals, Inc | 315,748 | |||||||
11,767 | Phibro Animal Health Corp | 288,527 | ||||||||
20,154 | * | Pieris Pharmaceuticals, Inc | 43,533 | |||||||
5,754 | *,e | Pliant Therapeutics, Inc | 192,759 | |||||||
9,995 | * | PMV Pharmaceuticals, Inc | 337,131 | |||||||
11,274 | *,e | Poseida Therapeutics, Inc | 105,525 | |||||||
126,353 | * | PPD, Inc | 5,837,509 | |||||||
48,812 | * | PRA Health Sciences, Inc | 8,146,235 | |||||||
8,128 | * | Praxis Precision Medicines, Inc | 249,204 | |||||||
57,227 | *,e | Precigen, Inc | 442,651 | |||||||
36,010 | * | Precision BioSciences Inc | 334,533 | |||||||
6,665 | *,e | Prelude Therapeutics, Inc | 276,198 | |||||||
40,272 | * | Prestige Consumer Healthcare, Inc. | 1,754,248 | |||||||
72,597 | *,† | Progenics Pharmaceuticals, Inc | 0 | |||||||
24,362 | * | Protagonist Therapeutics, Inc | 705,036 | |||||||
26,368 | * | Prothena Corp plc | 699,807 | |||||||
33,510 | *,e | Provention Bio, Inc | 240,937 | |||||||
48,584 | * | PTC Therapeutics, Inc | 2,002,147 | |||||||
18,940 | * | Puma Biotechnology, Inc | 186,748 | |||||||
176,343 | * | QIAGEN NV | 8,487,389 | |||||||
16,334 | * | Quanterix Corp | 998,661 | |||||||
40,547 | * | Radius Health, Inc | 904,198 | |||||||
8,664 | *,e | RAPT Therapeutics, Inc | 190,088 | |||||||
18,369 | *,e | Reata Pharmaceuticals, Inc | 1,862,617 | |||||||
47,016 | *,e | Recro Pharma, Inc | 125,533 | |||||||
75,541 | * | Regeneron Pharmaceuticals, Inc | 36,357,883 | |||||||
28,339 | * | REGENXBIO, Inc | 983,080 | |||||||
24,394 | * | Relay Therapeutics, Inc | 773,534 | |||||||
11,093 | *,e | Relmada Therapeutics, Inc | 427,746 | |||||||
40,631 | * | Repligen Corp | 8,601,989 | |||||||
18,429 | * | Replimune Group, Inc | 674,317 | |||||||
44,552 | * | Revance Therapeutics, Inc | 1,297,354 | |||||||
28,989 | * | REVOLUTION Medicines, Inc | 962,145 | |||||||
23,914 | * | Rhythm Pharmaceuticals, Inc | 515,586 | |||||||
89,456 | * | Rigel Pharmaceuticals, Inc | 332,776 | |||||||
26,202 | * | Rocket Pharmaceuticals, Inc | 1,201,100 |
153 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
249,664 | e | Royalty Pharma plc | $ | 10,985,216 | ||||||
28,366 | *,e | Rubius Therapeutics, Inc | 709,717 | |||||||
40,249 | * | Sage Therapeutics, Inc | 3,170,011 | |||||||
20,645 | * | Sana Biotechnology, Inc | 443,868 | |||||||
90,778 | * | Sangamo Therapeutics Inc | 1,069,365 | |||||||
57,754 | * | Sarepta Therapeutics, Inc | 4,091,293 | |||||||
4,005 | * | Satsuma Pharmaceuticals, Inc | 21,267 | |||||||
19,771 | *,e | Scholar Rock Holding Corp | 639,592 | |||||||
23,810 | *,e | scPharmaceuticals, Inc | 154,051 | |||||||
99,099 | * | Seagen, Inc | 14,246,472 | |||||||
11,173 | *,e | Seer, Inc | 569,041 | |||||||
64,477 | * | Selecta Biosciences, Inc | 193,431 | |||||||
42,380 | * | Seres Therapeutics, Inc | 881,928 | |||||||
9,702 | * | Shattuck Labs, Inc | 365,571 | |||||||
48,122 | * | SIGA Technologies, Inc | 345,035 | |||||||
9,796 | * | Silverback Therapeutics, Inc | 313,962 | |||||||
46,649 | *,e | Soleno Therapeutics, Inc | 56,445 | |||||||
21,778 | * | Solid Biosciences, Inc | 110,850 | |||||||
193,120 | *,e | Sorrento Therapeutics, Inc | 1,589,378 | |||||||
42,011 | * | Sotera Health Co | 1,082,203 | |||||||
116,328 | * | Spectrum Pharmaceuticals, Inc | 361,780 | |||||||
14,313 | *,e | Spero Therapeutics, Inc | 196,947 | |||||||
18,576 | * | SpringWorks Therapeutics, Inc | 1,334,871 | |||||||
9,604 | * | Stoke Therapeutics, Inc | 310,209 | |||||||
48,076 | * | Strongbridge Biopharma plc | 122,113 | |||||||
35,959 | * | Supernus Pharmaceuticals, Inc | 1,094,952 | |||||||
21,626 | * | Sutro Biopharma, Inc | 443,549 | |||||||
21,205 | * | Syndax Pharmaceuticals, Inc | 338,008 | |||||||
62,976 | * | Syneos Health, Inc | 5,343,514 | |||||||
32,750 | * | Syros Pharmaceuticals, Inc | 197,810 | |||||||
4,744 | * | Tarsus Pharmaceuticals, Inc | 145,736 | |||||||
3,373 | *,e | Taysha Gene Therapies, Inc | 87,057 | |||||||
19,287 | * | TCR2 Therapeutics Inc | 438,008 | |||||||
88,963 | * | TG Therapeutics, Inc | 3,977,536 | |||||||
223,814 | *,e | TherapeuticsMD, Inc | 270,815 | |||||||
39,475 | * | Theravance Biopharma, Inc | 779,236 | |||||||
306,300 | Thermo Fisher Scientific, Inc | 144,031,449 | ||||||||
52,166 | * | Translate Bio, Inc | 1,211,295 | |||||||
33,361 | * | Travere Therapeutics, Inc | 824,684 | |||||||
24,338 | * | Tricida, Inc | 113,172 | |||||||
28,926 | * | Turning Point Therapeutics Inc | 2,205,029 | |||||||
36,382 | * | Twist Bioscience Corp | 4,882,101 | |||||||
137,760 | *,e | Tyme Technologies, Inc | 213,528 | |||||||
48,032 | * | Ultragenyx Pharmaceutical, Inc | 5,362,292 | |||||||
33,538 | * | United Therapeutics Corp | 6,759,919 | |||||||
40,004 | *,e | UNITY Biotechnology, Inc | 198,820 | |||||||
13,634 | *,e | UroGen Pharma Ltd | 265,181 | |||||||
43,796 | * | Vanda Pharmaceuticals, Inc | 727,014 | |||||||
40,491 | *,e | Vaxart Inc | 436,493 | |||||||
13,788 | *,e | Vaxcyte, Inc | 256,043 | |||||||
124,079 | *,e | VBI Vaccines, Inc | 390,849 | |||||||
48,847 | * | Veracyte, Inc | 2,430,138 | |||||||
130,303 | * | Verastem, Inc | 400,030 | |||||||
35,482 | * | Vericel Corp | 2,214,786 | |||||||
12,463 | *,e | Verrica Pharmaceuticals, Inc | 164,512 | |||||||
203,113 | * | Vertex Pharmaceuticals, Inc | 44,319,257 |
154 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
922,884 | * | Viatris, Inc | $ | 12,274,357 | ||||||
58,971 | *,e | Viking Therapeutics, Inc | 376,825 | |||||||
41,506 | * | Vir Biotechnology, Inc | 1,981,496 | |||||||
8,814 | *,e | Vor BioPharma, Inc | 248,379 | |||||||
19,222 | *,e | Voyager Therapeutics, Inc | 92,650 | |||||||
27,556 | *,e | VYNE Therapeutics, Inc | 136,127 | |||||||
47,510 | * | Waters Corp | 14,246,824 | |||||||
22,084 | * | WaVe Life Sciences Ltd | 135,817 | |||||||
20,254 | * | X4 Pharmaceuticals, Inc | 169,729 | |||||||
14,325 | *,e | XBiotech, Inc | 244,671 | |||||||
43,711 | * | Xencor, Inc | 1,860,340 | |||||||
28,411 | *,e | Xeris Pharmaceuticals, Inc | 108,814 | |||||||
23,557 | * | Y-mAbs Therapeutics, Inc | 708,359 | |||||||
20,139 | * | Zentalis Pharmaceuticals, Inc | 1,194,645 | |||||||
168,530 | *,e | ZIOPHARM Oncology, Inc | 583,114 | |||||||
366,418 | Zoetis, Inc | 63,401,307 | ||||||||
43,843 | *,e | Zogenix, Inc | 828,194 | |||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 2,294,622,615 | |||||||||
REAL ESTATE - 3.3% | ||||||||||
70,210 | Acadia Realty Trust | 1,466,687 | ||||||||
40,314 | Agree Realty Corp | 2,836,493 | ||||||||
59,342 | Alexander & Baldwin, Inc | 1,087,739 | ||||||||
2,066 | Alexander’s, Inc | 572,778 | ||||||||
103,013 | Alexandria Real Estate Equities, Inc | 18,655,654 | ||||||||
12,199 | Alpine Income Property Trust, Inc | 222,144 | ||||||||
7,051 | *,e | Altisource Portfolio Solutions S.A. | 44,421 | |||||||
38,198 | American Assets Trust, Inc | 1,338,840 | ||||||||
104,739 | American Campus Communities, Inc | 4,735,250 | ||||||||
77,596 | American Finance Trust, Inc | 776,736 | ||||||||
214,982 | American Homes 4 Rent | 7,962,933 | ||||||||
340,479 | American Tower Corp | 86,743,835 | ||||||||
185,166 | Americold Realty Trust | 7,478,855 | ||||||||
113,991 | Apartment Income REIT Corp | 5,146,694 | ||||||||
113,991 | Apartment Investment and Management Co | 791,098 | ||||||||
165,195 | Apple Hospitality REIT, Inc | 2,619,993 | ||||||||
38,539 | Armada Hoffler Properties, Inc | 525,287 | ||||||||
107,738 | AvalonBay Communities, Inc | 20,685,696 | ||||||||
18,492 | Bluerock Residential Growth REIT, Inc | 175,304 | ||||||||
120,272 | Boston Properties, Inc | 13,151,743 | ||||||||
132,051 | Brandywine Realty Trust | 1,786,650 | ||||||||
227,388 | Brixmor Property Group, Inc | 5,079,848 | ||||||||
25,611 | Broadstone Net Lease, Inc | 516,830 | ||||||||
35,657 | Brookfield Property REIT, Inc | 641,291 | ||||||||
16,295 | Brt Realty Trust | 306,835 | ||||||||
72,451 | Camden Property Trust | 8,728,897 | ||||||||
70,706 | CareTrust REIT, Inc | 1,709,671 | ||||||||
56,301 | CatchMark Timber Trust, Inc | 654,781 | ||||||||
255,107 | * | CBRE Group, Inc | 21,735,116 | |||||||
11,003 | Centerspace | 774,501 | ||||||||
44,654 | * | Chatham Lodging Trust | 619,351 | |||||||
435 | CIM Commercial Trust Corp | 4,872 | ||||||||
47,291 | City Office REIT, Inc | 516,891 | ||||||||
8,392 | Clipper Realty, Inc | 69,066 | ||||||||
356,632 | * | Colony Capital, Inc | 2,496,424 | |||||||
80,898 | Columbia Property Trust, Inc | 1,456,973 |
155 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
15,373 | Community Healthcare Trust, Inc | $ | 782,793 | |||||||
34,901 | * | CorePoint Lodging, Inc | 348,661 | |||||||
31,588 | Coresite Realty | 3,837,626 | ||||||||
86,545 | Corporate Office Properties Trust | 2,426,722 | ||||||||
113,835 | Cousins Properties, Inc | 4,174,329 | ||||||||
320,443 | Crown Castle International Corp | 60,582,954 | ||||||||
4,506 | CTO Realty Growth, Inc | 238,818 | ||||||||
143,148 | CubeSmart | 6,060,886 | ||||||||
93,315 | * | Cushman & Wakefield plc | 1,586,355 | |||||||
93,468 | CyrusOne, Inc | 6,807,274 | ||||||||
162,943 | * | DiamondRock Hospitality Co | 1,697,866 | |||||||
215,209 | Digital Realty Trust, Inc | 33,208,901 | ||||||||
162,100 | Diversified Healthcare Trust | 715,672 | ||||||||
127,377 | Douglas Emmett, Inc | 4,272,225 | ||||||||
278,943 | Duke Realty Corp | 12,976,428 | ||||||||
60,564 | Easterly Government Properties, Inc | 1,297,887 | ||||||||
30,459 | EastGroup Properties, Inc | 4,832,625 | ||||||||
105,979 | Empire State Realty Trust, Inc | 1,207,101 | ||||||||
59,559 | * | EPR Properties | 2,841,560 | |||||||
68,616 | Equinix, Inc | 49,455,668 | ||||||||
84,970 | Equity Commonwealth | 2,447,136 | ||||||||
135,367 | Equity Lifestyle Properties, Inc | 9,394,470 | ||||||||
285,033 | Equity Residential | 21,158,000 | ||||||||
80,763 | Essential Properties Realty Trust, Inc | 2,115,183 | ||||||||
50,468 | Essex Property Trust, Inc | 14,661,963 | ||||||||
38,846 | *,e | eXp World Holdings Inc | 1,334,749 | |||||||
98,127 | Extra Space Storage, Inc | 14,590,504 | ||||||||
21,817 | Farmland Partners, Inc | 290,821 | ||||||||
5,366 | *,e | Fathom Holdings, Inc | 184,054 | |||||||
58,575 | Federal Realty Investment Trust | 6,609,603 | ||||||||
93,102 | First Industrial Realty Trust, Inc | 4,633,687 | ||||||||
13,051 | * | Forestar Group, Inc | 330,712 | |||||||
59,330 | Four Corners Property Trust, Inc | 1,712,857 | ||||||||
85,813 | Franklin Street Properties Corp | 453,093 | ||||||||
6,315 | * | FRP Holdings, Inc | 320,549 | |||||||
162,905 | Gaming and Leisure Properties, Inc | 7,573,453 | ||||||||
54,308 | Geo Group, Inc | 299,237 | ||||||||
27,040 | Getty Realty Corp | 853,923 | ||||||||
28,971 | Gladstone Commercial Corp | 609,550 | ||||||||
27,777 | Gladstone Land Corp | 583,039 | ||||||||
32,062 | Global Medical REIT, Inc | 460,410 | ||||||||
65,749 | Global Net Lease, Inc | 1,262,381 | ||||||||
103,431 | Healthcare Realty Trust, Inc | 3,326,341 | ||||||||
164,149 | Healthcare Trust of America, Inc | 4,821,056 | ||||||||
418,019 | Healthpeak Properties Inc | 14,354,772 | ||||||||
41,958 | * | Hersha Hospitality Trust | 485,035 | |||||||
79,284 | Highwoods Properties, Inc | 3,551,130 | ||||||||
534,349 | * | Host Hotels and Resorts, Inc | 9,703,778 | |||||||
29,579 | * | Howard Hughes Corp | 3,192,757 | |||||||
115,833 | Hudson Pacific Properties | 3,256,066 | ||||||||
74,013 | Independence Realty Trust, Inc | 1,246,379 | ||||||||
53,373 | Industrial Logistics Properties Trust | 1,323,650 | ||||||||
17,342 | Innovative Industrial Properties, Inc | 3,175,840 | ||||||||
429,899 | Invitation Homes, Inc | 15,072,259 | ||||||||
221,705 | Iron Mountain, Inc | 8,894,805 | ||||||||
58,158 | iStar Inc | 1,076,505 |
156 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
95,575 | JBG SMITH Properties | $ | 3,116,701 | |||||||
39,742 | * | Jones Lang LaSalle, Inc | 7,467,919 | |||||||
83,295 | Kennedy-Wilson Holdings, Inc | 1,711,712 | ||||||||
87,286 | Kilroy Realty Corp | 5,982,582 | ||||||||
317,669 | Kimco Realty Corp | 6,671,049 | ||||||||
62,094 | Kite Realty Group Trust | 1,292,176 | ||||||||
64,815 | Lamar Advertising Co | 6,419,278 | ||||||||
207,913 | Lexington Realty Trust | 2,544,855 | ||||||||
56,619 | Life Storage, Inc | 5,438,821 | ||||||||
33,190 | LTC Properties, Inc | 1,411,571 | ||||||||
90,546 | Macerich Co | 1,248,629 | ||||||||
77,905 | Mack-Cali Realty Corp | 1,274,526 | ||||||||
24,823 | * | Marcus & Millichap, Inc | 876,748 | |||||||
7,257 | * | Maui Land & Pineapple Co, Inc | 81,859 | |||||||
440,772 | Medical Properties Trust, Inc | 9,719,023 | ||||||||
85,089 | Mid-America Apartment Communities, Inc | 13,387,052 | ||||||||
80,998 | Monmouth Real Estate Investment Corp (Class A) | 1,496,843 | ||||||||
33,962 | National Health Investors, Inc | 2,493,150 | ||||||||
136,953 | National Retail Properties, Inc | 6,357,358 | ||||||||
48,382 | National Storage Affiliates Trust | 2,198,478 | ||||||||
6,083 | NETSTREIT Corp | 126,709 | ||||||||
85,509 | New Senior Investment Group, Inc | 566,070 | ||||||||
116,047 | Newmark Group, Inc | 1,247,505 | ||||||||
15,040 | NexPoint Residential Trust, Inc | 754,406 | ||||||||
38,398 | Office Properties Income Trust | 1,065,545 | ||||||||
175,713 | Omega Healthcare Investors, Inc | 6,677,094 | ||||||||
12,863 | One Liberty Properties, Inc | 319,903 | ||||||||
109,833 | * | Outfront Media, Inc | 2,676,630 | |||||||
157,554 | Paramount Group, Inc | 1,671,648 | ||||||||
185,936 | * | Park Hotels & Resorts, Inc | 4,148,232 | |||||||
104,427 | Pebblebrook Hotel Trust | 2,493,717 | ||||||||
154,198 | Physicians Realty Trust | 2,888,129 | ||||||||
91,402 | Piedmont Office Realty Trust, Inc | 1,701,905 | ||||||||
15,614 | Plymouth Industrial REIT, Inc | 291,045 | ||||||||
51,676 | PotlatchDeltic Corp | 3,067,487 | ||||||||
31,765 | Preferred Apartment Communities, Inc | 324,003 | ||||||||
568,383 | Prologis, Inc | 66,233,671 | ||||||||
15,702 | PS Business Parks, Inc | 2,549,534 | ||||||||
115,740 | Public Storage, Inc | 32,541,458 | ||||||||
49,081 | QTS Realty Trust, Inc | 3,263,396 | ||||||||
10,421 | * | Rafael Holdings, Inc | 430,804 | |||||||
93,867 | Rayonier, Inc | 3,405,495 | ||||||||
11,250 | Re/Max Holdings, Inc | 413,213 | ||||||||
72,523 | * | Realogy Holdings Corp | 1,253,197 | |||||||
286,149 | Realty Income Corp | 19,787,203 | ||||||||
77,248 | * | Redfin Corp | 5,467,613 | |||||||
128,886 | Regency Centers Corp | 8,204,883 | ||||||||
97,039 | Retail Opportunities Investment Corp | 1,707,886 | ||||||||
181,436 | Retail Properties of America, Inc | 2,128,244 | ||||||||
11,545 | Retail Value, Inc | 215,083 | ||||||||
95,051 | Rexford Industrial Realty, Inc | 5,280,083 | ||||||||
139,724 | RLJ Lodging Trust | 2,255,145 | ||||||||
12,116 | RMR Group, Inc | 479,551 | ||||||||
63,234 | RPT Realty | 803,704 | ||||||||
39,194 | * | Ryman Hospitality Properties | 3,082,608 | |||||||
162,473 | Sabra Healthcare REIT, Inc | 2,952,134 |
157 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
14,934 | Safehold, Inc | $ | 1,055,983 | |||||||
10,022 | Saul Centers, Inc | 432,750 | ||||||||
85,429 | SBA Communications Corp | 25,604,780 | ||||||||
22,932 | * | Seritage Growth Properties | 394,430 | |||||||
126,749 | Service Properties Trust | 1,560,914 | ||||||||
251,981 | Simon Property Group, Inc | 30,676,167 | ||||||||
120,419 | SITE Centers Corp | 1,776,180 | ||||||||
58,917 | SL Green Realty Corp | 4,360,447 | ||||||||
81,740 | Spirit Realty Capital, Inc | 3,885,920 | ||||||||
26,201 | St. Joe Co | 1,199,744 | ||||||||
116,417 | STAG Industrial, Inc | 4,250,385 | ||||||||
186,206 | STORE Capital Corp | 6,664,313 | ||||||||
3,026 | * | Stratus Properties, Inc | 106,364 | |||||||
96,563 | * | Summit Hotel Properties, Inc | 982,046 | |||||||
82,516 | Sun Communities, Inc | 13,766,144 | ||||||||
164,654 | * | Sunstone Hotel Investors, Inc | 2,166,847 | |||||||
77,041 | Tanger Factory Outlet Centers, Inc | 1,344,365 | ||||||||
24,087 | * | Tejon Ranch Co | 381,056 | |||||||
53,103 | Terreno Realty Corp | 3,426,206 | ||||||||
226,720 | UDR, Inc | 10,531,144 | ||||||||
30,053 | UMH Properties, Inc | 647,041 | ||||||||
126,766 | Uniti Group, Inc | 1,445,132 | ||||||||
10,411 | Universal Health Realty Income Trust | 697,016 | ||||||||
86,312 | Urban Edge Properties | 1,626,981 | ||||||||
26,203 | Urstadt Biddle Properties, Inc (Class A) | 476,109 | ||||||||
290,393 | Ventas, Inc | 16,105,196 | ||||||||
167,647 | VEREIT, Inc | 8,020,232 | ||||||||
404,581 | VICI Properties, Inc | 12,825,218 | ||||||||
134,110 | Vornado Realty Trust | 6,135,533 | ||||||||
63,470 | Washington REIT | 1,473,773 | ||||||||
89,405 | Weingarten Realty Investors | 2,891,358 | ||||||||
325,629 | Welltower, Inc | 24,431,944 | ||||||||
571,114 | Weyerhaeuser Co | 22,142,090 | ||||||||
39,696 | Whitestone REIT | 387,830 | ||||||||
135,269 | WP Carey, Inc | 10,130,295 | ||||||||
84,639 | * | Xenia Hotels & Resorts, Inc | 1,644,536 | |||||||
TOTAL REAL ESTATE | 1,088,140,007 | |||||||||
RETAILING - 6.7% | ||||||||||
16,381 | *,e | 1-800-FLOWERS.COM, Inc (Class A) | 523,782 | |||||||
25,901 | Aaron’s Co, Inc | 800,082 | ||||||||
40,842 | * | Abercrombie & Fitch Co (Class A) | 1,531,167 | |||||||
22,980 | * | Academy Sports & Outdoors, Inc | 708,014 | |||||||
51,386 | Advance Auto Parts, Inc | 10,285,422 | ||||||||
327,108 | * | Amazon.com, Inc | 1,134,220,821 | |||||||
117,434 | e | American Eagle Outfitters, Inc | 4,059,693 | |||||||
4,579 | * | America’s Car-Mart, Inc | 690,651 | |||||||
15,443 | * | Asbury Automotive Group, Inc | 3,067,134 | |||||||
34,550 | * | At Home Group, Inc | 1,091,089 | |||||||
42,010 | * | Autonation, Inc | 4,305,185 | |||||||
17,511 | * | AutoZone, Inc | 25,638,205 | |||||||
96,618 | * | Bed Bath & Beyond, Inc | 2,446,368 | |||||||
177,595 | Best Buy Co, Inc | 20,648,971 | ||||||||
26,843 | Big Lots, Inc | 1,850,556 | ||||||||
22,700 | * | Boot Barn Holdings, Inc | 1,601,258 | |||||||
17,237 | Buckle, Inc | 722,920 |
158 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
50,268 | * | Burlington Stores, Inc | $ | 16,403,956 | ||||||
24,978 | Caleres, Inc | 582,237 | ||||||||
18,783 | Camping World Holdings, Inc | 817,812 | ||||||||
126,138 | * | CarMax, Inc | 16,806,627 | |||||||
29,372 | * | CarParts.com, Inc | 507,548 | |||||||
43,376 | * | Carvana Co | 12,373,438 | |||||||
14,980 | * | Cato Corp (Class A) | 200,732 | |||||||
1,092 | * | Chico’s FAS, Inc | 3,276 | |||||||
10,977 | * | Children’s Place, Inc | 860,048 | |||||||
9,396 | * | Citi Trends, Inc | 982,822 | |||||||
2,065 | * | Conn’s, Inc | 41,796 | |||||||
15,174 | * | Container Store Group, Inc | 213,802 | |||||||
36,270 | Core-Mark Holding Co, Inc | 1,543,651 | ||||||||
42,569 | * | Designer Brands, Inc | 753,471 | |||||||
47,175 | e | Dick’s Sporting Goods, Inc | 3,895,711 | |||||||
7,657 | Dillard’s, Inc (Class A) | 757,354 | ||||||||
188,134 | Dollar General Corp | 40,401,777 | ||||||||
179,695 | * | Dollar Tree, Inc | 20,646,956 | |||||||
6,009 | *,e | Duluth Holdings, Inc | 92,959 | |||||||
498,054 | eBay, Inc | 27,786,433 | ||||||||
45,773 | *,e | Envela Corp | 177,599 | |||||||
90,768 | * | Etsy, Inc | 18,043,771 | |||||||
49,263 | *,e | Express Parent LLC | 150,252 | |||||||
41,827 | * | Five Below, Inc | 8,418,520 | |||||||
73,484 | * | Floor & Decor Holdings, Inc | 8,150,845 | |||||||
76,898 | �� | Foot Locker, Inc | 4,535,444 | |||||||
19,391 | Franchise Group, Inc | 747,135 | ||||||||
16,819 | * | Funko, Inc | 362,281 | |||||||
42,930 | *,e | GameStop Corp (Class A) | 7,452,219 | |||||||
139,694 | Gap, Inc | 4,623,871 | ||||||||
4,791 | * | Genesco, Inc | 239,550 | |||||||
109,133 | Genuine Parts Co | 13,638,351 | ||||||||
34,274 | *,e | Greenlane Holdings Inc | 150,806 | |||||||
12,020 | Group 1 Automotive, Inc | 1,973,203 | ||||||||
18,048 | * | Groupon, Inc | 913,770 | |||||||
28,615 | *,e | GrowGeneration Corp | 1,247,614 | |||||||
71,635 | * | GrubHub, Inc | 4,874,045 | |||||||
28,620 | Guess?, Inc | 773,885 | ||||||||
10,285 | e | Haverty Furniture Cos, Inc | 477,944 | |||||||
15,753 | * | Hibbett Sports, Inc | 1,251,576 | |||||||
828,682 | Home Depot, Inc | 268,219,503 | ||||||||
123,017 | Kohl’s Corp | 7,216,177 | ||||||||
176,787 | * | L Brands, Inc | 11,650,263 | |||||||
9,141 | * | Lands’ End, Inc | 210,609 | |||||||
55,398 | * | Leslie’s, Inc | 1,574,411 | |||||||
21,175 | * | Liquidity Services, Inc | 379,668 | |||||||
20,207 | Lithia Motors, Inc (Class A) | 7,767,167 | ||||||||
229,882 | * | LKQ Corp | 10,737,788 | |||||||
565,740 | Lowe’s Companies, Inc | 111,026,475 | ||||||||
23,238 | * | Lumber Liquidators, Inc | 557,015 | |||||||
247,470 | * | Macy’s, Inc | 4,103,053 | |||||||
83,141 | * | Magnite, Inc | 3,329,797 | |||||||
15,369 | * | MarineMax, Inc | 872,959 | |||||||
25,760 | Monro Muffler, Inc | 1,818,398 | ||||||||
20,816 | Murphy USA, Inc | 2,901,750 | ||||||||
62,250 | * | National Vision Holdings, Inc | 3,138,023 |
159 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
88,988 | * | Nordstrom, Inc | $ | 3,264,080 | ||||||
41,302 | * | ODP Corp | 1,669,840 | |||||||
42,275 | * | Ollie’s Bargain Outlet Holdings, Inc | 3,900,714 | |||||||
4,829 | * | OneWater Marine, Inc | 247,390 | |||||||
53,883 | * | O’Reilly Automotive, Inc | 29,790,833 | |||||||
33,221 | * | Overstock.com, Inc | 2,707,512 | |||||||
24,321 | Penske Auto Group, Inc | 2,132,708 | ||||||||
41,187 | *,e | Petco Health & Wellness Co, Inc | 972,837 | |||||||
15,878 | e | PetMed Express, Inc | 467,210 | |||||||
30,024 | Pool Corp | 12,685,740 | ||||||||
61,858 | * | Quotient Technology, Inc | 1,010,760 | |||||||
301,222 | Qurate Retail Group, Inc QVC Group | 3,584,542 | ||||||||
46,790 | * | RealReal, Inc | 1,158,988 | |||||||
33,078 | Rent-A-Center, Inc | 1,903,639 | ||||||||
12,068 | * | RH | 8,303,025 | |||||||
268,004 | Ross Stores, Inc | 35,092,444 | ||||||||
85,693 | * | Sally Beauty Holdings, Inc | 1,719,859 | |||||||
8,471 | Shoe Carnival, Inc | 507,836 | ||||||||
16,941 | Shutterstock, Inc | 1,476,916 | ||||||||
37,698 | * | Signet Jewelers Ltd | 2,252,455 | |||||||
21,386 | * | Sleep Number Corp | 2,392,880 | |||||||
18,582 | e | Sonic Automotive, Inc (Class A) | 916,836 | |||||||
37,818 | * | Sportsman’s Warehouse Holdings, Inc | 664,084 | |||||||
13,399 | * | Stamps.com, Inc | 2,751,753 | |||||||
47,187 | * | Stitch Fix Inc | 2,044,141 | |||||||
385,056 | Target Corp | 79,806,707 | ||||||||
17,146 | * | Tilly’s, Inc | 206,781 | |||||||
923,070 | TJX Companies, Inc | 65,537,970 | ||||||||
89,626 | Tractor Supply Co | 16,903,464 | ||||||||
41,755 | * | Ulta Beauty, Inc | 13,752,009 | |||||||
50,871 | * | Urban Outfitters, Inc | 1,826,269 | |||||||
80,245 | * | Vroom, Inc | 3,712,936 | |||||||
46,764 | *,e | Waitr Holdings Inc | 115,039 | |||||||
54,151 | * | Wayfair, Inc | 16,005,411 | |||||||
2,679 | Weyco Group, Inc | 52,696 | ||||||||
60,032 | Williams-Sonoma, Inc | 10,250,464 | ||||||||
3,307 | Winmark Corp | 636,829 | ||||||||
17,633 | * | Zumiez, Inc | 757,690 | |||||||
TOTAL RETAILING | 2,206,752,748 | |||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.7% | ||||||||||
29,347 | Advanced Energy Industries, Inc | 3,237,268 | ||||||||
923,873 | * | Advanced Micro Devices, Inc | 75,406,514 | |||||||
36,284 | * | Allegro MicroSystems, Inc | 895,489 | |||||||
16,124 | * | Alpha & Omega Semiconductor Ltd | 501,456 | |||||||
26,230 | * | Ambarella, Inc | 2,557,163 | |||||||
77,251 | Amkor Technology, Inc | 1,562,015 | ||||||||
281,922 | Analog Devices, Inc | 43,179,173 | ||||||||
706,446 | Applied Materials, Inc | 93,752,449 | ||||||||
16,289 | *,e | Atomera, Inc | 271,049 | |||||||
22,409 | * | Axcelis Technologies, Inc | 930,646 | |||||||
23,871 | * | AXT, Inc | 235,368 | |||||||
304,644 | Broadcom, Inc | 138,978,593 | ||||||||
55,818 | Brooks Automation, Inc | 5,656,038 | ||||||||
17,599 | * | Ceva, Inc | 975,689 | |||||||
45,716 | * | Cirrus Logic, Inc | 3,401,728 |
160 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
22,323 | CMC Materials, Inc | $ | 4,094,708 | |||||||
29,885 | * | Cohu, Inc | 1,195,699 | |||||||
85,657 | * | Cree, Inc | 8,516,019 | |||||||
5,871 | * | CyberOptics Corp | 193,684 | |||||||
33,430 | * | Diodes, Inc | 2,567,758 | |||||||
25,286 | * | DSP Group, Inc | 351,223 | |||||||
82,299 | * | Enphase Energy, Inc | 11,460,136 | |||||||
101,779 | Entegris, Inc | 11,458,280 | ||||||||
71,724 | * | First Solar, Inc | 5,489,038 | |||||||
60,730 | * | Formfactor, Inc | 2,377,579 | |||||||
519 | * | GSI Technology, Inc | 3,062 | |||||||
17,087 | * | Ichor Holdings Ltd | 952,942 | |||||||
13,316 | *,e | Impinj, Inc | 631,977 | |||||||
3,163,401 | Intel Corp | 181,990,459 | ||||||||
119,623 | KLA Corp | 37,723,113 | ||||||||
110,088 | Lam Research Corp | 68,304,100 | ||||||||
103,532 | * | Lattice Semiconductor Corp | 5,208,695 | |||||||
37,339 | * | MACOM Technology Solutions Holdings, Inc | 2,113,761 | |||||||
598,265 | Marvell Technology, Inc | 27,047,561 | ||||||||
7,582 | *,e | Maxeon Solar Technologies Ltd | 136,476 | |||||||
203,035 | Maxim Integrated Products, Inc | 19,085,290 | ||||||||
52,887 | * | MaxLinear, Inc | 1,903,403 | |||||||
192,714 | Microchip Technology, Inc | 28,962,987 | ||||||||
856,915 | * | Micron Technology, Inc | 73,754,674 | |||||||
41,768 | MKS Instruments, Inc | 7,481,066 | ||||||||
33,896 | Monolithic Power Systems, Inc | 12,249,336 | ||||||||
37,371 | * | Nanometrics, Inc | 2,560,661 | |||||||
44,347 | * | NeoPhotonics Corp Ltd | 415,088 | |||||||
2,807 | NVE Corp | 214,820 | ||||||||
455,619 | NVIDIA Corp | 273,544,535 | ||||||||
312,632 | * | ON Semiconductor Corp | 12,192,648 | |||||||
22,434 | * | PDF Solutions, Inc | 397,755 | |||||||
51,560 | * | Photronics, Inc | 654,812 | |||||||
45,770 | Power Integrations, Inc | 3,790,214 | ||||||||
87,506 | * | Qorvo, Inc | 16,466,004 | |||||||
868,190 | QUALCOMM, Inc | 120,504,772 | ||||||||
97,341 | * | Rambus, Inc | 1,847,532 | |||||||
51,010 | * | Semtech Corp | 3,455,417 | |||||||
33,906 | * | Silicon Laboratories, Inc | 4,779,051 | |||||||
7,722 | * | SiTime Corp | 714,671 | |||||||
126,782 | Skyworks Solutions, Inc | 22,989,380 | ||||||||
12,947 | * | SMART Global Holdings, Inc | 597,504 | |||||||
37,421 | * | SolarEdge Technologies, Inc | 9,861,930 | |||||||
60,658 | *,e | SunPower Corp | 1,558,304 | |||||||
26,878 | * | Synaptics, Inc | 3,759,426 | |||||||
129,290 | Teradyne, Inc | 16,171,593 | ||||||||
708,029 | Texas Instruments, Inc | 127,806,315 | ||||||||
28,905 | * | Ultra Clean Holdings | 1,476,178 | |||||||
33,791 | Universal Display Corp | 7,558,709 | ||||||||
33,904 | * | Veeco Instruments, Inc | 780,131 | |||||||
189,901 | Xilinx, Inc | 24,299,732 | ||||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 1,545,190,846 | |||||||||
SOFTWARE & SERVICES - 14.2% | ||||||||||
53,962 | *,e | 2U, Inc | 2,118,009 | |||||||
77,718 | * | 8x8, Inc | 2,556,145 |
161 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
41,224 | * | A10 Networks, Inc | $ | 357,824 | ||||||
491,789 | Accenture plc | 142,604,056 | ||||||||
88,969 | * | ACI Worldwide, Inc | 3,361,249 | |||||||
371,465 | * | Adobe, Inc | 188,830,518 | |||||||
16,639 | * | Agilysys, Inc | 838,772 | |||||||
121,537 | * | Akamai Technologies, Inc | 13,211,072 | |||||||
36,815 | * | Alarm.com Holdings, Inc | 3,304,514 | |||||||
36,534 | Alliance Data Systems Corp | 4,305,532 | ||||||||
32,903 | *,e | Altair Engineering, Inc | 2,138,695 | |||||||
41,995 | * | Alteryx, Inc | 3,433,091 | |||||||
97,119 | Amdocs Ltd | 7,452,912 | ||||||||
27,834 | American Software, Inc (Class A) | 575,885 | ||||||||
103,045 | * | Anaplan, Inc | 6,146,634 | |||||||
66,126 | * | Ansys, Inc | 24,179,633 | |||||||
12,392 | * | Appfolio, Inc | 1,792,255 | |||||||
27,582 | *,e | Appian Corp | 3,342,387 | |||||||
50,573 | * | Aspen Technology, Inc | 6,616,971 | |||||||
101,142 | * | Atlassian Corp plc | 24,027,294 | |||||||
169,385 | * | Autodesk, Inc | 49,445,175 | |||||||
331,682 | Automatic Data Processing, Inc | 62,021,217 | ||||||||
64,159 | * | Avalara, Inc | 9,091,972 | |||||||
66,174 | * | Avaya Holdings Corp | 1,903,826 | |||||||
25,395 | * | Benefitfocus, Inc | 343,340 | |||||||
33,899 | * | BigCommerce Holdings, Inc | 2,031,906 | |||||||
56,889 | * | Bill.Com Holdings, Inc | 8,796,746 | |||||||
118,237 | * | Black Knight, Inc | 8,562,724 | |||||||
39,767 | * | Blackbaud, Inc | 2,828,229 | |||||||
39,653 | * | Blackline, Inc | 4,602,127 | |||||||
4,672 | * | BM Technologies, Inc | 45,832 | |||||||
34,305 | * | Bottomline Technologies, Inc | 1,665,851 | |||||||
110,923 | * | Box, Inc | 2,362,660 | |||||||
27,196 | * | Brightcove, Inc | 394,886 | |||||||
87,637 | Broadridge Financial Solutions, Inc | 13,901,857 | ||||||||
12,186 | *,e | C3.ai, Inc | 807,444 | |||||||
212,765 | * | Cadence Design Systems, Inc | 28,036,044 | |||||||
25,980 | * | Cardtronics plc | 1,009,063 | |||||||
11,050 | Cass Information Systems, Inc | 507,084 | ||||||||
93,197 | CDK Global, Inc | 4,994,427 | ||||||||
28,638 | * | Cerence Inc | 2,760,990 | |||||||
90,252 | * | Ceridian HCM Holding, Inc | 8,527,009 | |||||||
31,199 | * | ChannelAdvisor Corp | 659,859 | |||||||
93,674 | Citrix Systems, Inc | 11,601,525 | ||||||||
161,585 | * | Cloudera, Inc | 2,050,514 | |||||||
84,643 | * | Cloudflare, Inc | 7,172,648 | |||||||
410,500 | Cognizant Technology Solutions Corp (Class A) | 33,004,200 | ||||||||
50,197 | * | Cognyte Software Ltd | 1,311,648 | |||||||
32,454 | * | Commvault Systems, Inc | 2,255,878 | |||||||
32,607 | * | Concentrix Corp | 5,066,476 | |||||||
136,953 | * | Conduent, Inc | 931,280 | |||||||
48,037 | * | Cornerstone OnDemand, Inc | 2,126,358 | |||||||
53,293 | * | Coupa Software, Inc | 14,337,949 | |||||||
118,595 | * | Crowdstrike Holdings, Inc | 24,728,243 | |||||||
27,043 | CSG Systems International, Inc | 1,243,708 | ||||||||
118,611 | * | Datadog, Inc | 10,173,265 | |||||||
17,633 | * | Datto Holding Corp | 450,523 | |||||||
8,153 | *,e | Digimarc Corp | 275,001 |
162 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
66,325 | * | Digital Turbine, Inc | $ | 5,002,895 | ||||||
138,734 | * | DocuSign, Inc | 30,929,358 | |||||||
20,126 | * | Domo, Inc | 1,293,901 | |||||||
187,795 | * | Dropbox, Inc | 4,826,331 | |||||||
56,515 | * | Duck Creek Technologies, Inc | 2,349,894 | |||||||
200,659 | * | DXC Technology Co | 6,603,688 | |||||||
142,206 | * | Dynatrace, Inc | 7,400,400 | |||||||
20,502 | Ebix, Inc | 617,315 | ||||||||
17,054 | * | eGain Corp | 167,641 | |||||||
51,601 | * | Elastic NV | 6,224,113 | |||||||
40,748 | * | Envestnet, Inc | 3,008,425 | |||||||
40,646 | * | EPAM Systems, Inc | 18,605,706 | |||||||
39,210 | * | Euronet Worldwide, Inc | 5,623,890 | |||||||
26,947 | * | Everbridge, Inc | 3,576,136 | |||||||
47,756 | EVERTEC, Inc | 1,905,464 | ||||||||
30,387 | * | Evo Payments, Inc | 866,333 | |||||||
26,004 | * | ExlService Holdings, Inc | 2,402,250 | |||||||
21,786 | * | Fair Isaac Corp | 11,359,438 | |||||||
61,900 | *,e | Fastly, Inc | 3,953,553 | |||||||
476,305 | Fidelity National Information Services, Inc | 72,827,034 | ||||||||
174,603 | * | FireEye, Inc | 3,470,235 | |||||||
441,841 | * | Fiserv, Inc | 53,073,941 | |||||||
48,049 | * | Five9, Inc | 9,031,771 | |||||||
63,081 | * | FleetCor Technologies, Inc | 18,149,665 | |||||||
102,462 | * | Fortinet, Inc | 20,925,814 | |||||||
65,670 | * | Gartner, Inc | 12,863,440 | |||||||
145,809 | Genpact Ltd | 6,930,302 | ||||||||
229,346 | Global Payments, Inc | 49,224,532 | ||||||||
30,079 | * | Globant S.A. | 6,893,505 | |||||||
131,468 | * | GoDaddy, Inc | 11,414,052 | |||||||
49,129 | * | GreenSky, Inc | 299,196 | |||||||
21,069 | * | Grid Dynamics Holdings, Inc | 303,604 | |||||||
27,303 | *,e | GTT Communications, Inc | 43,958 | |||||||
1,410 | * | GTY Technology Holdings Inc | 7,191 | |||||||
65,645 | * | Guidewire Software, Inc | 6,926,204 | |||||||
19,483 | Hackett Group, Inc | 324,002 | ||||||||
32,159 | * | HubSpot, Inc | 16,930,106 | |||||||
11,042 | * | I3 Verticals, Inc | 366,815 | |||||||
16,673 | * | Information Services Group, Inc | 75,862 | |||||||
8,699 | *,e | Intelligent Systems Corp | 333,346 | |||||||
25,045 | InterDigital, Inc | 1,738,624 | ||||||||
684,111 | International Business Machines Corp | 97,061,669 | ||||||||
15,169 | * | International Money Express Inc | 239,367 | |||||||
194,373 | Intuit, Inc | 80,112,776 | ||||||||
31,867 | * | j2 Global, Inc | 3,855,907 | |||||||
59,198 | Jack Henry & Associates, Inc | 9,639,210 | ||||||||
32,641 | * | Jamf Holding Corp | 1,192,049 | |||||||
10,058 | *,e | JFrog Ltd | 493,144 | |||||||
94,577 | *,e | Limelight Networks, Inc | 296,026 | |||||||
47,868 | * | Liveperson, Inc | 2,615,986 | |||||||
50,165 | * | LiveRamp Holdings, Inc | 2,457,082 | |||||||
47,226 | * | Manhattan Associates, Inc | 6,481,296 | |||||||
680,639 | Mastercard, Inc (Class A) | 260,044,936 | ||||||||
47,340 | MAXIMUS, Inc | 4,338,238 | ||||||||
27,324 | McAfee Corp | 663,427 | ||||||||
68,105 | * | Medallia, Inc | 2,008,416 |
163 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
5,775,973 | Microsoft Corp | $ | 1,456,584,871 | |||||||
5,483 | *,e | MicroStrategy, Inc (Class A) | 3,603,208 | |||||||
44,613 | * | Mimecast Ltd | 1,937,096 | |||||||
32,077 | * | Mitek Systems, Inc | 519,968 | |||||||
26,865 | * | Model N, Inc | 1,068,690 | |||||||
61,031 | * | MoneyGram International, Inc | 421,114 | |||||||
39,622 | * | MongoDB, Inc | 11,785,960 | |||||||
35,936 | * | nCino, Inc | 2,349,855 | |||||||
39,247 | * | New Relic, Inc | 2,523,582 | |||||||
415,247 | NortonLifelock, Inc | 8,973,488 | ||||||||
218,312 | * | Nuance Communications, Inc | 11,607,649 | |||||||
150,888 | * | Nutanix, Inc | 4,080,012 | |||||||
89,583 | * | Okta, Inc | 24,160,535 | |||||||
6,639 | * | ON24, Inc | 292,116 | |||||||
23,314 | * | OneSpan, Inc | 625,048 | |||||||
1,420,657 | Oracle Corp | 107,671,594 | ||||||||
54,376 | * | Pagerduty, Inc | 2,308,805 | |||||||
72,636 | * | Palo Alto Networks, Inc | 25,668,836 | |||||||
245,909 | Paychex, Inc | 23,973,668 | ||||||||
37,587 | * | Paycom Software, Inc | 14,448,819 | |||||||
29,430 | * | Paylocity Holding Corp | 5,687,053 | |||||||
906,533 | * | PayPal Holdings, Inc | 237,774,541 | |||||||
22,339 | *,e | Paysign Inc | 85,335 | |||||||
33,286 | Pegasystems, Inc | 4,225,325 | ||||||||
23,999 | * | Perficient, Inc | 1,574,574 | |||||||
108,179 | Perspecta, Inc | 3,166,399 | ||||||||
24,659 | * | Ping Identity Holding Corp | 598,721 | |||||||
36,290 | Progress Software Corp | 1,584,421 | ||||||||
43,548 | * | Proofpoint, Inc | 7,495,046 | |||||||
31,004 | * | PROS Holdings, Inc | 1,332,552 | |||||||
81,011 | * | PTC, Inc | 10,607,580 | |||||||
38,416 | * | Q2 Holdings, Inc | 3,996,032 | |||||||
11,688 | QAD, Inc (Class A) | 826,225 | ||||||||
25,896 | * | Qualys, Inc | 2,624,819 | |||||||
25,440 | * | Rackspace Technology, Inc | 632,693 | |||||||
39,060 | * | Rapid7, Inc | 3,173,625 | |||||||
40,927 | * | Repay Holdings Corp | 935,182 | |||||||
14,512 | * | Rimini Street, Inc | 114,209 | |||||||
61,267 | * | RingCentral, Inc | 19,541,110 | |||||||
247,088 | * | Sabre Corp | 3,701,378 | |||||||
66,850 | * | SailPoint Technologies Holding, Inc | 3,264,286 | |||||||
676,732 | * | salesforce.com, Inc | 155,864,914 | |||||||
20,011 | Sapiens International Corp NV | 647,556 | ||||||||
3,251 | * | SecureWorks Corp | 42,296 | |||||||
150,328 | * | ServiceNow, Inc | 76,121,589 | |||||||
4,732 | * | ShotSpotter, Inc | 165,336 | |||||||
379,085 | * | Slack Technologies, Inc | 16,073,204 | |||||||
86,299 | * | Smartsheet, Inc | 5,117,531 | |||||||
44,616 | * | Smith Micro Software, Inc | 250,742 | |||||||
36,450 | * | SolarWinds Corp | 614,547 | |||||||
123,648 | * | Splunk, Inc | 15,631,580 | |||||||
21,701 | * | Sprout Social, Inc | 1,438,559 | |||||||
27,785 | * | SPS Commerce, Inc | 2,846,295 | |||||||
285,631 | * | Square, Inc | 69,928,181 | |||||||
169,716 | SS&C Technologies Holdings, Inc | 12,596,322 | ||||||||
552 | * | StarTek, Inc | 4,488 |
164 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
157,623 | * | StoneCo Ltd | $ | 10,188,751 | ||||||
10,437 | * | Sumo Logic, Inc | 203,417 | |||||||
94,013 | * | SVMK, Inc | 1,691,294 | |||||||
70,133 | Switch, Inc | 1,302,370 | ||||||||
30,989 | * | Sykes Enterprises, Inc | 1,358,248 | |||||||
47,556 | * | Synchronoss Technologies, Inc | 158,837 | |||||||
116,581 | * | Synopsys, Inc | 28,802,502 | |||||||
12,684 | * | Telos Corp | 420,855 | |||||||
52,967 | * | Tenable Holdings, Inc | 1,985,998 | |||||||
85,859 | * | Teradata Corp | 4,247,445 | |||||||
31,824 | * | Trade Desk, Inc | 23,209,561 | |||||||
16,091 | TTEC Holdings, Inc | 1,636,937 | ||||||||
7,649 | *,e | Tucows, Inc | 601,288 | |||||||
111,090 | * | Twilio, Inc | 40,858,902 | |||||||
30,458 | * | Tyler Technologies, Inc | 12,940,386 | |||||||
47,903 | * | Unisys Corp | 1,149,672 | |||||||
22,708 | *,e | Unity Software, Inc | 2,306,679 | |||||||
17,963 | * | Upland Software, Inc | 890,246 | |||||||
75,024 | * | Varonis Systems, Inc | 3,972,521 | |||||||
50,197 | * | Verint Systems, Inc | 2,438,068 | |||||||
77,628 | * | VeriSign, Inc | 16,982,678 | |||||||
18,164 | * | Veritone, Inc | 438,116 | |||||||
92,580 | * | Verra Mobility Corp | 1,244,275 | |||||||
8,329 | * | Viant Technology, Inc | 273,524 | |||||||
48,159 | e | VirnetX Holding Corp | 224,421 | |||||||
1,302,514 | Visa, Inc (Class A) | 304,215,170 | ||||||||
60,810 | * | VMware, Inc (Class A) | 9,780,072 | |||||||
318,046 | Western Union Co | 8,192,865 | ||||||||
34,110 | * | WEX, Inc | 6,999,713 | |||||||
137,422 | * | Workday, Inc | 33,943,234 | |||||||
30,853 | * | Workiva, Inc | 2,900,182 | |||||||
78,779 | Xperi Holding Corp | 1,618,908 | ||||||||
78,881 | * | Yext, Inc | 1,100,390 | |||||||
89,205 | * | Zendesk, Inc | 13,037,311 | |||||||
43,838 | * | Zix Corp | 345,663 | |||||||
135,305 | * | Zoom Video Communications, Inc | 43,239,419 | |||||||
56,100 | * | Zscaler, Inc | 10,526,604 | |||||||
76,958 | * | Zuora Inc | 1,246,720 | |||||||
TOTAL SOFTWARE & SERVICES | 4,625,154,793 | |||||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 6.8% | ||||||||||
93,330 | * | 3D Systems Corp | 2,010,328 | |||||||
28,640 | Adtran, Inc | 489,458 | ||||||||
20,418 | * | Akoustis Technologies, Inc | 229,294 | |||||||
446,261 | Amphenol Corp (Class A) | 30,051,216 | ||||||||
12,220,062 | Apple, Inc | 1,606,449,351 | ||||||||
28,417 | *,e | Applied Optoelectronics, Inc | 210,570 | |||||||
44,837 | * | Arista Networks, Inc | 14,131,277 | |||||||
61,760 | * | Arlo Technologies, Inc | 378,589 | |||||||
57,849 | * | Arrow Electronics, Inc | 6,598,835 | |||||||
24,242 | * | Avid Technology, Inc | 551,263 | |||||||
71,813 | Avnet, Inc | 3,154,027 | ||||||||
24,353 | Badger Meter, Inc | 2,274,327 | ||||||||
6,194 | Bel Fuse, Inc (Class B) | 123,446 | ||||||||
30,681 | Belden CDT, Inc | 1,327,874 | ||||||||
28,683 | Benchmark Electronics, Inc | 861,064 |
165 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
21,606 | * | CalAmp Corp | $ | 297,083 | ||||||
42,216 | * | Calix, Inc | 1,785,315 | |||||||
5,416 | * | Cambium Networks Corp | 324,960 | |||||||
33,928 | * | Casa Systems, Inc | 266,165 | |||||||
109,136 | CDW Corp | 19,462,223 | ||||||||
119,070 | * | Ciena Corp | 6,009,463 | |||||||
3,274,879 | Cisco Systems, Inc | 166,724,090 | ||||||||
4,869 | * | Clearfield, Inc | 167,250 | |||||||
131,536 | Cognex Corp | 11,327,880 | ||||||||
18,988 | * | Coherent, Inc | 4,936,690 | |||||||
147,770 | * | CommScope Holding Co, Inc | 2,430,817 | |||||||
13,778 | Comtech Telecommunications Corp | 330,396 | ||||||||
577,962 | Corning, Inc | 25,551,700 | ||||||||
17,703 | *,e | Corsair Gaming, Inc | 587,386 | |||||||
24,590 | CTS Corp | 799,667 | ||||||||
21,059 | * | Daktronics, Inc | 129,934 | |||||||
198,916 | * | Dell Technologies, Inc | 19,559,410 | |||||||
62,918 | * | Diebold, Inc | 944,399 | |||||||
19,320 | * | Digi International, Inc | 345,248 | |||||||
47,058 | Dolby Laboratories, Inc (Class A) | 4,774,975 | ||||||||
331 | * | DZS, Inc | 4,972 | |||||||
12,050 | *,e | Eastman Kodak Co | 89,893 | |||||||
37,068 | * | EchoStar Corp (Class A) | 906,313 | |||||||
9,293 | * | ePlus, Inc | 932,646 | |||||||
77,044 | * | Extreme Networks, Inc | 876,761 | |||||||
47,216 | * | F5 Networks, Inc | 8,818,060 | |||||||
29,342 | * | Fabrinet | 2,512,262 | |||||||
14,511 | * | FARO Technologies, Inc | 1,100,587 | |||||||
100,815 | FLIR Systems, Inc | 6,045,876 | ||||||||
35,611 | * | Genasys, Inc | 222,569 | |||||||
67,921 | * | Harmonic, Inc | 531,142 | |||||||
1,001,021 | Hewlett Packard Enterprise Co | 16,036,356 | ||||||||
992,129 | HP, Inc | 33,841,520 | ||||||||
78,718 | * | II-VI, Inc | 5,285,127 | |||||||
19,883 | * | Immersion Corp | 170,397 | |||||||
123,476 | *,e | Infinera Corp | 1,138,449 | |||||||
53,964 | *,e | Inseego Corp | 479,200 | |||||||
27,194 | * | Insight Enterprises, Inc | 2,729,462 | |||||||
27,490 | *,e | Intellicheck, Inc | 274,075 | |||||||
27,630 | * | IPG Photonics Corp | 5,998,749 | |||||||
15,183 | * | Iteris, Inc | 102,485 | |||||||
31,796 | * | Itron, Inc | 2,859,732 | |||||||
114,393 | Jabil Inc | 5,996,481 | ||||||||
252,332 | Juniper Networks, Inc | 6,406,709 | ||||||||
144,146 | * | Keysight Technologies, Inc | 20,807,475 | |||||||
14,794 | * | Kimball Electronics, Inc | 340,410 | |||||||
63,212 | * | Knowles Corp | 1,321,131 | |||||||
6,399 | * | KVH Industries, Inc | 85,683 | |||||||
18,313 | Littelfuse, Inc | 4,857,340 | ||||||||
58,266 | * | Lumentum Holdings, Inc | 4,955,523 | |||||||
12,394 | * | Luna Innovations, Inc | 140,548 | |||||||
29,619 | Methode Electronics, Inc | 1,330,782 | ||||||||
130,723 | Motorola Solutions, Inc | 24,615,141 | ||||||||
9,430 | * | Napco Security Technologies, Inc | 314,113 | |||||||
102,594 | National Instruments Corp | 4,248,418 | ||||||||
99,167 | * | NCR Corp | 4,536,890 |
166 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
172,992 | NetApp, Inc | $ | 12,920,772 | |||||||
24,521 | * | Netgear, Inc | 912,426 | |||||||
54,736 | * | Netscout Systems, Inc | 1,433,810 | |||||||
25,300 | * | nLight, Inc | 742,302 | |||||||
26,725 | * | Novanta, Inc | 3,519,950 | |||||||
15,509 | * | OSI Systems, Inc | 1,497,704 | |||||||
14,979 | *,e | PAR Technology Corp | 1,230,375 | |||||||
9,082 | PC Connection, Inc | 411,869 | ||||||||
27,924 | PCTEL, Inc | 186,532 | ||||||||
25,985 | * | Plantronics, Inc | 1,039,140 | |||||||
22,542 | * | Plexus Corp | 2,083,782 | |||||||
184,460 | * | Pure Storage, Inc | 3,729,781 | |||||||
37,906 | *,e | Research Frontiers, Inc | 97,039 | |||||||
39,513 | * | Resonant, Inc | 129,208 | |||||||
58,048 | * | Ribbon Communications, Inc | 391,824 | |||||||
15,165 | * | Rogers Corp | 2,969,914 | |||||||
55,011 | * | Sanmina Corp | 2,246,649 | |||||||
15,276 | * | Scansource, Inc | 461,793 | |||||||
35,032 | * | Super Micro Computer, Inc | 1,296,885 | |||||||
32,607 | Synnex Corp | 3,951,968 | ||||||||
190,945 | * | Trimble Inc | 15,657,490 | |||||||
76,878 | * | TTM Technologies, Inc | 1,153,170 | |||||||
6,851 | Ubiquiti, Inc | 1,954,796 | ||||||||
44,286 | * | Viasat, Inc | 2,293,572 | |||||||
182,020 | * | Viavi Solutions, Inc | 2,977,847 | |||||||
96,525 | Vishay Intertechnology, Inc | 2,371,619 | ||||||||
6,683 | * | Vishay Precision Group, Inc | 213,054 | |||||||
119,292 | * | Vontier Corp | 3,738,611 | |||||||
233,925 | * | Western Digital Corp | 16,522,123 | |||||||
16,625 | *,e | Wrap Technologies Inc | 97,755 | |||||||
131,216 | Xerox Holdings Corp | 3,167,554 | ||||||||
40,424 | * | Zebra Technologies Corp (Class A) | 19,716,402 | |||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 2,217,626,963 | |||||||||
TELECOMMUNICATION SERVICES - 1.4% | ||||||||||
13,098 | * | Anterix, Inc | 619,797 | |||||||
5,493,413 | AT&T, Inc | 172,548,102 | ||||||||
5,840 | ATN International, Inc | 266,187 | ||||||||
14,511 | * | Bandwidth Inc | 1,918,354 | |||||||
39,329 | * | Boingo Wireless, Inc | 549,033 | |||||||
38,930 | * | Cincinnati Bell, Inc | 600,690 | |||||||
33,327 | Cogent Communications Group, Inc | 2,516,522 | ||||||||
70,859 | * | Consolidated Communications Holdings, Inc | 510,185 | |||||||
44,664 | *,e | Gogo, Inc | 465,399 | |||||||
12,896 | * | IDT Corp (Class B) | 309,633 | |||||||
93,288 | * | Iridium Communications, Inc | 3,544,011 | |||||||
27,165 | * | Liberty Latin America Ltd (Class A) | 377,186 | |||||||
118,887 | * | Liberty Latin America Ltd (Class C) | 1,658,474 | |||||||
847,847 | Lumen Technologies, Inc | 10,877,877 | ||||||||
22,870 | * | Ooma, Inc | 378,041 | |||||||
51,661 | * | ORBCOMM, Inc | 592,035 | |||||||
38,595 | Shenandoah Telecom Co | 1,824,000 | ||||||||
14,133 | Spok Holdings, Inc | 145,146 | ||||||||
90,410 | Telephone & Data Systems, Inc | 2,077,622 | ||||||||
423,519 | * | T-Mobile US, Inc | 55,959,566 | |||||||
8,839 | * | US Cellular Corp | 301,675 |
167 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
3,193,651 | Verizon Communications, Inc | $ | 184,561,091 | |||||||
183,282 | * | Vonage Holdings Corp | 2,483,471 | |||||||
TOTAL TELECOMMUNICATION SERVICES | 445,084,097 | |||||||||
TRANSPORTATION - 2.1% | ||||||||||
44,939 | * | Air Transport Services Group, Inc | 1,182,795 | |||||||
93,675 | * | Alaska Air Group, Inc | 6,476,690 | |||||||
10,685 | * | Allegiant Travel Co | 2,518,775 | |||||||
6,591 | Amerco, Inc | 3,932,388 | ||||||||
481,815 | * | American Airlines Group, Inc | 10,465,022 | |||||||
19,944 | ArcBest Corp | 1,451,125 | ||||||||
19,550 | * | Atlas Air Worldwide Holdings, Inc | 1,327,641 | |||||||
41,175 | * | Avis Budget Group, Inc | 3,689,692 | |||||||
99,676 | CH Robinson Worldwide, Inc | 9,676,546 | ||||||||
24,804 | * | Copa Holdings S.A. (Class A) | 2,145,546 | |||||||
36,395 | Costamare, Inc | 382,875 | ||||||||
15,394 | * | Covenant Transportation Group, Inc | 331,125 | |||||||
587,675 | CSX Corp | 59,208,256 | ||||||||
35,358 | *,e | Daseke, Inc | 268,367 | |||||||
496,782 | * | Delta Air Lines, Inc | 23,309,011 | |||||||
7,694 | *,e | Eagle Bulk Shipping, Inc | 333,458 | |||||||
15,769 | * | Echo Global Logistics, Inc | 515,646 | |||||||
7,162 | e | Eneti, Inc | 144,028 | |||||||
129,241 | Expeditors International of Washington, Inc | 14,198,416 | ||||||||
189,210 | FedEx Corp | 54,929,555 | ||||||||
20,532 | Forward Air Corp | 1,812,770 | ||||||||
19,866 | Genco Shipping & Trading Ltd | 304,744 | ||||||||
45,051 | * | Hawaiian Holdings, Inc | 1,131,231 | |||||||
38,745 | Heartland Express, Inc | 720,270 | ||||||||
25,530 | * | Hub Group, Inc (Class A) | 1,677,832 | |||||||
63,447 | JB Hunt Transport Services, Inc | 10,831,037 | ||||||||
213,246 | * | JetBlue Airways Corp | 4,341,689 | |||||||
69,551 | Kansas City Southern | 20,323,498 | ||||||||
45,468 | * | Kirby Corp | 2,896,312 | |||||||
97,798 | Knight-Swift Transportation Holdings, Inc | 4,608,242 | ||||||||
27,881 | Landstar System, Inc | 4,803,339 | ||||||||
193,012 | * | Lyft, Inc (Class A) | 10,743,048 | |||||||
56,697 | Macquarie Infrastructure Co LLC | 1,888,577 | ||||||||
48,163 | Marten Transport Ltd | 805,285 | ||||||||
33,308 | Matson, Inc | 2,176,012 | ||||||||
22,884 | * | Mesa Air Group, Inc | 257,674 | |||||||
193,555 | Norfolk Southern Corp | 54,048,298 | ||||||||
74,785 | Old Dominion Freight Line | 19,280,321 | ||||||||
62 | * | PAM Transportation Services, Inc | 3,591 | |||||||
26,622 | * | Radiant Logistics, Inc | 177,835 | |||||||
40,037 | Ryder System, Inc | 3,196,554 | ||||||||
35,633 | * | Safe Bulkers, Inc | 127,922 | |||||||
20,282 | * | Saia, Inc | 4,756,129 | |||||||
44,402 | Schneider National, Inc | 1,075,860 | ||||||||
39,123 | * | Skywest, Inc | 1,942,848 | |||||||
453,729 | * | Southwest Airlines Co | 28,485,107 | |||||||
74,471 | * | Spirit Airlines, Inc | 2,667,551 | |||||||
1,064,794 | * | Uber Technologies, Inc | 58,318,767 | |||||||
516,787 | Union Pacific Corp | 114,773,225 | ||||||||
243,047 | * | United Airlines Holdings Inc | 13,221,757 | |||||||
552,849 | United Parcel Service, Inc (Class B) | 112,703,797 |
168 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
7,345 | Universal Logistics Holdings Inc | $ | 183,698 | |||||||
11,478 | * | US Xpress Enterprises, Inc | 117,535 | |||||||
48,383 | Werner Enterprises, Inc | 2,236,746 | ||||||||
68,359 | * | XPO Logistics, Inc | 9,510,104 | |||||||
TOTAL TRANSPORTATION | 692,636,162 | |||||||||
UTILITIES - 2.5% | ||||||||||
513,735 | AES Corp | 14,292,108 | ||||||||
43,869 | Allete, Inc | 3,086,623 | ||||||||
188,558 | Alliant Energy Corp | 10,591,303 | ||||||||
190,233 | Ameren Corp | 16,139,368 | ||||||||
383,411 | American Electric Power Co, Inc | 34,012,390 | ||||||||
28,014 | American States Water Co | 2,218,429 | ||||||||
139,637 | American Water Works Co, Inc | 21,781,976 | ||||||||
4,314 | Artesian Resources Corp | 174,501 | ||||||||
79,667 | *,e | Atlantic Power Corp | 241,391 | |||||||
97,061 | Atmos Energy Corp | 10,054,549 | ||||||||
25,594 | Avangrid, Inc | 1,302,735 | ||||||||
52,808 | Avista Corp | 2,430,224 | ||||||||
48,732 | Black Hills Corp | 3,361,533 | ||||||||
24,945 | e | Brookfield Infrastructure Corp | 1,796,788 | |||||||
91,246 | Brookfield Renewable Corp | 3,784,884 | ||||||||
30,924 | *,e | Cadiz, Inc | 360,265 | |||||||
39,413 | California Water Service Group | 2,315,514 | ||||||||
390,755 | Centerpoint Energy, Inc | 9,569,590 | ||||||||
15,108 | Chesapeake Utilities Corp | 1,790,600 | ||||||||
26,585 | Clearway Energy, Inc (Class A) | 706,629 | ||||||||
61,668 | Clearway Energy, Inc (Class C) | 1,769,255 | ||||||||
219,282 | CMS Energy Corp | 14,119,568 | ||||||||
262,062 | Consolidated Edison, Inc | 20,286,219 | ||||||||
6,419 | Consolidated Water Co, Inc | 75,552 | ||||||||
625,543 | Dominion Energy, Inc | 49,980,886 | ||||||||
147,776 | DTE Energy Co | 20,691,595 | ||||||||
564,106 | Duke Energy Corp | 56,799,833 | ||||||||
279,579 | Edison International | 16,620,972 | ||||||||
156,156 | Entergy Corp | 17,066,289 | ||||||||
174,799 | Essential Utilities Inc | 8,238,277 | ||||||||
174,625 | Evergy, Inc | 11,170,761 | ||||||||
264,571 | Eversource Energy | 22,811,312 | ||||||||
740,862 | Exelon Corp | 33,294,338 | ||||||||
419,601 | FirstEnergy Corp | 15,911,270 | ||||||||
28,059 | Genie Energy Ltd | 157,130 | ||||||||
6,030 | Global Water Resources, Inc | 102,811 | ||||||||
84,623 | Hawaiian Electric Industries, Inc | 3,643,866 | ||||||||
38,266 | Idacorp, Inc | 3,921,500 | ||||||||
153,851 | MDU Resources Group, Inc | 5,147,854 | ||||||||
29,583 | MGE Energy, Inc | 2,213,104 | ||||||||
13,552 | Middlesex Water Co | 1,111,535 | ||||||||
66,032 | National Fuel Gas Co | 3,279,149 | ||||||||
73,274 | New Jersey Resources Corp | 3,073,844 | ||||||||
1,510,069 | NextEra Energy, Inc | 117,045,448 | ||||||||
292,450 | NiSource, Inc | 7,609,549 | ||||||||
24,580 | Northwest Natural Holding Co | 1,325,354 | ||||||||
38,792 | NorthWestern Corp | 2,639,020 | ||||||||
189,173 | NRG Energy, Inc | 6,776,177 | ||||||||
156,650 | OGE Energy Corp | 5,257,174 |
169 |
TIAA-CREF FUNDS - Equity Index Fund
SHARES | COMPANY | VALUE | |||||||||||||
40,415 | ONE Gas, Inc | $ | 3,252,195 | ||||||||||||
31,460 | Ormat Technologies, Inc | 2,277,704 | |||||||||||||
32,053 | Otter Tail Corp | 1,513,863 | |||||||||||||
1,010,972 | *,b | PG&E Corp | 11,444,203 | ||||||||||||
86,858 | Pinnacle West Capital Corp | 7,352,530 | |||||||||||||
60,711 | PNM Resources, Inc | 2,996,695 | |||||||||||||
71,224 | Portland General Electric Co | 3,622,453 | |||||||||||||
591,740 | PPL Corp | 17,237,386 | |||||||||||||
389,224 | Public Service Enterprise Group, Inc | 24,583,388 | |||||||||||||
9,378 | * | Pure Cycle Corp | 143,202 | ||||||||||||
3,907 | RGC Resources, Inc | 84,743 | |||||||||||||
223,280 | Sempra Energy | 30,716,630 | |||||||||||||
20,658 | SJW Corp | 1,354,132 | |||||||||||||
69,909 | e | South Jersey Industries, Inc | 1,730,248 | ||||||||||||
814,989 | Southern Co | 53,927,822 | |||||||||||||
43,362 | Southwest Gas Holdings Inc | 3,023,199 | |||||||||||||
7,602 | e | Spark Energy, Inc | 80,429 | ||||||||||||
39,858 | Spire, Inc | 3,002,902 | |||||||||||||
41,811 | * | Sunnova Energy International, Inc | 1,476,764 | ||||||||||||
161,651 | UGI Corp | 7,065,765 | |||||||||||||
12,150 | Unitil Corp | 700,204 | |||||||||||||
381,280 | Vistra Energy Corp | 6,432,194 | |||||||||||||
243,472 | WEC Energy Group, Inc | 23,658,174 | |||||||||||||
406,909 | Xcel Energy, Inc | 29,012,612 | |||||||||||||
14,741 | York Water Co | 761,225 | |||||||||||||
TOTAL UTILITIES | 829,601,704 | ||||||||||||||
TOTAL COMMON STOCKS | 32,663,581,163 | ||||||||||||||
(Cost $14,937,642,816) | |||||||||||||||
RIGHTS / WARRANTS - 0.0% | |||||||||||||||
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 | 1,193 | ||||||||||||
4,598 | † | Tobira Therapeutics, Inc | 276 | ||||||||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 2,704 | ||||||||||||||
TOTAL RIGHTS / WARRANTS | 2,704 | ||||||||||||||
(Cost $822) | |||||||||||||||
PRINCIPAL | ISSUER | RATE | MATURITY DATE | ||||||||||||
SHORT-TERM INVESTMENTS - 1.2% | |||||||||||||||
GOVERNMENT AGENCY DEBT - 0.6% | |||||||||||||||
$ | 6,140,000 | Federal Home Loan Bank (FHLB) | 0.010 | % | 05/05/21 | 6,140,000 | |||||||||
15,019,000 | FHLB | 0.005 | 05/07/21 | 15,019,000 | |||||||||||
9,696,000 | FHLB | 0.010 | 05/11/21 | 9,696,000 | |||||||||||
12,092,000 | FHLB | 0.005-0.010 | 05/12/21 | 12,092,000 | |||||||||||
10,000,000 | FHLB | 0.010 | 05/14/21 | 10,000,000 |
170 |
TIAA-CREF FUNDS - Equity Index Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | |||||||||||
$ | 47,978,000 | FHLB | 0.005 | % | 05/19/21 | $ | 47,978,000 | ||||||||
20,875,000 | FHLB | 0.011 | 06/09/21 | 20,875,000 | |||||||||||
5,532,000 | FHLB | 0.015 | 06/21/21 | 5,532,000 | |||||||||||
20,418,000 | FHLB | 0.015-0.020 | 07/23/21 | 20,417,540 | |||||||||||
3,369,000 | Federal Agricultural Mortgage Corp (FAMC) | 0.005 | 05/24/21 | 3,369,000 | |||||||||||
49,590,000 | Tennessee Valley Authority (TVA) | 0.005 | 05/05/21 | 49,590,000 | |||||||||||
TOTAL GOVERNMENT AGENCY DEBT | 200,708,540 | ||||||||||||||
REPURCHASE AGREEMENT - 0.0% | |||||||||||||||
9,390,000 | r | Fixed Income Clearing Corp (FICC) | 0.005 | 05/03/21 | 9,390,000 | ||||||||||
TOTAL REPURCHASE AGREEMENT | 9,390,000 | ||||||||||||||
TREASURY DEBT - 0.3% | |||||||||||||||
25,499,000 | United States Treasury Bill | 0.005 | 05/04/21 | 25,498,998 | |||||||||||
50,423,000 | United States Treasury Bill | 0.010-0.013 | 05/20/21 | 50,422,762 | |||||||||||
12,500,000 | United States Treasury Bill | 0.015 | 06/15/21 | 12,499,944 | |||||||||||
TOTAL TREASURY DEBT | 88,421,704 | ||||||||||||||
SHARES | COMPANY | ||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.3% | |||||||||||||||
86,481,538 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 0.020 | 86,481,538 | |||||||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 86,481,538 | ||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 385,001,782 | ||||||||||||||
(Cost $385,000,515) | |||||||||||||||
TOTAL INVESTMENTS - 100.8% | 33,048,585,649 | ||||||||||||||
(Cost $15,322,644,153) | |||||||||||||||
OTHER ASSETS & LIABILITIES, NET - (0.8)% | (257,884,549 | ) | |||||||||||||
NET ASSETS - 100.0% | $ | 32,790,701,100 |
Abbreviation(s): | |||
CVR Contingent Value Right | |||
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 $151,106,293. | ||
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 4/30/21, the aggregate value of these securities is $2,026,121 or 0.0% of net assets. | ||
r | Agreement with Fixed Income Clearing Corp, 0.005% dated 4/30/21 to be repurchased at $9,390,000 on 5/3/21, collateralized by U.S. Treasury Notes valued at $9,577,858. |
171 |
TIAA-CREF FUNDS - Equity Index Fund
Futures contracts outstanding as of April 30, 2021 were as follows:
Description | Number of long (short) contracts | Expiration date | Notional amount | Value | Unrealized appreciation (depreciation) | |||||||||||
Russell 2000 E Mini Index | 206 | 06/18/21 | $ | 23,014,678 | $ | 23,293,450 | $ | 278,772 | ||||||||
S&P 500 E Mini Index | 1,253 | 06/18/21 | 258,723,510 | 261,526,160 | 2,802,650 | |||||||||||
S&P Mid-Cap 400 E Mini Index | 28 | 06/18/21 | 7,526,072 | 7,616,840 | 90,768 | |||||||||||
Total | 1,487 | $ | 289,264,260 | $ | 292,436,450 | $ | 3,172,190 |
172 |
TIAA-CREF FUNDS – Large-Cap Growth Index Fund
TIAA-CREF FUNDS
LARGE-CAP GROWTH INDEX FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2021
SHARES | COMPANY | VALUE | ||||||||||||||
COMMON STOCKS - 99.9% | ||||||||||||||||
AUTOMOBILES & COMPONENTS - 2.8% | ||||||||||||||||
18,861 | BorgWarner, Inc | $ | 916,267 | |||||||||||||
521,814 | * | Tesla, Inc | 370,195,724 | |||||||||||||
TOTAL AUTOMOBILES & COMPONENTS | 371,111,991 | |||||||||||||||
BANKS - 0.0% | ||||||||||||||||
29,343 | e | Rocket Cos, Inc | 658,750 | |||||||||||||
TOTAL BANKS | 658,750 | |||||||||||||||
CAPITAL GOODS - 2.3% | ||||||||||||||||
253,038 | 3M Co | 49,883,911 | ||||||||||||||
40,658 | Allegion plc | 5,463,622 | ||||||||||||||
49,259 | Allison Transmission Holdings, Inc | 2,042,771 | ||||||||||||||
12,318 | Armstrong World Industries, Inc | 1,276,761 | ||||||||||||||
2,783 | * | Array Technologies, Inc | 78,369 | |||||||||||||
42,424 | * | Axon Enterprise, Inc | 6,431,903 | |||||||||||||
8,837 | * | AZEK Co, Inc | 426,650 | |||||||||||||
41,187 | BWX Technologies, Inc | 2,756,234 | ||||||||||||||
212,431 | Carrier Global Corp | 9,257,743 | ||||||||||||||
3,334 | Donaldson Co, Inc | 209,642 | ||||||||||||||
316,056 | Fastenal Co | 16,523,408 | ||||||||||||||
38,187 | * | Generac Holdings, Inc | 12,370,679 | |||||||||||||
56,909 | Graco, Inc | 4,370,611 | ||||||||||||||
24,526 | HEICO Corp | 3,453,261 | ||||||||||||||
43,010 | HEICO Corp (Class A) | 5,431,303 | ||||||||||||||
722 | Huntington Ingalls | 153,295 | ||||||||||||||
94,993 | Illinois Tool Works, Inc | 21,892,087 | ||||||||||||||
16,702 | Lincoln Electric Holdings, Inc | 2,138,691 | ||||||||||||||
168,776 | Lockheed Martin Corp | 64,229,395 | ||||||||||||||
30,730 | * | Mercury Systems, Inc | 2,312,125 | |||||||||||||
32,070 | Nordson Corp | 6,779,919 | ||||||||||||||
97,876 | Northrop Grumman Corp | 34,691,169 | ||||||||||||||
18,793 | Quanta Services, Inc | 1,816,155 | ||||||||||||||
38,450 | Rockwell Automation, Inc | 10,160,797 | ||||||||||||||
9,822 | Roper Technologies Inc | 4,384,934 | ||||||||||||||
5,006 | * | Shoals Technologies Group, Inc | 160,542 | |||||||||||||
66,219 | Toro Co | 7,588,697 | ||||||||||||||
7,978 | * | TransDigm Group, Inc | 4,896,418 | |||||||||||||
79,334 | * | Trex Co, Inc | 8,567,279 | |||||||||||||
162,646 | Vertiv Holdings Co | 3,692,064 | ||||||||||||||
40,056 | *,e | Virgin Galactic Holdings, Inc | 887,240 | |||||||||||||
21,844 | W.W. Grainger, Inc | 9,470,248 | ||||||||||||||
TOTAL CAPITAL GOODS | 303,797,923 | |||||||||||||||
COMMERCIAL & PROFESSIONAL SERVICES - 1.1% | ||||||||||||||||
92,311 | Booz Allen Hamilton Holding Co | 7,657,197 |
173 |
TIAA-CREF FUNDS – Large-Cap Growth Index Fund
SHARES | COMPANY | VALUE | ||||||||||||||
2,750 | * | CACI International, Inc (Class A) | $ | 700,865 | ||||||||||||
53,230 | Cintas Corp | 18,371,802 | ||||||||||||||
139,781 | * | Copart, Inc | 17,404,132 | |||||||||||||
3,481 | CoreLogic Inc | 277,436 | ||||||||||||||
26,639 | * | CoStar Group, Inc | 22,761,161 | |||||||||||||
47,502 | * | Dun & Bradstreet Holdings, Inc | 1,128,648 | |||||||||||||
61,150 | Equifax, Inc | 14,017,415 | ||||||||||||||
21,426 | * | IAA, Inc | 1,345,767 | |||||||||||||
147,309 | IHS Markit Ltd | 15,847,502 | ||||||||||||||
8,612 | Leidos Holdings, Inc | 872,223 | ||||||||||||||
5,257 | MSA Safety, Inc | 845,115 | ||||||||||||||
133,558 | Rollins, Inc | 4,979,042 | ||||||||||||||
5,494 | Science Applications International Corp | 491,273 | ||||||||||||||
118,057 | TransUnion | 12,347,582 | ||||||||||||||
107,945 | Verisk Analytics, Inc | 20,315,249 | ||||||||||||||
37,283 | Waste Management, Inc | 5,143,936 | ||||||||||||||
TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 144,506,345 | |||||||||||||||
CONSUMER DURABLES & APPAREL - 1.1% | ||||||||||||||||
77,303 | * | Lululemon Athletica, Inc | 25,917,377 | |||||||||||||
138,783 | * | Mattel, Inc | 2,978,283 | |||||||||||||
846,691 | Nike, Inc (Class B) | 112,288,160 | ||||||||||||||
239 | * | NVR, Inc | 1,199,326 | |||||||||||||
41,949 | * | Peloton Interactive, Inc | 4,125,684 | |||||||||||||
4,482 | Polaris Inc | 627,615 | ||||||||||||||
95,688 | Tempur Sealy International, Inc | 3,649,540 | ||||||||||||||
11,965 | VF Corp | 1,048,852 | ||||||||||||||
TOTAL CONSUMER DURABLES & APPAREL | 151,834,837 | |||||||||||||||
CONSUMER SERVICES - 1.6% | ||||||||||||||||
27,850 | * | Booking Holdings, Inc | 68,680,328 | |||||||||||||
28,467 | * | Bright Horizons Family Solutions | 4,122,876 | |||||||||||||
88,675 | * | Chegg, Inc | 8,010,013 | |||||||||||||
18,971 | * | Chipotle Mexican Grill, Inc (Class A) | 28,305,301 | |||||||||||||
26,625 | Domino’s Pizza, Inc | 11,244,803 | ||||||||||||||
10,442 | * | Expedia Group, Inc | 1,840,194 | |||||||||||||
10,599 | * | frontdoor, Inc | 567,364 | |||||||||||||
87,950 | H&R Block, Inc | 1,957,767 | ||||||||||||||
96,763 | * | Las Vegas Sands Corp | 5,927,701 | |||||||||||||
72,548 | McDonald’s Corp | 17,127,132 | ||||||||||||||
31,643 | * | Planet Fitness, Inc | 2,657,696 | |||||||||||||
459,975 | Starbucks Corp | 52,662,538 | ||||||||||||||
2,183 | * | Vail Resorts, Inc | 709,824 | |||||||||||||
108,557 | Wendy’s | 2,450,131 | ||||||||||||||
17,168 | * | Wynn Resorts Ltd | 2,204,371 | |||||||||||||
18,373 | Yum China Holdings, Inc | 1,156,029 | ||||||||||||||
14,994 | Yum! Brands, Inc | 1,792,083 | ||||||||||||||
TOTAL CONSUMER SERVICES | 211,416,151 | |||||||||||||||
DIVERSIFIED FINANCIALS - 1.2% | ||||||||||||||||
57,464 | Apollo Global Management, Inc | 3,181,782 | ||||||||||||||
67,123 | Ares Management Corp | 3,525,300 | ||||||||||||||
6,182 | Carlyle Group, Inc | 263,724 | ||||||||||||||
15,720 | CBOE Global Markets, Inc | 1,640,696 | ||||||||||||||
379 | *,e | Credit Acceptance Corp | 149,625 | |||||||||||||
25,551 | Factset Research Systems, Inc | 8,590,757 |
174 |
TIAA-CREF FUNDS – Large-Cap Growth Index Fund
SHARES | COMPANY | VALUE | ||||||||||||||
131,450 | Intercontinental Exchange Group, Inc | $ | 15,472,979 | |||||||||||||
3,254 | iShares Russell 1000 Growth Index Fund | 845,194 | ||||||||||||||
7,244 | *,e | LendingTree, Inc | 1,495,814 | |||||||||||||
3,545 | LPL Financial Holdings, Inc | 555,501 | ||||||||||||||
25,192 | MarketAxess Holdings, Inc | 12,305,284 | ||||||||||||||
110,790 | Moody’s Corp | 36,196,201 | ||||||||||||||
12,354 | Morningstar, Inc | 3,273,934 | ||||||||||||||
54,708 | MSCI, Inc (Class A) | 26,575,505 | ||||||||||||||
96,834 | S&P Global, Inc | 37,803,025 | ||||||||||||||
57,050 | SLM Corp | 1,121,603 | ||||||||||||||
38,013 | T Rowe Price Group, Inc | 6,811,930 | ||||||||||||||
48,202 | Tradeweb Markets, Inc | 3,917,859 | ||||||||||||||
2,088 | * | Upstart Holdings, Inc | 227,634 | |||||||||||||
37,166 | Virtu Financial, Inc | 1,101,229 | ||||||||||||||
TOTAL DIVERSIFIED FINANCIALS | 165,055,576 | |||||||||||||||
ENERGY - 0.1% | ||||||||||||||||
157,995 | * | Cheniere Energy, Inc | 12,247,773 | |||||||||||||
25,227 | Equitrans Midstream Corp | 205,852 | ||||||||||||||
TOTAL ENERGY | 12,453,625 | |||||||||||||||
FOOD & STAPLES RETAILING - 0.9% | ||||||||||||||||
37,616 | e | Albertsons Cos, Inc | 698,529 | |||||||||||||
265,487 | Costco Wholesale Corp | 98,785,058 | ||||||||||||||
26,275 | * | Grocery Outlet Holding Corp | 1,061,247 | |||||||||||||
56,698 | * | Sprouts Farmers Market, Inc | 1,452,036 | |||||||||||||
235,109 | SYSCO Corp | 19,920,786 | ||||||||||||||
TOTAL FOOD & STAPLES RETAILING | 121,917,656 | |||||||||||||||
FOOD, BEVERAGE & TOBACCO - 2.1% | ||||||||||||||||
553,206 | Altria Group, Inc | 26,415,587 | ||||||||||||||
27,880 | *,e | Beyond Meat, Inc | 3,671,239 | |||||||||||||
6,081 | * | Boston Beer Co, Inc (Class A) | 7,397,476 | |||||||||||||
25,360 | Brown-Forman Corp (Class A) | 1,809,436 | ||||||||||||||
104,100 | Brown-Forman Corp (Class B) | 7,940,748 | ||||||||||||||
66,291 | Campbell Soup Co | 3,165,395 | ||||||||||||||
1,546,197 | Coca-Cola Co | 83,463,714 | ||||||||||||||
77,514 | Hershey Co | 12,735,550 | ||||||||||||||
59,303 | Kellogg Co | 3,701,693 | ||||||||||||||
22,508 | Lamb Weston Holdings, Inc | 1,811,894 | ||||||||||||||
94,783 | McCormick & Co, Inc | 8,564,592 | ||||||||||||||
251,347 | * | Monster Beverage Corp | 24,393,226 | |||||||||||||
694,187 | PepsiCo, Inc | 100,073,998 | ||||||||||||||
10,216 | * | Pilgrim’s Pride Corp | 244,775 | |||||||||||||
TOTAL FOOD, BEVERAGE & TOBACCO | 285,389,323 | |||||||||||||||
HEALTH CARE EQUIPMENT & SERVICES - 6.0% | ||||||||||||||||
451,885 | Abbott Laboratories | 54,262,351 | ||||||||||||||
30,051 | * | Abiomed, Inc | 9,638,257 | |||||||||||||
53,127 | * | Align Technology, Inc | 31,638,722 | |||||||||||||
21,821 | * | Amedisys, Inc | 5,888,397 | |||||||||||||
27,531 | * | American Well Corp | 423,702 | |||||||||||||
47,457 | AmerisourceBergen Corp | 5,732,806 | ||||||||||||||
43,110 | Anthem, Inc | 16,355,503 | ||||||||||||||
145,334 | Baxter International, Inc | 12,453,670 | ||||||||||||||
200,720 | Cardinal Health, Inc | 12,111,445 |
175 |
TIAA-CREF FUNDS – Large-Cap Growth Index Fund
SHARES | COMPANY | VALUE | ||||||||||||||
117,322 | * | Centene Corp | $ | 7,243,460 | ||||||||||||
205,604 | Cerner Corp | 15,430,580 | ||||||||||||||
11,714 | * | Certara, Inc | 372,622 | |||||||||||||
118,362 | * | Change Healthcare, Inc | 2,716,408 | |||||||||||||
10,469 | Chemed Corp | 4,989,630 | ||||||||||||||
63,386 | Cigna Corp | 15,783,748 | ||||||||||||||
3,926 | Cooper Cos, Inc | 1,613,154 | ||||||||||||||
8,875 | * | DaVita, Inc | 1,034,204 | |||||||||||||
62,574 | * | DexCom, Inc | 24,159,821 | |||||||||||||
420,207 | * | Edwards Lifesciences Corp | 40,138,173 | |||||||||||||
29,538 | Encompass Health Corp | 2,506,595 | ||||||||||||||
55,679 | * | Guardant Health, Inc | 8,851,847 | |||||||||||||
31,949 | * | Haemonetics Corp | 2,148,890 | |||||||||||||
94,663 | HCA Healthcare, Inc | 19,032,943 | ||||||||||||||
5,477 | Hill-Rom Holdings, Inc | 603,675 | ||||||||||||||
121,759 | * | Hologic, Inc | 7,981,302 | |||||||||||||
33,368 | Humana, Inc | 14,856,768 | ||||||||||||||
3,565 | * | ICU Medical, Inc | 742,483 | |||||||||||||
57,267 | * | IDEXX Laboratories, Inc | 31,439,010 | |||||||||||||
44,630 | * | Insulet Corp | 13,175,669 | |||||||||||||
78,912 | * | Intuitive Surgical, Inc | 68,258,880 | |||||||||||||
3,654 | * | Laboratory Corp of America Holdings | 971,489 | |||||||||||||
33,400 | * | Masimo Corp | 7,771,178 | |||||||||||||
80,924 | McKesson Corp | 15,178,105 | ||||||||||||||
26,881 | * | Molina Healthcare, Inc | 6,857,343 | |||||||||||||
68,643 | * | Novocure Ltd | 14,010,036 | |||||||||||||
31,457 | * | Oak Street Health, Inc | 1,938,695 | |||||||||||||
22,245 | * | Penumbra, Inc | 6,806,748 | |||||||||||||
24,693 | * | Quidel Corp | 2,587,579 | |||||||||||||
97,748 | Resmed, Inc | 18,373,692 | ||||||||||||||
10,200 | * | Signify Health, Inc | 289,170 | |||||||||||||
2,895 | STERIS plc | 610,903 | ||||||||||||||
76,707 | Stryker Corp | 20,145,559 | ||||||||||||||
37,007 | * | Tandem Diabetes Care, Inc | 3,400,943 | |||||||||||||
68,788 | * | Teladoc, Inc | 11,855,612 | |||||||||||||
19,876 | Teleflex, Inc | 8,397,213 | ||||||||||||||
535,467 | UnitedHealth Group, Inc | 213,544,240 | ||||||||||||||
92,027 | * | Veeva Systems, Inc | 25,993,026 | |||||||||||||
49,951 | West Pharmaceutical Services, Inc | 16,409,903 | ||||||||||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 806,726,149 | |||||||||||||||
HOUSEHOLD & PERSONAL PRODUCTS - 1.3% | ||||||||||||||||
169,071 | Church & Dwight Co, Inc | 14,496,148 | ||||||||||||||
60,895 | Clorox Co | 11,113,337 | ||||||||||||||
34,708 | Energizer Holdings, Inc | 1,711,104 | ||||||||||||||
137,906 | Estee Lauder Cos (Class A) | 43,274,903 | ||||||||||||||
7,234 | * | Herbalife Nutrition Ltd | 331,100 | |||||||||||||
742,304 | Procter & Gamble Co | 99,038,200 | ||||||||||||||
6,696 | Reynolds Consumer Products, Inc | 196,327 | ||||||||||||||
TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 170,161,119 | |||||||||||||||
INSURANCE - 0.7% | ||||||||||||||||
925 | * | Alleghany Corp | 628,047 | |||||||||||||
154,357 | Aon plc | 38,811,524 | ||||||||||||||
5,426 | Axis Capital Holdings Ltd | 302,771 | ||||||||||||||
10,088 | Brown & Brown, Inc | 536,480 |
176 |
TIAA-CREF FUNDS – Large-Cap Growth Index Fund
SHARES | COMPANY | VALUE | ||||||||||||||
9,498 | Erie Indemnity Co (Class A) | $ | 2,032,762 | |||||||||||||
7,113 | * | GoHealth, Inc | 84,858 | |||||||||||||
16,478 | Lincoln National Corp | 1,056,734 | ||||||||||||||
267,499 | Marsh & McLennan Cos, Inc | 36,299,614 | ||||||||||||||
16,111 | Primerica, Inc | 2,574,055 | ||||||||||||||
114,953 | Progressive Corp | 11,580,365 | ||||||||||||||
11,466 | RenaissanceRe Holdings Ltd | 1,935,576 | ||||||||||||||
TOTAL INSURANCE | 95,842,786 | |||||||||||||||
MATERIALS - 0.8% | ||||||||||||||||
19,155 | Air Products & Chemicals, Inc | 5,525,834 | ||||||||||||||
163,043 | Amcor plc | 1,915,755 | ||||||||||||||
23,640 | Avery Dennison Corp | 5,062,979 | ||||||||||||||
204,317 | Ball Corp | 19,132,244 | ||||||||||||||
30,329 | * | Berry Global Group, Inc | 1,929,531 | |||||||||||||
9,713 | Crown Holdings, Inc | 1,066,487 | ||||||||||||||
33,975 | Ecolab, Inc | 7,614,477 | ||||||||||||||
17,334 | FMC Corp | 2,049,572 | ||||||||||||||
37,827 | Graphic Packaging Holding Co | 701,691 | ||||||||||||||
3,713 | NewMarket Corp | 1,286,889 | ||||||||||||||
32,063 | Royal Gold, Inc | 3,586,567 | ||||||||||||||
72,755 | RPM International, Inc | 6,900,084 | ||||||||||||||
25,819 | Scotts Miracle-Gro Co (Class A) | 5,968,320 | ||||||||||||||
168,418 | Sherwin-Williams Co | 46,124,638 | ||||||||||||||
13,634 | W R Grace & Co | 937,065 | ||||||||||||||
TOTAL MATERIALS | 109,802,133 | |||||||||||||||
MEDIA & ENTERTAINMENT - 12.3% | ||||||||||||||||
205,044 | Activision Blizzard, Inc | 18,697,962 | ||||||||||||||
158,769 | * | Alphabet, Inc (Class A) | 373,662,842 | |||||||||||||
153,786 | * | Alphabet, Inc (Class C) | 370,642,714 | |||||||||||||
154,539 | * | Altice USA, Inc | 5,611,311 | |||||||||||||
3,646 | Cable One, Inc | 6,526,340 | ||||||||||||||
86,410 | * | Charter Communications, Inc | 58,192,815 | |||||||||||||
26,716 | Electronic Arts, Inc | 3,795,809 | ||||||||||||||
1,636,486 | * | Facebook, Inc | 531,988,869 | |||||||||||||
51,237 | * | IAC/InterActive Corp | 12,987,042 | |||||||||||||
5,536 | * | Liberty SiriusXM Group (Class A) | 250,172 | |||||||||||||
14,362 | * | Liberty SiriusXM Group (Class C) | 649,593 | |||||||||||||
97,039 | * | Live Nation, Inc | 7,945,553 | |||||||||||||
152,162 | * | Match Group, Inc | 23,680,972 | |||||||||||||
289,841 | * | Netflix, Inc | 148,824,658 | |||||||||||||
19,894 | Nexstar Media Group Inc | 2,932,575 | ||||||||||||||
227,117 | * | Pinterest, Inc | 15,073,755 | |||||||||||||
24,251 | * | Playtika Holding Corp | 673,693 | |||||||||||||
74,053 | * | Roku, Inc | 25,397,957 | |||||||||||||
464,078 | e | Sirius XM Holdings, Inc | 2,830,876 | |||||||||||||
91,394 | * | Spotify Technology S.A. | 23,042,255 | |||||||||||||
71,839 | * | Take-Two Interactive Software, Inc | 12,599,124 | |||||||||||||
31,344 | World Wrestling Entertainment, Inc (Class A) | 1,727,368 | ||||||||||||||
4,714 | * | Zillow Group, Inc (Class A) | 628,612 | |||||||||||||
11,163 | * | Zillow Group, Inc (Class C) | 1,452,530 | |||||||||||||
494,977 | * | Zynga, Inc | 5,355,651 | |||||||||||||
TOTAL MEDIA & ENTERTAINMENT | 1,655,171,048 |
177 |
TIAA-CREF FUNDS – Large-Cap Growth Index Fund
SHARES | COMPANY | VALUE | ||||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.3% | ||||||||||||||||
39,241 | * | 10X Genomics, Inc | $ | 7,761,870 | ||||||||||||
1,128,731 | AbbVie, Inc | 125,853,506 | ||||||||||||||
75,402 | * | Acadia Pharmaceuticals, Inc | 1,550,265 | |||||||||||||
32,546 | * | Acceleron Pharma, Inc | 4,067,274 | |||||||||||||
52,442 | * | Adaptive Biotechnologies Corp | 2,181,587 | |||||||||||||
17,734 | Agilent Technologies, Inc | 2,369,972 | ||||||||||||||
3,881 | * | Agios Pharmaceuticals, Inc | 216,560 | |||||||||||||
22,434 | * | Alexion Pharmaceuticals, Inc | 3,784,167 | |||||||||||||
78,892 | * | Alnylam Pharmaceuticals, Inc | 11,095,371 | |||||||||||||
397,100 | Amgen, Inc | 95,161,044 | ||||||||||||||
338,622 | * | Avantor, Inc | 10,849,449 | |||||||||||||
7,424 | * | Berkeley Lights, Inc | 364,593 | |||||||||||||
31,396 | * | Biogen, Inc | 8,393,093 | |||||||||||||
111,727 | * | BioMarin Pharmaceutical, Inc | 8,705,768 | |||||||||||||
24,600 | Bio-Techne Corp | 10,516,254 | ||||||||||||||
20,237 | * | Bluebird Bio, Inc | 607,110 | |||||||||||||
559,783 | Bristol-Myers Squibb Co | 34,941,655 | ||||||||||||||
29,536 | Bruker BioSciences Corp | 2,023,807 | ||||||||||||||
29,510 | * | Charles River Laboratories International, Inc | 9,810,599 | |||||||||||||
574,118 | Eli Lilly & Co | 104,931,547 | ||||||||||||||
87,686 | * | Exact Sciences Corp | 11,558,768 | |||||||||||||
77,672 | * | Exelixis, Inc | 1,912,285 | |||||||||||||
41,330 | * | Global Blood Therapeutics, Inc | 1,685,437 | |||||||||||||
123,325 | * | Horizon Therapeutics Plc | 11,669,011 | |||||||||||||
99,929 | * | Illumina, Inc | 39,256,108 | |||||||||||||
125,670 | * | Incyte Corp | 10,729,705 | |||||||||||||
44,515 | * | Ionis Pharmaceuticals, Inc | 1,906,132 | |||||||||||||
92,345 | * | Iovance Biotherapeutics, Inc | 2,903,327 | |||||||||||||
49,146 | * | IQVIA Holdings, Inc | 11,534,075 | |||||||||||||
240,877 | Johnson & Johnson | 39,197,914 | ||||||||||||||
33,004 | * | Maravai LifeSciences Holdings, Inc | 1,284,186 | |||||||||||||
1,505,582 | Merck & Co, Inc | 112,165,859 | ||||||||||||||
14,767 | * | Mettler-Toledo International, Inc | 19,393,796 | |||||||||||||
194,268 | * | Moderna, Inc | 34,739,004 | |||||||||||||
63,550 | * | Neurocrine Biosciences, Inc | 6,004,839 | |||||||||||||
14,891 | PerkinElmer, Inc | 1,930,320 | ||||||||||||||
91,787 | * | PPD, Inc | 4,240,559 | |||||||||||||
36,775 | * | PRA Health Sciences, Inc | 6,137,380 | |||||||||||||
15,104 | * | Reata Pharmaceuticals, Inc | 1,531,546 | |||||||||||||
66,126 | * | Regeneron Pharmaceuticals, Inc | 31,826,444 | |||||||||||||
36,042 | * | Repligen Corp | 7,630,452 | |||||||||||||
94,361 | e | Royalty Pharma plc | 4,151,884 | |||||||||||||
2,341 | * | Sage Therapeutics, Inc | 184,377 | |||||||||||||
13,370 | * | Sana Biotechnology, Inc | 287,455 | |||||||||||||
51,699 | * | Sarepta Therapeutics, Inc | 3,662,357 | |||||||||||||
86,145 | * | Seagen, Inc | 12,384,205 | |||||||||||||
19,426 | * | Sotera Health Co | 500,414 | |||||||||||||
5,480 | * | Syneos Health, Inc | 464,978 | |||||||||||||
158,070 | Thermo Fisher Scientific, Inc | 74,329,256 | ||||||||||||||
176,884 | * | Vertex Pharmaceuticals, Inc | 38,596,089 | |||||||||||||
3,030 | * | Waters Corp | 908,606 | |||||||||||||
293,172 | Zoetis, Inc | 50,727,551 | ||||||||||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 990,619,810 | |||||||||||||||
REAL ESTATE - 1.7% | ||||||||||||||||
300,708 | American Tower Corp | 76,611,377 |
178 |
TIAA-CREF FUNDS – Large-Cap Growth Index Fund
SHARES | COMPANY | VALUE | ||||||||||||||
13,985 | Americold Realty Trust | $ | 564,854 | |||||||||||||
23,863 | Brookfield Property REIT, Inc | 429,176 | ||||||||||||||
18,812 | Coresite Realty | 2,285,470 | ||||||||||||||
264,273 | Crown Castle International Corp | 49,963,454 | ||||||||||||||
60,545 | Equinix, Inc | 43,638,414 | ||||||||||||||
47,883 | Equity Lifestyle Properties, Inc | 3,323,080 | ||||||||||||||
61,055 | Extra Space Storage, Inc | 9,078,268 | ||||||||||||||
114,210 | Iron Mountain, Inc | 4,582,105 | ||||||||||||||
67,176 | Public Storage, Inc | 18,887,204 | ||||||||||||||
10,062 | SBA Communications Corp | 3,015,783 | ||||||||||||||
175,509 | Simon Property Group, Inc | 21,366,466 | ||||||||||||||
TOTAL REAL ESTATE | 233,745,651 | |||||||||||||||
RETAILING - 11.2% | ||||||||||||||||
288,974 | * | Amazon.com, Inc | 1,001,994,227 | |||||||||||||
9,233 | * | AutoZone, Inc | 13,518,220 | |||||||||||||
28,245 | Best Buy Co, Inc | 3,284,046 | ||||||||||||||
39,161 | * | Burlington Stores, Inc | 12,779,409 | |||||||||||||
8,035 | * | CarMax, Inc | 1,070,583 | |||||||||||||
37,976 | * | Carvana Co | 10,833,034 | |||||||||||||
167,027 | Dollar General Corp | 35,869,048 | ||||||||||||||
76,638 | * | Dollar Tree, Inc | 8,805,706 | |||||||||||||
403,113 | eBay, Inc | 22,489,674 | ||||||||||||||
80,298 | * | Etsy, Inc | 15,962,440 | |||||||||||||
37,208 | * | Five Below, Inc | 7,488,854 | |||||||||||||
64,661 | * | Floor & Decor Holdings, Inc | 7,172,198 | |||||||||||||
6,299 | * | GrubHub, Inc | 428,584 | |||||||||||||
366,235 | Home Depot, Inc | 118,539,283 | ||||||||||||||
11,843 | * | Leslie’s, Inc | 336,578 | |||||||||||||
500,095 | Lowe’s Companies, Inc | 98,143,644 | ||||||||||||||
33,280 | * | Ollie’s Bargain Outlet Holdings, Inc | 3,070,746 | |||||||||||||
47,798 | * | O’Reilly Automotive, Inc | 26,426,558 | |||||||||||||
17,994 | *,e | Petco Health & Wellness Co, Inc | 425,018 | |||||||||||||
26,460 | Pool Corp | 11,179,879 | ||||||||||||||
193,229 | Ross Stores, Inc | 25,301,405 | ||||||||||||||
661,862 | TJX Companies, Inc | 46,992,202 | ||||||||||||||
78,961 | Tractor Supply Co | 14,892,045 | ||||||||||||||
34,272 | * | Ulta Beauty, Inc | 11,287,483 | |||||||||||||
56,285 | * | Vroom, Inc | 2,604,307 | |||||||||||||
43,889 | * | Wayfair, Inc | 12,972,272 | |||||||||||||
8,206 | Williams-Sonoma, Inc | 1,401,175 | ||||||||||||||
TOTAL RETAILING | 1,515,268,618 | |||||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 6.5% | ||||||||||||||||
758,937 | * | Advanced Micro Devices, Inc | 61,944,438 | |||||||||||||
7,992 | * | Allegro MicroSystems, Inc | 197,242 | |||||||||||||
30,111 | Analog Devices, Inc | 4,611,801 | ||||||||||||||
624,554 | Applied Materials, Inc | 82,884,561 | ||||||||||||||
255,220 | Broadcom, Inc | 116,431,364 | ||||||||||||||
71,968 | * | Enphase Energy, Inc | 10,021,544 | |||||||||||||
84,812 | Entegris, Inc | 9,548,135 | ||||||||||||||
105,405 | KLA Corp | 33,239,467 | ||||||||||||||
97,280 | Lam Research Corp | 60,357,376 | ||||||||||||||
76,075 | Marvell Technology, Inc | 3,439,351 | ||||||||||||||
59,769 | Maxim Integrated Products, Inc | 5,618,286 | ||||||||||||||
127,637 | Microchip Technology, Inc | 19,182,565 |
179 |
TIAA-CREF FUNDS – Large-Cap Growth Index Fund
SHARES | COMPANY | VALUE | ||||||||||||||
28,191 | MKS Instruments, Inc | $ | 5,049,290 | |||||||||||||
30,032 | Monolithic Power Systems, Inc | 10,852,964 | ||||||||||||||
402,338 | NVIDIA Corp | 241,555,688 | ||||||||||||||
767,104 | QUALCOMM, Inc | 106,474,035 | ||||||||||||||
33,207 | * | SolarEdge Technologies, Inc | 8,751,373 | |||||||||||||
113,031 | Teradyne, Inc | 14,137,917 | ||||||||||||||
311,419 | Texas Instruments, Inc | 56,214,244 | ||||||||||||||
29,153 | Universal Display Corp | 6,521,235 | ||||||||||||||
166,399 | Xilinx, Inc | 21,292,416 | ||||||||||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 878,325,292 | |||||||||||||||
SOFTWARE & SERVICES - 26.3% | ||||||||||||||||
16,361 | * | 2U, Inc | 642,169 | |||||||||||||
434,618 | Accenture plc | 126,026,182 | ||||||||||||||
327,984 | * | Adobe, Inc | 166,727,387 | |||||||||||||
90,356 | * | Akamai Technologies, Inc | 9,821,697 | |||||||||||||
36,881 | * | Alteryx, Inc | 3,015,022 | |||||||||||||
91,274 | * | Anaplan, Inc | 5,444,494 | |||||||||||||
58,159 | * | Ansys, Inc | 21,266,420 | |||||||||||||
42,993 | * | Aspen Technology, Inc | 5,625,204 | |||||||||||||
89,163 | * | Atlassian Corp plc | 21,181,562 | |||||||||||||
99,426 | * | Autodesk, Inc | 29,023,444 | |||||||||||||
251,488 | Automatic Data Processing, Inc | 47,025,741 | ||||||||||||||
56,821 | * | Avalara, Inc | 8,052,104 | |||||||||||||
24,816 | * | BigCommerce Holdings, Inc | 1,487,471 | |||||||||||||
50,582 | * | Bill.Com Holdings, Inc | 7,821,495 | |||||||||||||
104,509 | * | Black Knight, Inc | 7,568,542 | |||||||||||||
77,677 | Broadridge Financial Solutions, Inc | 12,321,903 | ||||||||||||||
8,893 | *,e | C3.ai, Inc | 589,250 | |||||||||||||
187,137 | * | Cadence Design Systems, Inc | 24,659,043 | |||||||||||||
10,983 | CDK Global, Inc | 588,579 | ||||||||||||||
55,421 | * | Ceridian HCM Holding, Inc | 5,236,176 | |||||||||||||
23,205 | Citrix Systems, Inc | 2,873,939 | ||||||||||||||
79,037 | * | Cloudflare, Inc | 6,697,595 | |||||||||||||
25,523 | Cognizant Technology Solutions Corp (Class A) | 2,052,049 | ||||||||||||||
47,490 | * | Coupa Software, Inc | 12,776,710 | |||||||||||||
76,278 | * | Crowdstrike Holdings, Inc | 15,904,726 | |||||||||||||
103,531 | * | Datadog, Inc | 8,879,854 | |||||||||||||
7,985 | * | Datto Holding Corp | 204,017 | |||||||||||||
123,319 | * | DocuSign, Inc | 27,492,738 | |||||||||||||
169,256 | * | Dropbox, Inc | 4,349,879 | |||||||||||||
41,371 | * | Duck Creek Technologies, Inc | 1,720,206 | |||||||||||||
123,424 | * | Dynatrace, Inc | 6,422,985 | |||||||||||||
45,316 | * | Elastic NV | 5,466,016 | |||||||||||||
35,969 | * | EPAM Systems, Inc | 16,464,810 | |||||||||||||
24,223 | * | Everbridge, Inc | 3,214,634 | |||||||||||||
19,096 | * | Fair Isaac Corp | 9,956,845 | |||||||||||||
52,872 | *,e | Fastly, Inc | 3,376,935 | |||||||||||||
35,189 | * | FireEye, Inc | 699,381 | |||||||||||||
115,306 | * | Fiserv, Inc | 13,850,557 | |||||||||||||
42,502 | * | Five9, Inc | 7,989,101 | |||||||||||||
56,429 | * | FleetCor Technologies, Inc | 16,235,752 | |||||||||||||
90,158 | * | Fortinet, Inc | 18,412,968 | |||||||||||||
59,048 | * | Gartner, Inc | 11,566,322 | |||||||||||||
49,563 | Genpact Ltd | 2,355,729 | ||||||||||||||
26,273 | * | Globant S.A. | 6,021,246 |
180 |
TIAA-CREF FUNDS – Large-Cap Growth Index Fund
SHARES | COMPANY | VALUE | ||||||||||||||
115,420 | * | GoDaddy, Inc | $ | 10,020,764 | ||||||||||||
10,765 | * | Guidewire Software, Inc | 1,135,815 | |||||||||||||
28,128 | * | HubSpot, Inc | 14,807,986 | |||||||||||||
171,569 | Intuit, Inc | 70,713,879 | ||||||||||||||
40,606 | Jack Henry & Associates, Inc | 6,611,875 | ||||||||||||||
11,106 | * | Jamf Holding Corp | 405,591 | |||||||||||||
7,548 | *,e | JFrog Ltd | 370,078 | |||||||||||||
38,102 | * | Manhattan Associates, Inc | 5,229,119 | |||||||||||||
601,356 | Mastercard, Inc (Class A) | 229,754,073 | ||||||||||||||
12,356 | McAfee Corp | 300,004 | ||||||||||||||
59,743 | * | Medallia, Inc | 1,761,821 | |||||||||||||
5,103,473 | Microsoft Corp | 1,286,993,821 | ||||||||||||||
35,727 | * | MongoDB, Inc | 10,627,353 | |||||||||||||
26,368 | * | nCino, Inc | 1,724,204 | |||||||||||||
35,795 | * | New Relic, Inc | 2,301,619 | |||||||||||||
370,361 | NortonLifelock, Inc | 8,003,501 | ||||||||||||||
128,488 | * | Nutanix, Inc | 3,474,316 | |||||||||||||
79,075 | * | Okta, Inc | 21,326,528 | |||||||||||||
1,105,289 | Oracle Corp | 83,769,853 | ||||||||||||||
48,015 | * | Pagerduty, Inc | 2,038,717 | |||||||||||||
64,259 | * | Palo Alto Networks, Inc | 22,708,488 | |||||||||||||
171,720 | Paychex, Inc | 16,740,983 | ||||||||||||||
33,046 | * | Paycom Software, Inc | 12,703,213 | |||||||||||||
26,017 | * | Paylocity Holding Corp | 5,027,525 | |||||||||||||
800,412 | * | PayPal Holdings, Inc | 209,940,064 | |||||||||||||
24,683 | Pegasystems, Inc | 3,133,260 | ||||||||||||||
38,693 | * | Proofpoint, Inc | 6,659,452 | |||||||||||||
71,164 | * | PTC, Inc | 9,318,214 | |||||||||||||
53,581 | * | RingCentral, Inc | 17,089,660 | |||||||||||||
554,003 | * | salesforce.com, Inc | 127,597,971 | |||||||||||||
132,525 | * | ServiceNow, Inc | 67,106,684 | |||||||||||||
335,325 | * | Slack Technologies, Inc | 14,217,780 | |||||||||||||
76,597 | * | Smartsheet, Inc | 4,542,202 | |||||||||||||
109,591 | * | Splunk, Inc | 13,854,494 | |||||||||||||
251,673 | * | Square, Inc | 61,614,584 | |||||||||||||
31,351 | SS&C Technologies Holdings, Inc | 2,326,871 | ||||||||||||||
137,270 | * | StoneCo Ltd | 8,873,133 | |||||||||||||
57,011 | Switch, Inc | 1,058,694 | ||||||||||||||
95,364 | * | Synopsys, Inc | 23,560,630 | |||||||||||||
54,841 | * | Teradata Corp | 2,712,984 | |||||||||||||
28,031 | * | Trade Desk, Inc | 20,443,289 | |||||||||||||
81,386 | * | Twilio, Inc | 29,933,771 | |||||||||||||
26,851 | * | Tyler Technologies, Inc | 11,407,916 | |||||||||||||
16,326 | *,e | Unity Software, Inc | 1,658,395 | |||||||||||||
40,503 | * | VeriSign, Inc | 8,860,841 | |||||||||||||
1,150,943 | Visa, Inc (Class A) | 268,814,247 | ||||||||||||||
54,575 | * | VMware, Inc (Class A) | 8,777,297 | |||||||||||||
54,932 | Western Union Co | 1,415,048 | ||||||||||||||
2,772 | * | WEX, Inc | 568,842 | |||||||||||||
121,952 | * | Workday, Inc | 30,122,144 | |||||||||||||
78,676 | * | Zendesk, Inc | 11,498,497 | |||||||||||||
119,240 | * | Zoom Video Communications, Inc | 38,105,527 | |||||||||||||
49,088 | * | Zscaler, Inc | 9,210,872 | |||||||||||||
TOTAL SOFTWARE & SERVICES | 3,542,083,368 | |||||||||||||||
181 |
TIAA-CREF FUNDS – Large-Cap Growth Index Fund
SHARES | COMPANY | RATE | VALUE | |||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 11.2% | ||||||||||||||||
235,415 | Amphenol Corp (Class A) | $ | 15,852,846 | |||||||||||||
10,795,947 | Apple, Inc | 1,419,235,193 | ||||||||||||||
32,996 | * | Arista Networks, Inc | 10,399,349 | |||||||||||||
96,694 | CDW Corp | 17,243,441 | ||||||||||||||
114,772 | Cognex Corp | 9,884,165 | ||||||||||||||
13,105 | * | Coherent, Inc | 3,407,169 | |||||||||||||
11,338 | * | CommScope Holding Co, Inc | 186,510 | |||||||||||||
10,046 | * | Dell Technologies, Inc | 987,823 | |||||||||||||
5,380 | Dolby Laboratories, Inc (Class A) | 545,909 | ||||||||||||||
1,720 | * | IPG Photonics Corp | 373,429 | |||||||||||||
18,124 | Jabil Inc | 950,060 | ||||||||||||||
42,971 | * | Keysight Technologies, Inc | 6,202,864 | |||||||||||||
5,702 | * | Lumentum Holdings, Inc | 484,955 | |||||||||||||
11,599 | Motorola Solutions, Inc | 2,184,092 | ||||||||||||||
81,869 | NetApp, Inc | 6,114,796 | ||||||||||||||
94,698 | * | Pure Storage, Inc | 1,914,793 | |||||||||||||
4,790 | Ubiquiti, Inc | 1,366,731 | ||||||||||||||
32,456 | * | Zebra Technologies Corp (Class A) | 15,830,089 | |||||||||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 1,513,164,214 | |||||||||||||||
TRANSPORTATION - 1.4% | ||||||||||||||||
13,817 | CH Robinson Worldwide, Inc | 1,341,354 | ||||||||||||||
70,395 | Expeditors International of Washington, Inc | 7,733,595 | ||||||||||||||
15,399 | JB Hunt Transport Services, Inc | 2,628,763 | ||||||||||||||
20,800 | Landstar System, Inc | 3,583,424 | ||||||||||||||
57,082 | Old Dominion Freight Line | 14,716,311 | ||||||||||||||
721,995 | * | Uber Technologies, Inc | 39,543,666 | |||||||||||||
232,966 | Union Pacific Corp | 51,739,419 | ||||||||||||||
322,317 | United Parcel Service, Inc (Class B) | 65,707,544 | ||||||||||||||
3,410 | * | XPO Logistics, Inc | 474,399 | |||||||||||||
TOTAL TRANSPORTATION | 187,468,475 | |||||||||||||||
UTILITIES - 0.0% | ||||||||||||||||
58,542 | NRG Energy, Inc | 2,096,974 | ||||||||||||||
TOTAL UTILITIES | 2,096,974 | |||||||||||||||
TOTAL COMMON STOCKS | 13,468,617,814 | |||||||||||||||
(Cost $6,510,833,378) | ||||||||||||||||
SHORT-TERM INVESTMENTS - 0.1% | ||||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.1% | ||||||||||||||||
6,298,331 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 0.020 | % | 6,298,331 | |||||||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 6,298,331 | |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 6,298,331 | |||||||||||||||
(Cost $6,298,331) | ||||||||||||||||
TOTAL INVESTMENTS - 100.0% | 13,474,916,145 | |||||||||||||||
(Cost $6,517,131,709) | ||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - 0.0% | 1,888,642 | |||||||||||||||
NET ASSETS - 100.0% | $ | 13,476,804,787 |
182 |
TIAA-CREF FUNDS – Large-Cap Growth Index Fund
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 $18,702,007. | |||
183 |
TIAA-CREF FUNDS – Large-Cap Value Index Fund
TIAA-CREF FUNDS
LARGE-CAP VALUE INDEX FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2021
SHARES | COMPANY | VALUE | ||||||||||||||||
COMMON STOCKS - 99.9% | ||||||||||||||||||
AUTOMOBILES & COMPONENTS - 1.0% | ||||||||||||||||||
117,238 | * | Aptiv plc | $ | 16,869,376 | ||||||||||||||
93,952 | BorgWarner, Inc | 4,564,188 | ||||||||||||||||
1,715,876 | * | Ford Motor Co | 19,801,209 | |||||||||||||||
549,809 | * | General Motors Co | 31,460,071 | |||||||||||||||
110,051 | Gentex Corp | 3,871,594 | ||||||||||||||||
67,025 | Harley-Davidson, Inc | 3,241,999 | ||||||||||||||||
26,258 | Lear Corp | 4,827,271 | ||||||||||||||||
23,368 | Thor Industries, Inc | 3,308,675 | ||||||||||||||||
TOTAL AUTOMOBILES & COMPONENTS | 87,944,383 | |||||||||||||||||
BANKS - 8.6% | ||||||||||||||||||
71,407 | Associated Banc-Corp | 1,563,099 | ||||||||||||||||
3,404,309 | Bank of America Corp | 137,976,644 | ||||||||||||||||
17,274 | Bank of Hawaii Corp | 1,570,034 | ||||||||||||||||
53,507 | Bank OZK | 2,193,252 | ||||||||||||||||
13,741 | BOK Financial Corp | 1,208,383 | ||||||||||||||||
915,446 | Citigroup, Inc | 65,216,373 | ||||||||||||||||
186,805 | Citizens Financial Group, Inc | 8,645,335 | ||||||||||||||||
60,174 | Comerica, Inc | 4,522,678 | ||||||||||||||||
46,033 | Commerce Bancshares, Inc | 3,581,828 | ||||||||||||||||
24,533 | Cullen/Frost Bankers, Inc | 2,945,432 | ||||||||||||||||
61,779 | East West Bancorp, Inc | 4,704,471 | ||||||||||||||||
315,199 | Fifth Third Bancorp | 12,778,167 | ||||||||||||||||
2,665 | First Citizens Bancshares, Inc (Class A) | 2,311,781 | ||||||||||||||||
56,792 | First Hawaiian, Inc | 1,559,508 | ||||||||||||||||
240,072 | First Horizon National Corp | 4,390,917 | ||||||||||||||||
76,165 | First Republic Bank | 13,956,475 | ||||||||||||||||
140,329 | FNB Corp | 1,808,841 | ||||||||||||||||
442,712 | Huntington Bancshares, Inc | 6,782,348 | ||||||||||||||||
1,333,349 | JPMorgan Chase & Co | 205,082,410 | ||||||||||||||||
425,854 | Keycorp | 9,266,583 | ||||||||||||||||
56,129 | M&T Bank Corp | 8,850,982 | ||||||||||||||||
147,986 | MGIC Investment Corp | 2,255,307 | ||||||||||||||||
199,767 | New York Community Bancorp, Inc | 2,389,213 | ||||||||||||||||
51,536 | PacWest Bancorp | 2,237,178 | ||||||||||||||||
185,337 | People’s United Financial, Inc | 3,360,160 | ||||||||||||||||
32,370 | Pinnacle Financial Partners, Inc | 2,836,907 | ||||||||||||||||
186,315 | PNC Financial Services Group, Inc | 34,831,589 | ||||||||||||||||
36,867 | Popular, Inc | 2,726,683 | ||||||||||||||||
38,616 | Prosperity Bancshares, Inc | 2,832,870 | ||||||||||||||||
421,174 | Regions Financial Corp | 9,181,593 | ||||||||||||||||
32,046 | e | Rocket Cos, Inc | 719,433 | |||||||||||||||
24,696 | Signature Bank | 6,211,291 | ||||||||||||||||
84,699 | Sterling Bancorp | 2,128,486 | ||||||||||||||||
22,645 | * | SVB Financial Group | 12,949,090 | |||||||||||||||
63,215 | Synovus Financial Corp | 2,962,255 |
184 |
TIAA-CREF FUNDS – Large-Cap Value Index Fund
SHARES | COMPANY | VALUE | ||||||||||||||||
66,113 | TCF Financial Corp | $ | 3,009,464 | |||||||||||||||
22,192 | TFS Financial Corp | 434,075 | ||||||||||||||||
593,929 | Truist Financial Corp | 35,225,929 | ||||||||||||||||
97,760 | Umpqua Holdings Corp | 1,822,246 | ||||||||||||||||
596,651 | US Bancorp | 35,411,237 | ||||||||||||||||
39,080 | Webster Financial Corp | 2,067,723 | ||||||||||||||||
1,670,456 | Wells Fargo & Co | 75,254,043 | ||||||||||||||||
43,269 | Western Alliance Bancorp | 4,546,274 | ||||||||||||||||
25,142 | Wintrust Financial Corp | 1,938,448 | ||||||||||||||||
70,755 | Zions Bancorporation | 3,948,129 | ||||||||||||||||
TOTAL BANKS | 752,195,164 | |||||||||||||||||
CAPITAL GOODS - 9.6% | ||||||||||||||||||
84,660 | 3M Co | 16,689,872 | ||||||||||||||||
58,421 | A.O. Smith Corp | 3,958,023 | ||||||||||||||||
16,354 | Acuity Brands, Inc | 3,033,994 | ||||||||||||||||
61,973 | * | Aecom Technology Corp | 4,116,866 | |||||||||||||||
27,069 | AGCO Corp | 3,949,908 | ||||||||||||||||
47,407 | Air Lease Corp | 2,214,381 | ||||||||||||||||
14,134 | Allegion plc | 1,899,327 | ||||||||||||||||
17,377 | Allison Transmission Holdings, Inc | 720,624 | ||||||||||||||||
100,219 | Ametek, Inc | 13,522,550 | ||||||||||||||||
13,155 | Armstrong World Industries, Inc | 1,363,516 | ||||||||||||||||
49,719 | * | Array Technologies, Inc | 1,400,087 | |||||||||||||||
33,690 | * | AZEK Co, Inc | 1,626,553 | |||||||||||||||
234,645 | * | Boeing Co | 54,979,670 | |||||||||||||||
14,536 | BWX Technologies, Inc | 972,749 | ||||||||||||||||
23,215 | Carlisle Cos, Inc | 4,449,155 | ||||||||||||||||
244,014 | Carrier Global Corp | 10,634,130 | ||||||||||||||||
238,359 | Caterpillar, Inc | 54,372,071 | ||||||||||||||||
48,388 | * | Colfax Corp | 2,186,654 | |||||||||||||||
21,325 | Crane Co | 2,005,829 | ||||||||||||||||
64,627 | Cummins, Inc | 16,288,589 | ||||||||||||||||
18,184 | Curtiss-Wright Corp | 2,325,734 | ||||||||||||||||
124,193 | Deere & Co | 46,056,974 | ||||||||||||||||
48,813 | Donaldson Co, Inc | 3,069,361 | ||||||||||||||||
62,013 | Dover Corp | 9,251,719 | ||||||||||||||||
175,890 | Eaton Corp | 25,139,958 | ||||||||||||||||
261,267 | Emerson Electric Co | 23,642,051 | ||||||||||||||||
49,271 | Fastenal Co | 2,575,888 | ||||||||||||||||
57,087 | Flowserve Corp | 2,262,929 | ||||||||||||||||
130,059 | Fortive Corp | 9,210,778 | ||||||||||||||||
60,360 | Fortune Brands Home & Security, Inc | 6,336,593 | ||||||||||||||||
29,059 | * | Gates Industrial Corp plc | 501,268 | |||||||||||||||
2,429 | * | Generac Holdings, Inc | 786,875 | |||||||||||||||
111,204 | General Dynamics Corp | 21,154,337 | ||||||||||||||||
3,825,376 | General Electric Co | 50,188,933 | ||||||||||||||||
36,690 | Graco, Inc | 2,817,792 | ||||||||||||||||
74,565 | GrafTech International Ltd | 948,467 | ||||||||||||||||
3,837 | HEICO Corp | 540,250 | ||||||||||||||||
6,680 | HEICO Corp (Class A) | 843,550 | ||||||||||||||||
36,526 | * | Hexcel Corp | 2,060,432 | |||||||||||||||
309,083 | Honeywell International, Inc | 68,937,872 | ||||||||||||||||
173,000 | * | Howmet Aerospace, Inc | 5,529,080 |
185 |
TIAA-CREF FUNDS – Large-Cap Value Index Fund
SHARES | COMPANY | VALUE | ||||||||||||||||
23,676 | Hubbell, Inc | $ | 4,546,029 | |||||||||||||||
15,696 | Huntington Ingalls | 3,332,575 | ||||||||||||||||
33,017 | IDEX Corp | 7,402,411 | ||||||||||||||||
77,598 | Illinois Tool Works, Inc | 17,883,235 | ||||||||||||||||
151,894 | * | Ingersoll Rand, Inc | 7,505,083 | |||||||||||||||
37,876 | ITT, Inc | 3,572,086 | ||||||||||||||||
320,819 | Johnson Controls International plc | 19,999,856 | ||||||||||||||||
92,606 | L3Harris Technologies, Inc | 19,375,953 | ||||||||||||||||
15,153 | Lennox International, Inc | 5,081,407 | ||||||||||||||||
13,944 | Lincoln Electric Holdings, Inc | 1,785,529 | ||||||||||||||||
110,828 | Masco Corp | 7,079,693 | ||||||||||||||||
4,450 | * | Mercury Systems, Inc | 334,818 | |||||||||||||||
24,138 | * | Middleby Corp | 4,376,702 | |||||||||||||||
19,575 | MSC Industrial Direct Co (Class A) | 1,764,882 | ||||||||||||||||
4,463 | Nordson Corp | 943,523 | ||||||||||||||||
5,655 | Northrop Grumman Corp | 2,004,358 | ||||||||||||||||
68,153 | nVent Electric plc | 2,075,259 | ||||||||||||||||
29,677 | Oshkosh Corp | 3,692,709 | ||||||||||||||||
180,583 | Otis Worldwide Corp | 14,061,998 | ||||||||||||||||
46,850 | Owens Corning, Inc | 4,535,548 | ||||||||||||||||
148,878 | PACCAR, Inc | 13,381,155 | ||||||||||||||||
56,545 | Parker-Hannifin Corp | 17,744,386 | ||||||||||||||||
72,333 | Pentair plc | 4,666,202 | ||||||||||||||||
49,151 | Quanta Services, Inc | 4,749,953 | ||||||||||||||||
627,850 | Raytheon Technologies Corp | 52,262,234 | ||||||||||||||||
17,741 | Regal-Beloit Corp | 2,562,333 | ||||||||||||||||
26,126 | Rockwell Automation, Inc | 6,904,057 | ||||||||||||||||
39,284 | Roper Technologies Inc | 17,537,949 | ||||||||||||||||
67,621 | * | Sensata Technologies Holding plc | 3,904,436 | |||||||||||||||
35,957 | * | Shoals Technologies Group, Inc | 1,153,141 | |||||||||||||||
23,577 | Snap-On, Inc | 5,601,895 | ||||||||||||||||
45,169 | Spirit Aerosystems Holdings, Inc (Class A) | 2,063,772 | ||||||||||||||||
67,449 | Stanley Black & Decker, Inc | 13,946,430 | ||||||||||||||||
15,889 | * | Teledyne Technologies, Inc | 7,114,300 | |||||||||||||||
99,800 | Textron, Inc | 6,411,152 | ||||||||||||||||
28,906 | Timken Co | 2,424,346 | ||||||||||||||||
4,637 | Toro Co | 531,400 | ||||||||||||||||
105,527 | Trane Technologies plc | 18,343,758 | ||||||||||||||||
18,071 | * | TransDigm Group, Inc | 11,090,896 | |||||||||||||||
39,412 | Trinity Industries, Inc | 1,089,348 | ||||||||||||||||
31,561 | * | United Rentals, Inc | 10,097,942 | |||||||||||||||
73,081 | * | Univar Solutions Inc | 1,706,441 | |||||||||||||||
9,018 | Valmont Industries, Inc | 2,226,093 | ||||||||||||||||
4,147 | *,e | Virgin Galactic Holdings, Inc | 91,856 | |||||||||||||||
5,190 | W.W. Grainger, Inc | 2,250,073 | ||||||||||||||||
79,819 | Wabtec Corp | 6,550,745 | ||||||||||||||||
14,277 | Watsco, Inc | 4,181,162 | ||||||||||||||||
24,381 | Woodward Inc | 3,047,869 | ||||||||||||||||
79,449 | Xylem, Inc | 8,791,032 | ||||||||||||||||
TOTAL CAPITAL GOODS | 848,345,399 | |||||||||||||||||
COMMERCIAL & PROFESSIONAL SERVICES - 1.0% | ||||||||||||||||||
71,179 | ADT, Inc | 654,847 | ||||||||||||||||
9,129 | * | CACI International, Inc (Class A) | 2,326,617 | |||||||||||||||
4,412 | Cintas Corp | 1,522,758 |
186 |
TIAA-CREF FUNDS – Large-Cap Value Index Fund
SHARES | COMPANY | VALUE | ||||||||||||||||
22,551 | * | Clean Harbors, Inc | $ | 2,006,137 | ||||||||||||||
29,770 | CoreLogic Inc | 2,372,669 | ||||||||||||||||
14,439 | * | Driven Brands Holdings, Inc | 411,800 | |||||||||||||||
31,086 | * | Dun & Bradstreet Holdings, Inc | 738,603 | |||||||||||||||
13,682 | Equifax, Inc | 3,136,325 | ||||||||||||||||
14,934 | * | FTI Consulting, Inc | 2,073,586 | |||||||||||||||
44,839 | * | IAA, Inc | 2,816,338 | |||||||||||||||
79,197 | IHS Markit Ltd | 8,520,013 | ||||||||||||||||
56,740 | Jacobs Engineering Group, Inc | 7,581,031 | ||||||||||||||||
53,255 | Leidos Holdings, Inc | 5,393,666 | ||||||||||||||||
25,374 | Manpower, Inc | 3,067,463 | ||||||||||||||||
12,405 | MSA Safety, Inc | 1,994,228 | ||||||||||||||||
159,314 | Nielsen NV | 4,086,404 | ||||||||||||||||
91,255 | Republic Services, Inc | 9,700,407 | ||||||||||||||||
48,925 | Robert Half International, Inc | 4,286,319 | ||||||||||||||||
12,181 | Rollins, Inc | 454,108 | ||||||||||||||||
22,143 | Science Applications International Corp | �� | 1,980,027 | |||||||||||||||
40,033 | * | Stericycle, Inc | 3,053,717 | |||||||||||||||
7,412 | TransUnion | 775,221 | ||||||||||||||||
161,291 | Waste Management, Inc | 22,253,319 | ||||||||||||||||
TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 91,205,603 | |||||||||||||||||
CONSUMER DURABLES & APPAREL - 1.5% | ||||||||||||||||||
34,565 | Brunswick Corp | 3,702,949 | ||||||||||||||||
63,619 | * | Capri Holdings Ltd | 3,504,135 | |||||||||||||||
18,771 | * | Carter’s, Inc | 2,042,097 | |||||||||||||||
12,618 | Columbia Sportswear Co | 1,375,488 | ||||||||||||||||
144,924 | DR Horton, Inc | 14,244,580 | ||||||||||||||||
66,358 | Garmin Ltd | 9,106,972 | ||||||||||||||||
151,946 | Hanesbrands, Inc | 3,199,983 | ||||||||||||||||
55,752 | Hasbro, Inc | 5,544,536 | ||||||||||||||||
57,852 | Leggett & Platt, Inc | 2,873,509 | ||||||||||||||||
119,457 | Lennar Corp (Class A) | 12,375,745 | ||||||||||||||||
5,591 | Lennar Corp (Class B) | 450,467 | ||||||||||||||||
62,469 | * | Mattel, Inc | 1,340,585 | |||||||||||||||
25,456 | * | Mohawk Industries, Inc | 5,231,208 | |||||||||||||||
168,306 | Newell Brands Inc | 4,537,530 | ||||||||||||||||
1,320 | * | NVR, Inc | 6,623,892 | |||||||||||||||
85,129 | * | Peloton Interactive, Inc | 8,372,437 | |||||||||||||||
22,837 | Polaris Inc | 3,197,865 | ||||||||||||||||
118,216 | Pulte Homes, Inc | 6,988,930 | ||||||||||||||||
31,992 | * | PVH Corp | 3,620,855 | |||||||||||||||
20,931 | * | Ralph Lauren Corp | 2,789,893 | |||||||||||||||
58,610 | * | Skechers U.S.A., Inc (Class A) | 2,841,999 | |||||||||||||||
120,686 | * | Tapestry, Inc | 5,774,825 | |||||||||||||||
21,452 | Tempur Sealy International, Inc | 818,179 | ||||||||||||||||
51,382 | Toll Brothers, Inc | 3,221,651 | ||||||||||||||||
82,501 | * | Under Armour, Inc (Class A) | 2,005,599 | |||||||||||||||
83,055 | * | Under Armour, Inc (Class C) | 1,653,625 | |||||||||||||||
134,304 | VF Corp | 11,773,089 | ||||||||||||||||
26,732 | Whirlpool Corp | 6,320,781 | ||||||||||||||||
TOTAL CONSUMER DURABLES & APPAREL | 135,533,404 |
187 |
TIAA-CREF FUNDS – Large-Cap Value Index Fund
SHARES | COMPANY | VALUE | ||||||||||||||||
CONSUMER SERVICES - 2.7% | ||||||||||||||||||
100,032 | ARAMARK Holdings Corp | $ | 3,888,244 | |||||||||||||||
7,733 | * | Bright Horizons Family Solutions | 1,119,970 | |||||||||||||||
266,538 | * | Carnival Corp | 7,452,403 | |||||||||||||||
15,242 | * | Choice Hotels International, Inc | 1,734,540 | |||||||||||||||
57,009 | Darden Restaurants, Inc | 8,364,361 | ||||||||||||||||
53,880 | * | Expedia Group, Inc | 9,495,272 | |||||||||||||||
77,542 | Extended Stay America, Inc | 1,542,310 | ||||||||||||||||
31,212 | * | frontdoor, Inc | 1,670,778 | |||||||||||||||
1,639 | Graham Holdings Co | 1,041,765 | ||||||||||||||||
20,916 | * | Grand Canyon Education, Inc | 2,264,994 | |||||||||||||||
25,112 | H&R Block, Inc | 558,993 | ||||||||||||||||
119,689 | * | Hilton Worldwide Holdings, Inc | 15,403,974 | |||||||||||||||
15,597 | * | Hyatt Hotels Corp | 1,284,101 | |||||||||||||||
83,427 | * | Las Vegas Sands Corp | 5,110,738 | |||||||||||||||
117,854 | * | Marriott International, Inc (Class A) | 17,503,676 | |||||||||||||||
280,470 | McDonald’s Corp | 66,213,358 | ||||||||||||||||
209,736 | MGM Resorts International | 8,540,450 | ||||||||||||||||
159,714 | * | Norwegian Cruise Line Holdings Ltd | 4,959,120 | |||||||||||||||
15,174 | * | Planet Fitness, Inc | 1,274,464 | |||||||||||||||
86,908 | * | Royal Caribbean Cruises Ltd | 7,556,651 | |||||||||||||||
74,239 | Service Corp International | 3,967,332 | ||||||||||||||||
32,580 | * | Six Flags Entertainment Corp | 1,530,608 | |||||||||||||||
217,252 | Starbucks Corp | 24,873,182 | ||||||||||||||||
58,332 | * | Terminix Global Holdings, Inc | 2,968,515 | |||||||||||||||
37,154 | Travel & Leisure Co | 2,397,548 | ||||||||||||||||
16,107 | * | Vail Resorts, Inc | 5,237,352 | |||||||||||||||
40,182 | Wyndham Hotels & Resorts, Inc | 2,937,706 | ||||||||||||||||
34,711 | * | Wynn Resorts Ltd | 4,456,892 | |||||||||||||||
165,446 | Yum China Holdings, Inc | 10,409,862 | ||||||||||||||||
122,267 | Yum! Brands, Inc | 14,613,352 | ||||||||||||||||
TOTAL CONSUMER SERVICES | 240,372,511 | |||||||||||||||||
DIVERSIFIED FINANCIALS - 9.7% | ||||||||||||||||||
19,742 | Affiliated Managers Group, Inc | 3,181,818 | ||||||||||||||||
235,882 | AGNC Investment Corp | 4,229,364 | ||||||||||||||||
163,748 | Ally Financial, Inc | 8,424,835 | ||||||||||||||||
288,078 | American Express Co | 44,176,761 | ||||||||||||||||
52,141 | Ameriprise Financial, Inc | 13,473,235 | ||||||||||||||||
616,279 | Annaly Capital Management, Inc | 5,595,813 | ||||||||||||||||
37,681 | Apollo Global Management, Inc | 2,086,397 | ||||||||||||||||
349,654 | Bank of New York Mellon Corp | 17,440,742 | ||||||||||||||||
828,203 | * | Berkshire Hathaway, Inc (Class B) | 227,714,415 | |||||||||||||||
64,784 | BlackRock, Inc | 53,077,531 | ||||||||||||||||
198,664 | Capital One Financial Corp | 29,616,829 | ||||||||||||||||
48,921 | Carlyle Group, Inc | 2,086,970 | ||||||||||||||||
37,211 | CBOE Global Markets, Inc | 3,883,712 | ||||||||||||||||
606,665 | Charles Schwab Corp | 42,709,216 | ||||||||||||||||
156,185 | CME Group, Inc | 31,547,808 | ||||||||||||||||
3,853 | *,e | Credit Acceptance Corp | 1,521,126 | |||||||||||||||
135,458 | Discover Financial Services | 15,442,212 | ||||||||||||||||
177,640 | Equitable Holdings, Inc | 6,080,617 | ||||||||||||||||
17,303 | Evercore Inc | 2,424,669 | ||||||||||||||||
119,371 | Franklin Resources, Inc | 3,581,130 |
188 |
TIAA-CREF FUNDS – Large-Cap Value Index Fund
SHARES | COMPANY | VALUE | ||||||||||||||||
145,855 | Goldman Sachs Group, Inc | $ | 50,823,175 | |||||||||||||||
31,923 | Interactive Brokers Group, Inc (Class A) | 2,283,133 | ||||||||||||||||
158,523 | Intercontinental Exchange Group, Inc | 18,659,742 | ||||||||||||||||
165,243 | Invesco Ltd | 4,461,561 | ||||||||||||||||
537,233 | iShares Russell 1000 Value Index Fund | 84,641,059 | ||||||||||||||||
98,614 | Jefferies Financial Group, Inc | 3,205,941 | ||||||||||||||||
239,831 | KKR & Co, Inc | 13,569,638 | ||||||||||||||||
44,161 | Lazard Ltd (Class A) | 1,986,803 | ||||||||||||||||
352 | *,e | LendingTree, Inc | 72,685 | |||||||||||||||
31,690 | LPL Financial Holdings, Inc | 4,965,823 | ||||||||||||||||
615,323 | Morgan Stanley | 50,794,914 | ||||||||||||||||
1,842 | Morningstar, Inc | 488,149 | ||||||||||||||||
50,708 | Nasdaq Inc | 8,191,370 | ||||||||||||||||
200,670 | New Residential Investment Corp | 2,151,182 | ||||||||||||||||
85,299 | Northern Trust Corp | 9,707,026 | ||||||||||||||||
31,769 | OneMain Holdings, Inc | 1,806,703 | ||||||||||||||||
53,573 | Raymond James Financial, Inc | 7,006,277 | ||||||||||||||||
43,434 | S&P Global, Inc | 16,956,199 | ||||||||||||||||
33,080 | Santander Consumer USA Holdings, Inc | 1,122,735 | ||||||||||||||||
49,823 | SEI Investments Co | 3,061,125 | ||||||||||||||||
126,117 | SLM Corp | 2,479,460 | ||||||||||||||||
119,754 | Starwood Property Trust, Inc | 3,092,048 | ||||||||||||||||
154,236 | State Street Corp | 12,948,112 | ||||||||||||||||
255,560 | Synchrony Financial | 11,178,194 | ||||||||||||||||
74,649 | T Rowe Price Group, Inc | 13,377,101 | ||||||||||||||||
5,396 | Tradeweb Markets, Inc | 438,587 | ||||||||||||||||
4,825 | * | Upstart Holdings, Inc | 526,022 | |||||||||||||||
2,931 | Virtu Financial, Inc | 86,846 | ||||||||||||||||
55,069 | Voya Financial, Inc | 3,734,780 | ||||||||||||||||
TOTAL DIVERSIFIED FINANCIALS | 852,111,590 | |||||||||||||||||
ENERGY - 4.9% | ||||||||||||||||||
128,911 | Antero Midstream Corp | 1,113,791 | ||||||||||||||||
166,042 | APA Corp | 3,320,840 | ||||||||||||||||
289,990 | Baker Hughes Co | 5,822,999 | ||||||||||||||||
178,047 | Cabot Oil & Gas Corp | 2,968,044 | ||||||||||||||||
847,899 | Chevron Corp | 87,392,950 | ||||||||||||||||
44,593 | Cimarex Energy Co | 2,952,057 | ||||||||||||||||
599,241 | ConocoPhillips | 30,645,185 | ||||||||||||||||
32,763 | * | Continental Resources, Inc | 892,464 | |||||||||||||||
258,324 | Devon Energy Corp | 6,039,615 | ||||||||||||||||
74,496 | Diamondback Energy, Inc | 6,088,558 | ||||||||||||||||
255,442 | EOG Resources, Inc | 18,810,749 | ||||||||||||||||
120,323 | * | EQT Corp | 2,298,169 | |||||||||||||||
167,968 | Equitrans Midstream Corp | 1,370,619 | ||||||||||||||||
1,862,698 | Exxon Mobil Corp | 106,620,834 | ||||||||||||||||
390,097 | Halliburton Co | 7,630,297 | ||||||||||||||||
45,779 | Helmerich & Payne, Inc | 1,173,316 | ||||||||||||||||
120,741 | Hess Corp | 8,996,412 | ||||||||||||||||
65,712 | HollyFrontier Corp | 2,299,920 | ||||||||||||||||
851,424 | Kinder Morgan, Inc | 14,516,779 | ||||||||||||||||
345,310 | Marathon Oil Corp | 3,888,191 | ||||||||||||||||
283,797 | Marathon Petroleum Corp | 15,793,303 | ||||||||||||||||
68,669 | Murphy Oil Corp | 1,162,566 | ||||||||||||||||
170,032 | * | NOV, Inc | 2,541,979 | |||||||||||||||
367,212 | Occidental Petroleum Corp | 9,312,496 |
189 |
TIAA-CREF FUNDS – Large-Cap Value Index Fund
SHARES | COMPANY | VALUE | ||||||||||||||||
195,706 | ONEOK, Inc | $ | 10,243,252 | |||||||||||||||
193,118 | Phillips 66 | 15,625,177 | ||||||||||||||||
88,217 | Pioneer Natural Resources Co | 13,570,421 | ||||||||||||||||
609,083 | Schlumberger Ltd | 16,475,695 | ||||||||||||||||
100,948 | Targa Resources Investments, Inc | 3,501,886 | ||||||||||||||||
178,769 | Valero Energy Corp | 13,221,755 | ||||||||||||||||
531,558 | Williams Cos, Inc | 12,948,753 | ||||||||||||||||
TOTAL ENERGY | 429,239,072 | |||||||||||||||||
FOOD & STAPLES RETAILING - 1.6% | ||||||||||||||||||
42,648 | e | Albertsons Cos, Inc | 791,973 | |||||||||||||||
16,132 | Casey’s General Stores, Inc | 3,584,369 | ||||||||||||||||
22,960 | Costco Wholesale Corp | 8,543,186 | ||||||||||||||||
14,202 | * | Grocery Outlet Holding Corp | 573,619 | |||||||||||||||
333,083 | Kroger Co | 12,170,853 | ||||||||||||||||
8,108 | * | Sprouts Farmers Market, Inc | 207,646 | |||||||||||||||
61,084 | SYSCO Corp | 5,175,647 | ||||||||||||||||
96,279 | * | US Foods Holding Corp | 3,991,727 | |||||||||||||||
317,657 | Walgreens Boots Alliance, Inc | 16,867,587 | ||||||||||||||||
613,539 | Walmart, Inc | 85,840,242 | ||||||||||||||||
TOTAL FOOD & STAPLES RETAILING | 137,746,849 | |||||||||||||||||
FOOD, BEVERAGE & TOBACCO - 3.7% | ||||||||||||||||||
460,659 | Altria Group, Inc | 21,996,467 | ||||||||||||||||
244,786 | Archer-Daniels-Midland Co | 15,453,340 | ||||||||||||||||
4,562 | *,e | Beyond Meat, Inc | 600,724 | |||||||||||||||
3,316 | Brown-Forman Corp (Class A) | 236,597 | ||||||||||||||||
13,096 | Brown-Forman Corp (Class B) | 998,963 | ||||||||||||||||
58,639 | Bunge Ltd | 4,950,304 | ||||||||||||||||
42,267 | Campbell Soup Co | 2,018,249 | ||||||||||||||||
703,055 | Coca-Cola Co | 37,950,909 | ||||||||||||||||
212,543 | ConAgra Brands, Inc | 7,883,220 | ||||||||||||||||
71,178 | Constellation Brands, Inc (Class A) | 17,105,497 | ||||||||||||||||
85,402 | Flowers Foods, Inc | 2,046,232 | ||||||||||||||||
265,636 | General Mills, Inc | 16,166,607 | ||||||||||||||||
35,933 | * | Hain Celestial Group, Inc | 1,473,612 | |||||||||||||||
14,888 | Hershey Co | 2,446,099 | ||||||||||||||||
123,864 | Hormel Foods Corp | 5,722,517 | ||||||||||||||||
29,413 | Ingredion, Inc | 2,747,468 | ||||||||||||||||
49,279 | J.M. Smucker Co | 6,455,056 | ||||||||||||||||
72,172 | Kellogg Co | 4,504,976 | ||||||||||||||||
307,603 | Keurig Dr Pepper, Inc | 11,027,568 | ||||||||||||||||
287,445 | Kraft Heinz Co | 11,868,604 | ||||||||||||||||
49,309 | Lamb Weston Holdings, Inc | 3,969,375 | ||||||||||||||||
47,952 | McCormick & Co, Inc | 4,332,943 | ||||||||||||||||
76,495 | * | Molson Coors Brewing Co (Class B) | 4,203,400 | |||||||||||||||
614,833 | Mondelez International, Inc | 37,387,995 | ||||||||||||||||
162,377 | PepsiCo, Inc | 23,408,268 | ||||||||||||||||
683,967 | Philip Morris International, Inc | 64,976,865 | ||||||||||||||||
15,501 | * | Pilgrim’s Pride Corp | 371,404 | |||||||||||||||
27,924 | * | Post Holdings, Inc | 3,177,193 | |||||||||||||||
111 | Seaboard Corp | 397,157 | ||||||||||||||||
24,589 | * | TreeHouse Foods, Inc | 1,170,436 | |||||||||||||||
125,533 | Tyson Foods, Inc (Class A) | 9,722,531 | ||||||||||||||||
TOTAL FOOD, BEVERAGE & TOBACCO | 326,770,576 |
190 |
TIAA-CREF FUNDS – Large-Cap Value Index Fund
SHARES | COMPANY | VALUE | ||||||||||||||||
HEALTH CARE EQUIPMENT & SERVICES - 6.5% | ||||||||||||||||||
467,868 | Abbott Laboratories | $ | 56,181,589 | |||||||||||||||
38,371 | * | Acadia Healthcare Co, Inc | 2,337,561 | |||||||||||||||
8,899 | * | American Well Corp | 136,956 | |||||||||||||||
34,221 | AmerisourceBergen Corp | 4,133,897 | ||||||||||||||||
81,377 | Anthem, Inc | 30,873,620 | ||||||||||||||||
131,087 | Baxter International, Inc | 11,232,845 | ||||||||||||||||
126,811 | Becton Dickinson & Co | 31,551,845 | ||||||||||||||||
627,764 | * | Boston Scientific Corp | 27,370,510 | |||||||||||||||
179,418 | * | Centene Corp | 11,077,267 | |||||||||||||||
6,807 | * | Certara, Inc | 216,531 | |||||||||||||||
28,145 | * | Change Healthcare, Inc | 645,928 | |||||||||||||||
110,471 | Cigna Corp | 27,508,384 | ||||||||||||||||
18,766 | Cooper Cos, Inc | 7,710,762 | ||||||||||||||||
575,913 | CVS Health Corp | 43,999,753 | ||||||||||||||||
275,585 | Danaher Corp | 69,982,055 | ||||||||||||||||
27,765 | * | DaVita, Inc | 3,235,455 | |||||||||||||||
95,820 | Dentsply Sirona, Inc | 6,468,808 | ||||||||||||||||
24,181 | Encompass Health Corp | 2,052,000 | ||||||||||||||||
69,923 | * | Envista Holdings Corp | 3,026,267 | |||||||||||||||
34,109 | * | Globus Medical, Inc | 2,448,003 | |||||||||||||||
1,463 | * | Haemonetics Corp | 98,401 | |||||||||||||||
56,466 | HCA Healthcare, Inc | 11,353,054 | ||||||||||||||||
62,485 | * | Henry Schein, Inc | 4,530,163 | |||||||||||||||
25,795 | Hill-Rom Holdings, Inc | 2,843,125 | ||||||||||||||||
33,947 | * | Hologic, Inc | 2,225,226 | |||||||||||||||
35,090 | Humana, Inc | 15,623,472 | ||||||||||||||||
6,488 | * | ICU Medical, Inc | 1,351,256 | |||||||||||||||
30,729 | * | Integra LifeSciences Holdings Corp | 2,276,404 | |||||||||||||||
40,466 | * | Laboratory Corp of America Holdings | 10,758,695 | |||||||||||||||
17,799 | McKesson Corp | 3,338,380 | ||||||||||||||||
590,469 | Medtronic plc | 77,304,201 | ||||||||||||||||
8,809 | * | Molina Healthcare, Inc | 2,247,176 | |||||||||||||||
18,531 | * | Oak Street Health, Inc | 1,142,066 | |||||||||||||||
53,342 | Premier, Inc | 1,885,640 | ||||||||||||||||
58,243 | Quest Diagnostics, Inc | 7,681,087 | ||||||||||||||||
34,894 | STERIS plc | 7,363,332 | ||||||||||||||||
102,764 | Stryker Corp | 26,988,909 | ||||||||||||||||
2,794 | * | Tandem Diabetes Care, Inc | 256,769 | |||||||||||||||
3,108 | * | Teladoc, Inc | 535,664 | |||||||||||||||
7,553 | Teleflex, Inc | 3,190,991 | ||||||||||||||||
69,809 | UnitedHealth Group, Inc | 27,839,829 | ||||||||||||||||
32,275 | Universal Health Services, Inc (Class B) | 4,789,933 | ||||||||||||||||
91,576 | Zimmer Biomet Holdings, Inc | 16,223,604 | ||||||||||||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 574,037,413 | |||||||||||||||||
HOUSEHOLD & PERSONAL PRODUCTS - 1.6% | ||||||||||||||||||
16,096 | Clorox Co | 2,937,520 | ||||||||||||||||
371,118 | Colgate-Palmolive Co | 29,949,223 | ||||||||||||||||
126,637 | * | Coty, Inc | 1,267,636 | |||||||||||||||
5,598 | Energizer Holdings, Inc | 275,981 | ||||||||||||||||
10,861 | Estee Lauder Cos (Class A) | 3,408,182 | ||||||||||||||||
34,050 | * | Herbalife Nutrition Ltd | 1,558,468 | |||||||||||||||
150,149 | Kimberly-Clark Corp | 20,017,865 | ||||||||||||||||
23,767 | Nu Skin Enterprises, Inc (Class A) | 1,256,324 |
191 |
TIAA-CREF FUNDS – Large-Cap Value Index Fund
SHARES | COMPANY | VALUE | ||||||||||||||||
593,308 | Procter & Gamble Co | $ | 79,159,153 | |||||||||||||||
14,449 | Reynolds Consumer Products, Inc | 423,645 | ||||||||||||||||
19,305 | Spectrum Brands Holdings, Inc | 1,701,543 | ||||||||||||||||
TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 141,955,540 | |||||||||||||||||
INSURANCE - 3.6% | ||||||||||||||||||
300,856 | Aflac, Inc | 16,164,993 | ||||||||||||||||
5,525 | * | Alleghany Corp | 3,751,309 | |||||||||||||||
133,158 | Allstate Corp | 16,884,434 | ||||||||||||||||
32,312 | American Financial Group, Inc | 3,969,852 | ||||||||||||||||
380,747 | American International Group, Inc | 18,447,192 | ||||||||||||||||
3,108 | American National Group, Inc | 352,292 | ||||||||||||||||
173,183 | * | Arch Capital Group Ltd | 6,877,097 | |||||||||||||||
84,217 | Arthur J. Gallagher & Co | 12,207,254 | ||||||||||||||||
26,121 | Assurant, Inc | 4,064,428 | ||||||||||||||||
35,990 | Assured Guaranty Ltd | 1,830,091 | ||||||||||||||||
50,730 | * | Athene Holding Ltd | 3,027,059 | |||||||||||||||
31,866 | Axis Capital Holdings Ltd | 1,778,123 | ||||||||||||||||
38,595 | * | Brighthouse Financial, Inc | 1,805,860 | |||||||||||||||
97,053 | Brown & Brown, Inc | 5,161,279 | ||||||||||||||||
197,820 | Chubb Ltd | 33,943,934 | ||||||||||||||||
65,625 | Cincinnati Financial Corp | 7,394,625 | ||||||||||||||||
12,988 | CNA Financial Corp | 609,527 | ||||||||||||||||
4,764 | Erie Indemnity Co (Class A) | 1,019,591 | ||||||||||||||||
17,528 | Everest Re Group Ltd | 4,854,380 | ||||||||||||||||
121,388 | Fidelity National Financial Inc | 5,537,721 | ||||||||||||||||
47,538 | First American Financial Corp | 3,066,201 | ||||||||||||||||
45,415 | Globe Life, Inc | 4,654,583 | ||||||||||||||||
16,362 | * | GoHealth, Inc | 195,199 | |||||||||||||||
16,590 | Hanover Insurance Group, Inc | 2,294,563 | ||||||||||||||||
156,670 | Hartford Financial Services Group, Inc | 10,333,953 | ||||||||||||||||
27,102 | Kemper Corp | 2,115,582 | ||||||||||||||||
14,620 | *,e | Lemonade, Inc | 1,321,648 | |||||||||||||||
73,943 | Lincoln National Corp | 4,741,965 | ||||||||||||||||
99,867 | Loews Corp | 5,567,585 | ||||||||||||||||
5,892 | * | Markel Corp | 6,931,467 | |||||||||||||||
50,533 | Marsh & McLennan Cos, Inc | 6,857,328 | ||||||||||||||||
11,900 | Mercury General Corp | 741,013 | ||||||||||||||||
332,878 | Metlife, Inc | 21,181,027 | ||||||||||||||||
124,026 | Old Republic International Corp | 3,053,520 | ||||||||||||||||
5,926 | Primerica, Inc | 946,797 | ||||||||||||||||
119,057 | Principal Financial Group | 7,604,171 | ||||||||||||||||
182,901 | Progressive Corp | 18,425,447 | ||||||||||||||||
173,437 | Prudential Financial, Inc | 17,406,137 | ||||||||||||||||
29,686 | Reinsurance Group of America, Inc (Class A) | 3,874,914 | ||||||||||||||||
15,084 | RenaissanceRe Holdings Ltd | 2,546,330 | ||||||||||||||||
110,480 | Travelers Cos, Inc | 17,086,837 | ||||||||||||||||
89,093 | Unum Group | 2,517,768 | ||||||||||||||||
61,025 | W.R. Berkley Corp | 4,864,913 | ||||||||||||||||
1,322 | White Mountains Insurance Group Ltd | 1,540,698 | ||||||||||||||||
56,897 | Willis Towers Watson plc | 14,728,357 | ||||||||||||||||
TOTAL INSURANCE | 314,279,044 |
192 |
TIAA-CREF FUNDS – Large-Cap Value Index Fund
SHARES | COMPANY | VALUE | ||||||||||||||||
MATERIALS - 4.8% | ||||||||||||||||||
85,182 | Air Products & Chemicals, Inc | $ | 24,573,303 | |||||||||||||||
51,284 | Albemarle Corp | 8,624,430 | ||||||||||||||||
598,822 | Amcor plc | 7,036,158 | ||||||||||||||||
27,852 | Aptargroup, Inc | 4,200,360 | ||||||||||||||||
9,807 | Ardagh Group S.A. | 263,416 | ||||||||||||||||
24,241 | Ashland Global Holdings, Inc | 2,089,817 | ||||||||||||||||
21,450 | Avery Dennison Corp | 4,593,946 | ||||||||||||||||
92,297 | * | Axalta Coating Systems Ltd | 2,943,351 | |||||||||||||||
8,953 | Ball Corp | 838,359 | ||||||||||||||||
39,589 | * | Berry Global Group, Inc | 2,518,652 | |||||||||||||||
26,304 | Cabot Corp | 1,443,564 | ||||||||||||||||
49,930 | Celanese Corp (Series A) | 7,821,535 | ||||||||||||||||
93,142 | CF Industries Holdings, Inc | 4,529,495 | ||||||||||||||||
71,637 | Chemours Co | 2,163,437 | ||||||||||||||||
330,993 | Corteva, Inc | 16,139,219 | ||||||||||||||||
50,969 | Crown Holdings, Inc | 5,596,396 | ||||||||||||||||
325,667 | Dow, Inc | 20,354,188 | ||||||||||||||||
235,683 | DuPont de Nemours, Inc | 18,173,516 | ||||||||||||||||
17,845 | * | Eagle Materials, Inc | 2,465,108 | |||||||||||||||
59,443 | Eastman Chemical Co | 6,859,128 | ||||||||||||||||
88,162 | Ecolab, Inc | 19,758,867 | ||||||||||||||||
95,092 | Element Solutions, Inc | 2,080,613 | ||||||||||||||||
46,111 | FMC Corp | 5,452,165 | ||||||||||||||||
635,680 | Freeport-McMoRan, Inc (Class B) | 23,971,493 | ||||||||||||||||
95,253 | Graphic Packaging Holding Co | 1,766,943 | ||||||||||||||||
87,760 | Huntsman Corp | 2,516,079 | ||||||||||||||||
109,015 | International Flavors & Fragrances, Inc | 15,498,663 | ||||||||||||||||
172,386 | International Paper Co | 9,998,388 | ||||||||||||||||
230,868 | Linde plc | 65,991,309 | ||||||||||||||||
112,484 | LyondellBasell Industries NV | 11,669,090 | ||||||||||||||||
27,244 | Martin Marietta Materials, Inc | 9,620,401 | ||||||||||||||||
151,369 | Mosaic Co | 5,325,161 | ||||||||||||||||
625 | NewMarket Corp | 216,619 | ||||||||||||||||
353,251 | Newmont Goldcorp Corp | 22,046,395 | ||||||||||||||||
134,167 | Nucor Corp | 11,036,577 | ||||||||||||||||
62,477 | Olin Corp | 2,688,385 | ||||||||||||||||
41,055 | Packaging Corp of America | 6,061,771 | ||||||||||||||||
104,196 | PPG Industries, Inc | 17,842,523 | ||||||||||||||||
27,895 | Reliance Steel & Aluminum Co | 4,471,847 | ||||||||||||||||
8,159 | Royal Gold, Inc | 912,666 | ||||||||||||||||
8,319 | RPM International, Inc | 788,974 | ||||||||||||||||
1,118 | Scotts Miracle-Gro Co (Class A) | 258,437 | ||||||||||||||||
70,135 | Sealed Air Corp | 3,464,669 | ||||||||||||||||
34,462 | Silgan Holdings, Inc | 1,453,263 | ||||||||||||||||
45,634 | Sonoco Products Co | 2,987,202 | ||||||||||||||||
37,404 | Southern Copper Corp (NY) | 2,596,212 | ||||||||||||||||
88,818 | Steel Dynamics, Inc | 4,815,712 | ||||||||||||||||
81,200 | Valvoline, Inc | 2,549,680 | ||||||||||||||||
57,940 | Vulcan Materials Co | 10,327,226 | ||||||||||||||||
15,811 | W R Grace & Co | 1,086,690 | ||||||||||||||||
14,855 | Westlake Chemical Corp | 1,394,736 | ||||||||||||||||
112,441 | WestRock Co | 6,268,586 | ||||||||||||||||
TOTAL MATERIALS | 420,144,720 |
193 |
TIAA-CREF FUNDS – Large-Cap Value Index Fund
SHARES | COMPANY | VALUE | ||||||||||||||||
MEDIA & ENTERTAINMENT - 6.3% | ||||||||||||||||||
202,817 | Activision Blizzard, Inc | $ | 18,494,882 | |||||||||||||||
29,559 | * | Alphabet, Inc (Class A) | 69,567,106 | |||||||||||||||
28,627 | * | Alphabet, Inc (Class C) | 68,994,505 | |||||||||||||||
5,993 | * | Charter Communications, Inc | 4,035,986 | |||||||||||||||
1,994,776 | Comcast Corp (Class A) | 112,006,672 | ||||||||||||||||
68,711 | *,e | Discovery, Inc (Class A) | 2,587,656 | |||||||||||||||
135,750 | * | Discovery, Inc (Class C) | 4,386,082 | |||||||||||||||
108,386 | * | DISH Network Corp (Class A) | 4,854,609 | |||||||||||||||
108,685 | Electronic Arts, Inc | 15,441,965 | ||||||||||||||||
148,656 | Fox Corp (Class A) | 5,562,708 | ||||||||||||||||
70,118 | Fox Corp (Class B) | 2,550,893 | ||||||||||||||||
170,286 | Interpublic Group of Cos, Inc | 5,406,581 | ||||||||||||||||
18,421 | John Wiley & Sons, Inc (Class A) | 1,048,892 | ||||||||||||||||
10,841 | * | Liberty Broadband Corp (Class A) | 1,709,300 | |||||||||||||||
70,065 | * | Liberty Broadband Corp (Class C) | 11,400,977 | |||||||||||||||
12,363 | * | Liberty Media Group (Class A) | 512,075 | |||||||||||||||
86,858 | * | Liberty Media Group (Class C) | 4,077,115 | |||||||||||||||
32,143 | * | Liberty SiriusXM Group (Class A) | 1,452,542 | |||||||||||||||
67,211 | * | Liberty SiriusXM Group (Class C) | 3,039,954 | |||||||||||||||
26,285 | * | Lions Gate Entertainment Corp (Class A) | 380,344 | |||||||||||||||
51,515 | * | Lions Gate Entertainment Corp (Class B) | 649,089 | |||||||||||||||
8,328 | * | Madison Square Garden Co | 1,539,348 | |||||||||||||||
8,328 | * | Madison Square Garden Entertainment Corp | 754,600 | |||||||||||||||
72,020 | New York Times Co (Class A) | 3,270,428 | ||||||||||||||||
170,038 | News Corp (Class A) | 4,454,145 | ||||||||||||||||
53,175 | News Corp (Class B) | 1,292,684 | ||||||||||||||||
6,776 | Nexstar Media Group Inc | 998,850 | ||||||||||||||||
93,214 | Omnicom Group, Inc | 7,667,784 | ||||||||||||||||
29,940 | * | Pinterest, Inc | 1,987,118 | |||||||||||||||
17,409 | * | Playtika Holding Corp | 483,622 | |||||||||||||||
205,677 | e | Sirius XM Holdings, Inc | 1,254,630 | |||||||||||||||
3,696 | * | Take-Two Interactive Software, Inc | 648,204 | |||||||||||||||
44,047 | * | TripAdvisor, Inc | 2,075,935 | |||||||||||||||
342,899 | * | Twitter, Inc | 18,934,883 | |||||||||||||||
6,405 | e | ViacomCBS, Inc (Class A) | 289,506 | |||||||||||||||
246,892 | ViacomCBS, Inc (Class B) | 10,127,510 | ||||||||||||||||
795,727 | * | Walt Disney Co | 148,021,137 | |||||||||||||||
22,635 | * | Zillow Group, Inc (Class A) | 3,018,377 | |||||||||||||||
56,355 | * | Zillow Group, Inc (Class C) | 7,332,913 | |||||||||||||||
68,817 | * | Zynga, Inc | 744,600 | |||||||||||||||
TOTAL MEDIA & ENTERTAINMENT | 553,056,207 | |||||||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 5.9% | ||||||||||||||||||
46,758 | AbbVie, Inc | 5,213,517 | ||||||||||||||||
1,207 | * | Acceleron Pharma, Inc | 150,839 | |||||||||||||||
122,585 | Agilent Technologies, Inc | 16,382,259 | ||||||||||||||||
24,001 | * | Agios Pharmaceuticals, Inc | 1,339,256 | |||||||||||||||
79,417 | * | Alexion Pharmaceuticals, Inc | 13,396,060 | |||||||||||||||
73,543 | * | Alkermes plc | 1,618,314 | |||||||||||||||
4,963 | * | Berkeley Lights, Inc | 243,733 | |||||||||||||||
46,335 | * | Biogen, Inc | 12,386,736 | |||||||||||||||
7,363 | * | BioMarin Pharmaceutical, Inc | 573,725 | |||||||||||||||
9,253 | * | Bio-Rad Laboratories, Inc (Class A) | 5,830,593 | |||||||||||||||
998 | Bio-Techne Corp | 426,635 |
194 |
TIAA-CREF FUNDS – Large-Cap Value Index Fund
SHARES | COMPANY | VALUE | ||||||||||||||||
15,634 | * | Bluebird Bio, Inc | $ | 469,020 | ||||||||||||||
635,469 | Bristol-Myers Squibb Co | 39,665,975 | ||||||||||||||||
26,018 | Bruker BioSciences Corp | 1,782,753 | ||||||||||||||||
71,528 | * | Catalent, Inc | 8,044,754 | |||||||||||||||
2,440 | * | Charles River Laboratories International, Inc | 811,178 | |||||||||||||||
200,911 | * | Elanco Animal Health, Inc | 6,370,888 | |||||||||||||||
8,536 | * | Exact Sciences Corp | 1,125,216 | |||||||||||||||
86,462 | * | Exelixis, Inc | 2,128,694 | |||||||||||||||
553,407 | Gilead Sciences, Inc | 35,124,742 | ||||||||||||||||
5,957 | * | Horizon Therapeutics Plc | 563,651 | |||||||||||||||
29,083 | * | Ionis Pharmaceuticals, Inc | 1,245,334 | |||||||||||||||
51,624 | * | IQVIA Holdings, Inc | 12,115,637 | |||||||||||||||
24,398 | * | Jazz Pharmaceuticals plc | 4,011,031 | |||||||||||||||
1,005,513 | Johnson & Johnson | 163,627,131 | ||||||||||||||||
12,362 | * | Maravai LifeSciences Holdings, Inc | 481,005 | |||||||||||||||
139,910 | Merck & Co, Inc | 10,423,295 | ||||||||||||||||
620 | * | Mettler-Toledo International, Inc | 814,258 | |||||||||||||||
74,117 | * | Nektar Therapeutics | 1,453,434 | |||||||||||||||
39,322 | PerkinElmer, Inc | 5,097,311 | ||||||||||||||||
61,935 | Perrigo Co plc | 2,578,354 | ||||||||||||||||
2,448,050 | Pfizer, Inc | 94,617,133 | ||||||||||||||||
10,819 | * | PPD, Inc | 499,838 | |||||||||||||||
4,123 | * | PRA Health Sciences, Inc | 688,087 | |||||||||||||||
99,641 | * | QIAGEN NV | 4,795,721 | |||||||||||||||
1,090 | * | Reata Pharmaceuticals, Inc | 110,526 | |||||||||||||||
80,718 | e | Royalty Pharma plc | 3,551,592 | |||||||||||||||
20,208 | * | Sage Therapeutics, Inc | 1,591,582 | |||||||||||||||
3,280 | * | Sana Biotechnology, Inc | 70,520 | |||||||||||||||
17,263 | * | Sotera Health Co | 444,695 | |||||||||||||||
31,973 | * | Syneos Health, Inc | 2,712,909 | |||||||||||||||
71,857 | Thermo Fisher Scientific, Inc | 33,789,317 | ||||||||||||||||
19,016 | * | United Therapeutics Corp | 3,832,865 | |||||||||||||||
526,352 | * | Viatris, Inc | 7,000,482 | |||||||||||||||
25,009 | * | Waters Corp | 7,499,449 | |||||||||||||||
19,908 | Zoetis, Inc | 3,444,681 | ||||||||||||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 520,144,725 | |||||||||||||||||
REAL ESTATE - 4.5% | ||||||||||||||||||
59,546 | Alexandria Real Estate Equities, Inc | 10,783,781 | ||||||||||||||||
59,985 | American Campus Communities, Inc | 2,711,922 | ||||||||||||||||
119,962 | American Homes 4 Rent | 4,443,392 | ||||||||||||||||
94,005 | Americold Realty Trust | 3,796,862 | ||||||||||||||||
64,522 | Apartment Income REIT Corp | 2,913,168 | ||||||||||||||||
64,522 | Apartment Investment and Management Co | 447,783 | ||||||||||||||||
91,855 | Apple Hospitality REIT, Inc | 1,456,820 | ||||||||||||||||
62,283 | AvalonBay Communities, Inc | 11,958,336 | ||||||||||||||||
68,186 | Boston Properties, Inc | 7,456,139 | ||||||||||||||||
73,832 | Brandywine Realty Trust | 998,947 | ||||||||||||||||
129,814 | Brixmor Property Group, Inc | 2,900,045 | ||||||||||||||||
41,339 | Camden Property Trust | 4,980,523 | ||||||||||||||||
145,978 | * | CBRE Group, Inc | 12,437,326 | |||||||||||||||
5,978 | Coresite Realty | 726,267 | ||||||||||||||||
49,189 | Corporate Office Properties Trust | 1,379,260 | ||||||||||||||||
64,859 | Cousins Properties, Inc | 2,378,380 | ||||||||||||||||
12,596 | Crown Castle International Corp | 2,381,400 | ||||||||||||||||
84,655 | CubeSmart | 3,584,293 |
195 |
TIAA-CREF FUNDS – Large-Cap Value Index Fund
SHARES | COMPANY | VALUE | ||||||||||||||||
52,617 | CyrusOne, Inc | $ | 3,832,096 | |||||||||||||||
123,394 | Digital Realty Trust, Inc | 19,040,928 | ||||||||||||||||
72,900 | Douglas Emmett, Inc | 2,445,066 | ||||||||||||||||
160,435 | Duke Realty Corp | 7,463,436 | ||||||||||||||||
78,010 | Empire State Realty Trust, Inc | 888,534 | ||||||||||||||||
34,057 | * | EPR Properties | 1,624,859 | |||||||||||||||
51,124 | Equity Commonwealth | 1,472,371 | ||||||||||||||||
44,963 | Equity Lifestyle Properties, Inc | 3,120,432 | ||||||||||||||||
162,809 | Equity Residential | 12,085,312 | ||||||||||||||||
28,980 | Essex Property Trust, Inc | 8,419,270 | ||||||||||||||||
16,360 | Extra Space Storage, Inc | 2,432,568 | ||||||||||||||||
32,976 | Federal Realty Investment Trust | 3,721,012 | ||||||||||||||||
54,650 | First Industrial Realty Trust, Inc | 2,719,930 | ||||||||||||||||
95,840 | Gaming and Leisure Properties, Inc | 4,455,602 | ||||||||||||||||
95,250 | Healthcare Trust of America, Inc | 2,797,492 | ||||||||||||||||
236,405 | Healthpeak Properties Inc | 8,118,148 | ||||||||||||||||
45,069 | Highwoods Properties, Inc | 2,018,640 | ||||||||||||||||
306,396 | * | Host Hotels and Resorts, Inc | 5,564,151 | |||||||||||||||
17,193 | * | Howard Hughes Corp | 1,855,812 | |||||||||||||||
65,811 | Hudson Pacific Properties | 1,849,947 | ||||||||||||||||
245,684 | Invitation Homes, Inc | 8,613,681 | ||||||||||||||||
51,890 | Iron Mountain, Inc | 2,081,827 | ||||||||||||||||
53,371 | JBG SMITH Properties | 1,740,428 | ||||||||||||||||
22,462 | * | Jones Lang LaSalle, Inc | 4,220,834 | |||||||||||||||
50,345 | Kilroy Realty Corp | 3,450,646 | ||||||||||||||||
181,006 | Kimco Realty Corp | 3,801,126 | ||||||||||||||||
38,631 | Lamar Advertising Co | 3,826,014 | ||||||||||||||||
31,975 | Life Storage, Inc | 3,071,518 | ||||||||||||||||
253,673 | Medical Properties Trust, Inc | 5,593,490 | ||||||||||||||||
49,927 | Mid-America Apartment Communities, Inc | 7,855,015 | ||||||||||||||||
78,121 | National Retail Properties, Inc | 3,626,377 | ||||||||||||||||
98,595 | Omega Healthcare Investors, Inc | 3,746,610 | ||||||||||||||||
67,384 | * | Outfront Media, Inc | 1,642,148 | |||||||||||||||
84,208 | Paramount Group, Inc | 893,447 | ||||||||||||||||
104,913 | * | Park Hotels & Resorts, Inc | 2,340,609 | |||||||||||||||
324,126 | Prologis, Inc | 37,770,403 | ||||||||||||||||
22,739 | Public Storage, Inc | 6,393,297 | ||||||||||||||||
58,485 | Rayonier, Inc | 2,121,836 | ||||||||||||||||
164,365 | Realty Income Corp | 11,365,840 | ||||||||||||||||
73,842 | Regency Centers Corp | 4,700,782 | ||||||||||||||||
57,290 | Rexford Industrial Realty, Inc | 3,182,459 | ||||||||||||||||
42,041 | SBA Communications Corp | 12,600,529 | ||||||||||||||||
30,228 | Simon Property Group, Inc | 3,679,957 | ||||||||||||||||
32,108 | SL Green Realty Corp | 2,376,313 | ||||||||||||||||
47,674 | Spirit Realty Capital, Inc | 2,266,422 | ||||||||||||||||
107,157 | STORE Capital Corp | 3,835,149 | ||||||||||||||||
46,384 | Sun Communities, Inc | 7,738,243 | ||||||||||||||||
128,388 | UDR, Inc | 5,963,623 | ||||||||||||||||
163,633 | Ventas, Inc | 9,075,086 | ||||||||||||||||
94,642 | VEREIT, Inc | 4,527,673 | ||||||||||||||||
237,278 | VICI Properties, Inc | 7,521,713 | ||||||||||||||||
76,892 | Vornado Realty Trust | 3,517,809 | ||||||||||||||||
53,144 | Weingarten Realty Investors | 1,718,677 | ||||||||||||||||
184,876 | Welltower, Inc | 13,871,246 | ||||||||||||||||
330,414 | Weyerhaeuser Co | 12,810,151 | ||||||||||||||||
74,519 | WP Carey, Inc | 5,580,728 | ||||||||||||||||
TOTAL REAL ESTATE | 392,781,956 |
196 |
TIAA-CREF FUNDS – Large-Cap Value Index Fund
SHARES | COMPANY | VALUE | ||||||||||||||||
RETAILING - 2.5% | ||||||||||||||||||
29,189 | Advance Auto Parts, Inc | $ | 5,842,470 | |||||||||||||||
24,552 | * | Autonation, Inc | 2,516,089 | |||||||||||||||
4,085 | * | AutoZone, Inc | 5,980,930 | |||||||||||||||
81,958 | Best Buy Co, Inc | 9,529,257 | ||||||||||||||||
3,019 | * | Burlington Stores, Inc | 985,190 | |||||||||||||||
65,955 | * | CarMax, Inc | 8,787,844 | |||||||||||||||
26,951 | e | Dick’s Sporting Goods, Inc | 2,225,614 | |||||||||||||||
54,065 | * | Dollar Tree, Inc | 6,212,069 | |||||||||||||||
25,186 | eBay, Inc | 1,405,127 | ||||||||||||||||
45,339 | Foot Locker, Inc | 2,674,094 | ||||||||||||||||
78,303 | Gap, Inc | 2,591,829 | ||||||||||||||||
61,590 | Genuine Parts Co | 7,696,902 | ||||||||||||||||
36,429 | * | GrubHub, Inc | 2,478,629 | |||||||||||||||
236,406 | Home Depot, Inc | 76,517,530 | ||||||||||||||||
68,378 | Kohl’s Corp | 4,011,054 | ||||||||||||||||
100,481 | * | L Brands, Inc | 6,621,698 | |||||||||||||||
20,665 | * | Leslie’s, Inc | 587,299 | |||||||||||||||
132,734 | * | LKQ Corp | 6,200,005 | |||||||||||||||
46,329 | * | Nordstrom, Inc | 1,699,348 | |||||||||||||||
2,677 | * | Ollie’s Bargain Outlet Holdings, Inc | 247,007 | |||||||||||||||
14,529 | Penske Auto Group, Inc | 1,274,048 | ||||||||||||||||
12,095 | *,e | Petco Health & Wellness Co, Inc | 285,684 | |||||||||||||||
166,846 | Qurate Retail Group, Inc QVC Group | 1,985,467 | ||||||||||||||||
29,264 | Ross Stores, Inc | 3,831,828 | ||||||||||||||||
220,128 | Target Corp | 45,623,729 | ||||||||||||||||
101,472 | TJX Companies, Inc | 7,204,512 | ||||||||||||||||
1,652 | * | Ulta Beauty, Inc | 544,086 | |||||||||||||||
9,321 | * | Vroom, Inc | 431,283 | |||||||||||||||
2,989 | * | Wayfair, Inc | 883,459 | |||||||||||||||
28,181 | Williams-Sonoma, Inc | 4,811,906 | ||||||||||||||||
TOTAL RETAILING | 221,685,987 | |||||||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.2% | ||||||||||||||||||
37,328 | * | Advanced Micro Devices, Inc | 3,046,711 | |||||||||||||||
12,922 | * | Allegro MicroSystems, Inc | 318,915 | |||||||||||||||
141,903 | Analog Devices, Inc | 21,733,864 | ||||||||||||||||
9,231 | Broadcom, Inc | 4,211,182 | ||||||||||||||||
25,596 | * | Cirrus Logic, Inc | 1,904,598 | |||||||||||||||
48,908 | * | Cree, Inc | 4,862,433 | |||||||||||||||
4,615 | Entegris, Inc | 519,557 | ||||||||||||||||
40,406 | * | First Solar, Inc | 3,092,271 | |||||||||||||||
1,806,600 | Intel Corp | 103,933,698 | ||||||||||||||||
294,309 | Marvell Technology, Inc | 13,305,710 | ||||||||||||||||
77,246 | Maxim Integrated Products, Inc | 7,261,124 | ||||||||||||||||
27,192 | Microchip Technology, Inc | 4,086,686 | ||||||||||||||||
489,830 | * | Micron Technology, Inc | 42,159,668 | |||||||||||||||
6,141 | MKS Instruments, Inc | 1,099,915 | ||||||||||||||||
177,837 | * | ON Semiconductor Corp | 6,935,643 | |||||||||||||||
50,378 | * | Qorvo, Inc | 9,479,628 | |||||||||||||||
72,242 | Skyworks Solutions, Inc | 13,099,642 | ||||||||||||||||
202,977 | Texas Instruments, Inc | 36,639,378 | ||||||||||||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 277,690,623 |
197 |
TIAA-CREF FUNDS – Large-Cap Value Index Fund
SHARES | COMPANY | VALUE | ||||||||||||||||
SOFTWARE & SERVICES - 3.1% | ||||||||||||||||||
20,885 | * | 2U, Inc | $ | 819,736 | ||||||||||||||
12,337 | * | Akamai Technologies, Inc | 1,341,032 | |||||||||||||||
20,503 | Alliance Data Systems Corp | 2,416,279 | ||||||||||||||||
57,755 | Amdocs Ltd | 4,432,119 | ||||||||||||||||
2,014 | * | Aspen Technology, Inc | 263,512 | |||||||||||||||
32,503 | * | Autodesk, Inc | 9,487,951 | |||||||||||||||
26,604 | Automatic Data Processing, Inc | 4,974,682 | ||||||||||||||||
3,256 | * | BigCommerce Holdings, Inc | 195,165 | |||||||||||||||
1,162 | *,e | C3.ai, Inc | 76,994 | |||||||||||||||
46,597 | CDK Global, Inc | 2,497,133 | ||||||||||||||||
15,146 | * | Ceridian HCM Holding, Inc | 1,430,994 | |||||||||||||||
39,333 | Citrix Systems, Inc | 4,871,392 | ||||||||||||||||
219,442 | Cognizant Technology Solutions Corp (Class A) | 17,643,137 | ||||||||||||||||
18,198 | * | Concentrix Corp | 2,827,605 | |||||||||||||||
18,862 | * | Crowdstrike Holdings, Inc | 3,932,916 | |||||||||||||||
5,374 | * | Datto Holding Corp | 137,306 | |||||||||||||||
6,631 | * | Duck Creek Technologies, Inc | 275,717 | |||||||||||||||
111,125 | * | DXC Technology Co | 3,657,124 | |||||||||||||||
22,025 | * | Euronet Worldwide, Inc | 3,159,046 | |||||||||||||||
271,948 | Fidelity National Information Services, Inc | 41,580,849 | ||||||||||||||||
74,344 | * | FireEye, Inc | 1,477,587 | |||||||||||||||
177,763 | * | Fiserv, Inc | 21,352,892 | |||||||||||||||
50,234 | Genpact Ltd | 2,387,622 | ||||||||||||||||
130,750 | Global Payments, Inc | 28,062,872 | ||||||||||||||||
30,358 | * | Guidewire Software, Inc | 3,203,073 | |||||||||||||||
391,173 | International Business Machines Corp | 55,499,625 | ||||||||||||||||
7,250 | Jack Henry & Associates, Inc | 1,180,517 | ||||||||||||||||
7,166 | * | Jamf Holding Corp | 261,702 | |||||||||||||||
1,612 | *,e | JFrog Ltd | 79,036 | |||||||||||||||
2,881 | * | Manhattan Associates, Inc | 395,388 | |||||||||||||||
8,275 | McAfee Corp | 200,917 | ||||||||||||||||
3,465 | * | nCino, Inc | 226,576 | |||||||||||||||
126,034 | * | Nuance Communications, Inc | 6,701,228 | |||||||||||||||
98,107 | Oracle Corp | 7,435,529 | ||||||||||||||||
29,549 | Paychex, Inc | 2,880,732 | ||||||||||||||||
1,540 | Pegasystems, Inc | 195,488 | ||||||||||||||||
135,953 | * | Sabre Corp | 2,036,576 | |||||||||||||||
27,991 | * | salesforce.com, Inc | 6,446,887 | |||||||||||||||
20,534 | * | SolarWinds Corp | 346,203 | |||||||||||||||
77,904 | SS&C Technologies Holdings, Inc | 5,782,035 | ||||||||||||||||
4,726 | * | Synopsys, Inc | 1,167,606 | |||||||||||||||
11,266 | * | Teradata Corp | 557,329 | |||||||||||||||
10,800 | * | Twilio, Inc | 3,972,240 | |||||||||||||||
2,156 | *,e | Unity Software, Inc | 219,006 | |||||||||||||||
18,244 | * | VeriSign, Inc | 3,991,240 | |||||||||||||||
144,851 | Western Union Co | 3,731,362 | ||||||||||||||||
17,344 | * | WEX, Inc | 3,559,162 | |||||||||||||||
TOTAL SOFTWARE & SERVICES | 269,371,119 | |||||||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 2.9% | ||||||||||||||||||
104,806 | Amphenol Corp (Class A) | 7,057,636 | ||||||||||||||||
4,579 | * | Arista Networks, Inc | 1,443,163 | |||||||||||||||
32,724 | * | Arrow Electronics, Inc | 3,732,827 | |||||||||||||||
41,127 | Avnet, Inc | 1,806,298 | ||||||||||||||||
66,983 | * | Ciena Corp | 3,380,632 |
198 |
TIAA-CREF FUNDS – Large-Cap Value Index Fund
SHARES | COMPANY | VALUE | ||||||||||||||||
1,869,653 | Cisco Systems, Inc | $ | 95,184,034 | |||||||||||||||
1,840 | * | Coherent, Inc | 478,382 | |||||||||||||||
79,422 | * | CommScope Holding Co, Inc | 1,306,492 | |||||||||||||||
331,564 | Corning, Inc | 14,658,445 | ||||||||||||||||
107,768 | * | Dell Technologies, Inc | 10,596,827 | |||||||||||||||
24,355 | Dolby Laboratories, Inc (Class A) | 2,471,302 | ||||||||||||||||
23,920 | * | EchoStar Corp (Class A) | 584,844 | |||||||||||||||
27,333 | * | F5 Networks, Inc | 5,104,711 | |||||||||||||||
57,157 | FLIR Systems, Inc | 3,427,705 | ||||||||||||||||
575,148 | Hewlett Packard Enterprise Co | 9,213,871 | ||||||||||||||||
567,521 | HP, Inc | 19,358,141 | ||||||||||||||||
14,531 | * | IPG Photonics Corp | 3,154,825 | |||||||||||||||
52,178 | Jabil Inc | 2,735,171 | ||||||||||||||||
144,077 | Juniper Networks, Inc | 3,658,115 | ||||||||||||||||
54,457 | * | Keysight Technologies, Inc | 7,860,868 | |||||||||||||||
10,318 | Littelfuse, Inc | 2,736,746 | ||||||||||||||||
29,276 | * | Lumentum Holdings, Inc | 2,489,924 | |||||||||||||||
67,452 | Motorola Solutions, Inc | 12,701,212 | ||||||||||||||||
56,468 | National Instruments Corp | 2,338,340 | ||||||||||||||||
58,636 | * | NCR Corp | 2,682,597 | |||||||||||||||
44,444 | NetApp, Inc | 3,319,522 | ||||||||||||||||
45,193 | * | Pure Storage, Inc | 913,803 | |||||||||||||||
18,198 | Synnex Corp | 2,205,598 | ||||||||||||||||
110,010 | * | Trimble Inc | 9,020,820 | |||||||||||||||
695 | Ubiquiti, Inc | 198,304 | ||||||||||||||||
25,694 | * | Viasat, Inc | 1,330,692 | |||||||||||||||
66,941 | * | Vontier Corp | 2,097,931 | |||||||||||||||
132,921 | * | Western Digital Corp | 9,388,210 | |||||||||||||||
72,057 | Xerox Holdings Corp | 1,739,456 | ||||||||||||||||
1,978 | * | Zebra Technologies Corp (Class A) | 964,750 | |||||||||||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 251,342,194 | |||||||||||||||||
TELECOMMUNICATION SERVICES - 2.8% | ||||||||||||||||||
3,136,640 | AT&T, Inc | 98,521,862 | ||||||||||||||||
481,794 | Lumen Technologies, Inc | 6,181,417 | ||||||||||||||||
41,929 | Telephone & Data Systems, Inc | 963,528 | ||||||||||||||||
241,834 | * | T-Mobile US, Inc | 31,953,527 | |||||||||||||||
6,367 | * | US Cellular Corp | 217,306 | |||||||||||||||
1,823,813 | Verizon Communications, Inc | 105,398,153 | ||||||||||||||||
TOTAL TELECOMMUNICATION SERVICES | 243,235,793 | |||||||||||||||||
TRANSPORTATION - 2.9% | ||||||||||||||||||
52,562 | * | Alaska Air Group, Inc | 3,634,137 | |||||||||||||||
3,903 | Amerco, Inc | 2,328,647 | ||||||||||||||||
271,416 | * | American Airlines Group, Inc | 5,895,155 | |||||||||||||||
48,972 | CH Robinson Worldwide, Inc | 4,754,202 | ||||||||||||||||
14,603 | * | Copa Holdings S.A. (Class A) | 1,263,159 | |||||||||||||||
335,476 | CSX Corp | 33,799,207 | ||||||||||||||||
280,266 | * | Delta Air Lines, Inc | 13,150,081 | |||||||||||||||
28,281 | Expeditors International of Washington, Inc | 3,106,951 | ||||||||||||||||
107,866 | FedEx Corp | 31,314,578 | ||||||||||||||||
26,832 | JB Hunt Transport Services, Inc | 4,580,491 | ||||||||||||||||
134,996 | * | JetBlue Airways Corp | 2,748,518 | |||||||||||||||
39,838 | Kansas City Southern | 11,641,062 | ||||||||||||||||
26,200 | * | Kirby Corp | 1,668,940 | |||||||||||||||
54,774 | Knight-Swift Transportation Holdings, Inc | 2,580,951 | ||||||||||||||||
3,325 | Landstar System, Inc | 572,831 |
199 |
TIAA-CREF FUNDS – Large-Cap Value Index Fund
SHARES | COMPANY | VALUE | ||||||||||||||||
110,681 | * | Lyft, Inc (Class A) | $ | 6,160,504 | ||||||||||||||
33,801 | Macquarie Infrastructure Co LLC | 1,125,911 | ||||||||||||||||
110,762 | Norfolk Southern Corp | 30,929,181 | ||||||||||||||||
5,902 | Old Dominion Freight Line | 1,521,595 | ||||||||||||||||
22,960 | Ryder System, Inc | 1,833,126 | ||||||||||||||||
23,804 | Schneider National, Inc | 576,771 | ||||||||||||||||
260,265 | * | Southwest Airlines Co | 16,339,437 | |||||||||||||||
140,891 | * | Uber Technologies, Inc | 7,716,600 | |||||||||||||||
144,555 | Union Pacific Corp | 32,104,220 | ||||||||||||||||
136,904 | * | United Airlines Holdings Inc | 7,447,578 | |||||||||||||||
107,651 | United Parcel Service, Inc (Class B) | 21,945,733 | ||||||||||||||||
37,866 | * | XPO Logistics, Inc | 5,267,918 | |||||||||||||||
TOTAL TRANSPORTATION | 256,007,484 | |||||||||||||||||
UTILITIES - 5.0% | ||||||||||||||||||
289,791 | AES Corp | 8,061,986 | ||||||||||||||||
110,985 | Alliant Energy Corp | 6,234,027 | ||||||||||||||||
107,957 | Ameren Corp | 9,159,072 | ||||||||||||||||
217,532 | American Electric Power Co, Inc | 19,297,264 | ||||||||||||||||
79,644 | American Water Works Co, Inc | 12,423,667 | ||||||||||||||||
54,278 | Atmos Energy Corp | 5,622,658 | ||||||||||||||||
25,916 | Avangrid, Inc | 1,319,124 | ||||||||||||||||
220,787 | Centerpoint Energy, Inc | 5,407,074 | ||||||||||||||||
125,240 | CMS Energy Corp | 8,064,204 | ||||||||||||||||
150,260 | Consolidated Edison, Inc | 11,631,627 | ||||||||||||||||
358,361 | Dominion Energy, Inc | 28,633,044 | ||||||||||||||||
85,012 | DTE Energy Co | 11,903,380 | ||||||||||||||||
323,497 | Duke Energy Corp | 32,572,913 | ||||||||||||||||
156,420 | Edison International | 9,299,169 | ||||||||||||||||
88,075 | Entergy Corp | 9,625,717 | ||||||||||||||||
100,140 | Essential Utilities Inc | 4,719,598 | ||||||||||||||||
99,222 | Evergy, Inc | 6,347,231 | ||||||||||||||||
151,911 | Eversource Energy | 13,097,766 | ||||||||||||||||
427,713 | Exelon Corp | 19,221,422 | ||||||||||||||||
237,639 | FirstEnergy Corp | 9,011,271 | ||||||||||||||||
46,879 | Hawaiian Electric Industries, Inc | 2,018,610 | ||||||||||||||||
22,231 | Idacorp, Inc | 2,278,233 | ||||||||||||||||
87,361 | MDU Resources Group, Inc | 2,923,099 | ||||||||||||||||
38,577 | National Fuel Gas Co | 1,915,734 | ||||||||||||||||
861,610 | NextEra Energy, Inc | 66,783,391 | ||||||||||||||||
167,771 | NiSource, Inc | 4,365,401 | ||||||||||||||||
69,606 | NRG Energy, Inc | 2,493,287 | ||||||||||||||||
86,077 | OGE Energy Corp | 2,888,744 | ||||||||||||||||
589,443 | *,b | PG&E Corp | 6,672,495 | |||||||||||||||
50,627 | Pinnacle West Capital Corp | 4,285,575 | ||||||||||||||||
341,313 | PPL Corp | 9,942,448 | ||||||||||||||||
221,997 | Public Service Enterprise Group, Inc | 14,021,330 | ||||||||||||||||
128,017 | Sempra Energy | 17,611,299 | ||||||||||||||||
464,566 | Southern Co | 30,740,332 | ||||||||||||||||
91,146 | UGI Corp | 3,983,992 | ||||||||||||||||
216,856 | Vistra Energy Corp | 3,658,361 | ||||||||||||||||
139,313 | WEC Energy Group, Inc | 13,537,044 | ||||||||||||||||
231,060 | Xcel Energy, Inc | 16,474,578 | ||||||||||||||||
TOTAL UTILITIES | 438,246,167 | |||||||||||||||||
TOTAL COMMON STOCKS | 8,775,443,523 | |||||||||||||||||
(Cost $5,862,226,615) |
200 |
TIAA-CREF FUNDS – Large-Cap Value Index Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | |||||||||||||||
SHORT-TERM INVESTMENTS - 0.2% | |||||||||||||||||||
GOVERNMENT AGENCY DEBT - 0.1% | |||||||||||||||||||
$ | 4,000,000 | Federal Home Loan Bank (FHLB) | 0.005 | % | 05/19/21 | $ | 4,000,000 | ||||||||||||
TOTAL GOVERNMENT AGENCY DEBT | 4,000,000 | ||||||||||||||||||
SHARES | COMPANY | ||||||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.1% | |||||||||||||||||||
8,525,252 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 0.020 | 8,525,252 | |||||||||||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 8,525,252 | ||||||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 12,525,252 | ||||||||||||||||||
(Cost $12,525,243) | |||||||||||||||||||
TOTAL INVESTMENTS - 100.1% | 8,787,968,775 | ||||||||||||||||||
(Cost $5,874,751,858) | |||||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - (0.1)% | (4,889,388 | ) | |||||||||||||||||
NET ASSETS - 100.0% | $ | 8,783,079,387 | |||||||||||||||||
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 $14,265,771. |
201 |
TIAA-CREF FUNDS – S&P 500 Index Fund
TIAA-CREF FUNDS
S&P 500 INDEX FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2021
SHARES | COMPANY | VALUE | ||||||||
COMMON STOCKS - 99.3% | ||||||||||
AUTOMOBILES & COMPONENTS - 2.0% | ||||||||||
59,035 | * | Aptiv plc | $ | 8,494,546 | ||||||
54,890 | BorgWarner, Inc | 2,666,556 | ||||||||
862,189 | * | Ford Motor Co | 9,949,661 | |||||||
272,971 | * | General Motors Co | 15,619,401 | |||||||
166,964 | * | Tesla, Inc | 118,450,940 | |||||||
TOTAL AUTOMOBILES & COMPONENTS | 155,181,104 | |||||||||
BANKS - 4.4% | ||||||||||
1,651,547 | Bank of America Corp | 66,937,200 | ||||||||
458,077 | Citigroup, Inc | 32,633,405 | ||||||||
91,168 | Citizens Financial Group, Inc | 4,219,255 | ||||||||
30,139 | Comerica, Inc | 2,265,247 | ||||||||
152,198 | Fifth Third Bancorp | 6,170,107 | ||||||||
38,718 | First Republic Bank | 7,094,686 | ||||||||
234,648 | Huntington Bancshares, Inc | 3,594,807 | ||||||||
662,854 | JPMorgan Chase & Co | 101,953,574 | ||||||||
206,515 | Keycorp | 4,493,766 | ||||||||
26,807 | M&T Bank Corp | 4,227,196 | ||||||||
80,381 | People’s United Financial, Inc | 1,457,308 | ||||||||
93,279 | PNC Financial Services Group, Inc | 17,438,509 | ||||||||
214,369 | Regions Financial Corp | 4,673,244 | ||||||||
11,784 | * | SVB Financial Group | 6,738,445 | |||||||
295,423 | Truist Financial Corp | 17,521,538 | ||||||||
299,777 | US Bancorp | 17,791,765 | ||||||||
898,414 | Wells Fargo & Co | 40,473,551 | ||||||||
38,127 | Zions Bancorporation | 2,127,487 | ||||||||
TOTAL BANKS | 341,811,090 | |||||||||
CAPITAL GOODS - 5.8% | ||||||||||
125,724 | 3M Co | 24,785,229 | ||||||||
27,527 | A.O. Smith Corp | 1,864,954 | ||||||||
19,449 | Allegion plc | 2,613,557 | ||||||||
49,533 | Ametek, Inc | 6,683,488 | ||||||||
119,823 | * | Boeing Co | 28,075,727 | |||||||
178,059 | Carrier Global Corp | 7,759,811 | ||||||||
118,702 | Caterpillar, Inc | 27,077,113 | ||||||||
32,187 | Cummins, Inc | 8,112,412 | ||||||||
68,041 | Deere & Co | 25,233,005 | ||||||||
30,416 | Dover Corp | 4,537,763 | ||||||||
86,709 | Eaton Corp | 12,393,317 | ||||||||
130,632 | Emerson Electric Co | 11,820,890 | ||||||||
124,860 | Fastenal Co | 6,527,681 | ||||||||
72,315 | Fortive Corp | 5,121,348 | ||||||||
29,899 | Fortune Brands Home & Security, Inc | 3,138,797 | ||||||||
13,729 | * | Generac Holdings, Inc | 4,447,510 | |||||||
50,584 | General Dynamics Corp | 9,622,594 |
202 |
TIAA-CREF FUNDS – S&P 500 Index Fund
SHARES | COMPANY | VALUE | ||||||||
1,909,328 | General Electric Co | $ | 25,050,383 | |||||||
151,045 | Honeywell International, Inc | 33,689,077 | ||||||||
86,820 | * | Howmet Aerospace, Inc | 2,774,767 | |||||||
7,959 | Huntington Ingalls | 1,689,855 | ||||||||
16,134 | IDEX Corp | 3,617,243 | ||||||||
62,610 | Illinois Tool Works, Inc | 14,429,101 | ||||||||
79,347 | * | Ingersoll Rand, Inc | 3,920,535 | |||||||
157,380 | Johnson Controls International plc | 9,811,069 | ||||||||
44,625 | L3Harris Technologies, Inc | 9,336,889 | ||||||||
53,539 | Lockheed Martin Corp | 20,374,802 | ||||||||
53,976 | Masco Corp | 3,447,987 | ||||||||
33,768 | Northrop Grumman Corp | 11,968,730 | ||||||||
87,976 | Otis Worldwide Corp | 6,850,691 | ||||||||
76,006 | PACCAR, Inc | 6,831,419 | ||||||||
28,661 | Parker-Hannifin Corp | 8,994,108 | ||||||||
35,803 | Pentair plc | 2,309,652 | ||||||||
30,131 | Quanta Services, Inc | 2,911,860 | ||||||||
330,907 | Raytheon Technologies Corp | 27,544,699 | ||||||||
25,539 | Rockwell Automation, Inc | 6,748,936 | ||||||||
23,117 | Roper Technologies Inc | 10,320,353 | ||||||||
11,804 | Snap-On, Inc | 2,804,630 | ||||||||
35,331 | Stanley Black & Decker, Inc | 7,305,391 | ||||||||
8,434 | * | Teledyne Technologies, Inc | 3,776,324 | |||||||
49,909 | Textron, Inc | 3,206,154 | ||||||||
52,090 | Trane Technologies plc | 9,054,805 | ||||||||
11,768 | * | TransDigm Group, Inc | 7,222,492 | |||||||
15,560 | * | United Rentals, Inc | 4,978,422 | |||||||
9,544 | W.W. Grainger, Inc | 4,137,706 | ||||||||
36,611 | Wabtec Corp | 3,004,665 | ||||||||
39,473 | Xylem, Inc | 4,367,687 | ||||||||
TOTAL CAPITAL GOODS | 452,295,628 | |||||||||
COMMERCIAL & PROFESSIONAL SERVICES - 0.8% | ||||||||||
18,898 | Cintas Corp | 6,522,456 | ||||||||
45,293 | * | Copart, Inc | 5,639,431 | |||||||
26,243 | Equifax, Inc | 6,015,683 | ||||||||
81,286 | IHS Markit Ltd | 8,744,748 | ||||||||
26,941 | Jacobs Engineering Group, Inc | 3,599,587 | ||||||||
30,088 | Leidos Holdings, Inc | 3,047,313 | ||||||||
73,123 | Nielsen NV | 1,875,605 | ||||||||
45,045 | Republic Services, Inc | 4,788,283 | ||||||||
26,681 | Robert Half International, Inc | 2,337,522 | ||||||||
47,007 | Rollins, Inc | 1,752,421 | ||||||||
35,524 | Verisk Analytics, Inc | 6,685,617 | ||||||||
84,282 | Waste Management, Inc | 11,628,388 | ||||||||
TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 62,637,054 | |||||||||
CONSUMER DURABLES & APPAREL - 1.2% | ||||||||||
74,046 | DR Horton, Inc | 7,277,981 | ||||||||
32,763 | Garmin Ltd | 4,496,394 | ||||||||
72,611 | Hanesbrands, Inc | 1,529,188 | ||||||||
27,910 | Hasbro, Inc | 2,775,649 | ||||||||
25,715 | Leggett & Platt, Inc | 1,277,264 | ||||||||
60,919 | Lennar Corp (Class A) | 6,311,208 | ||||||||
12,123 | * | Mohawk Industries, Inc | 2,491,276 | |||||||
84,735 | Newell Brands Inc | 2,284,456 |
203 |
TIAA-CREF FUNDS – S&P 500 Index Fund
SHARES | COMPANY | VALUE | ||||||||
275,927 | Nike, Inc (Class B) | $ | 36,593,439 | |||||||
733 | * | NVR, Inc | 3,678,267 | |||||||
55,286 | Pulte Homes, Inc | 3,268,508 | ||||||||
15,200 | * | PVH Corp | 1,720,336 | |||||||
11,568 | * | Ralph Lauren Corp | 1,541,899 | |||||||
62,102 | * | Tapestry, Inc | 2,971,581 | |||||||
39,270 | * | Under Armour, Inc (Class A) | 954,654 | |||||||
34,798 | * | Under Armour, Inc (Class C) | 692,828 | |||||||
69,857 | VF Corp | 6,123,665 | ||||||||
14,422 | Whirlpool Corp | 3,410,082 | ||||||||
TOTAL CONSUMER DURABLES & APPAREL | 89,398,675 | |||||||||
CONSUMER SERVICES - 2.1% | ||||||||||
8,928 | * | Booking Holdings, Inc | 22,017,162 | |||||||
45,489 | * | Caesars Entertainment, Inc | 4,450,644 | |||||||
174,439 | * | Carnival Corp | 4,877,314 | |||||||
6,120 | * | Chipotle Mexican Grill, Inc (Class A) | 9,131,224 | |||||||
28,317 | Darden Restaurants, Inc | 4,154,670 | ||||||||
8,333 | Domino’s Pizza, Inc | 3,519,359 | ||||||||
30,112 | * | Expedia Group, Inc | 5,306,638 | |||||||
61,816 | * | Hilton Worldwide Holdings, Inc | 7,955,719 | |||||||
71,206 | * | Las Vegas Sands Corp | 4,362,080 | |||||||
58,614 | * | Marriott International, Inc (Class A) | 8,705,351 | |||||||
161,954 | McDonald’s Corp | 38,234,100 | ||||||||
91,807 | MGM Resorts International | 3,738,381 | ||||||||
79,523 | * | Norwegian Cruise Line Holdings Ltd | 2,469,189 | |||||||
32,469 | * | Penn National Gaming, Inc | 2,893,637 | |||||||
47,903 | * | Royal Caribbean Cruises Ltd | 4,165,166 | |||||||
256,097 | Starbucks Corp | 29,320,546 | ||||||||
21,784 | * | Wynn Resorts Ltd | 2,797,066 | |||||||
64,531 | Yum! Brands, Inc | 7,712,745 | ||||||||
TOTAL CONSUMER SERVICES | 165,810,991 | |||||||||
DIVERSIFIED FINANCIALS - 5.0% | ||||||||||
141,923 | American Express Co | 21,763,892 | ||||||||
24,990 | Ameriprise Financial, Inc | 6,457,416 | ||||||||
176,361 | Bank of New York Mellon Corp | 8,796,887 | ||||||||
414,109 | * | Berkshire Hathaway, Inc (Class B) | 113,859,270 | |||||||
30,926 | BlackRock, Inc | 25,337,672 | ||||||||
99,790 | Capital One Financial Corp | 14,876,693 | ||||||||
22,776 | CBOE Global Markets, Inc | 2,377,131 | ||||||||
325,432 | Charles Schwab Corp | 22,910,413 | ||||||||
77,559 | CME Group, Inc | 15,666,142 | ||||||||
67,804 | Discover Financial Services | 7,729,656 | ||||||||
58,985 | Franklin Resources, Inc | 1,769,550 | ||||||||
74,867 | Goldman Sachs Group, Inc | 26,087,406 | ||||||||
121,173 | Intercontinental Exchange Group, Inc | 14,263,274 | ||||||||
83,754 | Invesco Ltd | 2,261,358 | ||||||||
8,075 | MarketAxess Holdings, Inc | 3,944,315 | ||||||||
34,917 | Moody’s Corp | 11,407,733 | ||||||||
325,373 | Morgan Stanley | 26,859,541 | ||||||||
17,968 | MSCI, Inc (Class A) | 8,728,315 | ||||||||
25,638 | Nasdaq Inc | 4,141,563 | ||||||||
44,613 | Northern Trust Corp | 5,076,959 | ||||||||
26,218 | Raymond James Financial, Inc | 3,428,790 | ||||||||
52,356 | S&P Global, Inc | 20,439,259 |
204 |
TIAA-CREF FUNDS – S&P 500 Index Fund
SHARES | COMPANY | VALUE | ||||||||
76,941 | State Street Corp | $ | 6,459,197 | |||||||
120,087 | Synchrony Financial | 5,252,605 | ||||||||
49,219 | T Rowe Price Group, Inc | 8,820,045 | ||||||||
TOTAL DIVERSIFIED FINANCIALS | 388,715,082 | |||||||||
ENERGY - 2.7% | ||||||||||
73,187 | APA Corp | 1,463,740 | ||||||||
148,506 | Baker Hughes Co | 2,982,000 | ||||||||
81,871 | Cabot Oil & Gas Corp | 1,364,790 | ||||||||
419,111 | Chevron Corp | 43,197,771 | ||||||||
294,612 | ConocoPhillips | 15,066,458 | ||||||||
131,860 | Devon Energy Corp | 3,082,887 | ||||||||
39,489 | Diamondback Energy, Inc | 3,227,436 | ||||||||
130,396 | EOG Resources, Inc | 9,602,361 | ||||||||
925,360 | d | Exxon Mobil Corp | 52,967,606 | |||||||
191,988 | Halliburton Co | 3,755,285 | ||||||||
58,286 | Hess Corp | 4,342,890 | ||||||||
27,867 | HollyFrontier Corp | 975,345 | ||||||||
414,302 | Kinder Morgan, Inc | 7,063,849 | ||||||||
160,997 | Marathon Oil Corp | 1,812,826 | ||||||||
142,741 | Marathon Petroleum Corp | 7,943,537 | ||||||||
71,015 | * | NOV, Inc | 1,061,674 | |||||||
186,738 | Occidental Petroleum Corp | 4,735,676 | ||||||||
94,634 | ONEOK, Inc | 4,953,144 | ||||||||
98,503 | Phillips 66 | 7,969,878 | ||||||||
44,993 | Pioneer Natural Resources Co | 6,921,273 | ||||||||
309,341 | Schlumberger Ltd | 8,367,674 | ||||||||
89,378 | Valero Energy Corp | 6,610,397 | ||||||||
259,492 | Williams Cos, Inc | 6,321,225 | ||||||||
TOTAL ENERGY | 205,789,722 | |||||||||
FOOD & STAPLES RETAILING - 1.3% | ||||||||||
95,890 | Costco Wholesale Corp | 35,679,710 | ||||||||
167,213 | Kroger Co | 6,109,963 | ||||||||
111,153 | SYSCO Corp | 9,417,994 | ||||||||
155,035 | Walgreens Boots Alliance, Inc | 8,232,359 | ||||||||
301,996 | Walmart, Inc | 42,252,260 | ||||||||
TOTAL FOOD & STAPLES RETAILING | 101,692,286 | |||||||||
FOOD, BEVERAGE & TOBACCO - 3.0% | ||||||||||
405,033 | Altria Group, Inc | 19,340,326 | ||||||||
124,362 | Archer-Daniels-Midland Co | 7,850,973 | ||||||||
39,503 | Brown-Forman Corp (Class B) | 3,013,289 | ||||||||
45,398 | Campbell Soup Co | 2,167,754 | ||||||||
842,482 | Coca-Cola Co | 45,477,178 | ||||||||
102,932 | ConAgra Brands, Inc | 3,817,748 | ||||||||
37,513 | Constellation Brands, Inc (Class A) | 9,015,124 | ||||||||
132,675 | General Mills, Inc | 8,074,601 | ||||||||
31,476 | Hershey Co | 5,171,507 | ||||||||
58,211 | Hormel Foods Corp | 2,689,348 | ||||||||
22,916 | J.M. Smucker Co | 3,001,767 | ||||||||
52,430 | Kellogg Co | 3,272,681 | ||||||||
142,218 | Kraft Heinz Co | 5,872,181 | ||||||||
32,648 | Lamb Weston Holdings, Inc | 2,628,164 | ||||||||
55,802 | McCormick & Co, Inc | 5,042,269 | ||||||||
42,213 | * | Molson Coors Brewing Co (Class B) | 2,319,604 |
205 |
TIAA-CREF FUNDS – S&P 500 Index Fund
SHARES | COMPANY | VALUE | ||||||||
308,136 | Mondelez International, Inc | $ | 18,737,750 | |||||||
78,663 | * | Monster Beverage Corp | 7,634,244 | |||||||
299,381 | PepsiCo, Inc | 43,158,765 | ||||||||
337,678 | Philip Morris International, Inc | 32,079,410 | ||||||||
65,031 | Tyson Foods, Inc (Class A) | 5,036,651 | ||||||||
TOTAL FOOD, BEVERAGE & TOBACCO | 235,401,334 | |||||||||
HEALTH CARE EQUIPMENT & SERVICES - 6.4% | ||||||||||
384,559 | Abbott Laboratories | 46,177,845 | ||||||||
9,544 | * | Abiomed, Inc | 3,061,047 | |||||||
15,763 | * | Align Technology, Inc | 9,387,339 | |||||||
31,390 | AmerisourceBergen Corp | 3,791,912 | ||||||||
53,489 | Anthem, Inc | 20,293,192 | ||||||||
110,702 | Baxter International, Inc | 9,486,054 | ||||||||
63,676 | Becton Dickinson & Co | 15,843,226 | ||||||||
308,587 | * | Boston Scientific Corp | 13,454,393 | |||||||
62,461 | Cardinal Health, Inc | 3,768,897 | ||||||||
125,135 | * | Centene Corp | 7,725,835 | |||||||
65,621 | Cerner Corp | 4,924,856 | ||||||||
76,846 | Cigna Corp | 19,135,422 | ||||||||
10,629 | Cooper Cos, Inc | 4,367,350 | ||||||||
285,005 | CVS Health Corp | 21,774,382 | ||||||||
138,104 | Danaher Corp | 35,070,130 | ||||||||
14,558 | * | DaVita, Inc | 1,696,444 | |||||||
48,052 | Dentsply Sirona, Inc | 3,243,991 | ||||||||
20,916 | * | DexCom, Inc | 8,075,668 | |||||||
136,532 | * | Edwards Lifesciences Corp | 13,041,537 | |||||||
58,167 | HCA Healthcare, Inc | 11,695,057 | ||||||||
32,307 | * | Henry Schein, Inc | 2,342,257 | |||||||
57,851 | * | Hologic, Inc | 3,792,133 | |||||||
28,181 | Humana, Inc | 12,547,308 | ||||||||
18,720 | * | IDEXX Laboratories, Inc | 10,277,093 | |||||||
25,603 | * | Intuitive Surgical, Inc | 22,146,595 | |||||||
21,032 | * | Laboratory Corp of America Holdings | 5,591,778 | |||||||
35,006 | McKesson Corp | 6,565,725 | ||||||||
292,569 | Medtronic plc | 38,303,133 | ||||||||
27,735 | Quest Diagnostics, Inc | 3,657,692 | ||||||||
31,091 | Resmed, Inc | 5,844,175 | ||||||||
18,926 | STERIS plc | 3,993,764 | ||||||||
71,526 | Stryker Corp | 18,784,873 | ||||||||
9,885 | Teleflex, Inc | 4,176,215 | ||||||||
205,261 | UnitedHealth Group, Inc | 81,858,087 | ||||||||
17,040 | Universal Health Services, Inc (Class B) | 2,528,906 | ||||||||
16,234 | West Pharmaceutical Services, Inc | 5,333,194 | ||||||||
44,997 | Zimmer Biomet Holdings, Inc | 7,971,669 | ||||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 491,729,174 | |||||||||
HOUSEHOLD & PERSONAL PRODUCTS - 1.6% | ||||||||||
53,135 | Church & Dwight Co, Inc | 4,555,795 | ||||||||
28,029 | Clorox Co | 5,115,293 | ||||||||
182,992 | Colgate-Palmolive Co | 14,767,454 | ||||||||
49,505 | Estee Lauder Cos (Class A) | 15,534,669 | ||||||||
73,807 | Kimberly-Clark Corp | 9,839,949 | ||||||||
534,579 | Procter & Gamble Co | 71,323,530 | ||||||||
TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 121,136,690 |
206 |
TIAA-CREF FUNDS – S&P 500 Index Fund
SHARES | COMPANY | VALUE | ||||||||
INSURANCE - 1.9% | ||||||||||
139,493 | Aflac, Inc | $ | 7,494,959 | |||||||
65,936 | Allstate Corp | 8,360,685 | ||||||||
189,155 | American International Group, Inc | 9,164,560 | ||||||||
48,985 | Aon plc | 12,316,788 | ||||||||
41,807 | Arthur J. Gallagher & Co | 6,059,925 | ||||||||
12,839 | Assurant, Inc | 1,997,748 | ||||||||
98,000 | Chubb Ltd | 16,815,820 | ||||||||
33,355 | Cincinnati Financial Corp | 3,758,441 | ||||||||
8,278 | Everest Re Group Ltd | 2,292,592 | ||||||||
19,450 | Globe Life, Inc | 1,993,430 | ||||||||
78,137 | Hartford Financial Services Group, Inc | 5,153,917 | ||||||||
36,213 | Lincoln National Corp | 2,322,340 | ||||||||
48,162 | Loews Corp | 2,685,031 | ||||||||
109,171 | Marsh & McLennan Cos, Inc | 14,814,505 | ||||||||
166,717 | Metlife, Inc | 10,608,203 | ||||||||
54,350 | Principal Financial Group | 3,471,334 | ||||||||
127,953 | Progressive Corp | 12,889,985 | ||||||||
86,222 | Prudential Financial, Inc | 8,653,240 | ||||||||
56,229 | Travelers Cos, Inc | 8,696,377 | ||||||||
36,588 | Unum Group | 1,033,977 | ||||||||
30,882 | W.R. Berkley Corp | 2,461,913 | ||||||||
28,046 | Willis Towers Watson plc | 7,259,988 | ||||||||
TOTAL INSURANCE | 150,305,758 | |||||||||
MATERIALS - 2.7% | ||||||||||
47,682 | Air Products & Chemicals, Inc | 13,755,303 | ||||||||
25,383 | Albemarle Corp | 4,268,659 | ||||||||
329,663 | Amcor plc | 3,873,540 | ||||||||
18,259 | Avery Dennison Corp | 3,910,530 | ||||||||
73,384 | Ball Corp | 6,871,678 | ||||||||
25,278 | Celanese Corp (Series A) | 3,959,799 | ||||||||
45,995 | CF Industries Holdings, Inc | 2,236,737 | ||||||||
162,902 | Corteva, Inc | 7,943,102 | ||||||||
164,782 | Dow, Inc | 10,298,875 | ||||||||
116,785 | DuPont de Nemours, Inc | 9,005,291 | ||||||||
30,249 | Eastman Chemical Co | 3,490,432 | ||||||||
54,284 | Ecolab, Inc | 12,166,130 | ||||||||
27,798 | FMC Corp | 3,286,836 | ||||||||
316,804 | Freeport-McMoRan, Inc (Class B) | 11,946,679 | ||||||||
53,897 | International Flavors & Fragrances, Inc | 7,662,536 | ||||||||
86,480 | International Paper Co | 5,015,840 | ||||||||
113,903 | Linde plc | 32,558,034 | ||||||||
55,029 | LyondellBasell Industries NV | 5,708,708 | ||||||||
13,556 | Martin Marietta Materials, Inc | 4,786,895 | ||||||||
71,544 | Mosaic Co | 2,516,918 | ||||||||
175,086 | Newmont Goldcorp Corp | 10,927,117 | ||||||||
65,917 | Nucor Corp | 5,422,332 | ||||||||
20,944 | Packaging Corp of America | 3,092,382 | ||||||||
51,182 | PPG Industries, Inc | 8,764,406 | ||||||||
33,656 | Sealed Air Corp | 1,662,606 | ||||||||
52,869 | Sherwin-Williams Co | 14,479,233 | ||||||||
28,627 | Vulcan Materials Co | 5,102,476 | ||||||||
57,610 | WestRock Co | 3,211,758 | ||||||||
TOTAL MATERIALS | 207,924,832 |
207 |
TIAA-CREF FUNDS – S&P 500 Index Fund
SHARES | COMPANY | VALUE | ||||||||
MEDIA & ENTERTAINMENT - 9.5% | ||||||||||
167,548 | Activision Blizzard, Inc | $ | 15,278,702 | |||||||
65,352 | * | Alphabet, Inc (Class A) | 153,805,932 | |||||||
62,636 | * | Alphabet, Inc (Class C) | 150,960,276 | |||||||
30,888 | * | Charter Communications, Inc | 20,801,524 | |||||||
992,557 | Comcast Corp (Class A) | 55,732,075 | ||||||||
32,448 | *,e | Discovery, Inc (Class A) | 1,221,992 | |||||||
58,930 | * | Discovery, Inc (Class C) | 1,904,028 | |||||||
54,106 | * | DISH Network Corp (Class A) | 2,423,408 | |||||||
63,178 | Electronic Arts, Inc | 8,976,330 | ||||||||
522,926 | * | Facebook, Inc | 169,992,784 | |||||||
72,781 | Fox Corp (Class A) | 2,723,465 | ||||||||
34,115 | Fox Corp (Class B) | 1,241,104 | ||||||||
87,598 | Interpublic Group of Cos, Inc | 2,781,236 | ||||||||
31,439 | * | Live Nation, Inc | 2,574,225 | |||||||
96,446 | * | Netflix, Inc | 49,522,128 | |||||||
83,491 | News Corp (Class A) | 2,187,047 | ||||||||
25,832 | News Corp (Class B) | 627,976 | ||||||||
46,833 | Omnicom Group, Inc | 3,852,483 | ||||||||
25,276 | * | Take-Two Interactive Software, Inc | 4,432,905 | |||||||
172,783 | * | Twitter, Inc | 9,541,077 | |||||||
128,335 | ViacomCBS, Inc (Class B) | 5,264,302 | ||||||||
394,421 | * | Walt Disney Co | 73,370,194 | |||||||
TOTAL MEDIA & ENTERTAINMENT | 739,215,193 | |||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 6.4% | ||||||||||
383,813 | AbbVie, Inc | 42,795,150 | ||||||||
66,385 | Agilent Technologies, Inc | 8,871,691 | ||||||||
47,120 | * | Alexion Pharmaceuticals, Inc | 7,948,202 | |||||||
125,389 | Amgen, Inc | 30,048,220 | ||||||||
32,669 | * | Biogen, Inc | 8,733,404 | |||||||
4,916 | * | Bio-Rad Laboratories, Inc (Class A) | 3,097,719 | |||||||
486,355 | Bristol-Myers Squibb Co | 30,358,279 | ||||||||
36,805 | * | Catalent, Inc | 4,139,458 | |||||||
172,473 | Eli Lilly & Co | 31,522,890 | ||||||||
273,388 | Gilead Sciences, Inc | 17,351,936 | ||||||||
31,353 | * | Illumina, Inc | 12,316,713 | |||||||
42,307 | * | Incyte Corp | 3,612,172 | |||||||
41,706 | * | IQVIA Holdings, Inc | 9,787,981 | |||||||
570,802 | Johnson & Johnson | 92,886,609 | ||||||||
551,187 | Merck & Co, Inc | 41,063,432 | ||||||||
5,112 | * | Mettler-Toledo International, Inc | 6,713,692 | |||||||
25,014 | PerkinElmer, Inc | 3,242,565 | ||||||||
25,192 | Perrigo Co plc | 1,048,743 | ||||||||
1,216,659 | Pfizer, Inc | 47,023,870 | ||||||||
23,161 | * | Regeneron Pharmaceuticals, Inc | 11,147,389 | |||||||
85,578 | Thermo Fisher Scientific, Inc | 40,241,343 | ||||||||
56,997 | * | Vertex Pharmaceuticals, Inc | 12,436,745 | |||||||
258,994 | * | Viatris, Inc | 3,444,620 | |||||||
13,045 | * | Waters Corp | 3,911,804 | |||||||
103,225 | Zoetis, Inc | 17,861,022 | ||||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 491,605,649 | |||||||||
REAL ESTATE - 2.5% | ||||||||||
27,657 | Alexandria Real Estate Equities, Inc | 5,008,683 | ||||||||
96,693 | American Tower Corp | 24,634,476 |
208 |
TIAA-CREF FUNDS – S&P 500 Index Fund
SHARES | COMPANY | VALUE | ||||||||
31,151 | AvalonBay Communities, Inc | $ | 5,980,992 | |||||||
29,849 | Boston Properties, Inc | 3,263,988 | ||||||||
74,841 | * | CBRE Group, Inc | 6,376,453 | |||||||
94,492 | Crown Castle International Corp | 17,864,658 | ||||||||
61,006 | Digital Realty Trust, Inc | 9,413,836 | ||||||||
82,410 | Duke Realty Corp | 3,833,713 | ||||||||
19,632 | Equinix, Inc | 14,149,960 | ||||||||
74,656 | Equity Residential | 5,541,715 | ||||||||
14,647 | Essex Property Trust, Inc | 4,255,246 | ||||||||
28,906 | Extra Space Storage, Inc | 4,298,033 | ||||||||
13,721 | Federal Realty Investment Trust | 1,548,278 | ||||||||
116,736 | Healthpeak Properties Inc | 4,008,714 | ||||||||
162,236 | * | Host Hotels and Resorts, Inc | 2,946,206 | |||||||
62,614 | Iron Mountain, Inc | 2,512,074 | ||||||||
83,344 | Kimco Realty Corp | 1,750,224 | ||||||||
24,421 | Mid-America Apartment Communities, Inc | 3,842,156 | ||||||||
160,683 | Prologis, Inc | 18,724,390 | ||||||||
33,328 | Public Storage, Inc | 9,370,500 | ||||||||
77,062 | Realty Income Corp | 5,328,837 | ||||||||
30,496 | Regency Centers Corp | 1,941,375 | ||||||||
23,804 | SBA Communications Corp | 7,134,535 | ||||||||
71,662 | Simon Property Group, Inc | 8,724,132 | ||||||||
66,466 | UDR, Inc | 3,087,346 | ||||||||
80,976 | Ventas, Inc | 4,490,929 | ||||||||
33,255 | Vornado Realty Trust | 1,521,416 | ||||||||
89,681 | Welltower, Inc | 6,728,765 | ||||||||
161,906 | Weyerhaeuser Co | 6,277,096 | ||||||||
TOTAL REAL ESTATE | 194,558,726 | |||||||||
RETAILING - 7.3% | ||||||||||
13,849 | Advance Auto Parts, Inc | 2,772,016 | ||||||||
93,053 | * | Amazon.com, Inc | 322,653,833 | |||||||
4,849 | * | AutoZone, Inc | 7,099,518 | |||||||
51,148 | Best Buy Co, Inc | 5,946,978 | ||||||||
36,015 | * | CarMax, Inc | 4,798,639 | |||||||
53,465 | Dollar General Corp | 11,481,609 | ||||||||
50,104 | * | Dollar Tree, Inc | 5,756,950 | |||||||
140,628 | eBay, Inc | 7,845,636 | ||||||||
27,238 | * | Etsy, Inc | 5,414,642 | |||||||
45,479 | Gap, Inc | 1,505,355 | ||||||||
29,887 | Genuine Parts Co | 3,734,978 | ||||||||
233,893 | Home Depot, Inc | 75,704,147 | ||||||||
47,756 | * | L Brands, Inc | 3,147,120 | |||||||
61,811 | * | LKQ Corp | 2,887,192 | |||||||
159,692 | Lowe’s Companies, Inc | 31,339,555 | ||||||||
15,334 | * | O’Reilly Automotive, Inc | 8,477,862 | |||||||
8,990 | Pool Corp | 3,798,455 | ||||||||
77,315 | Ross Stores, Inc | 10,123,626 | ||||||||
109,240 | Target Corp | 22,641,082 | ||||||||
261,650 | TJX Companies, Inc | 18,577,150 | ||||||||
24,640 | Tractor Supply Co | 4,647,104 | ||||||||
12,644 | * | Ulta Beauty, Inc | 4,164,301 | |||||||
TOTAL RETAILING | 564,517,748 | |||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.3% | ||||||||||
263,086 | * | Advanced Micro Devices, Inc | 21,473,079 |
209 |
TIAA-CREF FUNDS – S&P 500 Index Fund
SHARES | COMPANY | VALUE | ||||||||
80,554 | Analog Devices, Inc | $ | 12,337,651 | |||||||
199,370 | Applied Materials, Inc | 26,458,393 | ||||||||
88,558 | Broadcom, Inc | 40,400,160 | ||||||||
27,041 | * | Enphase Energy, Inc | 3,765,459 | |||||||
883,180 | Intel Corp | 50,809,345 | ||||||||
33,346 | KLA Corp | 10,515,661 | ||||||||
31,108 | Lam Research Corp | 19,300,959 | ||||||||
58,402 | Maxim Integrated Products, Inc | 5,489,788 | ||||||||
56,853 | Microchip Technology, Inc | 8,544,437 | ||||||||
242,992 | * | Micron Technology, Inc | 20,914,321 | |||||||
9,403 | Monolithic Power Systems, Inc | 3,398,056 | ||||||||
134,802 | NVIDIA Corp | 80,932,425 | ||||||||
60,501 | NXP Semiconductors NV | 11,647,048 | ||||||||
25,312 | * | Qorvo, Inc | 4,762,959 | |||||||
247,436 | QUALCOMM, Inc | 34,344,117 | ||||||||
35,731 | Skyworks Solutions, Inc | 6,479,102 | ||||||||
35,436 | Teradyne, Inc | 4,432,335 | ||||||||
200,189 | Texas Instruments, Inc | 36,136,116 | ||||||||
54,386 | Xilinx, Inc | 6,959,233 | ||||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 409,100,644 | |||||||||
SOFTWARE & SERVICES - 13.6% | ||||||||||
137,630 | Accenture plc | 39,908,571 | ||||||||
104,213 | * | Adobe, Inc | 52,975,636 | |||||||
35,658 | * | Akamai Technologies, Inc | 3,876,025 | |||||||
18,561 | * | Ansys, Inc | 6,787,015 | |||||||
47,661 | * | Autodesk, Inc | 13,912,723 | |||||||
93,144 | Automatic Data Processing, Inc | 17,416,997 | ||||||||
25,800 | Broadridge Financial Solutions, Inc | 4,092,654 | ||||||||
61,559 | * | Cadence Design Systems, Inc | 8,111,629 | |||||||
26,066 | Citrix Systems, Inc | 3,228,274 | ||||||||
114,030 | Cognizant Technology Solutions Corp (Class A) | 9,168,012 | ||||||||
56,935 | * | DXC Technology Co | 1,873,731 | |||||||
135,095 | Fidelity National Information Services, Inc | 20,656,026 | ||||||||
124,252 | * | Fiserv, Inc | 14,925,150 | |||||||
18,058 | * | FleetCor Technologies, Inc | 5,195,648 | |||||||
29,341 | * | Fortinet, Inc | 5,992,312 | |||||||
20,022 | * | Gartner, Inc | 3,921,909 | |||||||
64,524 | Global Payments, Inc | 13,848,786 | ||||||||
196,083 | International Business Machines Corp | 27,820,256 | ||||||||
59,245 | Intuit, Inc | 24,418,419 | ||||||||
17,021 | Jack Henry & Associates, Inc | 2,771,529 | ||||||||
190,547 | Mastercard, Inc (Class A) | 72,800,387 | ||||||||
1,639,417 | Microsoft Corp | 413,428,179 | ||||||||
132,526 | NortonLifelock, Inc | 2,863,887 | ||||||||
402,028 | Oracle Corp | 30,469,702 | ||||||||
71,012 | Paychex, Inc | 6,922,960 | ||||||||
10,480 | * | Paycom Software, Inc | 4,028,617 | |||||||
254,689 | * | PayPal Holdings, Inc | 66,802,378 | |||||||
22,959 | * | PTC, Inc | 3,006,252 | |||||||
199,461 | * | salesforce.com, Inc | 45,939,858 | |||||||
42,536 | * | ServiceNow, Inc | 21,538,954 | |||||||
33,610 | * | Synopsys, Inc | 8,303,687 | |||||||
8,756 | * | Tyler Technologies, Inc | 3,720,074 | |||||||
21,317 | * | VeriSign, Inc | 4,663,520 | |||||||
368,524 | Visa, Inc (Class A) | 86,072,465 |
210 |
TIAA-CREF FUNDS – S&P 500 Index Fund
SHARES | COMPANY | VALUE | ||||||||
91,845 | Western Union Co | $ | 2,365,927 | |||||||
TOTAL SOFTWARE & SERVICES | 1,053,828,149 | |||||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 7.6% | ||||||||||
129,764 | Amphenol Corp (Class A) | 8,738,308 | ||||||||
3,430,771 | Apple, Inc | 451,009,156 | ||||||||
12,005 | * | Arista Networks, Inc | 3,783,616 | |||||||
30,795 | CDW Corp | 5,491,672 | ||||||||
917,165 | Cisco Systems, Inc | 46,692,870 | ||||||||
168,482 | Corning, Inc | 7,448,589 | ||||||||
13,182 | * | F5 Networks, Inc | 2,461,870 | |||||||
27,911 | FLIR Systems, Inc | 1,673,823 | ||||||||
287,040 | Hewlett Packard Enterprise Co | 4,598,381 | ||||||||
273,563 | HP, Inc | 9,331,234 | ||||||||
7,751 | * | IPG Photonics Corp | 1,682,820 | |||||||
72,375 | Juniper Networks, Inc | 1,837,601 | ||||||||
39,795 | * | Keysight Technologies, Inc | 5,744,408 | |||||||
37,178 | Motorola Solutions, Inc | 7,000,617 | ||||||||
49,184 | NetApp, Inc | 3,673,553 | ||||||||
43,871 | Seagate Technology, Inc | 4,072,984 | ||||||||
72,821 | TE Connectivity Ltd | 9,792,240 | ||||||||
53,076 | * | Trimble Inc | 4,352,232 | |||||||
67,031 | * | Western Digital Corp | 4,734,399 | |||||||
11,586 | * | Zebra Technologies Corp (Class A) | 5,650,956 | |||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 589,771,329 | |||||||||
TELECOMMUNICATION SERVICES - 1.6% | ||||||||||
1,553,872 | AT&T, Inc | 48,807,120 | ||||||||
202,572 | Lumen Technologies, Inc | 2,598,999 | ||||||||
126,541 | * | T-Mobile US, Inc | 16,719,862 | |||||||
902,957 | Verizon Communications, Inc | 52,181,885 | ||||||||
TOTAL TELECOMMUNICATION SERVICES | 120,307,866 | |||||||||
TRANSPORTATION - 2.0% | ||||||||||
28,329 | * | Alaska Air Group, Inc | 1,958,667 | |||||||
136,186 | * | American Airlines Group, Inc | 2,957,960 | |||||||
28,725 | CH Robinson Worldwide, Inc | 2,788,623 | ||||||||
165,855 | CSX Corp | 16,709,891 | ||||||||
138,929 | * | Delta Air Lines, Inc | 6,518,548 | |||||||
36,808 | Expeditors International of Washington, Inc | 4,043,727 | ||||||||
52,799 | FedEx Corp | 15,328,078 | ||||||||
18,087 | JB Hunt Transport Services, Inc | 3,087,632 | ||||||||
19,762 | Kansas City Southern | 5,774,654 | ||||||||
55,037 | Norfolk Southern Corp | 15,368,532 | ||||||||
21,097 | Old Dominion Freight Line | 5,439,017 | ||||||||
127,465 | * | Southwest Airlines Co | 8,002,253 | |||||||
145,252 | Union Pacific Corp | 32,259,017 | ||||||||
69,558 | * | United Airlines Holdings Inc | 3,783,955 | |||||||
156,122 | United Parcel Service, Inc (Class B) | 31,827,031 | ||||||||
TOTAL TRANSPORTATION | 155,847,585 | |||||||||
UTILITIES - 2.6% | ||||||||||
145,177 | AES Corp | 4,038,824 | ||||||||
53,696 | Alliant Energy Corp | 3,016,104 | ||||||||
55,135 | Ameren Corp | 4,677,654 | ||||||||
109,919 | American Electric Power Co, Inc | 9,750,915 |
211 |
TIAA-CREF FUNDS – S&P 500 Index Fund
SHARES | COMPANY | VALUE | ||||||||
40,379 | American Water Works Co, Inc | $ | 6,298,720 | |||||||
26,537 | Atmos Energy Corp | 2,748,968 | ||||||||
115,040 | Centerpoint Energy, Inc | 2,817,330 | ||||||||
64,194 | CMS Energy Corp | 4,133,452 | ||||||||
74,025 | Consolidated Edison, Inc | 5,730,275 | ||||||||
175,553 | Dominion Energy, Inc | 14,026,685 | ||||||||
42,859 | DTE Energy Co | 6,001,117 | ||||||||
167,883 | Duke Energy Corp | 16,904,139 | ||||||||
80,474 | Edison International | 4,784,179 | ||||||||
43,111 | Entergy Corp | 4,711,601 | ||||||||
50,120 | Evergy, Inc | 3,206,176 | ||||||||
74,606 | Eversource Energy | 6,432,529 | ||||||||
211,544 | Exelon Corp | 9,506,787 | ||||||||
114,722 | FirstEnergy Corp | 4,350,258 | ||||||||
425,619 | NextEra Energy, Inc | 32,989,729 | ||||||||
78,346 | NiSource, Inc | 2,038,563 | ||||||||
53,497 | NRG Energy, Inc | 1,916,263 | ||||||||
24,187 | Pinnacle West Capital Corp | 2,047,430 | ||||||||
167,233 | PPL Corp | 4,871,497 | ||||||||
110,225 | Public Service Enterprise Group, Inc | 6,961,811 | ||||||||
66,088 | Sempra Energy | 9,091,726 | ||||||||
232,461 | Southern Co | 15,381,944 | ||||||||
68,139 | WEC Energy Group, Inc | 6,621,067 | ||||||||
117,746 | Xcel Energy, Inc | 8,395,290 | ||||||||
TOTAL UTILITIES | 203,451,033 | |||||||||
TOTAL COMMON STOCKS | 7,692,033,342 | |||||||||
(Cost $3,156,475,184) | ||||||||||
PRINCIPAL | ISSUER | RATE | MATURITY DATE | ||||||||||||
SHORT-TERM INVESTMENTS - 0.7% | |||||||||||||||
GOVERNMENT AGENCY DEBT - 0.7% | |||||||||||||||
$ | 4,000,000 | Federal Farm Credit Bank (FFCB) | 0.010 | % | 05/04/21 | 4,000,000 | |||||||||
3,000,000 | FFCB | 0.010 | 06/03/21 | 3,000,000 | |||||||||||
4,000,000 | FFCB | 0.010 | 06/29/21 | 4,000,000 | |||||||||||
1,715,000 | Federal Home Loan Bank (FHLB) | 0.001 | 05/03/21 | 1,715,000 | |||||||||||
5,000,000 | FHLB | 0.001 | 05/04/21 | 5,000,000 | |||||||||||
2,170,000 | FHLB | 0.001 | 05/12/21 | 2,170,000 | |||||||||||
14,215,000 | FHLB | 0.010 | 06/25/21 | 14,215,000 | |||||||||||
15,425,000 | Federal Agricultural Mortgage Corp (FAMC) | 0.010 | 05/03/21 | 15,425,000 | |||||||||||
TOTAL GOVERNMENT AGENCY DEBT | 49,525,000 |
212 |
TIAA-CREF FUNDS – S&P 500 Index Fund
SHARES | COMPANY | RATE | VALUE | ||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.0% | |||||||||||||||
1,244,796 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 0.020 | % | $ | 1,244,796 | |||||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 1,244,796 | ||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 50,769,796 | ||||||||||||||
(Cost $50,769,472) | |||||||||||||||
TOTAL INVESTMENTS - 100.0% | 7,742,803,138 | ||||||||||||||
(Cost $3,207,244,656) | |||||||||||||||
OTHER ASSETS & LIABILITIES, NET - 0.0% | 3,824,973 | ||||||||||||||
NET ASSETS - 100.0% | $ | 7,746,628,111 |
* | 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 $1,209,752. | ||
Futures contracts outstanding as of April 30, 2021 were as follows:
Description | Number of long (short) contracts | Expiration date | Notional amount | Value | Unrealized appreciation (depreciation) | |||||||||||||
S&P 500 E Mini Index | 250 | 06/18/21 | $ 52,236,111 | $ 52,180,000 | $ (56,111 | ) |
213 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
TIAA-CREF FUNDS
SMALL-CAP BLEND INDEX FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2021
SHARES | COMPANY | VALUE | ||||||||
COMMON STOCKS - 99.9% | ||||||||||
AUTOMOBILES & COMPONENTS - 1.6% | ||||||||||
154,622 | * | Adient plc | $ | 7,165,183 | ||||||
182,288 | * | American Axle & Manufacturing Holdings, Inc | 1,691,633 | |||||||
81,922 | Cooper Tire & Rubber Co | 4,668,735 | ||||||||
27,009 | * | Cooper-Standard Holding, Inc | 784,341 | |||||||
234,253 | Dana Inc | 5,926,601 | ||||||||
43,930 | * | Dorman Products, Inc | 4,356,977 | |||||||
67,450 | * | Fox Factory Holding Corp | 10,335,363 | |||||||
52,931 | * | Gentherm, Inc | 3,768,687 | |||||||
379,256 | * | Goodyear Tire & Rubber Co | 6,526,996 | |||||||
39,955 | LCI Industries, Inc | 5,853,407 | ||||||||
84,796 | * | Modine Manufacturing Co | 1,380,479 | |||||||
29,659 | * | Motorcar Parts of America, Inc | 640,634 | |||||||
36,186 | Patrick Industries, Inc | 3,242,266 | ||||||||
33,467 | Standard Motor Products, Inc | 1,433,392 | ||||||||
41,770 | * | Stoneridge, Inc | 1,388,853 | |||||||
81,510 | * | Tenneco, Inc | 820,806 | |||||||
44,991 | * | Visteon Corp | 5,480,354 | |||||||
50,519 | Winnebago Industries, Inc | 4,038,994 | ||||||||
153,174 | *,e | Workhorse Group, Inc | 1,897,826 | |||||||
28,447 | * | XPEL, Inc | 1,823,453 | |||||||
TOTAL AUTOMOBILES & COMPONENTS | 73,224,980 | |||||||||
BANKS - 10.3% | ||||||||||
13,720 | 1st Constitution Bancorp | 263,150 | ||||||||
26,528 | 1st Source Corp | 1,262,468 | ||||||||
11,721 | ACNB Corp | 322,327 | ||||||||
30,330 | Allegiance Bancshares, Inc | 1,201,068 | ||||||||
26,559 | Altabancorp | 1,108,838 | ||||||||
20,399 | Amalgamated Financial Corp | 329,444 | ||||||||
36,185 | * | Amerant Bancorp Inc | 685,706 | |||||||
16,123 | American National Bankshares, Inc | 548,666 | ||||||||
107,403 | Ameris Bancorp | 5,809,428 | ||||||||
13,346 | Ames National Corp | 337,387 | ||||||||
20,398 | Arrow Financial Corp | 721,069 | ||||||||
32,618 | * | Atlantic Capital Bancshares, Inc | 872,531 | |||||||
128,517 | Atlantic Union Bankshares Corp | 4,969,752 | ||||||||
3,751 | e | Auburn National Bancorporation, Inc | 133,160 | |||||||
92,684 | * | Axos Financial, Inc | 4,184,683 | |||||||
75,350 | Banc of California, Inc | 1,348,765 | ||||||||
29,877 | Bancfirst Corp | 2,076,750 | ||||||||
160,302 | BancorpSouth Bank | 4,743,336 | ||||||||
10,074 | Bank First Corp | 728,552 | ||||||||
24,830 | Bank of Commerce Holdings | 320,555 | ||||||||
21,324 | Bank of Marin Bancorp | 755,296 | ||||||||
82,343 | Bank of NT Butterfield & Son Ltd | 3,229,492 | ||||||||
6,887 | Bank of Princeton | 205,577 |
214 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
4,543 | Bank7 Corp | $ | 80,457 | |||||||
21,737 | BankFinancial Corp | 226,500 | ||||||||
148,491 | BankUnited | 6,921,166 | ||||||||
10,923 | Bankwell Financial Group, Inc | 295,030 | ||||||||
57,928 | Banner Corp | 3,292,628 | ||||||||
27,319 | Bar Harbor Bankshares | 782,963 | ||||||||
15,527 | * | Baycom Corp | 280,883 | |||||||
22,156 | BCB Bancorp, Inc | 305,088 | ||||||||
77,453 | Berkshire Hills Bancorp, Inc | 1,718,682 | ||||||||
9,368 | *,e | Bogota Financial Corp | 92,837 | |||||||
131,755 | Boston Private Financial Holdings, Inc | 1,939,434 | ||||||||
36,837 | * | Bridgewater Bancshares, Inc | 622,914 | |||||||
128,116 | Brookline Bancorp, Inc | 2,062,668 | ||||||||
31,617 | Bryn Mawr Bank Corp | 1,453,117 | ||||||||
31,016 | Business First Bancshares, Inc | 737,250 | ||||||||
44,685 | Byline Bancorp, Inc | 1,014,349 | ||||||||
5,305 | C&F Financial Corp | 223,765 | ||||||||
203,870 | Cadence BanCorp | 4,536,108 | ||||||||
12,117 | *,e | California Bancorp, Inc | 212,048 | |||||||
11,338 | Cambridge Bancorp | 992,642 | ||||||||
23,860 | Camden National Corp | 1,138,599 | ||||||||
8,393 | * | Capital Bancorp, Inc | 184,394 | |||||||
22,845 | Capital City Bank Group, Inc | 577,293 | ||||||||
217,977 | Capitol Federal Financial | 2,817,353 | ||||||||
23,608 | Capstar Financial Holdings, Inc | 453,038 | ||||||||
30,234 | * | Carter Bankshares, Inc | 391,530 | |||||||
125,154 | Cathay General Bancorp | 5,066,234 | ||||||||
7,897 | CB Financial Services, Inc | 169,786 | ||||||||
30,502 | CBTX, Inc | 953,798 | ||||||||
44,476 | Central Pacific Financial Corp | 1,198,628 | ||||||||
13,356 | Central Valley Community Bancorp | 262,312 | ||||||||
4,239 | Century Bancorp, Inc | 484,306 | ||||||||
5,721 | Chemung Financial Corp | 243,143 | ||||||||
10,981 | e | ChoiceOne Financial Services, Inc | 269,474 | |||||||
161,266 | CIT Group, Inc | 8,593,865 | ||||||||
21,602 | Citizens & Northern Corp | 533,569 | ||||||||
7,476 | e | Citizens Holding Co | 142,792 | |||||||
25,210 | City Holding Co | 1,951,254 | ||||||||
24,288 | Civista Bancshares, Inc | 561,781 | ||||||||
23,959 | CNB Financial Corp | 609,996 | ||||||||
13,535 | * | Coastal Financial Corp | 402,937 | |||||||
15,088 | Codorus Valley Bancorp, Inc | 277,619 | ||||||||
10,806 | Colony Bankcorp Inc | 168,466 | ||||||||
116,050 | Columbia Banking System, Inc | 5,051,657 | ||||||||
81,428 | * | Columbia Financial, Inc | 1,487,690 | |||||||
86,754 | Community Bank System, Inc | 6,734,713 | ||||||||
24,694 | Community Bankers Trust Corp | 206,936 | ||||||||
7,045 | Community Financial Corp | 254,465 | ||||||||
24,916 | Community Trust Bancorp, Inc | 1,110,257 | ||||||||
62,780 | ConnectOne Bancorp, Inc | 1,704,477 | ||||||||
8,071 | e | County Bancorp, Inc | 190,798 | |||||||
81,861 | * | CrossFirst Bankshares, Inc | 1,206,631 | |||||||
46,456 | * | Customers Bancorp, Inc | 1,603,661 | |||||||
209,234 | CVB Financial Corp | 4,437,853 | ||||||||
58,119 | Dime Community Bancshares, Inc | 1,924,901 | ||||||||
10,059 | Eagle Bancorp Montana, Inc | 235,280 |
215 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
51,024 | Eagle Bancorp, Inc | $ | 2,725,192 | |||||||
268,379 | Eastern Bankshares, Inc | 5,724,524 | ||||||||
13,817 | Enterprise Bancorp, Inc | 481,246 | ||||||||
40,158 | Enterprise Financial Services Corp | 1,972,963 | ||||||||
23,479 | * | Equity Bancshares, Inc | 686,996 | |||||||
10,733 | * | Esquire Financial Holdings, Inc | 246,322 | |||||||
11,255 | ESSA Bancorp, Inc | 174,678 | ||||||||
180,126 | Essent Group Ltd | 9,471,025 | ||||||||
7,709 | Evans Bancorp, Inc | 284,925 | ||||||||
14,657 | Farmers & Merchants Bancorp, Inc | 344,440 | ||||||||
42,907 | Farmers National Banc Corp | 711,398 | ||||||||
51,223 | FB Financial Corp | 2,149,317 | ||||||||
15,474 | Federal Agricultural Mortgage Corp (FAMC) | 1,591,656 | ||||||||
6,246 | e | Fidelity D&D Bancorp, Inc | 351,400 | |||||||
24,377 | Financial Institutions, Inc | 778,358 | ||||||||
44,807 | First Bancorp | 1,899,817 | ||||||||
356,347 | First Bancorp | 4,479,282 | ||||||||
15,618 | First Bancorp, Inc | 441,833 | ||||||||
34,281 | First Bancshares, Inc | 1,341,073 | ||||||||
25,831 | First Bank | 327,795 | ||||||||
81,042 | First Busey Corp | 2,024,429 | ||||||||
12,667 | First Business Financial Services, Inc | 335,169 | ||||||||
4,693 | e | First Capital Inc | 211,560 | |||||||
16,621 | First Choice Bancorp | 532,204 | ||||||||
156,728 | First Commonwealth Financial Corp | 2,270,989 | ||||||||
28,041 | First Community Bancshares, Inc | 819,358 | ||||||||
11,344 | First Community Corp | 208,730 | ||||||||
160,686 | First Financial Bancorp | 3,938,414 | ||||||||
211,169 | First Financial Bankshares, Inc | 10,364,175 | ||||||||
23,550 | First Financial Corp | 1,041,852 | ||||||||
65,288 | First Foundation, Inc | 1,553,854 | ||||||||
6,249 | First Guaranty Bancshares, Inc | 108,545 | ||||||||
16,499 | First Internet Bancorp | 566,741 | ||||||||
67,293 | First Interstate Bancsystem, Inc | 3,160,752 | ||||||||
89,316 | First Merchants Corp | 4,127,292 | ||||||||
24,496 | First Mid-Illinois Bancshares, Inc | 1,066,556 | ||||||||
186,390 | First Midwest Bancorp, Inc | 3,908,598 | ||||||||
11,269 | First Northwest Bancorp | 189,094 | ||||||||
39,882 | First of Long Island Corp | 849,088 | ||||||||
3,021 | e | First Savings Financial Group, Inc | 207,845 | |||||||
10,786 | e | First United Corp | 182,499 | |||||||
10,003 | * | First Western Financial, Inc | 256,777 | |||||||
79,697 | Flagstar Bancorp, Inc | 3,709,098 | ||||||||
46,633 | Flushing Financial Corp | 1,085,150 | ||||||||
24,717 | FNCB Bancorp Inc | 171,289 | ||||||||
6,082 | e | Franklin Financial Services Corp | 183,372 | |||||||
6,068 | FS Bancorp, Inc | 414,748 | ||||||||
256,544 | Fulton Financial Corp | 4,374,075 | ||||||||
17,587 | *,e | FVCBankcorp, Inc | 309,355 | |||||||
40,252 | German American Bancorp, Inc | 1,744,119 | ||||||||
155,246 | Glacier Bancorp, Inc | 9,151,752 | ||||||||
19,151 | Great Southern Bancorp, Inc | 1,080,308 | ||||||||
93,070 | Great Western Bancorp, Inc | 3,075,964 | ||||||||
3,120 | Greene County Bancorp, Inc | 79,279 | ||||||||
13,084 | Guaranty Bancshares, Inc | 508,968 | ||||||||
141,610 | Hancock Whitney Corp | 6,548,046 |
216 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
50,366 | Hanmi Financial Corp | $ | 1,022,430 | |||||||
84,726 | HarborOne Northeast Bancorp, Inc | 1,212,429 | ||||||||
8,548 | Hawthorn Bancshares Inc | 184,124 | ||||||||
15,829 | HBT Financial, Inc | 288,088 | ||||||||
58,123 | Heartland Financial USA, Inc | 2,921,843 | ||||||||
101,510 | Heritage Commerce Corp | 1,225,226 | ||||||||
59,934 | Heritage Financial Corp | 1,684,145 | ||||||||
108,987 | Hilltop Holdings, Inc | 3,836,342 | ||||||||
2,423 | Hingham Institution for Savings | 736,931 | ||||||||
11,365 | Home Bancorp, Inc | 431,188 | ||||||||
250,741 | Home Bancshares, Inc | 6,978,122 | ||||||||
11,862 | * | Home Point Capital, Inc | 115,655 | |||||||
34,561 | HomeStreet, Inc | 1,411,471 | ||||||||
25,940 | HomeTrust Bancshares, Inc | 710,756 | ||||||||
187,879 | Hope Bancorp, Inc | 2,820,064 | ||||||||
68,500 | Horizon Bancorp | 1,256,290 | ||||||||
20,861 | * | Howard Bancorp, Inc | 351,299 | |||||||
54,348 | Independent Bank Corp | 4,451,101 | ||||||||
36,159 | Independent Bank Corp | 851,906 | ||||||||
61,134 | Independent Bank Group, Inc | 4,616,228 | ||||||||
88,330 | International Bancshares Corp | 4,185,959 | ||||||||
15,412 | Investar Holding Corp | 340,759 | ||||||||
373,297 | Investors Bancorp, Inc | 5,465,068 | ||||||||
121,390 | Kearny Financial Corp | 1,551,364 | ||||||||
83,816 | Lakeland Bancorp, Inc | 1,519,584 | ||||||||
39,224 | Lakeland Financial Corp | 2,558,582 | ||||||||
6,266 | Landmark Bancorp, Inc | 150,697 | ||||||||
18,657 | LCNB Corp | 338,065 | ||||||||
6,781 | Level One Bancorp, Inc | 183,290 | ||||||||
8,088 | *,e | Limestone Bancorp, Inc | 127,952 | |||||||
47,064 | Live Oak Bancshares, Inc | 3,010,213 | ||||||||
27,683 | Luther Burbank Corp | 308,389 | ||||||||
41,374 | Macatawa Bank Corp | 395,949 | ||||||||
20,820 | Mackinac Financial Corp | 451,794 | ||||||||
10,165 | * | MainStreet Bancshares Inc | 215,498 | |||||||
23,968 | Mercantile Bank Corp | 773,687 | ||||||||
14,370 | Merchants Bancorp | 586,152 | ||||||||
73,331 | Meridian Bancorp, Inc | 1,621,348 | ||||||||
8,582 | Meridian Corp | 226,565 | ||||||||
50,138 | Meta Financial Group, Inc | 2,469,798 | ||||||||
29,837 | Metrocity Bankshares, Inc | 477,690 | ||||||||
11,009 | * | Metropolitan Bank Holding Corp | 691,916 | |||||||
14,066 | Mid Penn Bancorp, Inc | 379,641 | ||||||||
9,497 | e | Middlefield Banc Corp | 212,543 | |||||||
35,305 | Midland States Bancorp, Inc | 994,895 | ||||||||
24,946 | MidWestOne Financial Group, Inc | 787,296 | ||||||||
7,084 | *,e | MMA Capital Holdings Inc | 120,995 | |||||||
122,859 | * | Mr Cooper Group, Inc | 4,236,178 | |||||||
14,402 | MVB Financial Corp | 580,113 | ||||||||
48,249 | National Bank Holdings Corp | 1,925,135 | ||||||||
9,960 | National Bankshares, Inc | 357,464 | ||||||||
68,718 | NBT Bancorp, Inc | 2,603,725 | ||||||||
15,864 | * | Nicolet Bankshares, Inc | 1,265,313 | |||||||
136,970 | * | NMI Holdings, Inc | 3,539,305 | |||||||
12,065 | Northeast Bank | 339,871 | ||||||||
77,894 | Northfield Bancorp, Inc | 1,260,325 |
217 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
9,924 | Northrim BanCorp, Inc | $ | 423,259 | |||||||
190,046 | Northwest Bancshares, Inc | 2,668,246 | ||||||||
8,879 | Norwood Financial Corp | 226,326 | ||||||||
8,267 | e | Oak Valley Bancorp | 146,657 | |||||||
97,790 | OceanFirst Financial Corp | 2,235,479 | ||||||||
81,671 | OFG Bancorp | 1,934,786 | ||||||||
4,666 | Ohio Valley Banc Corp | 104,425 | ||||||||
270,066 | Old National Bancorp | 5,104,247 | ||||||||
49,526 | Old Second Bancorp, Inc | 654,238 | ||||||||
22,204 | OP Bancorp | 241,580 | ||||||||
35,056 | Origin Bancorp, Inc | 1,532,999 | ||||||||
20,109 | Orrstown Financial Services, Inc | 476,784 | ||||||||
129,449 | Pacific Premier Bancorp, Inc | 5,699,639 | ||||||||
23,781 | Park National Corp | 2,974,765 | ||||||||
16,102 | Parke Bancorp, Inc | 340,074 | ||||||||
15,783 | e | Partners Bancorp | 119,951 | |||||||
27,378 | PCB Bancorp | 432,572 | ||||||||
24,441 | PCSB Financial Corp | 427,473 | ||||||||
15,712 | * | PDL Community Bancorp | 174,089 | |||||||
29,602 | Peapack Gladstone Financial Corp | 947,264 | ||||||||
10,726 | Penns Woods Bancorp, Inc | 257,424 | ||||||||
68,844 | PennyMac Financial Services, Inc | 4,145,097 | ||||||||
5,310 | Peoples Bancorp of North Carolina, Inc | 124,095 | ||||||||
29,368 | Peoples Bancorp, Inc | 981,772 | ||||||||
10,436 | Peoples Financial Services Corp | 445,095 | ||||||||
16,955 | * | Pioneer Bancorp, Inc | 199,391 | |||||||
7,352 | e | Plumas Bancorp | 195,196 | |||||||
22,385 | Preferred Bank | 1,467,113 | ||||||||
20,251 | Premier Financial Bancorp, Inc | 383,554 | ||||||||
60,499 | Premier Financial Corp | 1,911,163 | ||||||||
32,075 | Primis Financial Corp | 460,276 | ||||||||
11,614 | * | Professional Holding Corp | 200,225 | |||||||
27,206 | Provident Bancorp Inc | 445,362 | ||||||||
8,540 | Provident Financial Holdings, Inc | 138,860 | ||||||||
114,640 | Provident Financial Services, Inc | 2,702,065 | ||||||||
15,523 | Prudential Bancorp, Inc | 214,994 | ||||||||
23,572 | QCR Holdings, Inc | 1,136,642 | ||||||||
313,379 | Radian Group, Inc | 7,721,659 | ||||||||
25,818 | RBB Bancorp | 544,243 | ||||||||
7,570 | Red River Bancshares Inc | 421,195 | ||||||||
24,883 | Reliant Bancorp Inc | 687,517 | ||||||||
88,556 | Renasant Corp | 3,730,864 | ||||||||
16,512 | Republic Bancorp, Inc (Class A) | 741,884 | ||||||||
71,588 | * | Republic First Bancorp, Inc | 285,636 | |||||||
20,153 | Richmond Mutual Bancorporation, Inc | 275,492 | ||||||||
31,200 | Riverview Bancorp, Inc | 214,968 | ||||||||
61,604 | S&T Bancorp, Inc | 2,029,852 | ||||||||
4,045 | e | Salisbury Bancorp, Inc | 187,971 | |||||||
74,416 | Sandy Spring Bancorp, Inc | 3,375,510 | ||||||||
11,319 | SB Financial Group, Inc | 202,157 | ||||||||
83,493 | * | Seacoast Banking Corp of Florida | 3,034,971 | |||||||
15,696 | *,e | Security National Financial Corp | 132,474 | |||||||
20,322 | * | Select Bancorp, Inc | 239,596 | |||||||
78,958 | ServisFirst Bancshares, Inc | 4,993,304 | ||||||||
15,695 | Shore Bancshares, Inc | 264,304 | ||||||||
21,936 | Sierra Bancorp | 593,808 |
218 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
32,301 | * | Silvergate Capital Corp | $ | 3,463,313 | ||||||
175,156 | Simmons First National Corp (Class A) | 4,991,946 | ||||||||
18,371 | SmartFinancial, Inc | 435,209 | ||||||||
15,593 | South Plains Financial Inc | 356,144 | ||||||||
114,285 | South State Corp | 9,636,511 | ||||||||
12,114 | * | Southern First Bancshares, Inc | 623,871 | |||||||
11,360 | Southern Missouri Bancorp, Inc | 475,870 | ||||||||
51,865 | Southside Bancshares, Inc | 2,082,380 | ||||||||
20,877 | Spirit of Texas Bancshares, Inc | 483,720 | ||||||||
6,207 | e | Standard AVB Financial Corp | 204,086 | |||||||
10,335 | * | Sterling Bancorp, Inc | 51,158 | |||||||
32,984 | Stock Yards Bancorp, Inc | 1,687,461 | ||||||||
20,802 | Summit Financial Group, Inc | 541,892 | ||||||||
11,960 | Territorial Bancorp, Inc | 300,794 | ||||||||
81,990 | * | Texas Capital Bancshares, Inc | 5,626,974 | |||||||
83,593 | * | The Bancorp, Inc | 1,856,183 | |||||||
12,056 | Timberland Bancorp, Inc | 339,256 | ||||||||
23,206 | Tompkins Financial Corp | 1,813,549 | ||||||||
111,439 | Towne Bank | 3,452,380 | ||||||||
44,933 | Trico Bancshares | 2,079,499 | ||||||||
44,631 | * | Tristate Capital Holdings, Inc | 1,065,342 | |||||||
36,732 | * | Triumph Bancorp, Inc | 3,255,557 | |||||||
151,845 | Trustco Bank Corp NY | 1,110,746 | ||||||||
101,956 | Trustmark Corp | 3,304,394 | ||||||||
70,680 | UMB Financial Corp | 6,858,080 | ||||||||
202,603 | United Bankshares, Inc | 7,956,220 | ||||||||
126,140 | United Community Banks, Inc | 4,127,301 | ||||||||
14,975 | United Security Bancshares | 123,993 | ||||||||
14,239 | Unity Bancorp, Inc | 313,970 | ||||||||
50,102 | Univest Financial Corp | 1,399,349 | ||||||||
652,340 | Valley National Bancorp | 8,982,722 | ||||||||
77,462 | Veritex Holdings, Inc | 2,616,666 | ||||||||
46,614 | Walker & Dunlop, Inc | 5,167,162 | ||||||||
122,004 | Washington Federal, Inc | 3,971,230 | ||||||||
27,474 | Washington Trust Bancorp, Inc | 1,402,548 | ||||||||
37,789 | Waterstone Financial, Inc | 744,443 | ||||||||
105,913 | WesBanco, Inc | 3,843,583 | ||||||||
24,263 | West Bancorporation, Inc | 637,146 | ||||||||
43,785 | Westamerica Bancorporation | 2,775,969 | ||||||||
28,934 | Western New England Bancorp, Inc | 234,365 | ||||||||
76,495 | WSFS Financial Corp | 3,908,130 | ||||||||
TOTAL BANKS | 483,704,749 | |||||||||
CAPITAL GOODS - 11.0% | ||||||||||
67,814 | Aaon, Inc | 4,435,714 | ||||||||
54,385 | * | AAR Corp | 2,188,452 | |||||||
91,888 | Advanced Drainage Systems, Inc | 10,260,214 | ||||||||
50,607 | * | Aegion Corp | 1,523,271 | |||||||
117,092 | Aerojet Rocketdyne Holdings, Inc | 5,470,538 | ||||||||
35,805 | * | Aerovironment, Inc | 3,951,798 | |||||||
10,234 | * | Agrify Corp | 110,527 | |||||||
16,435 | Alamo Group, Inc | 2,584,404 | ||||||||
49,896 | Albany International Corp (Class A) | 4,452,719 | ||||||||
10,908 | Allied Motion Technologies, Inc | 567,761 | ||||||||
20,089 | *,e | Alpha Pro Tech Ltd | 179,997 | |||||||
27,509 | * | Alta Equipment Group, Inc | 353,491 |
219 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
104,459 | Altra Industrial Motion Corp | $ | 6,164,126 | |||||||
39,889 | * | Ameresco, Inc | 2,105,740 | |||||||
44,615 | * | American Superconductor Corp | 734,809 | |||||||
28,024 | * | American Woodmark Corp | 2,787,267 | |||||||
230,991 | *,g | API Group Corp | 4,910,869 | |||||||
43,268 | Apogee Enterprises, Inc | 1,520,005 | ||||||||
62,647 | Applied Industrial Technologies, Inc | 5,992,812 | ||||||||
79,823 | Arcosa, Inc | 4,812,529 | ||||||||
23,823 | Argan, Inc | 1,194,723 | ||||||||
36,074 | Astec Industries, Inc | 2,705,911 | ||||||||
38,379 | * | Astronics Corp | 668,178 | |||||||
76,896 | * | Atkore International Group, Inc | 6,019,419 | |||||||
40,522 | AZZ, Inc | 2,133,078 | ||||||||
77,465 | Barnes Group, Inc | 3,867,053 | ||||||||
89,991 | * | Beacon Roofing Supply, Inc | 5,069,193 | |||||||
146,927 | * | Bloom Energy Corp | 3,815,694 | |||||||
27,733 | * | Blue Bird Corp | 747,127 | |||||||
63,279 | Boise Cascade Co | 4,221,975 | ||||||||
332,676 | * | Builders FirstSource, Inc | 16,191,341 | |||||||
35,727 | Caesarstone Sdot-Yam Ltd | 498,749 | ||||||||
26,927 | CAI International, Inc | 1,145,744 | ||||||||
58,984 | * | Chart Industries, Inc | 9,474,600 | |||||||
33,279 | * | CIRCOR International, Inc | 1,143,799 | |||||||
38,609 | Columbus McKinnon Corp | 1,911,532 | ||||||||
59,261 | Comfort Systems USA, Inc | 4,880,736 | ||||||||
43,300 | * | Concrete Pumping Holdings Inc | 352,029 | |||||||
45,474 | * | Construction Partners Inc | 1,442,890 | |||||||
70,619 | * | Cornerstone Building Brands, Inc | 992,903 | |||||||
22,115 | CSW Industrials, Inc | 2,994,592 | ||||||||
52,647 | Cubic Corp | 3,940,102 | ||||||||
20,889 | *,e | Custom Truck One Source, Inc | 214,321 | |||||||
35,865 | Douglas Dynamics, Inc | 1,604,241 | ||||||||
16,798 | * | Ducommun, Inc | 989,906 | |||||||
26,361 | * | DXP Enterprises, Inc | 771,587 | |||||||
50,639 | * | Dycom Industries, Inc | 4,750,445 | |||||||
8,488 | Eastern Co | 239,956 | ||||||||
88,288 | EMCOR Group, Inc | 10,576,902 | ||||||||
32,362 | Encore Wire Corp | 2,416,794 | ||||||||
64,876 | * | Energy Recovery, Inc | 1,375,371 | |||||||
97,149 | Enerpac Tool Group Corp | 2,584,163 | ||||||||
68,928 | EnerSys | 6,312,426 | ||||||||
33,435 | EnPro Industries, Inc | 2,863,708 | ||||||||
42,244 | ESCO Technologies, Inc | 4,594,457 | ||||||||
9,791 | * | EVI Industries, Inc | 261,811 | |||||||
189,991 | * | Evoqua Water Technologies Corp | 5,429,943 | |||||||
96,859 | Federal Signal Corp | 4,012,868 | ||||||||
232,194 | * | Fluor Corp | 5,335,818 | |||||||
75,618 | Franklin Electric Co, Inc | 6,145,475 | ||||||||
518,407 | * | FuelCell Energy, Inc | 5,033,732 | |||||||
56,264 | GATX Corp | �� | 5,497,555 | |||||||
15,863 | * | Gencor Industries, Inc | 190,197 | |||||||
16,584 | * | General Finance Corp | 314,764 | |||||||
52,907 | * | Gibraltar Industries, Inc | 4,860,037 | |||||||
67,718 | * | GMS, Inc | 2,959,954 | |||||||
28,505 | Gorman-Rupp Co | 983,993 | ||||||||
20,773 | Graham Corp | 284,798 |
220 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
75,548 | Granite Construction, Inc | $ | 2,878,379 | |||||||
100,351 | * | Great Lakes Dredge & Dock Corp | 1,575,511 | |||||||
51,544 | Greenbrier Cos, Inc | 2,434,939 | ||||||||
74,972 | Griffon Corp | 2,033,241 | ||||||||
52,840 | H&E Equipment Services, Inc | 2,055,476 | ||||||||
80,118 | *,e | HC2 Holdings, Inc | 336,496 | |||||||
50,370 | Helios Technologies, Inc | 3,640,744 | ||||||||
39,299 | * | Herc Holdings, Inc | 4,149,974 | |||||||
121,831 | Hillenbrand, Inc | 5,980,684 | ||||||||
9,746 | Hurco Cos, Inc | 334,775 | ||||||||
15,564 | * | Hydrofarm Holdings Group, Inc | 1,022,555 | |||||||
16,037 | Hyster-Yale Materials Handling, Inc | 1,296,591 | ||||||||
13,056 | * | IES Holdings, Inc | 689,226 | |||||||
30,013 | Insteel Industries, Inc | 1,144,396 | ||||||||
112,973 | * | JELD-WEN Holding, Inc | 3,295,422 | |||||||
50,764 | John Bean Technologies Corp | 7,380,070 | ||||||||
19,018 | Kadant, Inc | 3,385,775 | ||||||||
44,292 | Kaman Corp | 2,362,978 | ||||||||
134,451 | Kennametal, Inc | 5,399,552 | ||||||||
196,864 | * | Kratos Defense & Security Solutions, Inc | 5,264,143 | |||||||
7,476 | * | Lawson Products, Inc | 391,967 | |||||||
16,315 | * | LB Foster Co (Class A) | 263,324 | |||||||
17,515 | Lindsay Corp | 2,903,637 | ||||||||
41,122 | LSI Industries, Inc | 338,023 | ||||||||
44,385 | Luxfer Holdings plc | 981,352 | ||||||||
29,014 | * | Lydall, Inc | 1,069,166 | |||||||
54,380 | * | Manitowoc Co, Inc | 1,244,214 | |||||||
39,605 | * | Masonite International Corp | 5,001,715 | |||||||
92,036 | * | Mastec, Inc | 9,604,877 | |||||||
42,964 | * | Matrix Service Co | 567,554 | |||||||
115,305 | Maxar Technologies, Inc | 4,474,987 | ||||||||
11,877 | * | Mayville Engineering Co Inc | 185,400 | |||||||
38,968 | McGrath RentCorp | 3,194,597 | ||||||||
112,679 | * | Meritor, Inc | 3,045,713 | |||||||
18,268 | Miller Industries, Inc | 785,889 | ||||||||
47,239 | Moog, Inc (Class A) | 4,088,535 | ||||||||
130,469 | * | MRC Global, Inc | 1,229,018 | |||||||
92,423 | Mueller Industries, Inc | 4,147,020 | ||||||||
252,494 | Mueller Water Products, Inc (Class A) | 3,625,814 | ||||||||
27,117 | * | MYR Group, Inc | 2,112,414 | |||||||
8,368 | National Presto Industries, Inc | 860,900 | ||||||||
82,957 | * | Navistar International Corp | 3,670,847 | |||||||
67,463 | * | NN, Inc | 492,480 | |||||||
16,707 | * | Northwest Pipe Co | 555,842 | |||||||
182,312 | * | NOW, Inc | 1,790,304 | |||||||
17,666 | * | NV5 Global Inc | 1,592,237 | |||||||
4,779 | Omega Flex, Inc | 759,861 | ||||||||
42,017 | * | Orion Energy Systems, Inc | 252,942 | |||||||
95,471 | * | PAE, Inc | 856,375 | |||||||
35,996 | Park Aerospace Corp | 485,586 | ||||||||
14,122 | Park-Ohio Holdings Corp | 512,770 | ||||||||
36,395 | * | Parsons Corp | 1,613,390 | |||||||
91,824 | * | PGT Innovations, Inc | 2,417,726 | |||||||
672,205 | * | Plug Power, Inc | 19,164,565 | |||||||
15,137 | Powell Industries, Inc | 533,428 | ||||||||
5,078 | Preformed Line Products Co | 336,164 |
221 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
76,501 | Primoris Services Corp | $ | 2,498,523 | |||||||
43,360 | * | Proto Labs, Inc | 4,858,922 | |||||||
53,441 | Quanex Building Products Corp | 1,458,405 | ||||||||
58,503 | Raven Industries, Inc | 2,376,392 | ||||||||
40,314 | * | RBC Bearings, Inc | 8,039,821 | |||||||
233,505 | * | Resideo Technologies, Inc | 7,007,485 | |||||||
44,286 | * | REV Group, Inc | 807,777 | |||||||
195,671 | Rexnord Corp | 9,769,853 | ||||||||
68,754 | Rush Enterprises, Inc (Class A) | 3,393,697 | ||||||||
10,605 | Rush Enterprises, Inc (Class B) | 464,393 | ||||||||
55,955 | Shyft Group, Inc | 1,981,926 | ||||||||
70,794 | Simpson Manufacturing Co, Inc | 7,978,484 | ||||||||
71,658 | * | SiteOne Landscape Supply, Inc | 12,854,012 | |||||||
71,112 | * | SPX Corp | 4,313,654 | |||||||
69,957 | SPX FLOW, Inc | 4,658,437 | ||||||||
19,412 | Standex International Corp | 1,840,646 | ||||||||
47,125 | * | Sterling Construction Co, Inc | 982,556 | |||||||
258,951 | * | Sunrun, Inc | 12,688,599 | |||||||
20,047 | Systemax, Inc | 856,408 | ||||||||
29,552 | Tennant Co | 2,331,948 | ||||||||
108,818 | Terex Corp | 5,113,358 | ||||||||
80,770 | * | Textainer Group Holdings Ltd | 2,069,327 | |||||||
25,338 | * | The ExOne Company | 589,109 | |||||||
55,163 | * | Thermon Group Holdings | 1,053,613 | |||||||
30,380 | * | Titan Machinery, Inc | 793,222 | |||||||
49,757 | * | TPI Composites, Inc | 2,644,585 | |||||||
11,870 | * | Transcat Inc | 593,500 | |||||||
66,748 | * | Trimas Corp | 2,125,256 | |||||||
99,447 | Triton International Ltd | 4,989,256 | ||||||||
84,248 | * | Triumph Group, Inc | 1,425,476 | |||||||
67,522 | * | Tutor Perini Corp | 1,087,104 | |||||||
97,845 | UFP Industries, Inc | 8,222,894 | ||||||||
14,536 | * | Ultralife Corp | 114,834 | |||||||
17,748 | * | Vectrus, Inc | 929,108 | |||||||
23,644 | * | Veritiv Corp | 990,211 | |||||||
31,171 | * | Vicor Corp | 2,874,901 | |||||||
85,265 | Wabash National Corp | 1,501,517 | ||||||||
44,376 | Watts Water Technologies, Inc (Class A) | 5,527,031 | ||||||||
211,211 | * | Welbilt, Inc | 4,718,454 | |||||||
79,610 | * | WESCO International, Inc | 7,301,829 | |||||||
3,003 | * | Willis Lease Finance Corp | 128,588 | |||||||
283,238 | * | WillScot Mobile Mini Holdings Corp | 8,290,376 | |||||||
TOTAL CAPITAL GOODS | 517,180,680 | |||||||||
COMMERCIAL & PROFESSIONAL SERVICES - 3.4% | ||||||||||
110,188 | ABM Industries, Inc | 5,664,765 | ||||||||
81,399 | * | Acacia Research (Acacia Technologies) | 494,906 | |||||||
155,880 | ACCO Brands Corp | 1,337,450 | ||||||||
33,449 | *,e | Akerna Corp | 141,155 | |||||||
83,168 | * | ASGN Inc | 8,747,610 | |||||||
11,399 | Barrett Business Services, Inc | 835,889 | ||||||||
23,514 | BGSF, Inc | 329,431 | ||||||||
77,928 | Brady Corp (Class A) | 4,252,531 | ||||||||
65,632 | * | BrightView Holdings, Inc | 1,176,782 | |||||||
79,860 | e | Brink’s Co | 6,382,411 | |||||||
78,911 | * | Casella Waste Systems, Inc (Class A) | 5,295,717 |
222 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
82,298 | * | CBIZ, Inc | $ | 2,764,390 | ||||||
56,141 | * | Ceco Environmental Corp | 409,829 | |||||||
29,658 | * | Cimpress plc | 2,825,221 | |||||||
1,670 | Compx International, Inc | 32,131 | ||||||||
195,524 | * | CoreCivic, Inc | 1,519,222 | |||||||
190,945 | Covanta Holding Corp | 2,871,813 | ||||||||
12,905 | CRA International, Inc | 1,035,755 | ||||||||
67,650 | Deluxe Corp | 2,977,953 | ||||||||
42,055 | Ennis, Inc | 871,800 | ||||||||
83,972 | Exponent, Inc | 8,089,023 | ||||||||
19,243 | * | Forrester Research, Inc | 836,108 | |||||||
20,028 | * | Franklin Covey Co | 611,655 | |||||||
19,950 | * | GP Strategies Corp | 314,213 | |||||||
126,410 | * | Harsco Corp | 2,266,531 | |||||||
121,249 | Healthcare Services Group | 3,631,408 | ||||||||
31,901 | Heidrick & Struggles International, Inc | 1,349,412 | ||||||||
26,493 | * | Heritage-Crystal Clean, Inc | 760,879 | |||||||
95,875 | Herman Miller, Inc | 3,978,813 | ||||||||
68,369 | HNI Corp | 2,894,743 | ||||||||
36,598 | * | Huron Consulting Group, Inc | 2,059,004 | |||||||
29,305 | ICF International, Inc | 2,668,513 | ||||||||
58,137 | Insperity, Inc | 5,089,313 | ||||||||
95,168 | Interface, Inc | 1,221,957 | ||||||||
213,500 | * | KAR Auction Services, Inc | 3,200,365 | |||||||
232,596 | KBR, Inc | 9,201,498 | ||||||||
53,724 | * | Kelly Services, Inc (Class A) | 1,345,786 | |||||||
31,049 | Kforce, Inc | 1,739,986 | ||||||||
60,047 | Kimball International, Inc (Class B) | 875,485 | ||||||||
81,786 | Knoll, Inc | 1,954,685 | ||||||||
88,342 | Korn/Ferry International | 5,997,538 | ||||||||
43,866 | Mantech International Corp (Class A) | 3,743,963 | ||||||||
6,144 | * | Mastech Holdings, Inc | 97,014 | |||||||
51,240 | Matthews International Corp (Class A) | 2,120,311 | ||||||||
29,253 | * | Mistras Group, Inc | 325,586 | |||||||
36,541 | * | Montrose Environmental Group, Inc | 1,980,888 | |||||||
9,268 | NL Industries, Inc | 65,803 | ||||||||
289,987 | Pitney Bowes, Inc | 2,166,203 | ||||||||
53,179 | Quad Graphics, Inc | 191,444 | ||||||||
10,400 | *,e | Red Violet, Inc | 216,320 | |||||||
55,447 | Resources Connection, Inc | 782,357 | ||||||||
36,466 | * | SP Plus Corp | 1,251,878 | |||||||
137,445 | Steelcase, Inc (Class A) | 1,896,741 | ||||||||
48,496 | * | Team, Inc | 478,656 | |||||||
87,844 | Tetra Tech, Inc | 11,211,530 | ||||||||
66,908 | * | TriNet Group, Inc | 5,266,329 | |||||||
58,793 | * | TrueBlue, Inc | 1,663,842 | |||||||
24,447 | Unifirst Corp | 5,480,773 | ||||||||
150,490 | * | Upwork, Inc | 6,931,569 | |||||||
50,903 | * | US Ecology, Inc | 2,161,341 | |||||||
34,410 | * | Viad Corp | 1,433,521 | |||||||
26,441 | * | Vidler Water Resouces, Inc | 239,291 | |||||||
17,002 | VSE Corp | 733,636 | ||||||||
18,190 | * | Willdan Group, Inc | 694,312 | |||||||
TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 161,186,984 |
223 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
CONSUMER DURABLES & APPAREL - 4.0% | ||||||||||
57,651 | Acushnet Holdings Corp | $ | 2,439,214 | |||||||
22,127 | * | American Outdoor Brands, Inc | 571,983 | |||||||
45,604 | * | Beazer Homes USA, Inc | 1,017,425 | |||||||
154,392 | Callaway Golf Co | 4,469,648 | ||||||||
40,697 | * | Casper Sleep, Inc | 347,959 | |||||||
15,254 | * | Cavco Industries, Inc | 3,194,645 | |||||||
47,224 | * | Century Communities, Inc | 3,491,743 | |||||||
39,006 | Clarus Corp | 725,902 | ||||||||
109,070 | * | Crocs, Inc | 10,920,088 | |||||||
45,687 | * | Deckers Outdoor Corp | 15,451,343 | |||||||
17,839 | Escalade, Inc | 392,815 | ||||||||
36,403 | Ethan Allen Interiors, Inc | 1,045,130 | ||||||||
82,809 | * | Fossil Group, Inc | 1,068,236 | |||||||
71,254 | * | G-III Apparel Group Ltd | 2,315,043 | |||||||
204,681 | * | GoPro, Inc | 2,298,568 | |||||||
49,597 | * | Green Brick Partners, Inc | 1,280,099 | |||||||
10,453 | Hamilton Beach Brands Holding Co | 203,834 | ||||||||
39,949 | * | Helen of Troy Ltd | 8,437,628 | |||||||
19,246 | Hooker Furniture Corp | 721,918 | ||||||||
37,705 | Installed Building Products, Inc | 5,076,978 | ||||||||
45,450 | * | iRobot Corp | 4,944,960 | |||||||
8,411 | Johnson Outdoors, Inc | 1,192,764 | ||||||||
144,276 | KB Home | 6,958,432 | ||||||||
84,774 | Kontoor Brands, Inc | 5,326,350 | ||||||||
12,276 | * | Lakeland Industries, Inc | 346,306 | |||||||
72,102 | La-Z-Boy, Inc | 3,205,655 | ||||||||
13,139 | * | Legacy Housing Corp | 234,663 | |||||||
36,619 | * | LGI Homes, Inc | 6,070,698 | |||||||
20,138 | Lifetime Brands, Inc | 292,001 | ||||||||
16,166 | * | Lovesac Co | 1,184,483 | |||||||
45,048 | * | M/I Homes, Inc | 3,140,747 | |||||||
33,680 | * | Malibu Boats, Inc | 2,807,565 | |||||||
11,799 | Marine Products Corp | 204,831 | ||||||||
29,573 | * | MasterCraft Boat Holdings, Inc | 838,690 | |||||||
91,794 | MDC Holdings, Inc | 5,384,636 | ||||||||
60,287 | * | Meritage Homes Corp | 6,413,934 | |||||||
25,912 | Movado Group, Inc | 812,859 | ||||||||
48,869 | *,e | Nautilus, Inc | 819,044 | |||||||
26,703 | Oxford Industries, Inc | 2,436,115 | ||||||||
52,449 | * | Purple Innovation, Inc | 1,787,462 | |||||||
11,234 | Rocky Brands, Inc | 591,470 | ||||||||
85,301 | * | Skyline Champion Corp | 3,789,923 | |||||||
94,157 | Smith & Wesson Brands, Inc | 1,638,332 | ||||||||
196,758 | * | Sonos, Inc | 7,876,223 | |||||||
133,190 | Steven Madden Ltd | 5,416,837 | ||||||||
27,082 | Sturm Ruger & Co, Inc | 1,758,705 | ||||||||
18,501 | Superior Uniform Group, Inc | 466,595 | ||||||||
204,626 | * | Taylor Morrison Home Corp | 6,386,377 | |||||||
53,911 | * | TopBuild Corp | 11,988,728 | |||||||
208,119 | * | TRI Pointe Homes, Inc | 4,957,395 | |||||||
79,734 | * | Tupperware Brands Corp | 1,943,118 | |||||||
21,356 | * | Turtle Beach Corp | 593,483 | |||||||
23,363 | * | Unifi, Inc | 631,502 | |||||||
22,198 | * | Universal Electronics, Inc | 1,261,956 | |||||||
32,491 | * | Vera Bradley, Inc | 360,650 | |||||||
96,684 | * | Vista Outdoor, Inc | 3,152,865 |
224 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
31,848 | * | VOXX International Corp (Class A) | $ | 543,008 | ||||||
130,682 | Wolverine World Wide, Inc | 5,452,053 | ||||||||
129,803 | * | YETI Holdings, Inc | 11,087,772 | |||||||
TOTAL CONSUMER DURABLES & APPAREL | 189,769,386 | |||||||||
CONSUMER SERVICES - 4.5% | ||||||||||
81,518 | * | Accel Entertainment, Inc | 1,056,473 | |||||||
83,979 | * | Adtalem Global Education, Inc | 2,881,320 | |||||||
23,067 | * | American Public Education, Inc | 702,621 | |||||||
29,802 | *,e | Aspen Group, Inc | 142,156 | |||||||
39,393 | * | Bally’s Corp | 2,283,218 | |||||||
140 | *,e | Biglari Holdings, Inc (A Shares) | 90,328 | |||||||
1,683 | * | Biglari Holdings, Inc (B Shares) | 223,940 | |||||||
35,443 | * | BJ’s Restaurants, Inc | 2,161,669 | |||||||
141,708 | * | Bloomin’ Brands, Inc | 4,477,973 | |||||||
11,785 | e | Bluegreen Vacations Corp | 109,365 | |||||||
20,148 | * | Bluegreen Vacations Holding Corp | 373,141 | |||||||
131,663 | * | Boyd Gaming Corp | 8,709,507 | |||||||
74,430 | * | Brinker International, Inc | 4,996,486 | |||||||
293,735 | * | Caesars Entertainment, Inc | 28,739,032 | |||||||
26,659 | Carriage Services, Inc | 991,182 | ||||||||
63,462 | * | Carrols Restaurant Group, Inc | 373,791 | |||||||
41,827 | * | Century Casinos, Inc | 550,025 | |||||||
69,516 | *,e | Cheesecake Factory | 4,351,006 | |||||||
62,042 | Churchill Downs, Inc | 13,121,883 | ||||||||
31,490 | * | Chuy’s Holdings, Inc | 1,538,601 | |||||||
38,913 | Cracker Barrel Old Country Store, Inc | 6,516,760 | ||||||||
71,706 | * | Dave & Buster’s Entertainment, Inc | 3,274,096 | |||||||
44,551 | Del Taco Restaurants, Inc | 507,881 | ||||||||
99,827 | * | Denny’s Corp | 1,890,723 | |||||||
25,146 | * | Dine Brands Global Inc. | 2,430,361 | |||||||
29,146 | * | El Pollo Loco Holdings, Inc | 493,733 | |||||||
133,022 | * | Everi Holdings, Inc | 2,351,829 | |||||||
29,014 | * | Fiesta Restaurant Group, Inc | 427,666 | |||||||
51,708 | *,e | GAN Ltd | 953,496 | |||||||
27,024 | * | Golden Entertainment, Inc | 931,517 | |||||||
139,974 | * | Hilton Grand Vacations, Inc | 6,237,241 | |||||||
173,829 | * | Houghton Mifflin Harcourt Co | 1,578,367 | |||||||
160,717 | *,e | International Game Technology plc | 2,767,547 | |||||||
37,938 | Jack in the Box, Inc | 4,577,220 | ||||||||
5,140 | *,e | Kura Sushi USA, Inc | 185,091 | |||||||
181,875 | * | Laureate Education, Inc | 2,500,781 | |||||||
43,316 | * | Lindblad Expeditions Holdings, Inc | 709,949 | |||||||
65,992 | * | Marriott Vacations Worldwide Corp | 11,722,159 | |||||||
20,134 | * | Monarch Casino & Resort, Inc | 1,518,305 | |||||||
4,421 | Nathan’s Famous, Inc | 280,424 | ||||||||
9,020 | * | NEOGAMES S.A. | 442,792 | |||||||
52,986 | * | Noodles & Co | 640,336 | |||||||
71,120 | * | OneSpaWorld Holdings Ltd | 757,784 | |||||||
53,071 | Papa John’s International, Inc | 5,133,027 | ||||||||
254,174 | * | Penn National Gaming, Inc | 22,651,987 | |||||||
110,517 | * | Perdoceo Education Corp | 1,288,628 | |||||||
43,163 | * | PlayAGS, Inc | 386,309 | |||||||
13,524 | RCI Hospitality Holdings, Inc | 984,682 | ||||||||
25,019 | * | Red Robin Gourmet Burgers, Inc | 909,691 | |||||||
109,120 | * | Red Rock Resorts, Inc | 3,997,066 |
225 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
35,965 | *,e | Regis Corp | $ | 465,387 | ||||||
52,142 | * | Ruth’s Hospitality Group Inc | 1,361,428 | |||||||
94,133 | * | Scientific Games Corp (Class A) | 5,508,663 | |||||||
83,955 | * | SeaWorld Entertainment, Inc | 4,597,376 | |||||||
56,770 | * | Shake Shack, Inc | 6,173,738 | |||||||
40,167 | Strategic Education, Inc | 3,014,935 | ||||||||
65,618 | * | Stride, Inc | 1,878,643 | |||||||
47,667 | *,e | Target Hospitality Corp | 132,991 | |||||||
107,152 | * | Texas Roadhouse, Inc (Class A) | 11,467,407 | |||||||
47,139 | * | Universal Technical Institute, Inc | 265,393 | |||||||
135,200 | * | Vivint Smart Home, Inc | 1,619,696 | |||||||
48,029 | Wingstop, Inc | 7,608,274 | ||||||||
76,676 | * | WW International Inc | 2,126,992 | |||||||
TOTAL CONSUMER SERVICES | 213,142,088 | |||||||||
DIVERSIFIED FINANCIALS - 4.1% | ||||||||||
23,632 | Alerus Financial Corp | 679,420 | ||||||||
7,888 | A-Mark Precious Metals, Inc | 293,986 | ||||||||
227,619 | Apollo Commercial Real Estate Finance, Inc | 3,462,085 | ||||||||
191,598 | Arbor Realty Trust, Inc | 3,387,453 | ||||||||
52,133 | Ares Commercial Real Estate Corp | 769,483 | ||||||||
61,592 | * | Arlington Asset Investment Corp (Class A) | 252,527 | |||||||
102,030 | ARMOUR Residential REIT, Inc | 1,268,233 | ||||||||
92,371 | Artisan Partners Asset Management, Inc | 4,703,531 | ||||||||
29,118 | * | Assetmark Financial Holdings, Inc | 655,737 | |||||||
3,259 | Associated Capital Group, Inc | 116,444 | ||||||||
7,942 | * | Atlanticus Holdings Corp | 248,267 | |||||||
32,278 | B. Riley Financial, Inc | 2,301,099 | ||||||||
50,095 | Banco Latinoamericano de Exportaciones S.A. (Class E) | 739,402 | ||||||||
502,565 | BGC Partners, Inc (Class A) | 2,663,594 | ||||||||
225,799 | Blackstone Mortgage Trust, Inc | 7,336,210 | ||||||||
77,387 | * | Blucora, Inc | 1,113,986 | |||||||
102,724 | Brightsphere Investment Group, Inc | 2,312,317 | ||||||||
214,935 | Broadmark Realty Capital, Inc | 2,316,999 | ||||||||
139,752 | * | Cannae Holdings, Inc | 5,548,154 | |||||||
154,079 | Capstead Mortgage Corp | 998,432 | ||||||||
24,713 | Cherry Hill Mortgage Investment Corp | 250,096 | ||||||||
311,997 | Chimera Investment Corp | 4,099,641 | ||||||||
40,981 | Cohen & Steers, Inc | 2,787,528 | ||||||||
137,889 | Colony Credit Real Estate, Inc | 1,198,255 | ||||||||
40,927 | Cowen Group, Inc | 1,616,207 | ||||||||
30,163 | Curo Group Holdings Corp | 431,934 | ||||||||
4,916 | Diamond Hill Investment Group, Inc | 840,636 | ||||||||
48,255 | * | Donnelley Financial Solutions, Inc | 1,474,673 | |||||||
41,123 | Dynex Capital, Inc | 830,685 | ||||||||
70,215 | Ellington Financial Inc | 1,259,657 | ||||||||
14,658 | Ellington Residential Mortgage REIT | 182,346 | ||||||||
52,681 | * | Encore Capital Group, Inc | 2,072,471 | |||||||
55,689 | * | Enova International, Inc | 1,906,791 | |||||||
78,539 | * | Ezcorp, Inc (Class A) | 442,175 | |||||||
154,355 | Federated Investors, Inc (Class B) | 4,445,424 | ||||||||
65,715 | FirstCash, Inc | 4,733,451 | ||||||||
62,194 | * | Focus Financial Partners, Inc | 2,926,850 | |||||||
8,005 | GAMCO Investors, Inc (Class A) | 157,538 | ||||||||
90,009 | Granite Point Mortgage Trust, Inc | 1,191,719 | ||||||||
35,881 | Great Ajax Corp | 438,107 |
226 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
85,125 | * | Green Dot Corp | $ | 3,895,320 | ||||||
25,633 | Greenhill & Co, Inc | 389,109 | ||||||||
6,613 | *,e | GWG Holdings Inc | 46,952 | |||||||
51,900 | Hamilton Lane, Inc | 4,694,355 | ||||||||
119,113 | Hannon Armstrong Sustainable Infrastructure Capital, Inc | 6,241,521 | ||||||||
85,083 | Houlihan Lokey, Inc | 5,638,450 | ||||||||
376,047 | Invesco Mortgage Capital, Inc | 1,466,583 | ||||||||
94,977 | e | iShares Russell 2000 Index Fund | 21,359,378 | |||||||
45,928 | KKR Real Estate Finance Trust, Inc | 969,081 | ||||||||
171,125 | Ladder Capital Corp | 2,034,676 | ||||||||
114,598 | * | LendingClub Corp | 1,763,663 | |||||||
8,046 | Marlin Business Services Corp | 181,437 | ||||||||
735,248 | MFA Financial Inc | 3,235,091 | ||||||||
87,146 | Moelis & Co | 4,730,285 | ||||||||
303,723 | Navient Corp | 5,111,658 | ||||||||
29,154 | Nelnet, Inc (Class A) | 2,164,101 | ||||||||
611,454 | New York Mortgage Trust, Inc | 2,806,574 | ||||||||
35,784 | *,† | NewStar Financial, Inc | 8,640 | |||||||
31,025 | * | Oportun Financial Corp | 673,553 | |||||||
15,084 | Oppenheimer Holdings, Inc | 771,848 | ||||||||
138,061 | Orchid Island Capital, Inc | 759,336 | ||||||||
159,377 | PennyMac Mortgage Investment Trust | 3,195,509 | ||||||||
28,015 | Piper Jaffray Cos | 3,249,460 | ||||||||
37,535 | PJT Partners, Inc | 2,759,949 | ||||||||
73,104 | * | PRA Group, Inc | 2,754,559 | |||||||
109,457 | PROG Holdings, Inc | 5,575,740 | ||||||||
30,321 | Pzena Investment Management, Inc (Class A) | 319,280 | ||||||||
100,866 | Ready Capital Corp | 1,463,566 | ||||||||
180,498 | Redwood Trust, Inc | 2,005,333 | ||||||||
14,235 | Regional Management Corp | 551,322 | ||||||||
30,407 | * | Safeguard Scientifics, Inc | 187,307 | |||||||
29,718 | Sculptor Capital Management, Inc | 675,787 | ||||||||
8,842 | * | Siebert Financial Corp | 35,456 | |||||||
15,048 | Silvercrest Asset Management Group, Inc | 209,318 | ||||||||
33,270 | StepStone Group, Inc | 1,107,891 | ||||||||
163,348 | Stifel Financial Corp | 11,302,048 | ||||||||
26,771 | * | StoneX Group, Inc | 1,700,494 | |||||||
6,037 | * | SWK Holdings Corp | 94,690 | |||||||
95,896 | TPG RE Finance Trust, Inc | 1,194,864 | ||||||||
444,443 | Two Harbors Investment Corp | 3,466,655 | ||||||||
1,276 | Value Line, Inc | 38,969 | ||||||||
11,702 | Virtus Investment Partners, Inc | 3,200,029 | ||||||||
102,461 | Waddell & Reed Financial, Inc (Class A) | 2,559,476 | ||||||||
108,368 | Western Asset Mortgage Capital Corp | 342,443 | ||||||||
14,548 | Westwood Holdings Group, Inc | 263,173 | ||||||||
232,018 | WisdomTree Investments, Inc | 1,574,242 | ||||||||
7,063 | * | World Acceptance Corp | 923,417 | |||||||
TOTAL DIVERSIFIED FINANCIALS | 194,146,131 | |||||||||
ENERGY - 2.5% | ||||||||||
3,503 | e | Adams Resources & Energy, Inc | 92,830 | |||||||
393,316 | * | Antero Resources Corp | 3,547,710 | |||||||
25,229 | * | Arch Resources, Inc | 1,120,420 | |||||||
208,301 | Archrock, Inc | 1,945,531 | ||||||||
54,371 | * | Ardmore Shipping Corp | 213,134 | |||||||
32,725 | * | Aspen Aerogels, Inc | 596,577 |
227 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
114,203 | Berry Petroleum Co LLC | $ | 697,780 | |||||||
33,121 | * | Bonanza Creek Energy, Inc | 1,095,974 | |||||||
67,108 | Brigham Minerals, Inc | 1,150,231 | ||||||||
10,636 | * | Bristow Group, Inc | 281,429 | |||||||
76,672 | Cactus, Inc | 2,285,592 | ||||||||
305,079 | * | ChampionX Corp | 6,409,710 | |||||||
218,229 | * | Clean Energy Fuels Corp | 2,400,519 | |||||||
359,766 | * | CNX Resources Corp | 4,828,060 | |||||||
35,351 | * | Comstock Resources Inc | 194,077 | |||||||
48,553 | * | CONSOL Energy, Inc | 426,295 | |||||||
186,606 | *,e | Contango Oil & Gas Co | 697,907 | |||||||
47,827 | CVR Energy, Inc | 1,018,237 | ||||||||
104,249 | Delek US Holdings, Inc | 2,473,829 | ||||||||
180,107 | DHT Holdings, Inc | 1,062,631 | ||||||||
41,840 | * | Diamond S Shipping Inc | 412,124 | |||||||
22,684 | * | DMC Global, Inc | 1,224,936 | |||||||
61,499 | * | Dorian LPG Ltd | 817,322 | |||||||
57,882 | * | Dril-Quip, Inc | 1,774,083 | |||||||
37,679 | * | Earthstone Energy, Inc | 264,507 | |||||||
210,991 | *,e | Energy Fuels, Inc | 1,162,560 | |||||||
45,753 | Evolution Petroleum Corp | 151,442 | ||||||||
42,790 | * | Exterran Corp | 140,351 | |||||||
61,773 | Falcon Minerals Corp | 274,272 | ||||||||
250,481 | *,e | Frank’s International NV | 814,063 | |||||||
190,624 | e | Frontline Ltd | 1,456,367 | |||||||
165,378 | * | Golar LNG Ltd | 1,898,540 | |||||||
24,535 | *,e | Goodrich Petroleum Corp | 246,577 | |||||||
55,199 | * | Green Plains Inc | 1,644,930 | |||||||
226,166 | * | Helix Energy Solutions Group, Inc | 970,252 | |||||||
38,016 | International Seaways, Inc | 672,123 | ||||||||
647,675 | * | Kosmos Energy Ltd | 1,852,351 | |||||||
133,901 | * | Liberty Oilfield Services, Inc | 1,566,642 | |||||||
200,351 | * | Magnolia Oil & Gas Corp | 2,255,952 | |||||||
182,339 | Matador Resources Co | 4,797,339 | ||||||||
11,426 | * | Nabors Industries Ltd | 923,792 | |||||||
4,470 | Nacco Industries, Inc (Class A) | 103,391 | ||||||||
33,971 | * | National Energy Services Reunited Corp | 431,092 | |||||||
149,191 | * | Newpark Resources, Inc | 423,703 | |||||||
33,891 | *,e | NextDecade Corp | 74,899 | |||||||
287,125 | * | NexTier Oilfield Solutions, Inc | 1,030,779 | |||||||
233,030 | e | Nordic American Tankers Ltd | 771,329 | |||||||
162,488 | * | Oceaneering International, Inc | 1,746,746 | |||||||
114,838 | * | Oil States International, Inc | 644,241 | |||||||
143,587 | * | Overseas Shipholding Group, Inc | 317,327 | |||||||
427,425 | Ovintiv, Inc | 10,228,280 | ||||||||
64,405 | * | Par Pacific Holdings, Inc | 978,312 | |||||||
295,981 | Patterson-UTI Energy, Inc | 2,000,832 | ||||||||
154,102 | * | PBF Energy, Inc | 2,185,166 | |||||||
161,213 | * | PDC Energy, Inc | 5,885,887 | |||||||
99,609 | * | Peabody Energy Corp | 368,553 | |||||||
29,271 | *,e | Penn Virginia Corp | 398,964 | |||||||
750 | * | PrimeEnergy Corp | 31,703 | |||||||
127,984 | * | ProPetro Holding Corp | 1,232,486 | |||||||
355,211 | * | Range Resources Corp | 3,488,172 | |||||||
70,721 | * | Renewable Energy Group, Inc | 3,926,430 | |||||||
8,758 | * | Rex American Resources Corp | 707,033 |
228 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
83,751 | * | RPC, Inc | $ | 407,030 | ||||||
83,122 | e | Scorpio Tankers, Inc | 1,507,833 | |||||||
95,098 | * | Select Energy Services, Inc | 459,323 | |||||||
159,504 | SFL Corp Ltd | 1,237,751 | ||||||||
187,121 | SM Energy Co | 2,956,512 | ||||||||
46,387 | Solaris Oilfield Infrastructure, Inc | 507,474 | ||||||||
1,049,794 | * | Southwestern Energy Co | 4,482,620 | |||||||
19,740 | * | Talos Energy, Inc | 220,891 | |||||||
274,489 | *,e | Tellurian, Inc | 607,993 | |||||||
73,003 | * | Tidewater, Inc | 895,017 | |||||||
948,446 | *,e | Transocean Ltd | 3,053,996 | |||||||
321,176 | *,e | Uranium Energy Corp | 931,410 | |||||||
117,412 | * | US Silica Holdings, Inc | 1,250,438 | |||||||
147,897 | * | W&T Offshore, Inc | 486,581 | |||||||
1,061 | * | Whiting Petroleum Corp | 42,514 | |||||||
101,195 | World Fuel Services Corp | 3,129,961 | ||||||||
TOTAL ENERGY | 117,011,667 | |||||||||
FOOD & STAPLES RETAILING - 0.8% | ||||||||||
52,624 | Andersons, Inc | 1,511,361 | ||||||||
223,600 | * | BJ’s Wholesale Club Holdings, Inc | 9,988,212 | |||||||
48,541 | * | Chefs’ Warehouse Holdings, Inc | 1,564,476 | |||||||
56,638 | *,e | HF Foods Group Inc | 352,855 | |||||||
24,505 | e | Ingles Markets, Inc (Class A) | 1,501,911 | |||||||
15,412 | Natural Grocers by Vitamin C | 242,277 | ||||||||
213,452 | * | Performance Food Group Co | 12,529,632 | |||||||
36,896 | Pricesmart, Inc | 3,100,740 | ||||||||
88,480 | *,e | Rite Aid Corp | 1,550,170 | |||||||
56,600 | SpartanNash Co | 1,096,342 | ||||||||
92,042 | * | United Natural Foods, Inc | 3,392,668 | |||||||
12,578 | Village Super Market (Class A) | 306,652 | ||||||||
16,816 | Weis Markets, Inc | 871,910 | ||||||||
TOTAL FOOD & STAPLES RETAILING | 38,009,206 | |||||||||
FOOD, BEVERAGE & TOBACCO - 1.9% | ||||||||||
7,099 | Alico, Inc | 212,757 | ||||||||
103,726 | e | B&G Foods, Inc (Class A) | 3,026,725 | |||||||
2,497 | * | Bridgford Foods Corp | 35,557 | |||||||
26,464 | Calavo Growers, Inc | 2,067,632 | ||||||||
59,448 | Cal-Maine Foods, Inc | 2,220,977 | ||||||||
59,120 | * | Celsius Holdings, Inc | 3,387,576 | |||||||
7,917 | Coca-Cola Consolidated Inc | 2,321,660 | ||||||||
262,513 | * | Darling International, Inc | 18,231,528 | |||||||
26,783 | * | Farmer Bros Co | 273,187 | |||||||
50,269 | Fresh Del Monte Produce, Inc | 1,417,586 | ||||||||
66,403 | * | Freshpet, Inc | 12,272,602 | |||||||
203,481 | * | Hostess Brands, Inc | 3,111,224 | |||||||
24,305 | J&J Snack Foods Corp | 4,000,846 | ||||||||
13,969 | John B. Sanfilippo & Son, Inc | 1,227,875 | ||||||||
5,132 | *,e | Laird Superfood, Inc | 187,369 | |||||||
30,818 | Lancaster Colony Corp | 5,692,393 | ||||||||
49,835 | * | Landec Corp | 564,132 | |||||||
24,847 | Limoneira Co | 448,737 | ||||||||
20,778 | MGP Ingredients, Inc | 1,248,758 | ||||||||
11,920 | * | Mission Produce, Inc | 240,784 | |||||||
39,576 | National Beverage Corp | 1,922,998 |
229 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
152,757 | * | NewAge, Inc | $ | 334,538 | ||||||
253,981 | Primo Water Corp | 4,251,642 | ||||||||
33,200 | Sanderson Farms, Inc | 5,462,396 | ||||||||
10,762 | * | Seneca Foods Corp | 495,698 | |||||||
138,241 | * | Simply Good Foods Co | 4,776,227 | |||||||
26,639 | e | Tootsie Roll Industries, Inc | 840,993 | |||||||
19,050 | Turning Point Brands, Inc | 930,021 | ||||||||
39,273 | Universal Corp | 2,208,321 | ||||||||
233,170 | Vector Group Ltd | 3,042,869 | ||||||||
38,697 | * | Vital Farms, Inc | 941,111 | |||||||
TOTAL FOOD, BEVERAGE & TOBACCO | 87,396,719 | |||||||||
HEALTH CARE EQUIPMENT & SERVICES - 7.2% | ||||||||||
127,385 | * | 1Life Healthcare, Inc | 5,542,521 | |||||||
48,667 | *,e | Accelerate Diagnostics, Inc | 355,756 | |||||||
51,745 | * | Accolade, Inc | 2,595,012 | |||||||
155,609 | * | Accuray, Inc | 731,362 | |||||||
23,312 | *,e | Acutus Medical, Inc | 318,209 | |||||||
124,728 | * | AdaptHealth Corp | 3,624,596 | |||||||
23,805 | * | Addus HomeCare Corp | 2,518,569 | |||||||
253,890 | * | Allscripts Healthcare Solutions, Inc | 3,950,528 | |||||||
93,376 | * | Alphatec Holdings Inc | 1,493,082 | |||||||
75,556 | * | AMN Healthcare Services, Inc | 5,991,591 | |||||||
59,126 | * | Angiodynamics, Inc | 1,436,762 | |||||||
270,773 | * | Antares Pharma, Inc | 1,026,230 | |||||||
35,366 | * | Apollo Medical Holdings, Inc | 1,050,017 | |||||||
12,237 | * | Apria, Inc | 366,498 | |||||||
54,022 | * | Apyx Medical Corp | 547,243 | |||||||
143,575 | *,e | Aspira Women’s Health, Inc | 821,249 | |||||||
70,959 | * | AtriCure, Inc | 5,468,810 | |||||||
2,287 | Atrion Corp | 1,460,478 | ||||||||
31,384 | *,e | Avalon GloboCare Corp | 32,012 | |||||||
76,937 | * | Avanos Medical, Inc | 3,324,448 | |||||||
59,834 | * | AxoGen, Inc | 1,120,092 | |||||||
50,197 | * | Axonics Modulation Technologies, Inc | 3,158,897 | |||||||
5,682 | * | Bellerophon Therapeutics, Inc | 24,944 | |||||||
38,873 | *,e | Beyond Air, Inc | 238,680 | |||||||
4,949 | * | Biodesix, Inc | 80,966 | |||||||
22,074 | * | BioLife Solutions Inc | 770,383 | |||||||
36,998 | *,e | BioSig Technologies Inc | 126,533 | |||||||
12,422 | * | Bioventus, Inc | 178,877 | |||||||
306,900 | * | Brookdale Senior Living, Inc | 2,007,126 | |||||||
62,418 | * | Cantel Medical Corp | 5,487,166 | |||||||
63,509 | * | Cardiovascular Systems, Inc | 2,560,683 | |||||||
23,543 | * | Castle Biosciences, Inc | 1,625,173 | |||||||
266,662 | * | Cerus Corp | 1,626,638 | |||||||
31,463 | *,e | Chembio Diagnostics, Inc | 125,537 | |||||||
43,565 | *,e | Co-Diagnostics, Inc | 385,986 | |||||||
139,943 | * | Community Health Systems, Inc | 1,560,364 | |||||||
21,820 | Computer Programs & Systems, Inc | 655,036 | ||||||||
44,012 | Conmed Corp | 6,203,491 | ||||||||
14,701 | * | Corvel Corp | 1,720,164 | |||||||
188,505 | * | Covetrus, Inc | 5,400,668 | |||||||
57,911 | * | Cross Country Healthcare, Inc | 771,374 | |||||||
62,953 | * | CryoLife, Inc | 1,836,969 | |||||||
66,260 | *,e | CryoPort, Inc | 3,748,328 |
230 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
27,133 | * | Cutera, Inc | $ | 814,804 | ||||||
68,952 | * | CytoSorbents Corp | 637,806 | |||||||
13,080 | * | Eargo, Inc | 748,699 | |||||||
11,193 | * | Electromed, Inc | 109,356 | |||||||
84,655 | Ensign Group, Inc | 7,267,632 | ||||||||
66,719 | * | Enzo Biochem, Inc | 204,827 | |||||||
126,411 | * | Evolent Health, Inc | 2,738,062 | |||||||
11,267 | * | Exagen, Inc | 189,962 | |||||||
30,465 | * | Five Star Senior Living, Inc | 158,723 | |||||||
10,089 | * | FONAR Corp | 173,026 | |||||||
22,845 | *,e | Fulgent Genetics, Inc | 1,759,522 | |||||||
69,198 | * | Glaukos Corp | 6,515,684 | |||||||
60,878 | * | Hanger Inc | 1,517,689 | |||||||
55,824 | * | Health Catalyst, Inc | 3,232,210 | |||||||
131,016 | * | HealthEquity, Inc | 9,953,285 | |||||||
38,754 | * | HealthStream, Inc | 936,297 | |||||||
11,091 | * | Heska Corp | 2,025,771 | |||||||
31,792 | * | iCAD, Inc | 573,528 | |||||||
26,759 | * | Inari Medical, Inc | 3,058,286 | |||||||
23,923 | * | InfuSystem Holdings, Inc | 541,138 | |||||||
29,867 | * | Inogen, Inc | 1,953,003 | |||||||
124,037 | * | Inovalon Holdings, Inc | 3,747,158 | |||||||
42,706 | * | Inspire Medical Systems, Inc | 10,113,635 | |||||||
52,965 | * | Integer Holding Corp | 4,972,354 | |||||||
54,922 | * | Intersect ENT, Inc | 1,197,849 | |||||||
13,359 | * | IntriCon Corp | 308,994 | |||||||
58,986 | * | Invacare Corp | 532,644 | |||||||
9,882 | * | iRadimed Corp | 273,633 | |||||||
46,918 | * | iRhythm Technologies, Inc | 3,653,035 | |||||||
21,444 | * | Joint Corp | 1,189,713 | |||||||
107,944 | * | Lantheus Holdings, Inc | 2,558,273 | |||||||
27,236 | LeMaitre Vascular, Inc | 1,429,073 | ||||||||
13,045 | * | LENSAR, Inc | 90,141 | |||||||
49,302 | * | LHC Group, Inc | 10,268,128 | |||||||
79,226 | * | LivaNova plc | 6,723,911 | |||||||
16,911 | * | Lucira Health, Inc | 105,863 | |||||||
39,431 | * | Magellan Health Services, Inc | 3,714,400 | |||||||
119,821 | * | MEDNAX, Inc | 3,153,689 | |||||||
68,274 | * | Meridian Bioscience, Inc | 1,336,805 | |||||||
89,100 | * | Merit Medical Systems, Inc | 5,666,760 | |||||||
7,659 | Mesa Laboratories, Inc | 1,904,410 | ||||||||
74,534 | *,e | Milestone Scientific, Inc | 187,826 | |||||||
23,040 | * | Misonix Inc | 427,853 | |||||||
19,625 | * | ModivCare, Inc | 2,749,070 | |||||||
43,104 | *,e | NantHealth, Inc | 109,484 | |||||||
19,992 | National Healthcare Corp | 1,405,638 | ||||||||
24,074 | National Research Corp | 1,234,996 | ||||||||
55,665 | * | Natus Medical, Inc | 1,422,241 | |||||||
10,702 | *,e | Nemaura Medical, Inc | 51,370 | |||||||
86,272 | * | Neogen Corp | 8,282,975 | |||||||
55,547 | * | Nevro Corp | 9,599,077 | |||||||
91,549 | * | NextGen Healthcare, Inc | 1,676,262 | |||||||
83,041 | * | NuVasive, Inc | 5,933,279 | |||||||
69,329 | * | Omnicell, Inc | 10,054,092 | |||||||
12,904 | *,e | Ontrak, Inc | 421,187 | |||||||
27,523 | * | OptimizeRx Corp | 1,388,811 |
231 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
138,368 | * | Option Care Health, Inc | $ | 2,640,061 | ||||||
114,169 | * | OraSure Technologies, Inc | 1,044,646 | |||||||
142,601 | * | Ortho Clinical Diagnostics Holdings plc | 2,807,814 | |||||||
30,635 | * | Orthofix Medical Inc | 1,358,662 | |||||||
20,885 | * | OrthoPediatrics Corp | 1,221,772 | |||||||
16,295 | * | Outset Medical, Inc | 976,396 | |||||||
117,541 | Owens & Minor, Inc | 4,242,055 | ||||||||
139,644 | Patterson Cos, Inc | 4,488,158 | ||||||||
101,020 | *,e | PAVmed, Inc | 461,661 | |||||||
40,905 | * | Pennant Group, Inc | 1,653,380 | |||||||
34,178 | *,e | PetIQ, Inc | 1,455,983 | |||||||
54,375 | * | Phreesia, Inc | 2,813,906 | |||||||
39,207 | * | Progenity, Inc | 123,894 | |||||||
43,144 | * | Progyny, Inc | 2,455,325 | |||||||
20,164 | * | Pulmonx Corp | 947,910 | |||||||
24,876 | *,e | Pulse Biosciences, Inc | 479,112 | |||||||
118,827 | * | Quotient Ltd | 465,802 | |||||||
178,801 | * | R1 RCM, Inc | 4,877,691 | |||||||
70,415 | * | RadNet, Inc | 1,573,071 | |||||||
53,231 | *,e | Repro-Med Systems, Inc | 200,681 | |||||||
20,903 | *,e | Retractable Technologies, Inc | 202,968 | |||||||
109,022 | *,e | Rockwell Medical, Inc | 105,163 | |||||||
48,883 | * | Schrodinger, Inc | 3,726,840 | |||||||
42,799 | * | SeaSpine Holdings Corp | 890,647 | |||||||
178,151 | * | Select Medical Holdings Corp | 6,719,856 | |||||||
23,007 | * | Sharps Compliance Corp | 402,392 | |||||||
46,576 | * | Shockwave Medical Inc | 7,613,313 | |||||||
47,277 | * | SI-BONE, Inc | 1,678,333 | |||||||
90,514 | * | Sientra, Inc | 620,926 | |||||||
44,963 | * | Silk Road Medical Inc | 2,749,038 | |||||||
24,536 | Simulations Plus, Inc | 1,549,203 | ||||||||
11,117 | *,e | Soliton Inc | 199,105 | |||||||
74,300 | * | Staar Surgical Co | 10,179,843 | |||||||
72,478 | * | Stereotaxis, Inc | 521,842 | |||||||
160,713 | * | Surgalign Holdings, Inc | 290,891 | |||||||
41,780 | * | Surgery Partners, Inc | 2,013,796 | |||||||
21,908 | * | SurModics, Inc | 1,171,859 | |||||||
35,188 | *,e | Tabula Rasa HealthCare, Inc | 1,673,541 | |||||||
29,850 | * | Tactile Systems Technology, Inc | 1,710,405 | |||||||
21,415 | * | Talis Biomedical Corp | 256,980 | |||||||
8,703 | * | Tela Bio, Inc | 119,057 | |||||||
170,647 | * | Tenet Healthcare Corp | 10,112,541 | |||||||
70,375 | * | Tivity Health, Inc | 1,701,667 | |||||||
40,378 | * | Transmedics Group, Inc | 1,159,252 | |||||||
37,147 | * | Triple-S Management Corp (Class B) | 880,755 | |||||||
20,254 | US Physical Therapy, Inc | 2,277,562 | ||||||||
5,769 | Utah Medical Products, Inc | 503,403 | ||||||||
31,621 | * | Vapotherm, Inc | 695,662 | |||||||
61,654 | * | Varex Imaging Corp | 1,463,666 | |||||||
29,424 | * | Venus Concept, Inc | 55,906 | |||||||
64,785 | * | Viemed Healthcare, Inc | 651,737 | |||||||
199,831 | * | ViewRay, Inc | 961,187 | |||||||
51,689 | * | Vocera Communications, Inc | 1,869,591 | |||||||
37,829 | *,e | VolitionRX Ltd | 126,727 | |||||||
28,956 | *,e | Zynex Inc | 427,680 | |||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 340,634,301 |
232 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
HOUSEHOLD & PERSONAL PRODUCTS - 0.6% | ||||||||||
64,750 | * | BellRing Brands, Inc | $ | 1,669,903 | ||||||
15,580 | * | Central Garden & Pet Co | 843,501 | |||||||
65,012 | * | Central Garden and Pet Co (Class A) | 3,203,141 | |||||||
88,646 | Edgewell Personal Care Co | 3,386,277 | ||||||||
75,908 | * | elf Beauty, Inc | 2,296,217 | |||||||
28,809 | Inter Parfums, Inc | 2,120,342 | ||||||||
20,175 | * | Lifevantage Corp | 164,023 | |||||||
18,355 | Medifast, Inc | 4,168,237 | ||||||||
11,943 | Nature’s Sunshine Products, Inc | 248,534 | ||||||||
7,119 | Oil-Dri Corp of America | 248,667 | ||||||||
13,374 | * | Revlon, Inc (Class A) | 158,749 | |||||||
19,555 | * | USANA Health Sciences, Inc | 1,759,754 | |||||||
87,053 | * | Veru, Inc | 769,549 | |||||||
22,173 | WD-40 Co | 5,515,312 | ||||||||
TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 26,552,206 | |||||||||
INSURANCE - 2.0% | ||||||||||
70,492 | * | AMBAC Financial Group, Inc | 1,208,938 | |||||||
147,392 | American Equity Investment Life Holding Co | 4,566,204 | ||||||||
31,152 | Amerisafe, Inc | 1,933,916 | ||||||||
53,049 | * | Argo Group International Holdings Ltd | 2,768,097 | |||||||
70,315 | * | BRP Group, Inc | 2,040,541 | |||||||
75,026 | *,e | Citizens, Inc (Class A) | 438,152 | |||||||
218,187 | Conseco, Inc | 5,570,314 | ||||||||
23,966 | e | Crawford & Co | 251,403 | |||||||
21,294 | Donegal Group, Inc (Class A) | 328,567 | ||||||||
42,954 | * | eHealth, Inc | 3,038,566 | |||||||
46,277 | Employers Holdings, Inc | 1,873,293 | ||||||||
19,822 | * | Enstar Group Ltd | 4,978,890 | |||||||
16,733 | FBL Financial Group, Inc (Class A) | 948,594 | ||||||||
20,602 | FedNat Holding Co | 104,864 | ||||||||
840,827 | * | Genworth Financial, Inc (Class A) | 3,632,373 | |||||||
21,268 | Goosehead Insurance, Inc | 2,338,204 | ||||||||
49,145 | * | Greenlight Capital Re Ltd (Class A) | 453,608 | |||||||
10,657 | HCI Group, Inc | 782,437 | ||||||||
40,812 | Heritage Insurance Holdings, Inc | 371,797 | ||||||||
67,038 | Horace Mann Educators Corp | 2,688,224 | ||||||||
7,592 | Independence Holding Co | 334,048 | ||||||||
2,096 | Investors Title Co | 369,797 | ||||||||
48,009 | James River Group Holdings Ltd | 2,261,704 | ||||||||
34,289 | Kinsale Capital Group, Inc | 5,966,629 | ||||||||
85,767 | * | MBIA, Inc | 859,385 | |||||||
1,574 | * | Midwest Holding, Inc | 75,584 | |||||||
4,231 | National Western Life Group, Inc | 970,168 | ||||||||
11,769 | * | NI Holdings, Inc | 225,376 | |||||||
32,568 | * | Palomar Holdings, Inc | 2,291,485 | |||||||
87,224 | ProAssurance Corp | 2,180,600 | ||||||||
21,726 | * | ProSight Global, Inc | 276,355 | |||||||
15,417 | Protective Insurance Corp | 354,591 | ||||||||
64,831 | RLI Corp | 7,226,063 | ||||||||
22,803 | Safety Insurance Group, Inc | 1,870,530 | ||||||||
96,822 | Selective Insurance Group, Inc | 7,372,027 | ||||||||
214,348 | * | Selectquote, Inc | 6,672,653 | |||||||
136,511 | * | SiriusPoint Ltd | 1,444,286 |
233 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
26,870 | State Auto Financial Corp | $ | 507,306 | |||||||
42,288 | Stewart Information Services Corp | 2,480,191 | ||||||||
43,768 | Tiptree Inc | 438,118 | ||||||||
21,328 | * | Trean Insurance Group, Inc | 373,027 | |||||||
49,862 | * | Trupanion, Inc | 4,043,808 | |||||||
37,248 | United Fire Group Inc | 1,127,125 | ||||||||
20,143 | United Insurance Holdings Corp | 112,599 | ||||||||
48,715 | Universal Insurance Holdings, Inc | 679,574 | ||||||||
29,932 | * | Watford Holdings Ltd | 1,043,430 | |||||||
TOTAL INSURANCE | 91,873,441 | |||||||||
MATERIALS - 4.4% | ||||||||||
45,077 | * | Advanced Emissions Solutions, Inc | 211,862 | |||||||
44,111 | * | AdvanSix, Inc | 1,282,748 | |||||||
47,180 | * | AgroFresh Solutions, Inc | 100,022 | |||||||
305,448 | * | Alcoa Corp | 11,191,615 | |||||||
205,784 | * | Allegheny Technologies, Inc | 4,786,536 | |||||||
46,599 | American Vanguard Corp | 921,728 | ||||||||
178,649 | *,e | Amyris, Inc | 2,601,129 | |||||||
164,418 | * | Arconic Corp | 4,702,355 | |||||||
148,217 | Avient Corp | 7,524,977 | ||||||||
52,278 | Balchem Corp | 6,649,239 | ||||||||
17,404 | e | Caledonia Mining Corp plc | 242,090 | |||||||
76,026 | Carpenter Technology Corp | 2,879,105 | ||||||||
80,974 | * | Century Aluminum Co | 1,268,053 | |||||||
11,795 | Chase Corp | 1,397,000 | ||||||||
26,505 | * | Clearwater Paper Corp | 886,857 | |||||||
732,111 | *,e | Cleveland-Cliffs, Inc | 13,075,502 | |||||||
392,559 | * | Coeur Mining, Inc | 3,171,877 | |||||||
192,973 | Commercial Metals Co | 5,638,671 | ||||||||
56,637 | Compass Minerals International, Inc | 3,846,785 | ||||||||
90,997 | * | Domtar Corp | 3,587,102 | |||||||
132,216 | * | Ferro Corp | 2,202,719 | |||||||
69,112 | *,† | Ferroglobe plc | 0 | |||||||
49,707 | * | Forterra, Inc | 1,166,126 | |||||||
41,500 | FutureFuel Corp | 527,050 | ||||||||
38,744 | *,e | Gatos Silver, Inc | 444,781 | |||||||
82,101 | * | GCP Applied Technologies, Inc | 2,109,175 | |||||||
70,439 | Glatfelter Corp | 1,036,862 | ||||||||
110,132 | Gold Resource Corp | 296,255 | ||||||||
40,947 | Greif, Inc (Class A) | 2,477,703 | ||||||||
11,321 | Greif, Inc (Class B) | 677,109 | ||||||||
83,942 | H.B. Fuller Co | 5,609,004 | ||||||||
32,362 | Hawkins, Inc | 1,079,273 | ||||||||
22,259 | Haynes International, Inc | 650,853 | ||||||||
844,717 | Hecla Mining Co | 4,992,277 | ||||||||
68,480 | * | Ingevity Corp | 5,346,918 | |||||||
39,720 | Innospec, Inc | 3,869,125 | ||||||||
15,883 | * | Intrepid Potash, Inc | 510,797 | |||||||
25,423 | Kaiser Aluminum Corp | 3,062,709 | ||||||||
32,455 | * | Koppers Holdings, Inc | 1,078,804 | |||||||
50,751 | * | Kraton Corp | 1,814,856 | |||||||
40,998 | Kronos Worldwide, Inc | 696,966 | ||||||||
237,054 | * | Livent Corp | 4,271,713 | |||||||
178,603 | Louisiana-Pacific Corp | 11,766,366 | ||||||||
135,131 | * | Marrone Bio Innovations, Inc | 228,371 |
234 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
32,791 | Materion Corp | $ | 2,321,931 | |||||||
56,305 | Minerals Technologies, Inc | 4,399,673 | ||||||||
59,517 | Myers Industries, Inc | 1,342,704 | ||||||||
27,233 | Neenah Inc | 1,447,979 | ||||||||
386,008 | * | Novagold Resources Inc | 3,470,212 | |||||||
254,311 | * | O-I Glass, Inc | 4,193,588 | |||||||
18,166 | Olympic Steel, Inc | 527,722 | ||||||||
96,147 | * | Orion Engineered Carbons SA | 1,909,479 | |||||||
70,939 | Pactiv Evergreen, Inc | 1,044,222 | ||||||||
66,082 | PQ Group Holdings, Inc | 925,148 | ||||||||
21,534 | Quaker Chemical Corp | 5,218,765 | ||||||||
46,468 | * | Ranpak Holdings Corp | 893,580 | |||||||
100,357 | * | Rayonier Advanced Materials, Inc | 912,245 | |||||||
25,392 | * | Ryerson Holding Corp | 403,225 | |||||||
40,648 | Schnitzer Steel Industries, Inc (Class A) | 1,918,992 | ||||||||
50,201 | Schweitzer-Mauduit International, Inc | 2,292,680 | ||||||||
69,759 | Sensient Technologies Corp | 5,736,980 | ||||||||
35,567 | Stepan Co | 4,647,184 | ||||||||
185,302 | * | Summit Materials, Inc | 5,334,845 | |||||||
134,684 | SunCoke Energy, Inc | 909,117 | ||||||||
81,072 | * | TimkenSteel Corp | 974,485 | |||||||
37,600 | * | Trecora Resources | 285,384 | |||||||
41,483 | Tredegar Corp | 606,481 | ||||||||
61,965 | Trinseo S.A. | 3,836,253 | ||||||||
176,087 | Tronox Holdings plc | 3,733,044 | ||||||||
11,572 | * | UFP Technologies, Inc | 579,294 | |||||||
3,243 | United States Lime & Minerals, Inc | 448,118 | ||||||||
422,541 | United States Steel Corp | 9,722,668 | ||||||||
25,631 | * | US Concrete, Inc | 1,625,262 | |||||||
50,539 | Verso Corp | 780,322 | ||||||||
83,922 | Warrior Met Coal, Inc | 1,330,164 | ||||||||
56,391 | Worthington Industries, Inc | 3,680,077 | ||||||||
TOTAL MATERIALS | 209,332,888 | |||||||||
MEDIA & ENTERTAINMENT - 1.5% | ||||||||||
621,220 | *,e | AMC Entertainment Holdings, Inc | 6,230,837 | |||||||
46,063 | *,e | AMC Networks, Inc | 2,316,048 | |||||||
21,280 | * | Boston Omaha Corp | 596,266 | |||||||
48,513 | * | Cardlytics, Inc | 6,671,993 | |||||||
141,476 | * | Cargurus, Inc | 3,491,628 | |||||||
110,859 | * | Cars.com, Inc | 1,464,447 | |||||||
173,225 | * | Cinemark Holdings, Inc | 3,672,370 | |||||||
95,556 | * | comScore, Inc | 352,602 | |||||||
2,045 | * | Daily Journal Corp | 624,114 | |||||||
73,841 | * | DHI Group, Inc | 215,616 | |||||||
40,887 | * | Emerald Holding, Inc | 229,376 | |||||||
190,599 | * | Entercom Communications Corp | 922,499 | |||||||
94,998 | Entravision Communications Corp (Class A) | 365,742 | ||||||||
263,828 | *,e | Eros STX Global Corp | 342,976 | |||||||
104,314 | * | Eventbrite Inc | 2,458,681 | |||||||
22,632 | * | EverQuote Inc | 766,546 | |||||||
90,575 | EW Scripps Co (Class A) | 1,958,231 | ||||||||
66,765 | * | Fluent, Inc | 248,366 | |||||||
21,658 | * | Gaia, Inc | 228,275 | |||||||
215,685 | * | Gannett Co, Inc | 979,210 | |||||||
141,143 | Gray Television, Inc | 2,868,026 |
235 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
28,671 | * | Hemisphere Media Group, Inc | $ | 350,360 | ||||||
100,798 | * | iHeartMedia, Inc | 1,929,274 | |||||||
78,969 | * | Imax Corp | 1,628,341 | |||||||
14,316 | * | Liberty Braves Group (Class A) | 400,705 | |||||||
59,670 | * | Liberty Braves Group (Class C) | 1,652,262 | |||||||
118,933 | * | Liberty TripAdvisor Holdings, Inc | 601,801 | |||||||
80,739 | * | LiveXLive Media, Inc | 346,370 | |||||||
20,907 | Loral Space & Communications, Inc | 838,998 | ||||||||
36,289 | *,e | Marcus Corp | 724,328 | |||||||
28,794 | * | MediaAlpha, Inc | 1,274,134 | |||||||
65,100 | * | Meredith Corp | 2,024,610 | |||||||
50,028 | * | MSG Networks, Inc | 793,944 | |||||||
100,839 | National CineMedia, Inc | 430,583 | ||||||||
76,013 | * | QuinStreet, Inc | 1,540,783 | |||||||
6,767 | * | Saga Communications, Inc | 152,461 | |||||||
46,607 | Scholastic Corp | 1,413,590 | ||||||||
70,984 | Sinclair Broadcast Group, Inc (Class A) | 2,304,850 | ||||||||
38,543 | * | TechTarget, Inc | 2,956,248 | |||||||
356,371 | TEGNA, Inc | 7,148,802 | ||||||||
25,374 | * | Tribune Publishing Co | 442,523 | |||||||
177,249 | * | TrueCar, Inc | 815,345 | |||||||
85,695 | * | WideOpenWest, Inc | 1,205,729 | |||||||
116,506 | * | Yelp, Inc | 4,578,686 | |||||||
TOTAL MEDIA & ENTERTAINMENT | 72,558,576 | |||||||||
�� | ||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 11.9% | ||||||||||
12,588 | * | 4D Molecular Therapeutics, Inc | 487,156 | |||||||
16,242 | * | 89bio, Inc | 427,002 | |||||||
130,504 | *,e | Abeona Therapeutics, Inc | 230,992 | |||||||
160,239 | *,e | AcelRx Pharmaceuticals, Inc | 208,311 | |||||||
109,116 | *,e | ADMA Biologics, Inc | 213,867 | |||||||
147,359 | * | Adverum Biotechnologies, Inc | 574,700 | |||||||
67,104 | * | Aeglea BioTherapeutics, Inc | 522,069 | |||||||
58,968 | * | Aerie Pharmaceuticals, Inc | 1,010,122 | |||||||
182,413 | * | Affimed NV | 1,949,995 | |||||||
274,171 | * | Agenus, Inc | 847,188 | |||||||
109,474 | *,e | Agile Therapeutics, Inc | 202,527 | |||||||
239,866 | * | Akebia Therapeutics, Inc | 765,173 | |||||||
21,758 | *,e | Akero Therapeutics, Inc | 670,146 | |||||||
39,627 | * | Akouos, Inc | 563,496 | |||||||
27,735 | * | Albireo Pharma, Inc | 890,293 | |||||||
116,754 | *,† | Alder Biopharmaceuticals Inc | 102,744 | |||||||
76,643 | * | Alector, Inc | 1,494,538 | |||||||
16,550 | * | Aligos Therapeutics, Inc | 425,666 | |||||||
42,409 | * | Allakos, Inc | 4,627,670 | |||||||
87,271 | * | Allogene Therapeutics, Inc | 2,698,419 | |||||||
47,841 | * | Allovir, Inc | 1,130,483 | |||||||
28,190 | * | ALX Oncology Holdings, Inc | 1,766,385 | |||||||
421,664 | * | Amicus Therapeutics, Inc | 4,149,174 | |||||||
160,259 | * | Amneal Pharmaceuticals, Inc | 883,027 | |||||||
57,253 | * | Amphastar Pharmaceuticals, Inc | 996,202 | |||||||
37,069 | * | AnaptysBio, Inc | 865,561 | |||||||
94,386 | *,e | Anavex Life Sciences Corp | 1,140,183 | |||||||
9,411 | * | Angion Biomedica Corp | 132,977 | |||||||
18,270 | * | ANI Pharmaceuticals, Inc | 608,026 | |||||||
22,317 | * | Anika Therapeutics, Inc | 896,697 |
236 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
43,103 | * | Annexon, Inc | $ | 859,043 | ||||||
97,483 | * | Apellis Pharmaceuticals, Inc | 4,939,464 | |||||||
77,242 | *,e | Applied Genetic Technologies Corp | 326,734 | |||||||
37,824 | *,e | Applied Molecular Transport, Inc | 2,174,502 | |||||||
26,954 | * | Applied Therapeutics, Inc | 499,188 | |||||||
11,833 | *,e | Aprea Therapeutics, Inc | 55,497 | |||||||
74,017 | *,e | Aptinyx, Inc | 198,366 | |||||||
32,363 | *,e | Aquestive Therapeutics, Inc | 131,717 | |||||||
19,481 | *,e | Aravive Inc | 102,275 | |||||||
32,541 | * | Arcturus Therapeutics Holdings, Inc | 1,192,953 | |||||||
68,964 | * | Arcus Biosciences, Inc | 2,327,535 | |||||||
37,388 | * | Arcutis Biotherapeutics, Inc | 1,252,498 | |||||||
116,656 | * | Ardelyx, Inc | 852,755 | |||||||
93,981 | * | Arena Pharmaceuticals, Inc | 6,449,916 | |||||||
166,933 | * | Arrowhead Pharmaceuticals Inc | 12,146,045 | |||||||
59,085 | * | Arvinas, Inc | 4,073,320 | |||||||
48,927 | * | Assembly Biosciences, Inc | 209,408 | |||||||
134,613 | * | Atara Biotherapeutics, Inc | 1,892,659 | |||||||
25,831 | *,e | Atea Pharmaceuticals, Inc | 638,284 | |||||||
118,180 | * | Athenex, Inc | 473,902 | |||||||
284,745 | *,e | Athersys, Inc | 475,524 | |||||||
21,049 | *,e | Athira Pharma, Inc | 414,244 | |||||||
45,284 | * | Atreca, Inc | 540,691 | |||||||
11,127 | *,e | Avenue Therapeutics, Inc | 56,970 | |||||||
37,834 | *,e | AVEO Pharmaceuticals, Inc | 266,730 | |||||||
100,395 | * | Avid Bioservices, Inc | 2,148,955 | |||||||
49,306 | * | Avidity Biosciences, Inc | 1,155,733 | |||||||
57,744 | * | Avrobio, Inc | 674,450 | |||||||
12,519 | * | Axcella Health, Inc | 51,829 | |||||||
44,787 | * | Axsome Therapeutics, Inc | 2,707,822 | |||||||
35,681 | *,e | Aytu BioScience, Inc | 236,208 | |||||||
3,697 | * | Aziyo Biologics, Inc | 36,120 | |||||||
64,584 | *,e | Beam Therapeutics, Inc | 5,295,888 | |||||||
27,129 | * | Beyondspring Inc | 292,722 | |||||||
18,715 | * | BioAtla, Inc | 928,077 | |||||||
287,385 | *,e | BioCryst Pharmaceuticals, Inc | 3,343,724 | |||||||
164,801 | * | BioDelivery Sciences International, Inc | 570,211 | |||||||
79,077 | * | Biohaven Pharmaceutical Holding Co Ltd | 5,938,683 | |||||||
21,059 | *,e | Bioxcel Therapeutics Inc | 715,374 | |||||||
29,063 | * | Black Diamond Therapeutics, Inc | 774,238 | |||||||
89,531 | * | Blueprint Medicines Corp | 8,623,626 | |||||||
20,498 | * | Bolt Biotherapeutics, Inc | 458,335 | |||||||
48,554 | *,e | BrainStorm Cell Therapeutics, Inc | 168,482 | |||||||
152,415 | * | Bridgebio Pharma, Inc | 8,523,047 | |||||||
17,483 | *,e | C4 Therapeutics, Inc | 578,687 | |||||||
20,442 | *,e | Cabaletta Bio, Inc | 227,519 | |||||||
110,101 | * | Calithera Biosciences, Inc | 238,919 | |||||||
15,056 | *,e | Calyxt, Inc | 74,979 | |||||||
66,066 | * | Cara Therapeutics, Inc | 855,555 | |||||||
82,360 | * | CareDx, Inc | 6,512,205 | |||||||
122,975 | * | CASI Pharmaceuticals, Inc | 220,125 | |||||||
55,151 | *,e | Cassava Sciences, Inc | 2,581,067 | |||||||
29,040 | *,e | Catabasis Pharmaceuticals, Inc | 65,340 | |||||||
49,961 | * | Catalyst Biosciences, Inc | 251,803 | |||||||
158,496 | * | Catalyst Pharmaceuticals, Inc | 725,912 | |||||||
57,115 | *,e | CEL-SCI Corp | 1,378,185 |
237 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
6,654 | * | Centogene NV | $ | 72,329 | ||||||
60,276 | * | Cerecor Inc | 189,267 | |||||||
11,574 | * | Champions Oncology, Inc | 124,189 | |||||||
8,813 | *,e | Checkmate Pharmaceuticals, Inc | 63,806 | |||||||
105,477 | *,e | Checkpoint Therapeutics Inc | 305,883 | |||||||
80,291 | * | ChemoCentryx, Inc | 3,880,464 | |||||||
81,833 | * | Chiasma, Inc | 243,862 | |||||||
96,201 | * | Chimerix, Inc | 837,911 | |||||||
20,265 | * | Chinook Therapeutics, Inc | 363,757 | |||||||
66,245 | *,e | ChromaDex Corp | 588,256 | |||||||
53,598 | * | Cidara Therapeutics, Inc | 118,988 | |||||||
133,313 | *,e | Clovis Oncology, Inc | 791,879 | |||||||
94,044 | * | Codexis, Inc | 2,179,940 | |||||||
9,141 | *,e | Codiak Biosciences, Inc | 180,992 | |||||||
39,217 | *,e | Cohbar, Inc | 52,551 | |||||||
93,151 | * | Coherus Biosciences, Inc | 1,378,635 | |||||||
55,005 | * | Collegium Pharmaceutical, Inc | 1,226,611 | |||||||
45,976 | * | Concert Pharmaceuticals, Inc | 190,800 | |||||||
51,291 | * | Constellation Pharmaceuticals, Inc | 1,108,911 | |||||||
36,361 | *,e | ContraFect Corp | 161,079 | |||||||
106,951 | *,e | Corbus Pharmaceuticals Holdings, Inc | 192,512 | |||||||
157,249 | * | Corcept Therapeutics, Inc | 3,583,705 | |||||||
52,712 | *,e | CorMedix Inc | 455,432 | |||||||
25,422 | *,e | Cortexyme Inc | 995,780 | |||||||
43,166 | * | Crinetics Pharmaceuticals, Inc | 747,203 | |||||||
44,155 | * | Cue Biopharma, Inc | 535,600 | |||||||
21,212 | * | Cullinan Oncology, Inc | 688,542 | |||||||
116,466 | * | Cymabay Therapeutics, Inc | 504,298 | |||||||
110,306 | * | Cytokinetics, Inc | 2,806,185 | |||||||
99,515 | * | CytomX Therapeutics, Inc | 931,460 | |||||||
11,549 | * | Decibel Therapeutics, Inc | 105,327 | |||||||
63,672 | * | Deciphera Pharmaceuticals, Inc | 2,952,471 | |||||||
103,322 | * | Denali Therapeutics, Inc | 6,244,782 | |||||||
16,537 | *,e | DermTech, Inc | 695,381 | |||||||
108,031 | * | Dicerna Pharmaceuticals, Inc | 3,369,487 | |||||||
391,718 | * | Durect Corp | 744,264 | |||||||
30,875 | *,e | Dyadic International, Inc | 139,246 | |||||||
170,834 | *,e | Dynavax Technologies Corp | 1,704,923 | |||||||
28,715 | * | Dyne Therapeutics, Inc | 565,111 | |||||||
17,397 | * | Eagle Pharmaceuticals, Inc | 710,320 | |||||||
107,866 | * | Editas Medicine, Inc | 3,992,121 | |||||||
51,589 | * | Eiger BioPharmaceuticals, Inc | 437,991 | |||||||
62,219 | *,e | Eloxx Pharmaceuticals, Inc | 135,637 | |||||||
73,176 | * | Emergent Biosolutions, Inc | 4,462,272 | |||||||
30,764 | * | Enanta Pharmaceuticals, Inc | 1,560,965 | |||||||
366,281 | * | Endo International plc | 2,098,790 | |||||||
21,446 | *,e | Enochian Biosciences Inc | 72,487 | |||||||
146,537 | * | Epizyme, Inc | 1,144,454 | |||||||
43,316 | *,e | Esperion Thereapeutics, Inc | 1,167,366 | |||||||
24,617 | *,e | Eton Pharmaceuticals, Inc | 213,676 | |||||||
43,252 | *,e | Evelo Biosciences, Inc | 568,764 | |||||||
123,763 | *,e | Evofem Biosciences Inc | 183,169 | |||||||
32,742 | * | Evolus, Inc | 298,280 | |||||||
94,909 | *,e | Exicure, Inc | 186,971 | |||||||
123,809 | * | Fate Therapeutics, Inc | 10,819,669 | |||||||
35,027 | *,e | Fennec Pharmaceuticals, Inc | 218,919 |
238 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
136,478 | * | FibroGen, Inc | $ | 3,046,189 | ||||||
70,379 | * | Flexion Therapeutics, Inc | 546,141 | |||||||
120,058 | *,e | Fluidigm Corp | 601,491 | |||||||
11,807 | * | Foghorn Therapeutics, Inc | 129,641 | |||||||
48,857 | * | Forma Therapeutics Holdings, Inc | 1,316,696 | |||||||
127,759 | *,e | Fortress Biotech, Inc | 551,919 | |||||||
40,345 | *,e | Frequency Therapeutics, Inc | 468,405 | |||||||
27,836 | * | Fulcrum Therapeutics, Inc | 313,155 | |||||||
55,118 | * | G1 Therapeutics, Inc | 1,161,336 | |||||||
70,721 | *,e | Galectin Therapeutics, Inc | 312,587 | |||||||
14,027 | * | Galera Therapeutics, Inc | 114,320 | |||||||
67,765 | * | Generation Bio Co | 2,470,712 | |||||||
47,708 | *,e | Genprex, Inc | 181,290 | |||||||
462,247 | *,e | Geron Corp | 670,258 | |||||||
52,131 | * | GlycoMimetics, Inc | 125,114 | |||||||
91,072 | * | Gossamer Bio, Inc | 786,862 | |||||||
10,721 | *,e | Graybug Vision, Inc | 50,818 | |||||||
54,049 | * | Gritstone Oncology, Inc | 489,143 | |||||||
215,205 | * | Halozyme Therapeutics, Inc | 10,749,490 | |||||||
10,157 | * | Harmony Biosciences Holdings, Inc | 297,600 | |||||||
23,642 | * | Harpoon Therapeutics, Inc | 535,255 | |||||||
36,542 | * | Harrow Health, Inc | 280,277 | |||||||
60,379 | * | Harvard Bioscience, Inc | 418,426 | |||||||
145,136 | * | Heron Therapeutics, Inc | 2,536,977 | |||||||
54,223 | * | Homology Medicines, Inc | 367,090 | |||||||
27,905 | * | Hookipa Pharma, Inc | 377,834 | |||||||
370,538 | *,e | iBio, Inc | 507,637 | |||||||
31,168 | * | Ideaya Biosciences, Inc | 640,502 | |||||||
12,725 | *,e | IGM Biosciences, Inc | 899,912 | |||||||
7,955 | *,e | IMARA, Inc | 58,867 | |||||||
10,596 | * | Immunic, Inc | 162,755 | |||||||
51,197 | *,e | ImmunityBio, Inc | 908,747 | |||||||
312,314 | * | Immunogen, Inc | 2,517,251 | |||||||
3,385 | * | Immunome, Inc | 89,906 | |||||||
61,318 | * | Immunovant, Inc | 961,466 | |||||||
13,296 | * | Inhibrx, Inc | 283,604 | |||||||
100,266 | * | Innoviva, Inc | 1,148,046 | |||||||
299,335 | *,e | Inovio Pharmaceuticals, Inc | 2,038,471 | |||||||
16,177 | *,e | Inozyme Pharma, Inc | 298,951 | |||||||
163,616 | * | Insmed, Inc | 5,518,768 | |||||||
89,811 | * | Intellia Therapeutics, Inc | 6,894,790 | |||||||
41,601 | * | Intercept Pharmaceuticals, Inc | 822,868 | |||||||
107,535 | * | Intra-Cellular Therapies, Inc | 3,702,430 | |||||||
198,570 | *,e | Invitae Corp | 6,930,093 | |||||||
257,798 | * | Ironwood Pharmaceuticals, Inc | 2,846,090 | |||||||
31,879 | * | iTeos Therapeutics, Inc | 749,475 | |||||||
129,151 | * | IVERIC bio, Inc | 904,057 | |||||||
27,178 | * | Jounce Therapeutics, Inc | 256,289 | |||||||
277,344 | * | Kadmon Holdings, Inc | 1,126,017 | |||||||
63,369 | *,e | Kala Pharmaceuticals, Inc | 489,842 | |||||||
31,214 | * | Kaleido Biosciences Inc | 246,278 | |||||||
30,802 | * | KalVista Pharmaceuticals Inc | 769,126 | |||||||
25,626 | * | Karuna Therapeutics, Inc | 2,844,742 | |||||||
112,820 | *,e | Karyopharm Therapeutics, Inc | 1,053,739 | |||||||
21,330 | * | Keros Therapeutics, Inc | 1,254,204 | |||||||
48,241 | * | Kezar Life Sciences, Inc | 281,245 |
239 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
69,781 | * | Kindred Biosciences, Inc | $ | 348,905 | ||||||
43,001 | * | Kiniksa Pharmaceuticals Ltd | 707,796 | |||||||
21,852 | * | Kinnate Biopharma, Inc | 586,071 | |||||||
53,779 | * | Kodiak Sciences, Inc | 6,498,654 | |||||||
23,915 | *,e | Kronos Bio, Inc | 647,379 | |||||||
24,357 | * | Krystal Biotech Inc | 1,934,920 | |||||||
100,864 | * | Kura Oncology, Inc | 2,716,268 | |||||||
16,487 | * | Kymera Therapeutics, Inc | 750,983 | |||||||
34,153 | *,e | La Jolla Pharmaceutical Co | 151,639 | |||||||
10,219 | * | Landos Biopharma, Inc | 112,613 | |||||||
53,355 | * | Lannett Co, Inc | 233,161 | |||||||
88,515 | * | Lexicon Pharmaceuticals, Inc | 430,183 | |||||||
23,311 | * | Ligand Pharmaceuticals, Inc (Class B) | 3,400,842 | |||||||
43,818 | *,e | Liquidia Corp | 124,443 | |||||||
16,807 | *,e | LogicBio Therapeutics, Inc | 92,775 | |||||||
70,964 | Luminex Corp | 2,603,669 | ||||||||
6,745 | * | Lyra Therapeutics, Inc | 67,922 | |||||||
89,775 | * | MacroGenics, Inc | 2,905,119 | |||||||
14,043 | *,e | Madrigal Pharmaceuticals, Inc | 1,911,252 | |||||||
42,473 | * | Magenta Therapeutics, Inc | 494,810 | |||||||
374,180 | *,e | MannKind Corp | 1,710,003 | |||||||
47,341 | *,e | Marinus Pharmaceuticals, Inc | 696,386 | |||||||
72,995 | * | Marker Therapeutics Inc | 186,867 | |||||||
72,113 | *,e | MediciNova, Inc | 316,576 | |||||||
44,740 | * | Medpace Holdings, Inc | 7,591,483 | |||||||
173,968 | * | MEI Pharma, Inc | 634,983 | |||||||
35,554 | * | MeiraGTx Holdings plc | 532,599 | |||||||
87,138 | * | Mersana Therapeutics, Inc | 1,388,108 | |||||||
10,906 | * | Metacrine, Inc | 42,315 | |||||||
50,061 | * | Minerva Neurosciences, Inc | 119,145 | |||||||
69,758 | * | Mirati Therapeutics, Inc | 11,595,175 | |||||||
8,944 | * | Mirum Pharmaceuticals, Inc | 174,766 | |||||||
46,970 | * | Molecular Templates, Inc | 439,639 | |||||||
23,602 | * | Morphic Holding, Inc | 1,307,551 | |||||||
82,910 | * | Mustang Bio, Inc | 267,799 | |||||||
118,298 | * | Myriad Genetics, Inc | 3,574,966 | |||||||
72,563 | * | NanoString Technologies, Inc | 5,781,094 | |||||||
123,344 | * | Natera, Inc | 13,570,307 | |||||||
177,490 | * | NeoGenomics, Inc | 8,695,235 | |||||||
55,602 | * | Neoleukin Therapeutics, Inc | 694,469 | |||||||
27,677 | * | Neubase Therapeutics, Inc | 166,892 | |||||||
7,879 | *,e | NeuroBo Pharmaceuticals, Inc | 28,286 | |||||||
10,368 | * | NexImmune, Inc | 200,206 | |||||||
26,374 | * | NextCure Inc | 231,300 | |||||||
41,571 | * | NGM Biopharmaceuticals Inc | 1,143,202 | |||||||
32,906 | *,e | Nkarta, Inc | 1,048,056 | |||||||
100,550 | * | Novavax, Inc | 23,823,312 | |||||||
38,681 | * | Nurix Therapeutics, Inc | 1,346,872 | |||||||
62,993 | *,e | Nymox Pharmaceutical Corp | 125,356 | |||||||
118,445 | * | Ocular Therapeutix, Inc | 2,177,019 | |||||||
19,610 | * | Olema Pharmaceuticals, Inc | 550,061 | |||||||
95,054 | *,e | Omeros Corp | 1,678,654 | |||||||
124,928 | * | Oncocyte Corp | 642,130 | |||||||
10,863 | * | Oncorus, Inc | 174,351 | |||||||
665,182 | *,e | Opko Health, Inc | 2,727,246 | |||||||
76,970 | *,e | Optinose, Inc | 274,783 |
240 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
39,706 | * | Organogenesis Holdings Inc | $ | 887,826 | ||||||
29,018 | *,e | Orgenesis, Inc | 136,094 | |||||||
36,309 | * | ORIC Pharmaceuticals, Inc | 876,136 | |||||||
18,496 | *,e | Osmotica Pharmaceuticals plc | 53,268 | |||||||
94,192 | *,e | Ovid therapeutics, Inc | 345,685 | |||||||
13,731 | *,e | Oyster Point Pharma, Inc | 283,545 | |||||||
297,726 | * | Pacific Biosciences of California, Inc | 8,887,121 | |||||||
68,790 | * | Pacira BioSciences Inc | 4,346,152 | |||||||
70,795 | * | Paratek Pharmaceuticals, Inc | 541,582 | |||||||
46,513 | * | Passage Bio, Inc | 872,584 | |||||||
41,654 | * | Personalis, Inc | 1,026,355 | |||||||
37,966 | *,e | PhaseBio Pharmaceuticals Inc | 115,037 | |||||||
20,455 | * | Phathom Pharmaceuticals, Inc | 787,927 | |||||||
32,782 | Phibro Animal Health Corp | 803,815 | ||||||||
77,933 | * | Pieris Pharmaceuticals, Inc | 168,335 | |||||||
38,810 | *,e | Pliant Therapeutics, Inc | 1,300,135 | |||||||
22,349 | * | PMV Pharmaceuticals, Inc | 753,832 | |||||||
53,565 | *,e | Poseida Therapeutics, Inc | 501,368 | |||||||
18,051 | * | Praxis Precision Medicines, Inc | 553,444 | |||||||
117,640 | *,e | Precigen, Inc | 909,945 | |||||||
81,197 | * | Precision BioSciences Inc | 754,320 | |||||||
17,783 | *,e | Prelude Therapeutics, Inc | 736,928 | |||||||
81,060 | * | Prestige Consumer Healthcare, Inc. | 3,530,974 | |||||||
137,717 | *,† | Progenics Pharmaceuticals, Inc | 0 | |||||||
57,317 | * | Protagonist Therapeutics, Inc | 1,658,754 | |||||||
8,040 | * | Protara Therapeutics, Inc | 89,968 | |||||||
49,272 | * | Prothena Corp plc | 1,307,679 | |||||||
85,790 | *,e | Provention Bio, Inc | 616,830 | |||||||
99,854 | * | PTC Therapeutics, Inc | 4,114,983 | |||||||
52,255 | * | Puma Biotechnology, Inc | 515,234 | |||||||
38,858 | * | Quanterix Corp | 2,375,778 | |||||||
73,857 | * | Radius Health, Inc | 1,647,011 | |||||||
17,705 | * | RAPT Therapeutics, Inc | 388,448 | |||||||
33,131 | *,e | Recro Pharma, Inc | 88,460 | |||||||
62,529 | * | REGENXBIO, Inc | 2,169,131 | |||||||
74,102 | * | Relay Therapeutics, Inc | 2,349,774 | |||||||
25,154 | *,e | Relmada Therapeutics, Inc | 969,938 | |||||||
38,919 | * | Replimune Group, Inc | 1,424,046 | |||||||
101,756 | * | Revance Therapeutics, Inc | 2,963,135 | |||||||
69,022 | * | REVOLUTION Medicines, Inc | 2,290,840 | |||||||
61,616 | * | Rhythm Pharmaceuticals, Inc | 1,328,441 | |||||||
290,839 | * | Rigel Pharmaceuticals, Inc | 1,081,921 | |||||||
60,422 | * | Rocket Pharmaceuticals, Inc | 2,769,744 | |||||||
57,943 | *,e | Rubius Therapeutics, Inc | 1,449,734 | |||||||
189,249 | * | Sangamo Therapeutics Inc | 2,229,353 | |||||||
15,016 | * | Satsuma Pharmaceuticals, Inc | 79,735 | |||||||
78,105 | *,e | Savara, Inc | 148,400 | |||||||
41,858 | *,e | Scholar Rock Holding Corp | 1,354,106 | |||||||
8,929 | * | scPharmaceuticals, Inc | 57,771 | |||||||
23,397 | *,e | Seer, Inc | 1,191,609 | |||||||
108,559 | * | Selecta Biosciences, Inc | 325,677 | |||||||
12,340 | * | Sensei Biotherapeutics, Inc | 163,382 | |||||||
89,528 | * | Seres Therapeutics, Inc | 1,863,078 | |||||||
21,444 | * | Shattuck Labs, Inc | 808,010 | |||||||
96,294 | * | SIGA Technologies, Inc | 690,428 | |||||||
12,499 | * | Sigilon Therapeutics, Inc | 173,736 |
241 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
20,497 | * | Silverback Therapeutics, Inc | $ | 656,929 | ||||||
133,341 | *,e | Soleno Therapeutics, Inc | 161,343 | |||||||
45,566 | * | Solid Biosciences, Inc | 231,931 | |||||||
416,268 | *,e | Sorrento Therapeutics, Inc | 3,425,886 | |||||||
232,146 | * | Spectrum Pharmaceuticals, Inc | 721,974 | |||||||
33,508 | *,e | Spero Therapeutics, Inc | 461,070 | |||||||
39,303 | * | SpringWorks Therapeutics, Inc | 2,824,314 | |||||||
11,422 | *,e | Spruce Biosciences, Inc | 185,036 | |||||||
7,308 | * | SQZ Biotechnologies Co | 89,742 | |||||||
23,382 | * | Stoke Therapeutics, Inc | 755,239 | |||||||
91,417 | * | Strongbridge Biopharma plc | 232,199 | |||||||
78,260 | * | Supernus Pharmaceuticals, Inc | 2,383,017 | |||||||
52,532 | * | Sutro Biopharma, Inc | 1,077,431 | |||||||
50,238 | * | Syndax Pharmaceuticals, Inc | 800,794 | |||||||
81,311 | * | Syros Pharmaceuticals, Inc | 491,118 | |||||||
10,088 | * | Tarsus Pharmaceuticals, Inc | 309,903 | |||||||
14,228 | *,e | Taysha Gene Therapies, Inc | 367,225 | |||||||
46,760 | * | TCR2 Therapeutics Inc | 1,061,920 | |||||||
14,085 | *,e | Terns Pharmaceuticals, Inc | 309,870 | |||||||
198,835 | * | TG Therapeutics, Inc | 8,889,913 | |||||||
545,400 | *,e | TherapeuticsMD, Inc | 659,934 | |||||||
73,678 | * | Theravance Biopharma, Inc | 1,454,404 | |||||||
111,709 | * | Translate Bio, Inc | 2,593,883 | |||||||
89,432 | * | Travere Therapeutics, Inc | 2,210,759 | |||||||
45,266 | * | Tricida, Inc | 210,487 | |||||||
60,409 | * | Turning Point Therapeutics Inc | 4,604,978 | |||||||
76,590 | * | Twist Bioscience Corp | 10,277,612 | |||||||
142,203 | *,e | Tyme Technologies, Inc | 220,415 | |||||||
103,616 | * | Ultragenyx Pharmaceutical, Inc | 11,567,690 | |||||||
50,989 | *,e | UNITY Biotechnology, Inc | 253,415 | |||||||
32,317 | *,e | UroGen Pharma Ltd | 628,566 | |||||||
85,753 | * | Vanda Pharmaceuticals, Inc | 1,423,500 | |||||||
85,139 | *,e | Vaxart Inc | 917,798 | |||||||
46,836 | *,e | Vaxcyte, Inc | 869,745 | |||||||
310,890 | *,e | VBI Vaccines, Inc | 979,304 | |||||||
107,323 | * | Veracyte, Inc | 5,339,319 | |||||||
279,575 | * | Verastem, Inc | 858,295 | |||||||
75,036 | * | Vericel Corp | 4,683,747 | |||||||
20,030 | *,e | Verrica Pharmaceuticals, Inc | 264,396 | |||||||
106,890 | *,e | Viking Therapeutics, Inc | 683,027 | |||||||
86,696 | *,e | Vir Biotechnology, Inc | 4,138,867 | |||||||
18,442 | *,e | Vor BioPharma, Inc | 519,696 | |||||||
38,785 | *,e | Voyager Therapeutics, Inc | 186,944 | |||||||
30,865 | *,e | vTv Therapeutics, Inc | 79,014 | |||||||
58,455 | *,e | VYNE Therapeutics, Inc | 288,768 | |||||||
53,722 | * | WaVe Life Sciences Ltd | 330,390 | |||||||
25,626 | * | X4 Pharmaceuticals, Inc | 214,746 | |||||||
22,872 | * | XBiotech, Inc | 390,654 | |||||||
89,589 | * | Xencor, Inc | 3,812,908 | |||||||
72,369 | *,e | Xeris Pharmaceuticals, Inc | 277,173 | |||||||
9,763 | *,e | XOMA Corp | 371,580 | |||||||
50,618 | * | Y-mAbs Therapeutics, Inc | 1,522,083 | |||||||
47,028 | * | Zentalis Pharmaceuticals, Inc | 2,789,701 | |||||||
339,984 | *,e | ZIOPHARM Oncology, Inc | 1,176,345 | |||||||
92,154 | * | Zogenix, Inc | 1,740,789 | |||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 562,995,617 |
242 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
REAL ESTATE - 6.1% | ||||||||||
137,949 | Acadia Realty Trust | $ | 2,881,755 | |||||||
102,069 | Agree Realty Corp | 7,181,575 | ||||||||
116,544 | Alexander & Baldwin, Inc | 2,136,251 | ||||||||
3,484 | Alexander’s, Inc | 965,904 | ||||||||
10,895 | Alpine Income Property Trust, Inc | 198,398 | ||||||||
3,587 | *,e | Alset EHome International, Inc | 38,202 | |||||||
8,515 | * | Altisource Portfolio Solutions S.A. | 53,644 | |||||||
81,388 | American Assets Trust, Inc | 2,852,649 | ||||||||
177,135 | American Finance Trust, Inc | 1,773,121 | ||||||||
2,523 | *,e | American Realty Investors, Inc | 19,629 | |||||||
90,404 | Armada Hoffler Properties, Inc | 1,232,206 | ||||||||
36,499 | Bluerock Residential Growth REIT, Inc | 346,010 | ||||||||
60,566 | Broadstone Net Lease, Inc | 1,222,222 | ||||||||
15,565 | Brt Realty Trust | 293,089 | ||||||||
155,338 | CareTrust REIT, Inc | 3,756,073 | ||||||||
74,012 | CatchMark Timber Trust, Inc | 860,760 | ||||||||
20,596 | Centerspace | 1,449,752 | ||||||||
74,176 | * | Chatham Lodging Trust | 1,028,821 | |||||||
18,535 | CIM Commercial Trust Corp | 207,592 | ||||||||
68,862 | City Office REIT, Inc | 752,662 | ||||||||
24,541 | Clipper Realty, Inc | 201,972 | ||||||||
789,007 | * | Colony Capital, Inc | 5,523,049 | |||||||
185,795 | Columbia Property Trust, Inc | 3,346,168 | ||||||||
36,052 | Community Healthcare Trust, Inc | 1,835,768 | ||||||||
61,306 | * | CorePoint Lodging, Inc | 612,447 | |||||||
9,468 | CTO Realty Growth, Inc | 501,804 | ||||||||
184,647 | * | Cushman & Wakefield plc | 3,138,999 | |||||||
322,701 | * | DiamondRock Hospitality Co | 3,362,544 | |||||||
389,997 | Diversified Healthcare Trust | 1,721,837 | ||||||||
132,530 | Easterly Government Properties, Inc | 2,840,118 | ||||||||
63,908 | EastGroup Properties, Inc | 10,139,643 | ||||||||
171,822 | Essential Properties Realty Trust, Inc | 4,500,018 | ||||||||
80,751 | *,e | eXp World Holdings Inc | 2,774,604 | |||||||
41,487 | Farmland Partners, Inc | 553,022 | ||||||||
7,394 | *,e | Fathom Holdings, Inc | 253,614 | |||||||
30,858 | * | Forestar Group, Inc | 781,942 | |||||||
119,479 | Four Corners Property Trust, Inc | 3,449,359 | ||||||||
166,358 | Franklin Street Properties Corp | 878,370 | ||||||||
10,641 | * | FRP Holdings, Inc | 540,137 | |||||||
190,509 | Geo Group, Inc | 1,049,705 | ||||||||
59,134 | Getty Realty Corp | 1,867,452 | ||||||||
54,153 | Gladstone Commercial Corp | 1,139,379 | ||||||||
34,820 | Gladstone Land Corp | 730,872 | ||||||||
73,234 | Global Medical REIT, Inc | 1,051,640 | ||||||||
144,649 | Global Net Lease, Inc | 2,777,261 | ||||||||
228,641 | Healthcare Realty Trust, Inc | 7,353,095 | ||||||||
55,186 | * | Hersha Hospitality Trust | 637,950 | |||||||
164,741 | Independence Realty Trust, Inc | 2,774,238 | ||||||||
4,214 | Indus Realty Trust, Inc | 263,375 | ||||||||
108,647 | Industrial Logistics Properties Trust | 2,694,446 | ||||||||
38,437 | Innovative Industrial Properties, Inc | 7,038,968 | ||||||||
119,543 | iStar Inc | 2,212,741 | ||||||||
196,322 | Kennedy-Wilson Holdings, Inc | 4,034,417 | ||||||||
134,935 | Kite Realty Group Trust | 2,807,997 |
243 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
442,837 | Lexington Realty Trust | $ | 5,420,325 | |||||||
62,599 | LTC Properties, Inc | 2,662,335 | ||||||||
243,332 | Macerich Co | 3,355,548 | ||||||||
139,485 | Mack-Cali Realty Corp | 2,281,975 | ||||||||
37,863 | * | Marcus & Millichap, Inc | 1,337,321 | |||||||
14,335 | * | Maui Land & Pineapple Co, Inc | 161,699 | |||||||
158,735 | Monmouth Real Estate Investment Corp (Class A) | 2,933,423 | ||||||||
71,714 | National Health Investors, Inc | 5,264,525 | ||||||||
101,278 | National Storage Affiliates Trust | 4,602,072 | ||||||||
35,974 | NETSTREIT Corp | 749,338 | ||||||||
143,115 | New Senior Investment Group, Inc | 947,421 | ||||||||
235,447 | Newmark Group, Inc | 2,531,055 | ||||||||
36,835 | NexPoint Residential Trust, Inc | 1,847,644 | ||||||||
77,341 | Office Properties Income Trust | 2,146,213 | ||||||||
26,959 | One Liberty Properties, Inc | 670,470 | ||||||||
210,573 | Pebblebrook Hotel Trust | 5,028,483 | ||||||||
342,527 | Physicians Realty Trust | 6,415,531 | ||||||||
201,638 | Piedmont Office Realty Trust, Inc | 3,754,500 | ||||||||
40,302 | Plymouth Industrial REIT, Inc | 751,229 | ||||||||
106,197 | PotlatchDeltic Corp | 6,303,854 | ||||||||
88,736 | Preferred Apartment Communities, Inc | 905,107 | ||||||||
32,563 | PS Business Parks, Inc | 5,287,254 | ||||||||
104,251 | QTS Realty Trust, Inc | 6,931,649 | ||||||||
17,101 | * | Rafael Holdings, Inc | 706,955 | |||||||
28,655 | Re/Max Holdings, Inc | 1,052,498 | ||||||||
190,937 | * | Realogy Holdings Corp | 3,299,391 | |||||||
162,529 | * | Redfin Corp | 11,503,803 | |||||||
187,040 | Retail Opportunities Investment Corp | 3,291,904 | ||||||||
347,115 | Retail Properties of America, Inc | 4,071,659 | ||||||||
26,626 | Retail Value, Inc | 496,042 | ||||||||
266,137 | RLJ Lodging Trust | 4,295,451 | ||||||||
24,169 | RMR Group, Inc | 956,609 | ||||||||
130,774 | RPT Realty | 1,662,138 | ||||||||
81,769 | * | Ryman Hospitality Properties | 6,431,132 | |||||||
333,790 | Sabra Healthcare REIT, Inc | 6,064,964 | ||||||||
30,491 | Safehold, Inc | 2,156,019 | ||||||||
19,029 | Saul Centers, Inc | 821,672 | ||||||||
58,305 | * | Seritage Growth Properties | 1,002,846 | |||||||
265,094 | Service Properties Trust | 3,264,633 | ||||||||
248,013 | SITE Centers Corp | 3,658,192 | ||||||||
55,107 | St. Joe Co | 2,523,350 | ||||||||
260,737 | STAG Industrial, Inc | 9,519,508 | ||||||||
6,780 | * | Stratus Properties, Inc | 238,317 | |||||||
163,286 | * | Summit Hotel Properties, Inc | 1,660,619 | |||||||
348,092 | * | Sunstone Hotel Investors, Inc | 4,580,891 | |||||||
147,976 | Tanger Factory Outlet Centers, Inc | 2,582,181 | ||||||||
40,658 | * | Tejon Ranch Co | 643,210 | |||||||
110,749 | Terreno Realty Corp | 7,145,525 | ||||||||
1,971 | * | Transcontinental Realty Investors, Inc | 39,834 | |||||||
60,001 | UMH Properties, Inc | 1,291,822 | ||||||||
321,379 | Uniti Group, Inc | 3,663,721 | ||||||||
20,674 | Universal Health Realty Income Trust | 1,384,124 | ||||||||
187,594 | Urban Edge Properties | 3,536,147 | ||||||||
45,289 | Urstadt Biddle Properties, Inc (Class A) | 822,901 | ||||||||
139,504 | Washington REIT | 3,239,283 | ||||||||
75,551 | Whitestone REIT | 738,133 |
244 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
182,632 | * | Xenia Hotels & Resorts, Inc | $ | 3,548,540 | ||||||
TOTAL REAL ESTATE | 288,822,251 | |||||||||
RETAILING - 4.7% | ||||||||||
39,924 | *,e | 1-800-FLOWERS.COM, Inc (Class A) | 1,276,570 | |||||||
54,012 | Aaron’s Co, Inc | 1,668,431 | ||||||||
101,233 | * | Abercrombie & Fitch Co (Class A) | 3,795,225 | |||||||
48,440 | * | Academy Sports & Outdoors, Inc | 1,492,436 | |||||||
244,603 | e | American Eagle Outfitters, Inc | 8,455,926 | |||||||
9,780 | * | America’s Car-Mart, Inc | 1,475,117 | |||||||
31,184 | * | Asbury Automotive Group, Inc | 6,193,454 | |||||||
89,927 | * | At Home Group, Inc | 2,839,895 | |||||||
200,202 | * | Bed Bath & Beyond, Inc | 5,069,115 | |||||||
61,469 | Big Lots, Inc | 4,237,673 | ||||||||
46,172 | * | Boot Barn Holdings, Inc | 3,256,973 | |||||||
49,194 | Buckle, Inc | 2,063,196 | ||||||||
59,476 | Caleres, Inc | 1,386,386 | ||||||||
53,097 | Camping World Holdings, Inc | 2,311,843 | ||||||||
55,928 | * | CarParts.com, Inc | 966,436 | |||||||
34,028 | * | Cato Corp (Class A) | 455,975 | |||||||
191,671 | * | Chico’s FAS, Inc | 575,013 | |||||||
22,869 | * | Children’s Place, Inc | 1,791,786 | |||||||
15,421 | * | Citi Trends, Inc | 1,613,037 | |||||||
31,045 | * | Conn’s, Inc | 628,351 | |||||||
51,268 | * | Container Store Group, Inc | 722,366 | |||||||
74,501 | Core-Mark Holding Co, Inc | 3,170,763 | ||||||||
99,388 | * | Designer Brands, Inc | 1,759,168 | |||||||
11,479 | Dillard’s, Inc (Class A) | 1,135,388 | ||||||||
20,914 | *,e | Duluth Holdings, Inc | 323,540 | |||||||
17,689 | * | Envela Corp | 68,633 | |||||||
96,450 | *,e | Express Parent LLC | 294,172 | |||||||
35,060 | Franchise Group, Inc | 1,350,862 | ||||||||
39,470 | * | Funko, Inc | 850,184 | |||||||
93,299 | *,e | GameStop Corp (Class A) | 16,195,773 | |||||||
22,946 | * | Genesco, Inc | 1,147,300 | |||||||
16,658 | *,e | Greenlane Holdings Inc | 73,295 | |||||||
28,273 | Group 1 Automotive, Inc | 4,641,296 | ||||||||
37,551 | * | Groupon, Inc | 1,901,207 | |||||||
67,869 | *,e | GrowGeneration Corp | 2,959,088 | |||||||
65,179 | Guess?, Inc | 1,762,440 | ||||||||
26,579 | Haverty Furniture Cos, Inc | 1,235,126 | ||||||||
26,506 | * | Hibbett Sports, Inc | 2,105,902 | |||||||
18,693 | * | Lands’ End, Inc | 430,687 | |||||||
42,733 | * | Liquidity Services, Inc | 766,203 | |||||||
42,428 | Lithia Motors, Inc (Class A) | 16,308,475 | ||||||||
46,886 | * | Lumber Liquidators, Inc | 1,123,857 | |||||||
505,865 | * | Macy’s, Inc | 8,387,242 | |||||||
180,780 | * | Magnite, Inc | 7,240,239 | |||||||
34,654 | * | MarineMax, Inc | 1,968,347 | |||||||
53,268 | Monro Muffler, Inc | 3,760,188 | ||||||||
42,342 | Murphy USA, Inc | 5,902,475 | ||||||||
130,451 | * | National Vision Holdings, Inc | 6,576,035 | |||||||
88,045 | * | ODP Corp | 3,559,659 | |||||||
17,316 | * | OneWater Marine, Inc | 887,099 | |||||||
69,293 | * | Overstock.com, Inc | 5,647,379 | |||||||
30,325 | e | PetMed Express, Inc | 892,313 |
245 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
140,502 | * | Quotient Technology, Inc | $ | 2,295,803 | ||||||
102,829 | * | RealReal, Inc | 2,547,074 | |||||||
78,435 | Rent-A-Center, Inc | 4,513,934 | ||||||||
25,732 | * | RH | 17,704,131 | |||||||
186,747 | * | Sally Beauty Holdings, Inc | 3,748,012 | |||||||
15,076 | Shoe Carnival, Inc | 903,806 | ||||||||
36,136 | Shutterstock, Inc | 3,150,336 | ||||||||
85,917 | * | Signet Jewelers Ltd | 5,133,541 | |||||||
43,995 | * | Sleep Number Corp | 4,922,600 | |||||||
37,488 | e | Sonic Automotive, Inc (Class A) | 1,849,658 | |||||||
69,553 | * | Sportsman’s Warehouse Holdings, Inc | 1,221,351 | |||||||
27,560 | * | Stamps.com, Inc | 5,659,997 | |||||||
97,731 | * | Stitch Fix Inc | 4,233,707 | |||||||
36,474 | * | Tilly’s, Inc | 439,876 | |||||||
111,692 | * | Urban Outfitters, Inc | 4,009,743 | |||||||
149,720 | *,e | Waitr Holdings Inc | 368,311 | |||||||
10,368 | Weyco Group, Inc | 203,939 | ||||||||
4,858 | Winmark Corp | 935,505 | ||||||||
33,574 | * | Zumiez, Inc | 1,442,675 | |||||||
TOTAL RETAILING | 221,983,538 | |||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.9% | ||||||||||
61,547 | Advanced Energy Industries, Inc | 6,789,250 | ||||||||
34,119 | * | Alpha & Omega Semiconductor Ltd | 1,061,101 | |||||||
54,785 | * | Ambarella, Inc | 5,340,990 | |||||||
161,236 | Amkor Technology, Inc | 3,260,192 | ||||||||
29,434 | *,e | Atomera, Inc | 489,782 | |||||||
54,725 | * | Axcelis Technologies, Inc | 2,272,729 | |||||||
67,772 | * | AXT, Inc | 668,232 | |||||||
118,498 | Brooks Automation, Inc | 12,007,402 | ||||||||
35,467 | * | Ceva, Inc | 1,966,291 | |||||||
16 | *,† | China Energy Savings Technology, Inc | 0 | |||||||
47,438 | CMC Materials, Inc | 8,701,552 | ||||||||
68,240 | * | Cohu, Inc | 2,730,282 | |||||||
11,110 | * | CyberOptics Corp | 366,519 | |||||||
69,489 | * | Diodes, Inc | 5,337,450 | |||||||
35,872 | * | DSP Group, Inc | 498,262 | |||||||
125,289 | * | Formfactor, Inc | 4,905,064 | |||||||
22,115 | * | GSI Technology, Inc | 130,479 | |||||||
43,720 | * | Ichor Holdings Ltd | 2,438,264 | |||||||
27,743 | *,e | Impinj, Inc | 1,316,683 | |||||||
221,503 | * | Lattice Semiconductor Corp | 11,143,816 | |||||||
78,415 | * | MACOM Technology Solutions Holdings, Inc | 4,439,073 | |||||||
20,404 | *,e | Maxeon Solar Technologies Ltd | 367,272 | |||||||
113,136 | * | MaxLinear, Inc | 4,071,765 | |||||||
78,085 | * | Nanometrics, Inc | 5,350,384 | |||||||
85,323 | * | NeoPhotonics Corp Ltd | 798,623 | |||||||
9,099 | NVE Corp | 696,347 | ||||||||
46,492 | * | PDF Solutions, Inc | 824,303 | |||||||
105,049 | * | Photronics, Inc | 1,334,122 | |||||||
91,692 | * | Pixelworks, Inc | 270,491 | |||||||
95,238 | Power Integrations, Inc | 7,886,659 | ||||||||
187,994 | * | Rambus, Inc | 3,568,126 | |||||||
104,595 | * | Semtech Corp | 7,085,265 | |||||||
70,684 | * | Silicon Laboratories, Inc | 9,962,910 | |||||||
19,796 | * | SiTime Corp | 1,832,120 |
246 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
23,200 | * | SMART Global Holdings, Inc | $ | 1,070,680 | ||||||
124,048 | *,e | SunPower Corp | 3,186,793 | |||||||
57,185 | * | Synaptics, Inc | 7,998,466 | |||||||
65,087 | * | Ultra Clean Holdings | 3,323,993 | |||||||
79,003 | * | Veeco Instruments, Inc | 1,817,859 | |||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 137,309,591 | |||||||||
SOFTWARE & SERVICES - 6.5% | ||||||||||
174,938 | * | 8x8, Inc | 5,753,711 | |||||||
98,299 | * | A10 Networks, Inc | 853,235 | |||||||
186,053 | * | ACI Worldwide, Inc | 7,029,082 | |||||||
30,744 | * | Agilysys, Inc | 1,549,805 | |||||||
77,111 | * | Alarm.com Holdings, Inc | 6,921,483 | |||||||
71,635 | *,e | Altair Engineering, Inc | 4,656,275 | |||||||
52,124 | American Software, Inc (Class A) | 1,078,446 | ||||||||
26,966 | * | Appfolio, Inc | 3,900,093 | |||||||
58,232 | *,e | Appian Corp | 7,056,554 | |||||||
21,628 | * | Asure Software, Inc | 173,240 | |||||||
138,549 | * | Avaya Holdings Corp | 3,986,055 | |||||||
46,182 | * | Benefitfocus, Inc | 624,381 | |||||||
80,011 | * | Blackbaud, Inc | 5,690,382 | |||||||
83,153 | * | Blackline, Inc | 9,650,737 | |||||||
7,149 | * | BM Technologies, Inc | 70,132 | |||||||
71,846 | * | Bottomline Technologies, Inc | 3,488,842 | |||||||
234,424 | * | Box, Inc | 4,993,231 | |||||||
65,364 | * | Brightcove, Inc | 949,085 | |||||||
57,817 | * | Cardtronics plc | 2,245,612 | |||||||
22,628 | Cass Information Systems, Inc | 1,038,399 | ||||||||
62,004 | * | Cerence Inc | 5,977,806 | |||||||
45,049 | * | ChannelAdvisor Corp | 952,786 | |||||||
337,584 | * | Cloudera, Inc | 4,283,941 | |||||||
104,674 | * | Cognyte Software Ltd | 2,735,132 | |||||||
68,522 | * | Commvault Systems, Inc | 4,762,964 | |||||||
267,938 | * | Conduent, Inc | 1,821,978 | |||||||
99,533 | * | Cornerstone OnDemand, Inc | 4,405,828 | |||||||
52,592 | CSG Systems International, Inc | 2,418,706 | ||||||||
19,558 | *,e | Digimarc Corp | 659,691 | |||||||
137,391 | * | Digital Turbine, Inc | 10,363,403 | |||||||
44,105 | * | Domo, Inc | 2,835,510 | |||||||
43,168 | Ebix, Inc | 1,299,789 | ||||||||
37,794 | * | eGain Corp | 371,515 | |||||||
86,195 | * | Envestnet, Inc | 6,363,777 | |||||||
99,202 | EVERTEC, Inc | 3,958,160 | ||||||||
73,926 | * | Evo Payments, Inc | 2,107,630 | |||||||
54,516 | * | ExlService Holdings, Inc | 5,036,188 | |||||||
99,322 | * | GreenSky, Inc | 604,871 | |||||||
44,837 | * | Grid Dynamics Holdings, Inc | 646,101 | |||||||
51,998 | *,e | GTT Communications, Inc | 83,717 | |||||||
78,822 | * | GTY Technology Holdings Inc | 401,992 | |||||||
41,876 | Hackett Group, Inc | 696,398 | ||||||||
30,347 | * | I3 Verticals, Inc | 1,008,127 | |||||||
8,594 | * | IBEX Ltd | 198,521 | |||||||
58,379 | * | Information Services Group, Inc | 265,624 | |||||||
12,668 | *,e | Intelligent Systems Corp | 485,438 | |||||||
49,847 | InterDigital, Inc | 3,460,379 | ||||||||
46,797 | * | International Money Express Inc | 738,457 |
247 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
70,489 | * | j2 Global, Inc | $ | 8,529,169 | ||||||
200,881 | *,e | Limelight Networks, Inc | 628,758 | |||||||
100,908 | * | Liveperson, Inc | 5,514,622 | |||||||
107,203 | * | LiveRamp Holdings, Inc | 5,250,803 | |||||||
99,847 | MAXIMUS, Inc | 9,149,979 | ||||||||
11,877 | *,e | MicroStrategy, Inc (Class A) | 7,805,089 | |||||||
94,913 | * | Mimecast Ltd | 4,121,122 | |||||||
66,776 | * | Mitek Systems, Inc | 1,082,439 | |||||||
57,131 | * | Model N, Inc | 2,272,671 | |||||||
98,832 | * | MoneyGram International, Inc | 681,941 | |||||||
13,963 | * | ON24, Inc | 614,372 | |||||||
53,118 | * | OneSpan, Inc | 1,424,094 | |||||||
19,678 | *,e | Park City Group, Inc | 104,097 | |||||||
49,246 | *,e | Paysign Inc | 188,120 | |||||||
52,901 | * | Perficient, Inc | 3,470,835 | |||||||
226,212 | Perspecta, Inc | 6,621,225 | ||||||||
22,038 | *,e | PFSweb, Inc | 160,877 | |||||||
60,096 | * | Ping Identity Holding Corp | 1,459,131 | |||||||
9,815 | * | Priority Technology Holdings Inc | 68,214 | |||||||
71,548 | Progress Software Corp | 3,123,786 | ||||||||
65,260 | * | PROS Holdings, Inc | 2,804,875 | |||||||
81,715 | * | Q2 Holdings, Inc | 8,499,994 | |||||||
19,009 | QAD, Inc (Class A) | 1,343,746 | ||||||||
55,131 | * | Qualys, Inc | 5,588,078 | |||||||
58,538 | * | Rackspace Technology, Inc | 1,455,840 | |||||||
83,563 | * | Rapid7, Inc | 6,789,494 | |||||||
107,624 | * | Repay Holdings Corp | 2,459,208 | |||||||
44,815 | * | Rimini Street, Inc | 352,694 | |||||||
142,725 | * | SailPoint Technologies Holding, Inc | 6,969,262 | |||||||
46,401 | Sapiens International Corp NV | 1,501,536 | ||||||||
47,717 | *,e | Seachange International, Inc | 53,443 | |||||||
13,501 | * | SecureWorks Corp | 175,648 | |||||||
139,051 | * | ServiceSource International LLC | 205,796 | |||||||
14,412 | * | ShotSpotter, Inc | 503,555 | |||||||
53,444 | * | Smith Micro Software, Inc | 300,355 | |||||||
45,071 | * | Sprout Social, Inc | 2,987,757 | |||||||
57,624 | * | SPS Commerce, Inc | 5,903,003 | |||||||
39,485 | * | StarTek, Inc | 321,013 | |||||||
23,304 | * | Sumo Logic, Inc | 454,195 | |||||||
198,014 | * | SVMK, Inc | 3,562,272 | |||||||
63,829 | * | Sykes Enterprises, Inc | 2,797,625 | |||||||
65,367 | * | Synchronoss Technologies, Inc | 218,326 | |||||||
26,633 | * | Telos Corp | 883,683 | |||||||
115,419 | * | Tenable Holdings, Inc | 4,327,635 | |||||||
30,237 | TTEC Holdings, Inc | 3,076,010 | ||||||||
15,124 | *,e | Tucows, Inc | 1,188,898 | |||||||
99,980 | * | Unisys Corp | 2,399,520 | |||||||
43,779 | * | Upland Software, Inc | 2,169,687 | |||||||
164,337 | * | Varonis Systems, Inc | 8,701,644 | |||||||
105,379 | * | Verint Systems, Inc | 5,118,258 | |||||||
43,760 | * | Veritone, Inc | 1,055,491 | |||||||
216,822 | * | Verra Mobility Corp | 2,914,088 | |||||||
17,360 | * | Viant Technology, Inc | 570,102 | |||||||
106,522 | e | VirnetX Holding Corp | 496,393 | |||||||
65,195 | * | Workiva, Inc | 6,128,330 | |||||||
173,483 | Xperi Holding Corp | 3,565,076 |
248 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
167,343 | * | Yext, Inc | $ | 2,334,435 | ||||||
92,357 | * | Zix Corp | 728,235 | |||||||
164,610 | * | Zuora Inc | 2,666,682 | |||||||
TOTAL SOFTWARE & SERVICES | 306,496,435 | |||||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 3.0% | ||||||||||
199,662 | * | 3D Systems Corp | 4,300,719 | |||||||
11,667 | * | 908 Devices, Inc | 618,234 | |||||||
79,951 | Adtran, Inc | 1,366,363 | ||||||||
58,428 | * | Akoustis Technologies, Inc | 656,146 | |||||||
37,079 | *,e | Applied Optoelectronics, Inc | 274,755 | |||||||
134,762 | * | Arlo Technologies, Inc | 826,091 | |||||||
50,282 | * | Avid Technology, Inc | 1,143,413 | |||||||
46,972 | Badger Meter, Inc | 4,386,715 | ||||||||
16,559 | Bel Fuse, Inc (Class B) | 330,021 | ||||||||
71,214 | Belden CDT, Inc | 3,082,142 | ||||||||
58,864 | Benchmark Electronics, Inc | 1,767,097 | ||||||||
55,850 | * | CalAmp Corp | 767,938 | |||||||
86,826 | * | Calix, Inc | 3,671,872 | |||||||
13,097 | * | Cambium Networks Corp | 785,820 | |||||||
50,054 | * | Casa Systems, Inc | 392,674 | |||||||
18,621 | * | Clearfield, Inc | 639,631 | |||||||
40,917 | Comtech Telecommunications Corp | 981,190 | ||||||||
37,169 | *,e | Corsair Gaming, Inc | 1,233,267 | |||||||
52,925 | CTS Corp | 1,721,121 | ||||||||
55,737 | * | Daktronics, Inc | 343,897 | |||||||
119,114 | * | Diebold, Inc | 1,787,901 | |||||||
49,806 | * | Digi International, Inc | 890,033 | |||||||
23,195 | * | DZS, Inc | 348,389 | |||||||
24,822 | *,e | Eastman Kodak Co | 185,172 | |||||||
21,495 | * | ePlus, Inc | 2,157,238 | |||||||
195,595 | * | Extreme Networks, Inc | 2,225,871 | |||||||
59,394 | * | Fabrinet | 5,085,314 | |||||||
28,537 | * | FARO Technologies, Inc | 2,164,389 | |||||||
52,692 | * | Genasys, Inc | 329,325 | |||||||
151,436 | * | Harmonic, Inc | 1,184,230 | |||||||
167,418 | * | II-VI, Inc | 11,240,445 | |||||||
28,576 | * | Immersion Corp | 244,896 | |||||||
265,185 | * | Infinera Corp | 2,445,006 | |||||||
113,240 | *,e | Inseego Corp | 1,005,571 | |||||||
56,977 | * | Insight Enterprises, Inc | 5,718,782 | |||||||
35,797 | *,e | Intellicheck, Inc | 356,896 | |||||||
37,124 | * | Intevac, Inc | 237,965 | |||||||
60,654 | * | Iteris, Inc | 409,415 | |||||||
71,362 | * | Itron, Inc | 6,418,298 | |||||||
36,276 | * | Kimball Electronics, Inc | 834,711 | |||||||
143,028 | * | Knowles Corp | 2,989,285 | |||||||
25,893 | * | KVH Industries, Inc | 346,707 | |||||||
46,474 | * | Luna Innovations, Inc | 527,015 | |||||||
59,591 | Methode Electronics, Inc | 2,677,424 | ||||||||
23,084 | * | Napco Security Technologies, Inc | 768,928 | |||||||
50,498 | * | Netgear, Inc | 1,879,031 | |||||||
114,669 | * | Netscout Systems, Inc | 3,003,754 | |||||||
57,113 | * | nLight, Inc | 1,675,695 | |||||||
55,993 | * | Novanta, Inc | 7,374,838 | |||||||
27,160 | * | OSI Systems, Inc | 2,622,841 |
249 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
31,754 | *,e | PAR Technology Corp | $ | 2,608,274 | ||||||
17,846 | PC Connection, Inc | 809,316 | ||||||||
28,122 | PCTEL, Inc | 187,855 | ||||||||
56,183 | * | Plantronics, Inc | 2,246,758 | |||||||
45,789 | * | Plexus Corp | 4,232,735 | |||||||
56,010 | * | Powerfleet, Inc | 423,436 | |||||||
67,208 | * | Quantum Corp | 572,612 | |||||||
42,424 | *,e | Research Frontiers, Inc | 108,605 | |||||||
79,331 | *,e | Resonant, Inc | 259,412 | |||||||
111,945 | * | Ribbon Communications, Inc | 755,629 | |||||||
30,154 | * | Rogers Corp | 5,905,359 | |||||||
105,935 | * | Sanmina Corp | 4,326,385 | |||||||
40,648 | * | Scansource, Inc | 1,228,789 | |||||||
70,382 | * | Super Micro Computer, Inc | 2,605,542 | |||||||
167,877 | * | TTM Technologies, Inc | 2,518,155 | |||||||
370,852 | * | Viavi Solutions, Inc | 6,067,139 | |||||||
214,943 | Vishay Intertechnology, Inc | 5,281,150 | ||||||||
23,425 | * | Vishay Precision Group, Inc | 746,789 | |||||||
18,866 | *,e | Wrap Technologies Inc | 110,932 | |||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 139,419,343 | |||||||||
TELECOMMUNICATION SERVICES - 0.8% | ||||||||||
80,292 | * | Alaska Communications Systems Group, Inc | 265,767 | |||||||
17,451 | * | Anterix, Inc | 825,781 | |||||||
18,247 | ATN International, Inc | 831,698 | ||||||||
30,977 | * | Bandwidth Inc | 4,095,159 | |||||||
71,531 | * | Boingo Wireless, Inc | 998,573 | |||||||
81,128 | * | Cincinnati Bell, Inc | 1,251,805 | |||||||
69,062 | Cogent Communications Group, Inc | 5,214,872 | ||||||||
120,307 | * | Consolidated Communications Holdings, Inc | 866,210 | |||||||
88,669 | *,e | Gogo, Inc | 923,931 | |||||||
31,484 | * | IDT Corp (Class B) | 755,931 | |||||||
194,937 | * | Iridium Communications, Inc | 7,405,657 | |||||||
79,218 | * | Liberty Latin America Ltd (Class A) | 1,099,942 | |||||||
251,449 | * | Liberty Latin America Ltd (Class C) | 3,507,714 | |||||||
38,318 | * | Ooma, Inc | 633,397 | |||||||
130,329 | * | ORBCOMM, Inc | 1,493,570 | |||||||
78,204 | Shenandoah Telecom Co | 3,695,921 | ||||||||
31,498 | Spok Holdings, Inc | 323,484 | ||||||||
379,470 | * | Vonage Holdings Corp | 5,141,818 | |||||||
TOTAL TELECOMMUNICATION SERVICES | 39,331,230 | |||||||||
TRANSPORTATION - 1.5% | ||||||||||
95,233 | * | Air Transport Services Group, Inc | 2,506,532 | |||||||
21,546 | * | Allegiant Travel Co | 5,079,039 | |||||||
40,828 | ArcBest Corp | 2,970,645 | ||||||||
42,845 | * | Atlas Air Worldwide Holdings, Inc | 2,909,604 | |||||||
86,267 | * | Avis Budget Group, Inc | 7,730,386 | |||||||
89,134 | Costamare, Inc | 937,690 | ||||||||
19,684 | * | Covenant Transportation Group, Inc | 423,403 | |||||||
73,485 | * | Daseke, Inc | 557,751 | |||||||
10,195 | *,e | Eagle Bulk Shipping, Inc | 441,851 | |||||||
41,363 | * | Echo Global Logistics, Inc | 1,352,570 | |||||||
14,961 | e | Eneti, Inc | 300,866 | |||||||
44,325 | Forward Air Corp | 3,913,454 | ||||||||
34,315 | Genco Shipping & Trading Ltd | 526,392 | ||||||||
77,624 | * | Hawaiian Holdings, Inc | 1,949,139 |
250 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
79,191 | Heartland Express, Inc | $ | 1,472,161 | |||||||
52,605 | * | Hub Group, Inc (Class A) | 3,457,201 | |||||||
95,698 | Marten Transport Ltd | 1,600,070 | ||||||||
69,135 | Matson, Inc | 4,516,589 | ||||||||
57,088 | * | Mesa Air Group, Inc | 642,811 | |||||||
2,640 | * | PAM Transportation Services, Inc | 152,909 | |||||||
17,145 | e | Pangaea Logistics Solutions Ltd | 66,180 | |||||||
76,137 | * | Radiant Logistics, Inc | 508,595 | |||||||
73,761 | * | Safe Bulkers, Inc | 264,802 | |||||||
42,882 | * | Saia, Inc | 10,055,829 | |||||||
79,691 | * | Skywest, Inc | 3,957,455 | |||||||
158,673 | * | Spirit Airlines, Inc | 5,683,667 | |||||||
11,955 | Universal Logistics Holdings Inc | 298,994 | ||||||||
37,863 | * | US Xpress Enterprises, Inc | 387,717 | |||||||
97,420 | Werner Enterprises, Inc | 4,503,727 | ||||||||
TOTAL TRANSPORTATION | 69,168,029 | |||||||||
UTILITIES - 2.7% | ||||||||||
84,496 | Allete, Inc | 5,945,139 | ||||||||
60,728 | American States Water Co | 4,809,050 | ||||||||
13,672 | Artesian Resources Corp | 553,032 | ||||||||
141,475 | *,e | Atlantic Power Corp | 428,669 | |||||||
111,614 | Avista Corp | 5,136,476 | ||||||||
102,319 | Black Hills Corp | 7,057,965 | ||||||||
52,552 | e | Brookfield Infrastructure Corp | 3,785,321 | |||||||
210,139 | Brookfield Renewable Corp | 8,716,566 | ||||||||
32,021 | *,e | Cadiz, Inc | 373,045 | |||||||
81,253 | California Water Service Group | 4,773,614 | ||||||||
28,445 | Chesapeake Utilities Corp | 3,371,301 | ||||||||
55,579 | Clearway Energy, Inc (Class A) | 1,477,290 | ||||||||
133,114 | Clearway Energy, Inc (Class C) | 3,819,041 | ||||||||
29,561 | Consolidated Water Co, Inc | 347,933 | ||||||||
25,526 | Genie Energy Ltd | 142,946 | ||||||||
17,733 | Global Water Resources, Inc | 302,348 | ||||||||
60,252 | MGE Energy, Inc | 4,507,452 | ||||||||
27,552 | Middlesex Water Co | 2,259,815 | ||||||||
154,530 | New Jersey Resources Corp | 6,482,533 | ||||||||
48,534 | Northwest Natural Holding Co | 2,616,953 | ||||||||
83,583 | NorthWestern Corp | 5,686,151 | ||||||||
85,918 | ONE Gas, Inc | 6,913,821 | ||||||||
70,757 | Ormat Technologies, Inc | 5,122,807 | ||||||||
65,531 | Otter Tail Corp | 3,095,029 | ||||||||
140,387 | PNM Resources, Inc | 6,929,502 | ||||||||
146,375 | Portland General Electric Co | 7,444,633 | ||||||||
29,806 | * | Pure Cycle Corp | 455,138 | |||||||
11,815 | RGC Resources, Inc | 256,267 | ||||||||
42,617 | SJW Corp | 2,793,544 | ||||||||
163,296 | e | South Jersey Industries, Inc | 4,041,576 | |||||||
93,129 | Southwest Gas Holdings Inc | 6,492,954 | ||||||||
20,201 | e | Spark Energy, Inc | 213,727 | |||||||
81,441 | Spire, Inc | 6,135,765 | ||||||||
91,434 | * | Sunnova Energy International, Inc | 3,229,449 | |||||||
25,432 | Unitil Corp | 1,465,646 | ||||||||
20,975 | York Water Co | 1,083,149 | ||||||||
TOTAL UTILITIES | 128,265,647 | |||||||||
TOTAL COMMON STOCKS | 4,709,515,683 | |||||||||
(Cost $2,876,052,780) |
251 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
RIGHTS / WARRANTS - 0.0% | ||||||||||
ENERGY - 0.0% | ||||||||||
2,068 | e | Whiting Petroleum Corp | $ | 6,411 | ||||||
4,137 | Whiting Petroleum Corp | 14,934 | ||||||||
TOTAL ENERGY | 21,345 | |||||||||
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 | 24,996 | |||||||||
(Cost $561) | ||||||||||
PRINCIPAL | ISSUER | RATE | MATURITY DATE | |||||||||||||
SHORT-TERM INVESTMENTS - 2.5% | ||||||||||||||||
REPURCHASE AGREEMENT - 0.1% | ||||||||||||||||
$ | 3,730,000 | r | Fixed Income Clearing Corp (FICC) | 0.005 | % | 05/03/21 | 3,730,000 | |||||||||
TOTAL REPURCHASE AGREEMENT | 3,730,000 | |||||||||||||||
SHARES | COMPANY | |||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 2.4% | ||||||||||||||||
114,636,088 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 0.020 | 114,636,088 | ||||||||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 114,636,088 | |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 118,366,088 | |||||||||||||||
(Cost $118,366,088) | ||||||||||||||||
TOTAL INVESTMENTS - 102.4% | 4,827,906,767 | |||||||||||||||
(Cost $2,994,419,429) | ||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - (2.4)% | (115,032,812 | ) | ||||||||||||||
NET ASSETS - 100.0% | $ | 4,712,873,955 |
Abbreviations(s): | |||
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 $205,815,174. | ||
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 4/30/21, the aggregate value of these securities is $4,910,869 or 0.1% of net assets. | ||
r | Agreement with Fixed Income Clearing Corp, 0.005% dated 4/30/21 to be repurchased at $3,730,000 on 5/3/21, collateralized by U.S. Treasury Notes valued at $3,804,637. |
252 |
TIAA-CREF FUNDS – Emerging Markets Equity Index Fund
TIAA-CREF FUNDS
EMERGING MARKETS EQUITY INDEX FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2021
SHARES | COMPANY | VALUE | ||||||||
COMMON STOCKS - 100.1% | ||||||||||
ARGENTINA - 0.0% | ||||||||||
47,900 | e | Telecom Argentina S.A. (ADR) (Class B) | $ | 221,777 | ||||||
58,000 | * | YPF S.A. (ADR) (Class D) | 219,240 | |||||||
TOTAL ARGENTINA | 441,017 | |||||||||
BRAZIL - 4.4% | ||||||||||
91,800 | * | Alpargatas S.A. | 671,425 | |||||||
2,422,497 | AMBEV S.A. | 6,662,697 | ||||||||
168,800 | Atacadao Distribuicao Comercio e Industria Ltd | 674,945 | ||||||||
105,275 | * | B2W Companhia Global Do Varejo | 1,304,685 | |||||||
1,065,982 | B3 SA-Brasil Bolsa Balcao | 10,106,327 | ||||||||
733,726 | Banco Bradesco S.A. | 2,791,969 | ||||||||
2,499,931 | Banco Bradesco S.A. (Preference) | 10,976,216 | ||||||||
118,100 | Banco BTG Pactual S.A. - Unit | 2,342,629 | ||||||||
438,283 | Banco do Brasil S.A. | 2,391,493 | ||||||||
52,300 | Banco Inter S.A. | 2,230,817 | ||||||||
215,674 | Banco Santander Brasil S.A. | 1,529,794 | ||||||||
324,248 | BB Seguridade Participacoes S.A. | 1,332,914 | ||||||||
111,600 | Bradespar S.A. | 1,458,881 | ||||||||
298,505 | * | BRF S.A. | 1,142,464 | |||||||
169,325 | Centrais Eletricas Brasileiras S.A. | 1,146,799 | ||||||||
113,992 | Centrais Eletricas Brasileiras S.A. (Preference) | 776,028 | ||||||||
471,456 | Cia de Concessoes Rodoviarias | 1,044,970 | ||||||||
160,658 | Cia de Saneamento Basico do Estado de Sao Paulo | 1,265,259 | ||||||||
555,225 | Cia Energetica de Minas Gerais | 1,414,625 | ||||||||
547,000 | Cia Paranaense de Energia | 630,373 | ||||||||
364,430 | Cia Siderurgica Nacional S.A. | 3,300,101 | ||||||||
132,976 | Cosan SA Industria e Comercio | 2,204,659 | ||||||||
119,600 | CPFL Energia S.A. | 646,213 | ||||||||
93,600 | Energisa S.A. | 759,201 | ||||||||
119,825 | Engie Brasil Energia S.A. | 897,135 | ||||||||
497,900 | Equatorial Energia S.A. | 2,299,742 | ||||||||
528,875 | Gerdau S.A. (Preference) | 3,234,364 | ||||||||
591,500 | g | Hapvida Participacoes e Investimentos S.A. | 1,572,382 | |||||||
197,082 | Hypermarcas S.A. | 1,257,511 | ||||||||
2,300,832 | Investimentos Itau S.A. - PR | 4,261,075 | ||||||||
2,484,853 | Itau Unibanco Holding S.A. | 12,593,404 | ||||||||
361,733 | * | Klabin S.A. | 1,855,263 | |||||||
318,206 | Localiza Rent A Car | 3,766,653 | ||||||||
483,199 | Lojas Americanas S.A. (Preference) | 1,855,567 | ||||||||
392,139 | Lojas Renner S.A. | 2,916,471 | ||||||||
1,485,960 | Magazine Luiza S.A. | 5,479,290 | ||||||||
467,119 | * | Natura & Co Holding S.A. | 4,191,305 | |||||||
269,499 | Notre Dame Intermedica Participacoes S.A. | 4,032,029 | ||||||||
376,027 | Petrobras Distribuidora S.A. | 1,558,227 | ||||||||
1,989,516 | Petroleo Brasileiro S.A. | 8,460,493 |
253 |
TIAA-CREF FUNDS – Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
2,533,168 | Petroleo Brasileiro S.A. (Preference) | $ | 11,014,889 | |||||||
563,915 | Raia Drogasil S.A. | 2,730,270 | ||||||||
634,227 | * | Rumo S.A. | 2,335,129 | |||||||
143,822 | Sul America S.A. | 866,048 | ||||||||
391,920 | * | Suzano SA | 4,954,510 | |||||||
271,421 | Telefonica Brasil S.A. | 2,158,557 | ||||||||
416,266 | TIM S.A. | 934,138 | ||||||||
249,000 | Totvus S.A. | 1,425,594 | ||||||||
390,860 | Ultrapar Participacoes S.A. | 1,518,958 | ||||||||
1,904,359 | Vale S.A. | 38,220,049 | ||||||||
622,900 | * | Via Varejo S.A. | 1,356,561 | |||||||
879,834 | Weg S.A. | 5,670,601 | ||||||||
TOTAL BRAZIL | 192,221,699 | |||||||||
CHILE - 0.5% | ||||||||||
22,254,220 | Banco de Chile | 2,382,826 | ||||||||
24,128 | Banco de Credito e Inversiones | 1,120,460 | ||||||||
33,869,125 | Banco Santander Chile S.A. | 1,858,506 | ||||||||
749,568 | Cencosud S.A. | 1,556,129 | ||||||||
147,292 | Cencosud Shopping S.A. | 240,399 | ||||||||
53,986 | Cia Cervecerias Unidas S.A. | 496,769 | ||||||||
3,490,151 | Colbun S.A. | 599,100 | ||||||||
207,594 | Embotelladora Andina S.A. | 495,085 | ||||||||
634,055 | Empresas CMPC S.A. | 1,761,933 | ||||||||
212,005 | Empresas COPEC S.A. | 2,283,126 | ||||||||
13,069,567 | Enel Chile S.A. | 891,863 | ||||||||
10,416,273 | Enersis S.A. | 1,482,721 | ||||||||
394,553 | SACI Falabella | 1,781,992 | ||||||||
74,721 | Sociedad Quimica y Minera de Chile S.A. (Class B) | 3,937,117 | ||||||||
TOTAL CHILE | 20,888,026 | |||||||||
CHINA - 36.3% | ||||||||||
43,800 | * | 21Vianet Group, Inc (ADR) | 1,222,458 | |||||||
148,600 | 360 Security Technology, Inc | 288,925 | ||||||||
651,500 | *,g | 3SBio, Inc | 615,879 | |||||||
14,033 | * | 51job, Inc (ADR) | 863,731 | |||||||
386,000 | AAC Technologies Holdings, Inc | 2,142,755 | ||||||||
15,200 | Accelink Technologies Co Ltd | 52,054 | ||||||||
41,900 | Addsino Co Ltd | 109,803 | ||||||||
38,500 | AECC Aero-Engine Control Co Ltd | 107,533 | ||||||||
90,500 | AECC Aviation Power Co Ltd | 527,777 | ||||||||
682,000 | Agile Property Holdings Ltd | 1,065,403 | ||||||||
15,188,064 | Agricultural Bank of China Ltd | 5,884,147 | ||||||||
2,373,000 | Agricultural Bank of China Ltd (Class A) | 1,172,582 | ||||||||
109,148 | Aier Eye Hospital Group Co Ltd | 1,251,105 | ||||||||
130,490 | Air China Ltd | 164,693 | ||||||||
962,000 | Air China Ltd (H shares) | 760,642 | ||||||||
66,000 | Airtac International Group | 2,754,587 | ||||||||
214,000 | e,g | AK Medical Holdings Ltd | 332,433 | |||||||
977,665 | * | Alibaba Group Holding Ltd (ADR) | 225,791,732 | |||||||
2,170,284 | * | Alibaba Health Information Technology Ltd | 6,605,903 | |||||||
234,500 | g | A-Living Services Co Ltd | 1,077,859 | |||||||
2,184,000 | * | Aluminum Corp of China Ltd | 1,128,551 | |||||||
164,400 | * | Aluminum Corp of China Ltd (Class A) | 112,322 |
254 |
TIAA-CREF FUNDS – Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
22,700 | Angel Yeast Co Ltd | $ | 205,172 | |||||||
650,282 | Anhui Conch Cement Co Ltd | 3,881,307 | ||||||||
130,000 | Anhui Conch Cement Co Ltd (Class A) | 982,036 | ||||||||
58,400 | Anhui Gujing Distillery Co Ltd | 782,415 | ||||||||
10,500 | Anhui Gujing Distillery Co Ltd (Class A) | 368,100 | ||||||||
17,100 | Anhui Kouzi Distillery Co Ltd | 164,107 | ||||||||
559,651 | Anta Sports Products Ltd | 9,983,279 | ||||||||
35,100 | Apeloa Pharmaceutical Co Ltd | 168,234 | ||||||||
5,800 | Asymchem Laboratories Tianjin Co Ltd | 293,692 | ||||||||
6,800 | Autobio Diagnostics Co Ltd | 128,099 | ||||||||
30,700 | Autohome, Inc (ADR) | 2,846,811 | ||||||||
70,700 | AVIC Aircraft Co Ltd | 262,202 | ||||||||
41,100 | Avic Aviation High-Technology Co Ltd | 151,925 | ||||||||
294,858 | Avic Capital Co Ltd | 176,535 | ||||||||
90,600 | AVIC Electromechanical Systems Co Ltd | 136,310 | ||||||||
23,800 | AVIC Jonhon Optronic Technology Co Ltd | 250,106 | ||||||||
47,400 | AVIC Shenyang Aircraft Co Ltd | 422,501 | ||||||||
1,054,861 | AviChina Industry & Technology Co | 676,916 | ||||||||
14,700 | AVICOPTER plc | 115,375 | ||||||||
139,289 | * | Baidu, Inc (ADR) | 29,296,655 | |||||||
649,400 | Bank of Beijing Co Ltd | 477,374 | ||||||||
155,305 | Bank of Chengdu Co Ltd | 285,783 | ||||||||
1,165,700 | Bank of China Ltd - A | 585,054 | ||||||||
42,849,953 | Bank of China Ltd - H | 17,000,632 | ||||||||
1,382,800 | Bank of Communications Co Ltd - A | 1,027,190 | ||||||||
4,762,934 | Bank of Communications Co Ltd - H | 3,041,096 | ||||||||
195,500 | Bank of Hangzhou Co Ltd | 499,283 | ||||||||
407,810 | Bank of Jiangsu Co Ltd | 445,003 | ||||||||
422,900 | Bank of Nanjing Co Ltd | 598,971 | ||||||||
150,971 | Bank of Ningbo Co Ltd | 983,789 | ||||||||
385,390 | Bank of Shanghai Co Ltd | 486,688 | ||||||||
566,200 | Baoshan Iron & Steel Co Ltd | 752,585 | ||||||||
30,064 | * | Baozun, Inc (ADR) | 1,043,521 | |||||||
155,900 | BBMG Corp | 66,886 | ||||||||
23,500 | * | BeiGene Ltd (ADR) | 8,073,190 | |||||||
16,100 | * | Beijing BDStar Navigation Co Ltd | 100,760 | |||||||
902,830 | Beijing Capital International Airport Co Ltd | 655,369 | ||||||||
132,200 | Beijing Dabeinong Technology Group Co Ltd | 166,066 | ||||||||
16,920 | Beijing E-Hualu Information Technology Co Ltd | 64,142 | ||||||||
67,700 | Beijing Enlight Media Co Ltd | 136,022 | ||||||||
299,000 | Beijing Enterprises Holdings Ltd | 975,336 | ||||||||
2,887,583 | Beijing Enterprises Water Group Ltd | 1,102,868 | ||||||||
38,900 | Beijing Kunlun Tech Co Ltd | 111,102 | ||||||||
49,500 | Beijing New Building Materials plc | 351,769 | ||||||||
57,450 | Beijing Oriental Yuhong Waterproof Technology Co Ltd | 510,876 | ||||||||
202,800 | Beijing Originwater Technology Co Ltd | 219,989 | ||||||||
20,300 | Beijing Shiji Information Technology Co Ltd | 89,314 | ||||||||
21,000 | Beijing Shunxin Agriculture Co Ltd | 160,762 | ||||||||
35,100 | Beijing Sinnet Technology Co Ltd | 76,258 | ||||||||
18,500 | Beijing Thunisoft Corp Ltd | 51,025 | ||||||||
37,320 | Beijing Tiantan Biological Products Corp Ltd | 207,806 | ||||||||
93,500 | Beijing Yanjing Brewery Co Ltd | 106,650 | ||||||||
368,300 | Beijing-Shanghai High Speed Railway Co Ltd | 334,073 | ||||||||
11,900 | Betta Pharmaceuticals Co Ltd | 196,241 |
255 |
TIAA-CREF FUNDS – Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
16,700 | BGI Genomics Co Ltd | $ | 332,617 | |||||||
83,400 | * | Bilibili, Inc (ADR) | 9,245,724 | |||||||
954,600 | BOE Technology Group Co Ltd | 1,076,235 | ||||||||
1,668,000 | Bosideng International Holdings Ltd | 846,001 | ||||||||
1,671,945 | † | Brilliance China Automotive Holdings Ltd | 785,633 | |||||||
57,100 | BYD Co Ltd | 1,401,238 | ||||||||
402,500 | BYD Co Ltd (H shares) | 8,369,793 | ||||||||
350,000 | e | BYD Electronic International Co Ltd | 1,857,076 | |||||||
51,300 | By-health Co Ltd | 258,529 | ||||||||
39,900 | C&S Paper Co Ltd | 189,572 | ||||||||
150,500 | Caitong Securities Co Ltd | 231,619 | ||||||||
31,200 | *,e,g | CanSino Biologics, Inc | 1,554,178 | |||||||
4,977,000 | g | CGN Power Co Ltd | 1,145,008 | |||||||
15,300 | Chacha Food Co Ltd | 127,295 | ||||||||
13,400 | Changchun High & New Technology Industry Group, Inc | 1,027,048 | ||||||||
183,100 | Changjiang Securities Co Ltd | 204,440 | ||||||||
5,100 | Changzhou Xingyu Automotive Lighting Systems Co Ltd | 153,024 | ||||||||
69,900 | Chaozhou Three-Circle Group Co Ltd | 466,004 | ||||||||
18,500 | Chengdu Kanghong Pharmaceutical Group Co Ltd | 61,597 | ||||||||
55,800 | * | Chifeng Jilong Gold Mining Co Ltd | 129,865 | |||||||
187,400 | China Aerospace Times Electronics Co Ltd | 197,307 | ||||||||
658,000 | China Aoyuan Group Ltd | 682,867 | ||||||||
17,100 | China Avionics Systems Co Ltd | 39,614 | ||||||||
1,242,500 | *,g | China Bohai Bank Co Ltd | 561,446 | |||||||
4,246,000 | China Cinda Asset Management Co Ltd | 834,616 | ||||||||
4,869,530 | China Citic Bank | 2,542,076 | ||||||||
1,260,000 | China Communications Services Corp Ltd | 544,843 | ||||||||
843,000 | China Conch Venture Holdings Ltd | 3,977,529 | ||||||||
346,200 | China Construction Bank Corp - A | 359,709 | ||||||||
50,247,641 | China Construction Bank Corp - H | 39,662,552 | ||||||||
289,000 | g | China East Education Holdings Ltd | 673,173 | |||||||
270,700 | China Eastern Airlines Corp Ltd | 218,026 | ||||||||
351,000 | China Education Group Holdings Ltd | 847,392 | ||||||||
1,128,800 | China Everbright Bank Co Ltd - A | 658,515 | ||||||||
1,437,000 | China Everbright Bank Co Ltd - H | 600,060 | ||||||||
2,000,888 | China Everbright International Ltd | 1,257,768 | ||||||||
296,000 | China Everbright Ltd | 353,238 | ||||||||
981,000 | e | China Evergrande Group | 1,655,420 | |||||||
620,000 | g | China Feihe Ltd | 1,761,671 | |||||||
72,100 | China Film Co Ltd | 157,338 | ||||||||
39,946 | China Fortune Land Development Co Ltd | 34,368 | ||||||||
1,929,245 | China Galaxy Securities Co Ltd | 1,146,611 | ||||||||
135,300 | China Galaxy Securities Co Ltd (Class A) | 208,159 | ||||||||
1,367,268 | China Gas Holdings Ltd | 4,928,260 | ||||||||
171,800 | China Gezhouba Group Co Ltd | 188,614 | ||||||||
70,700 | China Great Wall Securities Co Ltd | 109,706 | ||||||||
74,800 | China Greatwall Technology Group Co Ltd | 136,000 | ||||||||
913,500 | China Hongqiao Group Ltd | 1,441,858 | ||||||||
5,955,000 | †,g | China Huarong Asset Management Co Ltd | 390,982 | |||||||
2,230,000 | *,† | China Huishan Dairy Holdings Co Ltd | 2,871 | |||||||
873,824 | China Insurance International Holdings Co Ltd | 1,617,523 | ||||||||
31,300 | * | China International Capital Corp Ltd | 240,190 | |||||||
719,806 | *,e,g | China International Capital Corp Ltd | 1,801,988 | |||||||
60,600 | China International Travel Service Corp Ltd | 2,908,110 |
256 |
TIAA-CREF FUNDS – Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
2,718,000 | China Jinmao Holdings Group Ltd | $ | 1,029,690 | |||||||
112,900 | China Jushi Co Ltd | 312,628 | ||||||||
560,000 | China Lesso Group Holdings Ltd | 1,408,628 | ||||||||
3,919,880 | China Life Insurance Co Ltd | 7,946,182 | ||||||||
84,000 | China Life Insurance Co Ltd (Class A) | 427,722 | ||||||||
160,800 | *,e,g | China Literature Ltd | 1,674,676 | |||||||
1,732,341 | China Longyuan Power Group Corp | 2,547,460 | ||||||||
712,000 | China Medical System Holdings Ltd | 1,644,530 | ||||||||
290,000 | China Meidong Auto Holdings Ltd | 1,446,118 | ||||||||
1,447,000 | China Mengniu Dairy Co Ltd | 7,744,484 | ||||||||
2,023,868 | China Merchants Bank Co Ltd | 16,256,540 | ||||||||
674,495 | China Merchants Bank Co Ltd (Class A) | 5,480,026 | ||||||||
350,700 | China Merchants Energy Shipping Co Ltd | 265,495 | ||||||||
804,894 | China Merchants Holdings International Co Ltd | 1,287,712 | ||||||||
31,400 | China Merchants Property Operation & Service Co Ltd | 102,223 | ||||||||
176,020 | China Merchants Securities Co Ltd | 507,896 | ||||||||
214,900 | China Merchants Shekou Industrial Zone Holdings Co Ltd | 385,290 | ||||||||
1,063,900 | China Minsheng Banking Corp Ltd - A | 772,206 | ||||||||
3,208,602 | China Minsheng Banking Corp Ltd - H | 1,644,138 | ||||||||
1,773,000 | China Molybdenum Co Ltd | 1,197,585 | ||||||||
489,300 | China Molybdenum Co Ltd (Class A) | 436,554 | ||||||||
10,400 | China National Accord Medicines Corp Ltd | 67,045 | ||||||||
2,191,913 | China National Building Material Co Ltd | 3,165,324 | ||||||||
172,000 | China National Chemical Engineering Co Ltd | 167,045 | ||||||||
18,000 | China National Medicines Corp Ltd | 102,264 | ||||||||
493,400 | China National Nuclear Power Co Ltd | 397,192 | ||||||||
22,800 | China National Software & Service Co Ltd | 162,087 | ||||||||
144,400 | * | China Northern Rare Earth Group High-Tech Co Ltd | 452,015 | |||||||
1,110,773 | China Oilfield Services Ltd | 1,014,906 | ||||||||
1,977,294 | China Overseas Land & Investment Ltd | 5,004,246 | ||||||||
665,000 | China Overseas Property Holdings Ltd | 671,665 | ||||||||
218,200 | China Pacific Insurance Group Co Ltd - A | 1,105,523 | ||||||||
1,504,000 | China Pacific Insurance Group Co Ltd - H | 5,413,298 | ||||||||
2,274,000 | China Power International Development Ltd | 521,218 | ||||||||
556,900 | China Railway Group Ltd - A | 463,184 | ||||||||
1,983,000 | China Railway Group Ltd - H | 1,023,790 | ||||||||
776,677 | China Resources Beer Holdings Company Ltd | 6,256,684 | ||||||||
1,341,226 | China Resources Cement Holdings Ltd | 1,461,028 | ||||||||
486,000 | China Resources Gas Group Ltd | 2,629,541 | ||||||||
1,665,555 | China Resources Land Ltd | 7,798,246 | ||||||||
826,500 | g | China Resources Pharmaceutical Group Ltd | 556,569 | |||||||
1,093,372 | China Resources Power Holdings Co | 1,436,326 | ||||||||
19,700 | China Resources Sanjiu Medical & Pharmaceutical Co Ltd | 75,994 | ||||||||
257,900 | China Shenhua Energy Co Ltd - A | 763,800 | ||||||||
1,912,500 | China Shenhua Energy Co Ltd - H | 3,983,533 | ||||||||
733,700 | * | China Shipbuilding Industry Co Ltd | 463,128 | |||||||
46,600 | China South Publishing & Media Group Co Ltd | 73,431 | ||||||||
802,000 | *,e | China Southern Airlines Co Ltd | 543,097 | |||||||
242,700 | * | China Southern Airlines Co Ltd (Class A) | 237,721 | |||||||
1,341,100 | China State Construction Engineering Corp Ltd | 1,022,611 | ||||||||
1,048,000 | China State Construction International Holdings Ltd | 733,855 | ||||||||
23,716,778 | g | China Tower Corp Ltd | 3,411,625 | |||||||
31,700 | China TransInfo Technology Co Ltd | 73,076 | ||||||||
897,600 | China Vanke Co Ltd | 3,138,823 |
257 |
TIAA-CREF FUNDS – Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
296,400 | China Vanke Co Ltd (Class A) | $ | 1,288,649 | |||||||
739,000 | China Yangtze Power Co Ltd | 2,277,860 | ||||||||
614,000 | g | China Yuhua Education Corp Ltd | 582,079 | |||||||
348,900 | China Zheshang Bank Co Ltd | 212,817 | ||||||||
13,100 | Chongqing Brewery Co Ltd | 317,675 | ||||||||
176,300 | * | Chongqing Changan Automobile Co Ltd | 445,605 | |||||||
26,500 | Chongqing Fuling Zhacai Group Co Ltd | 162,973 | ||||||||
1,342,000 | Chongqing Rural Commercial Bank | 568,691 | ||||||||
196,700 | Chongqing Rural Commercial Bank Co Ltd | 126,077 | ||||||||
52,900 | Chongqing Zhifei Biological Products Co Ltd | 1,834,885 | ||||||||
1,642,939 | CIFI Holdings Group Co Ltd | 1,467,860 | ||||||||
3,099,738 | Citic Pacific Ltd | 3,255,564 | ||||||||
1,197,500 | e | CITIC Securities Co Ltd | 2,879,447 | |||||||
343,000 | CITIC Securities Co Ltd (Class A) | 1,260,440 | ||||||||
72,300 | Contemporary Amperex Technology Co Ltd | 4,344,778 | ||||||||
958,196 | COSCO Pacific Ltd | 804,878 | ||||||||
142,500 | COSCO SHIPPING Energy Transportation Co Ltd | 133,853 | ||||||||
298,700 | * | COSCO SHIPPING Holdings Co Ltd - A | 838,819 | |||||||
1,336,000 | * | COSCO SHIPPING Holdings Co Ltd - H | 2,380,186 | |||||||
4,147,416 | Country Garden Holdings Co Ltd | 4,930,399 | ||||||||
762,000 | Country Garden Services Holdings Co Ltd | 7,982,595 | ||||||||
94,100 | CSC Financial Co Ltd | 414,760 | ||||||||
4,751,489 | CSPC Pharmaceutical Group Ltd | 5,864,945 | ||||||||
30,910 | Da An Gene Co Ltd of Sun Yat-Sen University | 159,745 | ||||||||
1,106,000 | g | Dali Foods Group Co Ltd | 657,812 | |||||||
467,600 | Daqin Railway Co Ltd | 496,723 | ||||||||
27,100 | * | Daqo New Energy Corp (ADR) | 2,181,279 | |||||||
20,000 | DaShenLin Pharmaceutical Group Co Ltd | 233,447 | ||||||||
66,900 | DHC Software Co Ltd | 70,459 | ||||||||
8,900 | Dong-E-E-Jiao Co Ltd | 48,784 | ||||||||
90,400 | Dongfang Electric Corp Ltd | 158,648 | ||||||||
1,609,917 | Dongfeng Motor Group Co Ltd | 1,399,173 | ||||||||
84,000 | Dongxing Securities Co Ltd | 133,437 | ||||||||
50,100 | * | DouYu International Holdings Ltd (ADR) | 456,411 | |||||||
76,100 | East Group Co Ltd | 73,249 | ||||||||
315,520 | East Money Information Co Ltd | 1,564,290 | ||||||||
13,900 | * | Ecovacs Robotics Co Ltd | 350,579 | |||||||
415,200 | ENN Energy Holdings Ltd | 7,085,210 | ||||||||
70,661 | Eve Energy Co Ltd | 962,184 | ||||||||
350,000 | Ever Sunshine Lifestyle Services Group Ltd | 861,060 | ||||||||
123,000 | Everbright Securities Co Ltd | 284,233 | ||||||||
142,860 | * | Fangda Carbon New Material Co Ltd | 195,693 | |||||||
1,007,000 | Far East Horizon Ltd | 1,153,783 | ||||||||
93,400 | * | FAW Jiefang Group Co Ltd | 159,283 | |||||||
36,800 | Fiberhome Telecommunication Technologies Co Ltd | 101,288 | ||||||||
116,500 | Financial Street Holdings Co Ltd | 111,425 | ||||||||
178,400 | First Capital Securities Co Ltd | 179,491 | ||||||||
552,340 | Focus Media Information Technology Co Ltd | 917,398 | ||||||||
90,150 | Foshan Haitian Flavouring & Food Co Ltd | 2,353,407 | ||||||||
1,370,952 | Fosun International | 1,968,866 | ||||||||
234,600 | * | Founder Securities Co Ltd | 333,134 | |||||||
228,600 | Foxconn Industrial Internet Co Ltd | 484,840 | ||||||||
6,700 | Fu Jian Anjoy Foods Co Ltd | 260,323 | ||||||||
26,100 | Fujian Sunner Development Co Ltd | 106,354 |
258 |
TIAA-CREF FUNDS – Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
37,300 | Fuyao Glass Industry Group Co Ltd - A | $ | 294,297 | |||||||
271,698 | g | Fuyao Glass Industry Group Co Ltd - H | 1,572,983 | |||||||
41,600 | Ganfeng Lithium Co Ltd | 697,110 | ||||||||
1,500 | G-bits Network Technology Xiamen Co Ltd | 105,916 | ||||||||
134,700 | * | GCL System Integration Technology Co Ltd | 64,498 | |||||||
45,958 | * | GDS Holdings Ltd (ADR) | 3,813,135 | |||||||
3,045,828 | Geely Automobile Holdings Ltd | 7,933,443 | ||||||||
268,600 | GEM Co Ltd | 412,264 | ||||||||
127,600 | Gemdale Corp | 231,288 | ||||||||
544,000 | * | Genscript Biotech Corp | 1,257,628 | |||||||
714,000 | GF Securities Co Ltd | 1,031,864 | ||||||||
132,000 | GF Securities Co Ltd (Class A) | 302,123 | ||||||||
35,800 | Giant Network Group Co Ltd | 75,680 | ||||||||
11,620 | Gigadevice Semiconductor Beijing, Inc | 345,162 | ||||||||
136,500 | GoerTek, Inc | 790,683 | ||||||||
5,601,968 | *,e | GOME Electrical Appliances Holdings Ltd | 916,186 | |||||||
52,200 | * | Gotion High-tech Co Ltd | 278,858 | |||||||
65,500 | Great Wall Motor Co Ltd | 338,226 | ||||||||
1,612,766 | Great Wall Motor Co Ltd | 4,003,808 | ||||||||
207,300 | Greenland Holdings Corp Ltd | 181,029 | ||||||||
452,500 | e | Greentown China Holdings Ltd | 542,891 | |||||||
757,305 | Greentown Service Group Co Ltd | 1,203,890 | ||||||||
51,700 | GRG Banking Equipment Co Ltd | 102,833 | ||||||||
37,800 | *,e | GSX Techedu, Inc (ADR) | 1,207,710 | |||||||
37,500 | Guangdong Haid Group Co Ltd | 482,258 | ||||||||
70,300 | * | Guangdong HEC Technology Holding Co Ltd | 50,886 | |||||||
20,100 | Guangdong Hongda Blasting Co Ltd | 86,153 | ||||||||
1,610,000 | Guangdong Investments Ltd | 2,478,797 | ||||||||
9,200 | Guangdong Kinlong Hardware Products Co Ltd | 268,151 | ||||||||
18,800 | Guangdong Xinbao Electrical Appliances Holdings Co Ltd | 108,414 | ||||||||
397,700 | * | Guanghui Energy Co Ltd | 186,839 | |||||||
1,528,851 | Guangzhou Automobile Group Co Ltd - H | 1,304,253 | ||||||||
60,400 | Guangzhou Baiyun International Airport Co Ltd | 113,292 | ||||||||
42,100 | Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd | 199,050 | ||||||||
41,100 | Guangzhou Haige Communications Group, Inc Co | 62,922 | ||||||||
11,600 | Guangzhou Kingmed Diagnostics Group Co Ltd | 257,327 | ||||||||
925,600 | Guangzhou R&F Properties Co Ltd | 1,181,370 | ||||||||
20,272 | Guangzhou Shiyuan Electronic Technology Co Ltd | 416,710 | ||||||||
49,300 | Guangzhou Tinci Materials Technology Co Ltd | 510,673 | ||||||||
9,200 | Guangzhou Wondfo Biotech Co Ltd | 143,912 | ||||||||
55,000 | Guangzhou Yuexiu Financial Holdings Group Co Ltd | 109,052 | ||||||||
53,200 | * | Guolian Securities Co Ltd | 114,103 | |||||||
134,800 | * | Guosen Securities Co Ltd | 218,151 | |||||||
221,800 | Guotai Junan Securities Co Ltd | 566,358 | ||||||||
131,430 | Guoyuan Securities Co Ltd | 155,701 | ||||||||
418,000 | e,g | Haidilao International Holding Ltd | 2,704,759 | |||||||
200,100 | Haier Smart Home Co Ltd | 1,021,603 | ||||||||
1,091,200 | * | Haier Smart Home Co Ltd | 4,692,679 | |||||||
388,000 | Haitian International Holdings Ltd | 1,578,613 | ||||||||
1,842,800 | Haitong Securities Co Ltd | 1,647,980 | ||||||||
231,500 | Haitong Securities Co Ltd (Class A) | 395,243 | ||||||||
18,200 | Hangzhou First Applied Material Co Ltd | 256,088 | ||||||||
19,700 | Hangzhou Robam Appliances Co Ltd | 116,523 | ||||||||
34,500 | Hangzhou Silan Microelectronics Co Ltd | 191,157 |
259 |
TIAA-CREF FUNDS – Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
16,000 | Hangzhou Tigermed Consulting Co Ltd - A | $ | 385,200 | |||||||
65,500 | *,g | Hangzhou Tigermed Consulting Co Ltd - H | 1,283,485 | |||||||
626,000 | *,g | Hansoh Pharmaceutical Group Co Ltd | 2,692,612 | |||||||
13,500 | Hefei Meiya Optoelectronic Technology, Inc | 99,974 | ||||||||
47,000 | Heilongjiang Agriculture Co Ltd | 109,790 | ||||||||
81,400 | Henan Shuanghui Investment & Development Co Ltd | 459,683 | ||||||||
353,000 | Hengan International Group Co Ltd | 2,281,222 | ||||||||
213,720 | Hengli Petrochemical Co Ltd | 974,652 | ||||||||
82,980 | Hengtong Optic-electric Co Ltd | 148,107 | ||||||||
110,260 | Hengyi Petrochemical Co Ltd | 223,318 | ||||||||
88,900 | * | Hesteel Co Ltd | 34,981 | |||||||
20,000 | Hithink RoyalFlush Information Network Co Ltd | 334,405 | ||||||||
18,900 | Hongfa Technology Co Ltd | 162,617 | ||||||||
342,000 | Hopson Development Holdings Ltd | 1,341,287 | ||||||||
266,051 | *,g | Hua Hong Semiconductor Ltd | 1,655,035 | |||||||
197,010 | Huaan Securities Co Ltd | 184,939 | ||||||||
408,000 | Huadian Power International Corp Ltd (Class A) | 214,114 | ||||||||
45,800 | Huadong Medicine Co Ltd | 370,725 | ||||||||
28,600 | Huagong Tech Co Ltd | 88,974 | ||||||||
57,720 | * | Hualan Biological Engineering, Inc | 374,082 | |||||||
241,400 | Huaneng Power International, Inc - A | 157,241 | ||||||||
1,843,110 | Huaneng Power International, Inc - H | 663,461 | ||||||||
836,600 | g | Huatai Securities Co Ltd | 1,193,766 | |||||||
216,000 | Huatai Securities Co Ltd (Class A) | 530,122 | ||||||||
135,500 | Huaxi Securities Co Ltd | 195,105 | ||||||||
373,900 | Huaxia Bank Co Ltd | 360,337 | ||||||||
35,900 | Huaxin Cement Co Ltd | 121,521 | ||||||||
81,273 | Huayu Automotive Systems Co Ltd | 328,453 | ||||||||
82,966 | * | Huazhu Group Ltd (ADR) | 4,891,675 | |||||||
88,900 | Hubei Biocause Pharmaceutical Co Ltd | 52,357 | ||||||||
29,200 | * | Hubei Jumpcan Pharmaceutical Co Ltd | 86,950 | |||||||
40,800 | Humanwell Healthcare Group Co Ltd | 207,253 | ||||||||
105,800 | Hunan Valin Steel Co Ltd | 128,073 | ||||||||
36,647 | Hundsun Technologies, Inc | 518,250 | ||||||||
35,000 | *,e | HUYA, Inc (ADR) | 616,700 | |||||||
58,900 | Iflytek Co Ltd | 461,767 | ||||||||
1,842,500 | Industrial & Commercial Bank of China Ltd - A | 1,459,500 | ||||||||
31,901,777 | Industrial & Commercial Bank of China Ltd - H | 20,700,792 | ||||||||
699,000 | Industrial Bank Co Ltd | 2,343,819 | ||||||||
289,600 | Industrial Securities Co Ltd | 405,720 | ||||||||
12,000 | * | Ingenic Semiconductor Co Ltd | 130,174 | |||||||
1,216,700 | * | Inner Mongolia BaoTou Steel Union Co Ltd | 275,936 | |||||||
37,600 | Inner Mongolia First Machinery Group Co Ltd | 60,122 | ||||||||
343,300 | Inner Mongolia Junzheng Energy & Chemical Industry Group Co Ltd | 306,824 | ||||||||
211,600 | Inner Mongolia Yili Industrial Group Co Ltd | 1,333,764 | ||||||||
488,500 | *,g | Innovent Biologics, Inc | 5,298,658 | |||||||
46,000 | Inspur Electronic Information Industry Co Ltd | 191,256 | ||||||||
13,600 | Intco Medical Technology Co Ltd | 358,415 | ||||||||
145,067 | * | IQIYI, Inc (ADR) | 2,133,936 | |||||||
32,200 | * | JA Solar Technology Co Ltd | 128,778 | |||||||
18,240 | Jafron Biomedical Co Ltd | 271,129 | ||||||||
18,200 | Jason Furniture Hangzhou Co Ltd | 225,234 | ||||||||
149,200 | *,g | JD Health International, Inc | 2,303,537 | |||||||
446,624 | * | JD.com, Inc (ADR) | 34,550,833 |
260 |
TIAA-CREF FUNDS – Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
73,300 | Jiangsu Changshu Rural Commercial Bank Co Ltd | $ | 78,483 | |||||||
810,000 | Jiangsu Express | 953,319 | ||||||||
29,156 | Jiangsu Hengli Hydraulic Co Ltd | 386,142 | ||||||||
168,212 | Jiangsu Hengrui Medicine Co Ltd | 2,178,918 | ||||||||
33,000 | Jiangsu King’s Luck Brewery JSC Ltd | 271,594 | ||||||||
73,692 | Jiangsu Shagang Co Ltd | 111,918 | ||||||||
47,300 | Jiangsu Yanghe Brewery Joint-Stock Co Ltd | 1,402,812 | ||||||||
8,500 | Jiangsu Yangnong Chemical Co Ltd | 146,744 | ||||||||
26,000 | Jiangsu Yuyue Medical Equipment & Supply Co Ltd | 127,426 | ||||||||
207,800 | Jiangsu Zhongnan Construction Group Co Ltd | 226,859 | ||||||||
98,900 | Jiangsu Zhongtian Technology Co Ltd | 155,850 | ||||||||
695,000 | Jiangxi Copper Co Ltd | 1,687,008 | ||||||||
100,300 | Jiangxi Copper Co Ltd (Class A) | 408,789 | ||||||||
106,100 | Jiangxi Zhengbang Technology Co Ltd | 241,018 | ||||||||
36,500 | Jilin Aodong Pharmaceutical Group Co Ltd | 85,692 | ||||||||
208,500 | Jinke Properties Group Co Ltd | 212,196 | ||||||||
702,000 | g | Jinxin Fertility Group Ltd | 1,798,805 | |||||||
39,800 | Jinyu Bio-Technology Co Ltd | 133,844 | ||||||||
10,100 | JiuGui Liquor Co Ltd | 308,522 | ||||||||
344,000 | *,e,g | Jiumaojiu International Holdings Ltd | 1,433,333 | |||||||
49,000 | Joincare Pharmaceutical Group Industry Co Ltd | 111,021 | ||||||||
64,500 | * | Jointown Pharmaceutical Group Co Ltd | 168,753 | |||||||
21,500 | Jonjee Hi-Tech Industrial And Commercial Holding Co Ltd | 154,722 | ||||||||
22,400 | Joyoung Co Ltd | 109,911 | ||||||||
31,304 | JOYY, Inc (ADR) | 2,975,758 | ||||||||
13,800 | Juewei Food Co Ltd | 183,629 | ||||||||
1,408,000 | e | Kaisa Group Holdings Ltd | 611,113 | |||||||
64,300 | * | KE Holdings, Inc (ADR) | 3,346,815 | |||||||
392,881 | Kingboard Chemical Holdings Ltd | 2,320,142 | ||||||||
1,181,000 | Kingdee International Software Group Co Ltd | 3,889,222 | ||||||||
82,300 | Kingfa Sci & Tech Co Ltd | 288,399 | ||||||||
28,700 | * | Kingsoft Cloud Holdings Ltd (ADR) | 1,260,504 | |||||||
428,000 | Kingsoft Corp Ltd | 3,019,811 | ||||||||
126,000 | *,e,g | Koolearn Technology Holding Ltd | 242,258 | |||||||
105,000 | *,g | Kuaishou Technology | 3,555,084 | |||||||
98,000 | * | Kuang-Chi Technologies Co Ltd | 283,036 | |||||||
38,900 | Kweichow Moutai Co Ltd | 12,017,823 | ||||||||
644,929 | KWG Group Holdings Ltd | 1,033,192 | ||||||||
25,600 | Lakala Payment Co Ltd | 128,819 | ||||||||
9,940 | Laobaixing Pharmacy Chain JSC | 82,220 | ||||||||
693,000 | Lee & Man Paper Manufacturing Ltd | 602,557 | ||||||||
3,805,856 | Lenovo Group Ltd | 5,200,146 | ||||||||
152,300 | Lens Technology Co Ltd | 611,660 | ||||||||
237,100 | Leo Group Co Ltd | 89,966 | ||||||||
50,700 | Lepu Medical Technology Beijing Co Ltd | 250,797 | ||||||||
229,700 | Leyard Optoelectronic Co Ltd | 253,542 | ||||||||
93,800 | *,e | Li Auto, Inc (ADR) | 1,851,612 | |||||||
1,103,500 | Li Ning Co Ltd | 8,955,655 | ||||||||
28,800 | Liaoning Cheng Da Co Ltd | 100,167 | ||||||||
216,700 | Lingyi iTech Guangdong Co | 274,857 | ||||||||
22,100 | Livzon Pharmaceutical Group, Inc | 160,279 | ||||||||
672,000 | Logan Property Holdings Co Ltd | 1,067,444 | ||||||||
60,600 | Lomon Billions Group Co Ltd | 315,436 | ||||||||
925,000 | g | Longfor Properties Co Ltd | 5,745,607 |
261 |
TIAA-CREF FUNDS – Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
122,900 | LONGi Green Energy Technology Co Ltd | $ | 1,874,842 | |||||||
36,900 | Luenmei Quantum Co Ltd | 51,723 | ||||||||
89,441 | *,e | Lufax Holding Ltd | 1,064,348 | |||||||
215,253 | Luxshare Precision Industry Co Ltd | 1,223,242 | ||||||||
41,000 | Luzhou Laojiao Co Ltd | 1,611,179 | ||||||||
15,800 | Maccura Biotechnology Co Ltd | 115,854 | ||||||||
66,770 | Mango Excellent Media Co Ltd | 699,621 | ||||||||
8,100 | Maxscend Microelectronics Co Ltd | 532,063 | ||||||||
93,728 | * | Meinian Onehealth Healthcare Holdings Co Ltd | 177,672 | |||||||
1,860,500 | *,g | Meituan Dianping (Class B) | 71,209,304 | |||||||
525,300 | Metallurgical Corp of China Ltd | 249,249 | ||||||||
370,000 | Microport Scientific Corp | 2,668,039 | ||||||||
110,100 | Midea Group Co Ltd | 1,359,818 | ||||||||
203,000 | *,e | Ming Yuan Cloud Group Holdings Ltd | 937,243 | |||||||
390,000 | Minth Group Ltd | 1,579,589 | ||||||||
71,164 | Momo, Inc (ADR) | 1,043,264 | ||||||||
117,846 | Muyuan Foodstuff Co Ltd | 2,052,651 | ||||||||
56,700 | NanJi E-Commerce Co Ltd | 70,534 | ||||||||
15,600 | Nanjing King-Friend Biochemical Pharmaceutical Co Ltd | 110,783 | ||||||||
103,900 | Nanjing Securities Co Ltd | 157,175 | ||||||||
131,900 | NARI Technology Co Ltd | 649,564 | ||||||||
20,300 | NAURA Technology Group Co Ltd | 516,171 | ||||||||
124,400 | NavInfo Co Ltd | 272,405 | ||||||||
216,005 | NetEase, Inc | 24,205,520 | ||||||||
64,400 | New China Life Insurance Co Ltd - A | 482,761 | ||||||||
454,200 | New China Life insurance Co Ltd - H | 1,744,906 | ||||||||
139,500 | New Hope Liuhe Co Ltd | 357,435 | ||||||||
795,550 | * | New Oriental Education & Technology Group (ADR) | 12,140,093 | |||||||
23,700 | Ninestar Corp | 92,597 | ||||||||
30,200 | Ningbo Joyson Electronic Corp | 84,544 | ||||||||
31,900 | Ningbo Tuopu Group Co Ltd | 167,029 | ||||||||
663,234 | * | NIO, Inc (ADR) | 26,423,243 | |||||||
17,852 | * | Noah Holdings Ltd (ADR) | 786,381 | |||||||
160,000 | *,e,g | Nongfu Spring Co Ltd | 844,841 | |||||||
76,100 | Northeast Securities Co Ltd | 96,453 | ||||||||
365,700 | Oceanwide Holdings Co Ltd | 155,049 | ||||||||
48,900 | Offcn Education Technology Co Ltd | 191,983 | ||||||||
207,326 | Offshore Oil Engineering Co Ltd | 138,929 | ||||||||
132,800 | OFILM Group Co Ltd | 173,253 | ||||||||
7,840 | Oppein Home Group, Inc | 201,641 | ||||||||
144,900 | Orient Securities Co Ltd | 196,870 | ||||||||
88,000 | Oriental Pearl Group Co Ltd | 119,592 | ||||||||
10,500 | Ovctek China, Inc | 187,897 | ||||||||
194,200 | * | Pacific Securities Co Ltd | 111,104 | |||||||
193,600 | * | Pangang Group Vanadium Titanium & Resources Co Ltd | 66,556 | |||||||
4,132,220 | People’s Insurance Co Group of China Ltd | 1,412,602 | ||||||||
167,600 | People’s Insurance Co Group of China Ltd (Class A) | 156,720 | ||||||||
45,750 | Perfect World Co Ltd | 150,167 | ||||||||
66,700 | g | Pharmaron Beijing Co Ltd | 1,377,135 | |||||||
3,686,306 | PICC Property & Casualty Co Ltd | 3,608,855 | ||||||||
203,159 | * | Pinduoduo, Inc (ADR) | 27,209,085 | |||||||
590,800 | Ping An Bank Co Ltd | 2,121,967 | ||||||||
270,600 | *,e,g | Ping An Healthcare and Technology Co Ltd | 3,157,319 | |||||||
3,087,526 | Ping An Insurance Group Co of China Ltd | 33,661,023 |
262 |
TIAA-CREF FUNDS – Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
328,900 | Ping An Insurance Group Co of China Ltd (Class A) | $ | 3,675,404 | |||||||
62,000 | e | Poly Property Development Co Ltd | 452,668 | |||||||
326,100 | Poly Real Estate Group Co Ltd | 703,619 | ||||||||
836,000 | Postal Savings Bank of China Co Ltd - A | 656,464 | ||||||||
5,344,000 | g | Postal Savings Bank of China Co Ltd - H | 3,465,939 | |||||||
483,600 | Power Construction Corp of China Ltd | 284,985 | ||||||||
5,200 | Proya Cosmetics Co Ltd | 146,410 | ||||||||
18,400 | Qianhe Condiment and Food Co Ltd | 93,294 | ||||||||
173,600 | Qingdao Rural Commercial Bank Corp | 114,905 | ||||||||
162,500 | RiseSun Real Estate Development Co Ltd | 154,457 | ||||||||
59,725 | *,e | RLX Technology, Inc (ADR) | 650,405 | |||||||
122,600 | Rongsheng Petro Chemical Co Ltd | 534,669 | ||||||||
297,100 | SAIC Motor Corp Ltd | 920,533 | ||||||||
176,700 | Sanan Optoelectronics Co Ltd | 681,834 | ||||||||
8,600 | Sangfor Technologies, Inc | 362,451 | ||||||||
224,700 | Sany Heavy Industry Co Ltd | 1,067,119 | ||||||||
105,800 | SDIC Capital Co Ltd | 211,267 | ||||||||
221,300 | SDIC Power Holdings Co Ltd | 338,059 | ||||||||
368,160 | Sealand Securities Co Ltd | 238,914 | ||||||||
978,000 | Seazen Group Ltd | 1,042,383 | ||||||||
62,700 | Seazen Holdings Co Ltd | 435,566 | ||||||||
141,500 | SF Holding Co Ltd | 1,399,721 | ||||||||
4,700 | SG Micro Corp | 189,974 | ||||||||
266,700 | Shaanxi Coal Industry Co Ltd | 461,903 | ||||||||
73,690 | Shandong Buchang Pharmaceuticals Co Ltd | 259,709 | ||||||||
114,345 | Shandong Gold Mining Co Ltd | 340,908 | ||||||||
311,750 | g | Shandong Gold Mining Co Ltd | 569,281 | |||||||
43,000 | Shandong Hualu Hengsheng Chemical Co Ltd | 258,286 | ||||||||
44,800 | Shandong Linglong Tyre Co Ltd | 383,874 | ||||||||
399,700 | Shandong Nanshan Aluminum Co Ltd | 235,093 | ||||||||
18,600 | Shandong Pharmaceutical Glass Co Ltd | 117,507 | ||||||||
20,000 | Shandong Sinocera Functional Material Co Ltd | 152,339 | ||||||||
62,300 | Shandong Sun Paper Industry JSC Ltd | 153,800 | ||||||||
1,319,390 | Shandong Weigao Group Medical Polymer Co Ltd | 2,953,818 | ||||||||
15,500 | Shanghai Bairun Investment Holding Group Co Ltd | 296,874 | ||||||||
20,000 | Shanghai Baosight Software Co Ltd | 195,351 | ||||||||
198,400 | Shanghai Construction Group Co Ltd | 88,848 | ||||||||
168,400 | * | Shanghai Electric Group Co Ltd | 132,748 | |||||||
83,700 | Shanghai Electric Power Co Ltd | 90,888 | ||||||||
63,300 | Shanghai Fosun Pharmaceutical Group Co Ltd - A | 586,540 | ||||||||
275,985 | e | Shanghai Fosun Pharmaceutical Group Co Ltd - H | 1,750,612 | |||||||
31,900 | Shanghai International Airport Co Ltd | 241,702 | ||||||||
295,600 | Shanghai International Port Group Co Ltd | 211,144 | ||||||||
16,700 | Shanghai Jahwa United Co Ltd | 151,819 | ||||||||
20,800 | Shanghai Jinjiang International Hotels Development Co Ltd | 196,103 | ||||||||
32,100 | Shanghai Lingang Holdings Corp Ltd | 102,020 | ||||||||
595,679 | Shanghai Lujiazui Finance & Trade Zone Development Co Ltd | 537,302 | ||||||||
20,600 | Shanghai M&G Stationery, Inc | 290,259 | ||||||||
60,400 | Shanghai Pharmaceuticals Holding Co Ltd - A | 208,674 | ||||||||
502,741 | Shanghai Pharmaceuticals Holding Co Ltd - H | 1,143,268 | ||||||||
1,012,500 | Shanghai Pudong Development Bank Co Ltd | 1,570,637 | ||||||||
19,320 | Shanghai Putailai New Energy Technology Co Ltd | 241,118 | ||||||||
186,000 | Shanghai RAAS Blood Products Co Ltd | 229,355 | ||||||||
73,100 | Shanghai Yuyuan Tourist Mart Group Co Ltd | 132,644 |
263 |
TIAA-CREF FUNDS – Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
48,800 | Shanghai Zhangjiang High-Tech Park Development Co Ltd | $ | 136,740 | |||||||
204,600 | Shanxi Lu’an Environmental Energy Development Co Ltd | 282,433 | ||||||||
123,100 | * | Shanxi Meijin Energy Co Ltd | 149,034 | |||||||
173,160 | Shanxi Securities Co Ltd | 178,638 | ||||||||
136,300 | Shanxi Taigang Stainless Steel Co Ltd | 133,934 | ||||||||
22,500 | Shanxi Xinghuacun Fen Wine Factory Co Ltd | 1,417,973 | ||||||||
144,170 | Shanxi Xishan Coal & Electricity Power Co Ltd | 125,083 | ||||||||
294,700 | Shenergy Co Ltd | 257,906 | ||||||||
55,200 | Shengyi Technology Co Ltd | 198,416 | ||||||||
11,760 | Shennan Circuits Co Ltd | 143,882 | ||||||||
585,400 | Shenwan Hongyuan Group Co Ltd | 408,208 | ||||||||
68,300 | Shenzhen Airport Co Ltd | 89,834 | ||||||||
12,600 | Shenzhen Capchem Technology Co Ltd | 149,350 | ||||||||
31,800 | Shenzhen Energy Group Co Ltd | 41,593 | ||||||||
5,300 | Shenzhen Goodix Technology Co Ltd | 92,926 | ||||||||
30,900 | Shenzhen Hepalink Pharmaceutical Group Co Ltd | 77,228 | ||||||||
43,300 | Shenzhen Inovance Technology Co Ltd | 595,791 | ||||||||
555,238 | Shenzhen International Holdings Ltd | 922,921 | ||||||||
1,772,470 | Shenzhen Investment Ltd | 648,552 | ||||||||
45,700 | Shenzhen Kaifa Technology Co Ltd | 121,424 | ||||||||
23,700 | Shenzhen Kangtai Biological Products Co Ltd | 659,154 | ||||||||
33,200 | Shenzhen Mindray Bio-Medical Electronics Co Ltd | 2,383,213 | ||||||||
126,600 | * | Shenzhen MTC Co Ltd | 113,119 | |||||||
202,600 | Shenzhen Overseas Chinese Town Co Ltd | 290,963 | ||||||||
50,500 | Shenzhen Salubris Pharmaceuticals Co Ltd | 285,098 | ||||||||
15,400 | Shenzhen SC New Energy Technology Corp | 261,061 | ||||||||
23,100 | Shenzhen Sunway Communication Co Ltd | 99,871 | ||||||||
440,800 | Shenzhou International Group Holdings Ltd | 9,697,156 | ||||||||
42,700 | Shijiazhuang Yiling Pharmaceutical Co Ltd | 184,921 | ||||||||
651,000 | Shimao Property Holdings Ltd | 1,880,443 | ||||||||
146,900 | * | Siasun Robot & Automation Co Ltd | 218,742 | |||||||
177,200 | Sichuan Chuantou Energy Co Ltd | 308,080 | ||||||||
44,300 | Sichuan Kelun Pharmaceutical Co Ltd | 148,414 | ||||||||
12,900 | Sichuan Swellfun Co Ltd | 203,395 | ||||||||
37,000 | Silergy Corp | 3,802,877 | ||||||||
82,200 | Sinolink Securities Co Ltd | 153,093 | ||||||||
52,100 | Sinoma Science & Technology Co Ltd | 175,816 | ||||||||
228,783 | Sinopec Shanghai Petrochemical Co Ltd (Class A) | 129,541 | ||||||||
774,000 | Sinopharm Group Co | 2,387,285 | ||||||||
308,700 | Sinotrans Ltd (Class A) | 232,223 | ||||||||
368,745 | Sinotruk Hong Kong Ltd | 906,047 | ||||||||
6,900 | Skshu Paint Co Ltd | 252,257 | ||||||||
333,000 | *,g | Smoore International Holdings Ltd | 2,349,366 | |||||||
105,560 | Songcheng Performance Development Co Ltd | 353,699 | ||||||||
201,120 | SooChow Securities Co Ltd | 245,522 | ||||||||
131,200 | Southwest Securities Co Ltd | 91,058 | ||||||||
40,939 | Spring Airlines Co Ltd | 405,764 | ||||||||
50,800 | STO Express Co Ltd | 67,396 | ||||||||
989,500 | e | Sun Art Retail Group Ltd | 910,881 | |||||||
1,347,031 | Sunac China Holdings Ltd | 5,224,811 | ||||||||
46,800 | Sungrow Power Supply Co Ltd | 645,598 | ||||||||
245,100 | Suning.com Co Ltd | 251,820 | ||||||||
368,417 | Sunny Optical Technology Group Co Ltd | 8,931,221 | ||||||||
38,400 | Sunwoda Electronic Co Ltd | 127,111 |
264 |
TIAA-CREF FUNDS – Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
33,000 | * | Suofeiya Home Collection Co Ltd | $ | 148,135 | ||||||
128,000 | Suzhou Dongshan Precision Manufacturing Co Ltd | 343,687 | ||||||||
84,500 | Suzhou Gold Mantis Construction Decoration Co Ltd | 120,522 | ||||||||
196,432 | * | TAL Education Group (ADR) | 11,186,802 | |||||||
36,800 | Tangshan Jidong Cement Co Ltd | 79,578 | ||||||||
191,900 | TBEA Co Ltd | 363,566 | ||||||||
396,500 | * | TCL Technology Group Corp | 548,612 | |||||||
2,968,804 | Tencent Holdings Ltd | 236,827,406 | ||||||||
194,600 | * | Tencent Music Entertainment (ADR) | 3,389,932 | |||||||
12,000 | Thunder Software Technology Co Ltd | 247,990 | ||||||||
8,500 | Tianfeng Securities Co Ltd | 6,175 | ||||||||
23,300 | Tianjin 712 Communication & Broadcasting Co Ltd | 111,010 | ||||||||
100,400 | Tianjin Chase Sun Pharmaceutical Co Ltd | 67,718 | ||||||||
101,300 | Tianjin Zhonghuan Semiconductor Co Ltd | 430,340 | ||||||||
72,100 | Tianma Microelectronics Co Ltd | 154,366 | ||||||||
86,500 | Tianshui Huatian Technology Co Ltd | 170,488 | ||||||||
1,058,000 | Tingyi Cayman Islands Holding Corp | 1,901,006 | ||||||||
13,900 | Toly Bread Co Ltd | 105,496 | ||||||||
453,600 | * | Tongcheng-Elong Holdings Ltd | 1,134,726 | |||||||
36,000 | * | TongFu Microelectronics Co Ltd | 118,355 | |||||||
92,900 | Tonghua Dongbao Pharmaceutical Co Ltd | 190,046 | ||||||||
55,100 | Tongkun Group Co Ltd | 194,168 | ||||||||
199,000 | Tongling Nonferrous Metals Group Co Ltd | 87,259 | ||||||||
143,392 | Tongwei Co Ltd | 774,583 | ||||||||
8,400 | * | Topchoice Medical Corp | 404,848 | |||||||
34,500 | * | Topsec Technologies Group Inc | 96,463 | |||||||
624,000 | g | Topsports International Holdings Ltd | 839,953 | |||||||
92,900 | Transfar Zhilian Co Ltd | 87,495 | ||||||||
469,661 | Travelsky Technology Ltd | 1,027,587 | ||||||||
261,145 | * | Trip.com Group Ltd (ADR) | 10,205,547 | |||||||
226,000 | Tsingtao Brewery Co Ltd | 2,046,790 | ||||||||
21,500 | Tsingtao Brewery Co Ltd (Class A) | 301,601 | ||||||||
30,300 | Unigroup Guoxin Microelectronics Co Ltd | 545,697 | ||||||||
787,000 | Uni-President China Holdings Ltd | 956,020 | ||||||||
75,880 | Unisplendour Corp Ltd | 213,539 | ||||||||
28,200 | Universal Scientific Industrial Shanghai Co Ltd | 70,297 | ||||||||
234,724 | * | Vipshop Holdings Ltd (ADR) | 7,222,457 | |||||||
28,200 | * | Visionox Technology, Inc | 40,914 | |||||||
51,400 | Walvax Biotechnology Co Ltd | 494,962 | ||||||||
24,000 | Wangfujing Group Co Ltd | 123,829 | ||||||||
88,500 | Wangsu Science & Technology Co Ltd | 75,780 | ||||||||
89,400 | Wanhua Chemical Group Co Ltd | 1,413,634 | ||||||||
2,630,252 | Want Want China Holdings Ltd | 1,900,936 | ||||||||
29,372 | *,e | Weibo Corp (ADR) | 1,480,349 | |||||||
1,054,800 | Weichai Power Co Ltd | 2,441,531 | ||||||||
126,900 | Weichai Power Co Ltd (Class A) | 353,374 | ||||||||
10,200 | Weifu High-Technology Group Co Ltd | 38,342 | ||||||||
12,600 | Weihai Guangwei Composites Co Ltd | 122,651 | ||||||||
731,000 | *,e,g | Weimob, Inc | 1,613,593 | |||||||
185,160 | Wens Foodstuffs Group Co Ltd | 411,218 | ||||||||
140,000 | Western Securities Co Ltd | 182,068 | ||||||||
803,000 | Wharf Holdings Ltd | 2,435,644 | ||||||||
26,400 | Will Semiconductor Ltd | 1,225,990 | ||||||||
38,000 | Wingtech Technology Co Ltd | 498,449 |
265 |
TIAA-CREF FUNDS – Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
77,860 | Winning Health Technology Group Co Ltd | $ | 181,516 | |||||||
1,194,000 | Winteam Pharmaceutical Group Ltd | 681,742 | ||||||||
78,400 | Wuchan Zhongda Group Co Ltd | 55,905 | ||||||||
49,360 | Wuhan Guide Infrared Co Ltd | 265,512 | ||||||||
55,400 | Wuhu Shunrong Sanqi Interactive Entertainment Network Technology Co Ltd | 188,674 | ||||||||
80,400 | Wuhu Token Science Co Ltd | 93,700 | ||||||||
122,800 | Wuliangye Yibin Co Ltd | 5,381,255 | ||||||||
43,900 | WUS Printed Circuit Kunshan Co Ltd | 97,905 | ||||||||
70,420 | WuXi AppTec Co Ltd - A | 1,719,959 | ||||||||
144,815 | g | WuXi AppTec Co Ltd - H | 3,411,968 | |||||||
1,686,801 | *,g | Wuxi Biologics Cayman, Inc | 23,678,964 | |||||||
26,600 | Wuxi Lead Intelligent Equipment Co Ltd | 361,347 | ||||||||
68,900 | Wuxi Taiji Industry Co Ltd | 82,513 | ||||||||
143,900 | XCMG Construction Machinery Co Ltd | 163,591 | ||||||||
107,700 | Xiamen C & D, Inc | 134,768 | ||||||||
23,800 | Xiamen Intretech, Inc | 149,089 | ||||||||
47,100 | Xiamen Tungsten Co Ltd | 139,915 | ||||||||
7,355,400 | *,g | Xiaomi Corp | 23,179,341 | |||||||
217,900 | Xinhu Zhongbao Co Ltd | 103,504 | ||||||||
105,500 | Xinjiang Goldwind Science & Technology Co Ltd - A | 197,741 | ||||||||
403,000 | e | Xinjiang Goldwind Science & Technology Co Ltd - H | 664,012 | |||||||
2,131,780 | Xinyi Solar Holdings Ltd | 3,555,431 | ||||||||
87,115 | *,e | XPeng, Inc (ADR) | 2,605,610 | |||||||
496,000 | g | Yadea Group Holdings Ltd | 1,085,870 | |||||||
273,900 | Yango Group Co Ltd | 242,096 | ||||||||
15,000 | Yantai Eddie Precision Machinery Co Ltd | 141,414 | ||||||||
61,500 | Yantai Jereh Oilfield Services Group Co Ltd | 311,906 | ||||||||
964,464 | Yanzhou Coal Mining Co Ltd | 1,149,064 | ||||||||
148,900 | Yanzhou Coal Mining Co Ltd (Class A) | 298,199 | ||||||||
13,800 | Yealink Network Technology Corp Ltd | 148,896 | ||||||||
44,200 | Yifan Pharmaceutical Co Ltd | 122,005 | ||||||||
13,160 | Yifeng Pharmacy Chain Co Ltd | 182,445 | ||||||||
248,000 | Yihai International Holding Ltd | 2,412,292 | ||||||||
40,900 | Yihai Kerry Arawana Holdings Co Ltd | 493,791 | ||||||||
71,120 | Yintai Gold Co Ltd | 93,750 | ||||||||
383,600 | Yonghui Superstores Co Ltd | 329,576 | ||||||||
80,899 | Yonyou Network Technology Co Ltd | 413,439 | ||||||||
105,800 | YTO Express Group Co Ltd | 192,279 | ||||||||
38,100 | * | Yuan Longping High-tech Agriculture Co Ltd | 99,358 | |||||||
3,236,000 | Yuexiul Property Co Ltd | 748,110 | ||||||||
208,173 | Yum China Holdings, Inc | 13,098,245 | ||||||||
60,710 | Yunda Holding Co Ltd | 150,797 | ||||||||
37,900 | Yunnan Baiyao Group Co Ltd | 628,194 | ||||||||
16,100 | Yunnan Energy New Material Co Ltd | 333,079 | ||||||||
38,885 | * | Zai Lab Ltd (ADR) | 6,463,076 | |||||||
14,195 | Zhangzhou Pientzehuang Pharmaceutical Co Ltd | 741,542 | ||||||||
630,500 | Zhaojin Mining Industry Co Ltd | 571,133 | ||||||||
164,400 | * | Zhejiang Century Huatong Group Co Ltd | 167,940 | |||||||
56,916 | Zhejiang Chint Electrics Co Ltd | 291,787 | ||||||||
78,200 | Zhejiang Dahua Technology Co Ltd | 282,509 | ||||||||
10,220 | Zhejiang Dingli Machinery Co Ltd | 115,586 | ||||||||
918,414 | Zhejiang Expressway Co Ltd | 798,334 | ||||||||
42,130 | Zhejiang Huahai Pharmaceutical Co Ltd | 140,868 |
266 |
TIAA-CREF FUNDS – Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
37,176 | * | Zhejiang Huayou Cobalt Co Ltd | $ | 466,247 | ||||||
38,400 | Zhejiang Jingsheng Mechanical & Electrical Co Ltd | 228,429 | ||||||||
225,600 | Zhejiang Juhua Co Ltd | 303,924 | ||||||||
149,600 | Zhejiang Longsheng Group Co Ltd | 313,355 | ||||||||
60,600 | Zhejiang NHU Co Ltd | 365,197 | ||||||||
99,970 | Zhejiang Sanhua Intelligent Controls Co Ltd | 329,531 | ||||||||
73,800 | Zhejiang Semir Garment Co Ltd | 133,388 | ||||||||
12,900 | Zhejiang Supor Co Ltd | 150,020 | ||||||||
39,500 | Zhejiang Weixing New Building Materials Co Ltd | 143,198 | ||||||||
13,200 | Zhejiang Wolwo Bio-Pharmaceutical Co Ltd | 149,395 | ||||||||
91,800 | Zhengzhou Yutong Bus Co Ltd | 192,675 | ||||||||
782,000 | Zhenro Properties Group Ltd | 527,525 | ||||||||
128,300 | Zheshang Securities Co Ltd | 224,700 | ||||||||
199,400 | *,e,g | ZhongAn Online P&C Insurance Co Ltd | 1,174,793 | |||||||
14,000 | Zhongji Innolight Co Ltd | 73,832 | ||||||||
190,440 | Zhongjin Gold Corp Ltd | 250,820 | ||||||||
296,500 | Zhongsheng Group Holdings Ltd | 2,242,708 | ||||||||
219,800 | * | Zhongtian Financial Group Co Ltd | 93,853 | |||||||
281,500 | Zhuzhou CSR Times Electric Co Ltd | 1,117,642 | ||||||||
2,989,299 | Zijin Mining Group Co Ltd | 4,176,536 | ||||||||
591,800 | Zijin Mining Group Co Ltd (Class A) | 1,000,134 | ||||||||
816,600 | Zoomlion Heavy Industry Science and Technology Co Ltd | 1,128,799 | ||||||||
163,900 | Zoomlion Heavy Industry Science and Technology Co Ltd | 297,744 | ||||||||
126,100 | ZTE Corp | 561,725 | ||||||||
456,064 | e | ZTE Corp (Class H) | 1,136,218 | |||||||
212,022 | ZTO Express Cayman, Inc (ADR) | 6,818,628 | ||||||||
TOTAL CHINA | 1,581,861,258 | |||||||||
COLOMBIA - 0.2% | ||||||||||
112,122 | BanColombia S.A. | 834,051 | ||||||||
233,711 | BanColombia S.A. (Preference) | 1,743,505 | ||||||||
2,969,739 | Ecopetrol S.A. | 1,748,625 | ||||||||
133,223 | Grupo de Inversiones Suramericana S.A. | 680,081 | ||||||||
244,141 | Interconexion Electrica S.A. | 1,390,704 | ||||||||
TOTAL COLOMBIA | 6,396,966 | |||||||||
CZECH REPUBLIC - 0.1% | ||||||||||
94,038 | CEZ AS | 2,619,099 | ||||||||
36,567 | * | Komercni Banka AS | 1,106,907 | |||||||
185,101 | *,g | Moneta Money Bank AS | 687,430 | |||||||
TOTAL CZECH REPUBLIC | 4,413,436 | |||||||||
EGYPT - 0.1% | ||||||||||
753,884 | * | Commercial International Bank | 2,805,344 | |||||||
518,867 | Eastern Tobacco | 386,334 | ||||||||
371,381 | * | ElSewedy Electric Co | 191,093 | |||||||
TOTAL EGYPT | 3,382,771 | |||||||||
GREECE - 0.1% | ||||||||||
12,741 | *,† | FF Group | 153 | |||||||
121,171 | Hellenic Telecommunications Organization S.A. | 2,054,772 | ||||||||
44,252 | JUMBO S.A. | 826,709 | ||||||||
113,515 | OPAP S.A. | 1,740,881 | ||||||||
TOTAL GREECE | 4,622,515 |
267 |
TIAA-CREF FUNDS – Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
HONG KONG - 0.3% | ||||||||||
6,861,652 | * | Alibaba Pictures Group Ltd | $ | 996,913 | ||||||
7,772,000 | * | China Youzan Ltd | 2,502,088 | |||||||
30,400 | * | Hutchison China MediTech Ltd (ADR) | 860,016 | |||||||
565,651 | Kingboard Laminates Holdings Ltd | 1,410,922 | ||||||||
861,000 | Nine Dragons Paper Holdings Ltd | 1,179,808 | ||||||||
5,480,331 | Sino Biopharmaceutical | 5,881,039 | ||||||||
566,000 | SSY Group Ltd | 347,352 | ||||||||
191,000 | Vinda International Holdings Ltd | 678,974 | ||||||||
TOTAL HONG KONG | 13,857,112 | |||||||||
HUNGARY - 0.2% | ||||||||||
217,493 | * | MOL Hungarian Oil & Gas plc | 1,502,466 | |||||||
116,417 | * | OTP Bank | 5,233,506 | |||||||
66,738 | Richter Gedeon Rt | 1,908,745 | ||||||||
TOTAL HUNGARY | 8,644,717 | |||||||||
INDIA - 9.1% | ||||||||||
202,914 | * | Adani Green Energy Ltd | 2,787,471 | |||||||
282,920 | * | Adani Ports & Special Economic Zone Ltd | 2,782,521 | |||||||
334,042 | Ambuja Cements Ltd | 1,390,794 | ||||||||
47,126 | Apollo Hospitals Enterprise Ltd | 2,030,498 | ||||||||
199,921 | Asian Paints Ltd | 6,835,774 | ||||||||
39,350 | Associated Cement Co Ltd | 998,203 | ||||||||
153,581 | Aurobindo Pharma Ltd | 2,031,734 | ||||||||
81,484 | *,g | Avenue Supermarts Ltd | 3,134,337 | |||||||
1,153,460 | * | Axis Bank Ltd | 11,088,111 | |||||||
140,862 | * | Bajaj Finance Ltd | 10,339,534 | |||||||
19,119 | * | Bajaj Finserv Ltd | 2,842,926 | |||||||
36,763 | * | Bajaj Holdings and Investment Ltd | 1,900,120 | |||||||
44,662 | Balkrishna Industries Ltd | 1,066,301 | ||||||||
386,497 | *,g | Bandhan Bank Ltd | 1,713,099 | |||||||
124,199 | Berger Paints India Ltd | 1,178,611 | ||||||||
115,371 | * | Bharat Forge Ltd | 948,100 | |||||||
448,616 | Bharat Petroleum Corp Ltd | 2,546,666 | ||||||||
1,272,052 | Bharti Airtel Ltd | 9,199,798 | ||||||||
219,982 | * | Biocon Ltd | 1,126,144 | |||||||
56,853 | Britannia Industries Ltd | 2,643,207 | ||||||||
233,097 | * | Cipla Ltd | 2,861,802 | |||||||
672,143 | Coal India Ltd | 1,204,754 | ||||||||
64,113 | Colgate-Palmolive India Ltd | 1,281,273 | ||||||||
146,207 | Container Corp Of India Ltd | 1,162,004 | ||||||||
237,161 | Dabur India Ltd | 1,721,295 | ||||||||
68,898 | * | Divi S Laboratories Ltd | 3,774,995 | |||||||
289,284 | DLF Ltd | 963,265 | ||||||||
59,154 | Dr Reddy’s Laboratories Ltd | 4,116,865 | ||||||||
70,190 | * | Eicher Motors Ltd | 2,290,532 | |||||||
962,406 | GAIL India Ltd | 1,777,816 | ||||||||
217,659 | * | Godrej Consumer Products Ltd | 2,029,831 | |||||||
147,436 | Grasim Industries Ltd | 2,784,804 | ||||||||
116,808 | Havells India Ltd | 1,558,504 | ||||||||
576,467 | HCL Technologies Ltd | 6,984,732 | ||||||||
22,434 | g | HDFC Asset Management Co Ltd | 839,315 |
268 |
TIAA-CREF FUNDS – Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
415,143 | *,g | HDFC Life Insurance Co Ltd | $ | 3,721,234 | ||||||
63,041 | Hero Honda Motors Ltd | 2,397,206 | ||||||||
747,254 | Hindalco Industries Ltd | 3,663,264 | ||||||||
420,679 | Hindustan Lever Ltd | 13,342,905 | ||||||||
320,033 | Hindustan Petroleum Corp Ltd | 1,011,014 | ||||||||
880,817 | Housing Development Finance Corp | 28,684,045 | ||||||||
2,637,347 | * | ICICI Bank Ltd | 21,363,748 | |||||||
106,900 | g | ICICI Lombard General Insurance Co Ltd | 2,037,756 | |||||||
184,532 | *,g | ICICI Prudential Life Insurance Co Ltd | 1,298,469 | |||||||
1,133,603 | Indian Oil Corp Ltd | 1,386,703 | ||||||||
166,014 | Indraprastha Gas Ltd | 1,138,289 | ||||||||
355,649 | Indus Towers Ltd | 1,209,227 | ||||||||
36,753 | * | Info Edge India Ltd | 2,433,299 | |||||||
1,774,161 | Infosys Technologies Ltd | 32,243,062 | ||||||||
46,919 | *,g | InterGlobe Aviation Ltd | 1,038,873 | |||||||
35,484 | Ipca Laboratories Ltd | 1,006,951 | ||||||||
1,575,190 | ITC Ltd | 4,301,298 | ||||||||
457,180 | JSW Steel Ltd | 4,417,092 | ||||||||
38,386 | * | Jubilant Foodworks Ltd | 1,495,399 | |||||||
288,439 | * | Kotak Mahindra Bank Ltd | 6,791,287 | |||||||
27,140 | g | Larsen & Toubro Infotech Ltd | 1,423,174 | |||||||
360,231 | Larsen & Toubro Ltd | 6,502,921 | ||||||||
116,299 | Lupin Ltd | 1,676,921 | ||||||||
420,795 | Mahindra & Mahindra Ltd | 4,263,096 | ||||||||
259,552 | Marico Ltd | 1,440,343 | ||||||||
70,307 | Maruti Suzuki India Ltd | 6,117,052 | ||||||||
664,462 | * | Motherson Sumi Systems Ltd | 1,922,030 | |||||||
993 | MRF Ltd | 1,080,100 | ||||||||
61,394 | Muthoot Finance Ltd | 958,220 | ||||||||
17,569 | Nestle India Ltd | 3,864,010 | ||||||||
2,353,319 | NTPC Ltd | 3,248,900 | ||||||||
3,174 | Page Industries Ltd | 1,269,444 | ||||||||
409,034 | Petronet LNG Ltd | 1,323,100 | ||||||||
42,660 | PI Industries Ltd | 1,445,139 | ||||||||
79,221 | * | Pidilite Industries Ltd | 1,939,669 | |||||||
49,329 | Piramal Healthcare Ltd | 1,116,580 | ||||||||
1,111,509 | Power Grid Corp of India Ltd | 3,297,842 | ||||||||
411,021 | REC Ltd | 709,026 | ||||||||
1,474,783 | Reliance Industries Ltd | 39,621,809 | ||||||||
232,155 | g | SBI Life Insurance Co Ltd | 2,905,329 | |||||||
872,883 | Sesa Sterlite Ltd | 3,024,199 | ||||||||
5,621 | * | Shree Cement Ltd | 2,114,617 | |||||||
99,157 | Shriram Transport Finance Co Ltd | 1,793,427 | ||||||||
30,838 | Siemens India Ltd | 781,518 | ||||||||
971,736 | * | State Bank of India | 4,622,700 | |||||||
438,858 | Sun Pharmaceutical Industries Ltd | 3,873,428 | ||||||||
483,731 | Tata Consultancy Services Ltd | 19,795,986 | ||||||||
931,904 | * | Tata Motors Ltd | 3,663,073 | |||||||
357,097 | Tata Steel Ltd | 4,967,117 | ||||||||
311,657 | Tata Tea Ltd | 2,812,282 | ||||||||
328,268 | Tech Mahindra Ltd | 4,247,900 | ||||||||
183,784 | Titan Industries Ltd | 3,694,348 | ||||||||
26,877 | Torrent Pharmaceuticals Ltd | 909,840 | ||||||||
92,767 | Trent Ltd | 970,729 |
269 |
TIAA-CREF FUNDS – Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
61,017 | Ultra Tech Cement Ltd | $ | 5,163,313 | |||||||
151,767 | * | United Spirits Ltd | 1,062,626 | |||||||
263,895 | UPL Ltd | 2,157,673 | ||||||||
586,826 | Wipro Ltd | 3,881,089 | ||||||||
5,285,065 | * | Yes Bank Ltd | 1,036,466 | |||||||
443,127 | ZEE Telefilms Ltd | 1,107,780 | ||||||||
TOTAL INDIA | 396,721,673 | |||||||||
INDONESIA - 1.2% | ||||||||||
7,213,054 | Adaro Energy Tbk | 620,215 | ||||||||
10,588,572 | Astra International Tbk PT | 4,024,027 | ||||||||
5,110,175 | Bank Central Asia Tbk PT | 11,312,701 | ||||||||
28,600,182 | Bank Rakyat Indonesia | 8,003,331 | ||||||||
1,388,960 | Indofood CBP Sukses Makmur Tbk | 836,139 | ||||||||
9,861,300 | Kalbe Farma Tbk PT | 982,894 | ||||||||
5,012,500 | * | Merdeka Copper Gold Tbk PT | 906,669 | |||||||
4,342,000 | PT Aneka Tambang Tbk | 744,965 | ||||||||
9,301,739 | PT Bank Mandiri Persero Tbk | 3,960,316 | ||||||||
3,531,959 | PT Bank Negara Indonesia | 1,390,102 | ||||||||
14,550,200 | * | PT Barito Pacific Tbk | 1,005,896 | |||||||
3,661,600 | PT Charoen Pokphand Indonesia Tbk | 1,785,190 | ||||||||
308,900 | * | PT Gudang Garam Tbk | 771,303 | |||||||
1,424,305 | PT Indah Kiat Pulp and Paper Corp Tbk | 894,999 | ||||||||
777,417 | PT Indocement Tunggal Prakarsa Tbk | 690,380 | ||||||||
2,046,900 | PT Indofood Sukses Makmur Tbk | 923,246 | ||||||||
5,462,000 | PT Perusahaan Gas Negara Persero Tbk | 461,804 | ||||||||
1,455,900 | PT Semen Gresik Persero Tbk | 1,049,158 | ||||||||
3,785,145 | PT Unilever Indonesia Tbk | 1,571,114 | ||||||||
961,300 | PT United Tractors Tbk | 1,406,949 | ||||||||
12,131,400 | Sarana Menara Nusantara Tbk PT | 956,867 | ||||||||
25,882,883 | Telkom Indonesia Persero Tbk PT | 5,718,685 | ||||||||
TOTAL INDONESIA | 50,016,950 | |||||||||
KOREA, REPUBLIC OF - 13.1% | ||||||||||
14,380 | * | Alteogen, Inc | 1,040,009 | |||||||
16,790 | Amorepacific Corp | 4,069,981 | ||||||||
3,961 | BGF retail Co Ltd | 543,713 | ||||||||
36,474 | * | Celltrion Healthcare Co Ltd | 3,666,662 | |||||||
8,672 | * | Celltrion Pharm Inc | 1,031,743 | |||||||
49,758 | * | Celltrion, Inc | 11,844,528 | |||||||
33,095 | Cheil Communications, Inc | 651,756 | ||||||||
4,382 | CJ CheilJedang Corp | 1,555,378 | ||||||||
7,960 | CJ Corp | 681,424 | ||||||||
5,823 | CJ O Shopping Co Ltd | 751,291 | ||||||||
21,472 | Coway Co Ltd | 1,286,677 | ||||||||
19,701 | * | Daewoo Shipbuilding & Marine Engineering Co Ltd | 647,747 | |||||||
25,987 | Dongbu Insurance Co Ltd | 1,141,820 | ||||||||
28,387 | * | Doosan Bobcat, Inc | 1,160,803 | |||||||
100,605 | * | Doosan Heavy Industries and Construction Co Ltd | 1,253,499 | |||||||
7,308 | DuzonBIzon Co Ltd | 552,208 | ||||||||
9,826 | E-Mart Co Ltd | 1,476,832 | ||||||||
23,470 | Fila Korea Ltd | 959,092 | ||||||||
32,023 | GS Engineering & Construction Corp | 1,266,531 | ||||||||
25,877 | GS Holdings Corp | 997,764 |
270 |
TIAA-CREF FUNDS – Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
12,051 | GS Retail Co Ltd | $ | 386,761 | |||||||
161,152 | Hana Financial Group, Inc | 6,605,520 | ||||||||
33,218 | Hankook Tire Co Ltd | 1,433,329 | ||||||||
3,549 | Hanmi Pharm Co Ltd | 1,075,823 | ||||||||
78,099 | Hanon Systems | 1,137,681 | ||||||||
63,931 | * | Hanwha Chemical Corp | 2,624,011 | |||||||
23,754 | Hanwha Corp | 654,354 | ||||||||
47,154 | *,e | HLB, Inc | 1,403,240 | |||||||
8,663 | Honam Petrochemical Corp | 2,351,789 | ||||||||
17,608 | e | Hotel Shilla Co Ltd | 1,363,874 | |||||||
283,360 | Hynix Semiconductor, Inc | 32,326,070 | ||||||||
38,599 | Hyundai Engineering & Construction Co Ltd | 1,743,834 | ||||||||
9,472 | Hyundai Glovis Co Ltd | 1,629,086 | ||||||||
21,012 | * | Hyundai Heavy Industries | 2,884,854 | |||||||
33,069 | Hyundai Marine & Fire Insurance Co Ltd | 721,960 | ||||||||
34,187 | Hyundai Mobis | 8,274,207 | ||||||||
77,610 | Hyundai Motor Co | 14,757,682 | ||||||||
16,105 | Hyundai Motor Co Ltd (2nd Preference) | 1,531,986 | ||||||||
12,263 | Hyundai Motor Co Ltd (Preference) | 1,172,532 | ||||||||
24,555 | Hyundai Robotics Co Ltd | 1,549,464 | ||||||||
44,518 | Hyundai Steel Co | 2,212,917 | ||||||||
148,772 | Industrial Bank of Korea | 1,294,858 | ||||||||
148,105 | Kakao Corp | 15,081,051 | ||||||||
55,514 | * | Kangwon Land, Inc | 1,257,143 | |||||||
205,203 | KB Financial Group, Inc | 10,101,851 | ||||||||
132,816 | Kia Motors Corp | 9,212,433 | ||||||||
13,605 | *,e | KMW Co Ltd | 699,901 | |||||||
36,145 | Korea Aerospace Industries Ltd | 1,056,886 | ||||||||
134,877 | Korea Electric Power Corp | 2,862,423 | ||||||||
4,851 | * | Korea Express Co Ltd | 746,026 | |||||||
16,318 | * | Korea Gas Corp | 511,255 | |||||||
20,005 | Korea Investment Holdings Co Ltd | 2,008,262 | ||||||||
9,838 | Korea Kumho Petrochemical | 2,286,681 | ||||||||
4,262 | Korea Zinc Co Ltd | 1,704,870 | ||||||||
111,441 | * | Korean Air Lines Co Ltd | 2,682,550 | |||||||
62,802 | KT&G Corp | 4,647,343 | ||||||||
23,816 | LG Chem Ltd | 19,881,298 | ||||||||
3,949 | LG Chem Ltd (Preference) | 1,575,149 | ||||||||
49,134 | LG Corp | 5,557,513 | ||||||||
134,184 | *,e | LG Display Co Ltd | 2,914,020 | |||||||
54,355 | LG Electronics, Inc | 7,636,448 | ||||||||
4,785 | LG Household & Health Care Ltd | 6,608,697 | ||||||||
1,020 | LG Household & Health Care Ltd (Preference) | 656,098 | ||||||||
6,863 | LG Innotek Co Ltd | 1,231,542 | ||||||||
106,048 | LG Telecom Ltd | 1,256,374 | ||||||||
13,735 | Lotte Corp | 450,761 | ||||||||
6,195 | Lotte Shopping Co Ltd | 688,586 | ||||||||
149,331 | Meritz Securities Co Ltd | 647,448 | ||||||||
156,000 | Mirae Asset Daewoo Co Ltd | 1,397,561 | ||||||||
63,411 | Naver Corp | 20,419,734 | ||||||||
8,566 | NCsoft | 6,372,053 | ||||||||
11,094 | g | Netmarble Corp | 1,285,591 | |||||||
12,283 | Orion Corp/Republic of Korea | 1,290,233 | ||||||||
732 | Ottogi Corp | 364,913 |
271 |
TIAA-CREF FUNDS – Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
14,585 | Pacific Corp | $ | 962,296 | |||||||
140,190 | Pan Ocean Co Ltd | 920,084 | ||||||||
13,815 | * | Pearl Abyss Corp | 698,008 | |||||||
39,502 | POSCO | 12,909,832 | ||||||||
13,497 | POSCO Refractories & Environment Co Ltd | 1,794,240 | ||||||||
8,530 | S1 Corp | 624,979 | ||||||||
8,563 | *,g | Samsung Biologics Co Ltd | 6,154,316 | |||||||
44,910 | Samsung C&T Corp | 5,465,302 | ||||||||
14,041 | Samsung Card Co | 445,377 | ||||||||
28,397 | Samsung Electro-Mechanics Co Ltd | 4,538,135 | ||||||||
2,465,258 | Samsung Electronics Co Ltd | 179,681,510 | ||||||||
428,275 | Samsung Electronics Co Ltd (Preference) | 28,118,119 | ||||||||
77,417 | * | Samsung Engineering Co Ltd | 1,200,805 | |||||||
15,949 | Samsung Fire & Marine Insurance Co Ltd | 2,833,450 | ||||||||
254,190 | * | Samsung Heavy Industries Co Ltd | 1,705,888 | |||||||
38,081 | Samsung Life Insurance Co Ltd | 2,788,771 | ||||||||
28,748 | Samsung SDI Co Ltd | 16,779,635 | ||||||||
17,992 | Samsung SDS Co Ltd | 2,950,593 | ||||||||
27,887 | Samsung Securities Co Ltd | 1,065,615 | ||||||||
19,406 | Seegene, Inc | 1,632,941 | ||||||||
15,384 | Shin Poong Pharmaceutical Co Ltd | 964,665 | ||||||||
232,078 | Shinhan Financial Group Co Ltd | 8,339,836 | ||||||||
3,832 | Shinsegae Co Ltd | 1,044,961 | ||||||||
14,022 | * | SK Biopharmaceuticals Co Ltd | 1,367,188 | |||||||
3,980 | SK Chemicals Co Ltd | 948,074 | ||||||||
17,736 | SK Holdings Co Ltd | 4,383,267 | ||||||||
28,463 | * | SK Innovation Co Ltd | 6,884,458 | |||||||
21,037 | SK Telecom Co Ltd | 5,729,932 | ||||||||
25,625 | * | S-Oil Corp | 1,990,202 | |||||||
275,742 | Woori Financial Group, Inc | 2,650,388 | ||||||||
54,605 | Woori Investment & Securities Co Ltd | 628,776 | ||||||||
26,029 | Yuhan Corp | 1,500,722 | ||||||||
TOTAL KOREA, REPUBLIC OF | 570,510,349 | |||||||||
KUWAIT - 0.5% | ||||||||||
576,265 | Agility Public Warehousing Co KSC | 1,808,084 | ||||||||
542,736 | * | Boubyan Bank KSCP | 1,179,470 | |||||||
844,867 | Gulf Bank KSCP | 608,282 | ||||||||
2,330,818 | Kuwait Finance House | 5,581,041 | ||||||||
303,475 | Mabanee Co KPSC | 703,812 | ||||||||
1,121,461 | Mobile Telecommunications Co KSC | 2,239,908 | ||||||||
3,572,379 | National Bank of Kuwait SAKP | 9,737,921 | ||||||||
TOTAL KUWAIT | 21,858,518 | |||||||||
LUXEMBOURG - 0.0% | ||||||||||
81,022 | Reinet Investments S.C.A | 1,564,014 | ||||||||
TOTAL LUXEMBOURG | 1,564,014 | |||||||||
MALAYSIA - 1.3% | ||||||||||
1,026,433 | AMMB Holdings BHD | 745,907 | ||||||||
1,517,874 | Axiata Group Bhd | 1,433,218 | ||||||||
3,483,670 | Bumiputra-Commerce Holdings BHD | 3,516,928 | ||||||||
2,148,977 | Dialog Group BHD | 1,593,034 | ||||||||
1,546,925 | Digi.Com BHD | 1,581,803 |
272 |
TIAA-CREF FUNDS – Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
72,100 | Fraser & Neave Holdings BHD | $ | 527,280 | |||||||
906,460 | * | Gamuda BHD | 780,666 | |||||||
1,181,075 | Genting BHD | 1,434,395 | ||||||||
1,507,500 | Genting Malaysia BHD | 1,058,891 | ||||||||
90,100 | Genting Plantations BHD | 191,812 | ||||||||
350,600 | HAP Seng Consolidated BHD | 687,028 | ||||||||
892,700 | Hartalega Holdings BHD | 2,236,665 | ||||||||
304,987 | Hong Leong Bank BHD | 1,325,708 | ||||||||
103,006 | Hong Leong Credit BHD | 416,667 | ||||||||
1,167,912 | IHH Healthcare BHD | 1,532,938 | ||||||||
1,195,720 | IOI Corp BHD | 1,193,852 | ||||||||
669,000 | Kossan Rubber Industries | 723,408 | ||||||||
217,611 | Kuala Lumpur Kepong BHD | 1,168,695 | ||||||||
2,089,050 | Malayan Banking BHD | 4,195,694 | ||||||||
523,176 | Malaysia Airports Holdings BHD | 764,067 | ||||||||
854,200 | Maxis BHD | 958,918 | ||||||||
656,500 | MISC BHD | 1,085,602 | ||||||||
27,500 | Nestle Malaysia BHD | 910,653 | ||||||||
1,208,000 | Petronas Chemicals Group BHD | 2,416,063 | ||||||||
180,700 | Petronas Dagangan BHD | 888,103 | ||||||||
419,500 | Petronas Gas BHD | 1,610,587 | ||||||||
267,840 | PPB Group BHD | 1,209,608 | ||||||||
1,485,224 | Press Metal BHD | 1,883,970 | ||||||||
7,700,615 | Public Bank BHD | 7,796,303 | ||||||||
586,950 | QL Resources BHD | 866,870 | ||||||||
880,370 | RHB Capital BHD | 1,118,687 | ||||||||
1,441,965 | Sime Darby BHD | 795,254 | ||||||||
1,062,465 | Sime Darby Plantation BHD | 1,176,816 | ||||||||
807,146 | Supermax Corp BHD | 1,184,728 | ||||||||
573,565 | Telekom Malaysia BHD | 799,010 | ||||||||
1,222,963 | Tenaga Nasional BHD | 2,971,702 | ||||||||
2,458,500 | Top Glove Corp BHD | 3,383,972 | ||||||||
366,000 | Westports Holdings BHD | 384,191 | ||||||||
TOTAL MALAYSIA | 58,549,693 | |||||||||
MEXICO - 1.7% | ||||||||||
17,738,041 | America Movil S.A.B. de C.V. | 12,390,447 | ||||||||
279,800 | Becle SAB de C.V. | 667,282 | ||||||||
8,102,697 | * | Cemex S.A. de C.V. | 6,435,918 | |||||||
287,760 | Coca-Cola Femsa SAB de C.V. | 1,347,104 | ||||||||
251,225 | Embotelladoras Arca SAB de C.V. | 1,345,109 | ||||||||
1,646,800 | Fibra Uno Administracion S.A. de C.V. | 2,033,197 | ||||||||
1,024,611 | Fomento Economico Mexicano S.A. de C.V. | 7,935,589 | ||||||||
112,945 | e | Gruma SAB de C.V. | 1,228,250 | |||||||
175,530 | * | Grupo Aeroportuario del Pacifico S.A. de C.V. (B Shares) | 1,804,431 | |||||||
100,291 | * | Grupo Aeroportuario del Sureste S.A. de C.V. (Class B) | 1,696,238 | |||||||
788,320 | Grupo Bimbo S.A. de C.V. (Series A) | 1,577,652 | ||||||||
146,398 | Grupo Carso S.A. de C.V. (Series A1) | 417,361 | ||||||||
1,367,728 | Grupo Financiero Banorte S.A. de C.V. | 7,781,540 | ||||||||
1,079,144 | * | Grupo Financiero Inbursa S.A. | 1,002,591 | |||||||
1,633,732 | Grupo Mexico S.A. de C.V. (Series B) | 7,385,143 | ||||||||
1,243,590 | * | Grupo Televisa S.A. | 3,085,493 | |||||||
73,004 | * | Industrias Penoles S.A. de C.V. | 940,147 | |||||||
318,600 | * | Infraestructura Energetica, NV SAB de C.V. | 1,364,710 |
273 |
TIAA-CREF FUNDS – Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
823,442 | Kimberly-Clark de Mexico S.A. de C.V. (Class A) | $ | 1,422,741 | |||||||
146,600 | Megacable Holdings SAB de C.V. | 536,334 | ||||||||
531,523 | Orbia Advance Corp SAB de C.V. | 1,482,502 | ||||||||
82,665 | Promotora y Operadora de Infraestructura SAB de C.V. | 638,810 | ||||||||
650,700 | *,e | Telesites SAB de C.V. | 614,498 | |||||||
2,743,084 | Wal-Mart de Mexico SAB de C.V. | 8,979,311 | ||||||||
TOTAL MEXICO | 74,112,398 | |||||||||
PAKISTAN - 0.0% | ||||||||||
221,358 | Habib Bank Ltd | 180,101 | ||||||||
191,300 | MCB Bank Ltd | 202,190 | ||||||||
519,317 | Oil & Gas Development Co Ltd | 308,804 | ||||||||
TOTAL PAKISTAN | 691,095 | |||||||||
PERU - 0.2% | ||||||||||
118,822 | * | Cia de Minas Buenaventura S.A. (ADR) (Series B) | 1,154,950 | |||||||
35,610 | * | Credicorp Ltd | 4,251,834 | |||||||
45,344 | Southern Copper Corp | 3,147,327 | ||||||||
TOTAL PERU | 8,554,111 | |||||||||
PHILIPPINES - 0.6% | ||||||||||
1,033,504 | Aboitiz Equity Ventures, Inc | 762,021 | ||||||||
750,800 | Aboitiz Power Corp | 358,637 | ||||||||
152,663 | Ayala Corp | 2,347,102 | ||||||||
4,285,193 | Ayala Land, Inc | 2,858,886 | ||||||||
935,929 | Bank of the Philippine Islands | 1,608,851 | ||||||||
1,016,476 | BDO Unibank, Inc | 2,173,903 | ||||||||
17,906 | Globe Telecom, Inc | 681,655 | ||||||||
58,566 | GT Capital Holdings, Inc | 637,373 | ||||||||
587,400 | International Container Term Services, Inc | 1,584,718 | ||||||||
1,516,506 | JG Summit Holdings (Series B) | 1,659,968 | ||||||||
227,840 | Jollibee Foods Corp | 832,811 | ||||||||
142,886 | Manila Electric Co | 809,539 | ||||||||
4,426,900 | Megaworld Corp | 289,030 | ||||||||
6,294,000 | Metro Pacific Investments Corp | 528,809 | ||||||||
906,890 | Metropolitan Bank & Trust | 827,735 | ||||||||
45,360 | PLDT, Inc | 1,197,317 | ||||||||
542,600 | Puregold Price Club, Inc | 420,189 | ||||||||
126,985 | SM Investments Corp | 2,534,043 | ||||||||
5,195,949 | SM Prime Holdings | 3,713,674 | ||||||||
461,747 | Universal Robina | 1,312,597 | ||||||||
TOTAL PHILIPPINES | 27,138,858 | |||||||||
POLAND - 0.7% | ||||||||||
184,957 | *,g | Allegro.eu S.A. | 2,835,663 | |||||||
104,670 | * | Bank Pekao S.A. | 2,208,129 | |||||||
17,488 | * | Bank Zachodni WBK S.A. | 1,034,523 | |||||||
34,418 | * | CD Projekt Red S.A. | 1,575,676 | |||||||
146,346 | Cyfrowy Polsat S.A. | 1,139,216 | ||||||||
25,322 | *,g | Dino Polska S.A. | 1,642,865 | |||||||
71,195 | * | KGHM Polska Miedz S.A. | 3,643,696 | |||||||
708 | * | LPP S.A. | 1,829,806 | |||||||
441,908 | * | PGE Polska Grupa Energetyczna S.A. | 1,175,828 | |||||||
167,555 | Polski Koncern Naftowy Orlen S.A. | 2,943,669 |
274 |
TIAA-CREF FUNDS – Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
982,160 | Polskie Gornictwo Naftowe i Gazownictwo S.A. | $ | 1,702,509 | |||||||
470,970 | Powszechna Kasa Oszczednosci Bank Polski S.A. | 4,378,751 | ||||||||
315,296 | * | Powszechny Zaklad Ubezpieczen S.A. | 2,713,303 | |||||||
333,889 | * | Telekomunikacja Polska S.A. | 599,649 | |||||||
TOTAL POLAND | 29,423,283 | |||||||||
QATAR - 0.7% | ||||||||||
1,128,542 | Barwa Real Estate Co | 1,001,373 | ||||||||
1,040,012 | Commercial Bank of Qatar QSC | 1,542,451 | ||||||||
926,764 | Industries Qatar QSC | 3,419,727 | ||||||||
1,806,165 | Masraf Al Rayan | 2,216,311 | ||||||||
2,413,710 | Mesaieed Petrochemical Holding Co | 1,276,637 | ||||||||
412,631 | Ooredoo QSC | 802,722 | ||||||||
266,540 | Qatar Electricity & Water Co | 1,259,129 | ||||||||
275,910 | Qatar Fuel QSC | 1,379,171 | ||||||||
1,355,069 | Qatar Gas Transport Co Ltd | 1,172,717 | ||||||||
439,644 | Qatar International Islamic Bank QSC | 1,116,920 | ||||||||
575,479 | Qatar Islamic Bank SAQ | 2,750,161 | ||||||||
2,279,550 | Qatar National Bank | 11,206,796 | ||||||||
TOTAL QATAR | 29,144,115 | |||||||||
ROMANIA - 0.0% | ||||||||||
199,826 | NEPI Rockcastle plc | 1,346,182 | ||||||||
TOTAL ROMANIA | 1,346,182 | |||||||||
RUSSIA - 2.9% | ||||||||||
308,983 | Gazprom (ADR) | 1,881,706 | ||||||||
2,851,696 | Gazprom OAO (ADR) | 17,291,940 | ||||||||
225,744 | LUKOIL PJSC (ADR) | 17,436,466 | ||||||||
181,323 | Magnit PJSC (ADR) | 2,553,934 | ||||||||
55,342 | * | Mail.Ru Group Ltd | 1,234,127 | |||||||
321,487 | MMC Norilsk Nickel PJSC (ADR) | 10,901,793 | ||||||||
235,649 | Mobile TeleSystems (ADR) | 1,995,947 | ||||||||
49,710 | NovaTek OAO (GDR) | 8,951,995 | ||||||||
1,838 | Novatek PJSC (GDR) | 330,932 | ||||||||
68,719 | Novolipetsk Steel PJSC (GDR) | 2,414,786 | ||||||||
76,224 | PhosAgro OAO (GDR) | 1,400,235 | ||||||||
127,540 | Polymetal International plc (ADR) | 2,633,535 | ||||||||
36,144 | Polyus PJSC (GDR) | 3,348,229 | ||||||||
689,501 | * | Rosneft Oil Co PJSC (GDR) | 4,767,210 | |||||||
1,380,561 | Sberbank of Russian Federation (ADR) | 21,734,484 | ||||||||
121,222 | Severstal (GDR) (Equiduct) | 2,853,021 | ||||||||
812,543 | Surgutneftegaz (ADR) | 3,648,318 | ||||||||
129,740 | Tatneft PAO (ADR) | 5,210,561 | ||||||||
62,033 | TCS Group Holding plc (ADR) | 3,585,507 | ||||||||
911,463 | VTB Bank PJSC (GDR) Equiduct | 1,208,159 | ||||||||
66,543 | X 5 Retail Group NV (GDR) | 2,042,748 | ||||||||
156,300 | * | Yandex NV | 10,245,465 | |||||||
TOTAL RUSSIA | 127,671,098 | |||||||||
SAUDI ARABIA - 2.8% | ||||||||||
21,709 | Abdullah Al Othaim Markets Co | 778,788 | ||||||||
60,880 | Advanced Petrochemical Co | 1,314,441 | ||||||||
637,197 | Al Rajhi Bank | 16,776,907 |
275 |
TIAA-CREF FUNDS – Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
465,681 | Alinma Bank | $ | 2,458,921 | |||||||
132,738 | Almarai Co JSC | 1,901,571 | ||||||||
243,785 | Arab National Bank | 1,476,889 | ||||||||
170,600 | * | Bank AlBilad | 1,701,207 | |||||||
179,429 | * | Bank Al-Jazira | 912,267 | |||||||
297,878 | Banque Saudi Fransi | 3,095,139 | ||||||||
28,460 | * | Bupa Arabia for Cooperative Insurance Co | 877,280 | |||||||
26,430 | * | Co for Cooperative Insurance | 546,896 | |||||||
283,763 | * | Dar Al Arkan Real Estate Development Co | 780,133 | |||||||
26,703 | Dr Sulaiman Al Habib Medical Services Group Co | 1,073,724 | ||||||||
249,998 | * | Emaar Economic City | 714,623 | |||||||
181,790 | * | Etihad Etisalat Co | 1,496,451 | |||||||
30,220 | Jarir Marketing Co | 1,603,589 | ||||||||
225,202 | * | Mobile Telecommunications Co Saudi Arabia | 907,420 | |||||||
1,122,617 | * | National Commercial Bank | 17,002,999 | |||||||
211,981 | * | National Industrialization Co | 1,082,243 | |||||||
121,808 | * | Rabigh Refining & Petrochemical Co | 663,241 | |||||||
679,494 | Riyad Bank | 4,828,680 | ||||||||
102,944 | SABIC Agri-Nutrients Co | 2,876,643 | ||||||||
187,564 | Sahara International Petrochemical Co | 1,356,293 | ||||||||
19,234 | * | Saudi Airlines Catering Co | 390,282 | |||||||
228,510 | * | Saudi Arabian Mining Co | 3,477,959 | |||||||
1,131,660 | g | Saudi Arabian Oil Co | 10,682,301 | |||||||
478,477 | Saudi Basic Industries Corp | 15,769,188 | ||||||||
427,086 | * | Saudi British Bank | 3,501,918 | |||||||
45,258 | Saudi Cement Co | 780,810 | ||||||||
443,211 | Saudi Electricity Co | 3,072,766 | ||||||||
115,690 | Saudi Industrial Investment Group | 1,090,765 | ||||||||
380,181 | * | Saudi Kayan Petrochemical Co | 1,839,176 | |||||||
307,205 | Saudi Telecom Co | 10,387,319 | ||||||||
138,500 | Savola Group | 1,472,211 | ||||||||
140,602 | Yanbu National Petrochemical Co | 2,729,912 | ||||||||
TOTAL SAUDI ARABIA | 121,420,952 | |||||||||
SINGAPORE - 0.0% | ||||||||||
122,500 | g | BOC Aviation Ltd | 1,102,675 | |||||||
TOTAL SINGAPORE | 1,102,675 | |||||||||
SOUTH AFRICA - 3.4% | ||||||||||
378,231 | * | Absa Group Ltd | 3,189,093 | |||||||
57,130 | African Rainbow Minerals Ltd | 1,066,423 | ||||||||
28,628 | Anglo American Platinum Ltd | 3,909,459 | ||||||||
212,270 | * | Aspen Pharmacare Holdings Ltd | 2,362,246 | |||||||
160,389 | * | Bid Corp Ltd | 3,162,105 | |||||||
153,193 | e | Bidvest Group Ltd | 1,769,001 | |||||||
33,717 | * | Capitec Bank Holdings Ltd | 3,455,746 | |||||||
135,609 | Clicks Group Ltd | 2,264,747 | ||||||||
190,194 | * | Discovery Holdings Ltd | 1,726,961 | |||||||
126,179 | e | Exxaro Resources Ltd | 1,326,826 | |||||||
2,534,499 | FirstRand Ltd | 8,915,340 | ||||||||
458,161 | Gold Fields Ltd | 4,299,334 | ||||||||
1,672,109 | Growthpoint Properties Ltd | 1,674,127 | ||||||||
285,868 | Harmony Gold Mining Co Ltd | 1,288,384 | ||||||||
404,787 | Impala Platinum Holdings Ltd | 7,563,865 |
276 |
TIAA-CREF FUNDS – Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
32,777 | Kumba Iron Ore Ltd | $ | 1,485,361 | |||||||
143,699 | Mr Price Group Ltd | 1,797,658 | ||||||||
870,103 | * | MTN Group Ltd | 5,504,890 | |||||||
242,531 | MultiChoice Group Ltd | 2,087,221 | ||||||||
223,694 | Naspers Ltd (N Shares) | 50,908,278 | ||||||||
188,648 | * | Nedbank Group Ltd | 1,922,082 | |||||||
185,040 | * | Northam Platinum Ltd | 3,182,060 | |||||||
2,334,778 | Old Mutual Ltd | 2,032,297 | ||||||||
364,853 | Rand Merchant Investment Holdings Ltd | 740,558 | ||||||||
269,290 | e | Remgro Ltd | 2,043,310 | |||||||
940,999 | Sanlam Ltd | 3,632,959 | ||||||||
277,532 | * | Sasol Ltd | 4,668,917 | |||||||
267,448 | e | Shoprite Holdings Ltd | 2,666,458 | |||||||
1,458,160 | Sibanye Stillwater Ltd | 6,783,940 | ||||||||
104,005 | Spar Group Ltd | 1,312,872 | ||||||||
652,205 | Standard Bank Group Ltd | 5,304,194 | ||||||||
84,627 | Tiger Brands Ltd | 1,137,891 | ||||||||
329,293 | Vodacom Group Pty Ltd | 2,854,793 | ||||||||
566,283 | * | Woolworths Holdings Ltd | 1,921,128 | |||||||
TOTAL SOUTH AFRICA | 149,960,524 | |||||||||
TAIWAN - 14.0% | ||||||||||
270,000 | Accton Technology Corp | 3,057,231 | ||||||||
1,648,380 | Acer, Inc | 2,014,640 | ||||||||
202,407 | Advantech Co Ltd | 2,561,026 | ||||||||
1,703,011 | ASE Technology Holding Co Ltd | 7,116,435 | ||||||||
1,175,512 | Asia Cement Corp | 2,091,036 | ||||||||
15,000 | ASMedia Technology, Inc | 623,577 | ||||||||
382,500 | Asustek Computer, Inc | 5,123,067 | ||||||||
4,781,000 | * | AU Optronics Corp | 5,596,887 | |||||||
373,389 | Catcher Technology Co Ltd | 2,634,908 | ||||||||
4,225,604 | Cathay Financial Holding Co Ltd | 7,888,504 | ||||||||
639,882 | Chailease Holding Co Ltd | 4,611,030 | ||||||||
2,502,843 | Chang Hwa Commercial Bank | 1,600,668 | ||||||||
983,922 | Cheng Shin Rubber Industry Co Ltd | 1,897,691 | ||||||||
317,079 | Chicony Electronics Co Ltd | 954,670 | ||||||||
6,675,754 | China Development Financial Holding Corp | 3,109,731 | ||||||||
707,000 | China Life Insurance Co Ltd | 669,503 | ||||||||
6,182,151 | China Steel Corp | 8,651,978 | ||||||||
9,399,282 | Chinatrust Financial Holding Co | 7,649,526 | ||||||||
1,958,763 | Chunghwa Telecom Co Ltd | 7,984,555 | ||||||||
2,273,000 | Compal Electronics, Inc | 2,025,906 | ||||||||
1,014,768 | Delta Electronics, Inc | 10,871,125 | ||||||||
5,650,875 | E.Sun Financial Holding Co Ltd | 5,445,623 | ||||||||
93,316 | Eclat Textile Co Ltd | 1,786,746 | ||||||||
1,245,980 | * | Evergreen Marine Corp Taiwan Ltd | 3,505,354 | |||||||
1,583,071 | Far Eastern Textile Co Ltd | 1,877,552 | ||||||||
729,000 | Far EasTone Telecommunications Co Ltd | 1,697,514 | ||||||||
207,513 | Feng TAY Enterprise Co Ltd | 1,536,003 | ||||||||
5,316,975 | First Financial Holding Co Ltd | 4,348,617 | ||||||||
1,899,173 | Formosa Chemicals & Fibre Corp | 6,157,130 | ||||||||
528,064 | Formosa Petrochemical Corp | 1,951,755 | ||||||||
2,041,453 | Formosa Plastics Corp | 7,717,410 | ||||||||
439,512 | Foxconn Technology Co Ltd | 1,079,486 |
277 |
TIAA-CREF FUNDS – Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
3,474,646 | Fubon Financial Holding Co Ltd | $ | 7,961,914 | |||||||
5,283,328 | Fuhwa Financial Holdings Co Ltd | 4,900,439 | ||||||||
160,000 | Giant Manufacturing Co Ltd | 2,031,814 | ||||||||
117,509 | Globalwafers Co Ltd | 3,601,534 | ||||||||
440,462 | Highwealth Construction Corp | 712,223 | ||||||||
128,163 | Hiwin Technologies Corp | 1,933,594 | ||||||||
6,510,002 | Hon Hai Precision Industry Co, Ltd | 26,762,919 | ||||||||
151,608 | Hotai Motor Co Ltd | 3,262,303 | ||||||||
4,036,291 | Hua Nan Financial Holdings Co Ltd | 2,741,618 | ||||||||
4,190,487 | InnoLux Display Corp | 4,473,728 | ||||||||
1,362,060 | Inventec Co Ltd | 1,321,564 | ||||||||
53,125 | Largan Precision Co Ltd | 5,877,122 | ||||||||
1,104,778 | Lite-On Technology Corp | 2,503,663 | ||||||||
784,170 | MediaTek, Inc | 32,874,415 | ||||||||
5,698,125 | Mega Financial Holding Co Ltd | 6,650,594 | ||||||||
336,000 | Micro-Star International Co Ltd | 2,200,813 | ||||||||
2,703,860 | Nan Ya Plastics Corp | 8,496,813 | ||||||||
117,000 | Nan Ya Printed Circuit Board Corp | 1,324,467 | ||||||||
666,000 | Nanya Technology Corp | 2,156,706 | ||||||||
87,000 | Nien Made Enterprise Co Ltd | 1,403,346 | ||||||||
303,474 | Novatek Microelectronics Corp Ltd | 6,695,469 | ||||||||
101,000 | * | Oneness Biotech Co Ltd | 846,047 | |||||||
1,021,000 | Pegatron Technology Corp | 2,673,637 | ||||||||
75,000 | Phison Electronics Corp | 1,605,284 | ||||||||
1,263,512 | Pou Chen Corp | 1,604,405 | ||||||||
366,000 | Powertech Technology, Inc | 1,450,979 | ||||||||
316,000 | President Chain Store Corp | 3,054,176 | ||||||||
1,527,000 | Quanta Computer, Inc | 5,344,501 | ||||||||
254,085 | Realtek Semiconductor Corp | 4,793,290 | ||||||||
426,072 | Ruentex Development Co Ltd | 807,998 | ||||||||
1,686,421 | Shanghai Commercial & Savings Bank Ltd | 2,614,144 | ||||||||
5,844,536 | Shin Kong Financial Holding Co Ltd | 2,106,599 | ||||||||
5,063,717 | SinoPac Financial Holdings Co Ltd | 2,402,751 | ||||||||
702,050 | Synnex Technology International Corp | 1,394,290 | ||||||||
4,786,528 | Taishin Financial Holdings Co Ltd | 2,413,011 | ||||||||
2,607,100 | Taiwan Business Bank | 950,452 | ||||||||
2,584,958 | Taiwan Cement Corp | 4,821,405 | ||||||||
4,353,279 | Taiwan Cooperative Financial Holding | 3,329,060 | ||||||||
978,000 | Taiwan High Speed Rail Corp | 1,099,199 | ||||||||
881,859 | Taiwan Mobile Co Ltd | 3,157,051 | ||||||||
12,716,848 | Taiwan Semiconductor Manufacturing Co Ltd | 267,811,820 | ||||||||
625,000 | Unimicron Technology Corp | 2,552,413 | ||||||||
2,606,908 | Uni-President Enterprises Corp | 6,982,489 | ||||||||
6,049,452 | United Microelectronics Corp | 12,065,688 | ||||||||
489,000 | Vanguard International Semiconductor Corp | 2,068,750 | ||||||||
173,000 | Walsin Technology Corp | 1,485,416 | ||||||||
174,878 | Win Semiconductors Corp | 2,281,222 | ||||||||
1,409,000 | Winbond Electronics Corp | 1,779,841 | ||||||||
1,484,560 | Wistron Corp | 1,728,655 | ||||||||
40,000 | Wiwynn Corp | 1,300,947 | ||||||||
786,660 | WPG Holdings Co Ltd | 1,446,781 | ||||||||
195,009 | Yageo Corp | 3,755,833 | ||||||||
308,127 | Zhen Ding Technology Holding Ltd | 1,163,070 | ||||||||
TOTAL TAIWAN | 608,615,146 |
278 |
TIAA-CREF FUNDS – Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
TANZANIA, UNITED REPUBLIC OF - 0.1% | ||||||||||
198,562 | AngloGold Ashanti Ltd | $ | 4,095,787 | |||||||
TOTAL TANZANIA, UNITED REPUBLIC OF | 4,095,787 | |||||||||
THAILAND - 1.8% | ||||||||||
657,600 | Advanced Info Service PCL | 3,608,500 | ||||||||
2,265,400 | Airports of Thailand PCL | 4,502,554 | ||||||||
3,258,300 | * | Asset World Corp PCL | 497,418 | |||||||
341,700 | B Grimm Power PCL | 468,172 | ||||||||
306,148 | Bangkok Bank PCL | 1,192,487 | ||||||||
945,100 | * | Bangkok Commercial Asset Management PCL | 624,738 | |||||||
4,771,300 | Bangkok Dusit Medical Services PCL | 3,323,217 | ||||||||
3,279,100 | Bangkok Expressway & Metro PCL | 841,903 | ||||||||
502,500 | Berli Jucker PCL | 572,076 | ||||||||
3,990,500 | BTS Group Holdings PCL | 1,159,824 | ||||||||
195,100 | Bumrungrad Hospital PCL | 838,091 | ||||||||
1,108,400 | Central Pattana PCL | 1,856,172 | ||||||||
862,216 | Central Retail Corp PCL | 967,130 | ||||||||
2,126,680 | Charoen Pokphand Foods PCL | 1,979,142 | ||||||||
3,029,055 | CP ALL plc | 6,076,968 | ||||||||
161,700 | Delta Electronics Thai PCL | 1,838,356 | ||||||||
152,000 | Electricity Generating PCL | 860,474 | ||||||||
697,100 | Energy Absolute PCL | 1,361,386 | ||||||||
310,400 | Global Power Synergy Co Ltd | 723,919 | ||||||||
1,486,550 | Gulf Energy Development PCL | 1,643,946 | ||||||||
3,045,126 | Home Product Center PCL | 1,376,071 | ||||||||
742,978 | Indorama Ventures PCL | 1,143,344 | ||||||||
1,192,400 | Intouch Holdings PCL (Class F) | 2,438,939 | ||||||||
876,849 | Kasikornbank PCL | 3,739,791 | ||||||||
1,816,360 | Krung Thai Bank PCL | 657,981 | ||||||||
388,200 | Krungthai Card PCL | 949,479 | ||||||||
3,752,000 | Land and Houses PCL Co Reg | 1,041,360 | ||||||||
1,641,970 | * | Minor International PCL | 1,579,314 | |||||||
362,200 | Muangthai Capital PCL | 743,533 | ||||||||
321,200 | Osotspa PCL | 368,496 | ||||||||
912,098 | PTT Exploration & Production PCL | 3,468,099 | ||||||||
1,205,429 | PTT Global Chemical PCL | 2,613,532 | ||||||||
1,400,000 | PTT Oil & Retail Business PCL | 1,360,096 | ||||||||
6,225,100 | PTT PCL | 7,933,733 | ||||||||
424,400 | Ratch Group PCL | 687,745 | ||||||||
413,558 | Siam Cement PCL | 6,119,773 | ||||||||
463,800 | Siam Commercial Bank PCL | 1,562,348 | ||||||||
445,000 | Sri Trang Gloves Thailand PCL | 632,026 | ||||||||
294,900 | Srisawad Corp PCL | 787,936 | ||||||||
684,500 | Thai Oil PCL | 1,295,607 | ||||||||
1,393,400 | Thai Union Group PCL | 674,961 | ||||||||
364,700 | Total Access Communication PCL | 382,907 | ||||||||
6,115,448 | True Corp PCL | 644,197 | ||||||||
TOTAL THAILAND | 77,137,741 | |||||||||
TURKEY - 0.3% | ||||||||||
1,635,208 | Akbank TAS | 965,923 | ||||||||
370,914 | Aselsan Elektronik Sanayi Ve Ticaret AS | 672,047 |
279 |
TIAA-CREF FUNDS – Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
233,206 | BIM Birlesik Magazalar AS | $ | 1,831,000 | |||||||
727,230 | Eregli Demir ve Celik Fabrikalari TAS | 1,672,530 | ||||||||
26,593 | Ford Otomotiv Sanayi AS | 564,705 | ||||||||
466,615 | Haci Omer Sabanci Holding AS | 457,082 | ||||||||
439,680 | KOC Holding AS | 974,992 | ||||||||
285,468 | * | Turk Hava Yollari | 421,442 | |||||||
588,201 | Turkcell Iletisim Hizmet AS | 1,054,375 | ||||||||
1,223,864 | Turkiye Garanti Bankasi AS | 1,066,787 | ||||||||
753,373 | Turkiye Is Bankasi (Series C) | 444,907 | ||||||||
72,453 | * | Turkiye Petrol Rafinerileri AS | 767,960 | |||||||
720,555 | Turkiye Sise ve Cam Fabrikalari AS | 653,594 | ||||||||
1,496,703 | Yapi ve Kredi Bankasi | 379,134 | ||||||||
TOTAL TURKEY | 11,926,478 | |||||||||
UNITED ARAB EMIRATES - 0.6% | ||||||||||
1,471,493 | Abu Dhabi Commercial Bank PJSC | 2,506,288 | ||||||||
738,151 | Abu Dhabi Islamic Bank PJSC | 967,594 | ||||||||
1,907,605 | Aldar Properties PJSC | 1,817,948 | ||||||||
974,882 | Dubai Islamic Bank PJSC | 1,179,384 | ||||||||
1,119,316 | * | Emaar Malls Group PJSC | 557,979 | |||||||
1,874,053 | Emaar Properties PJSC | 1,892,018 | ||||||||
1,334,872 | Emirates NBD Bank PJSC | 4,522,615 | ||||||||
872,372 | Emirates Telecommunications Group Co PJSC | 5,030,243 | ||||||||
1,417,591 | National Bank of Abu Dhabi PJSC | 5,486,326 | ||||||||
TOTAL UNITED ARAB EMIRATES | 23,960,395 | |||||||||
UNITED STATES - 2.9% | ||||||||||
19,546 | * | Globant S.A. | 4,479,553 | |||||||
171,447 | iShares MSCI South Korea Index Fund | 15,526,240 | ||||||||
572,664 | JBS S.A. | 3,175,346 | ||||||||
1,948,340 | e | Vanguard Emerging Markets ETF | 103,223,053 | |||||||
TOTAL UNITED STATES | 126,404,192 | |||||||||
TOTAL COMMON STOCKS | 4,358,655,744 | |||||||||
(Cost $2,904,054,673) | ||||||||||
PREFERRED STOCKS - 0.0% | ||||||||||
PHILIPPINES - 0.0% | ||||||||||
307,700 | *,† | Ayala Land, Inc | 639 | |||||||
TOTAL PHILIPPINES | 639 | |||||||||
TOTAL PREFERRED STOCKS | 639 | |||||||||
(Cost $725) | ||||||||||
RIGHTS / WARRANTS - 0.0% | ||||||||||
THAILAND - 0.0% | ||||||||||
11,796 | Srisawad Corp PCL | 7,690 | ||||||||
TOTAL THAILAND | 7,690 | |||||||||
TOTAL RIGHTS / WARRANTS | 7,690 | |||||||||
(Cost $0) |
280 |
TIAA-CREF FUNDS – Emerging Markets Equity Index Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
SHORT-TERM INVESTMENTS - 2.2% | ||||||||||||||||
REPURCHASE AGREEMENT - 0.0% | ||||||||||||||||
$ | 1,735,000 | r | Fixed Income Clearing Corp (FICC) | 0.005 | % | 05/03/21 | $ | 1,735,000 | ||||||||
TOTAL REPURCHASE AGREEMENT | 1,735,000 | |||||||||||||||
SHARES | COMPANY | |||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 2.2% | ||||||||||||||||
95,821,556 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 0.020 | 95,821,556 | ||||||||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 95,821,556 | |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 97,556,556 | |||||||||||||||
(Cost $97,556,556) | ||||||||||||||||
TOTAL INVESTMENTS - 102.3% | 4,456,220,629 | |||||||||||||||
(Cost $3,001,611,954) | ||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - (2.3)% | (102,188,191 | ) | ||||||||||||||
NET ASSETS - 100.0% | $ | 4,354,032,438 |
Abbreviation(s): | ||||
ADR | American Depositary Receipt | |||
ETF | Exchange Traded Fund | |||
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 $139,370,482. | |
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 4/30/21, the aggregate value of these securities is $230,309,776 or 5.3% of net assets. | |
r | Agreement with Fixed Income Clearing Corp, 0.005% dated 4/30/21 to be repurchased at $1,735,000 on 5/3/21, collateralized by U.S. Treasury Notes valued at $1,769,741. |
281 |
TIAA-CREF FUNDS – Emerging Markets Equity Index Fund
TIAA-CREF FUNDS
EMERGING MARKETS EQUITY INDEX FUND
SUMMARY OF MARKET VALUES BY SECTOR (unaudited)
April 30, 2021
% OF | ||||||||
SECTOR | VALUE | NET ASSETS | ||||||
INFORMATION TECHNOLOGY | $ | 895,357,718 | 20.5 | % | ||||
FINANCIALS | 881,226,537 | 20.2 | ||||||
CONSUMER DISCRETIONARY | 737,808,426 | 16.9 | ||||||
COMMUNICATION SERVICES | 497,057,323 | 11.4 | ||||||
MATERIALS | 365,468,375 | 8.4 | ||||||
CONSUMER STAPLES | 234,328,183 | 5.4 | ||||||
HEALTH CARE | 198,683,043 | 4.6 | ||||||
ENERGY | 194,807,726 | 4.5 | ||||||
INDUSTRIALS | 187,443,408 | 4.3 | ||||||
REAL ESTATE | 85,561,994 | 2.0 | ||||||
UTILITIES | 80,921,340 | 1.9 | ||||||
SHORT-TERM INVESTMENTS | 97,556,556 | 2.2 | ||||||
OTHER ASSETS & LIABILITIES, NET | (102,188,191 | ) | (2.3 | ) | ||||
NET ASSETS | $ | 4,354,032,438 | 100.0 | % |
282 |
TIAA-CREF FUNDS – International Equity Index Fund
TIAA-CREF FUNDS
INTERNATIONAL EQUITY INDEX FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2021
SHARES | COMPANY | VALUE | ||||||||
COMMON STOCKS - 98.5% | ||||||||||
AUSTRALIA - 8.0% | ||||||||||
202,976 | * | Afterpay Touch Group Ltd | $ | 18,281,120 | ||||||
585,629 | AGL Energy Ltd | 4,035,169 | ||||||||
3,182,442 | AMP Ltd | 2,732,915 | ||||||||
240,698 | Ampol Ltd | 4,744,605 | ||||||||
1,113,920 | APA Group | 8,606,526 | ||||||||
545,054 | Aristocrat Leisure Ltd | 15,546,194 | ||||||||
1,757,132 | Aurizon Holdings Ltd | 5,055,214 | ||||||||
1,747,068 | AusNet Services | 2,557,230 | ||||||||
2,684,606 | Australia & New Zealand Banking Group Ltd | 59,233,891 | ||||||||
183,486 | Australian Stock Exchange Ltd | 10,309,865 | ||||||||
989,098 | *,† | AZ BGP Holdings | 3,048 | |||||||
2,785,760 | BHP Billiton Ltd | 101,390,195 | ||||||||
1,996,923 | BHP Group plc | 60,136,900 | ||||||||
476,324 | BlueScope Steel Ltd | 7,874,425 | ||||||||
1,399,117 | Brambles Ltd | 11,208,215 | ||||||||
87,260 | *,e | CIMIC Group Ltd | 1,299,096 | |||||||
62,556 | Cochlear Ltd | 10,708,320 | ||||||||
1,261,981 | Coles Group Ltd | 15,847,539 | ||||||||
1,677,940 | Commonwealth Bank of Australia | 114,866,028 | ||||||||
516,294 | Computershare Ltd | 5,613,498 | ||||||||
352,696 | * | Crown Resorts Ltd | 3,312,052 | |||||||
430,857 | CSL Ltd | 90,003,620 | ||||||||
1,042,921 | Dexus Property Group | 8,186,705 | ||||||||
1,532,153 | Evolution Mining Ltd | 5,425,049 | ||||||||
1,602,118 | Fortescue Metals Group Ltd | 27,718,743 | ||||||||
9,460,567 | Glencore Xstrata plc | 38,536,870 | ||||||||
1,575,542 | Goodman Group | 22,975,433 | ||||||||
1,835,603 | GPT Group | 6,533,413 | ||||||||
2,318,095 | Insurance Australia Group Ltd | 8,734,119 | ||||||||
637,015 | Lend Lease Corp Ltd | 6,224,729 | ||||||||
325,307 | Macquarie Group Ltd | 40,098,145 | ||||||||
123,756 | Magellan Financial Group Ltd | 4,610,508 | ||||||||
2,584,900 | Medibank Pvt Ltd | 6,133,123 | ||||||||
3,724,251 | Mirvac Group | 7,716,705 | ||||||||
3,113,782 | National Australia Bank Ltd | 63,720,978 | ||||||||
778,762 | Newcrest Mining Ltd | 15,916,370 | ||||||||
1,055,942 | Northern Star Resources Ltd | 8,483,896 | ||||||||
1,887,189 | Oil Search Ltd | 5,450,956 | ||||||||
388,858 | Orica Ltd | 4,048,464 | ||||||||
1,666,616 | Origin Energy Ltd | 5,329,138 | ||||||||
869,200 | * | Qantas Airways Ltd | 3,296,945 | |||||||
1,398,721 | QBE Insurance Group Ltd | 10,580,723 | ||||||||
174,247 | Ramsay Health Care Ltd | 9,032,839 | ||||||||
50,222 | REA Group Ltd | 6,110,246 | ||||||||
350,570 | Rio Tinto Ltd | 32,583,694 |
283 |
TIAA-CREF FUNDS – International Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
1,060,531 | Rio Tinto plc | $ | 88,827,066 | |||||||
1,692,350 | Santos Ltd | 8,983,690 | ||||||||
4,912,315 | Scentre Group | 10,281,410 | ||||||||
316,732 | * | Seek Ltd | 7,548,403 | |||||||
430,612 | Sonic Healthcare Ltd | 11,902,090 | ||||||||
4,590,281 | South32 Ltd | 10,105,718 | ||||||||
2,258,950 | Stockland Trust Group | 8,140,518 | ||||||||
1,196,198 | Suncorp-Metway Ltd | 9,674,317 | ||||||||
1,265,317 | * | Sydney Airport | 6,017,361 | |||||||
2,108,929 | Tabcorp Holdings Ltd | 8,041,031 | ||||||||
3,981,576 | Telstra Corp Ltd | 10,401,367 | ||||||||
362,703 | TPG Telecom Ltd | 1,539,874 | ||||||||
2,598,419 | Transurban Group | 28,333,859 | ||||||||
683,153 | Treasury Wine Estates Ltd | 5,279,430 | ||||||||
3,667,655 | Vicinity Centres | 4,482,085 | ||||||||
101,594 | e | Washington H Soul Pattinson & Co Ltd | 2,366,352 | |||||||
1,069,290 | Wesfarmers Ltd | 44,574,402 | ||||||||
3,416,248 | Westpac Banking Corp | 65,833,394 | ||||||||
140,917 | Wisetech Global Ltd | 3,391,699 | ||||||||
919,723 | Woodside Petroleum Ltd | 16,040,586 | ||||||||
1,197,719 | Woolworths Ltd | 36,325,671 | ||||||||
TOTAL AUSTRALIA | 1,288,903,779 | |||||||||
AUSTRIA - 0.2% | ||||||||||
266,241 | Erste Bank der Oesterreichischen Sparkassen AG. | 9,462,804 | ||||||||
140,278 | OMV AG. | 6,895,851 | ||||||||
140,585 | Raiffeisen International Bank Holding AG. | 3,071,448 | ||||||||
65,043 | Verbund AG. | 5,341,532 | ||||||||
109,297 | Voestalpine AG. | 4,741,772 | ||||||||
TOTAL AUSTRIA | 29,513,407 | |||||||||
BELGIUM - 0.9% | ||||||||||
165,840 | Ageas | 10,029,977 | ||||||||
720,960 | Anheuser-Busch InBev S.A. | 51,067,369 | ||||||||
50,809 | Colruyt S.A. | 3,013,328 | ||||||||
29,708 | e | Elia System Operator S.A. | 3,215,858 | |||||||
40,757 | * | Galapagos NV | 3,173,142 | |||||||
107,201 | Groupe Bruxelles Lambert S.A. | 11,722,774 | ||||||||
237,719 | KBC Groep NV | 18,444,268 | ||||||||
142,160 | e | Proximus plc | 3,028,712 | |||||||
14,371 | Sofina S.A. | 5,460,401 | ||||||||
70,267 | e | Solvay S.A. | 8,935,329 | |||||||
119,983 | UCB S.A. | 11,110,188 | ||||||||
187,607 | Umicore S.A. | 11,399,486 | ||||||||
TOTAL BELGIUM | 140,600,832 | |||||||||
BRAZIL - 0.1% | ||||||||||
164,378 | Yara International ASA | 8,574,305 | ||||||||
TOTAL BRAZIL | 8,574,305 | |||||||||
CHILE - 0.1% | ||||||||||
372,457 | Antofagasta plc | 9,594,540 | ||||||||
TOTAL CHILE | 9,594,540 |
284 |
TIAA-CREF FUNDS – International Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
CHINA - 0.2% | ||||||||||
3,495,938 | BOC Hong Kong Holdings Ltd | $ | 12,292,584 | |||||||
1,651,921 | g | Budweiser Brewing Co APAC Ltd | 5,205,375 | |||||||
1,619,497 | *,g | ESR Cayman Ltd | 5,530,905 | |||||||
1,820,061 | Wilmar International Ltd | 7,123,035 | ||||||||
TOTAL CHINA | 30,151,899 | |||||||||
DENMARK - 2.4% | ||||||||||
154,588 | Ambu A.S. | 8,652,396 | ||||||||
2,895 | AP Moller - Maersk AS (Class A) | 6,802,307 | ||||||||
5,809 | AP Moller - Maersk AS (Class B) | 14,450,626 | ||||||||
97,277 | Carlsberg AS (Class B) | 17,066,280 | ||||||||
99,857 | * | Chr Hansen Holding A/S | 9,167,610 | |||||||
112,469 | Coloplast AS | 18,629,318 | ||||||||
654,828 | Danske Bank AS | 12,446,788 | ||||||||
102,537 | * | Demant A.S. | 5,133,186 | |||||||
196,418 | DSV AS | 43,759,990 | ||||||||
62,550 | * | Genmab AS | 22,953,476 | |||||||
122,895 | GN Store Nord | 11,083,554 | ||||||||
66,574 | H Lundbeck AS | 2,050,011 | ||||||||
1,628,541 | Novo Nordisk AS | 120,133,308 | ||||||||
197,845 | Novozymes AS | 14,031,678 | ||||||||
179,454 | g | Orsted AS | 26,086,304 | |||||||
94,647 | Pandora AS | 10,718,662 | ||||||||
7,746 | Rockwool International AS (B Shares) | 3,464,766 | ||||||||
310,952 | Tryg A.S. | 7,110,505 | ||||||||
934,125 | Vestas Wind Systems A.S. | 38,993,610 | ||||||||
TOTAL DENMARK | 392,734,375 | |||||||||
FINLAND - 1.2% | ||||||||||
135,664 | Elisa Oyj (Series A) | 7,690,433 | ||||||||
412,988 | Fortum Oyj | 10,852,827 | ||||||||
258,498 | Kesko Oyj (B Shares) | 7,871,095 | ||||||||
321,190 | Kone Oyj (Class B) | 25,227,066 | ||||||||
400,949 | Neste Oil Oyj | 24,245,683 | ||||||||
5,357,148 | * | Nokia Oyj | 25,376,563 | |||||||
3,063,230 | * | Nordea Bank Abp | 31,749,088 | |||||||
100,536 | Orion Oyj (Class B) | 4,451,619 | ||||||||
446,145 | Sampo Oyj (A Shares) | 21,162,718 | ||||||||
549,974 | Stora Enso Oyj (R Shares) | 10,522,352 | ||||||||
503,954 | UPM-Kymmene Oyj | 19,708,192 | ||||||||
418,169 | Wartsila Oyj (B Shares) | 5,396,444 | ||||||||
TOTAL FINLAND | 194,254,080 | |||||||||
FRANCE - 11.0% | ||||||||||
170,825 | Accor S.A. | 6,878,469 | ||||||||
225,345 | * | Adevinta ASA | 4,123,950 | |||||||
28,494 | Aeroports de Paris | 3,652,437 | ||||||||
448,627 | Air Liquide | 75,549,810 | ||||||||
557,160 | * | Airbus SE | 67,003,864 | |||||||
251,251 | * | Alstom RGPT | 13,721,218 | |||||||
58,366 | g | Amundi S.A. | 5,201,490 | |||||||
65,356 | Arkema | 8,170,600 |
285 |
TIAA-CREF FUNDS – International Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
94,844 | Atos Origin S.A. | $ | 6,458,841 | |||||||
1,832,835 | AXA S.A. | 51,768,467 | ||||||||
39,653 | BioMerieux | 4,716,789 | ||||||||
1,058,088 | BNP Paribas S.A. | 67,842,163 | ||||||||
796,076 | Bollore | 4,019,250 | ||||||||
220,451 | Bouygues S.A. | 9,447,520 | ||||||||
277,420 | Bureau Veritas S.A. | 8,296,851 | ||||||||
152,485 | Cap Gemini S.A. | 27,942,396 | ||||||||
583,471 | Carrefour S.A. | 11,300,079 | ||||||||
145,471 | CNP Assurances | 2,544,394 | ||||||||
482,306 | Compagnie de Saint-Gobain | 30,431,161 | ||||||||
1,102,258 | Credit Agricole S.A. | 17,049,956 | ||||||||
585,055 | Danone | 41,298,722 | ||||||||
2,367 | Dassault Aviation S.A. | 2,578,681 | ||||||||
125,545 | Dassault Systemes S.A. | 29,122,981 | ||||||||
234,371 | Edenred | 13,286,833 | ||||||||
78,534 | Eiffage S.A. | 8,602,417 | ||||||||
591,104 | Electricite de France | 8,624,890 | ||||||||
1,733,165 | Engie S.A. | 25,816,262 | ||||||||
270,823 | Essilor International S.A. | 45,075,718 | ||||||||
36,510 | Eurazeo | 3,041,988 | ||||||||
113,858 | Faurecia | 6,151,412 | ||||||||
49,193 | Fonciere Des Regions | 4,388,558 | ||||||||
44,260 | Gecina S.A. | 6,478,670 | ||||||||
420,943 | Getlink S.E. | 6,696,102 | ||||||||
30,022 | Hermes International | 37,680,904 | ||||||||
14,279 | Iliad S.A. | 2,592,887 | ||||||||
36,467 | Ipsen | 3,525,448 | ||||||||
71,786 | Kering | 57,522,941 | ||||||||
187,052 | Klepierre | 4,964,570 | ||||||||
82,256 | g | La Francaise des Jeux SAEM | 4,215,344 | |||||||
253,785 | Legrand S.A. | 24,703,396 | ||||||||
238,533 | L’Oreal S.A. | 97,672,091 | ||||||||
262,860 | LVMH Moet Hennessy Louis Vuitton S.A. | 198,025,615 | ||||||||
162,471 | Michelin (C.G.D.E.) (Class B) | 23,509,648 | ||||||||
907,687 | Natixis | 4,432,236 | ||||||||
1,911,270 | Orange S. A. | 23,801,453 | ||||||||
49,382 | Orpea | 6,355,555 | ||||||||
198,538 | Pernod-Ricard S.A. | 40,773,083 | ||||||||
207,732 | Publicis Groupe S.A. | 13,444,390 | ||||||||
21,912 | Remy Cointreau S.A. | 4,378,059 | ||||||||
176,676 | * | Renault S.A. | 7,121,506 | |||||||
303,710 | Safran S.A. | 45,346,530 | ||||||||
1,071,884 | Sanofi-Aventis | 112,378,747 | ||||||||
26,168 | Sartorius Stedim Biotech | 12,018,596 | ||||||||
510,257 | Schneider Electric S.A. | 81,414,436 | ||||||||
150,074 | * | SCOR SE | 4,849,109 | |||||||
23,787 | SEB S.A. | 4,331,969 | ||||||||
768,462 | Societe Generale | 21,860,573 | ||||||||
84,772 | * | Sodexho Alliance S.A. | 8,481,287 | |||||||
331,007 | Suez Environnement S.A. | 7,911,424 | ||||||||
55,842 | Teleperformance | 21,563,069 | ||||||||
101,526 | Thales S.A. | 10,350,199 | ||||||||
2,385,596 | Total S.A. | 105,437,989 |
286 |
TIAA-CREF FUNDS – International Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
88,529 | * | Ubisoft Entertainment | $ | 6,643,584 | ||||||
127,868 | Unibail-Rodamco-Westfield | 10,530,139 | ||||||||
208,866 | Valeo S.A. | 6,768,504 | ||||||||
512,377 | Veolia Environnement | 16,342,271 | ||||||||
494,880 | Vinci S.A. | 54,303,029 | ||||||||
788,227 | * | Vivendi Universal S.A. | 27,477,986 | |||||||
25,393 | Wendel | 3,380,094 | ||||||||
226,915 | *,g | Worldline S.A. | 22,278,108 | |||||||
TOTAL FRANCE | 1,765,669,708 | |||||||||
GERMANY - 9.2% | ||||||||||
180,305 | Adidas-Salomon AG. | 55,689,150 | ||||||||
389,713 | Allianz AG. | 101,176,054 | ||||||||
955,261 | Aroundtown S.A. | 7,355,612 | ||||||||
868,685 | BASF SE | 70,008,418 | ||||||||
929,962 | Bayer AG. | 60,176,271 | ||||||||
314,513 | Bayerische Motoren Werke AG. | 31,517,400 | ||||||||
53,810 | Bayerische Motoren Werke AG. (Preference) | 4,407,160 | ||||||||
26,307 | Bechtle AG. | 5,356,827 | ||||||||
95,740 | Beiersdorf AG. | 10,806,219 | ||||||||
145,960 | Brenntag AG. | 13,103,510 | ||||||||
37,972 | Carl Zeiss Meditec AG. | 6,689,579 | ||||||||
962,189 | Commerzbank AG. | 6,344,827 | ||||||||
105,232 | Continental AG. | 14,220,981 | ||||||||
173,645 | g | Covestro AG. | 11,356,280 | |||||||
810,951 | Daimler AG. (Registered) | 72,173,602 | ||||||||
509,500 | Deutsche Annington Immobilien SE | 33,476,553 | ||||||||
1,862,349 | * | Deutsche Bank AG. (Registered) | 25,944,846 | |||||||
179,927 | Deutsche Boerse AG. | 31,005,969 | ||||||||
287,227 | *,e | Deutsche Lufthansa AG. | 3,710,507 | |||||||
937,029 | Deutsche Post AG. | 55,188,341 | ||||||||
3,176,565 | Deutsche Telekom AG. | 61,133,105 | ||||||||
323,507 | Deutsche Wohnen AG. | 17,501,288 | ||||||||
2,129,027 | E.ON AG. | 25,671,442 | ||||||||
196,841 | Evonik Industries AG. | 6,891,217 | ||||||||
201,925 | Fresenius Medical Care AG. | 16,078,533 | ||||||||
395,337 | Fresenius SE | 19,430,534 | ||||||||
65,050 | Fuchs Petrolub AG. (Preference) | 3,463,875 | ||||||||
146,567 | GEA Group AG. | 6,436,404 | ||||||||
57,397 | Hannover Rueckversicherung AG. | 10,598,977 | ||||||||
140,853 | HeidelbergCement AG. | 12,906,821 | ||||||||
140,660 | * | HelloFresh SE | 11,668,482 | |||||||
97,533 | Henkel KGaA | 9,690,145 | ||||||||
167,869 | Henkel KGaA (Preference) | 19,283,050 | ||||||||
23,410 | * | Hochtief AG. | 2,195,180 | |||||||
1,237,669 | Infineon Technologies AG. | 49,631,187 | ||||||||
119,707 | *,e,g | Just Eat Takeaway.com NV | 12,368,518 | |||||||
68,953 | KION Group AG. | 6,870,979 | ||||||||
68,665 | Knorr-Bremse AG. | 8,416,689 | ||||||||
78,315 | Lanxess AG. | 5,763,387 | ||||||||
68,317 | LEG Immobilien AG. | 9,505,299 | ||||||||
122,318 | Merck KGaA | 21,489,360 | ||||||||
50,501 | MTU Aero Engines Holding AG. | 12,744,293 | ||||||||
132,569 | Muenchener Rueckver AG. | 38,303,688 |
287 |
TIAA-CREF FUNDS – International Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
55,157 | Nemetschek AG. | $ | 4,111,608 | |||||||
146,531 | Porsche AG. | 15,446,774 | ||||||||
93,300 | Puma AG. Rudolf Dassler Sport | 9,835,892 | ||||||||
4,933 | Rational AG. | 4,103,548 | ||||||||
608,862 | RWE AG. | 23,119,617 | ||||||||
987,866 | SAP AG. | 138,321,633 | ||||||||
33,761 | Sartorius AG. | 19,048,638 | ||||||||
101,089 | g | Scout24 AG. | 8,404,606 | |||||||
723,291 | Siemens AG. | 120,670,166 | ||||||||
379,467 | * | Siemens Energy AG. | 12,692,009 | |||||||
253,626 | g | Siemens Healthineers AG. | 14,493,828 | |||||||
122,237 | Symrise AG. | 15,785,064 | ||||||||
145,664 | *,g | TeamViewer AG. | 6,923,782 | |||||||
962,600 | Telefonica Deutschland Holding AG. | 2,797,480 | ||||||||
190,194 | Uniper SE | 6,939,833 | ||||||||
102,839 | United Internet AG. | 4,325,191 | ||||||||
29,053 | Volkswagen AG. | 9,223,525 | ||||||||
174,999 | Volkswagen AG. (Preference) | 45,562,645 | ||||||||
145,119 | *,g | Zalando SE | 15,092,169 | |||||||
TOTAL GERMANY | 1,484,648,567 | |||||||||
HONG KONG - 2.8% | ||||||||||
11,451,347 | AIA Group Ltd | 145,347,033 | ||||||||
295,093 | ASM Pacific Technology | 4,456,914 | ||||||||
1,203,179 | Bank of East Asia Ltd | 2,522,731 | ||||||||
2,431,289 | CK Asset Holdings Ltd | 15,221,368 | ||||||||
620,544 | CK Infrastructure Holdings Ltd | 3,794,304 | ||||||||
1,539,882 | CLP Holdings Ltd | 15,199,732 | ||||||||
1,912,237 | Hang Lung Properties Ltd | 5,216,999 | ||||||||
722,010 | Hang Seng Bank Ltd | 14,134,841 | ||||||||
1,369,728 | Henderson Land Development Co Ltd | 6,088,063 | ||||||||
2,440,111 | HK Electric Investments & HK Electric Investments Ltd | 2,443,959 | ||||||||
3,608,835 | HKT Trust and HKT Ltd | 5,239,974 | ||||||||
10,081,136 | Hong Kong & China Gas Ltd | 16,170,618 | ||||||||
1,288,427 | Hong Kong Electric Holdings Ltd | 7,918,419 | ||||||||
1,140,964 | Hong Kong Exchanges and Clearing Ltd | 68,812,708 | ||||||||
1,116,970 | Hongkong Land Holdings Ltd | 5,523,655 | ||||||||
206,477 | Jardine Matheson Holdings Ltd | 13,864,757 | ||||||||
1,953,502 | Link REIT | 18,427,500 | ||||||||
200,434 | * | Melco Crown Entertainment Ltd (ADR) | 3,866,372 | |||||||
1,457,688 | MTR Corp | 8,118,499 | ||||||||
1,465,588 | New World Development Co Ltd | 7,755,405 | ||||||||
4,314,738 | PCCW Ltd | 2,496,297 | ||||||||
3,012,833 | Sino Land Co | 4,474,495 | ||||||||
1,234,471 | Sun Hung Kai Properties Ltd | 18,569,347 | ||||||||
471,612 | Swire Pacific Ltd (Class A) | 3,799,412 | ||||||||
1,094,434 | Swire Properties Ltd | 3,265,956 | ||||||||
1,304,660 | Techtronic Industries Co | 23,672,744 | ||||||||
9,083,007 | g | WH Group Ltd | 7,914,040 | |||||||
1,585,426 | Wharf Real Estate Investment Co Ltd | 9,111,490 | ||||||||
1,719,770 | Xinyi Glass Holdings Co Ltd | 6,093,149 | ||||||||
TOTAL HONG KONG | 449,520,781 |
288 |
TIAA-CREF FUNDS – International Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
IRELAND - 0.7% | ||||||||||
740,744 | CRH plc | $ | 34,951,416 | |||||||
154,410 | * | Flutter Entertainment PLC | 31,478,032 | |||||||
150,363 | Kerry Group plc (Class A) | 19,490,307 | ||||||||
146,349 | Kingspan Group plc | 13,017,016 | ||||||||
230,967 | Smurfit Kappa Group plc | 11,807,093 | ||||||||
TOTAL IRELAND | 110,743,864 | |||||||||
ISRAEL - 0.6% | ||||||||||
39,312 | Azrieli Group | 2,758,548 | ||||||||
1,081,166 | * | Bank Hapoalim Ltd | 8,592,688 | |||||||
1,375,616 | * | Bank Leumi Le-Israel | 9,656,458 | |||||||
105,820 | * | Check Point Software Technologies | 12,360,834 | |||||||
25,257 | Elbit Systems Ltd | 3,463,767 | ||||||||
662,580 | Israel Chemicals Ltd | 4,239,600 | ||||||||
1,105,117 | * | Israel Discount Bank Ltd | 4,974,796 | |||||||
134,703 | * | Mizrahi Tefahot Bank Ltd | 3,786,074 | |||||||
59,307 | * | Nice Systems Ltd | 14,302,741 | |||||||
1,037,410 | * | Teva Pharmaceutical Industries Ltd (ADR) | 11,100,287 | |||||||
53,073 | * | Wix.com Ltd | 16,870,845 | |||||||
TOTAL ISRAEL | 92,106,638 | |||||||||
ITALY - 2.0% | ||||||||||
120,038 | Amplifon S.p.A. | 5,066,229 | ||||||||
1,039,287 | Assicurazioni Generali S.p.A. | 20,802,812 | ||||||||
469,082 | * | Autostrade S.p.A. | 9,144,850 | |||||||
555,589 | Davide Campari-Milano NV | 6,556,173 | ||||||||
24,055 | DiaSorin S.p.A. | 4,085,440 | ||||||||
7,693,618 | Enel S.p.A. | 76,392,449 | ||||||||
2,389,081 | ENI S.p.A. | 28,456,085 | ||||||||
120,153 | Ferrari NV | 25,738,786 | ||||||||
581,899 | FinecoBank Banca Fineco S.p.A | 10,008,540 | ||||||||
323,840 | g | Infrastrutture Wireless Italiane S.p.A | 3,778,392 | |||||||
15,659,464 | Intesa Sanpaolo S.p.A. | 43,657,213 | ||||||||
564,393 | * | Mediobanca S.p.A. | 6,374,534 | |||||||
184,589 | Moncler S.p.A | 11,313,541 | ||||||||
415,885 | *,g | Nexi S.p.A | 7,966,431 | |||||||
499,342 | g | Poste Italiane S.p.A | 6,536,950 | |||||||
229,456 | Prysmian S.p.A. | 7,178,890 | ||||||||
98,993 | Recordati S.p.A. | 5,454,372 | ||||||||
1,888,525 | Snam Rete Gas S.p.A. | 10,626,827 | ||||||||
5,770,508 | Telecom Italia RSP | 3,384,761 | ||||||||
8,076,967 | Telecom Italia S.p.A. | 4,428,361 | ||||||||
1,322,596 | Terna Rete Elettrica Nazionale S.p.A. | 9,749,448 | ||||||||
2,027,674 | UniCredit S.p.A. | 20,828,232 | ||||||||
TOTAL ITALY | 327,529,316 | |||||||||
JAPAN - 23.5% | ||||||||||
30,331 | ABC-Mart, Inc | 1,625,147 | ||||||||
359,042 | Acom Co Ltd | 1,543,304 | ||||||||
189,477 | Advantest Corp | 17,912,213 | ||||||||
619,477 | Aeon Co Ltd | 16,904,850 | ||||||||
98,630 | Aeon Mall Co Ltd | 1,565,710 | ||||||||
175,527 | Air Water, Inc | 2,903,344 | ||||||||
157,442 | Aisin Seiki Co Ltd | 6,059,920 |
289 |
TIAA-CREF FUNDS – International Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
440,522 | Ajinomoto Co, Inc | $ | 8,809,763 | |||||||
175,899 | Alfresa Holdings Corp | 3,153,110 | ||||||||
146,959 | * | All Nippon Airways Co Ltd | 3,373,933 | |||||||
305,575 | Amada Co Ltd | 3,314,388 | ||||||||
431,959 | Asahi Breweries Ltd | 18,061,521 | ||||||||
182,908 | Asahi Glass Co Ltd | 8,340,474 | ||||||||
187,352 | Asahi Intecc Co Ltd | 5,042,928 | ||||||||
1,185,539 | Asahi Kasei Corp | 12,489,038 | ||||||||
1,757,903 | Astellas Pharma, Inc | 26,458,314 | ||||||||
116,558 | Azbil Corp | 4,706,293 | ||||||||
189,298 | Bandai Namco Holdings Inc | 13,890,867 | ||||||||
51,706 | Bank of Kyoto Ltd | 2,777,751 | ||||||||
507,387 | Bridgestone Corp | 20,335,120 | ||||||||
210,151 | Brother Industries Ltd | 4,455,855 | ||||||||
80,283 | Calbee, Inc | 1,923,883 | ||||||||
945,698 | e | Canon, Inc | 22,488,831 | |||||||
166,314 | Capcom Co Ltd | 5,395,728 | ||||||||
181,806 | * | Casio Computer Co Ltd | 3,219,101 | |||||||
136,928 | Central Japan Railway Co | 20,061,562 | ||||||||
501,912 | Chiba Bank Ltd | 3,138,560 | ||||||||
607,617 | Chubu Electric Power Co, Inc | 7,363,342 | ||||||||
636,227 | Chugai Pharmaceutical Co Ltd | 23,880,717 | ||||||||
274,457 | Chugoku Electric Power Co, Inc | 3,071,654 | ||||||||
118,782 | Coca-Cola West Japan Co Ltd | 1,900,567 | ||||||||
990,311 | Concordia Financial Group Ltd | 3,723,063 | ||||||||
18,970 | Cosmos Pharmaceutical Corp | 2,722,706 | ||||||||
387,176 | CyberAgent, Inc | 7,945,795 | ||||||||
232,375 | Dai Nippon Printing Co Ltd | 4,604,552 | ||||||||
96,334 | Daifuku Co Ltd | 9,521,881 | ||||||||
1,022,166 | Dai-ichi Mutual Life Insurance Co | 18,457,315 | ||||||||
1,610,642 | Daiichi Sankyo Co Ltd | 41,136,458 | ||||||||
235,811 | Daikin Industries Ltd | 47,566,537 | ||||||||
61,683 | Daito Trust Construction Co Ltd | 6,558,935 | ||||||||
535,363 | Daiwa House Industry Co Ltd | 15,874,714 | ||||||||
1,862 | Daiwa House REIT Investment Corp | 4,986,814 | ||||||||
1,361,191 | Daiwa Securities Group, Inc | 7,263,477 | ||||||||
414,278 | Denso Corp | 26,784,310 | ||||||||
204,810 | Dentsu, Inc | 6,321,182 | ||||||||
27,409 | Disco Corp | 8,850,940 | ||||||||
391,384 | Don Quijote Co Ltd | 8,436,411 | ||||||||
287,965 | East Japan Railway Co | 19,722,040 | ||||||||
238,645 | Eisai Co Ltd | 15,564,881 | ||||||||
2,905,859 | ENEOS Holdings, Inc | 12,497,852 | ||||||||
181,598 | * | Fanuc Ltd | 41,818,881 | |||||||
55,181 | Fast Retailing Co Ltd | 45,272,234 | ||||||||
121,543 | * | Fuji Electric Holdings Co Ltd | 5,533,578 | |||||||
590,064 | Fuji Heavy Industries Ltd | 10,971,325 | ||||||||
340,273 | Fujifilm Holdings Corp | 22,041,254 | ||||||||
185,915 | Fujitsu Ltd | 29,534,087 | ||||||||
160,365 | Fukuoka Financial Group, Inc | 2,735,154 | ||||||||
3,880 | GLP J-Reit | 6,503,944 | ||||||||
38,715 | GMO Payment Gateway, Inc | 4,922,360 | ||||||||
218,511 | Hakuhodo DY Holdings, Inc | 3,698,149 | ||||||||
130,987 | Hamamatsu Photonics KK | 7,592,300 |
290 |
TIAA-CREF FUNDS – International Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
215,303 | Hankyu Hanshin Holdings, Inc | $ | 6,790,461 | |||||||
37,125 | e | Harmonic Drive Systems, Inc | 2,496,662 | |||||||
20,009 | Hikari Tsushin, Inc | 4,025,009 | ||||||||
274,780 | Hino Motors Ltd | 2,306,256 | ||||||||
30,570 | Hirose Electric Co Ltd | 4,873,063 | ||||||||
48,776 | Hisamitsu Pharmaceutical Co, Inc | 2,845,355 | ||||||||
101,863 | * | Hitachi Construction Machinery Co Ltd | 3,131,342 | |||||||
915,100 | * | Hitachi Ltd | 45,295,360 | |||||||
199,100 | * | Hitachi Metals Ltd | 3,860,155 | |||||||
1,546,896 | Honda Motor Co Ltd | 46,128,139 | ||||||||
48,725 | Hoshizaki Electric Co Ltd | 4,328,642 | ||||||||
355,694 | * | Hoya Corp | 40,430,056 | |||||||
286,885 | Hulic Co Ltd | 3,272,941 | ||||||||
101,686 | Ibiden Co Ltd | 4,799,935 | ||||||||
186,673 | Idemitsu Kosan Co Ltd | 4,464,465 | ||||||||
136,473 | Iida Group Holdings Co Ltd | 3,323,711 | ||||||||
981,192 | Inpex Holdings, Inc | 6,677,014 | ||||||||
531,324 | Isuzu Motors Ltd | 5,395,139 | ||||||||
49,719 | Ito En Ltd | 2,753,037 | ||||||||
1,273,582 | Itochu Corp | 39,759,617 | ||||||||
91,171 | Itochu Techno-Science Corp | 3,154,688 | ||||||||
136,276 | * | Japan Airlines Co Ltd | 2,919,308 | |||||||
48,392 | * | Japan Airport Terminal Co Ltd | 2,172,780 | |||||||
379,915 | Japan Post Bank Co Ltd | 3,474,113 | ||||||||
1,493,218 | Japan Post Holdings Co Ltd | 12,548,182 | ||||||||
210,663 | Japan Post Insurance Co Ltd | 4,061,775 | ||||||||
1,245 | Japan Real Estate Investment Corp | 7,716,744 | ||||||||
6,597 | Japan Retail Fund Investment Corp | 6,501,095 | ||||||||
1,124,091 | Japan Tobacco, Inc | 21,086,442 | ||||||||
470,449 | JFE Holdings, Inc | 6,186,273 | ||||||||
192,380 | JSR Corp | 5,929,928 | ||||||||
421,948 | Kajima Corp | 5,836,791 | ||||||||
128,974 | Kakaku.com, Inc | 3,501,682 | ||||||||
664,619 | Kansai Electric Power Co, Inc | 6,601,487 | ||||||||
167,382 | Kansai Paint Co Ltd | 4,214,512 | ||||||||
455,678 | Kao Corp | 29,297,150 | ||||||||
1,534,723 | KDDI Corp | 46,393,811 | ||||||||
91,060 | Keihan Electric Railway Co Ltd | 3,325,058 | ||||||||
208,960 | Keihin Electric Express Railway Co Ltd | 2,679,103 | ||||||||
97,436 | Keio Corp | 6,342,871 | ||||||||
122,368 | Keisei Electric Railway Co Ltd | 3,821,457 | ||||||||
172,686 | Keyence Corp | 82,898,380 | ||||||||
137,365 | Kikkoman Corp | 8,441,645 | ||||||||
162,460 | * | Kintetsu Corp | 5,828,188 | |||||||
776,527 | Kirin Brewery Co Ltd | 14,582,581 | ||||||||
46,779 | Kobayashi Pharmaceutical Co Ltd | 4,177,931 | ||||||||
117,611 | Kobe Bussan Co Ltd | 3,141,884 | ||||||||
56,742 | Koei Tecmo Holdings Co Ltd | 2,529,840 | ||||||||
98,709 | * | Koito Manufacturing Co Ltd | 6,157,530 | |||||||
828,205 | Komatsu Ltd | 24,353,054 | ||||||||
87,477 | Konami Corp | 5,217,683 | ||||||||
31,685 | Kose Corp | 4,769,715 | ||||||||
971,254 | Kubota Corp | 22,849,493 | ||||||||
268,179 | Kuraray Co Ltd | 2,915,162 |
291 |
TIAA-CREF FUNDS – International Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
94,958 | Kurita Water Industries Ltd | $ | 4,385,575 | |||||||
303,336 | Kyocera Corp | 18,416,486 | ||||||||
256,512 | Kyowa Hakko Kogyo Co Ltd | 7,807,739 | ||||||||
354,831 | Kyushu Electric Power Co, Inc | 3,252,288 | ||||||||
140,763 | Kyushu Railway Co | 3,160,036 | ||||||||
72,044 | Lasertec Corp | 12,686,145 | ||||||||
47,268 | Lawson, Inc | 2,124,274 | ||||||||
211,524 | Lion Corp | 3,968,858 | ||||||||
250,852 | LIXIL Group Corp | 6,794,804 | ||||||||
418,092 | M3, Inc | 28,881,737 | ||||||||
211,669 | Makita Corp | 9,532,563 | ||||||||
1,565,373 | Marubeni Corp | 13,038,355 | ||||||||
177,388 | Marui Co Ltd | 3,333,866 | ||||||||
557,506 | * | Mazda Motor Corp | 4,329,147 | |||||||
61,815 | McDonald’s Holdings Co Japan Ltd | 2,822,351 | ||||||||
170,227 | Mediceo Paltac Holdings Co Ltd | 3,132,261 | ||||||||
106,826 | MEIJI Holdings Co Ltd | 6,628,927 | ||||||||
82,308 | * | Mercari, Inc | 4,040,052 | |||||||
344,691 | Minebea Co Ltd | 8,644,552 | ||||||||
267,843 | MISUMI Group, Inc | 7,564,871 | ||||||||
1,215,641 | Mitsubishi Chemical Holdings Corp | 9,049,817 | ||||||||
1,264,462 | Mitsubishi Corp | 34,963,258 | ||||||||
1,721,934 | Mitsubishi Electric Corp | 26,532,153 | ||||||||
1,117,206 | Mitsubishi Estate Co Ltd | 18,387,961 | ||||||||
150,623 | Mitsubishi Gas Chemical Co, Inc | 3,480,099 | ||||||||
293,689 | Mitsubishi Heavy Industries Ltd | 8,742,639 | ||||||||
11,567,388 | Mitsubishi UFJ Financial Group, Inc | 61,539,617 | ||||||||
632,833 | Mitsubishi UFJ Lease & Finance Co Ltd | 3,636,967 | ||||||||
1,542,754 | Mitsui & Co Ltd | 32,557,717 | ||||||||
174,060 | Mitsui Chemicals, Inc | 5,479,400 | ||||||||
868,591 | Mitsui Fudosan Co Ltd | 18,882,552 | ||||||||
83,633 | Miura Co Ltd | 4,387,351 | ||||||||
2,279,688 | Mizuho Financial Group, Inc | 32,085,307 | ||||||||
239,196 | MonotaRO Co Ltd | 6,073,759 | ||||||||
419,923 | MS&AD Insurance Group Holdings Inc | 11,913,470 | ||||||||
543,532 | Murata Manufacturing Co Ltd | 43,214,809 | ||||||||
107,804 | Nabtesco Corp | 4,851,129 | ||||||||
179,890 | * | Nagoya Railroad Co Ltd | 4,131,870 | |||||||
245,739 | NEC Corp | 14,286,199 | ||||||||
461,883 | Nexon Co Ltd | 15,277,821 | ||||||||
245,089 | NGK Insulators Ltd | 4,479,352 | ||||||||
148,093 | NGK Spark Plug Co Ltd | 2,473,119 | ||||||||
423,435 | Nidec Corp | 48,893,555 | ||||||||
285,488 | Nihon M&A Center, Inc | 7,458,301 | ||||||||
105,913 | Nintendo Co Ltd | 60,757,288 | ||||||||
1,405 | Nippon Building Fund, Inc | 9,221,000 | ||||||||
67,987 | Nippon Express Co Ltd | 5,203,303 | ||||||||
77,499 | Nippon Meat Packers, Inc | 3,461,463 | ||||||||
693,285 | Nippon Paint Co Ltd | 9,902,766 | ||||||||
2,007 | Nippon ProLogis REIT, Inc | 6,431,378 | ||||||||
43,073 | Nippon Shinyaku Co Ltd | 2,905,426 | ||||||||
765,938 | Nippon Steel Corp | 13,384,744 | ||||||||
1,224,736 | Nippon Telegraph & Telephone Corp | 30,879,117 | ||||||||
146,572 | Nippon Yusen Kabushiki Kaisha | 5,760,774 |
292 |
TIAA-CREF FUNDS – International Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
116,625 | Nissan Chemical Industries Ltd | $ | 5,996,017 | |||||||
2,216,364 | * | Nissan Motor Co Ltd | 11,126,030 | |||||||
183,620 | Nisshin Seifun Group, Inc | 2,965,884 | ||||||||
59,765 | Nissin Food Products Co Ltd | 4,235,007 | ||||||||
75,776 | Nitori Co Ltd | 13,571,890 | ||||||||
149,641 | Nitto Denko Corp | 12,383,424 | ||||||||
2,978,650 | * | Nomura Holdings, Inc | 16,010,701 | |||||||
111,062 | Nomura Real Estate Holdings, Inc | 2,737,959 | ||||||||
3,972 | Nomura Real Estate Master Fund, Inc | 6,275,985 | ||||||||
303,137 | Nomura Research Institute Ltd | 9,302,987 | ||||||||
339,217 | NSK Ltd | 3,128,140 | ||||||||
599,477 | NTT Data Corp | 9,334,427 | ||||||||
610,376 | Obayashi Corp | 5,584,614 | ||||||||
66,250 | Obic Co Ltd | 12,768,093 | ||||||||
279,060 | Odakyu Electric Railway Co Ltd | 7,558,049 | ||||||||
815,627 | OJI Paper Co Ltd | 5,144,808 | ||||||||
1,103,140 | Olympus Corp | 22,704,297 | ||||||||
175,417 | Omron Corp | 13,283,619 | ||||||||
348,270 | Ono Pharmaceutical Co Ltd | 8,772,522 | ||||||||
36,731 | * | Oracle Corp Japan | 3,443,715 | |||||||
189,433 | Oriental Land Co Ltd | 26,854,184 | ||||||||
1,243,191 | ORIX Corp | 20,069,908 | ||||||||
2,469 | Orix JREIT, Inc | 4,355,253 | ||||||||
354,906 | Osaka Gas Co Ltd | 6,869,549 | ||||||||
483,453 | Osaka Securities Exchange Co Ltd | 11,338,625 | ||||||||
98,601 | Otsuka Corp | 4,959,985 | ||||||||
367,761 | Otsuka Holdings KK | 14,094,273 | ||||||||
2,088,334 | Panasonic Corp | 24,521,220 | ||||||||
89,030 | * | PeptiDream, Inc | 3,810,705 | |||||||
167,456 | Persol Holdings Co Ltd | 3,083,909 | ||||||||
109,744 | Pigeon Corp | 3,724,547 | ||||||||
85,048 | Pola Orbis Holdings, Inc | 2,202,499 | ||||||||
829,699 | * | Rakuten, Inc | 10,547,271 | |||||||
1,284,348 | Recruit Holdings Co Ltd | 57,908,014 | ||||||||
737,572 | * | Renesas Electronics Corp | 8,591,341 | |||||||
1,994,234 | Resona Holdings, Inc | 8,209,541 | ||||||||
634,788 | Ricoh Co Ltd | 6,783,418 | ||||||||
33,999 | Rinnai Corp | 3,413,989 | ||||||||
83,044 | Rohm Co Ltd | 8,197,493 | ||||||||
226,042 | Ryohin Keikaku Co Ltd | 4,760,705 | ||||||||
342,016 | Santen Pharmaceutical Co Ltd | 4,380,430 | ||||||||
228,044 | * | SBI Holdings, Inc | 6,445,619 | |||||||
198,153 | Secom Co Ltd | 16,512,953 | ||||||||
159,823 | Sega Sammy Holdings, Inc | 2,293,889 | ||||||||
198,361 | * | Seibu Holdings, Inc | 2,133,143 | |||||||
255,134 | Seiko Epson Corp | 4,352,995 | ||||||||
335,518 | Sekisui Chemical Co Ltd | 5,849,885 | ||||||||
580,311 | Sekisui House Ltd | 11,752,820 | ||||||||
712,448 | Seven & I Holdings Co Ltd | 30,760,733 | ||||||||
303,624 | SG Holdings Co Ltd | 6,895,038 | ||||||||
201,332 | e | Sharp Corp | 3,397,555 | |||||||
210,246 | Shimadzu Corp | 7,367,637 | ||||||||
20,508 | Shimamura Co Ltd | 2,028,850 | ||||||||
70,178 | Shimano, Inc | 16,046,539 |
293 |
TIAA-CREF FUNDS – International Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
529,871 | Shimizu Corp | $ | 4,341,808 | |||||||
335,246 | Shin-Etsu Chemical Co Ltd | 56,590,213 | ||||||||
148,784 | * | Shinsei Bank Ltd | 2,170,216 | |||||||
249,833 | Shionogi & Co Ltd | 13,171,001 | ||||||||
378,838 | Shiseido Co Ltd | 27,568,520 | ||||||||
401,419 | Shizuoka Bank Ltd | 3,080,281 | ||||||||
54,251 | * | SMC Corp | 31,524,005 | |||||||
2,735,177 | Softbank Corp | 35,257,435 | ||||||||
1,483,825 | Softbank Group Corp | 133,708,372 | ||||||||
67,243 | Sohgo Security Services Co Ltd | 2,948,119 | ||||||||
317,259 | Sompo Holdings, Inc | 11,790,976 | ||||||||
1,193,432 | Sony Corp | 119,318,020 | ||||||||
87,411 | Square Enix Co Ltd | 4,846,964 | ||||||||
121,188 | Stanley Electric Co Ltd | 3,469,176 | ||||||||
237,172 | Sumco Corp | 6,133,779 | ||||||||
49,788 | Sumisho Computer Systems Corp | 2,889,290 | ||||||||
1,414,519 | Sumitomo Chemical Co Ltd | 7,219,984 | ||||||||
1,122,555 | Sumitomo Corp | 15,254,382 | ||||||||
169,475 | Sumitomo Dainippon Pharma Co Ltd | 2,942,303 | ||||||||
713,994 | Sumitomo Electric Industries Ltd | 10,624,160 | ||||||||
221,642 | Sumitomo Metal Mining Co Ltd | 9,383,953 | ||||||||
1,233,645 | Sumitomo Mitsui Financial Group, Inc | 43,336,369 | ||||||||
318,402 | Sumitomo Mitsui Trust Holdings, Inc | 10,851,970 | ||||||||
293,022 | Sumitomo Realty & Development Co Ltd | 9,781,340 | ||||||||
65,753 | Sundrug Co Ltd | 2,240,747 | ||||||||
129,891 | Suntory Beverage & Food Ltd | 4,384,511 | ||||||||
64,323 | Suzuken Co Ltd | 2,318,040 | ||||||||
351,193 | * | Suzuki Motor Corp | 13,326,549 | |||||||
158,303 | Sysmex Corp | 15,811,862 | ||||||||
506,530 | T&D Holdings, Inc | 6,216,266 | ||||||||
98,454 | Taiheiyo Cement Corp | 2,471,857 | ||||||||
179,185 | Taisei Corp | 6,620,575 | ||||||||
31,425 | Taisho Pharmaceutical Holdings Co Ltd | 1,852,689 | ||||||||
143,472 | Taiyo Nippon Sanso Corp | 2,699,055 | ||||||||
1,493,609 | Takeda Pharmaceutical Co Ltd | 49,887,274 | ||||||||
122,765 | TDK Corp | 16,648,515 | ||||||||
170,747 | Teijin Ltd | 2,811,262 | ||||||||
610,862 | Terumo Corp | 23,098,039 | ||||||||
118,172 | THK Co Ltd | 4,031,396 | ||||||||
213,829 | TIS, Inc | 5,305,154 | ||||||||
177,023 | Tobu Railway Co Ltd | 4,558,338 | ||||||||
106,097 | Toho Co Ltd | 4,228,278 | ||||||||
70,071 | Toho Gas Co Ltd | 3,905,226 | ||||||||
400,065 | Tohoku Electric Power Co, Inc | 3,534,165 | ||||||||
597,046 | Tokio Marine Holdings, Inc | 28,632,466 | ||||||||
42,033 | Tokyo Century Corp | 2,598,546 | ||||||||
1,333,546 | * | Tokyo Electric Power Co, Inc | 3,954,205 | |||||||
141,353 | Tokyo Electron Ltd | 64,200,789 | ||||||||
353,029 | Tokyo Gas Co Ltd | 7,164,333 | ||||||||
468,758 | Tokyu Corp | 6,028,589 | ||||||||
585,043 | Tokyu Fudosan Holdings Corp | 3,256,307 | ||||||||
251,328 | Toppan Printing Co Ltd | 4,292,084 | ||||||||
1,320,540 | Toray Industries, Inc | 8,211,399 | ||||||||
366,411 | Toshiba Corp | 15,144,218 |
294 |
TIAA-CREF FUNDS – International Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
244,939 | Tosoh Corp | $ | 4,341,525 | |||||||
133,597 | Toto Ltd | 6,945,721 | ||||||||
84,514 | Toyo Suisan Kaisha Ltd | 3,446,056 | ||||||||
60,051 | Toyoda Gosei Co Ltd | 1,471,867 | ||||||||
138,267 | Toyota Industries Corp | 11,101,302 | ||||||||
2,007,710 | * | Toyota Motor Corp | 150,225,237 | |||||||
201,741 | Toyota Tsusho Corp | 8,548,669 | ||||||||
126,466 | * | Trend Micro, Inc | 6,019,638 | |||||||
34,879 | Tsuruha Holdings, Inc | 4,031,955 | ||||||||
382,416 | Uni-Charm Corp | 14,864,634 | ||||||||
2,784 | United Urban Investment Corp | 4,156,136 | ||||||||
204,261 | USS Co Ltd | 3,706,485 | ||||||||
89,215 | Welcia Holdings Co Ltd | 2,783,632 | ||||||||
154,906 | West Japan Railway Co | 8,564,098 | ||||||||
121,185 | Yakult Honsha Co Ltd | 5,898,875 | ||||||||
697,165 | Yamada Denki Co Ltd | 3,470,651 | ||||||||
126,516 | Yamaha Corp | 6,904,678 | ||||||||
265,087 | Yamaha Motor Co Ltd | 6,623,356 | ||||||||
276,106 | Yamato Transport Co Ltd | 7,787,246 | ||||||||
115,958 | Yamazaki Baking Co Ltd | 1,838,048 | ||||||||
228,569 | Yaskawa Electric Corp | 10,535,855 | ||||||||
217,736 | Yokogawa Electric Corp | 3,952,580 | ||||||||
2,511,836 | Z Holdings Corp | 11,585,251 | ||||||||
104,404 | ZOZO Inc | 3,511,524 | ||||||||
TOTAL JAPAN | 3,773,939,052 | |||||||||
JORDAN - 0.0% | ||||||||||
165,254 | Hikma Pharmaceuticals plc | 5,568,915 | ||||||||
TOTAL JORDAN | 5,568,915 | |||||||||
LUXEMBOURG - 0.2% | ||||||||||
677,404 | ArcelorMittal | 19,692,553 | ||||||||
126,958 | Eurofins Scientific SE | 12,574,110 | ||||||||
365,342 | SES S.A. | 2,769,501 | ||||||||
TOTAL LUXEMBOURG | 35,036,164 | |||||||||
MACAU - 0.2% | ||||||||||
2,057,914 | * | Galaxy Entertainment Group Ltd | 18,064,618 | |||||||
2,298,022 | * | Sands China Ltd | 10,874,377 | |||||||
1,884,433 | SJM Holdings Ltd | 2,433,474 | ||||||||
1,493,303 | * | Wynn Macau Ltd | 2,863,873 | |||||||
TOTAL MACAU | 34,236,342 | |||||||||
MEXICO - 0.0% | ||||||||||
169,135 | Fresnillo plc | 1,923,252 | ||||||||
TOTAL MEXICO | 1,923,252 | |||||||||
NETHERLANDS - 5.1% | ||||||||||
400,437 | *,g | ABN AMRO Group NV (ADR) | 5,170,493 | |||||||
16,511 | *,g | Adyen NV | 40,635,109 | |||||||
1,641,493 | Aegon NV | 7,607,212 | ||||||||
182,356 | e | Akzo Nobel NV | 21,895,295 | |||||||
43,088 | * | Argenx SE | 12,453,329 |
295 |
TIAA-CREF FUNDS – International Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
44,597 | ASM International NV | $ | 13,529,704 | |||||||
403,023 | ASML Holding NV | 261,618,946 | ||||||||
163,419 | DSM NV | 29,301,019 | ||||||||
103,088 | EXOR NV | 8,460,704 | ||||||||
109,097 | Heineken Holding NV | 10,836,632 | ||||||||
245,463 | Heineken NV | 28,473,573 | ||||||||
3,697,083 | ING Groep NV | 47,230,160 | ||||||||
72,310 | * | JDE Peet’s BV | 2,811,423 | |||||||
1,040,697 | Koninklijke Ahold Delhaize NV | 28,007,143 | ||||||||
3,403,029 | Koninklijke KPN NV | 11,739,131 | ||||||||
860,699 | Koninklijke Philips Electronics NV | 48,666,604 | ||||||||
65,664 | e | Koninklijke Vopak NV | 3,006,637 | |||||||
280,761 | NN Group NV | 14,003,927 | ||||||||
461,810 | Prosus NV | 50,120,977 | ||||||||
112,337 | Randstad Holdings NV | 8,105,355 | ||||||||
3,879,049 | Royal Dutch Shell plc (A Shares) | 72,989,204 | ||||||||
3,505,815 | Royal Dutch Shell plc (B Shares) | 62,731,844 | ||||||||
252,944 | Wolters Kluwer NV | 22,879,037 | ||||||||
TOTAL NETHERLANDS | 812,273,458 | |||||||||
NEW ZEALAND - 0.3% | ||||||||||
720,326 | * | a2 Milk Co Ltd | 3,938,155 | |||||||
1,184,583 | * | Auckland International Airport Ltd | 6,406,288 | |||||||
546,401 | Fisher & Paykel Healthcare Corp | 14,082,334 | ||||||||
637,761 | Mercury NZ Ltd | 3,159,237 | ||||||||
1,224,465 | Meridian Energy Ltd | 4,667,721 | ||||||||
379,878 | Ryman Healthcare Ltd | 3,840,573 | ||||||||
1,837,066 | Telecom Corp of New Zealand Ltd | 5,782,748 | ||||||||
114,950 | * | Xero Ltd | 12,522,161 | |||||||
TOTAL NEW ZEALAND | 54,399,217 | |||||||||
NORWAY - 0.5% | ||||||||||
883,562 | DNB NOR Holding ASA | 18,949,072 | ||||||||
924,302 | Equinor ASA | 18,664,205 | ||||||||
186,986 | Gjensidige Forsikring BA | 4,246,288 | ||||||||
416,769 | Mowi ASA | 10,281,732 | ||||||||
1,268,762 | Norsk Hydro ASA | 8,079,199 | ||||||||
707,556 | Orkla ASA | 7,212,202 | ||||||||
72,866 | Schibsted ASA | 3,661,796 | ||||||||
93,806 | Schibsted ASA (B Shares) | 4,113,310 | ||||||||
673,311 | Telenor ASA | 11,995,022 | ||||||||
TOTAL NORWAY | 87,202,826 | |||||||||
PORTUGAL - 0.2% | ||||||||||
2,653,104 | Energias de Portugal S.A. | 14,742,763 | ||||||||
473,081 | Galp Energia SGPS S.A. | 5,447,432 | ||||||||
222,923 | Jeronimo Martins SGPS S.A. | 4,071,058 | ||||||||
TOTAL PORTUGAL | 24,261,253 | |||||||||
RUSSIA - 0.0% | ||||||||||
476,050 | Evraz plc | 4,221,764 | ||||||||
TOTAL RUSSIA | 4,221,764 |
296 |
TIAA-CREF FUNDS – International Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
SAUDI ARABIA - 0.1% | ||||||||||
123,314 | *,g | Delivery Hero AG. | $ | 19,562,619 | ||||||
TOTAL SAUDI ARABIA | 19,562,619 | |||||||||
SINGAPORE - 1.0% | ||||||||||
3,069,506 | Ascendas REIT | 7,152,926 | ||||||||
2,498,601 | CapitaLand Ltd | 6,965,253 | ||||||||
4,336,486 | CapitaMall Trust | 6,996,326 | ||||||||
440,843 | City Developments Ltd | 2,607,793 | ||||||||
1,700,070 | DBS Group Holdings Ltd | 38,100,347 | ||||||||
5,674,939 | Genting Singapore Ltd | 3,680,478 | ||||||||
1,385,681 | Keppel Corp Ltd | 5,629,624 | ||||||||
1,994,201 | Mapletree Commercial Trust | 3,271,335 | ||||||||
2,717,895 | Mapletree Logistics Trust | 4,056,833 | ||||||||
3,163,731 | Oversea-Chinese Banking Corp | 28,921,323 | ||||||||
1,251,022 | * | Singapore Airlines Ltd | 4,741,266 | |||||||
734,147 | Singapore Exchange Ltd | 5,751,084 | ||||||||
1,452,577 | Singapore Technologies Engineering Ltd | 4,202,238 | ||||||||
7,778,802 | Singapore Telecommunications Ltd | 14,594,161 | ||||||||
1,851,498 | Suntec Real Estate Investment Trust | 2,121,795 | ||||||||
1,112,338 | United Overseas Bank Ltd | 22,171,965 | ||||||||
426,791 | UOL Group Ltd | 2,462,657 | ||||||||
262,478 | Venture Corp Ltd | 3,960,421 | ||||||||
TOTAL SINGAPORE | 167,387,825 | |||||||||
SOUTH AFRICA - 0.3% | ||||||||||
1,161,610 | Anglo American plc | 49,252,757 | ||||||||
TOTAL SOUTH AFRICA | 49,252,757 | |||||||||
SPAIN - 2.5% | ||||||||||
226,907 | ACS Actividades de Construccion y Servicios S.A. | 7,392,796 | ||||||||
65,151 | *,g | Aena S.A. | 11,322,954 | |||||||
428,172 | Amadeus IT Holding S.A. | 29,157,667 | ||||||||
6,359,021 | Banco Bilbao Vizcaya Argentaria S.A. | 35,607,854 | ||||||||
16,504,270 | Banco Santander S.A. | 63,666,071 | ||||||||
4,258,600 | * | CaixaBank S.A. | 13,623,108 | |||||||
416,044 | g | Cellnex Telecom SAU | 23,533,138 | |||||||
237,730 | Enagas | 5,175,494 | ||||||||
305,915 | Endesa S.A. | 8,046,085 | ||||||||
469,431 | Ferrovial S.A. | 13,327,615 | ||||||||
282,354 | e | Grifols S.A. | 7,647,880 | |||||||
5,809,352 | Iberdrola S.A. | 78,507,277 | ||||||||
1,039,470 | e | Industria De Diseno Textil S.A. | 36,985,055 | |||||||
280,841 | Naturgy Energy Group S.A. | 7,214,687 | ||||||||
411,689 | Red Electrica Corp S.A. | 7,557,805 | ||||||||
1,427,849 | Repsol YPF S.A. | 17,043,210 | ||||||||
229,681 | Siemens Gamesa Renewable Energy | 8,296,038 | ||||||||
4,849,767 | Telefonica S.A. | 22,475,367 | ||||||||
TOTAL SPAIN | 396,580,101 | |||||||||
SWEDEN - 3.4% | ||||||||||
297,905 | e | Alfa Laval AB | 10,061,038 | |||||||
947,997 | Assa Abloy AB | 27,026,991 | ||||||||
634,911 | Atlas Copco AB (A Shares) | 38,501,037 |
297 |
TIAA-CREF FUNDS – International Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
368,608 | Atlas Copco AB (B Shares) | $ | 19,126,677 | |||||||
257,379 | e | Boliden AB | 10,011,402 | |||||||
212,187 | e | Electrolux AB (Series B) | 5,955,388 | |||||||
370,191 | Epiroc AB | 7,248,153 | ||||||||
623,760 | e | Epiroc AB (Class A) | 13,496,609 | |||||||
225,442 | EQT AB | 7,597,945 | ||||||||
2,761,735 | Ericsson (LM) (B Shares) | 37,930,023 | ||||||||
576,955 | Essity AB | 18,830,657 | ||||||||
150,780 | g | Evolution Gaming Group AB | 29,765,268 | |||||||
97,454 | * | Fastighets AB Balder | 5,615,096 | |||||||
758,277 | Hennes & Mauritz AB (B Shares) | 18,659,206 | ||||||||
266,399 | Hexagon AB (B Shares) | 25,446,138 | ||||||||
394,666 | Husqvarna AB (B Shares) | 5,495,937 | ||||||||
94,768 | ICA Gruppen AB | 4,368,144 | ||||||||
152,757 | e | Industrivarden AB | 5,509,974 | |||||||
100,587 | e | Industrivarden AB | 3,857,384 | |||||||
138,349 | e | Investment AB Latour | 4,226,322 | |||||||
430,527 | e | Investor AB (B Shares) | 36,545,935 | |||||||
228,729 | Kinnevik AB | 12,623,922 | ||||||||
72,762 | Lundbergs AB (B Shares) | 4,154,395 | ||||||||
176,493 | Lundin Petroleum AB | 5,629,762 | ||||||||
298,277 | Nibe Industrier AB | 10,893,379 | ||||||||
1,067,824 | e | Sandvik AB | 26,406,694 | |||||||
292,625 | e | Securitas AB (B Shares) | 4,981,187 | |||||||
1,538,431 | Skandinaviska Enskilda Banken AB (Class A) | 19,712,134 | ||||||||
320,906 | Skanska AB (B Shares) | 8,691,136 | ||||||||
361,175 | SKF AB (B Shares) | 9,331,229 | ||||||||
573,430 | Svenska Cellulosa AB (B Shares) | 10,041,546 | ||||||||
1,472,282 | Svenska Handelsbanken AB | 17,049,417 | ||||||||
857,132 | Swedbank AB (A Shares) | 15,047,052 | ||||||||
153,295 | Swedish Match AB | 12,549,416 | ||||||||
477,258 | Tele2 AB (B Shares) | 6,164,399 | ||||||||
2,349,612 | e | TeliaSonera AB | 9,736,394 | |||||||
1,346,712 | Volvo AB (B Shares) | 32,887,473 | ||||||||
TOTAL SWEDEN | 541,174,859 | |||||||||
SWITZERLAND - 9.3% | ||||||||||
1,742,592 | ABB Ltd | 56,603,128 | ||||||||
146,012 | Adecco S.A. | 9,896,628 | ||||||||
465,434 | Alcon, Inc | 34,959,086 | ||||||||
44,103 | * | Baloise Holding AG. | 7,457,534 | |||||||
28,811 | Banque Cantonale Vaudoise | 2,937,179 | ||||||||
3,377 | Barry Callebaut AG. | 7,456,087 | ||||||||
494,418 | Cie Financiere Richemont S.A. | 50,740,524 | ||||||||
190,411 | Clariant AG. | 3,988,420 | ||||||||
189,600 | Coca-Cola HBC AG. | 6,552,938 | ||||||||
2,295,048 | e | Credit Suisse Group | 24,052,048 | |||||||
7,728 | e | EMS-Chemie Holding AG. | 7,215,724 | |||||||
35,007 | Geberit AG. | 23,034,892 | ||||||||
8,769 | Givaudan S.A. | 36,743,640 | ||||||||
494,855 | Holcim Ltd | 30,536,362 | ||||||||
212,316 | Julius Baer Group Ltd | 13,362,623 | ||||||||
50,843 | Kuehne & Nagel International AG. | 15,201,796 | ||||||||
977 | * | Lindt & Spruengli AG. | 9,061,254 |
298 |
TIAA-CREF FUNDS – International Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
97 | * | Lindt & Spruengli AG. (Registered) | $ | 9,590,195 | ||||||
156,703 | Logitech International S.A. | 17,441,724 | ||||||||
70,693 | * | Lonza Group AG. | 44,940,540 | |||||||
2,725,189 | Nestle S.A. | 325,198,688 | ||||||||
2,099,371 | Novartis AG. | 179,152,643 | ||||||||
17,736 | Partners Group | 25,264,345 | ||||||||
29,947 | e | Roche Holding AG. | 10,412,785 | |||||||
664,446 | Roche Holding AG. | 216,712,775 | ||||||||
38,530 | Schindler Holding AG. | 10,964,245 | ||||||||
19,028 | Schindler Holding AG. (Registered) | 5,294,482 | ||||||||
5,711 | SGS S.A. | 16,898,286 | ||||||||
134,602 | Sika AG. | 40,200,577 | ||||||||
51,886 | * | Sonova Holdings AG | 15,363,444 | |||||||
605,967 | STMicroelectronics NV | 22,633,624 | ||||||||
9,831 | Straumann Holding AG. | 14,050,190 | ||||||||
27,632 | e | Swatch Group AG. | 8,469,388 | |||||||
49,124 | Swatch Group AG. (Registered) | 2,946,733 | ||||||||
28,876 | Swiss Life Holding | 14,069,294 | ||||||||
72,308 | Swiss Prime Site AG. | 7,036,962 | ||||||||
270,833 | Swiss Re Ltd | 25,144,435 | ||||||||
24,314 | e | Swisscom AG. | 13,201,252 | |||||||
63,446 | Temenos Group AG. | 9,327,822 | ||||||||
3,469,419 | UBS Group AG | 52,980,100 | ||||||||
43,507 | e | Vifor Pharma AG. | 6,270,368 | |||||||
142,369 | Zurich Insurance Group AG | 58,408,085 | ||||||||
TOTAL SWITZERLAND | 1,491,772,845 | |||||||||
UNITED ARAB EMIRATES - 0.0% | ||||||||||
121,704 | *,† | NMC Health plc | 1,681 | |||||||
TOTAL UNITED ARAB EMIRATES | 1,681 | |||||||||
UNITED KINGDOM - 11.9% | ||||||||||
925,690 | 3i Group plc | 16,395,619 | ||||||||
183,247 | Admiral Group plc | 7,917,876 | ||||||||
427,916 | Ashtead Group plc | 27,493,996 | ||||||||
337,982 | * | Associated British Foods plc | 10,784,016 | |||||||
1,241,612 | AstraZeneca plc | 132,161,989 | ||||||||
928,155 | *,g | Auto Trader Group plc | 7,306,987 | |||||||
110,457 | Aveva Group plc | 5,308,717 | ||||||||
3,715,971 | Aviva plc | 20,543,915 | ||||||||
3,038,739 | BAE Systems plc | 21,226,290 | ||||||||
16,290,397 | Barclays plc | 39,438,542 | ||||||||
968,431 | Barratt Developments plc | 10,325,639 | ||||||||
118,645 | Berkeley Group Holdings plc | 7,582,425 | ||||||||
19,184,233 | BP plc | 80,311,818 | ||||||||
2,170,183 | British American Tobacco plc | 80,521,046 | ||||||||
840,777 | British Land Co plc | 6,025,149 | ||||||||
8,448,232 | * | BT Group plc | 19,269,934 | |||||||
318,719 | Bunzl plc | 10,247,708 | ||||||||
383,298 | * | Burberry Group plc | 10,909,910 | |||||||
2,563,239 | CK Hutchison Holdings Ltd | 20,949,611 | ||||||||
955,993 | CNH Industrial NV | 14,191,302 | ||||||||
194,110 | Coca-Cola European Partners plc (Class A) | 11,029,330 | ||||||||
1,690,352 | * | Compass Group plc | 36,772,374 |
299 |
TIAA-CREF FUNDS – International Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
132,537 | Croda International plc | $ | 12,381,592 | |||||||
93,427 | DCC plc | 8,106,568 | ||||||||
2,212,025 | Diageo plc | 99,300,819 | ||||||||
1,274,644 | Direct Line Insurance Group plc | 5,015,354 | ||||||||
553,957 | * | Entain PLC | 12,949,641 | |||||||
869,136 | Experian Group Ltd | 33,506,529 | ||||||||
4,742,078 | GlaxoSmithKline plc | 87,632,385 | ||||||||
360,446 | Halma plc | 12,879,669 | ||||||||
313,182 | Hargreaves Lansdown plc | 7,435,453 | ||||||||
19,282,667 | HSBC Holdings plc | 120,395,401 | ||||||||
893,478 | Imperial Tobacco Group plc | 18,623,221 | ||||||||
1,446,257 | Informa plc | 11,241,917 | ||||||||
165,008 | * | InterContinental Hotels Group plc | 11,725,966 | |||||||
152,842 | Intertek Group plc | 12,956,300 | ||||||||
1,697,123 | J Sainsbury plc | 5,574,189 | ||||||||
469,568 | * | JD Sports Fashion plc | 5,956,234 | |||||||
184,860 | Johnson Matthey plc | 8,295,476 | ||||||||
1,997,269 | * | Kingfisher plc | 9,859,840 | |||||||
666,906 | Land Securities Group plc | 6,645,756 | ||||||||
5,652,243 | Legal & General Group plc | 21,221,833 | ||||||||
66,612,867 | Lloyds TSB Group plc | 41,771,553 | ||||||||
299,998 | London Stock Exchange Group plc | 30,650,265 | ||||||||
2,467,161 | M&G plc | 7,405,466 | ||||||||
4,501,674 | Melrose Industries plc | 10,134,140 | ||||||||
463,075 | Mondi plc | 12,569,582 | ||||||||
3,325,863 | National Grid plc | 41,924,301 | ||||||||
4,636,293 | Natwest Group plc | 12,582,028 | ||||||||
125,835 | Next plc | 13,560,758 | ||||||||
462,355 | * | Ocado Ltd | 13,384,686 | |||||||
718,740 | Pearson plc | 8,245,431 | ||||||||
302,090 | Persimmon plc | 13,068,572 | ||||||||
529,636 | Phoenix Group Holdings plc | 5,195,614 | ||||||||
2,469,527 | Prudential plc | 52,290,446 | ||||||||
674,123 | Reckitt Benckiser Group plc | 60,022,296 | ||||||||
1,827,004 | RELX plc | 47,402,451 | ||||||||
1,763,205 | Rentokil Initial plc | 12,185,984 | ||||||||
7,779,914 | * | Rolls-Royce Group plc | 11,259,138 | |||||||
984,060 | RSA Insurance Group plc | 9,267,771 | ||||||||
1,043,348 | Sage Group plc | 9,192,533 | ||||||||
116,279 | Schroders plc | 5,793,419 | ||||||||
984,714 | Scottish & Southern Energy plc | 19,963,621 | ||||||||
1,126,582 | Segro plc | 15,651,127 | ||||||||
225,442 | Severn Trent plc | 7,716,944 | ||||||||
828,816 | Smith & Nephew plc | 17,938,684 | ||||||||
375,740 | Smiths Group plc | 8,438,489 | ||||||||
70,171 | Spirax-Sarco Engineering plc | 11,453,582 | ||||||||
512,899 | St. James’s Place plc | 9,646,783 | ||||||||
2,538,621 | Standard Chartered plc | 18,211,909 | ||||||||
2,086,632 | Standard Life Aberdeen plc | 7,996,474 | ||||||||
3,340,815 | Taylor Wimpey plc | 8,287,538 | ||||||||
7,321,715 | Tesco plc | 22,350,005 | ||||||||
2,487,046 | Unilever plc | 145,683,903 | ||||||||
641,653 | United Utilities Group plc | 8,582,613 | ||||||||
25,580,890 | Vodafone Group plc | 48,276,221 |
300 |
TIAA-CREF FUNDS – International Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||||||||
191,431 | * | Whitbread plc | $ | 8,582,471 | ||||||||||||
2,295,686 | WM Morrison Supermarkets plc | 5,513,505 | ||||||||||||||
1,162,216 | WPP plc | 15,669,129 | ||||||||||||||
TOTAL UNITED KINGDOM | 1,906,287,768 | |||||||||||||||
UNITED STATES - 0.6% | ||||||||||||||||
36,457 | * | CyberArk Software Ltd | 5,122,209 | |||||||||||||
212,916 | Ferguson plc | 26,854,247 | ||||||||||||||
421,363 | James Hardie Industries NV | 13,885,749 | ||||||||||||||
218,474 | *,e | QIAGEN NV | 10,651,370 | |||||||||||||
1,943,850 | Stellantis NV | 32,208,636 | ||||||||||||||
450,210 | Tenaris S.A. | 4,827,587 | ||||||||||||||
TOTAL UNITED STATES | 93,549,798 | |||||||||||||||
TOTAL COMMON STOCKS | 15,823,178,587 | |||||||||||||||
(Cost $11,866,037,509) | ||||||||||||||||
RIGHTS / WARRANTS - 0.0% | ||||||||||||||||
SWITZERLAND - 0.0% | ||||||||||||||||
86,367 | Cie Financiere Richemont S.A. | 36,883 | ||||||||||||||
2,295,048 | †,e | Credit Suisse Group AG. | 0 | |||||||||||||
TOTAL SWITZERLAND | 36,883 | |||||||||||||||
TOTAL RIGHTS / WARRANTS | 36,883 | |||||||||||||||
(Cost $0) | ||||||||||||||||
PRINCIPAL | ISSUER | RATE | MATURITY DATE | |||||||||||||
SHORT-TERM INVESTMENTS - 1.4% | ||||||||||||||||
GOVERNMENT AGENCY DEBT - 0.3% | ||||||||||||||||
$ | 13,919,000 | Federal Home Loan Bank (FHLB) | 0.005 | % | 05/10/21 | 13,919,000 | ||||||||||
1,665,000 | FHLB | 0.005 | 05/17/21 | 1,665,000 | ||||||||||||
16,300,000 | FHLB | 0.015 | 06/04/21 | 16,300,000 | ||||||||||||
13,040,000 | FHLB | 0.015 | 07/07/21 | 13,039,765 | ||||||||||||
TOTAL GOVERNMENT AGENCY DEBT | 44,923,765 | |||||||||||||||
REPURCHASE AGREEMENT - 0.0% | ||||||||||||||||
4,445,000 | r | Fixed Income Clearing Corp (FICC) | 0.005 | 05/03/21 | 4,445,000 | |||||||||||
TOTAL REPURCHASE AGREEMENT | 4,445,000 | |||||||||||||||
TREASURY DEBT - 0.5% | ||||||||||||||||
7,139,000 | United States Treasury Bill | 0.005 | 05/04/21 | 7,138,999 | ||||||||||||
50,000,000 | United States Treasury Bill | 0.006 | 05/06/21 | 49,999,979 | ||||||||||||
16,813,000 | United States Treasury Bill | 0.010 | 05/20/21 | 16,812,921 | ||||||||||||
TOTAL TREASURY DEBT | 73,951,899 |
301 |
TIAA-CREF FUNDS – International Equity Index Fund
SHARES | COMPANY | RATE | VALUE | |||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.6% | ||||||||||||||||
93,575,022 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 0.020 | % | $ | 93,575,022 | ||||||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 93,575,022 | |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 216,895,686 | |||||||||||||||
(Cost $216,895,272) | ||||||||||||||||
TOTAL INVESTMENTS - 99.9% | 16,040,111,156 | |||||||||||||||
(Cost $12,082,932,781) | ||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - 0.1% | 17,466,437 | |||||||||||||||
NET ASSETS - 100.0% | $ | 16,057,577,593 |
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 $193,540,932. | ||
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 4/30/21, the aggregate value of these securities is $300,649,090 or 1.9% of net assets. | ||
r | Agreement with Fixed Income Clearing Corp, 0.005% dated 4/30/21 to be repurchased at $4,445,000 on 5/3/21, collateralized by U.S. Treasury Notes valued at $4,533,983. | ||
Futures contracts outstanding as of April 30, 2021 were as follows:
Description | Number of long (short) contracts | Expiration date | Notional amount | Value | Unrealized appreciation (depreciation) | |||||||||||
MSCI EAFE Index | 1,057 | 06/18/21 | $ | 119,346,583 | $ | 119,298,305 | $ | (48,278 | ) | |||||||
302 |
TIAA-CREF FUNDS – International Equity Index Fund
TIAA-CREF FUNDS
INTERNATIONAL EQUITY INDEX FUND
SUMMARY OF MARKET VALUES BY SECTOR (unaudited)
April 30, 2021
SECTOR | VALUE | % OF NET ASSETS | ||||||
FINANCIALS | $ | 2,738,970,475 | 17.0 | % | ||||
INDUSTRIALS | 2,421,466,423 | 15.1 | ||||||
CONSUMER DISCRETIONARY | 2,007,928,501 | 12.5 | ||||||
HEALTH CARE | 1,890,289,377 | 11.8 | ||||||
CONSUMER STAPLES | 1,632,305,558 | 10.2 | ||||||
INFORMATION TECHNOLOGY | 1,464,425,960 | 9.1 | ||||||
MATERIALS | 1,275,900,880 | 7.9 | ||||||
COMMUNICATION SERVICES | 831,730,937 | 5.2 | ||||||
UTILITIES | 570,391,740 | 3.6 | ||||||
ENERGY | 502,241,966 | 3.1 | ||||||
REAL ESTATE | 487,563,653 | 3.0 | ||||||
SHORT-TERM INVESTMENTS | 216,895,686 | 1.4 | ||||||
OTHER ASSETS & LIABILITIES, NET | 17,466,437 | 0.1 | ||||||
NET ASSETS | $ | 16,057,577,593 | 100.0 | % |
303 |
TIAA-CREF FUNDS – Emerging Markets Debt Fund
TIAA-CREF FUNDS
EMERGING MARKETS DEBT FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2021
PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | ||||||||||||
BANK LOAN OBLIGATIONS - 1.0% | |||||||||||||||||
MEXICO - 1.0% | |||||||||||||||||
$ | 4,000,000 | †,i | Grupo Aeromexico SAB de C.V. | LIBOR 1M + 8.000% | 9.000 | % | 08/19/22 | $ | 4,015,000 | ||||||||
3,250,000 | †,i | Grupo Aeromexico SAB de C.V. | LIBOR 1M + 12.500% | 12.613 | 08/19/22 | 3,323,125 | |||||||||||
TOTAL MEXICO | 7,338,125 | ||||||||||||||||
TOTAL BANK LOAN OBLIGATIONS | 7,338,125 | ||||||||||||||||
(Cost $7,197,022) | |||||||||||||||||
BONDS - 95.6% | |||||||||||||||||
CORPORATE BONDS - 47.0% | |||||||||||||||||
ARGENTINA - 0.4% | |||||||||||||||||
2,020,000 | g | AES Argentina Generacion S.A. | 7.750 | 02/02/24 | 1,638,725 | ||||||||||||
1,950,000 | g | YPF S.A. | 6.950 | 07/21/27 | 1,199,250 | ||||||||||||
TOTAL ARGENTINA | 2,837,975 | ||||||||||||||||
BRAZIL - 5.1% | |||||||||||||||||
3,000,000 | g | Amaggi Luxembourg International Sarl | 5.250 | 01/28/28 | 3,135,750 | ||||||||||||
980,000 | g | Atento Luxco S.A. | 8.000 | 02/10/26 | 1,064,688 | ||||||||||||
3,750,000 | g | Banco BTG Pactual S.A. | 2.750 | 01/11/26 | 3,562,538 | ||||||||||||
1,775,000 | g | BRF S.A. | 4.875 | 01/24/30 | 1,822,677 | ||||||||||||
2,000,000 | g | Cosan Ltd | 5.500 | 09/20/29 | 2,131,000 | ||||||||||||
1,425,000 | g | Embraer Netherlands Finance BV | 6.950 | 01/17/28 | 1,604,792 | ||||||||||||
1,050,000 | g | Hidrovias International Finance SARL | 4.950 | 02/08/31 | 1,065,750 | ||||||||||||
2,250,000 | g | Itau Unibanco Holding S.A. | 3.875 | 04/15/31 | 2,184,750 | ||||||||||||
2,750,000 | e,g | Itau Unibanco Holding S.A. | 4.625 | N/A‡ | 2,621,781 | ||||||||||||
2,250,000 | g | JSM Global Sarl | 4.750 | 10/20/30 | 2,275,335 | ||||||||||||
1,750,000 | g | Natura Cosmeticos S.A. | 4.125 | 05/03/28 | 1,776,250 | ||||||||||||
1,500,000 | g | NBM US Holdings, Inc | 6.625 | 08/06/29 | 1,661,415 | ||||||||||||
459,273 | g | Odebrecht Offshore Drilling Finance Ltd | 6.720 | 12/01/22 | 452,384 | ||||||||||||
4,072,822 | †,g,o | Odebrecht Offshore Drilling Finance Ltd | 7.720 | 12/01/26 | 814,442 | ||||||||||||
527,012 | †,g | Odebrecht Oil & Gas Finance Ltd | 0.000 | N/A‡ | 6,324 | ||||||||||||
714,000 | o | Oi S.A. | 10.000 | 07/27/25 | 746,137 | ||||||||||||
1,000,000 | Petrobras Global Finance BV | 5.625 | 05/20/43 | 1,059,100 | |||||||||||||
2,000,000 | Petrobras Global Finance BV | 6.900 | 03/19/49 | 2,251,200 | |||||||||||||
1,920,000 | g | Rio Oil Finance Trust | 8.200 | 04/06/28 | 2,188,819 | ||||||||||||
775,000 | Suzano Austria GmbH | 6.000 | 01/15/29 | 906,362 | |||||||||||||
1,525,000 | e,g | Suzano Austria GmbH | 7.000 | 03/16/47 | 1,965,344 | ||||||||||||
1,275,000 | g | Tupy Overseas S.A. | 4.500 | 02/16/31 | 1,268,625 | ||||||||||||
TOTAL BRAZIL | 36,565,463 | ||||||||||||||||
CHILE - 3.0% | |||||||||||||||||
1,525,000 | g | ATP Tower Holdings LLC | 4.050 | 04/27/26 | 1,500,600 |
304 |
TIAA-CREF FUNDS – Emerging Markets Debt Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | |||||||||||
$ | 2,325,000 | g | Celulosa Arauco y Constitucion S.A. | 5.150 | % | 01/29/50 | $ | 2,617,636 | |||||||
1,800,000 | g | Corp Nacional del Cobre de Chile | 3.625 | 08/01/27 | 1,965,798 | ||||||||||
2,000,000 | g | Corp Nacional del Cobre de Chile | 3.000 | 09/30/29 | 2,055,940 | ||||||||||
2,150,000 | g | Corp Nacional del Cobre de Chile | 4.375 | 02/05/49 | 2,407,505 | ||||||||||
1,675,000 | g | Corp Nacional del Cobre de Chile | 3.150 | 01/15/51 | 1,543,010 | ||||||||||
2,075,000 | g | Embotelladora Andina S.A. | 3.950 | 01/21/50 | 2,183,958 | ||||||||||
2,000,000 | g | Empresa de los Ferrocarriles del Estado | 3.068 | 08/18/50 | 1,741,500 | ||||||||||
2,250,000 | g | Empresa de Transporte de Pasajeros Metro S.A. | 3.650 | 05/07/30 | 2,417,554 | ||||||||||
2,400,000 | g | Inversiones CMPC S.A. | 3.000 | 04/06/31 | 2,379,600 | ||||||||||
825,000 | g | Kenbourne Invest S.A. | 4.700 | 01/22/28 | 845,625 | ||||||||||
TOTAL CHILE | 21,658,726 | ||||||||||||||
CHINA - 2.4% | |||||||||||||||
3,100,000 | China Evergrande Group | 8.250 | 03/23/22 | 3,039,487 | |||||||||||
2,300,000 | Country Garden Holdings Co Ltd | 4.750 | 07/25/22 | 2,341,419 | |||||||||||
1,000,000 | Dalian Deta Holding Co Ltd | 5.950 | 07/29/22 | 840,504 | |||||||||||
3,000,000 | g | ENN Energy Holdings Ltd | 2.625 | 09/17/30 | 2,923,801 | ||||||||||
2,050,000 | g | Lenovo Group Ltd | 3.421 | 11/02/30 | 2,081,816 | ||||||||||
2,600,000 | Shimao Group Holdings Ltd | 5.200 | 01/30/25 | 2,713,609 | |||||||||||
3,000,000 | Sunac China Holdings Ltd | 5.950 | 04/26/24 | 3,024,760 | |||||||||||
TOTAL CHINA | 16,965,396 | ||||||||||||||
COLOMBIA - 1.3% | |||||||||||||||
1,675,000 | Bancolombia S.A. | 4.625 | 12/18/29 | 1,688,618 | |||||||||||
2,000,000 | g | Empresas Publicas de Medellin ESP | 4.250 | 07/18/29 | 2,013,020 | ||||||||||
1,000,000 | g | Empresas Publicas de Medellin ESP | 4.375 | 02/15/31 | 1,003,760 | ||||||||||
900,000 | e,g | Geopark Ltd | 5.500 | 01/17/27 | 925,650 | ||||||||||
2,075,000 | g | Grupo Aval Ltd | 4.375 | 02/04/30 | 2,080,188 | ||||||||||
725,000 | g | Millicom International Cellular S.A. | 4.500 | 04/27/31 | 770,312 | ||||||||||
475,000 | g | Oleoducto Central S.A. | 4.000 | 07/14/27 | 502,906 | ||||||||||
TOTAL COLOMBIA | 8,984,454 | ||||||||||||||
COSTA RICA - 0.3% | |||||||||||||||
2,278,510 | g | Autopistas del Sol S.A. | 7.375 | 12/30/30 | 2,306,991 | ||||||||||
TOTAL COSTA RICA | 2,306,991 | ||||||||||||||
DOMINICAN REPUBLIC - 0.7% | |||||||||||||||
2,500,000 | g | Aeropuertos Dominicanos Siglo XXI S.A. | 6.750 | 03/30/29 | 2,641,162 | ||||||||||
1,975,000 | g | AES Andres BV | 5.700 | 05/04/28 | 1,999,727 | ||||||||||
TOTAL DOMINICAN REPUBLIC | 4,640,889 | ||||||||||||||
ECUADOR - 0.3% | |||||||||||||||
1,995,367 | g | International Airport Finance S.A. | 12.000 | 03/15/33 | 2,010,332 | ||||||||||
TOTAL ECUADOR | 2,010,332 | ||||||||||||||
GHANA - 0.5% | |||||||||||||||
2,000,000 | e,g | Tullow Oil plc | 6.250 | 04/15/22 | 1,965,000 | ||||||||||
1,000,000 | g | Tullow Oil plc | 7.000 | 03/01/25 | 868,750 | ||||||||||
TOTAL GHANA | 2,833,750 |
305 |
TIAA-CREF FUNDS – Emerging Markets Debt Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | |||||||||||
GUATEMALA - 0.5% | |||||||||||||||
$ | 1,625,000 | g | Banco Industrial S.A. | 4.875 | % | 01/29/31 | $ | 1,673,750 | |||||||
1,650,000 | g | Investment Energy Resources Ltd | 6.250 | 04/26/29 | 1,758,900 | ||||||||||
TOTAL GUATEMALA | 3,432,650 | ||||||||||||||
HONG KONG - 0.4% | |||||||||||||||
2,375,000 | g | Melco Resorts Finance Ltd | 5.750 | 07/21/28 | 2,554,312 | ||||||||||
200,000 | g | Melco Resorts Finance Ltd | 5.375 | 12/04/29 | 212,890 | ||||||||||
TOTAL HONG KONG | 2,767,202 | ||||||||||||||
INDIA - 3.0% | |||||||||||||||
2,325,000 | g | Adani Green Energy UP Ltd | 6.250 | 12/10/24 | 2,569,133 | ||||||||||
2,100,000 | g | Adani Ports & Special Economic Zone Ltd | 4.375 | 07/03/29 | 2,164,076 | ||||||||||
1,800,000 | g | Adani Ports & Special Economic Zone Ltd | 3.100 | 02/02/31 | 1,689,241 | ||||||||||
400,000 | g | Azure Power Solar Energy Pvt Ltd | 5.650 | 12/24/24 | 422,750 | ||||||||||
3,750,000 | g | Bharti Airtel Ltd | 3.250 | 06/03/31 | 3,657,899 | ||||||||||
500,000 | g | Continuum Energy Levanter Pte Ltd | 4.500 | 02/09/27 | 510,500 | ||||||||||
2,500,000 | g | GMR Hyderabad International Airport Ltd | 4.750 | 02/02/26 | 2,449,737 | ||||||||||
3,000,000 | g | Network i2i Ltd | 3.975 | N/A‡ | 3,009,900 | ||||||||||
2,700,000 | e,g | ReNew Wind Energy AP2 | 4.500 | 07/14/28 | 2,681,100 | ||||||||||
2,075,000 | g | UltraTech Cement Ltd | 2.800 | 02/16/31 | 1,939,436 | ||||||||||
TOTAL INDIA | 21,093,772 | ||||||||||||||
INDONESIA - 2.9% | |||||||||||||||
1,482,000 | g | LLPL Capital Pte Ltd | 6.875 | 02/04/39 | 1,732,458 | ||||||||||
300,000 | g | Medco Oak Tree Pte Ltd | 7.375 | 05/14/26 | 325,500 | ||||||||||
2,200,000 | g | Medco Platinum Road Pte Ltd | 6.750 | 01/30/25 | 2,328,238 | ||||||||||
1,750,000 | g | Pertamina Persero PT | 1.400 | 02/09/26 | 1,707,424 | ||||||||||
1,250,000 | g | Pertamina Persero PT | 4.700 | 07/30/49 | 1,313,372 | ||||||||||
2,750,000 | g | Pertamina Persero PT | 4.150 | 02/25/60 | 2,670,450 | ||||||||||
2,000,000 | g | Perusahaan Listrik Negara PT | 5.250 | 10/24/42 | 2,220,340 | ||||||||||
2,000,000 | g | Perusahaan Listrik Negara PT | 6.150 | 05/21/48 | 2,462,500 | ||||||||||
3,750,000 | g | Saka Energi Indonesia PT | 4.450 | 05/05/24 | 3,150,000 | ||||||||||
2,039,410 | g | Star Energy Geothermal Wayang Windu Ltd | 6.750 | 04/24/33 | 2,307,592 | ||||||||||
TOTAL INDONESIA | 20,217,874 | ||||||||||||||
ISRAEL - 1.4% | |||||||||||||||
2,200,000 | g | Bank Leumi Le-Israel BM | 3.275 | 01/29/31 | 2,266,000 | ||||||||||
1,141,000 | g | Energean Israel Finance Ltd | 5.375 | 03/30/28 | 1,179,594 | ||||||||||
2,600,000 | g | Leviathan Bond Ltd | 6.750 | 06/30/30 | 2,912,446 | ||||||||||
3,500,000 | g | Mizrahi Tefahot Bank Ltd | 3.077 | 04/07/31 | 3,552,500 | ||||||||||
TOTAL ISRAEL | 9,910,540 | ||||||||||||||
JAMAICA - 0.1% | |||||||||||||||
277,603 | g,o | Digicel Group 0.5 Ltd | 8.000 | 04/01/25 | 232,641 | ||||||||||
411,936 | g,o | Digicel Group 0.5 Ltd | 7.000 | N/A‡ | 303,803 | ||||||||||
TOTAL JAMAICA | 536,444 | ||||||||||||||
KAZAKHSTAN - 2.2% | |||||||||||||||
KZT | 453,000,000 | g | Development Bank of Kazakhstan JSC | 8.950 | 05/04/23 | 1,047,434 | |||||||||
$ | 2,300,000 | g | Development Bank of Kazakhstan JSC | 2.950 | 05/06/31 | 2,280,634 | |||||||||
1,800,000 | g | KazMunayGas National Co JSC | 4.750 | 04/19/27 | 2,048,919 |
306 |
TIAA-CREF FUNDS – Emerging Markets Debt Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | |||||||||||
$ | 3,000,000 | g | KazMunayGas National Co JSC | 3.500 | % | 04/14/33 | $ | 3,186,088 | |||||||
1,550,000 | g | KazMunayGas National Co JSC | 6.375 | 10/24/48 | 1,990,355 | ||||||||||
2,475,000 | g | KazTransGas JSC | 4.375 | 09/26/27 | 2,755,856 | ||||||||||
2,000,000 | g | Tengizchevroil Finance Co International Ltd | 2.625 | 08/15/25 | 2,039,726 | ||||||||||
TOTAL KAZAKHSTAN | 15,349,012 | ||||||||||||||
KUWAIT - 0.7% | |||||||||||||||
2,000,000 | g | NBK Tier Financing Ltd | 3.625 | N/A‡ | 1,996,983 | ||||||||||
2,500,000 | g | NBK Tier 1 Financing 2 Ltd | 4.500 | N/A‡ | 2,606,250 | ||||||||||
TOTAL KUWAIT | 4,603,233 | ||||||||||||||
MACAU - 0.9% | |||||||||||||||
1,325,000 | g | MGM China Holdings Ltd | 5.875 | 05/15/26 | 1,391,250 | ||||||||||
1,400,000 | g | MGM China Holdings Ltd | 4.750 | 02/01/27 | 1,450,750 | ||||||||||
575,000 | g | Studio City Finance Ltd | 5.000 | 01/15/29 | 587,938 | ||||||||||
2,700,000 | g | Wynn Macau Ltd | 5.625 | 08/26/28 | 2,841,750 | ||||||||||
TOTAL MACAU | 6,271,688 | ||||||||||||||
MALAYSIA - 0.8% | |||||||||||||||
3,000,000 | 1MDB Global Investments Ltd | 4.400 | 03/09/23 | 3,020,490 | |||||||||||
3,000,000 | g | Genm Capital Labuan Ltd | 3.882 | 04/19/31 | 2,970,198 | ||||||||||
TOTAL MALAYSIA | 5,990,688 | ||||||||||||||
MEXICO - 5.1% | |||||||||||||||
5,750,000 | †,g,q | Aerovias de Mexico S.A. | 7.000 | 02/05/25 | 3,191,307 | ||||||||||
700,000 | g | Alpek SAB de C.V. | 3.250 | 02/25/31 | 689,507 | ||||||||||
3,000,000 | g | Banco Nacional de Comercio Exterior SNC | 3.800 | 08/11/26 | 3,007,530 | ||||||||||
800,000 | g | BBVA Bancomer S.A. | 5.350 | 11/12/29 | 831,232 | ||||||||||
2,000,000 | g | BBVA Bancomer S.A. | 5.125 | 01/18/33 | 2,077,520 | ||||||||||
2,000,000 | g | Cemex SAB de C.V. | 5.200 | 09/17/30 | 2,176,400 | ||||||||||
1,575,000 | g | Cemex SAB de C.V. | 3.875 | 07/11/31 | 1,558,778 | ||||||||||
2,750,000 | e,g | Comision Federal de Electricidad | 3.348 | 02/09/31 | 2,644,840 | ||||||||||
2,000,000 | g | Grupo Bimbo SAB de C.V. | 4.000 | 09/06/49 | 2,009,360 | ||||||||||
1,500,000 | g | Mexico City Airport Trust | 4.250 | 10/31/26 | 1,618,740 | ||||||||||
1,630,000 | g | Mexico Remittances Funding Fiduciary Estate Management Sarl | 4.875 | 01/15/28 | 1,534,181 | ||||||||||
2,000,000 | e | Petroleos Mexicanos | 4.875 | 01/18/24 | 2,079,300 | ||||||||||
1,000,000 | Petroleos Mexicanos | 4.500 | 01/23/26 | 1,006,250 | |||||||||||
5,100,000 | Petroleos Mexicanos | 5.350 | 02/12/28 | 5,010,240 | |||||||||||
4,647,000 | Petroleos Mexicanos | 7.000 | 01/23/30 | 4,774,792 | |||||||||||
2,075,000 | Petroleos Mexicanos | 6.350 | 02/12/48 | 1,768,170 | |||||||||||
TOTAL MEXICO | 35,978,147 | ||||||||||||||
OMAN - 0.6% | |||||||||||||||
1,625,000 | g,h | OQ SAOC | 5.125 | 05/06/28 | 1,645,313 | ||||||||||
2,250,000 | g | Oryx Funding Ltd | 5.800 | 02/03/31 | 2,380,677 | ||||||||||
TOTAL OMAN | 4,025,990 | ||||||||||||||
PAKISTAN - 0.1% | |||||||||||||||
950,000 | g | Third Pakistan International Sukuk Co Ltd | 5.625 | 12/05/22 | 977,338 | ||||||||||
TOTAL PAKISTAN | 977,338 |
307 |
TIAA-CREF FUNDS – Emerging Markets Debt Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | |||||||||||
PANAMA - 1.3% | |||||||||||||||
$ | 2,750,000 | g | Banistmo S.A. | 4.250 | % | 07/31/27 | $ | 2,920,156 | |||||||
1,175,000 | g | Cable Onda S.A. | 4.500 | 01/30/30 | 1,245,500 | ||||||||||
2,000,000 | g | Empresa de Transmision Electrica S.A. | 5.125 | 05/02/49 | 2,196,000 | ||||||||||
1,025,000 | g | ENA Master Trust | 4.000 | 05/19/48 | 1,036,531 | ||||||||||
1,676,150 | g | UEP Penonome II S.A. | 6.500 | 10/01/38 | 1,676,167 | ||||||||||
TOTAL PANAMA | 9,074,354 | ||||||||||||||
PERU - 2.2% | |||||||||||||||
PEN | 9,000,000 | g | Alicorp SAA | 6.875 | 04/17/27 | 2,681,311 | |||||||||
$ | 2,825,000 | g | Banco de Credito del Peru | 3.125 | 07/01/30 | 2,797,456 | |||||||||
1,625,000 | g | Banco de Credito del Peru | 3.250 | 09/30/31 | 1,596,562 | ||||||||||
1,500,000 | g | Banco Internacional del Peru SAA Interbank | 4.000 | 07/08/30 | 1,452,000 | ||||||||||
2,300,000 | e,g | Inkia Energy Ltd | 5.875 | 11/09/27 | 2,331,234 | ||||||||||
975,000 | g | Lima Metro Line 2 Finance Ltd | 4.350 | 04/05/36 | 1,003,031 | ||||||||||
2,750,000 | g | Petroleos del Peru S.A. | 5.625 | 06/19/47 | 2,832,500 | ||||||||||
1,125,000 | g | Volcan Cia Minera SAA | 4.375 | 02/11/26 | 1,109,734 | ||||||||||
TOTAL PERU | 15,803,828 | ||||||||||||||
RUSSIA - 0.8% | |||||||||||||||
3,000,000 | g | LUKOIL Securities BV | 3.875 | 05/06/30 | 3,152,400 | ||||||||||
2,750,000 | g | Sovcombank Via SovCom Capital DAC | 3.400 | 01/26/25 | 2,753,108 | ||||||||||
TOTAL RUSSIA | 5,905,508 | ||||||||||||||
SAUDI ARABIA - 0.5% | |||||||||||||||
3,500,000 | g | Arabian Centres Sukuk II Ltd | 5.625 | 10/07/26 | 3,611,510 | ||||||||||
TOTAL SAUDI ARABIA | 3,611,510 | ||||||||||||||
SOUTH AFRICA - 3.1% | |||||||||||||||
2,000,000 | g | Eskom Holdings SOC Ltd | 6.750 | 08/06/23 | 2,084,944 | ||||||||||
2,000,000 | g | Eskom Holdings SOC Ltd | 7.125 | 02/11/25 | 2,090,282 | ||||||||||
925,000 | g | Eskom Holdings SOC Ltd | 6.350 | 08/10/28 | 1,004,267 | ||||||||||
1,600,000 | g | Eskom Holdings SOC Ltd | 8.450 | 08/10/28 | 1,766,512 | ||||||||||
2,300,000 | g | Gold Fields Orogen Holdings BVI Ltd | 6.125 | 05/15/29 | 2,708,250 | ||||||||||
1,400,000 | e,g | Liquid Telecommunications Financing PLC | 5.500 | 09/04/26 | 1,474,401 | ||||||||||
1,829,000 | g,o | Petra Diamonds US Treasury plc | 10.500 | 03/08/26 | 1,783,275 | ||||||||||
3,000,000 | Sasol Financing USA LLC | 5.875 | 03/27/24 | 3,199,500 | |||||||||||
2,575,000 | Sasol Financing USA LLC | 4.375 | 09/18/26 | 2,632,938 | |||||||||||
3,000,000 | g | Transnet SOC Ltd | 4.000 | 07/26/22 | 3,058,021 | ||||||||||
TOTAL SOUTH AFRICA | 21,802,390 | ||||||||||||||
SPAIN - 0.4% | |||||||||||||||
3,000,000 | g | EnfraGen Energia Sur S.A. | 5.375 | 12/30/30 | 2,977,500 | ||||||||||
TOTAL SPAIN | 2,977,500 | ||||||||||||||
TANZANIA, UNITED REPUBLIC OF - 0.4% | |||||||||||||||
3,050,000 | AngloGold Ashanti Holdings plc | 3.750 | 10/01/30 | 3,154,457 | |||||||||||
TOTAL TANZANIA, UNITED REPUBLIC OF | 3,154,457 |
308 |
TIAA-CREF FUNDS – Emerging Markets Debt Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | |||||||||||
THAILAND - 0.8% | |||||||||||||||
$ | 3,000,000 | g | Bangkok Bank PCL | 5.000 | % | N/A‡ | $ | 3,150,000 | |||||||
2,750,000 | g | PTTEP Treasury Center Co Ltd | 3.903 | 12/06/59 | 2,759,953 | ||||||||||
TOTAL THAILAND | 5,909,953 | ||||||||||||||
TRINIDAD AND TOBAGO - 0.3% | |||||||||||||||
2,350,000 | g | National Gas Company of Trinidad and Tobago Limited | 6.050 | 01/15/36 | 2,470,461 | ||||||||||
TOTAL TRINIDAD AND TOBAGO | 2,470,461 | ||||||||||||||
TURKEY - 1.7% | |||||||||||||||
2,000,000 | g | Akbank T.A.S. | 6.800 | 02/06/26 | 2,068,734 | ||||||||||
1,900,000 | g | Akbank T.A.S. | 7.200 | 03/16/27 | 1,907,957 | ||||||||||
500,000 | g | Akbank T.A.S. | 6.797 | 04/27/28 | 493,400 | ||||||||||
2,000,000 | g | Turkiye Garanti Bankasi AS. | 6.125 | 05/24/27 | 1,984,400 | ||||||||||
3,000,000 | e,g | Turkiye Vakiflar Bankasi TAO | 6.500 | 01/08/26 | 3,001,396 | ||||||||||
2,325,000 | g | Ulker Biskuvi Sanayi AS. | 6.950 | 10/30/25 | 2,506,995 | ||||||||||
TOTAL TURKEY | 11,962,882 | ||||||||||||||
UKRAINE - 1.4% | |||||||||||||||
1,500,000 | g | Kernel Holding S.A. | 6.750 | 10/27/27 | 1,572,254 | ||||||||||
450,000 | g | Metinvest BV | 7.650 | 10/01/27 | 479,931 | ||||||||||
2,250,000 | g | Metinvest BV | 7.750 | 10/17/29 | 2,400,750 | ||||||||||
2,000,000 | NAK Naftogaz Ukraine via Kondor Finance plc | 7.375 | 07/19/22 | 2,021,878 | |||||||||||
2,000,000 | g | NAK Naftogaz Ukraine via Kondor Finance plc | 7.625 | 11/08/26 | 1,995,708 | ||||||||||
1,200,000 | g | Ukreximbank Via Biz Finance plc | 9.750 | 01/22/25 | 1,287,000 | ||||||||||
TOTAL UKRAINE | 9,757,521 | ||||||||||||||
UNITED ARAB EMIRATES - 0.9% | |||||||||||||||
1,975,000 | g | Abu Dhabi Crude Oil Pipeline LLC | 4.600 | 11/02/47 | 2,263,014 | ||||||||||
1,325,000 | g | DAE Funding LLC | 3.375 | 03/20/28 | 1,322,441 | ||||||||||
2,100,000 | g | DP World Ltd | 5.625 | 09/25/48 | 2,546,250 | ||||||||||
TOTAL UNITED ARAB EMIRATES | 6,131,705 | ||||||||||||||
ZAMBIA - 0.5% | |||||||||||||||
3,000,000 | g | First Quantum Minerals Ltd | 6.875 | 10/15/27 | 3,292,500 | ||||||||||
TOTAL ZAMBIA | 3,292,500 | ||||||||||||||
TOTAL CORPORATE BONDS | 331,813,123 | ||||||||||||||
(Cost $324,539,457) | |||||||||||||||
GOVERNMENT BONDS - 48.2% | |||||||||||||||
ANGOLA - 0.9% | |||||||||||||||
2,250,000 | g | Angolan Government International Bond | 8.250 | 05/09/28 | 2,308,003 | ||||||||||
1,775,000 | g | Angolan Government International Bond | 8.000 | 11/26/29 | 1,787,138 | ||||||||||
2,500,000 | g | Angolan Government International Bond | 9.375 | 05/08/48 | 2,573,090 | ||||||||||
TOTAL ANGOLA | 6,668,231 | ||||||||||||||
ARGENTINA - 0.6% | |||||||||||||||
401,364 | Argentina Republic Government International Bond | 1.000 | 07/09/29 | 152,121 | |||||||||||
1,481,000 | Argentina Republic Government International Bond | 0.125 | 07/09/41 | 529,457 |
309 |
TIAA-CREF FUNDS – Emerging Markets Debt Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | |||||||||||
$ | 1,494,380 | Argentina Republic Government International Bond (Step Bond) | 0.125 | % | 07/09/30 | $ | 541,713 | ||||||||
5,134,989 | Argentine Republic Government International Bond (Step Bond) | 0.125 | 07/09/35 | 1,617,573 | |||||||||||
2,650,000 | †,g | Provincia de Buenos Aires | 7.875 | 06/15/27 | 1,159,375 | ||||||||||
TOTAL ARGENTINA | 4,000,239 | ||||||||||||||
AZERBAIJAN - 0.5% | |||||||||||||||
3,023,000 | g | Southern Gas Corridor CJSC | 6.875 | 03/24/26 | 3,627,842 | ||||||||||
TOTAL AZERBAIJAN | 3,627,842 | ||||||||||||||
BAHRAIN - 0.7% | |||||||||||||||
1,925,000 | g | Bahrain Government International Bond | 4.250 | 01/25/28 | 1,927,497 | ||||||||||
2,450,000 | g | CBB International Sukuk Programme Co SPC | 6.250 | 11/14/24 | 2,689,764 | ||||||||||
TOTAL BAHRAIN | 4,617,261 | ||||||||||||||
BARBADOS - 0.5% | |||||||||||||||
3,314,800 | g | Barbados Government International Bond | 6.500 | 10/01/29 | 3,372,809 | ||||||||||
TOTAL BARBADOS | 3,372,809 | ||||||||||||||
BENIN - 0.3% | |||||||||||||||
EUR | 1,000,000 | g | Benin Government International Bond | 4.875 | 01/19/32 | 1,202,927 | |||||||||
625,000 | g | Benin Government International Bond | 6.875 | 01/19/52 | 788,961 | ||||||||||
TOTAL BENIN | 1,991,888 | ||||||||||||||
BERMUDA - 0.4% | |||||||||||||||
$ | 2,000,000 | g | Bermuda Government International Bond | 4.750 | 02/15/29 | 2,313,200 | |||||||||
595,000 | g | Bermuda Government International Bond | 2.375 | 08/20/30 | 587,562 | ||||||||||
TOTAL BERMUDA | 2,900,762 | ||||||||||||||
BRAZIL - 1.6% | |||||||||||||||
BRL | 2,500,000 | Brazil Notas do Tesouro Nacional Serie F | 10.000 | 01/01/23 | 485,813 | ||||||||||
9,475,000 | Brazil Notas do Tesouro Nacional Serie F | 10.000 | 01/01/25 | 1,862,033 | |||||||||||
5,982,000 | Brazil Notas do Tesouro Nacional Serie F | 10.000 | 01/01/27 | 1,173,852 | |||||||||||
$ | 3,100,000 | Brazilian Government International Bond | 3.875 | 06/12/30 | 3,077,246 | ||||||||||
2,050,000 | Brazilian Government International Bond | 5.625 | 02/21/47 | 2,161,458 | |||||||||||
2,000,000 | Brazilian Government International Bond | 4.750 | 01/14/50 | 1,877,000 | |||||||||||
TOTAL BRAZIL | 10,637,402 | ||||||||||||||
CHINA - 0.7% | |||||||||||||||
CNY | 6,400,000 | China Government International Bond | 2.880 | 11/05/23 | 991,999 | ||||||||||
3,200,000 | China Government International Bond | 3.270 | 11/19/30 | 498,373 | |||||||||||
2,400,000 | China Government International Bond | 2.360 | 07/02/23 | 367,762 | |||||||||||
17,000,000 | China Government International Bond | 3.120 | 12/05/26 | 2,641,883 | |||||||||||
TOTAL CHINA | 4,500,017 | ||||||||||||||
COLOMBIA - 1.0% | |||||||||||||||
$ | 3,000,000 | Colombia Government International Bond | 3.000 | 01/30/30 | 2,941,200 | ||||||||||
1,850,000 | Colombia Government International Bond | 3.250 | 04/22/32 | 1,814,702 | |||||||||||
COP | 8,057,000,000 | Colombian TES | 6.250 | 07/09/36 | 1,886,925 | ||||||||||
TOTAL COLOMBIA | 6,642,827 |
310 |
TIAA-CREF FUNDS – Emerging Markets Debt Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | |||||||||||
COSTA RICA - 0.3% | |||||||||||||||
$ | 2,500,000 | g | Costa Rica Government International Bond | 5.625 | % | 04/30/43 | $ | 2,325,000 | |||||||
TOTAL COSTA RICA | 2,325,000 | ||||||||||||||
COTE D’IVOIRE - 0.4% | |||||||||||||||
2,757,085 | g | Ivory Coast Government International Bond (Step Bond) | 5.750 | 12/31/32 | 2,781,817 | ||||||||||
TOTAL COTE D’IVOIRE | 2,781,817 | ||||||||||||||
DOMINICAN REPUBLIC - 2.2% | |||||||||||||||
3,425,000 | g | Dominican Republic Government International Bond | 6.875 | 01/29/26 | 3,998,687 | ||||||||||
DOP | 22,500,000 | g | Dominican Republic Government International Bond | 9.750 | 06/05/26 | 433,687 | |||||||||
27,000,000 | g | Dominican Republic Government International Bond | 11.250 | 02/05/27 | 549,651 | ||||||||||
74,000,000 | g | Dominican Republic Government International Bond | 10.375 | 01/11/30 | 1,479,434 | ||||||||||
$ | 4,000,000 | g | Dominican Republic Government International Bond | 4.875 | 09/23/32 | 4,186,000 | |||||||||
3,060,000 | g | Dominican Republic Government International Bond | 7.450 | 04/30/44 | 3,694,950 | ||||||||||
1,050,000 | g | Dominican Republic International Bond | 5.300 | 01/21/41 | 1,067,325 | ||||||||||
TOTAL DOMINICAN REPUBLIC | 15,409,734 | ||||||||||||||
ECUADOR - 1.0% | |||||||||||||||
744,229 | g | Ecuador Government International Bond | 0.000 | 07/31/30 | 405,605 | ||||||||||
3,634,600 | g | Ecuador Government International Bond (Step Bond) | 0.500 | 07/31/30 | 3,034,891 | ||||||||||
4,637,020 | g | Ecuador Government International Bond (Step Bond) | 0.500 | 07/31/35 | 3,153,220 | ||||||||||
1,520,900 | g | Ecuador Government International Bond (Step Bond) | 0.500 | 07/31/40 | 904,951 | ||||||||||
170,417 | g | Petroamazonas EP | 4.625 | 12/06/21 | 165,304 | ||||||||||
TOTAL ECUADOR | 7,663,971 | ||||||||||||||
EGYPT - 2.4% | |||||||||||||||
EGP | 12,500,000 | Egypt Government International Bond | 16.000 | 06/11/22 | 815,281 | ||||||||||
$ | 1,275,000 | g | Egypt Government International Bond | 5.750 | 05/29/24 | 1,346,911 | |||||||||
1,450,000 | g | Egypt Government International Bond | 7.600 | 03/01/29 | 1,572,166 | ||||||||||
EUR | 500,000 | g | Egypt Government International Bond | 5.625 | 04/16/30 | 602,768 | |||||||||
$ | 5,225,000 | g | Egypt Government International Bond | 5.875 | 02/16/31 | 5,037,951 | |||||||||
2,725,000 | g | Egypt Government International Bond | 7.053 | 01/15/32 | 2,789,581 | ||||||||||
4,050,000 | g | Egypt Government International Bond | 8.500 | 01/31/47 | 4,179,178 | ||||||||||
1,000,000 | g | Egypt Government International Bond | 8.150 | 11/20/59 | 987,500 | ||||||||||
TOTAL EGYPT | 17,331,336 | ||||||||||||||
EL SALVADOR - 0.7% | |||||||||||||||
2,000,000 | g | El Salvador Government International Bond | 7.650 | 06/15/35 | 2,092,800 | ||||||||||
3,100,000 | g | El Salvador Government International Bond | 7.625 | 02/01/41 | 3,178,430 | ||||||||||
TOTAL EL SALVADOR | 5,271,230 | ||||||||||||||
GHANA - 1.6% | |||||||||||||||
GHS | 2,965,000 | †,g | Citigroup Global Markets Holdings, Inc | 24.500 | 06/28/21 | 519,312 | |||||||||
$ | 2,250,000 | g | Ghana Government International Bond | 0.000 | 04/07/25 | 1,769,175 | |||||||||
2,000,000 | g | Ghana Government International Bond | 7.750 | 04/07/29 | 2,044,418 | ||||||||||
2,825,000 | g | Ghana Government International Bond | 8.125 | 03/26/32 | 2,846,381 | ||||||||||
2,000,000 | g | Ghana Government International Bond | 8.627 | 06/16/49 | 1,940,000 | ||||||||||
1,000,000 | g | Ghana Government International Bond | 8.750 | 03/11/61 | 967,560 |
311 |
TIAA-CREF FUNDS – Emerging Markets Debt Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | |||||||||||
GHS | 6,658,000 | Republic of Ghana Government Bonds | 16.500 | % | 02/06/23 | $ | 1,140,389 | ||||||||
TOTAL GHANA | 11,227,235 | ||||||||||||||
GREECE - 0.5% | |||||||||||||||
EUR | 2,850,000 | g | Hellenic Republic Government International Bond | 2.000 | 04/22/27 | 3,758,415 | |||||||||
TOTAL GREECE | 3,758,415 | ||||||||||||||
GUATEMALA - 0.9% | |||||||||||||||
$ | 1,950,000 | g | Guatemala Government International Bond | 4.500 | 05/03/26 | 2,140,125 | |||||||||
1,275,000 | g | Guatemala Government International Bond | 5.375 | 04/24/32 | 1,469,437 | ||||||||||
2,375,000 | g | Guatemala Government International Bond | 6.125 | 06/01/50 | 2,850,000 | ||||||||||
TOTAL GUATEMALA | 6,459,562 | ||||||||||||||
HONDURAS - 0.2% | |||||||||||||||
1,525,000 | g | Honduras Government International Bond | 6.250 | 01/19/27 | 1,673,687 | ||||||||||
TOTAL HONDURAS | 1,673,687 | ||||||||||||||
INDIA - 0.8% | |||||||||||||||
3,000,000 | g | Export-Import Bank of India | 3.250 | 01/15/30 | 3,011,358 | ||||||||||
2,700,000 | g | Export-Import Bank of India | 2.250 | 01/13/31 | 2,483,974 | ||||||||||
TOTAL INDIA | 5,495,332 | ||||||||||||||
INDONESIA - 1.0% | |||||||||||||||
1,275,000 | g | Indonesia Government International Bond | 4.625 | 04/15/43 | 1,433,812 | ||||||||||
IDR | 18,150,000,000 | Indonesia Treasury Bond | 8.375 | 09/15/26 | 1,399,549 | ||||||||||
8,730,000,000 | Indonesia Treasury Bond | 7.000 | 09/15/30 | 623,139 | |||||||||||
21,300,000,000 | Indonesia Treasury Bond | 8.375 | 03/15/34 | 1,630,641 | |||||||||||
$ | 1,900,000 | e,g | Perusahaan Penerbit SBSN Indonesia III | 2.800 | 06/23/30 | 1,935,663 | |||||||||
TOTAL INDONESIA | 7,022,804 | ||||||||||||||
IRAQ - 0.8% | |||||||||||||||
2,850,000 | g | Iraq Government International Bond | 6.752 | 03/09/23 | 2,898,599 | ||||||||||
2,887,500 | g | Iraq Government International Bond | 5.800 | 01/15/28 | 2,781,413 | ||||||||||
TOTAL IRAQ | 5,680,012 | ||||||||||||||
ISRAEL - 0.1% | |||||||||||||||
825,000 | State of Israel | 3.800 | 05/13/60 | 899,484 | |||||||||||
TOTAL ISRAEL | 899,484 | ||||||||||||||
JAMAICA - 1.3% | |||||||||||||||
500,000 | Jamaica Government International Bond | 7.625 | 07/09/25 | 582,500 | |||||||||||
2,950,000 | Jamaica Government International Bond | 8.000 | 03/15/39 | 4,144,750 | |||||||||||
3,135,000 | Jamaica Government International Bond | 7.875 | 07/28/45 | 4,373,325 | |||||||||||
TOTAL JAMAICA | 9,100,575 | ||||||||||||||
JORDAN - 0.9% | |||||||||||||||
4,050,000 | g | Jordan Government International Bond | 4.950 | 07/07/25 | 4,188,934 | ||||||||||
2,000,000 | g | Jordan Government International Bond | 7.375 | 10/10/47 | 2,096,008 | ||||||||||
TOTAL JORDAN | 6,284,942 |
312 |
TIAA-CREF FUNDS – Emerging Markets Debt Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | |||||||||||
KAZAKHSTAN - 0.5% | |||||||||||||||
$ | 1,600,000 | g | Kazakhstan Government International Bond | 6.500 | % | 07/21/45 | $ | 2,312,686 | |||||||
KZT | 615,000,000 | † | National Bank of Kazakhstan Notes | 0.000 | 07/23/21 | 1,400,304 | |||||||||
TOTAL KAZAKHSTAN | 3,712,990 | ||||||||||||||
KENYA - 1.0% | |||||||||||||||
$ | 1,950,000 | g | Kenya Government International Bond | 6.875 | 06/24/24 | 2,159,740 | |||||||||
900,000 | g | Kenya Government International Bond | 7.000 | 05/22/27 | 978,535 | ||||||||||
2,250,000 | g | Kenya Government International Bond | 8.000 | 05/22/32 | 2,464,613 | ||||||||||
1,325,000 | g | Kenya Government International Bond | 8.250 | 02/28/48 | 1,414,543 | ||||||||||
TOTAL KENYA | 7,017,431 | ||||||||||||||
LEBANON - 0.2% | |||||||||||||||
3,200,000 | †,q | Lebanon Government International Bond | 6.250 | 11/04/24 | 389,286 | ||||||||||
3,800,000 | †,q | Lebanon Government International Bond | 6.850 | 03/23/27 | 470,820 | ||||||||||
TOTAL LEBANON | 860,106 | ||||||||||||||
MALAYSIA - 0.1% | |||||||||||||||
MYR | 4,000,000 | Malaysia Government International Bond | 3.828 | 07/05/34 | 973,225 | ||||||||||
TOTAL MALAYSIA | 973,225 | ||||||||||||||
MEXICO - 1.6% | |||||||||||||||
MXN | 38,600,000 | Mexican Bonos | 7.500 | 06/03/27 | 2,022,665 | ||||||||||
41,700,000 | Mexican Bonos | 7.750 | 05/29/31 | 2,184,263 | |||||||||||
$ | 2,775,000 | Mexico Government International Bond | 4.750 | 04/27/32 | 3,117,713 | ||||||||||
3,500,000 | Mexico Government International Bond | 4.280 | 08/14/41 | 3,570,000 | |||||||||||
775,000 | Mexico Government International Bond | 3.771 | 05/24/61 | 690,944 | |||||||||||
TOTAL MEXICO | 11,585,585 | ||||||||||||||
MONGOLIA - 0.4% | |||||||||||||||
2,425,000 | g | Mongolia Government International Bond | 5.125 | 04/07/26 | 2,599,775 | ||||||||||
TOTAL MONGOLIA | 2,599,775 | ||||||||||||||
MOROCCO - 0.7% | |||||||||||||||
1,000,000 | g | Morocco Government International Bond | 2.375 | 12/15/27 | 973,096 | ||||||||||
525,000 | g | Morocco Government International Bond | 3.000 | 12/15/32 | 498,794 | ||||||||||
2,850,000 | g | Morocco Government International Bond | 5.500 | 12/11/42 | 3,165,267 | ||||||||||
525,000 | g | Morocco Government International Bond | 4.000 | 12/15/50 | 472,899 | ||||||||||
TOTAL MOROCCO | 5,110,056 | ||||||||||||||
NIGERIA - 1.1% | |||||||||||||||
1,700,000 | g | Nigeria Government International Bond | 7.625 | 11/21/25 | 1,934,641 | ||||||||||
3,475,000 | g | Nigeria Government International Bond | 6.500 | 11/28/27 | 3,673,345 | ||||||||||
2,000,000 | g | Nigeria Government International Bond | 7.696 | 02/23/38 | 2,052,700 | ||||||||||
TOTAL NIGERIA | 7,660,686 | ||||||||||||||
OMAN - 1.6% | |||||||||||||||
1,975,000 | g | Oman Government International Bond | 5.375 | 03/08/27 | 2,062,761 | ||||||||||
4,750,000 | g | Oman Government International Bond | 6.750 | 10/28/27 | 5,331,808 |
313 |
TIAA-CREF FUNDS – Emerging Markets Debt Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | |||||||||||
$ | 1,500,000 | g | Oman Government International Bond | 6.250 | % | 01/25/31 | $ | 1,613,216 | |||||||
1,200,000 | g | Oman Government International Bond | 6.500 | 03/08/47 | 1,173,000 | ||||||||||
1,025,000 | g | Oman Government International Bond | 6.750 | 01/17/48 | 1,021,945 | ||||||||||
TOTAL OMAN | 11,202,730 | ||||||||||||||
PAKISTAN - 0.9% | |||||||||||||||
3,200,000 | g | Pakistan Government International Bond | 6.875 | 12/05/27 | 3,346,320 | ||||||||||
2,500,000 | g | Pakistan Government International Bond | 7.375 | 04/08/31 | 2,628,636 | ||||||||||
TOTAL PAKISTAN | 5,974,956 | ||||||||||||||
PANAMA - 0.4% | |||||||||||||||
2,850,000 | Panama Notas del Tesoro | 3.750 | 04/17/26 | 3,065,175 | |||||||||||
TOTAL PANAMA | 3,065,175 | ||||||||||||||
PARAGUAY - 0.5% | |||||||||||||||
1,800,000 | g | Paraguay Government International Bond | 2.739 | 01/29/33 | 1,714,500 | ||||||||||
1,900,000 | g | Paraguay Government International Bond | 5.400 | 03/30/50 | 2,140,369 | ||||||||||
TOTAL PARAGUAY | 3,854,869 | ||||||||||||||
PERU - 0.9% | |||||||||||||||
3,000,000 | g | Corp Financiera de Desarrollo S.A. | 2.400 | 09/28/27 | 2,869,530 | ||||||||||
2,000,000 | Peruvian Government International Bond | 2.783 | 01/23/31 | 2,000,000 | |||||||||||
PEN | 4,450,000 | g | Peruvian Government International Bond | 6.950 | 08/12/31 | 1,315,767 | |||||||||
TOTAL PERU | 6,185,297 | ||||||||||||||
PHILIPPINES - 0.1% | |||||||||||||||
EUR | 820,000 | Philippine Government International Bond | 1.200 | 04/28/33 | 977,930 | ||||||||||
TOTAL PHILIPPINES | 977,930 | ||||||||||||||
QATAR - 0.7% | |||||||||||||||
$ | 2,150,000 | g | Qatar Government International Bond | 3.750 | 04/16/30 | 2,408,897 | |||||||||
2,200,000 | g | Qatar Government International Bond | 4.400 | 04/16/50 | 2,563,000 | ||||||||||
TOTAL QATAR | 4,971,897 | ||||||||||||||
REPUBLIC OF SERBIA - 0.6% | |||||||||||||||
2,725,000 | g | Serbia Government International Bond | 2.125 | 12/01/30 | 2,509,074 | ||||||||||
RSD | 147,700,000 | Serbia Treasury Bonds | 4.500 | 08/20/32 | 1,666,024 | ||||||||||
TOTAL REPUBLIC OF SERBIA | 4,175,098 | ||||||||||||||
ROMANIA - 0.8% | |||||||||||||||
RON | 3,550,000 | Romania Government International Bond | 4.150 | 01/26/28 | 934,004 | ||||||||||
$ | 3,380,000 | g | Romanian Government International Bond | 3.000 | 02/14/31 | 3,438,267 | |||||||||
1,400,000 | g | Romanian Government International Bond | 4.000 | 02/14/51 | 1,391,935 | ||||||||||
TOTAL ROMANIA | 5,764,206 | ||||||||||||||
RUSSIA - 1.3% | |||||||||||||||
RUB | 105,300,000 | Russian Federal Bond-OFZ | 7.100 | 10/16/24 | 1,439,439 | ||||||||||
75,000,000 | Russian Federal Bond-OFZ | 7.950 | 10/07/26 | 1,061,243 | |||||||||||
64,000,000 | Russian Federal Bond-OFZ | 7.650 | 04/10/30 | 892,694 | |||||||||||
$ | 2,200,000 | g | Russian Foreign Bond - Eurobond | 4.375 | 03/21/29 | 2,464,603 | |||||||||
2,800,000 | g | Russian Foreign Bond - Eurobond | 5.100 | 03/28/35 | 3,296,076 | ||||||||||
TOTAL RUSSIA | 9,154,055 |
314 |
TIAA-CREF FUNDS – Emerging Markets Debt Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | |||||||||||
RWANDA - 0.4% | |||||||||||||||
$ | 2,500,000 | g | Rwanda Government International Bond | 6.625 | % | 05/02/23 | $ | 2,631,790 | |||||||
TOTAL RWANDA | 2,631,790 | ||||||||||||||
SAUDI ARABIA - 1.3% | |||||||||||||||
1,000,000 | g | Saudi Government International Bond | 2.900 | 10/22/25 | 1,062,932 | ||||||||||
2,400,000 | g | Saudi Government International Bond | 3.250 | 10/26/26 | 2,579,098 | ||||||||||
2,500,000 | g | Saudi Government International Bond | 2.250 | 02/02/33 | 2,359,030 | ||||||||||
2,000,000 | g | Saudi Government International Bond | 3.750 | 01/21/55 | 1,981,336 | ||||||||||
1,500,000 | g | Saudi Government International Bond | 3.450 | 02/02/61 | 1,408,415 | ||||||||||
TOTAL SAUDI ARABIA | 9,390,811 | ||||||||||||||
SENEGAL - 0.4% | |||||||||||||||
950,000 | g | Senegal Government International Bond | 6.250 | 05/23/33 | 995,663 | ||||||||||
1,900,000 | g | Senegal Government International Bond | 6.750 | 03/13/48 | 1,909,538 | ||||||||||
TOTAL SENEGAL | 2,905,201 | ||||||||||||||
SOUTH AFRICA - 1.5% | |||||||||||||||
1,025,000 | Republic of South Africa Government International Bond | 5.650 | 09/27/47 | 985,333 | |||||||||||
1,500,000 | Republic of South Africa Government International Bond | 5.750 | 09/30/49 | 1,444,134 | |||||||||||
ZAR | 7,500,000 | South Africa Government International Bond | 10.500 | 12/21/26 | 589,492 | ||||||||||
$ | 3,000,000 | South Africa Government International Bond | 4.300 | 10/12/28 | 3,013,360 | ||||||||||
ZAR | 59,300,000 | South Africa Government International Bond | 7.000 | 02/28/31 | 3,395,390 | ||||||||||
$ | 1,250,000 | South Africa Government International Bond | 5.375 | 07/24/44 | 1,187,350 | ||||||||||
TOTAL SOUTH AFRICA | 10,615,059 | ||||||||||||||
SRI LANKA - 0.5% | |||||||||||||||
800,000 | g | Sri Lanka Government International Bond | 5.750 | 04/18/23 | 576,696 | ||||||||||
925,000 | g | Sri Lanka Government International Bond | 6.850 | 11/03/25 | 613,590 | ||||||||||
1,000,000 | g | Sri Lanka Government International Bond | 6.825 | 07/18/26 | 656,790 | ||||||||||
1,650,000 | g | Sri Lanka Government International Bond | 7.550 | 03/28/30 | 1,074,645 | ||||||||||
TOTAL SRI LANKA | 2,921,721 | ||||||||||||||
SUPRANATIONAL - 0.4% | |||||||||||||||
2,975,000 | g | Banque Ouest Africaine de Developpement | 4.700 | 10/22/31 | 3,167,654 | ||||||||||
TOTAL SUPRANATIONAL | 3,167,654 | ||||||||||||||
THAILAND - 0.2% | |||||||||||||||
THB | 11,000,000 | Thailand Government International Bond | 2.875 | 12/17/28 | 386,846 | ||||||||||
35,700,000 | Thailand Government International Bond | 3.400 | 06/17/36 | 1,313,644 | |||||||||||
TOTAL THAILAND | 1,700,490 | ||||||||||||||
TRINIDAD AND TOBAGO - 0.2% | |||||||||||||||
$ | 1,050,000 | g | Trinidad & Tobago Government International Bond | 4.500 | 06/26/30 | 1,098,090 | |||||||||
TOTAL TRINIDAD AND TOBAGO | 1,098,090 |
315 |
TIAA-CREF FUNDS – Emerging Markets Debt Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | |||||||||||
TUNISIA - 0.1% | |||||||||||||||
$ | 1,100,000 | g | Banque Centrale de Tunisie S.A. | 5.750 | % | 01/30/25 | $ | 1,029,640 | |||||||
TOTAL TUNISIA | 1,029,640 | ||||||||||||||
TURKEY - 1.8% | |||||||||||||||
2,000,000 | Turkey Government International Bond | 5.125 | 02/17/28 | 1,880,874 | |||||||||||
2,500,000 | Turkey Government International Bond | 5.250 | 03/13/30 | 2,288,928 | |||||||||||
1,500,000 | Turkey Government International Bond | 5.875 | 06/26/31 | 1,405,552 | |||||||||||
4,350,000 | Turkey Government International Bond | 4.875 | 04/16/43 | 3,349,848 | |||||||||||
625,000 | Turkey Government International Bond | 6.625 | 02/17/45 | 572,675 | |||||||||||
3,000,000 | g | Turkiye Ihracat Kredit Bankasi | 5.375 | 10/24/23 | 3,009,136 | ||||||||||
TOTAL TURKEY | 12,507,013 | ||||||||||||||
UGANDA - 0.3% | |||||||||||||||
UGX | 6,750,000,000 | Republic of Uganda Government Bonds | 14.250 | 08/23/29 | 1,795,215 | ||||||||||
TOTAL UGANDA | 1,795,215 | ||||||||||||||
UKRAINE - 2.2% | |||||||||||||||
UAH | 37,000,000 | Ukraine Government International Bond | 15.840 | 02/26/25 | 1,426,808 | ||||||||||
$ | 5,000,000 | g | Ukraine Government International Bond | 7.750 | 09/01/25 | 5,384,800 | |||||||||
1,450,000 | g | Ukraine Government International Bond | 9.750 | 11/01/28 | 1,676,702 | ||||||||||
EUR | 1,075,000 | g | Ukraine Government International Bond | 4.375 | 01/27/30 | 1,184,376 | |||||||||
$ | 3,500,000 | g | Ukraine Government International Bond | 7.253 | 03/15/33 | 3,502,701 | |||||||||
2,320,000 | g | Ukraine Government International Bond | 1.258 | 05/31/40 | 2,443,656 | ||||||||||
TOTAL UKRAINE | 15,619,043 | ||||||||||||||
UNITED ARAB EMIRATES - 0.7% | |||||||||||||||
3,000,000 | g | Abu Dhabi Government International Bond | 2.700 | 09/02/70 | 2,597,041 | ||||||||||
2,650,000 | Emirate of Dubai Government International Bonds | 3.900 | 09/09/50 | 2,443,027 | |||||||||||
TOTAL UNITED ARAB EMIRATES | 5,040,068 | ||||||||||||||
URUGUAY - 1.2% | |||||||||||||||
UYU | 62,000,000 | Uruguay Government International Bond | 9.875 | 06/20/22 | 1,464,439 | ||||||||||
$ | 5,303,796 | Uruguay Government International Bond | 4.375 | 01/23/31 | 6,166,458 | ||||||||||
700,000 | Uruguay Government International Bond | 4.975 | 04/20/55 | 868,518 | |||||||||||
TOTAL URUGUAY | 8,499,415 | ||||||||||||||
UZBEKISTAN - 0.9% | |||||||||||||||
UZS | 7,990,000,000 | g | Republic of Uzbekistan Bond | 14.500 | 11/25/23 | 760,596 | |||||||||
$ | 675,000 | g | Republic of Uzbekistan Bond | 3.700 | 11/25/30 | 671,299 | |||||||||
4,550,000 | g | Republic of Uzbekistan Government International Bond | 5.375 | 02/20/29 | 5,081,835 | ||||||||||
TOTAL UZBEKISTAN | 6,513,730 | ||||||||||||||
ZAMBIA - 0.4% | |||||||||||||||
400,000 | †,g | Zambia Government International Bond | 5.375 | 09/20/22 | 239,660 | ||||||||||
3,900,000 | †,g | Zambia Government International Bond | 8.500 | 04/14/24 | 2,378,906 | ||||||||||
750,000 | †,g | Zambia Government International Bond | 8.970 | 07/30/27 | 452,568 | ||||||||||
TOTAL ZAMBIA | 3,071,134 | ||||||||||||||
TOTAL GOVERNMENT BONDS | 340,696,555 | ||||||||||||||
(Cost $343,246,098) |
316 |
TIAA-CREF FUNDS – Emerging Markets Debt Fund
PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | ||||||||||||
STRUCTURED ASSETS - 0.4% | |||||||||||||||||
TURKEY - 0.4% | |||||||||||||||||
$ | 1,076,923 | †,i | ARTS Ltd | LIBOR 3 M + 1.780% | 1.964 | % | 09/15/21 | $ | 1,071,539 | ||||||||
Series - 2016 53 (Class NOTE) | |||||||||||||||||
1,166,667 | †,i | Garanti Diversified Payment Rights Finance Co Series - 2016 A (Class A) | LIBOR 3 M + 3.172% | 3.366 | 10/09/21 | 1,160,833 | |||||||||||
TOTAL TURKEY | 2,232,372 | ||||||||||||||||
TOTAL STRUCTURED ASSETS | 2,232,372 | ||||||||||||||||
(Cost $2,224,408) | |||||||||||||||||
TOTAL BONDS | 674,742,050 | ||||||||||||||||
(Cost $670,009,963) | |||||||||||||||||
SHARES | COMPANY | ||||||||||||||||
COMMON STOCKS - 0.2% | |||||||||||||||||
BRAZIL - 0.0% | |||||||||||||||||
151,162 | * | Oi S.A. (ADR) | 231,278 | ||||||||||||||
TOTAL BRAZIL | 231,278 | ||||||||||||||||
UNITED STATES - 0.2% | |||||||||||||||||
48,641,231 | * | Petra Diamonds | 994,137 | ||||||||||||||
TOTAL UNITED STATES | 994,137 | ||||||||||||||||
TOTAL COMMON STOCKS | 1,225,415 | ||||||||||||||||
(Cost $1,959,028) | |||||||||||||||||
PRINCIPAL | ISSUER | ||||||||||||||||
SHORT-TERM INVESTMENTS - 3.8% | |||||||||||||||||
EGYPT - 0.4% | |||||||||||||||||
EGP | 26,900,000 | Egypt Treasury Bill | 0.000 | 05/18/21 | 1,710,188 | ||||||||||||
8,500,000 | Egypt Treasury Bill | 0.000 | 08/03/21 | 525,389 | |||||||||||||
8,600,000 | Egypt Treasury Bill | 0.000 | 12/07/21 | 508,681 | |||||||||||||
TOTAL EGYPT | 2,744,258 | ||||||||||||||||
UNITED STATES - 1.0% | �� | ||||||||||||||||
$ | 2,000,000 | Federal Home Loan Bank (FHLB) | 0.005 | 05/19/21 | 2,000,000 | ||||||||||||
5,040,000 | r | Fixed Income Clearing Corp (FICC) | 0.005 | 05/03/21 | 5,040,000 | ||||||||||||
TOTAL UNITED STATES | 7,040,000 |
317 |
TIAA-CREF FUNDS – Emerging Markets Debt Fund
SHARES | COMPANY | RATE | VALUE | ||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 2.4% | |||||||||||||||||
UNITED STATES - 2.4% | |||||||||||||||||
17,039,061 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 0.020 | % | $ | 17,039,061 | |||||||||||
TOTAL UNITED STATES | 17,039,061 | ||||||||||||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 17,039,061 | ||||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 26,823,319 | ||||||||||||||||
(Cost $26,810,692) | |||||||||||||||||
TOTAL INVESTMENTS - 100.6% | 710,128,909 | ||||||||||||||||
(Cost $705,976,705) | |||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - (0.6)% | (3,977,802 | ) | |||||||||||||||
NET ASSETS - 100.0% | $ | 706,151,107 |
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 | |||
IDR | Indonesian Rupiah | |||
KZT | Kazakhstani Tenge | |||
LIBOR | London Interbank Offered Rate | |||
M | Month | |||
MXN | Mexican Peso | |||
MYR | Malaysian Ringgit | |||
PEN | Peruvian Sol | |||
RON | Romanian Leu | |||
RSD | Serbian Dinar | |||
RUB | Russian Ruble | |||
THB | Thai Baht | |||
UAH | Ukrainian Hryvnia | |||
UGX | Ugandan Shilling | |||
UYU | Uruguayan Peso | |||
UZS | Uzbekistani so‘m | |||
ZAR | South African Rand | |||
* | Non-income producing | |
‡ | Perpetual security | |
† | 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 $16,587,627. | |
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 4/30/2021, the aggregate value of these securities is $522,166,679 or 73.9% 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 | |
r | Agreement with Fixed Income Clearing Corporation, 0.005% dated 4/30/2021 to be repurchased at $5,040,000 on 5/3/2021, collateralized by U.S. Treasury Notes valued at $5,140,816. |
318 |
TIAA-CREF FUNDS – Emerging Markets Debt Fund
Forward foreign currency contracts outstanding as of April 30, 2021 were as follows:
Currency to be purchased | Receive | Currency to be sold | Deliver | Counterparty | Settlement date | Unrealized appreciation (depreciation) | ||||||||||
$ | 2,341,007 | PEN | 9,000,000 | Citibank, N.A. | 07/30/21 | $ | (37,617 | ) |
Abbreviation(s):
PEN Peruvian Sol
319 |
TIAA-CREF FUNDS – Emerging Markets Debt Fund
TIAA-CREF FUNDS
EMERGING MARKETS DEBT FUND
SUMMARY OF MARKET VALUES BY SECTOR (unaudited)
April 30, 2021
SECTOR | VALUE | % OF NET ASSETS | ||||||
GOVERNMENT | $ | 340,696,555 | 48.2 | % | ||||
ENERGY | 62,028,047 | 8.8 | ||||||
FINANCIALS | 59,913,383 | 8.5 | ||||||
UTILITIES | 53,323,839 | 7.6 | ||||||
MATERIALS | 42,177,513 | 6.0 | ||||||
INDUSTRIALS | 40,158,578 | 5.7 | ||||||
COMMUNICATION SERVICES | 36,808,798 | 5.2 | ||||||
CONSUMER STAPLES | 19,349,970 | 2.7 | ||||||
CONSUMER DISCRETIONARY | 13,415,444 | 1.9 | ||||||
REAL ESTATE | 11,119,275 | 1.6 | ||||||
ASSET BACKED SECURITIES | 2,232,372 | 0.3 | ||||||
INFORMATION TECHNOLOGY | 2,081,816 | 0.3 | ||||||
SHORT-TERM INVESTMENTS | 26,823,319 | 3.8 | ||||||
OTHER ASSETS & LIABILITIES, NET | (3,977,802 | ) | (0.6 | ) | ||||
NET ASSETS | $ | 706,151,107 | 100.0 | % |
320 |
TIAA-CREF FUNDS – International Bond Fund
TIAA-CREF FUNDS
INTERNATIONAL BOND FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2021
PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
BANK LOAN OBLIGATIONS - 1.0% | ||||||||||||||||||
AUSTRALIA - 0.1% | ||||||||||||||||||
$ | 388,256 | i | Hamilton HoldCo LLC | LIBOR 3 M + 2.000% | 2.210 | % | 01/02/27 | $ | 383,725 | |||||||||
TOTAL AUSTRALIA | 383,725 | |||||||||||||||||
CANADA - 0.1% | ||||||||||||||||||
391,873 | i | 1011778 BC ULC | LIBOR 1M + 1.750% | 1.863 | 11/19/26 | 385,442 | ||||||||||||
TOTAL CANADA | 385,442 | |||||||||||||||||
IRELAND - 0.1% | ||||||||||||||||||
261,086 | i | Avolon TLB Borrower US LLC | LIBOR 1M + 1.750% | 2.500 | 01/15/25 | 259,373 | ||||||||||||
346,500 | i | Avolon TLB Borrower US LLC | LIBOR 1M + 1.500% | 2.250 | 02/12/27 | 340,807 | ||||||||||||
TOTAL IRELAND | 600,180 | |||||||||||||||||
LUXEMBOURG - 0.1% | ||||||||||||||||||
431,701 | i | Ineos US Finance LLC | LIBOR 1M + 2.000% | 2.113 | 03/31/24 | 426,521 | ||||||||||||
TOTAL LUXEMBOURG | 426,521 | |||||||||||||||||
UNITED STATES - 0.6% | ||||||||||||||||||
336,425 | i | American Airlines, Inc | LIBOR 1M + 2.000% | 2.115 | 12/14/23 | 323,705 | ||||||||||||
365,786 | i | Bausch Health Americas, Inc | LIBOR 1M + 3.000% | 3.109 | 06/02/25 | 365,076 | ||||||||||||
263,992 | i | Change Healthcare Holdings LLC | LIBOR 1M and LIBOR 3M + 2.500% | 3.500 | 03/01/24 | 263,572 | ||||||||||||
315,896 | i | Dell International LLC | LIBOR 1M + 1.750% | 2.000 | 09/19/25 | 315,529 | ||||||||||||
120,625 | i | Endo International PLC | LIBOR 3M + 4.250% | 5.000 | 04/29/24 | 117,308 | ||||||||||||
44,027 | i | Endo Luxembourg Finance Co I Sarl | LIBOR 1M + 5.000% | 5.750 | 03/27/28 | 42,816 | ||||||||||||
348,911 | i | Nielsen Finance LLC | LIBOR 1M + 2.000% | 2.113 | 10/04/23 | 347,959 | ||||||||||||
409,461 | i | Plantronics, Inc | LIBOR 1M + 2.500% | 2.609 | 07/02/25 | 403,946 | ||||||||||||
338,254 | i | Sabre GLBL, Inc | LIBOR 1M + 2.000% | 2.113 | 02/22/24 | 333,843 | ||||||||||||
414,527 | i | Samsonite IP Holdings Sarl | LIBOR 1M + 1.750% | 1.863 | 04/25/25 | 407,123 | ||||||||||||
328,163 | i | Team Health Holdings, Inc | LIBOR 1M + 2.750% | 3.750 | 02/06/24 | 305,080 | ||||||||||||
TOTAL UNITED STATES | 3,225,957 | |||||||||||||||||
TOTAL BANK LOAN OBLIGATIONS | 5,021,825 | |||||||||||||||||
(Cost $5,107,986) | ||||||||||||||||||
BONDS - 92.5% | ||||||||||||||||||
CORPORATE BONDS - 20.3% | ||||||||||||||||||
AUSTRALIA - 0.3% | ||||||||||||||||||
EUR | 700,000 | z | Australia & New Zealand Banking Group Ltd | 0.669 | 05/05/31 | 838,899 | ||||||||||||
$ | 325,000 | g | Santos Finance Ltd | 3.649 | 04/29/31 | 324,379 | ||||||||||||
TOTAL AUSTRALIA | 1,163,278 |
321 |
TIAA-CREF FUNDS – International Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
BRAZIL - 0.0% | ||||||||||||||||||
$ | 200,000 | g | Natura Cosmeticos S.A. | 4.125 | % | 05/03/28 | $ | 203,000 | ||||||||||
TOTAL BRAZIL | 203,000 | |||||||||||||||||
CANADA - 0.5% | ||||||||||||||||||
EUR | 250,000 | g | Fairfax Financial Holdings Ltd | 2.750 | 03/29/28 | 325,869 | ||||||||||||
$ | 750,000 | g | GFL Environmental, Inc | 4.250 | 06/01/25 | 772,500 | ||||||||||||
650,000 | g | MEG Energy Corp | 5.875 | 02/01/29 | 666,250 | |||||||||||||
500,000 | g | Nova Chemicals Corp | 4.875 | 06/01/24 | 527,130 | |||||||||||||
500,000 | g | Parkland Fuel Corp | 5.875 | 07/15/27 | 532,400 | |||||||||||||
TOTAL CANADA | 2,824,149 | |||||||||||||||||
CHILE - 0.5% | ||||||||||||||||||
300,000 | Celulosa Arauco y Constitucion S.A. | 3.875 | 11/02/27 | 322,875 | ||||||||||||||
250,000 | g | Celulosa Arauco y Constitucion S.A. | 4.250 | 04/30/29 | 272,190 | |||||||||||||
200,000 | g | Celulosa Arauco y Constitucion S.A. | 4.200 | 01/29/30 | 216,000 | |||||||||||||
425,000 | g | Corp Nacional del Cobre de Chile | 3.625 | 08/01/27 | 464,147 | |||||||||||||
325,000 | g | Corp Nacional del Cobre de Chile | 3.150 | 01/15/51 | 299,390 | |||||||||||||
425,000 | g | Embotelladora Andina S.A. | 3.950 | 01/21/50 | 447,317 | |||||||||||||
200,000 | Enel Chile S.A. | 4.875 | 06/12/28 | 230,602 | ||||||||||||||
200,000 | g | Inversiones CMPC S.A. | 3.850 | 01/13/30 | 212,900 | |||||||||||||
TOTAL CHILE | 2,465,421 | |||||||||||||||||
CHINA - 0.3% | ||||||||||||||||||
500,000 | g | ENN Energy Holdings Ltd | 2.625 | 09/17/30 | 487,300 | |||||||||||||
350,000 | JD.com, Inc | 3.375 | 01/14/30 | 365,290 | ||||||||||||||
EUR | 125,000 | g | Prosus NV | 2.031 | 08/03/32 | 154,541 | ||||||||||||
$ | 250,000 | g | Tencent Holdings Ltd | 3.975 | 04/11/29 | 272,977 | ||||||||||||
TOTAL CHINA | 1,280,108 | |||||||||||||||||
COLOMBIA - 0.2% | ||||||||||||||||||
350,000 | Bancolombia S.A. | 3.000 | 01/29/25 | 358,754 | ||||||||||||||
300,000 | Ecopetrol S.A. | 5.375 | 06/26/26 | 336,660 | ||||||||||||||
75,000 | Ecopetrol S.A. | 6.875 | 04/29/30 | 90,938 | ||||||||||||||
TOTAL COLOMBIA | 786,352 | |||||||||||||||||
CZECH REPUBLIC - 0.1% | ||||||||||||||||||
EUR | 400,000 | z | CEZ AS. | 0.875 | 11/21/22 | 486,578 | ||||||||||||
TOTAL CZECH REPUBLIC | 486,578 | |||||||||||||||||
DENMARK - 0.1% | ||||||||||||||||||
GBP | 500,000 | Danske Bank A.S. | 2.250 | 01/14/28 | 706,522 | |||||||||||||
TOTAL DENMARK | 706,522 | |||||||||||||||||
FRANCE - 1.0% | ||||||||||||||||||
EUR | 600,000 | Airbus SE | 1.625 | 06/09/30 | 780,325 | |||||||||||||
250,000 | g | Altice France S.A. | 5.875 | 02/01/27 | 320,099 | |||||||||||||
600,000 | g | Altice France S.A. | 3.375 | 01/15/28 | 710,375 | |||||||||||||
600,000 | Electricite de France S.A. | 2.000 | 10/02/30 | 815,760 | ||||||||||||||
300,000 | z | La Poste S.A. | 0.625 | 01/18/36 | 342,664 | |||||||||||||
GBP | 700,000 | z | Societe Generale S.A. | 1.250 | 12/07/27 | 930,066 |
322 |
TIAA-CREF FUNDS – International Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
EUR | 500,000 | z | Societe Generale S.A. | 0.500 | % | 06/12/29 | $ | 587,400 | ||||||||||
TOTAL FRANCE | 4,486,689 | |||||||||||||||||
GERMANY - 0.7% | ||||||||||||||||||
$ | 700,000 | Deutsche Bank AG. | 2.129 | 11/24/26 | 709,041 | |||||||||||||
EUR | 750,000 | g,o | IHO Verwaltungs GmbH | 3.750 | 09/15/26 | 924,230 | ||||||||||||
600,000 | Volkswagen Bank GmbH | 2.500 | 07/31/26 | 803,371 | ||||||||||||||
GBP | 800,000 | Volkswagen International Finance NV | 3.375 | 11/16/26 | 1,215,020 | |||||||||||||
TOTAL GERMANY | 3,651,662 | |||||||||||||||||
INDIA - 0.3% | ||||||||||||||||||
$ | 200,000 | g | Adani Ports & Special Economic Zone Ltd | 3.375 | 07/24/24 | 209,109 | ||||||||||||
625,000 | g | Bharti Airtel Ltd | 3.250 | 06/03/31 | 609,650 | |||||||||||||
475,000 | g | ICICI Bank Ltd | 3.800 | 12/14/27 | 505,702 | |||||||||||||
200,000 | g | Indian Railway Finance Corp Ltd | 3.249 | 02/13/30 | 197,674 | |||||||||||||
250,000 | z | Power Finance Corp Ltd | 3.350 | 05/16/31 | 239,766 | |||||||||||||
225,000 | g | UltraTech Cement Ltd | 2.800 | 02/16/31 | 210,300 | |||||||||||||
TOTAL INDIA | 1,972,201 | |||||||||||||||||
INDONESIA - 0.2% | ||||||||||||||||||
225,000 | g | Pelabuhan Indonesia III Persero PT | 4.500 | 05/02/23 | 238,500 | |||||||||||||
200,000 | g | Pertamina Persero PT | 3.650 | 07/30/29 | 211,499 | |||||||||||||
225,000 | g | Perusahaan Listrik Negara PT | 4.875 | 07/17/49 | 241,808 | |||||||||||||
TOTAL INDONESIA | 691,807 | |||||||||||||||||
IRELAND - 0.2% | ||||||||||||||||||
EUR | 1,000,000 | z | Bank of Ireland Group plc | 0.375 | 05/10/27 | 1,195,453 | ||||||||||||
TOTAL IRELAND | 1,195,453 | |||||||||||||||||
ISRAEL - 0.2% | ||||||||||||||||||
$ | 300,000 | g | Bank Leumi Le-Israel BM | 3.275 | 01/29/31 | 309,000 | ||||||||||||
625,000 | g | Israel Electric Corp Ltd | 4.250 | 08/14/28 | 694,554 | |||||||||||||
TOTAL ISRAEL | 1,003,554 | |||||||||||||||||
ITALY - 0.3% | ||||||||||||||||||
700,000 | g | Intesa Sanpaolo S.p.A | 5.710 | 01/15/26 | 784,955 | |||||||||||||
750,000 | g | UniCredit S.p.A | 2.569 | 09/22/26 | 756,209 | |||||||||||||
TOTAL ITALY | 1,541,164 | |||||||||||||||||
JAPAN - 0.5% | ||||||||||||||||||
EUR | 500,000 | z | Mitsubishi UFJ Financial Group, Inc | 0.872 | 09/07/24 | 619,010 | ||||||||||||
500,000 | z | Sumitomo Mitsui Financial Group, Inc | 0.819 | 07/23/23 | 614,627 | |||||||||||||
500,000 | z | Takeda Pharmaceutical Co Ltd | 3.000 | 11/21/30 | 716,565 | |||||||||||||
500,000 | Takeda Pharmaceutical Co Ltd | 1.375 | 07/09/32 | 622,432 | ||||||||||||||
TOTAL JAPAN | 2,572,634 | |||||||||||||||||
KAZAKHSTAN - 0.2% | ||||||||||||||||||
$ | 475,000 | g | KazTransGas JSC | 4.375 | 09/26/27 | 528,902 | ||||||||||||
400,000 | g | Tengizchevroil Finance Co International Ltd | 2.625 | 08/15/25 | 407,945 | |||||||||||||
TOTAL KAZAKHSTAN | 936,847 |
323 |
TIAA-CREF FUNDS – International Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
KOREA, REPUBLIC OF - 0.2% | ||||||||||||||||||
$ | 225,000 | g | Kia Corp | 1.000 | % | 04/16/24 | $ | 226,204 | ||||||||||
400,000 | g | POSCO | 2.500 | 01/17/25 | 413,628 | |||||||||||||
EUR | 300,000 | z | Shinhan Bank Co Ltd | 0.250 | 10/16/24 | 363,726 | ||||||||||||
$ | 250,000 | z | SK Battery America, Inc | 2.125 | 01/26/26 | 245,753 | ||||||||||||
TOTAL KOREA, REPUBLIC OF | 1,249,311 | |||||||||||||||||
LUXEMBOURG - 0.2% | ||||||||||||||||||
EUR | 350,000 | g | INEOS Finance plc | 2.875 | 05/01/26 | 425,584 | ||||||||||||
500,000 | z | ProLogis International Funding II S.A. | 2.375 | 11/14/30 | 698,020 | |||||||||||||
TOTAL LUXEMBOURG | 1,123,604 | |||||||||||||||||
MALAYSIA - 0.2% | ||||||||||||||||||
$ | 400,000 | e,g | Genm Capital Labuan Ltd | 3.882 | 04/19/31 | 396,026 | ||||||||||||
200,000 | g | Petronas Capital Ltd | 3.500 | 04/21/30 | 215,781 | |||||||||||||
250,000 | g | Petronas Energy Canada Ltd | 2.112 | 03/23/28 | 248,665 | |||||||||||||
TOTAL MALAYSIA | 860,472 | |||||||||||||||||
MEXICO - 0.3% | ||||||||||||||||||
200,000 | g | Alpek SAB de C.V. | 3.250 | 02/25/31 | 197,002 | |||||||||||||
500,000 | g | Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santand | 5.375 | 04/17/25 | 563,335 | |||||||||||||
225,000 | g | BBVA Bancomer S.A. | 1.875 | 09/18/25 | 225,900 | |||||||||||||
300,000 | g | Fresnillo plc | 4.250 | 10/02/50 | 294,000 | |||||||||||||
200,000 | g | Grupo Bimbo SAB de C.V. | 4.700 | 11/10/47 | 224,208 | |||||||||||||
EUR | 200,000 | Petroleos Mexicanos | 1.875 | 04/21/22 | 240,286 | |||||||||||||
$ | 500,000 | g | Sigma Alimentos S.A. de C.V. | 4.125 | 05/02/26 | 542,000 | ||||||||||||
TOTAL MEXICO | 2,286,731 | |||||||||||||||||
NETHERLANDS - 0.1% | ||||||||||||||||||
EUR | 625,000 | g | OCI NV | 3.125 | 11/01/24 | 768,508 | ||||||||||||
TOTAL NETHERLANDS | 768,508 | |||||||||||||||||
PANAMA - 0.1% | ||||||||||||||||||
$ | 300,000 | g | Banco General S.A. | 4.125 | 08/07/27 | 325,128 | ||||||||||||
TOTAL PANAMA | 325,128 | |||||||||||||||||
PERU - 0.0% | ||||||||||||||||||
200,000 | g | Banco de Credito del Peru | 3.250 | 09/30/31 | 196,500 | |||||||||||||
200,000 | g | Credicorp Ltd | 2.750 | 06/17/25 | 199,700 | |||||||||||||
200,000 | g | Kallpa Generacion SA | 4.125 | 08/16/27 | 205,500 | |||||||||||||
TOTAL PERU | 601,700 | |||||||||||||||||
PORTUGAL - 0.2% | ||||||||||||||||||
EUR | 1,000,000 | EDP Finance BV | 1.125 | 02/12/24 | 1,243,210 | |||||||||||||
TOTAL PORTUGAL | 1,243,210 | |||||||||||||||||
QATAR - 0.2% | ||||||||||||||||||
$ | 300,000 | z | QIB Sukuk Ltd | 1.950 | 10/27/25 | 301,644 | ||||||||||||
300,000 | z | QNB Finance Ltd | 1.625 | 09/22/25 | 299,870 | |||||||||||||
250,000 | z | QNB Finance Ltd | 2.750 | 02/12/27 | 260,137 | |||||||||||||
TOTAL QATAR | 861,651 |
324 |
TIAA-CREF FUNDS – International Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
RUSSIA - 0.2% | ||||||||||||||||||
EUR | 300,000 | z | Gazprom OAO Via Gaz Capital S.A. | 2.500 | % | 03/21/26 | $ | 373,385 | ||||||||||
$ | 500,000 | g | LUKOIL Securities BV | 3.875 | 05/06/30 | 525,400 | ||||||||||||
TOTAL RUSSIA | 898,785 | |||||||||||||||||
SAUDI ARABIA - 0.3% | ||||||||||||||||||
250,000 | g | SABIC Capital II BV | 4.000 | 10/10/23 | 269,048 | |||||||||||||
275,000 | g | Saudi Arabian Oil Co | 2.250 | 11/24/30 | 265,919 | |||||||||||||
300,000 | z | Saudi Electricity Global Sukuk Co 5 | 2.413 | 09/17/30 | 300,483 | |||||||||||||
TOTAL SAUDI ARABIA | 835,450 | |||||||||||||||||
SINGAPORE - 0.2% | ||||||||||||||||||
200,000 | g | BOC Aviation USA Corp | 1.625 | 04/29/24 | 200,815 | |||||||||||||
EUR | 200,000 | z | Temasek Financial I Ltd | 0.500 | 11/20/31 | 239,500 | ||||||||||||
$ | 500,000 | g | United Overseas Bank Ltd | 2.000 | 10/14/31 | 497,400 | ||||||||||||
TOTAL SINGAPORE | 937,715 | |||||||||||||||||
SPAIN - 0.2% | ||||||||||||||||||
800,000 | Banco Santander S.A. | 7.500 | N/A‡ | 882,000 | ||||||||||||||
TOTAL SPAIN | 882,000 | |||||||||||||||||
SWITZERLAND - 0.7% | ||||||||||||||||||
EUR | 750,000 | z | Cloverie plc for Zurich Insurance Co Ltd | 1.500 | 12/15/28 | 982,591 | ||||||||||||
GBP | 700,000 | z | Credit Suisse Group AG. | 2.250 | 06/09/28 | 987,126 | ||||||||||||
EUR | 600,000 | z | UBS Group AG | 0.250 | 11/05/28 | 710,955 | ||||||||||||
1,000,000 | z | UBS Group AG. | 0.250 | 02/24/28 | 1,185,843 | |||||||||||||
TOTAL SWITZERLAND | 3,866,515 | |||||||||||||||||
TANZANIA, UNITED REPUBLIC OF - 0.1% | ||||||||||||||||||
$ | 450,000 | AngloGold Ashanti Holdings plc | 3.750 | 10/01/30 | 465,412 | |||||||||||||
TOTAL TANZANIA, UNITED REPUBLIC OF | 465,412 | |||||||||||||||||
THAILAND - 0.1% | ||||||||||||||||||
200,000 | g,z | PTTEP Treasury Center Co Ltd | 2.587 | 06/10/27 | 206,366 | |||||||||||||
300,000 | g | Thaioil Treasury Center Co Ltd | 2.500 | 06/18/30 | 288,666 | |||||||||||||
TOTAL THAILAND | 495,032 | |||||||||||||||||
UNITED ARAB EMIRATES - 0.4% | ||||||||||||||||||
200,000 | g | DAE Funding LLC | 3.375 | 03/20/28 | 199,614 | |||||||||||||
400,000 | g | DP World Ltd | 5.625 | 09/25/48 | 485,000 | |||||||||||||
300,000 | z | EI Sukuk Co Ltd | 1.827 | 09/23/25 | 299,611 | |||||||||||||
GBP | 300,000 | z | First Abu Dhabi Bank PJSC | 1.375 | 02/19/23 | 418,463 | ||||||||||||
$ | 300,000 | z | National Central Cooling Co PJSC | 2.500 | 10/21/27 | 295,938 | ||||||||||||
TOTAL UNITED ARAB EMIRATES | 1,698,626 | |||||||||||||||||
UNITED KINGDOM - 1.7% | ||||||||||||||||||
GBP | 1,050,000 | BAE Systems plc | 4.125 | 06/08/22 | 1,505,110 | |||||||||||||
EUR | 800,000 | z | Barclays plc | 0.625 | 11/14/23 | 972,481 | ||||||||||||
1,000,000 | z | Coca-Cola European Partners plc | 1.500 | 11/08/27 | 1,283,929 |
325 |
TIAA-CREF FUNDS – International Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
GBP | 750,000 | HSBC Holdings plc | 2.175 | % | 06/27/23 | $ | 1,053,818 | |||||||||||
UGX | 3,000,000,000 | †,g | ICBC Standard Bank plc | 14.250 | 06/26/34 | 766,146 | ||||||||||||
EUR | 750,000 | Natwest Group plc | 1.750 | 03/02/26 | 951,551 | |||||||||||||
750,000 | RELX Capital, Inc | 1.300 | 05/12/25 | 947,425 | ||||||||||||||
700,000 | z | Standard Chartered plc | 1.200 | 09/23/31 | 841,309 | |||||||||||||
TOTAL UNITED KINGDOM | 8,321,769 | |||||||||||||||||
UNITED STATES - 9.3% | ||||||||||||||||||
500,000 | z | Abbott Ireland Financing DAC | 1.500 | 09/27/26 | 644,771 | |||||||||||||
1,200,000 | AbbVie, Inc | 1.250 | 06/01/24 | 1,494,454 | ||||||||||||||
150,000 | AbbVie, Inc | 2.625 | 11/15/28 | 208,098 | ||||||||||||||
900,000 | g | Adient Global Holdings Ltd | 3.500 | 08/15/24 | 1,118,373 | |||||||||||||
JPY | 100,000,000 | Aflac, Inc | 0.550 | 03/12/30 | 889,397 | |||||||||||||
EUR | 575,000 | American Honda Finance Corp | 1.950 | 10/18/24 | 738,567 | |||||||||||||
300,000 | American Tower Corp | 1.375 | 04/04/25 | 376,776 | ||||||||||||||
600,000 | American Tower Corp | 1.950 | 05/22/26 | 779,487 | ||||||||||||||
1,000,000 | z | Amphenol Technologies Holding GmbH | 2.000 | 10/08/28 | 1,349,232 | |||||||||||||
500,000 | Aptiv plc | 1.500 | 03/10/25 | 631,537 | ||||||||||||||
750,000 | g | Ardagh Metal Packaging Finance USA LLC | 2.000 | 09/01/28 | 903,364 | |||||||||||||
750,000 | g | Ardagh Metal Packaging Finance USA LLC | 3.000 | 09/01/29 | 902,274 | |||||||||||||
300,000 | g | Ashland Services BV | 2.000 | 01/30/28 | 359,435 | |||||||||||||
500,000 | AT&T, Inc | 2.350 | 09/05/29 | 680,627 | ||||||||||||||
750,000 | g | Avantor Funding, Inc | 3.875 | 07/15/28 | 950,361 | |||||||||||||
575,000 | Ball Corp | 0.875 | 03/15/24 | 697,121 | ||||||||||||||
500,000 | z | Bank of America Corp | 1.662 | 04/25/28 | 646,624 | |||||||||||||
500,000 | z | Bank of America Corp | 0.654 | 10/26/31 | 591,272 | |||||||||||||
700,000 | Becton Dickinson & Co | 1.401 | 05/24/23 | 865,955 | ||||||||||||||
670,000 | Becton Dickinson & Co | 1.900 | 12/15/26 | 875,185 | ||||||||||||||
100,000 | Capital One Financial Corp | 0.800 | 06/12/24 | 122,825 | ||||||||||||||
650,000 | g | Carnival Corp | 7.625 | 03/01/26 | 865,375 | |||||||||||||
750,000 | Chubb INA Holdings, Inc | 1.550 | 03/15/28 | 967,879 | ||||||||||||||
350,000 | Chubb INA Holdings, Inc | 1.400 | 06/15/31 | 447,276 | ||||||||||||||
750,000 | z | Citigroup, Inc | 1.250 | 07/06/26 | 941,031 | |||||||||||||
GBP | 500,000 | z | Citigroup, Inc | 1.750 | 10/23/26 | 703,197 | ||||||||||||
EUR | 700,000 | Comcast Corp | 0.250 | 05/20/27 | 846,642 | |||||||||||||
900,000 | DH Europe Finance Sarl | 1.200 | 06/30/27 | 1,139,422 | ||||||||||||||
500,000 | g | Diebold Nixdorf Dutch Holding BV | 9.000 | 07/15/25 | 664,595 | |||||||||||||
GBP | 100,000 | z | Digital Stout Holding LLC | 2.750 | 07/19/24 | 145,992 | ||||||||||||
200,000 | Discovery Communications LLC | 2.500 | 09/20/24 | 287,672 | ||||||||||||||
EUR | 400,000 | FedEx Corp | 1.000 | 01/11/23 | 489,258 | |||||||||||||
500,000 | FedEx Corp | 1.625 | 01/11/27 | 645,875 | ||||||||||||||
375,000 | Fidelity National Information Services, Inc | 1.100 | 07/15/24 | 465,699 | ||||||||||||||
GBP | 600,000 | Fiserv, Inc | 3.000 | 07/01/31 | 899,552 | |||||||||||||
EUR | 750,000 | z | General Motors Financial Co, Inc | 0.600 | 05/20/27 | 896,979 | ||||||||||||
400,000 | Goldman Sachs Group, Inc | 1.375 | 05/15/24 | 494,554 | ||||||||||||||
500,000 | z | Goldman Sachs Group, Inc | 0.250 | 01/26/28 | 588,834 | |||||||||||||
1,000,000 | Honeywell International, Inc | 0.000 | 03/10/24 | 1,208,392 | ||||||||||||||
600,000 | International Business Machines Corp | 0.650 | 02/11/32 | 720,516 | ||||||||||||||
500,000 | g | International Game Technology plc | 3.500 | 06/15/26 | 616,119 | |||||||||||||
500,000 | g | IQVIA, Inc | 1.750 | 03/15/26 | 606,354 | |||||||||||||
500,000 | z | JPMorgan Chase & Co | 1.638 | 05/18/28 | 645,252 | |||||||||||||
650,000 | Liberty Mutual Group, Inc | 2.750 | 05/04/26 | 875,543 |
326 |
TIAA-CREF FUNDS – International Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
EUR | 450,000 | g | Liberty Mutual Group, Inc | 2.750 | % | 05/04/26 | $ | 606,109 | ||||||||||
500,000 | McDonald’s Corp | 0.900 | 06/15/26 | 625,209 | ||||||||||||||
GBP | 600,000 | McKesson Corp | 3.125 | 02/17/29 | 899,282 | |||||||||||||
EUR | 600,000 | z | Metropolitan Life Global Funding I | 0.550 | 06/16/27 | 739,635 | ||||||||||||
650,000 | Mondelez International, Inc | 1.375 | 03/17/41 | 756,743 | ||||||||||||||
670,000 | Morgan Stanley | 1.342 | 10/23/26 | 846,182 | ||||||||||||||
400,000 | g | OI European Group BV | 3.125 | 11/15/24 | 498,944 | |||||||||||||
1,200,000 | Omnicom Finance Holdings plc | 0.800 | 07/08/27 | 1,483,445 | ||||||||||||||
100,000 | g | Organon Finance LLC | 2.875 | 04/30/28 | 122,780 | |||||||||||||
800,000 | Parker-Hannifin Corp | 1.125 | 03/01/25 | 1,000,995 | ||||||||||||||
$ | 1,075,000 | Plains All American Pipeline LP | 3.800 | 09/15/30 | 1,107,207 | |||||||||||||
EUR | 540,000 | ProLogis Euro Finance LLC | 0.375 | 02/06/28 | 653,499 | |||||||||||||
500,000 | g | Scientific Games International, Inc | 3.375 | 02/15/26 | 601,125 | |||||||||||||
400,000 | Silgan Holdings, Inc | 3.250 | 03/15/25 | 484,266 | ||||||||||||||
450,000 | Stryker Corp | 2.625 | 11/30/30 | 636,742 | ||||||||||||||
1,100,000 | SYSCO Corp | 1.250 | 06/23/23 | 1,356,783 | ||||||||||||||
700,000 | The Procter & Gamble Company | 0.625 | 10/30/24 | 865,657 | ||||||||||||||
500,000 | The Procter & Gamble Company | 1.875 | 10/30/38 | 710,193 | ||||||||||||||
400,000 | Verizon Communications, Inc | 1.375 | 10/27/26 | 512,675 | ||||||||||||||
400,000 | Verizon Communications, Inc | 1.875 | 10/26/29 | 535,410 | ||||||||||||||
600,000 | Walmart, Inc | 2.550 | 04/08/26 | 811,744 | ||||||||||||||
TOTAL UNITED STATES | 47,842,368 | |||||||||||||||||
TOTAL CORPORATE BONDS | 103,531,406 | |||||||||||||||||
(Cost $97,760,898) | ||||||||||||||||||
GOVERNMENT BONDS - 68.9% | ||||||||||||||||||
ARGENTINA - 0.0% | ||||||||||||||||||
13,818 | Argentina Republic Government International Bond | 1.000 | 07/09/29 | 5,237 | ||||||||||||||
196,000 | Argentina Republic Government International Bond | 0.125 | 07/09/41 | 70,070 | ||||||||||||||
198,850 | Argentina Republic Government International Bond (Step Bond) | 0.125 | 07/09/30 | 72,083 | ||||||||||||||
TOTAL ARGENTINA | 147,390 | |||||||||||||||||
AUSTRALIA - 1.7% | ||||||||||||||||||
AUD | 3,100,000 | z | Australia Government International Bond | 2.250 | 05/21/28 | 2,561,778 | ||||||||||||
975,000 | Australia Government International Bond | 1.000 | 12/21/30 | 709,003 | ||||||||||||||
4,100,000 | z | Australia Government International Bond | 1.000 | 11/21/31 | 2,929,070 | |||||||||||||
1,750,000 | z | Australia Government International Bond | 1.750 | 06/21/51 | 1,090,192 | |||||||||||||
1,715,000 | Western Australian Treasury Corp | 2.750 | 07/24/29 | 1,445,647 | ||||||||||||||
TOTAL AUSTRALIA | 8,735,690 | |||||||||||||||||
BELGIUM - 0.5% | ||||||||||||||||||
EUR | 2,125,000 | g | Kingdom of Belgium Government International Bond | 0.000 | 10/22/27 | 2,602,926 | ||||||||||||
TOTAL BELGIUM | 2,602,926 | |||||||||||||||||
BERMUDA - 0.1% | ||||||||||||||||||
$ | 340,000 | g | Bermuda Government International Bond | 2.375 | 08/20/30 | 335,750 | ||||||||||||
TOTAL BERMUDA | 335,750 |
327 |
TIAA-CREF FUNDS – International Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
BRAZIL - 0.5% | ||||||||||||||||||
BRL | 8,900,000 | Brazil Notas do Tesouro Nacional Serie F | 10.000 | % | 01/01/27 | $ | 1,746,453 | |||||||||||
$ | 1,000,000 | Brazilian Government International Bond | 3.875 | 06/12/30 | 992,660 | |||||||||||||
TOTAL BRAZIL | 2,739,113 | |||||||||||||||||
CANADA - 2.6% | ||||||||||||||||||
CAD | 1,700,000 | g | Canada Housing Trust No 1 | 2.550 | 12/15/23 | 1,455,224 | ||||||||||||
1,950,000 | Canadian Government International Bond | 1.500 | 02/01/22 | 1,602,073 | ||||||||||||||
3,600,000 | Canadian Government International Bond | 2.000 | 09/01/23 | 3,040,794 | ||||||||||||||
1,300,000 | Canadian Government International Bond | 5.000 | 06/01/37 | 1,523,776 | ||||||||||||||
1,350,000 | Hydro-Quebec | 4.000 | 02/15/55 | 1,365,420 | ||||||||||||||
1,600,000 | Province of British Columbia Canada | 2.550 | 06/18/27 | 1,382,744 | ||||||||||||||
1,600,000 | Province of New Brunswick Canada | 3.100 | 08/14/28 | 1,417,552 | ||||||||||||||
1,000,000 | Province of Quebec Canada | 2.750 | 09/01/27 | 873,351 | ||||||||||||||
TOTAL CANADA | 12,660,934 | |||||||||||||||||
CHILE - 0.3% | ||||||||||||||||||
CLP | 760,000,000 | g | Bonos de la Tesoreria de la Republica en pesos | 2.300 | 10/01/28 | 986,754 | ||||||||||||
EUR | 650,000 | Chile Government International Bond | 1.250 | 01/22/51 | 686,615 | |||||||||||||
TOTAL CHILE | 1,673,369 | |||||||||||||||||
CHINA - 8.4% | ||||||||||||||||||
CNY | 61,260,000 | China Government International Bond | 2.880 | 11/05/23 | 9,495,287 | |||||||||||||
14,500,000 | China Government International Bond | 3.270 | 11/19/30 | 2,258,252 | ||||||||||||||
3,300,000 | China Government International Bond | 3.810 | 09/14/50 | 521,649 | ||||||||||||||
15,000,000 | China Government International Bond | 2.240 | 03/05/23 | 2,300,429 | ||||||||||||||
27,700,000 | China Government International Bond | 2.360 | 07/02/23 | 4,244,581 | ||||||||||||||
49,600,000 | China Government International Bond | 2.940 | 10/17/24 | 7,687,388 | ||||||||||||||
60,500,000 | China Government International Bond | 3.120 | 12/05/26 | 9,401,995 | ||||||||||||||
18,900,000 | China Government International Bond | 3.860 | 07/22/49 | 3,009,615 | ||||||||||||||
30,000,000 | China Government International Bond | 3.390 | 03/16/50 | 4,362,045 | ||||||||||||||
TOTAL CHINA | 43,281,241 | |||||||||||||||||
COTE D’IVOIRE - 0.3% | ||||||||||||||||||
EUR | 1,000,000 | g | Ivory Coast Government International Bond | 5.875 | 10/17/31 | 1,301,009 | ||||||||||||
100,000 | g | Ivory Coast Government International Bond | 4.875 | 01/30/32 | 120,682 | |||||||||||||
TOTAL COTE D’IVOIRE | 1,421,691 | |||||||||||||||||
CROATIA - 0.2% | ||||||||||||||||||
1,000,000 | z | Croatia Government International Bond | 1.125 | 03/04/33 | 1,187,550 | |||||||||||||
TOTAL CROATIA | 1,187,550 | |||||||||||||||||
CYPRUS - 1.0% | ||||||||||||||||||
1,300,000 | z | Cyprus Government International Bond | 2.375 | 09/25/28 | 1,807,490 | |||||||||||||
1,100,000 | z | Cyprus Government International Bond | 0.625 | 01/21/30 | 1,338,567 | |||||||||||||
575,000 | z | Cyprus Government International Bond | 2.750 | 02/26/34 | 852,464 | |||||||||||||
500,000 | z | Cyprus Government International Bond | 2.750 | 05/03/49 | 804,978 | |||||||||||||
TOTAL CYPRUS | 4,803,499 |
328 |
TIAA-CREF FUNDS – International Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
DOMINICAN REPUBLIC - 0.5% | ||||||||||||||||||
DOP | 48,650,000 | g | Dominican Republic Government International Bond | 8.900 | % | 02/15/23 | $ | 884,546 | ||||||||||
15,000,000 | g | Dominican Republic Government International Bond | 9.750 | 06/05/26 | 289,125 | |||||||||||||
$ | 750,000 | g | Dominican Republic Government International Bond | 4.875 | 09/23/32 | 784,875 | ||||||||||||
TOTAL DOMINICAN REPUBLIC | 1,958,546 | |||||||||||||||||
ECUADOR - 0.1% | ||||||||||||||||||
78,000 | g | Ecuador Government International Bond | 0.000 | 07/31/30 | 42,510 | |||||||||||||
441,250 | g | Ecuador Government International Bond (Step Bond) | 0.500 | 07/31/30 | 368,444 | |||||||||||||
309,125 | g | Ecuador Government International Bond (Step Bond) | 0.500 | 07/31/35 | 210,208 | |||||||||||||
TOTAL ECUADOR | 621,162 | |||||||||||||||||
EGYPT - 1.0% | ||||||||||||||||||
850,000 | g | Egypt Government International Bond | 5.750 | 05/29/24 | 897,940 | |||||||||||||
EGP | 16,250,000 | Egypt Government International Bond | 15.900 | 07/02/24 | 1,079,732 | |||||||||||||
$ | 600,000 | g | Egypt Government International Bond | 5.875 | 02/16/31 | 578,521 | ||||||||||||
EUR | 900,000 | g | Egypt Government International Bond | 6.375 | 04/11/31 | 1,127,238 | ||||||||||||
$ | 300,000 | g | Egypt Government International Bond | 7.053 | 01/15/32 | 307,110 | ||||||||||||
675,000 | g | Egypt Government International Bond | 8.500 | 01/31/47 | 696,530 | |||||||||||||
TOTAL EGYPT | 4,687,071 | |||||||||||||||||
FRANCE - 3.4% | ||||||||||||||||||
EUR | 4,500,000 | French Republic Government Bond OAT | 0.500 | 05/25/25 | 5,634,867 | |||||||||||||
3,775,000 | French Republic Government Bond OAT | 0.750 | 11/25/28 | 4,849,224 | ||||||||||||||
2,450,000 | g | French Republic Government Bond OAT | 0.500 | 05/25/40 | 2,876,225 | |||||||||||||
910,000 | g | French Republic Government Bond OAT | 0.750 | 05/25/52 | 1,038,054 | |||||||||||||
2,500,000 | z | UNEDIC ASSEO | 0.250 | 07/16/35 | 2,927,993 | |||||||||||||
TOTAL FRANCE | 17,326,363 | |||||||||||||||||
GERMANY - 0.9% | ||||||||||||||||||
2,350,000 | Bundesrepublik Deutschland Bundesanleihe | 0.000 | 02/15/30 | 2,898,264 | ||||||||||||||
1,200,000 | Bundesrepublik Deutschland Bundesanleihe | 0.000 | 02/15/31 | 1,471,653 | ||||||||||||||
TOTAL GERMANY | 4,369,917 | |||||||||||||||||
GHANA - 0.7% | ||||||||||||||||||
$ | 333,333 | g | Ghana Government International Bond | 9.250 | 09/15/22 | 352,517 | ||||||||||||
500,000 | g | Ghana Government International Bond | 7.750 | 04/07/29 | 511,104 | |||||||||||||
825,000 | g | Ghana Government International Bond | 8.125 | 03/26/32 | 831,244 | |||||||||||||
1,000,000 | g | Ghana Government International Bond | 8.627 | 06/16/49 | 970,000 | |||||||||||||
GHS | 4,300,000 | Republic of Ghana Government Bonds | 16.500 | 02/06/23 | 736,509 | |||||||||||||
TOTAL GHANA | 3,401,374 | |||||||||||||||||
GREECE - 0.8% | ||||||||||||||||||
EUR | 575,000 | g | Hellenic Republic Government International Bond | 3.875 | 03/12/29 | 858,957 | ||||||||||||
2,300,000 | g | Hellenic Republic Government International Bond | 1.500 | 06/18/30 | 2,917,530 | |||||||||||||
TOTAL GREECE | 3,776,487 | |||||||||||||||||
GUATEMALA - 0.2% | ||||||||||||||||||
$ | 200,000 | g | Guatemala Government International Bond | 5.375 | 04/24/32 | 230,500 | ||||||||||||
775,000 | g | Guatemala Government International Bond | 6.125 | 06/01/50 | 930,000 | |||||||||||||
TOTAL GUATEMALA | 1,160,500 |
329 |
TIAA-CREF FUNDS – International Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
HONDURAS - 0.0% | ||||||||||||||||||
$ | 200,000 | g | Honduras Government International Bond | 5.625 | % | 06/24/30 | $ | 210,000 | ||||||||||
TOTAL HONDURAS | 210,000 | |||||||||||||||||
HONG KONG - 0.1% | ||||||||||||||||||
475,000 | g | Airport Authority | 1.625 | 02/04/31 | 445,659 | |||||||||||||
TOTAL HONG KONG | 445,659 | |||||||||||||||||
HUNGARY - 0.1% | ||||||||||||||||||
EUR | 600,000 | z | Hungary Government International Bond | 1.750 | 06/05/35 | 764,170 | ||||||||||||
TOTAL HUNGARY | 764,170 | |||||||||||||||||
ICELAND - 0.2% | ||||||||||||||||||
EUR | 1,000,000 | z | Iceland Government International Bond | 0.000 | 04/15/28 | 1,189,096 | ||||||||||||
TOTAL ICELAND | 1,189,096 | |||||||||||||||||
INDIA - 0.0% | ||||||||||||||||||
$ | 200,000 | Export-Import Bank of India | 3.875 | 03/12/24 | 213,259 | |||||||||||||
250,000 | g | Export-Import Bank of India | 2.250 | 01/13/31 | 229,998 | |||||||||||||
TOTAL INDIA | 443,257 | |||||||||||||||||
INDONESIA - 0.9% | ||||||||||||||||||
IDR | 13,000,000,000 | Indonesia Treasury Bond | 8.125 | 05/15/24 | 973,214 | |||||||||||||
22,800,000,000 | Indonesia Treasury Bond | 7.500 | 05/15/38 | 1,613,113 | ||||||||||||||
$ | 1,700,000 | g | Perusahaan Penerbit SBSN Indonesia III | 3.900 | 08/20/24 | 1,848,716 | ||||||||||||
TOTAL INDONESIA | 4,435,043 | |||||||||||||||||
ISRAEL - 1.0% | ||||||||||||||||||
ILS | 5,250,000 | Israel Government International Bond | 5.500 | 01/31/42 | 2,588,009 | |||||||||||||
3,200,000 | Israel Government International Bond | 3.750 | 03/31/47 | 1,274,358 | ||||||||||||||
$ | 1,250,000 | z | State of Israel | 3.800 | 05/13/60 | 1,362,854 | ||||||||||||
TOTAL ISRAEL | 5,225,221 | |||||||||||||||||
ITALY - 5.0% | ||||||||||||||||||
EUR | 5,525,000 | Italy Buoni Poliennali Del Tesoro | 2.450 | 10/01/23 | 7,074,498 | |||||||||||||
3,950,000 | Italy Buoni Poliennali Del Tesoro | 1.250 | 12/01/26 | 5,005,886 | ||||||||||||||
3,675,000 | g | Italy Buoni Poliennali Del Tesoro | 0.950 | 09/15/27 | 4,567,338 | |||||||||||||
1,000,000 | Italy Buoni Poliennali Del Tesoro | 0.900 | 04/01/31 | 1,205,899 | ||||||||||||||
300,000 | g | Italy Buoni Poliennali Del Tesoro | 0.950 | 03/01/37 | 339,176 | |||||||||||||
1,575,000 | g | Italy Buoni Poliennali Del Tesoro | 2.950 | 09/01/38 | 2,328,384 | |||||||||||||
900,000 | g | Italy Buoni Poliennali Del Tesoro | 3.450 | 03/01/48 | 1,454,438 | |||||||||||||
1,050,000 | g | Italy Buoni Poliennali Del Tesoro | 3.850 | 09/01/49 | 1,816,400 | |||||||||||||
950,000 | g | Italy Buoni Poliennali Del Tesoro | 1.700 | 09/01/51 | 1,087,983 | |||||||||||||
TOTAL ITALY | 24,880,002 | |||||||||||||||||
JAPAN - 13.4% | ||||||||||||||||||
JPY | 13,000,000 | Japan Finance Organization for Municipalities | 0.440 | 08/15/25 | 121,203 | |||||||||||||
21,000,000 | Japan Finance Organization for Municipalities | 0.320 | 01/19/26 | 195,034 | ||||||||||||||
30,000,000 | Japan Finance Organization for Municipalities | 0.145 | 02/16/26 | 276,345 |
330 |
TIAA-CREF FUNDS – International Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
JPY | 14,000,000 | Japan Finance Organization for Municipalities | 0.020 | % | 05/22/26 | $ | 128,131 | |||||||||||
628,000,000 | Japan Government Five Year Bond | 0.100 | 06/20/23 | 5,773,152 | ||||||||||||||
170,000,000 | Japan Government Ten Year Bond | 0.100 | 09/20/26 | 1,571,003 | ||||||||||||||
557,000,000 | Japan Government Ten Year Bond | 0.100 | 06/20/28 | 5,143,742 | ||||||||||||||
335,000,000 | Japan Government Ten Year Bond | 0.100 | 06/20/29 | 3,086,791 | ||||||||||||||
322,000,000 | Japan Government Ten Year Bond | 0.100 | 09/20/29 | 2,965,000 | ||||||||||||||
325,000,000 | Japan Government Ten Year Bond | 0.100 | 12/20/29 | 2,990,216 | ||||||||||||||
210,000,000 | Japan Government Ten Year Bond | 0.100 | 03/20/30 | 1,931,492 | ||||||||||||||
425,000,000 | Japan Government Ten Year Bond | 0.100 | 06/20/30 | 3,904,622 | ||||||||||||||
513,000,000 | Japan Government Ten Year Bond | 0.100 | 09/20/30 | 4,708,316 | ||||||||||||||
525,950,000 | Japan Government Thirty Year Bond | 2.500 | 09/20/34 | 6,248,802 | ||||||||||||||
457,700,000 | Japan Government Thirty Year Bond | 0.500 | 09/20/46 | 4,114,155 | ||||||||||||||
73,000,000 | Japan Government Thirty Year Bond | 0.600 | 09/20/50 | 658,890 | ||||||||||||||
340,000,000 | Japan Government Twenty Year Bond | 2.100 | 03/20/26 | 3,444,934 | ||||||||||||||
229,000,000 | Japan Government Twenty Year Bond | 1.800 | 09/20/31 | 2,459,054 | ||||||||||||||
117,000,000 | Japan Government Twenty Year Bond | 1.700 | 03/20/32 | 1,250,727 | ||||||||||||||
278,000,000 | Japan Government Twenty Year Bond | 0.600 | 12/20/36 | 2,653,481 | ||||||||||||||
256,000,000 | Japan Government Twenty Year Bond | 0.500 | 06/20/38 | 2,391,069 | ||||||||||||||
660,000,000 | Japan Government Twenty Year Bond | 0.700 | 09/20/38 | 6,356,972 | ||||||||||||||
185,000,000 | Japan Government Twenty Year Bond | 0.300 | 06/20/39 | 1,658,724 | ||||||||||||||
312,000,000 | Japan Government Twenty Year Bond | 0.400 | 09/20/40 | 2,827,787 | ||||||||||||||
203,000,000 | Japan Government Two Year Bond | 0.100 | 12/01/22 | 1,864,154 | ||||||||||||||
TOTAL JAPAN | 68,723,796 | |||||||||||||||||
KAZAKHSTAN - 0.2% | ||||||||||||||||||
KZT | 550,000,000 | † | National Bank of Kazakhstan Notes | 0.000 | 07/23/21 | 1,252,305 | ||||||||||||
TOTAL KAZAKHSTAN | 1,252,305 | |||||||||||||||||
KENYA - 0.3% | ||||||||||||||||||
$ | 1,200,000 | g | Kenya Government International Bond | 7.000 | 05/22/27 | 1,304,713 | ||||||||||||
TOTAL KENYA | 1,304,713 | |||||||||||||||||
KOREA, REPUBLIC OF - 2.8% | ||||||||||||||||||
200,000 | Export-Import Bank of Korea | 3.000 | 11/01/22 | 207,412 | ||||||||||||||
500,000 | g | Korea Housing Finance Corp | 2.000 | 10/11/21 | 503,447 | |||||||||||||
KRW | 3,290,000,000 | Korea Treasury Bond | 1.250 | 12/10/22 | 2,975,219 | |||||||||||||
2,220,000,000 | Korea Treasury Bond | 2.250 | 09/10/23 | 2,049,191 | ||||||||||||||
3,800,000,000 | Korea Treasury Bond | 1.500 | 03/10/25 | 3,418,769 | ||||||||||||||
1,800,000,000 | Korea Treasury Bond | 1.500 | 12/10/26 | 1,593,416 | ||||||||||||||
1,200,000,000 | Korea Treasury Bond | 1.375 | 12/10/29 | 1,018,586 | ||||||||||||||
2,815,000,000 | Korea Treasury Bond | 2.375 | 09/10/38 | 2,574,232 | ||||||||||||||
TOTAL KOREA, REPUBLIC OF | 14,340,272 | |||||||||||||||||
LEBANON - 0.0% | ||||||||||||||||||
$ | 1,400,000 | †,q,z | Lebanon Government International Bond | 6.850 | 03/23/27 | 173,460 | ||||||||||||
TOTAL LEBANON | 173,460 | |||||||||||||||||
MACEDONIA - 0.5% | ||||||||||||||||||
EUR | 1,050,000 | g | North Macedonia Government International Bond | 3.675 | 06/03/26 | 1,373,939 | ||||||||||||
850,000 | g | North Macedonia Government International Bond | 1.625 | 03/10/28 | 988,033 | |||||||||||||
TOTAL MACEDONIA | 2,361,972 |
331 |
TIAA-CREF FUNDS – International Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
MALAYSIA - 0.3% | ||||||||||||||||||
MYR | 5,700,000 | Malaysia Government International Bond | 3.828 | % | 07/05/34 | $ | 1,386,846 | |||||||||||
TOTAL MALAYSIA | 1,386,846 | |||||||||||||||||
MEXICO - 0.8% | ||||||||||||||||||
MXN | 23,500,000 | Mexican Bonos | 5.750 | 03/05/26 | 1,149,594 | |||||||||||||
13,800,000 | Mexican Bonos | 7.750 | 05/29/31 | 722,850 | ||||||||||||||
$ | 1,300,000 | Mexico Government International Bond | 3.250 | 04/16/30 | 1,328,145 | |||||||||||||
1,025,000 | Mexico Government International Bond | 4.280 | 08/14/41 | 1,045,500 | ||||||||||||||
TOTAL MEXICO | 4,246,089 | |||||||||||||||||
MOROCCO - 0.4% | ||||||||||||||||||
EUR | 850,000 | g | Morocco Government International Bond | 1.375 | 03/30/26 | 1,025,336 | ||||||||||||
1,100,000 | g | Morocco Government International Bond | 1.500 | 11/27/31 | 1,240,931 | |||||||||||||
TOTAL MOROCCO | 2,266,267 | |||||||||||||||||
NETHERLANDS - 0.2% | ||||||||||||||||||
550,000 | g | Netherlands Government International Bond | 2.750 | 01/15/47 | 1,055,855 | |||||||||||||
TOTAL NETHERLANDS | 1,055,855 | |||||||||||||||||
NEW ZEALAND - 0.3% | ||||||||||||||||||
NZD | 1,800,000 | New Zealand Government International Bond | 2.750 | 04/15/25 | 1,394,205 | |||||||||||||
TOTAL NEW ZEALAND | 1,394,205 | |||||||||||||||||
NIGERIA - 0.3% | ||||||||||||||||||
$ | 1,325,000 | g | Nigeria Government International Bond | 6.500 | 11/28/27 | 1,400,628 | ||||||||||||
TOTAL NIGERIA | 1,400,628 | |||||||||||||||||
NORWAY - 1.0% | ||||||||||||||||||
NOK | 9,000,000 | City of Oslo Norway | 2.050 | 10/31/24 | 1,107,579 | |||||||||||||
35,620,000 | g | Norway Government International Bond | 1.375 | 08/19/30 | 4,260,579 | |||||||||||||
TOTAL NORWAY | 5,368,158 | |||||||||||||||||
PAKISTAN - 0.2% | ||||||||||||||||||
$ | 1,000,000 | g | Pakistan Government International Bond | 6.000 | 04/08/26 | 1,027,866 | ||||||||||||
TOTAL PAKISTAN | 1,027,866 | |||||||||||||||||
PANAMA - 0.2% | ||||||||||||||||||
1,000,000 | Panama Notas del Tesoro | 3.750 | 04/17/26 | 1,075,500 | ||||||||||||||
TOTAL PANAMA | 1,075,500 | |||||||||||||||||
PARAGUAY - 0.2% | ||||||||||||||||||
925,000 | g | Paraguay Government International Bond | 5.400 | 03/30/50 | 1,042,022 | |||||||||||||
TOTAL PARAGUAY | 1,042,022 | |||||||||||||||||
PERU - 0.4% | ||||||||||||||||||
PEN | 8,300,000 | g | Peruvian Government International Bond | 5.400 | 08/12/34 | 2,090,663 | ||||||||||||
TOTAL PERU | 2,090,663 |
332 |
TIAA-CREF FUNDS – International Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
PHILIPPINES - 0.2% | ||||||||||||||||||
EUR | 820,000 | Philippine Government International Bond | 1.200 | % | 04/28/33 | $ | 977,930 | |||||||||||
TOTAL PHILIPPINES | 977,930 | |||||||||||||||||
POLAND - 0.7% | ||||||||||||||||||
PLN | 11,905,000 | Republic of Poland Government International Bond | 2.750 | 10/25/29 | 3,428,624 | |||||||||||||
TOTAL POLAND | 3,428,624 | |||||||||||||||||
PORTUGAL - 0.8% | ||||||||||||||||||
EUR | 1,275,000 | g | Portugal Obrigacoes do Tesouro OT | 0.700 | 10/15/27 | 1,604,793 | ||||||||||||
1,800,000 | g | Portugal Obrigacoes do Tesouro OT | 1.950 | 06/15/29 | 2,469,198 | |||||||||||||
TOTAL PORTUGAL | 4,073,991 | |||||||||||||||||
REPUBLIC OF SERBIA - 1.0% | ||||||||||||||||||
1,700,000 | g | Serbia Government International Bond | 1.500 | 06/26/29 | 2,023,831 | |||||||||||||
$ | 600,000 | g | Serbia Government International Bond | 2.125 | 12/01/30 | 552,457 | ||||||||||||
RSD | 120,000,000 | Serbia Treasury Bonds | 5.875 | 02/08/28 | 1,482,701 | |||||||||||||
101,500,000 | Serbia Treasury Bonds | 4.500 | 08/20/32 | 1,144,898 | ||||||||||||||
TOTAL REPUBLIC OF SERBIA | 5,203,887 | |||||||||||||||||
ROMANIA - 0.9% | ||||||||||||||||||
RON | 9,500,000 | Romania Government International Bond | 4.150 | 01/26/28 | 2,499,446 | |||||||||||||
EUR | 800,000 | g | Romanian Government International Bond | 2.000 | 01/28/32 | 966,740 | ||||||||||||
850,000 | g | Romanian Government International Bond | 2.000 | 04/14/33 | 1,008,123 | |||||||||||||
TOTAL ROMANIA | 4,474,309 | |||||||||||||||||
RUSSIA - 0.2% | ||||||||||||||||||
RUB | 90,000,000 | Russian Federal Bond-OFZ | 4.500 | 07/16/25 | 1,113,254 | |||||||||||||
TOTAL RUSSIA | 1,113,254 | |||||||||||||||||
SAUDI ARABIA - 0.2% | ||||||||||||||||||
$ | 375,000 | g | Saudi Government International Bond | 2.900 | 10/22/25 | 398,599 | ||||||||||||
750,000 | g | Saudi Government International Bond | 2.500 | 02/03/27 | 776,428 | |||||||||||||
TOTAL SAUDI ARABIA | 1,175,027 | |||||||||||||||||
SENEGAL - 0.2% | ||||||||||||||||||
EUR | 1,000,000 | g | Senegal Government International Bond | 4.750 | 03/13/28 | 1,247,560 | ||||||||||||
TOTAL SENEGAL | 1,247,560 | |||||||||||||||||
SOUTH AFRICA - 0.5% | ||||||||||||||||||
ZAR | 10,700,000 | South Africa Government International Bond | 10.500 | 12/21/26 | 841,008 | |||||||||||||
16,500,000 | South Africa Government International Bond | 7.000 | 02/28/31 | 944,754 | ||||||||||||||
7,800,000 | South Africa Government International Bond | 8.750 | 01/31/44 | 429,075 | ||||||||||||||
TOTAL SOUTH AFRICA | 2,214,837 | |||||||||||||||||
SPAIN - 3.1% | ||||||||||||||||||
EUR | 1,100,000 | z | Autonomous Community of Madrid Spain | 1.571 | 04/30/29 | 1,448,604 | ||||||||||||
4,600,000 | g | Spain Government International Bond | 2.750 | 10/31/24 | 6,137,621 | |||||||||||||
1,095,000 | g | Spain Government International Bond | 1.400 | 07/30/28 | 1,438,345 | |||||||||||||
1,875,000 | g | Spain Government International Bond | 0.600 | 10/31/29 | 2,313,536 | |||||||||||||
1,250,000 | g | Spain Government International Bond | 0.100 | 04/30/31 | 1,447,457 | |||||||||||||
2,650,000 | g | Spain Government International Bond | 1.200 | 10/31/40 | 3,220,801 | |||||||||||||
TOTAL SPAIN | 16,006,364 |
333 |
TIAA-CREF FUNDS – International Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
SUPRANATIONAL - 2.9% | ||||||||||||||||||
$ | 1,200,000 | g | Africa Finance Corp | 2.875 | % | 04/28/28 | $ | 1,191,581 | ||||||||||
750,000 | z | African Export-Import Bank | 5.250 | 10/11/23 | 811,099 | |||||||||||||
INR | 105,000,000 | Asian Development Bank | 6.200 | 10/06/26 | 1,454,528 | |||||||||||||
$ | 1,250,000 | g | Banque Ouest Africaine de Developpement | 4.700 | 10/22/31 | 1,330,947 | ||||||||||||
EUR | 650,000 | g | Banque Ouest Africaine de Developpement | 2.750 | 01/22/33 | 812,990 | ||||||||||||
AUD | 2,150,000 | Inter-American Development Bank | 4.750 | 08/27/24 | 1,886,812 | |||||||||||||
NZD | 1,577,000 | International Bank for Reconstruction & Development | 3.375 | 01/25/22 | 1,152,847 | |||||||||||||
AUD | 4,100,000 | International Bank for Reconstruction & Development | 2.200 | 02/27/24 | 3,317,039 | |||||||||||||
CAD | 1,600,000 | International Bank for Reconstruction & Development | 1.900 | 01/16/25 | 1,348,691 | |||||||||||||
GBP | 700,000 | International Finance Corp | 0.250 | 12/15/25 | 953,693 | |||||||||||||
TOTAL SUPRANATIONAL | 14,260,227 | |||||||||||||||||
SWEDEN - 0.2% | ||||||||||||||||||
SEK | 9,000,000 | Sweden Government International Bond | 0.500 | 11/24/45 | 969,831 | |||||||||||||
TOTAL SWEDEN | 969,831 | |||||||||||||||||
THAILAND - 0.8% | ||||||||||||||||||
THB | 30,000,000 | Thailand Government International Bond | 1.450 | 12/17/24 | 985,576 | |||||||||||||
55,000,000 | Thailand Government International Bond | 3.300 | 06/17/38 | 1,995,815 | ||||||||||||||
29,000,000 | Thailand Government International Bond | 2.000 | 06/17/42 | 848,124 | ||||||||||||||
TOTAL THAILAND | 3,829,515 | |||||||||||||||||
TURKEY - 0.1% | ||||||||||||||||||
TRY | 5,425,000 | Turkey Government International Bond | 8.500 | 09/14/22 | 589,108 | |||||||||||||
TOTAL TURKEY | 589,108 | |||||||||||||||||
UKRAINE - 0.6% | ||||||||||||||||||
UAH | 31,000,000 | Ukraine Government International Bond | 17.000 | 05/11/22 | 1,167,650 | |||||||||||||
EUR | 1,000,000 | g | Ukraine Government International Bond | 6.750 | 06/20/26 | 1,287,622 | ||||||||||||
850,000 | g | Ukraine Government International Bond | 4.375 | 01/27/30 | 936,483 | |||||||||||||
TOTAL UKRAINE | 3,391,755 | |||||||||||||||||
UNITED ARAB EMIRATES - 0.1% | ||||||||||||||||||
$ | 750,000 | z | Dubai DOF Sukuk Ltd | 2.763 | 09/09/30 | 747,114 | ||||||||||||
250,000 | z | Emirate of Dubai Government International Bonds | 3.900 | 09/09/50 | 230,474 | |||||||||||||
TOTAL UNITED ARAB EMIRATES | 977,588 | |||||||||||||||||
UNITED KINGDOM - 3.9% | ||||||||||||||||||
GBP | 2,425,000 | United Kingdom Gilt | 1.625 | 10/22/28 | 3,588,641 | |||||||||||||
2,720,000 | United Kingdom Gilt | 4.750 | 12/07/30 | 5,110,112 | ||||||||||||||
3,350,000 | United Kingdom Gilt | 1.750 | 09/07/37 | 4,996,655 | ||||||||||||||
2,000,000 | United Kingdom Gilt | 1.250 | 10/22/41 | 2,737,480 | ||||||||||||||
1,800,000 | United Kingdom Gilt | 0.875 | 01/31/46 | 2,241,841 | ||||||||||||||
1,260,000 | United Kingdom Gilt | 0.625 | 10/22/50 | 1,441,732 | ||||||||||||||
TOTAL UNITED KINGDOM | 20,116,461 |
334 |
TIAA-CREF FUNDS – International Bond Fund
PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
URUGUAY - 0.2% | ||||||||||||||||||
UYU | 21,800,000 | g | Uruguay Government International Bond | 8.500 | % | 03/15/28 | $ | 516,313 | ||||||||||
$ | 625,000 | Uruguay Government International Bond | 4.375 | 01/23/31 | 726,656 | |||||||||||||
TOTAL URUGUAY | 1,242,969 | |||||||||||||||||
UZBEKISTAN - 0.3% | ||||||||||||||||||
1,450,000 | g | Republic of Uzbekistan Government International Bond | 4.750 | 02/20/24 | 1,545,840 | |||||||||||||
TOTAL UZBEKISTAN | 1,545,840 | |||||||||||||||||
TOTAL GOVERNMENT BONDS | 351,832,715 | |||||||||||||||||
(Cost $338,352,854) | ||||||||||||||||||
STRUCTURED ASSETS - 3.3% | ||||||||||||||||||
IRELAND - 0.4% | ||||||||||||||||||
GBP | 300,000 | g,i | Taurus UK DAC | 0.000 | 05/17/31 | 414,885 | ||||||||||||
Series - 2021 UK1A (Class D) | ||||||||||||||||||
690,000 | g,i | Taurus UK DAC | 0.000 | 05/17/31 | 953,960 | |||||||||||||
Series - 2021 UK1A (Class C) | ||||||||||||||||||
350,000 | g,i | Taurus UK DAC | 0.000 | 05/17/31 | 483,752 | |||||||||||||
Series - 2021 UK1A (Class B) | ||||||||||||||||||
TOTAL IRELAND | 1,852,597 | |||||||||||||||||
UNITED STATES - 2.9% | ||||||||||||||||||
$ | 2,000,000 | g,i | Alen Mortgage Trust | LIBOR 1 M + 2.250% | 2.365 | 04/15/34 | 1,999,998 | |||||||||||
Series - 2021 ACEN (Class C) | ||||||||||||||||||
4,540,062 | i | Connecticut Avenue Securities | LIBOR 1 M + 1.350% | 1.456 | 09/25/29 | 4,560,086 | ||||||||||||
Series - 2017 C02 (Class 2ED3) | ||||||||||||||||||
4,678,135 | i | Connecticut Avenue Securities | LIBOR 1 M + 2.200% | 2.306 | 01/25/30 | 4,738,571 | ||||||||||||
Series - 2017 C05 (Class 1M2) | ||||||||||||||||||
1,500,000 | g | Diamond Resorts Owner Trust | 2.700 | 11/21/33 | 1,499,980 | |||||||||||||
Series - 2021 1A (Class C) | ||||||||||||||||||
500,000 | g,h | Oportun Issuance Trust | 1.960 | 05/08/31 | 499,856 | |||||||||||||
Series - 2021 B (Class B) | ||||||||||||||||||
500,000 | g,h | Oportun Issuance Trust | 3.650 | 05/08/31 | 499,717 | |||||||||||||
Series - 2021 B (Class C) | ||||||||||||||||||
1,250,000 | g | Purchasing Power Funding LLC | 4.370 | 10/15/25 | 1,250,062 | |||||||||||||
Series - 2021 A (Class D) | ||||||||||||||||||
TOTAL UNITED STATES | 15,048,270 | |||||||||||||||||
TOTAL STRUCTURED ASSETS | 16,900,867 | |||||||||||||||||
(Cost $16,905,259) | ||||||||||||||||||
TOTAL BONDS | 472,264,988 | |||||||||||||||||
(Cost $453,019,011) |
335 |
TIAA-CREF FUNDS – International Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
SHORT-TERM INVESTMENTS - 3.6% | ||||||||||||||||||
EGYPT - 0.6% | ||||||||||||||||||
EGP | 56,500,000 | Egypt Treasury Bill | 0.000 | % | 11/16/21 | $ | 3,365,953 | |||||||||||
TOTAL EGYPT | 3,365,953 | |||||||||||||||||
UKRAINE - 0.2% | ||||||||||||||||||
UAH | 24,000,000 | Ukraine Treasury Bill | 0.000 | 10/27/21 | 822,652 | |||||||||||||
TOTAL UKRAINE | 822,652 | |||||||||||||||||
UNITED STATES - 2.7% | ||||||||||||||||||
$ | 6,790,000 | Federal Farm Credit Bank (FFCB) | 0.010 | 05/03/21 | 6,790,000 | |||||||||||||
1,038,000 | Federal Home Loan Bank (FHLB) | 0.005 | 05/17/21 | 1,038,000 | ||||||||||||||
6,310,000 | United States Treasury Bill | 0.013 | 05/20/21 | 6,309,970 | ||||||||||||||
TOTAL UNITED STATES | 14,137,970 | |||||||||||||||||
SHARES | COMPANY | |||||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.1% | ||||||||||||||||||
UNITED STATES - 0.1% | ||||||||||||||||||
399,975 | c | State Street Navigator Securities Lending | 0.020 | 399,975 | ||||||||||||||
Government Money Market Portfolio | ||||||||||||||||||
TOTAL UNITED STATES | 399,975 | |||||||||||||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 399,975 | |||||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 18,726,550 | |||||||||||||||||
(Cost $18,726,991) | ||||||||||||||||||
TOTAL INVESTMENTS - 97.1% | 496,013,363 | |||||||||||||||||
(Cost $476,853,988) | ||||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - 2.9% | 14,669,263 | |||||||||||||||||
NET ASSETS - 100.0% | $ | 510,682,626 |
Abbreviation(s): | ||
AUD | Australian Dollar | |
BRL | Brazilian Real | |
CAD | Canadian Dollar | |
CLP | Chilean Peso | |
CNY | Chinese Yuan | |
DOP | Dominican Republic Peso | |
EGP | Egyptian Pound | |
EUR | Euro | |
GBP | Pound Sterling | |
GHS | Ghanaian Cedi | |
IDR | Indonesian Rupiah | |
ILS | Israeli New Shekel | |
INR | Indian Rupee | |
JPY | Japanese Yen | |
KRW | South Korean Won | |
KZT | Kazakhstani Tenge | |
LIBOR | London Interbank Offered Rate |
336 |
TIAA-CREF FUNDS – International Bond Fund
M | Month | |
MXN | Mexican Peso | |
MYR | Malaysian Ringgit | |
NOK | Norwegian Krone | |
NZD | New Zealand Dollar | |
PEN | Peruvian Sol | |
PLN | Polish Zloty | |
RON | Romanian Leu | |
RSD | Serbian Dinar | |
RUB | Russian Ruble | |
SEK | Swedish Krona | |
THB | Thai Baht | |
TRY | Turkish Lira | |
UAH | Ukrainian Hryvnia | |
UGX | Ugandan Shilling | |
UYU | Uruguayan Peso | |
ZAR | South African Rand |
† | Security is categorized as Level 3 in the fair value hierarchy. | ||
‡ | Perpetual security. | ||
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 $392,066. | ||
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 4/30/2021, the aggregate value of these securities is $129,203,154 or 25.3% of net assets. | ||
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. | ||
h | All or a portion of these securities were purchased on a delayed delivery basis. | ||
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. | ||
Forward foreign currency contracts outstanding as of April 30, 2021 were as follows:
Currency to be purchased | Receive | Currency to be sold | Deliver | Counterparty | Settlement date | Unrealized appreciation (depreciation) | ||||||||
$ | 2,580,794 | NZD | 3,580,721 | Australia and New Zealand Banking Group | 07/30/21 | $ | 19,362 | |||||||
$ | 894,366 | BRL | 4,877,245 | Citibank, N.A. | 05/28/21 | $ | (1,079.00 | ) | ||||||
$ | 11,678,125 | KRW | 12,970,777,159 | Citibank, N.A. | 05/28/21 | 75,775 | ||||||||
$ | 1,763,122 | PLN | 6,665,040 | Citibank, N.A. | 05/28/21 | 5,331 | ||||||||
$ | 2,863,320 | THB | 89,907,108 | Citibank, N.A. | 05/28/21 | (23,537 | ) | |||||||
Total | $ | 56,490 | ||||||||||||
$ | 12,043,023 | AUD | 15,493,551 | Morgan Stanley | 07/30/21 | $ | 102,915.00 | |||||||
$ | 161,973,436 | EUR | 133,687,611 | Morgan Stanley | 07/30/21 | 942,745 | ||||||||
$ | 1,977,571 | ILS | 6,439,004 | Morgan Stanley | 05/28/21 | (5,179 | ) | |||||||
$ | 5,448,516 | NOK | 45,316,742 | Morgan Stanley | 07/30/21 | 3,755 | ||||||||
Total | $ | 1,044,236 |
337 |
TIAA-CREF FUNDS – International Bond Fund
Currency to be purchased | Receive | Currency to be sold | Deliver | Counterparty | Settlement date | Unrealized appreciation (depreciation) | ||||||||
$ | 13,956,759 | CAD | 17,269,257 | Toronto Dominion Bank | 07/30/21 | $ | (95,397 | ) | ||||||
$ | 30,557,168 | CNY | 198,412,580 | Toronto Dominion Bank | 05/28/21 | (17,664 | ) | |||||||
$ | 33,322,547 | GBP | 23,967,621 | Toronto Dominion Bank | 07/30/21 | 213,927 | ||||||||
$ | 68,325,071 | JPY | 7,415,948,575 | Toronto Dominion Bank | 07/30/21 | 414,232 | ||||||||
$ | 494,572 | SEK | 4,132,365 | Toronto Dominion Bank | 07/30/21 | 6,014 | ||||||||
EUR | 343,061 | $ | 415,200 | Toronto Dominion Bank | 07/30/21 | (1,973 | ) | |||||||
$ | 575,343 | ZAR | 8,268,024 | Toronto Dominion Bank | 05/28/21 | 7,506 | ||||||||
Total | $ | 526,645 | ||||||||||||
Total | $ | 1,646,733 |
Abbreviation(s):
AUD | Australian Dollar |
BRL | Brazilian Real |
CAD | Canadian Dollar |
CNY | Chinese Yuan |
EUR | Euro |
GBP | Pound Sterling |
ILS | New Israeli 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 |
338 |
TIAA-CREF FUNDS – International Bond Fund
TIAA-CREF FUNDS
INTERNATIONAL BOND FUND
CONSOLIDATED SUMMARY OF MARKET VALUES BY SECTOR (unaudited)
April 30, 2021
% OF | ||||||||
SECTOR | VALUE | NET ASSETS | ||||||
GOVERNMENT | $ | 351,832,715 | 68.9 | % | ||||
FINANCIALS | 35,393,711 | 7.0 | ||||||
MORTGAGE SECURITIES | 13,151,252 | 2.6 | ||||||
INDUSTRIALS | 10,428,316 | 2.0 | ||||||
HEALTH CARE | 10,147,119 | 2.0 | ||||||
MATERIALS | 9,630,039 | 1.9 | ||||||
COMMUNICATION SERVICES | 9,087,278 | 1.8 | ||||||
CONSUMER DISCRETIONARY | 7,723,939 | 1.5 | ||||||
CONSUMER STAPLES | 7,201,573 | 1.4 | ||||||
UTILITIES | 5,879,886 | 1.2 | ||||||
ENERGY | 5,312,924 | 1.0 | ||||||
INFORMATION TECHNOLOGY | 5,094,671 | 1.0 | ||||||
ASSET BACKED SECURITIES | 3,749,616 | 0.7 | ||||||
REAL ESTATE | 2,653,774 | 0.5 | ||||||
SHORT-TERM INVESTMENTS | 18,726,550 | 3.6 | ||||||
OTHER ASSETS & LIABILITIES, NET | 14,669,263 | 2.9 | ||||||
NET ASSETS | $ | 510,682,626 | 100.0 | % |
339 |
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 semi-annual reporting period.
(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s semi-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)(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: June 15, 2021 | 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: June 15, 2021 | By: | /s/Bradley Finkle |
Bradley Finkle | ||
Principal Executive Officer and President (principal executive officer) | ||
Dated: June 15, 2021 | By: | /s/E. Scott Wickerham |
E. Scott Wickerham | ||
Principal Financial Officer, Principal Accounting Officer and Treasurer | ||
(principal financial officer) |