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, 2022
Item 1. Reports to Stockholders.
TIAA-CREF Funds | April 30, 2022 |
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, 2022. The report contains four main sections:
• | A letter from Brad Finkle, Principal Executive Officer and President of the TIAA-CREF Funds and TIAA-CREF Life Funds. | |
• | The fund performance section compares each fund’s investment returns with those of its benchmark index. | |
• | The summary portfolios of investments list the industries and types of securities in which each fund had investments as of April 30, 2022. | |
• | 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 ■ 2022 Semiannual Report | 3 |
Brad Finkle
Global stocks lost ground for the six months ended April 30, 2022. As inflation climbed higher during the period, the Federal Reserve responded by tightening monetary policy, raising short-term interest rates and indicating that further increases were likely. However, some international economies continued to grow, despite rising prices and the impact of Russia’s invasion of Ukraine. For the six months:
• | The Russell 3000® Index, which measures the performance of the broad U.S. stock market, returned –11.8%. Please see page 8 for benchmark definitions. | |
• | The MSCI EAFE® Index, which represents stocks in 21 developed-markets nations outside North America, also returned –11.8%. | |
• | The MSCI Emerging Markets Index, which tracks the performance of stocks in 24 developing nations, returned –14.2%. | |
• | All 14 of the TIAA-CREF Equity Funds produced negative returns. Four of the funds outperformed their respective benchmarks for the period. |
U.S. economic growth was mixed
Domestic stocks recorded losses for the six months as inflation and rising interest rates weighed on financial markets. The U.S. economy expanded in the fourth quarter of 2021 but contracted in the first quarter of 2022. A widening trade gap and lower government spending contributed to the slowdown, but spending by consumers and businesses remained strong. Unemployment fell to rates approaching pre-pandemic lows. In addition to raising short-term interest rates, the Fed indicated that it intends to reduce its portfolio of bonds that had been purchased to support the economy.
For the six months, small-cap equities trailed large- and mid-sized stocks, while growth shares underperformed value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)
Foreign developed markets posted losses
Foreign developed-markets stocks declined despite sustained economic growth in many countries. The economies in the 19-nation euro area grew at a moderate rate in the fourth quarter of 2021 and the first quarter of 2022. The United Kingdom’s economy grew at a similar pace through February 2022. Among developing markets, the Chinese economy continued to expand at a solid pace through the first quarter of 2022. The European Central Bank left its benchmark rates unchanged but said it may end its bond-buying program in the third quarter of 2022. The Bank of England raised its benchmark interest rate to 0.75%.
Emerging markets trailed U.S. and foreign developed equities
Emerging-markets stocks posted losses for the period. Thirteen of the 24 countries tracked by the MSCI Emerging Markets Index recorded gains in U.S. dollar-terms. But China, which accounted for more than 30.0% of the index’s weighting at period-end, posted a larger decline than the index. Taiwan, India and South Korea, which represented more than 40.0% of the index’s weighting collectively, each registered losses as well.
4 | 2022 Semiannual Report ■ TIAA-CREF Funds: Equity Funds |
Four funds outpaced their benchmarks
All of the 14 TIAA-CREF funds produced negative returns, though four outperformed their respective benchmarks. Performance ranged from a return of –3.6% by the Mid-Cap Value Fund to a return of –28.7% by the Mid-Cap Growth Fund.
Fund performances generally reflected market trends favoring larger-cap and value-oriented stocks. The Mid-Cap Value Fund’s return outpaced the Russell Midcap® Value Index. The Large-Cap Value Fund returned –5.4%, trailing the Russell 1000® Value Index.
The Quant Small/Mid-Cap Equity Fund returned –11.3% and outpaced the Russell 2500® Index, while the Quant Small-Cap Equity Fund outperformed its benchmark, the Russell 2000® Index, with a return of –14.1%.
The Social Choice Equity Fund returned –12.3%, and the Social Choice Low Carbon Equity Fund returned –12.9%. Both funds trailed their shared benchmark, the Russell 3000 Index.
The Growth & Income Fund returned –13.0%, lagging its benchmark, the S&P 500® Index. The Large-Cap Growth Fund returned –23.3% and trailed the Russell 1000® Growth Index. The Mid-Cap Growth Fund also lagged its benchmark, the Russell Midcap® Growth Index.
Among foreign funds, the Social Choice International Equity Fund returned –12.1%, and the International Equity Fund returned –16.8%. Both funds trailed their shared benchmark, the MSCI EAFE Index.
The Quant International Small-Cap Equity Fund returned –12.7%, outperforming the MSCI All Country World (ACWI) ex USA Small Cap Index.
The Emerging Markets Equity Fund returned –15.4% and lagged its benchmark, the MSCI Emerging Markets Index. The International Opportunities Fund returned –21.7%, trailing the MSCI All Country World (ACWI) ex USA Index.
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.
Keeping a focus on long-term goals
Investors may have been understandably concerned about the volatility in financial markets during the first four months of 2022. After well over a decade of generally favorable conditions, markets now face new challenges in the form of rising inflation and its implications for higher interest rates. But periods of volatility and economic uncertainty are not new, and history has shown that timing the market is nearly impossible. However, we believe that no matter what the economic outlook may be, maintaining a diversified portfolio that includes stocks, bonds and other asset classes as part of a long-term, well-thought-out financial plan is a wise course of action. A professionally managed portfolio of multiple asset classes can help investors achieve the appropriate balance of risk and reward to reach their long-term investment objectives. Of course, diversification cannot guarantee against market losses.
If you have any questions or would like to discuss the status of your portfolio, please do not hesitate to contact your financial advisor or call a TIAA financial consultant at 800-842-2252. We are here to help you.
/s/ Brad Finkle
Brad Finkle
Principal Executive Officer and President of the TIAA-CREF Funds and TIAA-CREF Life Funds
TIAA-CREF Funds: Equity Funds ■ 2022 Semiannual Report | 5 |
Equity markets declined across the board
For the six months ended April 30, 2022, U.S. stocks lost ground primarily due to concerns over the economic impact of rising inflation and higher interest rates. The Russell 3000® Index, a broad measure of U.S. stock market performance, returned –11.8%. International developed- and emerging-markets equities also posted double-digit declines.
U.S. economy produced mixed results
The U.S. economy grew at a robust pace early in the period. A strong labor market helped drive consumer spending increases, pushing the economy forward despite ongoing concerns over COVID-19 variants and significant supply-chain disruptions. Real gross domestic product (GDP), which measures the value of all goods and services produced in the United States, grew at an annualized rate of 6.9% in the final three months of 2021. However, GDP contracted by 1.5% in the first quarter of 2022, according to the government’s “second” estimate. A widening trade deficit and lower government spending contributed to the reversal, although consumer and business spending remained strong.
The unemployment rate continued to decline during the period, falling from 4.2% in November 2021 to 3.6% in April 2022. Core inflation, which includes all items except food and energy, rose 6.2% over the twelve months ended in April 2022. The price of oil climbed amid continuing strong demand and supply concerns related to Russia’s invasion of
Small-cap growth stocks posted biggest losses
U.S. large-cap value stocks performed best in a down market
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, 2022.
Ukraine. The price of West Texas Intermediate (WTI) crude oil rose from $84 per barrel on November 1, 2021, to almost $105 per barrel on April 30, 2022. WTI oil prices peaked at nearly $124 in March, reaching their highest level since 2008. Meanwhile, the U.S. dollar generally gained ground against other major currencies during the six-month period.
Small-cap stocks and growth shares declined most
Among U.S. stock market investment styles, small-cap shares generally trailed mid- and large-cap stocks, while growth equities underperformed value shares in all size categories. Large-cap stocks returned –11.3%, while mid-cap stocks returned –12.5% and small-cap shares returned –18.4%. Among large caps, value stocks returned –3.9% while growth shares returned –17.8%. In the mid-cap category, value shares returned –4.8% and growth stocks returned –25.4%. Among small-cap equities, value stocks returned –9.5% and growth shares returned –26.8%. (Returns by investment style and capitalization size are based on the Russell indexes.)
Foreign stocks also recorded losses for the period. The MSCI EAFE® Index, which tracks stock performance in 21 developed-markets countries outside North America, returned –11.8%. The MSCI Emerging Markets Index returned –14.2%.
Higher inflation prompted Fed to raise rates
For the six-month period, U.S. stocks lost ground as inflation and interest rates rose. The Federal Reserve increased the federal funds target rate in March, raising the key short-term interest-rate measure to 0.25%–0.50%. Policymakers, focused on curbing inflation, signaled that additional rate increases would be ongoing. The Fed also stated it would begin trimming its portfolio of bonds previously purchased to boost the economy. Meanwhile, yields on U.S. fixed-income securities across all maturities rose during the period.
6 | 2022 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 under Get Help 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 ■ 2022 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 46 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 24 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 24 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.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2022. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®,” “Russell®” and “FTSE Russell®” are trademarks of the relevant LSE Group companies and are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication. 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 | 2022 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, 2021–April 30, 2022).
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 ■ 2022 Semiannual Report | 9 |
Expense example
Six months ended April 30, 2022
Growth & Income Fund | Beginning account value (11/1/21) | Ending account value (4/30/22) | Expenses paid during period* (11/1/21– 4/30/22) | ||||||||
Actual return | |||||||||||
Institutional Class | $ 1,000.00 | $ | 870.09 | $ 1.85 | |||||||
Advisor Class | 1,000.00 | 869.25 | 2.32 | ||||||||
Premier Class | 1,000.00 | 869.65 | 2.55 | ||||||||
Retirement Class | 1,000.00 | 869.40 | 3.01 | ||||||||
Retail Class | 1,000.00 | 869.29 | 2.60 | ||||||||
Class W | 1,000.00 | 871.90 | 0.00 | ||||||||
5% annual hypothetical return | |||||||||||
Institutional Class | 1,000.00 | 1,022.81 | 2.01 | ||||||||
Advisor Class | 1,000.00 | 1,022.32 | 2.51 | ||||||||
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 | 1,022.02 | 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, 2022. The Fund’s annualized six-month expense ratios for that period were 0.40% for the Institutional Class, 0.50% for the Advisor Class, 0.55% for the Premier Class, 0.65% for the Retirement Class, 0.56% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower. |
For more information about this expense example, please see page 9.
Portfolio composition
Sector | % of net assets as of 4/30/2022 | ||
Information technology | 27.9 | ||
Health care | 14.7 | ||
Financials | 10.9 | ||
Consumer discretionary | 9.9 | ||
Industrials | 9.6 | ||
Consumer staples | 7.5 | ||
Communication services | 6.9 | ||
Energy | 4.4 | ||
Materials | 4.0 | ||
Utilities | 2.0 | ||
Real estate | 1.8 | ||
Short-term investments, other assets & liabilities, net | 0.4 | ||
Total | 100.0 |
Performance for the six months ended April 30, 2022
The Growth & Income Fund returned –12.99% for the Institutional Class, compared with the –9.65% return of its benchmark, the S&P 500® Index. For the one-year period ended April 30, 2022, the Fund returned –4.43% versus 0.21% for the index. The performance table shows returns for all share classes of the Fund.
U.S. stocks declined as economy contracted and inflation remained elevated
The U.S. economy grew at a strong pace early in the period but contracted during the first quarter of 2022. Growth stalled amid a widening trade deficit and lower government expenditures, but consumer and business spending remained strong. The unemployment rate fell during the period, declining to 3.6% in April 2022. Core inflation, which includes all items except food and energy, rose 6.2% for the twelve months ended in April. Oil prices increased during the period, peaking in March at nearly $124 per barrel, before falling back to $105.
Stock markets registered declines across all size and style categories for the period. Equities declined on concerns over rising interest rates, persistent inflation and geopolitical uncertainty resulting from the Russian invasion of Ukraine. The Federal Reserve, responding to higher inflation, raised the federal funds target rate to 0.25%–0.50% in March 2022 and signaled further increases were expected.
For the six months, the large-cap-oriented S&P 500 Index outperformed the Russell 3000® Index, a broad measure of the U.S. stock market, which returned –11.75%. A portion of the Russell 3000 Index consists of small-cap equities, which underperformed large caps for the period.
Most benchmark sectors declined
Seven of the eleven industry sectors in the S&P 500 Index posted losses for the six months. Communication services was the worst performer, returning –27.7%. Next came consumer discretionary and financials, returning –19.5% and –13.5%, respectively, followed by information technology—the biggest sector—returning –12.3%. Together, these four sectors represented nearly 60.0% of the index’s total market capitalization on April 30, 2022. Energy was the best performer, surging 33.9%, while the defensive consumer staples and utilities sectors gained 10.7% and 8.2%, respectively.
For the six-month period, only one of the five largest stocks in the S&P 500 Index generated a return that surpassed the overall return of the index. That stock was Apple, which performed well despite supply-chain disruptions. The remaining four stocks recorded double-digit losses. Amazon.com posted the sharpest decline, followed by Alphabet (the parent company of Google), Tesla and Microsoft.
Fund underperformed its benchmark
The Fund underperformed its benchmark as certain stock allocations did not perform as anticipated. The largest detractor was an underweight position in Berkshire Hathaway, which advanced due to several factors, including robust share buyback activity. An underweight position in Exxon Mobil also hurt relative performance given the strength in oil prices, while an overweight position in technology company salesforce.com, which performed poorly, also detracted.
On the plus side, the top contributing factor was a lack of exposure to software firm Adobe, which issued lower-than-expected revenue and earnings forecasts for fiscal 2022. Overweight positions in biopharmaceutical company AbbVie and agricultural chemicals firm CF Industries were beneficial as well.
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Performance as of April 30, 2022
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 | –12.99 | % | –4.43 | % | 12.18 | % | 12.72 | % | 0.40 | % | 0.40 | % | |||||||||||||
Advisor Class | 12/4/15 | –13.08 | –4.58 | 12.06 | 12.66 | † | 0.50 | 0.50 | ||||||||||||||||||
Premier Class | 9/30/09 | –13.03 | –4.57 | 12.02 | 12.57 | 0.55 | 0.55 | |||||||||||||||||||
Retirement Class | 10/1/02 | –13.06 | –4.67 | 11.91 | 12.45 | 0.65 | 0.65 | |||||||||||||||||||
Retail Class | 3/31/06 | –13.07 | –4.66 | 11.88 | 12.39 | 0.69 | 0.69 | |||||||||||||||||||
Class W | 9/28/18 | –12.81 | –4.03 | 12.51 | † | 12.89 | † | 0.40 | 0.00 | |||||||||||||||||
S&P 500® Index | — | –9.65 | 0.21 | 13.66 | 13.67 | — | — |
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, 2023, 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
% of equity investments | |||
Market capitalization | as of 4/30/2022 | ||
More than $50 billion | 70.2 | ||
More than $15 billion–$50 billion | 20.3 | ||
More than $2 billion–$15 billion | 9.0 | ||
$2 billion or less | 0.5 | ||
Total | 100.0 |
Fund profile
as of 4/30/2022 | |||
Net assets | $5.66 billion | ||
Portfolio turnover rate* | 38% | ||
Number of holdings | 160 | ||
Weighted median market capitalization | $156.58 billion | ||
Price/earnings ratio (weighted 12-month trailing average)† | 24.9 |
* | The portfolio turnover rate covers the six-month period from November 1, 2021–April 30, 2022, 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 ■ 2022 Semiannual Report | 11 |
Expense example
Six months ended April 30, 2022
Large-Cap Growth Fund | Beginning account value (11/1/21) | Ending account value (4/30/22) | Expenses paid during period* (11/1/21– 4/30/22) | ||||||||
Actual return | |||||||||||
Institutional Class | $1,000.00 | $ | 766.69 | $ 1.80 | |||||||
Advisor Class | 1,000.00 | 766.64 | 2.10 | ||||||||
Premier Class | 1,000.00 | 766.19 | 2.45 | ||||||||
Retirement Class | 1,000.00 | 765.75 | 2.89 | ||||||||
Retail Class | 1,000.00 | 765.96 | 2.45 | ||||||||
Class W | 1,000.00 | 768.32 | 0.00 | ||||||||
5% annual hypothetical return | |||||||||||
Institutional Class | 1,000.00 | 1,022.76 | 2.06 | ||||||||
Advisor Class | 1,000.00 | 1,022.41 | 2.41 | ||||||||
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 | 1,022.02 | 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, 2022. The Fund’s annualized six-month expense ratios for that period were 0.41% for the Institutional Class, 0.48% for the Advisor Class, 0.56% for the Premier Class, 0.66% for the Retirement Class, 0.56% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower. |
For more information about this expense example, please see page 9.
Portfolio composition
Sector | % of net assets as of 4/30/2022 |
Information technology | 39.7 |
Consumer discretionary | 21.3 |
Communication services | 10.2 |
Health care | 9.7 |
Industrials | 9.5 |
Consumer staples | 3.8 |
Financials | 2.8 |
Energy | 1.6 |
Materials | 0.5 |
Short-term investments, other assets & liabilities, net | 0.9 |
Total | 100.0 |
Performance for the six months ended April 30, 2022
The Large-Cap Growth Fund returned –23.33% for the Institutional Class, compared with the –17.84% return of its benchmark, the Russell 1000® Growth Index. For the one-year period ended April 30, 2022, the Fund returned –17.24% versus –5.35% for the index. The performance table shows returns for all share classes of the Fund.
U.S. stocks declined as economy contracted and inflation remained elevated
The U.S. economy grew at a strong pace early in the period but contracted during the first quarter of 2022. Growth stalled amid a widening trade deficit and lower government expenditures, but consumer and business spending remained strong. The unemployment rate fell during the period, declining to 3.6% in April 2022. Core inflation, which includes all items except food and energy, rose 6.2% for the twelve months ended in April. Oil prices increased during the period, peaking in March at nearly $124 per barrel, before falling back to $105.
Stock markets registered declines across all size and style categories for the period. Equities declined on concerns over rising interest rates, persistent inflation and geopolitical uncertainty resulting from the Russian invasion of Ukraine. The Federal Reserve, responding to higher inflation, raised the federal funds target rate to 0.25%–0.50% in March 2022 and signaled further increases were expected.
For the six months, the Russell 3000® Index, a broad measure of the U.S. stock market, returned –11.75%. Small-cap equities trailed large- and mid-sized stocks, while growth shares underperformed value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)
Nearly all benchmark sectors declined
Nine of the eleven industry sectors in the Russell 1000 Growth Index posted losses for the six months. Communication services, consumer discretionary and financials were the worst performers, returning –34.7%, –22.6% and –18.9%, respectively. Information technology—the benchmark’s largest sector—returned –15.6% and was the biggest detractor from the benchmark’s performance. Together, these four sectors represented almost 80.0% of the index’s total market capitalization on April 30, 2022. Energy was the best performer, gaining 29.1%, followed by consumer staples, which rose 7.4%.
For the six-month period, two of the five largest stocks in the Russell 1000 Growth Index posted returns that surpassed the overall return of the index. Apple performed best despite supply-chain disruptions. Microsoft declined but outperformed the benchmark. The three stocks that lagged were Amazon.com, Alphabet (the parent company of Google) and Tesla.
Fund underperformed its benchmark
Several stock choices hurt the Fund’s relative return, most notably an underweight position in Apple. The next-largest detractors were overweight positions in technology company salesforce.com, which forecast a decline in annual revenue growth, and payment processing firm PayPal Holdings, which issued a disappointing sales outlook for 2022.
The top contributor to performance was a lack of exposure to Netflix, which plummeted after the company reported that it lost subscribers during the first quarter of 2022. Overweight positions in Visa, which benefited from an increase in international travel, and retailer Costco Wholesale, which experienced strong revenue growth, were also beneficial.
12 | 2022 Semiannual Report ■ TIAA-CREF Funds: Equity Funds |
Performance as of April 30, 2022
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 | –23.33 | % | –17.24 | % | 15.15 | % | 14.67 | % | 0.40 | % | 0.40 | % | |||||||||||||
Advisor Class | 12/4/15 | –23.34 | –17.27 | 15.05 | 14.61 | † | 0.48 | 0.48 | ||||||||||||||||||
Premier Class | 9/30/09 | –23.38 | –17.32 | 14.98 | 14.50 | 0.55 | 0.55 | |||||||||||||||||||
Retirement Class | 3/31/06 | –23.42 | –17.44 | 14.86 | 14.37 | 0.65 | 0.65 | |||||||||||||||||||
Retail Class | 3/31/06 | –23.40 | –17.42 | 14.83 | 14.30 | 0.69 | 0.69 | |||||||||||||||||||
Class W | 9/28/18 | –23.17 | –16.89 | 15.49 | † | 14.83 | † | 0.40 | 0.00 | |||||||||||||||||
Russell 1000® Growth Index | — | –17.84 | –5.35 | 17.28 | 15.56 | — | — |
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, 2023, 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
% of equity investments | |
Market capitalization | as of 4/30/2022 |
More than $50 billion | 79.6 |
More than $15 billion–$50 billion | 18.2 |
More than $2 billion–$15 billion | 2.0 |
$2 billion or less | 0.2 |
Total | 100.0 |
Fund profile
as of 4/30/2022 | |
Net assets | $5.40 billion |
Portfolio turnover rate* | 46% |
Number of holdings | 84 |
Weighted median market capitalization | $228.96 billion |
Price/earnings ratio (weighted 12-month trailing average)† | 30.4 |
* | The portfolio turnover rate covers the six-month period from November 1, 2021–April 30, 2022, 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 ■ 2022 Semiannual Report | 13 |
Expense example
Six months ended April 30, 2022
Large-Cap Value Fund | Beginning account value (11/1/21) | Ending account value (4/30/22) | Expenses paid during period* (11/1/21– 4/30/22) | ||||||||
Actual return | |||||||||||
Institutional Class | $1,000.00 | $ | 946.10 | $ 1.98 | |||||||
Advisor Class | 1,000.00 | 945.89 | 2.32 | ||||||||
Premier Class | 1,000.00 | 945.86 | 2.70 | ||||||||
Retirement Class | 1,000.00 | 944.73 | 3.18 | ||||||||
Retail Class | 1,000.00 | 945.08 | 2.99 | ||||||||
Class W | 1,000.00 | 948.41 | 0.00 | ||||||||
5% annual hypothetical return | |||||||||||
Institutional Class | 1,000.00 | 1,022.76 | 2.06 | ||||||||
Advisor Class | 1,000.00 | 1,022.41 | 2.41 | ||||||||
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 | 1,021.72 | 3.11 | ||||||||
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, 2022. The Fund’s annualized six-month expense ratios for that period were 0.41% for the Institutional Class, 0.48% for the Advisor Class, 0.56% for the Premier Class, 0.66% for the Retirement Class, 0.62% 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 4/30/2022 |
Financials | 21.6 |
Health care | 19.1 |
Industrials | 14.1 |
Information technology | 11.7 |
Energy | 8.0 |
Communication services | 6.8 |
Consumer discretionary | 5.1 |
Materials | 4.7 |
Consumer staples | 3.7 |
Utilities | 3.3 |
Real estate | 1.0 |
Short-term investments, other assets & liabilities, net | 0.9 |
Total | 100.0 |
Performance for the six months ended April 30, 2022
The Large-Cap Value Fund returned –5.39% for the Institutional Class, compared with the –3.94% return of its benchmark, the Russell 1000® Value Index. For the one-year period ended April 30, 2022, the Fund returned 0.56% versus 1.32% for the index. The performance table shows returns for all share classes of the Fund.
U.S. stocks declined as economy contracted and inflation remained elevated
The U.S. economy grew at a strong pace early in the period but contracted during the first quarter of 2022. Growth stalled amid a widening trade deficit and lower government expenditures, but consumer and business spending remained strong. The unemployment rate fell during the period, declining to 3.6% in April 2022. Core inflation, which includes all items except food and energy, rose 6.2% for the twelve months ended in April. Oil prices increased during the period, peaking in March at nearly $124 per barrel, before falling back to $105.
Stock markets registered declines across all size and style categories for the period. Equities declined on concerns over rising interest rates, persistent inflation and geopolitical uncertainty resulting from the Russian invasion of Ukraine. The Federal Reserve, responding to higher inflation, raised the federal funds target rate to 0.25%–0.50% in March 2022 and signaled further increases were expected.
For the six months, the Russell 3000® Index, a broad measure of the U.S. stock market, returned –11.75%. Small-cap equities trailed large- and mid-sized stocks, while growth shares underperformed value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)
Benchmark sectors posted mixed results
Six of the eleven industry sectors in the Russell 1000 Value Index recorded losses for the six months. Communication services, information technology and consumer discretionary were the worst performers, returning –17.7%, –13.5% and –13.3%, respectively. Financials—the largest sector in the index—returned –13.0% and was the biggest detractor from the index’s return. Together, these four sectors accounted for more than 40.0% of the benchmark’s total market capitalization on April 30, 2022. Energy, up 34.1%, was the index’s best-performing sector and the largest contributor to its return as oil prices surged. The next-largest contributors were consumer staples and utilities, which rose 11.4% and 8.1%, respectively.
For the six-month period, all of the five largest stocks in the Russell 1000 Value Index posted returns that exceeded the overall return of the index. Exxon Mobil gained the most on elevated oil prices. Returns for Procter & Gamble, Berkshire Hathaway, Johnson & Johnson and UnitedHealth Group were lower but still in double digits.
Fund underperformed its benchmark
The Fund underperformed its benchmark as several stock allocations did not perform as expected. The largest detractor was a lack of exposure to Exxon Mobil. Next came overweight positions in JPMorgan Chase and Bank of America, each of which reported a decline in quarterly profits.
These negative effects were tempered by more successful stock selections. The top contributors included overweight positions in Chevron, ConocoPhillips and Valero Energy, which saw strong performance as a result of the increase in oil prices.
14 | 2022 Semiannual Report ■ TIAA-CREF Funds: Equity Funds |
Performance as of April 30, 2022
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 | –5.39 | % | 0.56 | % | 7.93 | % | 10.25 | % | 0.41 | % | 0.41 | % | |||||||||||||
Advisor Class | 12/4/15 | –5.41 | 0.55 | 7.88 | 10.21 | † | 0.49 | 0.49 | ||||||||||||||||||
Premier Class | 9/30/09 | –5.41 | 0.46 | 7.78 | 10.08 | 0.56 | 0.56 | |||||||||||||||||||
Retirement Class | 10/1/02 | –5.53 | 0.31 | 7.66 | 9.97 | 0.66 | 0.66 | |||||||||||||||||||
Retail Class | 10/1/02 | –5.49 | 0.30 | 7.62 | 9.90 | 0.72 | 0.72 | |||||||||||||||||||
Class W | 9/28/18 | –5.16 | 1.02 | 8.25 | † | 10.41 | † | 0.41 | 0.00 | |||||||||||||||||
Russell 1000® Value Index | — | –3.94 | 1.32 | 9.06 | 11.17 | — | — |
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, 2023, 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
% of equity investments | |
Market capitalization | as of 4/30/2022 |
More than $50 billion | 80.9 |
More than $15 billion–$50 billion | 15.2 |
More than $2 billion–$15 billion | 3.9 |
Total | 100.0 |
Fund profile
as of 4/30/2022 | |
Net assets | $4.98 billion |
Portfolio turnover rate* | 8% |
Number of holdings | 86 |
Weighted median market capitalization | $132.52 billion |
Price/earnings ratio (weighted 12-month trailing average)† | 16.7 |
* | The portfolio turnover rate covers the six-month period from November 1, 2021–April 30, 2022, 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 ■ 2022 Semiannual Report | 15 |
Expense example
Six months ended April 30, 2022
Mid-Cap Growth Fund | Beginning account value (11/1/21) | Ending account value (4/30/22) | Expenses paid during period* (11/1/21– 4/30/22) | ||||||||
Actual return | |||||||||||
Institutional Class | $ | 1,000.00 | $ | 713.50 | $ | 2.00 | |||||
Advisor Class | 1,000.00 | 713.90 | 1.91 | ||||||||
Premier Class | 1,000.00 | 713.19 | 2.63 | ||||||||
Retirement Class | 1,000.00 | 712.93 | 3.06 | ||||||||
Retail Class | 1,000.00 | 713.19 | 2.68 | ||||||||
5% annual hypothetical return | |||||||||||
Institutional Class | 1,000.00 | 1,022.46 | 2.36 | ||||||||
Advisor Class | 1,000.00 | 1,022.56 | 2.26 | ||||||||
Premier Class | 1,000.00 | 1,021.72 | 3.11 | ||||||||
Retirement Class | 1,000.00 | 1,021.22 | 3.61 | ||||||||
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, 2022. The Fund’s annualized six-month expense ratios for that period were 0.47% for the Institutional Class, 0.45% for the Advisor Class, 0.62% for the Premier Class, 0.72% 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
Sector | % of net assets as of 4/30/2022 |
Information technology | 31.4 |
Industrials | 18.8 |
Consumer discretionary | 18.1 |
Health care | 15.7 |
Energy | 4.1 |
Communication services | 3.6 |
Financials | 3.4 |
Consumer staples | 2.1 |
Real estate | 1.5 |
Materials | 1.1 |
Short-term investments, other assets & liabilities, net | 0.2 |
Total | 100.0 |
Performance for the six months ended April 30, 2022
The Mid-Cap Growth Fund returned –28.65% for the Institutional Class, compared with the –25.44% return of its benchmark, the Russell Midcap® Growth Index. For the one-year period ended April 30, 2022, the Fund returned –24.64% versus –16.73% for the index. The performance table shows returns for all share classes of the Fund.
U.S. stocks declined as economy contracted and inflation remained elevated
The U.S. economy grew at a strong pace early in the period but contracted during the first quarter of 2022. Growth stalled amid a widening trade deficit and lower government expenditures, but consumer and business spending remained strong. The unemployment rate fell during the period, declining to 3.6% in April 2022. Core inflation, which includes all items except food and energy, rose 6.2% for the twelve months ended in April. Oil prices increased during the period, peaking in March at nearly $124 per barrel, before falling back to $105.
Stock markets registered declines across all size and style categories for the period. Equities declined on concerns over rising interest rates, persistent inflation and geopolitical uncertainty resulting from the Russian invasion of Ukraine. The Federal Reserve, responding to higher inflation, raised the federal funds target rate to 0.25%–0.50% in March 2022 and signaled further increases were expected.
For the six months, the Russell 3000® Index, a broad measure of the U.S. stock market, returned –11.75%. Small-cap equities trailed large- and mid-sized stocks, while growth shares underperformed value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)
Nearly all benchmark sectors declined
Ten of the eleven industry sectors in the Russell Midcap Growth Index posted losses for the six months. Communication services, health care and consumer discretionary were the worst performers, returning –53.1%, –28.3% and –27.9%, respectively. Information technology—the biggest sector—returned –27.2% and was the largest detractor from the benchmark’s performance. Together, these four sectors represented over 70.0% of the index’s total market capitalization on April 30, 2022. Energy, up 28.8%, was the only positive performer.
For the period, four of the five largest stocks in the Russell Midcap Growth Index generated returns that exceeded the overall return of the benchmark. Cybersecurity company Palo Alto Networks led the way, delivering a double-digit gain. Next came software developer Cadence Design Systems, restaurant chain Chipotle Mexican Grill and apparel retailer lululemon athletica. Cybersecurity firm CrowdStrike Holdings trailed the index.
Fund underperformed its benchmark
The Fund underperformed its benchmark mainly because of allocation decisions that did not perform as anticipated. The largest detractor was an overweight position in at-home fitness company Peloton Interactive, which lowered its annual revenue forecast as pandemic habits waned and many consumers returned to the gym. The next-largest detractors were out-of-benchmark positions in outdoor grill maker Traeger and software firm Qualtrics International.
Other stock choices bolstered the Fund’s performance versus the index. The largest contributor was an out-of-benchmark position in discount retailer Dollar Tree, which issued a better-than-expected earnings outlook. Overweight positions in travel technology company Sabre and health insurer Molina Healthcare also benefited relative results.
16 | 2022 Semiannual Report ■ TIAA-CREF Funds: Equity Funds |
Performance as of April 30, 2022
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 | –28.65 | % | –24.64 | % | 10.26 | % | 10.33 | % | 0.46 | % | 0.46 | % | |||||||||||||
Advisor Class | 12/4/15 | –28.61 | –24.65 | 10.21 | 10.31 | † | 0.50 | 0.50 | ||||||||||||||||||
Premier Class | 9/30/09 | –28.68 | –24.73 | 10.11 | 10.17 | 0.61 | 0.61 | |||||||||||||||||||
Retirement Class | 10/1/02 | –28.71 | –24.83 | 9.99 | 10.06 | 0.71 | 0.71 | |||||||||||||||||||
Retail Class | 10/1/02 | –28.68 | –24.79 | 9.95 | 10.00 | 0.75 | 0.75 | |||||||||||||||||||
Russell Midcap® Growth Index | — | –25.44 | –16.73 | 12.06 | 12.17 | — | — |
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, 2023, 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 4/30/2022 |
More than $50 billion | 5.8 |
More than $15 billion–$50 billion | 60.7 |
More than $2 billion–$15 billion | 29.8 |
$2 billion or less | 3.7 |
Total | 100.0 |
Fund profile
as of 4/30/2022 | |
Net assets | $1.34 billion |
Portfolio turnover rate* | 42% |
Number of holdings | 99 |
Weighted median market capitalization | $22.41 billion |
Price/earnings ratio (weighted 12-month trailing average)† | 29.4 |
* | The portfolio turnover rate covers the six-month period from November 1, 2021–April 30, 2022, 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 ■ 2022 Semiannual Report | 17 |
Expense example
Six months ended April 30, 2022
Mid-Cap Value Fund | Beginning account value (11/1/21) | Ending account value (4/30/22) | Expenses paid during period* (11/1/21– 4/30/22) | ||||||||
Actual return | |||||||||||
Institutional Class | $ | 1,000.00 | $ | 964.54 | $2.14 | ||||||
Advisor Class | 1,000.00 | 964.02 | 2.58 | ||||||||
Premier Class | 1,000.00 | 963.87 | 2.87 | ||||||||
Retirement Class | 1,000.00 | 963.15 | 3.36 | ||||||||
Retail Class | 1,000.00 | 963.64 | 3.16 | ||||||||
5% annual hypothetical return | |||||||||||
Institutional Class | 1,000.00 | 1,022.61 | 2.21 | ||||||||
Advisor Class | 1,000.00 | 1,022.17 | 2.66 | ||||||||
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 | 1,021.57 | 3.26 |
* | “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, 2022. The Fund’s annualized six-month expense ratios for that period were 0.44% for the Institutional Class, 0.53% for the Advisor Class, 0.59% for the Premier Class, 0.69% for the Retirement Class and 0.65% 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 4/30/2022 |
Industrials | 15.5 |
Financials | 14.7 |
Real estate | 12.7 |
Health care | 11.5 |
Utilities | 10.3 |
Information technology | 9.3 |
Consumer discretionary | 8.8 |
Energy | 7.6 |
Materials | 4.6 |
Consumer staples | 4.0 |
Communication services | 0.6 |
Short-term investments, other assets & liabilities, net | 0.4 |
Total | 100.0 |
Performance for the six months ended April 30, 2022
The Mid-Cap Value Fund returned –3.55% for the Institutional Class, compared with the –4.84% return of its benchmark, the Russell Midcap® Value Index. For the one-year period ended April 30, 2022, the Fund returned 1.83% versus 0.00% for the index. The performance table shows returns for all share classes of the Fund.
U.S. stocks declined as economy contracted and inflation remained elevated
The U.S. economy grew at a strong pace early in the period but contracted during the first quarter of 2022. Growth stalled amid a widening trade deficit and lower government expenditures, but consumer and business spending remained strong. The unemployment rate fell during the period, declining to 3.6% in April 2022. Core inflation, which includes all items except food and energy, rose 6.2% for the twelve months ended in April. Oil prices increased during the period, peaking in March at nearly $124 per barrel, before falling back to $105.
Stock markets registered declines across all size and style categories for the period. Equities declined on concerns over rising interest rates, persistent inflation and geopolitical uncertainty resulting from the Russian invasion of Ukraine. The Federal Reserve, responding to higher inflation, raised the federal funds target rate to 0.25%–0.50% in March 2022 and signaled further increases were expected.
For the six months, the Russell 3000® Index, a broad measure of the U.S. stock market, returned –11.75%. Small-cap equities trailed large- and mid-sized stocks, while growth shares underperformed value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)
Most benchmark sectors declined
Seven of the eleven industry sectors in the Russell Midcap Value Index posted losses for the six months. The worst performers were communication services, consumer discretionary and information technology, which returned –18.1%, –14.6% and –12.9%, respectively. Financials—the index’s largest sector—returned –12.1% and was the largest detractor from the index’s return. Together, these four sectors represented more than 40.0% of the index’s total market capitalization on April 30, 2022. Energy gained 34.5% and was the best-performing sector, followed by the defensive consumer staples and utilities sectors, which advanced 16.7% and 9.4%, respectively.
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. These four stocks were Valero Energy, agriculture company Archer-Daniels-Midland, steel producer Nucor and Marathon Petroleum. Semiconductor manufacturer Marvell Technology trailed the index with a double-digit loss.
Fund outperformed its benchmark
The Fund surpassed its benchmark for the period. The top contributors were overweight positions in Valero Energy and Pioneer Natural Resources—both energy companies that benefited from high oil prices. The next-largest contributor was an overweight position in Hershey, which raised its 2022 earnings outlook due to continued strong demand.
Conversely, the largest detractor was an out-of-benchmark position in Vertiv Holdings, a provider of data-center equipment that reported disappointing operating results. Overweight positions in automotive systems supplier Aptiv and Western Alliance Bancorporation also hurt relative performance.
18 | 2022 Semiannual Report ■ TIAA-CREF Funds: Equity Funds |
Performance as of April 30, 2022
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 | –3.55 | % | 1.83 | % | 6.46 | % | 9.32 | % | 0.45 | % | 0.45 | % | |||||||||||||
Advisor Class | 12/4/15 | –3.60 | 1.78 | 6.35 | 9.25 | † | 0.54 | 0.54 | ||||||||||||||||||
Premier Class | 9/30/09 | –3.61 | 1.72 | 6.30 | 9.16 | 0.60 | 0.60 | |||||||||||||||||||
Retirement Class | 10/1/02 | –3.68 | 1.58 | 6.19 | 9.04 | 0.70 | 0.70 | |||||||||||||||||||
Retail Class | 10/1/02 | –3.64 | 1.59 | 6.14 | 8.98 | 0.76 | 0.76 | |||||||||||||||||||
Russell Midcap® Value Index | — | –4.84 | 0.00 | 8.61 | 11.40 | — | — |
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least February 28, 2023, 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 4/30/2022 |
More than $50 billion | 11.3 |
More than $15 billion–$50 billion | 44.5 |
More than $2 billion–$15 billion | 43.7 |
$2 billion or less | 0.5 |
Total | 100.0 |
Fund profile
as of 4/30/2022 | |
Net assets | $1.94 billion |
Portfolio turnover rate* | 37% |
Number of holdings | 86 |
Weighted median market capitalization | $16.71 billion |
Price/earnings ratio (weighted 12-month trailing average)† | 20.2 |
* | The portfolio turnover rate covers the six-month period from November 1, 2021–April 30, 2022, 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 ■ 2022 Semiannual Report | 19 |
Expense example
Six months ended April 30, 2022
Quant Small-Cap Equity Fund | Beginning account value (11/1/21) | Ending account value (4/30/22) | Expenses paid during period* (11/1/21– 4/30/22) | ||||||||
Actual return | |||||||||||
Institutional Class | $ | 1,000.00 | $ | 859.00 | $1.94 | ||||||
Advisor Class | 1,000.00 | 858.88 | 2.17 | ||||||||
Premier Class | 1,000.00 | 858.36 | 2.58 | ||||||||
Retirement Class | 1,000.00 | 858.20 | 3.09 | ||||||||
Retail Class | 1,000.00 | 858.32 | 2.99 | ||||||||
Class W | 1,000.00 | 861.07 | 0.00 | ||||||||
5% annual hypothetical return | |||||||||||
Institutional Class | 1,000.00 | 1,022.71 | 2.11 | ||||||||
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 | 1,021.47 | 3.36 | ||||||||
Retail Class | 1,000.00 | 1,021.57 | 3.26 | ||||||||
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, 2022. The Fund’s annualized six-month expense ratios for that period were 0.42% for the Institutional Class, 0.47% for the Advisor Class, 0.56% for the Premier Class, 0.67% for the Retirement Class, 0.65% 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 4/30/2022 |
Industrials | 15.8 |
Health care | 15.7 |
Financials | 14.1 |
Information technology | 13.0 |
Consumer discretionary | 8.1 |
Real estate | 7.6 |
Energy | 7.5 |
Materials | 4.8 |
Consumer staples | 4.2 |
Utilities | 3.7 |
Communication services | 3.4 |
Short-term investments, other assets & liabilities, net | 2.1 |
Total | 100.0 |
Performance for the six months ended April 30, 2022
The Quant Small-Cap Equity Fund returned –14.10% for the Institutional Class, compared with the –18.38% return of its benchmark, the Russell 2000® Index. For the one-year period ended April 30, 2022, the Fund returned –10.39% versus –16.87% for the index. The performance table shows returns for all share classes of the Fund.
U.S. stocks declined as economy contracted and inflation remained elevated
The U.S. economy grew at a strong pace early in the period but contracted during the first quarter of 2022. Growth stalled amid a widening trade deficit and lower government expenditures, but consumer and business spending remained strong. The unemployment rate fell during the period, declining to 3.6% in April 2022. Core inflation, which includes all items except food and energy, rose 6.2% for the twelve months ended in April. Oil prices increased during the period, peaking in March at nearly $124 per barrel, before falling back to $105.
Stock markets registered declines across all size and style categories for the period. Equities declined on concerns over rising interest rates, persistent inflation and geopolitical uncertainty resulting from the Russian invasion of Ukraine. The Federal Reserve, responding to higher inflation, raised the federal funds target rate to 0.25%–0.50% in March 2022 and signaled further increases were expected.
For the six months, the Russell 3000® Index, a broad measure of the U.S. stock market, returned –11.75%. Small-cap equities trailed large- and mid-sized stocks, while growth shares underperformed value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)
Nearly all benchmark sectors declined
Nine of the eleven industry sectors in the Russell 2000 Index posted losses for the six months. Health care—the index’s largest component—returned –36.2% and detracted most from the index’s return. The next-biggest detractors were information technology, consumer discretionary and financials, which returned –24.9%, –23.6% and –15.0%, respectively. Together, these four sectors represented almost 60.0% of the index’s total market capitalization on April 30, 2022. Energy, up 21.5%, performed best. Utilities also gained, returning 2.0%.
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 exceeded the overall return of the benchmark. Energy firm Antero Resources was the best performer, followed by car rental company Avis Budget Group. Next in line were Ovintiv, an oil and gas producer, Chesapeake Energy and BJ’s Wholesale Club Holdings.
Fund outperformed its benchmark
The Fund outperformed its benchmark on the strength of numerous stock selections. The top contributor was an overweight position in medical diagnostics firm Lantheus Holdings, which soared on the successful launch of a new product. Overweight positions in PBF Energy and educational publisher Houghton Mifflin Harcourt also benefited.
Conversely, the largest detractor was an overweight position in mobile applications provider Digital Turbine. The next-largest detractors were overweight positions in Asana, a provider of collaboration software, and Upwork, an online freelance marketplace.
20 | 2022 Semiannual Report ■ TIAA-CREF Funds: Equity Funds |
Performance as of April 30, 2022
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 | –14.10 | % | –10.39 | % | 7.96 | % | 10.87 | % | 0.41 | % | 0.41 | % | |||||||||||||
Advisor Class | 12/4/15 | –14.11 | –10.44 | 7.89 | 10.82 | † | 0.49 | 0.49 | ||||||||||||||||||
Premier Class | 9/30/09 | –14.16 | –10.47 | 7.81 | 10.71 | 0.56 | 0.56 | |||||||||||||||||||
Retirement Class | 10/1/02 | –14.18 | –10.55 | 7.70 | 10.60 | 0.66 | 0.66 | |||||||||||||||||||
Retail Class | 10/1/02 | –14.17 | –10.57 | 7.68 | 10.54 | 0.72 | 0.72 | |||||||||||||||||||
Class W | 9/28/18 | –13.89 | –9.98 | 8.27 | † | 11.03 | † | 0.41 | 0.00 | |||||||||||||||||
Russell 2000® Index | — | –18.38 | –16.87 | 7.24 | 10.06 | — | — | |||||||||||||||||||
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, 2023, 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 4/30/2022 |
More than $2 billion–$15 billion | 65.5 |
$2 billion or less | 34.5 |
Total | 100.0 |
Fund profile
as of 4/30/2022 | |
Net assets | $2.62 billion |
Portfolio turnover rate* | 27% |
Number of holdings | 434 |
Weighted median market capitalization | $2.82 billion |
Price/earnings ratio (weighted 12-month trailing average)† | 17.5 |
* | The portfolio turnover rate covers the six-month period from November 1, 2021–April 30, 2022, 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 ■ 2022 Semiannual Report | 21 |
Quant Small/Mid-Cap Equity Fund
Expense example
Six months ended April 30, 2022
Quant Small/Mid-Cap Equity Fund | Beginning account value (11/1/21) | Ending account value (4/30/22) | Expenses paid during period* (11/1/21– 4/30/22) | ||||||||
Actual return | |||||||||||
Institutional Class | $ | 1,000.00 | $ | 887.28 | $2.20 | ||||||
Advisor Class | 1,000.00 | 886.46 | 2.81 | ||||||||
Premier Class | 1,000.00 | 886.43 | 2.95 | ||||||||
Retirement Class | 1,000.00 | 886.08 | 3.41 | ||||||||
Retail Class | 1,000.00 | 885.71 | 3.69 | ||||||||
Class W | 1,000.00 | 888.88 | 0.00 | ||||||||
5% annual hypothetical return | |||||||||||
Institutional Class | 1,000.00 | 1,022.46 | 2.36 | ||||||||
Advisor Class | 1,000.00 | 1,021.82 | 3.01 | ||||||||
Premier Class | 1,000.00 | 1,021.67 | 3.16 | ||||||||
Retirement Class | 1,000.00 | 1,021.17 | 3.66 | ||||||||
Retail Class | 1,000.00 | 1,020.88 | 3.96 | ||||||||
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, 2022. The Fund’s annualized six-month expense ratios for that period were 0.47% for the Institutional Class, 0.60% for the Advisor Class, 0.63% for the Premier Class, 0.73% for the Retirement Class, 0.79% 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 4/30/2022 |
Industrials | 16.6 |
Information technology | 16.0 |
Financials | 14.5 |
Health care | 11.3 |
Consumer discretionary | 9.4 |
Real estate | 9.3 |
Energy | 7.2 |
Materials | 6.5 |
Consumer staples | 5.1 |
Communication services | 2.4 |
Utilities | 1.3 |
Short-term investments, other assets & liabilities, net | 0.4 |
Total | 100.0 |
Performance for the six months ended April 30, 2022
The Quant Small/Mid-Cap Equity Fund returned –11.27% for the Institutional Class, compared with the –14.73% return of its benchmark, the Russell 2500® Index. For the one-year period ended April 30, 2022, the Fund returned –4.75% versus –11.73% for the index. The performance table shows returns for all share classes of the Fund.
U.S. stocks declined as economy contracted and inflation remained elevated
The U.S. economy grew at a strong pace early in the period but contracted during the first quarter of 2022. Growth stalled amid a widening trade deficit and lower government expenditures, but consumer and business spending remained strong. The unemployment rate fell during the period, declining to 3.6% in April 2022. Core inflation, which includes all items except food and energy, rose 6.2% for the twelve months ended in April. Oil prices increased during the period, peaking in March at nearly $124 per barrel, before falling back to $105.
Stock markets registered declines across all size and style categories for the period. Equities declined on concerns over rising interest rates, persistent inflation and geopolitical uncertainty resulting from the Russian invasion of Ukraine. The Federal Reserve, responding to higher inflation, raised the federal funds target rate to 0.25%–0.50% in March 2022 and signaled further increases were expected.
For the six months, the Russell 3000® Index, a broad measure of the U.S. stock market, returned –11.75%. Small-cap equities trailed large- and mid-sized stocks, while growth shares underperformed value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)
Most benchmark sectors posted losses
Eight of the eleven industry sectors in the Russell 2500 Index declined for the six months. Health care, which returned –31.9%, was the worst performer and also the biggest detractor from the index’s performance. The next-largest detractors were information technology, consumer discretionary and industrials, which returned –22.1%, –21.5% and –13.7%, respectively. Together, these four sectors made up nearly 60.0% of the benchmark’s total market capitalization on April 30, 2022. Energy, up 29.8%, was the largest contributor to the benchmark’s return, followed by materials and utilities, which gained 5.4% and 3.9%, respectively.
For the six-month period, all of the five largest stocks in the Russell 2500 generated gains and exceeded the overall return of the benchmark. Fertilizer producer Mosaic and Devon Energy performed best, followed by Coterra Energy, Diamondback Energy and real estate investment trust VICI Properties.
Fund outperformed its benchmark
In a down market, the Fund outperformed its benchmark by several percentage points due to favorable security selections. The top contributors to relative performance were overweight positions in energy companies Marathon Oil, PBF Energy and APA. Each of these stocks posted outsized gains during the period, supported by tight global supplies and rising prices of oil and gas.
Conversely, the largest detractors were overweight positions in financial services firm LendingClub and software companies Domo and Asana. All three companies issued disappointing outlooks for revenues and earnings.
22 | 2022 Semiannual Report ■ TIAA-CREF Funds: Equity Funds |
Performance as of April 30, 2022
Quant Small/Mid-Cap Equity Fund | Average annual | Annual operating | ||||||||||||||||||||||||
Total return | total return | expenses* | ||||||||||||||||||||||||
Inception | since | |||||||||||||||||||||||||
date | 6 months | 1 year | 5 years | inception | gross | net | ||||||||||||||||||||
Institutional Class | 8/5/16 | –11.27 | % | –4.75 | % | 13.00 | % | 13.63 | % | 0.47 | % | �� | 0.47 | % | ||||||||||||
Advisor Class | 8/5/16 | –11.35 | –4.90 | 12.95 | 13.58 | 0.59 | 0.59 | |||||||||||||||||||
Premier Class | 8/5/16 | –11.36 | –4.93 | 12.83 | 13.45 | 0.66 | 0.66 | |||||||||||||||||||
Retirement Class | 8/5/16 | –11.39 | –4.95 | 12.72 | 13.34 | 0.72 | 0.72 | |||||||||||||||||||
Retail Class | 8/5/16 | –11.43 | –5.09 | 12.59 | 13.20 | 0.87 | 0.87 | |||||||||||||||||||
Class W | 9/28/18 | –11.11 | –4.34 | 13.39 | † | 13.97 | † | 0.47 | 0.00 | |||||||||||||||||
Russell 2500® Index | — | –14.73 | –11.73 | 9.44 | 10.33 | ‡ | — | — |
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, 2023, 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 4/30/2022 |
More than $50 billion | 0.8 |
More than $15 billion–$50 billion | 10.3 |
More than $2 billion–$15 billion | 72.5 |
$2 billion or less | 16.4 |
Total | 100.0 |
Fund profile
as of 4/30/2022 | |
Net assets | $987.21 million |
Portfolio turnover rate* | 35% |
Number of holdings | 409 |
Weighted median market capitalization | $5.33 billion |
Price/earnings ratio (weighted 12-month trailing average)† | 18.7 |
* | The portfolio turnover rate covers the six-month period from November 1, 2021–April 30, 2022, 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 ■ 2022 Semiannual Report | 23 |
Expense example
Six months ended April 30, 2022
Social Choice Equity Fund | Beginning account value (11/1/21) | Ending account value (4/30/22) | Expenses paid during period* (11/1/21– 4/30/22) | ||||||||
Actual return | |||||||||||
Institutional Class | $ | 1,000.00 | $ | 876.93 | $0.84 | ||||||
Advisor Class | 1,000.00 | 876.73 | 1.26 | ||||||||
Premier Class | 1,000.00 | 876.54 | 1.63 | ||||||||
Retirement Class | 1,000.00 | 875.95 | 2.00 | ||||||||
Retail Class | 1,000.00 | 876.21 | 1.77 | ||||||||
5% annual hypothetical return | |||||||||||
Institutional Class | 1,000.00 | 1,023.90 | 0.90 | ||||||||
Advisor Class | 1,000.00 | 1,023.46 | 1.35 | ||||||||
Premier Class | 1,000.00 | 1,023.06 | 1.76 | ||||||||
Retirement Class | 1,000.00 | 1,022.66 | 2.16 | ||||||||
Retail Class | 1,000.00 | 1,022.91 | 1.91 |
* | “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended April 30, 2022. The Fund’s annualized six-month expense ratios for that period were 0.18% for the Institutional Class, 0.27% for the Advisor Class, 0.35% for the Premier Class, 0.43% for the Retirement Class and 0.38% 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 4/30/2022 |
Information technology | 27.0 |
Health care | 14.4 |
Financials | 13.2 |
Consumer discretionary | 10.1 |
Industrials | 9.4 |
Consumer staples | 6.2 |
Communication services | 6.0 |
Energy | 4.1 |
Real estate | 3.3 |
Utilities | 3.2 |
Materials | 2.6 |
Short-term investments, other assets & liabilities, net | 0.5 |
Total | 100.0 |
Performance for the six months ended April 30, 2022
The Social Choice Equity Fund returned –12.31% for the Institutional Class, compared with the –11.75% return of its benchmark, the Russell 3000® Index. For the one-year period ended April 30, 2022, the Fund returned –3.00% versus –3.11% 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 index 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. Avoiding these companies produced mixed results for the six-month period, but the net effect was that the Fund underperformed its benchmark.
Among stocks in which the Fund was not invested, omitting Apple, Berkshire Hathaway and Exxon Mobil—all of which posted gains for the six months—detracted most from relative performance. Apple reported strong operating results as it successfully navigated global supply-chain disruptions. Berkshire Hathaway announced record annual earnings, while Exxon Mobil benefited from high oil prices.
Avoiding other benchmark stocks aided performance
The Fund’s exclusion of other stocks helped its relative performance. Not owning Amazon.com, Meta Platforms (Facebook) and Alphabet (the parent company of Google) had the largest positive impact, as all three stocks registered sizeable declines. Amazon reported its first quarterly operating loss in several years amid slowing revenue growth and rising costs. Meta Platforms and Alphabet were hurt by expectations that growth in digital advertising spending would decelerate following a pandemic-driven surge.
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, overweight positions in PayPal Holdings and Netflix were the largest detractors from relative performance. PayPal issued a disappointing revenue outlook for 2022, citing a host of factors, including the loss of business to a competitor and the impact of high inflation on consumer spending. Netflix reported that it lost subscribers during the first quarter of 2022 and projected additional losses for the second quarter. The next-largest detractor was an underweight position in Chevron, which performed well amid an increase in oil prices during the period.
By contrast, the Fund’s performance was helped most by overweight positions in ConocoPhillips and Marathon Oil. An overweight in printer and PC manufacturer HP was also a top contributor. HP raised its annual earnings forecast as office re-openings and hybrid work arrangements fueled strong demand for personal computers.
24 | 2022 Semiannual Report ■ TIAA-CREF Funds: Equity Funds |
Performance as of April 30, 2022
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 | –12.31 | % | –3.00 | % | 12.99 | % | 12.84 | % | 0.17 | % | 0.17 | % | |||||||||||||
Advisor Class | 12/4/15 | –12.33 | –3.08 | 12.92 | 12.80 | † | 0.25 | 0.25 | ||||||||||||||||||
Premier Class | 9/30/09 | –12.35 | –3.14 | 12.82 | 12.67 | 0.33 | 0.33 | |||||||||||||||||||
Retirement Class | 10/1/02 | –12.40 | –3.23 | 12.71 | 12.57 | 0.42 | 0.42 | |||||||||||||||||||
Retail Class | 3/31/06 | –12.38 | –3.24 | 12.68 | 12.53 | 0.44 | 0.44 | |||||||||||||||||||
Russell 3000® Index | — | –11.75 | –3.11 | 13.01 | 13.29 | — | — |
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, 2023, 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 4/30/2022 |
More than $50 billion | 63.2 |
More than $15 billion–$50 billion | 26.4 |
More than $2 billion–$15 billion | 8.9 |
$2 billion or less | 1.5 |
Total | 100.0 |
Fund profile
as of 4/30/2022 | |
Net assets | $6.67 billion |
Portfolio turnover rate* | 12% |
Number of holdings | 554 |
Weighted median market capitalization | $81.42 billion |
Price/earnings ratio (weighted 12-month trailing average)† | 20.5 |
* | The portfolio turnover rate covers the six-month period from November 1, 2021–April 30, 2022, 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 ■ 2022 Semiannual Report | 25 |
Social Choice Low Carbon Equity Fund
Expense example
Six months ended April 30, 2022
Social Choice Low Carbon Equity Fund | Beginning account value (11/1/21) | Ending account value (4/30/22) | Expenses paid during period* (11/1/21– 4/30/22) | |||
Actual return | ||||||
Institutional Class | $1,000.00 | $ 871.42 | $1.44 | |||
Advisor Class | 1,000.00 | 871.04 | 1.95 | |||
Premier Class | 1,000.00 | 870.88 | 2.13 | |||
Retirement Class | 1,000.00 | 870.38 | 2.60 | |||
Retail Class | 1,000.00 | 870.93 | 2.64 | |||
5% annual hypothetical return | ||||||
Institutional Class | 1,000.00 | 1,023.26 | 1.56 | |||
Advisor Class | 1,000.00 | 1,022.71 | 2.11 | |||
Premier Class | 1,000.00 | 1,022.51 | 2.31 | |||
Retirement Class | 1,000.00 | 1,022.02 | 2.81 | |||
Retail Class | 1,000.00 | 1,021.97 | 2.86 |
* | “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, 2022. The Fund’s annualized six-month expense ratios for that period were 0.31% for the Institutional Class, 0.42% for the Advisor Class, 0.46% for the Premier Class, 0.56% for the Retirement Class and 0.57% 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 4/30/2022 |
Information technology | 28.3 |
Health care | 14.7 |
Financials | 13.4 |
Consumer discretionary | 10.8 |
Industrials | 8.2 |
Consumer staples | 6.1 |
Communication services | 5.4 |
Real estate | 3.9 |
Energy | 3.2 |
Materials | 3.1 |
Utilities | 2.0 |
Short-term investments, other assets & liabilities, net | 0.9 |
Total | 100.0 |
Performance for the six months ended April 30, 2022
The Social Choice Low Carbon Equity Fund returned –12.86% for the Institutional Class, compared with the –11.75% return of its benchmark, the Russell 3000® Index. For the one-year period ended April 30, 2022, the Fund returned –3.50% versus –3.11% 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 index stocks detracted from 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 in which the Fund was not invested, omitting Apple, Berkshire Hathaway and Exxon Mobil—all of which posted gains for the six months—detracted most from relative performance. Apple reported strong operating results as it successfully navigated global supply-chain disruptions. Berkshire Hathaway announced record annual earnings, while Exxon Mobil benefited from high oil prices.
Excluding other benchmark stocks helped performance
Avoiding other stocks bolstered the Fund’s relative performance. Not owning Amazon.com, Meta Platforms (Facebook) and Alphabet (the parent company of Google) had the largest positive impact, as all three stocks registered sizeable declines. Amazon reported its first quarterly operating loss in several years amid slowing revenue growth and rising costs. Meta Platforms and Alphabet were hurt by expectations that growth in digital advertising spending would decelerate following a pandemic-driven surge.
Fund lagged 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 stocks the Fund held, overweight positions in PayPal Holdings and Netflix were the largest detractors from relative performance. PayPal issued a disappointing revenue outlook for 2022, citing a host of factors, including the loss of business to a competitor and the impact of high inflation on consumer spending. Netflix reported that it lost subscribers during the first quarter of 2022 and projected additional losses for the second quarter. The next-largest detractor was an overweight position in Okta, a provider of digital identity verification services that forecast weaker-than-expected annual earnings.
In contrast, overweight holdings in Halliburton, Merck and Newmont contributed most to the Fund’s relative return. Oilfield services company Halliburton performed well as shortages of the equipment it provides translated into strong pricing power. Drug maker Merck reported robust sales of its COVID-19 antiviral treatment, while mining company Newmont benefited from an increase in gold prices.
26 | 2022 Semiannual Report ■ TIAA-CREF Funds: Equity Funds |
Performance as of April 30, 2022
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 | –12.86 | % | –3.50 | % | 13.19 | % | 12.44 | % | 0.31 | % | 0.31 | % | |||||||||||||
Advisor Class | 12/4/15 | –12.90 | –3.62 | 13.08 | 12.35 | † | 0.43 | 0.43 | ||||||||||||||||||
Premier Class | 8/7/15 | –12.91 | –3.61 | 13.04 | 12.29 | 0.46 | 0.46 | |||||||||||||||||||
Retirement Class | 8/7/15 | –12.96 | –3.70 | 12.93 | 12.17 | 0.56 | 0.56 | |||||||||||||||||||
Retail Class | 8/7/15 | –12.91 | –3.74 | 12.86 | 12.10 | 0.62 | 0.62 | |||||||||||||||||||
Russell 3000® Index | — | –11.75 | –3.11 | 13.01 | 12.28 | ‡ | — | — |
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, 2023, 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
Market capitalization | % of equity investments as of 4/30/2022 |
More than $50 billion | 65.2 |
More than $15 billion–$50 billion | 26.2 |
More than $2 billion–$15 billion | 7.2 |
$2 billion or less | 1.4 |
Total | 100.0 |
Fund profile
as of 4/30/2022 | |
Net assets | $1.06 billion |
Portfolio turnover rate* | 14% |
Number of holdings | 472 |
Weighted median market capitalization | $83.76 billion |
Price/earnings ratio (weighted 12-month trailing average)† | 20.0 |
* | The portfolio turnover rate covers the six-month period from November 1, 2021–April 30, 2022, 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 ■ 2022 Semiannual Report | 27 |
Expense example
Six months ended April 30, 2022
Emerging Markets Equity Fund | Beginning account value (11/1/21) | Ending account value (4/30/22) | Expenses paid during period* (11/1/21– 4/30/22) | |||
Actual return | ||||||
Institutional Class | $1,000.00 | $ 846.05 | $4.12 | |||
Advisor Class | 1,000.00 | 846.05 | 4.35 | |||
Premier Class | 1,000.00 | 845.98 | 4.44 | |||
Retirement Class | 1,000.00 | 845.03 | 4.44 | |||
Retail Class | 1,000.00 | 844.09 | 5.81 | |||
Class W | 1,000.00 | 849.34 | 0.00 | |||
5% annual hypothetical return | ||||||
Institutional Class | 1,000.00 | 1,020.33 | 4.51 | |||
Advisor Class | 1,000.00 | 1,020.08 | 4.76 | |||
Premier Class | 1,000.00 | 1,019.98 | 4.86 | |||
Retirement Class | 1,000.00 | 1,019.98 | 4.86 | |||
Retail Class | 1,000.00 | 1,018.50 | 6.36 | |||
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, 2022. The Fund’s annualized six-month expense ratios for that period were 0.90% for the Institutional Class, 0.95% for the Advisor Class, 0.97% for the Premier Class, 0.97% for the Retirement Class, 1.27% 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 4/30/2022 |
Consumer discretionary | 22.6 |
Information technology | 20.7 |
Financials | 16.3 |
Communication services | 12.5 |
Energy | 11.1 |
Consumer staples | 6.4 |
Materials | 4.3 |
Health care | 0.8 |
Short-term investments, other assets & liabilities, net | 5.3 |
Total | 100.0 |
Performance for the six months ended April 30, 2022
The Emerging Markets Equity Fund returned –15.39% for the Institutional Class, compared with the –14.15% return of its benchmark, the MSCI Emerging Markets Index. For the one-year period ended April 30, 2022, the Fund returned –29.23% versus –18.33% for the index. The performance table shows returns for all share classes of the Fund.
Foreign stocks fell amid concerns over inflation and interest rates
International stocks in both developed- and emerging-markets countries lost ground as ongoing price pressures, rising interest rates and Russia’s invasion of Ukraine all weighed heavily on financial markets. Despite these uncertainties, the economies in the 19-nation euro area grew modestly in both the fourth quarter of 2021 and the first quarter of 2022. China’s economy also expanded.
Global central banks began tightening monetary policies amid growing concerns over inflation. The Federal Reserve increased the federal funds target rate to 0.25%–0.50% in March, while the European Central Bank left its benchmark interest rates unchanged but indicated it may end its bond-buying program. The Bank of England raised its benchmark rate to 0.75%.
The MSCI EAFE® Index, which measures stock performance in 21 developed-markets nations outside North America, returned –11.80% for the period, outperforming the return of the MSCI Emerging Markets Index but trailing the –11.75% return of the Russell 3000® Index, a broad measure of the U.S. stock market.
Countries in the benchmark had mixed returns
Of the 24 country components in the MSCI Emerging Markets Index, about one-half declined in U.S.-dollar terms. Hungary and Poland declined most at –37.6% and –31.6%, respectively. China, the largest index component, returned –25.0%. Due to Russia’s invasion of Ukraine and the ensuing sanctions, Russian equities became uninvestable. As a result, Russia was the second-largest detractor from the benchmark’s performance as MSCI removed all Russian shares from the index at a value of $0.0001 on March 9, 2022.
Fund trailed its benchmark
For the six-month period, the Fund underperformed its benchmark. Top detractors included out-of-benchmark positions in China-based e-commerce firm iClick Interactive Asia Group and video game firm HUYA. An overweight in e-commerce giant Alibaba Group Holding also detracted.
Helping to offset these factors were out-of-benchmark positions in Arcos Dorados Holdings, which owns the master franchise for McDonald’s restaurants in Latin America and the Caribbean, and Brazilian retail giant Lojas Americanas. Not owning benchmark component Gazprom, a Russian energy company, was the third-largest contributor.
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 | 2022 Semiannual Report ■ TIAA-CREF Funds: Equity Funds |
Performance as of April 30, 2022
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 | –15.39 | % | –29.23 | % | 1.86 | % | 1.87 | % | 0.88 | % | 0.88 | % | |||||||||||||
Advisor Class | 12/4/15 | –15.39 | –29.23 | 1.82 | 1.84 | † | 0.97 | 0.97 | ||||||||||||||||||
Premier Class | 8/31/10 | –15.40 | –29.28 | 1.74 | 1.74 | 1.03 | 1.03 | |||||||||||||||||||
Retirement Class | 8/31/10 | –15.50 | –29.31 | 1.70 | 1.67 | 1.12 | 1.12 | |||||||||||||||||||
Retail Class | 8/31/10 | –15.59 | –29.54 | 1.46 | 1.48 | 1.31 | 1.31 | |||||||||||||||||||
Class W | 9/28/18 | –15.07 | –28.62 | 2.50 | † | 2.19 | † | 0.88 | 0.00 | |||||||||||||||||
MSCI Emerging Markets Index | — | –14.15 | –18.33 | 4.32 | 2.89 | — | — |
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least February 28, 2023, 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 4/30/2022 | |
China | 21.5 |
Brazil | 13.7 |
Korea, Republic of | 13.1 |
India | 12.1 |
Taiwan | 11.3 |
Mexico | 5.1 |
Thailand | 3.5 |
Indonesia | 3.0 |
South Africa | 2.2 |
Macau | 2.0 |
9 other nations | 7.8 |
Short-term investments | 4.7 |
Total | 100.0 |
Holdings by company size
Market capitalization | % of equity investments as of 4/30/2022 |
More than $50 billion | 36.9 |
More than $15 billion–$50 billion | 28.8 |
More than $2 billion–$15 billion | 26.4 |
$2 billion or less | 7.9 |
Total | 100.0 |
Fund profile
as of 4/30/2022 | |
Net assets | $1.40 billion |
Portfolio turnover rate* | 55% |
Number of holdings | 64 |
Weighted median market capitalization | $34.06 billion |
Price/earnings ratio (weighted 12-month trailing average)† | 11.9 |
* | The portfolio turnover rate covers the six-month period from November 1, 2021–April 30, 2022, 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 ■ 2022 Semiannual Report | 29 |
Expense example
Six months ended April 30, 2022
International Equity Fund | Beginning account value (11/1/21) | Ending account value (4/30/22) | Expenses paid during period* (11/1/21– 4/30/22) | |||
Actual return | ||||||
Institutional Class | $1,000.00 | $ 831.69 | $2.09 | |||
Advisor Class | 1,000.00 | 830.98 | 2.54 | |||
Premier Class | 1,000.00 | 830.76 | 2.77 | |||
Retirement Class | 1,000.00 | 830.57 | 3.22 | |||
Retail Class | 1,000.00 | 831.53 | 3.04 | |||
Class W | 1,000.00 | 833.28 | 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 | 1,021.47 | 3.36 | |||
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, 2022. 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, 0.67% 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 4/30/2022 |
Health care | 16.1 |
Industrials | 15.8 |
Financials | 13.5 |
Consumer discretionary | 11.9 |
Consumer staples | 9.9 |
Materials | 8.7 |
Energy | 7.3 |
Information technology | 5.2 |
Communication services | 3.6 |
Utilities | 2.0 |
Short-term investments, other assets & liabilities, net | 6.0 |
Total | 100.0 |
Performance for the six months ended April 30, 2022
The International Equity Fund returned –16.83% for the Institutional Class, compared with the –11.80% return of its benchmark, the MSCI EAFE® Index. For the one-year period ended April 30, 2022, the Fund returned –12.33% versus –8.15% for the index. The performance table shows returns for all share classes of the Fund.
Foreign stocks fell amid concerns over inflation and interest rates
International stocks in both developed- and emerging-markets countries lost ground as ongoing price pressures, rising interest rates and Russia’s invasion of Ukraine all weighed heavily on financial markets. Despite these uncertainties, the economies in the 19-nation euro area grew modestly in both the fourth quarter of 2021 and the first quarter of 2022. China’s economy also expanded at a solid pace.
Global central banks began tightening monetary policies amid growing concerns over inflation. The Federal Reserve increased the federal funds target rate to 0.25%–0.50% in March, while the European Central Bank left its benchmark interest rates unchanged but indicated it may end its bond-buying program. The Bank of England raised its benchmark rate to 0.75%.
The MSCI EAFE Index, which measures stock performance in 21 developed-markets nations outside North America, outperformed the –14.15% return of the MSCI Emerging Markets Index for the period. Both indexes trailed the –11.75% return of the Russell 3000® Index, a broad measure of the U.S. stock market.
Nearly all countries in the benchmark lost ground
Twenty of the 21 countries in the MSCI EAFE Index declined in U.S.-dollar terms for the six-month period. The largest index components were Japan (21.8%), the United Kingdom (15.7%) and France (11.4%), returning –15.4%, –0.6% and –12.4%, respectively. Collectively, these three nations represented almost one-half of the benchmark’s total market capitalization on April 30, 2022. The Netherlands was the worst performer, returning –28.0%.
Fund trailed its benchmark
For the six months, the Fund trailed its benchmark. Top detractors included overweight positions in Recruit Holdings, a Japanese human resources company, and Dutch financial services firm ING Groep, which had exposure to Russian financial institutions. An out-of-benchmark position in Cyprus-based TCS Group Holding, a digital provider of online financial and lifestyle services, also detracted.
By contrast, overweight positions in Norwegian energy company Equinor, global drug manufacturer AstraZeneca and British energy company Shell all contributed to the Fund’s relative performance, turning in strong six-month returns.
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 | 2022 Semiannual Report ■ TIAA-CREF Funds: Equity Funds |
Performance as of April 30, 2022
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 | –16.83 | % | –12.33 | % | 3.14 | % | 5.58 | % | 0.46 | % | 0.46 | % | |||||||||||||
Advisor Class | 12/4/15 | –16.90 | –12.45 | 3.02 | 5.52 | † | 0.56 | 0.56 | ||||||||||||||||||
Premier Class | 9/30/09 | –16.92 | –12.48 | 2.97 | 5.43 | 0.61 | 0.61 | |||||||||||||||||||
Retirement Class | 10/1/02 | –16.94 | –12.57 | 2.88 | 5.33 | 0.71 | 0.71 | |||||||||||||||||||
Retail Class | 3/31/06 | –16.85 | –12.53 | 2.83 | 5.24 | 0.80 | 0.80 | |||||||||||||||||||
Class W | 9/28/18 | –16.67 | –11.94 | 3.48 | † | 5.76 | † | 0.46 | 0.00 | |||||||||||||||||
MSCI EAFE® Index | — | –11.80 | –8.15 | 4.77 | 5.77 | — | — |
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least February 28, 2023, 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 4/30/2022 | |
Japan | 18.4 |
United Kingdom | 16.2 |
France | 11.0 |
Germany | 10.2 |
Netherlands | 9.6 |
Switzerland | 8.8 |
Australia | 6.4 |
Italy | 2.0 |
United States | 1.9 |
Norway | 1.7 |
8 other nations | 8.9 |
Short-term investments | 4.9 |
Total | 100.0 |
Holdings by company size
Market capitalization | % of equity investments as of 4/30/2022 |
More than $50 billion | 65.4 |
More than $15 billion–$50 billion | 28.7 |
More than $2 billion–$15 billion | 5.9 |
Total | 100.0 |
Fund profile
as of 4/30/2022 | |
Net assets | $5.70 billion |
Portfolio turnover rate* | 15% |
Number of holdings | 79 |
Weighted median market capitalization | $76.22 billion |
Price/earnings ratio (weighted 12-month trailing average)† | 13.1 |
* | The portfolio turnover rate covers the six-month period from November 1, 2021–April 30, 2022, 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 ■ 2022 Semiannual Report | 31 |
International Opportunities Fund
Expense example
Six months ended April 30, 2022
International Opportunities Fund | Beginning account value (11/1/21) | Ending account value (4/30/22) | Expenses paid during period* (11/1/21– 4/30/22) | |||
Actual return | ||||||
Institutional Class | $1,000.00 | $ 783.36 | $2.70 | |||
Advisor Class | 1,000.00 | 783.07 | 3.09 | |||
Premier Class | 1,000.00 | 782.71 | 3.09 | |||
Retirement Class | 1,000.00 | 782.93 | 3.09 | |||
Retail Class | 1,000.00 | 782.24 | 4.46 | |||
Class W | 1,000.00 | 786.01 | 0.00 | |||
5% annual hypothetical return | ||||||
Institutional Class | 1,000.00 | 1,021.77 | 3.06 | |||
Advisor Class | 1,000.00 | 1,021.32 | 3.51 | |||
Premier Class | 1,000.00 | 1,021.32 | 3.51 | |||
Retirement Class | 1,000.00 | 1,021.32 | 3.51 | |||
Retail Class | 1,000.00 | 1,019.79 | 5.06 | |||
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, 2022. The Fund’s annualized six-month expense ratios for that period were 0.61% for the Institutional Class, 0.70% for the Advisor Class, 0.70% for the Premier Class, 0.70% for the Retirement Class, 1.01% 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 4/30/2022 |
Information technology | 17.3 |
Consumer discretionary | 13.6 |
Industrials | 12.7 |
Financials | 11.5 |
Consumer staples | 10.3 |
Health care | 9.9 |
Materials | 8.2 |
Energy | 6.3 |
Communication services | 1.6 |
Real estate | 1.1 |
Short-term investments, other assets & liabilities, net | 7.5 |
Total | 100.0 |
Performance for the six months ended April 30, 2022
The International Opportunities Fund returned –21.66% for the Institutional Class, compared with the –11.87% return of its benchmark, the MSCI All Country World (ACWI) ex USA Index. For the one-year period ended April 30, 2022, the Fund returned –17.67% versus –10.31% for the index. The performance table shows returns for all share classes of the Fund.
Foreign stocks fell amid concerns over inflation and interest rates
International stocks in both developed- and emerging-markets countries lost ground as ongoing price pressures, rising interest rates and Russia’s invasion of Ukraine all weighed heavily on financial markets. Despite these uncertainties, the economies in the 19-nation euro area grew modestly in both the fourth quarter of 2021 and the first quarter of 2022. China’s economy expanded at a solid pace.
Global central banks began tightening monetary policies amid growing concerns over inflation. The Federal Reserve increased the federal funds target rate to 0.25%–0.50% in March and signaled further increases were likely. The European Central Bank left its benchmark interest rates unchanged at near-zero levels but indicated it may end its bond-buying program. The Bank of England raised its benchmark rate to 0.75%.
The MSCI EAFE® Index, which measures stock performance in 21 developed-markets nations outside North America, returned –11.80%, and the MSCI Emerging Markets Index returned –14.15% for the period. Both indexes trailed the –11.75% 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, 30 of 46 countries had returns that surpassed that of the benchmark in U.S.-dollar terms. The largest markets were Japan (13.7%), the United Kingdom (9.9%) and China (8.8%), returning –15.4%, –0.6% and –25.0%, respectively. These three nations collectively represented nearly one-third of the index’s total market capitalization on April 30, 2022.
Fund underperformed its benchmark
The Fund underperformed its benchmark, primarily due to stock selections that did not perform as anticipated. The largest detractor was an overweight position in Canadian software firm Lightspeed Commerce, which declined due to investor concerns over the company’s quarterly results. The next-largest detractors were overweight positions in Canadian e-commerce firm Shopify and Japanese outsourcing company Benefit One.
On the positive side, the largest contributors were overweight positions in Norwegian energy company Equinor, Canadian fertilizer producer Nutrien and Canadian convenience store operator Alimentation Couche-Tard.
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 | 2022 Semiannual Report ■ TIAA-CREF Funds: Equity Funds |
Performance as of April 30, 2022
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 | –21.66 | % | –17.67 | % | 7.73 | % | 6.13 | % | 0.60 | % | 0.60 | % | |||||||||||||
Advisor Class | 12/4/15 | –21.69 | –17.78 | 7.65 | 6.08 | † | 0.70 | 0.70 | ||||||||||||||||||
Premier Class | 4/12/13 | –21.73 | –17.78 | 7.60 | 5.98 | 0.77 | 0.77 | |||||||||||||||||||
Retirement Class | 4/12/13 | –21.71 | –17.74 | 7.56 | 5.92 | 0.85 | 0.85 | |||||||||||||||||||
Retail Class | 4/12/13 | –21.78 | –18.03 | 7.29 | 5.71 | 1.06 | 1.06 | |||||||||||||||||||
Class W | 9/28/18 | –21.40 | –17.15 | 8.22 | † | 6.40 | † | 0.60 | 0.00 | |||||||||||||||||
MSCI All Country World Index ex USA | — | –11.87 | –10.31 | 4.94 | 4.32 | ‡ | — | — |
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, 2023, 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 4/30/2022 | |
Canada | 11.4 |
United Kingdom | 8.2 |
Japan | 7.9 |
Brazil | 5.1 |
France | 4.9 |
Netherlands | 4.8 |
Switzerland | 4.7 |
Italy | 4.6 |
Norway | 4.3 |
Germany | 3.8 |
14 other nations | 29.5 |
Short-term investments | 10.8 |
Total | 100.0 |
Holdings by company size
Market capitalization | % of equity investments as of 4/30/2022 |
More than $50 billion | 35.8 |
More than $15 billion–$50 billion | 27.9 |
More than $2 billion–$15 billion | 34.6 |
$2 billion or less | 1.7 |
Total | 100.0 |
Fund profile
as of 4/30/2022 | |
Net assets | $2.10 billion |
Portfolio turnover rate* | 9% |
Number of holdings | 93 |
Weighted median market capitalization | $32.19 billion |
Price/earnings ratio (weighted 12-month trailing average)† | 21.2 |
* | The portfolio turnover rate covers the six-month period from November 1, 2021–April 30, 2022, 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 ■ 2022 Semiannual Report | 33 |
Quant International Small-Cap Equity Fund
Expense example
Six months ended April 30, 2022
Quant International Small-Cap Equity Fund | Beginning account value (11/1/21) | Ending account value (4/30/22) | Expenses paid during period* (11/1/21– 4/30/22) | ||||||||
Actual return | |||||||||||
Institutional Class | $ | 1,000.00 | $ | 872.94 | $ | 3.34 | |||||
Advisor Class | 1,000.00 | 873.64 | 3.44 | ||||||||
Premier Class | 1,000.00 | 872.69 | 4.18 | ||||||||
Retirement Class | 1,000.00 | 872.91 | 4.50 | ||||||||
Retail Class | 1,000.00 | 871.55 | 5.29 | ||||||||
Class W | 1,000.00 | 876.82 | 0.00 | ||||||||
5% annual hypothetical return | |||||||||||
Institutional Class | 1,000.00 | 1,021.22 | 3.61 | ||||||||
Advisor Class | 1,000.00 | 1,021.12 | 3.71 | ||||||||
Premier Class | 1,000.00 | 1,020.33 | 4.51 | ||||||||
Retirement Class | 1,000.00 | 1,019.98 | 4.86 | ||||||||
Retail Class | 1,000.00 | 1,019.14 | 5.71 | ||||||||
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, 2022. The Fund’s annualized six-month expense ratios for that period were 0.72% for the Institutional Class, 0.74% for the Advisor Class, 0.90% for the Premier Class, 0.97% for the Retirement Class, 1.14% 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 4/30/2022 |
Industrials | 22.9 |
Financials | 13.3 |
Information technology | 12.0 |
Materials | 11.7 |
Real estate | 9.9 |
Consumer discretionary | 7.9 |
Energy | 5.8 |
Health care | 5.5 |
Consumer staples | 5.0 |
Communication services | 3.1 |
Utilities | 2.4 |
Short-term investments, other assets & liabilities, net | 0.5 |
Total | 100.0 |
Performance for the six months ended April 30, 2022
The Quant International Small-Cap Equity Fund returned –12.71% for the Institutional Class, compared with the –13.36% return of its benchmark, the MSCI All Country World (ACWI) ex USA Small Cap Index. For the one-year period ended April 30, 2022, the Fund returned –9.74% versus –10.53% for the index. The performance table shows returns for all share classes of the Fund.
Foreign stocks fell amid concerns over inflation and interest rates
International stocks in both developed- and emerging-markets countries lost ground as ongoing price pressures, rising interest rates and Russia’s invasion of Ukraine all weighed heavily on financial markets. Despite these uncertainties, the economies in the 19-nation euro area grew modestly in both the fourth quarter of 2021 and the first quarter of 2022. China’s economy also expanded.
Global central banks began tightening monetary policies amid growing concerns over inflation. The Federal Reserve increased the federal funds target rate to 0.25%–0.50% in March, while the European Central Bank left its benchmark interest rates unchanged but indicated it may end its bond-buying program. The Bank of England raised its benchmark rate to 0.75%.
The MSCI EAFE® Index, which measures stock performance in 21 developed-markets nations outside North America, returned –11.80%, and the MSCI Emerging Markets Index returned –14.15% for the period. Both indexes trailed the –11.75% 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, 29 of 46 countries had returns that exceeded that of the benchmark in U.S.-dollar terms. The largest markets were Japan (17.9%), the United Kingdom (11.3%) and Canada (7.5%), returning –17.9%, –19.9% and –4.8%, respectively. Together, these three nations represented more than one-third of the index’s total market capitalization on April 30, 2022.
Fund outperformed its benchmark
The Fund outperformed its benchmark due to favorable stock selections. The largest contributor was an overweight position in German chemical company K+S Aktiengesellschaft, which reported strong operating results. The next-largest contributors were overweight positions in Chinese amusement park operator Haichang Ocean Park Holdings and Canadian energy producer Tourmaline Oil.
Conversely, other holdings hurt the Fund’s relative performance. The largest detractors were overweight positions in Israeli printing solutions provider Kornit Digital, Swiss health care firm Tecan Group and British footwear company Dr. Martens.
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 | 2022 Semiannual Report ■ TIAA-CREF Funds: Equity Funds |
Performance as of April 30, 2022
Quant International Small-Cap 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 | 12/9/16 | –12.71 | % | –9.74 | % | 3.06 | % | 5.03 | % | 0.71 | % | 0.71 | % | |||||||||||||
Advisor Class | 12/9/16 | –12.64 | –9.74 | 3.01 | 4.98 | 0.80 | 0.80 | |||||||||||||||||||
Premier Class | 12/9/16 | –12.73 | –9.87 | 2.92 | 4.89 | 0.96 | 0.90 | |||||||||||||||||||
Retirement Class | 12/9/16 | –12.71 | –9.89 | 2.84 | 4.82 | 0.96 | 0.96 | |||||||||||||||||||
Retail Class | 12/9/16 | –12.85 | –10.11 | 2.63 | 4.60 | 2.20 | 1.14 | |||||||||||||||||||
Class W | 9/28/18 | –12.32 | –9.06 | 3.57 | † | 5.50 | † | 0.71 | 0.00 | |||||||||||||||||
MSCI ACWI ex USA Small Cap Index | — | –13.36 | –10.53 | 5.83 | 7.76 | ‡ | — | — |
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, 2023, 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 4/30/2022 | |
Japan | 16.8 |
United Kingdom | 11.5 |
Canada | 8.1 |
Australia | 7.4 |
Korea, Republic of | 4.7 |
Taiwan | 4.5 |
Sweden | 4.5 |
Germany | 3.9 |
United States | 3.5 |
India | 3.3 |
38 other nations | 30.9 |
Short-term investments | 0.9 |
Total | 100.0 |
Holdings by company size
% of equity investments | |
Market capitalization | as of 4/30/2022 |
More than $50 billion | 0.6 |
More than $15 billion–$50 billion | 0.7 |
More than $2 billion–$15 billion | 51.3 |
$2 billion or less | 47.4 |
Total | 100.0 |
Fund profile
as of 4/30/2022 | |
Net assets | $1.33 billion |
Portfolio turnover rate* | 60% |
Number of holdings | 687 |
Weighted median market capitalization | $2.05 billion |
Price/earnings ratio (weighted 12-month trailing average)† | 9.5 |
* | The portfolio turnover rate covers the six-month period from November 1, 2021–April 30, 2022, 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 ■ 2022 Semiannual Report | 35 |
Social Choice International Equity Fund
Expense example
Six months ended April 30, 2022
Social Choice International Equity | Beginning account value (11/1/21) | Ending account value (4/30/22) | Expenses paid during period* (11/1/21– 4/30/22) | ||||||||
Actual return | |||||||||||
Institutional Class | $ | 1,000.00 | $ | 878.81 | $ | 1.72 | |||||
Advisor Class | 1,000.00 | 877.94 | 2.24 | ||||||||
Premier Class | 1,000.00 | 877.55 | 2.42 | ||||||||
Retirement Class | 1,000.00 | 877.97 | 2.89 | ||||||||
Retail Class | 1,000.00 | 877.22 | 3.21 | ||||||||
5% annual hypothetical return | |||||||||||
Institutional Class | 1,000.00 | 1,022.96 | 1.86 | ||||||||
Advisor Class | 1,000.00 | 1,022.41 | 2.41 | ||||||||
Premier Class | 1,000.00 | 1,022.22 | 2.61 | ||||||||
Retirement Class | 1,000.00 | 1,021.72 | 3.11 | ||||||||
Retail Class | 1,000.00 | 1,021.37 | 3.46 |
* | “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, 2022. The Fund’s annualized six-month expense ratios for that period were 0.37% for the Institutional Class, 0.48% for the Advisor Class, 0.52% for the Premier Class, 0.62% for the Retirement Class and 0.69% 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 4/30/2022 |
Financials | 17.8 |
Health care | 12.9 |
Industrials | 12.7 |
Consumer discretionary | 11.0 |
Consumer staples | 10.7 |
Information technology | 7.9 |
Materials | 7.9 |
Communication services | 5.4 |
Energy | 5.2 |
Utilities | 3.7 |
Real estate | 3.3 |
Short-term investments, other assets & liabilities, net | 1.5 |
Total | 100.0 |
Performance for the six months ended April 30, 2022
The Social Choice International Equity Fund returned –12.12% for the Institutional Class, compared with the –11.80% return of its benchmark, the MSCI EAFE® Index. For the one-year period ended April 30, 2022, the Fund returned –6.79% versus –8.15% 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 certain stocks in the benchmark hurt 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 Shell, BHP Group and Novartis. British energy producer Shell benefited from high oil prices, while Australian mining company BHP Group reported robust profit growth amid strong prices for the commodities it mines. Swiss drug maker Novartis announced an organizational restructuring expected to generate significant cost savings.
Omitting other benchmark stocks helped Fund performance
Excluding Sea, Adyen and Infineon Technologies aided relative performance most. Singapore-based internet company Sea issued a weak outlook for its online gaming business. Dutch digital-payments processor Adyen was hurt by a slowdown in online shopping. German semiconductor manufacturer Infineon Technologies was pressured by concerns that a global chip shortage could quickly give way to oversupplied conditions.
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, an underweight position in Australian financial firm Westpac Banking detracted most, as the stock outperformed the index. The next-largest detractors were overweight positions in New Zealand software provider Xero, which reported a decline in earnings, and Dutch financial company Prosus, which owns a large stake in a Chinese internet stock that performed poorly.
In contrast, overweight positions in energy producer Equinor and mining companies Fortescue Metals Group and Boliden helped relative returns. Norway-based Equinor announced that it would increase both its dividend and stock purchases. Australia-based Fortescue Metals Group raised its full-year estimate of iron ore shipments, while Sweden-based Boliden achieved record production levels at two of its mines.
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 | 2022 Semiannual Report ■ TIAA-CREF Funds: Equity Funds |
Performance as of April 30, 2022
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 | –12.12 | % | –6.79 | % | 5.22 | % | 4.61 | % | 0.36 | % | 0.36 | % | |||||||||||||
Advisor Class | 12/4/15 | –12.21 | –6.95 | 5.13 | 4.54 | † | 0.46 | 0.46 | ||||||||||||||||||
Premier Class | 8/7/15 | –12.25 | –7.00 | 5.05 | 4.44 | 0.52 | 0.52 | |||||||||||||||||||
Retirement Class | 8/7/15 | –12.20 | –7.00 | 4.97 | 4.35 | 0.61 | 0.61 | |||||||||||||||||||
Retail Class | 8/7/15 | –12.28 | –7.15 | 4.89 | 4.25 | 0.70 | 0.70 | |||||||||||||||||||
MSCI EAFE® Index | — | –11.80 | –8.15 | 4.77 | 3.95 | ‡ | — | — |
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, 2023, 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 4/30/2022 | |
Japan | 21.4 |
United Kingdom | 13.4 |
Switzerland | 10.1 |
France | 9.7 |
Germany | 7.7 |
Australia | 7.4 |
Sweden | 3.3 |
Netherlands | 2.9 |
United States | 2.9 |
Hong Kong | 2.8 |
15 other nations | 16.5 |
Short-term investments | 1.9 |
Total | 100.0 |
Holdings by company size
% of equity investments | |
Market capitalization | as of 4/30/2022 |
More than $50 billion | 40.5 |
More than $15 billion–$50 billion | 38.5 |
More than $2 billion–$15 billion | 20.9 |
$2 billion or less | 0.1 |
Total | 100.0 |
Fund profile
as of 4/30/2022 | |
Net assets | $1.09 billion |
Portfolio turnover rate* | 6% |
Number of holdings | 386 |
Weighted median market capitalization | $38.49 billion |
Price/earnings ratio (weighted 12-month trailing average)† | 12.8 |
* | The portfolio turnover rate covers the six-month period from November 1, 2021–April 30, 2022, 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 ■ 2022 Semiannual Report | 37 |
Summary portfolio of investments (unaudited)
Growth & Income Fund ■ April 30, 2022
Shares | Company | Value | % of net assets | |||||||||||
COMMON STOCKS | ||||||||||||||
AUTOMOBILES & COMPONENTS | ||||||||||||||
72,335 | *,n | Tesla, Inc | $ | 62,986,425 | 1.1 | % | ||||||||
Other | 20,724,942 | 0.4 | ||||||||||||
83,711,367 | 1.5 | |||||||||||||
BANKS | ||||||||||||||
2,190,290 | Bank of America Corp | 78,149,547 | 1.4 | |||||||||||
430,447 | JPMorgan Chase & Co | 51,378,154 | 0.9 | |||||||||||
238,640 | M&T Bank Corp | 39,766,970 | 0.7 | |||||||||||
1,321,932 | Wells Fargo & Co | 57,675,893 | 1.0 | |||||||||||
Other | 63,188,935 | 1.1 | ||||||||||||
290,159,499 | 5.1 | |||||||||||||
CAPITAL GOODS | ||||||||||||||
127,995 | n | Deere & Co | 48,324,512 | 0.9 | ||||||||||
292,032 | Eaton Corp | 42,350,481 | 0.7 | |||||||||||
638,210 | Raytheon Technologies Corp | 60,572,511 | 1.1 | |||||||||||
Other | 256,163,109 | 4.5 | ||||||||||||
407,410,613 | 7.2 | |||||||||||||
COMMERCIAL & PROFESSIONAL SERVICES | ||||||||||||||
254,076 | Waste Management, Inc | 41,780,257 | 0.7 | |||||||||||
41,780,257 | 0.7 | |||||||||||||
CONSUMER DURABLES & APPAREL | 39,996,908 | 0.7 | ||||||||||||
CONSUMER SERVICES | ||||||||||||||
263,746 | * | Expedia Group, Inc | 46,089,613 | 0.8 | ||||||||||
Other | 101,766,151 | 1.8 | ||||||||||||
147,855,764 | 2.6 | |||||||||||||
DIVERSIFIED FINANCIALS | ||||||||||||||
1,360,726 | Equitable Holdings, Inc | 39,229,731 | 0.7 | |||||||||||
545,659 | Morgan Stanley | 43,974,659 | 0.8 | |||||||||||
Other | 56,514,680 | 1.0 | ||||||||||||
139,719,070 | 2.5 | |||||||||||||
ENERGY | ||||||||||||||
259,513 | n | Cheniere Energy, Inc | 35,244,460 | 0.6 | ||||||||||
688,785 | ConocoPhillips | 65,792,743 | 1.2 | |||||||||||
610,970 | Exxon Mobil Corp | 52,085,192 | 0.9 | |||||||||||
Other | 95,339,765 | 1.7 | ||||||||||||
248,462,160 | 4.4 | |||||||||||||
FOOD & STAPLES RETAILING | ||||||||||||||
319,975 | Walmart, Inc | 48,952,975 | 0.8 | |||||||||||
Other | 26,779,559 | 0.5 | ||||||||||||
75,732,534 | 1.3 | |||||||||||||
FOOD, BEVERAGE & TOBACCO | ||||||||||||||
586,409 | Mondelez International, Inc | 37,811,652 | 0.7 | |||||||||||
438,700 | PepsiCo, Inc | 75,329,177 | 1.3 | |||||||||||
Other | 157,975,858 | 2.8 | ||||||||||||
271,116,687 | 4.8 |
Shares | Company | Value | % of net assets | |||||||||||
HEALTH CARE EQUIPMENT & SERVICES | ||||||||||||||
314,304 | Abbott Laboratories | $ | 35,673,504 | 0.6 | % | |||||||||
213,420 | UnitedHealth Group, Inc | 108,534,741 | 1.9 | |||||||||||
Other | 232,846,811 | 4.2 | ||||||||||||
377,055,056 | 6.7 | |||||||||||||
HOUSEHOLD & PERSONAL PRODUCTS | ||||||||||||||
272,700 | Procter & Gamble Co | 43,781,985 | 0.8 | |||||||||||
Other | 33,576,118 | 0.6 | ||||||||||||
77,358,103 | 1.4 | |||||||||||||
INSURANCE | ||||||||||||||
706,595 | American International Group, Inc | 41,342,874 | 0.7 | |||||||||||
193,111 | Chubb Ltd | 39,867,766 | 0.7 | |||||||||||
579,640 | Hartford Financial Services Group, Inc | 40,534,225 | 0.7 | |||||||||||
722,634 | Metlife, Inc | 47,462,601 | 0.8 | |||||||||||
Other | 19,457,170 | 0.4 | ||||||||||||
188,664,636 | 3.3 | |||||||||||||
MATERIALS | ||||||||||||||
806,641 | Corteva, Inc | 46,535,119 | 0.8 | |||||||||||
192,775 | n | Linde plc | 60,138,089 | 1.1 | ||||||||||
Other | 118,560,623 | 2.1 | ||||||||||||
225,233,831 | 4.0 | |||||||||||||
MEDIA & ENTERTAINMENT | ||||||||||||||
100,905 | * | Alphabet, Inc (Class C) | 232,013,893 | 4.1 | ||||||||||
310,967 | * | Meta Platforms, Inc | 62,339,554 | 1.1 | ||||||||||
457,452 | *,n | Walt Disney Co | 51,065,367 | 0.9 | ||||||||||
Other | 47,130,888 | 0.8 | ||||||||||||
392,549,702 | 6.9 | |||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | ||||||||||||||
609,949 | AbbVie, Inc | 89,589,309 | 1.6 | |||||||||||
140,721 | Danaher Corp | 35,339,265 | 0.6 | |||||||||||
195,700 | n | Eli Lilly & Co | 57,169,841 | 1.0 | ||||||||||
452,480 | Johnson & Johnson | 81,654,541 | 1.4 | |||||||||||
Other | 191,298,447 | 3.4 | ||||||||||||
455,051,403 | 8.0 | |||||||||||||
REAL ESTATE | ||||||||||||||
292,125 | Prologis, Inc | 46,824,716 | 0.8 | |||||||||||
Other | 56,586,000 | 1.0 | ||||||||||||
103,410,716 | 1.8 | |||||||||||||
RETAILING | ||||||||||||||
71,925 | * | Amazon.com, Inc | 178,778,938 | 3.2 | ||||||||||
158,264 | n | Home Depot, Inc | 47,542,506 | 0.8 | ||||||||||
Other | 64,624,679 | 1.1 | ||||||||||||
290,946,123 | 5.1 | |||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | ||||||||||||||
464,485 | *,n | Advanced Micro Devices, Inc | 39,722,757 | 0.7 | ||||||||||
86,589 | n | Broadcom, Inc | 48,004,076 | 0.9 | ||||||||||
313,007 | n | NVIDIA Corp | 58,053,408 | 1.0 | ||||||||||
Other | 108,889,142 | 1.9 | ||||||||||||
254,669,383 | 4.5 |
38 | 2022 Semiannual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements |
Summary portfolio of investments (unaudited) | continued |
Growth & Income Fund ■ April 30, 2022
Shares | Company | Value | % of net assets | ||||||||||||
SOFTWARE & SERVICES | |||||||||||||||
145,044 | Accenture plc | $ | 43,565,416 | 0.8 | % | ||||||||||
267,010 | Mastercard, Inc (Class A) | 97,026,094 | 1.7 | ||||||||||||
1,334,785 | n | Microsoft Corp | 370,429,533 | 6.5 | |||||||||||
600,812 | Oracle Corp | 44,099,601 | 0.8 | ||||||||||||
218,134 | *,n | salesforce.com, Inc | 38,378,496 | 0.7 | |||||||||||
167,769 | Visa, Inc (Class A) | 35,756,607 | 0.6 | ||||||||||||
Other | 104,317,270 | 1.9 | |||||||||||||
733,573,017 | 13.0 | ||||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT | |||||||||||||||
2,561,325 | Apple, Inc | 403,792,886 | 7.1 | ||||||||||||
923,831 | Cisco Systems, Inc | 45,249,242 | 0.8 | ||||||||||||
Other | 137,309,731 | 2.5 | |||||||||||||
586,351,859 | 10.4 | ||||||||||||||
TRANSPORTATION | 97,041,715 | 1.7 | |||||||||||||
UTILITIES | |||||||||||||||
404,487 | American Electric Power Co, Inc | 40,088,706 | 0.7 | ||||||||||||
Other | 73,528,950 | 1.3 | |||||||||||||
113,617,656 | 2.0 | ||||||||||||||
TOTAL COMMON STOCKS (Cost $3,463,357,789) | 5,641,468,059 | 99.6 | |||||||||||||
Principal | Issuer | ||||||||||||||
SHORT-TERM INVESTMENTS | |||||||||||||||
GOVERNMENT AGENCY DEBT | 9,999,601 | 0.2 | |||||||||||||
REPURCHASE AGREEMENT | |||||||||||||||
$ | 36,430,000 | r | Fixed Income Clearing Corp (FICC) 0.250%, 05/02/22 | 36,430,000 | 0.6 | ||||||||||
36,430,000 | 0.6 |
Shares | Company | Value | % of net assets | |||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | ||||||||||||||
2,079,324 | c | State Street Navigator Securities Lending Government Money Market Portfolio 0.310% | $ | 2,079,324 | 0.0 | % | ||||||||
2,079,324 | 0.0 | |||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $48,509,057) | 48,508,925 | 0.8 | ||||||||||||
TOTAL PORTFOLIO (Cost $3,511,866,846) | 5,689,976,984 | 100.4 | ||||||||||||
OTHER ASSETS & LIABILITIES, NET | (25,169,797 | ) | (0.4 | ) | ||||||||||
NET ASSETS | $ | 5,664,807,187 | 100.0 | % |
* | Non-income producing |
c | Investments made with cash collateral received from securities on loan. |
n | All or a portion of these securities have been segregated by the custodian to cover requirements on open written options contracts. |
r | Agreement with Fixed Income Clearing Corp (FICC), 0.250% dated 4/29/22 to be repurchased at $36,430,000 on 5/2/22, collateralized by Government Agency Securities, with coupon rate 3.000% and maturity date 11/15/45, valued at $37,158,685. |
“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 4/30/22, the aggregate value of securities on loan is $5,337,629. 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 ■ 2022 Semiannual Report | 39 |
Summary portfolio of investments (unaudited) | continued |
Growth & Income Fund ■ April 30, 2022
Written options outstanding as of April 30, 2022 were as follows:
Description/underlying investment | Number of contracts | Notional amount | Exercise price | Expiration date | Value | ||||||||||||||
Advanced Micro Devices, Inc, Call | 400 | $ | (22,788 | ) | $ | 120.00 | 05/20/22 | $ | (8,400 | ) | |||||||||
Advanced Micro Devices, Inc, Call | 400 | (123,664 | ) | 130.00 | 08/19/22 | (54,800 | ) | ||||||||||||
Advanced Micro Devices, Inc, Put | 450 | (95,580 | ) | 80.00 | 05/20/22 | (171,000 | ) | ||||||||||||
Advanced Micro Devices, Inc, Put | 400 | (267,419 | ) | 85.00 | 08/19/22 | (422,000 | ) | ||||||||||||
Airbnb, Inc, Call | 210 | (39,049 | ) | 200.00 | 05/20/22 | (12,600 | ) | ||||||||||||
Albertsons Cos, Inc, Call | 900 | (202,428 | ) | 40.00 | 07/15/22 | (33,750 | ) | ||||||||||||
Albertsons Cos, Inc, Put | 1,100 | (37,412 | ) | 28.00 | 05/20/22 | (41,250 | ) | ||||||||||||
Albertsons Cos, Inc, Put | 900 | (101,673 | ) | 26.00 | 07/15/22 | (74,250 | ) | ||||||||||||
Align Technology, Inc, Put | 200 | (42,628 | ) | 210.00 | 05/20/22 | (30,000 | ) | ||||||||||||
Alliance Data Systems Corp, Put | 200 | (109,594 | ) | 60.00 | 09/16/22 | (206,000 | ) | ||||||||||||
Alphabet, Inc, Call | 14 | (9,534 | ) | 3,360.00 | 05/20/22 | (1,456 | ) | ||||||||||||
Ambarella, Inc, Put | 290 | (962,207 | ) | 115.00 | 01/20/23 | (1,158,550 | ) | ||||||||||||
Aptiv plc, Put | 165 | (89,327 | ) | 100.00 | 08/19/22 | (133,650 | ) | ||||||||||||
Aptiv plc, Put | 165 | (71,605 | ) | 105.00 | 08/19/22 | (169,950 | ) | ||||||||||||
Aptiv plc, Put | 165 | (104,321 | ) | 95.00 | 11/18/22 | (156,750 | ) | ||||||||||||
Arcturus Therapeutics Holdings, Inc, Put | 500 | (623,982 | ) | 30.00 | 01/20/23 | (685,000 | ) | ||||||||||||
Axsome Therapeutics, Inc, Put | 420 | (267,946 | ) | 30.00 | 09/16/22 | (361,200 | ) | ||||||||||||
Axsome Therapeutics, Inc, Put | 420 | (364,390 | ) | 32.50 | 09/16/22 | (436,800 | ) | ||||||||||||
Axsome Therapeutics, Inc, Put | 840 | (692,678 | ) | 35.00 | 09/16/22 | (991,200 | ) | ||||||||||||
BioNTech SE, Put | 187 | (1,085,382 | ) | 200.00 | 01/20/23 | (1,369,775 | ) | ||||||||||||
BioNTech SE, Put | 49 | (399,015 | ) | 210.00 | 01/20/23 | (396,410 | ) | ||||||||||||
Boston Beer Co, Inc, Put | 100 | (1,024,260 | ) | 540.00 | 12/16/22 | (1,729,500 | ) | ||||||||||||
Broadcom, Inc, Put | 82 | (29,681 | ) | 520.00 | 05/20/22 | (86,510 | ) | ||||||||||||
Centene Corp, Put | 600 | (47,982 | ) | 70.00 | 05/20/22 | (15,000 | ) | ||||||||||||
CF Industries Holdings, Inc, Put | 470 | (62,327 | ) | 80.00 | 05/20/22 | (56,400 | ) | ||||||||||||
CF Industries Holdings, Inc, Put | 39 | (15,178 | ) | 77.50 | 08/19/22 | (18,720 | ) | ||||||||||||
CF Industries Holdings, Inc, Put | 430 | (184,517 | ) | 80.00 | 08/19/22 | (227,900 | ) | ||||||||||||
Cheniere Energy, Inc, Call | 350 | (247,789 | ) | 150.00 | 06/17/22 | (122,500 | ) | ||||||||||||
Cheniere Energy, Inc, Put | 340 | (66,769 | ) | 115.00 | 06/17/22 | (74,800 | ) | ||||||||||||
Children’s Place, Inc, Call | 615 | (316,484 | ) | 75.00 | 09/16/22 | (142,988 | ) | ||||||||||||
Children’s Place, Inc, Put | 615 | (252,297 | ) | 40.00 | 09/16/22 | (304,425 | ) | ||||||||||||
Citigroup, Inc, Put | 445 | (31,137 | ) | 42.50 | 05/20/22 | (18,690 | ) | ||||||||||||
Cloudflare, Inc, Put | 300 | (342,973 | ) | 95.00 | 11/18/22 | (657,000 | ) | ||||||||||||
Crowdstrike Holdings, Inc, Put | 200 | (200,327 | ) | 180.00 | 09/16/22 | (397,500 | ) | ||||||||||||
Deere & Co, Call | 109 | (158,264 | ) | 450.00 | 06/17/22 | (30,847 | ) | ||||||||||||
Deere & Co, Put | 109 | (152,269 | ) | 350.00 | 06/17/22 | (106,275 | ) | ||||||||||||
Dexcom, Inc, Put | 60 | (76,812 | ) | 420.00 | 06/17/22 | (187,200 | ) | ||||||||||||
Dexcom, Inc, Put | 60 | (88,051 | ) | 430.00 | 06/17/22 | (197,400 | ) | ||||||||||||
Dexcom, Inc, Put | 65 | (288,175 | ) | 400.00 | 09/16/22 | (281,125 | ) | ||||||||||||
DocuSign, Inc, Put | 760 | (112,830 | ) | 85.00 | 05/20/22 | (616,360 | ) | ||||||||||||
DraftKings, Inc, Put | 300 | (207,890 | ) | 25.00 | 01/20/23 | (370,800 | ) | ||||||||||||
DraftKings, Inc, Put | 500 | (521,483 | ) | 30.00 | 01/20/23 | (830,000 | ) | ||||||||||||
Duck Creek Technologies, Inc, Put | 1,000 | (341,699 | ) | 22.50 | 10/21/22 | (740,000 | ) | ||||||||||||
Edwards Lifesciences Corp, Put | 420 | (46,188 | ) | 100.00 | 05/20/22 | (73,500 | ) | ||||||||||||
Eli Lilly & Co, Put | 100 | (10,297 | ) | 250.00 | 05/20/22 | (5,900 | ) | ||||||||||||
Emergent BioSolutions, Inc, Put | 115 | (71,130 | ) | 45.00 | 09/16/22 | (147,200 | ) | ||||||||||||
Emergent BioSolutions, Inc, Put | 173 | (164,181 | ) | 50.00 | 09/16/22 | (299,290 | ) | ||||||||||||
EOG Resources, Inc, Put | 420 | (33,390 | ) | 100.00 | 05/20/22 | (43,260 | ) | ||||||||||||
Estee Lauder Cos, Inc, Put | 160 | (190,074 | ) | 280.00 | 07/15/22 | (379,200 | ) | ||||||||||||
Farfetch Ltd, Put | 800 | (693,205 | ) | 25.00 | 01/20/23 | (1,154,000 | ) | ||||||||||||
FedEx Corp, Put | 86 | (50,956 | ) | 180.00 | 07/15/22 | (52,890 | ) | ||||||||||||
Fortinet, Inc, Put | 170 | (115,001 | ) | 260.00 | 06/17/22 | (217,600 | ) | ||||||||||||
Generac Holdings, Inc, Put | 60 | (167,877 | ) | 260.00 | 12/16/22 | (361,800 | ) | ||||||||||||
Generac Holdings, Inc, Put | 60 | (188,877 | ) | 270.00 | 12/16/22 | (405,000 | ) | ||||||||||||
General Motors Co, Call | 800 | (155,320 | ) | 48.00 | 09/16/22 | (86,400 | ) | ||||||||||||
General Motors Co, Put | 800 | (239,095 | ) | 38.00 | 09/16/22 | (312,000 | ) | ||||||||||||
Global Payments, Inc, Put | 288 | (71,415 | ) | 110.00 | 08/19/22 | (115,200 | ) | ||||||||||||
HCA Healthcare, Inc, Put | 215 | (60,838 | ) | 195.00 | 06/17/22 | (105,350 | ) | ||||||||||||
Home Depot, Inc, Call | 240 | (290,022 | ) | 380.00 | 01/20/23 | (168,000 | ) | ||||||||||||
Home Depot, Inc, Put | 240 | (658,271 | ) | 300.00 | 01/20/23 | (726,480 | ) | ||||||||||||
IDEXX Laboratories, Inc, Put | 73 | (43,375 | ) | 470.00 | 05/20/22 | (358,065 | ) | ||||||||||||
Intel Corp, Put | 1,000 | (352,969 | ) | 42.50 | 09/16/22 | (342,000 | ) | ||||||||||||
Intuitive Surgical, Inc, Put | 190 | (121,214 | ) | 230.00 | 07/15/22 | (220,400 | ) | ||||||||||||
Linde plc, Put | 150 | (37,195 | ) | 280.00 | 05/20/22 | (20,100 | ) | ||||||||||||
Lululemon Athletica, Inc, Put | 130 | (49,070 | ) | 330.00 | 05/20/22 | (86,190 | ) | ||||||||||||
Lululemon Athletica, Inc, Put | 200 | (297,816 | ) | 300.00 | 06/17/22 | (168,000 | ) |
40 | 2022 Semiannual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements |
Summary portfolio of investments (unaudited) | concluded |
Growth & Income Fund ■ April 30, 2022
Description/underlying investment | Number of contracts | Notional amount | Exercise price | Expiration date | Value | ||||||||||||||
M&T Bank Corp, Put | 290 | $ | (48,711 | ) | $ | 145.00 | 05/20/22 | $ | (26,100 | ) | |||||||||
Microsoft Corp, Call | 150 | (15,446 | ) | 330.00 | 06/17/22 | (11,250 | ) | ||||||||||||
Moderna, Inc, Put | 100 | (540,695 | ) | 250.00 | 09/16/22 | (1,176,500 | ) | ||||||||||||
Moderna, Inc, Put | 300 | (2,205,880 | ) | 220.00 | 01/20/23 | (2,769,000 | ) | ||||||||||||
Monolithic Power Systems, Inc, Call | 100 | (169,796 | ) | 540.00 | 12/16/22 | (207,500 | ) | ||||||||||||
Monolithic Power Systems, Inc, Put | 100 | (363,995 | ) | 350.00 | 12/16/22 | (423,500 | ) | ||||||||||||
NetFlix, Inc, Call | 75 | (20,848 | ) | 262.50 | 05/20/22 | (2,850 | ) | ||||||||||||
NetFlix, Inc, Put | 250 | (36,253 | ) | 170.00 | 05/20/22 | (102,250 | ) | ||||||||||||
NetFlix, Inc, Put | 75 | (582,938 | ) | 400.00 | 01/20/23 | (1,527,075 | ) | ||||||||||||
NVIDIA Corp, Put | 130 | (156,565 | ) | 200.00 | 06/17/22 | (348,660 | ) | ||||||||||||
Palo Alto Networks, Inc, Call | 67 | (95,905 | ) | 690.00 | 05/20/22 | (18,927 | ) | ||||||||||||
Palo Alto Networks, Inc, Put | 67 | (101,771 | ) | 510.00 | 06/17/22 | (141,035 | ) | ||||||||||||
Paramount Global, Put | 892 | (597,618 | ) | 35.00 | 09/16/22 | (673,460 | ) | ||||||||||||
PayPal Holdings, Inc, Put | 420 | (225,947 | ) | 87.50 | 07/15/22 | (338,100 | ) | ||||||||||||
Peabody Energy Corp, Call | 1,000 | (163,690 | ) | 34.00 | 05/20/22 | (25,000 | ) | ||||||||||||
Petco Health & Wellness Co, Inc, Put | 1,600 | (220,752 | ) | 15.00 | 09/16/22 | (104,000 | ) | ||||||||||||
QUALCOMM, Inc, Call | 240 | (29,705 | ) | 175.00 | 06/17/22 | (20,640 | ) | ||||||||||||
Royal Caribbean Cruises Ltd, Put | 646 | (48,644 | ) | 65.00 | 05/20/22 | (66,538 | ) | ||||||||||||
salesforce.com, Inc, Call | 190 | (161,154 | ) | 230.00 | 07/15/22 | (25,270 | ) | ||||||||||||
salesforce.com, Inc, Put | 190 | (198,224 | ) | 175.00 | 07/15/22 | (250,800 | ) | ||||||||||||
Seagen, Inc, Call | 320 | (351,351 | ) | 220.00 | 06/17/22 | (75,200 | ) | ||||||||||||
Seagen, Inc, Put | 320 | (655,350 | ) | 135.00 | 09/16/22 | (640,000 | ) | ||||||||||||
ServiceNow, Inc, Call | 62 | (30,777 | ) | 680.00 | 05/20/22 | (1,240 | ) | ||||||||||||
Shake Shack, Inc, Put | 500 | (520,342 | ) | 62.50 | 09/16/22 | (560,000 | ) | ||||||||||||
Snap, Inc, Put | 350 | (258,158 | ) | 45.00 | 07/15/22 | (544,600 | ) | ||||||||||||
Snap, Inc, Put | 350 | (233,089 | ) | 36.00 | 10/21/22 | (327,250 | ) | ||||||||||||
Snowflake, Inc, Put | 210 | (930,781 | ) | 215.00 | 01/20/23 | (1,346,100 | ) | ||||||||||||
Sociedad Quimica y Minera de Chile S.A., Call | 600 | (371,141 | ) | 105.00 | 09/16/22 | (133,500 | ) | ||||||||||||
Sociedad Quimica y Minera de Chile S.A., Call | 600 | (403,780 | ) | 95.00 | 09/16/22 | (216,000 | ) | ||||||||||||
Sociedad Quimica y Minera de Chile S.A., Put | 600 | (490,780 | ) | 75.00 | 09/16/22 | (648,000 | ) | ||||||||||||
Spirit AeroSystems Holdings, Inc, Call | 880 | (143,414 | ) | 55.00 | 05/20/22 | (17,600 | ) | ||||||||||||
Spirit AeroSystems Holdings, Inc, Put | 880 | (98,534 | ) | 39.00 | 05/20/22 | (114,400 | ) | ||||||||||||
Take-Two Interactive Software, Inc, Call | 290 | (147,311 | ) | 170.00 | 09/16/22 | (44,225 | ) | ||||||||||||
Take-Two Interactive Software, Inc, Put | 290 | (185,011 | ) | 120.00 | 09/16/22 | (375,550 | ) | ||||||||||||
Teradyne, Inc, Put | 520 | (105,757 | ) | 90.00 | 07/15/22 | (136,240 | ) | ||||||||||||
Tesla, Inc, Call | 110 | (1,185,093 | ) | 1,300.00 | 09/16/22 | (330,000 | ) | ||||||||||||
Tesla, Inc, Put | 60 | (35,096 | ) | 730.00 | 05/20/22 | (22,800 | ) | ||||||||||||
Tesla, Inc, Put | 65 | (155,826 | ) | 750.00 | 07/15/22 | (348,270 | ) | ||||||||||||
Tesla, Inc, Put | 111 | (804,838 | ) | 850.00 | 09/16/22 | (1,376,400 | ) | ||||||||||||
Ulta Beauty, Inc, Put | 140 | (315,641 | ) | 330.00 | 09/16/22 | (196,000 | ) | ||||||||||||
United Parcel Service, Inc, Put | 254 | (35,491 | ) | 165.00 | 05/20/22 | (53,340 | ) | ||||||||||||
Walt Disney Co, Put | 380 | (34,189 | ) | 110.00 | 05/20/22 | (176,700 | ) | ||||||||||||
Wolfspeed, Inc, Call | 300 | (51,435 | ) | 135.00 | �� | 05/20/22 | (9,000 | ) | |||||||||||
WW International, Inc, Put | 900 | (295,172 | ) | 12.50 | 10/21/22 | (319,500 | ) | ||||||||||||
WW International, Inc, Put | 1,000 | (192,970 | ) | 10.00 | 01/20/23 | (220,000 | ) | ||||||||||||
Zscaler, Inc, Put | 210 | (411,172 | ) | 230.00 | 08/19/22 | (928,725 | ) | ||||||||||||
Total | 39,998 | $ | (29,016,628 | ) | $ | (37,393,651 | ) |
See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2022 Semiannual Report | 41 |
Summary portfolio of investments (unaudited)
Large-Cap Growth Fund ■ April 30, 2022
Shares | Company | Value | % of net assets | |||||||||||
COMMON STOCKS | ||||||||||||||
AUTOMOBILES & COMPONENTS | ||||||||||||||
175,885 | * | Tesla, Inc | $ | 153,153,622 | 2.8 | % | ||||||||
Other | 17,362,917 | 0.4 | ||||||||||||
170,516,539 | 3.2 | |||||||||||||
BANKS | 25,823,593 | 0.5 | ||||||||||||
CAPITAL GOODS | ||||||||||||||
244,343 | * | Boeing Co | 36,368,012 | 0.7 | ||||||||||
766,248 | Carrier Global Corp | 29,324,311 | 0.5 | |||||||||||
135,426 | Deere & Co | 51,130,086 | 0.9 | |||||||||||
124,559 | Roper Technologies Inc | 58,532,765 | 1.1 | |||||||||||
280,603 | Safran S.A. | 30,136,334 | 0.6 | |||||||||||
Other | 3,497,047 | 0.1 | ||||||||||||
208,988,555 | 3.9 | |||||||||||||
COMMERCIAL & PROFESSIONAL SERVICES | ||||||||||||||
295,650 | Verisk Analytics, Inc | 60,327,383 | 1.1 | |||||||||||
618,087 | Waste Connections, Inc | 85,277,463 | 1.6 | |||||||||||
Other | 31,143,309 | 0.6 | ||||||||||||
176,748,155 | 3.3 | |||||||||||||
CONSUMER DURABLES & APPAREL | ||||||||||||||
235,547 | Essilor International S.A. | 40,101,339 | 0.7 | |||||||||||
Other | 42,139,293 | 0.8 | ||||||||||||
82,240,632 | 1.5 | |||||||||||||
CONSUMER SERVICES | ||||||||||||||
78,192 | * | Booking Holdings, Inc | 172,828,559 | 3.2 | ||||||||||
Other | 62,840,340 | 1.2 | ||||||||||||
235,668,899 | 4.4 | |||||||||||||
DIVERSIFIED FINANCIALS | ||||||||||||||
165,015 | S&P Global, Inc | 62,128,148 | 1.1 | |||||||||||
Other | 13,590,043 | 0.3 | ||||||||||||
75,718,191 | 1.4 | |||||||||||||
ENERGY | ||||||||||||||
569,545 | ConocoPhillips | 54,402,939 | 1.0 | |||||||||||
134,892 | Pioneer Natural Resources Co | 31,358,343 | 0.6 | |||||||||||
85,761,282 | 1.6 | |||||||||||||
FOOD & STAPLES RETAILING | ||||||||||||||
229,254 | Costco Wholesale Corp | 121,898,937 | 2.3 | |||||||||||
121,898,937 | 2.3 | |||||||||||||
FOOD, BEVERAGE & TOBACCO | ||||||||||||||
732,160 | * | Monster Beverage Corp | 62,731,469 | 1.2 | ||||||||||
Other | 19,348,679 | 0.3 | ||||||||||||
82,080,148 | 1.5 | |||||||||||||
HEALTH CARE EQUIPMENT & SERVICES | ||||||||||||||
101,593 | * | Align Technology, Inc | 29,452,827 | 0.5 | ||||||||||
121,103 | * | Dexcom, Inc | 49,480,264 | 0.9 | ||||||||||
261,334 | * | Intuitive Surgical, Inc | 62,537,226 | 1.2 | ||||||||||
139,389 | UnitedHealth Group, Inc | 70,886,276 | 1.3 | |||||||||||
Other | 25,796,099 | 0.5 | ||||||||||||
238,152,692 | 4.4 |
Shares | Company | Value | % of net assets | |||||||||||
INSURANCE | ||||||||||||||
860,551 | American International Group, Inc | $ | 50,350,839 | 0.9 | % | |||||||||
50,350,839 | 0.9 | |||||||||||||
MATERIALS | 26,505,993 | 0.5 | ||||||||||||
MEDIA & ENTERTAINMENT | ||||||||||||||
121,328 | * | Alphabet, Inc (Class C) | 278,973,110 | 5.2 | ||||||||||
646,684 | * | Meta Platforms, Inc | 129,640,742 | 2.4 | ||||||||||
Other | 143,385,467 | 2.6 | ||||||||||||
551,999,319 | 10.2 | |||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | ||||||||||||||
574,873 | AbbVie, Inc | 84,437,346 | 1.5 | |||||||||||
1,317,010 | * | Avantor, Inc | 41,986,279 | 0.8 | ||||||||||
250,488 | * | Illumina, Inc | 74,307,265 | 1.4 | ||||||||||
326,116 | Zoetis, Inc | 57,804,061 | 1.1 | |||||||||||
Other | 26,971,240 | 0.5 | ||||||||||||
285,506,191 | 5.3 | |||||||||||||
RETAILING | ||||||||||||||
194,556 | * | Amazon.com, Inc | 483,594,230 | 9.0 | ||||||||||
632,681 | eBay, Inc | 32,848,798 | 0.6 | |||||||||||
127,076 | Home Depot, Inc | 38,173,630 | 0.7 | |||||||||||
945,072 | TJX Companies, Inc | 57,914,012 | 1.1 | |||||||||||
Other | 49,467,305 | 0.8 | ||||||||||||
661,997,975 | 12.2 | |||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | ||||||||||||||
771,924 | * | Advanced Micro Devices, Inc | 66,014,940 | 1.2 | ||||||||||
659,515 | Applied Materials, Inc | 72,777,480 | 1.3 | |||||||||||
197,386 | Broadcom, Inc | 109,428,825 | 2.0 | |||||||||||
608,997 | Marvell Technology, Inc | 35,370,546 | 0.7 | |||||||||||
450,885 | NVIDIA Corp | 83,625,641 | 1.6 | |||||||||||
Other | 28,481,372 | 0.5 | ||||||||||||
395,698,804 | 7.3 | |||||||||||||
SOFTWARE & SERVICES | ||||||||||||||
218,886 | Accenture plc | 65,744,599 | 1.2 | |||||||||||
183,845 | Intuit, Inc | 76,985,094 | 1.4 | |||||||||||
1,880,272 | Microsoft Corp | 521,813,086 | 9.7 | |||||||||||
740,737 | Oracle Corp | 54,370,096 | 1.0 | |||||||||||
77,665 | * | Palo Alto Networks, Inc | 43,591,811 | 0.8 | ||||||||||
470,799 | * | PayPal Holdings, Inc | 41,397,356 | 0.8 | ||||||||||
612,090 | * | salesforce.com, Inc | 107,691,115 | 2.0 | ||||||||||
151,734 | * | ServiceNow, Inc | 72,544,025 | 1.3 | ||||||||||
114,191 | * | Synopsys, Inc | 32,748,837 | 0.6 | ||||||||||
1,319,178 | Visa, Inc (Class A) | 281,156,407 | 5.2 | |||||||||||
260,839 | * | Workday, Inc | 53,915,421 | 1.0 | ||||||||||
Other | 72,847,685 | 1.4 | ||||||||||||
1,424,805,532 | 26.4 | |||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT | ||||||||||||||
2,059,088 | Apple, Inc | 324,615,223 | 6.0 | |||||||||||
324,615,223 | 6.0 |
42 | 2022 Semiannual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements |
Summary portfolio of investments (unaudited) | concluded |
Large-Cap Growth Fund ■ April 30, 2022
Shares | Company | Value | % of net assets | ||||||||||||
TRANSPORTATION | |||||||||||||||
1,814,647 | * | Uber Technologies, Inc | $ | 57,125,088 | 1.0 | % | |||||||||
296,280 | Union Pacific Corp | 69,415,441 | 1.3 | ||||||||||||
126,540,529 | 2.3 | ||||||||||||||
TOTAL COMMON STOCKS (Cost $3,744,630,062) | 5,351,618,028 | 99.1 | |||||||||||||
Principal | Issuer | ||||||||||||||
SHORT-TERM INVESTMENTS | |||||||||||||||
REPURCHASE AGREEMENT | |||||||||||||||
$ | 74,845,000 | r | Fixed Income Clearing Corp (FICC) 0.250%, 05/02/22 | 74,845,000 | 1.4 | ||||||||||
74,845,000 | 1.4 |
Shares | Company | Value | % of net assets | |||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | ||||||||||||||
2,120,030 | c | State Street Navigator Securities Lending Government Money Market Portfolio 0.310% | $ | 2,120,030 | 0.0 | % | ||||||||
2,120,030 | 0.0 | |||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $76,965,030) | 76,965,030 | 1.4 | ||||||||||||
TOTAL PORTFOLIO (Cost $3,821,595,092) | 5,428,583,058 | 100.5 | ||||||||||||
OTHER ASSETS & LIABILITIES, NET | (26,146,753 | ) | (0.5 | ) | ||||||||||
NET ASSETS | $ | 5,402,436,305 | 100.0 | % |
* | Non-income producing |
c | Investments made with cash collateral received from securities on loan. |
r | Agreement with Fixed Income Clearing Corp (FICC), 0.250% dated 4/29/22 to be repurchased at $74,845,000 on 5/2/22, collateralized by Government Agency Securities, with coupon rates 2.875%–3.000% and maturity dates 5/15/45–8/15/45, valued at $76,341,935. |
“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 4/30/22, the aggregate value of securities on loan is $1,942,164. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.
At 4/30/22, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $20,023,528 or 0.4% 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 Funds ■ 2022 Semiannual Report | 43 |
Summary portfolio of investments (unaudited)
Large-Cap Value Fund ■ April 30, 2022
Shares | Company | Value | % of net assets | |||||||||||
COMMON STOCKS | ||||||||||||||
BANKS | ||||||||||||||
3,436,558 | Bank of America Corp | $ | 122,616,390 | 2.5 | % | |||||||||
1,141,415 | JPMorgan Chase & Co | 136,239,294 | 2.7 | |||||||||||
388,837 | PNC Financial Services Group, Inc | 64,585,826 | 1.3 | |||||||||||
1,120,629 | US Bancorp | 54,417,744 | 1.1 | |||||||||||
2,338,744 | Wells Fargo & Co | 102,039,401 | 2.0 | |||||||||||
479,898,655 | 9.6 | |||||||||||||
CAPITAL GOODS | ||||||||||||||
155,432 | Deere & Co | 58,683,352 | 1.2 | |||||||||||
368,062 | Dover Corp | 49,062,665 | 1.0 | |||||||||||
368,233 | Eaton Corp | 53,401,150 | 1.1 | |||||||||||
416,462 | Honeywell International, Inc | 80,589,562 | 1.6 | |||||||||||
216,824 | Parker-Hannifin Corp | 58,720,276 | 1.2 | |||||||||||
1,135,116 | Raytheon Technologies Corp | 107,733,859 | 2.2 | |||||||||||
Other | 143,911,665 | 2.8 | ||||||||||||
552,102,529 | 11.1 | |||||||||||||
CONSUMER DURABLES & APPAREL | 40,843,168 | 0.8 | ||||||||||||
CONSUMER SERVICES | ||||||||||||||
490,503 | * | Hilton Worldwide Holdings, Inc | 76,170,211 | 1.5 | ||||||||||
260,766 | McDonald’s Corp | 64,972,456 | 1.3 | |||||||||||
Other | 29,750,773 | 0.6 | ||||||||||||
170,893,440 | 3.4 | |||||||||||||
DIVERSIFIED FINANCIALS | ||||||||||||||
415,424 | American Express Co | 72,578,727 | 1.4 | |||||||||||
290,312 | * | Berkshire Hathaway, Inc (Class B) | 93,721,423 | 1.9 | ||||||||||
226,662 | Goldman Sachs Group, Inc | 69,242,974 | 1.4 | |||||||||||
Other | 69,084,797 | 1.4 | ||||||||||||
304,627,921 | 6.1 | |||||||||||||
ENERGY | ||||||||||||||
944,274 | Chevron Corp | 147,939,408 | 3.0 | |||||||||||
1,224,596 | ConocoPhillips | 116,973,410 | 2.4 | |||||||||||
642,444 | EOG Resources, Inc | 75,011,761 | 1.5 | |||||||||||
503,203 | Valero Energy Corp | 56,097,070 | 1.1 | |||||||||||
396,021,649 | 8.0 | |||||||||||||
FOOD & STAPLES RETAILING | ||||||||||||||
552,970 | Walmart, Inc | 84,598,880 | 1.7 | |||||||||||
84,598,880 | 1.7 | |||||||||||||
FOOD, BEVERAGE & TOBACCO | ||||||||||||||
728,626 | Mondelez International, Inc | 46,981,805 | 0.9 | |||||||||||
46,981,805 | 0.9 | |||||||||||||
HEALTH CARE EQUIPMENT & SERVICES | ||||||||||||||
214,454 | Anthem, Inc | 107,640,896 | 2.2 | |||||||||||
260,871 | Cigna Corp | 64,377,745 | 1.3 | |||||||||||
694,121 | Medtronic plc | 72,438,468 | 1.4 | |||||||||||
378,408 | UnitedHealth Group, Inc | 192,439,389 | 3.9 | |||||||||||
Other | 107,456,240 | 2.1 | ||||||||||||
544,352,738 | 10.9 |
Shares | Company | Value | % of net assets | |||||||||||
HOUSEHOLD & PERSONAL PRODUCTS | ||||||||||||||
324,615 | Procter & Gamble Co | $ | 52,116,938 | 1.0 | % | |||||||||
52,116,938 | 1.0 | |||||||||||||
INSURANCE | ||||||||||||||
1,264,237 | American International Group, Inc | 73,970,507 | 1.5 | |||||||||||
474,772 | Chubb Ltd | 98,016,679 | 1.9 | |||||||||||
423,264 | Marsh & McLennan Cos, Inc | 68,441,789 | 1.4 | |||||||||||
452,272 | Prudential Financial, Inc | 49,076,035 | 1.0 | |||||||||||
289,505,010 | 5.8 | |||||||||||||
MATERIALS | ||||||||||||||
642,903 | Crown Holdings, Inc | 70,745,046 | 1.4 | |||||||||||
Other | 164,224,372 | 3.3 | ||||||||||||
234,969,418 | 4.7 | |||||||||||||
MEDIA & ENTERTAINMENT | ||||||||||||||
37,303 | * | Alphabet, Inc (Class C) | 85,771,907 | 1.7 | ||||||||||
2,584,360 | Comcast Corp (Class A) | 102,754,153 | 2.1 | |||||||||||
540,882 | * | Walt Disney Co | 60,378,658 | 1.2 | ||||||||||
Other | 32,668,506 | 0.7 | ||||||||||||
281,573,224 | 5.7 | |||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | ||||||||||||||
1,133,411 | Bristol-Myers Squibb Co | 85,311,846 | 1.7 | |||||||||||
981,306 | Johnson & Johnson | 177,086,481 | 3.5 | |||||||||||
Other | 146,945,653 | 3.0 | ||||||||||||
409,343,980 | 8.2 | |||||||||||||
REAL ESTATE | ||||||||||||||
322,602 | Prologis, Inc | 51,709,875 | 1.0 | |||||||||||
51,709,875 | 1.0 | |||||||||||||
RETAILING | 42,229,631 | 0.9 | ||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | ||||||||||||||
324,511 | Analog Devices, Inc | 50,098,008 | 1.0 | |||||||||||
777,872 | Micron Technology, Inc | 53,043,092 | 1.1 | |||||||||||
275,188 | NXP Semiconductors NV | 47,029,629 | 0.9 | |||||||||||
Other | 69,575,996 | 1.4 | ||||||||||||
219,746,725 | 4.4 | |||||||||||||
SOFTWARE & SERVICES | ||||||||||||||
179,840 | Accenture plc | 54,016,743 | 1.1 | |||||||||||
539,724 | * | Fiserv, Inc | 52,849,774 | 1.1 | ||||||||||
252,151 | Microsoft Corp | 69,976,946 | 1.4 | |||||||||||
Other | 25,575,202 | 0.5 | ||||||||||||
202,418,665 | 4.1 | |||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT | ||||||||||||||
1,771,059 | Cisco Systems, Inc | 86,746,470 | 1.8 | |||||||||||
573,757 | TE Connectivity Ltd | 71,593,398 | 1.4 | |||||||||||
158,339,868 | 3.2 | |||||||||||||
TELECOMMUNICATION SERVICES | ||||||||||||||
478,667 | * | T-Mobile US, Inc | 58,943,054 | 1.2 | ||||||||||
58,943,054 | 1.2 |
44 | 2022 Semiannual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements |
Summary portfolio of investments (unaudited) | concluded |
Large-Cap Value Fund ■ April 30, 2022
Shares | Company | Value | % of net assets | |||||||||||
TRANSPORTATION | ||||||||||||||
364,119 | Union Pacific Corp | $ | 85,309,440 | 1.7 | % | |||||||||
Other | 67,130,532 | 1.4 | ||||||||||||
152,439,972 | 3.1 | |||||||||||||
UTILITIES | ||||||||||||||
501,498 | Ameren Corp | 46,589,164 | 1.0 | |||||||||||
599,883 | American Electric Power Co, Inc | 59,454,404 | 1.2 | |||||||||||
Other | 57,074,884 | 1.1 | ||||||||||||
163,118,452 | 3.3 | |||||||||||||
TOTAL COMMON STOCKS (Cost $3,335,991,480) | 4,936,775,597 | 99.1 |
Principal | Issuer | Value | % of net assets | |||||||||||
SHORT-TERM INVESTMENTS | ||||||||||||||
GOVERNMENT AGENCY DEBT | $ | 15,721,282 | 0.3 | % | ||||||||||
REPURCHASE AGREEMENT | 45,725,000 | 0.9 | ||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $61,447,559) | 61,446,282 | 1.2 | ||||||||||||
TOTAL PORTFOLIO (Cost $3,397,439,039) | 4,998,221,879 | 100.3 | ||||||||||||
OTHER ASSETS & LIABILITIES, NET | (17,397,831 | ) | (0.3 | ) | ||||||||||
NET ASSETS | $ | 4,980,824,048 | 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 ■ 2022 Semiannual Report | 45 |
Summary portfolio of investments (unaudited)
Mid-Cap Growth Fund ■ April 30, 2022
Shares | Company | Value | % of net assets | |||||||||||
COMMON STOCKS | ||||||||||||||
BANKS | $ | 6,287,137 | 0.5 | % | ||||||||||
CAPITAL GOODS | ||||||||||||||
450,995 | Carrier Global Corp | 17,259,579 | 1.3 | |||||||||||
316,731 | Spirit Aerosystems Holdings, Inc (Class A) | 13,315,371 | 1.0 | |||||||||||
33,055 | * | TransDigm Group, Inc | 19,661,444 | 1.5 | ||||||||||
46,093 | W.W. Grainger, Inc | 23,047,883 | 1.7 | |||||||||||
Other | 18,685,031 | 1.4 | ||||||||||||
91,969,308 | 6.9 | |||||||||||||
COMMERCIAL & PROFESSIONAL SERVICES | ||||||||||||||
535,801 | * | Driven Brands Holdings, Inc | 14,943,490 | 1.1 | ||||||||||
358,174 | Experian Group Ltd | 12,369,306 | 0.9 | |||||||||||
921,551 | * | First Advantage Corp | 15,998,125 | 1.2 | ||||||||||
176,901 | Verisk Analytics, Inc | 36,096,649 | 2.6 | |||||||||||
180,550 | Waste Connections, Inc | 24,910,484 | 1.9 | |||||||||||
Other | 13,766,966 | 1.0 | ||||||||||||
118,085,020 | 8.7 | |||||||||||||
CONSUMER DURABLES & APPAREL | ||||||||||||||
46,926 | * | Lululemon Athletica, Inc | 16,641,367 | 1.2 | ||||||||||
2,028,700 | Prada S.p.A | 12,622,852 | 0.9 | |||||||||||
Other | 30,471,113 | 2.3 | ||||||||||||
59,735,332 | 4.4 | |||||||||||||
CONSUMER SERVICES | ||||||||||||||
10,582 | * | Chipotle Mexican Grill, Inc (Class A) | 15,403,265 | 1.1 | ||||||||||
765,407 | European Wax Center, Inc | 21,010,422 | 1.6 | |||||||||||
98,422 | * | Expedia Group, Inc | 17,199,245 | 1.3 | ||||||||||
174,031 | * | Royal Caribbean Cruises Ltd | 13,527,430 | 1.0 | ||||||||||
Other | 41,667,886 | 3.1 | ||||||||||||
108,808,248 | 8.1 | |||||||||||||
DIVERSIFIED FINANCIALS | ||||||||||||||
47,715 | Ameriprise Financial, Inc | 12,667,855 | 0.9 | |||||||||||
Other | 19,398,276 | 1.5 | ||||||||||||
32,066,131 | 2.4 | |||||||||||||
ENERGY | ||||||||||||||
163,836 | Cheniere Energy, Inc | 22,250,567 | 1.6 | |||||||||||
107,274 | Pioneer Natural Resources Co | 24,937,987 | 1.9 | |||||||||||
Other | 7,863,400 | 0.6 | ||||||||||||
55,051,954 | 4.1 | |||||||||||||
FOOD, BEVERAGE & TOBACCO | ||||||||||||||
1,078,137 | Davide Campari-Milano NV | 12,164,814 | 0.9 | |||||||||||
Other | 15,617,063 | 1.2 | ||||||||||||
27,781,877 | 2.1 | |||||||||||||
HEALTH CARE EQUIPMENT & SERVICES | ||||||||||||||
68,350 | * | Dexcom, Inc | 27,926,443 | 2.1 | ||||||||||
83,276 | * | Molina Healthcare, Inc | 26,102,862 | 2.0 | ||||||||||
90,713 | * | Veeva Systems, Inc | 16,505,231 | 1.2 | ||||||||||
Other | 18,223,114 | 1.3 | ||||||||||||
88,757,650 | 6.6 | |||||||||||||
INSURANCE | 7,824,878 | 0.6 | ||||||||||||
MATERIALS | 14,397,626 | 1.1 | ||||||||||||
MEDIA & ENTERTAINMENT | ||||||||||||||
285,246 | * | Match Group, Inc | 22,577,221 | 1.7 | ||||||||||
Other | 26,297,903 | 1.9 | ||||||||||||
48,875,124 | 3.6 |
Shares | Company | Value | % of net assets | |||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | ||||||||||||||
200,742 | Agilent Technologies, Inc | $ | 23,942,499 | 1.8 | % | |||||||||
613,510 | * | Avantor, Inc | 19,558,699 | 1.5 | ||||||||||
63,824 | * | Charles River Laboratories International, Inc | 15,414,134 | 1.1 | ||||||||||
238,338 | * | Horizon Therapeutics Plc | 23,490,593 | 1.8 | ||||||||||
57,238 | West Pharmaceutical Services, Inc | 18,033,404 | 1.3 | |||||||||||
Other | 21,160,919 | 1.6 | ||||||||||||
121,600,248 | 9.1 | |||||||||||||
REAL ESTATE | ||||||||||||||
167,186 | Simon Property Group, Inc | 19,727,948 | 1.5 | |||||||||||
19,727,948 | 1.5 | |||||||||||||
RETAILING | ||||||||||||||
93,321 | * | Burlington Stores, Inc | 18,996,423 | 1.4 | ||||||||||
123,516 | * | Dollar Tree, Inc | 20,065,174 | 1.5 | ||||||||||
118,116 | * | Five Below, Inc | 18,556,024 | 1.4 | ||||||||||
Other | 16,634,203 | 1.2 | ||||||||||||
74,251,824 | 5.5 | |||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | ||||||||||||||
136,890 | Entegris, Inc | 15,248,177 | 1.2 | |||||||||||
214,180 | Marvell Technology, Inc | 12,439,574 | 0.9 | |||||||||||
69,504 | Monolithic Power Systems, Inc | 27,262,249 | 2.0 | |||||||||||
Other | 21,034,243 | 1.6 | ||||||||||||
75,984,243 | 5.7 | |||||||||||||
SOFTWARE & SERVICES | ||||||||||||||
508,343 | *,e | Clear Secure, Inc | 15,463,794 | 1.2 | ||||||||||
152,450 | * | Datadog, Inc | 18,412,911 | 1.4 | ||||||||||
222,353 | * | DocuSign, Inc | 18,010,593 | 1.3 | ||||||||||
54,784 | * | Gartner, Inc | 15,917,491 | 1.2 | ||||||||||
51,717 | * | HubSpot, Inc | 19,622,981 | 1.5 | ||||||||||
45,958 | * | MongoDB, Inc | 16,311,873 | 1.2 | ||||||||||
76,329 | * | Palo Alto Networks, Inc | 42,841,941 | 3.2 | ||||||||||
132,694 | * | Paylocity Holding Corp | 25,162,763 | 1.9 | ||||||||||
3,007,054 | * | Sabre Corp | 31,483,856 | 2.4 | ||||||||||
123,749 | * | Synopsys, Inc | 35,489,976 | 2.6 | ||||||||||
66,814 | * | Zscaler, Inc | 13,545,870 | 1.0 | ||||||||||
Other | 76,106,564 | 5.6 | ||||||||||||
328,370,613 | 24.5 | |||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT | ||||||||||||||
148,858 | * | Arista Networks, Inc | 17,203,519 | 1.3 | ||||||||||
17,203,519 | 1.3 | |||||||||||||
TRANSPORTATION | ||||||||||||||
715,532 | *,e | Hertz Global Holdings, Inc | 14,353,572 | 1.1 | ||||||||||
386,801 | * | Lyft, Inc (Class A) | 12,609,713 | 0.9 | ||||||||||
Other | 11,930,797 | 0.9 | ||||||||||||
38,894,082 | 2.9 | |||||||||||||
TOTAL COMMON STOCKS (Cost $1,278,812,517) | 1,335,672,762 | 99.7 | ||||||||||||
RIGHTS / WARRANTS | ||||||||||||||
TRANSPORTATION | 2,378,180 | 0.2 | ||||||||||||
TOTAL RIGHTS / WARRANTS (Cost $2,029,947) | 2,378,180 | 0.2 |
46 | 2022 Semiannual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements |
Summary portfolio of investments (unaudited) | concluded |
Mid-Cap Growth Fund ■ April 30, 2022
Principal | Issuer | Value | % of net assets | |||||||||||
SHORT-TERM INVESTMENTS | ||||||||||||||
REPURCHASE AGREEMENT | $ | 3,870,000 | 0.3 | % | ||||||||||
Shares | Company | |||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | ||||||||||||||
23,616,631 | c | State Street Navigator Securities Lending Government Money Market Portfolio 0.310% | 23,616,631 | 1.8 | ||||||||||
23,616,631 | 1.8 | |||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $27,486,631) | 27,486,631 | 2.1 | ||||||||||||
TOTAL PORTFOLIO (Cost $1,308,329,095) | 1,365,537,573 | 101.9 | ||||||||||||
OTHER ASSETS & LIABILITIES, NET | (25,216,387 | ) | (1.9 | ) | ||||||||||
NET ASSETS | $ | 1,340,321,186 | 100.0 | % |
Abbreviation(s):
* | 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 $21,904,490. 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 4/30/22, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $9,377,747 or 0.7% 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 Funds ■ 2022 Semiannual Report | 47 |
Summary portfolio of investments (unaudited)
Mid-Cap Value Fund ■ April 30, 2022
Shares | Company | Value | % of net assets | |||||||||||
COMMON STOCKS | ||||||||||||||
BANKS | ||||||||||||||
115,942 | Signature Bank | $ | 28,086,949 | 1.5 | % | |||||||||
Other | 79,884,600 | 4.1 | ||||||||||||
107,971,549 | 5.6 | |||||||||||||
CAPITAL GOODS | ||||||||||||||
145,129 | Curtiss-Wright Corp | 20,740,385 | 1.1 | |||||||||||
172,646 | Dover Corp | 23,013,712 | 1.2 | |||||||||||
723,919 | Howmet Aerospace, Inc | 24,700,116 | 1.3 | |||||||||||
133,401 | Hubbell, Inc | 26,061,219 | 1.3 | |||||||||||
367,182 | Johnson Controls International plc | 21,983,186 | 1.1 | |||||||||||
129,285 | Parker-Hannifin Corp | 35,012,964 | 1.8 | |||||||||||
312,493 | Westinghouse Air Brake Technologies Corp | 28,096,246 | 1.5 | |||||||||||
Other | 57,696,468 | 3.0 | ||||||||||||
237,304,296 | 12.3 | |||||||||||||
COMMERCIAL & PROFESSIONAL SERVICES | ||||||||||||||
167,426 | Republic Services, Inc | 22,480,289 | 1.2 | |||||||||||
22,480,289 | 1.2 | |||||||||||||
CONSUMER DURABLES & APPAREL | ||||||||||||||
1,283,268 | Newell Brands Inc | 29,707,654 | 1.5 | |||||||||||
Other | 20,423,852 | 1.1 | ||||||||||||
50,131,506 | 2.6 | |||||||||||||
CONSUMER SERVICES | ||||||||||||||
378,097 | Travel & Leisure Co | 20,976,822 | 1.1 | |||||||||||
262,525 | Yum! Brands, Inc | 30,718,050 | 1.6 | |||||||||||
Other | 26,914,661 | 1.4 | ||||||||||||
78,609,533 | 4.1 | |||||||||||||
DIVERSIFIED FINANCIALS | ||||||||||||||
659,139 | Ally Financial, Inc | 26,339,194 | 1.4 | |||||||||||
115,178 | Ameriprise Financial, Inc | 30,578,607 | 1.6 | |||||||||||
165,264 | LPL Financial Holdings, Inc | 31,048,148 | 1.6 | |||||||||||
402,245 | Voya Financial, Inc | 25,397,749 | 1.3 | |||||||||||
Other | 16,554,619 | 0.8 | ||||||||||||
129,918,317 | 6.7 | |||||||||||||
ENERGY | ||||||||||||||
202,933 | EOG Resources, Inc | 23,694,457 | 1.2 | |||||||||||
189,588 | Pioneer Natural Resources Co | 44,073,523 | 2.3 | |||||||||||
374,636 | Valero Energy Corp | 41,764,421 | 2.2 | |||||||||||
Other | 37,655,877 | 1.9 | ||||||||||||
147,188,278 | 7.6 | |||||||||||||
FOOD & STAPLES RETAILING | ||||||||||||||
586,974 | * | Performance Food Group Co | 28,908,469 | 1.5 | ||||||||||
28,908,469 | 1.5 | |||||||||||||
FOOD, BEVERAGE & TOBACCO | ||||||||||||||
122,638 | Hershey Co | 27,687,981 | 1.4 | |||||||||||
Other | 20,349,674 | 1.1 | ||||||||||||
48,037,655 | 2.5 | |||||||||||||
HEALTH CARE EQUIPMENT & SERVICES | ||||||||||||||
404,404 | * | Centene Corp | 32,574,742 | 1.7 | ||||||||||
122,649 | Cigna Corp | 30,267,320 | 1.6 | |||||||||||
58,487 | Humana, Inc | 26,000,981 | 1.3 | |||||||||||
93,208 | * | Molina Healthcare, Inc | 29,216,048 | 1.5 | ||||||||||
Other | 29,872,141 | 1.5 | ||||||||||||
147,931,232 | 7.6 |
Shares | Company | Value | % of net assets | |||||||||||
INSURANCE | ||||||||||||||
89,454 | Everest Re Group Ltd | $ | 24,573,908 | 1.3 | % | |||||||||
Other | 20,260,062 | 1.0 | ||||||||||||
44,833,970 | 2.3 | |||||||||||||
MATERIALS | ||||||||||||||
222,564 | Crown Holdings, Inc | 24,490,943 | 1.2 | |||||||||||
1,129,379 | Graphic Packaging Holding Co | 24,620,462 | 1.3 | |||||||||||
340,070 | Sealed Air Corp | 21,835,895 | 1.1 | |||||||||||
Other | 19,160,840 | 1.0 | ||||||||||||
90,108,140 | 4.6 | |||||||||||||
MEDIA & ENTERTAINMENT | 12,153,299 | 0.6 | ||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | ||||||||||||||
134,866 | * | IQVIA Holdings, Inc | 29,399,440 | 1.5 | ||||||||||
143,004 | * | United Therapeutics Corp | 25,391,790 | 1.3 | ||||||||||
Other | 20,439,906 | 1.1 | ||||||||||||
75,231,136 | 3.9 | |||||||||||||
REAL ESTATE | ||||||||||||||
603,605 | American Homes 4 Rent | 23,908,794 | 1.2 | |||||||||||
432,187 | Apartment Income REIT Corp | 21,250,635 | 1.1 | |||||||||||
153,329 | Extra Space Storage, Inc | 29,132,510 | 1.5 | |||||||||||
946,130 | Kimco Realty Corp | 23,965,473 | 1.2 | |||||||||||
449,392 | Rexford Industrial Realty, Inc | 35,070,552 | 1.8 | |||||||||||
74,236 | SBA Communications Corp | 25,768,058 | 1.3 | |||||||||||
431,364 | UDR, Inc | 22,952,878 | 1.2 | |||||||||||
832,036 | VICI Properties, Inc | 24,802,995 | 1.3 | |||||||||||
Other | 39,454,359 | 2.1 | ||||||||||||
246,306,254 | 12.7 | |||||||||||||
RETAILING | ||||||||||||||
105,236 | Advance Auto Parts, Inc | 21,008,263 | 1.1 | |||||||||||
Other | 20,443,968 | 1.0 | ||||||||||||
41,452,231 | 2.1 | |||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 24,299,768 | 1.3 | ||||||||||||
SOFTWARE & SERVICES | ||||||||||||||
987,545 | NortonLifelock, Inc | 24,728,127 | 1.3 | |||||||||||
74,232 | * | Synopsys, Inc | 21,288,995 | 1.1 | ||||||||||
Other | 48,389,674 | 2.5 | ||||||||||||
94,406,796 | 4.9 | |||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT | ||||||||||||||
460,729 | * | Ciena Corp | 25,418,419 | 1.3 | ||||||||||
2,282,227 | Hewlett Packard Enterprise Co | 35,169,118 | 1.8 | |||||||||||
60,587,537 | 3.1 | |||||||||||||
TRANSPORTATION | ||||||||||||||
1,371,851 | *,e | American Airlines Group, Inc | 25,749,643 | 1.3 | ||||||||||
Other | 14,651,465 | 0.8 | ||||||||||||
40,401,108 | 2.1 | |||||||||||||
UTILITIES | ||||||||||||||
652,762 | Alliant Energy Corp | 38,388,933 | 2.0 | |||||||||||
295,705 | American Electric Power Co, Inc | 29,307,323 | 1.5 | |||||||||||
355,390 | Evergy, Inc | 24,113,211 | 1.3 | |||||||||||
214,326 | WEC Energy Group, Inc | 21,443,316 | 1.1 | |||||||||||
633,632 | Xcel Energy, Inc | 46,419,880 | 2.4 | |||||||||||
Other | 39,319,807 | 2.0 | ||||||||||||
198,992,470 | 10.3 | |||||||||||||
TOTAL COMMON STOCKS (Cost $1,674,283,019) | 1,927,253,833 | 99.6 |
48 | 2022 Semiannual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements |
Summary portfolio of investments (unaudited) | concluded |
Mid-Cap Value Fund ■ April 30, 2022
Principal | Issuer | Value | % of net assets | |||||||||||
SHORT-TERM INVESTMENTS | ||||||||||||||
REPURCHASE AGREEMENT | $ | 17,830,000 | 0.9 | % | ||||||||||
Shares | Company | |||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | ||||||||||||||
1,121 | c | State Street Navigator Securities Lending Government Money Market Portfolio 0.310% | 1,121 | 0.0 | ||||||||||
1,121 | 0.0 | |||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $17,831,121) | 17,831,121 | 0.9 | ||||||||||||
TOTAL PORTFOLIO (Cost $1,692,114,140) | 1,945,084,954 | 100.5 | ||||||||||||
OTHER ASSETS & LIABILITIES, NET | (8,971,259 | ) | (0.5 | ) | ||||||||||
NET ASSETS | $ | 1,936,113,695 | 100.0 | % |
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 $9,065,422. See Note 4 in the Notes to financial statements for additional information about securities lending collateral. |
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.
See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2022 Semiannual Report | 49 |
Summary portfolio of investments (unaudited)
Quant Small-Cap Equity Fund ■ April 30, 2022
Shares | Company | Value | % of net assets | |||||||||||
COMMON STOCKS | ||||||||||||||
AUTOMOBILES & COMPONENTS | $ | 19,479,277 | 0.7 | % | ||||||||||
BANKS | ||||||||||||||
286,450 | Essent Group Ltd | 11,609,819 | 0.4 | |||||||||||
425,090 | OFG Bancorp | 11,298,892 | 0.4 | |||||||||||
665,760 | Radian Group, Inc | 14,240,606 | 0.5 | |||||||||||
534,542 | United Community Banks, Inc | 16,111,096 | 0.6 | |||||||||||
Other | 205,210,752 | 8.0 | ||||||||||||
258,471,165 | 9.9 | |||||||||||||
CAPITAL GOODS | ||||||||||||||
105,840 | Applied Industrial Technologies, Inc | 11,080,390 | 0.4 | |||||||||||
152,433 | * | Atkore International Group, Inc | 14,648,811 | 0.6 | ||||||||||
220,170 | Comfort Systems USA, Inc | 18,586,751 | 0.7 | |||||||||||
143,360 | UFP Industries, Inc | 11,091,763 | 0.4 | |||||||||||
475,380 | * | WillScot Mobile Mini Holdings Corp | 16,685,838 | 0.6 | ||||||||||
356,454 | Zurn Water Solutions Corp | 11,128,494 | 0.4 | |||||||||||
Other | 174,384,951 | 6.7 | ||||||||||||
257,606,998 | 9.8 | |||||||||||||
COMMERCIAL & PROFESSIONAL SERVICES | ||||||||||||||
136,952 | Exponent, Inc | 13,121,371 | 0.5 | |||||||||||
366,970 | KBR, Inc | 18,065,933 | 0.7 | |||||||||||
184,048 | * | TriNet Group, Inc | 16,325,058 | 0.6 | ||||||||||
Other | 39,549,596 | 1.5 | ||||||||||||
87,061,958 | 3.3 | |||||||||||||
CONSUMER DURABLES & APPAREL | 46,643,398 | 1.8 | ||||||||||||
CONSUMER SERVICES | ||||||||||||||
168,730 | Texas Roadhouse, Inc (Class A) | 13,891,541 | 0.5 | |||||||||||
Other | 74,535,027 | 2.9 | ||||||||||||
88,426,568 | 3.4 | |||||||||||||
DIVERSIFIED FINANCIALS | 74,667,467 | 2.9 | ||||||||||||
ENERGY | ||||||||||||||
538,870 | * | Antero Resources Corp | 18,968,224 | 0.7 | ||||||||||
535,190 | ChampionX Corp | 11,292,509 | 0.4 | |||||||||||
168,810 | Chesapeake Energy Corp | 13,845,796 | 0.5 | |||||||||||
540,510 | Ovintiv, Inc | 27,668,707 | 1.1 | |||||||||||
646,636 | * | PBF Energy, Inc | 18,791,242 | 0.7 | ||||||||||
2,588,859 | * | Tellurian, Inc | 12,892,518 | 0.5 | ||||||||||
Other | 93,482,121 | 3.6 | ||||||||||||
196,941,117 | 7.5 | |||||||||||||
FOOD & STAPLES RETAILING | ||||||||||||||
453,271 | *,d | BJ’s Wholesale Club Holdings, Inc | 29,167,989 | 1.1 | ||||||||||
311,150 | * | Performance Food Group Co | 15,324,137 | 0.6 | ||||||||||
Other | 7,754,407 | 0.3 | ||||||||||||
52,246,533 | 2.0 | |||||||||||||
FOOD, BEVERAGE & TOBACCO | ||||||||||||||
63,850 | Sanderson Farms, Inc | 12,091,274 | 0.5 | |||||||||||
Other | 34,944,257 | 1.3 | ||||||||||||
47,035,531 | 1.8 |
Shares | Company | Value | % of net assets | |||||||||||
HEALTH CARE EQUIPMENT & SERVICES | ||||||||||||||
344,487 | * | Lantheus Holdings, Inc | $ | 22,877,382 | 0.9 | % | ||||||||
396,190 | * | Option Care Health, Inc | 11,838,157 | 0.4 | ||||||||||
534,910 | * | R1 RCM, Inc | 12,046,173 | 0.5 | ||||||||||
Other | 150,101,912 | 5.7 | ||||||||||||
196,863,624 | 7.5 | |||||||||||||
HOUSEHOLD & PERSONAL PRODUCTS | 11,809,095 | 0.4 | ||||||||||||
INSURANCE | 35,809,156 | 1.4 | ||||||||||||
MATERIALS | ||||||||||||||
466,540 | * | Summit Materials, Inc | 12,969,812 | 0.5 | ||||||||||
Other | 112,460,202 | 4.3 | ||||||||||||
125,430,014 | 4.8 | |||||||||||||
MEDIA & ENTERTAINMENT | ||||||||||||||
586,720 | TEGNA, Inc | 12,937,176 | 0.5 | |||||||||||
Other | 54,673,525 | 2.1 | ||||||||||||
67,610,701 | 2.6 | |||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | ||||||||||||||
225,294 | * | Intra-Cellular Therapies, Inc | 11,402,129 | 0.4 | ||||||||||
Other | 201,811,582 | 7.7 | ||||||||||||
213,213,711 | 8.1 | |||||||||||||
REAL ESTATE | ||||||||||||||
87,620 | EastGroup Properties, Inc | 16,428,750 | 0.6 | |||||||||||
342,730 | National Storage Affiliates Trust | 19,398,518 | 0.7 | |||||||||||
197,490 | PotlatchDeltic Corp | 10,938,971 | 0.4 | |||||||||||
103,018 | PS Business Parks, Inc | 19,284,970 | 0.7 | |||||||||||
403,950 | STAG Industrial, Inc | 15,075,414 | 0.6 | |||||||||||
Other | 116,905,128 | 4.6 | ||||||||||||
198,031,751 | 7.6 | |||||||||||||
RETAILING | ||||||||||||||
668,310 | Macy’s, Inc | 16,153,053 | 0.6 | |||||||||||
Other | 40,923,888 | 1.6 | ||||||||||||
57,076,941 | 2.2 | |||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | ||||||||||||||
294,997 | * | Lattice Semiconductor Corp | 14,171,656 | 0.5 | ||||||||||
183,090 | * | Semtech Corp | 10,912,164 | 0.4 | ||||||||||
Other | 46,896,739 | 1.8 | ||||||||||||
71,980,559 | 2.7 | |||||||||||||
SOFTWARE & SERVICES | ||||||||||||||
459,040 | * | Box, Inc | 14,055,805 | 0.5 | ||||||||||
92,260 | * | ExlService Holdings, Inc | 12,561,199 | 0.5 | ||||||||||
256,769 | * | Tenable Holdings, Inc | 14,181,352 | 0.5 | ||||||||||
724,856 | * | Vonage Holdings Corp | 14,468,126 | 0.5 | ||||||||||
Other | 126,688,537 | 5.0 | ||||||||||||
181,955,019 | 7.0 | |||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT | ||||||||||||||
196,550 | *,e | II-VI, Inc | 12,030,826 | 0.5 | ||||||||||
379,721 | * | Sanmina Corp | 15,526,792 | 0.6 | ||||||||||
Other | 58,212,406 | 2.2 | ||||||||||||
85,770,024 | 3.3 | |||||||||||||
TELECOMMUNICATION SERVICES | 21,393,862 | 0.8 |
50 | 2022 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, 2022
Shares | Company | Value | % of net assets | ||||||||||||
TRANSPORTATION | |||||||||||||||
61,120 | * | Saia, Inc | $ | 12,588,275 | 0.5 | % | |||||||||
Other | 56,955,790 | 2.2 | |||||||||||||
69,544,065 | 2.7 | ||||||||||||||
UTILITIES | |||||||||||||||
169,348 | Black Hills Corp | 12,403,048 | 0.5 | ||||||||||||
164,950 | e | Brookfield Infrastructure Corp | 11,698,254 | 0.4 | |||||||||||
245,431 | Portland General Electric Co | 11,616,249 | 0.4 | ||||||||||||
388,157 | South Jersey Industries, Inc | 13,271,088 | 0.5 | ||||||||||||
Other | 47,390,218 | 1.9 | |||||||||||||
96,378,857 | 3.7 | ||||||||||||||
TOTAL COMMON STOCKS (Cost $2,324,352,857) | 2,561,447,391 | 97.9 | |||||||||||||
Principal | Issuer | ||||||||||||||
SHORT-TERM INVESTMENTS | |||||||||||||||
GOVERNMENT AGENCY DEBT | 25,277,394 | 1.0 | |||||||||||||
REPURCHASE AGREEMENT | |||||||||||||||
$ | 19,740,000 | r | Fixed Income Clearing Corp (FICC) 0.230%, 05/02/22 | 19,740,000 | 0.7 | ||||||||||
19,740,000 | 0.7 | ||||||||||||||
TREASURY DEBT | 9,999,660 | 0.4 |
Shares | Company | Value | % of net assets | |||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | ||||||||||||||
43,360,329 | c | State Street Navigator Securities Lending Government Money Market Portfolio 0.310% | $ | 43,360,329 | 1.7 | % | ||||||||
43,360,329 | 1.7 | |||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $98,377,217) | 98,377,383 | 3.8 | ||||||||||||
TOTAL PORTFOLIO (Cost $2,422,730,074) | 2,659,824,774 | 101.7 | ||||||||||||
OTHER ASSETS & LIABILITIES, NET | (43,575,930 | ) | (1.7 | ) | ||||||||||
NET ASSETS | $ | 2,616,248,844 | 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. |
e | All or a portion of these securities are out on loan. The aggregate value of securities on loan is $66,213,320. See Note 4 in the Notes to financial statements for additional information about securities lending collateral. |
r | Agreement with Fixed Income Clearing Corp (FICC), 0.230% dated 4/29/22 to be repurchased at $19,740,000 on 5/2/22, collateralized by Government Agency Securities, with coupon rate 2.875% and maturity date 8/15/45, valued at $20,134,815. |
“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.
Futures contracts outstanding as of April 30, 2022 were as follows:
Number of | Unrealized | |||||||||||||||
long (short | ) | appreciation | ||||||||||||||
Description | contracts | Expiration date | Notional amount | Value | (depreciation | ) | ||||||||||
Russell 2000 E Mini Index | 530 | 06/17/22 | $53,515,366 | $49,324,450 | $(4,190,916 | ) |
See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2022 Semiannual Report | 51 |
Summary portfolio of investments (unaudited)
Quant Small/Mid-Cap Equity Fund ■ April 30, 2022
Shares | Company | Value | % of net assets | |||||||||||
COMMON STOCKS | ||||||||||||||
AUTOMOBILES & COMPONENTS | $ | 2,833,575 | 0.3 | % | ||||||||||
BANKS | 67,518,428 | 6.8 | ||||||||||||
CAPITAL GOODS | ||||||||||||||
67,026 | Aecom Technology Corp | 4,729,355 | 0.5 | |||||||||||
83,588 | * | Atkore International Group, Inc | 8,032,807 | 0.8 | ||||||||||
65,027 | Boise Cascade Co | 4,914,741 | 0.5 | |||||||||||
104,766 | * | Builders FirstSource, Inc | 6,450,443 | 0.7 | ||||||||||
59,800 | Fortune Brands Home & Security, Inc | 4,260,750 | 0.4 | |||||||||||
85,501 | UFP Industries, Inc | 6,615,212 | 0.7 | |||||||||||
Other | 87,603,830 | 8.8 | ||||||||||||
122,607,138 | 12.4 | |||||||||||||
COMMERCIAL & PROFESSIONAL SERVICES | ||||||||||||||
54,509 | Booz Allen Hamilton Holding Co | 4,449,570 | 0.5 | |||||||||||
68,980 | Kforce, Inc | 4,832,049 | 0.5 | |||||||||||
Other | 12,744,983 | 1.2 | ||||||||||||
22,026,602 | 2.2 | |||||||||||||
CONSUMER DURABLES & APPAREL | 29,163,908 | 3.0 | ||||||||||||
CONSUMER SERVICES | ||||||||||||||
68,650 | Boyd Gaming Corp | 4,158,817 | 0.4 | |||||||||||
Other | 24,069,721 | 2.5 | ||||||||||||
28,228,538 | 2.9 | |||||||||||||
DIVERSIFIED FINANCIALS | ||||||||||||||
41,310 | CBOE Global Markets, Inc | 4,667,204 | 0.5 | |||||||||||
13,240 | Factset Research Systems, Inc | 5,342,207 | 0.5 | |||||||||||
40,000 | e | iShares Russell 2000 Index Fund | 7,398,000 | 0.8 | ||||||||||
32,513 | LPL Financial Holdings, Inc | 6,108,217 | 0.6 | |||||||||||
Other | 29,322,217 | 2.9 | ||||||||||||
52,837,845 | 5.3 | |||||||||||||
ENERGY | ||||||||||||||
189,750 | APA Corp | 7,766,467 | 0.8 | |||||||||||
94,690 | Devon Energy Corp | 5,508,117 | 0.5 | |||||||||||
42,400 | Diamondback Energy, Inc | 5,352,152 | 0.5 | |||||||||||
397,040 | Marathon Oil Corp | 9,894,237 | 1.0 | |||||||||||
172,300 | * | PBF Energy, Inc | 5,007,038 | 0.5 | ||||||||||
210,670 | SM Energy Co | 7,485,105 | 0.8 | |||||||||||
107,470 | Targa Resources Investments, Inc | 7,889,373 | 0.8 | |||||||||||
Other | 22,417,353 | 2.3 | ||||||||||||
71,319,842 | 7.2 | |||||||||||||
FOOD & STAPLES RETAILING | ||||||||||||||
84,780 | * | Performance Food Group Co | 4,175,415 | 0.4 | ||||||||||
120,500 | * | US Foods Holding Corp | 4,533,210 | 0.4 | ||||||||||
Other | 10,517,016 | 1.1 | ||||||||||||
19,225,641 | 1.9 | |||||||||||||
FOOD, BEVERAGE & TOBACCO | ||||||||||||||
58,073 | Bunge Ltd | 6,569,218 | 0.7 | |||||||||||
Other | 17,388,632 | 1.7 | ||||||||||||
23,957,850 | 2.4 |
Shares | Company | Value | % of net assets | |||||||||||
HEALTH CARE EQUIPMENT & SERVICES | ||||||||||||||
14,250 | * | Molina Healthcare, Inc | $ | 4,466,662 | 0.4 | % | ||||||||
Other | 43,668,673 | 4.5 | ||||||||||||
48,135,335 | 4.9 | |||||||||||||
HOUSEHOLD & PERSONAL PRODUCTS | 7,454,923 | 0.8 | ||||||||||||
INSURANCE | ||||||||||||||
68,130 | W.R. Berkley Corp | 4,529,964 | 0.4 | |||||||||||
Other | 18,077,964 | 1.9 | ||||||||||||
22,607,928 | 2.3 | |||||||||||||
MATERIALS | ||||||||||||||
28,592 | Avery Dennison Corp | 5,163,715 | 0.5 | |||||||||||
50,926 | CF Industries Holdings, Inc | 4,931,165 | 0.5 | |||||||||||
31,334 | Reliance Steel & Aluminum Co | 6,211,965 | 0.6 | |||||||||||
75,500 | Sealed Air Corp | 4,847,855 | 0.5 | |||||||||||
Other | 43,176,849 | 4.4 | ||||||||||||
64,331,549 | 6.5 | |||||||||||||
MEDIA & ENTERTAINMENT | 18,061,091 | 1.8 | ||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | ||||||||||||||
170,100 | * | Avantor, Inc | 5,422,788 | 0.6 | ||||||||||
19,602 | * | Charles River Laboratories International, Inc | 4,734,079 | 0.5 | ||||||||||
93,200 | * | QIAGEN NV | 4,228,484 | 0.4 | ||||||||||
Other | 49,494,055 | 5.0 | ||||||||||||
63,879,406 | 6.5 | |||||||||||||
REAL ESTATE | ||||||||||||||
130,750 | American Homes 4 Rent | 5,179,007 | 0.5 | |||||||||||
89,010 | Apartment Income REIT Corp | 4,376,622 | 0.4 | |||||||||||
95,040 | CubeSmart | 4,515,350 | 0.5 | |||||||||||
70,906 | Equity Lifestyle Properties, Inc | 5,479,616 | 0.6 | |||||||||||
64,700 | Rexford Industrial Realty, Inc | 5,049,188 | 0.5 | |||||||||||
Other | 67,077,137 | 6.8 | ||||||||||||
91,676,920 | 9.3 | |||||||||||||
RETAILING | ||||||||||||||
37,741 | * | Autonation, Inc | 4,374,559 | 0.4 | ||||||||||
33,910 | Williams-Sonoma, Inc | 4,424,577 | 0.4 | |||||||||||
Other | 24,262,298 | 2.5 | ||||||||||||
33,061,434 | 3.3 | |||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | ||||||||||||||
86,500 | * | ON Semiconductor Corp | 4,507,515 | 0.4 | ||||||||||
Other | 29,770,583 | 3.1 | ||||||||||||
34,278,098 | 3.5 | |||||||||||||
SOFTWARE & SERVICES | ||||||||||||||
34,000 | * | Manhattan Associates, Inc | 4,438,700 | 0.4 | ||||||||||
12,800 | * | MongoDB, Inc | 4,543,104 | 0.5 | ||||||||||
38,193 | * | SPS Commerce, Inc | 4,569,029 | 0.5 | ||||||||||
101,000 | * | Varonis Systems, Inc | 4,363,200 | 0.4 | ||||||||||
51,272 | * | Zendesk, Inc | 6,257,235 | 0.6 | ||||||||||
Other | 69,217,580 | 7.1 | ||||||||||||
93,388,848 | 9.5 |
52 | 2022 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, 2022
Shares | Company | Value | % of net assets | ||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT | |||||||||||||||
35,195 | * | Arrow Electronics, Inc | $ | 4,148,083 | 0.4 | % | |||||||||
74,016 | Jabil Inc | 4,272,944 | 0.4 | ||||||||||||
154,120 | * | Pure Storage, Inc | 4,515,716 | 0.5 | |||||||||||
Other | 17,419,127 | 1.8 | |||||||||||||
30,355,870 | 3.1 | ||||||||||||||
TELECOMMUNICATION SERVICES | 5,643,427 | 0.6 | |||||||||||||
TRANSPORTATION | 18,201,943 | 1.8 | |||||||||||||
UTILITIES | |||||||||||||||
127,310 | OGE Energy Corp | 4,924,351 | 0.5 | ||||||||||||
Other | 7,959,766 | 0.8 | |||||||||||||
12,884,117 | 1.3 | ||||||||||||||
TOTAL COMMON STOCKS (Cost $826,470,154) | 983,680,256 | 99.6 | |||||||||||||
Principal | Issuer | ||||||||||||||
SHORT-TERM INVESTMENTS | |||||||||||||||
REPURCHASE AGREEMENT | 3,425,000 | 0.3 |
Shares | Company | Value | % of net assets | |||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | ||||||||||||||
5,481,188 | c | State Street Navigator Securities Lending Government Money Market Portfolio 0.310% | $ | 5,481,188 | 0.6 | % | ||||||||
5,481,188 | 0.6 | |||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $8,906,188) | 8,906,188 | 0.9 | ||||||||||||
TOTAL PORTFOLIO (Cost $835,376,342) | 992,586,444 | 100.5 | ||||||||||||
OTHER ASSETS & LIABILITIES, NET | (5,378,158 | ) | (0.5 | ) | ||||||||||
NET ASSETS | $ | 987,208,286 | 100.0 | % |
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 $13,294,920. 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 4/30/22, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $2,414,656 or 0.2% 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 Funds ■ 2022 Semiannual Report | 53 |
Summary portfolio of investments (unaudited)
Social Choice Equity Fund ■ April 30, 2022
Shares | Company | Value | % of net assets | |||||||||||
COMMON STOCKS | ||||||||||||||
AUTOMOBILES & COMPONENTS | ||||||||||||||
166,307 | * | Tesla, Inc | $ | 144,813,483 | 2.2 | % | ||||||||
Other | 12,569,404 | 0.2 | ||||||||||||
157,382,887 | 2.4 | |||||||||||||
BANKS | 191,435,108 | 2.9 | ||||||||||||
CAPITAL GOODS | ||||||||||||||
233,113 | Caterpillar, Inc | 49,079,611 | 0.7 | |||||||||||
121,467 | Deere & Co | 45,859,866 | 0.7 | |||||||||||
Other | 277,802,863 | 4.2 | ||||||||||||
372,742,340 | 5.6 | |||||||||||||
COMMERCIAL & PROFESSIONAL SERVICES | 87,139,024 | 1.3 | ||||||||||||
CONSUMER DURABLES & APPAREL | ||||||||||||||
419,574 | Nike, Inc (Class B) | 52,320,878 | 0.8 | |||||||||||
Other | 33,064,808 | 0.5 | ||||||||||||
85,385,686 | 1.3 | |||||||||||||
CONSUMER SERVICES | ||||||||||||||
19,431 | * | Booking Holdings, Inc | 42,948,534 | 0.6 | ||||||||||
Other | 114,901,469 | 1.8 | ||||||||||||
157,850,003 | 2.4 | |||||||||||||
DIVERSIFIED FINANCIALS | ||||||||||||||
286,307 | American Express Co | 50,020,696 | 0.8 | |||||||||||
65,633 | BlackRock, Inc | 40,999,622 | 0.6 | |||||||||||
647,988 | Charles Schwab Corp | 42,981,044 | 0.6 | |||||||||||
543,535 | Morgan Stanley | 43,803,486 | 0.7 | |||||||||||
140,865 | S&P Global, Inc | 53,035,673 | 0.8 | |||||||||||
Other | 241,890,684 | 3.6 | ||||||||||||
472,731,205 | 7.1 | |||||||||||||
ENERGY | ||||||||||||||
578,708 | ConocoPhillips | 55,278,188 | 0.8 | |||||||||||
Other | 218,061,097 | 3.3 | ||||||||||||
273,339,285 | 4.1 | |||||||||||||
FOOD & STAPLES RETAILING | 39,024,417 | 0.6 | ||||||||||||
FOOD, BEVERAGE & TOBACCO | ||||||||||||||
1,127,100 | Coca-Cola Co | 72,821,931 | 1.1 | |||||||||||
414,457 | PepsiCo, Inc | 71,166,411 | 1.1 | |||||||||||
Other | 63,538,411 | 0.9 | ||||||||||||
207,526,753 | 3.1 | |||||||||||||
HEALTH CARE EQUIPMENT & SERVICES | ||||||||||||||
105,691 | Anthem, Inc | 53,049,484 | 0.8 | |||||||||||
185,551 | Cigna Corp | 45,790,276 | 0.7 | |||||||||||
Other | 322,356,366 | 4.8 | ||||||||||||
421,196,126 | 6.3 | |||||||||||||
HOUSEHOLD & PERSONAL PRODUCTS | ||||||||||||||
595,703 | Procter & Gamble Co | 95,640,117 | 1.4 | |||||||||||
Other | 69,090,999 | 1.1 | ||||||||||||
164,731,116 | 2.5 |
Shares | Company | Value | % of net assets | |||||||||||
INSURANCE | ||||||||||||||
230,403 | Chubb Ltd | $ | 47,566,699 | 0.7 | % | |||||||||
277,166 | Marsh & McLennan Cos, Inc | 44,817,742 | 0.7 | |||||||||||
Other | 131,241,059 | 1.9 | ||||||||||||
223,625,500 | 3.3 | |||||||||||||
MATERIALS | 176,723,990 | 2.6 | ||||||||||||
MEDIA & ENTERTAINMENT | ||||||||||||||
1,066,497 | Comcast Corp (Class A) | 42,403,921 | 0.6 | |||||||||||
512,185 | * | Walt Disney Co | 57,175,212 | 0.9 | ||||||||||
Other | 184,041,344 | 2.7 | ||||||||||||
283,620,477 | 4.2 | |||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | ||||||||||||||
180,747 | Amgen, Inc | 42,148,393 | 0.6 | |||||||||||
738,603 | Bristol-Myers Squibb Co | 55,594,648 | 0.8 | |||||||||||
218,680 | Danaher Corp | 54,917,108 | 0.8 | |||||||||||
253,670 | Eli Lilly & Co | 74,104,617 | 1.1 | |||||||||||
120,749 | Thermo Fisher Scientific, Inc | 66,764,537 | 1.0 | |||||||||||
229,553 | Zoetis, Inc | 40,688,269 | 0.6 | |||||||||||
Other | 207,978,962 | 3.2 | ||||||||||||
542,196,534 | 8.1 | |||||||||||||
REAL ESTATE | ||||||||||||||
200,105 | American Tower Corp | 48,229,307 | 0.7 | |||||||||||
319,767 | Prologis, Inc | 51,255,452 | 0.8 | |||||||||||
Other | 118,071,423 | 1.8 | ||||||||||||
217,556,182 | 3.3 | |||||||||||||
RETAILING | ||||||||||||||
265,726 | Home Depot, Inc | 79,824,090 | 1.2 | |||||||||||
241,920 | Lowe’s Companies, Inc | 47,834,842 | 0.7 | |||||||||||
218,871 | Target Corp | 50,044,854 | 0.8 | |||||||||||
Other | 98,594,995 | 1.4 | ||||||||||||
276,298,781 | 4.1 | |||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | ||||||||||||||
441,575 | Applied Materials, Inc | 48,727,801 | 0.7 | |||||||||||
1,376,307 | Intel Corp | 59,993,222 | 0.9 | |||||||||||
561,347 | NVIDIA Corp | 104,113,028 | 1.6 | |||||||||||
348,490 | Texas Instruments, Inc | 59,330,423 | 0.9 | |||||||||||
Other | 116,988,125 | 1.7 | ||||||||||||
389,152,599 | 5.8 | |||||||||||||
SOFTWARE & SERVICES | ||||||||||||||
210,596 | Accenture plc | 63,254,615 | 1.0 | |||||||||||
142,621 | * | Adobe, Inc | 56,470,785 | 0.9 | ||||||||||
217,096 | Automatic Data Processing, Inc | 47,366,005 | 0.7 | |||||||||||
388,025 | International Business Machines Corp | 51,300,785 | 0.8 | |||||||||||
101,475 | Intuit, Inc | 42,492,656 | 0.6 | |||||||||||
234,341 | Mastercard, Inc (Class A) | 85,154,833 | 1.3 | |||||||||||
1,334,497 | d | Microsoft Corp | 370,349,607 | 5.6 | ||||||||||
479,182 | * | PayPal Holdings, Inc | 42,134,473 | 0.6 | ||||||||||
300,072 | * | salesforce.com, Inc | 52,794,668 | 0.8 | ||||||||||
90,530 | * | ServiceNow, Inc | 43,282,393 | 0.7 | ||||||||||
Other | 270,056,258 | 3.9 | ||||||||||||
1,124,657,078 | 16.9 | |||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT | ||||||||||||||
1,263,337 | Cisco Systems, Inc | 61,878,246 | 0.9 | |||||||||||
Other | 226,438,581 | 3.4 | ||||||||||||
288,316,827 | 4.3 |
54 | 2022 Semiannual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements |
Summary portfolio of investments (unaudited) | concluded |
Social Choice Equity Fund ■ April 30, 2022
Shares | Company | Value | % of net assets | ||||||||||||
TELECOMMUNICATION SERVICES | |||||||||||||||
351,522 | * | T-Mobile US, Inc | $ | 43,286,419 | 0.6 | % | |||||||||
1,261,731 | Verizon Communications, Inc | 58,418,145 | 0.9 | ||||||||||||
Other | 5,977,604 | 0.1 | |||||||||||||
107,682,168 | 1.6 | ||||||||||||||
TRANSPORTATION | |||||||||||||||
1,265,121 | CSX Corp | 43,444,255 | 0.7 | ||||||||||||
Other | 122,869,495 | 1.8 | |||||||||||||
166,313,750 | 2.5 | ||||||||||||||
UTILITIES | |||||||||||||||
710,043 | NextEra Energy, Inc | 50,427,254 | 0.8 | ||||||||||||
Other | 162,925,903 | 2.4 | |||||||||||||
213,353,157 | 3.2 | ||||||||||||||
TOTAL COMMON STOCKS (Cost $4,577,298,356) | 6,639,980,993 | 99.5 | |||||||||||||
Principal | Issuer | ||||||||||||||
SHORT-TERM INVESTMENTS | |||||||||||||||
GOVERNMENT AGENCY DEBT | 25,699,051 | 0.4 |
Shares | Company | Value | % of net assets | |||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | ||||||||||||||
5,185,122 | c | State Street Navigator Securities Lending Government Money Market Portfolio 0.310% | $ | 5,185,122 | 0.1 | % | ||||||||
5,185,122 | 0.1 | |||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $30,884,415) | 30,884,173 | 0.5 | ||||||||||||
TOTAL PORTFOLIO (Cost $4,608,182,771) | 6,670,865,166 | 100.0 | ||||||||||||
OTHER ASSETS & LIABILITIES, NET | 29,613 | 0.0 | ||||||||||||
NET ASSETS | $ | 6,670,894,779 | 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 4/30/22, the aggregate value of securities on loan is $12,088,450. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.
For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.
Futures contracts outstanding as of April 30, 2022 were as follows:
Number of | Unrealized | |||||||||||||||
long (short | ) | appreciation | ||||||||||||||
Description | contracts | Expiration date | Notional amount | Value | (depreciation | ) | ||||||||||
S&P 500 E Mini Index | 118 | 06/17/22 | $25,466,015 | $24,352,250 | $(1,113,765 | ) |
See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2022 Semiannual Report | 55 |
Summary portfolio of investments (unaudited)
Social Choice Low Carbon Equity Fund ■ April 30, 2022
Shares | Company | Value | % of net assets | |||||||||||
COMMON STOCKS | ||||||||||||||
AUTOMOBILES & COMPONENTS | ||||||||||||||
27,408 | * | Tesla, Inc | $ | 23,865,790 | 2.2 | % | ||||||||
Other | 3,949,983 | 0.4 | ||||||||||||
27,815,773 | 2.6 | |||||||||||||
BANKS | 29,017,789 | 2.7 | ||||||||||||
CAPITAL GOODS | ||||||||||||||
36,829 | Caterpillar, Inc | 7,753,978 | 0.7 | |||||||||||
20,996 | Deere & Co | 7,927,040 | 0.8 | |||||||||||
Other | 42,788,984 | 4.0 | ||||||||||||
58,470,002 | 5.5 | |||||||||||||
COMMERCIAL & PROFESSIONAL SERVICES | 12,382,827 | 1.2 | ||||||||||||
CONSUMER DURABLES & APPAREL | ||||||||||||||
61,996 | Nike, Inc (Class B) | 7,730,901 | 0.7 | |||||||||||
Other | 6,955,881 | 0.7 | ||||||||||||
14,686,782 | 1.4 | |||||||||||||
CONSUMER SERVICES | ||||||||||||||
3,434 | * | Booking Holdings, Inc | 7,590,204 | 0.7 | ||||||||||
Other | 18,089,673 | 1.7 | ||||||||||||
25,679,877 | 2.4 | |||||||||||||
DIVERSIFIED FINANCIALS | ||||||||||||||
45,074 | American Express Co | 7,874,879 | 0.8 | |||||||||||
115,646 | Charles Schwab Corp | 7,670,799 | 0.7 | |||||||||||
24,981 | Goldman Sachs Group, Inc | 7,631,446 | 0.7 | |||||||||||
58,936 | Intercontinental Exchange Group, Inc | 6,825,378 | 0.7 | |||||||||||
97,787 | Morgan Stanley | 7,880,654 | 0.8 | |||||||||||
22,592 | S&P Global, Inc | 8,505,888 | 0.8 | |||||||||||
Other | 24,814,466 | 2.2 | ||||||||||||
71,203,510 | 6.7 | |||||||||||||
ENERGY | 35,290,448 | 3.3 | ||||||||||||
FOOD & STAPLES RETAILING | 4,962,006 | 0.5 | ||||||||||||
FOOD, BEVERAGE & TOBACCO | ||||||||||||||
179,819 | Coca-Cola Co | 11,618,106 | 1.1 | |||||||||||
65,923 | PepsiCo, Inc | 11,319,638 | 1.1 | |||||||||||
Other | 10,505,504 | 1.0 | ||||||||||||
33,443,248 | 3.2 | |||||||||||||
HEALTH CARE EQUIPMENT & SERVICES | ||||||||||||||
16,837 | Anthem, Inc | 8,450,995 | 0.8 | |||||||||||
28,978 | Cigna Corp | 7,151,191 | 0.7 | |||||||||||
Other | 48,167,738 | 4.5 | ||||||||||||
63,769,924 | 6.0 | |||||||||||||
HOUSEHOLD & PERSONAL PRODUCTS | ||||||||||||||
94,302 | Procter & Gamble Co | 15,140,186 | 1.5 | |||||||||||
Other | 11,296,424 | 1.0 | ||||||||||||
26,436,610 | 2.5 |
Shares | Company | Value | % of net assets | |||||||||||
INSURANCE | ||||||||||||||
36,322 | Chubb Ltd | $ | 7,498,677 | 0.7 | % | |||||||||
43,812 | Marsh & McLennan Cos, Inc | 7,084,400 | 0.7 | |||||||||||
Other | 27,574,806 | 2.6 | ||||||||||||
42,157,883 | 4.0 | |||||||||||||
MATERIALS | 33,199,666 | 3.1 | ||||||||||||
MEDIA & ENTERTAINMENT | ||||||||||||||
213,277 | Comcast Corp (Class A) | 8,479,893 | 0.8 | |||||||||||
92,225 | * | Walt Disney Co | 10,295,077 | 1.0 | ||||||||||
Other | 22,797,530 | 2.1 | ||||||||||||
41,572,500 | 3.9 | |||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | ||||||||||||||
34,842 | Amgen, Inc | 8,124,806 | 0.8 | |||||||||||
125,801 | Bristol-Myers Squibb Co | 9,469,041 | 0.9 | |||||||||||
36,987 | Danaher Corp | 9,288,545 | 0.9 | |||||||||||
39,516 | Eli Lilly & Co | 11,543,809 | 1.1 | |||||||||||
125,099 | Merck & Co, Inc | 11,095,030 | 1.1 | |||||||||||
19,606 | Thermo Fisher Scientific, Inc | 10,840,550 | 1.0 | |||||||||||
Other | 31,993,851 | 2.9 | ||||||||||||
92,355,632 | 8.7 | |||||||||||||
REAL ESTATE | ||||||||||||||
32,699 | American Tower Corp | 7,881,113 | 0.8 | |||||||||||
51,062 | Prologis, Inc | 8,184,728 | 0.8 | |||||||||||
Other | 25,710,408 | 2.3 | ||||||||||||
41,776,249 | 3.9 | |||||||||||||
RETAILING | ||||||||||||||
44,412 | Home Depot, Inc | 13,341,365 | 1.3 | |||||||||||
43,751 | Lowe’s Companies, Inc | 8,650,885 | 0.8 | |||||||||||
34,416 | Target Corp | 7,869,218 | 0.8 | |||||||||||
Other | 16,544,366 | 1.5 | ||||||||||||
46,405,834 | 4.4 | |||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | ||||||||||||||
67,817 | Applied Materials, Inc | 7,483,606 | 0.7 | |||||||||||
218,030 | Intel Corp | 9,503,928 | 0.9 | |||||||||||
88,266 | NVIDIA Corp | 16,370,695 | 1.6 | |||||||||||
53,948 | Texas Instruments, Inc | 9,184,647 | 0.9 | |||||||||||
Other | 18,543,302 | 1.7 | ||||||||||||
61,086,178 | 5.8 | |||||||||||||
SOFTWARE & SERVICES | ||||||||||||||
33,307 | Accenture plc | 10,004,091 | 0.9 | |||||||||||
25,058 | * | Adobe, Inc | 9,921,715 | 0.9 | ||||||||||
34,383 | Automatic Data Processing, Inc | 7,501,683 | 0.7 | |||||||||||
62,193 | International Business Machines Corp | 8,222,537 | 0.8 | |||||||||||
17,523 | Intuit, Inc | 7,337,756 | 0.7 | |||||||||||
36,977 | Mastercard, Inc (Class A) | 13,436,702 | 1.3 | |||||||||||
211,593 | d | Microsoft Corp | 58,721,289 | 5.5 | ||||||||||
83,406 | * | PayPal Holdings, Inc | 7,333,890 | 0.7 | ||||||||||
52,532 | * | salesforce.com, Inc | 9,242,480 | 0.9 | ||||||||||
14,574 | * | ServiceNow, Inc | 6,967,829 | 0.7 | ||||||||||
Other | 45,525,700 | 4.3 | ||||||||||||
184,215,672 | 17.4 |
56 | 2022 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, 2022
Shares | Company | Value | % of net assets | ||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT | |||||||||||||||
213,578 | Cisco Systems, Inc | $ | 10,461,050 | 1.0 | % | ||||||||||
Other | 41,387,192 | 3.9 | |||||||||||||
51,848,242 | 4.9 | ||||||||||||||
TELECOMMUNICATION SERVICES | |||||||||||||||
54,752 | * | T-Mobile US, Inc | 6,742,161 | 0.6 | |||||||||||
194,644 | Verizon Communications, Inc | 9,012,017 | 0.9 | ||||||||||||
Other | 283,466 | 0.0 | |||||||||||||
16,037,644 | 1.5 | ||||||||||||||
TRANSPORTATION | |||||||||||||||
210,164 | CSX Corp | 7,217,032 | 0.7 | ||||||||||||
Other | 9,167,854 | 0.8 | |||||||||||||
16,384,886 | 1.5 | ||||||||||||||
UTILITIES | 20,996,788 | 2.0 | |||||||||||||
TOTAL COMMON STOCKS (Cost $975,319,543) | 1,051,195,970 | 99.1 | |||||||||||||
Principal | Issuer | ||||||||||||||
SHORT-TERM INVESTMENTS | |||||||||||||||
GOVERNMENT AGENCY DEBT | 4,999,933 | 0.5 | |||||||||||||
REPURCHASE AGREEMENT | |||||||||||||||
$ | 16,895,000 | r | Fixed Income Clearing Corp (FICC) | ||||||||||||
0.230%, 05/02/22 | 16,895,000 | 1.6 | |||||||||||||
16,895,000 | 1.6 |
Shares | Company | Value | % of net assets | |||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | ||||||||||||||
365,305 | c | State Street Navigator Securities Lending Government Money Market Portfolio 0.310% | $ | 365,305 | 0.0 | % | ||||||||
365,305 | 0.0 | |||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $22,260,249) | 22,260,238 | 2.1 | ||||||||||||
TOTAL PORTFOLIO (Cost $997,579,792) | 1,073,456,208 | 101.2 | ||||||||||||
OTHER ASSETS & LIABILITIES, NET | (12,600,323 | ) | (1.2 | ) | ||||||||||
NET ASSETS | $ | 1,060,855,885 | 100.0 | % |
* | Non-income producing |
c | Investments made with cash collateral received from securities on loan. |
d | All or a portion of these securities have been segregated to cover margin requirements on open futures contracts. |
r | Agreement with Fixed Income Clearing Corp (FICC), 0.230% dated 4/29/22 to be repurchased at $16,895,000 on 5/2/22, collateralized by Government Agency Securities, with coupon rate 2.500% and maturity date 2/15/46, valued at $17,232,910. |
“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 4/30/22, the aggregate value of securities on loan is $691,313. 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, 2022 were as follows:
Description | Number of long (short) contracts | Expiration date | Notional amount | Value | Unrealized appreciation (depreciation | ) | ||||||||||
S&P 500 E Mini Index | 32 | 06/17/22 | $6,761,688 | $6,604,000 | $(157,688 | ) |
See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2022 Semiannual Report | 57 |
Summary portfolio of investments (unaudited)
Emerging Markets Equity Fund ■ April 30, 2022
Shares | Company | Value | % of net assets | |||||||||||
COMMON STOCKS | ||||||||||||||
BRAZIL | ||||||||||||||
11,542,002 | Americanas S.A. | $ | 56,029,702 | 4.0 | % | |||||||||
7,715,472 | * | Arcos Dorados Holdings, Inc | 55,937,172 | 4.0 | ||||||||||
1,887,100 | Banco do Brasil S.A. | 12,680,036 | 0.9 | |||||||||||
1,271,425 | * | Pagseguro Digital Ltd | 18,702,662 | 1.3 | ||||||||||
3,512,000 | Petroleo Brasileiro S.A. (Preference) | 21,509,797 | 1.5 | |||||||||||
1,622,940 | * | StoneCo Ltd | 15,288,095 | 1.1 | ||||||||||
444,707 | * | XP, Inc | 10,944,239 | 0.8 | ||||||||||
191,091,703 | 13.6 | |||||||||||||
CHILE | ||||||||||||||
178,743 | Sociedad Quimica y Minera de Chile S.A. (ADR) | 13,191,233 | 0.9 | |||||||||||
13,191,233 | 0.9 | |||||||||||||
CHINA | ||||||||||||||
4,734,308 | * | Alibaba Group Holding Ltd | 57,747,563 | 4.1 | ||||||||||
520,801 | * | Baidu, Inc (ADR) | 64,667,860 | 4.6 | ||||||||||
41,298,000 | Bank of China Ltd | 16,204,610 | 1.2 | |||||||||||
2,911,320 | * | HUYA, Inc (ADR) | 12,023,752 | 0.9 | ||||||||||
19,512,000 | Lenovo Group Ltd | 18,946,204 | 1.4 | |||||||||||
622,733 | * | Pinduoduo, Inc (ADR) | 26,833,565 | 1.9 | ||||||||||
1,142,776 | Tencent Holdings Ltd | 53,853,188 | 3.8 | |||||||||||
3,880,772 | * | Vipshop Holdings Ltd (ADR) | 29,726,713 | 2.1 | ||||||||||
Other | 20,073,519 | 1.4 | ||||||||||||
300,076,974 | 21.4 | |||||||||||||
HONG KONG | ||||||||||||||
17,183,500 | g | WH Group Ltd | 11,866,909 | 0.8 | ||||||||||
Other | 9,172,449 | 0.7 | ||||||||||||
21,039,358 | 1.5 | |||||||||||||
INDIA | ||||||||||||||
202,857 | Dr Reddy’s Laboratories Ltd | 10,925,269 | 0.8 | |||||||||||
22,956,912 | Edelweiss Capital Ltd | 17,916,917 | 1.3 | |||||||||||
1,132,975 | Housing Development Finance Corp | 32,688,527 | 2.3 | |||||||||||
1,023,221 | Piramal Healthcare Ltd | 28,659,865 | 2.0 | |||||||||||
6,934,488 | *,g | RBL Bank Ltd | 10,772,114 | 0.8 | ||||||||||
1,880,755 | Reliance Industries Ltd | 68,144,311 | 4.8 | |||||||||||
169,107,003 | 12.0 | |||||||||||||
INDONESIA | ||||||||||||||
42,306,500 | Astra International Tbk PT | 22,089,980 | 1.5 | |||||||||||
9,237,400 | PT United Tractors Tbk | 19,291,045 | 1.4 | |||||||||||
41,381,025 | 2.9 | |||||||||||||
KOREA, REPUBLIC OF | ||||||||||||||
126,144 | Amorepacific Corp | 17,951,020 | 1.3 | |||||||||||
391,414 | KB Financial Group, Inc | 18,210,177 | 1.3 | |||||||||||
139,551 | LG Electronics, Inc | 12,638,724 | 0.9 | |||||||||||
88,410 | Naver Corp | 19,694,123 | 1.4 | |||||||||||
59,439 | POSCO | 13,571,516 | 0.9 | |||||||||||
1,498,953 | Samsung Electronics Co Ltd | 79,884,519 | 5.7 | |||||||||||
337,513 | Shinhan Financial Group Co Ltd | 11,213,735 | 0.8 | |||||||||||
Other | 9,938,094 | 0.7 | ||||||||||||
183,101,908 | 13.0 |
Shares | Company | Value | % of net assets | |||||||||||
MACAU | ||||||||||||||
5,478,800 | * | Sands China Ltd | $ | 12,076,234 | 0.9 | % | ||||||||
24,888,100 | * | Wynn Macau Ltd | 15,286,917 | 1.1 | ||||||||||
27,363,151 | 2.0 | |||||||||||||
MEXICO | ||||||||||||||
646,841 | Fomento Economico Mexicano SAB de C.V. (ADR) | 48,344,896 | 3.4 | |||||||||||
2,502,538 | Grupo Televisa SAB (ADR) | 23,098,426 | 1.7 | |||||||||||
71,443,322 | 5.1 | |||||||||||||
PERU | ||||||||||||||
98,300 | Credicorp Ltd | 13,652,887 | 1.0 | |||||||||||
13,652,887 | 1.0 | |||||||||||||
QATAR | ||||||||||||||
1,992,578 | Qatar National Bank | 12,721,202 | 0.9 | |||||||||||
12,721,202 | 0.9 | |||||||||||||
SAUDI ARABIA | ||||||||||||||
1,684,447 | g | Saudi Arabian Oil Co | 20,128,776 | 1.4 | ||||||||||
20,128,776 | 1.4 | |||||||||||||
SOUTH AFRICA | ||||||||||||||
131,775 | Naspers Ltd (N Shares) | 13,290,291 | 1.0 | |||||||||||
1,594,495 | Standard Bank Group Ltd | 16,897,669 | 1.2 | |||||||||||
30,187,960 | 2.2 | |||||||||||||
TAIWAN | ||||||||||||||
7,360,000 | Hon Hai Precision Industry Co, Ltd | 25,215,945 | 1.8 | |||||||||||
679,000 | MediaTek, Inc | 18,718,658 | 1.3 | |||||||||||
6,290,400 | Taiwan Semiconductor Manufacturing Co Ltd | 113,747,066 | 8.1 | |||||||||||
157,681,669 | 11.2 | |||||||||||||
TANZANIA, UNITED REPUBLIC OF | ||||||||||||||
624,334 | AngloGold Ashanti Ltd (ADR) | 12,748,900 | 0.9 | |||||||||||
12,748,900 | 0.9 | |||||||||||||
THAILAND | ||||||||||||||
6,551,400 | CP Seven Eleven PCL (ADR) | 12,352,249 | 0.9 | |||||||||||
3,077,500 | PTT Exploration & Production PCL (ADR) | 13,465,328 | 1.0 | |||||||||||
11,759,700 | PTT PCL | 12,780,755 | 0.9 | |||||||||||
Other | 10,392,426 | 0.7 | ||||||||||||
48,990,758 | 3.5 | |||||||||||||
UNITED ARAB EMIRATES | ||||||||||||||
2,306,037 | National Bank of Abu Dhabi PJSC | 14,088,420 | 1.0 | |||||||||||
14,088,420 | 1.0 | |||||||||||||
UNITED STATES | 2,131,871 | 0.2 | ||||||||||||
TOTAL COMMON STOCKS (Cost $1,557,017,115) | 1,330,128,120 | 94.7 | ||||||||||||
PREFERRED STOCKS | ||||||||||||||
PHILIPPINES | 3,298 | 0.0 | ||||||||||||
TOTAL PREFERRED STOCKS (Cost $4,057) | 3,298 | 0.0 |
58 | 2022 Semiannual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements |
Summary portfolio of investments (unaudited) | concluded |
Emerging Markets Equity Fund ■ April 30, 2022
Principal | Issuer | Value | % of net assets | ||||||||||||
SHORT-TERM INVESTMENTS | |||||||||||||||
GOVERNMENT AGENCY DEBT | $ | 23,603,107 | 1.7 | % | |||||||||||
REPURCHASE AGREEMENT | |||||||||||||||
$ | 41,540,000 | r | Fixed Income Clearing Corp (FICC) | ||||||||||||
0.250%, 05/02/22 | 41,540,000 | 2.9 | |||||||||||||
41,540,000 | 2.9 | ||||||||||||||
Shares | Company | ||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | |||||||||||||||
727,368 | c | State Street Navigator Securities Lending Government Money Market Portfolio 0.310% | 727,368 | 0.1 | |||||||||||
727,368 | 0.1 | ||||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $65,870,733) | 65,870,475 | 4.7 | |||||||||||||
TOTAL PORTFOLIO (Cost $1,622,891,905) | 1,396,001,893 | 99.4 | |||||||||||||
OTHER ASSETS & LIABILITIES, NET | 8,868,724 | 0.6 | |||||||||||||
NET ASSETS | $ | 1,404,870,617 | 100.0 | % |
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 4/30/22, the aggregate value of these securities, including those in “Other,” is $42,767,799 or 3.0% of net assets. |
r | Agreement with Fixed Income Clearing Corp (FICC), 0.250% dated 4/29/22 to be repurchased at $41,540,000 on 5/2/22, collateralized by Government Agency Securities, with coupon rate 3.000% and maturity date 11/15/45, valued at $42,370,899. |
“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 4/30/22, the aggregate value of securities on loan is $454,282. 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 ■ 2022 Semiannual Report | 59 |
Summary portfolio of investments (unaudited)
International Equity Fund ■ April 30, 2022
Shares | Company | Value | % of net assets | |||||||||||
COMMON STOCKS | ||||||||||||||
AUSTRALIA | ||||||||||||||
2,520,361 | e | BHP Billiton Ltd | $ | 84,218,933 | 1.5 | % | ||||||||
1,424,844 | Commonwealth Bank of Australia | 103,562,669 | 1.8 | |||||||||||
9,511,993 | Glencore Xstrata plc | 58,609,706 | 1.0 | |||||||||||
1,058,063 | Rio Tinto plc | 74,758,653 | 1.3 | |||||||||||
Other | 37,423,470 | 0.7 | ||||||||||||
358,573,431 | 6.3 | |||||||||||||
BRAZIL | 41,201,303 | 0.7 | ||||||||||||
DENMARK | ||||||||||||||
492,997 | DSV AS | 80,827,676 | 1.4 | |||||||||||
80,827,676 | 1.4 | |||||||||||||
FINLAND | ||||||||||||||
6,660,944 | Nordea Bank Abp | 66,455,564 | 1.2 | |||||||||||
66,455,564 | 1.2 | |||||||||||||
FRANCE | ||||||||||||||
1,280,437 | Airbus SE | 140,171,796 | 2.4 | |||||||||||
1,743,966 | Compagnie de Saint-Gobain | 101,739,768 | 1.8 | |||||||||||
556,035 | Essilor International S.A. | 94,663,690 | 1.7 | |||||||||||
137,258 | Kering | 73,031,192 | 1.3 | |||||||||||
1,852,731 | Total S.A. | 90,974,586 | 1.6 | |||||||||||
655,404 | Vinci S.A. | 63,596,378 | 1.1 | |||||||||||
Other | 54,031,444 | 0.9 | ||||||||||||
618,208,854 | 10.8 | |||||||||||||
GERMANY | ||||||||||||||
2,484,325 | * | Bayer AG. | 163,645,071 | 2.9 | ||||||||||
1,677,234 | RWE AG. | 69,637,745 | 1.2 | |||||||||||
733,828 | Siemens AG. | 90,227,802 | 1.6 | |||||||||||
375,754 | Volkswagen AG. (Preference) | 58,191,674 | 1.0 | |||||||||||
Other | 194,302,170 | 3.4 | ||||||||||||
576,004,462 | 10.1 | |||||||||||||
HONG KONG | ||||||||||||||
1,981,724 | Hong Kong Exchanges and Clearing Ltd | 84,062,702 | 1.5 | |||||||||||
84,062,702 | 1.5 | |||||||||||||
IRELAND | ||||||||||||||
2,141,395 | CRH plc | 84,638,299 | 1.5 | |||||||||||
84,638,299 | 1.5 | |||||||||||||
ITALY | ||||||||||||||
1,307,128 | Moncler S.p.A | 68,093,128 | 1.2 | |||||||||||
Other | 43,376,960 | 0.8 | ||||||||||||
111,470,088 | 2.0 |
Shares | Company | Value | % of net assets | |||||||||||
JAPAN | ||||||||||||||
4,545,900 | Daiichi Sankyo Co Ltd | $ | 114,460,738 | 2.0 | % | |||||||||
394,916 | Daikin Industries Ltd | 60,350,108 | 1.1 | |||||||||||
2,744,379 | * | Hitachi Ltd | 130,156,151 | 2.3 | ||||||||||
144,300 | Keyence Corp | 58,009,195 | 1.0 | |||||||||||
152,628 | Nintendo Co Ltd | 69,658,001 | 1.2 | |||||||||||
2,392,600 | Recruit Holdings Co Ltd | 86,807,335 | 1.5 | |||||||||||
1,796,959 | Sony Corp | 155,079,386 | 2.7 | |||||||||||
1,944,100 | Sumitomo Mitsui Financial Group, Inc | 58,738,911 | 1.0 | |||||||||||
9,205,945 | * | Toyota Motor Corp | 157,731,953 | 2.8 | ||||||||||
Other | 149,943,588 | 2.7 | ||||||||||||
1,040,935,366 | 18.3 | |||||||||||||
KOREA, REPUBLIC OF | 33,047,388 | 0.6 | ||||||||||||
NETHERLANDS | ||||||||||||||
186,099 | ASML Holding NV | 105,618,343 | 1.8 | |||||||||||
641,788 | e | Heineken NV | 62,645,553 | 1.1 | ||||||||||
7,030,523 | ING Groep NV | 66,608,649 | 1.2 | |||||||||||
19,613,806 | Koninklijke KPN NV | 67,679,251 | 1.2 | |||||||||||
7,188,941 | Shell plc | 192,993,533 | 3.4 | |||||||||||
Other | 44,598,310 | 0.8 | ||||||||||||
540,143,639 | 9.5 | |||||||||||||
NORWAY | ||||||||||||||
2,802,971 | Equinor ASA | 94,739,195 | 1.7 | |||||||||||
94,739,195 | 1.7 | |||||||||||||
SPAIN | ||||||||||||||
12,484,981 | Banco Bilbao Vizcaya Argentaria S.A. | 65,511,827 | 1.1 | |||||||||||
65,511,827 | 1.1 | |||||||||||||
SWITZERLAND | ||||||||||||||
120,855 | Lonza Group AG. | 71,260,197 | 1.2 | |||||||||||
581,628 | Nestle S.A. | 75,084,729 | 1.3 | |||||||||||
1,458,689 | Novartis AG. | 128,903,241 | 2.3 | |||||||||||
384,262 | Roche Holding AG. | 142,489,620 | 2.5 | |||||||||||
170,400 | Zurich Insurance Group AG | 77,577,925 | 1.4 | |||||||||||
495,315,712 | 8.7 | |||||||||||||
TAIWAN | 46,199,034 | 0.8 | ||||||||||||
UNITED KINGDOM | ||||||||||||||
1,397,046 | Ashtead Group plc | 72,237,377 | 1.3 | |||||||||||
1,588,635 | AstraZeneca plc | 211,989,483 | 3.7 | |||||||||||
30,907,248 | Barclays plc | 56,811,879 | 1.0 | |||||||||||
1,590,669 | British American Tobacco plc | 66,668,675 | 1.2 | |||||||||||
3,233,874 | Diageo plc | 161,334,268 | 2.8 | |||||||||||
362,884 | Linde plc (Xetra) | 113,814,066 | 2.0 | |||||||||||
981,309 | Reckitt Benckiser Group plc | 76,527,934 | 1.3 | |||||||||||
21,215,356 | Tesco plc | 72,075,308 | 1.3 | |||||||||||
Other | 82,267,889 | 1.4 | ||||||||||||
913,726,879 | 16.0 | |||||||||||||
UNITED STATES | ||||||||||||||
3,724,156 | GlaxoSmithKline plc | 83,952,089 | 1.4 | |||||||||||
Other | 21,481,057 | 0.4 | ||||||||||||
105,433,146 | 1.8 | |||||||||||||
TOTAL COMMON STOCKS (Cost $4,892,191,722) | 5,356,494,565 | 94.0 |
60 | 2022 Semiannual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements |
Summary portfolio of investments (unaudited) | concluded |
International Equity Fund ■ April 30, 2022
Principal | Issuer | Value | % of net assets | ||||||||||||
SHORT-TERM INVESTMENTS | |||||||||||||||
GOVERNMENT AGENCY DEBT | $ | 143,262,971 | 2.5 | % | |||||||||||
REPURCHASE AGREEMENT | |||||||||||||||
$ | 100,065,000 | r | Fixed Income Clearing Corp (FICC) | ||||||||||||
0.250%, 05/02/22 | 100,065,000 | 1.8 | |||||||||||||
100,065,000 | 1.8 | ||||||||||||||
Shares | Company | ||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | |||||||||||||||
34,029,231 | c | State Street Navigator Securities Lending Government Money Market Portfolio 0.310% | 34,029,231 | 0.6 | |||||||||||
34,029,231 | 0.6 | ||||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $277,360,868) | 277,357,202 | 4.9 | |||||||||||||
TOTAL PORTFOLIO (Cost $5,169,552,590) | 5,633,851,767 | 98.9 | |||||||||||||
OTHER ASSETS & LIABILITIES, NET | 63,119,803 | 1.1 | |||||||||||||
NET ASSETS | $ | 5,696,971,570 | 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 $40,002,674. See Note 4 in the Notes to financial statements for additional information about securities lending collateral. |
r | Agreement with Fixed Income Clearing Corp (FICC), 0.250% dated 4/29/22 to be repurchased at $100,065,000 on 5/2/22, collateralized by Government Agency Securities, with coupon rates 2.875%–3.000% and maturity dates 8/15/45–11/15/45, valued at $102,066,389. |
“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 ■ 2022 Semiannual Report | 61 |
Summary portfolio of investments (unaudited)
International Opportunities Fund ■ April 30, 2022
Shares | Company | Value | % of net assets | |||||||||||
COMMON STOCKS | ||||||||||||||
AUSTRALIA | ||||||||||||||
1,464,354 | Australia & New Zealand Banking Group Ltd | $ | 27,865,467 | 1.3 | % | |||||||||
Other | 27,665,376 | 1.3 | ||||||||||||
55,530,843 | 2.6 | |||||||||||||
BRAZIL | ||||||||||||||
4,678,524 | Banco BTG Pactual S.A. - Unit | 21,850,366 | 1.0 | |||||||||||
5,623,500 | Itau Unibanco Holding S.A. | 27,150,951 | 1.3 | |||||||||||
2,097,700 | Vale S.A. | 35,339,644 | 1.7 | |||||||||||
Other | 27,083,737 | 1.3 | ||||||||||||
111,424,698 | 5.3 | |||||||||||||
CANADA | ||||||||||||||
1,049,500 | Alimentation Couche-Tard, Inc | 46,721,601 | 2.2 | |||||||||||
396,248 | e | Bank of Montreal | 42,013,731 | 2.0 | ||||||||||
653,557 | Dollarama, Inc | 36,334,442 | 1.7 | |||||||||||
407,696 | Nutrien Ltd | 40,063,475 | 1.9 | |||||||||||
50,755 | * | Shopify, Inc (Class A) | 21,711,280 | 1.1 | ||||||||||
830,767 | Suncor Energy, Inc | 29,864,025 | 1.4 | |||||||||||
Other | 28,621,537 | 1.4 | ||||||||||||
245,330,091 | 11.7 | |||||||||||||
CHINA | ||||||||||||||
866,250 | * | JD.com, Inc | 27,008,407 | 1.3 | ||||||||||
703,300 | Tencent Holdings Ltd | 33,142,932 | 1.5 | |||||||||||
Other | 20,530,879 | 1.0 | ||||||||||||
80,682,218 | 3.8 | |||||||||||||
DENMARK | ||||||||||||||
182,956 | Carlsberg AS (Class B) | 23,241,473 | 1.1 | |||||||||||
510,300 | Novo Nordisk AS | 58,289,646 | 2.8 | |||||||||||
81,531,119 | 3.9 | |||||||||||||
FRANCE | ||||||||||||||
186,139 | Essilor International S.A. | 31,689,740 | 1.5 | |||||||||||
83,512 | L’Oreal S.A. | 30,382,490 | 1.4 | |||||||||||
127,639 | Teleperformance | 45,811,050 | 2.2 | |||||||||||
107,883,280 | 5.1 | |||||||||||||
GERMANY | ||||||||||||||
453,465 | * | Bayer AG. | 29,870,211 | 1.4 | ||||||||||
148,233 | Deutsche Boerse AG. | 25,806,555 | 1.2 | |||||||||||
Other | 27,938,456 | 1.4 | ||||||||||||
83,615,222 | 4.0 | |||||||||||||
HONG KONG | 6,290,633 | 0.3 | ||||||||||||
INDIA | 20,556,444 | 1.0 | ||||||||||||
INDONESIA | ||||||||||||||
85,976,300 | Bank Rakyat Indonesia | 28,646,186 | 1.4 | |||||||||||
28,646,186 | 1.4 |
Shares | Company | Value | % of net assets | |||||||||||
IRELAND | ||||||||||||||
626,315 | CRH plc | $ | 24,755,001 | 1.2 | % | |||||||||
587,889 | Smurfit Kappa Group plc | 24,841,700 | 1.2 | |||||||||||
Other | 26,231,936 | 1.2 | ||||||||||||
75,828,637 | 3.6 | |||||||||||||
ITALY | ||||||||||||||
629,250 | Amplifon S.p.A. | 25,103,841 | 1.2 | |||||||||||
1,926,620 | Davide Campari-Milano NV | 21,738,401 | 1.0 | |||||||||||
141,800 | e | Ferrari NV | 29,856,662 | 1.4 | ||||||||||
445,951 | Moncler S.p.A | 23,231,236 | 1.1 | |||||||||||
99,930,140 | 4.7 | |||||||||||||
JAPAN | ||||||||||||||
670,900 | Recruit Holdings Co Ltd | 24,341,320 | 1.2 | |||||||||||
144,999 | * | SHIFT, Inc | 27,477,287 | 1.3 | ||||||||||
836,000 | TechnoPro Holdings, Inc | 21,291,325 | 1.0 | |||||||||||
Other | 99,536,234 | 4.7 | ||||||||||||
172,646,166 | 8.2 | |||||||||||||
NETHERLANDS | ||||||||||||||
13,634 | *,g | Adyen NV | 22,868,218 | 1.1 | ||||||||||
87,682 | ASML Holding NV | 49,762,909 | 2.3 | |||||||||||
3,492,429 | ING Groep NV | 33,088,004 | 1.6 | |||||||||||
105,719,131 | 5.0 | |||||||||||||
NORWAY | ||||||||||||||
1,304,247 | e | Aker BP ASA | 46,729,676 | 2.2 | ||||||||||
1,364,890 | Equinor ASA | 46,132,686 | 2.2 | |||||||||||
92,862,362 | 4.4 | |||||||||||||
PHILIPPINES | 20,240,112 | 1.0 | ||||||||||||
PORTUGAL | ||||||||||||||
1,204,396 | Jeronimo Martins SGPS S.A. | 25,071,478 | 1.2 | |||||||||||
25,071,478 | 1.2 | |||||||||||||
SINGAPORE | 12,112,166 | 0.6 | ||||||||||||
SPAIN | ||||||||||||||
441,397 | * | Amadeus IT Holding S.A. | 27,659,223 | 1.3 | ||||||||||
Other | 1,500 | 0.0 | ||||||||||||
27,660,723 | 1.3 | |||||||||||||
SWEDEN | ||||||||||||||
2,009,889 | *,e | Hexagon AB | 25,933,438 | 1.2 | ||||||||||
3,273,725 | e | Swedish Match AB | 26,074,500 | 1.2 | ||||||||||
Other | 31,370,963 | 1.6 | ||||||||||||
83,378,901 | 4.0 | |||||||||||||
SWITZERLAND | ||||||||||||||
6,007 | Givaudan S.A. | 23,874,951 | 1.1 | |||||||||||
52,867 | Lonza Group AG. | 31,172,172 | 1.5 | |||||||||||
128,319 | Roche Holding AG. | 47,582,445 | 2.3 | |||||||||||
102,629,568 | 4.9 | |||||||||||||
TAIWAN | ||||||||||||||
2,597,000 | Taiwan Semiconductor Manufacturing Co Ltd | 46,960,628 | 2.3 | |||||||||||
Other | 26,670,390 | 1.2 | ||||||||||||
73,631,018 | 3.5 |
62 | 2022 Semiannual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements |
Summary portfolio of investments (unaudited) | concluded |
International Opportunities Fund ■ April 30, 2022
Shares | Company | Value | % of net assets | ||||||||||||
UNITED KINGDOM | |||||||||||||||
613,152 | Ashtead Group plc | $ | 31,704,391 | 1.5 | % | ||||||||||
1,880,365 | Electrocomponents plc | 24,543,421 | 1.2 | ||||||||||||
76,655 | Linde plc (Xetra) | 24,041,890 | 1.1 | ||||||||||||
7,333,728 | Tritax Big Box REIT plc | 22,387,439 | 1.1 | ||||||||||||
Other | 75,998,919 | 3.6 | |||||||||||||
178,676,060 | 8.5 | ||||||||||||||
UNITED STATES | |||||||||||||||
173,862 | Ferguson plc | 21,810,847 | 1.0 | ||||||||||||
79,741 | * | Lululemon Athletica, Inc | 28,278,551 | 1.4 | |||||||||||
Other | 2,891,203 | 0.1 | |||||||||||||
52,980,601 | 2.5 | ||||||||||||||
TOTAL COMMON STOCKS (Cost $1,539,713,199) | 1,944,857,797 | 92.5 | |||||||||||||
RIGHTS / WARRANTS | |||||||||||||||
AUSTRALIA | 3,980 | 0.0 | |||||||||||||
TOTAL RIGHTS / WARRANTS (Cost $0) | 3,980 | 0.0 | |||||||||||||
Principal | Issuer | ||||||||||||||
SHORT-TERM INVESTMENTS | |||||||||||||||
GOVERNMENT AGENCY DEBT | 48,325,411 | 2.3 | |||||||||||||
REPURCHASE AGREEMENT | |||||||||||||||
$ | 71,850,000 | r | Fixed Income Clearing Corp (FICC) 0.250%, 05/02/22 | 71,850,000 | 3.4 | ||||||||||
71,850,000 | 3.4 |
Shares | Company | Value | % of net assets | |||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | ||||||||||||||
114,799,533 | c | State Street Navigator Securities Lending Government Money Market Portfolio 0.310% | $ | 114,799,533 | 5.5 | % | ||||||||
114,799,533 | 5.5 | |||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $234,977,934) | 234,974,944 | 11.2 | ||||||||||||
TOTAL PORTFOLIO (Cost $1,774,691,133) | 2,179,836,721 | 103.7 | ||||||||||||
OTHER ASSETS & LIABILITIES, NET | (77,156,186 | ) | (3.7 | ) | ||||||||||
NET ASSETS | $ | 2,102,680,535 | 100.0 | % |
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 $178,503,599. 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 4/30/22, the aggregate value of these securities, including those in “Other,” is $38,478,343 or 1.8% of net assets. |
r | Agreement with Fixed Income Clearing Corp (FICC), 0.250% dated 4/29/22 to be repurchased at $71,850,000 on 5/2/22, collateralized by Government Agency Securities, with coupon rates 2.500%–3.000% and maturity dates 2/15/45–5/15/45, valued at $73,287,051. |
“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 ■ 2022 Semiannual Report | 63 |
Summary portfolio of investments (unaudited)
Quant International Small-Cap Equity Fund ■ April 30, 2022
Shares | Company | Value | % of net assets | |||||||||||
COMMON STOCKS | ||||||||||||||
AUSTRALIA | ||||||||||||||
1,294,520 | e | Bank of Queensland Ltd (ASE) | $ | 7,344,540 | 0.6 | % | ||||||||
522,699 | carsales.com Ltd | 7,716,643 | 0.6 | |||||||||||
1,999,004 | Charter Hall Long Wale REIT | 7,502,378 | 0.6 | |||||||||||
1,352,571 | Nufarm Ltd | 6,084,811 | 0.5 | |||||||||||
3,328,979 | Qube Logistics Holdings Ltd | 6,879,174 | 0.5 | |||||||||||
Other | 63,023,263 | 4.6 | ||||||||||||
98,550,809 | 7.4 | |||||||||||||
AUSTRIA | ||||||||||||||
136,019 | BAWAG Group AG. | 6,458,707 | 0.5 | |||||||||||
Other | 3,458,646 | 0.3 | ||||||||||||
9,917,353 | 0.8 | |||||||||||||
BELGIUM | 7,088,429 | 0.5 | ||||||||||||
BRAZIL | 32,103,297 | 2.4 | ||||||||||||
CANADA | ||||||||||||||
965,243 | Crescent Point Energy Corp | 6,687,162 | 0.5 | |||||||||||
318,071 | Finning International, Inc | 8,948,029 | 0.7 | |||||||||||
588,152 | e | Freehold Royalty Trust | 6,858,301 | 0.5 | ||||||||||
100,702 | Granite REIT | 7,457,898 | 0.6 | |||||||||||
339,726 | e | Topaz Energy Corp | 6,018,887 | 0.5 | ||||||||||
167,564 | Tourmaline Oil Corp | 8,629,614 | 0.6 | |||||||||||
Other | 63,760,655 | 4.8 | ||||||||||||
108,360,546 | 8.2 | |||||||||||||
CHILE | 2,700,965 | 0.2 | ||||||||||||
CHINA | 28,285,926 | 2.1 | ||||||||||||
COLOMBIA | 155,309 | 0.0 | ||||||||||||
CZECH REPUBLIC | 255,011 | 0.0 | ||||||||||||
DENMARK | 18,335,057 | 1.4 | ||||||||||||
EGYPT | 141,740 | 0.0 | ||||||||||||
FINLAND | 6,241,458 | 0.5 | ||||||||||||
FRANCE | ||||||||||||||
293,017 | SPIE S.A. | 6,896,455 | 0.5 | |||||||||||
Other | 16,940,535 | 1.3 | ||||||||||||
23,836,990 | 1.8 | |||||||||||||
GEORGIA | 298,005 | 0.0 | ||||||||||||
GERMANY | ||||||||||||||
136,147 | Hugo Boss AG. | 7,635,518 | 0.6 | |||||||||||
275,649 | * | K&S AG. | 9,258,494 | 0.7 | ||||||||||
Other | 35,555,657 | 2.7 | ||||||||||||
52,449,669 | 4.0 | |||||||||||||
GREECE | 1,252,721 | 0.1 | ||||||||||||
GUERNSEY, C.I. | 548,971 | 0.0 | ||||||||||||
HONG KONG | ||||||||||||||
727,600 | ASM Pacific Technology | 7,332,594 | 0.6 | |||||||||||
Other | 9,811,609 | 0.7 | ||||||||||||
17,144,203 | 1.3 |
Shares | Company | Value | % of net assets | |||||||||||
HUNGARY | $ | 129,018 | 0.0 | % | ||||||||||
INDIA | ||||||||||||||
421,023 | Central Depository Services India Ltd | 7,520,583 | 0.6 | |||||||||||
Other | 37,001,382 | 2.8 | ||||||||||||
44,521,965 | 3.4 | |||||||||||||
INDONESIA | 9,756,503 | 0.7 | ||||||||||||
IRELAND | 8,853,879 | 0.7 | ||||||||||||
ISRAEL | ||||||||||||||
10,462 | * | Israel Corp Ltd | 5,878,258 | 0.4 | ||||||||||
Other | 34,770,423 | 2.7 | ||||||||||||
40,648,681 | 3.1 | |||||||||||||
ITALY | 21,769,503 | 1.6 | ||||||||||||
JAPAN | ||||||||||||||
1,484,000 | Fujikura Ltd | 7,020,056 | 0.5 | |||||||||||
972,800 | Kyushu Electric Power Co, Inc | 6,105,677 | 0.5 | |||||||||||
249,700 | Nihon Kohden Corp | 5,994,324 | 0.5 | |||||||||||
550,400 | Nikon Corp | 6,184,745 | 0.5 | |||||||||||
Other | 192,772,609 | 14.4 | ||||||||||||
218,077,411 | 16.4 | |||||||||||||
KOREA, REPUBLIC OF | ||||||||||||||
185,187 | Samsung Techwin Co Ltd | 7,749,715 | 0.6 | |||||||||||
Other | 54,996,520 | 4.1 | ||||||||||||
62,746,235 | 4.7 | |||||||||||||
LUXEMBOURG | 4,602,377 | 0.4 | ||||||||||||
MALAYSIA | 8,452,465 | 0.6 | ||||||||||||
MALTA | 1,838,286 | 0.1 | ||||||||||||
MEXICO | 4,608,133 | 0.4 | ||||||||||||
NETHERLANDS | ||||||||||||||
139,975 | Aalberts Industries NV | 6,801,705 | 0.5 | |||||||||||
654,083 | * | Fugro NV | 8,012,740 | 0.6 | ||||||||||
226,349 | * | OCI NV | 8,576,933 | 0.7 | ||||||||||
Other | 1,415,323 | 0.1 | ||||||||||||
24,806,701 | 1.9 | |||||||||||||
NEW ZEALAND | 5,126,550 | 0.4 | ||||||||||||
NORWAY | ||||||||||||||
642,139 | Golden Ocean Group Ltd | 7,994,071 | 0.6 | |||||||||||
159,280 | Kongsberg Gruppen ASA | 6,841,487 | 0.5 | |||||||||||
2,211,519 | MPC Container Ships AS. | 6,582,543 | 0.5 | |||||||||||
Other | 11,126,946 | 0.9 | ||||||||||||
32,545,047 | 2.5 | |||||||||||||
PHILIPPINES | 2,432,433 | 0.2 | ||||||||||||
POLAND | 5,705,862 | 0.4 | ||||||||||||
PORTUGAL | 445,549 | 0.0 | ||||||||||||
RUSSIA | 813 | 0.0 |
64 | 2022 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, 2022
Shares | Company | Value | % of net assets | |||||||||||
SINGAPORE | ||||||||||||||
6,884,400 | Frasers Logistics & Industrial Trust | $ | 7,169,135 | 0.5 | % | |||||||||
Other | 4,869,436 | 0.4 | ||||||||||||
12,038,571 | 0.9 | |||||||||||||
SOUTH AFRICA | 11,430,355 | 0.9 | ||||||||||||
SPAIN | ||||||||||||||
220,077 | Fluidra S.A. | 5,956,204 | 0.5 | |||||||||||
Other | 9,071,382 | 0.6 | ||||||||||||
15,027,586 | 1.1 | |||||||||||||
SWEDEN | ||||||||||||||
460,277 | Billerud AB | 7,102,662 | 0.5 | |||||||||||
1,150,629 | Ssab Svenskt Stal AB (Series B) | 6,766,418 | 0.5 | |||||||||||
Other | 46,151,854 | 3.5 | ||||||||||||
60,020,934 | 4.5 | |||||||||||||
SWITZERLAND | ||||||||||||||
72,650 | DKSH Holding AG. | 6,238,087 | 0.5 | |||||||||||
67,346 | PSP Swiss Property AG. | 8,487,746 | 0.6 | |||||||||||
Other | 20,709,353 | 1.6 | ||||||||||||
35,435,186 | 2.7 | |||||||||||||
TAIWAN | ||||||||||||||
5,309,000 | Evergreen International Storage & Transport Corp | 6,388,804 | 0.5 | |||||||||||
837,000 | Faraday Technology Corp | 7,143,279 | 0.5 | |||||||||||
1,915,000 | Wisdom Marine Lines Co Ltd | 5,892,624 | 0.4 | |||||||||||
Other | 40,887,576 | 3.1 | ||||||||||||
60,312,283 | 4.5 | |||||||||||||
THAILAND | 15,372,520 | 1.2 | ||||||||||||
TURKEY | 5,355,739 | 0.4 | ||||||||||||
UNITED ARAB EMIRATES | 1,648,227 | 0.1 | ||||||||||||
UNITED KINGDOM | ||||||||||||||
175,172 | Derwent London plc | 6,646,362 | 0.5 | |||||||||||
199,392 | Diploma plc | 6,838,904 | 0.5 | |||||||||||
1,616,656 | DS Smith plc | 6,643,270 | 0.5 | |||||||||||
672,631 | HomeServe plc | 8,314,215 | 0.6 | |||||||||||
746,887 | IG Group Holdings plc | 7,633,239 | 0.6 | |||||||||||
2,219,757 | LondonMetric Property plc | 7,502,492 | 0.6 | |||||||||||
2,771,271 | Man Group plc | 8,076,945 | 0.6 | |||||||||||
468,919 | Safestore Holdings plc | 7,376,923 | 0.6 | |||||||||||
3,147,226 | Tritax Big Box REIT plc | 9,607,437 | 0.7 | |||||||||||
Other | 84,206,293 | 6.3 | ||||||||||||
152,846,080 | 11.5 | |||||||||||||
UNITED STATES | ||||||||||||||
151,395 | iShares Core MSCI Emerging Markets ETF | 7,910,389 | 0.6 | |||||||||||
339,653 | iShares MSCI EAFE Small-Cap ETF | 20,956,590 | 1.6 | |||||||||||
Other | 17,602,721 | 1.3 | ||||||||||||
46,469,700 | 3.5 | |||||||||||||
TOTAL COMMON STOCKS (Cost $1,393,989,835) | 1,320,691,051 | 99.5 |
Principal | Issuer | Value | % of net assets | ||||||||||||
SHORT-TERM INVESTMENTS | |||||||||||||||
REPURCHASE AGREEMENT | $ | 400,000 | 0.0 | % | |||||||||||
Shares | Company | ||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | |||||||||||||||
11,656,317 | c | State Street Navigator Securities Lending Government Money Market Portfolio 0.310% | 11,656,317 | 0.9 | |||||||||||
11,656,317 | 0.9 | ||||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $12,056,317) | 12,056,317 | 0.9 | |||||||||||||
TOTAL PORTFOLIO (Cost $1,406,046,152) | 1,332,747,368 | 100.4 | |||||||||||||
OTHER ASSETS & LIABILITIES, NET | (4,678,521 | ) | (0.4 | ) | |||||||||||
NET ASSETS | $ | 1,328,068,847 | 100.0 | % |
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 $37,972,814. 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 4/30/22, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $35,297,622 or 2.7% 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 Funds ■ 2022 Semiannual Report | 65 |
Summary portfolio of investments (unaudited)
Social Choice International Equity Fund ■ April 30, 2022
Shares | Company | Value | % of net assets | |||||||||||
COMMON STOCKS | ||||||||||||||
AUSTRALIA | ||||||||||||||
332,706 | Australia & New Zealand Banking Group Ltd | $ | 6,331,125 | 0.6 | % | |||||||||
147,411 | Commonwealth Bank of Australia | 10,714,349 | 1.0 | |||||||||||
46,714 | CSL Ltd | 8,915,372 | 0.8 | |||||||||||
Other | 54,344,184 | 5.0 | ||||||||||||
80,305,030 | 7.4 | |||||||||||||
AUSTRIA | 6,512,555 | 0.6 | ||||||||||||
BELGIUM | 11,086,020 | 1.0 | ||||||||||||
CHILE | 3,256,474 | 0.3 | ||||||||||||
CHINA | ||||||||||||||
115,405 | Prosus NV | 5,565,829 | 0.5 | |||||||||||
Other | 6,049,787 | 0.6 | ||||||||||||
11,615,616 | 1.1 | |||||||||||||
DENMARK | ||||||||||||||
149,303 | Novo Nordisk AS | 17,054,319 | 1.6 | |||||||||||
Other | 12,036,621 | 1.1 | ||||||||||||
29,090,940 | 2.7 | |||||||||||||
FINLAND | 12,189,430 | 1.1 | ||||||||||||
FRANCE | ||||||||||||||
252,867 | AXA S.A. | 6,689,601 | 0.6 | |||||||||||
138,908 | BNP Paribas S.A. | 7,202,571 | 0.7 | |||||||||||
27,323 | Cap Gemini S.A. | 5,562,388 | 0.5 | |||||||||||
98,866 | Danone | 5,978,551 | 0.6 | |||||||||||
38,916 | Essilor International S.A. | 6,625,360 | 0.6 | |||||||||||
4,789 | Hermes International | 5,905,110 | 0.5 | |||||||||||
26,698 | L’Oreal S.A. | 9,712,996 | 0.9 | |||||||||||
245,752 | Total S.A. | 12,067,152 | 1.1 | |||||||||||
Other | 46,062,545 | 4.2 | ||||||||||||
105,806,274 | 9.7 | |||||||||||||
GERMANY | ||||||||||||||
36,553 | Allianz AG. | 8,247,603 | 0.8 | |||||||||||
104,484 | * | BASF SE | 5,502,438 | 0.5 | ||||||||||
65,919 | Bayerische Motoren Werke AG. | 5,383,326 | 0.5 | |||||||||||
108,068 | * | Daimler AG. (Registered) | 7,543,273 | 0.7 | ||||||||||
106,034 | SAP AG. | 10,746,116 | 1.0 | |||||||||||
80,902 | Siemens AG. | 9,947,303 | 0.9 | |||||||||||
Other | 36,405,581 | 3.3 | ||||||||||||
83,775,640 | 7.7 | |||||||||||||
HONG KONG | ||||||||||||||
974,400 | AIA Group Ltd | 9,572,269 | 0.9 | |||||||||||
Other | 21,335,201 | 1.9 | ||||||||||||
30,907,470 | 2.8 | |||||||||||||
IRELAND | 9,394,390 | 0.9 | ||||||||||||
ISRAEL | 3,824,735 | 0.3 | ||||||||||||
ITALY | ||||||||||||||
1,047,532 | Enel S.p.A. | 6,811,988 | 0.6 | |||||||||||
2,713,754 | Intesa Sanpaolo S.p.A. | 5,529,862 | 0.5 | |||||||||||
Other | 11,900,119 | 1.1 | ||||||||||||
24,241,969 | 2.2 |
Shares | Company | Value | % of net assets | |||||||||||
JAPAN | ||||||||||||||
192,796 | KDDI Corp | $ | 6,384,380 | 0.6 | % | |||||||||
18,946 | Keyence Corp | 7,616,370 | 0.7 | |||||||||||
165,679 | Mitsubishi Corp | 5,562,758 | 0.5 | |||||||||||
13,004 | Nintendo Co Ltd | 5,934,905 | 0.5 | |||||||||||
191,300 | Nippon Telegraph & Telephone Corp | 5,637,485 | 0.5 | |||||||||||
41,200 | Shin-Etsu Chemical Co Ltd | 5,662,302 | 0.5 | |||||||||||
126,515 | Sony Corp | 10,918,373 | 1.0 | |||||||||||
17,900 | Tokyo Electron Ltd | 7,552,841 | 0.7 | |||||||||||
944,275 | * | Toyota Motor Corp | 16,178,930 | 1.5 | ||||||||||
Other | 166,869,804 | 15.4 | ||||||||||||
238,318,148 | 21.9 | |||||||||||||
NETHERLANDS | ||||||||||||||
35,246 | e | ASML Holding NV | 20,003,461 | 1.8 | ||||||||||
Other | 11,668,512 | 1.1 | ||||||||||||
31,671,973 | 2.9 | |||||||||||||
NEW ZEALAND | 6,226,859 | 0.6 | ||||||||||||
NORWAY | 13,906,494 | 1.3 | ||||||||||||
PORTUGAL | 4,646,600 | 0.4 | ||||||||||||
SAUDI ARABIA | 1,049,210 | 0.1 | ||||||||||||
SINGAPORE | 15,326,080 | 1.4 | ||||||||||||
SPAIN | ||||||||||||||
1,104,594 | Banco Bilbao Vizcaya Argentaria S.A. | 5,796,082 | 0.5 | |||||||||||
647,418 | Iberdrola S.A. | 7,439,353 | 0.7 | |||||||||||
Other | 12,570,937 | 1.2 | ||||||||||||
25,806,372 | 2.4 | |||||||||||||
SWEDEN | 35,552,041 | 3.3 | ||||||||||||
SWITZERLAND | ||||||||||||||
221,656 | ABB Ltd | 6,650,110 | 0.6 | |||||||||||
10,523 | Lonza Group AG. | 6,204,717 | 0.6 | |||||||||||
226,574 | Nestle S.A. | 29,249,361 | 2.7 | |||||||||||
58,905 | Roche Holding AG. | 21,842,782 | 2.0 | |||||||||||
437,009 | UBS Group AG | 7,418,941 | 0.7 | |||||||||||
14,962 | Zurich Insurance Group AG | 6,811,742 | 0.6 | |||||||||||
Other | 32,036,440 | 2.9 | ||||||||||||
110,214,093 | 10.1 | |||||||||||||
UNITED KINGDOM | ||||||||||||||
135,286 | AstraZeneca plc | 18,052,737 | 1.7 | |||||||||||
2,070,661 | BP plc | 9,996,724 | 0.9 | |||||||||||
1,984,274 | HSBC Holdings plc | 12,399,983 | 1.1 | |||||||||||
395,667 | National Grid plc | 5,878,413 | 0.5 | |||||||||||
214,200 | RELX plc | 6,381,121 | 0.6 | |||||||||||
3,896,432 | Vodafone Group plc | 5,899,038 | 0.5 | |||||||||||
Other | 87,406,682 | 8.1 | ||||||||||||
146,014,698 | 13.4 | |||||||||||||
UNITED STATES | ||||||||||||||
502,559 | GlaxoSmithKline plc | 11,328,977 | 1.0 | |||||||||||
56,701 | Schneider Electric S.A. | 8,134,842 | 0.8 | |||||||||||
Other | 11,934,117 | 1.1 | ||||||||||||
31,397,936 | 2.9 | |||||||||||||
TOTAL COMMON STOCKS (Cost $1,057,017,239) | 1,072,137,047 | 98.5 |
66 | 2022 Semiannual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements |
Summary portfolio of investments (unaudited) | concluded |
Social Choice International Equity Fund ■ April 30, 2022
Principal | Issuer | Value | % of net assets | |||||||||||
SHORT-TERM INVESTMENTS | ||||||||||||||
REPURCHASE AGREEMENT | ||||||||||||||
$ | 13,430,000 | r | Fixed Income Clearing Corp (FICC) 0.230%, 05/02/22 | $ | 13,430,000 | 1.3 | % | |||||||
13,430,000 | 1.3 | |||||||||||||
Shares | Company | |||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | ||||||||||||||
6,871,652 | c | State Street Navigator Securities Lending Government Money Market Portfolio 0.310% | 6,871,652 | 0.6 | ||||||||||
6,871,652 | 0.6 | |||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $20,301,652) | 20,301,652 | 1.9 | ||||||||||||
TOTAL PORTFOLIO (Cost $1,077,318,891) | 1,092,438,699 | 100.4 | ||||||||||||
OTHER ASSETS & LIABILITIES, NET | (3,907,334 | ) | (0.4 | ) | ||||||||||
NET ASSETS | $ | 1,088,531,365 | 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 $31,637,409. See Note 4 in the Notes to financial statements for additional information about securities lending collateral. |
r | Agreement with Fixed Income Clearing Corp (FICC), 0.230% dated 4/29/22 to be repurchased at $13,430,000 on 5/2/22, collateralized by Government Agency Securities, with coupon rate 2.500% and maturity date 2/15/46, valued at $13,698,605. |
“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 4/30/22, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $5,283,117 or 0.5% 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, 2022 were as follows:
Description | Number of long (short contracts | ) | Expiration date | Notional amount | Value | Unrealized appreciation (depreciation | ) | |||||||||
MSCI EAFE Index | 79 | 06/17/22 | $7,985,823 | $7,886,570 | $(99,253 | ) |
See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2022 Semiannual Report | 67 |
Statements of assets and liabilities (unaudited)
TIAA-CREF Funds ■ April 30, 2022
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*† | $ | 5,689,976,984 | $ | 5,428,583,058 | $ | 4,998,221,879 | $ | 1,365,537,573 | $ | 1,945,084,954 | $ | 2,659,824,774 | $ | 992,586,444 | $ | 6,670,865,166 | $ | 1,073,456,208 | $ | 1,340,064,721 | |||||||||||||||||||||
Affiliated investments, at value‡ | — | — | — | — | — | — | — | — | — | 55,937,172 | |||||||||||||||||||||||||||||||
Cash | 4,793 | 17 | 1,926 | 2,383 | 4,192 | 2,771,086 | 4,700 | 211,401 | — | 3,682 | |||||||||||||||||||||||||||||||
Cash - foreign ^ | 770 | 3,147 | — | — | — | — | — | — | — | 19 | |||||||||||||||||||||||||||||||
Receivable from securities transactions | 22,674,231 | 11,399,626 | 5,775,946 | 731,867 | 16,627,707 | 18,615,031 | 72,970 | — | — | 19 | |||||||||||||||||||||||||||||||
Receivable from Fund shares sold | 12,944,410 | 15,128,490 | 13,878,060 | 150,023 | 696,722 | 2,978,664 | 2,463,254 | 3,557,245 | 2,071,921 | 8,794,689 | |||||||||||||||||||||||||||||||
Dividends and interest receivable | 4,904,731 | 1,861,179 | 4,195,353 | 2,904,318 | 1,079,635 | 505,751 | 334,288 | 5,556,818 | 953,409 | 3,646,259 | |||||||||||||||||||||||||||||||
Due from affiliates | 800,992 | 902,472 | 891,493 | — | 8,381 | 231,961 | 323,261 | 30,202 | — | 948,916 | |||||||||||||||||||||||||||||||
Other | 832,164 | 714,359 | 771,972 | 281,357 | 555,819 | 276,267 | 24,098 | 283,298 | 9,482 | 205,566 | |||||||||||||||||||||||||||||||
Total assets | 5,732,139,075 | 5,458,592,348 | 5,023,736,629 | 1,369,607,521 | 1,964,057,410 | 2,685,203,534 | 995,809,015 | 6,680,504,130 | 1,076,491,020 | 1,409,601,043 | |||||||||||||||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||||||||||||||||||||
Management fees payable | 1,976,575 | 1,908,982 | 1,721,788 | 540,841 | 731,379 | 920,724 | 379,716 | 868,885 | 226,908 | 1,003,714 | |||||||||||||||||||||||||||||||
Service agreement fees payable | 102,061 | 75,697 | 103,505 | 82,789 | 111,537 | 83,302 | 35,626 | 206,196 | 115,605 | 17,942 | |||||||||||||||||||||||||||||||
Distribution fees payable | 313,666 | 249,565 | 41,377 | 49,993 | 52,677 | 36,643 | 3,939 | 143,085 | 13,325 | 2,885 | |||||||||||||||||||||||||||||||
Due to affiliates | 10,355 | 10,154 | 9,510 | 5,768 | 6,283 | 7,429 | 6,151 | 10,120 | 5,434 | 6,737 | |||||||||||||||||||||||||||||||
Overdraft payable | — | — | — | — | — | — | — | — | 592,244 | — | |||||||||||||||||||||||||||||||
Payable for collateral for securities loaned | 2,079,324 | 2,120,030 | — | 23,616,631 | 1,121 | 43,360,329 | 5,481,188 | 5,185,122 | 365,305 | 727,368 | |||||||||||||||||||||||||||||||
Payable for securities transactions | 23,931,485 | 50,397,177 | 40,204,919 | 4,096,739 | 26,137,339 | 18,938,729 | 37,772 | — | 13,946,803 | 18 | |||||||||||||||||||||||||||||||
Payable for Fund shares redeemed | 858,942 | 881,531 | 211,538 | 643,854 | 400,416 | 1,058,524 | 2,584,464 | 1,307,295 | 156,456 | 38,716 | |||||||||||||||||||||||||||||||
Written options◊ | 37,393,651 | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Payable for variation margin on futures contracts | — | — | — | — | — | 4,189,739 | — | 1,113,483 | 157,611 | — | |||||||||||||||||||||||||||||||
Payable for trustee compensation | 485,524 | 334,221 | 501,190 | 180,957 | 431,148 | 273,105 | 22,903 | 275,320 | 8,416 | 93,448 | |||||||||||||||||||||||||||||||
Accrued expenses and other payables | 180,305 | 178,686 | 118,754 | 68,763 | 71,815 | 86,166 | 48,970 | 499,845 | 47,028 | 2,839,598 | |||||||||||||||||||||||||||||||
Total liabilities | 67,331,888 | 56,156,043 | 42,912,581 | 29,286,335 | 27,943,715 | 68,954,690 | 8,600,729 | 9,609,351 | 15,635,135 | 4,730,426 | |||||||||||||||||||||||||||||||
NET ASSETS | $ | 5,664,807,187 | $ | 5,402,436,305 | $ | 4,980,824,048 | $ | 1,340,321,186 | $ | 1,936,113,695 | $ | 2,616,248,844 | $ | 987,208,286 | $ | 6,670,894,779 | $ | 1,060,855,885 | $ | 1,404,870,617 | |||||||||||||||||||||
NET ASSETS CONSIST OF: | |||||||||||||||||||||||||||||||||||||||||
Paid-in-capital | $ | 3,190,520,589 | $ | 3,784,604,415 | $ | 3,214,991,196 | $ | 1,327,114,946 | $ | 1,546,585,717 | $ | 2,240,423,904 | $ | 764,527,819 | $ | 4,443,064,046 | $ | 972,804,792 | $ | 1,792,242,891 | |||||||||||||||||||||
Total distributable earnings (loss) | 2,474,286,598 | 1,617,831,890 | 1,765,832,852 | 13,206,240 | 389,527,978 | 375,824,940 | 222,680,467 | 2,227,830,733 | 88,051,093 | (387,372,274 | ) | ||||||||||||||||||||||||||||||
NET ASSETS | $ | 5,664,807,187 | $ | 5,402,436,305 | $ | 4,980,824,048 | $ | 1,340,321,186 | $ | 1,936,113,695 | $ | 2,616,248,844 | $ | 987,208,286 | $ | 6,670,894,779 | $ | 1,060,855,885 | $ | 1,404,870,617 | |||||||||||||||||||||
* | Includes securities loaned of | $ | 5,337,629 | $ | 1,942,164 | $ | — | $ | 21,904,490 | $ | 9,065,422 | $ | 66,213,320 | $ | 13,294,920 | $ | 12,088,450 | $ | 691,313 | $ | 454,282 | ||||||||||||||||||||
† | Portfolio investments, cost | $ | 3,511,866,846 | $ | 3,821,595,092 | $ | 3,397,439,039 | $ | 1,308,329,095 | $ | 1,692,114,140 | $ | 2,422,730,074 | $ | 835,376,342 | $ | 4,608,182,771 | $ | 997,579,792 | $ | 1,580,029,920 | ||||||||||||||||||||
‡ | Affiliated investments, cost | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 42,861,985 | ||||||||||||||||||||
^ | Foreign cash, cost | $ | 796 | $ | 3,194 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 19 | ||||||||||||||||||||
◊ | Written options premiums | $ | 29,016,628 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — |
68 | 2022 Semiannual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2022 Semiannual Report | 69 |
Statements of assets and liabilities (unaudited) | continued |
TIAA-CREF Funds ■ April 30, 2022
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 | $ | 1,551,208,367 | $ | 1,560,057,303 | $ | 1,801,421,522 | $ | 734,765,711 | $ | 1,152,367,582 | $ | 1,425,506,966 | $ | 50,271,800 | $ | 5,044,222,446 | $ | 465,860,861 | $ | 231,604,813 | ||||||||||||||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 106,306,960 | 83,553,233 | 89,964,867 | 38,523,161 | 64,857,299 | 87,118,898 | 3,766,359 | 207,118,562 | 26,374,421 | 28,951,607 | ||||||||||||||||||||||||||||||
Net asset value per share | $ | 14.59 | $ | 18.67 | $ | 20.02 | $ | 19.07 | $ | 17.77 | $ | 16.36 | $ | 13.35 | $ | 24.35 | $ | 17.66 | $ | 8.00 | ||||||||||||||||||||
ADVISOR CLASS: | ||||||||||||||||||||||||||||||||||||||||
Net assets | $ | 3,386,373 | $ | 4,531,320 | $ | 463,870 | $ | 202,082 | $ | 433,512 | $ | 728,711 | $ | 14,977,655 | $ | 45,524,674 | $ | 8,984,731 | $ | 105,309 | ||||||||||||||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 231,904 | 242,907 | 23,186 | 10,603 | 24,425 | 44,543 | 1,120,223 | 1,871,339 | 509,399 | 13,151 | ||||||||||||||||||||||||||||||
Net asset value per share | $ | 14.60 | $ | 18.65 | $ | 20.01 | $ | 19.06 | $ | 17.75 | $ | 16.36 | $ | 13.37 | $ | 24.33 | $ | 17.64 | $8.01 | |||||||||||||||||||||
PREMIER CLASS: | ||||||||||||||||||||||||||||||||||||||||
Net assets | $ | 10,956,982 | $ | 12,329,503 | $ | 70,771,387 | $ | 35,537,133 | $ | 58,032,362 | $ | 60,934,168 | $ | 199,773 | $ | 76,679,040 | $ | 6,153,223 | $ | 9,192,833 | ||||||||||||||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 749,091 | 660,861 | 3,541,102 | 1,886,754 | 3,271,980 | 3,753,102 | 14,867 | 3,162,609 | 347,880 | 1,147,710 | ||||||||||||||||||||||||||||||
Net asset value per share | $ | 14.63 | $ | 18.66 | $ | 19.99 | $ | 18.84 | $ | 17.74 | $ | 16.24 | $ | 13.44 | $ | 24.25 | $ | 17.69 | $ | 8.01 | ||||||||||||||||||||
RETIREMENT CLASS: | ||||||||||||||||||||||||||||||||||||||||
Net assets | $ | 457,924,227 | $ | 329,214,945 | $ | 478,444,272 | $ | 367,451,328 | $ | 515,032,647 | $ | 378,559,282 | $ | 161,879,922 | $ | 897,855,512 | $ | 522,249,328 | $ | 82,645,211 | ||||||||||||||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 30,578,677 | 17,841,608 | 23,989,683 | 20,337,202 | 29,241,421 | 24,042,814 | 12,202,862 | 36,216,766 | 29,726,275 | 10,378,602 | ||||||||||||||||||||||||||||||
Net asset value per share | $ | 14.98 | $ | 18.45 | $ | 19.94 | $ | 18.07 | $ | 17.61 | $ | 15.75 | $ | 13.27 | $ | 24.79 | $ | 17.57 | $ | 7.96 | ||||||||||||||||||||
RETAIL CLASS: | ||||||||||||||||||||||||||||||||||||||||
Net assets | $ | 1,413,038,523 | $ | 1,097,559,460 | $ | 149,425,421 | $ | 202,364,932 | $ | 210,247,592 | $ | 130,190,942 | $ | 18,100,200 | $ | 606,613,107 | $ | 57,607,742 | $ | 7,924,927 | ||||||||||||||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 64,234,973 | 59,097,227 | 7,877,258 | 11,231,763 | 12,347,106 | 8,407,384 | 1,366,142 | 28,638,800 | 3,276,201 | 991,397 | ||||||||||||||||||||||||||||||
Net asset value per share | $ | 22.00 | $ | 18.57 | $ | 18.97 | $ | 18.02 | $ | 17.03 | $ | 15.49 | $ | 13.25 | $ | 21.18 | $ | 17.58 | $ | 7.99 | ||||||||||||||||||||
CLASS W: | ||||||||||||||||||||||||||||||||||||||||
Net assets | $ | 2,228,292,715 | $ | 2,398,743,774 | $ | 2,480,297,576 | $ | — | $ | — | $ | 620,328,775 | $ | 741,778,936 | $ | — | $ | — | $ | 1,073,397,524 | ||||||||||||||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 152,749,698 | 128,339,934 | 123,723,179 | — | — | 37,901,263 | 55,436,088 | — | — | 133,810,303 | ||||||||||||||||||||||||||||||
Net asset value per share | $ | 14.59 | $ | 18.69 | $ | 20.05 | $ | — | $ | — | $ | 16.37 | $ | 13.38 | $ | — | $ | — | $8.02 |
70 | 2022 Semiannual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2022 Semiannual Report | 71 |
Statements of assets and liabilities (unaudited) | continued |
TIAA-CREF Funds ■ April 30, 2022
International Equity Fund | International Opportunities Fund | Quant International Small-Cap Equity Fund | Social Choice International Equity Fund | ||||||||||||||
ASSETS | |||||||||||||||||
Portfolio investments, at value*† | $ | 5,633,851,767 | $ | 2,179,836,721 | $ | 1,332,747,368 | $ | 1,092,438,699 | |||||||||
Cash | 9,838 | 3,157 | 630 | — | |||||||||||||
Cash - foreign ^ | 3,066,703 | 740,807 | 815,778 | 788,339 | |||||||||||||
Receivable from securities transactions | 93,878,414 | 13,422,907 | 31,986,314 | 6,478,727 | |||||||||||||
Receivable from Fund shares sold | 16,610,894 | 21,415,914 | 2,116,707 | 2,828,216 | |||||||||||||
Dividends and interest receivable | 34,575,085 | 6,773,959 | 7,267,996 | 5,943,816 | |||||||||||||
Due from affiliates | 1,058,397 | 1,019,891 | 826,693 | — | |||||||||||||
Other | 971,307 | 468,124 | 133,743 | 18,077 | |||||||||||||
Total assets | 5,784,022,405 | 2,223,681,480 | 1,375,895,229 | 1,108,495,874 | |||||||||||||
LIABILITIES | |||||||||||||||||
Management fees payable | 2,168,281 | 1,050,668 | 731,624 | 273,361 | |||||||||||||
Service agreement fees payable | 80,650 | 27,337 | 1,165 | 93,001 | |||||||||||||
Distribution fees payable | 57,882 | 1,849 | 225 | 5,067 | |||||||||||||
Due to affiliates | 10,650 | 7,211 | 6,579 | 5,422 | |||||||||||||
Overdraft payable | — | — | — | 28,709 | |||||||||||||
Payable for collateral for securities loaned | 34,029,231 | 114,799,533 | 11,656,317 | 6,871,652 | |||||||||||||
Payable for securities transactions | 48,577,691 | 4,729,772 | 32,658,177 | 12,152,770 | |||||||||||||
Payable for delayed delivery securities | — | — | 780,982 | — | |||||||||||||
Payable for Fund shares redeemed | 1,501,373 | 198,629 | 429,914 | 294,471 | |||||||||||||
Payable for variation margin on futures contracts | — | — | — | 99,089 | |||||||||||||
Payable for trustee compensation | 467,547 | 84,082 | 29,057 | 7,963 | |||||||||||||
Accrued expenses and other payables | 157,530 | 101,864 | 1,532,342 | 133,004 | |||||||||||||
Total liabilities | 87,050,835 | 121,000,945 | 47,826,382 | 19,964,509 | |||||||||||||
NET ASSETS | $ | 5,696,971,570 | $ | 2,102,680,535 | $ | 1,328,068,847 | $ | 1,088,531,365 | |||||||||
NET ASSETS CONSIST OF: | |||||||||||||||||
Paid-in-capital | $ | 5,423,438,124 | $ | 1,736,532,811 | $ | 1,390,128,955 | $ | 1,067,057,808 | |||||||||
Total distributable earnings (loss) | 273,533,446 | 366,147,724 | (62,060,108 | ) | 21,473,557 | ||||||||||||
NET ASSETS | $ | 5,696,971,570 | $ | 2,102,680,535 | $ | 1,328,068,847 | $ | 1,088,531,365 | |||||||||
* | Includes securities loaned of | $ | 40,002,674 | $ | 178,503,599 | $ | 37,972,814 | $ | 31,637,409 | ||||||||
† | Portfolio investments, cost | $ | 5,169,552,590 | $ | 1,774,691,133 | $ | 1,406,046,152 | $ | 1,077,318,891 | ||||||||
^ | Foreign cash, cost | $ | 3,057,436 | $ | 739,432 | $ | 816,372 | $ | 787,979 |
72 | 2022 Semiannual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2022 Semiannual Report | 73 |
Statements of assets and liabilities (unaudited) | concluded |
TIAA-CREF Funds ■ April 30, 2022
International Equity Fund | International Opportunities Fund | Quant International Small-Cap Equity Fund | Social Choice International Equity Fund | |||||||||||||
INSTITUTIONAL CLASS: | ||||||||||||||||
Net assets | $ | 2,390,067,061 | $ | 123,455,146 | $ | 76,123,809 | $ | 621,521,244 | ||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 202,401,698 | 8,618,948 | 7,438,277 | 52,807,870 | ||||||||||||
Net asset value per share | $ | 11.81 | $ | 14.32 | $ | 10.23 | $ | 11.77 | ||||||||
ADVISOR CLASS: | ||||||||||||||||
Net assets | $ | 2,470,431 | $ | 3,722,867 | $ | 74,880 | $ | 2,965,045 | ||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 204,508 | 260,246 | 7,321 | 252,049 | ||||||||||||
Net asset value per share | $ | 12.08 | $ | 14.31 | $ | 10.23 | $ | 11.76 | ||||||||
PREMIER CLASS: | ||||||||||||||||
Net assets | $ | 62,865,001 | $ | 2,261,239 | $ | 76,005 | $ | 696,450 | ||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 5,330,667 | 157,543 | 7,327 | 59,099 | ||||||||||||
Net asset value per share | $ | 11.79 | $ | 14.35 | $ | 10.37 | $ | 11.78 | ||||||||
RETIREMENT CLASS: | ||||||||||||||||
Net assets | $ | 372,859,940 | $ | 120,815,618 | $ | 5,866,400 | $ | 440,092,796 | ||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 30,317,101 | 8,465,185 | 573,673 | 37,532,284 | ||||||||||||
Net asset value per share | $ | 12.30 | $ | 14.27 | $ | 10.23 | $ | 11.73 | ||||||||
RETAIL CLASS: | ||||||||||||||||
Net assets | $ | 231,880,090 | $ | 7,056,507 | $ | 1,002,129 | $ | 23,255,830 | ||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 31,953,391 | 493,834 | 97,775 | 1,982,457 | ||||||||||||
Net asset value per share | $ | 7.26 | $ | 14.29 | $ | 10.25 | $ | 11.73 | ||||||||
CLASS W: | ||||||||||||||||
Net assets | $ | 2,636,829,047 | $ | 1,845,369,158 | $ | 1,244,925,624 | $ | — | ||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 222,501,722 | 128,354,945 | 121,090,295 | — | ||||||||||||
Net asset value per share | $ | 11.85 | $ | 14.38 | $ | 10.28 | $ | — |
74 | 2022 Semiannual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2022 Semiannual Report | 75 |
Statements of operations (unaudited)
TIAA-CREF Funds ■ For the period ended April 30, 2022
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* | $ | 37,701,040 | $ | 17,389,314 | $ | 47,067,307 | $ | 5,457,348 | $ | 16,743,362 | $ | 15,538,255 | $ | 7,298,777 | $ | 49,230,093 | $ | 6,929,193 | $ | 28,847,834 | |||||||||||||||||||||
Dividends from affiliated investments | — | — | — | — | — | — | — | — | — | 308,619 | |||||||||||||||||||||||||||||||
Payment from affiliate | 480,443 | 457,389 | 300,815 | 121,952 | 161,927 | — | — | — | — | 127,398 | |||||||||||||||||||||||||||||||
Income from securities lending, net | 12,537 | 39,999 | 26 | 1,177,803 | 8,300 | 329,291 | 27,838 | 163,456 | 17,984 | 45,423 | |||||||||||||||||||||||||||||||
Interest | 24,822 | 26,411 | 41,287 | 7,320 | 12,429 | 15,694 | 1,891 | 20,602 | 4,691 | 31,921 | |||||||||||||||||||||||||||||||
Total income | 38,218,842 | 17,913,113 | 47,409,435 | 6,764,423 | 16,926,018 | 15,883,240 | 7,328,506 | 49,414,151 | 6,951,868 | 29,361,195 | |||||||||||||||||||||||||||||||
EXPENSES | |||||||||||||||||||||||||||||||||||||||||
Management fees | 12,703,195 | 12,566,651 | 10,571,775 | 3,642,942 | 4,564,099 | 5,746,631 | 2,354,190 | 5,445,358 | 1,340,738 | 6,642,222 | |||||||||||||||||||||||||||||||
Shareholder servicing – Institutional Class | 802 | 1,698 | 646 | 773 | 677 | 909 | 57 | 3,840 | 285 | 188 | |||||||||||||||||||||||||||||||
Shareholder servicing – Advisor Class | 1,698 | 1,956 | 186 | (313 | ) | 192 | 199 | 7,069 | 22,521 | 4,771 | 31 | ||||||||||||||||||||||||||||||
Shareholder servicing – Premier Class | 26 | 26 | 33 | 31 | 33 | 32 | 12 | 12,183 | 21 | 24 | |||||||||||||||||||||||||||||||
Shareholder servicing – Retirement Class | 663,527 | 509,907 | 631,691 | 552,625 | 705,409 | 530,442 | 151,983 | 1,234,618 | 675,290 | 116,313 | |||||||||||||||||||||||||||||||
Shareholder servicing – Retail Class | 242,866 | 251,018 | 39,853 | 53,515 | 61,383 | 37,579 | 11,233 | 64,964 | 14,930 | 9,747 | |||||||||||||||||||||||||||||||
Shareholder servicing – Class W | 744 | 898 | 782 | — | — | 408 | 437 | — | — | 527 | |||||||||||||||||||||||||||||||
Distribution fees – Premier Class | 12,619 | 10,859 | 56,844 | 35,627 | 51,068 | 54,344 | 166 | 74,670 | 4,843 | 7,621 | |||||||||||||||||||||||||||||||
Distribution fees – Retail Class | 1,974,145 | 1,641,053 | 194,673 | 303,451 | 277,880 | 182,491 | 23,431 | 828,386 | 77,014 | 11,189 | |||||||||||||||||||||||||||||||
Administrative service fees | 77,043 | 76,150 | 69,856 | 43,255 | 45,968 | 55,947 | 45,647 | 75,534 | 40,162 | 48,932 | |||||||||||||||||||||||||||||||
Trustee fees and expenses | 35,350 | 35,049 | 28,789 | 8,982 | 11,288 | 15,607 | 5,820 | 39,181 | 5,771 | 8,511 | |||||||||||||||||||||||||||||||
Other expenses | 164,696 | 391,796 | 174,733 | 175,148 | 81,702 | 150,186 | 122,856 | 1,201,971 | 276,449 | 461,971 | |||||||||||||||||||||||||||||||
Total expenses | 15,876,711 | 15,487,061 | 11,769,861 | 4,816,036 | 5,799,699 | 6,774,775 | 2,722,901 | 9,003,226 | 2,440,274 | 7,307,276 | |||||||||||||||||||||||||||||||
Less: Expenses reimbursed by the investment adviser | (5,053,493 | ) | (5,782,828 | ) | (5,497,092 | ) | — | — | (1,508,657 | ) | (2,014,745 | ) | — | — | (5,495,925 | ) | |||||||||||||||||||||||||
Fee waiver by investment adviser and Nuveen Securities | (960,246 | ) | (906,667 | ) | (71,739 | ) | (158,377 | ) | (162,885 | ) | (46,545 | ) | (5,246 | ) | (430,759 | ) | (10,048 | ) | (4,657 | ) | |||||||||||||||||||||
Net expenses | 9,862,972 | 8,797,566 | 6,201,030 | 4,657,659 | 5,636,814 | 5,219,573 | 702,910 | 8,572,467 | 2,430,226 | 1,806,694 | |||||||||||||||||||||||||||||||
Net investment income (loss) | 28,355,870 | 9,115,547 | 41,208,405 | 2,106,764 | 11,289,204 | 10,663,667 | 6,625,596 | 40,841,684 | 4,521,642 | 27,554,501 | |||||||||||||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS | |||||||||||||||||||||||||||||||||||||||||
Realized gain (loss): | |||||||||||||||||||||||||||||||||||||||||
Portfolio investments‡ | 356,951,441 | 54,924,032 | 158,643,839 | (29,171,040 | ) | 139,134,310 | 150,223,955 | 68,123,806 | 152,571,430 | 12,843,801 | (107,212,149 | ) | |||||||||||||||||||||||||||||
Affiliated investments | — | — | — | — | — | — | — | — | — | (1,323,144 | ) | ||||||||||||||||||||||||||||||
Purchased options | 37,470 | — | — | — | — | — | — | — | — | (456,849 | ) | ||||||||||||||||||||||||||||||
Written options | (7,275,186 | ) | — | — | — | — | — | — | — | — | 442,134 | ||||||||||||||||||||||||||||||
Futures contracts | — | — | — | — | — | (365,078 | ) | — | 138,047 | (864,283 | ) | — | |||||||||||||||||||||||||||||
Foreign currency transactions | (21,351 | ) | (14,712 | ) | — | (7,190 | ) | — | — | — | — | — | (951,082 | ) | |||||||||||||||||||||||||||
Net realized gain (loss) on total investments | 349,692,374 | 54,909,320 | 158,643,839 | (29,178,230 | ) | 139,134,310 | 149,858,877 | 68,123,806 | 152,709,477 | 11,979,518 | (109,501,090 | ) | |||||||||||||||||||||||||||||
Change in unrealized appreciation (depreciation) on: | |||||||||||||||||||||||||||||||||||||||||
Portfolio investments** | (1,218,549,495 | ) | (1,700,401,166 | ) | (477,793,108 | ) | (536,415,549 | ) | (221,130,512 | ) | (583,259,057 | ) | (199,737,810 | ) | (1,122,467,473 | ) | (166,966,064 | ) | (191,582,637 | ) | |||||||||||||||||||||
Affiliated investments | — | — | — | — | — | — | — | — | — | 26,655,137 | |||||||||||||||||||||||||||||||
Purchased options | 151,667 | — | — | — | — | — | — | — | — | 160,849 | |||||||||||||||||||||||||||||||
Written options | (10,180,771 | ) | — | — | — | — | — | — | — | — | (346,134 | ) | |||||||||||||||||||||||||||||
Futures contracts | — | — | — | — | — | (4,468,153 | ) | — | (2,338,326 | ) | (244,876 | ) | — | ||||||||||||||||||||||||||||
Unfunded commitment with a SPAC | (1,581,580 | ) | (4,951,243 | ) | — | (1,286,491 | ) | — | — | — | — | — | (1,141,815 | ) | |||||||||||||||||||||||||||
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies | (41,969 | ) | (19,430 | ) | (1,750 | ) | (7,535 | ) | (1,358 | ) | — | — | — | — | (129,767 | ) | |||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments | (1,230,202,148 | ) | (1,705,371,839 | ) | (477,794,858 | ) | (537,709,575 | ) | (221,131,870 | ) | (587,727,210 | ) | (199,737,810 | ) | (1,124,805,799 | ) | (167,210,940 | ) | (166,384,367 | ) | |||||||||||||||||||||
Net realized and unrealized gain (loss) on total investments | (880,509,774 | ) | (1,650,462,519 | ) | (319,151,019 | ) | (566,887,805 | ) | (81,997,560 | ) | (437,868,333 | ) | (131,614,004 | ) | (972,096,322 | ) | (155,231,422 | ) | (275,885,457 | ) | |||||||||||||||||||||
Net increase (decrease) in net assets from operations | $ | (852,153,904 | ) | $ | (1,641,346,972 | ) | $ | (277,942,614 | ) | $ | (564,781,041 | ) | $ | (70,708,356 | ) | $ | (427,204,666 | ) | $ | (124,988,408 | ) | $ | (931,254,638 | ) | $ | (150,709,780 | ) | $ | (248,330,956 | ) | |||||||||||
* | Net of foreign withholding taxes of | $ | 491,589 | $ | 154,099 | $ | 57,933 | $ | 40,243 | $ | 66,741 | $ | 14,749 | $ | 11,518 | $ | 44,371 | $ | 6,250 | $ | 1,236,600 | ||||||||||||||||||||
‡ | Includes net realized gain (loss) from securities sold to affiliates of | $ | 49,697 | $ | 11,546,764 | $ | (700,167 | ) | $ | 1,359,702 | $ | — | $ | 523,579 | $ | 12,518,750 | $ | 1,215,914 | $ | 10,830 | $ | (4,609,320 | ) | ||||||||||||||||||
** | Includes net change in unrealized foreign capital gains taxes | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,808,392 |
76 | 2022 Semiannual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2022 Semiannual Report | 77 |
Statements of operations (unaudited) | concluded |
TIAA-CREF Funds ■ For the period ended April 30, 2022
International Equity Fund | International Opportunities Fund | Quant International Small-Cap Equity Fund | Social Choice International Equity Fund | ||||||||||||||
INVESTMENT INCOME | |||||||||||||||||
Dividends* | $ | 77,663,903 | $ | 17,667,180 | $ | 27,937,026 | $ | 15,113,702 | |||||||||
Payment from affiliate | 452,149 | 212,072 | — | — | |||||||||||||
Income from securities lending, net | 199,198 | 499,784 | 460,359 | 72,103 | |||||||||||||
Interest | 107,208 | 71,427 | — | 4,222 | |||||||||||||
Total income | 78,422,458 | 18,450,463 | 28,397,385 | 15,190,027 | |||||||||||||
EXPENSES | |||||||||||||||||
Management fees | 13,962,703 | 6,755,914 | 4,717,736 | 1,536,462 | |||||||||||||
Shareholder servicing – Institutional Class | 1,384 | 107 | 62 | 417 | |||||||||||||
Shareholder servicing – Advisor Class | 1,485 | 2,039 | 8 | 1,510 | |||||||||||||
Shareholder servicing – Premier Class | 35 | 21 | 13 | 19 | |||||||||||||
Shareholder servicing – Retirement Class | 534,372 | 182,514 | 6,007 | 523,785 | |||||||||||||
Shareholder servicing – Retail Class | 109,328 | 8,173 | 6,139 | 8,286 | |||||||||||||
Shareholder servicing – Class W | 850 | 726 | 569 | — | |||||||||||||
Distribution fees – Premier Class | 53,159 | 992 | 62 | 552 | |||||||||||||
Distribution fees – Retail Class | 329,705 | 10,011 | 1,323 | 29,317 | |||||||||||||
Administrative service fees | 76,403 | 53,273 | 48,283 | 39,837 | |||||||||||||
Trustee fees and expenses | 33,875 | 12,615 | 7,932 | 5,482 | |||||||||||||
Other expenses | 390,264 | 274,322 | 520,341 | 317,815 | |||||||||||||
Total expenses | 15,493,563 | 7,300,707 | 5,308,475 | 2,463,482 | |||||||||||||
Less: Expenses reimbursed by the investment adviser | (6,633,378 | ) | (6,290,526 | ) | (4,952,012 | ) | — | ||||||||||
Fee waiver by investment adviser and Nuveen Securities | (165,739 | ) | (2,224 | ) | (737 | ) | (623 | ) | |||||||||
Net expenses | 8,694,446 | 1,007,957 | 355,726 | 2,462,859 | |||||||||||||
Net investment income (loss) | 69,728,012 | 17,442,506 | 28,041,659 | 12,727,168 | |||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS | |||||||||||||||||
Realized gain (loss): | |||||||||||||||||
Portfolio investments‡ | (24,364,896 | ) | (43,432,433 | ) | 13,328,276 | 2,544,666 | |||||||||||
Futures contracts | — | — | — | (1,683,222 | ) | ||||||||||||
Foreign currency transactions | (992,428 | ) | (315,126 | ) | (479,260 | ) | (160,661 | ) | |||||||||
Net realized gain (loss) on total investments | (25,357,324 | ) | (43,747,559 | ) | 12,849,016 | 700,783 | |||||||||||
Change in unrealized appreciation (depreciation) on: | |||||||||||||||||
Portfolio investments** | (1,168,453,486 | ) | (533,027,144 | ) | (233,007,303 | ) | (150,530,277 | ) | |||||||||
Futures contracts | — | — | — | (102,884 | ) | ||||||||||||
Unfunded commitment with a SPAC | — | (1,548,509 | ) | — | — | ||||||||||||
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies | (1,896,963 | ) | (236,079 | ) | (322,375 | ) | (269,286 | ) | |||||||||
Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments | (1,170,350,449 | ) | (534,811,732 | ) | (233,329,678 | ) | (150,902,447 | ) | |||||||||
Net realized and unrealized gain (loss) on total investments | (1,195,707,773 | ) | (578,559,291 | ) | (220,480,662 | ) | (150,201,664 | ) | |||||||||
Net increase (decrease) in net assets from operations | $ | (1,125,979,761 | ) | $ | (561,116,785 | ) | $ | (192,439,003 | ) | $ | (137,474,496 | ) | |||||
* | Net of foreign withholding taxes of | $ | 7,324,051 | $ | 1,641,650 | $ | 2,850,268 | $ | 1,483,964 | ||||||||
‡ | Includes net realized gain (loss) from securities sold to affiliates of | $ | (1,290,896 | ) | $ | (2,627,855 | ) | $ | — | $ | 79,738 | ||||||
** | Includes net change in unrealized foreign capital gains taxes | $ | — | $ | 559,411 | $ | 1,543,733 | $ | — |
78 | 2022 Semiannual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2022 Semiannual Report | 79 |
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, 2022 | October 31, 2021 | April 30, 2022 | October 31, 2021 | April 30, 2022 | October 31, 2021 | April 30, 2022 | October 31, 2021 | April 30, 2022 | October 31, 2021 | April 30, 2022 | October 31, 2021 | |||||||||||||||||||||||||||||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||||||||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 28,355,870 | $ | 54,000,162 | $ | 9,115,547 | $ | 13,702,389 | $ | 41,208,405 | $ | 83,601,978 | $ | 2,106,764 | $ | (5,791,365 | ) | $ | 11,289,204 | $ | 21,711,960 | $ | 10,663,667 | $ | 16,355,887 | |||||||||||||||||||||||||
Net realized gain (loss) on total investments | 349,692,374 | 1,147,204,185 | 54,909,320 | 680,728,381 | 158,643,839 | 543,811,379 | (29,178,230 | ) | 257,714,184 | 139,134,310 | 397,738,710 | 149,858,877 | 702,575,926 | |||||||||||||||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on total investments | (1,230,202,148 | ) | 968,060,527 | (1,705,371,839 | ) | 1,425,879,304 | (477,794,858 | ) | 1,446,993,603 | (537,709,575 | ) | 261,915,131 | (221,131,870 | ) | 400,861,142 | (587,727,210 | ) | 651,401,055 | ||||||||||||||||||||||||||||||||
Net increase (decrease) in net assets from operations | (852,153,904 | ) | 2,169,264,874 | (1,641,346,972 | ) | 2,120,310,074 | (277,942,614 | ) | 2,074,406,960 | (564,781,041 | ) | 513,837,950 | (70,708,356 | ) | 820,311,812 | (427,204,666 | ) | 1,370,332,868 | ||||||||||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | (326,116,923 | ) | (87,394,774 | ) | (192,317,970 | ) | (495,708,886 | ) | (161,742,151 | ) | (31,869,814 | ) | (134,690,840 | ) | (90,478,166 | ) | (170,159,846 | ) | (21,604,109 | ) | (269,851,404 | ) | (9,177,672 | ) | ||||||||||||||||||||||||||
Advisor Class | (591,292 | ) | (208,090 | ) | (577,504 | ) | (1,539,583 | ) | (44,549 | ) | (5,188 | ) | (931,396 | ) | (668,349 | ) | (56,615 | ) | (7,452 | ) | (138,588 | ) | (3,304 | ) | ||||||||||||||||||||||||||
Premier Class | (3,384,152 | ) | (1,731,230 | ) | (1,463,685 | ) | (4,254,808 | ) | (6,636,926 | ) | (1,269,479 | ) | (7,531,626 | ) | (4,580,207 | ) | (9,782,982 | ) | (1,192,312 | ) | (14,094,339 | ) | (373,242 | ) | ||||||||||||||||||||||||||
Retirement Class | (92,398,090 | ) | (33,793,862 | ) | (43,322,452 | ) | (124,055,271 | ) | (43,186,224 | ) | (8,037,304 | ) | (67,266,962 | ) | (49,900,869 | ) | (77,513,516 | ) | (7,509,518 | ) | (80,710,971 | ) | (1,834,410 | ) | ||||||||||||||||||||||||||
Retail Class | (193,329,074 | ) | (64,749,459 | ) | (137,103,380 | ) | (348,213,454 | ) | (13,747,293 | ) | (2,126,306 | ) | (37,659,249 | ) | (29,683,392 | ) | (30,834,955 | ) | (2,969,487 | ) | (28,111,334 | ) | (551,591 | ) | ||||||||||||||||||||||||||
Class W | (445,771,980 | ) | (205,798,767 | ) | (309,387,666 | ) | (848,095,442 | ) | (246,579,754 | ) | (65,314,927 | ) | — | — | — | — | (140,015,877 | ) | (7,896,457 | ) | ||||||||||||||||||||||||||||||
Total distributions | (1,061,591,511 | ) | (393,676,182 | ) | (684,172,657 | ) | (1,821,867,444 | ) | (471,936,897 | ) | (108,623,018 | ) | (248,080,073 | ) | (175,310,983 | ) | (288,347,914 | ) | (33,282,878 | ) | (532,922,513 | ) | (19,836,676 | ) | ||||||||||||||||||||||||||
SHAREHOLDER TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||||||||||||||
Subscriptions: | Institutional Class | 88,236,794 | 782,730,670 | 222,575,008 | 385,391,956 | 138,308,722 | 133,743,043 | 24,176,876 | 285,201,706 | 29,474,364 | 102,653,252 | 150,686,016 | 211,019,674 | |||||||||||||||||||||||||||||||||||||
Advisor Class | 1,146,380 | 309,126 | 1,885,579 | 669,741 | 6,750 | 170,386 | 409,762 | 1,371,008 | 237,952 | 4,720 | 90,249 | 108,903 | ||||||||||||||||||||||||||||||||||||||
Premier Class | 448,008 | 2,645,200 | 1,747,270 | 4,337,006 | 6,802,412 | 11,564,404 | 3,749,395 | 20,193,148 | 2,269,230 | 8,607,714 | 4,535,858 | 10,252,527 | ||||||||||||||||||||||||||||||||||||||
Retirement Class | 6,434,539 | 18,208,471 | 10,627,539 | 81,274,283 | 23,406,266 | 18,837,038 | 26,146,342 | 80,553,067 | 4,764,553 | 61,576,910 | 22,263,245 | 30,327,919 | ||||||||||||||||||||||||||||||||||||||
Retail Class | 22,683,082 | 49,610,121 | 25,774,372 | 75,701,123 | 8,234,767 | 12,506,585 | 4,684,585 | 19,994,591 | 5,667,933 | 12,001,549 | 3,847,985 | 11,767,487 | ||||||||||||||||||||||||||||||||||||||
Class W | 101,660,317 | 37,560,438 | 189,207,913 | 123,356,319 | 87,735,062 | 81,382,905 | — | — | — | — | 25,988,434 | 42,011,723 | ||||||||||||||||||||||||||||||||||||||
Reinvestments of distributions: | Institutional Class | 294,507,167 | 73,553,405 | 180,688,008 | 467,006,881 | 158,256,372 | 31,490,431 | 134,634,833 | 90,440,535 | 169,742,430 | 21,420,211 | 269,705,941 | 9,164,887 | |||||||||||||||||||||||||||||||||||||
Advisor Class | 548,446 | 190,606 | 493,249 | 1,465,577 | 32,012 | 3,012 | 912,074 | 651,922 | 42,537 | 6,067 | 113,370 | 2,656 | ||||||||||||||||||||||||||||||||||||||
Premier Class | 3,384,150 | 1,731,230 | 1,463,685 | 4,254,808 | 6,636,672 | 1,269,438 | 7,531,219 | 4,580,207 | 9,782,982 | 1,192,312 | 14,093,294 | 373,242 | ||||||||||||||||||||||||||||||||||||||
Retirement Class | 92,387,361 | 33,793,717 | 43,242,143 | 123,785,256 | 43,181,838 | 8,036,604 | 67,266,962 | 49,900,869 | 77,510,009 | 7,509,195 | 80,709,212 | 1,834,376 | ||||||||||||||||||||||||||||||||||||||
Retail Class | 185,533,707 | 62,436,062 | 131,324,181 | 335,163,445 | 13,205,794 | 2,035,509 | 36,761,274 | 29,015,395 | 29,908,188 | 2,863,255 | 26,999,078 | 528,992 | ||||||||||||||||||||||||||||||||||||||
Class W | 427,267,439 | 168,568,108 | 309,387,666 | 848,095,442 | 246,579,754 | 65,314,927 | — | — | — | — | 140,015,877 | 7,896,457 | ||||||||||||||||||||||||||||||||||||||
Redemptions: | Institutional Class | (257,721,315 | ) | (373,372,169 | ) | (241,414,773 | ) | (487,899,163 | ) | (129,182,330 | ) | (369,295,243 | ) | (91,703,722 | ) | (168,814,551 | ) | (126,900,864 | ) | (359,226,765 | ) | (52,864,961 | ) | (489,074,188 | ) | |||||||||||||||||||||||||
Advisor Class | (650,813 | ) | (663,032 | ) | (1,275,744 | ) | (1,626,783 | ) | (23,848 | ) | (41,325 | ) | (6,177,453 | ) | (891,041 | ) | (190,137 | ) | (212,777 | ) | (2,438 | ) | (76,326 | ) | ||||||||||||||||||||||||||
Premier Class | (8,186,980 | ) | (16,701,841 | ) | (1,633,846 | ) | (7,607,552 | ) | (9,377,952 | ) | (32,686,335 | ) | (12,104,132 | ) | (13,771,847 | ) | (15,497,358 | ) | (34,328,113 | ) | (13,688,123 | ) | (31,691,061 | ) | ||||||||||||||||||||||||||
Retirement Class | (55,077,545 | ) | (77,051,639 | ) | (54,203,996 | ) | (135,341,767 | ) | (38,304,898 | ) | (107,738,380 | ) | (31,468,191 | ) | (70,837,763 | ) | (60,048,808 | ) | (91,313,211 | ) | (31,707,117 | ) | (103,114,220 | ) | ||||||||||||||||||||||||||
Retail Class | (52,687,767 | ) | (98,144,849 | ) | (58,961,648 | ) | (123,391,610 | ) | (5,336,834 | ) | (14,965,663 | ) | (14,980,812 | ) | (29,958,137 | ) | (10,826,792 | ) | (36,475,804 | ) | (8,758,088 | ) | (16,054,273 | ) | ||||||||||||||||||||||||||
Class W | (265,337,208 | ) | (1,182,040,218 | ) | (222,615,736 | ) | (895,638,365 | ) | (332,050,691 | ) | (1,061,723,390 | ) | — | — | — | — | (132,321,903 | ) | (283,701,500 | ) | ||||||||||||||||||||||||||||||
Net increase (decrease) from shareholder transactions | 584,575,762 | (516,636,594 | ) | 538,310,870 | 798,996,597 | 218,109,868 | (1,220,096,054 | ) | 149,839,012 | 297,629,109 | 115,936,219 | (303,721,485 | ) | 499,705,929 | (598,422,725 | ) | ||||||||||||||||||||||||||||||||||
Net increase (decrease) in net assets | (1,329,169,653 | ) | 1,258,952,098 | (1,787,208,759 | ) | 1,097,439,227 | (531,769,643 | ) | 745,687,888 | (663,022,102 | ) | 636,156,076 | (243,120,051 | ) | 483,307,449 | (460,421,250 | ) | 752,073,467 | ||||||||||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning of period | 6,993,976,840 | 5,735,024,742 | 7,189,645,064 | 6,092,205,837 | 5,512,593,691 | 4,766,905,803 | 2,003,343,288 | 1,367,187,212 | 2,179,233,746 | 1,695,926,297 | 3,076,670,094 | 2,324,596,627 | ||||||||||||||||||||||||||||||||||||||
End of period | $ | 5,664,807,187 | $ | 6,993,976,840 | $ | 5,402,436,305 | $ | 7,189,645,064 | $ | 4,980,824,048 | $ | 5,512,593,691 | $ | 1,340,321,186 | $ | 2,003,343,288 | $ | 1,936,113,695 | $ | 2,179,233,746 | $ | 2,616,248,844 | $ | 3,076,670,094 | ||||||||||||||||||||||||||
CHANGE IN FUND SHARES | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shares sold: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | 5,373,351 | 41,130,698 | 10,358,820 | 15,911,051 | 6,439,672 | 6,503,547 | 980,257 | 9,883,675 | 1,530,836 | 5,345,685 | 8,182,510 | 9,716,425 | ||||||||||||||||||||||||||||||||||||||
Advisor Class | 68,624 | 17,543 | 78,226 | 25,860 | 319 | 8,528 | 16,964 | 47,752 | 12,713 | 297 | 4,825 | 5,909 | ||||||||||||||||||||||||||||||||||||||
Premier Class | 26,892 | 150,602 | 77,937 | 164,652 | 316,879 | 536,900 | 156,318 | 699,816 | 120,408 | 458,761 | 246,252 | 479,097 | ||||||||||||||||||||||||||||||||||||||
Retirement Class | 363,101 | 1,008,183 | 469,709 | 3,163,521 | 1,100,080 | 898,578 | 1,117,941 | 2,889,766 | 251,861 | 3,318,028 | 1,141,186 | 1,473,354 | ||||||||||||||||||||||||||||||||||||||
Retail Class | 896,019 | 1,947,335 | 1,113,328 | 3,042,601 | 403,251 | 635,015 | 209,917 | 727,074 | 304,621 | 645,315 | 212,413 | 582,700 | ||||||||||||||||||||||||||||||||||||||
Class W | 6,223,817 | 2,060,517 | 8,318,077 | 4,815,547 | 4,155,876 | 3,979,023 | — | — | — | — | 1,443,184 | 2,078,095 | ||||||||||||||||||||||||||||||||||||||
Shares reinvested: | Institutional Class | 17,284,312 | 4,562,328 | 7,531,805 | 21,353,767 | 7,412,476 | 1,714,232 | 5,508,790 | 3,429,675 | 8,990,595 | 1,310,906 | 14,531,570 | 515,171 | |||||||||||||||||||||||||||||||||||||
Advisor Class | 32,152 | 11,840 | 20,569 | 67,044 | 1,501 | 164 | 37,350 | 24,731 | 2,256 | 372 | 6,108 | 150 | ||||||||||||||||||||||||||||||||||||||
Premier Class | 198,084 | 107,584 | 61,012 | 194,550 | 311,289 | 69,179 | 311,852 | 175,218 | 518,991 | 73,058 | 764,693 | 21,111 | ||||||||||||||||||||||||||||||||||||||
Retirement Class | 5,281,557 | 2,059,271 | 1,822,257 | 5,709,652 | 2,029,222 | 438,679 | 2,903,192 | 1,976,272 | 4,138,281 | 462,674 | 4,513,938 | 106,341 | ||||||||||||||||||||||||||||||||||||||
Retail Class | 7,223,675 | 2,740,235 | 5,499,338 | 15,367,420 | 652,460 | 116,316 | 1,591,398 | 1,151,862 | 1,652,387 | 181,679 | 1,535,784 | 31,081 | ||||||||||||||||||||||||||||||||||||||
Class W | 25,074,380 | 10,575,164 | 12,901,904 | 38,796,681 | 11,554,815 | 3,555,521 | — | — | — | — | 7,552,097 | 444,120 | ||||||||||||||||||||||||||||||||||||||
Shares redeemed: | Institutional Class | (15,429,646 | ) | (20,935,592 | ) | (10,704,151 | ) | (20,091,976 | ) | (5,940,936 | ) | (17,841,580 | ) | (4,105,775 | ) | (5,866,070 | ) | (6,518,052 | ) | (18,377,912 | ) | (2,647,696 | ) | (23,044,317 | ) | |||||||||||||||||||||||||
Advisor Class | (39,519 | ) | (36,806 | ) | (59,060 | ) | (67,429 | ) | (1,116 | ) | (2,248 | ) | (289,114 | ) | (30,436 | ) | (10,161 | ) | (12,049 | ) | (103 | ) | (4,592 | ) | ||||||||||||||||||||||||||
Premier Class | (506,617 | ) | (926,687 | ) | (72,848 | ) | (295,966 | ) | (436,168 | ) | (1,602,722 | ) | (558,039 | ) | (484,359 | ) | (830,102 | ) | (1,815,137 | ) | (772,505 | ) | (1,544,420 | ) | ||||||||||||||||||||||||||
Retirement Class | (3,197,417 | ) | (4,175,691 | ) | (2,401,247 | ) | (5,621,765 | ) | (1,783,279 | ) | (5,248,982 | ) | (1,502,365 | ) | (2,560,111 | ) | (3,161,980 | ) | (4,725,896 | ) | (1,747,766 | ) | (4,993,607 | ) | ||||||||||||||||||||||||||
Retail Class | (2,093,627 | ) | (3,834,659 | ) | (2,656,412 | ) | (4,998,521 | ) | (261,784 | ) | (766,639 | ) | (686,927 | ) | (1,088,806 | ) | (591,814 | ) | (1,999,040 | ) | (482,689 | ) | (816,558 | ) | ||||||||||||||||||||||||||
Class W | (15,054,534 | ) | (68,374,602 | ) | (9,893,556 | ) | (34,626,932 | ) | (15,085,564 | ) | (52,397,924 | ) | — | — | — | — | (6,820,879 | ) | (13,880,048 | ) | ||||||||||||||||||||||||||||||
Net increase (decrease) from shareholder transactions | 31,724,604 | (31,912,737 | ) | 22,465,708 | 42,909,757 | 10,868,993 | (59,404,413 | ) | 5,691,759 | 10,976,059 | 6,410,840 | (15,133,259 | ) | 27,662,922 | (28,829,988 | ) |
80 | 2022 Semiannual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2022 Semiannual Report | 81 |
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, 2022 | October 31, 2021 | April 30, 2022 | October 31, 2021 | April 30, 2022 | October 31, 2021 | April 30, 2022 | October 31, 2021 | April 30, 2022 | October 31, 2021 | April 30, 2022 | October 31, 2021 | |||||||||||||||||||||||||||||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||||||||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 6,625,596 | $ | 12,620,554 | $ | 40,841,684 | $ | 74,412,793 | $ | 4,521,642 | $ | 6,412,317 | $ | 27,554,501 | $ | 20,457,506 | $ | 69,728,012 | $ | 189,906,334 | $ | 17,442,506 | $ | 26,370,670 | ||||||||||||||||||||||||||
Net realized gain (loss) on total investments | 68,123,806 | 201,940,527 | 152,709,477 | 631,961,028 | 11,979,518 | 52,853,893 | (109,501,090 | ) | 295,825,710 | (25,357,324 | ) | 153,969,123 | (43,747,559 | ) | 180,194,408 | |||||||||||||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on total investments | (199,737,810 | ) | 285,824,548 | (1,124,805,799 | ) | 1,654,641,553 | (167,210,940 | ) | 182,378,351 | (166,384,367 | ) | (258,918,981 | ) | (1,170,350,449 | ) | 1,372,051,106 | (534,811,732 | ) | 337,744,281 | |||||||||||||||||||||||||||||||
Net increase (decrease) in net assets from operations | (124,988,408 | ) | 500,385,629 | (931,254,638 | ) | 2,361,015,374 | (150,709,780 | ) | 241,644,561 | (248,330,956 | ) | 57,364,235 | (1,125,979,761 | ) | 1,715,926,563 | (561,116,785 | ) | 544,309,359 | ||||||||||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | (10,543,842 | ) | (972,771 | ) | (507,547,892 | ) | (63,889,184 | ) | (25,369,815 | ) | (5,334,207 | ) | (57,149,105 | ) | (27,194,444 | ) | (78,121,348 | ) | (32,194,161 | ) | (10,983,509 | ) | (3,386,116 | ) | ||||||||||||||||||||||||||
Advisor Class | (1,671,229 | ) | (41,428 | ) | (4,791,532 | ) | (566,039 | ) | (392,122 | ) | (37,812 | ) | (32,119 | ) | (17,018 | ) | (80,608 | ) | (38,781 | ) | (349,764 | ) | (114,492 | ) | ||||||||||||||||||||||||||
Premier Class | (43,542 | ) | (2,337 | ) | (9,768,722 | ) | (1,238,365 | ) | (353,065 | ) | (89,062 | ) | (2,048,469 | ) | (863,824 | ) | (2,007,432 | ) | (789,476 | ) | (40,048 | ) | (10,930 | ) | ||||||||||||||||||||||||||
Retirement Class | (18,326,059 | ) | (488,125 | ) | (87,918,098 | ) | (10,248,378 | ) | (29,391,640 | ) | (5,039,612 | ) | (19,011,896 | ) | (11,602,050 | ) | (11,150,380 | ) | (4,316,468 | ) | (12,034,678 | ) | (4,385,253 | ) | ||||||||||||||||||||||||||
Retail Class | (3,347,479 | ) | (122,412 | ) | (68,248,252 | ) | (7,105,313 | ) | (3,402,491 | ) | (536,250 | ) | (1,747,210 | ) | (802,316 | ) | (11,664,129 | ) | (4,327,792 | ) | (635,081 | ) | (151,722 | ) | ||||||||||||||||||||||||||
Class W | (162,456,601 | ) | (19,278,776 | ) | — | — | — | — | (261,412,650 | ) | (104,871,081 | ) | (96,863,433 | ) | (35,398,089 | ) | (173,420,296 | ) | (52,658,909 | ) | ||||||||||||||||||||||||||||||
Total distributions | (196,388,752 | ) | (20,905,849 | ) | (678,274,496 | ) | (83,047,279 | ) | (58,909,133 | ) | (11,036,943 | ) | (341,401,449 | ) | (145,350,733 | ) | (199,887,330 | ) | (77,064,767 | ) | (197,463,376 | ) | (60,707,422 | ) | ||||||||||||||||||||||||||
SHAREHOLDER TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||||||||||||||
Subscriptions: | Institutional Class | 2,324,376 | 13,886,678 | 487,846,483 | 696,604,927 | 141,762,655 | 198,885,213 | 17,505,025 | 94,627,075 | 185,833,944 | 328,835,919 | 18,565,735 | 44,422,405 | |||||||||||||||||||||||||||||||||||||
Advisor Class | 8,706,976 | 7,119,108 | 4,281,205 | 10,334,840 | 4,244,655 | 4,678,899 | — | — | 74,889 | 9,913 | 27,278 | 106,531 | ||||||||||||||||||||||||||||||||||||||
Premier Class | 7,371 | 70,966 | 9,589,376 | 16,013,623 | 953,978 | 2,245,217 | 524,326 | 3,573,063 | 6,212,687 | 14,667,654 | 2,087,000 | 65,921 | ||||||||||||||||||||||||||||||||||||||
Retirement Class | 91,560,462 | 62,865,538 | 20,326,028 | 51,452,894 | 70,278,853 | 213,049,624 | 4,021,939 | 10,587,581 | 13,679,269 | 46,133,753 | 791,767 | 9,297,878 | ||||||||||||||||||||||||||||||||||||||
Retail Class | 6,339,923 | 9,661,220 | 44,846,487 | 77,460,588 | 10,067,911 | 33,134,252 | 1,342,371 | 3,105,511 | 4,160,373 | 8,162,975 | 1,030,626 | 3,041,602 | ||||||||||||||||||||||||||||||||||||||
Class W | 23,571,478 | 126,119,942 | — | — | — | — | 185,918,481 | 457,552,027 | 225,430,085 | 1,033,299,497 | 284,025,767 | 578,910,844 | ||||||||||||||||||||||||||||||||||||||
Reinvestments of distributions: | Institutional Class | 10,538,161 | 972,316 | 486,234,335 | 60,468,392 | 19,079,440 | 3,219,592 | 57,149,105 | 27,194,444 | 73,939,350 | 30,709,663 | 10,983,509 | 3,386,116 | |||||||||||||||||||||||||||||||||||||
Advisor Class | 1,639,747 | 38,963 | 3,750,561 | 435,562 | 370,080 | 34,084 | 5,799 | 2,896 | 76,281 | 37,137 | 335,971 | 110,125 | ||||||||||||||||||||||||||||||||||||||
Premier Class | 12,150 | 6 | 9,616,910 | 1,227,440 | 320,111 | 78,842 | 2,046,257 | 862,627 | 2,007,432 | 789,417 | 5,261 | 99 | ||||||||||||||||||||||||||||||||||||||
Retirement Class | 18,322,925 | 487,893 | 87,902,705 | 10,245,670 | 29,390,504 | 5,039,268 | 19,009,686 | 11,600,853 | 11,150,053 | 4,316,323 | 12,033,289 | 4,384,817 | ||||||||||||||||||||||||||||||||||||||
Retail Class | 3,167,605 | 120,042 | 65,619,749 | 6,801,862 | 3,341,379 | 529,625 | 1,707,177 | 783,574 | 11,137,143 | 4,164,562 | 620,754 | 149,949 | ||||||||||||||||||||||||||||||||||||||
Class W | 162,456,600 | 19,278,776 | — | — | — | — | 261,412,650 | 104,871,081 | 96,863,433 | 35,398,089 | 173,420,296 | 52,658,909 | ||||||||||||||||||||||||||||||||||||||
Redemptions: | Institutional Class | (8,573,104 | ) | (18,628,361 | ) | (475,341,289 | ) | (667,792,560 | ) | (57,180,401 | ) | (63,080,281 | ) | (37,517,204 | ) | (89,806,824 | ) | (145,649,470 | ) | (507,702,082 | ) | (8,172,851 | ) | (53,008,116 | ) | |||||||||||||||||||||||||
Advisor Class | (1,611,495 | ) | (1,417,232 | ) | (6,894,436 | ) | (8,496,664 | ) | (861,352 | ) | (300,579 | ) | (17,802 | ) | (454 | ) | (267,550 | ) | (849,177 | ) | (304,852 | ) | (293,485 | ) | ||||||||||||||||||||||||||
Premier Class | (4,082 | ) | (3,809 | ) | (32,445,431 | ) | (31,114,377 | ) | (208,527 | ) | (859,534 | ) | (654,615 | ) | (1,600,686 | ) | (6,549,266 | ) | (43,612,992 | ) | (3,685 | ) | (3,605 | ) | ||||||||||||||||||||||||||
Retirement Class | (4,818,379 | ) | (11,483,568 | ) | (42,121,398 | ) | (105,437,378 | ) | (2,966,510 | ) | (3,236,812 | ) | (9,116,926 | ) | (31,395,093 | ) | (31,305,504 | ) | (95,239,367 | ) | (19,469,161 | ) | (37,133,199 | ) | ||||||||||||||||||||||||||
Retail Class | (3,401,522 | ) | (3,393,558 | ) | (41,871,452 | ) | (61,232,792 | ) | (6,404,380 | ) | (6,856,766 | ) | (1,706,651 | ) | (1,699,045 | ) | (10,674,699 | ) | (22,242,154 | ) | (1,153,217 | ) | (1,285,178 | ) | ||||||||||||||||||||||||||
Class W | (156,544,512 | ) | (276,158,178 | ) | — | — | — | — | (183,233,256 | ) | (439,996,709 | ) | (159,124,314 | ) | (424,136,087 | ) | (133,462,731 | ) | (384,473,943 | ) | ||||||||||||||||||||||||||||||
Net increase (decrease) from shareholder transactions | 153,694,680 | (70,463,258 | ) | 621,339,833 | 56,972,027 | 212,188,396 | 386,560,644 | 318,396,362 | 150,261,921 | 276,994,136 | 412,743,043 | 341,360,756 | 220,337,670 | |||||||||||||||||||||||||||||||||||||
Net increase (decrease) in net assets | (167,682,480 | ) | 409,016,522 | (988,189,301 | ) | 2,334,940,122 | 2,569,483 | 617,168,262 | (271,336,043 | ) | 62,275,423 | (1,048,872,955 | ) | 2,051,604,839 | (417,219,405 | ) | 703,939,607 | |||||||||||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning of period | 1,154,890,766 | 745,874,244 | 7,659,084,080 | 5,324,143,958 | 1,058,286,402 | 441,118,140 | 1,676,206,660 | 1,613,931,237 | 6,745,844,525 | 4,694,239,686 | 2,519,899,940 | 1,815,960,333 | ||||||||||||||||||||||||||||||||||||||
End of period | $ | 987,208,286 | $ | 1,154,890,766 | $ | 6,670,894,779 | $ | 7,659,084,080 | $ | 1,060,855,885 | $ | 1,058,286,402 | $ | 1,404,870,617 | $ | 1,676,206,660 | $ | 5,696,971,570 | $ | 6,745,844,525 | $ | 2,102,680,535 | $ | 2,519,899,940 | ||||||||||||||||||||||||||
CHANGE IN FUND SHARES | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shares sold: | Institutional Class | 157,634 | 931,096 | 17,887,530 | 26,180,624 | 7,235,554 | 10,244,338 | 1,741,807 | 7,186,803 | 14,304,848 | 23,908,021 | 1,092,200 | 2,356,074 | |||||||||||||||||||||||||||||||||||||
Advisor Class | 600,271 | 452,442 | 157,411 | 387,748 | 212,093 | 236,653 | — | — | 5,783 | 666 | 1,749 | 5,660 | ||||||||||||||||||||||||||||||||||||||
Premier Class | 509 | 4,052 | 350,979 | 613,684 | 47,381 | 121,130 | 58,180 | 256,752 | 465,464 | 1,044,589 | 128,735 | 3,572 | ||||||||||||||||||||||||||||||||||||||
Retirement Class | 6,214,929 | 3,879,239 | 733,208 | 1,933,918 | 3,541,362 | 11,352,490 | 458,100 | 779,485 | 979,994 | 3,236,535 | 48,074 | 500,323 | ||||||||||||||||||||||||||||||||||||||
Retail Class | 406,730 | 588,662 | 1,876,199 | 3,286,419 | 505,688 | 1,760,489 | 149,882 | 227,077 | 499,251 | 954,838 | 63,267 | 165,044 | ||||||||||||||||||||||||||||||||||||||
Class W | 1,636,073 | 9,509,833 | — | — | — | — | 19,078,490 | 35,775,404 | 17,488,886 | 76,325,961 | 16,998,806 | 30,442,021 | ||||||||||||||||||||||||||||||||||||||
Shares reinvested: | Institutional Class | 711,077 | 72,184 | 17,427,754 | 2,526,886 | 939,411 | 191,187 | 6,287,030 | 2,017,392 | 5,311,735 | 2,431,486 | 633,055 | 193,382 | |||||||||||||||||||||||||||||||||||||
Advisor Class | 110,421 | 2,886 | 134,525 | 18,217 | 18,240 | 2,025 | 637 | 214 | 5,357 | 2,875 | 19,376 | 6,296 | ||||||||||||||||||||||||||||||||||||||
Premier Class | 814 | — | 346,056 | 51,465 | 15,730 | 4,673 | 224,863 | 63,945 | 144,316 | 62,553 | 303 | 5 | ||||||||||||||||||||||||||||||||||||||
Retirement Class | 1,243,075 | 36,356 | 3,091,899 | 420,767 | 1,453,537 | 300,314 | 2,100,518 | 864,445 | 768,439 | 328,237 | 695,566 | 251,279 | ||||||||||||||||||||||||||||||||||||||
Retail Class | 215,045 | 8,945 | 2,702,625 | 322,364 | 165,170 | 31,544 | 187,809 | 58,172 | 1,301,068 | 527,160 | 35,799 | 8,573 | ||||||||||||||||||||||||||||||||||||||
Class W | 10,954,592 | 1,429,116 | — | — | — | — | 28,789,940 | 7,791,313 | 6,948,596 | 2,798,268 | 9,978,153 | 3,005,646 | ||||||||||||||||||||||||||||||||||||||
Shares redeemed: | Institutional Class | (558,954 | ) | (1,138,328 | ) | (17,141,427 | ) | (24,722,204 | ) | (2,883,720 | ) | (3,313,130 | ) | (4,212,870 | ) | (6,709,714 | ) | (10,847,654 | ) | (37,122,016 | ) | (499,955 | ) | (2,843,764 | ) | |||||||||||||||||||||||||
Advisor Class | (109,033 | ) | (85,408 | ) | (253,036 | ) | (318,166 | ) | (44,206 | ) | (15,545 | ) | (1,999 | ) | (33 | ) | (19,333 | ) | (59,305 | ) | (16,884 | ) | (15,032 | ) | ||||||||||||||||||||||||||
Premier Class | (279 | ) | (229 | ) | (1,232,455 | ) | (1,152,836 | ) | (10,502 | ) | (44,846 | ) | (68,963 | ) | (114,108 | ) | (482,688 | ) | (3,304,435 | ) | (238 | ) | (208 | ) | ||||||||||||||||||||||||||
Retirement Class | (321,383 | ) | (695,708 | ) | (1,503,564 | ) | (3,746,722 | ) | (156,879 | ) | (159,556 | ) | (973,524 | ) | (2,324,309 | ) | (2,267,087 | ) | (6,575,673 | ) | (1,176,928 | ) | (1,972,237 | ) | ||||||||||||||||||||||||||
Retail Class | (231,358 | ) | (216,970 | ) | (1,773,846 | ) | (2,595,645 | ) | (326,014 | ) | (358,583 | ) | (185,839 | ) | (126,274 | ) | (1,302,665 | ) | (2,584,314 | ) | (70,387 | ) | (68,781 | ) | ||||||||||||||||||||||||||
Class W | (10,117,705 | ) | (16,804,505 | ) | — | — | — | — | (20,085,301 | ) | (32,148,875 | ) | (11,890,141 | ) | (30,946,083 | ) | (8,430,899 | ) | (20,411,726 | ) | ||||||||||||||||||||||||||||||
Net increase (decrease) from shareholder transactions | 10,912,458 | (2,026,337 | ) | 22,803,858 | 3,206,519 | 10,712,845 | 20,353,183 | 33,548,760 | 13,597,689 | 21,414,169 | 31,029,363 | 19,499,792 | 11,626,127 |
82 | 2022 Semiannual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2022 Semiannual Report | 83 |
Statements of changes in net assets | concluded |
TIAA-CREF Funds ■ For the period or year ended |
Quant International Small-Cap Equity Fund | Social Choice International Equity Fund | |||||||||||||||||
April 30, 2022 | October 31, 2021 | April 30, 2022 | October 31, 2021 | |||||||||||||||
(unaudited) | (unaudited) | |||||||||||||||||
OPERATIONS | ||||||||||||||||||
Net investment income (loss) | $ | 28,041,659 | $ | 30,492,326 | $ | 12,727,168 | $ | 20,402,002 | ||||||||||
Net realized gain (loss) on total investments | 12,849,016 | 220,394,014 | 700,783 | 11,576,075 | ||||||||||||||
Net change in unrealized appreciation (depreciation) on total investments | (233,329,678 | ) | 106,477,374 | (150,902,447 | ) | 165,995,801 | ||||||||||||
Net increase (decrease) in net assets from operations | (192,439,003 | ) | 357,363,714 | (137,474,496 | ) | 197,973,878 | ||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||
Institutional Class | (5,395,633 | ) | (1,268,142 | ) | (17,567,457 | ) | (6,126,216 | ) | ||||||||||
Advisor Class | (5,296 | ) | (1,574 | ) | (82,867 | ) | (20,438 | ) | ||||||||||
Premier Class | (5,210 | ) | (1,472 | ) | (22,335 | ) | (7,327 | ) | ||||||||||
Retirement Class | (267,685 | ) | (70,771 | ) | (11,639,118 | ) | (2,794,652 | ) | ||||||||||
Retail Class | (60,769 | ) | (14,355 | ) | (648,843 | ) | (158,750 | ) | ||||||||||
Class W | (97,600,960 | ) | (27,780,465 | ) | — | — | ||||||||||||
Total distributions | (103,335,553 | ) | (29,136,779 | ) | (29,960,620 | ) | (9,107,383 | ) | ||||||||||
SHAREHOLDER TRANSACTIONS | ||||||||||||||||||
Subscriptions: | Institutional Class | 4,369,433 | 23,096,217 | 198,535,686 | 150,759,120 | |||||||||||||
Advisor Class | — | — | 912,792 | 1,028,850 | ||||||||||||||
Premier Class | — | — | 32,912 | 376,232 | ||||||||||||||
Retirement Class | 2,589,760 | 1,552,842 | 110,011,028 | 157,333,490 | ||||||||||||||
Retail Class | 58,976 | 217,740 | 8,732,431 | 11,860,819 | ||||||||||||||
Class W | 57,945,314 | 346,760,366 | — | — | ||||||||||||||
Reinvestments of distributions: | Institutional Class | 5,394,899 | 1,267,923 | 11,047,222 | 3,943,381 | |||||||||||||
Advisor Class | — | — | 63,694 | 18,561 | ||||||||||||||
Premier Class | — | — | 9,913 | 4,242 | ||||||||||||||
Retirement Class | 267,572 | 70,739 | 11,638,754 | 2,794,500 | ||||||||||||||
Retail Class | 59,813 | 14,221 | 634,425 | 155,211 | ||||||||||||||
Class W | 97,600,960 | 27,780,465 | — | — | ||||||||||||||
Redemptions: | Institutional Class | (5,204,573 | ) | (8,313,017 | ) | (49,459,586 | ) | (56,774,439 | ) | |||||||||
Advisor Class | — | — | (93,511 | ) | (146,523 | ) | ||||||||||||
Premier Class | — | — | (82 | ) | (216,406 | ) | ||||||||||||
Retirement Class | (671,347 | ) | (1,369,442 | ) | (364,662 | ) | (451,363 | ) | ||||||||||
Retail Class | (44,499 | ) | (105,920 | ) | (4,193,543 | ) | (4,529,964 | ) | ||||||||||
Class W | (117,595,984 | ) | (121,608,379 | ) | — | — | ||||||||||||
Net increase (decrease) from shareholder transactions | 44,770,324 | 269,363,755 | 287,507,473 | 266,155,711 | ||||||||||||||
Net increase (decrease) in net assets | (251,004,232 | ) | 597,590,690 | 120,072,357 | 455,022,206 | |||||||||||||
NET ASSETS | ||||||||||||||||||
Beginning of period | 1,579,073,079 | 981,482,389 | 968,459,008 | 513,436,802 | ||||||||||||||
End of period | $ | 1,328,068,847 | $ | 1,579,073,079 | $ | 1,088,531,365 | $ | 968,459,008 | ||||||||||
CHANGE IN FUND SHARES | ||||||||||||||||||
Shares sold: | Institutional Class | 371,665 | 1,918,136 | 15,617,229 | 11,540,221 | |||||||||||||
Advisor Class | — | — | 69,300 | 79,864 | ||||||||||||||
Premier Class | — | — | 2,592 | 29,335 | ||||||||||||||
Retirement Class | 236,974 | 134,319 | 8,550,648 | 12,128,287 | ||||||||||||||
Retail Class | 5,271 | 18,209 | 672,947 | 919,767 | ||||||||||||||
Class W | 5,004,482 | 28,537,923 | — | — | ||||||||||||||
Shares reinvested: | Institutional Class | 477,424 | 121,332 | 837,545 | 328,889 | |||||||||||||
Advisor Class | — | — | 4,833 | 1,548 | ||||||||||||||
Premier Class | — | — | 750 | 353 | ||||||||||||||
Retirement Class | 23,679 | 6,769 | 885,077 | 233,654 | ||||||||||||||
Retail Class | 5,278 | 1,357 | 48,209 | 12,967 | ||||||||||||||
Class W | 8,621,993 | 2,655,876 | — | — | ||||||||||||||
Shares redeemed: | Institutional Class | (474,817 | ) | (738,954 | ) | (3,901,269 | ) | (4,376,717 | ) | |||||||||
Advisor Class | — | — | (7,265 | ) | (11,594 | ) | ||||||||||||
Premier Class | — | — | (6 | ) | (16,300 | ) | ||||||||||||
Retirement Class | (58,572 | ) | (116,343 | ) | (28,609 | ) | (36,699 | ) | ||||||||||
Retail Class | (3,774 | ) | (9,005 | ) | (326,603 | ) | (348,385 | ) | ||||||||||
Class W | (10,748,092 | ) | (10,541,298 | ) | — | — | ||||||||||||
Net increase (decrease) from shareholder transactions | 3,461,511 | 21,988,321 | 22,425,378 | 20,485,190 |
84 | 2022 Semiannual Report ■ TIAA-CREF Funds: Equity Funds | See notes to financial statements |
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TIAA-CREF Funds: Equity Funds ■ 2022 Semiannual Report | 85 |
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 | |||||||||||||||||||||||||||
GROWTH & INCOME FUND | ||||||||||||||||||||||||||||||||||||
Institutional Class: | 4/30/22 | # | $20.07 | $0.07 | $(2.20 | ) | $(2.13 | ) | $(0.10 | ) | $(3.25 | ) | $(3.35 | ) | $14.59 | |||||||||||||||||||||
10/31/21 | 15.16 | 0.14 | 5.97 | 6.11 | (0.16 | ) | (1.04 | ) | (1.20 | ) | 20.07 | |||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
Advisor Class: | 4/30/22 | # | 20.09 | 0.06 | (2.21 | ) | (2.15 | ) | (0.09 | ) | (3.25 | ) | (3.34 | ) | 14.60 | |||||||||||||||||||||
10/31/21 | 15.17 | 0.12 | 5.99 | 6.11 | (0.15 | ) | (1.04 | ) | (1.19 | ) | 20.09 | |||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
Premier Class: | 4/30/22 | # | 20.11 | 0.05 | (2.20 | ) | (2.15 | ) | (0.08 | ) | (3.25 | ) | (3.33 | ) | 14.63 | |||||||||||||||||||||
10/31/21 | 15.19 | 0.11 | 5.99 | 6.10 | (0.14 | ) | (1.04 | ) | (1.18 | ) | 20.11 | |||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
Retirement Class: | 4/30/22 | # | 20.51 | 0.05 | (2.26 | ) | (2.21 | ) | (0.07 | ) | (3.25 | ) | (3.32 | ) | 14.98 | |||||||||||||||||||||
10/31/21 | 15.47 | 0.09 | 6.11 | 6.20 | (0.12 | ) | (1.04 | ) | (1.16 | ) | 20.51 | |||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
Retail Class: | 4/30/22 | # | 28.59 | 0.08 | (3.35 | ) | (3.27 | ) | (0.07 | ) | (3.25 | ) | (3.32 | ) | 22.00 | |||||||||||||||||||||
10/31/21 | 21.14 | 0.12 | 8.46 | 8.58 | (0.09 | ) | (1.04 | ) | (1.13 | ) | 28.59 | |||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
Class W: | 4/30/22 | # | 20.07 | 0.10 | (2.20 | ) | (2.10 | ) | (0.13 | ) | (3.25 | ) | (3.38 | ) | 14.59 | |||||||||||||||||||||
10/31/21 | 15.16 | 0.21 | 5.98 | 6.19 | (0.24 | ) | (1.04 | ) | (1.28 | ) | 20.07 | |||||||||||||||||||||||||
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 |
86 | 2022 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 ended | Total return | payment from affiliates | u | end of period (in thousands | ) | Gross expenses | Net expenses | investment income (loss | ) | payment from affiliates | u | turnover rate | ||||||||||||||||||||||||
GROWTH & INCOME FUND | ||||||||||||||||||||||||||||||||||||
Institutional Class: | 4/30/22 | # | (12.99 | )%b | (13.00 | )%b | $ 1,551,208 | 0.40 | %c | 0.40 | %c | 0.78 | %c | 0.76 | %c | 38 | %b | |||||||||||||||||||
10/31/21 | 42.33 | 42.31 | 1,988,937 | 0.40 | 0.40 | 0.77 | 0.76 | 61 | f | |||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
Advisor Class: | 4/30/22 | # | (13.08 | )b | (13.09 | )b | 3,386 | 0.50 | c | 0.50 | c | 0.68 | c | 0.67 | c | 38 | b | |||||||||||||||||||
10/31/21 | 42.23 | 42.21 | 3,428 | 0.50 | 0.50 | 0.66 | 0.65 | 61 | f | |||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
Premier Class: | 4/30/22 | # | (13.03 | )b | (13.04 | )b | 10,957 | 0.55 | c | 0.55 | c | 0.62 | c | 0.60 | c | 38 | b | |||||||||||||||||||
10/31/21 | 42.08 | 42.06 | 20,731 | 0.55 | 0.55 | 0.63 | 0.61 | 61 | f | |||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
Retirement Class: | 4/30/22 | # | (13.06 | )b | (13.07 | )b | 457,924 | 0.65 | c | 0.65 | c | 0.53 | c | 0.51 | c | 38 | b | |||||||||||||||||||
10/31/21 | 41.96 | 41.94 | 577,096 | 0.65 | 0.65 | 0.51 | 0.50 | 61 | f | |||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
Retail Class: | 4/30/22 | # | (13.07 | )b | (13.08 | )b | 1,413,039 | 0.68 | c | 0.56 | c | 0.62 | c | 0.60 | c | 38 | b | |||||||||||||||||||
10/31/21 | 41.97 | 41.95 | 1,664,005 | 0.69 | 0.69 | 0.48 | 0.46 | 61 | f | |||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
Class W: | 4/30/22 | # | (12.81 | )b | (12.82 | )b | 2,228,293 | 0.40 | c | 0.00 | c | 1.18 | c | 1.16 | c | 38 | b | |||||||||||||||||||
10/31/21 | 42.93 | 42.91 | 2,739,781 | 0.40 | 0.00 | 1.17 | 1.16 | 61 | f | |||||||||||||||||||||||||||
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 ■ 2022 Semiannual Report | 87 |
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 ended | beginning of period | income (loss | )a | on total investments | investment operations | investment income | realized gains | and distributions | end of period | |||||||||||||||||||||||||||
LARGE-CAP GROWTH FUND | ||||||||||||||||||||||||||||||||||||
Institutional Class: | 4/30/22 | # | $ 26.91 | $ 0.02 | $ (5.74 | ) | $ (5.72 | ) | $ (0.03 | ) | $ (2.49 | ) | $ (2.52 | ) | $ 18.67 | |||||||||||||||||||||
10/31/21 | 27.14 | 0.02 | 8.17 | 8.19 | (0.11 | ) | (8.31 | ) | (8.42 | ) | 26.91 | |||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
Advisor Class: | 4/30/22 | # | 26.88 | 0.01 | (5.74 | ) | (5.73 | ) | (0.01 | ) | (2.49 | ) | (2.50 | ) | 18.65 | |||||||||||||||||||||
10/31/21 | 27.12 | 0.00 | d | 8.17 | 8.17 | (0.10 | ) | (8.31 | ) | (8.41 | ) | 26.88 | ||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
Premier Class: | 4/30/22 | # | 26.88 | 0.00 | d | (5.73 | ) | (5.73 | ) | — | (2.49 | ) | (2.49 | ) | 18.66 | |||||||||||||||||||||
10/31/21 | 27.10 | (0.01 | ) | 8.16 | 8.15 | (0.06 | ) | (8.31 | ) | (8.37 | ) | 26.88 | ||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
Retirement Class: | 4/30/22 | # | 26.63 | (0.01 | ) | (5.68 | ) | (5.69 | ) | — | (2.49 | ) | (2.49 | ) | 18.45 | |||||||||||||||||||||
10/31/21 | 26.93 | (0.04 | ) | 8.10 | 8.06 | (0.05 | ) | (8.31 | ) | (8.36 | ) | 26.63 | ||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
Retail Class: | 4/30/22 | # | 26.77 | 0.00 | d | (5.71 | ) | (5.71 | ) | — | (2.49 | ) | (2.49 | ) | 18.57 | |||||||||||||||||||||
10/31/21 | 27.03 | (0.05 | ) | 8.14 | 8.09 | (0.04 | ) | (8.31 | ) | (8.35 | ) | 26.77 | ||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
Class W: | 4/30/22 | # | 27.00 | 0.06 | (5.74 | ) | (5.68 | ) | (0.14 | ) | (2.49 | ) | (2.63 | ) | 18.69 | |||||||||||||||||||||
10/31/21 | 27.24 | 0.12 | 8.19 | 8.31 | (0.24 | ) | (8.31 | ) | (8.55 | ) | 27.00 | |||||||||||||||||||||||||
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 |
88 | 2022 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 ended | Total return | payment from affiliates | u | end of period (in thousands | ) | Gross expenses | Net expenses | investment income (loss | ) | payment from affiliates | u | turnover rate | ||||||||||||||||||||||||
LARGE-CAP GROWTH FUND | ||||||||||||||||||||||||||||||||||||
Institutional Class: | 4/30/22 | # | (23.33 | )%b | (23.34 | )%b | $ 1,560,057 | 0.41 | %c | 0.41 | %c | 0.15 | %c | 0.14 | %c | 46 | %b | |||||||||||||||||||
10/31/21 | 37.36 | 37.34 | 2,055,310 | 0.40 | 0.40 | 0.09 | 0.07 | 47 | ||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
Advisor Class: | 4/30/22 | # | (23.34 | )b | (23.35 | )b | 4,531 | 0.48 | c | 0.48 | c | 0.08 | c | 0.07 | c | 46 | b | |||||||||||||||||||
10/31/21 | 37.25 | 37.23 | 5,462 | 0.48 | 0.48 | 0.02 | 0.00 | 47 | ||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
Premier Class: | 4/30/22 | # | (23.38 | )b | (23.39 | )b | 12,330 | 0.56 | c | 0.56 | c | 0.00 | c | (0.01 | )c | 46 | b | |||||||||||||||||||
10/31/21 | 37.18 | 37.16 | 15,987 | 0.55 | 0.55 | (0.06 | ) | (0.07 | ) | 47 | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
Retirement Class: | 4/30/22 | # | (23.42 | )b | (23.43 | )b | 329,215 | 0.66 | c | 0.66 | c | (0.10 | )c | (0.11 | )c | 46 | b | |||||||||||||||||||
10/31/21 | 36.99 | 36.97 | 477,945 | 0.65 | 0.65 | (0.16 | ) | (0.17 | ) | 47 | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
Retail Class: | 4/30/22 | # | (23.40 | )b | (23.41 | )b | 1,097,559 | 0.70 | c | 0.56 | c | 0.00 | c | (0.01 | )c | 46 | b | |||||||||||||||||||
10/31/21 | 36.96 | 36.94 | 1,476,126 | 0.69 | 0.69 | (0.20 | ) | (0.22 | ) | 47 | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
Class W: | 4/30/22 | # | (23.17 | )b | (23.18 | )b | 2,398,744 | 0.41 | c | 0.00 | c | 0.56 | c | 0.54 | c | 46 | b | |||||||||||||||||||
10/31/21 | 37.86 | 37.84 | 3,158,816 | 0.40 | 0.00 | 0.49 | 0.48 | 47 | ||||||||||||||||||||||||||||
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 ■ 2022 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 ended | beginning of period | income (loss | )a | on total investments | investment operations | investment income | realized gains | and distributions | end of period | |||||||||||||||||||||||||||
LARGE-CAP VALUE FUND | ||||||||||||||||||||||||||||||||||||
Institutional Class: | 4/30/22 | # | $ 23.14 | $ 0.15 | $ (1.27 | ) | $ (1.12 | ) | $ (0.32 | ) | $ (1.68 | ) | $ (2.00 | ) | $ 20.02 | |||||||||||||||||||||
10/31/21 | 16.01 | 0.28 | 7.20 | 7.48 | (0.35 | ) | — | (0.35 | ) | 23.14 | ||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
Advisor Class: | 4/30/22 | # | 23.12 | 0.14 | (1.27 | ) | (1.13 | ) | (0.30 | ) | (1.68 | ) | (1.98 | ) | 20.01 | |||||||||||||||||||||
10/31/21 | 15.99 | 0.26 | 7.21 | 7.47 | (0.34 | ) | — | (0.34 | ) | 23.12 | ||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
Premier Class: | 4/30/22 | # | 23.08 | 0.13 | (1.26 | ) | (1.13 | ) | (0.28 | ) | (1.68 | ) | (1.96 | ) | 19.99 | |||||||||||||||||||||
10/31/21 | 15.97 | 0.24 | 7.19 | 7.43 | (0.32 | ) | — | (0.32 | ) | 23.08 | ||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
Retirement Class: | 4/30/22 | # | 23.03 | 0.12 | (1.27 | ) | (1.15 | ) | (0.26 | ) | (1.68 | ) | (1.94 | ) | 19.94 | |||||||||||||||||||||
10/31/21 | 15.93 | 0.22 | 7.19 | 7.41 | (0.31 | ) | — | (0.31 | ) | 23.03 | ||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
Retail Class: | 4/30/22 | # | 21.99 | 0.12 | (1.21 | ) | (1.09 | ) | (0.25 | ) | (1.68 | ) | (1.93 | ) | 18.97 | |||||||||||||||||||||
10/31/21 | 15.23 | 0.20 | 6.86 | 7.06 | (0.30 | ) | — | (0.30 | ) | 21.99 | ||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
Class W: | 4/30/22 | # | 23.22 | 0.19 | (1.26 | ) | (1.07 | ) | (0.42 | ) | (1.68 | ) | (2.10 | ) | 20.05 | |||||||||||||||||||||
10/31/21 | 16.07 | 0.36 | 7.22 | 7.58 | (0.43 | ) | — | (0.43 | ) | 23.22 | ||||||||||||||||||||||||||
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 |
90 | 2022 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 ended | Total return | payment from affiliates | u | end of period (in thousands | ) | Gross expenses | Net expenses | investment income (loss | ) | payment from affiliates | u | turnover rate | ||||||||||||||||||||||||
LARGE-CAP VALUE FUND | ||||||||||||||||||||||||||||||||||||
Institutional Class: | 4/30/22 | # | (5.39 | )%b | (5.40 | )%b | 1,801,422 | 0.41 | %c | 0.41 | %c | 1.38 | %c | 1.37 | %c | 8 | %b | |||||||||||||||||||
10/31/21 | 47.32 | 47.30 | 1,898,837 | 0.41 | 0.40 | 1.32 | 1.31 | 14 | ||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
Advisor Class: | 4/30/22 | # | (5.41 | )b | (5.42 | )b | 464 | 0.48 | c | 0.48 | c | 1.31 | c | 1.30 | c | 8 | b | |||||||||||||||||||
10/31/21 | 47.30 | 47.28 | 520 | 0.48 | 0.48 | 1.23 | 1.22 | 14 | ||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
Premier Class: | 4/30/22 | # | (5.41 | )b | (5.42 | )b | 70,771 | 0.56 | c | 0.56 | c | 1.22 | c | 1.21 | c | 8 | b | |||||||||||||||||||
10/31/21 | 47.06 | 47.04 | 77,309 | 0.56 | 0.55 | 1.18 | 1.16 | 14 | ||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
Retirement Class: | 4/30/22 | # | (5.53 | )b | (5.54 | )b | 478,444 | 0.66 | c | 0.66 | c | 1.13 | c | 1.12 | c | 8 | b | |||||||||||||||||||
10/31/21 | 47.01 | 46.99 | 521,413 | 0.66 | 0.65 | 1.08 | 1.06 | 14 | ||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
Retail Class: | 4/30/22 | # | (5.49 | )b | (5.50 | )b | 149,425 | 0.71 | c | 0.62 | c | 1.17 | c | 1.16 | c | 8 | b | |||||||||||||||||||
10/31/21 | 46.88 | 46.86 | 155,733 | 0.72 | 0.71 | 1.01 | 0.99 | 14 | ||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
Class W: | 4/30/22 | # | (5.16 | )b | (5.17 | )b | 2,480,298 | 0.41 | c | 0.00 | c | 1.79 | c | 1.78 | c | 8 | b | |||||||||||||||||||
10/31/21 | 47.95 | 47.93 | 2,858,782 | 0.41 | 0.00 | 1.73 | 1.72 | 14 | ||||||||||||||||||||||||||||
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 ■ 2022 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 ended | beginning of period | income (loss | )a | on total investments | investment operations | investment income | realized gains | and distributions | end of period | |||||||||||||||||||||||||||
MID-CAP GROWTH FUND | ||||||||||||||||||||||||||||||||||||
Institutional Class: | 4/30/22 | # | $ 30.82 | $ 0.04 | $ (8.05 | ) | $ (8.01 | ) | $ — | $ (3.74 | ) | $ (3.74 | ) | $ 19.07 | ||||||||||||||||||||||
10/31/21 | 25.15 | (0.06 | ) | 8.91 | 8.85 | — | (3.18 | ) | (3.18 | ) | 30.82 | |||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Advisor Class: | 4/30/22 | # | 30.79 | 0.00 | d | (7.99 | ) | (7.99 | ) | — | (3.74 | ) | (3.74 | ) | 19.06 | |||||||||||||||||||||
10/31/21 | 25.14 | (0.07 | ) | 8.90 | 8.83 | — | (3.18 | ) | (3.18 | ) | 30.79 | |||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Premier Class: | 4/30/22 | # | 30.51 | 0.02 | (7.95 | ) | (7.93 | ) | — | (3.74 | ) | (3.74 | ) | 18.84 | ||||||||||||||||||||||
10/31/21 | 24.96 | (0.10 | ) | 8.83 | 8.73 | — | (3.18 | ) | (3.18 | ) | 30.51 | |||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Retirement Class: | 4/30/22 | # | 29.44 | 0.01 | (7.64 | ) | (7.63 | ) | — | (3.74 | ) | (3.74 | ) | 18.07 | ||||||||||||||||||||||
10/31/21 | 24.21 | (0.13 | ) | 8.54 | 8.41 | — | (3.18 | ) | (3.18 | ) | 29.44 | |||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Retail Class: | 4/30/22 | # | 29.36 | 0.02 | (7.62 | ) | (7.60 | ) | — | (3.74 | ) | (3.74 | ) | 18.02 | ||||||||||||||||||||||
10/31/21 | 24.15 | (0.14 | ) | 8.53 | 8.39 | — | (3.18 | ) | (3.18 | ) | 29.36 | |||||||||||||||||||||||||
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 |
92 | 2022 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 ended | Total return | payment from affiliates | u | end of period (in thousands | ) | Gross expenses | Net expenses | investment income (loss | ) | payment from affiliates | u | turnover rate | ||||||||||||||||||||||||
MID-CAP GROWTH FUND | ||||||||||||||||||||||||||||||||||||
Institutional Class: | 4/30/22 | # | (28.65 | )%b | (28.66 | )%b | $ 734,766 | 0.47 | %c | 0.47 | %c | 0.35 | %c | 0.34 | %c | 42 | %b | |||||||||||||||||||
10/31/21 | 37.33 | 37.31 | 1,113,795 | 0.46 | 0.46 | (0.20 | ) | (0.22 | ) | 76 | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
Advisor Class: | 4/30/22 | # | (28.61 | )b | (28.62 | )b | 202 | 0.45 | c | 0.45 | c | 0.04 | c | 0.03 | c | 42 | b | |||||||||||||||||||
10/31/21 | 37.26 | 37.24 | 7,557 | 0.50 | 0.50 | (0.24 | ) | (0.26 | ) | 76 | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
Premier Class: | 4/30/22 | # | (28.68 | )b | (28.69 | )b | 35,537 | 0.62 | c | 0.62 | c | 0.16 | c | 0.15 | c | 42 | b | |||||||||||||||||||
10/31/21 | 37.11 | 37.09 | 60,298 | 0.61 | 0.61 | (0.35 | ) | (0.37 | ) | 76 | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
Retirement Class: | 4/30/22 | # | (28.71 | )b | (28.72 | )b | 367,451 | 0.72 | c | 0.72 | c | 0.11 | c | 0.09 | c | 42 | b | |||||||||||||||||||
10/31/21 | 36.93 | 36.91 | 524,637 | 0.71 | 0.71 | (0.46 | ) | (0.47 | ) | 76 | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
Retail Class: | 4/30/22 | # | (28.68 | )b | (28.69 | )b | 202,365 | 0.77 | c | 0.63 | c | 0.19 | c | 0.18 | c | 42 | b | |||||||||||||||||||
10/31/21 | 36.93 | 36.91 | 297,057 | 0.75 | 0.75 | (0.50 | ) | (0.52 | ) | 76 | ||||||||||||||||||||||||||
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 |
See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2022 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 ended | beginning of period | income (loss | )a | on total investments | investment operations | investment income | realized gains | and distributions | end of period | |||||||||||||||||||||||||||
MID-CAP VALUE FUND | ||||||||||||||||||||||||||||||||||||
Institutional Class: | 4/30/22 | # | $ 21.23 | $ 0.11 | $ (0.69 | ) | $ (0.58 | ) | $ (0.23 | ) | $ (2.65 | ) | $ (2.88 | ) | $ 17.77 | |||||||||||||||||||||
10/31/21 | 14.40 | 0.21 | 6.92 | 7.13 | (0.30 | ) | — | (0.30 | ) | 21.23 | ||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
Advisor Class: | 4/30/22 | # | 21.20 | 0.09 | (0.68 | ) | (0.59 | ) | (0.21 | ) | (2.65 | ) | (2.86 | ) | 17.75 | |||||||||||||||||||||
10/31/21 | 14.38 | 0.20 | 6.90 | 7.10 | (0.28 | ) | — | (0.28 | ) | 21.20 | ||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
Premier Class: | 4/30/22 | # | 21.18 | 0.10 | (0.70 | ) | (0.60 | ) | (0.19 | ) | (2.65 | ) | (2.84 | ) | 17.74 | |||||||||||||||||||||
10/31/21 | 14.37 | 0.18 | 6.90 | 7.08 | (0.27 | ) | — | (0.27 | ) | 21.18 | ||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
Retirement Class: | 4/30/22 | # | 21.04 | 0.09 | (0.69 | ) | (0.60 | ) | (0.18 | ) | (2.65 | ) | (2.83 | ) | 17.61 | |||||||||||||||||||||
10/31/21 | 14.28 | 0.16 | 6.86 | 7.02 | (0.26 | ) | — | (0.26 | ) | 21.04 | ||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
Retail Class: | 4/30/22 | # | 20.42 | 0.09 | (0.66 | ) | (0.57 | ) | (0.17 | ) | (2.65 | ) | (2.82 | ) | 17.03 | |||||||||||||||||||||
10/31/21 | 13.86 | 0.15 | 6.66 | 6.81 | (0.25 | ) | — | (0.25 | ) | 20.42 | ||||||||||||||||||||||||||
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 |
94 | 2022 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 ended | Total return | payment from affiliates | u | end of period (in thousands | ) | Gross expenses | Net expenses | investment income (loss | ) | payment from affiliates | u | turnover rate | ||||||||||||||||||||||||
MID-CAP VALUE FUND | ||||||||||||||||||||||||||||||||||||
Institutional Class: | 4/30/22 | # | (3.55 | )%b | (3.56 | )%b | $ 1,152,368 | 0.45 | %c | 0.44 | %c | 1.17 | %c | 1.15 | %c | 37 | %b | |||||||||||||||||||
10/31/21 | 50.13 | 50.11 | 1,291,813 | 0.45 | 0.44 | 1.11 | 1.09 | 80 | ||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
Advisor Class: | 4/30/22 | # | (3.60 | )b | (3.61 | )b | 434 | 0.53 | c | 0.53 | c | 0.90 | c | 0.88 | c | 37 | b | |||||||||||||||||||
10/31/21 | 49.96 | 49.94 | 416 | 0.54 | 0.54 | 1.05 | 1.03 | 80 | ||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
Premier Class: | 4/30/22 | # | (3.61 | )b | (3.62 | )b | 58,032 | 0.60 | c | 0.59 | c | 1.03 | c | 1.02 | c | 37 | b | |||||||||||||||||||
10/31/21 | 49.84 | 49.82 | 73,331 | 0.60 | 0.59 | 0.95 | 0.94 | 80 | ||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
Retirement Class: | 4/30/22 | # | (3.68 | )b | (3.69 | )b | 515,033 | 0.70 | c | 0.69 | c | 0.92 | c | 0.90 | c | 37 | b | |||||||||||||||||||
10/31/21 | 49.70 | 49.68 | 589,412 | 0.70 | 0.69 | 0.86 | 0.84 | 80 | ||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
Retail Class: | 4/30/22 | # | (3.64 | )b | (3.65 | )b | 210,248 | 0.75 | c | 0.65 | c | 0.96 | c | 0.94 | c | 37 | b | |||||||||||||||||||
10/31/21 | 49.65 | 49.63 | 224,262 | 0.76 | 0.75 | 0.80 | 0.78 | 80 | ||||||||||||||||||||||||||||
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 |
See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2022 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 | |||||||||||||||||||||||||
QUANT SMALL-CAP EQUITY FUND | ||||||||||||||||||||||||||||||||||
Institutional Class: | 4/30/22 | # | $ 23.18 | $ 0.06 | $ (2.85 | ) | $ (2.79 | ) | $ (0.12 | ) | $ (3.91 | ) | $ (4.03 | ) | $ 16.36 | |||||||||||||||||||
10/31/21 | 14.40 | 0.10 | 8.80 | 8.90 | (0.12 | ) | — | (0.12 | ) | 23.18 | ||||||||||||||||||||||||
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 | |||||||||||||||||||||||
Advisor Class: | 4/30/22 | # | 23.17 | 0.06 | (2.85 | ) | (2.79 | ) | (0.11 | ) | (3.91 | ) | (4.02 | ) | 16.36 | |||||||||||||||||||
10/31/21 | 14.39 | 0.08 | 8.80 | 8.88 | (0.10 | ) | — | (0.10 | ) | 23.17 | ||||||||||||||||||||||||
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 | |||||||||||||||||||||||
Premier Class: | 4/30/22 | # | 23.01 | 0.05 | (2.83 | ) | (2.78 | ) | (0.08 | ) | (3.91 | ) | (3.99 | ) | 16.24 | |||||||||||||||||||
10/31/21 | 14.30 | 0.07 | 8.73 | 8.80 | (0.09 | ) | — | (0.09 | ) | 23.01 | ||||||||||||||||||||||||
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 | |||||||||||||||||||||||
Retirement Class: | 4/30/22 | # | 22.43 | 0.04 | (2.75 | ) | (2.71 | ) | (0.06 | ) | (3.91 | ) | (3.97 | ) | 15.75 | |||||||||||||||||||
10/31/21 | 13.94 | 0.04 | 8.53 | 8.57 | (0.08 | ) | — | (0.08 | ) | 22.43 | ||||||||||||||||||||||||
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 | |||||||||||||||||||||||
Retail Class: | 4/30/22 | # | 22.12 | 0.04 | (2.70 | ) | (2.66 | ) | (0.06 | ) | (3.91 | ) | (3.97 | ) | 15.49 | |||||||||||||||||||
10/31/21 | 13.75 | 0.04 | 8.41 | 8.45 | (0.08 | ) | — | (0.08 | ) | 22.12 | ||||||||||||||||||||||||
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 | |||||||||||||||||||||||
Class W: | 4/30/22 | # | 23.25 | 0.11 | (2.86 | ) | (2.75 | ) | (0.22 | ) | (3.91 | ) | (4.13 | ) | 16.37 | |||||||||||||||||||
10/31/21 | 14.43 | 0.19 | 8.81 | 9.00 | (0.18 | ) | — | (0.18 | ) | 23.25 | ||||||||||||||||||||||||
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 |
96 | 2022 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: | 4/30/22 | # | (14.10 | )%b | $1,425,507 | 0.42 | %c | 0.42 | %c | 0.68 | %c | 27 | %b | |||||||||||||
10/31/21 | 62.02 | 1,554,570 | 0.41 | 0.41 | 0.49 | 64 | f | |||||||||||||||||||
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 | ||||||||||||||||||||
Advisor Class: | 4/30/22 | # | (14.11 | )b | 729 | 0.47 | c | 0.47 | c | 0.62 | c | 27 | b | |||||||||||||
10/31/21 | 61.95 | 781 | 0.48 | 0.47 | 0.40 | 64 | f | |||||||||||||||||||
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 | ||||||||||||||||||||
Premier Class: | 4/30/22 | # | (14.16 | )b | 60,934 | 0.56 | c | 0.56 | c | 0.56 | c | 27 | b | |||||||||||||
10/31/21 | 61.90 | 80,889 | 0.56 | 0.56 | 0.31 | 64 | f | |||||||||||||||||||
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 | ||||||||||||||||||||
Retirement Class: | 4/30/22 | # | (14.18 | )b | 378,559 | 0.67 | c | 0.67 | c | 0.44 | c | 27 | b | |||||||||||||
10/31/21 | 61.64 | 451,648 | 0.66 | 0.66 | 0.22 | 64 | f | |||||||||||||||||||
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 | ||||||||||||||||||||
Retail Class: | 4/30/22 | # | (14.17 | )b | 130,191 | 0.72 | c | 0.65 | c | 0.46 | c | 27 | b | |||||||||||||
10/31/21 | 61.59 | 157,995 | 0.72 | 0.69 | 0.18 | 64 | f | |||||||||||||||||||
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 | ||||||||||||||||||||
Class W: | 4/30/22 | # | (13.89 | )b | 620,329 | 0.41 | c | 0.00 | c | 1.12 | c | 27 | b | |||||||||||||
10/31/21 | 62.73 | 830,786 | 0.41 | 0.00 | 0.88 | 64 | f | |||||||||||||||||||
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 ■ 2022 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/MID-CAP EQUITY FUND | ||||||||||||||||||||||||||||||||||
Institutional Class: | 4/30/22 | # | $ 18.26 | $ 0.07 | $ (1.81 | ) | $ (1.74 | ) | $ (0.19 | ) | $ (2.98 | ) | $ (3.17 | ) | $ 13.35 | |||||||||||||||||||
10/31/21 | 11.43 | 0.12 | 6.96 | 7.08 | (0.10 | ) | (0.15 | ) | (0.25 | ) | 18.26 | |||||||||||||||||||||||
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 | ||||||||||||||||||||||||
Advisor Class: | 4/30/22 | # | 18.28 | 0.05 | (1.81 | ) | (1.76 | ) | (0.17 | ) | (2.98 | ) | (3.15 | ) | 13.37 | |||||||||||||||||||
10/31/21 | 11.45 | 0.10 | 6.97 | 7.07 | (0.09 | ) | (0.15 | ) | (0.24 | ) | 18.28 | |||||||||||||||||||||||
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 | ||||||||||||||||||||||||
Premier Class: | 4/30/22 | # | 18.35 | 0.06 | (1.83 | ) | (1.77 | ) | (0.16 | ) | (2.98 | ) | (3.14 | ) | 13.44 | |||||||||||||||||||
10/31/21 | 11.49 | 0.09 | 7.00 | 7.09 | (0.08 | ) | (0.15 | ) | (0.23 | ) | 18.35 | |||||||||||||||||||||||
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 | ||||||||||||||||||||||||
Retirement Class: | 4/30/22 | # | 18.16 | 0.04 | (1.80 | ) | (1.76 | ) | (0.15 | ) | (2.98 | ) | (3.13 | ) | 13.27 | |||||||||||||||||||
10/31/21 | 11.38 | 0.08 | 6.93 | 7.01 | (0.08 | ) | (0.15 | ) | (0.23 | ) | 18.16 | |||||||||||||||||||||||
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 | ||||||||||||||||||||||||
Retail Class: | 4/30/22 | # | 18.12 | 0.04 | (1.80 | ) | (1.76 | ) | (0.13 | ) | (2.98 | ) | (3.11 | ) | 13.25 | |||||||||||||||||||
10/31/21 | 11.36 | 0.05 | 6.92 | 6.97 | (0.06 | ) | (0.15 | ) | (0.21 | ) | 18.12 | |||||||||||||||||||||||
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 | ||||||||||||||||||||||||
Class W: | 4/30/22 | # | 18.36 | 0.10 | (1.82 | ) | (1.72 | ) | (0.28 | ) | (2.98 | ) | (3.26 | ) | 13.38 | |||||||||||||||||||
10/31/21 | 11.48 | 0.19 | 6.99 | 7.18 | (0.15 | ) | (0.15 | ) | (0.30 | ) | 18.36 | |||||||||||||||||||||||
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 |
98 | 2022 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: | 4/30/22 | # | (11.27 | )%b | $ 50,272 | 0.47 | %c | 0.47 | %c | 0.92 | %c | 35 | %b | |||||||||||||
10/31/21 | 62.76 | 63,132 | 0.47 | 0.47 | 0.73 | 85 | ||||||||||||||||||||
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 | ||||||||||||||||||||
Advisor Class: | 4/30/22 | # | (11.35 | )b | 14,978 | 0.60 | c | 0.60 | c | 0.64 | c | 35 | b | |||||||||||||
10/31/21 | 62.57 | 9,481 | 0.59 | 0.59 | 0.57 | 85 | ||||||||||||||||||||
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 | ||||||||||||||||||||
Premier Class: | 4/30/22 | # | (11.36 | )b | 200 | 0.63 | c | 0.63 | c | 0.80 | c | 35 | b | |||||||||||||
10/31/21 | 62.45 | 254 | 0.66 | 0.66 | 0.54 | 85 | ||||||||||||||||||||
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 | ||||||||||||||||||||
Retirement Class: | 4/30/22 | # | (11.39 | )b | 161,880 | 0.73 | c | 0.73 | c | 0.50 | c | 35 | b | |||||||||||||
10/31/21 | 62.34 | 91,997 | 0.72 | 0.72 | 0.48 | 85 | ||||||||||||||||||||
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 | ||||||||||||||||||||
Retail Class: | 4/30/22 | # | (11.43 | )b | 18,100 | 0.84 | c | 0.79 | c | 0.57 | c | 35 | b | |||||||||||||
10/31/21 | 62.02 | 17,683 | 0.87 | 0.87 | 0.32 | 85 | ||||||||||||||||||||
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 | ||||||||||||||||||||
Class W: | 4/30/22 | # | (11.11 | )b | 741,779 | 0.47 | c | 0.00 | c | 1.39 | c | 35 | b | |||||||||||||
10/31/21 | 63.50 | 972,344 | 0.47 | 0.00 | 1.19 | 85 | ||||||||||||||||||||
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 ■ 2022 Semiannual Report | 99 |
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: | 4/30/22 | # | $ 30.44 | $ 0.16 | $ (3.56 | ) | $ (3.40 | ) | $ (0.33 | ) | $ (2.36 | ) | $ (2.69 | ) | $ 24.35 | |||||||||||||||||||
10/31/21 | 21.42 | 0.31 | 9.05 | 9.36 | (0.30 | ) | (0.04 | ) | (0.34 | ) | 30.44 | |||||||||||||||||||||||
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 | |||||||||||||||||||||||
Advisor Class: | 4/30/22 | # | 30.40 | 0.15 | (3.55 | ) | (3.40 | ) | (0.31 | ) | (2.36 | ) | (2.67 | ) | 24.33 | |||||||||||||||||||
10/31/21 | 21.39 | 0.29 | 9.05 | 9.34 | (0.29 | ) | (0.04 | ) | (0.33 | ) | 30.40 | |||||||||||||||||||||||
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 | |||||||||||||||||||||||
Premier Class: | 4/30/22 | # | 30.29 | 0.14 | (3.54 | ) | (3.40 | ) | (0.28 | ) | (2.36 | ) | (2.64 | ) | 24.25 | |||||||||||||||||||
10/31/21 | 21.32 | 0.27 | 9.01 | 9.28 | (0.27 | ) | (0.04 | ) | (0.31 | ) | 30.29 | |||||||||||||||||||||||
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 | |||||||||||||||||||||||
Retirement Class: | 4/30/22 | # | 30.90 | 0.13 | (3.62 | ) | (3.49 | ) | (0.26 | ) | (2.36 | ) | (2.62 | ) | 24.79 | |||||||||||||||||||
10/31/21 | 21.75 | 0.25 | 9.19 | 9.44 | (0.25 | ) | (0.04 | ) | (0.29 | ) | 30.90 | |||||||||||||||||||||||
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 | |||||||||||||||||||||||
Retail Class: | 4/30/22 | # | 26.78 | 0.12 | (3.10 | ) | (2.98 | ) | (0.26 | ) | (2.36 | ) | (2.62 | ) | 21.18 | |||||||||||||||||||
10/31/21 | 18.88 | 0.21 | 7.98 | 8.19 | (0.25 | ) | (0.04 | ) | (0.29 | ) | 26.78 | |||||||||||||||||||||||
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 |
100 | 2022 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: | 4/30/22 | # | (12.31 | )%b | $5,044,222 | 0.19 | %c | 0.18 | %c | 1.18 | %c | 12 | %b | |||||||||||||
10/31/21 | 44.13 | 5,751,972 | 0.17 | 0.16 | 1.15 | 27 | ||||||||||||||||||||
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 | ||||||||||||||||||||
Advisor Class: | 4/30/22 | # | (12.33 | )b | 45,525 | 0.27 | c | 0.27 | c | 1.10 | c | 12 | b | |||||||||||||
10/31/21 | 44.05 | 55,706 | 0.25 | 0.25 | 1.06 | 27 | ||||||||||||||||||||
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 | ||||||||||||||||||||
Premier Class: | 4/30/22 | # | (12.35 | )b | 76,679 | 0.36 | c | 0.35 | c | 1.01 | c | 12 | b | |||||||||||||
10/31/21 | 43.89 | 112,030 | 0.33 | 0.32 | 0.99 | 27 | ||||||||||||||||||||
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 | ||||||||||||||||||||
Retirement Class: | 4/30/22 | # | (12.40 | )b | 897,856 | 0.44 | c | 0.43 | c | 0.93 | c | 12 | b | |||||||||||||
10/31/21 | 43.75 | 1,047,445 | 0.42 | 0.41 | 0.90 | 27 | ||||||||||||||||||||
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 | |||||||||||||||||||
Retail Class: | 4/30/22 | # | (12.38 | )b | 606,613 | 0.46 | c | 0.38 | c | 0.98 | c | 12 | b | |||||||||||||
10/31/21 | 43.78 | 691,931 | 0.44 | 0.43 | 0.88 | 27 | ||||||||||||||||||||
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 |
See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2022 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 LOW CARBON EQUITY FUND | ||||||||||||||||||||||||||||||||||
Institutional Class: | 4/30/22 | # | $ 21.44 | $ 0.10 | $ (2.70 | ) | $ (2.60 | ) | $ (0.17 | ) | $ (1.01 | ) | $ (1.18 | ) | $ 17.66 | |||||||||||||||||||
10/31/21 | 15.16 | 0.19 | 6.47 | 6.66 | (0.16 | ) | (0.22 | ) | (0.38 | ) | 21.44 | |||||||||||||||||||||||
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 | |||||||||||||||||||||||
Advisor Class: | 4/30/22 | # | 21.41 | 0.08 | (2.69 | ) | (2.61 | ) | (0.15 | ) | (1.01 | ) | (1.16 | ) | 17.64 | |||||||||||||||||||
10/31/21 | 15.14 | 0.17 | 6.46 | 6.63 | (0.14 | ) | (0.22 | ) | (0.36 | ) | 21.41 | |||||||||||||||||||||||
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 | |||||||||||||||||||||||
Premier Class: | 4/30/22 | # | 21.46 | 0.08 | (2.70 | ) | (2.62 | ) | (0.14 | ) | (1.01 | ) | (1.15 | ) | 17.69 | |||||||||||||||||||
10/31/21 | 15.18 | 0.16 | 6.48 | 6.64 | (0.14 | ) | (0.22 | ) | (0.36 | ) | 21.46 | |||||||||||||||||||||||
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 | |||||||||||||||||||||||
Retirement Class: | 4/30/22 | # | 21.32 | 0.07 | (2.68 | ) | (2.61 | ) | (0.13 | ) | (1.01 | ) | (1.14 | ) | 17.57 | |||||||||||||||||||
10/31/21 | 15.09 | 0.14 | 6.44 | 6.58 | (0.13 | ) | (0.22 | ) | (0.35 | ) | 21.32 | |||||||||||||||||||||||
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 | |||||||||||||||||||||||
Retail Class: | 4/30/22 | # | 21.32 | 0.07 | (2.68 | ) | (2.61 | ) | (0.12 | ) | (1.01 | ) | (1.13 | ) | 17.58 | |||||||||||||||||||
10/31/21 | 15.09 | 0.13 | 6.44 | 6.57 | (0.12 | ) | (0.22 | ) | (0.34 | ) | 21.32 | |||||||||||||||||||||||
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 |
102 | 2022 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: | 4/30/22 | # | (12.86 | )%b | $465,861 | 0.31 | %c | 0.31 | %c | 0.98 | %c | 14 | %b | |||||||||||||
10/31/21 | 44.55 | 452,025 | 0.31 | 0.31 | 1.00 | 26 | ||||||||||||||||||||
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 | ||||||||||||||||||||
Advisor Class: | 4/30/22 | # | (12.90 | )b | 8,985 | 0.42 | c | 0.42 | c | 0.86 | c | 14 | b | |||||||||||||
10/31/21 | 44.44 | 6,920 | 0.43 | 0.43 | 0.87 | 26 | ||||||||||||||||||||
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 | ||||||||||||||||||||
Premier Class: | 4/30/22 | # | (12.91 | )b | 6,153 | 0.46 | c | 0.46 | c | 0.83 | c | 14 | b | |||||||||||||
10/31/21 | 44.36 | 6,335 | 0.46 | 0.46 | 0.85 | 26 | ||||||||||||||||||||
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 | ||||||||||||||||||||
Retirement Class: | 4/30/22 | # | (12.96 | )b | 522,249 | 0.56 | c | 0.56 | c | 0.73 | c | 14 | b | |||||||||||||
10/31/21 | 44.19 | 530,497 | 0.56 | 0.56 | 0.74 | 26 | ||||||||||||||||||||
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 | ||||||||||||||||||||
Retail Class: | 4/30/22 | # | (12.91 | )b | 57,608 | 0.61 | c | 0.57 | c | 0.72 | c | 14 | b | |||||||||||||
10/31/21 | 44.09 | 62,509 | 0.62 | 0.62 | 0.68 | 26 | ||||||||||||||||||||
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 |
See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2022 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 | |||||||||||||||||||||||||
EMERGING MARKETS EQUITY FUND | ||||||||||||||||||||||||||||||||||
Institutional Class: | 4/30/22 | # | $ 11.77 | $ 0.13 | $ (1.68 | ) | $ (1.55 | ) | $ (0.43 | ) | $ (1.79 | ) | $ (2.22 | ) | $ 8.00 | |||||||||||||||||||
10/31/21 | 12.53 | 0.08 | 0.37 | 0.45 | (0.10 | ) | (1.11 | ) | (1.21 | ) | 11.77 | |||||||||||||||||||||||
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 | ||||||||||||||||||||||||
Advisor Class: | 4/30/22 | # | 11.77 | 0.15 | (1.70 | ) | (1.55 | ) | (0.42 | ) | (1.79 | ) | (2.21 | ) | 8.01 | |||||||||||||||||||
10/31/21 | 12.52 | 0.07 | 0.37 | 0.44 | (0.08 | ) | (1.11 | ) | (1.19 | ) | 11.77 | |||||||||||||||||||||||
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 | ||||||||||||||||||||||||
Premier Class: | 4/30/22 | # | 11.78 | 0.13 | (1.69 | ) | (1.56 | ) | (0.42 | ) | (1.79 | ) | (2.21 | ) | 8.01 | |||||||||||||||||||
10/31/21 | 12.53 | 0.07 | 0.38 | 0.45 | (0.09 | ) | (1.11 | ) | (1.20 | ) | 11.78 | |||||||||||||||||||||||
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 | ||||||||||||||||||||||||
Retirement Class: | 4/30/22 | # | 11.72 | 0.13 | (1.68 | ) | (1.55 | ) | (0.42 | ) | (1.79 | ) | (2.21 | ) | 7.96 | |||||||||||||||||||
10/31/21 | 12.48 | 0.07 | 0.37 | 0.44 | (0.09 | ) | (1.11 | ) | (1.20 | ) | 11.72 | |||||||||||||||||||||||
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 | ||||||||||||||||||||||||
Retail Class: | 4/30/22 | # | 11.72 | 0.11 | (1.68 | ) | (1.57 | ) | (0.37 | ) | (1.79 | ) | (2.16 | ) | 7.99 | |||||||||||||||||||
10/31/21 | 12.49 | 0.03 | 0.36 | 0.39 | (0.05 | ) | (1.11 | ) | (1.16 | ) | 11.72 | |||||||||||||||||||||||
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 | ||||||||||||||||||||||||
Class W: | 4/30/22 | # | 11.85 | 0.17 | (1.69 | ) | (1.52 | ) | (0.52 | ) | (1.79 | ) | (2.31 | ) | 8.02 | |||||||||||||||||||
10/31/21 | 12.62 | 0.21 | 0.37 | 0.58 | (0.24 | ) | (1.11 | ) | (1.35 | ) | 11.85 | |||||||||||||||||||||||
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 |
104 | 2022 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: | 4/30/22 | # | (15.39 | )%b | (15.40 | )%b | $ 231,605 | 0.90 | %c | 0.90 | %c | 2.84 | %c | 2.82 | %c | 55 | %b | |||||||||||||||||
10/31/21 | 2.44 | 2.42 | 295,907 | 0.88 | 0.88 | 0.61 | 0.59 | 112 | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Advisor Class: | 4/30/22 | # | (15.39 | )b | (15.40 | )b | 105 | 0.95 | c | 0.95 | c | 3.09 | c | 3.08 | c | 55 | b | |||||||||||||||||
10/31/21 | 2.28 | 2.26 | 171 | 0.97 | 0.97 | 0.51 | 0.49 | 112 | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Premier Class: | 4/30/22 | # | (15.40 | )b | (15.41 | )b | 9,193 | 1.06 | c | 0.97 | c | 2.77 | c | 2.75 | c | 55 | b | |||||||||||||||||
10/31/21 | 2.27 | 2.25 | 10,994 | 1.03 | 0.98 | 0.54 | 0.52 | 112 | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Retirement Class: | 4/30/22 | # | (15.50 | )b | (15.51 | )b | 82,645 | 1.15 | c | 0.97 | c | 2.79 | c | 2.78 | c | 55 | b | |||||||||||||||||
10/31/21 | 2.36 | 2.34 | 103,033 | 1.12 | 0.98 | 0.49 | 0.47 | 112 | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Retail Class: | 4/30/22 | # | (15.59 | )b | (15.60 | )b | 7,925 | 1.37 | c | 1.27 | c | 2.46 | c | 2.45 | c | 55 | b | |||||||||||||||||
10/31/21 | 2.00 | 1.98 | 9,842 | 1.31 | 1.31 | 0.19 | 0.17 | 112 | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Class W: | 4/30/22 | # | (15.07 | )b | (15.08 | )b | 1,073,398 | 0.90 | c | 0.00 | c | 3.69 | c | 3.68 | c | 55 | b | |||||||||||||||||
10/31/21 | 3.33 | 3.31 | 1,256,261 | 0.88 | 0.00 | 1.54 | 1.52 | 112 | ||||||||||||||||||||||||||
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 ■ 2022 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 | |||||||||||||||||||||||||||
INTERNATIONAL EQUITY FUND | ||||||||||||||||||||||||||||||||||||
Institutional Class: | 4/30/22 | # | $ 14.61 | $ 0.14 | $ (2.54 | ) | $ (2.40 | ) | $ (0.40 | ) | $ — | $ (0.40 | ) | $ 11.81 | ||||||||||||||||||||||
10/31/21 | 10.91 | 0.41 | 3.45 | 3.86 | (0.16 | ) | — | (0.16 | ) | 14.61 | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Advisor Class: | 4/30/22 | # | 14.93 | 0.13 | (2.60 | ) | (2.47 | ) | (0.38 | ) | — | (0.38 | ) | 12.08 | ||||||||||||||||||||||
10/31/21 | 11.15 | 0.39 | 3.54 | 3.93 | (0.15 | ) | — | (0.15 | ) | 14.93 | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Premier Class: | 4/30/22 | # | 14.58 | 0.12 | (2.53 | ) | (2.41 | ) | (0.38 | ) | — | (0.38 | ) | 11.79 | ||||||||||||||||||||||
10/31/21 | 10.89 | 0.37 | 3.45 | 3.82 | (0.13 | ) | — | (0.13 | ) | 14.58 | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Retirement Class: | 4/30/22 | # | 15.18 | 0.12 | (2.64 | ) | (2.52 | ) | (0.36 | ) | — | (0.36 | ) | 12.30 | ||||||||||||||||||||||
10/31/21 | 11.33 | 0.39 | 3.59 | 3.98 | (0.13 | ) | — | (0.13 | ) | 15.18 | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Retail Class: | 4/30/22 | # | 9.11 | 0.07 | (1.55 | ) | (1.48 | ) | (0.37 | ) | — | (0.37 | ) | 7.26 | ||||||||||||||||||||||
10/31/21 | 6.86 | 0.23 | 2.15 | 2.38 | (0.13 | ) | — | (0.13 | ) | 9.11 | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Class W: | 4/30/22 | # | 14.69 | 0.17 | (2.55 | ) | (2.38 | ) | (0.46 | ) | — | (0.46 | ) | 11.85 | ||||||||||||||||||||||
10/31/21 | 10.96 | 0.48 | 3.45 | 3.93 | (0.20 | ) | — | (0.20 | ) | 14.69 | ||||||||||||||||||||||||||
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 |
106 | 2022 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: | 4/30/22 | # | (16.83 | )%b | (16.84 | )%b | $ 2,390,067 | 0.46 | %c | 0.46 | %c | 2.03 | %c | 2.02 | %c | 15 | %b | |||||||||||||||||
10/31/21 | 35.59 | 35.57 | 2,828,714 | 0.46 | 0.46 | 2.95 | 2.93 | 28 | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Advisor Class: | 4/30/22 | # | (16.90 | )b | (16.91 | )b | 2,470 | 0.56 | c | 0.56 | c | 1.88 | c | 1.86 | c | 15 | b | |||||||||||||||||
10/31/21 | 35.42 | 35.40 | 3,175 | 0.56 | 0.56 | 2.75 | 2.74 | 28 | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Premier Class: | 4/30/22 | # | (16.92 | )b | (16.93 | )b | 62,865 | 0.61 | c | 0.61 | c | 1.82 | c | 1.81 | c | 15 | b | |||||||||||||||||
10/31/21 | 35.31 | 35.29 | 75,862 | 0.61 | 0.61 | 2.68 | 2.66 | 28 | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Retirement Class: | 4/30/22 | # | (16.94 | )b | (16.95 | )b | 372,860 | 0.71 | c | 0.71 | c | 1.74 | c | 1.72 | c | 15 | b | |||||||||||||||||
10/31/21 | 35.28 | 35.26 | 467,995 | 0.71 | 0.71 | 2.68 | 2.66 | 28 | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Retail Class: | 4/30/22 | # | (16.85 | )b | (16.86 | )b | 231,880 | 0.79 | c | 0.67 | c | 1.80 | c | 1.78 | c | 15 | b | |||||||||||||||||
10/31/21 | 35.05 | 35.03 | 286,699 | 0.80 | 0.80 | 2.61 | 2.60 | 28 | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Class W: | 4/30/22 | # | (16.67 | )b | (16.68 | )b | 2,636,829 | 0.46 | c | 0.00 | c | 2.49 | c | 2.48 | c | 15 | b | |||||||||||||||||
10/31/21 | 36.17 | 36.15 | 3,083,400 | 0.46 | 0.00 | 3.45 | 3.43 | 28 | ||||||||||||||||||||||||||
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 ■ 2022 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 OPPORTUNITIES FUND | ||||||||||||||||||||||||||||||||||||
Institutional Class: | 4/30/22 | # | $ 19.77 | $ 0.08 | $ (4.12 | ) | $ (4.04 | ) | $ (0.17 | ) | $ (1.24 | ) | $ (1.41 | ) | $ 14.32 | |||||||||||||||||||||
10/31/21 | 15.70 | 0.13 | 4.40 | 4.53 | (0.09 | ) | (0.37 | ) | (0.46 | ) | 19.77 | |||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Advisor Class: | 4/30/22 | # | 19.73 | 0.07 | (4.10 | ) | (4.03 | ) | (0.15 | ) | (1.24 | ) | (1.39 | ) | 14.31 | |||||||||||||||||||||
10/31/21 | 15.67 | 0.11 | 4.40 | 4.51 | (0.08 | ) | (0.37 | ) | (0.45 | ) | 19.73 | |||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Premier Class: | 4/30/22 | # | 19.80 | 0.13 | (4.19 | ) | (4.06 | ) | (0.15 | ) | (1.24 | ) | (1.39 | ) | 14.35 | |||||||||||||||||||||
10/31/21 | 15.72 | 0.11 | 4.41 | 4.52 | (0.07 | ) | (0.37 | ) | (0.44 | ) | 19.80 | |||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Retirement Class: | 4/30/22 | # | 19.69 | 0.07 | (4.10 | ) | (4.03 | ) | (0.15 | ) | (1.24 | ) | (1.39 | ) | 14.27 | |||||||||||||||||||||
10/31/21 | 15.63 | 0.10 | 4.40 | 4.50 | (0.07 | ) | (0.37 | ) | (0.44 | ) | 19.69 | |||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Retail Class: | 4/30/22 | # | 19.67 | 0.05 | (4.10 | ) | (4.05 | ) | (0.09 | ) | (1.24 | ) | (1.33 | ) | 14.29 | |||||||||||||||||||||
10/31/21 | 15.65 | 0.05 | 4.38 | 4.43 | (0.04 | ) | (0.37 | ) | (0.41 | ) | 19.67 | |||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Class W: | 4/30/22 | # | 19.89 | 0.13 | (4.13 | ) | (4.00 | ) | (0.27 | ) | (1.24 | ) | (1.51 | ) | 14.38 | |||||||||||||||||||||
10/31/21 | 15.78 | 0.25 | 4.42 | 4.67 | (0.19 | ) | (0.37 | ) | (0.56 | ) | 19.89 | |||||||||||||||||||||||||
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 |
108 | 2022 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: | 4/30/22 | # | (21.66 | )%b | (21.67 | )%b | $ 123,455 | 0.61 | %c | 0.61 | %c | 0.97 | %c | 0.96 | %c | 9 | %b | |||||||||||||||||||
10/31/21 | 29.21 | 29.19 | 146,168 | 0.60 | 0.60 | 0.70 | 0.68 | 29 | ||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
Advisor Class: | 4/30/22 | # | (21.69 | )b | (21.70 | )b | 3,723 | 0.70 | c | 0.70 | c | 0.85 | c | 0.83 | c | 9 | b | |||||||||||||||||||
10/31/21 | 29.09 | 29.07 | 5,052 | 0.70 | 0.70 | 0.59 | 0.57 | 29 | ||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
Premier Class: | 4/30/22 | # | (21.73 | )b | (21.74 | )b | 2,261 | 0.76 | c | 0.70 | c | 1.64 | c | 1.62 | c | 9 | b | |||||||||||||||||||
10/31/21 | 29.06 | 29.04 | 569 | 0.77 | 0.73 | 0.58 | 0.56 | 29 | ||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
Retirement Class: | 4/30/22 | # | (21.71 | )b | (21.72 | )b | 120,816 | 0.86 | c | 0.70 | c | 0.83 | c | 0.81 | c | 9 | b | |||||||||||||||||||
10/31/21 | 29.13 | 29.11 | 175,169 | 0.85 | 0.73 | 0.56 | 0.54 | 29 | ||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
Retail Class: | 4/30/22 | # | (21.78 | )b | (21.79 | )b | 7,057 | 1.06 | c | 1.01 | c | 0.56 | c | 0.54 | c | 9 | b | |||||||||||||||||||
10/31/21 | 28.62 | 28.60 | 9,152 | 1.06 | 1.06 | 0.26 | 0.24 | 29 | ||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
Class W: | 4/30/22 | # | (21.40 | )b | (21.41 | )b | 1,845,369 | 0.61 | c | 0.00 | c | 1.58 | c | 1.56 | c | 9 | b | |||||||||||||||||||
10/31/21 | 30.03 | 30.01 | 2,183,791 | 0.60 | 0.00 | 1.31 | 1.29 | 29 | ||||||||||||||||||||||||||||
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 ■ 2022 Semiannual Report | 109 |
Financial highlights
TIAA-CREF Funds
Selected per share data | ||||||||||||||||||||||||||||||||||||
Gain (loss) from investment operations | ||||||||||||||||||||||||||||||||||||
For the | Net asset | Net | Net realized and unrealized | Total gain | Less distributions from | Total | Net asset | |||||||||||||||||||||||||||||
period or year ended | value, beginning of period | investment income (loss | )a | gain (loss) on total investments | (loss) from investment operations | Net investment income | Net realized gains | dividends and distributions | value, end of period | |||||||||||||||||||||||||||
QUANT INTERNATIONAL SMALL-CAP EQUITY FUND | ||||||||||||||||||||||||||||||||||||
Institutional Class: | 4/30/22 | # | $ 12.48 | $ 0.17 | $ (1.68 | ) | $ (1.51 | ) | $ (0.37 | ) | $ (0.37 | ) | $ (0.74 | ) | $ 10.23 | |||||||||||||||||||||
10/31/21 | 9.41 | 0.20 | 3.09 | 3.29 | (0.22 | ) | — | (0.22 | ) | 12.48 | ||||||||||||||||||||||||||
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: | 4/30/22 | # | 12.46 | 0.17 | (1.67 | ) | (1.50 | ) | (0.36 | ) | (0.37 | ) | (0.73 | ) | 10.23 | |||||||||||||||||||||
10/31/21 | 9.40 | 0.20 | 3.08 | 3.28 | (0.22 | ) | — | (0.22 | ) | 12.46 | ||||||||||||||||||||||||||
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: | 4/30/22 | # | 12.62 | 0.17 | (1.71 | ) | (1.54 | ) | (0.34 | ) | (0.37 | ) | (0.71 | ) | 10.37 | |||||||||||||||||||||
10/31/21 | 9.52 | 0.19 | 3.11 | 3.30 | (0.20 | ) | — | (0.20 | ) | 12.62 | ||||||||||||||||||||||||||
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: | 4/30/22 | # | 12.45 | 0.17 | (1.68 | ) | (1.51 | ) | (0.34 | ) | (0.37 | ) | (0.71 | ) | 10.23 | |||||||||||||||||||||
10/31/21 | 9.40 | 0.18 | 3.07 | 3.25 | (0.20 | ) | — | (0.20 | ) | 12.45 | ||||||||||||||||||||||||||
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: | 4/30/22 | # | 12.47 | 0.15 | (1.68 | ) | (1.53 | ) | (0.32 | ) | (0.37 | ) | (0.69 | ) | 10.25 | |||||||||||||||||||||
10/31/21 | 9.41 | 0.16 | 3.08 | 3.24 | (0.18 | ) | — | (0.18 | ) | 12.47 | ||||||||||||||||||||||||||
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: | 4/30/22 | # | 12.56 | 0.21 | (1.68 | ) | (1.47 | ) | (0.44 | ) | (0.37 | ) | (0.81 | ) | 10.28 | |||||||||||||||||||||
10/31/21 | 9.46 | 0.29 | 3.09 | 3.38 | (0.28 | ) | — | (0.28 | ) | 12.56 | ||||||||||||||||||||||||||
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 |
110 | 2022 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: | 4/30/22 | # | (12.71 | )%b | $ 76,124 | 0.72 | %c | 0.72 | %c | 3.15 | %c | 60 | %b | |||||||||||||||
10/31/21 | 35.40 | 88,124 | 0.71 | 0.69 | 1.73 | 119 | ||||||||||||||||||||||
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: | 4/30/22 | # | (12.64 | )b | 75 | 0.74 | c | 0.74 | c | 3.11 | c | 60 | b | |||||||||||||||
10/31/21 | 35.28 | 91 | 0.80 | 0.78 | 1.66 | 119 | ||||||||||||||||||||||
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: | 4/30/22 | # | (12.73 | )b | 76 | 0.90 | c | 0.90 | c | 2.95 | c | 60 | b | |||||||||||||||
10/31/21 | 35.08 | 92 | 0.96 | 0.88 | 1.56 | 119 | ||||||||||||||||||||||
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: | 4/30/22 | # | (12.71 | )b | 5,866 | 0.97 | c | 0.97 | c | 3.09 | c | 60 | b | |||||||||||||||
10/31/21 | 35.00 | 4,626 | 0.96 | 0.93 | 1.51 | 119 | ||||||||||||||||||||||
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: | 4/30/22 | # | (12.85 | )b | 1,002 | 2.13 | c | 1.14 | c | 2.76 | c | 60 | b | |||||||||||||||
10/31/21 | 34.77 | 1,134 | 2.20 | 1.12 | 1.31 | 119 | ||||||||||||||||||||||
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: | 4/30/22 | # | (12.32 | )b | 1,244,926 | 0.72 | c | 0.00 | c | 3.85 | c | 60 | b | |||||||||||||||
10/31/21 | 36.31 | 1,485,005 | 0.71 | 0.00 | 2.42 | 119 | ||||||||||||||||||||||
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 ■ 2022 Semiannual Report | 111 |
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: | 4/30/22 | # | $ 13.82 | $ 0.17 | $ (1.80 | ) | $ (1.63 | ) | $ (0.32 | ) | $ (0.10 | ) | $ (0.42 | ) | $ 11.77 | |||||||||||||||||||||
10/31/21 | 10.34 | 0.35 | 3.31 | 3.66 | (0.18 | ) | — | (0.18 | ) | 13.82 | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Advisor Class: | 4/30/22 | # | 13.81 | 0.16 | (1.80 | ) | (1.64 | ) | (0.31 | ) | (0.10 | ) | (0.41 | ) | 11.76 | |||||||||||||||||||||
10/31/21 | 10.33 | 0.35 | 3.30 | 3.65 | (0.17 | ) | — | (0.17 | ) | 13.81 | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Premier Class: | 4/30/22 | # | 13.83 | 0.15 | (1.80 | ) | (1.65 | ) | (0.30 | ) | (0.10 | ) | (0.40 | ) | 11.78 | |||||||||||||||||||||
10/31/21 | 10.34 | 0.34 | 3.31 | 3.65 | (0.16 | ) | — | (0.16 | ) | 13.83 | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Retirement Class: | 4/30/22 | # | 13.76 | 0.15 | (1.79 | ) | (1.64 | ) | (0.29 | ) | (0.10 | ) | (0.39 | ) | 11.73 | |||||||||||||||||||||
10/31/21 | 10.30 | 0.33 | 3.29 | 3.62 | (0.16 | ) | — | (0.16 | ) | 13.76 | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Retail Class: | 4/30/22 | # | 13.76 | 0.14 | (1.79 | ) | (1.65 | ) | (0.28 | ) | (0.10 | ) | (0.38 | ) | 11.73 | |||||||||||||||||||||
10/31/21 | 10.30 | 0.31 | 3.30 | 3.61 | (0.15 | ) | — | (0.15 | ) | 13.76 | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
# | Unaudited |
** | The Fund commenced operations on December 9, 2016. |
† | Class W commenced operations on September 28, 2018. |
a | Based on average shares outstanding. |
b | The percentages shown for this period are not annualized. |
c | The percentages shown for this period are annualized. |
d | Amount represents less than $0.01 per share. |
f | Does not include in-kind transactions. |
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. |
112 | 2022 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: | 4/30/22 | # | (12.12 | )%b | $ 621,521 | 0.37 | %c | 0.37 | %c | 2.60 | %c | 6 | %b | |||||||||||||||
10/31/21 | 35.70 | 556,304 | 0.36 | 0.36 | 2.68 | 12 | ||||||||||||||||||||||
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 | ||||||||||||||||||||||
Advisor Class: | 4/30/22 | # | (12.21 | )b | 2,965 | 0.48 | c | 0.48 | c | 2.47 | c | 6 | b | |||||||||||||||
10/31/21 | 35.60 | 2,557 | 0.46 | 0.46 | 2.66 | 12 | ||||||||||||||||||||||
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 | ||||||||||||||||||||||
Premier Class: | 4/30/22 | # | (12.25 | )b | 696 | 0.52 | c | 0.52 | c | 2.31 | c | 6 | b | |||||||||||||||
10/31/21 | 35.49 | 771 | 0.52 | 0.52 | 2.58 | 12 | ||||||||||||||||||||||
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 | ||||||||||||||||||||||
Retirement Class: | 4/30/22 | # | (12.20 | )b | 440,093 | 0.62 | c | 0.62 | c | 2.33 | c | 6 | b | |||||||||||||||
10/31/21 | 35.42 | 386,981 | 0.61 | 0.61 | 2.50 | 12 | ||||||||||||||||||||||
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 | ||||||||||||||||||||||
Retail Class: | 4/30/22 | # | (12.28 | )b | 23,256 | 0.69 | c | 0.69 | c | 2.23 | c | 6 | b | |||||||||||||||
10/31/21 | 35.27 | 21,846 | 0.70 | 0.70 | 2.41 | 12 | ||||||||||||||||||||||
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 |
See notes to financial statements | TIAA-CREF Funds: Equity Funds ■ 2022 Semiannual Report | 113 |
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’ fees, including any deferred and long-term compensation incurred, are reflected in the Statements of operations.
114 | 2022 Semiannual Report ■ TIAA-CREF Funds: Equity Funds |
Indemnification: Under the Trust’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that provide general indemnifications to other parties. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.
Other matters: The outbreak of the novel coronavirus (“COVID-19”) and subsequent global pandemic began significantly impacting the U.S. and global financial markets and economies during the calendar quarter ended March 31, 2020. The worldwide spread of COVID-19 has created significant uncertainty in the global economy. The duration and extent of COVID-19 over the long term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Funds’ normal course of business, results of operations, investments, and cash flows will depend on future developments, which are highly uncertain and difficult to predict. Management continues to monitor and evaluate this situation.
New rule issuance: In December 2020, the SEC voted to adopt a new rule providing a framework for fund valuation practices. New Rule 2a-5 (“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 boards, subject to board oversight and certain other conditions, to designate certain parties to perform fair value determinations. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for determining whether a fund must fair value a security. The SEC also adopted new Rule 31a-4 (“Rule 31a-4”), which provides the recordkeeping requirements associated with fair value determinations. Finally, the SEC is rescinding previously issued guidance on related issues, including the role of the 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. The compliance date for Rule 2a-5 and Rule 31a-4 is 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 ■ 2022 Semiannual Report | 115 |
Notes to financial statements (unaudited)
Repurchase agreements: Repurchase agreements are valued at contract amount plus accrued interest, which approximates market value. These securities are generally classified as Level 2.
Futures contracts: Futures contracts are valued using the closing settlement price and are generally classified as Level 1.
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, 2022, based on the inputs used to value them:
Fund | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Growth & Income | ||||||||||||||||
Common stocks | $ | 5,505,811,034 | $ | 135,657,025 | $ | — | $ | 5,641,468,059 | ||||||||
Short-term investments | 2,079,324 | 46,429,601 | — | 48,508,925 | ||||||||||||
Written options** | (37,393,651 | ) | — | — | (37,393,651 | ) | ||||||||||
Total | $ | 5,470,496,707 | $ | 182,086,626 | $ | — | $ | 5,652,583,333 | ||||||||
Large-Cap Growth | ||||||||||||||||
Common stocks | $ | 5,131,607,099 | $ | 220,010,929 | $ | — | $ | 5,351,618,028 | ||||||||
Short-term investments | 2,120,030 | 74,845,000 | — | 76,965,030 | ||||||||||||
Total | $ | 5,133,727,129 | $ | 294,855,929 | $ | — | $ | 5,428,583,058 | ||||||||
Large-Cap Value | ||||||||||||||||
Common stocks | $ | 4,936,768,330 | $ | — | $ | 7,267 | $ | 4,936,775,597 | ||||||||
Short-term investments | — | 61,446,282 | — | 61,446,282 | ||||||||||||
Total | $ | 4,936,768,330 | $ | 61,446,282 | $ | 7,267 | $ | 4,998,221,879 | ||||||||
Mid-Cap Growth | ||||||||||||||||
Common stocks | $ | 1,274,748,397 | $ | 60,924,365 | $ | — | $ | 1,335,672,762 | ||||||||
Rights/Warrants | 2,378,180 | — | — | 2,378,180 | ||||||||||||
Short-term investments | 23,616,631 | 3,870,000 | — | 27,486,631 | ||||||||||||
Total | $ | 1,300,743,208 | $ | 64,794,365 | $ | — | $ | 1,365,537,573 | ||||||||
Mid-Cap Value | ||||||||||||||||
Common stocks | $ | 1,927,253,833 | $ | — | $ | — | $ | 1,927,253,833 | ||||||||
Short-term investments | 1,121 | 17,830,000 | — | 17,831,121 | ||||||||||||
Total | $ | 1,927,254,954 | $ | 17,830,000 | $ | — | $ | 1,945,084,954 | ||||||||
Quant Small-Cap Equity | ||||||||||||||||
Common stocks | $ | 2,561,447,391 | $ | — | $ | — | $ | 2,561,447,391 | ||||||||
Short-term investments | 43,360,329 | 55,017,054 | — | 98,377,383 | ||||||||||||
Futures contracts** | (4,190,916 | ) | — | — | (4,190,916 | ) | ||||||||||
Total | $ | 2,600,616,804 | $ | 55,017,054 | $ | — | $ | 2,655,633,858 | ||||||||
Quant Small/Mid-Cap Equity | ||||||||||||||||
Common stocks | $ | 983,680,256 | $ | — | $ | — | $ | 983,680,256 | ||||||||
Short-term investments | 5,481,188 | 3,425,000 | — | 8,906,188 | ||||||||||||
Total | $ | 989,161,444 | $ | 3,425,000 | $ | — | $ | 992,586,444 | ||||||||
Social Choice Equity | ||||||||||||||||
Common stocks | $ | 6,639,971,064 | $ | — | $ | 9,929 | $ | 6,639,980,993 | ||||||||
Short-term investments | 5,185,122 | 25,699,051 | — | 30,884,173 | ||||||||||||
Futures contracts** | (1,113,765 | ) | — | — | (1,113,765 | ) | ||||||||||
Total | $ | 6,644,042,421 | $ | 25,699,051 | $ | 9,929 | $ | 6,669,751,401 | ||||||||
Social Choice Low Carbon Equity | ||||||||||||||||
Common stocks | $ | 1,051,195,970 | $ | — | $ | — | $ | 1,051,195,970 | ||||||||
Short-term investments | 365,305 | 21,894,933 | — | 22,260,238 | ||||||||||||
Futures contracts** | (157,688 | ) | — | — | (157,688 | ) | ||||||||||
Total | $ | 1,051,403,587 | $ | 21,894,933 | $ | — | $ | 1,073,298,520 |
116 | 2022 Semiannual Report ■ TIAA-CREF Funds: Equity Funds |
continued
Fund | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Emerging Markets Equity | ||||||||||||||||
Common stocks | $ | 452,777,716 | $ | 877,350,404 | $ | — | $ | 1,330,128,120 | ||||||||
Preferred stocks | — | — | 3,298 | 3,298 | ||||||||||||
Short-term investments | 727,368 | 65,143,107 | — | 65,870,475 | ||||||||||||
Total | $ | 453,505,084 | $ | 942,493,511 | $ | 3,298 | $ | 1,396,001,893 | ||||||||
International Equity | ||||||||||||||||
Common stocks | $ | 87,400,337 | $ | 5,269,094,228 | $ | — | $ | 5,356,494,565 | ||||||||
Short-term investments | 34,029,231 | 243,327,971 | — | 277,357,202 | ||||||||||||
Total | $ | 121,429,568 | $ | 5,512,422,199 | $ | — | $ | 5,633,851,767 | ||||||||
International Opportunities | ||||||||||||||||
Common stocks | $ | 391,323,973 | $ | 1,553,532,324 | $ | 1,500 | $ | 1,944,857,797 | ||||||||
Rights/Warrants | — | 3,980 | — | 3,980 | ||||||||||||
Short-term investments | 114,799,533 | 120,175,411 | — | 234,974,944 | ||||||||||||
Total | $ | 506,123,506 | $ | 1,673,711,715 | $ | 1,500 | $ | 2,179,836,721 | ||||||||
Quant International Small-Cap Equity | ||||||||||||||||
Common stocks | $ | 190,260,839 | $ | 1,129,349,111 | $ | 1,081,101 | $ | 1,320,691,051 | ||||||||
Short-term investments | 11,656,317 | 400,000 | — | 12,056,317 | ||||||||||||
Total | $ | 201,917,156 | $ | 1,129,749,111 | $ | 1,081,101 | $ | 1,332,747,368 | ||||||||
Social Choice International Equity | ||||||||||||||||
Common stocks | $ | 4,450,435 | $ | 1,067,686,612 | $ | — | $ | 1,072,137,047 | ||||||||
Short-term investments | 6,871,652 | 13,430,000 | — | 20,301,652 | ||||||||||||
Futures contracts** | (99,253 | ) | — | — | (99,253 | ) | ||||||||||
Total | $ | 11,222,834 | $ | 1,081,116,612 | $ | — | $ | 1,092,339,446 |
** | 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, 2022, 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, 2022, the total value of securities on loan and the total value of collateral received were as follows:
Fund | Aggregate value of securities on loan | Cash collateral received | * | Non-cash collateral received | Total collateral received | |||||||||||
Growth & Income | $ | 5,337,629 | $ | 2,079,324 | $ | 3,438,003 | $ | 5,517,327 | ||||||||
Large-Cap Growth | 1,942,164 | 2,120,030 | — | 2,120,030 | ||||||||||||
Mid-Cap Growth | 21,904,490 | 23,616,631 | — | 23,616,631 | ||||||||||||
Mid-Cap Value | 9,065,422 | 1,121 | 9,531,596 | 9,532,717 | ||||||||||||
Quant Small-Cap Equity | 66,213,320 | 43,360,329 | 26,925,692 | 70,286,021 | ||||||||||||
Quant Small/Mid-Cap Equity | 13,294,920 | 5,481,188 | 8,575,887 | 14,057,075 | ||||||||||||
Social Choice Equity | 12,088,450 | 5,185,122 | 7,844,863 | 13,029,985 | ||||||||||||
Social Choice Low Carbon Equity | 691,313 | 365,305 | 376,897 | 742,202 | ||||||||||||
Emerging Markets Equity | 454,282 | 727,368 | 432,062 | 1,159,430 | ||||||||||||
International Equity | 40,002,674 | 34,029,231 | 8,063,595 | 42,092,826 | ||||||||||||
International Opportunities | 178,503,599 | 114,799,533 | 73,190,411 | 187,989,944 | ||||||||||||
Quant International Small-Cap Equity | 37,972,814 | 11,656,317 | 29,269,337 | 40,925,654 | ||||||||||||
Social Choice International Equity | 31,637,409 | 6,871,652 | 26,573,171 | 33,444,823 |
* | May include cash and investment of cash collateral |
TIAA-CREF Funds: Equity Funds ■ 2022 Semiannual Report | 117 |
Notes to financial statements (unaudited)
Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the period ended April 30, 2022 were as follows:
Fund | Non-U.S. government purchases | Non-U.S. government sales | ||||||
Growth & Income | $ | 2,430,820,799 | $ | 2,883,488,459 | ||||
Large-Cap Growth | 2,932,664,463 | 3,095,452,606 | ||||||
Large-Cap Value | 408,543,162 | 641,905,547 | ||||||
Mid-Cap Growth | 690,760,725 | 778,054,149 | ||||||
Mid-Cap Value | 765,849,378 | 918,460,333 | ||||||
Quant Small-Cap Equity | 777,713,126 | 841,267,324 | ||||||
Quant Small/Mid-Cap Equity | 370,394,288 | 407,842,513 | ||||||
Social Choice Equity | 882,279,006 | 862,992,575 | ||||||
Social Choice Low Carbon Equity | 312,404,329 | 152,567,258 | ||||||
Emerging Markets Equity | 857,511,538 | 823,624,387 | ||||||
International Equity | 999,017,251 | 928,089,957 | ||||||
International Opportunities | 425,815,130 | 196,450,120 | ||||||
Quant International Small-Cap Equity | 878,659,522 | 915,519,874 | ||||||
Social Choice International Equity | 327,769,757 | 65,235,779 |
Private Investment in Public Equity (PIPE): The Funds may acquire equity securities of an issuer that are issued through a PIPE transaction, including on a when-issued basis. PIPE transactions typically involve the purchase of securities directly from a publicly traded company or its affiliates in a private placement transaction, typically at a discount to the market price of the issuer’s common equity. Shares in PIPEs generally are not registered with the SEC until after a certain time-period from the date the private sale is completed (“Restricted Period”), which can last for several months. Until the public registration process is completed, PIPEs are restricted as to resale and a Fund cannot freely trade the securities. Generally, such restrictions cause PIPEs to be illiquid during this time. At April 30, 2022 the Funds had no outstanding purchase commitments related to PIPEs.
Special Purpose Acquisition Companies (SPACs): Also known as a “blank check company,” SPACs are shell companies that have no operations but go public with the intention of merging with or acquiring a company with the proceeds of the SPAC’s initial public offering (“IPO”). A Fund may purchase units or shares of SPACs that have completed an IPO on a secondary market, during a SPAC’s IPO or through a PIPE offering, if and when the SPAC completes its merger or acquisition. Purchased PIPE shares will be restricted from trading until the registration statement for the shares is declared effective. Upon registration, the shares can be freely sold.
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.
At April 30, 2022, the following Funds have invested in derivative contracts which are reflected in the Statements of assets and liabilities as follows:
Liability derivatives | ||||||
Derivative contract | Location | Fair value amount | ||||
Growth & Income Fund | ||||||
Equity contracts | Written options | $ | (37,393,651 | ) | ||
Quant Small-Cap Equity Fund | ||||||
Equity contracts | Futures contracts* | (4,190,916 | ) | |||
Social Choice Equity Fund | ||||||
Equity contracts | Futures contracts* | (1,113,765 | ) | |||
Social Choice Low Carbon Equity Fund | ||||||
Equity contracts | Futures contracts* | (157,688 | ) | |||
Social Choice International Equity Fund | ||||||
Equity contracts | Futures contracts* | (99,253 | ) |
* | 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, 2022, 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 | $ | 37,470 | $ | 151,667 | |||||
Equity contracts | Written options | (7,275,186 | ) | (10,180,771 | ) | |||||
Quant Small-Cap Equity Fund | ||||||||||
Equity contracts | Futures contracts | (365,078 | ) | (4,468,153 | ) | |||||
Social Choice Equity Fund | ||||||||||
Equity contracts | Futures contracts | 138,047 | (2,338,326 | ) | ||||||
Social Choice Low Carbon Equity Fund | ||||||||||
Equity contracts | Futures contracts | (864,283 | ) | (244,876 | ) | |||||
Emerging Markets Equity Fund | ||||||||||
Equity contracts | Purchased options | (456,849 | ) | 160,849 | ||||||
Equity contracts | Written options | 442,134 | (346,134 | ) | ||||||
Social Choice International Equity Fund | ||||||||||
Equity contracts | Futures contracts | (1,683,222 | ) | (102,884 | ) |
Options: Certain Funds are subject to equity price risk in the normal course of pursuing their investment objectives. To manage the risk, the Funds may invest in both equity and index options. The Funds may purchase (buy) or write (sell) put and call options on specific securities (including groups or “baskets” of specific securities), interest rates, stock indices and/or bond indices (each a “financial instrument”). Options can be settled either directly with the counterparty (over the counter) or through a central clearing house (exchange traded). Call and put options give the holder the right, in return for a premium paid, to purchase or sell, respectively, a financial instrument at a specified exercise price at any time during the period of the option. Purchased options are included in the Summary portfolio of investments.
When a Fund writes an option, an amount equal to the net premium received (the premium less commission) is recognized as a liability on the Statements of assets and liabilities and is subsequently adjusted to reflect the current value of the written option until the option is exercised or expires or the Fund enters into a closing purchase transaction. The changes in the value of options purchased and/or written during the fiscal period are
118 | 2022 Semiannual Report ■ TIAA-CREF Funds: Equity Funds |
continued
recognized as in unrealized appreciation (depreciation) on the Statements of operations. When an option expires, the premiums received or paid are recognized as realized gains or losses on the Statements of operations. When an option is exercised or a closing purchase transaction is entered into, the difference between the premium and the amount received or paid in a closing transaction is recognized as a realized gain or loss on the Statements of operations.
The market risk associated with purchasing options is limited to the premium paid. The Fund, as writer of an option, has no control over whether the underlying instrument may be sold (called) or purchased (put) and as a result bears the risk of an unfavorable change in the market value of the instrument underlying the written option. There is also the risk the Fund may not be able to enter into a closing transaction because of an illiquid market.
The average notional amount of option contracts written and option contracts purchased outstanding during the current fiscal period ended April 30, 2022 was as follows:
Fund | Average notional amount of options contracts written outstanding | * | ||
Growth & Income | $(21,333,061 | ) | ||
Emerging Markets Equity | (147,378 | ) | ||
Fund | Average notional amount of options contracts purchased outstanding | * | ||
Growth & Income | $209,044 | |||
Emerging Markets Equity | 152,283 |
* | The average notional amount is calculated based on the outstanding notional amount of contracts at the beginning of the current fiscal period and at the end of each fiscal quarter within the current fiscal period. |
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 and for cash management purposes to remain highly invested in these markets while minimizing transaction costs.
A futures contract is an agreement between two parties to buy and sell a financial instrument for a set price on a future date. Upon execution of a futures contract, the Fund is obligated to deposit cash or eligible securities, also known as “initial margin,” into an account at its clearing broker equal to a specified percentage of the contract amount. Securities deposited for initial margin, if any, are identified in the Summary Portfolio of investments and cash deposited for initial margin, if any, is reflected on the Statements of assets and liabilities.
During the period the futures contract is open, changes in the market value of the contract are recognized as an unrealized gain or loss by “marking-to-market” on a daily basis. The Fund and the clearing broker are obligated to settle monies on a daily basis representing the changes in the value of the contracts. These daily cash settlements are known as “variation margin” and is recognized on the Statements of assets and liabilities as a receivable or payable for variation margin on futures contracts. When the contract is closed or expired, the Fund records a realized gain or loss equal to the difference between the value of the contract on the closing date and value of the contract when originally entered into. The net realized gain or loss and the change in unrealized appreciation (depreciation) on futures contracts held during the period is included on the Statement of operations.
Risks of investments in futures contracts include the possible adverse movement in the price of the securities or indices underlying the contracts, the possibility that there may not be a liquid secondary market for the contracts and/or that a change in the value of the contract may not correlate with a change in the value of the underlying securities or indices.
The average notional amount of futures contracts outstanding during the current fiscal period ended April 30, 2022 was as follows:
Fund | Average notional amount of futures contracts outstanding | * | ||
Quant Small-Cap Equity | $ | 25,084,778 | ||
Social Choice Equity | 33,425,863 | |||
Social Choice Low Carbon Equity | 14,045,239 | |||
Social Choice International Equity | 7,081,966 |
* | The average notional amount is calculated based on the absolute aggregate notional amount of contracts at the beginning of the current fiscal period and at the end of each fiscal quarter within the current fiscal period. |
Note 6—income tax information
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required.
Each Fund files 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 each Fund’s tax positions taken for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements.
TIAA-CREF Funds: Equity Funds ■ 2022 Semiannual Report | 119 |
Notes to financial statements (unaudited)
As of the end of the reporting period, the aggregate cost and the net unrealized appreciation/(depreciation) of all investments for federal income tax purposes was as follows:
Fund | Tax Cost | Gross unrealized appreciation | Gross unrealized (depreciation | ) | Net unrealized appreciation (depreciation | ) | ||||||||||
Growth & Income | $ | 3,569,501,376 | $ | 2,300,546,441 | $ | (188,447,856 | ) | $ | 2,112,098,585 | |||||||
Large-Cap Growth | 3,874,318,386 | 1,889,077,104 | (334,812,432 | ) | 1,554,264,672 | |||||||||||
Large-Cap Value | 3,415,131,484 | 1,647,871,427 | (64,781,032 | ) | 1,583,090,395 | |||||||||||
Mid-Cap Growth | 1,325,050,649 | 219,744,121 | (179,257,197 | ) | 40,486,924 | |||||||||||
Mid-Cap Value | 1,698,556,463 | 314,206,119 | (67,677,628 | ) | 246,528,491 | |||||||||||
Quant Small-Cap Equity | 2,428,120,524 | 583,706,101 | (356,192,767 | ) | 227,513,334 | |||||||||||
Quant Small/Mid-Cap Equity | 839,234,495 | 232,391,873 | (79,039,924 | ) | 153,351,949 | |||||||||||
Social Choice Equity | 4,615,709,043 | 2,421,862,985 | (367,820,627 | ) | 2,054,042,358 | |||||||||||
Social Choice Low Carbon Equity | 999,691,959 | 154,109,062 | (80,502,501 | ) | 73,606,561 | |||||||||||
Emerging Markets Equity | 1,679,660,051 | 125,380,329 | (409,038,487 | ) | (283,658,158 | ) | ||||||||||
International Equity | 5,205,682,313 | 820,819,347 | (392,649,893 | ) | 428,169,454 | |||||||||||
International Opportunities | 1,784,464,598 | 601,331,721 | (205,959,598 | ) | 395,372,123 | |||||||||||
Quant International Small-Cap Equity | 1,428,565,401 | 114,517,972 | (210,336,005 | ) | (95,818,033 | ) | ||||||||||
Social Choice International Equity | 1,082,128,252 | 95,940,190 | (85,728,996 | ) | 10,211,194 |
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 income and/or capital gains for tax reporting, if applicable.
As of prior fiscal period end, the components of accumulated earnings on a tax basis were as follows:
Fund | Undistributed ordinary income | Undistributed long-term capital gains | Unrealized appreciation (depreciation | ) | Capital loss carryforwards | Late-year loss deferrals | Other book-to-tax differences | Total | ||||||||||||||||||||
Growth & Income | $ | 250,238,341 | $ | 796,129,201 | $ | 3,342,258,738 | $ | — | $ | — | $ | (594,267 | ) | $ | 4,388,032,013 | |||||||||||||
Large-Cap Growth | 320,994,451 | 363,177,984 | 3,259,612,057 | — | — | (432,973 | ) | 3,943,351,519 | ||||||||||||||||||||
Large-Cap Value | 67,029,469 | 388,392,998 | 2,060,882,306 | — | — | (592,410 | ) | 2,515,712,363 | ||||||||||||||||||||
Mid-Cap Growth | 49,509,691 | 198,570,250 | 578,189,630 | — | — | (202,217 | ) | 826,067,354 | ||||||||||||||||||||
Mid-Cap Value | 124,604,592 | 156,539,349 | 467,922,461 | — | — | (482,154 | ) | 748,584,248 | ||||||||||||||||||||
Quant Small-Cap Equity | 207,254,550 | 317,274,685 | 811,742,796 | — | — | (319,912 | ) | 1,335,952,119 | ||||||||||||||||||||
Quant Small/Mid-Cap Equity | 107,927,995 | 82,915,672 | 353,247,350 | — | — | (33,390 | ) | 544,057,627 | ||||||||||||||||||||
Social Choice Equity | 197,177,205 | 463,761,161 | 3,176,773,739 | — | — | (352,238 | ) | 3,837,359,867 | ||||||||||||||||||||
Social Choice Low Carbon Equity | 21,499,124 | 35,586,711 | 240,596,150 | — | — | (11,979 | ) | 297,670,006 | ||||||||||||||||||||
Emerging Markets Equity | 199,530,876 | 123,042,526 | (120,095,075 | ) | — | — | (118,196 | ) | 202,360,131 | |||||||||||||||||||
International Equity | 199,189,003 | — | 1,596,539,628 | (195,815,569 | ) | — | (512,525 | ) | 1,599,400,537 | |||||||||||||||||||
International Opportunities | 35,368,326 | 159,526,627 | 929,947,986 | — | — | (115,054 | ) | 1,124,727,885 | ||||||||||||||||||||
Quant International Small-Cap Equity | 50,508,885 | 47,416,556 | 135,831,644 | — | — | (42,637 | ) | 233,714,448 | ||||||||||||||||||||
Social Choice International Equity | 23,333,767 | 4,881,724 | 160,704,877 | — | — | (11,695 | ) | 188,908,673 |
As of prior fiscal period end, the Funds had capital loss carryforwards, which will not expire:
Fund | Short-term | Long-term | Total | |||||||||
Growth & Income | $ | — | $ | — | $ | — | ||||||
Large-Cap Growth | — | — | — | |||||||||
Large-Cap Value | — | — | — | |||||||||
Mid-Cap Growth | — | — | — | |||||||||
Mid-Cap Value | — | — | — | |||||||||
Quant Small-Cap Equity | — | — | — | |||||||||
Quant Small/Mid-Cap Equity | — | — | — | |||||||||
Social Choice Equity | — | — | — | |||||||||
Social Choice Low Carbon Equity | — | — | — | |||||||||
Emerging Markets Equity | — | — | — | |||||||||
International Equity | 195,815,569 | — | 195,815,569 | |||||||||
International Opportunities | — | — | — | |||||||||
Quant International Small-Cap Equity | — | — | — | |||||||||
Social Choice International Equity | — | — | — |
Note 7—investment adviser and 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.
120 | 2022 Semiannual Report ■ TIAA-CREF Funds: Equity Funds |
continued
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 Management fees and Other expenses (excluding interest, taxes, brokerage commissions or other transactional
expenses, acquired fund fees and expenses, Trustee expenses and extraordinary expenses) in their entirety. Advisors expects this waiver and/or reimbursement to remain in effect indefinitely, unless changed or terminated with approval of the Board of Trustees. The Management fees and Other expenses of Class W shares that have been waived by Advisors may be incurred directly or indirectly, all or in part, by investors in Class W shares.
Advisors has agreed to reimburse each Fund if its total expense ratio (excluding interest, taxes, brokerage commissions and other transactional expenses, acquired fund fees and expenses and extraordinary expenses) exceeds certain percentages.
As of April 30, 2022, 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 | % | 0.390 | % | 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 | 0.390 | 0.250 | 0.150 | 0.250 | 0.520 | 0.670 | 0.670 | 0.770 | 0.910 | 0.520 | ||||||||||||||||||||||
Large-Cap Value* | 0.300–0.450 | 0.400 | 0.250 | 0.150 | 0.250 | 0.520 | 0.670 | 0.670 | 0.770 | 0.910 | 0.520 | ||||||||||||||||||||||
Mid-Cap Growth* | 0.290–0.480 | 0.440 | 0.250 | 0.150 | 0.250 | 0.550 | 0.700 | 0.700 | 0.800 | 0.940 | — | ||||||||||||||||||||||
Mid-Cap Value* | 0.290–0.480 | a | 0.430 | 0.250 | 0.150 | 0.250 | 0.550 | a | 0.700 | a | 0.700 | a | 0.800 | a | 0.940 | a | — | ||||||||||||||||
Quant Small-Cap Equity* | 0.270–0.460 | 0.400 | 0.250 | 0.150 | 0.250 | 0.530 | 0.680 | 0.680 | 0.780 | 0.920 | 0.530 | ||||||||||||||||||||||
Quant Small/Mid-Cap Equity* | 0.270–0.460 | 0.440 | 0.250 | 0.150 | 0.250 | 0.530 | 0.680 | 0.680 | 0.780 | 0.920 | 0.530 | ||||||||||||||||||||||
Social Choice Equity | 0.150 | b | 0.150 | 0.250 | 0.150 | 0.250 | 0.220 | b | 0.370 | b | 0.370 | b | 0.470 | b | 0.610 | b | — | ||||||||||||||||
Social Choice Low Carbon Equity* | 0.200–0.250 | 0.250 | 0.250 | 0.150 | 0.250 | 0.320 | 0.470 | 0.470 | 0.570 | 0.710 | — | ||||||||||||||||||||||
Emerging Markets Equity* | 0.700–0.850 | 0.840 | 0.250 | 0.150 | 0.250 | 0.950 | 1.100 | 1.100 | c | 1.200 | c | 1.340 | 0.950 | ||||||||||||||||||||
International Equity* | 0.350–0.500 | 0.440 | 0.250 | 0.150 | 0.250 | 0.600 | 0.750 | 0.750 | 0.850 | 0.990 | 0.600 | ||||||||||||||||||||||
International Opportunities* | 0.450–0.600 | 0.580 | 0.250 | 0.150 | 0.250 | 0.700 | 0.850 | 0.850 | d | 0.950 | d | 1.090 | 0.700 | ||||||||||||||||||||
Quant International Small-Cap Equity* | 0.500–0.650 | 0.640 | 0.250 | 0.150 | 0.250 | 0.750 | 0.900 | 0.900 | 1.000 | 1.140 | 0.750 | ||||||||||||||||||||||
Social Choice International Equity* | 0.250–0.300 | 0.300 | 0.250 | 0.150 | 0.250 | 0.400 | 0.550 | 0.550 | 0.650 | 0.790 | — |
* | These Funds are subject to a breakpoint schedule on their investment management fees, which reduces these fees as the Fund’s net assets increase. |
‡ | Maximum expense amounts reflect all expenses excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses and extraordinary expenses. The expense reimbursement arrangements will continue through at least February 28, 2023. 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, 2021, 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. The expense caps are 0.545% for the Institutional Class, 0.695% for the Advisor Class and the Premier Class, 0.795% for the Retirement Class, and 0.935% for the Retail Class. 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, 2021, 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 0.145% of daily average net assets. The expense caps are 0.215% for the Institutional Class, 0.365% for the Advisor Class and the Premier Class, 0.465% for the Retirement Class, and 0.605% for the Retail Class. 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, 2021, Advisors agreed to voluntarily waive a portion of the expense cap for the Emerging Markets Equity Fund Premier Class and Retirement Class. The expense caps are 0.970% for the Premier Class and 0.970% for the Retirement Class. 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, 2021, Advisors agreed to voluntarily waive a portion of the expense cap for the International Opportunities Fund Premier Class and Retirement Class. The expense caps are 0.700% for the Premier Class and 0.700% for the Retirement Class. 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 ■ 2022 Semiannual Report | 121 |
Notes to financial statements (unaudited)
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, 2022, the Funds engaged in the following security transactions with affiliated entities:
Fund | Purchases | Sales | Realized gain (loss | ) | ||||||||
Growth & Income | $ | 5,020,028 | $ | 80,780 | $ | 49,697 | ||||||
Large-Cap Growth | 13,732,963 | 113,431,489 | 11,546,764 | |||||||||
Large-Cap Value | — | 3,903,541 | (700,167 | ) | ||||||||
Mid-Cap Growth | — | 19,031,764 | 1,359,702 | |||||||||
Quant Small-Cap Equity | 7,770,698 | 2,398,815 | 523,579 | |||||||||
Quant Small/Mid-Cap Equity | 284,107 | 65,142,217 | 12,518,750 | |||||||||
Social Choice Equity | 60,255,437 | 11,164,905 | 1,215,914 | |||||||||
Social Choice Low Carbon Equity | 51,217,624 | 1,303,418 | 10,830 | |||||||||
Emerging Markets Equity | — | 21,514,818 | (4,609,320 | ) | ||||||||
International Equity | — | 2,760,178 | (1,290,896 | ) | ||||||||
International Opportunities | — | 1,156,721 | (2,627,855 | ) | ||||||||
Social Choice International Equity | 17,764,440 | 788,796 | 79,738 |
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, 2022:
Underlying Fund | TIAA-CREF Lifecycle Funds | TIAA-CREF Lifestyle Funds | TIAA-CREF Managed Allocation Fund | TIAA Access | Total | |||||||||||||||
Growth & Income | 43 | % | 2 | % | 1 | % | 5 | % | 51 | % | ||||||||||
Large-Cap Growth | 44 | 2 | 1 | 3 | 50 | |||||||||||||||
Large-Cap Value | 50 | 2 | 1 | 9 | 62 | |||||||||||||||
Mid-Cap Growth | — | — | — | 17 | 17 | |||||||||||||||
Mid-Cap Value | — | — | — | 21 | 21 | |||||||||||||||
Quant Small-Cap Equity | 23 | 1 | 1 | 9 | 34 | |||||||||||||||
Quant Small/Mid-Cap Equity | 75 | 3 | 2 | — | 80 | |||||||||||||||
Social Choice Equity | — | — | — | 7 | 7 | |||||||||||||||
Social Choice Low Carbon Equity | — | — | — | 3 | 3 | |||||||||||||||
Emerging Markets Equity | 76 | 3 | 2 | 1 | 82 | |||||||||||||||
International Equity | 45 | 2 | 1 | 8 | 56 | |||||||||||||||
International Opportunities | 87 | 3 | 2 | — | 92 | |||||||||||||||
Quant International Small-Cap Equity | 93 | 4 | 2 | — | 99 | |||||||||||||||
Social Choice International Equity | — | — | — | 5 | 5 |
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, 2021 | Purchases cost | Sales proceeds | Realized gain (loss | ) | Change in unrealized appreciation (depreciation | ) | Dividend income | Shares at April 30, 2022 | Value at April 30, 2022 | ||||||||||||||||||||||
Emerging Markets Equity Fund | ||||||||||||||||||||||||||||||||
Common stocks | ||||||||||||||||||||||||||||||||
Uruguay | ||||||||||||||||||||||||||||||||
Arcos Dorados Holdings, Inc | $ | 48,305,780 | $ | — | $ | 17,700,601 | $ | (1,323,144 | ) | $ | 26,655,137 | $ | 308,619 | 7,715,472 | $ | 55,937,172 |
122 | 2022 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, 2022, there were no inter-fund borrowing or lending transactions.
Note 10—line of credit
Each of the Funds, except the Money Market Fund, participates 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 15, 2021 expiring on June 14, 2022, replacing the previous $1.25 billion facility, which expired June 2021. 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, 2022, 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, 2022. 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 | ||||||
Growth & Income | 0.010 | % | 0.290%–0.440 | % | ||||
Large-Cap Growth | 0.025 | 0.275–0.425 | ||||||
Mid-Cap Value | 0.005 | 0.285–0.475 | ||||||
Social Choice Equity | 0.015 | 0.135 |
Also, Advisors has agreed to implement voluntary waivers reducing the expense cap for several Funds for one year effective May 1, 2022. 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 | ||||||
Large-Cap Value – Retirement | 0.120 | % | 0.650 | % | ||||
Emerging Markets Equity – Premier | 0.160 | 0.940 | ||||||
Emerging Markets Equity – Retirement | 0.260 | 0.940 | ||||||
Emerging Markets Equity – Retail | 0.065 | 1.275 | ||||||
International Opportunities – Premier | 0.210 | 0.640 | ||||||
International Opportunities – Retirement | 0.310 | 0.640 |
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2021 special meeting (unaudited)
TIAA-CREF Funds
Large-Cap Growth Fund classification
On December 7, 2021, at a special meeting of the TIAA-CREF Large-Cap Growth Fund (the “Fund”) shareholders approved the proposed change of the Fund’s classification under the Investment Company Act of 1940, as amended (the “1940 Act”), from “diversified” to “non-diversified” and to eliminate the Fund’s related fundamental investment restriction.
Fund | Dollars for | Percent | Dollars against | Percent | Dollars abstain | Percent | |||||||
Large-Cap Growth | 155,538,027.447 | 98.961 | 1,130,940.139 | 0.720 | 501,611.308 | 0.319 |
The results above were certified by Computershare Fund Services, Inc., independent tabulator for the TIAA-CREF Funds.
124 | 2022 Semiannual Report ■ TIAA-CREF Funds: Equity 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 and extended 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 virtual meeting via videoconference on March 11, 2022, 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 public health protocols 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 as the base class for comparison purposes.
Among other matters, the Board also considered information from Advisors to facilitate the Trustees’ evaluation of the reasonableness of any profits earned by Advisors with respect to its services to each Fund pursuant to the Agreement.
Legal counsel for the Trustees also 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
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Approval of investment management agreement (unaudited)
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, 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 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. In addition, the Board received information from management on the continued impact of the COVID-19 pandemic and certain geopolitical events on the Teachers Insurance and Annuity Association of America (“TIAA”) enterprise’s operations generally and on the Funds’ operations and performance.
On March 3, 2022, the Board held a virtual meeting via videoconference 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 11, 2022 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 11, 2022 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 11, 2022 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, considered 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 consider, among other matters, information regarding the performance of the Funds. 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 11, 2022, 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
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continued
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 review of 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. Based on all factors considered, the Board concluded that the nature, extent, and quality of services provided by Advisors to each Fund under the Agreement was reasonable.
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 2021. 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 Fund under the Agreement for the one-year period ended December 31, 2021.
The Board considered Advisors’ voluntary reduction by 0.005% of each of the Social Choice Equity and Mid-Cap Value Funds’ management fee rates for the year ended April 30, 2022. The Board also considered the following voluntary waivers of management fee rates for the year ended April 30, 2023: 0.005% for the Mid-Cap Value Fund; 0.010% for the Growth & Income Fund; 0.015% for the Social Choice Equity Fund; and 0.025% for the Large-Cap Growth Fund. 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 2021, 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 regard, 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
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Approval of investment management agreement (unaudited)
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 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 considered 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. 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 Advisors to its comparable clients.
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 and administration, and investment-related benefits, such as economies of scale to the extent the Funds share investment resources and/or personnel with other clients of Advisors, 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. The Board concluded that other benefits to Advisors and its affiliates arising from the Agreement were reasonable in light of various relevant factors.
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 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, 2021. 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, 2021. 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” refer to Advisors’ calculation that it earned a profit for the services that it rendered to a Fund during 2021 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, 2021 asset level was 0.390% of average daily net assets. |
• | Effective May 1, 2022, Advisors has voluntarily agreed to reduce the Fund’s management fee rate by 0.01% through April 30, 2023. |
• | 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”) and the universe of comparable funds selected by Broadridge for expense comparison purposes (“Expense Universe”). |
• | The Fund was in the 2nd, 3rd, 2nd 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 3rd, 2nd, 2nd and 2nd 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. |
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• | 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. |
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, 2021 asset level was 0.389% of average daily net assets. |
• | Effective May 1, 2022, Advisors has voluntarily agreed to reduce the Fund’s management fee rate by 0.025% through April 30, 2023. |
• | 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, 3rd and 3rd quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 5th, 3rd, 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, 2021 asset level was 0.398% 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 2nd, 4th, 4th and 5th quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 2nd, 2nd, 5th 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. |
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, 2021 asset level was 0.440% 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, 4th, 5th 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 Board considered Advisors’ assertion that the Fund will be adjusting its investment strategy to minimize out-of-benchmark holdings in order to address the Fund’s underperformance. |
• | 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, 2021 asset level was 0.432% 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, 2022. |
• | Effective May 1, 2022, Advisors has voluntarily agreed to continue to reduce the Fund’s management fee rate by 0.005% through April 30, 2023. |
• | 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, 5th, 5th and 5th quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 2nd, 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, 2021 asset level was 0.398% 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 4th, 3rd, 3rd and 2nd quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 3rd, 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. |
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, 2021 asset level was 0.438% of average daily net assets. |
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• | 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 and 2nd quintiles of its Performance Group for the one-, three- and five-year periods, respectively. The Fund was in the 1st, 3rd and 3rd quintiles of its 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 earned a net profit with respect to its services to the Fund for the one-year period. |
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, 2021 asset level was 0.15%, 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, 2022. |
• | Effective May 1, 2022, Advisors has voluntarily agreed to increase this management fee rate waiver to 0.015% of average daily net assets through April 30, 2023. |
• | 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, 2nd and 3rd 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 4 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, 2021 asset level was 0.249% 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 3rd, 1st and 1st quintiles of both its Performance Group and 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. |
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, 2021 asset level was 0.838% 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 5th quintile of its Performance Group for each of the one-, three-, five- and ten-year periods. The Fund was in the 5th, 5th, 4th and 4th quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively. |
• | The Board considered Advisors’ rationales for the Fund’s underperformance, including poor stock selection and exposure to China in 2021. |
• | 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. |
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, 2021 asset level was 0.441% 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 3rd, 1st, 4th and 1st quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 3rd, 1st, 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. |
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, 2021 asset level was 0.576% 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 its Expense Group and its Expense Universe, respectively. |
• | The Fund was in the 3rd, 1st and 2nd quintiles of its Performance Group for the one-, three-, and five-year periods, respectively. The Fund was in the 4th, 1st and 1st quintiles of its Performance Group for the one-, three-, and five-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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concluded
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, 2021 asset level was 0.639% 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 3rd, 5th and 5th quintiles of both its Performance Group and its Performance Universe for the one-, three- and five-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 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, 2021 asset level was 0.30% 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 both its Performance Group and 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 conclusions, the Board renewed the Agreement for each Fund.
TIAA-CREF Funds: Equity Funds ■ 2022 Semiannual Report | 131 |
Liquidity risk management program (unaudited)
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 15, 2022 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, 2021 through December 31, 2021 (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.
132 | 2022 Semiannual Report ■ TIAA-CREF Funds: Equity Funds |
Additional information about index providers (unaudited)
Russell Indexes
Source: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2022. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®,” “Russell®” and “FTSE Russell®” are trademarks of the relevant LSE Group companies and are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
Standard & Poor’s Index
The S&P 500® Index is a product of S&P Dow Jones Indices LLC, a division of S&P Global, or its affiliates (“SPDJI”), and has been licensed for use by the Growth & Income Fund. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC, a division of S&P Global (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). It is not possible to invest directly in an index. The fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, any of their respective affiliates (collectively, “S&P Dow Jones Indices”). S&P Dow Jones Indices does not make any representation or warranty, express or implied, to the owners of the fund or any member of the public regarding the advisability of investing in securities generally or in the fund particularly or the ability of the S&P 500 Index to track general market performance. Past performance of an index is not an indication or guarantee of future results. S&P Dow Jones Indices’ only relationship to the fund with respect to the S&P 500 Index is the licensing of the Index and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The S&P 500 Index is determined, composed and calculated by S&P Dow Jones Indices without regard to the fund. S&P Dow Jones Indices has no obligation to take the needs of the fund or the owners of the fund into consideration in determining, composing or calculating the S&P 500 Index. S&P Dow Jones Indices is not responsible for and has not participated in the determination of the prices, and amount of the fund or the timing of the issuance or sale of fund shares or in the determination or calculation of the equation by which fund shares are to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices has no obligation or liability in connection with the administration, marketing or trading of the fund. There is no assurance that investment products based on the S&P 500 Index will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment or tax advisor. A tax advisor should be consulted to evaluate the impact of any tax-exempt securities on portfolios and the tax consequences of making any particular investment decision. Inclusion of a security within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, nor is it considered to be investment advice.
S&P DOW JONES INDICES DOES NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE S&P 500 INDEX OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY THE FUND, OWNERS OF THE FUND, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE S&P 500 INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND THE FUND, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.
MSCI Indexes
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
TIAA-CREF Funds: Equity Funds ■ 2022 Semiannual Report | 133 |
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Websites
TIAA.org
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Automated telephone service
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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.
©2022 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, 2022 |
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, 2022. The report contains four main sections:
• | A letter from Brad Finkle, Principal Executive Officer and President of the TIAA-CREF Funds and TIAA-CREF Life Funds. | |
• | The fund performance section compares each fund’s investment returns with those of its benchmark index. | |
• | The summary portfolios of investments list the industries and types of securities in which each fund had investments as of April 30, 2022. | |
• | 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 ■ 2022 Semiannual Report | 3 |
Brad Finkle
Global stocks lost ground for the six months ended April 30, 2022. As inflation climbed higher during the period, the Federal Reserve responded by tightening monetary policy, raising short-term interest rates and indicating that further increases were likely. However, some international economies continued to grow, despite rising prices and the impact of Russia’s invasion of Ukraine. For the six months:
• | The Russell 3000® Index, which measures the performance of the broad U.S. stock market, returned –11.8%. Please see page 8 for benchmark definitions. | |
• | The MSCI EAFE® Index, which represents stocks in 21 developed-markets nations outside North America, also returned –11.8%. | |
• | The MSCI Emerging Markets Index, which tracks the performance of stocks in 24 developing nations, returned –14.2%. | |
• | All seven TIAA-CREF Equity Index Funds (Institutional Class) posted losses for the period. |
U.S. economic growth was mixed
Domestic stocks recorded losses for the six months as inflation and rising interest rates weighed on financial markets. The U.S. economy expanded in the fourth quarter of 2021 but contracted in the first quarter of 2022. A widening trade gap and lower government spending contributed to the slowdown, but spending by consumers and businesses remained strong. Unemployment fell to rates approaching pre-pandemic lows. In addition to raising short-term interest rates, the Fed indicated that it intends to reduce its portfolio of bonds that had been purchased to support the economy.
For the six months, small-cap equities trailed large- and mid-sized stocks, while growth shares underperformed value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)
Foreign developed markets posted losses
Foreign developed-markets stocks declined despite sustained economic growth in many countries. The economies in the 19-nation euro area grew at a moderate rate in the fourth quarter of 2021 and the first quarter of 2022. The United Kingdom’s economy grew at a similar pace through February 2022. Among developing markets, the Chinese economy continued to expand at a solid pace through the first quarter of 2022. The European Central Bank left its benchmark rates unchanged but said it may end its bond-buying program in the third quarter of 2022. The Bank of England raised its benchmark interest rate to 0.75%.
Emerging markets trailed U.S. and foreign developed equities
Emerging-markets stocks posted losses for the period. Thirteen of the 24 countries tracked by the MSCI Emerging Markets Index recorded gains in U.S. dollar-terms. But China, which accounted for more than 30.0% of the index’s weighting at period-end, posted a larger decline than the index. Taiwan, India and South Korea, which represented more than 40.0% of the index’s weighting collectively, each registered losses as well.
4 | 2022 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds |
All index funds posted declines
All of the TIAA-CREF Equity Index Funds experienced losses 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 –4.0% for the Large-Cap Value Index Fund to –18.3% for the Small-Cap Blend Index Fund. (All fund returns are for the Institutional Class.)
The Large-Cap Value Index Fund performed best with a low single-digit loss, while its growth counterpart, the Large-Cap Growth Index Fund, returned –17.8%. The S&P 500 Index Fund returned –9.6%, and the Equity Index Fund returned –11.8%. The Small-Cap Blend Index Fund posted a sizable double-digit loss.
Among TIAA-CREF’s international equity index portfolios, the International Equity Index Fund returned –12.7%, while the Emerging Markets Equity Index Fund returned –15.0%.
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.
Keeping a focus on long-term goals
Investors may have been understandably concerned about the volatility in financial markets during the first four months of 2022. After well over a decade of generally favorable conditions, markets now face new challenges in the form of rising inflation and its implications for higher interest rates. But periods of volatility and economic uncertainty are not new, and history has shown that timing the market is nearly impossible. However, we believe that no matter what the economic outlook may be, maintaining a diversified portfolio that includes stocks, bonds and other asset classes as part of a long-term, well-thought-out financial plan is a wise course of action. A professionally managed portfolio of multiple asset classes can help investors achieve the appropriate balance of risk and reward to reach their long-term investment objectives. Of course, diversification cannot guarantee against market losses.
If you have any questions or would like to discuss the status of your portfolio, please do not hesitate to contact your financial advisor or call a TIAA financial consultant at 800-842-2252. We are here to help you.
/s/ Brad Finkle
Brad Finkle
Principal Executive Officer and President of the TIAA-CREF Funds and TIAA-CREF Life Funds
TIAA-CREF Funds: Equity Index Funds ■ 2022 Semiannual Report | 5 |
Equity markets declined across the board
For the six months ended April 30, 2022, U.S. stocks lost ground primarily due to concerns over the economic impact of rising inflation and higher interest rates. The Russell 3000® Index, a broad measure of U.S. stock market performance, returned –11.8%. International developed- and emerging-markets equities also posted double-digit declines.
U.S. economy produced mixed results
The U.S. economy grew at a robust pace early in the period. A strong labor market helped drive consumer spending increases, pushing the economy forward despite ongoing concerns over COVID-19 variants and significant supply-chain disruptions. Real gross domestic product (GDP), which measures the value of all goods and services produced in the United States, grew at an annualized rate of 6.9% in the final three months of 2021. However, GDP contracted by 1.5% in the first quarter of 2022, according to the government’s “second” estimate. A widening trade deficit and lower government spending contributed to the reversal, although consumer and business spending remained strong.
The unemployment rate continued to decline during the period, falling from 4.2% in November 2021 to 3.6% in April 2022. Core inflation, which includes all items except food and energy, rose 6.2% over the twelve months ended in April 2022. The price of oil climbed amid continuing strong demand and supply concerns related to Russia’s invasion of
Small-cap growth stocks posted biggest losses
U.S. large-cap value stocks performed best in a down market
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, 2022.
Ukraine. The price of West Texas Intermediate (WTI) crude oil rose from $84 per barrel on November 1, 2021, to almost $105 per barrel on April 30, 2022. WTI oil prices peaked at nearly $124 in March, reaching their highest level since 2008. Meanwhile, the U.S. dollar generally gained ground against other major currencies during the six-month period.
Small-cap stocks and growth shares declined most
Among U.S. stock market investment styles, small-cap shares generally trailed mid- and large-cap stocks, while growth equities underperformed value shares in all size categories. Large-cap stocks returned –11.3%, while mid-cap stocks returned –12.5% and small-cap shares returned –18.4%. Among large caps, value stocks returned –3.9% while growth shares returned –17.8%. In the mid-cap category, value shares returned –4.8% and growth stocks returned –25.4%. Among small-cap equities, value stocks returned –9.5% and growth shares returned –26.8%. (Returns by investment style and capitalization size are based on the Russell indexes.)
Foreign stocks also recorded losses for the period. The MSCI EAFE® Index, which tracks stock performance in 21 developed-markets countries outside North America, returned –11.8%. The MSCI Emerging Markets Index returned –14.2%.
Higher inflation prompted Fed to raise rates
For the six-month period, U.S. stocks lost ground as inflation and interest rates rose. The Federal Reserve increased the federal funds target rate in March, raising the key short-term interest-rate measure to 0.25%–0.50%. Policymakers, focused on curbing inflation, signaled that additional rate increases would be ongoing. The Fed also stated it would begin trimming its portfolio of bonds previously purchased to boost the economy. Meanwhile, yields on U.S. fixed-income securities across all maturities rose during the period.
6 | 2022 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 under Get Help 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 ■ 2022 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 24 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.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2022. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®,” “Russell®” and “FTSE Russell®” are trademarks of the relevant LSE Group companies and are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication. 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 | 2022 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, 2021–April 30, 2022).
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 ■ 2022 Semiannual Report | 9 |
Expense example
Six months ended April 30, 2022
Equity Index Fund | Beginning account value (11/1/21) | Ending account value (4/30/22) | Expenses paid during period* (11/1/21– 4/30/22) | ||||||||
Actual return | |||||||||||
Institutional Class | $ | 1,000.00 | $ | 882.54 | $0.23 | ||||||
Advisor Class | 1,000.00 | 882.23 | 0.70 | ||||||||
Premier Class | 1,000.00 | 882.07 | 0.93 | ||||||||
Retirement Class | 1,000.00 | 881.45 | 1.40 | ||||||||
Retail Class | 1,000.00 | 881.68 | 1.07 | ||||||||
Class W | 1,000.00 | 882.94 | 0.00 | ||||||||
5% annual hypothetical return | |||||||||||
Institutional Class | 1,000.00 | 1,024.55 | 0.25 | ||||||||
Advisor Class | 1,000.00 | 1,024.05 | 0.75 | ||||||||
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 | 1,023.65 | 1.15 | ||||||||
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, 2022. The Fund’s annualized six-month expense ratios for that period were 0.05% for the Institutional Class, 0.15% for the Advisor Class, 0.20% for the Premier Class, 0.30% for the Retirement Class, 0.23% 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 4/30/2022 | ||
Information technology | 26.4 | ||
Health care | 13.9 | ||
Financials | 11.5 | ||
Consumer discretionary | 11.3 | ||
Industrials | 9.0 | ||
Communication services | 7.8 | ||
Consumer staples | 6.3 | ||
Energy | 4.2 | ||
Real estate | 3.7 | ||
Utilities | 2.8 | ||
Materials | 2.7 | ||
Short-term investments, other assets & liabilities, net | 0.4 | ||
Total | 100.0 |
Performance for the six months ended April 30, 2022
The Equity Index Fund returned –11.75% for the Institutional Class, compared with the –11.75% return of its benchmark, the Russell 3000® Index. For the one-year period ended April 30, 2022, the Fund returned –3.11% versus –3.11% for the index. The performance table shows returns for all share classes of the Fund.
For the six-month period, the Fund’s return matched that of its benchmark index. The Fund’s return includes a deduction for expenses, while the benchmark’s does not. The Fund had a risk profile similar to that of its benchmark.
U.S. stocks declined as economy contracted and inflation remained elevated
The U.S. economy grew at a strong pace early in the period but contracted during the first quarter of 2022. Growth stalled amid a widening trade deficit and lower government expenditures, but consumer and business spending remained strong. The unemployment rate fell during the period, declining to 3.6% in April 2022. Core inflation, which includes all items except food and energy, rose 6.2% for the twelve months ended in April. Oil prices increased during the period, peaking in March at nearly $124 per barrel, before falling back to $105.
Stock markets registered declines across all size and style categories for the period. Equities declined on concerns over rising interest rates, persistent inflation and geopolitical uncertainty resulting from the Russian invasion of Ukraine. The Federal Reserve, responding to higher inflation, raised the federal funds target rate to 0.25%–0.50% in March 2022 and signaled further increases were expected.
For the six months, the Russell 3000 Index, a broad measure of the U.S. stock market, returned –11.75%. Small-cap equities trailed large- and mid-sized stocks, while growth shares underperformed value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)
Most benchmark sectors declined
Seven of the eleven industry sectors in the Russell 3000 Index posted losses for the six months. Information technology—the largest sector, representing 27.5% of the index’s total market capitalization on April 30, 2022—returned –15.5% and was the largest detractor from the index’s return for the period. The communication services and consumer discretionary sectors were the next-largest detractors, with losses of –28.6% and –20.8%, respectively. Together, these three sectors accounted for almost one-half of the index’s total market capitalization on April 30, 2022. Energy performed best and was the top contributor to the index return, gaining 32.5% on elevated oil prices. Consumer staples, up 9.5%, and utilities, up 7.6%, were the next-best performing sectors.
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 surpassed the overall return of the index. That stock was Apple, which advanced as the company successfully navigated global supply-chain disruptions. The remaining four stocks recorded double-digit losses. Amazon.com posted the sharpest decline, hurt by slowing growth in online shopping. Next came Alphabet (the parent company of Google), followed by Tesla and Microsoft.
10 | 2022 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds |
Performance as of April 30, 2022
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 | –11.75 | % | –3.11 | % | 12.97 | % | 13.25 | % | 0.05 | % | 0.05 | % | |||||||||||||
Advisor Class | 12/4/15 | –11.78 | –3.24 | 12.83 | 13.18 | † | 0.17 | 0.17 | ||||||||||||||||||
Premier Class | 9/30/09 | –11.79 | –3.26 | 12.80 | 13.08 | 0.20 | 0.20 | |||||||||||||||||||
Retirement Class | 3/31/06 | –11.85 | –3.36 | 12.69 | 12.97 | 0.30 | 0.30 | |||||||||||||||||||
Retail Class | 3/31/06 | –11.83 | –3.37 | 12.66 | 12.93 | 0.32 | 0.32 | |||||||||||||||||||
Class W | 9/28/18 | –11.71 | –3.07 | 13.01 | † | 13.27 | † | 0.05 | 0.00 | |||||||||||||||||
Russell 3000® Index | — | –11.75 | –3.11 | 13.01 | 13.29 | — | — |
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, 2023, 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 4/30/2022 |
More than $50 billion | 66.4 |
More than $15 billion–$50 billion | 19.1 |
More than $2 billion–$15 billion | 12.3 |
$2 billion or less | 2.2 |
Total | 100.0 |
Fund profile
as of 4/30/2022 | |
Net assets | $32.60 billion |
Portfolio turnover rate* | 3% |
Number of holdings | 2,951 |
Weighted median market capitalization | $118.73 billion |
Price/earnings ratio (weighted 12-month trailing average)† | 21.6 |
* | The portfolio turnover rate covers the six-month period from November 1, 2021–April 30, 2022, 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 ■ 2022 Semiannual Report | 11 |
Expense example
Six months ended April 30, 2022
Large-Cap Growth Index Fund | Beginning account value (11/1/21) | Ending account value (4/30/22) | Expenses paid during period* (11/1/21– 4/30/22) | ||||||||
Actual return | |||||||||||
Institutional Class | $ | 1,000.00 | $ | 821.55 | $0.23 | ||||||
Advisor Class | 1,000.00 | 820.97 | 0.72 | ||||||||
Retirement Class | 1,000.00 | 820.48 | 1.35 | ||||||||
Class W | 1,000.00 | 821.70 | 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 | ||||||||
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, 2022. The Fund’s annualized six-month expense ratios for that period were 0.05% for the Institutional Class, 0.16% for the Advisor Class, 0.30% 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 4/30/2022 | ||
Information technology | 46.0 | ||
Consumer discretionary | 17.8 | ||
Communication services | 9.6 | ||
Health care | 9.0 | ||
Industrials | 6.3 | ||
Consumer staples | 4.8 | ||
Financials | 3.0 | ||
Real estate | 1.9 | ||
Materials | 1.0 | ||
Energy | 0.5 | ||
Short-term investments, other assets & liabilities, net | 0.1 | ||
Total | 100.0 |
Performance for the six months ended April 30, 2022
The Large-Cap Growth Index Fund returned –17.84% for the Institutional Class, compared with the –17.84% return of its benchmark, the Russell 1000® Growth Index. For the one-year period ended April 30, 2022, the Fund returned –5.40% versus –5.35% for the index. The performance table shows returns for all share classes of the Fund.
For the six-month period, the Fund’s return matched that of its benchmark index. The Fund’s return includes a deduction for expenses, while the benchmark’s does not. The Fund had a risk profile similar to that of its benchmark.
U.S. stocks declined as economy contracted and inflation remained elevated
The U.S. economy grew at a strong pace early in the period but contracted during the first quarter of 2022. Growth stalled amid a widening trade deficit and lower government expenditures, but consumer and business spending remained strong. The unemployment rate fell during the period, declining to 3.6% in April 2022. Core inflation, which includes all items except food and energy, rose 6.2% for the twelve months ended in April. Oil prices increased during the period, peaking in March at nearly $124 per barrel, before falling back to $105.
Stock markets registered declines across all size and style categories for the period. Equities declined on concerns over rising interest rates, persistent inflation and geopolitical uncertainty resulting from the Russian invasion of Ukraine. The Federal Reserve, responding to higher inflation, raised the federal funds target rate to 0.25%–0.50% in March 2022 and signaled further increases were expected.
For the six months, the Russell 3000® Index, a broad measure of the U.S. stock market, returned –11.75%. Small-cap equities trailed large- and mid-sized stocks, while growth shares underperformed value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)
Nearly all benchmark sectors declined
Nine of the eleven industry sectors in the Russell 1000 Growth Index posted losses for the six months. Communication services, consumer discretionary and financials were the worst performers, returning –34.7%, –22.6% and –18.9%, respectively. Information technology—the largest sector, accounting for more than 45.0% of the index’s total market capitalization on April 30, 2022—returned –15.6% and was the biggest detractor from the benchmark’s performance. Together, these four sectors represented almost 80.0% of the index’s total market capitalization on April 30, 2022. Energy was the best performer, gaining 29.1% on elevated oil prices. Next came the defensive consumer staples sector, which rose 7.4%.
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 posted returns that surpassed the overall return of the index. Apple performed best, generating a solid gain as the company successfully navigated supply-chain disruptions. Microsoft declined but outperformed the benchmark, supported by strong growth in its cloud-computing business. The three stocks that lagged were Amazon.com, which was the weakest performer, followed by Alphabet (the parent company of Google) and Tesla.
12 | 2022 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds |
Performance as of April 30, 2022
Large-Cap Growth Index 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 | –17.84 | % | –5.40 | % | 17.22 | % | 15.49 | % | 0.05 | % | 0.05 | % | |||||||||||||
Advisor Class | 12/4/15 | –17.90 | –5.51 | 17.06 | 15.41 | † | 0.17 | 0.17 | ||||||||||||||||||
Retirement Class | 10/1/02 | –17.95 | –5.62 | 16.92 | 15.20 | 0.30 | 0.30 | |||||||||||||||||||
Class W | 9/30/19 | –17.83 | –5.35 | 17.25 | † | 15.51 | † | 0.05 | 0.00 | |||||||||||||||||
Russell 1000® Growth Index | — | –17.84 | –5.35 | 17.28 | 15.56 | — | — |
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, 2023, 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 4/30/2022 |
More than $50 billion | 80.9 |
More than $15 billion–$50 billion | 13.7 |
More than $2 billion–$15 billion | 5.3 |
$2 billion or less | 0.1 |
Total | 100.0 |
Fund profile
as of 4/30/2022 | |
Net assets | $9.55 billion |
Portfolio turnover rate* | 13% |
Number of holdings | 502 |
Weighted median market capitalization | $279.44 billion |
Price/earnings ratio (weighted 12-month trailing average)† | 28.2 |
* | The portfolio turnover rate covers the six-month period from November 1, 2021–April 30, 2022, 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 ■ 2022 Semiannual Report | 13 |
Expense example
Six months ended April 30, 2022
Large-Cap Value Index Fund | Beginning account value (11/1/21) | Ending account value (4/30/22) | Expenses paid during period* (11/1/21– 4/30/22) | ||||||||
Actual return | |||||||||||
Institutional Class | $ | 1,000.00 | $ | 960.53 | $0.24 | ||||||
Advisor Class | 1,000.00 | 960.25 | 0.87 | ||||||||
Retirement Class | 1,000.00 | 959.00 | 1.46 | ||||||||
Class W | 1,000.00 | 960.63 | 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, 2022. 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 4/30/2022 | ||
Financials | 19.8 | ||
Health care | 18.5 | ||
Industrials | 10.8 | ||
Information technology | 8.9 | ||
Consumer staples | 8.1 | ||
Energy | 7.4 | ||
Communication services | 6.7 | ||
Utilities | 5.5 | ||
Consumer discretionary | 5.1 | ||
Real estate | 5.0 | ||
Materials | 4.1 | ||
Short-term investments, other assets & liabilities, net | 0.1 | ||
Total | 100.0 |
Performance for the six months ended April 30, 2022
The Large-Cap Value Index Fund returned –3.95% for the Institutional Class, compared with the –3.94% return of its benchmark, the Russell 1000® Value Index. For the one-year period ended April 30, 2022, the Fund returned 1.30% versus 1.32% 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 declined as economy contracted and inflation remained elevated
The U.S. economy grew at a strong pace early in the period but contracted during the first quarter of 2022. Growth stalled amid a widening trade deficit and lower government expenditures, but consumer and business spending remained strong. The unemployment rate fell during the period, declining to 3.6% in April 2022. Core inflation, which includes all items except food and energy, rose 6.2% for the twelve months ended in April. Oil prices increased during the period, peaking in March at nearly $124 per barrel, before falling back to $105.
Stock markets registered declines across all size and style categories for the period. Equities declined on concerns over rising interest rates, persistent inflation and geopolitical uncertainty resulting from the Russian invasion of Ukraine. The Federal Reserve, responding to higher inflation, raised the federal funds target rate to 0.25%–0.50% in March 2022 and signaled further increases were expected.
For the six months, the Russell 3000® Index, a broad measure of the U.S. stock market, returned –11.75%. Small-cap equities trailed large- and mid-sized stocks, while growth shares underperformed value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)
Benchmark sectors posted mixed results
Six of the eleven industry sectors in the Russell 1000 Value Index recorded losses for the six months. Communication services, information technology and consumer discretionary were the worst performers, returning –17.7%, –13.5% and –13.3%, respectively. Financials—the largest sector in the index—returned –13.0% and was the biggest detractor from the index’s return. Together, these four sectors accounted for more than 40.0% of the benchmark’s total market capitalization on April 30, 2022. Energy, up 34.1%, was the index’s best-performing sector and the largest contributor to its return as oil prices surged. The next-largest contributors were consumer staples and utilities, which rose 11.4% and 8.1%, respectively.
All of the benchmark’s five largest stocks outperformed
For the six-month period, all of the five largest stocks in the Russell 1000 Value Index posted returns that exceeded the overall return of the index. Exxon Mobil was the clear leader, generating an outsized gain on elevated oil prices. Returns were lower for Procter & Gamble, Berkshire Hathaway, Johnson & Johnson and UnitedHealth Group; however, these four stocks still produced double-digit gains.
14 | 2022 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds |
Performance as of April 30, 2022
Large-Cap Value Index 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 | –3.95 | % | 1.30 | % | 9.02 | % | 11.10 | % | 0.05 | % | 0.05 | % | |||||||||||||
Advisor Class | 12/4/15 | –3.97 | 1.16 | 8.86 | 11.02 | † | 0.19 | 0.19 | ||||||||||||||||||
Retirement Class | 10/1/02 | –4.10 | 1.01 | 8.73 | 10.82 | 0.30 | 0.30 | |||||||||||||||||||
Class W | 9/30/19 | –3.94 | 1.31 | 9.04 | † | 11.11 | † | 0.05 | 0.00 | |||||||||||||||||
Russell 1000® Value Index | — | –3.94 | 1.32 | 9.06 | 11.17 | — | — |
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, 2023, 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 4/30/2022 |
More than $50 billion | 60.6 |
More than $15 billion–$50 billion | 26.7 |
More than $2 billion–$15 billion | 12.6 |
$2 billion or less | 0.1 |
Total | 100.0 |
Fund profile
as of 4/30/2022 | |
Net assets | $8.45 billion |
Portfolio turnover rate* | 6% |
Number of holdings | 851 |
Weighted median market capitalization | $74.41 billion |
Price/earnings ratio (weighted 12-month trailing average)† | 16.9 |
* | The portfolio turnover rate covers the six-month period from November 1, 2021–April 30, 2022, 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 ■ 2022 Semiannual Report | 15 |
Expense example
Six months ended April 30, 2022
S&P 500 Index Fund | Beginning account value (11/1/21) | Ending account value (4/30/22) | Expenses paid during period* (11/1/21– 4/30/22) | ||||||||
Actual return | |||||||||||
Institutional Class | $ | 1,000.00 | $ | 903.61 | $0.24 | ||||||
Advisor Class | 1,000.00 | 902.87 | 0.85 | ||||||||
Retirement Class | 1,000.00 | 902.45 | 1.42 | ||||||||
Class W | 1,000.00 | 903.67 | 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, 2022. 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 4/30/2022 | ||
Information technology | 26.9 | ||
Health care | 14.1 | ||
Consumer discretionary | 11.4 | ||
Financials | 10.9 | ||
Communication services | 8.6 | ||
Industrials | 7.9 | ||
Consumer staples | 6.8 | ||
Energy | 4.2 | ||
Real estate | 2.9 | ||
Utilities | 2.9 | ||
Materials | 2.8 | ||
Short-term investments, other assets & liabilities, net | 0.6 | ||
Total | 100.0 |
Performance for the six months ended April 30, 2022
The S&P 500 Index Fund returned –9.64% for the Institutional Class, compared with the –9.65% return of its benchmark, the S&P 500® Index. For the one-year period ended April 30, 2022, the Fund returned 0.18% versus 0.21% 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 outperformed that of its benchmark index, despite 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 declined as economy contracted and inflation remained elevated
The U.S. economy grew at a strong pace early in the period but contracted during the first quarter of 2022. Growth stalled amid a widening trade deficit and lower government expenditures, but consumer and business spending remained strong. The unemployment rate fell during the period, declining to 3.6% in April 2022. Core inflation, which includes all items except food and energy, rose 6.2% for the twelve months ended in April. Oil prices increased during the period, peaking in March at nearly $124 per barrel, before falling back to $105.
Stock markets registered declines across all size and style categories for the period. Equities declined on concerns over rising interest rates, persistent inflation and geopolitical uncertainty resulting from the Russian invasion of Ukraine. The Federal Reserve, responding to higher inflation, raised the federal funds target rate to 0.25%–0.50% in March 2022 and signaled further increases were expected.
For the six months, the large-cap-oriented S&P 500 Index outperformed the Russell 3000® Index, a broad measure of the U.S. stock market, which returned –11.75%. A portion of the Russell 3000 Index consists of small-cap equities, which underperformed large caps for the period.
Most benchmark sectors declined
Seven of the eleven industry sectors in the S&P 500 Index posted losses for the six months. Communication services was the worst performer, returning –27.7% on several concerns, including disappointing earnings reports from some of the sector’s largest companies. Next came consumer discretionary and financials, returning –19.5% and –13.5%, respectively, followed by information technology—the biggest sector—returning –12.3%. Together, these four sectors represented nearly 60.0% of the index’s total market capitalization on April 30, 2022. Energy was the best performer, surging 33.9% on elevated oil prices, while the defensive consumer staples and utilities sectors gained 10.7% and 8.2%, 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 generated a return that surpassed the overall return of the index. That stock was Apple, which advanced as the company successfully navigated global supply-chain disruptions. The remaining four stocks recorded double-digit losses. Amazon.com posted the sharpest decline, hurt by slowing growth in online shopping. Next came Alphabet (the parent company of Google), followed by Tesla and Microsoft.
16 | 2022 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds |
Performance as of April 30, 2022
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 | –9.64 | % | 0.18 | % | 13.61 | % | 13.60 | % | 0.05 | % | 0.05 | % | |||||||||||||
Advisor Class | 12/4/15 | –9.71 | 0.04 | 13.45 | 13.51 | † | 0.18 | 0.18 | ||||||||||||||||||
Retirement Class | 10/1/02 | –9.76 | –0.07 | 13.32 | 13.32 | 0.30 | 0.30 | |||||||||||||||||||
Class W | 9/30/19 | –9.63 | 0.23 | 13.63 | † | 13.61 | † | 0.05 | 0.00 | |||||||||||||||||
S&P 500® Index | — | –9.65 | 0.21 | 13.66 | 13.67 | — | — |
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, 2023, 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 4/30/2022 |
More than $50 billion | 77.6 |
More than $15 billion–$50 billion | 19.5 |
More than $2 billion–$15 billion | 2.9 |
Total | 100.0 |
Fund profile | |
as of 4/30/2022 | |
Net assets | $7.05 billion |
Portfolio turnover rate* | 1% |
Number of holdings | 508 |
Weighted median market capitalization | $174.00 billion |
Price/earnings ratio (weighted 12-month trailing average)† | 20.4 |
* | The portfolio turnover rate covers the six-month period from November 1, 2021–April 30, 2022, 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 ■ 2022 Semiannual Report | 17 |
Expense example
Six months ended April 30, 2022
Small-Cap Blend Index Fund | Beginning account value (11/1/21) | Ending account value (4/30/22) | Expenses paid during period* (11/1/21– 4/30/22) | ||||||||
Actual return | |||||||||||
Institutional Class | $1,000.00 | $816.96 | $0.23 | ||||||||
Advisor Class | 1,000.00 | 816.23 | 0.90 | ||||||||
Retirement Class | 1,000.00 | 815.56 | 1.35 | ||||||||
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, 2022. 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 4/30/2022 | ||
Financials | 16.7 | ||
Industrials | 15.5 | ||
Health care | 15.2 | ||
Information technology | 13.3 | ||
Consumer discretionary | 10.4 | ||
Real estate | 7.9 | ||
Energy | 7.1 | ||
Materials | 4.0 | ||
Consumer staples | 3.9 | ||
Utilities | 3.1 | ||
Communication services | 2.9 | ||
Total | 100.0 |
Performance for the six months ended April 30, 2022
The Small-Cap Blend Index Fund returned –18.30% for the Institutional Class, compared with the –18.38% return of its benchmark, the Russell 2000® Index. For the one-year period ended April 30, 2022, the Fund returned –16.79% versus –16.87% for the index. The performance table shows returns for all share classes of the Fund.
For the six-month period, the Fund’s return outperformed that of its benchmark index, despite 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 declined as economy contracted and inflation remained elevated
The U.S. economy grew at a strong pace early in the period but contracted during the first quarter of 2022. Growth stalled amid a widening trade deficit and lower government expenditures, but consumer and business spending remained strong. The unemployment rate fell during the period, declining to 3.6% in April 2022. Core inflation, which includes all items except food and energy, rose 6.2% for the twelve months ended in April. Oil prices increased during the period, peaking in March at nearly $124 per barrel, before falling back to $105.
Stock markets registered declines across all size and style categories for the period. Equities declined on concerns over rising interest rates, persistent inflation and geopolitical uncertainty resulting from the Russian invasion of Ukraine. The Federal Reserve, responding to higher inflation, raised the federal funds target rate to 0.25%–0.50% in March 2022 and signaled further increases were expected.
For the six months, the Russell 3000® Index, a broad measure of the U.S. stock market, returned –11.75%. Small-cap equities trailed large- and mid-sized stocks, while growth shares underperformed value stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)
Nearly all benchmark sectors declined
Nine of the eleven industry sectors in the Russell 2000 Index posted losses for the six months. Health care—the index’s largest component—returned –36.2% and was the worst-performing sector and the largest detractor from the benchmark’s return. The next-biggest detractors were information technology, consumer discretionary and financials, which returned –24.9%, –23.6% and –15.0%, respectively. Together, these four sectors represented almost 60.0% of the index’s total market capitalization on April 30, 2022. Energy, up 21.5%, was the index’s best-performing sector and the top contributor to its return, a reflection of high oil prices. Utilities, which gained 2.0%, was the other positive performer.
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 generated strong gains and exceeded the overall return of the benchmark. Energy firm Antero Resources was the best performer, followed by car rental company Avis Budget Group, which benefited from a rebound in business and leisure travel. Next in line were Ovintiv, an oil and gas producer, and Chesapeake Energy. Warehouse chain BJ’s Wholesale Club Holdings delivered a more modest result but still posted a double-digit increase.
18 | 2022 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds |
Performance as of April 30, 2022 | ||||||||||||||||||||||||||
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 | –18.30 | % | –16.79 | % | 7.37 | % | 10.25 | % | 0.05 | % | 0.05 | % | |||||||||||||
Advisor Class | 12/4/15 | –18.38 | –16.92 | 7.21 | 10.16 | † | 0.76 | 0.21 | ||||||||||||||||||
Retirement Class | 10/1/02 | –18.44 | –17.02 | 7.10 | 9.97 | 0.30 | 0.30 | |||||||||||||||||||
Russell 2000® Index | — | –18.38 | –16.87 | 7.24 | 10.06 | — | — |
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, 2023, 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 4/30/2022 |
More than $50 billion | 0.8 |
More than $2 billion–$15 billion | 63.3 |
$2 billion or less | 35.9 |
Total | 100.0 |
Fund profile | |
as of 4/30/2022 | |
Net assets | $3.54 billion |
Portfolio turnover rate* | 7% |
Number of holdings | 2,011 |
Weighted median market capitalization | $2.69 billion |
Price/earnings ratio (weighted 12-month trailing average)† | 33.7 |
* | The portfolio turnover rate covers the six-month period from November 1, 2021–April 30, 2022, 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 ■ 2022 Semiannual Report | 19 |
Emerging Markets Equity Index Fund
Expense example
Six months ended April 30, 2022
Emerging Markets Equity Index Fund | Beginning account value (11/1/21) | Ending account value (4/30/22) | Expenses paid during period* (11/1/21– 4/30/22) | ||||||||
Actual return | |||||||||||
Institutional Class | $ | 1,000.00 | $ | 850.49 | $0.87 | ||||||
Advisor Class | 1,000.00 | 849.77 | 1.42 | ||||||||
Premier Class | 1,000.00 | 850.09 | 1.56 | ||||||||
Retirement Class | 1,000.00 | 849.73 | 2.02 | ||||||||
Retail Class | 1,000.00 | 848.71 | 2.38 | ||||||||
Class W | 1,000.00 | 851.28 | 0.00 | ||||||||
5% annual hypothetical return | |||||||||||
Institutional Class | 1,000.00 | 1,023.85 | 0.95 | ||||||||
Advisor Class | 1,000.00 | 1,023.26 | 1.56 | ||||||||
Premier Class | 1,000.00 | 1,023.11 | 1.71 | ||||||||
Retirement Class | 1,000.00 | 1,022.61 | 2.21 | ||||||||
Retail Class | 1,000.00 | 1,022.22 | 2.61 | ||||||||
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, 2022. The Fund’s annualized six-month expense ratios for that period were 0.19% for the Institutional Class, 0.31% for the Advisor Class, 0.34% for the Premier Class, 0.44% for the Retirement Class, 0.52% 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 4/30/2022 | ||
Financials | 22.1 | ||
Information technology | 20.2 | ||
Consumer discretionary | 12.3 | ||
Communication services | 10.2 | ||
Materials | 9.1 | ||
Consumer staples | 6.0 | ||
Industrials | 5.4 | ||
Energy | 4.8 | ||
Health care | 3.7 | ||
Utilities | 2.7 | ||
Real estate | 2.2 | ||
Short-term investments, other assets & liabilities, net | 1.3 | ||
Total | 100.0 |
Performance for the six months ended April 30, 2022
The Emerging Markets Equity Index Fund returned –14.95% for the Institutional Class, compared with the –14.15% return of its benchmark, the MSCI Emerging Markets Index. For the one-year period ended April 30, 2022, the Fund returned –19.18% versus –18.33% 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 fell amid concerns over inflation and interest rates
International stocks in both developed- and emerging-markets countries lost ground as ongoing price pressures, rising interest rates and Russia’s invasion of Ukraine all weighed heavily on financial markets. Despite these uncertainties, the economies in the 19-nation euro area grew modestly in both the fourth quarter of 2021 and the first quarter of 2022. China’s economy also expanded.
Global central banks began tightening monetary policies amid growing concerns over inflation. The Federal Reserve increased the federal funds target rate to 0.25%–0.50% in March, while the European Central Bank left its benchmark interest rates unchanged but indicated it may end its bond-buying program. The Bank of England raised its benchmark rate to 0.75%.
The MSCI EAFE® Index, which measures stock performance in 21 developed-markets nations outside North America, returned –11.80% for the period, outperforming the return of the MSCI Emerging Markets Index but trailing the –11.75% return of the Russell 3000® Index, a broad measure of the U.S. stock market.
Countries in the benchmark had mixed returns
Of the 24 country components in the MSCI Emerging Markets Index, about one-half declined in U.S.-dollar terms. Hungary and Poland declined most at –37.6% and –31.6%, respectively. China, the largest index component, returned –25.0%. Due to Russia’s invasion of Ukraine and the ensuing sanctions, Russian equities became uninvestable. As a result, Russia was the second-largest detractor from the benchmark’s performance as MSCI removed all Russian shares from the index at a value of $0.0001 on March 9, 2022.
Two of the benchmark’s five largest stocks outperformed
Two of the five largest stocks in the MSCI Emerging Markets Index had performance that exceeded the benchmark’s overall return. Reliance Industries rose, benefiting from a rise in oil prices. Samsung Electronics declined but outpaced the index. Taiwan Semiconductor Manufacturing, internet firm Tencent Holdings and internet retailer Alibaba Group Holding all trailed the benchmark.
The Fund’s returns may sometimes diverge from the returns of its benchmark more than would be expected. This divergence may be the result of the Fund’s fair value pricing adjustments or of the timing of foreign currency valuations.
Many foreign exchanges close for trading before the Fund’s net asset value (NAV) is calculated (see the Fund’s current prospectus for more details on NAV calculations). In the intervening hours, the values of foreign securities can change, and these changes are not reflected immediately in the returns of the Fund’s benchmark. These changes are, however, taken into account to value the Fund’s portfolio holdings at the time the Fund’s NAV is calculated; these are known as fair value pricing adjustments.
20 | 2022 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds |
Performance as of April 30, 2022 | ||||||||||||||||||||||||||
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 | –14.95 | % | –19.18 | % | 3.89 | % | 2.63 | % | 0.18 | % | 0.18 | % | |||||||||||||
Advisor Class | 12/4/15 | –15.02 | –19.35 | 3.75 | 2.56 | † | 0.32 | 0.32 | ||||||||||||||||||
Premier Class | 8/31/10 | –14.99 | –19.35 | 3.72 | 2.47 | 0.33 | 0.33 | |||||||||||||||||||
Retirement Class | 8/31/10 | –15.03 | –19.39 | 3.62 | 2.37 | 0.43 | 0.43 | |||||||||||||||||||
Retail Class | 8/31/10 | –15.13 | –19.54 | 3.49 | 2.24 | 0.56 | 0.56 | |||||||||||||||||||
Class W | 9/28/18 | –14.87 | –19.03 | 4.03 | † | 2.70 | † | 0.18 | 0.00 | |||||||||||||||||
MSCI Emerging Markets Index | — | –14.15 | –18.33 | 4.32 | 2.89 | — | — |
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least February 28, 2023, 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 4/30/2022 | |||
China | 29.9 | ||
Taiwan | 15.0 | ||
India | 13.3 | ||
Korea, Republic of | 12.3 | ||
Brazil | 5.2 | ||
Saudi Arabia | 4.7 | ||
South Africa | 3.5 | ||
Mexico | 2.2 | ||
Indonesia | 1.9 | ||
Thailand | 1.7 | ||
21 other nations | 8.6 | ||
Short-term investments | 1.7 | ||
Total | 100.0 |
Holdings by company size | |
Market capitalization | % of equity investments as of 4/30/2022 |
More than $50 billion | 36.1 |
More than $15 billion–$50 billion | 30.3 |
More than $2 billion–$15 billion | 32.6 |
$2 billion or less | 1.0 |
Total | 100.0 |
Fund profile | |
as of 4/30/2022 | |
Net assets | $4.93 billion |
Portfolio turnover rate* | 4% |
Number of holdings | 1,400 |
Weighted median market capitalization | $31.50 billion |
Price/earnings ratio (weighted 12-month trailing average)† | 13.0 |
* | The portfolio turnover rate covers the six-month period from November 1, 2021–April 30, 2022, 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 ■ 2022 Semiannual Report | 21 |
International Equity Index Fund
Expense example
Six months ended April 30, 2022
International Equity Index Fund | Beginning account value (11/1/21) | Ending account value (4/30/22) | Expenses paid during period* (11/1/21– 4/30/22) | ||||||||
Actual return | |||||||||||
Institutional Class | $1,000.00 | $ 873.25 | $ 0.23 | ||||||||
Advisor Class | 1,000.00 | 872.82 | 0.79 | ||||||||
Premier Class | 1,000.00 | 872.87 | 0.93 | ||||||||
Retirement Class | 1,000.00 | 872.07 | 1.39 | ||||||||
Class W | 1,000.00 | 873.66 | 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, 2022. The Fund’s annualized six-month expense ratios for that period were 0.05% for the Institutional Class, 0.17% for the Advisor Class, 0.20% for the Premier Class, 0.30% for the Retirement Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower. |
For more information about this expense example, please see page 9.
Portfolio composition
Sector | % of net assets as of 4/30/2022 | ||
Financials | 17.0 | ||
Industrials | 14.6 | ||
Health care | 13.2 | ||
Consumer discretionary | 10.9 | ||
Consumer staples | 10.5 | ||
Materials | 8.0 | ||
Information technology | 7.9 | ||
Communication services | 4.8 | ||
Energy | 4.2 | ||
Utilities | 3.5 | ||
Real estate | 2.9 | ||
Short-term investments, other assets & liabilities, net | 2.5 | ||
Total | 100.0 |
Performance for the six months ended April 30, 2022
The International Equity Index Fund returned –12.68% for the Institutional Class, compared with the –11.80% return of its benchmark, the MSCI EAFE® Index. For the one-year period ended April 30, 2022, the Fund returned –8.84% versus –8.15% 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 fell amid concerns over inflation and interest rates
International stocks in both developed- and emerging-markets countries lost ground as ongoing price pressures, rising interest rates and Russia’s invasion of Ukraine all weighed heavily on financial markets. Despite these uncertainties, the economies in the 19-nation euro area grew modestly in both the fourth quarter of 2021 and the first quarter of 2022. China’s economy also expanded.
Global central banks began tightening monetary policies amid growing concerns over inflation. The Federal Reserve increased the federal funds target rate to 0.25%–0.50% in March, while the European Central Bank left its benchmark interest rates unchanged but indicated it may end its bond-buying program. The Bank of England raised its benchmark rate to 0.75%.
The MSCI EAFE Index, which measures stock performance in 21 developed-markets nations outside North America, outperformed the –14.15% return of the MSCI Emerging Markets Index for the period. Both indexes trailed the –11.75% return of the Russell 3000® Index, a broad measure of the U.S. stock market.
Nearly all countries in the benchmark lost ground
Twenty of the 21 countries in the MSCI EAFE Index declined in U.S.-dollar terms for the six-month period. The largest index components were Japan (21.8%), the United Kingdom (15.7%) and France (11.4%), returning –15.4%, –0.6% and –12.4%, respectively. Collectively, these three nations represented almost one-half of the benchmark’s total market capitalization on April 30, 2022. The Netherlands was the worst performer, returning –28.0%.
Four of the benchmark’s five largest stocks outperformed
Four of the five largest stocks in the MSCI EAFE Index exceeded the benchmark’s overall return. Shell performed best with double-digit gains, followed by global drug manufacturer AstraZeneca, which also advanced. Nestle and Swiss pharmaceutical manufacturer Roche Holding declined but outpaced the index. Dutch semiconductor firm ASML Holding posted a sizable loss and trailed 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 | 2022 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds |
Performance as of April 30, 2022 | ||||||||||||||||||||||||||
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 | –12.68 | % | –8.84 | % | 4.67 | % | 5.83 | % | 0.05 | % | 0.05 | % | |||||||||||||
Advisor Class | 12/4/15 | –12.72 | –8.96 | 4.53 | 5.75 | † | 0.17 | 0.17 | ||||||||||||||||||
Premier Class | 9/30/09 | –12.71 | –8.99 | 4.52 | 5.66 | 0.20 | 0.20 | |||||||||||||||||||
Retirement Class | 10/1/02 | –12.79 | –9.09 | 4.40 | 5.56 | 0.30 | 0.30 | |||||||||||||||||||
Class W | 9/28/18 | –12.63 | –8.80 | 4.72 | † | 5.85 | † | 0.05 | 0.00 | |||||||||||||||||
MSCI EAFE® Index | — | –11.80 | –8.15 | 4.77 | 5.77 | — | — |
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least February 28, 2023, 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 4/30/2022 | |
Japan | 21.4 |
United Kingdom | 11.9 |
France | 10.2 |
Switzerland | 10.1 |
Australia | 8.7 |
Germany | 7.7 |
Netherlands | 5.1 |
Sweden | 3.2 |
Denmark | 2.7 |
Hong Kong | 2.4 |
23 other nations | 13.8 |
Short-term investments | 2.8 |
Total | 100.0 |
Holdings by company size | |
Market capitalization | % of equity investments as of 4/30/2022 |
More than $50 billion | 44.8 |
More than $15 billion–$50 billion | 35.6 |
More than $2 billion–$15 billion | 19.6 |
Total | 100.0 |
Fund profile | |
as of 4/30/2022 | |
Net assets | $17.38 billion |
Portfolio turnover rate* | 3% |
Number of holdings | 846 |
Weighted median market capitalization | $45.08 billion |
Price/earnings ratio (weighted 12-month trailing average)† | 12.3 |
* | The portfolio turnover rate covers the six-month period from November 1, 2021–April 30, 2022, 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 ■ 2022 Semiannual Report | 23 |
Summary portfolio of investments (unaudited)
Equity Index Fund ■ April 30, 2022
Shares | Company | Value | % of net assets | |||||||||||
COMMON STOCKS | ||||||||||||||
AUTOMOBILES & COMPONENTS | ||||||||||||||
660,628 | * | Tesla, Inc | $ | 575,248,437 | 1.8 | % | ||||||||
Other | 166,822,791 | 0.5 | ||||||||||||
742,071,228 | 2.3 | |||||||||||||
BANKS | ||||||||||||||
5,647,556 | Bank of America Corp | 201,504,798 | 0.6 | |||||||||||
2,329,856 | JPMorgan Chase & Co | 278,091,612 | 0.9 | |||||||||||
3,097,243 | Wells Fargo & Co | 135,132,712 | 0.4 | |||||||||||
Other | 706,592,561 | 2.2 | ||||||||||||
1,321,321,683 | 4.1 | |||||||||||||
CAPITAL GOODS | ||||||||||||||
1,184,509 | Raytheon Technologies Corp | 112,421,749 | 0.4 | |||||||||||
Other | 1,822,735,732 | 5.5 | ||||||||||||
1,935,157,481 | 5.9 | |||||||||||||
COMMERCIAL & PROFESSIONAL SERVICES | 373,802,269 | 1.2 | ||||||||||||
CONSUMER DURABLES & APPAREL | ||||||||||||||
988,577 | Nike, Inc (Class B) | 123,275,552 | 0.4 | |||||||||||
Other | 279,723,926 | 0.8 | ||||||||||||
402,999,478 | 1.2 | |||||||||||||
CONSUMER SERVICES | ||||||||||||||
594,700 | McDonald’s Corp | 148,175,452 | 0.5 | |||||||||||
Other | 551,395,381 | 1.7 | ||||||||||||
699,570,833 | 2.2 | |||||||||||||
DIVERSIFIED FINANCIALS | ||||||||||||||
1,455,652 | * | Berkshire Hathaway, Inc (Class B) | 469,928,135 | 1.5 | ||||||||||
Other | 1,232,944,770 | 3.7 | ||||||||||||
1,702,872,905 | 5.2 | |||||||||||||
ENERGY | ||||||||||||||
1,536,062 | Chevron Corp | 240,654,834 | 0.8 | |||||||||||
3,350,182 | d | Exxon Mobil Corp | 285,603,016 | 0.9 | ||||||||||
Other | 842,463,401 | 2.5 | ||||||||||||
1,368,721,251 | 4.2 | |||||||||||||
FOOD & STAPLES RETAILING | ||||||||||||||
351,519 | Costco Wholesale Corp | 186,909,683 | 0.6 | |||||||||||
1,125,403 | Walmart, Inc | 172,175,405 | 0.6 | |||||||||||
Other | 132,995,122 | 0.3 | ||||||||||||
492,080,210 | 1.5 | |||||||||||||
FOOD, BEVERAGE & TOBACCO | ||||||||||||||
3,085,632 | Coca-Cola Co | 199,362,684 | 0.6 | |||||||||||
1,098,193 | PepsiCo, Inc | 188,570,720 | 0.6 | |||||||||||
1,232,854 | Philip Morris International, Inc | 123,285,400 | 0.4 | |||||||||||
Other | 555,027,863 | 1.7 | ||||||||||||
1,066,246,667 | 3.3 | |||||||||||||
HEALTH CARE EQUIPMENT & SERVICES | ||||||||||||||
1,382,800 | Abbott Laboratories | 156,947,800 | 0.5 | |||||||||||
1,062,692 | Medtronic plc | 110,902,537 | 0.4 | |||||||||||
746,583 | UnitedHealth Group, Inc | 379,674,785 | 1.2 | |||||||||||
Other | 1,305,752,680 | 3.9 | ||||||||||||
1,953,277,802 | 6.0 |
Shares | Company | Value | % of net assets | |||||||||||
HOUSEHOLD & PERSONAL PRODUCTS | ||||||||||||||
1,910,253 | Procter & Gamble Co | $ | 306,691,119 | 0.9 | % | |||||||||
Other | 195,389,732 | 0.6 | ||||||||||||
502,080,851 | 1.5 | |||||||||||||
INSURANCE | 737,212,830 | 2.3 | ||||||||||||
MATERIALS | 872,417,783 | 2.7 | ||||||||||||
MEDIA & ENTERTAINMENT | ||||||||||||||
238,755 | * | Alphabet, Inc (Class A) | 544,884,273 | 1.7 | ||||||||||
219,596 | * | Alphabet, Inc (Class C) | 504,923,671 | 1.6 | ||||||||||
3,581,806 | Comcast Corp (Class A) | 142,412,607 | 0.5 | |||||||||||
1,830,702 | * | Meta Platforms, Inc | 367,000,830 | 1.1 | ||||||||||
1,444,613 | * | Walt Disney Co | 161,262,149 | 0.5 | ||||||||||
Other | 489,472,816 | 1.4 | ||||||||||||
2,209,956,346 | 6.8 | |||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | ||||||||||||||
1,404,130 | AbbVie, Inc | 206,238,614 | 0.6 | |||||||||||
1,725,436 | Bristol-Myers Squibb Co | 129,873,568 | 0.4 | |||||||||||
501,937 | Danaher Corp | 126,051,439 | 0.4 | |||||||||||
673,920 | Eli Lilly & Co | 196,872,250 | 0.6 | |||||||||||
2,091,343 | Johnson & Johnson | 377,403,758 | 1.2 | |||||||||||
2,015,726 | Merck & Co, Inc | 178,774,739 | 0.6 | |||||||||||
4,435,615 | Pfizer, Inc | 217,655,628 | 0.7 | |||||||||||
312,604 | Thermo Fisher Scientific, Inc | 172,845,004 | 0.5 | |||||||||||
Other | 977,043,970 | 2.9 | ||||||||||||
2,582,758,970 | 7.9 | |||||||||||||
REAL ESTATE | 1,219,617,710 | 3.7 | ||||||||||||
RETAILING | ||||||||||||||
344,518 | * | Amazon.com, Inc | 856,344,276 | 2.6 | ||||||||||
828,957 | Home Depot, Inc | 249,018,683 | 0.8 | |||||||||||
Other | 734,184,299 | 2.2 | ||||||||||||
1,839,547,258 | 5.6 | |||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | ||||||||||||||
1,303,960 | * | Advanced Micro Devices, Inc | 111,514,659 | 0.4 | ||||||||||
320,911 | Broadcom, Inc | 177,909,849 | 0.6 | |||||||||||
3,219,647 | Intel Corp | 140,344,413 | 0.4 | |||||||||||
1,898,749 | NVIDIA Corp | 352,160,977 | 1.1 | |||||||||||
892,591 | QUALCOMM, Inc | 124,686,037 | 0.4 | |||||||||||
736,506 | Texas Instruments, Inc | 125,390,146 | 0.4 | |||||||||||
Other | 586,759,192 | 1.7 | ||||||||||||
1,618,765,273 | 5.0 | |||||||||||||
SOFTWARE & SERVICES | ||||||||||||||
506,282 | Accenture plc | 152,066,862 | 0.5 | |||||||||||
375,333 | * | Adobe, Inc | 148,613,101 | 0.5 | ||||||||||
685,501 | Mastercard, Inc (Class A) | 249,097,353 | 0.8 | |||||||||||
5,982,112 | Microsoft Corp | 1,660,155,722 | 5.1 | |||||||||||
740,250 | * | salesforce.com, Inc | 130,239,585 | 0.4 | ||||||||||
1,317,155 | Visa, Inc (Class A) | 280,725,245 | 0.9 | |||||||||||
Other | 1,811,778,707 | 5.4 | ||||||||||||
4,432,676,575 | 13.6 | |||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT | ||||||||||||||
12,252,148 | Apple, Inc | 1,931,551,132 | 5.9 | |||||||||||
3,363,231 | Cisco Systems, Inc | 164,731,054 | 0.5 | |||||||||||
Other | 420,555,883 | 1.3 | ||||||||||||
2,516,838,069 | 7.7 |
24 | 2022 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds | See notes to financial statements |
Summary portfolio of investments (unaudited) | concluded |
Equity Index Fund ■ April 30, 2022
Shares | Company | Value | % of net assets | ||||||||||||
TELECOMMUNICATION SERVICES | |||||||||||||||
3,324,020 | Verizon Communications, Inc | $ | 153,902,126 | 0.5 | % | ||||||||||
Other | 186,911,977 | 0.5 | |||||||||||||
340,814,103 | 1.0 | ||||||||||||||
TRANSPORTATION | |||||||||||||||
508,769 | Union Pacific Corp | 119,199,489 | 0.4 | ||||||||||||
Other | 502,854,605 | 1.5 | |||||||||||||
622,054,094 | 1.9 | ||||||||||||||
UTILITIES | 919,704,074 | 2.8 | |||||||||||||
TOTAL COMMON STOCKS (Cost $16,694,061,612) | 32,472,565,743 | 99.6 | |||||||||||||
RIGHTS / WARRANTS | |||||||||||||||
HEALTH CARE EQUIPMENT & SERVICES | 3,581 | 0.0 | |||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 276 | 0.0 | |||||||||||||
TOTAL RIGHTS / WARRANTS (Cost $276) | 3,857 | 0.0 | |||||||||||||
Principal | Issuer | ||||||||||||||
SHORT-TERM INVESTMENTS | |||||||||||||||
GOVERNMENT AGENCY DEBT | 92,475,964 | 0.3 | |||||||||||||
REPURCHASE AGREEMENT | 60,625,000 | 0.2 |
Shares | Company | Value | % of net assets | |||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | ||||||||||||||
102,378,941 | c | State Street Navigator Securities Lending Government Money Market Portfolio 0.310% | $ | 102,378,941 | 0.3 | % | ||||||||
102,378,941 | 0.3 | |||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $255,480,815) | 255,479,905 | 0.8 | ||||||||||||
TOTAL PORTFOLIO (Cost $16,949,542,703) | 32,728,049,505 | 100.4 | ||||||||||||
OTHER ASSETS & LIABILITIES, NET | (128,565,329 | ) | (0.4 | ) | ||||||||||
NET ASSETS | $ | 32,599,484,176 | 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 4/30/22, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended, amounted to $3,253,271 or 0.0% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.
At 4/30/22, the aggregate value of securities on loan is $146,610,528. 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, 2022 were as follows:
Description | Number of long (short contracts | ) | Expiration date | Notional amount | Value | Unrealized appreciation (depreciation | ) | |||||||||
Russell 2000 E Mini Index | 22 | 06/17/22 | $ | 2,168,502 | $ | 2,047,430 | $ | (121,072 | ) | |||||||
S&P 500 E Mini Index | 473 | 06/17/22 | 102,914,034 | 97,615,375 | (5,298,659 | ) | ||||||||||
Total | 495 | $ | 105,082,536 | $ | 99,662,805 | $ | (5,419,731 | ) |
See notes to financial statements | TIAA-CREF Funds: Equity Index Funds ■ 2022 Semiannual Report | 25 |
Summary portfolio of investments (unaudited)
Large-Cap Growth Index Fund ■ April 30, 2022
Shares | Company | Value | % of net assets | |||||||||||
COMMON STOCKS | ||||||||||||||
AUTOMOBILES & COMPONENTS | ||||||||||||||
418,142 | * | Tesla, Inc | $ | 364,101,328 | 3.8 | % | ||||||||
Other | 5,229,307 | 0.1 | ||||||||||||
369,330,635 | 3.9 | |||||||||||||
BANKS | 5,109,662 | 0.1 | ||||||||||||
CAPITAL GOODS | ||||||||||||||
234,180 | Caterpillar, Inc | 49,304,257 | 0.5 | |||||||||||
140,006 | Deere & Co | 52,859,265 | 0.6 | |||||||||||
106,420 | Lockheed Martin Corp | 45,986,210 | 0.5 | |||||||||||
Other | 173,666,614 | 1.8 | ||||||||||||
321,816,346 | 3.4 | |||||||||||||
COMMERCIAL & PROFESSIONAL SERVICES | 81,819,156 | 0.9 | ||||||||||||
CONSUMER DURABLES & APPAREL | ||||||||||||||
622,121 | Nike, Inc (Class B) | 77,578,489 | 0.8 | |||||||||||
Other | 56,905,607 | 0.6 | ||||||||||||
134,484,096 | 1.4 | |||||||||||||
CONSUMER SERVICES | ||||||||||||||
20,584 | * | Booking Holdings, Inc | 45,497,021 | 0.5 | ||||||||||
577,206 | Starbucks Corp | 43,082,656 | 0.5 | |||||||||||
Other | 144,284,375 | 1.4 | ||||||||||||
232,864,052 | 2.4 | |||||||||||||
DIVERSIFIED FINANCIALS | ||||||||||||||
196,722 | American Express Co | 34,369,301 | 0.4 | |||||||||||
351,889 | Blackstone, Inc | 35,741,366 | 0.4 | |||||||||||
186,180 | iShares Russell 1000 Growth Index Fund | 45,381,375 | 0.5 | |||||||||||
Other | 129,457,625 | 1.3 | ||||||||||||
244,949,667 | 2.6 | |||||||||||||
ENERGY | 47,999,489 | 0.5 | ||||||||||||
FOOD & STAPLES RETAILING | ||||||||||||||
207,525 | Costco Wholesale Corp | 110,345,193 | 1.2 | |||||||||||
Other | 21,911,687 | 0.2 | ||||||||||||
132,256,880 | 1.4 | |||||||||||||
FOOD, BEVERAGE & TOBACCO | ||||||||||||||
1,375,480 | Coca-Cola Co | 88,869,763 | 0.9 | |||||||||||
575,513 | PepsiCo, Inc | 98,821,337 | 1.0 | |||||||||||
Other | 71,789,248 | 0.8 | ||||||||||||
259,480,348 | 2.7 | |||||||||||||
HEALTH CARE EQUIPMENT & SERVICES | ||||||||||||||
435,859 | Abbott Laboratories | 49,469,997 | 0.5 | |||||||||||
177,843 | * | Intuitive Surgical, Inc | 42,557,830 | 0.5 | ||||||||||
Other | 221,076,891 | 2.3 | ||||||||||||
313,104,718 | 3.3 | |||||||||||||
HOUSEHOLD & PERSONAL PRODUCTS | 67,327,092 | 0.7 | ||||||||||||
INSURANCE | 33,401,943 | 0.3 | ||||||||||||
MATERIALS | ||||||||||||||
120,609 | Sherwin-Williams Co | 33,162,651 | 0.4 | |||||||||||
Other | 66,349,634 | 0.6 | ||||||||||||
99,512,285 | 1.0 |
Shares | Company | Value | % of net assets | |||||||||||
MEDIA & ENTERTAINMENT | ||||||||||||||
130,092 | * | Alphabet, Inc (Class A) | $ | 296,894,662 | 3.1 | % | ||||||||
119,649 | * | Alphabet, Inc (Class C) | 275,112,535 | 2.9 | ||||||||||
1,158,658 | * | Meta Platforms, Inc | 232,276,169 | 2.4 | ||||||||||
216,893 | * | Netflix, Inc | 41,287,751 | 0.4 | ||||||||||
Other | 74,443,186 | 0.8 | ||||||||||||
920,014,303 | 9.6 | |||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | ||||||||||||||
887,382 | AbbVie, Inc | 130,338,668 | 1.4 | |||||||||||
230,613 | Amgen, Inc | 53,776,645 | 0.6 | |||||||||||
336,336 | Eli Lilly & Co | 98,253,836 | 1.0 | |||||||||||
225,812 | Zoetis, Inc | 40,025,177 | 0.4 | |||||||||||
Other | 226,473,330 | 2.3 | ||||||||||||
548,867,656 | 5.7 | |||||||||||||
REAL ESTATE | ||||||||||||||
226,574 | American Tower Corp | 54,608,865 | 0.6 | |||||||||||
216,184 | Crown Castle International Corp | 40,039,438 | 0.4 | |||||||||||
Other | 84,217,713 | 0.9 | ||||||||||||
178,866,016 | 1.9 | |||||||||||||
RETAILING | ||||||||||||||
218,050 | * | Amazon.com, Inc | 541,991,621 | 5.7 | ||||||||||
524,490 | Home Depot, Inc | 157,556,796 | 1.7 | |||||||||||
338,454 | Lowe’s Companies, Inc | 66,922,509 | 0.7 | |||||||||||
598,303 | TJX Companies, Inc | 36,664,008 | 0.4 | |||||||||||
Other | 161,374,731 | 1.6 | ||||||||||||
964,509,665 | 10.1 | |||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | ||||||||||||||
820,599 | * | Advanced Micro Devices, Inc | 70,177,626 | 0.7 | ||||||||||
444,637 | Applied Materials, Inc | 49,065,693 | 0.5 | |||||||||||
202,722 | Broadcom, Inc | 112,387,050 | 1.2 | |||||||||||
70,531 | Lam Research Corp | 32,850,519 | 0.3 | |||||||||||
1,201,826 | NVIDIA Corp | 222,902,668 | 2.3 | |||||||||||
566,552 | QUALCOMM, Inc | 79,141,649 | 0.8 | |||||||||||
287,394 | Texas Instruments, Inc | 48,928,829 | 0.5 | |||||||||||
Other | 123,483,238 | 1.4 | ||||||||||||
738,937,272 | 7.7 | |||||||||||||
SOFTWARE & SERVICES | ||||||||||||||
256,682 | Accenture plc | 77,097,006 | 0.8 | |||||||||||
236,622 | * | Adobe, Inc | 93,690,481 | 1.0 | ||||||||||
193,870 | Automatic Data Processing, Inc | 42,298,557 | 0.4 | |||||||||||
133,284 | Intuit, Inc | 55,812,675 | 0.6 | |||||||||||
433,624 | Mastercard, Inc (Class A) | 157,570,289 | 1.7 | |||||||||||
3,786,133 | Microsoft Corp | 1,050,727,630 | 11.0 | |||||||||||
754,565 | Oracle Corp | 55,385,071 | 0.6 | |||||||||||
590,144 | * | PayPal Holdings, Inc | 51,891,362 | 0.6 | ||||||||||
100,220 | * | ServiceNow, Inc | 47,915,182 | 0.5 | ||||||||||
833,445 | Visa, Inc (Class A) | 177,632,133 | 1.9 | |||||||||||
Other | 517,878,405 | 5.3 | ||||||||||||
2,327,898,791 | 24.4 | |||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT | ||||||||||||||
7,754,798 | Apple, Inc | 1,222,543,905 | 12.8 | |||||||||||
Other | 92,706,616 | 1.0 | ||||||||||||
1,315,250,521 | 13.8 |
26 | 2022 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, 2022
Shares | Company | Value | % of net assets | ||||||||||||
TRANSPORTATION | |||||||||||||||
203,840 | Union Pacific Corp | $ | 47,757,674 | 0.5 | % | ||||||||||
363,331 | United Parcel Service, Inc (Class B) | 65,392,313 | 0.7 | ||||||||||||
Other | 85,455,978 | 0.9 | |||||||||||||
198,605,965 | 2.1 | ||||||||||||||
UTILITIES | 2,671,786 | 0.0 | |||||||||||||
TOTAL COMMON STOCKS (Cost $4,441,794,484) | 9,539,078,344 | 99.9 | |||||||||||||
Principal | Issuer | ||||||||||||||
SHORT-TERM INVESTMENTS | |||||||||||||||
REPURCHASE AGREEMENT | 5,930,000 | 0.0 |
Shares | Company | Value | % of net assets | |||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | ||||||||||||||
16,050,532 | c | State Street Navigator Securities Lending Government Money Market Portfolio 0.310% | $ | 16,050,532 | 0.2 | % | ||||||||
16,050,532 | 0.2 | |||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $21,980,532) | 21,980,532 | 0.2 | ||||||||||||
TOTAL PORTFOLIO (Cost $4,463,775,016) | 9,561,058,876 | 100.1 | ||||||||||||
OTHER ASSETS & LIABILITIES, NET | (14,012,956 | ) | (0.1 | ) | ||||||||||
NET ASSETS | $ | 9,547,045,920 | 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 4/30/22, the aggregate value of securities on loan is $18,626,427. 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 ■ 2022 Semiannual Report | 27 |
Summary portfolio of investments (unaudited)
Large-Cap Value Index Fund ■ April 30, 2022
Shares | Company | Value | % of net assets | |||||||||||
COMMON STOCKS | ||||||||||||||
AUTOMOBILES & COMPONENTS | $ | 71,940,104 | 0.9 | % | ||||||||||
BANKS | ||||||||||||||
3,055,860 | Bank of America Corp | 109,033,085 | 1.3 | |||||||||||
851,885 | Citigroup, Inc | 41,069,376 | 0.5 | |||||||||||
1,264,526 | JPMorgan Chase & Co | 150,933,823 | 1.8 | |||||||||||
1,676,728 | Wells Fargo & Co | 73,155,643 | 0.9 | |||||||||||
Other | 230,080,262 | 2.6 | ||||||||||||
604,272,189 | 7.1 | |||||||||||||
CAPITAL GOODS | ||||||||||||||
230,134 | * | Boeing Co | 34,253,145 | 0.4 | ||||||||||
469,444 | General Electric Co | 34,997,050 | 0.4 | |||||||||||
231,517 | Honeywell International, Inc | 44,800,855 | 0.5 | |||||||||||
643,600 | Raytheon Technologies Corp | 61,084,076 | 0.7 | |||||||||||
Other | 495,581,263 | 5.9 | ||||||||||||
670,716,389 | 7.9 | |||||||||||||
COMMERCIAL & PROFESSIONAL SERVICES | 93,991,820 | 1.1 | ||||||||||||
CONSUMER DURABLES & APPAREL | 74,154,382 | 0.9 | ||||||||||||
CONSUMER SERVICES | ||||||||||||||
263,978 | McDonald’s Corp | 65,772,758 | 0.8 | |||||||||||
Other | 82,469,357 | 1.0 | ||||||||||||
148,242,115 | 1.8 | |||||||||||||
DIVERSIFIED FINANCIALS | ||||||||||||||
790,046 | * | Berkshire Hathaway, Inc (Class B) | 255,050,550 | 3.0 | ||||||||||
61,439 | BlackRock, Inc | 38,379,715 | 0.5 | |||||||||||
646,301 | Charles Schwab Corp | 42,869,145 | 0.5 | |||||||||||
154,673 | CME Group, Inc | 33,925,976 | 0.4 | |||||||||||
132,928 | Goldman Sachs Group, Inc | 40,608,175 | 0.5 | |||||||||||
569,821 | Morgan Stanley | 45,921,874 | 0.6 | |||||||||||
Other | 265,342,547 | 3.0 | ||||||||||||
722,097,982 | 8.5 | |||||||||||||
ENERGY | ||||||||||||||
833,173 | Chevron Corp | 130,533,214 | 1.6 | |||||||||||
567,127 | ConocoPhillips | 54,171,971 | 0.6 | |||||||||||
1,823,702 | Exxon Mobil Corp | 155,470,596 | 1.8 | |||||||||||
Other | 286,697,439 | 3.4 | ||||||||||||
626,873,220 | 7.4 | |||||||||||||
FOOD & STAPLES RETAILING | ||||||||||||||
607,937 | Walmart, Inc | 93,008,282 | 1.1 | |||||||||||
Other | 47,232,506 | 0.6 | ||||||||||||
140,240,788 | 1.7 | |||||||||||||
FOOD, BEVERAGE & TOBACCO | ||||||||||||||
596,021 | Mondelez International, Inc | 38,431,434 | 0.5 | |||||||||||
669,260 | Philip Morris International, Inc | 66,926,000 | 0.8 | |||||||||||
Other | 232,710,235 | 2.7 | ||||||||||||
338,067,669 | 4.0 | |||||||||||||
HEALTH CARE EQUIPMENT & SERVICES | ||||||||||||||
373,465 | Abbott Laboratories | 42,388,277 | 0.5 | |||||||||||
105,382 | Anthem, Inc | 52,894,387 | 0.6 | |||||||||||
140,706 | Cigna Corp | 34,723,427 | 0.4 | |||||||||||
565,737 | CVS Health Corp | 54,384,298 | 0.7 | |||||||||||
577,208 | Medtronic plc | 60,237,427 | 0.7 | |||||||||||
377,173 | UnitedHealth Group, Inc | 191,811,329 | 2.3 | |||||||||||
Other | 280,522,068 | 3.3 | ||||||||||||
716,961,213 | 8.5 |
Shares | Company | Value | % of net assets | |||||||||||
HOUSEHOLD & PERSONAL PRODUCTS | ||||||||||||||
1,036,325 | Procter & Gamble Co | $ | 166,381,979 | 2.0 | % | |||||||||
Other | 39,063,947 | 0.4 | ||||||||||||
205,445,926 | 2.4 | |||||||||||||
INSURANCE | ||||||||||||||
185,173 | Chubb Ltd | 38,228,966 | 0.5 | |||||||||||
Other | 314,143,425 | 3.7 | ||||||||||||
352,372,391 | 4.2 | |||||||||||||
MATERIALS | 344,883,170 | 4.1 | ||||||||||||
MEDIA & ENTERTAINMENT | ||||||||||||||
17,975 | * | Alphabet, Inc (Class A) | 41,022,365 | 0.5 | ||||||||||
16,568 | * | Alphabet, Inc (Class C) | 38,095,299 | 0.5 | ||||||||||
1,934,000 | Comcast Corp (Class A) | 76,895,840 | 0.9 | |||||||||||
742,640 | * | Walt Disney Co | 82,900,903 | 1.0 | ||||||||||
Other | 148,577,278 | 1.7 | ||||||||||||
387,491,685 | 4.6 | |||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | ||||||||||||||
937,363 | Bristol-Myers Squibb Co | 70,555,313 | 0.8 | |||||||||||
258,349 | Danaher Corp | 64,879,184 | 0.8 | |||||||||||
1,134,810 | Johnson & Johnson | 204,787,813 | 2.4 | |||||||||||
1,091,694 | Merck & Co, Inc | 96,822,341 | 1.1 | |||||||||||
2,404,564 | Pfizer, Inc | 117,991,955 | 1.4 | |||||||||||
153,647 | Thermo Fisher Scientific, Inc | 84,954,499 | 1.0 | |||||||||||
Other | 204,890,407 | 2.5 | ||||||||||||
844,881,512 | 10.0 | |||||||||||||
REAL ESTATE | ||||||||||||||
316,909 | Prologis, Inc | 50,797,344 | 0.6 | |||||||||||
Other | 375,842,132 | 4.4 | ||||||||||||
426,639,476 | 5.0 | |||||||||||||
RETAILING | 136,282,979 | 1.6 | ||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | ||||||||||||||
1,742,355 | Intel Corp | 75,949,254 | 0.9 | |||||||||||
Other | 137,379,542 | 1.6 | ||||||||||||
213,328,796 | 2.5 | |||||||||||||
SOFTWARE & SERVICES | ||||||||||||||
384,155 | International Business Machines Corp | 50,789,132 | 0.6 | |||||||||||
324,706 | * | salesforce.com, Inc | 57,128,774 | 0.7 | ||||||||||
Other | 226,500,676 | 2.7 | ||||||||||||
334,418,582 | 4.0 | |||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT | ||||||||||||||
1,816,397 | Cisco Systems, Inc | 88,967,125 | 1.1 | |||||||||||
Other | 115,283,783 | 1.3 | ||||||||||||
204,250,908 | 2.4 | |||||||||||||
TELECOMMUNICATION SERVICES | ||||||||||||||
3,071,032 | AT&T, Inc | 57,919,664 | 0.7 | |||||||||||
1,806,494 | Verizon Communications, Inc | 83,640,672 | 1.0 | |||||||||||
Other | 35,629,997 | 0.4 | ||||||||||||
177,190,333 | 2.1 |
28 | 2022 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, 2022
Shares | Company | Value | % of net assets | |||||||||||
TRANSPORTATION | ||||||||||||||
955,845 | CSX Corp | $ | 32,823,717 | 0.4 | % | |||||||||
Other | 113,914,404 | 1.3 | ||||||||||||
146,738,121 | 1.7 | |||||||||||||
UTILITIES | ||||||||||||||
331,870 | Duke Energy Corp | 36,558,799 | 0.4 | |||||||||||
843,046 | NextEra Energy, Inc | 59,873,127 | 0.7 | |||||||||||
455,653 | Southern Co | 33,440,374 | 0.4 | |||||||||||
Other | 334,927,333 | 4.0 | ||||||||||||
464,799,633 | 5.5 | |||||||||||||
TOTAL COMMON STOCKS (Cost $6,033,247,240) | $ | 8,446,281,383 | 99.9 |
Shares | Company | Value | % of net assets | |||||||||||
SHORT-TERM INVESTMENTS | ||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | ||||||||||||||
6,892,890 | c | State Street Navigator Securities Lending Government Money Market Portfolio 0.310% | $ | 6,892,890 | 0.1 | % | ||||||||
6,892,890 | 0.1 | |||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $6,892,890) | 6,892,890 | 0.1 | ||||||||||||
TOTAL PORTFOLIO (Cost $6,040,140,130) | 8,453,174,273 | 100.0 | ||||||||||||
OTHER ASSETS & LIABILITIES, NET | 1,764,669 | 0.0 | ||||||||||||
NET ASSETS | $ | 8,454,938,942 | 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 4/30/22, the aggregate value of securities on loan is $20,540,447. 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 ■ 2022 Semiannual Report | 29 |
Summary portfolio of investments (unaudited)
S&P 500 Index Fund ■ April 30, 2022
Shares | Company | Value | % of net assets | |||||||||||
COMMON STOCKS | ||||||||||||||
AUTOMOBILES & COMPONENTS | ||||||||||||||
167,796 | * | Tesla, Inc | $ | 146,110,045 | 2.1 | % | ||||||||
Other | 29,637,951 | 0.4 | ||||||||||||
175,747,996 | 2.5 | |||||||||||||
BANKS | ||||||||||||||
1,423,651 | Bank of America Corp | 50,795,868 | 0.7 | |||||||||||
591,867 | JPMorgan Chase & Co | 70,645,245 | 1.0 | |||||||||||
781,848 | Wells Fargo & Co | 34,112,028 | 0.5 | |||||||||||
Other | 103,727,149 | 1.5 | ||||||||||||
259,280,290 | 3.7 | |||||||||||||
CAPITAL GOODS | ||||||||||||||
301,092 | Raytheon Technologies Corp | 28,576,642 | 0.4 | |||||||||||
Other | 349,006,431 | 5.0 | ||||||||||||
377,583,073 | 5.4 | |||||||||||||
COMMERCIAL & PROFESSIONAL SERVICES | 53,800,589 | 0.8 | ||||||||||||
CONSUMER DURABLES & APPAREL | ||||||||||||||
256,606 | Nike, Inc (Class B) | 31,998,768 | 0.5 | |||||||||||
Other | 32,536,544 | 0.4 | ||||||||||||
64,535,312 | 0.9 | |||||||||||||
CONSUMER SERVICES | ||||||||||||||
149,547 | McDonald’s Corp | 37,261,131 | 0.5 | |||||||||||
Other | 99,267,914 | 1.4 | ||||||||||||
136,529,045 | 1.9 | |||||||||||||
DIVERSIFIED FINANCIALS | ||||||||||||||
366,641 | * | Berkshire Hathaway, Inc (Class B) | 118,362,714 | 1.7 | ||||||||||
Other | 240,899,434 | 3.4 | ||||||||||||
359,262,148 | 5.1 | |||||||||||||
ENERGY | ||||||||||||||
386,453 | Chevron Corp | 60,545,592 | 0.9 | |||||||||||
848,577 | d | Exxon Mobil Corp | 72,341,189 | 1.0 | ||||||||||
Other | 159,667,071 | 2.2 | ||||||||||||
292,553,852 | 4.1 | |||||||||||||
FOOD & STAPLES RETAILING | ||||||||||||||
88,851 | Costco Wholesale Corp | 47,243,854 | 0.7 | |||||||||||
283,260 | Walmart, Inc | 43,335,947 | 0.6 | |||||||||||
Other | 21,877,068 | 0.3 | ||||||||||||
112,456,869 | 1.6 | |||||||||||||
FOOD, BEVERAGE & TOBACCO | ||||||||||||||
778,327 | Coca-Cola Co | 50,287,708 | 0.7 | |||||||||||
277,001 | PepsiCo, Inc | 47,563,842 | 0.7 | |||||||||||
310,958 | Philip Morris International, Inc | 31,095,800 | 0.4 | |||||||||||
Other | 115,686,513 | 1.7 | ||||||||||||
244,633,863 | 3.5 | |||||||||||||
HEALTH CARE EQUIPMENT & SERVICES | ||||||||||||||
354,034 | Abbott Laboratories | 40,182,859 | 0.6 | |||||||||||
188,550 | UnitedHealth Group, Inc | 95,887,103 | 1.4 | |||||||||||
Other | 293,650,810 | 4.1 | ||||||||||||
429,720,772 | 6.1 |
Shares | Company | Value | % of net assets | |||||||||||
HOUSEHOLD & PERSONAL PRODUCTS | ||||||||||||||
479,822 | Procter & Gamble Co | $ | 77,035,422 | 1.1 | % | |||||||||
Other | 42,984,303 | 0.6 | ||||||||||||
120,019,725 | 1.7 | |||||||||||||
INSURANCE | 148,954,489 | 2.1 | ||||||||||||
MATERIALS | ||||||||||||||
102,311 | Linde plc | 31,916,940 | 0.5 | |||||||||||
Other | 162,080,362 | 2.3 | ||||||||||||
193,997,302 | 2.8 | |||||||||||||
MEDIA & ENTERTAINMENT | ||||||||||||||
60,269 | * | Alphabet, Inc (Class A) | 137,545,309 | 2.0 | ||||||||||
55,661 | * | Alphabet, Inc (Class C) | 127,983,007 | 1.8 | ||||||||||
905,651 | Comcast Corp (Class A) | 36,008,684 | 0.5 | |||||||||||
462,799 | * | Meta Platforms, Inc | 92,777,315 | 1.3 | ||||||||||
364,875 | * | Walt Disney Co | 40,730,996 | 0.6 | ||||||||||
Other | 87,828,691 | 1.2 | ||||||||||||
522,874,002 | 7.4 | |||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | ||||||||||||||
354,402 | AbbVie, Inc | 52,054,566 | 0.7 | |||||||||||
438,916 | Bristol-Myers Squibb Co | 33,037,207 | 0.5 | |||||||||||
127,716 | Danaher Corp | 32,073,319 | 0.5 | |||||||||||
159,135 | Eli Lilly & Co | 46,488,108 | 0.7 | |||||||||||
527,207 | Johnson & Johnson | 95,139,775 | 1.4 | |||||||||||
505,817 | Merck & Co, Inc | 44,860,910 | 0.6 | |||||||||||
1,125,075 | Pfizer, Inc | 55,207,430 | 0.8 | |||||||||||
78,832 | Thermo Fisher Scientific, Inc | 43,587,789 | 0.6 | |||||||||||
Other | 161,940,492 | 2.2 | ||||||||||||
564,389,596 | 8.0 | |||||||||||||
REAL ESTATE | 204,731,965 | 2.9 | ||||||||||||
RETAILING | ||||||||||||||
87,705 | * | Amazon.com, Inc | 218,002,179 | 3.1 | ||||||||||
209,170 | Home Depot, Inc | 62,834,668 | 0.9 | |||||||||||
Other | 144,554,466 | 2.0 | ||||||||||||
425,391,313 | 6.0 | |||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | ||||||||||||||
82,741 | Broadcom, Inc | 45,870,783 | 0.7 | |||||||||||
816,025 | Intel Corp | 35,570,530 | 0.5 | |||||||||||
500,937 | NVIDIA Corp | 92,908,785 | 1.3 | |||||||||||
225,146 | QUALCOMM, Inc | 31,450,645 | 0.4 | |||||||||||
185,516 | Texas Instruments, Inc | 31,584,099 | 0.4 | |||||||||||
Other | 138,329,767 | 2.0 | ||||||||||||
375,714,609 | 5.3 | |||||||||||||
SOFTWARE & SERVICES | ||||||||||||||
126,440 | Accenture plc | 37,977,518 | 0.5 | |||||||||||
94,436 | * | Adobe, Inc | 37,391,934 | 0.5 | ||||||||||
172,936 | Mastercard, Inc (Class A) | 62,841,484 | 0.9 | |||||||||||
1,502,516 | Microsoft Corp | 416,978,240 | 5.9 | |||||||||||
197,343 | * | salesforce.com, Inc | 34,720,527 | 0.5 | ||||||||||
332,254 | Visa, Inc (Class A) | 70,813,295 | 1.0 | |||||||||||
Other | 256,902,070 | 3.7 | ||||||||||||
917,625,068 | 13.0 |
30 | 2022 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, 2022
Shares | Company | Value | % of net assets | ||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT | |||||||||||||||
3,107,306 | Apple, Inc | $ | 489,866,791 | 7.0 | % | ||||||||||
843,564 | Cisco Systems, Inc | 41,317,765 | 0.6 | ||||||||||||
Other | 82,468,191 | 1.1 | |||||||||||||
613,652,747 | 8.7 | ||||||||||||||
TELECOMMUNICATION SERVICES | |||||||||||||||
844,437 | Verizon Communications, Inc | 39,097,433 | 0.6 | ||||||||||||
Other | 43,016,892 | 0.6 | |||||||||||||
82,114,325 | 1.2 | ||||||||||||||
TRANSPORTATION | |||||||||||||||
127,189 | Union Pacific Corp | 29,799,111 | 0.4 | ||||||||||||
Other | 96,171,240 | 1.4 | |||||||||||||
125,970,351 | 1.8 | ||||||||||||||
UTILITIES | 201,254,849 | 2.9 | |||||||||||||
TOTAL COMMON STOCKS (Cost $3,021,137,320) | 7,002,794,150 | 99.4 | |||||||||||||
Principal | Issuer | ||||||||||||||
SHORT-TERM INVESTMENTS | |||||||||||||||
GOVERNMENT AGENCY DEBT | 4,999,867 | 0.1 |
Shares | Company | Value | % of net assets | |||||||||||
REPURCHASE AGREEMENT | ||||||||||||||
$ | 28,945,000 | r | Fixed Income Clearing Corp (FICC) 0.250%, 05/02/22 | $ | 28,945,000 | 0.4 | % | |||||||
28,945,000 | 0.4 | |||||||||||||
TREASURY DEBT | 2,394,919 | 0.0 | ||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $36,339,745) | 36,339,786 | 0.5 | ||||||||||||
TOTAL PORTFOLIO (Cost $3,057,477,065) | 7,039,133,936 | 99.9 | ||||||||||||
OTHER ASSETS & LIABILITIES, NET | 8,275,127 | 0.1 | ||||||||||||
NET ASSETS | $ | 7,047,409,063 | 100.0 | % |
* | Non-income producing |
d | All or a portion of these securities have been segregated to cover margin requirements on open futures contracts. |
r | Agreement with Fixed Income Clearing Corp (FICC), 0.250% dated 4/29/22 to be repurchased at $28,945,000 on 5/2/22, collateralized by Government Agency Securities, with coupon rate 2.875% and maturity date 8/15/45, valued at $29,523,946. |
“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 4/30/22, the aggregate value of securities on loan is $4,012,776. 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, 2022 were as follows:
Number of | Unrealized | |||||||||||||||
long (short | ) | appreciation | ||||||||||||||
Description | contracts | Expiration date | Notional amount | Value | (depreciation | ) | ||||||||||
S&P 500 E Mini Index | 170 | 06/17/22 | $36,605,571 | $35,083,750 | $(1,521,821 | ) |
See notes to financial statements | TIAA-CREF Funds: Equity Index Funds ■ 2022 Semiannual Report | 31 |
Summary portfolio of investments (unaudited)
Small-Cap Blend Index Fund ■ April 30, 2022
Shares | Company | Value | % of net assets | |||||||||||
COMMON STOCKS | ||||||||||||||
AUTOMOBILES & COMPONENTS | $ | 48,631,789 | 1.4 | % | ||||||||||
BANKS | ||||||||||||||
186,269 | First Financial Bankshares, Inc | 7,447,035 | 0.2 | |||||||||||
159,074 | Glacier Bancorp, Inc | 7,279,226 | 0.2 | |||||||||||
110,781 | South State Corp | 8,578,881 | 0.3 | |||||||||||
Other | 339,547,799 | 9.5 | ||||||||||||
362,852,941 | 10.2 | |||||||||||||
CAPITAL GOODS | ||||||||||||||
52,111 | * | Chart Industries, Inc | 8,797,379 | 0.3 | ||||||||||
76,506 | EMCOR Group, Inc | 8,146,359 | 0.2 | |||||||||||
63,638 | * | WESCO International, Inc | 7,844,020 | 0.2 | ||||||||||
299,523 | * | WillScot Mobile Mini Holdings Corp | 10,513,257 | 0.3 | ||||||||||
Other | 313,781,955 | 8.9 | ||||||||||||
349,082,970 | 9.9 | |||||||||||||
COMMERCIAL & PROFESSIONAL SERVICES | ||||||||||||||
72,981 | * | ASGN Inc | 8,279,694 | 0.2 | ||||||||||
203,906 | KBR, Inc | 10,038,292 | 0.3 | |||||||||||
77,501 | Tetra Tech, Inc | 10,794,339 | 0.3 | |||||||||||
Other | 103,850,856 | 3.0 | ||||||||||||
132,963,181 | 3.8 | |||||||||||||
CONSUMER DURABLES & APPAREL | ||||||||||||||
34,401 | * | Helen of Troy Ltd | 7,379,358 | 0.2 | ||||||||||
Other | 92,953,438 | 2.6 | ||||||||||||
100,332,796 | 2.8 | |||||||||||||
CONSUMER SERVICES | ||||||||||||||
137,596 | * | Scientific Games Corp (Class A) | 7,713,632 | 0.2 | ||||||||||
100,353 | Texas Roadhouse, Inc (Class A) | 8,262,062 | 0.2 | |||||||||||
Other | 90,342,655 | 2.6 | ||||||||||||
106,318,349 | 3.0 | |||||||||||||
DIVERSIFIED FINANCIALS | ||||||||||||||
144,615 | e | iShares Russell 2000 Index Fund | 26,746,544 | 0.8 | ||||||||||
Other | 128,564,177 | 3.6 | ||||||||||||
155,310,721 | 4.4 | |||||||||||||
ENERGY | ||||||||||||||
411,205 | * | Antero Resources Corp | 14,474,416 | 0.4 | ||||||||||
150,848 | Chesapeake Energy Corp | 12,372,553 | 0.4 | |||||||||||
158,627 | Matador Resources Co | 7,744,170 | 0.2 | |||||||||||
212,590 | Murphy Oil Corp | 8,095,427 | 0.2 | |||||||||||
377,979 | Ovintiv, Inc | 19,348,745 | 0.6 | |||||||||||
140,624 | PDC Energy, Inc | 9,807,118 | 0.3 | |||||||||||
342,320 | * | Range Resources Corp | 10,249,061 | 0.3 | ||||||||||
1,462,607 | * | Southwestern Energy Co | 10,969,552 | 0.3 | ||||||||||
Other | 158,673,255 | 4.4 | ||||||||||||
251,734,297 | 7.1 | |||||||||||||
FOOD & STAPLES RETAILING | ||||||||||||||
196,768 | * | BJ’s Wholesale Club Holdings, Inc | 12,662,021 | 0.4 | ||||||||||
216,940 | * | Performance Food Group Co | 10,684,295 | 0.3 | ||||||||||
Other | 22,026,151 | 0.6 | ||||||||||||
45,372,467 | 1.3 | |||||||||||||
FOOD, BEVERAGE & TOBACCO | 60,277,148 | 1.7 | % |
Shares | Company | Value | % of net assets | |||||||||||
HEALTH CARE EQUIPMENT & SERVICES | ||||||||||||||
117,772 | * | HealthEquity, Inc | $ | 7,339,551 | 0.2 | |||||||||
38,779 | * | Inspire Medical Systems, Inc | 7,979,167 | 0.2 | ||||||||||
43,604 | * | LHC Group, Inc | 7,231,723 | 0.2 | ||||||||||
48,337 | * | Shockwave Medical Inc | 7,305,171 | 0.2 | ||||||||||
152,523 | * | Tenet Healthcare Corp | 11,059,443 | 0.3 | ||||||||||
Other | 211,627,866 | 6.0 | ||||||||||||
252,542,921 | 7.1 | |||||||||||||
HOUSEHOLD & PERSONAL PRODUCTS | 30,830,653 | 0.9 | ||||||||||||
INSURANCE | 69,431,185 | 2.0 | ||||||||||||
MATERIALS | 143,241,832 | 4.0 | ||||||||||||
MEDIA & ENTERTAINMENT | ||||||||||||||
742,780 | *,e | AMC Entertainment Holdings, Inc | 11,364,534 | 0.3 | ||||||||||
Other | 65,628,656 | 1.9 | ||||||||||||
76,993,190 | 2.2 | |||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | ||||||||||||||
197,993 | * | Halozyme Therapeutics, Inc | 7,899,921 | 0.2 | ||||||||||
Other | 279,498,021 | 7.9 | ||||||||||||
287,397,942 | 8.1 | |||||||||||||
REAL ESTATE | ||||||||||||||
57,998 | EastGroup Properties, Inc | 10,874,625 | 0.3 | |||||||||||
315,958 | Independence Realty Trust, Inc | 8,613,015 | 0.2 | |||||||||||
77,632 | * | Ryman Hospitality Properties | 7,257,039 | 0.2 | ||||||||||
256,871 | STAG Industrial, Inc | 9,586,426 | 0.3 | |||||||||||
105,995 | Terreno Realty Corp | 7,711,136 | 0.2 | |||||||||||
Other | 237,617,114 | 6.7 | ||||||||||||
281,659,355 | 7.9 | |||||||||||||
RETAILING | ||||||||||||||
432,195 | Macy’s, Inc | 10,446,153 | 0.3 | |||||||||||
33,366 | Murphy USA, Inc | 7,794,298 | 0.2 | |||||||||||
Other | 95,082,214 | 2.7 | ||||||||||||
113,322,665 | 3.2 | |||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | ||||||||||||||
194,657 | * | Lattice Semiconductor Corp | 9,351,322 | 0.3 | ||||||||||
54,215 | * | Silicon Laboratories, Inc | 7,314,146 | 0.2 | ||||||||||
56,631 | * | Synaptics, Inc | 8,406,306 | 0.2 | ||||||||||
Other | 82,395,797 | 2.3 | ||||||||||||
107,467,571 | 3.0 | |||||||||||||
SOFTWARE & SERVICES | ||||||||||||||
80,877 | * | Rapid7, Inc | 7,725,371 | 0.2 | ||||||||||
131,820 | * | SailPoint Technologies Holding, Inc | 8,414,071 | 0.2 | ||||||||||
131,738 | * | Tenable Holdings, Inc | 7,275,890 | 0.2 | ||||||||||
365,208 | * | Vonage Holdings Corp | 7,289,552 | 0.2 | ||||||||||
Other | 217,462,330 | 6.2 | ||||||||||||
248,167,214 | 7.0 | |||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT | ||||||||||||||
151,156 | * | II-VI, Inc | 9,252,259 | 0.3 | ||||||||||
Other | 107,204,162 | 3.0 | ||||||||||||
116,456,421 | 3.3 | |||||||||||||
TELECOMMUNICATION SERVICES | 25,989,499 | 0.7 | % |
32 | 2022 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, 2022
Shares | Company | Value | % of net assets | |||||||||||
TRANSPORTATION | ||||||||||||||
59,423 | * | Avis Budget Group, Inc | $ | 15,905,754 | 0.5 | |||||||||
37,868 | * | Saia, Inc | 7,799,293 | 0.2 | ||||||||||
Other | 43,341,281 | 1.2 | ||||||||||||
67,046,328 | 1.9 | |||||||||||||
UTILITIES | ||||||||||||||
95,447 | Southwest Gas Holdings Inc | 8,409,835 | 0.2 | |||||||||||
Other | 101,110,215 | 2.9 | ||||||||||||
109,520,050 | 3.1 | |||||||||||||
TOTAL COMMON STOCKS (Cost $2,835,309,703) | 3,542,943,485 | 100.0 | ||||||||||||
RIGHTS / WARRANTS | ||||||||||||||
ENERGY | 233,244 | 0.0 | ||||||||||||
HEALTH CARE EQUIPMENT & SERVICES | 4,672 | 0.0 | ||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 561 | 0.0 | ||||||||||||
TOTAL RIGHTS / WARRANTS (Cost $561) | 238,477 | 0.0 |
Shares | Company | Value | % of net assets | |||||||||||
SHORT-TERM INVESTMENTS | ||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | ||||||||||||||
123,403,966 | c | State Street Navigator Securities Lending Government Money Market Portfolio 0.310% | $ | 123,403,966 | 3.5 | % | ||||||||
123,403,966 | 3.5 | |||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $123,403,966) | 123,403,966 | 3.5 | ||||||||||||
TOTAL PORTFOLIO (Cost $2,958,714,230) | 3,666,585,928 | 103.5 | ||||||||||||
OTHER ASSETS & LIABILITIES, NET | (122,384,333 | ) | (3.5 | ) | ||||||||||
NET ASSETS | $ | 3,544,201,595 | 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 $157,009,941. 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 4/30/22, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended, amounted to $5,412,393 or 0.2% 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 ■ 2022 Semiannual Report | 33 |
Summary portfolio of investments (unaudited)
Emerging Markets Equity Index Fund ■ April 30, 2022
Principal | Issuer | Value | % of net assets | ||||||||||||
CORPORATE BOND | |||||||||||||||
INDIA | $ | 21,350 | 0.0 | % | |||||||||||
TOTAL CORPORATE BONDS (Cost $22,656) | 21,350 | 0.0 | |||||||||||||
Shares | Company | ||||||||||||||
COMMON STOCKS | |||||||||||||||
BRAZIL | |||||||||||||||
3,451,253 | Itau Unibanco Holding S.A. | 16,663,075 | 0.3 | ||||||||||||
2,723,716 | Petroleo Brasileiro S.A. | 18,422,731 | 0.4 | ||||||||||||
3,472,668 | Petroleo Brasileiro S.A. (Preference) | 21,268,902 | 0.4 | ||||||||||||
2,896,533 | Vale S.A. | 48,797,466 | 1.0 | ||||||||||||
Other | 149,770,296 | 3.1 | |||||||||||||
254,922,470 | 5.2 | ||||||||||||||
CHILE | 23,475,949 | 0.5 | |||||||||||||
CHINA | |||||||||||||||
10,846,720 | * | Alibaba Group Holding Ltd | 132,304,793 | 2.7 | |||||||||||
197,689 | * | Baidu, Inc (ADR) | 24,547,043 | 0.5 | |||||||||||
57,828,953 | Bank of China Ltd - H | 22,691,066 | 0.5 | ||||||||||||
601,000 | BYD Co Ltd (H shares) | 17,490,135 | 0.4 | ||||||||||||
69,211,641 | China Construction Bank Corp - H | 49,306,304 | 1.0 | ||||||||||||
2,801,868 | China Merchants Bank Co Ltd | 16,887,544 | 0.4 | ||||||||||||
41,008,777 | Industrial & Commercial Bank of China Ltd - H | 24,720,349 | 0.5 | ||||||||||||
1,440,119 | * | JD.com, Inc | 44,900,802 | 0.9 | |||||||||||
2,943,600 | *,g | Meituan Dianping (Class B) | 63,070,737 | 1.3 | |||||||||||
1,499,225 | NetEase, Inc | 28,718,057 | 0.6 | ||||||||||||
946,934 | * | NIO, Inc (ADR) | 15,813,798 | 0.3 | |||||||||||
4,585,526 | Ping An Insurance Group Co of China Ltd | 28,983,794 | 0.6 | ||||||||||||
4,109,004 | Tencent Holdings Ltd | 193,636,342 | 3.9 | ||||||||||||
2,535,301 | *,g | Wuxi Biologics Cayman, Inc | 18,712,576 | 0.4 | |||||||||||
10,199,000 | *,g | Xiaomi Corp | 15,526,327 | 0.3 | |||||||||||
Other | 774,272,316 | 15.6 | |||||||||||||
1,471,581,983 | 29.9 | ||||||||||||||
COLOMBIA | 10,679,576 | 0.2 | |||||||||||||
CZECH REPUBLIC | 8,260,609 | 0.2 | |||||||||||||
EGYPT | 3,367,701 | 0.1 | |||||||||||||
GREECE | 11,635,655 | 0.2 | |||||||||||||
HONG KONG | 7,386,109 | 0.2 | |||||||||||||
HUNGARY | 9,312,918 | 0.2 | |||||||||||||
INDIA | |||||||||||||||
1,651,824 | Axis Bank Ltd | 15,570,986 | 0.3 | ||||||||||||
192,468 | Bajaj Finance Ltd | 16,591,110 | 0.3 | ||||||||||||
1,756,140 | * | Bharti Airtel Ltd | 16,854,234 | 0.3 | |||||||||||
587,049 | Hindustan Lever Ltd | 17,055,933 | 0.4 | ||||||||||||
1,192,071 | Housing Development Finance Corp | 34,393,561 | 0.7 | ||||||||||||
3,708,953 | ICICI Bank Ltd | 35,654,393 | 0.7 | ||||||||||||
2,409,021 | Infosys Technologies Ltd | 48,824,063 | 1.0 | ||||||||||||
2,047,947 | Reliance Industries Ltd | 74,202,083 | 1.5 | ||||||||||||
669,384 | Tata Consultancy Services Ltd | 30,850,792 | 0.6 | ||||||||||||
Other | 370,169,820 | 7.6 | |||||||||||||
660,166,975 | 13.4 |
Shares | Company | Value | % of net assets | |||||||||||
INDONESIA | ||||||||||||||
40,398,175 | Bank Central Asia Tbk PT | $ | 22,658,189 | 0.5 | % | |||||||||
46,795,049 | Bank Rakyat Indonesia | 15,591,503 | 0.3 | |||||||||||
Other | 57,657,581 | 1.1 | ||||||||||||
95,907,273 | 1.9 | |||||||||||||
KOREA, REPUBLIC OF | ||||||||||||||
392,523 | Hynix Semiconductor, Inc | 34,396,043 | 0.7 | |||||||||||
85,358 | Naver Corp | 19,014,262 | 0.4 | |||||||||||
3,412,655 | Samsung Electronics Co Ltd | 181,872,482 | 3.7 | |||||||||||
594,102 | Samsung Electronics Co Ltd (Preference) | 27,853,663 | 0.6 | |||||||||||
39,631 | Samsung SDI Co Ltd | 18,878,396 | 0.4 | |||||||||||
Other | 326,980,899 | 6.6 | ||||||||||||
608,995,745 | 12.4 | |||||||||||||
KUWAIT | ||||||||||||||
5,233,213 | h | National Bank of Kuwait SAKP | 17,935,988 | 0.4 | ||||||||||
Other | 22,819,380 | 0.4 | ||||||||||||
40,755,368 | 0.8 | |||||||||||||
LUXEMBOURG | 1,646,862 | 0.0 | ||||||||||||
MALAYSIA | 77,516,984 | 1.6 | ||||||||||||
MEXICO | ||||||||||||||
21,745,241 | America Movil S.A.B. de C.V. | 21,162,889 | 0.4 | |||||||||||
Other | 86,560,113 | 1.8 | ||||||||||||
107,723,002 | 2.2 | |||||||||||||
PERU | 12,210,937 | 0.2 | ||||||||||||
PHILIPPINES | 38,475,085 | 0.8 | ||||||||||||
POLAND | 31,476,019 | 0.6 | ||||||||||||
QATAR | ||||||||||||||
3,107,150 | Qatar National Bank | 19,836,957 | 0.4 | |||||||||||
Other | 31,035,416 | 0.6 | ||||||||||||
50,872,373 | 1.0 | |||||||||||||
ROMANIA | 2,068,277 | 0.0 | ||||||||||||
RUSSIA | 12,291 | 0.0 | ||||||||||||
SAUDI ARABIA | ||||||||||||||
871,436 | Al Rajhi Bank | 40,823,404 | 0.8 | |||||||||||
1,531,126 | National Commercial Bank | 32,092,112 | 0.7 | |||||||||||
1,609,655 | g | Saudi Arabian Oil Co | 19,235,028 | 0.4 | ||||||||||
653,134 | Saudi Basic Industries Corp | 22,625,643 | 0.5 | |||||||||||
Other | 116,852,211 | 2.3 | ||||||||||||
231,628,398 | 4.7 | |||||||||||||
SINGAPORE | 1,311,578 | 0.0 | ||||||||||||
SOUTH AFRICA | ||||||||||||||
3,613,398 | FirstRand Ltd | 15,561,748 | 0.3 | |||||||||||
154,534 | Naspers Ltd (N Shares) | 15,585,671 | 0.3 | |||||||||||
Other | 140,633,264 | 2.9 | ||||||||||||
171,780,683 | 3.5 |
34 | 2022 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, 2022
Shares | Company | Value | % of net assets | ||||||||||||
TAIWAN | |||||||||||||||
8,830,002 | Hon Hai Precision Industry Co, Ltd | $ | 30,252,289 | 0.6 | % | ||||||||||
1,092,170 | MediaTek, Inc | 30,108,919 | 0.6 | ||||||||||||
17,581,848 | Taiwan Semiconductor Manufacturing Co Ltd | 317,926,306 | 6.5 | ||||||||||||
Other | 363,324,039 | 7.4 | |||||||||||||
741,611,553 | 15.1 | ||||||||||||||
TANZANIA, UNITED REPUBLIC OF | 5,953,807 | 0.1 | |||||||||||||
THAILAND | 82,795,518 | 1.7 | |||||||||||||
TURKEY | 15,152,768 | 0.3 | |||||||||||||
UNITED ARAB EMIRATES | |||||||||||||||
2,458,021 | Emirates Telecommunications Group Co PJSC | 23,510,383 | 0.5 | ||||||||||||
3,227,335 | National Bank of Abu Dhabi PJSC | 19,716,965 | 0.4 | ||||||||||||
Other | 30,544,929 | 0.6 | |||||||||||||
73,772,277 | 1.5 | ||||||||||||||
UNITED STATES | 8,017,378 | 0.2 | |||||||||||||
TOTAL COMMON STOCKS (Cost $4,354,225,049) | 4,860,474,121 | 98.7 | |||||||||||||
PREFERRED STOCKS | |||||||||||||||
PHILIPPINES | 589 | 0.0 | |||||||||||||
TOTAL PREFERRED STOCKS (Cost $725) | 589 | 0.0 | |||||||||||||
RIGHTS / WARRANTS | |||||||||||||||
EGYPT | 111,354 | 0.0 | |||||||||||||
THAILAND | 2,497 | 0.0 | |||||||||||||
TOTAL RIGHTS / WARRANTS (Cost $296,292) | 113,851 | 0.0 | |||||||||||||
Principal | Issuer | ||||||||||||||
SHORT-TERM INVESTMENTS | |||||||||||||||
GOVERNMENT AGENCY DEBT | 39,982,606 | 0.8 |
Shares | Company | Value | % of net assets | |||||||||||
TREASURY DEBT | $ | 14,999,490 | 0.3 | % | ||||||||||
REPURCHASE AGREEMENT | 8,040,000 | 0.2 | ||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | ||||||||||||||
21,704,964 | c | State Street Navigator Securities Lending Government Money Market Portfolio 0.310% | 21,704,964 | 0.4 | ||||||||||
21,704,964 | 0.4 | |||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $84,727,049) | 84,727,060 | 1.7 | ||||||||||||
TOTAL PORTFOLIO (Cost $4,439,271,771) | 4,945,336,971 | 100.4 | ||||||||||||
OTHER ASSETS & LIABILITIES, NET | (19,243,578 | ) | (0.4 | ) | ||||||||||
NET ASSETS | $ | 4,926,093,393 | 100.0 | % |
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 4/30/22, the aggregate value of these securities, including those in “Other,” is $241,770,332 or 4.9% of net assets. |
h | All or a portion of these securities were purchased on a delayed delivery basis. |
“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 4/30/22, the aggregate value of securities on loan is 74,655,776. 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, 2022 were as follows:
Number of | Unrealized | |||||||||||||||
long (short | ) | appreciation | ||||||||||||||
Description | contracts | Expiration date | Notional amount | Value | (depreciation | ) | ||||||||||
ICE US MSCI Emerging Markets EM Index Futures | 1,396 | 06/17/22 | $75,571,803 | $73,806,520 | $(1,765,283 | ) |
See notes to financial statements | TIAA-CREF Funds: Equity Index Funds ■ 2022 Semiannual Report | 35 |
Summary of portfolio of investments (unaudited)
International Equity Index Fund ■ April 30, 2022
Shares | Company | Value | % of net assets | |||||||||||
COMMON STOCKS | ||||||||||||||
AUSTRALIA | ||||||||||||||
5,738,152 | BHP Billiton Ltd | $ | 191,742,785 | 1.1 | % | |||||||||
1,937,797 | Commonwealth Bank of Australia | 140,845,896 | 0.8 | |||||||||||
549,199 | CSL Ltd | 104,814,691 | 0.6 | |||||||||||
11,274,303 | Glencore Xstrata plc | 69,468,468 | 0.4 | |||||||||||
3,696,740 | National Australia Bank Ltd | 84,391,674 | 0.5 | |||||||||||
1,271,516 | Rio Tinto plc | 89,840,419 | 0.5 | |||||||||||
4,145,326 | Westpac Banking Corp | 69,392,708 | 0.4 | |||||||||||
Other | 769,709,682 | 4.4 | ||||||||||||
1,520,206,323 | 8.7 | |||||||||||||
AUSTRIA | 44,998,357 | 0.3 | ||||||||||||
BELGIUM | 146,540,803 | 0.8 | ||||||||||||
BRAZIL | 9,519,649 | 0.1 | ||||||||||||
CHILE | 8,859,743 | 0.0 | ||||||||||||
CHINA | 95,795,974 | 0.6 | ||||||||||||
DENMARK | ||||||||||||||
1,912,800 | Novo Nordisk AS | 218,491,935 | 1.3 | |||||||||||
Other | 252,087,678 | 1.4 | ||||||||||||
470,579,613 | 2.7 | |||||||||||||
FINLAND | 203,124,087 | 1.2 | ||||||||||||
FRANCE | ||||||||||||||
538,835 | Air Liquide | 93,222,909 | 0.5 | |||||||||||
674,544 | Airbus SE | 73,843,574 | 0.4 | |||||||||||
1,295,013 | BNP Paribas S.A. | 67,148,204 | 0.4 | |||||||||||
283,427 | L’Oreal S.A. | 103,113,539 | 0.6 | |||||||||||
315,800 | LVMH Moet Hennessy Louis Vuitton S.A. | 204,365,236 | 1.2 | |||||||||||
1,301,669 | Sanofi-Aventis | 137,579,751 | 0.8 | |||||||||||
2,853,994 | Total S.A. | 140,139,568 | 0.8 | |||||||||||
Other | 951,728,414 | 5.5 | ||||||||||||
1,771,141,195 | 10.2 | |||||||||||||
GERMANY | ||||||||||||||
463,238 | Allianz AG. | 104,522,281 | 0.6 | |||||||||||
1,109,472 | * | Bayer AG. | 73,082,074 | 0.4 | ||||||||||
976,799 | * | Daimler AG. (Registered) | 68,181,710 | 0.4 | ||||||||||
3,665,297 | Deutsche Telekom AG. | 67,518,981 | 0.4 | |||||||||||
1,187,044 | SAP AG. | 120,302,098 | 0.7 | |||||||||||
871,377 | Siemens AG. | 107,140,135 | 0.6 | |||||||||||
Other | 809,992,863 | 4.7 | ||||||||||||
1,350,740,142 | 7.8 | |||||||||||||
HONG KONG | ||||||||||||||
13,732,347 | AIA Group Ltd | 134,903,247 | 0.8 | |||||||||||
Other | 284,591,562 | 1.6 | ||||||||||||
419,494,809 | 2.4 | |||||||||||||
IRELAND | 109,846,744 | 0.6 |
Shares | Company | Value | % of net assets | |||||||||||
ISRAEL | $ | 112,343,712 | 0.6 | % | ||||||||||
ITALY | 338,313,646 | 1.9 | ||||||||||||
JAPAN | ||||||||||||||
1,854,023 | KDDI Corp | 61,395,397 | 0.4 | |||||||||||
221,186 | Keyence Corp | 88,917,683 | 0.5 | |||||||||||
13,572,588 | Mitsubishi UFJ Financial Group, Inc | 78,902,518 | 0.5 | |||||||||||
1,433,732 | Sony Corp | 123,732,527 | 0.7 | |||||||||||
169,453 | Tokyo Electron Ltd | 71,500,084 | 0.4 | |||||||||||
12,042,850 | * | Toyota Motor Corp | 206,338,648 | 1.2 | ||||||||||
Other | 3,086,468,602 | 17.7 | ||||||||||||
3,717,255,459 | 21.4 | |||||||||||||
JORDAN | 4,906,114 | 0.0 | ||||||||||||
LUXEMBOURG | 35,490,412 | 0.2 | ||||||||||||
MACAU | 20,308,728 | 0.1 | ||||||||||||
NETHERLANDS | ||||||||||||||
471,244 | ASML Holding NV | 267,449,102 | 1.5 | |||||||||||
8,760,752 | Shell plc | 235,190,201 | 1.4 | |||||||||||
Other | 393,933,720 | 2.3 | ||||||||||||
896,573,023 | 5.2 | |||||||||||||
NEW ZEALAND | 42,742,733 | 0.2 | ||||||||||||
NORWAY | 118,105,309 | 0.7 | ||||||||||||
POLAND | 1,425,361 | 0.0 | ||||||||||||
PORTUGAL | 28,676,600 | 0.2 | ||||||||||||
SAUDI ARABIA | 6,882,457 | 0.0 | ||||||||||||
SINGAPORE | 237,523,715 | 1.4 | ||||||||||||
SOUTH AFRICA | ||||||||||||||
1,460,562 | Anglo American plc | 64,689,712 | 0.4 | |||||||||||
64,689,712 | 0.4 | |||||||||||||
SPAIN | ||||||||||||||
6,572,441 | Iberdrola S.A. | 75,522,624 | 0.4 | |||||||||||
Other | 334,320,291 | 2.0 | ||||||||||||
409,842,915 | 2.4 | |||||||||||||
SWEDEN | 554,039,317 | 3.2 | ||||||||||||
SWITZERLAND | ||||||||||||||
597,422 | Cie Financiere Richemont S.A. | 69,414,871 | 0.4 | |||||||||||
3,195,817 | Nestle S.A. | 412,561,041 | 2.4 | |||||||||||
2,491,097 | Novartis AG. | 220,136,353 | 1.3 | |||||||||||
798,414 | Roche Holding AG. | 296,062,861 | 1.7 | |||||||||||
4,041,185 | UBS Group AG | 68,605,707 | 0.4 | |||||||||||
170,749 | Zurich Insurance Group AG | 77,736,814 | 0.4 | |||||||||||
Other | 612,348,826 | 3.5 | ||||||||||||
1,756,866,473 | 10.1 | |||||||||||||
TAIWAN | 30,397,748 | 0.2 | ||||||||||||
UNITED ARAB EMIRATES | 1,530 | 0.0 |
36 | 2022 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds | See notes to financial statements |
Summary of portfolio of investments (unaudited) | concluded |
International Equity Index Fund ■ April 30, 2022
Shares | Company | Value | % of net assets | ||||||||||||
UNITED KINGDOM | |||||||||||||||
1,765,902 | AstraZeneca plc | $ | 235,644,218 | 1.4 | % | ||||||||||
22,446,478 | BP plc | 108,366,959 | 0.6 | ||||||||||||
2,477,954 | British American Tobacco plc | 103,856,874 | 0.6 | ||||||||||||
2,669,163 | Diageo plc | 133,161,483 | 0.8 | ||||||||||||
23,122,836 | HSBC Holdings plc | 144,497,575 | 0.8 | ||||||||||||
813,969 | Reckitt Benckiser Group plc | 63,477,830 | 0.4 | ||||||||||||
2,228,865 | RELX plc | 66,398,961 | 0.4 | ||||||||||||
2,938,190 | Unilever plc | 136,596,799 | 0.8 | ||||||||||||
Other | 1,077,791,986 | 6.1 | |||||||||||||
2,069,792,685 | 11.9 | ||||||||||||||
UNITED STATES | |||||||||||||||
5,762,806 | GlaxoSmithKline plc | 129,908,521 | 0.7 | ||||||||||||
611,432 | Schneider Electric S.A. | 87,721,611 | 0.5 | ||||||||||||
Other | 136,101,069 | 0.8 | |||||||||||||
353,731,201 | 2.0 | ||||||||||||||
TOTAL COMMON STOCKS (Cost $15,181,788,109) | 16,950,756,289 | 97.5 | |||||||||||||
Principal | Issuer | ||||||||||||||
SHORT-TERM INVESTMENTS | |||||||||||||||
GOVERNMENT AGENCY DEBT | 192,052,516 | 1.1 |
Shares | Company | Value | % of net assets | |||||||||||
TREASURY DEBT | $ | 19,999,319 | 0.1 | % | ||||||||||
REPURCHASE AGREEMENT | ||||||||||||||
$61,695,000 | r | Fixed Income Clearing Corp (FICC) 0.250%, 05/02/22 | 61,695,000 | 0.4 | ||||||||||
61,695,000 | 0.4 | |||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | ||||||||||||||
216,734,566 | c | State Street Navigator Securities Lending Government Money Market Portfolio 0.310% | 216,734,566 | 1.2 | ||||||||||
216,734,566 | 1.2 | |||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $490,521,153) | 490,481,401 | 2.8 | ||||||||||||
TOTAL PORTFOLIO (Cost $15,672,309,262) | 17,441,237,690 | 100.3 | ||||||||||||
OTHER ASSETS & LIABILITIES, NET | (57,779,649 | ) | (0.3 | ) | ||||||||||
NET ASSETS | $ | 17,383,458,041 | 100.0 | % |
* | Non-income producing |
c | Investments made with cash collateral received from securities on loan. |
r | Agreement with Fixed Income Clearing Corp (FICC), 0.250% dated 4/29/22 to be repurchased at $61,695,000 on 5/2/22, collateralized by Government Agency Securities, with coupon rate 3.000% and maturity date 5/15/45, valued at $62,928,951. |
“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 4/30/22, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended, amounted to $262,442,491 or 1.5% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.
At 4/30/22, the aggregate value of securities on loan is 389,945,535. 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, 2022 were as follows:
Number of | Unrealized | |||||||||||||||
long (short | ) | appreciation | ||||||||||||||
Description | contracts | Expiration date | Notional amount | Value | (depreciation | ) | ||||||||||
MSCI EAFE Index | 3,005 | 06/17/22 | $316,218,619 | $299,989,150 | $(16,229,469 | ) |
See notes to financial statements | TIAA-CREF Funds: Equity Index Funds ■ 2022 Semiannual Report | 37 |
Statements of assets and liabilities (unaudited)
TIAA-CREF Funds ■ April 30, 2022
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*† | $ | 32,728,049,505 | $ | 9,561,058,876 | $ | 8,453,174,273 | $ | 7,039,133,936 | $ | 3,666,585,928 | $ | 4,945,336,971 | $ | 17,441,237,690 | |||||||||||||||
Cash | — | 4,232 | — | 361,352 | — | 5,513,326 | 26,006,404 | ||||||||||||||||||||||
Cash – foreign^ | — | — | — | — | — | 1,909,602 | 16,907,901 | ||||||||||||||||||||||
Receivable from securities transactions | — | — | 4,071,623 | — | 3,483,671 | 3,785,473 | 11,856,910 | ||||||||||||||||||||||
Receivable from Fund shares sold | 62,279,530 | 8,452,940 | 5,564,493 | 5,825,670 | 1,149,593 | 14,566,101 | 27,636,924 | ||||||||||||||||||||||
Dividends and interest receivable | 24,157,084 | 3,832,851 | 9,377,509 | 5,609,893 | 1,322,778 | 8,389,682 | 106,151,029 | ||||||||||||||||||||||
Due from affiliates | 782,469 | 927 | 1,473 | 899 | — | 705,235 | 369,120 | ||||||||||||||||||||||
Other | 1,179,654 | 381,030 | 374,810 | 361,283 | 203,590 | 153,995 | 1,564,996 | ||||||||||||||||||||||
Total assets | 32,816,448,242 | 9,573,730,856 | 8,472,564,181 | 7,051,293,033 | 3,672,745,560 | 4,980,360,385 | 17,631,730,974 | ||||||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||||||||
Management fees payable | 1,144,737 | 325,273 | 293,957 | 250,654 | 125,967 | 498,214 | 594,287 | ||||||||||||||||||||||
Service agreement fees payable | 159,017 | 199,706 | 286,062 | 436,676 | 191,998 | 108,472 | 290,653 | ||||||||||||||||||||||
Distribution fees payable | 296,893 | — | — | — | — | 7,236 | 19,405 | ||||||||||||||||||||||
Due to affiliates | 30,793 | 11,050 | 10,808 | 10,487 | 6,038 | 9,779 | 19,692 | ||||||||||||||||||||||
Overdraft payable | 118,709 | — | 3,541,134 | — | 2,600,204 | — | — | ||||||||||||||||||||||
Payable for collateral for securities loaned | 102,378,941 | 16,050,532 | 6,892,890 | — | 123,403,966 | 21,704,964 | 216,734,566 | ||||||||||||||||||||||
Payable for securities transactions | 103,743,755 | 5,846,745 | 2,846,684 | — | — | 7,134,793 | 11,906,159 | ||||||||||||||||||||||
Payable for delayed delivery securities | — | — | — | — | — | 554,129 | — | ||||||||||||||||||||||
Payable for Fund shares redeemed | 2,186,217 | 3,791,157 | 3,297,403 | 1,251,293 | 1,963,494 | 337,204 | 1,237,056 | ||||||||||||||||||||||
Payable for variation margin on futures contracts | 5,418,548 | — | — | 1,521,414 | — | 1,762,379 | 16,223,219 | ||||||||||||||||||||||
Payable for trustee compensation | 1,132,014 | 356,711 | 365,594 | 352,128 | 198,744 | 130,986 | 746,910 | ||||||||||||||||||||||
Accrued expenses and other payables | 354,442 | 103,762 | 90,707 | 61,318 | 53,554 | 22,018,836 | 500,986 | ||||||||||||||||||||||
Total liabilities | 216,964,066 | 26,684,936 | 17,625,239 | 3,883,970 | 128,543,965 | 54,266,992 | 248,272,933 | ||||||||||||||||||||||
NET ASSETS | $ | 32,599,484,176 | $ | 9,547,045,920 | $ | 8,454,938,942 | $ | 7,047,409,063 | $ | 3,544,201,595 | $ | 4,926,093,393 | $ | 17,383,458,041 | |||||||||||||||
NET ASSETS CONSIST OF: | |||||||||||||||||||||||||||||
Paid-in-capital | $ | 16,818,011,961 | $ | 3,560,140,614 | $ | 6,082,256,234 | $ | 2,653,160,455 | $ | 2,855,501,286 | $ | 4,965,490,296 | $ | 16,130,758,915 | |||||||||||||||
Total distributable earnings (loss) | 15,781,472,215 | 5,986,905,306 | 2,372,682,708 | 4,394,248,608 | 688,700,309 | (39,396,903 | ) | 1,252,699,126 | |||||||||||||||||||||
NET ASSETS | $ | 32,599,484,176 | $ | 9,547,045,920 | $ | 8,454,938,942 | $ | 7,047,409,063 | $ | 3,544,201,595 | $ | 4,926,093,393 | $ | 17,383,458,041 | |||||||||||||||
INSTITUTIONAL CLASS: | |||||||||||||||||||||||||||||
Net assets | $ | 11,881,886,764 | $ | 8,631,285,941 | $ | 7,094,500,617 | $ | 5,065,596,598 | $ | 2,719,839,638 | $ | 1,112,454,096 | $ | 8,824,613,749 | |||||||||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 402,928,061 | 186,598,841 | 308,239,866 | 111,659,284 | 127,284,779 | 101,311,873 | 442,157,097 | ||||||||||||||||||||||
Net asset value per share | $ | 29.49 | $ | 46.26 | $ | 23.02 | $ | 45.37 | $ | 21.37 | $ | 10.98 | $ | 19.96 | |||||||||||||||
ADVISOR CLASS: | |||||||||||||||||||||||||||||
Net assets | $ | 12,482,733 | $ | 47,696,274 | $ | 25,426,712 | $ | 119,318,765 | $ | 13,254,287 | $ | 3,282,036 | $ | 142,213,539 | |||||||||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 423,297 | 1,032,741 | 1,106,206 | 2,634,821 | 621,412 | 298,033 | 7,135,814 | ||||||||||||||||||||||
Net asset value per share | $ | 29.49 | $ | 46.18 | $ | 22.99 | $ | 45.29 | $ | 21.33 | $ | 11.01 | $ | 19.93 | |||||||||||||||
PREMIER CLASS: | |||||||||||||||||||||||||||||
Net assets | $ | 49,982,846 | $ | — | $ | — | $ | — | $ | — | $ | 25,314,608 | $ | 151,703,924 | |||||||||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 1,699,196 | — | — | — | — | 2,311,127 | 7,616,746 | ||||||||||||||||||||||
Net asset value per share | $ | 29.42 | $ | — | $ | — | $ | — | $ | — | $ | 10.95 | $ | 19.92 | |||||||||||||||
RETIREMENT CLASS: | |||||||||||||||||||||||||||||
Net assets | $ | 705,239,777 | $ | 843,685,373 | $ | 1,299,924,687 | $ | 1,841,502,938 | $ | 811,107,670 | $ | 507,224,790 | $ | 1,153,073,717 | |||||||||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 23,556,100 | 18,102,003 | 55,423,087 | 40,903,090 | 37,787,801 | 46,425,156 | 56,409,393 | ||||||||||||||||||||||
Net asset value per share | $ | 29.94 | $ | 46.61 | $ | 23.45 | $ | 45.02 | $ | 21.46 | $ | 10.93 | $ | 20.44 | |||||||||||||||
RETAIL CLASS: | |||||||||||||||||||||||||||||
Net assets | $ | 1,317,556,358 | $ | — | $ | — | $ | — | $ | — | $ | 18,642,259 | $ | — | |||||||||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 43,841,952 | — | — | — | — | 1,703,308 | — | ||||||||||||||||||||||
Net asset value per share | $ | 30.05 | $ | — | $ | — | $ | — | $ | — | $ | 10.94 | $ | — | |||||||||||||||
CLASS W: | |||||||||||||||||||||||||||||
Net assets | $ | 18,632,335,698 | $ | 24,378,332 | $ | 35,086,926 | $ | 20,990,762 | $ | — | $ | 3,259,175,604 | $ | 7,111,853,112 | |||||||||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 631,638,685 | 550,635 | 1,524,376 | 462,651 | — | 296,267,844 | 356,186,556 | ||||||||||||||||||||||
Net asset value per share | $ | 29.50 | $ | 44.27 | $ | 23.02 | $ | 45.37 | $ | — | $ | 11.00 | $ | 19.97 | |||||||||||||||
* | Includes securities loaned of | $ | 146,610,528 | $ | 18,626,427 | $ | 20,540,447 | $ | 4,012,776 | $ | 157,009,941 | $ | 74,655,776 | $ | 389,945,535 | ||||||||||||||
† | Portfolio investments, cost | $ | 16,949,542,703 | $ | 4,463,775,016 | $ | 6,040,140,130 | $ | 3,057,477,065 | $ | 2,958,714,230 | $ | 4,439,271,771 | $ | 15,672,309,262 | ||||||||||||||
^ | Foreign cash, cost | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,896,238 | $ | 16,925,403 | ||||||||||||||
38 | 2022 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Funds: Equity Index Funds ■ 2022 Semiannual Report | 39 |
Statements of operations (unaudited)
TIAA-CREF Funds ■ For the year ended April 30, 2022
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* | $ | 225,118,630 | $ | 38,667,730 | $ | 85,750,154 | $ | 55,216,799 | $ | 22,510,372 | $ | 56,700,766 | $ | 269,608,623 | |||||||||||||||
Income from securities lending, net | 1,013,118 | 123,466 | 80,718 | 5,803 | 1,332,053 | 554,641 | 1,422,570 | ||||||||||||||||||||||
Interest | 46,433 | 7,111 | 1,644 | 13,211 | 373 | 20,310 | 142,996 | ||||||||||||||||||||||
Total income | 226,178,181 | 38,798,307 | 85,832,516 | 55,235,813 | 23,842,798 | 57,275,717 | 271,174,189 | ||||||||||||||||||||||
EXPENSES | |||||||||||||||||||||||||||||
Management fees | 6,903,681 | 2,077,866 | 1,778,240 | 1,622,768 | 832,165 | 3,093,391 | 3,679,320 | ||||||||||||||||||||||
Shareholder servicing – Institutional Class | 9,169 | 11,726 | 8,506 | 3,022 | 7,151 | 1,067 | 13,103 | ||||||||||||||||||||||
Shareholder servicing – Advisor Class | 12,746 | 36,610 | 11,921 | 86,919 | 44,076 | 2,892 | 87,062 | ||||||||||||||||||||||
Shareholder servicing – Premier Class | 39 | — | — | — | — | 32 | 94 | ||||||||||||||||||||||
Shareholder servicing – Retirement Class | 993,355 | 1,246,489 | 1,653,152 | 2,561,038 | 1,212,339 | 677,601 | 1,635,320 | ||||||||||||||||||||||
Shareholder servicing – Retail Class | 157,613 | — | — | — | — | 13,964 | — | ||||||||||||||||||||||
Shareholder servicing – Class W | 4,740 | 63 | 71 | 68 | — | 1,048 | 1,990 | ||||||||||||||||||||||
Distribution fees – Premier Class | 47,116 | — | — | — | — | 20,265 | 130,822 | ||||||||||||||||||||||
Distribution fees – Retail Class | 1,798,720 | — | — | — | — | 27,268 | — | ||||||||||||||||||||||
Administrative service fees | 236,470 | 86,025 | 79,333 | 75,313 | 46,171 | 70,025 | 141,265 | ||||||||||||||||||||||
Trustee fees and expenses | 187,830 | 58,514 | 48,010 | 43,609 | 22,563 | 27,503 | 98,705 | ||||||||||||||||||||||
Custody and accounting fees | 104,383 | — | 37,038 | 28,317 | 24,804 | 1,490,152 | 475,579 | ||||||||||||||||||||||
Other expenses | 440,192 | 388,068 | 228,346 | 148,019 | 152,580 | 262,784 | 320,870 | ||||||||||||||||||||||
Total expenses | 10,896,054 | 3,905,361 | 3,844,617 | 4,569,073 | 2,341,849 | 5,687,992 | 6,584,130 | ||||||||||||||||||||||
Less: Expenses reimbursed by the investment adviser | (4,409,929 | ) | (24,878 | ) | (8,587 | ) | (5,293 | ) | (32,507 | ) | (3,199,311 | ) | (1,844,365 | ) | |||||||||||||||
Less: Fee waiver by investment adviser and Nuveen Securities | (636,266 | ) | — | — | — | — | (5,395 | ) | — | ||||||||||||||||||||
Net expenses | 5,849,859 | 3,880,483 | 3,836,030 | 4,563,780 | 2,309,342 | 2,483,286 | 4,739,765 | ||||||||||||||||||||||
Net investment income (loss) | 220,328,322 | 34,917,824 | 81,996,486 | 50,672,033 | 21,533,456 | 54,792,431 | 266,434,424 | ||||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS | |||||||||||||||||||||||||||||
Realized gain (loss): | |||||||||||||||||||||||||||||
Portfolio investments† | 114,353,837 | 897,033,009 | 37,722,852 | 29,615,662 | 30,506,005 | (183,101,348 | ) | (26,526,592 | ) | ||||||||||||||||||||
Futures contracts | 380,411 | — | — | (2,089,653 | ) | — | (16,787,940 | ) | 15,728,721 | ||||||||||||||||||||
Foreign currency transactions | — | — | — | — | — | (773,481 | ) | (2,941,726 | ) | ||||||||||||||||||||
In-kind redemptions | — | — | — | 440,709,075 | — | — | — | ||||||||||||||||||||||
Net realized gain (loss) on total investments | 114,734,248 | 897,033,009 | 37,722,852 | 468,235,084 | 30,506,005 | (200,662,769 | ) | (13,739,597 | ) | ||||||||||||||||||||
Change in unrealized appreciation (depreciation) on: | |||||||||||||||||||||||||||||
Portfolio investments‡ | (4,541,704,113 | ) | (2,844,310,991 | ) | (466,167,613 | ) | (1,299,428,303 | ) | (875,902,973 | ) | (673,289,796 | ) | (2,678,904,731 | ) | |||||||||||||||
Futures contracts | (6,096,057 | ) | — | — | (2,460,207 | ) | — | (1,847,827 | ) | (23,208,676 | ) | ||||||||||||||||||
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies | — | — | — | — | — | (202,769 | ) | (5,222,520 | ) | ||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments | (4,547,800,170 | ) | (2,844,310,991 | ) | (466,167,613 | ) | (1,301,888,510 | ) | (875,902,973 | ) | (675,340,392 | ) | (2,707,335,927 | ) | |||||||||||||||
Net realized and unrealized gain (loss) on total investments | (4,433,065,922 | ) | (1,947,277,982 | ) | (428,444,761 | ) | (833,653,426 | ) | (845,396,968 | ) | (876,003,161 | ) | (2,721,075,524 | ) | |||||||||||||||
Net increase (decrease) in net assets from operations | $ | (4,212,737,600 | ) | $ | (1,912,360,158 | ) | $ | (346,448,275 | ) | $ | (782,981,393 | ) | $ | (823,863,512 | ) | $ | (821,210,730 | ) | $ | (2,454,641,100 | ) | ||||||||
* | Net of foreign withholding taxes of | $ | 69,506 | $ | 9,429 | $ | 27,442 | $ | 11,684 | $ | 13,329 | $ | 5,547,313 | $ | 23,368,660 | ||||||||||||||
† | Includes net realized gain (loss) from securities sold to affiliates of | $ | 612,206 | $ | 5,554,351 | $ | 307,851 | $ | 78,193 | $ | (24,536 | ) | $ | (3,835,767 | ) | $ | (1,257,034 | ) | |||||||||||
‡ | Includes net change in unrealized foreign capital gains taxes | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (1,750,463 | ) | $ | — |
40 | 2022 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Funds: Equity Index Funds ■ 2022 Semiannual Report | 41 |
Statements of changes in net assets
TIAA-CREF Funds ■ For the period or year ended April 30, 2022
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, 2022 | October 31, 2021 | April 30, 2022 | October 31, 2021 | April 30, 2022 | October 31, 2021 | April 30, 2022 | October 31, 2021 | April 30, 2022 | October 31, 2021 | April 30, 2022 | October 31, 2021 | |||||||||||||||||||||||||||||||||||||||
(unaudited | ) | (unaudited | ) | (unaudited | ) | (unaudited | ) | (unaudited | ) | (unaudited | ) | |||||||||||||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 220,328,322 | $ | 424,310,035 | $ | 34,917,824 | $ | 95,350,439 | $ | 81,996,486 | $ | 157,871,578 | $ | 50,672,033 | $ | 99,958,906 | $ | 21,533,456 | $ | 41,972,323 | $ | 54,792,431 | $ | 90,972,689 | ||||||||||||||||||||||||||
Net realized gain (loss) on total investments | 114,734,248 | 1,177,037,828 | 897,033,009 | 935,402,848 | 37,722,852 | 423,608,897 | 468,235,084 | 76,642,431 | 30,506,005 | 334,796,631 | (200,662,769 | ) | (25,549,707 | ) | ||||||||||||||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on total investments | (4,547,800,170 | ) | 9,628,359,612 | (2,844,310,991 | ) | 3,487,555,463 | (466,167,613 | ) | 2,219,470,133 | (1,301,888,510 | ) | 2,409,665,003 | (875,902,973 | ) | 1,211,909,555 | (675,340,392 | ) | 478,225,177 | ||||||||||||||||||||||||||||||||
Net increase (decrease) in net assets from operations | (4,212,737,600 | ) | 11,229,707,475 | (1,912,360,158 | ) | 4,518,308,750 | (346,448,275 | ) | 2,800,950,608 | (782,981,393 | ) | 2,586,266,340 | (823,863,512 | ) | 1,588,678,509 | (821,210,730 | ) | 543,648,159 | ||||||||||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | (258,288,262 | ) | (158,023,347 | ) | (822,082,470 | ) | (164,805,321 | ) | (285,369,191 | ) | (147,209,703 | ) | (113,461,818 | ) | (78,758,573 | ) | (284,581,304 | ) | (79,088,443 | ) | (25,559,207 | ) | (21,408,760 | ) | ||||||||||||||||||||||||||
Advisor Class | (603,572 | ) | (147,386 | ) | (6,760,565 | ) | (1,310,526 | ) | (561,502 | ) | (288,876 | ) | (2,242,071 | ) | (1,669,528 | ) | (1,363,379 | ) | (283,311 | ) | (115,225 | ) | (48,204 | ) | ||||||||||||||||||||||||||
Premier Class | (1,389,770 | ) | (770,802 | ) | — | — | — | — | — | — | — | — | (571,822 | ) | (541,547 | ) | ||||||||||||||||||||||||||||||||||
Retirement Class | (15,200,952 | ) | (8,514,237 | ) | (86,458,639 | ) | (16,232,509 | ) | (44,781,956 | ) | (18,932,616 | ) | (33,383,568 | ) | (23,413,254 | ) | (84,129,222 | ) | (24,143,020 | ) | (10,903,950 | ) | (9,215,401 | ) | ||||||||||||||||||||||||||
Retail Class | (26,852,902 | ) | (14,418,739 | ) | — | — | — | — | — | — | — | — | (431,554 | ) | (317,009 | ) | ||||||||||||||||||||||||||||||||||
Class W | (433,748,939 | ) | (250,943,860 | ) | (3,658,788 | ) | (49,891,625 | ) | (1,378,187 | ) | (776,527 | ) | (432,615 | ) | (333,650 | ) | — | — | (83,067,648 | ) | (53,173,723 | ) | ||||||||||||||||||||||||||||
Total distributions | (736,084,397 | ) | (432,818,371 | ) | (918,960,462 | ) | (232,239,981 | ) | (332,090,836 | ) | (167,207,722 | ) | (149,520,072 | ) | (104,175,005 | ) | (370,073,905 | ) | (103,514,774 | ) | (120,649,406 | ) | (84,704,644 | ) | ||||||||||||||||||||||||||
SHAREHOLDER TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||||||||||||||
Subscriptions: | Institutional Class | 1,589,521,046 | 1,236,876,808 | 1,612,366,198 | 1,643,187,117 | 523,331,134 | 1,250,711,197 | 419,101,125 | 829,156,973 | 172,314,393 | 631,337,426 | 186,474,916 | 317,579,488 | |||||||||||||||||||||||||||||||||||||
Advisor Class | 17,259,618 | 4,760,395 | 4,921,787 | 22,127,117 | 23,104,143 | 31,886,063 | 22,556,561 | 29,369,513 | 6,046,014 | 3,959,345 | 3,812,094 | 6,637,278 | ||||||||||||||||||||||||||||||||||||||
Premier Class | 2,357,616 | 7,329,829 | — | — | — | — | — | — | — | — | 3,082,645 | 16,228,289 | ||||||||||||||||||||||||||||||||||||||
Retirement Class | 19,553,754 | 51,311,282 | 32,676,905 | 87,370,416 | 116,735,803 | 209,992,188 | 88,340,525 | 192,080,514 | 7,720,811 | 58,870,717 | 44,007,095 | 80,549,259 | ||||||||||||||||||||||||||||||||||||||
Retail Class | 44,538,476 | 81,301,909 | — | — | — | — | — | — | — | — | 6,770,016 | 13,658,303 | ||||||||||||||||||||||||||||||||||||||
Class W | 1,930,736,872 | 2,994,720,099 | 2,338,356 | 1,475,482,012 | 3,167,515 | 5,920,038 | 1,828,050 | 3,770,400 | — | — | 618,812,441 | 1,246,492,339 | ||||||||||||||||||||||||||||||||||||||
Reinvestments of distributions: | Institutional Class | 256,669,697 | 157,404,139 | 672,078,897 | 134,210,760 | 234,573,225 | 121,869,085 | 109,613,031 | 76,296,249 | 277,841,379 | 77,489,433 | 25,512,424 | 21,212,714 | |||||||||||||||||||||||||||||||||||||
Advisor Class | 596,977 | 143,897 | 6,730,167 | 1,306,342 | 555,912 | 286,145 | 2,238,268 | 1,666,946 | 1,349,807 | 279,613 | 111,880 | 45,300 | ||||||||||||||||||||||||||||||||||||||
Premier Class | 1,374,868 | 755,033 | — | — | — | — | — | — | — | — | 571,821 | 538,664 | ||||||||||||||||||||||||||||||||||||||
Retirement Class | 15,183,932 | 8,505,320 | 86,250,105 | 16,208,061 | 44,734,272 | 18,914,001 | 33,383,169 | 23,413,254 | 84,129,222 | 24,143,020 | 10,903,950 | 9,215,401 | ||||||||||||||||||||||||||||||||||||||
Retail Class | 25,499,871 | 13,709,838 | — | — | — | — | — | — | — | — | 417,108 | 303,632 | ||||||||||||||||||||||||||||||||||||||
Class W | 433,748,939 | 250,943,860 | 3,658,788 | 49,891,625 | 1,378,187 | 776,527 | 432,615 | 333,649 | — | — | 83,067,648 | 53,173,723 | ||||||||||||||||||||||||||||||||||||||
Redemptions: | Institutional Class | (530,422,692 | ) | (2,425,533,869 | ) | (1,279,236,371 | ) | (2,183,849,552 | ) | (773,981,053 | ) | (1,547,113,521 | ) | (1,096,334,596 | ) | (830,215,078 | ) | (369,934,064 | ) | (573,642,465 | ) | (53,331,210 | ) | (218,575,444 | ) | |||||||||||||||||||||||||
Advisor Class | (15,742,931 | ) | (4,473,609 | ) | (27,680,267 | ) | (29,667,423 | ) | (12,804,962 | ) | (31,935,577 | ) | (24,131,947 | ) | (40,437,698 | ) | (3,316,582 | ) | (3,508,307 | ) | (4,032,113 | ) | (5,085,919 | ) | ||||||||||||||||||||||||||
Premier Class | (16,751,579 | ) | (16,634,330 | ) | — | — | — | — | — | — | — | — | (1,917,776 | ) | (16,854,692 | ) | ||||||||||||||||||||||||||||||||||
Retirement Class | (56,651,548 | ) | (89,328,218 | ) | (84,744,010 | ) | (206,218,291 | ) | (40,721,619 | ) | (113,412,433 | ) | (150,971,585 | ) | (243,936,262 | ) | (99,588,103 | ) | (151,499,314 | ) | (5,265,917 | ) | (17,521,844 | ) | ||||||||||||||||||||||||||
Retail Class | (42,611,774 | ) | (117,712,848 | ) | — | — | — | — | — | — | — | — | (7,905,041 | ) | (7,556,287 | ) | ||||||||||||||||||||||||||||||||||
Class W | (1,284,069,739 | ) | (4,048,445,331 | ) | (1,624,593,455 | ) | (2,135,552,351 | ) | (4,055,170 | ) | (11,230,494 | ) | (2,592,612 | ) | (6,825,026 | ) | — | — | (198,499,693 | ) | (328,351,351 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) from shareholder transactions | 2,390,791,403 | (1,894,365,796 | ) | (595,232,900 | ) | (1,125,504,167 | ) | 116,017,387 | (63,336,781 | ) | (596,537,396 | ) | 34,673,434 | 76,562,877 | 67,429,468 | 712,592,288 | 1,171,688,853 | |||||||||||||||||||||||||||||||||
Net increase (decrease) in net assets | (2,558,030,594 | ) | 8,902,523,308 | (3,426,553,520 | ) | 3,160,564,602 | (562,521,724 | ) | 2,570,406,105 | (1,529,038,861 | ) | 2,516,764,769 | (1,117,374,540 | ) | 1,552,593,203 | (229,267,848 | ) | 1,630,632,368 | ||||||||||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning of period | 35,157,514,770 | 26,254,991,462 | 12,973,599,440 | 9,813,034,838 | 9,017,460,666 | 6,447,054,561 | 8,576,447,924 | 6,059,683,155 | 4,661,576,135 | 3,108,982,932 | 5,155,361,241 | 3,524,728,873 | ||||||||||||||||||||||||||||||||||||||
End of period | $ | 32,599,484,176 | $ | 35,157,514,770 | $ | 9,547,045,920 | $ | 12,973,599,440 | $ | 8,454,938,942 | $ | 9,017,460,666 | $ | 7,047,409,063 | $ | 8,576,447,924 | $ | 3,544,201,595 | $ | 4,661,576,135 | $ | 4,926,093,393 | $ | 5,155,361,241 | ||||||||||||||||||||||||||
CHANGE IN FUND SHARES | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shares sold: | Institutional Class | 49,872,175 | 40,283,550 | 31,466,592 | 31,570,256 | 21,629,787 | 55,541,291 | 8,461,496 | 18,387,843 | 7,052,400 | 23,713,918 | 15,247,473 | 23,483,583 | |||||||||||||||||||||||||||||||||||||
Advisor Class | 501,068 | 167,316 | 88,679 | 427,566 | 961,188 | 1,475,658 | 449,770 | 657,102 | 222,809 | 148,140 | 305,283 | 474,683 | ||||||||||||||||||||||||||||||||||||||
Premier Class | 71,769 | 246,250 | — | — | — | — | — | — | — | — | 253,007 | 1,193,894 | ||||||||||||||||||||||||||||||||||||||
Retirement Class | 582,933 | 1,707,662 | 585,304 | 1,667,596 | 4,707,097 | 8,936,082 | 1,769,421 | 4,470,390 | 299,420 | 2,201,634 | 3,589,092 | 5,922,402 | ||||||||||||||||||||||||||||||||||||||
Retail Class | 1,336,891 | 2,655,383 | — | — | — | — | — | — | — | — | 544,531 | 995,572 | ||||||||||||||||||||||||||||||||||||||
Class W | 59,719,415 | 98,678,925 | 45,933 | 31,054,910 | 131,251 | 265,415 | 37,078 | 84,877 | — | — | 50,382,237 | 92,725,827 | ||||||||||||||||||||||||||||||||||||||
Shares reinvested: | Institutional Class | 7,600,524 | 5,819,007 | 11,641,762 | 2,826,680 | 9,773,885 | 6,060,124 | 2,129,649 | 1,898,861 | 11,012,342 | 3,290,422 | 2,005,694 | 1,639,313 | |||||||||||||||||||||||||||||||||||||
Advisor Class | 17,667 | 5,316 | 116,722 | 27,537 | 23,192 | 14,250 | 43,546 | 41,528 | 53,564 | 11,883 | 8,768 | 3,487 | ||||||||||||||||||||||||||||||||||||||
Premier Class | 40,785 | 27,964 | — | — | — | — | — | — | — | — | 45,061 | 41,692 | ||||||||||||||||||||||||||||||||||||||
Retirement Class | 442,422 | 309,509 | 1,481,451 | 338,656 | 1,827,380 | 922,634 | 653,035 | 586,357 | 3,316,091 | 1,019,984 | 860,612 | 714,926 | ||||||||||||||||||||||||||||||||||||||
Retail Class | 740,415 | 497,274 | — | — | — | — | — | — | — | — | 32,869 | 23,519 | ||||||||||||||||||||||||||||||||||||||
Class W | 12,840,407 | 9,277,037 | 66,234 | 1,050,350 | 57,448 | 38,614 | 8,407 | 8,304 | — | — | 6,525,345 | 4,106,079 | ||||||||||||||||||||||||||||||||||||||
Shares redeemed: | Institutional Class | (16,127,149 | ) | (81,869,719 | ) | (22,726,003 | ) | (40,851,412 | ) | (31,931,614 | ) | (68,050,885 | ) | (22,402,621 | ) | (18,586,822 | ) | (15,259,459 | ) | (21,220,655 | ) | (4,236,059 | ) | (16,029,225 | ) | |||||||||||||||||||||||||
Advisor Class | (509,325 | ) | (149,776 | ) | (513,889 | ) | (575,213 | ) | (531,145 | ) | (1,351,537 | ) | (494,676 | ) | (917,296 | ) | (138,631 | ) | (130,838 | ) | (341,098 | ) | (363,316 | ) | ||||||||||||||||||||||||||
Premier Class | (518,130 | ) | (575,909 | ) | — | — | — | — | — | — | — | — | (154,359 | ) | (1,241,451 | ) | ||||||||||||||||||||||||||||||||||
Retirement Class | (1,722,195 | ) | (2,870,676 | ) | (1,576,876 | ) | (3,880,857 | ) | (1,647,746 | ) | (4,896,829 | ) | (3,110,487 | ) | (5,349,704 | ) | (4,095,272 | ) | (5,539,506 | ) | (434,636 | ) | (1,289,250 | ) | ||||||||||||||||||||||||||
Retail Class | (1,278,370 | ) | (3,826,234 | ) | — | — | — | — | — | — | — | — | (650,371 | ) | (556,465 | ) | ||||||||||||||||||||||||||||||||||
Class W | (38,700,461 | ) | (130,732,814 | ) | (26,080,848 | ) | (36,647,022 | ) | (166,010 | ) | (492,633 | ) | (51,726 | ) | (149,897 | ) | — | — | (16,003,077 | ) | (24,206,932 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) from shareholder transactions | 74,910,841 | (60,349,935 | ) | (5,404,939 | ) | (12,990,953 | ) | 4,834,713 | (1,537,816 | ) | (12,507,108 | ) | 1,131,543 | 2,463,264 | 3,494,982 | 57,980,372 | 87,638,338 | |||||||||||||||||||||||||||||||||
42 | 2022 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Funds: Equity Index Funds ■ 2022 Semiannual Report | 43 |
Statements of changes in net assets | concluded |
TIAA-CREF Funds ■ For the period or year ended April 30, 2022
International Equity Index Fund | ||||||||||
April 30, 2022 | October 31, 2021 | |||||||||
(unaudited | ) | |||||||||
OPERATIONS | ||||||||||
Net investment income (loss) | $ | 266,434,424 | $ | 451,690,299 | ||||||
Net realized gain (loss) on total investments | (13,739,597 | ) | 364,723,141 | |||||||
Net change in unrealized appreciation (depreciation) on total investments | (2,707,335,927 | ) | 3,690,882,298 | |||||||
Net increase (decrease) in net assets from operations | (2,454,641,100 | ) | 4,507,295,738 | |||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||
Institutional Class | (290,285,531 | ) | (179,887,061 | ) | ||||||
Advisor Class | (4,484,401 | ) | (2,504,669 | ) | ||||||
Premier Class | (5,262,544 | ) | (4,375,400 | ) | ||||||
Retirement Class | (36,894,510 | ) | (22,985,372 | ) | ||||||
Retail Class | — | — | ||||||||
Class W | (229,171,714 | ) | (99,167,970 | ) | ||||||
Total distributions | (566,098,700 | ) | (308,920,472 | ) | ||||||
SHAREHOLDER TRANSACTIONS | ||||||||||
Subscriptions: | Institutional Class | 709,373,490 | 1,587,283,373 | |||||||
Advisor Class | 16,183,207 | 29,895,347 | ||||||||
Premier Class | 16,916,678 | 38,691,400 | ||||||||
Retirement Class | 32,636,187 | 71,431,787 | ||||||||
Retail Class | — | — | ||||||||
Class W | 990,323,687 | 2,314,524,808 | ||||||||
Reinvestments of distributions: | Institutional Class | 280,101,957 | 174,854,263 | |||||||
Advisor Class | 4,480,152 | 2,501,793 | ||||||||
Premier Class | 5,262,544 | 4,375,400 | ||||||||
Retirement Class | 36,894,510 | 22,985,372 | ||||||||
Retail Class | — | — | ||||||||
Class W | 229,171,714 | 99,167,970 | ||||||||
Redemptions: | Institutional Class | (405,837,033 | ) | (2,009,409,741 | ) | |||||
Advisor Class | (10,208,915 | ) | (23,731,150 | ) | ||||||
Premier Class | (79,210,401 | ) | (71,135,246 | ) | ||||||
Retirement Class | (115,910,734 | ) | (182,454,437 | ) | ||||||
Retail Class | — | — | ||||||||
Class W | (252,419,109 | ) | (728,786,086 | ) | ||||||
Net increase (decrease) from shareholder transactions | 1,457,757,934 | 1,330,194,853 | ||||||||
Net increase (decrease) in net assets | (1,562,981,866 | ) | 5,528,570,119 | |||||||
NET ASSETS | ||||||||||
Beginning of period | 18,946,439,907 | 13,417,869,788 | ||||||||
End of period | $ | 17,383,458,041 | $ | 18,946,439,907 | ||||||
CHANGE IN FUND SHARES | ||||||||||
Shares sold: | Institutional Class | 32,636,777 | 70,128,728 | |||||||
Advisor Class | 738,065 | 1,345,182 | ||||||||
Premier Class | 776,997 | 1,759,341 | ||||||||
Retirement Class | 1,439,306 | 3,171,050 | ||||||||
Retail Class | — | — | ||||||||
Class W | 45,110,871 | 101,475,512 | ||||||||
Shares reinvested: | Institutional Class | 12,443,445 | 8,471,621 | |||||||
Advisor Class | 199,206 | 121,329 | ||||||||
Premier Class | 234,099 | 212,398 | ||||||||
Retirement Class | 1,598,549 | 1,087,293 | ||||||||
Retail Class | — | — | ||||||||
Class W | 10,180,885 | 4,804,650 | ||||||||
Shares redeemed: | Institutional Class | (18,270,552 | ) | (91,376,088 | ) | |||||
Advisor Class | (466,908 | ) | (1,056,312 | ) | ||||||
Premier Class | (3,430,709 | ) | (3,199,177 | ) | ||||||
Retirement Class | (5,181,548 | ) | (7,942,758 | ) | ||||||
Retail Class | — | — | ||||||||
Class W | (11,314,548 | ) | (33,136,821 | ) | ||||||
Net increase (decrease) from shareholder transactions | 66,693,935 | 55,865,948 | ||||||||
44 | 2022 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds | See notes to financial statements |
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TIAA-CREF Funds: Equity Index Funds ■ 2022 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 or year ended | value, beginning of period | investment income (loss | )a | unrealized gain (loss) on total investments | (loss) from investment operations | Net investment income | Net realized gains | dividends and distributions | value, end of period | |||||||||||||||||||||||||||
EQUITY INDEX FUND | ||||||||||||||||||||||||||||||||||||
Institutional Class: | 4/30/22 | # | $34.12 | $0.20 | $(4.12 | ) | $(3.92 | ) | $(0.41 | ) | $(0.30 | ) | $(0.71 | ) | $29.49 | |||||||||||||||||||||
10/31/21 | 24.07 | 0.39 | 10.06 | 10.45 | (0.40 | ) | — | (0.40 | ) | 34.12 | ||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
Advisor Class: | 4/30/22 | # | 34.11 | 0.20 | (4.13 | ) | (3.93 | ) | (0.39 | ) | (0.30 | ) | (0.69 | ) | 29.49 | |||||||||||||||||||||
10/31/21 | 24.05 | 0.35 | 10.06 | 10.41 | (0.35 | ) | — | (0.35 | ) | 34.11 | ||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
Premier Class: | 4/30/22 | # | 34.01 | 0.18 | (4.11 | ) | (3.93 | ) | (0.36 | ) | (0.30 | ) | (0.66 | ) | 29.42 | |||||||||||||||||||||
10/31/21 | 23.99 | 0.35 | 10.03 | 10.38 | (0.36 | ) | — | (0.36 | ) | 34.01 | ||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
Retirement Class: | 4/30/22 | # | 34.59 | 0.17 | (4.19 | ) | (4.02 | ) | (0.33 | ) | (0.30 | ) | (0.63 | ) | 29.94 | |||||||||||||||||||||
10/31/21 | 24.40 | 0.32 | 10.21 | 10.53 | (0.34 | ) | — | (0.34 | ) | 34.59 | ||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
Retail Class: | 4/30/22 | # | 34.70 | 0.18 | (4.21 | ) | (4.03 | ) | (0.32 | ) | (0.30 | ) | (0.62 | ) | 30.05 | |||||||||||||||||||||
10/31/21 | 24.48 | 0.32 | 10.23 | 10.55 | (0.33 | ) | — | (0.33 | ) | 34.70 | ||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
Class W: | 4/30/22 | # | 34.13 | 0.21 | (4.11 | ) | (3.90 | ) | (0.43 | ) | (0.30 | ) | (0.73 | ) | 29.50 | |||||||||||||||||||||
10/31/21 | 24.08 | 0.41 | 10.05 | 10.46 | (0.41 | ) | — | (0.41 | ) | 34.13 | ||||||||||||||||||||||||||
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: | 4/30/22 | # | 61.25 | 0.19 | (10.12 | ) | (9.93 | ) | (0.50 | ) | (4.56 | ) | (5.06 | ) | 46.26 | |||||||||||||||||||||
10/31/21 | 43.65 | 0.39 | 18.15 | 18.54 | (0.35 | ) | (0.59 | ) | (0.94 | ) | 61.25 | |||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Advisor Class: | 4/30/22 | # | 61.13 | 0.16 | (10.11 | ) | (9.95 | ) | (0.44 | ) | (4.56 | ) | (5.00 | ) | 46.18 | |||||||||||||||||||||
10/31/21 | 43.57 | 0.32 | 18.12 | 18.44 | (0.29 | ) | (0.59 | ) | (0.88 | ) | 61.13 | |||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Retirement Class: | 4/30/22 | # | 61.61 | 0.12 | (10.20 | ) | (10.08 | ) | (0.36 | ) | (4.56 | ) | (4.92 | ) | 46.61 | |||||||||||||||||||||
10/31/21 | 43.91 | 0.26 | 18.27 | 18.53 | (0.24 | ) | (0.59 | ) | (0.83 | ) | 61.61 | |||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Class W: | 4/30/22 | # | 61.30 | 0.26 | (9.68 | ) | (9.42 | ) | (3.05 | ) | (4.56 | ) | (7.61 | ) | 44.27 | |||||||||||||||||||||
10/31/21 | 43.67 | 0.41 | 18.16 | 18.57 | (0.35 | ) | (0.59 | ) | (0.94 | ) | 61.30 | |||||||||||||||||||||||||
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 | 2022 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 ended | Total return | end of period (in thousands | ) | Gross expenses | Net expenses | Net investment income (loss | ) | turnover rate | ||||||||||||||||||||
EQUITY INDEX FUND | ||||||||||||||||||||||||||||
Institutional Class: | 4/30/22 | # | (11.75 | )%b | $ 11,881,887 | 0.05 | %c | 0.05 | %c | 1.26 | %c | 3 | %b,f | |||||||||||||||
10/31/21 | 43.84 | 12,335,597 | 0.05 | 0.05 | 1.30 | 7 | 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 | ||||||||||||||||||||||
Advisor Class: | 4/30/22 | # | (11.78 | )b | 12,483 | 0.15 | c | 0.15 | c | 1.21 | c | 3 | b,f | |||||||||||||||
10/31/21 | 43.66 | 14,119 | 0.17 | 0.17 | 1.16 | 7 | 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 | ||||||||||||||||||||||
Premier Class: | 4/30/22 | # | (11.79 | )b | 49,983 | 0.20 | c | 0.20 | c | 1.12 | c | 3 | b,f | |||||||||||||||
10/31/21 | 43.64 | 71,581 | 0.20 | 0.20 | 1.15 | 7 | 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 | ||||||||||||||||||||||
Retirement Class: | 4/30/22 | # | (11.85 | )b | 705,240 | 0.30 | c | 0.30 | c | 1.02 | c | 3 | b,f | |||||||||||||||
10/31/21 | 43.50 | 838,804 | 0.30 | 0.30 | 1.05 | 7 | 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 | ||||||||||||||||||||||
Retail Class: | 4/30/22 | # | (11.83 | )b | 1,317,556 | 0.32 | c | 0.23 | c | 1.08 | c | 3 | b,f | |||||||||||||||
10/31/21 | 43.45 | 1,493,507 | 0.32 | 0.32 | 1.02 | 7 | 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 | ||||||||||||||||||||||
Class W: | 4/30/22 | # | (11.71 | )b | 18,632,336 | 0.05 | c | 0.00 | c | 1.31 | c | 3 | b,f | |||||||||||||||
10/31/21 | 43.88 | 20,403,908 | 0.05 | 0.00 | 1.34 | 7 | 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: | 4/30/22 | # | (17.84 | )b | 8,631,286 | 0.05 | c | 0.05 | c | 0.70 | c | 13 | b | |||||||||||||||
10/31/21 | 43.11 | 10,180,858 | 0.05 | 0.05 | 0.73 | 31 | ||||||||||||||||||||||
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 | ||||||||||||||||||||||
Advisor Class: | 4/30/22 | # | (17.90 | )b | 47,696 | 0.16 | c | 0.16 | c | 0.59 | c | 13 | b | |||||||||||||||
10/31/21 | 42.93 | 81,993 | 0.17 | 0.17 | 0.61 | 31 | ||||||||||||||||||||||
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 | ||||||||||||||||||||||
Retirement Class: | 4/30/22 | # | (17.95 | )b | 843,685 | 0.30 | c | 0.30 | c | 0.45 | c | 13 | b | |||||||||||||||
10/31/21 | 42.77 | 1,085,055 | 0.30 | 0.30 | 0.48 | 31 | ||||||||||||||||||||||
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 | ||||||||||||||||||||||
Class W: | 4/30/22 | # | (17.83 | )b | 24,378 | 0.05 | c | 0.00 | c | 0.69 | c | 13 | b | |||||||||||||||
10/31/21 | 43.17 | 1,625,694 | 0.05 | 0.00 | 0.77 | 31 | ||||||||||||||||||||||
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 ■ 2022 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 or year ended | value, beginning of period | investment income (loss | )a | unrealized gain (loss) on total investments | (loss) from investment operations | Net investment income | Net realized gains | dividends and distributions | value, end of period | |||||||||||||||||||||||||||
LARGE-CAP VALUE INDEX FUND | ||||||||||||||||||||||||||||||||||||
Institutional Class: | 4/30/22 | # | $24.89 | $0.23 | $(1.18 | ) | $(0.95 | ) | $(0.45 | ) | $(0.47 | ) | $(0.92 | ) | $23.02 | |||||||||||||||||||||
10/31/21 | 17.72 | 0.44 | 7.19 | 7.63 | (0.46 | ) | — | (0.46 | ) | 24.89 | ||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
Advisor Class: | 4/30/22 | # | 24.82 | 0.19 | (1.14 | ) | (0.95 | ) | (0.41 | ) | (0.47 | ) | (0.88 | ) | 22.99 | |||||||||||||||||||||
10/31/21 | 17.67 | 0.36 | 7.22 | 7.58 | (0.43 | ) | — | (0.43 | ) | 24.82 | ||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
Retirement Class: | 4/30/22 | # | 25.32 | 0.20 | (1.20 | ) | (1.00 | ) | (0.40 | ) | (0.47 | ) | (0.87 | ) | 23.45 | |||||||||||||||||||||
10/31/21 | 18.03 | 0.39 | 7.32 | 7.71 | (0.42 | ) | — | (0.42 | ) | 25.32 | ||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
Class W: | 4/30/22 | # | 24.90 | 0.23 | (1.17 | ) | (0.94 | ) | (0.47 | ) | (0.47 | ) | (0.94 | ) | 23.02 | |||||||||||||||||||||
10/31/21 | 17.73 | 0.45 | 7.19 | 7.64 | (0.47 | ) | — | (0.47 | ) | 24.90 | ||||||||||||||||||||||||||
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: | 4/30/22 | # | 51.11 | 0.33 | (5.14 | ) | (4.81 | ) | (0.64 | ) | (0.29 | ) | (0.93 | ) | 45.37 | |||||||||||||||||||||
10/31/21 | 36.35 | 0.62 | 14.77 | 15.39 | (0.63 | ) | — | (0.63 | ) | 51.11 | ||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
Advisor Class: | 4/30/22 | # | 50.99 | 0.29 | (5.13 | ) | (4.84 | ) | (0.57 | ) | (0.29 | ) | (0.86 | ) | 45.29 | |||||||||||||||||||||
10/31/21 | 36.27 | 0.56 | 14.74 | 15.30 | (0.58 | ) | — | (0.58 | ) | 50.99 | ||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
Retirement Class: | 4/30/22 | # | 50.67 | 0.26 | (5.10 | ) | (4.84 | ) | (0.52 | ) | (0.29 | ) | (0.81 | ) | 45.02 | |||||||||||||||||||||
10/31/21 | 36.06 | 0.51 | 14.64 | 15.15 | (0.54 | ) | — | (0.54 | ) | 50.67 | ||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
Class W: | 4/30/22 | # | 51.13 | 0.34 | (5.15 | ) | (4.81 | ) | (0.66 | ) | (0.29 | ) | (0.95 | ) | 45.37 | |||||||||||||||||||||
10/31/21 | 36.36 | 0.64 | 14.78 | 15.42 | (0.65 | ) | — | (0.65 | ) | 51.13 | ||||||||||||||||||||||||||
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 | 2022 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 ended | Total return | end of period (in thousands | ) | Gross expenses | Net expenses | Net investment income (loss | ) | turnover rate | ||||||||||||||||||||
LARGE-CAP VALUE INDEX FUND | ||||||||||||||||||||||||||||
Institutional Class: | 4/30/22 | # | (3.95 | )%b | $ 7,094,501 | 0.05 | %c | 0.05 | %c | 1.88 | %c | 6 | %b | |||||||||||||||
10/31/21 | 43.69 | 7,684,426 | 0.05 | 0.05 | 1.93 | 29 | ||||||||||||||||||||||
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 | ||||||||||||||||||||||
Advisor Class: | 4/30/22 | # | (3.97 | )b | 25,427 | 0.18 | c | 0.18 | c | 1.62 | c | 6 | b | |||||||||||||||
10/31/21 | 43.47 | 16,207 | 0.19 | 0.19 | 1.60 | 29 | ||||||||||||||||||||||
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 | ||||||||||||||||||||||
Retirement Class: | 4/30/22 | # | (4.10 | )b | 1,299,925 | 0.30 | c | 0.30 | c | 1.62 | c | 6 | b | |||||||||||||||
10/31/21 | 43.28 | 1,279,443 | 0.30 | 0.30 | 1.67 | 29 | ||||||||||||||||||||||
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 | ||||||||||||||||||||||
Class W: | 4/30/22 | # | (3.94 | )b | 35,087 | 0.05 | c | 0.00 | c | 1.93 | c | 6 | b | |||||||||||||||
10/31/21 | 43.73 | 37,385 | 0.05 | 0.00 | 1.98 | 29 | ||||||||||||||||||||||
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: | 4/30/22 | # | (9.64 | )b | 5,065,597 | 0.05 | c | 0.05 | c | 1.31 | c | 1 | b,f | |||||||||||||||
10/31/21 | 42.82 | 6,310,496 | 0.05 | 0.05 | 1.38 | 7 | f | |||||||||||||||||||||
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 | ||||||||||||||||||||||
Advisor Class: | 4/30/22 | # | (9.71 | )b | 119,319 | 0.18 | c | 0.18 | c | 1.18 | c | 1 | b,f | |||||||||||||||
10/31/21 | 42.63 | 134,424 | 0.18 | 0.18 | 1.25 | 7 | f | |||||||||||||||||||||
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 | ||||||||||||||||||||||
Retirement Class: | 4/30/22 | # | (9.76 | )b | 1,841,503 | 0.30 | c | 0.30 | c | 1.06 | c | 1 | b,f | |||||||||||||||
10/31/21 | 42.43 | 2,107,555 | 0.30 | 0.30 | 1.13 | 7 | f | |||||||||||||||||||||
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 | ||||||||||||||||||||||
Class W: | 4/30/22 | # | (9.63 | )b | 20,991 | 0.05 | c | 0.00 | c | 1.36 | c | 1 | b,f | |||||||||||||||
10/31/21 | 42.90 | 23,973 | 0.05 | 0.00 | 1.43 | 7 | f | |||||||||||||||||||||
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 ■ 2022 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 or year ended | value, beginning of period | investment income (loss | )a | unrealized gain (loss) on total investments | (loss) from investment operations | Net investment income | Net realized gains | dividends and distributions | value, end of period | |||||||||||||||||||||||||||
SMALL-CAP BLEND INDEX FUND | ||||||||||||||||||||||||||||||||||||
Institutional Class: | 4/30/22 | # | $28.54 | $0.13 | $(5.00 | ) | $(4.87 | ) | $(0.32 | ) | $(1.98 | ) | $(2.30 | ) | $21.37 | |||||||||||||||||||||
10/31/21 | 19.45 | 0.27 | 9.47 | 9.74 | (0.26 | ) | (0.39 | ) | (0.65 | ) | 28.54 | |||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
Advisor Class: | 4/30/22 | # | 28.48 | 0.11 | (4.99 | ) | (4.88 | ) | (0.29 | ) | (1.98 | ) | (2.27 | ) | 21.33 | |||||||||||||||||||||
10/31/21 | 19.41 | 0.23 | 9.46 | 9.69 | (0.23 | ) | (0.39 | ) | (0.62 | ) | 28.48 | |||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
Retirement Class: | 4/30/22 | # | 28.62 | 0.10 | (5.03 | ) | (4.93 | ) | (0.25 | ) | (1.98 | ) | (2.23 | ) | 21.46 | |||||||||||||||||||||
10/31/21 | 19.51 | 0.20 | 9.51 | 9.71 | (0.21 | ) | (0.39 | ) | (0.60 | ) | 28.62 | |||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
EMERGING MARKETS EQUITY INDEX FUND | ||||||||||||||||||||||||||||||||||||
Institutional Class: | 4/30/22 | # | 13.20 | 0.12 | (2.05 | ) | (1.93 | ) | (0.29 | ) | — | (0.29 | ) | 10.98 | ||||||||||||||||||||||
10/31/21 | 11.64 | 0.27 | 1.56 | 1.83 | (0.27 | ) | — | (0.27 | ) | 13.20 | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Advisor Class: | 4/30/22 | # | 13.23 | 0.11 | (2.06 | ) | (1.95 | ) | (0.27 | ) | — | (0.27 | ) | 11.01 | ||||||||||||||||||||||
10/31/21 | 11.65 | 0.24 | 1.57 | 1.81 | (0.23 | ) | — | (0.23 | ) | 13.23 | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Premier Class: | 4/30/22 | # | 13.15 | 0.11 | (2.05 | ) | (1.94 | ) | (0.26 | ) | — | (0.26 | ) | 10.95 | ||||||||||||||||||||||
10/31/21 | 11.60 | 0.25 | 1.55 | 1.80 | (0.25 | ) | — | (0.25 | ) | 13.15 | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Retirement Class: | 4/30/22 | # | 13.12 | 0.11 | (2.05 | ) | (1.94 | ) | (0.25 | ) | — | (0.25 | ) | 10.93 | ||||||||||||||||||||||
10/31/21 | 11.57 | 0.24 | 1.55 | 1.79 | (0.24 | ) | — | (0.24 | ) | 13.12 | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Retail Class: | 4/30/22 | # | 13.13 | 0.10 | (2.05 | ) | (1.95 | ) | (0.24 | ) | — | (0.24 | ) | 10.94 | ||||||||||||||||||||||
10/31/21 | 11.59 | 0.22 | 1.55 | 1.77 | (0.23 | ) | — | (0.23 | ) | 13.13 | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Class W: | 4/30/22 | # | 13.23 | 0.14 | (2.07 | ) | (1.93 | ) | (0.30 | ) | — | (0.30 | ) | 11.00 | ||||||||||||||||||||||
10/31/21 | 11.66 | 0.29 | 1.57 | 1.86 | (0.29 | ) | — | (0.29 | ) | 13.23 | ||||||||||||||||||||||||||
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 | 2022 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 ended | Total return | end of period (in thousands | ) | Gross expenses | Net expenses | Net investment income (loss | ) | turnover rate | ||||||||||||||||||||
SMALL-CAP BLEND INDEX FUND | ||||||||||||||||||||||||||||
Institutional Class: | 4/30/22 | # | (18.30 | )%b | $ 2,719,840 | 0.05 | %c | 0.05 | %c | 1.09 | %c | 7 | %b | |||||||||||||||
10/31/21 | 50.75 | 3,552,723 | 0.05 | 0.05 | 1.00 | 33 | ||||||||||||||||||||||
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 | ||||||||||||||||||||||
Advisor Class: | 4/30/22 | # | (18.38 | )b | 13,254 | 0.62 | c | 0.20 | c | 0.94 | c | 7 | b | |||||||||||||||
10/31/21 | 50.57 | 13,774 | 0.76 | 0.20 | 0.85 | 33 | ||||||||||||||||||||||
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 | ||||||||||||||||||||||
Retirement Class: | 4/30/22 | # | (18.44 | )b | 811,108 | 0.30 | c | 0.30 | c | 0.85 | c | 7 | b | |||||||||||||||
10/31/21 | 50.39 | 1,095,078 | 0.30 | 0.30 | 0.75 | 33 | ||||||||||||||||||||||
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 | ||||||||||||||||||||||
EMERGING MARKETS EQUITY INDEX FUND | ||||||||||||||||||||||||||||
Institutional Class: | 4/30/22 | # | (14.95 | )b | 1,112,454 | 0.19 | c | 0.19 | c | 2.03 | c | 4 | b | |||||||||||||||
10/31/21 | 15.77 | 1,165,241 | 0.18 | 0.18 | 1.96 | 33 | f | |||||||||||||||||||||
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 | ||||||||||||||||||||||
Advisor Class: | 4/30/22 | # | (15.02 | )b | 3,282 | 0.31 | c | 0.31 | c | 1.82 | c | 4 | b | |||||||||||||||
10/31/21 | 15.61 | 4,300 | 0.32 | 0.32 | 1.77 | 33 | f | |||||||||||||||||||||
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 | ||||||||||||||||||||||
Premier Class: | 4/30/22 | # | (14.99 | )b | 25,315 | 0.34 | c | 0.34 | c | 1.87 | c | 4 | b | |||||||||||||||
10/31/21 | 15.58 | 28,510 | 0.33 | 0.33 | 1.80 | 33 | f | |||||||||||||||||||||
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 | ||||||||||||||||||||||
Retirement Class: | 4/30/22 | # | (15.03 | )b | 507,225 | 0.44 | c | 0.44 | c | 1.77 | c | 4 | b | |||||||||||||||
10/31/21 | 15.55 | 556,244 | 0.43 | 0.43 | 1.74 | 33 | f | |||||||||||||||||||||
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 | ||||||||||||||||||||||
Retail Class: | 4/30/22 | # | (15.13 | )b | 18,642 | 0.57 | c | 0.52 | c | 1.67 | c | 4 | b | |||||||||||||||
10/31/21 | 15.32 | 23,317 | 0.56 | 0.56 | 1.65 | 33 | f | |||||||||||||||||||||
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 | ||||||||||||||||||||||
Class W: | 4/30/22 | # | (14.87 | )b | 3,259,176 | 0.19 | c | 0.00 | c | 2.22 | c | 4 | b | |||||||||||||||
10/31/21 | 16.00 | 3,377,750 | 0.18 | 0.00 | 2.17 | 33 | f | |||||||||||||||||||||
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 ■ 2022 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 or year ended | value, beginning of period | investment income (loss | )a | unrealized gain (loss) on total investments | (loss) from investment operations | Net investment income | Net realized gains | dividends and distributions | value, end of period | |||||||||||||||||||||||||||
INTERNATIONAL EQUITY INDEX FUND | ||||||||||||||||||||||||||||||||||||
Institutional Class: | 4/30/22 | # | $23.56 | $0.32 | $(3.23 | ) | $ | (2.91 | ) | $(0.69 | ) | $— | $(0.69 | ) | $19.96 | |||||||||||||||||||||
10/31/21 | 17.93 | 0.61 | 5.44 | 6.05 | (0.42 | ) | — | (0.42 | ) | 23.56 | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Advisor Class: | 4/30/22 | # | 23.51 | 0.30 | (3.21 | ) | (2.91 | ) | (0.67 | ) | — | (0.67 | ) | 19.93 | ||||||||||||||||||||||
10/31/21 | 17.90 | 0.59 | 5.42 | 6.01 | (0.40 | ) | — | (0.40 | ) | 23.51 | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Premier Class: | 4/30/22 | # | 23.48 | 0.29 | (3.20 | ) | (2.91 | ) | (0.65 | ) | — | (0.65 | ) | 19.92 | ||||||||||||||||||||||
10/31/21 | 17.87 | 0.58 | 5.42 | 6.00 | (0.39 | ) | — | (0.39 | ) | 23.48 | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Retirement Class: | 4/30/22 | # | 24.08 | 0.29 | (3.30 | ) | (3.01 | ) | (0.63 | ) | — | (0.63 | ) | 20.44 | ||||||||||||||||||||||
10/31/21 | 18.32 | 0.57 | 5.56 | 6.13 | (0.37 | ) | — | (0.37 | ) | 24.08 | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Class W: | 4/30/22 | # | 23.57 | 0.32 | (3.22 | ) | (2.90 | ) | (0.70 | ) | — | (0.70 | ) | 19.97 | ||||||||||||||||||||||
10/31/21 | 17.94 | 0.63 | 5.43 | 6.06 | (0.43 | ) | — | (0.43 | ) | 23.57 | ||||||||||||||||||||||||||
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 |
† | 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 | 2022 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 ended | Total return | end of period (in thousands | ) | Gross expenses | Net expenses | Net investment income (loss | ) | turnover rate | ||||||||||||||||||||
INTERNATIONAL EQUITY INDEX FUND | ||||||||||||||||||||||||||||
Institutional Class: | 4/30/22 | # | (12.68 | )%b | $ 8,824,614 | 0.05 | %c | 0.05 | %c | 2.90 | %c | 3 | %b | |||||||||||||||
10/31/21 | 34.05 | 9,784,831 | 0.05 | 0.05 | 2.72 | 5 | 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 | ||||||||||||||||||||||
Advisor Class: | 4/30/22 | # | (12.72 | )b | 142,214 | 0.17 | c | 0.17 | c | 2.78 | c | 3 | b | |||||||||||||||
10/31/21 | 33.86 | 156,717 | 0.17 | 0.17 | 2.65 | 5 | 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 | ||||||||||||||||||||||
Premier Class: | 4/30/22 | # | (12.71 | )b | 151,704 | 0.20 | c | 0.20 | c | 2.61 | c | 3 | b | |||||||||||||||
10/31/21 | 33.87 | 235,696 | 0.20 | 0.20 | 2.60 | 5 | 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 | ||||||||||||||||||||||
Retirement Class: | 4/30/22 | # | (12.79 | )b | 1,153,074 | 0.30 | c | 0.30 | c | 2.58 | c | 3 | b | |||||||||||||||
10/31/21 | 33.74 | 1,409,903 | 0.30 | 0.30 | 2.50 | 5 | 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 | ||||||||||||||||||||||
Class W: | 4/30/22 | # | (12.63 | )b | 7,111,853 | 0.05 | c | 0.00 | c | 2.96 | c | 3 | b | |||||||||||||||
10/31/21 | 34.09 | 7,359,293 | 0.05 | 0.00 | 2.80 | 5 | 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 ■ 2022 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” 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 | 2022 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 ■ 2022 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.
The following table summarizes the market value of the Funds’ investments as of April 30, 2022, based on the inputs used to value them:
Fund | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Equity Index | ||||||||||||||||
Common Stocks | $ | 32,472,267,022 | $ | — | $ | 298,721 | $ | 32,472,565,743 | ||||||||
Rights/Warrants | — | 3,581 | 276 | 3,857 | ||||||||||||
Short-term investments | 102,378,941 | 153,100,964 | — | 255,479,905 | ||||||||||||
Futures contracts** | (5,419,731 | ) | — | — | (5,419,731 | ) | ||||||||||
Total | $ | 32,569,226,232 | $ | 153,104,545 | $ | 298,997 | $ | 32,722,629,774 | ||||||||
Large-Cap Growth Index | ||||||||||||||||
Common Stocks | $ | 9,539,078,344 | $ | — | $ | — | $ | 9,539,078,344 | ||||||||
Short-term investments | 16,050,532 | 5,930,000 | — | 21,980,532 | ||||||||||||
Total | $ | 9,555,128,876 | $ | 5,930,000 | $ | — | $ | 9,561,058,876 | ||||||||
Large-Cap Value Index | ||||||||||||||||
Common Stocks | $ | 8,446,095,967 | $ | — | $ | 185,416 | $ | 8,446,281,383 | ||||||||
Short-term investments | 6,892,890 | — | — | 6,892,890 | ||||||||||||
Total | $ | 8,452,988,857 | $ | — | $ | 185,416 | $ | 8,453,174,273 | ||||||||
S&P 500 Index | ||||||||||||||||
Common Stocks | $ | 7,002,794,150 | $ | — | $ | — | $ | 7,002,794,150 | ||||||||
Short-term investments | — | 36,339,786 | — | 36,339,786 | ||||||||||||
Futures contracts** | (1,521,821 | ) | — | — | (1,521,821 | ) | ||||||||||
Total | $ | 7,001,272,329 | $ | 36,339,786 | $ | — | $ | 7,037,612,115 | ||||||||
Small-Cap Blend Index | ||||||||||||||||
Common Stocks | $ | 3,542,887,018 | $ | — | $ | 56,467 | $ | 3,542,943,485 | ||||||||
Rights/Warrants | 233,244 | 4,672 | 561 | 238,477 | ||||||||||||
Short-term investments | 123,403,966 | — | — | 123,403,966 | ||||||||||||
Total | $ | 3,666,524,228 | $ | 4,672 | $ | 57,028 | $ | 3,666,585,928 | ||||||||
Emerging Markets Equity Index | ||||||||||||||||
Corporate bonds | $ | — | $ | 21,350 | $ | — | $ | 21,350 | ||||||||
Common Stocks | 560,947,656 | 4,296,221,517 | 3,304,948 | 4,860,474,121 | ||||||||||||
Preferred Stocks | — | — | 589 | 589 | ||||||||||||
Rights/Warrants | — | 113,851 | — | 113,851 | ||||||||||||
Short-term investments | 21,704,964 | 63,022,096 | — | 84,727,060 | ||||||||||||
Futures contracts** | (1,765,283 | ) | — | — | (1,765,283 | ) | ||||||||||
Total | $ | 580,887,337 | $ | 4,359,378,814 | $ | 3,305,537 | $ | 4,943,571,688 | ||||||||
International Equity Index | ||||||||||||||||
Common Stocks | $ | 102,165,780 | $ | 16,848,586,183 | $ | 4,326 | $ | 16,950,756,289 | ||||||||
Short-term investments | 216,734,566 | 273,746,835 | — | 490,481,401 | ||||||||||||
Futures contracts** | (16,229,469 | ) | — | — | (16,229,469 | ) | ||||||||||
Total | $ | 302,670,877 | $ | 17,122,333,018 | $ | 4,326 | $ | 17,425,008,221 |
** | Derivative instruments are not reflected in the market value of portfolio investments. |
56 | 2022 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds |
continued
Note 4—investments
Repurchase agreements: In connection with transactions in repurchase agreements, it is the Fund’s policy that its custodian take possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. If the counterparty defaults, and the fair value of the collateral declines, realization of the collateral may be delayed or limited.
Restricted securities: Restricted securities held by the Funds, if any, may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933, as amended. The risk of investing in such securities is generally greater than the risk of investing in securities that are widely held and publicly traded.
Securities lending: Certain Funds may lend their securities to qualified institutional borrowers to earn additional income. A Fund receives collateral (in the form of cash, Treasury securities or other collateral permitted by applicable law) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of loaned securities during the period of the loan; any additional collateral required due to changes in security values is delivered to the Fund the next business day. Cash collateral received by the Fund will generally be invested in high-quality short-term instruments or in one or more funds maintained by the securities lending agent (“Agent”) for the purpose of investing cash collateral.
The value of the loaned securities and the liability to return the cash collateral received are reflected in the Statements of assets and liabilities. Non-cash collateral is not disclosed in the Funds’ Statements of assets and liabilities as it is held by the 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, 2022, 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, 2022, 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 | $ | 146,610,528 | $ | 102,378,941 | $ | 55,583,054 | $ | 157,961,995 | ||||||||
Large-Cap Growth Index | 18,626,427 | 16,050,532 | 3,709,864 | 19,760,396 | ||||||||||||
Large-Cap Value Index | 20,540,447 | 6,892,890 | 14,907,276 | 21,800,166 | ||||||||||||
S&P 500 Index | 4,012,776 | — | 4,209,587 | 4,209,587 | ||||||||||||
Small-Cap Blend Index | 157,009,941 | 123,403,966 | 46,930,748 | 170,334,714 | ||||||||||||
Emerging Markets Equity Index | 74,655,776 | 21,704,964 | 58,198,115 | 79,903,079 | ||||||||||||
International Equity Index | 389,945,535 | 216,734,566 | 190,678,094 | 407,412,660 |
* | 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, 2022 were as follows:
Fund | Non-U.S. government purchases | Non-U.S. government sales | ||||||
Equity Index | $ | 2,711,687,196 | $ | 876,705,004 | ||||
Large-Cap Growth Index | 1,426,940,908 | 2,903,387,062 | ||||||
Large-Cap Value Index | 499,933,680 | 634,508,105 | ||||||
S&P 500 Index | 51,858,606 | 743,635,565 | ||||||
Small-Cap Blend Index | 290,393,777 | 558,746,516 | ||||||
Emerging Markets Equity Index | 791,014,722 | 194,928,213 | ||||||
International Equity Index | 1,622,513,045 | 518,308,719 |
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.
At April 30, 2022, the following Funds have invested in derivative contracts which are reflected in the Statements of assets and liabilities as follows:
TIAA-CREF Funds: Equity Index Funds ■ 2022 Semiannual Report | 57 |
Notes to financial statements (unaudited)
Liabilities derivatives | ||||||
Derivative contracts | Location | Fair value amount | ||||
Equity Index Fund | ||||||
Equity contracts | Futures contracts* | $ 5,419,731 | ||||
S&P 500 Index Fund | ||||||
Equity contracts | Futures contracts* | 1,521,821 | ||||
Emerging Markets Equity Index Fund | ||||||
Equity contracts | Futures contracts* | 1,765,283 | ||||
International Equity Index Fund | ||||||
Equity contracts | Futures contracts* | 16,229,469 |
* | 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, 2022, 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 | $ | 380,411 | $(6,096,057 | ) | |||||
S&P 500 Index Fund | ||||||||||
Equity contracts | Futures contracts | (2,089,653 | ) | (2,460,207 | ) | |||||
Emerging Markets Equity Index Fund | ||||||||||
Equity contracts | Futures contracts | (16,787,940 | ) | (1,847,827 | ) | |||||
International Equity Index Fund | ||||||||||
Equity contracts | Futures contracts | 15,728,721 | (23,208,676 | ) |
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 and for cash management purposes to remain highly invested in these markets while minimizing transaction costs.
A futures contract is an agreement between two parties to buy and sell a financial instrument for a set price on a future date. Upon execution of a futures contract, the Fund is obligated to deposit cash or eligible securities, also known as “initial margin,” into an account at its clearing broker equal to a specified percentage of the contract amount. Securities deposited for initial margin, if any, are identified in the Summary Portfolio of Investments and cash deposited for initial margin, if any, is reflected on the Statement of assets and liabilities.
During the period the futures contract is open, changes in the market value of the contract are recognized as an unrealized gain or loss by “marking-to-market” on a daily basis. The Fund and the clearing broker are obligated to settle monies on a daily basis representing the changes in the value of the contracts. These daily cash settlements are known as “variation margin,” which is recognized on the Statement of assets and liabilities as a receivable or payable for variation margin on futures contracts. When the contract is closed or expired, the Fund records a realized gain or loss equal to the difference between the value of the contract on the closing date and value of the contract when originally entered into The net realized gain or loss and the change in unrealized appreciation (depreciation) on futures contracts held during the period is included on the Statement of operations.
Risks of investments in futures contracts include the possible adverse movement in the price of the securities or indices underlying the contracts, the possibility that there may not be a liquid secondary market for the contracts and/or that a change in the value of the contract may not correlate with a change in the value of the underlying securities or indices.
The average notional amount of futures contracts outstanding during the current fiscal period ended April 30, 2022 was as follows:
Fund | Average notional amount of futures contracts outstanding | * | ||
Equity Index Fund | $120,873,552 | |||
S&P 500 Index Fund | 33,212,371 | |||
Emerging Markets Equity Index Fund | 39,136,467 | |||
International Equity Index Fund | 257,445,372 |
* | The average notional amount is calculated based on the absolute aggregate notional amount of contracts at the beginning of the current fiscal period and at the end of each fiscal quarter within the current fiscal period. |
Note 6—income tax information
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required.
Each Fund files 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 each Fund’s tax positions taken for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements.
As of the end of the reporting period, the aggregate cost and the net unrealized appreciation/(depreciation) of all investments for federal income tax purposes was as follows:
Fund | Tax cost | Gross unrealized appreciation | Gross unrealized (depreciation | ) | Net unrealized appreciation (depreciation | ) | ||||||||||
Equity Index | $ | 17,178,043,389 | $ | 16,607,706,968 | $ | (1,063,120,583 | ) | $ | 15,544,586,385 | |||||||
Large-Cap Growth Index | 4,491,023,949 | 5,315,452,148 | (245,417,221 | ) | 5,070,034,927 | |||||||||||
Large-Cap Value Index | 6,164,982,026 | 2,732,597,536 | (444,405,289 | ) | 2,288,192,247 | |||||||||||
S&P 500 Index | 3,137,864,440 | 4,097,156,250 | (197,408,575 | ) | 3,899,747,675 | |||||||||||
Small-Cap Blend Index | 3,014,121,745 | 1,269,918,579 | (617,454,396 | ) | 652,464,183 | |||||||||||
Emerging Markets Equity Index | 4,510,161,376 | 1,018,934,706 | (585,524,394 | ) | 433,410,312 | |||||||||||
International Equity Index | 15,899,902,445 | 3,430,077,120 | (1,904,971,344 | ) | 1,525,105,776 |
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 income and/or capital gains for tax reporting, if applicable.
58 | 2022 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds |
continued
Components of accumulated earnings: As of prior fiscal period end, the components of accumulated earnings on a tax basis were as follows:
Fund | Undistributed ordinary income | Undistributed long-term capital gains | Unrealized appreciation (depreciation) | Capital loss carryforwards | Late-Year loss deferrals | Other book-to-tax differences | Total | |||||||||||||||||||||
Equity Index | $447,064,892 | $195,512,009 | $20,089,188,532 | $ | — | $ | — | $(1,471,221 | ) | $20,730,294,212 | ||||||||||||||||||
Large-Cap Growth Index | 457,187,965 | 446,795,379 | 7,914,714,296 | — | — | (471,714 | ) | 8,818,225,926 | ||||||||||||||||||||
Large-Cap Value Index | 279,859,207 | 16,852,963 | 2,754,977,412 | — | — | (467,763 | ) | 3,051,221,819 | ||||||||||||||||||||
S&P 500 Index | 94,761,325 | 33,220,251 | 5,199,190,943 | — | — | (422,446 | ) | 5,326,750,073 | ||||||||||||||||||||
Small-Cap Blend Index | 90,304,601 | 261,854,974 | 1,530,725,444 | — | — | (247,293 | ) | 1,882,637,726 | ||||||||||||||||||||
Emerging Markets Equity Index | 103,208,379 | — | 1,085,374,701 | (285,943,684 | ) | — | (176,163 | ) | 902,463,233 | |||||||||||||||||||
International Equity Index | 522,599,138 | — | 4,203,640,093 | (451,861,435 | ) | — | (938,870 | ) | 4,273,438,926 |
As of prior fiscal period end, the Funds had capital loss carryovers, which will not expire:
Fund | Short-Term | Long-Term | Total | |||||||||
Equity Index | $ | — | $ | — | $ | — | ||||||
Large-Cap Growth Index | — | — | — | |||||||||
Large-Cap Value Index | — | — | — | |||||||||
S&P 500 Index | — | — | — | |||||||||
Small-Cap Blend Index | — | — | — | |||||||||
Emerging Markets Equity Index | 49,339,027 | 236,604,657 | 285,943,684 | |||||||||
International Equity Index | 121,507,165 | 330,354,270 | 451,861,435 |
Note 7—investment adviser and 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 Management fees and Other expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, acquired fund fees and expenses, Trustee expenses and extraordinary expenses) in their entirety. Advisors expects this waiver and/or reimbursement to remain in effect indefinitely, unless changed or terminated with approval of the Board of Trustees. The Management fees and Other expenses of Class W shares that have been waived by Advisors may be incurred directly or indirectly, all or in part, by investors in Class W shares.
Advisors has agreed to reimburse each Fund if its total expense ratio (excluding interest, taxes, brokerage commissions and other transactional expenses, acquired fund fees and expenses and extraordinary expenses) exceeds certain percentages.
As of April 30, 2022, 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‡ | |||||||||||||||||||||||||||||||||||||
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 | 0.12 | 0.25 | 0.15 | 0.25 | 0.23 | 0.38 | 0.38 | 0.48 | 0.62 | 0.23 | ||||||||||||||||||||||||||||||
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, 2023. 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 ■ 2022 Semiannual Report | 59 |
Notes to financial statements (unaudited) | concluded |
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, 2022, these transactions did not materially impact the Funds.
Fund | Purchases | Sales | Realized gain (loss | ) | ||||||||
Equity Index | $ | 320,802,719 | $ | 3,096,242 | $ | 612,206 | ||||||
Large-Cap Growth Index | 117,971,576 | 24,893,513 | 5,554,351 | |||||||||
Large-Cap Value Index | 28,030,491 | 1,393,420 | 307,851 | |||||||||
S&P 500 Index | 2,469,453 | 216,461 | 78,193 | |||||||||
Small-Cap Blend Index | 114,708 | 32,393 | (24,536 | ) | ||||||||
Emerging Markets Equity Index | 26,155,059 | 4,105,576 | (3,835,767 | ) | ||||||||
International Equity Index | 68,400,028 | 6,463,580 | (1,257,034 | ) |
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 Access and other funds within the Trust as of April 30, 2022:
Fund | TIAA-CREF Lifecycle Index Funds | TIAA-CREF Lifestyle Funds | TIAA-CREF Managed Allocation Fund | TIAA Access | Total | |||||||||||||||
Equity Index | 55 | % | — | % | — | % | 1 | % | 56 | % | ||||||||||
Large-Cap Growth Index | — | 2 | 1 | 5 | 8 | |||||||||||||||
Large-Cap Value Index | — | 1 | 1 | 8 | 10 | |||||||||||||||
S&P 500 Index | — | — | — | 11 | 11 | |||||||||||||||
Small-Cap Blend Index | — | — | — | 17 | 17 | |||||||||||||||
Emerging Markets Equity Index | 64 | 1 | 1 | 1 | 67 | |||||||||||||||
International Equity Index | 39 | 1 | 1 | 5 | 46 |
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, 2022, 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 15, 2021 expiring on June 14, 2022, replacing the previous facility, which expired June 2021. 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, 2022, there were no borrowings under this credit facility by the Funds.
60 | 2022 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 and extended 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 virtual meeting via videoconference on March 11, 2022, 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 public health protocols 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 as the base class for comparison purposes.
Among other matters, the Board also considered information from Advisors to facilitate the Trustees’ evaluation of the reasonableness of any profits earned by Advisors with respect to its services to each Fund pursuant to the Agreement.
Legal counsel for the Trustees also 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
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Approval of investment management agreement (unaudited)
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. In addition, the Board received information from management on the continued impact of the COVID-19 pandemic and certain geopolitical events on the Teachers Insurance and Annuity Association of America (“TIAA”) enterprise’s operations generally and on the Funds’ operations and performance.
On March 3, 2022, the Board held a virtual meeting via videoconference 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 11, 2022 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 11, 2022 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 11, 2022 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, considered 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 consider, among other matters, information regarding the performance of the Funds. 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 11, 2022, 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
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continued
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 review of 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. Based on all factors considered, the Board concluded that the nature, extent, and quality of services provided by Advisors to each Fund under the Agreement was reasonable.
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 2021. 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, 2021. The Board acknowledge Advisors’ commitment to contractually reduce the Emerging Markets Equity Index Fund’s management fee 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 2021, 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 regard, 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. The Board also considered the contractual fee reductions agreed to by Advisors, as noted above. 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
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Approval of investment management agreement (unaudited)
and current asset levels. 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 Advisors to its comparable clients.
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 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 and administration, and investment-related benefits, such as economies of scale to the extent the Funds share investment resources and/or personnel with other clients of Advisors 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. The Board concluded that other benefits to Advisors and its affiliates arising from the Agreement were reasonable in light of various relevant factors.
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 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, 2021. 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, 2021. 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 2021 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, 3rd and 1st quintiles of the group of comparable funds selected by Broadridge for expense comparison purposes (“Expense Group”), respectively. The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were in the 1st, 2nd and 1st quintiles of 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 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 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 –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. |
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concluded
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 each ranked 2 out of 5 funds within its Expense Group. The Fund’s total expense ratio, actual management fee rate and contractual management fee rate each were in the 1st quintile of its Expense Universe. |
• | For the three-year period, the Fund’s adjusted relative gross performance as compared to its benchmark, the Russell 1000® Value Index, differed by +1 basis point. |
• | 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. |
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 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 was the same as compared to its benchmark, the S&P 500® Index. |
• | 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. |
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 +16 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
• | Effective August 1, 2021, the Fund’s contractual management fee rate was reduced from 0.14% 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, actual management fee rate and contractual management fee rate were in the 2nd, 4th and 3rd quintiles of its Expense Group, respectively. The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 2nd quintile of its Expense Universe. |
• | For the three-year period, the Fund’s adjusted relative gross performance as compared to its benchmark, the MSCI Emerging Markets Index, differed by –13 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 in the 1st, 2nd and 1st quintiles of its Expense Group, respectively, and were each in the 1st quintile of its Expense Universe. |
• | For the three-year period, the Fund’s adjusted relative gross performance as compared to its benchmark, the MSCI EAFE Index, differed by +12 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 conclusions, the Board renewed the Agreement for each Fund.
TIAA-CREF Funds: Equity Index Funds ■ 2022 Semiannual Report | 65 |
Liquidity risk management program (unaudited)
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 15, 2022 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, 2021 through December 31, 2021 (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 | 2022 Semiannual Report ■ TIAA-CREF Funds: Equity Index Funds |
Additional information about index providers (unaudited)
Russell Indexes
Source: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2022. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®,” “Russell®” and “FTSE Russell®” are trademarks of the relevant LSE Group companies and are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group 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)
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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.
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2175977 | A12455 (6/22) |
| |
730 Third Avenue
New York, NY 10017-3206
Printed on paper containing recycled fiber |
2175977 | A12455 (6/22) |
| |
730 Third Avenue
New York, NY 10017-3206
2175977 | A12455 (6/22) |
TIAA-CREF Funds | April 30, 2022 |
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, 2022. The report contains four main sections:
• | A letter from Brad Finkle, Principal Executive Officer and President of the TIAA-CREF Funds and TIAA-CREF Life Funds. | |
• | The fund performance section compares each fund’s investment returns with those of its benchmark index. | |
• | The summary portfolios of investments list the issuers, industries and types of securities in which each fund had investments as of April 30, 2022. | |
• | 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 ■ 2022 Semiannual Report | 3 |
International fixed-income securities recorded losses for the six months ended April 30, 2022. Foreign investment-grade fixed-rate bonds and emerging-markets debt both experienced most of their declines in the last three months of the period, as central banks around the world began tightening their monetary policies. For the six months:
• | International investment-grade fixed-rate bonds hedged to the U.S. dollar returned –5.4%, as measured by the Bloomberg Global Aggregate Ex-USD Index (Hedged). | |
• | Emerging-markets debt securities returned –15.5%, as measured by the JP Morgan Emerging Markets Bond Index (EMBI) Global Diversified. Please see page 7 for benchmark definitions. | |
• | The TIAA-CREF International Bond Fund (Institutional Class) returned –7.3%, trailing its benchmark. The TIAA-CREF Emerging Markets Debt Fund (Institutional Class) returned –12.4%, surpassing its benchmark. |
International investment-grade bonds began the period with modest declines amid market volatility, as inflation became a growing concern and the Omicron COVID-19 variant emerged. Larger losses were recorded in the second half of the period as Russia invaded Ukraine and rising inflation prompted central banks to focus on tighter monetary policies. The economies in the 19-nation euro area expanded in the fourth quarter of 2021 and the first quarter of 2022. The European Central Bank scaled back monetary accommodation, while the Bank of England raised its benchmark interest rate to 0.75%.
Emerging-markets debt securities posted negative returns in the first three months of the period, also impacted by the Omicron variant, global price pressures and slower growth in China. The decline accelerated in the final three months of the period, as inflation concerns persisted, U.S. interest rates rose and the Russian invasion took place.
Foreign bonds posted mixed results versus U.S. bonds
For the six months, foreign bonds registered mixed results when compared with the performance of U.S. bonds. International investment-grade securities outperformed the –9.5% return of U.S. investment-grade fixed-income bonds, as measured by the Bloomberg U.S. Aggregate Bond Index. Emerging-markets debt trailed the –7.2% return 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 diversification amid market volatility
Global economies and financial markets are now adapting to inflationary pressures for the first time in many years. Furthermore, geopolitical instability
4 | 2022 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds |
Brad Finkle
has added another layer of uncertainty to the market environment, resulting in elevated volatility. How these challenges play out remains to be seen, but we believe that diversification by geography and asset class can be a sensible investment strategy to help navigate shifts in global bond markets. Since the progress of economies around the world 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. International bond markets can be complex, so we believe a diversified portfolio of fixed-income securities in a professionally managed mutual fund or group of funds is a prudent way to gain access to this asset class. But 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-CREF 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
Principal Executive Officer and President of the TIAA-CREF Funds and TIAA-CREF Life Funds
TIAA-CREF International Fixed-Income Funds ■ 2022 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 under Get Help 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 | 2022 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 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 2022, 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”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Bloomberg neither approves nor endorses this material, nor guarantees the accuracy or completeness of any information herein, nor 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 ■ 2022 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, 2021–April 30, 2022).
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 | 2022 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds |
Performance for the six months ended April 30, 2022
The Emerging Markets Debt Fund returned –12.42% for the Institutional Class, compared with the –15.45% 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, 2022, the Fund returned –11.36% versus –14.51% for the index. The performance table shows returns for all share classes of the Fund.
Emerging-markets debt declined amid rising U.S. rates and geopolitical uncertainty
Emerging-markets (EM) debt, as measured by the JP Morgan index, returned –3.30% in the first three months of the period. EM debt markets were rattled primarily by the onset of the highly transmissible Omicron variant of COVID. In addition, concerns about global price pressures, a faster U.S. taper and issues related to slower growth in China contributed to the losses.
In the final three months, EM debt returned –12.56% amid spikes in both inflation and U.S. interest rates, which weighed heavily on the longer-duration nature of the asset class. These concerns were further exacerbated by the Russian invasion of Ukraine, which prompted a severe risk-off sentiment.
Fund surpassed its benchmark
For the period, the Fund declined but outperformed its benchmark due to an overweight to corporate credit and strong country allocations within corporates and sovereigns. Security selections within corporate debt also aided results. Local market positions contributed along with the Fund’s elevated cash level, as the latter mitigated downside volatility.
Within corporates, positioning in Russia was a significant driver of relative performance. An overweight to Brazilian, Turkish and South African corporates and no exposure to Belarus also helped. Among sovereigns, the Fund’s underweight to Russia and not owning Belarus were strong contributors. Mexican airline Aeromexico outperformed as the company successfully exited Chapter 11, paid off its debtor-in-possession lender and bought out the minority stake of its loyalty program. Among local markets, Brazil, Uganda and Uruguay all had positive returns during this otherwise bleak period.
By contrast, the Fund’s performance was hurt by holdings in out-of-benchmark Chinese property names, which were pressured by tightening liquidity and rising defaults. Underweights in higher-quality quasi-sovereigns in China and Malaysia detracted further, as did an overweight to Ukraine corporates. Additionally, an overweight to Ukraine sovereign debt and exposure to warrants, which are more sensitive to the growth outlook, also weighed on results. Select local market positions detracted including Russia, Ukraine, Benin and Serbia.
TIAA-CREF International Fixed-Income Funds ■ 2022 Semiannual Report | 9 |
Emerging Markets Debt Fund
Performance as of April 30, 2022
Emerging Markets Debt Fund | Total return | Average annual total return | Annual operating expenses* | |||||||||||||||||||||||
Inception date | 6 months | 1 year | 5 years | since inception | gross | net | ||||||||||||||||||||
Institutional Class | 9/26/14 | –12.42 | % | –11.36 | % | 1.83 | % | 3.12 | % | 0.61 | % | 0.61 | % | |||||||||||||
Advisor Class | 12/4/15 | –12.42 | –11.40 | 1.80 | 3.10 | † | 0.69 | 0.69 | ||||||||||||||||||
Premier Class | 9/26/14 | –12.51 | –11.53 | 1.68 | 2.96 | 0.80 | 0.80 | |||||||||||||||||||
Retirement Class | 9/26/14 | –12.49 | –11.43 | 1.62 | 2.89 | 0.86 | 0.86 | |||||||||||||||||||
Retail Class | 9/26/14 | –12.56 | –11.64 | 1.50 | 2.79 | 0.94 | 0.94 | |||||||||||||||||||
Class W | 9/28/18 | –12.23 | –10.81 | 2.28 | † | 3.42 | † | 0.61 | 0.00 | |||||||||||||||||
J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified | — | –15.45 | –14.51 | 0.23 | 2.14 | ‡ | — | — |
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, 2023, 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 | 2022 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds |
Emerging Markets Debt Fund
Expense example
Six months ended April 30, 2022
Beginning | Ending | Expenses paid | |||||
account value | account value | during period | * | ||||
Emerging Markets Debt Fund | (11/1/21 | ) | (4/30/22 | ) | (11/1/21–4/30/22 | ) | |
Actual return | |||||||
Institutional Class | $1,000.00 | $875.80 | $2.88 | ||||
Advisor Class | 1,000.00 | 875.84 | 3.21 | ||||
Premier Class | 1,000.00 | 874.94 | 3.63 | ||||
Retirement Class | 1,000.00 | 875.11 | 3.63 | ||||
Retail Class | 1,000.00 | 874.35 | 4.51 | ||||
Class W | 1,000.00 | 877.71 | 0.00 | ||||
5% annual hypothetical return | |||||||
Institutional Class | 1,000.00 | 1,021.72 | 3.11 | ||||
Advisor Class | 1,000.00 | 1,021.37 | 3.46 | ||||
Premier Class | 1,000.00 | 1,020.93 | 3.91 | ||||
Retirement Class | 1,000.00 | 1,020.93 | 3.91 | ||||
Retail Class | 1,000.00 | 1,019.98 | 4.86 | ||||
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, 2022. The Fund’s annualized six-month expense ratios for that period were 0.62% for the Institutional Class, 0.69% for the Advisor Class, 0.78% for the Premier Class, 0.78% for the Retirement Class, 0.97% 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 4/30/2022 | ||
Net assets | $547.94 million | |
Portfolio turnover rate* | 27% | |
Number of issues | 321 | |
Option-adjusted duration‡ | 6.52 years | |
Average maturity§ | 11.43 years |
* | The portfolio turnover rate covers the six-month period from November 1, 2021–April 30, 2022, 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 ■ 2022 Semiannual Report | 11 |
Emerging Markets Debt Fund
Portfolio composition | |
% of net assets | |
Sector | as of 4/30/2022 |
Corporate bonds | 48.9 |
Foreign government securities | 45.8 |
Bank loan obligations | 0.3 |
Common stocks & rights | 1.1 |
Short-term investments, other assets & liabilities, net | 3.9 |
Total | 100.0 |
Holdings by country | |
% of portfolio investments | |
as of 4/30/2022 | |
Mexico | 8.6 |
South Africa | 6.1 |
Brazil | 6.0 |
Indonesia | 4.4 |
Turkey | 4.0 |
Chile | 3.2 |
Peru | 3.0 |
Israel | 2.8 |
59 other nations | 55.0 |
Short-term investments | 6.9 |
Total | 100.0 |
Holdings by maturity | |
% of fixed-income investments | |
(excluding short-term investments) | |
as of 4/30/2022 | |
Less than 1 year | 3.2 |
1–3 years | 6.2 |
3–5 years | 15.8 |
5–10 years | 43.6 |
Over 10 years | 31.2 |
Total | 100.0 |
Holdings by credit quality | |
% of fixed-income investments | |
(excluding short-term investments) | |
as of 4/30/2022 | |
A/A | 7.3 |
Baa/BBB | 27.0 |
Ba/BB | 29.0 |
B/B | 24.7 |
Below B/B | 4.7 |
Non-rated | 7.3 |
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 | 2022 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds |
Performance for the six months ended April 30, 2022
The International Bond Fund returned –7.29% for the Institutional Class, compared with the –5.39% return of its benchmark, the Bloomberg Global Aggregate Ex-USD Index (Hedged) (“Global Aggregate index”). For the one-year period ended April 30, 2022, the Fund returned –7.38% versus –5.27% for the index. The performance table shows returns for all share classes of the Fund.
International fixed-income markets declined in a volatile environment
Global fixed-income markets remained volatile during the period. In the first three months, international bonds were slightly negative with the emergence of the Omicron variant and higher inflation—the latter driving central banks to shift their interest rate stance in December 2021. The Bank of England raised rates in that month after unexpectedly holding steady at its prior meeting, while the European Central Bank scaled back on its monetary accommodation. The yield curve flattened due to the tightening, while currency (FX) returns were negative on U.S. dollar strength.
In the second half of the period, international bonds posted larger declines as Russia’s invasion of Ukraine, along with a spike in oil prices and other inflationary pressures, drove central banks to focus on monetary tightening. In Europe, credit spreads widened as geopolitics exacerbated an already difficult technical environment. Continued yield curve flattening was led by higher short-term rates in Australia, Canada and New Zealand. Meanwhile, European and Japanese bonds outperformed as yield curves in these regions bucked the flattening trend.
Fund trailed its benchmark
For the six-month period, the Fund underperformed its benchmark. The primary detractors were asset allocation within government credit and agency debt in emerging markets (EM), most notably in Eastern Europe (Ukraine, Romania and Serbia), along with exposure to select African issuers (Ghana and Kenya) and exposure to El Salvador in Central America. Many of these EM countries are not included in the benchmark. Corporate bonds also hurt the Fund’s relative performance, especially in Eastern Europe (Russia). FX exposure detracted further as the U.S. dollar rose, particularly the Egyptian pound, Russian ruble and Norwegian krone.
On the positive side, yield curve positioning in select markets made a strong contribution to the Fund’s relative return. In particular, shorter-duration positions in the euro area and the United Kingdom, along with a longer-duration position in Japan and Canada, provided substantial benefits.
TIAA-CREF International Fixed-Income Funds ■ 2022 Semiannual Report | 13 |
International Bond Fund
Performance as of April 30, 2022 | ||||||||||||||||||||||||||
International Bond Fund | Total return | Average annual total return | Annual operating expenses* | |||||||||||||||||||||||
Inception date | 6 months | 1 year | 5 years | since inception | gross | net | ||||||||||||||||||||
Institutional Class | 8/5/16 | –7.29 | % | –7.38 | % | 1.61 | % | 1.26 | % | 0.60 | % | 0.60 | % | |||||||||||||
Advisor Class | 8/5/16 | –7.18 | –7.37 | 1.55 | 1.22 | 0.70 | 0.70 | |||||||||||||||||||
Premier Class | 8/5/16 | –7.33 | –7.52 | 1.44 | 1.12 | 0.80 | 0.75 | |||||||||||||||||||
Retirement Class | 8/5/16 | –7.43 | –7.71 | 1.34 | 1.00 | 0.84 | 0.84 | |||||||||||||||||||
Retail Class | 8/5/16 | –7.43 | –7.71 | 1.25 | 0.92 | 1.49 | 0.95 | |||||||||||||||||||
Class W | 9/28/18 | –6.96 | –6.87 | 2.05 | † | 1.64 | † | 0.59 | 0.00 | |||||||||||||||||
Bloomberg Global Aggregate ex-USD Index (Hedged) | — | –5.39 | –5.27 | 1.74 | 1.34 | ‡ | — | — |
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, 2023, 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 | 2022 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds |
International Bond Fund
Expense example | |||||||
Six months ended April 30, 2022 | |||||||
Beginning | Ending | Expenses paid | |||||
account value | account value | during period | * | ||||
International Bond Fund | (11/1/21 | ) | (4/30/22 | ) | (11/1/21–4/30/22 | ) | |
Actual return | |||||||
Institutional Class | $1,000.00 | $927.13 | $2.82 | ||||
Advisor Class | 1,000.00 | 928.17 | 3.01 | ||||
Premier Class | 1,000.00 | 926.66 | 3.58 | ||||
Retirement Class | 1,000.00 | 925.74 | 4.01 | ||||
Retail Class | 1,000.00 | 925.69 | 4.44 | ||||
Class W | 1,000.00 | 930.41 | 0.00 | ||||
5% annual hypothetical return | |||||||
Institutional Class | 1,000.00 | 1,021.87 | 2.96 | ||||
Advisor Class | 1,000.00 | 1,021.67 | 3.16 | ||||
Premier Class | 1,000.00 | 1,021.08 | 3.76 | ||||
Retirement Class | 1,000.00 | 1,020.63 | 4.21 | ||||
Retail Class | 1,000.00 | 1,020.18 | 4.66 | ||||
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, 2022. The Fund’s annualized six-month expense ratios for that period were 0.59% for the Institutional Class, 0.63% for the Advisor Class, 0.75% for the Premier Class, 0.84% for the Retirement Class, 0.93% for the Retail Class and 0.00% for Class W. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower. |
For more information about this expense example, please see page 8.
Fund profile | ||
as of 4/30/2022 | ||
Net assets | $457.98 million | |
Portfolio turnover rate* | 21% | |
Number of issues | 441 | |
Option-adjusted duration‡ | 6.62 years | |
Average maturity§ | 8.19 years |
* | The portfolio turnover rate covers the six-month period from November 1, 2021–April 30, 2022, 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 ■ 2022 Semiannual Report | 15 |
International Bond Fund
Portfolio composition | |
% of net assets | |
Sector | as of 4/30/2022 |
Foreign government securities | 63.2 |
Corporate bonds | 22.6 |
Commercial mortgage-backed securities | 3.0 |
Bank loan obligations | 2.0 |
Mortgage-backed securities | 1.9 |
Asset-backed securities | 1.3 |
Short-term investments, other assets & liabilities, net | 6.0 |
Total | 100.0 |
Holdings by country | |
% of portfolio investments | |
as of 4/30/2022 | |
United States | 15.9 |
China | 11.0 |
Japan | 10.8 |
United Kingdom | 5.8 |
France | 4.5 |
Canada | 4.2 |
Italy | 4.1 |
Spain | 3.6 |
64 other nations | 36.6 |
Short-term investments | 3.5 |
Total | 100.0 |
Holdings by maturity | ||
% of fixed-income investments | ||
(excluding short-term investments) | ||
as of 4/30/2022 | ||
Less than 1 year | 2.2 | |
1–3 years | 21.2 | |
3–5 years | 18.0 | |
5–10 years | 34.4 | |
Over 10 years | 24.2 | |
Total | 100.0 |
Holdings by credit quality | ||
% of fixed-income investments | ||
(excluding short-term investments) | ||
as of 4/30/2022 | ||
Aaa/AAA | 8.2 | |
Aa/AA | 12.2 | |
A/A | 34.1 | |
Baa/BBB | 26.1 | |
Ba/BB | 10.1 | |
B/B | 7.3 | |
Below B/B | 0.2 | |
Non-rated | 1.8 | |
Total | 100.0 |
Credit quality ratings are based on the Bloomberg 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 | 2022 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds |
Summary portfolio of investments (unaudited)
Emerging Markets Debt Fund ■ April 30, 2022
Principal | Issuer | Value | % of net assets | |||||||||||||
BANK LOAN OBLIGATIONS | ||||||||||||||||
CHILE | $ | 1,818,914 | 0.3 | % | ||||||||||||
TOTAL BANK LOAN OBLIGATIONS (Cost $1,826,200) | 1,818,914 | 0.3 | ||||||||||||||
BONDS | ||||||||||||||||
CORPORATE BONDS | ||||||||||||||||
ARGENTINA | 1,411,332 | 0.3 | ||||||||||||||
BRAZIL | 25,260,518 | 4.6 | ||||||||||||||
CHILE | 13,714,817 | 2.5 | ||||||||||||||
CHINA | 5,055,590 | 0.9 | ||||||||||||||
COLOMBIA | 11,584,812 | 2.1 | ||||||||||||||
COSTA RICA | ||||||||||||||||
$3,200,000 | g | Instituto Costarricense de Electricidad | 6.750%, 10/07/31 | 3,188,639 | 0.6 | |||||||||||
Other | 2,083,824 | 0.4 | ||||||||||||||
5,272,463 | 1.0 | |||||||||||||||
DOMINICAN REPUBLIC | 3,314,622 | 0.6 | ||||||||||||||
GHANA | 3,787,100 | 0.7 | ||||||||||||||
GUATEMALA | 4,507,563 | 0.8 | ||||||||||||||
INDIA | ||||||||||||||||
3,000,000 | e,g | Network i2i Ltd | 3.975%, N/A‡ | 2,769,900 | 0.5 | |||||||||||
Other | 8,678,074 | 1.6 | ||||||||||||||
11,447,974 | 2.1 | |||||||||||||||
INDONESIA | ||||||||||||||||
3,000,000 | g | Pertamina Persero PT | 3.100%, 08/27/30 | 2,683,680 | 0.5 | |||||||||||
4,250,000 | g | Saka Energi Indonesia PT | 4.450%, 05/05/24 | 4,050,080 | 0.7 | |||||||||||
Other | 12,884,512 | 2.4 | ||||||||||||||
19,618,272 | 3.6 | |||||||||||||||
ISRAEL | ||||||||||||||||
3,000,000 | g | Bank Hapoalim BM | 3.255%, 01/21/32 | 2,700,000 | 0.5 | |||||||||||
3,850,000 | g | Israel Electric Corp Ltd | 3.750%, 02/22/32 | 3,596,770 | 0.6 | |||||||||||
Other | 9,497,376 | 1.8 | ||||||||||||||
15,794,146 | 2.9 | |||||||||||||||
JAMAICA | 325,092 | 0.1 | ||||||||||||||
KAZAKHSTAN | 8,782,320 | 1.6 | ||||||||||||||
KOREA, REPUBLIC OF | 1,764,614 | 0.3 | ||||||||||||||
MACAU | 1,533,000 | 0.3 |
See notes to financial statements | TIAA-CREF International Fixed-Income Funds ■ 2022 Semiannual Report | 17 |
Summary portfolio of investments (unaudited) | continued |
Emerging Markets Debt Fund ■ April 30, 2022
Principal | Issuer | Value | % of net assets | |||||||||||||
MALAYSIA | ||||||||||||||||
$3,000,000 | 1MDB Global Investments Ltd | 4.400%, 03/09/23 | $ | 2,977,669 | 0.6 | % | ||||||||||
3,400,000 | g | Misc Capital Two Labuan Ltd | 3.625%, 04/06/25 | 3,359,268 | 0.6 | |||||||||||
3,045,000 | g | Misc Capital Two Labuan Ltd | 3.750%, 04/06/27 | 2,949,024 | 0.5 | |||||||||||
Other | 4,287,724 | 0.8 | ||||||||||||||
13,573,685 | 2.5 | |||||||||||||||
MEXICO | ||||||||||||||||
8,833,000 | g | Grupo Aeromexico SAB de C.V. | 8.500%, 03/17/27 | 8,921,330 | 1.6 | |||||||||||
3,350,000 | g | Grupo Axo SAPI de C.V. | 5.750%, 06/08/26 | 3,065,250 | 0.6 | |||||||||||
4,647,000 | Petroleos Mexicanos | 6.840%, 01/23/30 | 4,234,811 | 0.8 | ||||||||||||
6,219,000 | Petroleos Mexicanos | 6.700%, 02/16/32 | 5,358,788 | 1.0 | ||||||||||||
Other | 15,438,575 | 2.8 | ||||||||||||||
37,018,754 | 6.8 | |||||||||||||||
MOROCCO | ||||||||||||||||
4,450,000 | g | OCP S.A. | 5.125%, 06/23/51 | 3,422,256 | 0.6 | |||||||||||
Other | 547,831 | 0.1 | ||||||||||||||
3,970,087 | 0.7 | |||||||||||||||
NETHERLANDS | 399,607 | 0.1 | ||||||||||||||
NIGERIA | 1,667,015 | 0.3 | ||||||||||||||
OMAN | ||||||||||||||||
3,000,000 | g | OQ SAOC | 5.125%, 05/06/28 | 2,910,382 | 0.5 | |||||||||||
2,910,382 | 0.5 | |||||||||||||||
PANAMA | 4,719,704 | 0.9 | ||||||||||||||
PERU | 11,094,206 | 2.0 | ||||||||||||||
QATAR | 1,340,066 | 0.2 | ||||||||||||||
RUSSIA | 700,000 | 0.1 | ||||||||||||||
SAUDI ARABIA | ||||||||||||||||
3,000,000 | g | Saudi Arabian Oil Co | 4.375%, 04/16/49 | 2,810,084 | 0.5 | |||||||||||
Other | 2,109,259 | 0.4 | ||||||||||||||
4,919,343 | 0.9 | |||||||||||||||
SINGAPORE | ||||||||||||||||
2,800,000 | g | United Overseas Bank Ltd | 3.059%, 04/07/25 | 2,789,984 | 0.5 | |||||||||||
2,789,984 | 0.5 | |||||||||||||||
SOUTH AFRICA | ||||||||||||||||
3,050,000 | AngloGold Ashanti Holdings plc | 3.750%, 10/01/30 | 2,728,377 | 0.5 | ||||||||||||
3,000,000 | g | Eskom Holdings SOC Ltd | 6.750%, 08/06/23 | 2,912,187 | 0.5 | |||||||||||
2,875,000 | g | Eskom Holdings SOC Ltd | 6.350%, 08/10/28 | 2,826,529 | 0.5 | |||||||||||
Other | 13,035,616 | 2.4 | ||||||||||||||
21,502,709 | 3.9 |
18 | 2022 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, 2022
Principal | Issuer | Value | % of net assets | ||||||||||||||
SPAIN | $ | 2,153,640 | 0.4 | % | |||||||||||||
THAILAND | 2,232,526 | 0.4 | |||||||||||||||
TRINIDAD AND TOBAGO | 833,000 | 0.2 | |||||||||||||||
TURKEY | |||||||||||||||||
$4,100,000 | g | Anadolu Efes Biracilik Ve Malt Sanayii AS. | 3.375%, 06/29/28 | 3,359,172 | 0.6 | ||||||||||||
Other | 8,561,281 | 1.6 | |||||||||||||||
11,920,453 | 2.2 | ||||||||||||||||
UKRAINE | 917,750 | 0.2 | |||||||||||||||
UNITED ARAB EMIRATES | 7,412,807 | 1.3 | |||||||||||||||
UNITED STATES | 2,162,199 | 0.4 | |||||||||||||||
TOTAL CORPORATE BONDS (Cost $302,516,450) | 267,412,152 | 48.9 | |||||||||||||||
GOVERNMENT BONDS | |||||||||||||||||
ANGOLA | |||||||||||||||||
3,125,000 | g | Angolan Government International Bond | 8.750%, 04/14/32 | 2,958,455 | 0.5 | ||||||||||||
6,525,000 | e,g | Angolan Government International Bond | 8.000%–9.375%, 05/09/28–05/08/48 | 6,068,827 | 1.1 | ||||||||||||
9,027,282 | 1.6 | ||||||||||||||||
ARGENTINA | 3,148,931 | 0.6 | |||||||||||||||
AZERBAIJAN | 2,129,541 | 0.4 | |||||||||||||||
BAHRAIN | 1,966,160 | 0.4 | |||||||||||||||
BARBADOS | 2,213,551 | 0.4 | |||||||||||||||
BENIN | 973,560 | 0.2 | |||||||||||||||
BERMUDA | 1,225,672 | 0.2 | |||||||||||||||
BRAZIL | |||||||||||||||||
3,100,000 | Brazilian Government International Bond | 3.875%, 06/12/30 | 2,732,371 | 0.5 | |||||||||||||
Other | 5,856,468 | 1.1 | |||||||||||||||
8,588,839 | 1.6 | ||||||||||||||||
CAMEROON | 882,378 | 0.2 | |||||||||||||||
CHILE | 2,443,954 | 0.4 | |||||||||||||||
CHINA | |||||||||||||||||
CNY 17,000,000 | China Government International Bond | 3.120%, 12/05/26 | 2,633,833 | 0.5 | |||||||||||||
Other | 501,048 | 0.1 | |||||||||||||||
3,134,881 | 0.6 | ||||||||||||||||
COLOMBIA | 4,027,427 | 0.7 | |||||||||||||||
COSTA RICA | 3,545,439 | 0.6 | |||||||||||||||
COTE D’IVOIRE | |||||||||||||||||
$3,219,030 | g | Ivory Coast Government International Bond (Step Bond) | 5.750%, 12/31/32 | 3,055,788 | 0.6 | ||||||||||||
3,055,788 | 0.6 |
See notes to financial statements | TIAA-CREF International Fixed-Income Funds ■ 2022 Semiannual Report | 19 |
Summary portfolio of investments (unaudited) | continued |
Emerging Markets Debt Fund ■ April 30, 2022
Principal | Issuer | Value | % of net assets | |||||||||||||
DOMINICAN REPUBLIC | ||||||||||||||||
$4,000,000 | g | Dominican Republic Government International Bond | 4.875%, 09/23/32 | $ | 3,359,313 | 0.6 | % | |||||||||
3,060,000 | g | Dominican Republic Government International Bond | 7.450%, 04/30/44 | 2,957,970 | 0.5 | |||||||||||
Other | 5,545,532 | 1.1 | ||||||||||||||
11,862,815 | 2.2 | |||||||||||||||
ECUADOR | ||||||||||||||||
3,634,600 | g | Ecuador Government International Bond (Step Bond) | 5.000%, 07/31/30 | 2,945,140 | 0.5 | |||||||||||
4,637,020 | g | Ecuador Government International Bond (Step Bond) | 1.000%, 07/31/35 | 2,899,458 | 0.5 | |||||||||||
Other | 403,864 | 0.1 | ||||||||||||||
6,248,462 | 1.1 | |||||||||||||||
EGYPT | ||||||||||||||||
4,275,000 | g | Egypt Government International Bond | 7.600%, 03/01/29 | 3,637,769 | 0.7 | |||||||||||
4,575,000 | e,g | Egypt Government International Bond | 7.053%, 01/15/32 | 3,524,104 | 0.7 | |||||||||||
4,725,000 | g | Egypt Government International Bond | 8.500%, 01/31/47 | 3,425,956 | 0.6 | |||||||||||
Other | 2,599,909 | 0.4 | ||||||||||||||
13,187,738 | 2.4 | |||||||||||||||
EL SALVADOR | 1,929,589 | 0.3 | ||||||||||||||
GHANA | ||||||||||||||||
8,675,000 | g | Ghana Government International Bond | 0.000%–8.750%, 04/07/25–03/11/61 | 5,297,948 | 1.0 | |||||||||||
Other | 1,204,448 | 0.2 | ||||||||||||||
6,502,396 | 1.2 | |||||||||||||||
GUATEMALA | 3,147,741 | 0.6 | ||||||||||||||
HONDURAS | 673,631 | 0.1 | ||||||||||||||
INDIA | 2,182,867 | 0.4 | ||||||||||||||
INDONESIA | 5,026,676 | 0.9 | ||||||||||||||
IRAQ | ||||||||||||||||
3,056,250 | g | Iraq Government International Bond | 5.800%, 01/15/28 | 2,937,917 | 0.6 | |||||||||||
Other | 2,323,209 | 0.4 | ||||||||||||||
5,261,126 | 1.0 | |||||||||||||||
JAMAICA | ||||||||||||||||
2,950,000 | Jamaica Government International Bond | 8.000%, 03/15/39 | 3,663,433 | 0.7 | ||||||||||||
Other | 2,223,984 | 0.4 | ||||||||||||||
5,887,417 | 1.1 | |||||||||||||||
JORDAN | ||||||||||||||||
6,050,000 | e,g | Jordan Government International Bond | 4.950%–7.375%, 07/07/25–10/10/47 | 5,517,632 | 1.0 | |||||||||||
5,517,632 | 1.0 | |||||||||||||||
KAZAKHSTAN | 1,401,289 | 0.3 |
20 | 2022 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, 2022
Principal | Issuer | Value | % of net assets | |||||||||||||
KENYA | $ | 5,920,006 | 1.1 | % | ||||||||||||
LEBANON | 814,236 | 0.1 | ||||||||||||||
MALAYSIA | 1,521,583 | 0.3 | ||||||||||||||
MEXICO | ||||||||||||||||
$3,500,000 | Mexico Government International Bond | 4.280%, 08/14/41 | 2,906,505 | 0.5 | ||||||||||||
Other | 5,094,423 | 1.0 | ||||||||||||||
8,000,928 | 1.5 | |||||||||||||||
MONGOLIA | 2,729,392 | 0.5 | ||||||||||||||
MOROCCO | 2,541,786 | 0.5 | ||||||||||||||
NAMIBIA | 1,633,827 | 0.3 | ||||||||||||||
NIGERIA | ||||||||||||||||
8,325,000 | g | Nigeria Government International Bond | 6.500%–8.375%, 11/28/27–02/23/38 | 6,974,991 | 1.3 | |||||||||||
6,974,991 | 1.3 | |||||||||||||||
OMAN | ||||||||||||||||
2,550,000 | g | Oman Government International Bond | 6.750%, 10/28/27 | 2,696,249 | 0.5 | |||||||||||
6,150,000 | g | Oman Government International Bond | 5.375%–6.750%, 03/08/27–01/17/48 | 6,009,275 | 1.1 | |||||||||||
8,705,524 | 1.6 | |||||||||||||||
PAKISTAN | 7,190,561 | 1.3 | ||||||||||||||
PANAMA | ||||||||||||||||
2,850,000 | Panama Notas del Tesoro | 3.750%, 04/17/26 | 2,815,800 | 0.5 | ||||||||||||
2,815,800 | 0.5 | |||||||||||||||
PARAGUAY | 1,462,019 | 0.3 | ||||||||||||||
PERU | ||||||||||||||||
3,000,000 | e,g | Fondo MIVIVIENDA S.A. | 4.625%, 04/12/27 | 2,962,500 | 0.5 | |||||||||||
Other | 2,666,024 | 0.5 | ||||||||||||||
5,628,524 | 1.0 | |||||||||||||||
PHILIPPINES | 2,287,023 | 0.4 | ||||||||||||||
QATAR | 4,240,078 | 0.8 | ||||||||||||||
ROMANIA | 3,204,070 | 0.6 | ||||||||||||||
RUSSIA | 657,358 | 0.1 | ||||||||||||||
RWANDA | ||||||||||||||||
3,825,000 | g | Rwanda International Government Bond | 5.500%, 08/09/31 | 3,378,787 | 0.6 | |||||||||||
3,378,787 | 0.6 | |||||||||||||||
SAUDI ARABIA | ||||||||||||||||
8,950,000 | g | Saudi Government International Bond | 2.250%–3.750%, 10/26/26–02/02/61 | 7,841,600 | 1.4 | |||||||||||
7,841,600 | 1.4 | |||||||||||||||
SENEGAL | 2,354,130 | 0.4 |
See notes to financial statements | TIAA-CREF International Fixed-Income Funds ■ 2022 Semiannual Report | 21 |
Summary portfolio of investments (unaudited) | continued |
Emerging Markets Debt Fund ■ April 30, 2022
Principal | Issuer | Value | % of net assets | ||||||||||||||
SOUTH AFRICA | |||||||||||||||||
$3,000,000 | e | South Africa Government International Bond | 4.300%, 10/12/28 | $ | 2,731,906 | 0.5 | % | ||||||||||
ZAR 59,300,000 | South Africa Government International Bond | 7.000%, 02/28/31 | 3,063,513 | 0.5 | |||||||||||||
Other | 5,969,736 | 1.1 | |||||||||||||||
11,765,155 | 2.1 | ||||||||||||||||
SRI LANKA | 1,473,640 | 0.3 | |||||||||||||||
SUPRANATIONAL | |||||||||||||||||
$2,975,000 | g | Banque Ouest Africaine de Developpement | 4.700%, 10/22/31 | 2,938,441 | 0.5 | ||||||||||||
Other | 1,655,478 | 0.3 | |||||||||||||||
4,593,919 | 0.8 | ||||||||||||||||
THAILAND | 1,397,655 | 0.3 | |||||||||||||||
TRINIDAD AND TOBAGO | 998,025 | 0.2 | |||||||||||||||
TURKEY | |||||||||||||||||
4,350,000 | Turkey Government International Bond | 4.875%, 04/16/43 | 2,925,550 | 0.5 | |||||||||||||
Other | 7,765,834 | 1.4 | |||||||||||||||
10,691,384 | 1.9 | ||||||||||||||||
UGANDA | 1,963,481 | 0.4 | |||||||||||||||
UKRAINE | 4,205,167 | 0.7 | |||||||||||||||
UNITED ARAB EMIRATES | 4,289,721 | 0.8 | |||||||||||||||
URUGUAY | |||||||||||||||||
3,770,000 | Uruguay Government International Bond | 4.375%, 01/23/31 | 3,864,325 | 0.7 | |||||||||||||
Other | 1,340,115 | 0.2 | |||||||||||||||
5,204,440 | 0.9 | ||||||||||||||||
UZBEKISTAN | 3,371,653 | 0.6 | |||||||||||||||
ZAMBIA | |||||||||||||||||
3,900,000 | g | Zambia Government International Bond | 8.500%, 04/14/24 | 2,927,496 | 0.5 | ||||||||||||
Other | 556,462 | 0.1 | |||||||||||||||
3,483,958 | 0.6 | ||||||||||||||||
TOTAL GOVERNMENT BONDS (Cost $303,105,775) | 248,533,203 | 45.3 | |||||||||||||||
STRUCTURED ASSETS | |||||||||||||||||
CAYMAN ISLANDS | |||||||||||||||||
3,000,000 | † | Industrial DPR Funding Ltd Series 0-2022 1A (Class 1) | 538.000%, 04/15/34 | 3,000,000 | 0.5 | ||||||||||||
3,000,000 | 0.5 | ||||||||||||||||
TOTAL STRUCTURED ASSETS (Cost $3,000,000) | 3,000,000 | 0.5 | |||||||||||||||
TOTAL BONDS (Cost $608,622,225) | 518,945,355 | 94.7 | |||||||||||||||
Shares | Company | ||||||||||||||||
COMMON STOCKS | |||||||||||||||||
UNITED STATES | |||||||||||||||||
270,981 | *,e | Grupo Aeromexico SAB de C.V. | 4,784,478 | 0.9 | |||||||||||||
Other | 1,131,103 | 0.2 | |||||||||||||||
5,915,581 | 1.1 | ||||||||||||||||
TOTAL COMMON STOCKS (Cost $5,779,534) | 5,915,581 | 1.1 |
22 | 2022 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, 2022
Principal | Issuer | Value | % of net assets | ||||||||||||||
SHORT-TERM INVESTMENTS | |||||||||||||||||
EGYPT | $ | 1,015,583 | 0.2 | % | |||||||||||||
UNITED STATES | |||||||||||||||||
$3,218,000 | Federal Agricultural Mortgage Corp (FAMC) | 0.000%, 05/03/22 | 3,217,957 | 0.6 | |||||||||||||
3,217,957 | 0.6 | ||||||||||||||||
REPURCHASE AGREEMENT | |||||||||||||||||
3,490,000 | r | Fixed Income Clearing Corp (FICC) | 0.230%, 05/02/22 | 3,490,000 | 0.6 | ||||||||||||
3,490,000 | 0.6 | ||||||||||||||||
6,707,957 | 1.2 | ||||||||||||||||
Shares | Company | ||||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | |||||||||||||||||
31,496,628 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 0.310% | 31,496,628 | 5.8 | ||||||||||||
31,496,628 | 5.8 | ||||||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $39,395,099) | 39,220,168 | 7.2 | |||||||||||||||
TOTAL PORTFOLIO (Cost $655,623,058) | 565,900,018 | 103.3 | |||||||||||||||
OTHER ASSETS & LIABILITIES, NET | (17,962,309 | ) | (3.3 | ) | |||||||||||||
NET ASSETS | $ | 547,937,709 | 100.0 | % |
CNY | Chinese Yuan |
ZAR | South African Rand |
* | Non-income producing |
† | 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 $31,628,053. |
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 4/30/22, the aggregate value of these securities is $405,159,451 or 73.9% of net assets. |
r | Agreement with Fixed Income Clearing Corp (FICC), 0.230% dated 4/29/22 to be repurchased at $3,490,000 on 5/2/22, collateralized by Government Agency Securities, with coupon rate 2.500% and maturity date 2/15/46, valued at $3,559,867. |
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent less than 1% or less of net assets.
For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.
See notes to financial statements | TIAA-CREF International Fixed-Income Funds ■ 2022 Semiannual Report | 23 |
Consolidated summary portfolio of investments (unaudited)
International Bond Fund ■ April 30, 2022
Principal | Issuer | Value | % of net assets | |||||||||
BANK LOAN OBLIGATIONS | ||||||||||||
CANADA | $ | 380,065 | 0.1 | % | ||||||||
IRELAND | 593,647 | 0.1 | ||||||||||
LUXEMBOURG | 1,419,058 | 0.3 | ||||||||||
UNITED STATES | 6,980,078 | 1.5 | ||||||||||
TOTAL BANK LOAN OBLIGATIONS (Cost $9,474,313) | 9,372,848 | 2.0 | ||||||||||
BONDS | ||||||||||||
CORPORATE BONDS | ||||||||||||
AUSTRIA | 574,420 | 0.1 | ||||||||||
BELGIUM | 1,760,811 | 0.4 | ||||||||||
BRAZIL | 843,845 | 0.2 | ||||||||||
CANADA | 3,982,254 | 0.9 | ||||||||||
CHILE | 2,569,604 | 0.6 | ||||||||||
CHINA | 848,800 | 0.2 | ||||||||||
COLOMBIA | 886,095 | 0.2 | ||||||||||
CZECH REPUBLIC | 259,166 | 0.1 | ||||||||||
FRANCE | 6,388,635 | 1.4 | ||||||||||
GERMANY | 4,270,119 | 0.9 | ||||||||||
HUNGARY | 373,881 | 0.1 | ||||||||||
INDIA | 1,374,043 | 0.3 | ||||||||||
INDONESIA | 606,627 | 0.1 | ||||||||||
IRELAND | 961,705 | 0.2 | ||||||||||
ISRAEL | 1,341,422 | 0.3 | ||||||||||
ITALY | 849,187 | 0.2 | ||||||||||
JAPAN | 2,008,078 | 0.4 | ||||||||||
KAZAKHSTAN | 780,476 | 0.2 | ||||||||||
KOREA, REPUBLIC OF | 725,948 | 0.2 | ||||||||||
KUWAIT | 337,087 | 0.1 | ||||||||||
LUXEMBOURG | 1,871,108 | 0.4 | ||||||||||
MALAYSIA | 832,708 | 0.2 | ||||||||||
MEXICO | 1,143,125 | 0.2 | ||||||||||
NETHERLANDS | 1,737,492 | 0.4 | ||||||||||
NIGERIA | 1,033,961 | 0.2 | ||||||||||
PANAMA | 473,224 | 0.1 |
24 | 2022 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, 2022
Principal | Issuer | Value | % of net assets | |||||||||||||
PERU | $ | 185,752 | 0.0 | % | ||||||||||||
POLAND | 498,913 | 0.1 | ||||||||||||||
QATAR | ||||||||||||||||
CNY 16,000,000 | QNB Finance Ltd | 3.150%, 02/04/26 | 2,316,954 | 0.5 | ||||||||||||
Other | 278,749 | 0.1 | ||||||||||||||
2,595,703 | 0.6 | |||||||||||||||
ROMANIA | 217,227 | 0.0 | ||||||||||||||
RUSSIA | 183,545 | 0.0 | ||||||||||||||
SAUDI ARABIA | 962,263 | 0.2 | ||||||||||||||
SINGAPORE | 636,232 | 0.1 | ||||||||||||||
SOUTH AFRICA | 1,532,256 | 0.3 | ||||||||||||||
SPAIN | 805,520 | 0.2 | ||||||||||||||
SUPRANATIONAL | 935,643 | 0.2 | ||||||||||||||
SWITZERLAND | 2,833,946 | 0.6 | ||||||||||||||
TAIWAN | 298,650 | 0.1 | ||||||||||||||
THAILAND | 801,866 | 0.2 | ||||||||||||||
TURKEY | 245,112 | 0.0 | ||||||||||||||
UNITED ARAB EMIRATES | 724,936 | 0.2 | ||||||||||||||
UNITED KINGDOM | 9,178,864 | 2.0 | ||||||||||||||
UNITED STATES | 41,931,655 | 9.2 | ||||||||||||||
TOTAL CORPORATE BONDS (Cost $120,585,656) | 103,401,904 | 22.6 | ||||||||||||||
GOVERNMENT BONDS | ||||||||||||||||
ANGOLA | 1,467,394 | 0.3 | ||||||||||||||
AUSTRALIA | ||||||||||||||||
AUD 3,650,000 | Australia Government Bond | 0.250%, 11/21/25 | 2,353,274 | 0.5 | ||||||||||||
8,250,000 | z | Australia Government Bond | 1.250%–3.000%, 05/21/28–06/21/51 | 4,951,925 | 1.1 | |||||||||||
Other | 1,159,197 | 0.3 | ||||||||||||||
8,464,396 | 1.9 | |||||||||||||||
BELGIUM | ||||||||||||||||
EUR 2,125,000 | g | Kingdom of Belgium Government International Bond | 0.000%, 10/22/27 | 2,131,598 | 0.6 | |||||||||||
2,131,598 | 0.6 | |||||||||||||||
BENIN | 1,075,236 | 0.2 | ||||||||||||||
BRAZIL | 1,917,088 | 0.4 | ||||||||||||||
CAMEROON | 573,546 | 0.1 | ||||||||||||||
CANADA | ||||||||||||||||
CAD 3,050,000 | g | Canada Housing Trust No | 1.100%, 12/15/26 | 2,173,711 | 0.5 | |||||||||||
Other | 12,033,200 | 2.6 | ||||||||||||||
14,206,911 | 3.1 |
See notes to financial statements | TIAA-CREF International Fixed-Income Funds ■ 2022 Semiannual Report | 25 |
Consolidated summary portfolio of investments (unaudited) | continued |
International Bond Fund ■ April 30, 2022
Principal | Issuer | Value | % of net assets | |||||||||||||
CHILE | $ | 1,487,555 | 0.3 | % | ||||||||||||
CHINA | ||||||||||||||||
CNY 83,560,000 | China Government Bond | 2.880%, 11/05/23 | 12,811,002 | 2.8 | ||||||||||||
14,900,000 | China Government Bond | 2.910%, 10/14/28 | 2,273,549 | 0.5 | ||||||||||||
14,500,000 | China Government Bond | 3.270%, 11/19/30 | 2,270,373 | 0.5 | ||||||||||||
24,800,000 | China Government Bond | 3.720%, 04/12/51 | 3,996,989 | 0.9 | ||||||||||||
49,600,000 | China Government International Bond | 2.940%, 10/17/24 | 7,627,424 | 1.7 | ||||||||||||
60,500,000 | China Government International Bond | 3.120%, 12/05/26 | 9,373,348 | 2.0 | ||||||||||||
18,900,000 | China Government International Bond | 3.860%, 07/22/49 | 3,111,274 | 0.7 | ||||||||||||
30,000,000 | China Government International Bond | 3.390%, 03/16/50 | 4,534,600 | 1.0 | ||||||||||||
Other | 2,077,329 | 0.4 | ||||||||||||||
48,075,888 | 10.5 | |||||||||||||||
COTE D’IVOIRE | 1,030,557 | 0.2 | ||||||||||||||
CROATIA | 857,813 | 0.2 | ||||||||||||||
CYPRUS | ||||||||||||||||
EUR 5,025,000 | z | Cyprus Government International Bond | 0.625%–2.750%, 09/25/28–05/03/49 | 4,960,867 | 1.1 | |||||||||||
4,960,867 | 1.1 | |||||||||||||||
DOMINICAN REPUBLIC | 905,757 | 0.2 | ||||||||||||||
ECUADOR | 593,166 | 0.1 | ||||||||||||||
EGYPT | 3,572,261 | 0.8 | ||||||||||||||
EL SALVADOR | 409,589 | 0.1 | ||||||||||||||
FRANCE | ||||||||||||||||
EUR 4,500,000 | French Republic Government Bond OAT | 0.500%, 05/25/25 | 4,727,693 | 1.0 | ||||||||||||
3,775,000 | French Republic Government Bond OAT | 0.750%, 11/25/28 | 3,905,124 | 0.8 | ||||||||||||
2,450,000 | g | French Republic Government Bond OAT | 0.500%, 05/25/40 | 2,082,510 | 0.5 | |||||||||||
2,500,000 | z | UNEDIC ASSEO | 0.250%, 07/16/35 | 2,138,263 | 0.5 | |||||||||||
Other | 709,219 | 0.2 | ||||||||||||||
13,562,809 | 3.0 | |||||||||||||||
GERMANY | 991,008 | 0.2 | ||||||||||||||
GHANA | 2,120,561 | 0.5 | ||||||||||||||
GREECE | ||||||||||||||||
EUR 2,300,000 | g | Hellenic Republic Government International Bond | 1.500%, 06/18/30 | 2,145,351 | 0.5 | |||||||||||
Other | 2,749,742 | 0.6 | ||||||||||||||
4,895,093 | 1.1 | |||||||||||||||
GUATEMALA | 739,925 | 0.2 | ||||||||||||||
HUNGARY | 1,816,333 | 0.4 | ||||||||||||||
INDIA | 202,117 | 0.0 | ||||||||||||||
INDONESIA | 2,063,592 | 0.5 |
26 | 2022 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, 2022
Principal | Issuer | Value | % of net assets | |||||||||||||
ISRAEL | ||||||||||||||||
ILS 5,250,000 | Israel Government International Bond | 5.500%, 01/31/42 | $ | 2,200,689 | 0.5 | % | ||||||||||
Other | 1,075,115 | 0.2 | ||||||||||||||
3,275,804 | 0.7 | |||||||||||||||
ITALY | ||||||||||||||||
EUR 5,525,000 | Italy Buoni Poliennali Del Tesoro | 2.450%, 10/01/23 | 5,997,409 | 1.3 | ||||||||||||
3,950,000 | Italy Buoni Poliennali Del Tesoro | 1.250%, 12/01/26 | 4,071,295 | 0.9 | ||||||||||||
3,675,000 | Italy Buoni Poliennali Del Tesoro | 0.950%, 09/15/27 | 3,676,195 | 0.8 | ||||||||||||
Other | 2,665,364 | 0.6 | ||||||||||||||
16,410,263 | 3.6 | |||||||||||||||
JAPAN | ||||||||||||||||
JPY 330,000,000 | Japan Government Ten Year Bond | 0.100%, 06/20/28 | 2,547,384 | 0.6 | ||||||||||||
322,000,000 | Japan Government Ten Year Bond | 0.100%, 09/20/29 | 2,472,798 | 0.5 | ||||||||||||
325,000,000 | Japan Government Ten Year Bond | 0.100%, 12/20/29 | 2,492,676 | 0.6 | ||||||||||||
425,000,000 | Japan Government Ten Year Bond | 0.100%, 06/20/30 | 3,253,459 | 0.7 | ||||||||||||
513,000,000 | Japan Government Ten Year Bond | 0.100%, 09/20/30 | 3,923,313 | 0.9 | ||||||||||||
525,950,000 | Japan Government Thirty Year Bond | 2.500%, 09/20/34 | 5,092,392 | 1.1 | ||||||||||||
457,700,000 | Japan Government Thirty Year Bond | 0.500%, 09/20/46 | 3,243,992 | 0.7 | ||||||||||||
533,000,000 | Japan Government Thirty Year Bond | 0.700%, 09/20/51 | 3,826,141 | 0.8 | ||||||||||||
340,000,000 | Japan Government Twenty Year Bond | 2.100%, 03/20/26 | 2,836,205 | 0.6 | ||||||||||||
278,000,000 | Japan Government Twenty Year Bond | 0.600%, 12/20/36 | 2,174,528 | 0.5 | ||||||||||||
660,000,000 | Japan Government Twenty Year Bond | 0.700%, 09/20/38 | 5,173,132 | 1.1 | ||||||||||||
Other | 9,123,597 | 2.0 | ||||||||||||||
46,159,617 | 10.1 | |||||||||||||||
KENYA | 1,497,624 | 0.3 | ||||||||||||||
KOREA, REPUBLIC OF | ||||||||||||||||
KRW 3,800,000,000 | Korea Treasury Bond | 1.500%, 03/10/25 | 2,895,666 | 0.6 | ||||||||||||
3,420,000,000 | Korea Treasury Bond | 2.000%, 06/10/31 | 2,448,407 | 0.5 | ||||||||||||
Other | 3,267,382 | 0.8 | ||||||||||||||
8,611,455 | 1.9 | |||||||||||||||
LEBANON | 160,300 | 0.0 | ||||||||||||||
MALAYSIA | 3,350,195 | 0.7 | ||||||||||||||
MEXICO | 3,776,123 | 0.8 | ||||||||||||||
MONGOLIA | 465,831 | 0.1 | ||||||||||||||
MOROCCO | 1,729,569 | 0.4 | ||||||||||||||
NETHERLANDS | 2,347,429 | 0.5 | ||||||||||||||
NEW ZEALAND | 1,331,069 | 0.3 | ||||||||||||||
NIGERIA | 1,216,086 | 0.3 | ||||||||||||||
NORWAY | ||||||||||||||||
NOK 34,375,000 | g | Norway Government International Bond | 2.000%, 04/26/28 | 3,526,142 | 0.8 | |||||||||||
Other | 940,824 | 0.2 | ||||||||||||||
4,466,966 | 1.0 | |||||||||||||||
PAKISTAN | 2,003,478 | 0.4 | ||||||||||||||
PANAMA | 2,089,600 | 0.5 |
See notes to financial statements | TIAA-CREF International Fixed-Income Funds ■ 2022 Semiannual Report | 27 |
Consolidated summary portfolio of investments (unaudited) | continued |
International Bond Fund ■ April 30, 2022
Principal | Issuer | Value | % of net assets | |||||||||||||
PARAGUAY | $ | 819,911 | 0.2 | % | ||||||||||||
PERU | 1,294,206 | 0.3 | ||||||||||||||
PHILIPPINES | 530,805 | 0.1 | ||||||||||||||
POLAND | 939,720 | 0.2 | ||||||||||||||
REPUBLIC OF SERBIA | 3,751,058 | 0.8 | ||||||||||||||
ROMANIA | 3,673,481 | 0.8 | ||||||||||||||
RUSSIA | 109,022 | 0.0 | ||||||||||||||
RWANDA | ||||||||||||||||
$2,450,000 | g | Rwanda International Government Bond | 5.500%, 08/09/31 | 2,164,191 | 0.5 | |||||||||||
2,164,191 | 0.5 | |||||||||||||||
SENEGAL | 1,660,985 | 0.4 | ||||||||||||||
SINGAPORE | ||||||||||||||||
SGD 3,525,000 | Singapore Government Bond | 1.625%, 07/01/31 | 2,354,942 | 0.5 | ||||||||||||
2,354,942 | 0.5 | |||||||||||||||
SOUTH AFRICA | 3,327,205 | 0.7 | ||||||||||||||
SPAIN | ||||||||||||||||
EUR 4,600,000 | g | Spain Government International Bond | 2.750%, 10/31/24 | 5,098,212 | 1.1 | |||||||||||
3,875,000 | g | Spain Government International Bond | 0.500%, 10/31/31 | 3,596,901 | 0.8 | |||||||||||
2,650,000 | g | Spain Government International Bond | 1.200%, 10/31/40 | 2,318,193 | 0.5 | |||||||||||
Other | 4,127,276 | 0.9 | ||||||||||||||
15,140,582 | 3.3 | |||||||||||||||
SUPRANATIONAL | 10,928,427 | 2.4 | ||||||||||||||
THAILAND | 3,087,195 | 0.7 | ||||||||||||||
UKRAINE | 1,512,919 | 0.3 | ||||||||||||||
UNITED ARAB EMIRATES | 198,509 | 0.0 | ||||||||||||||
UNITED KINGDOM | ||||||||||||||||
GBP 1,750,000 | United Kingdom Gilt | 0.250%, 01/31/25 | 2,114,294 | 0.4 | ||||||||||||
2,425,000 | United Kingdom Gilt | 1.625%, 10/22/28 | 3,035,866 | 0.7 | ||||||||||||
3,350,000 | United Kingdom Gilt | 1.750%, 09/07/37 | 4,019,999 | 0.9 | ||||||||||||
5,060,000 | United Kingdom Gilt | 0.625%, 10/22/50 | 4,455,615 | 1.0 | ||||||||||||
Other | 2,933,579 | 0.6 | ||||||||||||||
16,559,353 | 3.6 | |||||||||||||||
URUGUAY | 1,390,360 | 0.3 | ||||||||||||||
UZBEKISTAN | 631,476 | 0.1 | ||||||||||||||
TOTAL GOVERNMENT BONDS (Cost $332,670,046) | 287,086,816 | 62.8 |
28 | 2022 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, 2022
Principal | Issuer | Value | % of net assets | ||||||||||||||
STRUCTURED ASSETS | |||||||||||||||||
IRELAND | |||||||||||||||||
GBP 1,900,000 | i | Frost CMBS DAC Series 0-2021 1A (Class GBD), SONIA Interest Rate Benchmark + 2.900% | 0.000%, 11/22/26 | $ | 2,363,210 | 0.5 | % | ||||||||||
Other | 5,124,761 | 1.2 | |||||||||||||||
7,487,971 | 1.7 | ||||||||||||||||
ITALY | 949,455 | 0.2 | |||||||||||||||
UNITED STATES | |||||||||||||||||
$2,350,289 | i | Connecticut Avenue Securities Series 0-2017 C05 (Class 1M2), LIBOR 1 M + 2.200% | 2.868%, 01/25/30 | 2,367,937 | 0.5 | ||||||||||||
6,200,000 | i | Freddie Mac STACR REMIC Trust Series 0-2021 DNA5 (Class M2) | 1.939%, 01/25/34 | 6,150,783 | 1.3 | ||||||||||||
Other | 13,507,821 | 2.9 | |||||||||||||||
22,026,541 | 4.7 | ||||||||||||||||
TOTAL STRUCTURED ASSETS (Cost $31,775,226) | 30,463,967 | 6.6 | |||||||||||||||
TOTAL BONDS (Cost $485,030,928) | 420,952,687 | 92.0 | |||||||||||||||
SHORT-TERM INVESTMENTS | |||||||||||||||||
EGYPT | |||||||||||||||||
EGP 58,800,000 | Egypt Treasury Bill | 0.000%, 05/17/22 | 3,173,867 | 0.7 | |||||||||||||
3,173,867 | 0.7 | ||||||||||||||||
REPURCHASE AGREEMENT | |||||||||||||||||
UNITED STATES | |||||||||||||||||
$9,200,000 | r | Fixed Income Clearing Corp (FICC) | 0.230%, 05/02/22 | 9,200,000 | 2.0 | ||||||||||||
9,200,000 | 2.0 | ||||||||||||||||
Shares | Company | ||||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | |||||||||||||||||
3,076,986 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 0.310% | 3,076,986 | 0.7 | ||||||||||||
3,076,986 | 0.7 | ||||||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $15,995,370) | 15,450,853 | 3.4 | |||||||||||||||
TOTAL PORTFOLIO (Cost $510,500,611) | 445,776,388 | 97.4 | |||||||||||||||
OTHER ASSETS & LIABILITIES, NET | 12,205,079 | 2.6 | |||||||||||||||
NET ASSETS | $ | 457,981,467 | 100.0 | % |
AUD | Australian Dollar |
CAD | Canadian Dollar |
CNY | Chinese Yuan |
EGP | Egyptian Pound |
EUR | Euro |
GBP | Pound Sterling |
ILS | Israeli New Shekel |
JPY | Japanese Yen |
KRW | South Korean Won |
LIBOR | London Interbank Offered Rate |
M | Month |
NOK | Norwegian Krone |
SGD | Singapore Dollar |
SONIA | Sterling Overnight Index Average |
See notes to financial statements | TIAA-CREF International Fixed-Income Funds ■ 2022 Semiannual Report | 29 |
Consolidated summary portfolio of investments (unaudited) | continued |
International Bond Fund ■ April 30, 2022
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 4/30/22, the aggregate value of these securities is $132,548,769 or 28.9% 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. |
r | Agreement with Fixed Income Clearing Corp (FICC), 0.230% dated 4/29/22 to be repurchased at $9,20,000 on 5/2/22, collateralized by Government Agency Securities, with coupon rate 2.875% and maturity date 8/15/45, valued at $9,384,019. |
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 4/30/22, the aggregate value of securities on loan is $3,171,360. 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, 2022 were as follows:
Currency to be purchased | Receive | Currency to be sold | Deliver | Counterparty | Settlement date | Unrealized appreciation (depreciation | ) | |||||
$ | 48,058,416 | CNY | 318,257,245 | Australia and New Zealand Banking Group | 07/29/22 | $ | 341,540 | |||||
$ | 1,382,153 | NZD | 2,107,423 | Australia and New Zealand Banking Group | 07/29/22 | 22,685 | ||||||
$ | 1,563,327 | THB | 53,688,559 | Australia and New Zealand Banking Group | 05/31/22 | (4,795 | ) | |||||
Total | $ | 359,430 | ||||||||||
$ | 139,543,137 | EUR | 130,053,594 | Bank of America, N.A. | 07/29/22 | $ | 1,685,207 | |||||
$ | 688,125 | HUF | 244,968,630 | Bank of America, N.A. | 05/31/22 | 7,766 | ||||||
$ | 9,761,717 | KRW | 11,970,989,368 | Bank of America, N.A. | 05/03/22 | 253,871 | ||||||
$ | 705,249 | PEN | 2,703,500 | Bank of America, N.A. | 05/03/22 | 1,021 | ||||||
$ | 659,817 | PEN | 2,530,397 | Bank of America, N.A. | 06/02/22 | 3,160 | ||||||
$ | 908,324 | RON | 4,282,163 | Bank of America, N.A. | 05/31/22 | (753 | ) | |||||
KRW | 11,970,989,368 | $ | 9,460,241 | Bank of America, N.A. | 05/03/22 | 47,605 | ||||||
PEN | 2,703,500 | $ | 707,964 | Bank of America, N.A. | 05/03/22 | (3,736 | ) | |||||
Total | $ | 1,994,141 | ||||||||||
$ | 882,280 | KRW | 1,116,437,000 | Citibank, N.A. | 05/03/22 | $ | (4,440 | ) | ||||
GBP | 2,590,642 | $ | 3,257,676 | Citibank, N.A. | 07/29/22 | 1,358 | ||||||
KRW | 1,116,437,000 | $ | 906,523 | Citibank, N.A. | 05/03/22 | (19,803 | ) | |||||
Total | $ | (22,885 | ) |
30 | 2022 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds | See notes to financial statements |
Consolidated summary portfolio of investments (unaudited) | concluded |
International Bond Fund ■ April 30, 2022
Currency to be purchased | Receive | Currency to be sold | Deliver | Counterparty | Settlement date | Unrealized appreciation (depreciation | ) | |||||
$ | 8,667,276 | AUD | 12,126,097 | Morgan Stanley | 07/29/22 | $ | 86,212 | |||||
$ | 520,079 | GBP | 398,716 | Morgan Stanley | 06/30/22 | 18,634 | ||||||
$ | 57,586,134 | JPY | 6,638,020,985 | Morgan Stanley | 05/02/22 | 6,432,695 | ||||||
$ | 2,247,945 | NOK | 20,918,393 | Morgan Stanley | 07/29/22 | 16,475 | ||||||
$ | 722,372 | PEN | 2,703,500 | Morgan Stanley | 05/03/22 | 18,145 | ||||||
$ | 476,359 | PLN | 2,136,316 | Morgan Stanley | 05/31/22 | (3,651 | ) | |||||
JPY | 402,936,054 | $ | 3,316,091 | Morgan Stanley | 05/02/22 | (211,014 | ) | |||||
PEN | 2,703,500 | $ | 705,249 | Morgan Stanley | 05/03/22 | (1,021 | ) | |||||
SEK | 6,916,490 | $ | 712,452 | Morgan Stanley | 07/29/22 | (6,148 | ) | |||||
Total | $ | 6,350,327 | ||||||||||
$ | 15,699,746 | CAD | 20,170,516 | Toronto Dominion Bank | 07/29/22 | $ | 4,366 | |||||
$ | 1,299,858 | EUR | 1,225,464 | Toronto Dominion Bank | 07/29/22 | 855 | ||||||
$ | 37,512,824 | GBP | 29,896,401 | Toronto Dominion Bank | 07/29/22 | (96,914 | ) | |||||
$ | 501,392 | GBP | 398,716 | Toronto Dominion Bank | 07/29/22 | (194 | ) | |||||
$ | 47,265,873 | JPY | 6,032,551,352 | Toronto Dominion Bank | 07/29/22 | 591,340 | ||||||
$ | 8,577,961 | KRW | 10,854,552,368 | Toronto Dominion Bank | 05/03/22 | (43,165 | ) | |||||
$ | 8,425,892 | KRW | 10,683,693,984 | Toronto Dominion Bank | 06/03/22 | (30,512 | ) | |||||
CAD | 1,516,679 | $ | 1,181,760 | Toronto Dominion Bank | 07/29/22 | (1,579 | ) | |||||
CNY | 26,677,641 | $ | 3,999,958 | Toronto Dominion Bank | 07/29/22 | (131 | ) | |||||
EUR | 1,225,464 | $ | 1,294,085 | Toronto Dominion Bank | 05/04/22 | (1,082 | ) | |||||
GBP | 398,716 | $ | 501,273 | Toronto Dominion Bank | 06/30/22 | 172 | ||||||
GBP | 631,783 | $ | 792,882 | Toronto Dominion Bank | 07/29/22 | 1,903 | ||||||
KRW | 10,854,552,368 | $ | 8,560,913 | Toronto Dominion Bank | 05/03/22 | 60,214 | ||||||
$ | 608,200 | ZAR | 9,736,002 | Toronto Dominion Bank | 05/31/22 | (6,099 | ) | |||||
Total | $ | 479,174 | ||||||||||
Total | $ | 9,160,187 |
AUD | Australian Dollar |
CAD | Canadian Dollar |
CNY | Chinese Yuan |
EUR | Euro |
GBP | Pound Sterling |
HUF | Hungarian Forint |
JPY | Japanese Yen |
KRW | South Korean Won |
NOK | Norwegian Krone |
NZD | New Zealand Dollar |
PEN | Peruvian Sol |
PLN | Polish Zloty |
RON | Romanian New Leu |
SEK | Swedish Krona |
THB | Thai Baht |
ZAR | South African Rand |
See notes to financial statements | TIAA-CREF International Fixed-Income Funds ■ 2022 Semiannual Report | 31 |
Statements of assets and liabilities (unaudited)
TIAA-CREF Funds ■ April 30, 2022
Emerging Markets Debt Fund | International Bond Fund | § | |||||||
ASSETS | |||||||||
Portfolio investments, at value*† | $ | 565,900,018 | $ | 445,776,388 | |||||
Cash | 296,311 | 3,041,566 | |||||||
Cash – foreign^ | 227,584 | — | |||||||
Receivable from securities transactions | 3,752,109 | 4,296,247 | |||||||
Receivable from Fund shares sold | 1,374,827 | 387,174 | |||||||
Dividends and interest receivable | 8,319,458 | 3,711,326 | |||||||
Due from affiliates | 242,868 | 234,536 | |||||||
Unrealized appreciation on forward foreign currency contracts | — | 9,595,223 | |||||||
Other | 19,824 | 11,950 | |||||||
Total assets | 580,132,999 | 467,054,410 | |||||||
LIABILITIES | |||||||||
Management fees payable | 253,732 | 192,461 | |||||||
Service agreement fees payable | 6,466 | 1,080 | |||||||
Distribution fees payable | 2,771 | 350 | |||||||
Due to affiliates | 5,814 | 5,622 | |||||||
Overdraft payable | — | 697,466 | |||||||
Payable for collateral for securities loaned | 31,496,628 | 3,076,986 | |||||||
Payable for securities transactions | 9,360 | 2,454,602 | |||||||
Payable for delayed delivery securities | — | 1,565,084 | |||||||
Payable for Fund shares redeemed | 328,088 | 575,855 | |||||||
Unrealized depreciation on forward foreign currency contracts | — | 435,036 | |||||||
Payable for trustee compensation | 18,555 | 11,404 | |||||||
Accrued expenses and other payables | 73,876 | 56,997 | |||||||
Total liabilities | 32,195,290 | 9,072,943 | |||||||
NET ASSETS | $ | 547,937,709 | $ | 457,981,467 | |||||
NET ASSETS CONSIST OF: | |||||||||
Paid-in-capital | $ | 638,003,448 | $ | 508,199,774 | |||||
Total distributable earnings (loss) | (90,065,739 | ) | (50,218,307 | ) | |||||
NET ASSETS | $ | 547,937,709 | $ | 457,981,467 | |||||
§ | Consolidated statement of assets and liabilities (see Note 2) | ||||||||
* | Includes securities loaned of | $ | 31,628,053 | $ | 3,171,360 | ||||
† | Portfolio investments, cost | $ | 655,623,058 | $ | 510,500,611 | ||||
^ | Foreign cash, cost | $ | 231,460 | $ | — |
32 | 2022 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds | See notes to financial statements |
Statements of assets and liabilities (unaudited) | concluded |
TIAA-CREF Funds ■ April 30, 2022
Emerging Markets Debt Fund | International Bond Fund | § | ||||||
INSTITUTIONAL CLASS: | ||||||||
Net assets | $ | 48,334,418 | $ | 747,773 | ||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 5,691,830 | 83,188 | ||||||
Net asset value per share | $ | 8.49 | $ | 8.99 | ||||
ADVISOR CLASS: | ||||||||
Net assets | $ | 17,277,609 | $ | 1,931,867 | ||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 2,028,708 | 214,998 | ||||||
Net asset value per share | $ | 8.52 | $ | 8.99 | ||||
PREMIER CLASS: | ||||||||
Net assets | $ | 215,732 | $ | 93,037 | ||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 25,409 | 10,285 | ||||||
Net asset value per share | $ | 8.49 | $ | 9.05 | ||||
RETIREMENT CLASS: | ||||||||
Net assets | $ | 16,318,715 | $ | 5,190,253 | ||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 1,923,006 | 577,830 | ||||||
Net asset value per share | $ | 8.49 | $ | 8.98 | ||||
RETAIL CLASS: | ||||||||
Net assets | $ | 12,614,406 | $ | 1,627,174 | ||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 1,486,349 | 181,010 | ||||||
Net asset value per share | $ | 8.49 | $ | 8.99 | ||||
CLASS W: | ||||||||
Net assets | $ | 453,176,829 | $ | 448,391,363 | ||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 53,350,840 | 49,845,154 | ||||||
Net asset value per share | $ | 8.49 | $ | 9.00 |
See notes to financial statements | TIAA-CREF International Fixed-Income Funds ■ 2022 Semiannual Report | 33 |
Statements of operations (unaudited)
TIAA-CREF Funds ■ For the period ended April 30, 2022
Emerging Markets Debt Fund | International Bond Fund | § | |||||||
INVESTMENT INCOME | |||||||||
Interest* | $ | 18,391,734 | $ | 5,912,402 | |||||
Total income | 18,391,734 | 5,912,402 | |||||||
EXPENSES | |||||||||
Management fees | 1,533,240 | 1,239,665 | |||||||
Shareholder servicing — Institutional Class | 577 | 17 | |||||||
Shareholder servicing — Advisor Class | 6,750 | 21 | |||||||
Shareholder servicing — Premier Class | 19 | 11 | |||||||
Shareholder servicing — Retirement Class | 22,531 | 6,876 | |||||||
Shareholder servicing — Retail Class | 8,363 | 5,983 | |||||||
Shareholder servicing — Class W | 341 | 274 | |||||||
Distribution fees — Premier Class | 177 | 73 | |||||||
Distribution fees — Retail Class | 19,820 | 2,108 | |||||||
Administrative service fees | 42,750 | 42,478 | |||||||
Trustee fees and expenses | 2,982 | 2,710 | |||||||
Other expenses | 132,560 | 167,440 | |||||||
Total expenses | 1,770,110 | 1,467,656 | |||||||
Less: Expenses reimbursed by the investment adviser | (1,385,676 | ) | (1,427,882 | ) | |||||
Fee waiver by investment adviser and Nuveen Securities | — | (808 | ) | ||||||
Net expenses | 384,434 | 38,966 | |||||||
Net investment income (loss) | 18,007,300 | 5,873,436 | |||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS | |||||||||
Realized gain (loss): | |||||||||
Portfolio investments | (4,368,288 | ) | (1,409,212 | ) | |||||
Forward foreign currency contracts | (93,355 | ) | 20,477,323 | ||||||
Foreign currency transactions | (641,807 | ) | (1,764,952 | ) | |||||
Net realized gain (loss) on total investments | (5,103,450 | ) | 17,303,159 | ||||||
Change in unrealized appreciation (depreciation) on: | |||||||||
Portfolio investments‡ | (85,463,269 | ) | (65,901,801 | ) | |||||
Forward foreign currency contracts | 71,594 | 7,940,613 | |||||||
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies | 2,821 | (749,711 | ) | ||||||
Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments | (85,388,854 | ) | (58,710,899 | ) | |||||
Net realized and unrealized gain (loss) on total investments | (90,492,304 | ) | (41,407,740 | ) | |||||
Net increase (decrease) in net assets from operations | $ | (72,485,004 | ) | $ | (35,534,304 | ) | |||
§ | Consolidated statement of operations (see Note 2) | ||||||||
* | Net of foreign withholding taxes of | $ | 80,649 | $ | 91,493 | ||||
‡ | Includes net change in unrealized foreign capital gains taxes of | $ | 16,863 | $ | — |
34 | 2022 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds | See notes to financial statements |
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TIAA-CREF International Fixed-Income Funds ■ 2022 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, 2022 | October 31, 2021 | April 30, 2022 | October 31, 2021 | |||||||||||||||
(unaudited | ) | (unaudited | ) | |||||||||||||||
OPERATIONS | ||||||||||||||||||
Net investment income (loss) | $ | 18,007,300 | $ | 32,955,966 | $ | 5,873,436 | $ | 10,299,909 | ||||||||||
Net realized gain (loss) on total investments | (5,103,450 | ) | 3,627,198 | 17,303,159 | 8,999,332 | |||||||||||||
Net change in unrealized appreciation (depreciation) on total investments | (85,388,854 | ) | 14,337,165 | (58,710,899 | ) | (18,656,563 | ) | |||||||||||
Net increase (decrease) in net assets from operations | (72,485,004 | ) | 50,920,329 | (35,534,304 | ) | 642,678 | ||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||
Institutional Class | (1,482,501 | ) | (2,801,324 | ) | (18,242 | ) | (24,626 | ) | ||||||||||
Advisor Class | (499,070 | ) | (885,555 | ) | (2,776 | ) | (3,221 | ) | ||||||||||
Premier Class | (6,480 | ) | (17,541 | ) | (2,291 | ) | (2,701 | ) | ||||||||||
Retirement Class | (494,961 | ) | (828,970 | ) | (118,845 | ) | (212,350 | ) | ||||||||||
Retail Class | (482,417 | ) | (798,780 | ) | (34,281 | ) | (45,719 | ) | ||||||||||
Class W | (14,012,825 | ) | (25,831,466 | ) | (15,924,106 | ) | (14,770,167 | ) | ||||||||||
Total distributions | (16,978,254 | ) | (31,163,636 | ) | (16,100,541 | ) | (15,058,784 | ) | ||||||||||
SHAREHOLDER TRANSACTIONS | ||||||||||||||||||
Subscriptions: | Institutional Class | 13,577,660 | 39,940,984 | 74,059 | 132,566 | |||||||||||||
Advisor Class | 3,354,475 | 8,024,249 | 1,837,704 | 938 | ||||||||||||||
Premier Class | 555 | 950,351 | — | — | ||||||||||||||
Retirement Class | 1,822,157 | 5,143,604 | 545,396 | 924,606 | ||||||||||||||
Retail Class | 13,082,592 | 38,414,089 | 72,801 | 335,439 | ||||||||||||||
Class W | 88,861,435 | 121,940,374 | 51,326,593 | 167,042,654 | ||||||||||||||
Reinvestments of distributions: | Institutional Class | 1,444,067 | 2,769,318 | 18,000 | 24,347 | |||||||||||||
Advisor Class | 495,449 | 879,601 | 38 | 14 | ||||||||||||||
Premier Class | 101 | 6,876 | — | — | ||||||||||||||
Retirement Class | 494,704 | 828,550 | 118,611 | 212,062 | ||||||||||||||
Retail Class | 476,319 | 794,022 | 34,017 | 45,120 | ||||||||||||||
Class W | 1 | — | 4,061,053 | 4,197,582 | ||||||||||||||
Redemptions: | Institutional Class | (35,601,103 | ) | (13,465,364 | ) | (1,245 | ) | (279,803 | ) | |||||||||
Advisor Class | (2,909,334 | ) | (10,865,753 | ) | — | (12,513 | ) | |||||||||||
Premier Class | — | (950,080 | ) | — | — | |||||||||||||
Retirement Class | (2,312,156 | ) | (5,145,963 | ) | (617,296 | ) | (3,254,737 | ) | ||||||||||
Retail Class | (14,135,469 | ) | (44,010,220 | ) | (46,244 | ) | (430,222 | ) | ||||||||||
Class W | (33,822,747 | ) | (142,352,264 | ) | (72,777,862 | ) | (68,365,571 | ) | ||||||||||
Net increase (decrease) from shareholder transactions | 34,828,706 | 2,902,374 | (15,354,375 | ) | 100,572,482 | |||||||||||||
Net increase (decrease) in net assets | (54,634,552 | ) | 22,659,067 | (66,989,220 | ) | 86,156,376 | ||||||||||||
NET ASSETS | ||||||||||||||||||
Beginning of period | 602,572,261 | 579,913,194 | 524,970,687 | 438,814,311 | ||||||||||||||
End of period | $ | 547,937,709 | $ | 602,572,261 | $ | 457,981,467 | $ | 524,970,687 |
36 | 2022 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF International Fixed-Income Funds ■ 2022 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, 2022 | October 31, 2021 | April 30, 2022 | October 31, 2021 | |||||||||||||||
(unaudited | ) | (unaudited | ) | |||||||||||||||
CHANGE IN FUND SHARES | ||||||||||||||||||
Shares sold: | Institutional Class | 1,457,516 | 3,936,543 | 7,811 | 13,055 | |||||||||||||
Advisor Class | 365,158 | 790,673 | 203,218 | 94 | ||||||||||||||
Premier Class | 56 | 95,130 | — | — | ||||||||||||||
Retirement Class | �� | 191,873 | 506,475 | 56,662 | 90,898 | |||||||||||||
Retail Class | 1,389,105 | 3,803,134 | 7,555 | 33,021 | ||||||||||||||
Class W | 9,830,518 | 12,072,225 | 5,356,251 | 16,475,567 | ||||||||||||||
Shares reinvested: | Institutional Class | 154,449 | 273,789 | 1,860 | 2,398 | |||||||||||||
Advisor Class | 52,837 | 86,744 | 4 | 1 | ||||||||||||||
Premier Class | 11 | 694 | — | — | ||||||||||||||
Retirement Class | 52,968 | 81,938 | 12,249 | 20,913 | ||||||||||||||
Retail Class | 50,625 | 78,796 | 3,510 | 4,445 | ||||||||||||||
Class W | — | — | 414,816 | 413,555 | ||||||||||||||
Shares redeemed: | Institutional Class | (3,682,091 | ) | (1,345,820 | ) | (131 | ) | (28,009 | ) | |||||||||
Advisor Class | (316,080 | ) | (1,070,239 | ) | — | (1,217 | ) | |||||||||||
Premier Class | — | (95,775 | ) | — | — | |||||||||||||
Retirement Class | (249,240 | ) | (511,433 | ) | (64,401 | ) | (325,540 | ) | ||||||||||
Retail Class | (1,528,007 | ) | (4,364,829 | ) | (4,747 | ) | (42,835 | ) | ||||||||||
Class W | (3,650,908 | ) | (14,038,199 | ) | (7,632,129 | ) | (6,755,942 | ) | ||||||||||
Net increase (decrease) from shareholder transactions | 4,118,790 | 299,846 | (1,637,472 | ) | 9,900,404 |
§ | Consolidated statement of changes in net assets (see Note 2) |
38 | 2022 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF International Fixed-Income Funds ■ 2022 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: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/22 | # | $ 9.97 | $0.28 | $(1.50 | ) | $(1.22 | ) | $(0.26 | ) | $ — | $(0.26 | ) | $ 8.49 | (12.42 | )%b | $ | 48,334 | 0.62 | %c | 0.62 | %c | 5.86 | %c | 27 | %b | |||||||||||||||||||||||||||||||||
10/31/21 | 9.65 | 0.47 | 0.29 | 0.76 | (0.44 | ) | — | (0.44 | ) | 9.97 | 7.90 | 77,422 | 0.61 | 0.61 | 4.67 | 57 | ||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||
Advisor Class: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/22 | # | 10.00 | 0.28 | (1.50 | ) | (1.22 | ) | (0.26 | ) | — | (0.26 | ) | 8.52 | (12.42 | )b | 17,278 | 0.69 | c | 0.69 | c | 5.92 | c | 27 | b | ||||||||||||||||||||||||||||||||||
10/31/21 | 9.67 | 0.46 | 0.30 | 0.76 | (0.43 | ) | — | (0.43 | ) | 10.00 | 7.91 | 19,272 | 0.69 | 0.69 | 4.55 | 57 | ||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||
Premier Class: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/22 | # | 9.97 | 0.27 | (1.49 | ) | (1.22 | ) | (0.26 | ) | — | (0.26 | ) | 8.49 | (12.51 | )b | 216 | 0.78 | c | 0.78 | c | 5.83 | c | 27 | b | ||||||||||||||||||||||||||||||||||
10/31/21 | 9.65 | 0.47 | 0.28 | 0.75 | (0.43 | ) | — | (0.43 | ) | 9.97 | 7.74 | 253 | 0.80 | 0.80 | 4.61 | 57 | ||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||
Retirement Class: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/22 | # | 9.97 | 0.27 | (1.49 | ) | (1.22 | ) | (0.26 | ) | — | (0.26 | ) | 8.49 | (12.49 | )b | 16,319 | 0.86 | c | 0.78 | c | 5.83 | c | 27 | b | ||||||||||||||||||||||||||||||||||
10/31/21 | 9.64 | 0.45 | 0.30 | 0.75 | (0.42 | ) | — | (0.42 | ) | 9.97 | 7.78 | 19,212 | 0.86 | 0.82 | 4.44 | 57 | ||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||
Retail Class: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/22 | # | 9.97 | 0.26 | (1.49 | ) | (1.23 | ) | (0.25 | ) | — | (0.25 | ) | 8.49 | (12.56 | )b | 12,614 | 0.97 | c | 0.97 | c | 5.62 | c | 27 | b | ||||||||||||||||||||||||||||||||||
10/31/21 | 9.64 | 0.43 | 0.30 | 0.73 | (0.40 | ) | — | (0.40 | ) | 9.97 | 7.61 | 15,698 | 0.94 | 0.94 | 4.30 | 57 | ||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||
Class W: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/22 | # | 9.98 | 0.31 | (1.51 | ) | (1.20 | ) | (0.29 | ) | — | (0.29 | ) | 8.49 | (12.23 | )b | 453,177 | 0.61 | c | 0.00 | c | 6.61 | c | 27 | b | ||||||||||||||||||||||||||||||||||
10/31/21 | 9.65 | 0.53 | 0.30 | 0.83 | (0.50 | ) | — | (0.50 | ) | 9.98 | 8.66 | 470,716 | 0.61 | 0.00 | 5.24 | 57 | ||||||||||||||||||||||||||||||||||||||||||
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 | 2022 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF International Fixed-Income Funds ■ 2022 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: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/22 | # | $ 9.94 | $0.09 | $(0.80 | ) | $(0.71 | ) | $(0.16 | ) | $(0.08 | ) | $(0.24 | ) | $ 8.99 | (7.29 | )%b | $ | 748 | 0.59 | %c | 0.59 | %c | 1.81 | %c | 21 | %b | ||||||||||||||||||||||||||||||||
10/31/21 | 10.24 | 0.15 | (0.17 | ) | (0.02 | ) | (0.18 | ) | (0.10 | ) | (0.28 | ) | 9.94 | (0.26 | ) | 732 | 0.60 | 0.60 | 1.46 | 37 | ||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||
Advisor Class: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/22 | # | 9.92 | 0.08 | (0.78 | ) | (0.70 | ) | (0.15 | ) | (0.08 | ) | (0.23 | ) | 8.99 | (7.18 | )b | 1,932 | 0.63 | c | 0.63 | c | 2.03 | c | 21 | b | |||||||||||||||||||||||||||||||||
10/31/21 | 10.23 | 0.14 | (0.17 | ) | (0.03 | ) | (0.18 | ) | (0.10 | ) | (0.28 | ) | 9.92 | (0.39 | ) | 117 | 0.68 | 0.68 | 1.38 | 37 | ||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||
Premier Class: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/22 | # | 9.99 | 0.08 | (0.80 | ) | (0.72 | ) | (0.14 | ) | (0.08 | ) | (0.22 | ) | 9.05 | (7.33 | )b | 93 | 0.76 | c | 0.75 | c | 1.63 | c | 21 | b | |||||||||||||||||||||||||||||||||
10/31/21 | 10.29 | 0.13 | (0.16 | ) | (0.03 | ) | (0.17 | ) | (0.10 | ) | (0.27 | ) | 9.99 | (0.42 | ) | 103 | 0.80 | 0.75 | 1.31 | 37 | ||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||
Retirement Class: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/22 | # | 9.91 | 0.07 | (0.79 | ) | (0.72 | ) | (0.13 | ) | (0.08 | ) | (0.21 | ) | 8.98 | (7.43 | )b | 5,190 | 0.84 | c | 0.84 | c | 1.55 | c | 21 | b | |||||||||||||||||||||||||||||||||
10/31/21 | 10.22 | 0.12 | (0.17 | ) | (0.05 | ) | (0.16 | ) | (0.10 | ) | (0.26 | ) | 9.91 | (0.58 | ) | 5,682 | 0.84 | 0.84 | 1.21 | 37 | ||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||
Retail Class: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/22 | # | 9.91 | 0.07 | (0.79 | ) | (0.72 | ) | (0.12 | ) | (0.08 | ) | (0.20 | ) | 8.99 | (7.43 | )b | 1,627 | 1.55 | c | 0.93 | c | 1.46 | c | 21 | b | |||||||||||||||||||||||||||||||||
10/31/21 | 10.22 | 0.11 | (0.17 | ) | (0.06 | ) | (0.15 | ) | (0.10 | ) | (0.25 | ) | 9.91 | (0.68 | ) | 1,731 | 1.49 | 0.94 | 1.12 | 37 | ||||||||||||||||||||||||||||||||||||||
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 |
42 | 2022 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF International Fixed-Income Funds ■ 2022 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: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/22 | # | $ 9.99 | $0.11 | $(0.78 | ) | $(0.67 | ) | $(0.24 | ) | $(0.08 | ) | $(0.32 | ) | $ 9.00 | (6.96 | )%b | $448,391 | 0.59 | %c | 0.00 | %c | 2.38 | %c | 21 | %b | |||||||||||||||||||||||||||||||||
10/31/21 | 10.29 | 0.21 | (0.17 | ) | 0.04 | (0.24 | ) | (0.10 | ) | (0.34 | ) | 9.99 | 0.29 | 516,606 | 0.59 | 0.00 | 2.07 | 37 | ||||||||||||||||||||||||||||||||||||||||
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) |
†† | Class W commenced operations on September 28, 2018. |
a | Based on average shares outstanding. |
b | The percentages shown for this period are not annualized. |
c | The percentages shown for this period are annualized. |
d | Amount represents less than $0.01 per share. |
44 | 2022 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF International Fixed-Income Funds ■ 2022 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 | 2022 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” 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 ■ 2022 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, 2022, the net assets of the Subsidiary were $36,169,032 representing 8% 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 | $35,904,449 | |||
Net assets | 36,169,032 | |||
Net investment income (loss) | 270,104 | |||
Net realized gain (loss) | 13,771 | |||
Net change in unrealized appreciation (depreciation) | (7,568,965 | ) |
New accounting pronouncements: 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 is a change to an approved benchmark interest rate, account for modifications as a continuance of the existing contract without additional analysis. For
48 | 2022 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds |
continued
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 providing a framework for fund valuation practices. New Rule 2a-5 (“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 boards, subject to board oversight and certain other conditions, to designate certain parties to perform fair value determinations. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for determining whether a fund must fair value a security. The SEC also adopted new Rule 31a-4 (“Rule 31a-4”), which provides the recordkeeping requirements associated with fair value determinations. Finally, the SEC is rescinding previously issued guidance on related issues, including the role of the 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. The compliance date for Rule 2a-5 and Rule 31a-4 is 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 ■ 2022 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 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 general classified as Level 1. If there is no official close of business, then the latest available sale price is utilized. If no sales are reported, then the mean of the latest available bid and asked prices is utilized and 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
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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.
For the period ended April 30, 2022, the Emerging Markets Debt Fund had material transfers from Level 2 to Level 3 as a result of various market related factors. Please refer to the Level 3 reconciliation below.
The following table summarizes the market value of the Funds’ investments as of April 30, 2022, based on the inputs used to value them:
Fund | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Emerging Markets Debt | ||||||||||||||||
Bank loan obligations | $ | — | $ | 1,818,914 | $ | — | $ | 1,818,914 | ||||||||
Corporate bonds | — | 263,410,044 | 4,002,108 | 267,412,152 | ||||||||||||
Government bonds | — | 243,508,347 | 5,024,856 | 248,533,203 | ||||||||||||
Structured assets | — | — | 3,000,000 | 3,000,000 | ||||||||||||
Common stocks | 4,784,478 | 1,131,103 | — | 5,915,581 | ||||||||||||
Short-term investments | 31,496,628 | 7,723,540 | — | 39,220,168 | ||||||||||||
Total | $ | 36,281,106 | $ | 517,591,948 | $ | 12,026,964 | $ | 565,900,018 | ||||||||
International Bond | ||||||||||||||||
Bank loan obligations | $ | — | $ | 9,372,848 | $ | — | $ | 9,372,848 | ||||||||
Corporate bonds | — | 102,402,140 | 999,764 | 103,401,904 | ||||||||||||
Government bonds | — | 285,387,961 | 1,698,855 | 287,086,816 | ||||||||||||
Structured assets | — | 30,463,967 | — | 30,463,967 | ||||||||||||
Short-term investments | 3,076,986 | 12,373,867 | — | 15,450,853 | ||||||||||||
Forward foreign currency contracts** | — | 9,160,187 | — | 9,160,187 | ||||||||||||
Total | $ | 3,076,986 | $ | 449,160,970 | $ | 2,698,619 | $ | 454,936,575 |
** | 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, 2021 | $ | 16,627,202 | ||
Purchases | 6,292,996 | |||
Sales | (14,229,303 | ) | ||
Gains (losses) | (258,005 | ) | ||
Change in unrealized appreciation (depreciation) | (54,919 | ) | ||
Transfers out of Level 3 | — | |||
Transfers into Level 3 | 3,648,993 | |||
Balance as of April 30, 2022 | $ | 12,026,964 |
TIAA-CREF International Fixed-Income Funds ■ 2022 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, 2022:
Fair value | Valuation technique | Unobservable input | Range (weighted average)§ | |||||||
Corporate bonds | $ | 4,691,859 | Recent market transaction | Discount | 60.3%–99.9% (73.2%) | |||||
Government bonds | 756,811 | Broker quote | * | |||||||
Government bonds | 3,578,294 | Recent market transaction | Discount | 56.9%–86.1% (66.3%) | ||||||
Structured assets | 3,000,000 | Broker quote | * | |||||||
Total | $ | 12,026,964 |
* | 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 rehypothecate those securities.
As of April 30, 2022, 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 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
52 | 2022 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds |
continued
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, 2022, 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 | $31,628,053 | $31,496,628 | $1,448,748 | $32,945,376 | ||||||||||||
International Bond | 3,171,360 | 3,076,986 | 236,692 | 3,313,678 |
* | 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, 2022 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 | $ | 178,970,983 | $ | — | $ | 143,063,657 | $ | — | ||||||||
International Bond | 98,875,328 | 4,414,694 | 98,017,360 | 4,428,474 |
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.
At April 30, 2022, the following Funds have invested in derivative contracts which are reflected in the Statements of assets and liabilities as follows:
TIAA-CREF International Fixed-Income Funds ■ 2022 Semiannual Report | 53 |
Notes to financial statements (unaudited)
Asset derivatives | Liabilities derivatives | |||||||||||
Derivative contract | Location | Fair value amount | Location | Fair value amount | ||||||||
International Bond Fund | ||||||||||||
Foreign-exchange contracts | Forward foreign currency contracts | $9,595,223 | Forward foreign currency contracts | $(435,036 | ) |
For the period ended April 30, 2022, 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 | $ | (93,355 | ) | $ | 71,594 | ||||
International Bond Fund | ||||||||||
Foreign-exchange contracts | Forward foreign currency contracts | 20,477,323 | 7,940,613 |
Forward foreign currency contracts: Certain Funds may use forward foreign currency contracts (“forward contracts”) to hedge portfolio currency risk and to facilitate transactions in securities denominated in foreign currencies in the normal course of pursuing their investment objectives.
A forward contract is an agreement between two parties to purchase or sell a specified quantity of a currency at or before a specified date in the future at a specified price. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. Forward contracts are typically traded in the over-the-counter (“OTC”) markets and all details of the contract are negotiated between the counterparties to the agreement. Forward contracts are marked-to-market daily and any resulting unrealized gains or losses are reflected as appreciation or depreciation on the Statements of Assets and Liabilities. The Funds realize gains and losses at the time the forward contracts are closed and are included on the Statement of Operations. Risks may arise upon entering into forward 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.
The average notional amount of forward contracts outstanding during the current fiscal period ended April 30, 2022 was as follows:
Fund | Average notional amount of forwards contracts outstanding | * | ||
Emerging Markets Debt | $ | 674,781 | ||
International Bond | 349,982,930 |
* | The average notional amount is calculated based on the absolute aggregate notional amount of contracts at the beginning of the current fiscal period and at the end of each fiscal quarter within the current fiscal period. |
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continued
Note 6—Income tax information
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required.
Each Fund files 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 each Fund’s tax positions taken for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements.
As of the end of the reporting period, the aggregate cost and the net unrealized appreciation/(depreciation) of all investments for federal income tax purposes was as follows:
Fund | Tax cost | Gross unrealized appreciation | Gross unrealized (depreciation | ) | Net unrealized appreciation (depreciation | ) | ||||||||||
Emerging Markets Debt | $655,623,058 | $2,423,564 | $(92,146,604 | ) | $(89,723,040 | ) | ||||||||||
International Bond | 530,624,522 | 2,432,484 | (78,120,431 | ) | (75,687,947 | ) |
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 income and/or capital gains for tax reporting, if applicable.
As of prior fiscal period end, the components of accumulated earnings on a tax basis were as follows:
Fund | Undistributed ordinary income | Undistributed long-term capital gains | Unrealized appreciation (depreciation | ) | Capital loss carryover | |||||||||||
Emerging Markets Debt | $5,243,110 | $ | — | $ | (4,352,465 | ) | $ | (1,466,285 | ) | |||||||
International Bond | 8,253,395 | 2,993,471 | (9,813,497 | ) | — | |||||||||||
Fund | Late-year loss deferrals | Other book-to- tax difference | Total | |||||||||||||
Emerging Markets Debt | $ | — | $ | (26,841 | ) | $ | (602,481 | ) | ||||||||
International Bond | — | (16,831 | ) | 1,416,538 | ||||||||||||
As of prior fiscal period end, the Funds had capital loss carryovers, which will not expire: | ||||||||||||||||
Fund | Short-term | Long-term | Total | |||||||||||||
Emerging Markets Debt | $ | — | $ | 1,466,285 | $ | 1,466,285 | ||||||||||
International Bond | — | — | — |
TIAA-CREF International Fixed-Income Funds ■ 2022 Semiannual Report | 55 |
Notes to financial statements (unaudited)
Note 7—investment adviser and other transactions with affiliates
Under the terms of the Investment Management Agreement with respect to each Fund, Advisors provides asset management services to the Fund for an annual fee, payable monthly. The Funds have entered into an Administrative Service Agreement with Advisors under which the Funds pay Advisors for its costs in providing certain administrative and compliance services to the Funds.
The Subsidiary has entered into an investment management agreement with Advisors. Under this agreement, Advisors provides the same management services to the Subsidiary as it does to the International Bond Fund. Advisors is not compensated directly by the Subsidiary for their services, rather they are provided a management fee on the average net assets of the Fund which includes investments in the Subsidiary. The Fund bears all operating expenses of the Subsidiary.
Under the terms of a Retirement Class Service Agreement with respect to each Fund, the Retirement Class of the Fund incurs an annual fee, payable monthly to Advisors, for providing certain administrative costs associated with the maintenance of Retirement Class shares on retirement plan or other platforms. Substantially all of the Retirement Class shareholder servicing fees reported on the Statements of operations are paid to Advisors under the Service Agreement.
Under the terms of a distribution Rule 12b-1 plan, the Retail Class of each Fund compensates Nuveen Securities for providing distribution, promotional and/or shareholder services to the Retail Class of the Fund at the annual rate of 0.25% of the average daily net assets attributable to the Fund’s Retail Class. The Premier Class of each Fund is subject to a distribution Rule 12b-1 plan that compensates Nuveen Securities for providing distribution, promotional and/or shareholder services to the Premier Class of the Fund at the annual rate of 0.15% of the average daily net assets attributable to the Fund’s Premier Class.
Advisors has contractually agreed to waive and/or reimburse Class W’s shares’ Management fees and Other expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, acquired fund fees and expenses, trustee expenses and extraordinary expenses) in their entirety. Advisors expects this waiver and/or reimbursement to remain in effect indefinitely, unless changed or terminated with approval of the Board of Trustees. The Management fees and Other expenses of Class W shares that have been waived by Advisors may be incurred directly or indirectly, all or in part, by investors in Class W shares.
Advisors has agreed to reimburse each Fund if its total expense ratio (excluding interest, taxes, brokerage commissions and other transactional expenses, acquired fund fees and expenses and extraordinary expenses) exceeds certain percentages. As of April 30, 2022, 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:
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continued
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 | % | 0.78 | %a | 1.00 | % | 0.65 | % | ||||||||||||
International Bond | 0.60 | 0.75 | 0.75 | 0.85 | 0.93 | b | 0.60 |
‡ | 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, 2023. 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, 2021, Advisors agreed to voluntarily waive a portion of the expense cap for the Emerging Market Debt Fund Retirement Cass. 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, 2021, Advisors agreed to voluntarily waive a portion of the expense cap for the International Bond Fund Retail Cass. 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, 2022, the Funds did not engage in security transactions with affiliated entities.
The following is the percentage of the Funds’ shares owned by affiliates as of April 30, 2022:
Underlying Fund | TIAA-CREF Lifecycle Funds | |||
Emerging Markets Debt | 82 | % | ||
International Bond | 98 |
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.
TIAA-CREF International Fixed-Income Funds ■ 2022 Semiannual Report | 57 |
Notes to financial statements (unaudited)
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, 2022, 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 15, 2021 expiring on June 14, 2022, replacing the previous facility, which expired June 2021. 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, 2022, there were no borrowings under this credit facility by the Funds.
Note 11—subsequent events
The Board has approved the creation and commencement of operations of a new wholly owned subsidiary of the International Bond Fund (the “TEFRA Bond Subsidiary”), which is intended to provide the Fund with exposure to certain bonds or fixed-income securities that are sold subject to selling restrictions generally designed to restrict the purchase of such bonds to non-U.S. persons (as defined for applicable U.S. federal income tax purposes) (“TEFRA Bonds”). The TEFRA Bond Subsidiary will be advised by Advisors and have the same investment objective as the Fund, but unlike the Fund, it will be permitted to invest in TEFRA Bonds without limitation. It is currently expected that the TEFRA Bond Subsidiary will commence operations on or about August 1, 2022.
Advisors has agreed to implement voluntary waivers reducing the expense cap for several Funds for one year effective May 1, 2022. These waivers are voluntary in nature and can be discontinued at any time without prior notice to shareholders upon
58 | 2022 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds |
concluded
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 | 0.075 | % | 0.825 | % | ||||
International Bond – Institutional Class | 0.015 | 0.585 |
TIAA-CREF International Fixed-Income Funds ■ 2022 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 and extended 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 virtual meeting via videoconference on March 11, 2022, 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 public health protocols 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.
60 | 2022 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds |
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 as the base class for comparison purposes.
Among other matters, the Board also considered information from Advisors to facilitate the Trustees’ evaluation of the reasonableness of any profits earned by Advisors with respect to its services to each Fund pursuant to the Agreement.
TIAA-CREF International Fixed-Income Funds ■ 2022 Semiannual Report | 61 |
Approval of investment management agreement (unaudited)
Legal counsel for the Trustees also 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” 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. In addition, the Board received information from management on the continued impact of the COVID-19 pandemic and certain geopolitical events on the Teachers Insurance and Annuity Association of America (“TIAA”) enterprise’s operations generally and on the Funds’ operations and performance.
On March 3, 2022, the Board held a virtual meeting via videoconference 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 11, 2022 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
62 | 2022 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds |
continued
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 11, 2022 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 11, 2022 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, considered 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 consider, among other matters, information regarding the performance of the Funds. 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 11, 2022, 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
TIAA-CREF International Fixed-Income Funds ■ 2022 Semiannual Report | 63 |
Approval of investment management agreement (unaudited)
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 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 review of 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. Based on all factors considered, the Board concluded that the nature, extent, and quality of services provided by Advisors to each Fund under the Agreement was reasonable.
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 2021. The Board considered Advisors’ profit calculations with respect to its services to each Fund both before and after taking
64 | 2022 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds |
continued
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 International Bond Fund under the Agreement for the one-year period ended December 31, 2021. However, with respect to the Emerging Markets Debt Fund, Advisors calculated that it had incurred a loss.
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 regard, 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.
TIAA-CREF International Fixed-Income Funds ■ 2022 Semiannual Report | 65 |
Approval of investment management agreement (unaudited)
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 considered the management fee rate Advisors charges to a UCITS series that has a similar mandate to the Emerging Markets Debt Fund and the 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. 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 Advisors to its comparable clients.
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 and administration, and investment-related benefits, such as economies of scale to the extent the Funds share investment resources and/or personnel with other clients of Advisors 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. The Board concluded that other benefits to Advisors and its affiliates arising from the Agreement were reasonable in light of various relevant factors.
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
66 | 2022 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds |
continued
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 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, 2021. 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, 2021. 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 loss” or “net profit” refer to whether Advisors calculated that it incurred a loss or earned a profit for the services that it rendered to a Fund during 2021 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, 2021 asset level was 0.55% of average daily net assets. |
• | The Fund’s total expense ratio, actual management fee and contractual management fee rate were each in the 1st quintile of the group of comparable funds selected by Broadridge for expense comparison purposes (“Expense Group”) 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 1st quintile 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 each of the one-, three- and five-year periods. |
• | 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. |
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, 2021 asset level was 0.50% of average daily net assets. |
TIAA-CREF International Fixed-Income Funds ■ 2022 Semiannual Report | 67 |
Approval of investment management agreement (unaudited) | concluded |
• | The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were in the 2nd, 2nd and 1st quintiles of both its Expense Group and its Expense Universe, respectively. |
• | The Fund was in the 1st quintile of its Performance Group for each of the one-, three- and five-year periods. The Fund was in the 2nd, 1st and 1st 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 conclusions, the Board renewed the Agreement for each Fund.
68 | 2022 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds |
Liquidity risk management program (unaudited)
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 15, 2022 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, 2021 through December 31, 2021 (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.
TIAA-CREF International Fixed-Income Funds ■ 2022 Semiannual Report | 69 |
Liquidity risk management program (unaudited) | 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.
70 | 2022 Semiannual Report ■ TIAA-CREF International Fixed-Income Funds |
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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.
©2022 Teachers Insurance and Annuity Association of America—College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017-3206
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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.
Not Applicable.
Item 6. Schedule of Investments.
TIAA-CREF FUNDS – Growth & Income Fund
TIAA-CREF FUNDS
GROWTH & INCOME FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2022
SHARES | COMPANY | VALUE | ||||||||
COMMON STOCKS - 99.6% | ||||||||||
AUTOMOBILES & COMPONENTS - 1.5% | ||||||||||
546,688 | *,n | General Motors Co | $ | 20,724,942 | ||||||
72,335 | *,n | Tesla, Inc | 62,986,425 | |||||||
TOTAL AUTOMOBILES & COMPONENTS | 83,711,367 | |||||||||
BANKS - 5.1% | ||||||||||
2,190,290 | Bank of America Corp | 78,149,547 | ||||||||
714,736 | Fifth Third Bancorp | 26,824,042 | ||||||||
123,124 | First Republic Bank | 18,372,563 | ||||||||
1,899,085 | e | ING Groep NV | 17,992,330 | |||||||
430,447 | JPMorgan Chase & Co | 51,378,154 | ||||||||
238,640 | n | M&T Bank Corp | 39,766,970 | |||||||
1,321,932 | Wells Fargo & Co | 57,675,893 | ||||||||
TOTAL BANKS | 290,159,499 | |||||||||
CAPITAL GOODS - 7.2% | ||||||||||
103,107 | Acuity Brands, Inc | 17,783,895 | ||||||||
97,083 | Carlisle Cos, Inc | 25,179,447 | ||||||||
44,202 | Caterpillar, Inc | 9,306,289 | ||||||||
127,995 | n | Deere & Co | 48,324,512 | |||||||
258,479 | Dover Corp | 34,455,251 | ||||||||
292,032 | Eaton Corp | 42,350,481 | ||||||||
115,785 | Honeywell International, Inc | 22,405,555 | ||||||||
583,430 | Ingersoll Rand, Inc | 25,647,583 | ||||||||
79,049 | Lockheed Martin Corp | 34,158,654 | ||||||||
259,055 | Otis Worldwide Corp | 18,869,566 | ||||||||
138,998 | Quanta Services, Inc | 16,120,988 | ||||||||
638,210 | Raytheon Technologies Corp | 60,572,511 | ||||||||
517,192 | n | Spirit Aerosystems Holdings, Inc (Class A) | 21,742,752 | |||||||
440,334 | Textron, Inc | 30,493,129 | ||||||||
TOTAL CAPITAL GOODS | 407,410,613 | |||||||||
COMMERCIAL & PROFESSIONAL SERVICES - 0.7% | ||||||||||
254,076 | Waste Management, Inc | 41,780,257 | ||||||||
TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 41,780,257 | |||||||||
CONSUMER DURABLES & APPAREL - 0.7% | ||||||||||
1,083,549 | * | Mattel, Inc | 26,341,076 | |||||||
962,356 | * | Under Armour, Inc (Class C) | 13,655,832 | |||||||
TOTAL CONSUMER DURABLES & APPAREL | 39,996,908 | |||||||||
CONSUMER SERVICES - 2.6% | ||||||||||
105,208 | *,n | Airbnb, Inc | 16,118,918 | |||||||
56,467 | Churchill Downs, Inc | 11,459,413 | ||||||||
221,747 | Darden Restaurants, Inc | 29,210,732 | ||||||||
263,746 | * | Expedia Group, Inc | 46,089,613 | |||||||
137,565 | * | Marriott International, Inc (Class A) | 24,420,539 |
1 |
TIAA-CREF FUNDS – Growth & Income Fund
SHARES | COMPANY | VALUE | ||||||||
1,026,288 | * | Norwegian Cruise Line Holdings Ltd | $ | 20,556,549 | ||||||
TOTAL CONSUMER SERVICES | 147,855,764 | |||||||||
DIVERSIFIED FINANCIALS - 2.5% | ||||||||||
197,465 | American Express Co | 34,499,110 | ||||||||
86,909 | CME Group, Inc | 19,062,620 | ||||||||
1,360,726 | Equitable Holdings, Inc | 39,229,731 | ||||||||
1,001,000 | * | Grab Holdings Ltd. | 2,952,950 | |||||||
545,659 | Morgan Stanley | 43,974,659 | ||||||||
TOTAL DIVERSIFIED FINANCIALS | 139,719,070 | |||||||||
ENERGY - 4.4% | ||||||||||
259,513 | n | Cheniere Energy, Inc | 35,244,460 | |||||||
688,785 | ConocoPhillips | 65,792,743 | ||||||||
248,347 | n | EOG Resources, Inc | 28,996,996 | |||||||
638,736 | EQT Corp | 25,389,756 | ||||||||
610,970 | Exxon Mobil Corp | 52,085,192 | ||||||||
334,637 | Hess Corp | 34,491,036 | ||||||||
285,423 | *,n | Peabody Energy Corp | 6,461,977 | |||||||
TOTAL ENERGY | 248,462,160 | |||||||||
FOOD & STAPLES RETAILING - 1.3% | ||||||||||
856,124 | n | Albertsons Cos, Inc | 26,779,559 | |||||||
319,975 | Walmart, Inc | 48,952,975 | ||||||||
TOTAL FOOD & STAPLES RETAILING | 75,732,534 | |||||||||
FOOD, BEVERAGE & TOBACCO - 4.8% | ||||||||||
225,281 | Bunge Ltd | 25,483,787 | ||||||||
356,626 | Coca-Cola Co | 23,041,606 | ||||||||
125,298 | * | Freshpet, Inc | 11,696,568 | |||||||
150,336 | Hershey Co | 33,941,359 | ||||||||
305,107 | Lamb Weston Holdings, Inc | 20,167,573 | ||||||||
586,409 | Mondelez International, Inc | 37,811,652 | ||||||||
371,967 | * | Monster Beverage Corp | 31,870,133 | |||||||
438,700 | PepsiCo, Inc | 75,329,177 | ||||||||
57,053 | Pernod-Ricard S.A. | 11,774,832 | ||||||||
TOTAL FOOD, BEVERAGE & TOBACCO | 271,116,687 | |||||||||
HEALTH CARE EQUIPMENT & SERVICES - 6.7% | ||||||||||
314,304 | Abbott Laboratories | 35,673,504 | ||||||||
63,829 | Anthem, Inc | 32,037,690 | ||||||||
363,730 | *,n | Centene Corp | 29,298,452 | |||||||
76,825 | *,n | Dexcom, Inc | 31,389,159 | |||||||
290,762 | *,n | Edwards Lifesciences Corp | 30,756,804 | |||||||
410,413 | * | Envista Holdings Corp | 16,260,563 | |||||||
94,782 | * | Guardant Health, Inc | 5,848,049 | |||||||
91,375 | n | HCA Healthcare, Inc | 19,604,506 | |||||||
46,773 | *,n | IDEXX Laboratories, Inc | 20,134,841 | |||||||
373,659 | * | Neogen Corp | 9,864,598 | |||||||
99,243 | STERIS plc | 22,235,394 | ||||||||
63,901 | Stryker Corp | 15,416,755 | ||||||||
213,420 | UnitedHealth Group, Inc | 108,534,741 | ||||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 377,055,056 |
2 |
TIAA-CREF FUNDS – Growth & Income Fund
SHARES | COMPANY | VALUE | ||||||||
HOUSEHOLD & PERSONAL PRODUCTS - 1.4% | ||||||||||
156,686 | Colgate-Palmolive Co | $ | 12,072,656 | |||||||
81,434 | n | Estee Lauder Cos (Class A) | 21,503,462 | |||||||
272,700 | Procter & Gamble Co | 43,781,985 | ||||||||
TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 77,358,103 | |||||||||
INSURANCE - 3.3% | ||||||||||
153,763 | Allstate Corp | 19,457,170 | ||||||||
706,595 | American International Group, Inc | 41,342,874 | ||||||||
193,111 | Chubb Ltd | 39,867,766 | ||||||||
579,640 | Hartford Financial Services Group, Inc | 40,534,225 | ||||||||
722,634 | Metlife, Inc | 47,462,601 | ||||||||
TOTAL INSURANCE | 188,664,636 | |||||||||
MATERIALS - 4.0% | ||||||||||
806,641 | Corteva, Inc | 46,535,119 | ||||||||
272,870 | Crown Holdings, Inc | 30,026,615 | ||||||||
279,881 | Dow, Inc | 18,612,086 | ||||||||
305,317 | DuPont de Nemours, Inc | 20,129,550 | ||||||||
926,877 | Glencore Xstrata plc | 5,711,105 | ||||||||
96,512 | International Flavors & Fragrances, Inc | 11,706,906 | ||||||||
192,775 | n | Linde plc | 60,138,089 | |||||||
162,043 | Nutrien Ltd | 15,920,725 | ||||||||
222,949 | n | Sociedad Quimica y Minera de Chile S.A. (ADR) | 16,453,636 | |||||||
TOTAL MATERIALS | 225,233,831 | |||||||||
MEDIA & ENTERTAINMENT - 6.9% | ||||||||||
100,905 | *,n | Alphabet, Inc (Class C) | 232,013,893 | |||||||
310,967 | * | Meta Platforms, Inc | 62,339,554 | |||||||
10,444 | *,n | Netflix, Inc | 1,988,120 | |||||||
24,450 | Nintendo Co Ltd | 11,158,753 | ||||||||
182,586 | *,n | Take-Two Interactive Software, Inc | 21,820,853 | |||||||
417,691 | n | ViacomCBS, Inc (Class B) | 12,163,162 | |||||||
457,452 | *,n | Walt Disney Co | 51,065,367 | |||||||
TOTAL MEDIA & ENTERTAINMENT | 392,549,702 | |||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.0% | ||||||||||
609,949 | AbbVie, Inc | 89,589,309 | ||||||||
798,537 | * | Avantor, Inc | 25,457,359 | |||||||
226,935 | *,e,n | Axsome Therapeutics, Inc | 7,205,186 | |||||||
378,034 | Bristol-Myers Squibb Co | 28,454,619 | ||||||||
140,721 | Danaher Corp | 35,339,265 | ||||||||
195,700 | n | Eli Lilly & Co | 57,169,841 | |||||||
225,682 | * | Genmab A.S. (ADR) | 7,939,493 | |||||||
229,786 | * | Horizon Therapeutics Plc | 22,647,708 | |||||||
67,428 | * | IQVIA Holdings, Inc | 14,698,630 | |||||||
452,480 | Johnson & Johnson | 81,654,541 | ||||||||
23,485 | Lonza Group AG. | 13,847,550 | ||||||||
44,072 | Roche Holding AG. | 16,342,502 | ||||||||
227,559 | Sanofi-Aventis | 24,051,822 | ||||||||
68,763 | *,n | Seagen, Inc | 9,008,641 | |||||||
68,701 | West Pharmaceutical Services, Inc | 21,644,937 | ||||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 455,051,403 |
3 |
TIAA-CREF FUNDS – Growth & Income Fund
SHARES | COMPANY | VALUE | ||||||||
REAL ESTATE - 1.8% | ||||||||||
74,814 | AvalonBay Communities, Inc | $ | 17,018,689 | |||||||
292,125 | Prologis, Inc | 46,824,716 | ||||||||
186,127 | Rexford Industrial Realty, Inc | 14,525,351 | ||||||||
212,220 | Simon Property Group, Inc | 25,041,960 | ||||||||
TOTAL REAL ESTATE | 103,410,716 | |||||||||
RETAILING - 5.1% | ||||||||||
68,061 | Advance Auto Parts, Inc | 13,587,017 | ||||||||
71,925 | * | Amazon.com, Inc | 178,778,938 | |||||||
249,689 | *,n | Children’s Place, Inc | 11,568,091 | |||||||
158,264 | n | Home Depot, Inc | 47,542,506 | |||||||
50,506 | Target Corp | 11,548,197 | ||||||||
455,636 | TJX Companies, Inc | 27,921,374 | ||||||||
TOTAL RETAILING | 290,946,123 | |||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.5% | ||||||||||
464,485 | *,n | Advanced Micro Devices, Inc | 39,722,757 | |||||||
24,495 | ASML Holding NV | 13,809,546 | ||||||||
86,589 | n | Broadcom, Inc | 48,004,076 | |||||||
326,597 | Marvell Technology, Inc | 18,968,754 | ||||||||
54,213 | n | Monolithic Power Systems, Inc | 21,264,507 | |||||||
313,007 | n | NVIDIA Corp | 58,053,408 | |||||||
184,540 | n | QUALCOMM, Inc | 25,778,393 | |||||||
127,792 | Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 11,875,710 | ||||||||
187,463 | *,n | Wolfspeed Inc | 17,192,232 | |||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 254,669,383 | |||||||||
SOFTWARE & SERVICES - 13.0% | ||||||||||
145,044 | Accenture plc | 43,565,416 | ||||||||
215,809 | * | Fiserv, Inc | 21,132,017 | |||||||
582,726 | * | ironSource Ltd | 2,231,841 | |||||||
267,010 | Mastercard, Inc (Class A) | 97,026,094 | ||||||||
1,334,785 | n | Microsoft Corp | 370,429,533 | |||||||
600,812 | Oracle Corp | 44,099,601 | ||||||||
37,333 | *,n | Palo Alto Networks, Inc | 20,954,266 | |||||||
218,134 | *,n | salesforce.com, Inc | 38,378,496 | |||||||
72,120 | *,n | ServiceNow, Inc | 34,480,572 | |||||||
88,980 | * | Synopsys, Inc | 25,518,574 | |||||||
167,769 | Visa, Inc (Class A) | 35,756,607 | ||||||||
TOTAL SOFTWARE & SERVICES | 733,573,017 | |||||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 10.4% | ||||||||||
2,561,325 | Apple, Inc | 403,792,886 | ||||||||
271,946 | * | Calix, Inc | 10,853,365 | |||||||
477,445 | * | Ciena Corp | 26,340,641 | |||||||
923,831 | Cisco Systems, Inc | 45,249,242 | ||||||||
187,034 | Cognex Corp | 12,649,109 | ||||||||
576,016 | Juniper Networks, Inc | 18,156,024 | ||||||||
418,098 | * | Stratasys Ltd | 8,106,920 | |||||||
261,316 | TE Connectivity Ltd | 32,607,011 | ||||||||
66,265 | * | Teledyne Technologies, Inc | 28,596,661 | |||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 586,351,859 |
4 |
TIAA-CREF FUNDS – Growth & Income Fund
SHARES | COMPANY | VALUE | ||||||||
TRANSPORTATION - 1.7% | ||||||||||
302,336 | * | Delta Air Lines, Inc | $ | 13,009,518 | ||||||
110,568 | DSV AS | 18,127,807 | ||||||||
337,054 | Knight-Swift Transportation Holdings, Inc | 16,141,516 | ||||||||
141,267 | Union Pacific Corp | 33,097,446 | ||||||||
92,596 | n | United Parcel Service, Inc (Class B) | 16,665,428 | |||||||
TOTAL TRANSPORTATION | 97,041,715 | |||||||||
UTILITIES - 2.0% | ||||||||||
186,582 | Ameren Corp | 17,333,468 | ||||||||
404,487 | American Electric Power Co, Inc | 40,088,706 | ||||||||
174,409 | Evergy, Inc | 11,833,651 | ||||||||
232,019 | NextEra Energy, Inc | 16,477,989 | ||||||||
203,653 | Public Service Enterprise Group, Inc | 14,186,468 | ||||||||
329,903 | RWE AG. | 13,697,374 | ||||||||
TOTAL UTILITIES | 113,617,656 | |||||||||
TOTAL COMMON STOCKS | 5,641,468,059 | |||||||||
(Cost $3,463,357,789) | ||||||||||
PRINCIPAL | ISSUER | RATE | MATURITY DATE | |||||||||||||
SHORT-TERM INVESTMENTS - 0.8% | ||||||||||||||||
GOVERNMENT AGENCY DEBT - 0.2% | ||||||||||||||||
$ | 10,000,000 | Federal Home Loan Bank (FHLB) | 0.000 | % | 05/05/22 | 9,999,601 | ||||||||||
TOTAL GOVERNMENT AGENCY DEBT | 9,999,601 | |||||||||||||||
REPURCHASE AGREEMENT - 0.6% | ||||||||||||||||
36,430,000 | r | Fixed Income Clearing Corp (FICC) | 0.250 | 05/02/22 | 36,430,000 | |||||||||||
TOTAL REPURCHASE AGREEMENT | 36,430,000 | |||||||||||||||
SHARES | COMPANY | |||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.0% | ||||||||||||||||
2,079,324 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 0.310 | 2,079,324 | ||||||||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 2,079,324 | |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 48,508,925 | |||||||||||||||
(Cost $48,509,057) | ||||||||||||||||
TOTAL INVESTMENTS - 100.4% | 5,689,976,984 | |||||||||||||||
(Cost $3,511,866,846) | ||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - (0.4)% | (25,169,797 | ) | ||||||||||||||
NET ASSETS - 100.0% | $ | 5,664,807,187 | ||||||||||||||
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 $5,337,629. | ||
n | All or a portion of these securities have been segregated by the custodian to cover collateral requirements on open written options contracts. | ||
r | Agreement with Fixed Income Clearing Corp (FICC), 0.250% dated 4/29/22 to be repurchased at $36,430,000 on 5/2/22, collateralized by Government Agency Securities, with coupon rate 3.000% and maturity date 11/15/45, valued at $37,158,685. |
5 |
TIAA-CREF FUNDS – Growth & Income Fund
Written options outstanding as of April 30, 2022 were as follows:
Description/underlying investment | Number of contracts | Notional amount | Exercise price | Expiration date | Value | |||||||||||||
Advanced Micro Devices, Inc, Call | 400 | $ | (22,788 | ) | $ | 120.00 | 05/20/22 | $ | (8,400 | ) | ||||||||
Advanced Micro Devices, Inc, Call | 400 | (123,664 | ) | 130.00 | 08/19/22 | (54,800 | ) | |||||||||||
Advanced Micro Devices, Inc, Put | 450 | (95,580 | ) | 80.00 | 05/20/22 | (171,000 | ) | |||||||||||
Advanced Micro Devices, Inc, Put | 400 | (267,419 | ) | 85.00 | 08/19/22 | (422,000 | ) | |||||||||||
Airbnb, Inc, Call | 210 | (39,049 | ) | 200.00 | 05/20/22 | (12,600 | ) | |||||||||||
Albertsons Cos, Inc, Call | 900 | (202,428 | ) | 40.00 | 07/15/22 | (33,750 | ) | |||||||||||
Albertsons Cos, Inc, Put | 1,100 | (37,412 | ) | 28.00 | 05/20/22 | (41,250 | ) | |||||||||||
Albertsons Cos, Inc, Put | 900 | (101,673 | ) | 26.00 | 07/15/22 | (74,250 | ) | |||||||||||
Align Technology, Inc, Put | 200 | (42,628 | ) | 210.00 | 05/20/22 | (30,000 | ) | |||||||||||
Alliance Data Systems Corp, Put | 200 | (109,594 | ) | 60.00 | 09/16/22 | (206,000 | ) | |||||||||||
Alphabet, Inc, Call | 14 | (9,534 | ) | 3,360.00 | 05/20/22 | (1,456 | ) | |||||||||||
Ambarella, Inc, Put | 290 | (962,207 | ) | 115.00 | 01/20/23 | (1,158,550 | ) | |||||||||||
Aptiv plc, Put | 165 | (89,327 | ) | 100.00 | 08/19/22 | (133,650 | ) | |||||||||||
Aptiv plc, Put | 165 | (71,605 | ) | 105.00 | 08/19/22 | (169,950 | ) | |||||||||||
Aptiv plc, Put | 165 | (104,321 | ) | 95.00 | 11/18/22 | (156,750 | ) | |||||||||||
Arcturus Therapeutics Holdings, Inc, Put | 500 | (623,982 | ) | 30.00 | 01/20/23 | (685,000 | ) | |||||||||||
Axsome Therapeutics, Inc, Put | 420 | (267,946 | ) | 30.00 | 09/16/22 | (361,200 | ) | |||||||||||
Axsome Therapeutics, Inc, Put | 420 | (364,390 | ) | 32.50 | 09/16/22 | (436,800 | ) | |||||||||||
Axsome Therapeutics, Inc, Put | 840 | (692,678 | ) | 35.00 | 09/16/22 | (991,200 | ) | |||||||||||
BioNTech SE, Put | 187 | (1,085,382 | ) | 200.00 | 01/20/23 | (1,369,775 | ) | |||||||||||
BioNTech SE, Put | 49 | (399,015 | ) | 210.00 | 01/20/23 | (396,410 | ) | |||||||||||
Boston Beer Co, Inc, Put | 100 | (1,024,260 | ) | 540.00 | 12/16/22 | (1,729,500 | ) | |||||||||||
Broadcom, Inc, Put | 82 | (29,681 | ) | 520.00 | 05/20/22 | (86,510 | ) | |||||||||||
Centene Corp, Put | 600 | (47,982 | ) | 70.00 | 05/20/22 | (15,000 | ) | |||||||||||
CF Industries Holdings, Inc, Put | 470 | (62,327 | ) | 80.00 | 05/20/22 | (56,400 | ) | |||||||||||
CF Industries Holdings, Inc, Put | 39 | (15,178 | ) | 77.50 | 08/19/22 | (18,720 | ) | |||||||||||
CF Industries Holdings, Inc, Put | 430 | (184,517 | ) | 80.00 | 08/19/22 | (227,900 | ) | |||||||||||
Cheniere Energy, Inc, Call | 350 | (247,789 | ) | 150.00 | 06/17/22 | (122,500 | ) | |||||||||||
Cheniere Energy, Inc, Put | 340 | (66,769 | ) | 115.00 | 06/17/22 | (74,800 | ) | |||||||||||
Children’s Place, Inc, Call | 615 | (316,484 | ) | 75.00 | 09/16/22 | (142,988 | ) | |||||||||||
Children’s Place, Inc, Put | 615 | (252,297 | ) | 40.00 | 09/16/22 | (304,425 | ) | |||||||||||
Citigroup, Inc, Put | 445 | (31,137 | ) | 42.50 | 05/20/22 | (18,690 | ) | |||||||||||
Cloudflare, Inc, Put | 300 | (342,973 | ) | 95.00 | 11/18/22 | (657,000 | ) | |||||||||||
Crowdstrike Holdings, Inc, Put | 200 | (200,327 | ) | 180.00 | 09/16/22 | (397,500 | ) | |||||||||||
Deere & Co, Call | 109 | (158,264 | ) | 450.00 | 06/17/22 | (30,847 | ) | |||||||||||
Deere & Co, Put | 109 | (152,269 | ) | 350.00 | 06/17/22 | (106,275 | ) | |||||||||||
Dexcom, Inc, Put | 60 | (76,812 | ) | 420.00 | 06/17/22 | (187,200 | ) | |||||||||||
Dexcom, Inc, Put | 60 | (88,051 | ) | 430.00 | 06/17/22 | (197,400 | ) | |||||||||||
Dexcom, Inc, Put | 65 | (288,175 | ) | 400.00 | 09/16/22 | (281,125 | ) | |||||||||||
DocuSign, Inc, Put | 760 | (112,830 | ) | 85.00 | 05/20/22 | (616,360 | ) | |||||||||||
DraftKings, Inc, Put | 300 | (207,890 | ) | 25.00 | 01/20/23 | (370,800 | ) | |||||||||||
DraftKings, Inc, Put | 500 | (521,483 | ) | 30.00 | 01/20/23 | (830,000 | ) | |||||||||||
Duck Creek Technologies, Inc, Put | 1,000 | (341,699 | ) | 22.50 | 10/21/22 | (740,000 | ) | |||||||||||
Edwards Lifesciences Corp, Put | 420 | (46,188 | ) | 100.00 | 05/20/22 | (73,500 | ) | |||||||||||
Eli Lilly & Co, Put | 100 | (10,297 | ) | 250.00 | 05/20/22 | (5,900 | ) | |||||||||||
Emergent BioSolutions, Inc, Put | 115 | (71,130 | ) | 45.00 | 09/16/22 | (147,200 | ) | |||||||||||
Emergent BioSolutions, Inc, Put | 173 | (164,181 | ) | 50.00 | 09/16/22 | (299,290 | ) | |||||||||||
EOG Resources, Inc, Put | 420 | (33,390 | ) | 100.00 | 05/20/22 | (43,260 | ) | |||||||||||
Estee Lauder Cos, Inc, Put | 160 | (190,074 | ) | 280.00 | 07/15/22 | (379,200 | ) | |||||||||||
Farfetch Ltd, Put | 800 | (693,205 | ) | 25.00 | 01/20/23 | (1,154,000 | ) | |||||||||||
FedEx Corp, Put | 86 | (50,956 | ) | 180.00 | 07/15/22 | (52,890 | ) | |||||||||||
Fortinet, Inc, Put | 170 | (115,001 | ) | 260.00 | 06/17/22 | (217,600 | ) |
6 |
TIAA-CREF FUNDS – Growth & Income Fund
Description/underlying investment | Number of contracts | Notional amount | Exercise price | Expiration date | Value | |||||||||||||
Generac Holdings, Inc, Put | 60 | $ | (167,877 | ) | $ | 260.00 | 12/16/22 | $ | (361,800 | ) | ||||||||
Generac Holdings, Inc, Put | 60 | (188,877 | ) | 270.00 | 12/16/22 | (405,000 | ) | |||||||||||
General Motors Co, Call | 800 | (155,320 | ) | 48.00 | 09/16/22 | (86,400 | ) | |||||||||||
General Motors Co, Put | 800 | (239,095 | ) | 38.00 | 09/16/22 | (312,000 | ) | |||||||||||
Global Payments, Inc, Put | 288 | (71,415 | ) | 110.00 | 08/19/22 | (115,200 | ) | |||||||||||
HCA Healthcare, Inc, Put | 215 | (60,838 | ) | 195.00 | 06/17/22 | (105,350 | ) | |||||||||||
Home Depot, Inc, Call | 240 | (290,022 | ) | 380.00 | 01/20/23 | (168,000 | ) | |||||||||||
Home Depot, Inc, Put | 240 | (658,271 | ) | 300.00 | 01/20/23 | (726,480 | ) | |||||||||||
IDEXX Laboratories, Inc, Put | 73 | (43,375 | ) | 470.00 | 05/20/22 | (358,065 | ) | |||||||||||
Intel Corp, Put | 1,000 | (352,969 | ) | 42.50 | 09/16/22 | (342,000 | ) | |||||||||||
Intuitive Surgical, Inc, Put | 190 | (121,214 | ) | 230.00 | 07/15/22 | (220,400 | ) | |||||||||||
Linde plc, Put | 150 | (37,195 | ) | 280.00 | 05/20/22 | (20,100 | ) | |||||||||||
Lululemon Athletica, Inc, Put | 130 | (49,070 | ) | 330.00 | 05/20/22 | (86,190 | ) | |||||||||||
Lululemon Athletica, Inc, Put | 200 | (297,816 | ) | 300.00 | 06/17/22 | (168,000 | ) | |||||||||||
M&T Bank Corp, Put | 290 | (48,711 | ) | 145.00 | 05/20/22 | (26,100 | ) | |||||||||||
Microsoft Corp, Call | 150 | (15,446 | ) | 330.00 | 06/17/22 | (11,250 | ) | |||||||||||
Moderna, Inc, Put | 100 | (540,695 | ) | 250.00 | 09/16/22 | (1,176,500 | ) | |||||||||||
Moderna, Inc, Put | 300 | (2,205,880 | ) | 220.00 | 01/20/23 | (2,769,000 | ) | |||||||||||
Monolithic Power Systems, Inc, Call | 100 | (169,796 | ) | 540.00 | 12/16/22 | (207,500 | ) | |||||||||||
Monolithic Power Systems, Inc, Put | 100 | (363,995 | ) | 350.00 | 12/16/22 | (423,500 | ) | |||||||||||
NetFlix, Inc, Call | 75 | (20,848 | ) | 262.50 | 05/20/22 | (2,850 | ) | |||||||||||
NetFlix, Inc, Put | 250 | (36,253 | ) | 170.00 | 05/20/22 | (102,250 | ) | |||||||||||
NetFlix, Inc, Put | 75 | (582,938 | ) | 400.00 | 01/20/23 | (1,527,075 | ) | |||||||||||
NVIDIA Corp, Put | 130 | (156,565 | ) | 200.00 | 06/17/22 | (348,660 | ) | |||||||||||
Palo Alto Networks, Inc, Call | 67 | (95,905 | ) | 690.00 | 05/20/22 | (18,927 | ) | |||||||||||
Palo Alto Networks, Inc, Put | 67 | (101,771 | ) | 510.00 | 06/17/22 | (141,035 | ) | |||||||||||
Paramount Global, Put | 892 | (597,618 | ) | 35.00 | 09/16/22 | (673,460 | ) | |||||||||||
PayPal Holdings, Inc, Put | 420 | (225,947 | ) | 87.50 | 07/15/22 | (338,100 | ) | |||||||||||
Peabody Energy Corp, Call | 1,000 | (163,690 | ) | 34.00 | 05/20/22 | (25,000 | ) | |||||||||||
Petco Health & Wellness Co, Inc, Put | 1,600 | (220,752 | ) | 15.00 | 09/16/22 | (104,000 | ) | |||||||||||
QUALCOMM, Inc, Call | 240 | (29,705 | ) | 175.00 | 06/17/22 | (20,640 | ) | |||||||||||
Royal Caribbean Cruises Ltd, Put | 646 | (48,644 | ) | 65.00 | 05/20/22 | (66,538 | ) | |||||||||||
salesforce.com, Inc, Call | 190 | (161,154 | ) | 230.00 | 07/15/22 | (25,270 | ) | |||||||||||
salesforce.com, Inc, Put | 190 | (198,224 | ) | 175.00 | 07/15/22 | (250,800 | ) | |||||||||||
Seagen, Inc, Call | 320 | (351,351 | ) | 220.00 | 06/17/22 | (75,200 | ) | |||||||||||
Seagen, Inc, Put | 320 | (655,350 | ) | 135.00 | 09/16/22 | (640,000 | ) | |||||||||||
ServiceNow, Inc, Call | 62 | (30,777 | ) | 680.00 | 05/20/22 | (1,240 | ) | |||||||||||
Shake Shack, Inc, Put | 500 | (520,342 | ) | 62.50 | 09/16/22 | (560,000 | ) | |||||||||||
Snap, Inc, Put | 350 | (258,158 | ) | 45.00 | 07/15/22 | (544,600 | ) | |||||||||||
Snap, Inc, Put | 350 | (233,089 | ) | 36.00 | 10/21/22 | (327,250 | ) | |||||||||||
Snowflake, Inc, Put | 210 | (930,781 | ) | 215.00 | 01/20/23 | (1,346,100 | ) | |||||||||||
Sociedad Quimica y Minera de Chile S.A., Call | 600 | (371,141 | ) | 105.00 | 09/16/22 | (133,500 | ) | |||||||||||
Sociedad Quimica y Minera de Chile S.A., Call | 600 | (403,780 | ) | 95.00 | 09/16/22 | (216,000 | ) | |||||||||||
Sociedad Quimica y Minera de Chile S.A., Put | 600 | (490,780 | ) | 75.00 | 09/16/22 | (648,000 | ) | |||||||||||
Spirit AeroSystems Holdings, Inc, Call | 880 | (143,414 | ) | 55.00 | 05/20/22 | (17,600 | ) | |||||||||||
Spirit AeroSystems Holdings, Inc, Put | 880 | (98,534 | ) | 39.00 | 05/20/22 | (114,400 | ) | |||||||||||
Take-Two Interactive Software, Inc, Call | 290 | (147,311 | ) | 170.00 | 09/16/22 | (44,225 | ) | |||||||||||
Take-Two Interactive Software, Inc, Put | 290 | (185,011 | ) | 120.00 | 09/16/22 | (375,550 | ) | |||||||||||
Teradyne, Inc, Put | 520 | (105,757 | ) | 90.00 | 07/15/22 | (136,240 | ) |
7 |
TIAA-CREF FUNDS – Growth & Income Fund
Description/underlying investment | Number of contracts | Notional amount | Exercise price | Expiration date | Value | |||||||||||||
Tesla, Inc, Call | 110 | $ | (1,185,093 | ) | $ | 1,300.00 | 09/16/22 | $ | (330,000 | ) | ||||||||
Tesla, Inc, Put | 60 | (35,096 | ) | 730.00 | 05/20/22 | (22,800 | ) | |||||||||||
Tesla, Inc, Put | 65 | (155,826 | ) | 750.00 | 07/15/22 | (348,270 | ) | |||||||||||
Tesla, Inc, Put | 111 | (804,838 | ) | 850.00 | 09/16/22 | (1,376,400 | ) | |||||||||||
Ulta Beauty, Inc, Put | 140 | (315,641 | ) | 330.00 | 09/16/22 | (196,000 | ) | |||||||||||
United Parcel Service, Inc, Put | 254 | (35,491 | ) | 165.00 | 05/20/22 | (53,340 | ) | |||||||||||
Walt Disney Co, Put | 380 | (34,189 | ) | 110.00 | 05/20/22 | (176,700 | ) | |||||||||||
Wolfspeed, Inc, Call | 300 | (51,435 | ) | 135.00 | 05/20/22 | (9,000 | ) | |||||||||||
WW International, Inc, Put | 900 | (295,172 | ) | 12.50 | 10/21/22 | (319,500 | ) | |||||||||||
WW International, Inc, Put | 1,000 | (192,970 | ) | 10.00 | 01/20/23 | (220,000 | ) | |||||||||||
Zscaler, Inc, Put | 210 | (411,172 | ) | 230.00 | 08/19/22 | (928,725 | ) | |||||||||||
Total | 39,998 | $ | (29,016,628 | ) | $ | (37,393,651 | ) | |||||||||||
8 |
TIAA-CREF FUNDS – Large-Cap Growth Fund
TIAA-CREF FUNDS
LARGE-CAP GROWTH FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2022
SHARES | COMPANY | VALUE | ||||||||
COMMON STOCKS - 99.1% | ||||||||||
AUTOMOBILES & COMPONENTS - 3.2% | ||||||||||
406,255 | * | General Motors Co | $ | 15,401,127 | ||||||
64,874 | *,e | Rivian Automotive, Inc | 1,961,790 | |||||||
175,885 | * | Tesla, Inc | 153,153,622 | |||||||
TOTAL AUTOMOBILES & COMPONENTS | 170,516,539 | |||||||||
BANKS - 0.5% | ||||||||||
591,877 | Wells Fargo & Co | 25,823,593 | ||||||||
TOTAL BANKS | 25,823,593 | |||||||||
CAPITAL GOODS - 3.9% | ||||||||||
244,343 | * | Boeing Co | 36,368,012 | |||||||
766,248 | Carrier Global Corp | 29,324,311 | ||||||||
135,426 | Deere & Co | 51,130,086 | ||||||||
347,619 | * | Liberty Media Acquisition Corp | 3,497,047 | |||||||
124,559 | Roper Technologies Inc | 58,532,765 | ||||||||
280,603 | Safran S.A. | 30,136,334 | ||||||||
TOTAL CAPITAL GOODS | 208,988,555 | |||||||||
COMMERCIAL & PROFESSIONAL SERVICES - 3.3% | ||||||||||
99,089 | * | Cimpress plc | 5,004,985 | |||||||
756,879 | Experian Group Ltd | 26,138,324 | ||||||||
295,650 | Verisk Analytics, Inc | 60,327,383 | ||||||||
618,087 | Waste Connections, Inc | 85,277,463 | ||||||||
TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 176,748,155 | |||||||||
CONSUMER DURABLES & APPAREL - 1.5% | ||||||||||
235,547 | Essilor International S.A. | 40,101,339 | ||||||||
167,328 | Nike, Inc (Class B) | 20,865,802 | ||||||||
3,419,000 | Prada S.p.A | 21,273,491 | ||||||||
TOTAL CONSUMER DURABLES & APPAREL | 82,240,632 | |||||||||
CONSUMER SERVICES - 4.4% | ||||||||||
78,192 | * | Booking Holdings, Inc | 172,828,559 | |||||||
1,382,330 | * | Carnival Corp | 23,914,309 | |||||||
10,573 | * | Chipotle Mexican Grill, Inc (Class A) | 15,390,165 | |||||||
664,292 | * | Las Vegas Sands Corp | 23,535,866 | |||||||
TOTAL CONSUMER SERVICES | 235,668,899 | |||||||||
DIVERSIFIED FINANCIALS - 1.4% | ||||||||||
3,133,698 | * | Grab Holdings Ltd. | 9,244,409 | |||||||
433,696 | * | Ribbit LEAP Ltd | 4,345,634 | |||||||
165,015 | S&P Global, Inc | 62,128,148 | ||||||||
TOTAL DIVERSIFIED FINANCIALS | 75,718,191 |
9 |
TIAA-CREF FUNDS – Large-Cap Growth Fund
SHARES | COMPANY | VALUE | ||||||||
ENERGY - 1.6% | ||||||||||
569,545 | ConocoPhillips | $ | 54,402,939 | |||||||
134,892 | Pioneer Natural Resources Co | 31,358,343 | ||||||||
TOTAL ENERGY | 85,761,282 | |||||||||
FOOD & STAPLES RETAILING - 2.3% | ||||||||||
229,254 | Costco Wholesale Corp | 121,898,937 | ||||||||
TOTAL FOOD & STAPLES RETAILING | 121,898,937 | |||||||||
FOOD, BEVERAGE & TOBACCO - 1.5% | ||||||||||
1,714,825 | Davide Campari-Milano NV | 19,348,679 | ||||||||
732,160 | * | Monster Beverage Corp | 62,731,469 | |||||||
TOTAL FOOD, BEVERAGE & TOBACCO | 82,080,148 | |||||||||
HEALTH CARE EQUIPMENT & SERVICES - 4.4% | ||||||||||
193,780 | Alcon, Inc | 13,836,048 | ||||||||
101,593 | * | Align Technology, Inc | 29,452,827 | |||||||
121,103 | * | Dexcom, Inc | 49,480,264 | |||||||
193,842 | * | Guardant Health, Inc | 11,960,051 | |||||||
261,334 | * | Intuitive Surgical, Inc | 62,537,226 | |||||||
139,389 | UnitedHealth Group, Inc | 70,886,276 | ||||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 238,152,692 | |||||||||
INSURANCE - 0.9% | ||||||||||
860,551 | American International Group, Inc | 50,350,839 | ||||||||
TOTAL INSURANCE | 50,350,839 | |||||||||
MATERIALS - 0.5% | ||||||||||
84,966 | Linde plc | 26,505,993 | ||||||||
TOTAL MATERIALS | 26,505,993 | |||||||||
MEDIA & ENTERTAINMENT - 10.2% | ||||||||||
121,328 | * | Alphabet, Inc (Class C) | 278,973,110 | |||||||
394,662 | Comcast Corp (Class A) | 15,691,761 | ||||||||
210,453 | * | IAC | 17,442,345 | |||||||
351,989 | * | Match Group, Inc | 27,859,929 | |||||||
646,684 | * | Meta Platforms, Inc | 129,640,742 | |||||||
226,850 | * | ROBLOX Corp | 6,952,953 | |||||||
445,500 | Tencent Holdings Ltd | 20,994,136 | ||||||||
538,273 | * | Twitter, Inc | 26,386,142 | |||||||
251,350 | * | Walt Disney Co | 28,058,201 | |||||||
TOTAL MEDIA & ENTERTAINMENT | 551,999,319 | |||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 5.3% | ||||||||||
574,873 | AbbVie, Inc | 84,437,346 | ||||||||
1,317,010 | * | Avantor, Inc | 41,986,279 | |||||||
273,653 | * | Horizon Therapeutics Plc | 26,971,240 | |||||||
250,488 | * | Illumina, Inc | 74,307,265 | |||||||
326,116 | Zoetis, Inc | 57,804,061 | ||||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 285,506,191 |
10 |
TIAA-CREF FUNDS – Large-Cap Growth Fund
SHARES | COMPANY | VALUE | ||||||||
RETAILING - 12.2% | ||||||||||
194,556 | * | Amazon.com, Inc | $ | 483,594,230 | ||||||
272,207 | * | CarMax, Inc | 23,349,917 | |||||||
559,654 | * | Coupang, Inc | 7,202,747 | |||||||
632,681 | eBay, Inc | 32,848,798 | ||||||||
127,076 | Home Depot, Inc | 38,173,630 | ||||||||
35,549 | Kering | 18,914,641 | ||||||||
945,072 | TJX Companies, Inc | 57,914,012 | ||||||||
TOTAL RETAILING | 661,997,975 | |||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 7.3% | ||||||||||
771,924 | * | Advanced Micro Devices, Inc | 66,014,940 | |||||||
659,515 | Applied Materials, Inc | 72,777,480 | ||||||||
197,386 | Broadcom, Inc | 109,428,825 | ||||||||
608,997 | Marvell Technology, Inc | 35,370,546 | ||||||||
450,885 | NVIDIA Corp | 83,625,641 | ||||||||
306,482 | Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 28,481,372 | ||||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 395,698,804 | |||||||||
SOFTWARE & SERVICES - 26.4% | ||||||||||
218,886 | Accenture plc | 65,744,599 | ||||||||
11,938 | *,g | Adyen NV | 20,023,528 | |||||||
330,994 | * | DocuSign, Inc | 26,810,514 | |||||||
183,845 | Intuit, Inc | 76,985,094 | ||||||||
2,495,470 | * | ironSource Ltd | 9,557,650 | |||||||
1,880,272 | Microsoft Corp | 521,813,086 | ||||||||
740,737 | Oracle Corp | 54,370,096 | ||||||||
77,665 | * | Palo Alto Networks, Inc | 43,591,811 | |||||||
470,799 | * | PayPal Holdings, Inc | 41,397,356 | |||||||
887,594 | * | Qualtrics International, Inc | 16,455,993 | |||||||
612,090 | * | salesforce.com, Inc | 107,691,115 | |||||||
151,734 | * | ServiceNow, Inc | 72,544,025 | |||||||
114,191 | * | Synopsys, Inc | 32,748,837 | |||||||
1,319,178 | Visa, Inc (Class A) | 281,156,407 | ||||||||
260,839 | * | Workday, Inc | 53,915,421 | |||||||
TOTAL SOFTWARE & SERVICES | 1,424,805,532 | |||||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 6.0% | ||||||||||
2,059,088 | Apple, Inc | 324,615,223 | ||||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 324,615,223 | |||||||||
TRANSPORTATION - 2.3% | ||||||||||
1,814,647 | * | Uber Technologies, Inc | 57,125,088 | |||||||
296,280 | Union Pacific Corp | 69,415,441 | ||||||||
TOTAL TRANSPORTATION | 126,540,529 | |||||||||
TOTAL COMMON STOCKS | 5,351,618,028 | |||||||||
(Cost $3,744,630,062) |
11 |
TIAA-CREF FUNDS – Large-Cap Growth Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
SHORT-TERM INVESTMENTS - 1.4% | ||||||||||||||||
REPURCHASE AGREEMENT - 1.4% | ||||||||||||||||
$ | 74,845,000 | r | Fixed Income Clearing Corp (FICC) | 0.250 | % | 05/02/22 | $ | 74,845,000 | ||||||||
TOTAL REPURCHASE AGREEMENT | 74,845,000 | |||||||||||||||
SHARES | COMPANY | |||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.0% | ||||||||||||||||
2,120,030 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 0.310 | 2,120,030 | ||||||||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 2,120,030 | |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 76,965,030 | |||||||||||||||
(Cost $76,965,030) | ||||||||||||||||
TOTAL INVESTMENTS - 100.5% | 5,428,583,058 | |||||||||||||||
(Cost $3,821,595,092) | ||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - (0.5)% | (26,146,753 | ) | ||||||||||||||
NET ASSETS - 100.0% | $ | 5,402,436,305 | ||||||||||||||
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 $1,942,164. | ||
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 4/30/22, the aggregate value of these securities is $20,023,528 or 0.4% of net assets. | ||
r | Agreement with Fixed Income Clearing Corp (FICC), 0.250% dated 4/29/22 to be repurchased at $74,845,000 on 5/2/22, collateralized by Government Agency Securities, with coupon rates 2.875%-3.000% and maturity dates 5/15/45-8/15/45, valued at $76,341,935. |
12 |
TIAA-CREF FUNDS – Large-Cap Value Fund
TIAA-CREF FUNDS
LARGE-CAP VALUE FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2022
SHARES | COMPANY | VALUE | ||||||||
COMMON STOCKS - 99.1% | ||||||||||
BANKS - 9.6% | ||||||||||
3,436,558 | Bank of America Corp | $ | 122,616,390 | |||||||
1,141,415 | JPMorgan Chase & Co | 136,239,294 | ||||||||
388,837 | PNC Financial Services Group, Inc | 64,585,826 | ||||||||
1,120,629 | US Bancorp | 54,417,744 | ||||||||
2,338,744 | Wells Fargo & Co | 102,039,401 | ||||||||
TOTAL BANKS | 479,898,655 | |||||||||
CAPITAL GOODS - 11.1% | ||||||||||
156,430 | Allegion plc | 17,870,563 | ||||||||
168,164 | * | Boeing Co | 25,029,530 | |||||||
123,045 | Caterpillar, Inc | 25,905,894 | ||||||||
155,432 | Deere & Co | 58,683,352 | ||||||||
368,062 | Dover Corp | 49,062,665 | ||||||||
368,233 | Eaton Corp | 53,401,150 | ||||||||
416,462 | Honeywell International, Inc | 80,589,562 | ||||||||
677,341 | Masco Corp | 35,689,097 | ||||||||
216,824 | Parker-Hannifin Corp | 58,720,276 | ||||||||
1,135,116 | Raytheon Technologies Corp | 107,733,859 | ||||||||
157,462 | Stanley Black & Decker, Inc | 18,919,059 | ||||||||
146,526 | Trane Technologies plc | 20,497,522 | ||||||||
TOTAL CAPITAL GOODS | 552,102,529 | |||||||||
CONSUMER DURABLES & APPAREL - 0.8% | ||||||||||
9,333 | * | NVR, Inc | 40,843,168 | |||||||
TOTAL CONSUMER DURABLES & APPAREL | 40,843,168 | |||||||||
CONSUMER SERVICES - 3.4% | ||||||||||
13,460 | * | Booking Holdings, Inc | 29,750,773 | |||||||
490,503 | * | Hilton Worldwide Holdings, Inc | 76,170,211 | |||||||
260,766 | McDonald’s Corp | 64,972,456 | ||||||||
TOTAL CONSUMER SERVICES | 170,893,440 | |||||||||
DIVERSIFIED FINANCIALS - 6.1% | ||||||||||
415,424 | American Express Co | 72,578,727 | ||||||||
290,312 | * | Berkshire Hathaway, Inc (Class B) | 93,721,423 | |||||||
69,398 | BlackRock, Inc | 43,351,543 | ||||||||
387,958 | Charles Schwab Corp | 25,733,254 | ||||||||
226,662 | Goldman Sachs Group, Inc | 69,242,974 | ||||||||
TOTAL DIVERSIFIED FINANCIALS | 304,627,921 | |||||||||
ENERGY - 8.0% | ||||||||||
944,274 | Chevron Corp | 147,939,408 | ||||||||
1,224,596 | ConocoPhillips | 116,973,410 | ||||||||
642,444 | EOG Resources, Inc | 75,011,761 | ||||||||
503,203 | Valero Energy Corp | 56,097,070 | ||||||||
TOTAL ENERGY | 396,021,649 |
13 |
TIAA-CREF FUNDS – Large-Cap Value Fund
SHARES | COMPANY | VALUE | ||||||||
FOOD & STAPLES RETAILING - 1.7% | ||||||||||
552,970 | Walmart, Inc | $ | 84,598,880 | |||||||
TOTAL FOOD & STAPLES RETAILING | 84,598,880 | |||||||||
FOOD, BEVERAGE & TOBACCO - 0.9% | ||||||||||
728,626 | Mondelez International, Inc | 46,981,805 | ||||||||
TOTAL FOOD, BEVERAGE & TOBACCO | 46,981,805 | |||||||||
HEALTH CARE EQUIPMENT & SERVICES - 10.9% | ||||||||||
330,942 | Abbott Laboratories | 37,561,917 | ||||||||
214,454 | Anthem, Inc | 107,640,896 | ||||||||
260,871 | Cigna Corp | 64,377,745 | ||||||||
196,444 | HCA Healthcare, Inc | 42,147,060 | ||||||||
694,121 | Medtronic plc | 72,438,468 | ||||||||
378,408 | UnitedHealth Group, Inc | 192,439,389 | ||||||||
229,791 | Zimmer Biomet Holdings, Inc | 27,747,263 | ||||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 544,352,738 | |||||||||
HOUSEHOLD & PERSONAL PRODUCTS - 1.0% | ||||||||||
324,615 | Procter & Gamble Co | 52,116,938 | ||||||||
TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 52,116,938 | |||||||||
INSURANCE - 5.8% | ||||||||||
1,264,237 | American International Group, Inc | 73,970,507 | ||||||||
474,772 | Chubb Ltd | 98,016,679 | ||||||||
423,264 | Marsh & McLennan Cos, Inc | 68,441,789 | ||||||||
452,272 | Prudential Financial, Inc | 49,076,035 | ||||||||
TOTAL INSURANCE | 289,505,010 | |||||||||
MATERIALS - 4.7% | ||||||||||
268,760 | Ball Corp | 21,812,562 | ||||||||
642,903 | Crown Holdings, Inc | 70,745,046 | ||||||||
638,558 | DuPont de Nemours, Inc | 42,100,129 | ||||||||
94,517 | Linde plc | 29,485,523 | ||||||||
337,051 | PPG Industries, Inc | 43,139,158 | ||||||||
139,657 | Reliance Steel & Aluminum Co | 27,687,000 | ||||||||
TOTAL MATERIALS | 234,969,418 | |||||||||
MEDIA & ENTERTAINMENT - 5.7% | ||||||||||
37,303 | * | Alphabet, Inc (Class C) | 85,771,907 | |||||||
76,241 | * | Charter Communications, Inc | 32,668,506 | |||||||
2,584,360 | Comcast Corp (Class A) | 102,754,153 | ||||||||
540,882 | * | Walt Disney Co | 60,378,658 | |||||||
TOTAL MEDIA & ENTERTAINMENT | 281,573,224 | |||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.2% | ||||||||||
256,811 | AbbVie, Inc | 37,720,400 | ||||||||
1,133,411 | Bristol-Myers Squibb Co | 85,311,846 | ||||||||
320,459 | Gilead Sciences, Inc | 19,016,037 | ||||||||
981,306 | Johnson & Johnson | 177,086,481 | ||||||||
522,483 | Merck & Co, Inc | 46,339,017 | ||||||||
894,033 | Pfizer, Inc | 43,870,199 | ||||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 409,343,980 |
14 |
TIAA-CREF FUNDS – Large-Cap Value Fund
SHARES | COMPANY | VALUE | ||||||||
REAL ESTATE - 1.0% | ||||||||||
322,602 | Prologis, Inc | $ | 51,709,875 | |||||||
TOTAL REAL ESTATE | 51,709,875 | |||||||||
RETAILING - 0.9% | ||||||||||
140,578 | Home Depot, Inc | 42,229,631 | ||||||||
TOTAL RETAILING | 42,229,631 | |||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.4% | ||||||||||
324,511 | Analog Devices, Inc | 50,098,008 | ||||||||
351,339 | Applied Materials, Inc | 38,770,259 | ||||||||
483,324 | Intel Corp | 21,068,093 | ||||||||
20,907 | Lam Research Corp | 9,737,644 | ||||||||
777,872 | Micron Technology, Inc | 53,043,092 | ||||||||
275,188 | NXP Semiconductors NV | 47,029,629 | ||||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 219,746,725 | |||||||||
SOFTWARE & SERVICES - 4.1% | ||||||||||
179,840 | Accenture plc | 54,016,743 | ||||||||
539,724 | * | Fiserv, Inc | 52,849,774 | |||||||
252,151 | Microsoft Corp | 69,976,946 | ||||||||
348,436 | Oracle Corp | 25,575,202 | ||||||||
TOTAL SOFTWARE & SERVICES | 202,418,665 | |||||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 3.2% | ||||||||||
1,771,059 | Cisco Systems, Inc | 86,746,470 | ||||||||
573,757 | TE Connectivity Ltd | 71,593,398 | ||||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 158,339,868 | |||||||||
TELECOMMUNICATION SERVICES - 1.2% | ||||||||||
478,667 | * | T-Mobile US, Inc | 58,943,054 | |||||||
TOTAL TELECOMMUNICATION SERVICES | 58,943,054 | |||||||||
TRANSPORTATION - 3.1% | ||||||||||
726,667 | *,†,b | AMR Corporation | 7,267 | |||||||
1,181,340 | CSX Corp | 40,567,216 | ||||||||
364,119 | Union Pacific Corp | 85,309,440 | ||||||||
147,550 | United Parcel Service, Inc (Class B) | 26,556,049 | ||||||||
TOTAL TRANSPORTATION | 152,439,972 | |||||||||
UTILITIES - 3.3% | ||||||||||
501,498 | Ameren Corp | 46,589,164 | ||||||||
599,883 | American Electric Power Co, Inc | 59,454,404 | ||||||||
1,491,453 | Centerpoint Energy, Inc | 45,653,376 | ||||||||
160,821 | NextEra Energy, Inc | 11,421,508 | ||||||||
TOTAL UTILITIES | 163,118,452 | |||||||||
TOTAL COMMON STOCKS | 4,936,775,597 | |||||||||
(Cost $3,335,991,480) |
15 |
TIAA-CREF FUNDS – Large-Cap Value Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
SHORT-TERM INVESTMENTS - 1.2% | ||||||||||||||||
GOVERNMENT AGENCY DEBT - 0.3% | ||||||||||||||||
$ | 10,000,000 | Federal Farm Credit Bank (FFCB) | 0.000 | % | 06/14/22 | $ | 9,991,434 | |||||||||
5,730,000 | Federal Home Loan Bank (FHLB) | 0.000 | 05/04/22 | 5,729,848 | ||||||||||||
TOTAL GOVERNMENT AGENCY DEBT | 15,721,282 | |||||||||||||||
REPURCHASE AGREEMENT - 0.9% | ||||||||||||||||
45,725,000 | r | Fixed Income Clearing Corp (FICC) | 0.250 | 05/02/22 | 45,725,000 | |||||||||||
TOTAL REPURCHASE AGREEMENT | 45,725,000 | |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 61,446,282 | |||||||||||||||
(Cost $61,447,559) | ||||||||||||||||
TOTAL INVESTMENTS - 100.3% | 4,998,221,879 | |||||||||||||||
(Cost $3,397,439,039) | ||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - (0.3)% | (17,397,831 | ) | ||||||||||||||
NET ASSETS - 100.0% | $ | 4,980,824,048 | ||||||||||||||
* | Non-income producing | ||
† | Security is categorized as Level 3 in the fair value hierarchy. | ||
b | In bankruptcy | ||
r | Agreement with Fixed Income Clearing Corp (FICC), 0.250% dated 4/29/22 to be repurchased at $45,725,000 on 5/2/22, collateralized by Government Agency Securities, with coupon rates 2.500% and maturity dates 2/15/46-5/15/46, valued at $46,639,526. |
16 |
TIAA-CREF FUNDS – Mid-Cap Growth Fund
TIAA-CREF FUNDS
MID-CAP GROWTH FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2022
SHARES | COMPANY | VALUE | ||||||||
COMMON STOCKS - 99.7% | ||||||||||
BANKS - 0.5% | ||||||||||
159,572 | Citizens Financial Group, Inc | $ | 6,287,137 | |||||||
TOTAL BANKS | 6,287,137 | |||||||||
CAPITAL GOODS - 6.9% | ||||||||||
40,208 | Carlisle Cos, Inc | 10,428,347 | ||||||||
450,995 | Carrier Global Corp | 17,259,579 | ||||||||
31,768 | L3Harris Technologies, Inc | 7,378,436 | ||||||||
87,301 | * | Liberty Media Acquisition Corp | 878,248 | |||||||
316,731 | Spirit Aerosystems Holdings, Inc (Class A) | 13,315,371 | ||||||||
33,055 | * | TransDigm Group, Inc | 19,661,444 | |||||||
46,093 | W.W. Grainger, Inc | 23,047,883 | ||||||||
TOTAL CAPITAL GOODS | 91,969,308 | |||||||||
COMMERCIAL & PROFESSIONAL SERVICES - 8.7% | ||||||||||
616,552 | * | ACV Auctions, Inc | 8,230,969 | |||||||
109,602 | * | Cimpress plc | 5,535,997 | |||||||
535,801 | * | Driven Brands Holdings, Inc | 14,943,490 | |||||||
358,174 | Experian Group Ltd | 12,369,306 | ||||||||
921,551 | * | First Advantage Corp | 15,998,125 | |||||||
176,901 | Verisk Analytics, Inc | 36,096,649 | ||||||||
180,550 | Waste Connections, Inc | 24,910,484 | ||||||||
TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 118,085,020 | |||||||||
CONSUMER DURABLES & APPAREL - 4.4% | ||||||||||
167,778 | * | Capri Holdings Ltd | 8,003,010 | |||||||
92,047 | Garmin Ltd | 10,101,238 | ||||||||
46,926 | * | Lululemon Athletica, Inc | 16,641,367 | |||||||
363,884 | * | Peloton Interactive, Inc | 6,389,803 | |||||||
2,028,700 | Prada S.p.A | 12,622,852 | ||||||||
997,840 | *,e | Traeger, Inc | 5,977,062 | |||||||
TOTAL CONSUMER DURABLES & APPAREL | 59,735,332 | |||||||||
CONSUMER SERVICES - 8.1% | ||||||||||
10,582 | * | Chipotle Mexican Grill, Inc (Class A) | 15,403,265 | |||||||
164,969 | *,e | Dutch Bros, Inc | 7,880,569 | |||||||
325,534 | * | Entain PLC | 6,116,890 | |||||||
765,407 | European Wax Center, Inc | 21,010,422 | ||||||||
98,422 | * | Expedia Group, Inc | 17,199,245 | |||||||
71,045 | * | Hilton Worldwide Holdings, Inc | 11,032,578 | |||||||
27,179 | * | Hyatt Hotels Corp | 2,580,918 | |||||||
39,900 | Restaurant Brands International, Inc | 2,277,891 | ||||||||
174,031 | * | Royal Caribbean Cruises Ltd | 13,527,430 | |||||||
167,126 | * | Wynn Resorts Ltd | 11,779,040 | |||||||
TOTAL CONSUMER SERVICES | 108,808,248 |
17 |
TIAA-CREF FUNDS – Mid-Cap Growth Fund
SHARES | COMPANY | VALUE | ||||||||
DIVERSIFIED FINANCIALS - 2.4% | ||||||||||
47,715 | Ameriprise Financial, Inc | $ | 12,667,855 | |||||||
814,235 | * | Grab Holdings Ltd. | 2,401,993 | |||||||
294,384 | Jefferies Financial Group, Inc | 9,055,252 | ||||||||
111,547 | Tradeweb Markets, Inc | 7,941,031 | ||||||||
TOTAL DIVERSIFIED FINANCIALS | 32,066,131 | |||||||||
ENERGY - 4.1% | ||||||||||
163,836 | Cheniere Energy, Inc | 22,250,567 | ||||||||
220,758 | Halliburton Co | 7,863,400 | ||||||||
107,274 | Pioneer Natural Resources Co | 24,937,987 | ||||||||
TOTAL ENERGY | 55,051,954 | |||||||||
FOOD, BEVERAGE & TOBACCO - 2.1% | ||||||||||
1,078,137 | Davide Campari-Milano NV | 12,164,814 | ||||||||
258,912 | Fevertree Drinks plc | 5,870,763 | ||||||||
104,406 | * | Freshpet, Inc | 9,746,300 | |||||||
TOTAL FOOD, BEVERAGE & TOBACCO | 27,781,877 | |||||||||
HEALTH CARE EQUIPMENT & SERVICES - 6.6% | ||||||||||
34,387 | * | Align Technology, Inc | 9,969,135 | |||||||
68,350 | * | Dexcom, Inc | 27,926,443 | |||||||
133,776 | * | Guardant Health, Inc | 8,253,979 | |||||||
83,276 | * | Molina Healthcare, Inc | 26,102,862 | |||||||
90,713 | * | Veeva Systems, Inc | 16,505,231 | |||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 88,757,650 | |||||||||
INSURANCE - 0.6% | ||||||||||
122,994 | * | Trupanion, Inc | 7,824,878 | |||||||
TOTAL INSURANCE | 7,824,878 | |||||||||
MATERIALS - 1.1% | ||||||||||
36,228 | Albemarle Corp | 6,985,845 | ||||||||
58,568 | Westlake Chemical Corp | 7,411,781 | ||||||||
TOTAL MATERIALS | 14,397,626 | |||||||||
MEDIA & ENTERTAINMENT - 3.6% | ||||||||||
57,563 | Electronic Arts, Inc | 6,795,312 | ||||||||
64,180 | * | IAC | 5,319,238 | |||||||
285,246 | * | Match Group, Inc | 22,577,221 | |||||||
278,185 | News Corp (Class A) | 5,524,754 | ||||||||
176,634 | * | Twitter, Inc | 8,658,599 | |||||||
TOTAL MEDIA & ENTERTAINMENT | 48,875,124 | |||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 9.1% | ||||||||||
200,742 | Agilent Technologies, Inc | 23,942,499 | ||||||||
613,510 | * | Avantor, Inc | 19,558,699 | |||||||
63,824 | * | Charles River Laboratories International, Inc | 15,414,134 | |||||||
477,735 | * | Elanco Animal Health, Inc | 12,091,473 | |||||||
238,338 | * | Horizon Therapeutics Plc | 23,490,593 | |||||||
57,679 | * | Repligen Corp | 9,069,446 | |||||||
57,238 | West Pharmaceutical Services, Inc | 18,033,404 | ||||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 121,600,248 |
18 |
TIAA-CREF FUNDS – Mid-Cap Growth Fund
SHARES | COMPANY | VALUE | ||||||||
REAL ESTATE - 1.5% | ||||||||||
167,186 | Simon Property Group, Inc | $ | 19,727,948 | |||||||
TOTAL REAL ESTATE | 19,727,948 | |||||||||
RETAILING - 5.5% | ||||||||||
93,321 | * | Burlington Stores, Inc | 18,996,423 | |||||||
130,258 | * | CarMax, Inc | 11,173,531 | |||||||
123,516 | * | Dollar Tree, Inc | 20,065,174 | |||||||
487,560 | * | Farfetch Ltd | 5,460,672 | |||||||
118,116 | * | Five Below, Inc | 18,556,024 | |||||||
TOTAL RETAILING | 74,251,824 | |||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.7% | ||||||||||
136,890 | Entegris, Inc | 15,248,177 | ||||||||
214,180 | Marvell Technology, Inc | 12,439,574 | ||||||||
172,109 | Microchip Technology, Inc | 11,221,507 | ||||||||
69,504 | Monolithic Power Systems, Inc | 27,262,249 | ||||||||
57,418 | NXP Semiconductors NV | 9,812,736 | ||||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 75,984,243 | |||||||||
SOFTWARE & SERVICES - 24.5% | ||||||||||
5,591 | *,g | Adyen NV | 9,377,747 | |||||||
110,335 | * | Black Knight, Inc | 7,258,940 | |||||||
508,343 | *,e | Clear Secure, Inc | 15,463,794 | |||||||
152,450 | * | Datadog, Inc | 18,412,911 | |||||||
222,353 | * | DocuSign, Inc | 18,010,593 | |||||||
39,306 | * | EPAM Systems, Inc | 10,415,697 | |||||||
54,784 | * | Gartner, Inc | 15,917,491 | |||||||
51,717 | * | HubSpot, Inc | 19,622,981 | |||||||
1,490,101 | * | ironSource Ltd | 5,707,087 | |||||||
636,953 | * | Marqeta, Inc | 5,923,663 | |||||||
47,913 | * | Monday.com Ltd | 6,199,942 | |||||||
45,958 | * | MongoDB, Inc | 16,311,873 | |||||||
99,070 | * | Okta, Inc | 11,820,042 | |||||||
76,329 | * | Palo Alto Networks, Inc | 42,841,941 | |||||||
132,694 | * | Paylocity Holding Corp | 25,162,763 | |||||||
529,796 | * | Qualtrics International, Inc | 9,822,418 | |||||||
3,007,054 | * | Sabre Corp | 31,483,856 | |||||||
287,978 | * | SentinelOne, Inc | 9,581,028 | |||||||
123,749 | * | Synopsys, Inc | 35,489,976 | |||||||
66,814 | * | Zscaler, Inc | 13,545,870 | |||||||
TOTAL SOFTWARE & SERVICES | 328,370,613 | |||||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 1.3% | ||||||||||
148,858 | * | Arista Networks, Inc | 17,203,519 | |||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 17,203,519 | |||||||||
TRANSPORTATION - 2.9% | ||||||||||
715,532 | *,e | Hertz Global Holdings, Inc | 14,353,572 | |||||||
69,832 | JB Hunt Transport Services, Inc | 11,930,797 | ||||||||
386,801 | * | Lyft, Inc (Class A) | 12,609,713 | |||||||
TOTAL TRANSPORTATION | 38,894,082 | |||||||||
TOTAL COMMON STOCKS | 1,335,672,762 | |||||||||
(Cost $1,278,812,517) |
19 |
TIAA-CREF FUNDS – Mid-Cap Growth Fund
SHARES | COMPANY | VALUE | ||||||||
RIGHTS / WARRANTS - 0.2% | ||||||||||
TRANSPORTATION - 0.2% | ||||||||||
169,870 | Hertz Global Holdings, Inc | $ | 2,378,180 | |||||||
TOTAL TRANSPORTATION | 2,378,180 | |||||||||
TOTAL RIGHTS / WARRANTS | 2,378,180 | |||||||||
(Cost $2,029,947) | ||||||||||
PRINCIPAL | ISSUER | RATE | MATURITY DATE | |||||||||||||
SHORT-TERM INVESTMENTS - 2.1% | ||||||||||||||||
REPURCHASE AGREEMENT - 0.3% | ||||||||||||||||
$ | 3,870,000 | r | Fixed Income Clearing Corp (FICC) | 0.250 | % | 05/02/22 | 3,870,000 | |||||||||
TOTAL REPURCHASE AGREEMENT | 3,870,000 | |||||||||||||||
SHARES | COMPANY | |||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.8% | ||||||||||||||||
23,616,631 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 0.310 | 23,616,631 | ||||||||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 23,616,631 | |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 27,486,631 | |||||||||||||||
(Cost $27,486,631) | ||||||||||||||||
TOTAL INVESTMENTS - 101.9% | 1,365,537,573 | |||||||||||||||
(Cost $1,308,329,095) | ||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - (1.9)% | (25,216,387 | ) | ||||||||||||||
NET ASSETS - 100.0% | $ | 1,340,321,186 | ||||||||||||||
* | 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 $21,904,490. | ||
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 4/30/22, the aggregate value of these securities is $9,377,747 or 0.7% of net assets. | ||
r | Agreement with Fixed Income Clearing Corp (FICC), 0.250% dated 4/29/22 to be repurchased at $3,870,000 on 5/2/22, collateralized by Government Agency Securities, with coupon rate 2.875% and maturity date 8/15/45, valued at $3,947,481. |
20 |
TIAA-CREF FUNDS – Mid-Cap Value Fund
TIAA-CREF FUNDS
MID-CAP VALUE FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2022
SHARES | COMPANY | VALUE | ||||||||
COMMON STOCKS - 99.6% | ||||||||||
BANKS - 5.6% | ||||||||||
282,755 | East West Bancorp, Inc | $ | 20,160,431 | |||||||
368,061 | First Interstate Bancsystem, Inc | 11,969,344 | ||||||||
1,157,717 | Huntington Bancshares, Inc | 15,223,979 | ||||||||
115,942 | Signature Bank | 28,086,949 | ||||||||
342,006 | Webster Financial Corp | 17,096,880 | ||||||||
202,785 | Western Alliance Bancorp | 15,433,966 | ||||||||
TOTAL BANKS | 107,971,549 | |||||||||
CAPITAL GOODS - 12.3% | ||||||||||
202,559 | Crane Co | 19,492,253 | ||||||||
145,129 | Curtiss-Wright Corp | 20,740,385 | ||||||||
172,646 | Dover Corp | 23,013,712 | ||||||||
122,655 | Eaton Corp | 17,787,428 | ||||||||
723,919 | Howmet Aerospace, Inc | 24,700,116 | ||||||||
133,401 | Hubbell, Inc | 26,061,219 | ||||||||
367,182 | Johnson Controls International plc | 21,983,186 | ||||||||
129,285 | Parker-Hannifin Corp | 35,012,964 | ||||||||
165,640 | * | WESCO International, Inc | 20,416,787 | |||||||
312,493 | Westinghouse Air Brake Technologies Corp | 28,096,246 | ||||||||
TOTAL CAPITAL GOODS | 237,304,296 | |||||||||
COMMERCIAL & PROFESSIONAL SERVICES - 1.2% | ||||||||||
167,426 | Republic Services, Inc | 22,480,289 | ||||||||
TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 22,480,289 | |||||||||
CONSUMER DURABLES & APPAREL - 2.6% | ||||||||||
1,283,268 | Newell Brands Inc | 29,707,654 | ||||||||
1,439,313 | * | Under Armour, Inc (Class C) | 20,423,852 | |||||||
TOTAL CONSUMER DURABLES & APPAREL | 50,131,506 | |||||||||
CONSUMER SERVICES - 4.1% | ||||||||||
105,890 | * | Expedia Group, Inc | 18,504,278 | |||||||
378,097 | Travel & Leisure Co | 20,976,822 | ||||||||
95,616 | Wyndham Hotels & Resorts, Inc | 8,410,383 | ||||||||
262,525 | Yum! Brands, Inc | 30,718,050 | ||||||||
TOTAL CONSUMER SERVICES | 78,609,533 | |||||||||
DIVERSIFIED FINANCIALS - 6.7% | ||||||||||
659,139 | Ally Financial, Inc | 26,339,194 | ||||||||
115,178 | Ameriprise Financial, Inc | 30,578,607 | ||||||||
574,215 | Equitable Holdings, Inc | 16,554,619 | ||||||||
165,264 | LPL Financial Holdings, Inc | 31,048,148 | ||||||||
402,245 | Voya Financial, Inc | 25,397,749 | ||||||||
TOTAL DIVERSIFIED FINANCIALS | 129,918,317 |
21 |
TIAA-CREF FUNDS – Mid-Cap Value Fund
SHARES | COMPANY | VALUE | ||||||||
ENERGY - 7.6% | ||||||||||
380,169 | * | Antero Resources Corp | $ | 13,381,949 | ||||||
169,531 | Devon Energy Corp | 9,861,618 | ||||||||
114,175 | Diamondback Energy, Inc | 14,412,310 | ||||||||
202,933 | EOG Resources, Inc | 23,694,457 | ||||||||
189,588 | Pioneer Natural Resources Co | 44,073,523 | ||||||||
374,636 | Valero Energy Corp | 41,764,421 | ||||||||
TOTAL ENERGY | 147,188,278 | |||||||||
FOOD & STAPLES RETAILING - 1.5% | ||||||||||
586,974 | * | Performance Food Group Co | 28,908,469 | |||||||
TOTAL FOOD & STAPLES RETAILING | 28,908,469 | |||||||||
FOOD, BEVERAGE & TOBACCO - 2.5% | ||||||||||
82,692 | Constellation Brands, Inc (Class A) | 20,349,674 | ||||||||
122,638 | Hershey Co | 27,687,981 | ||||||||
TOTAL FOOD, BEVERAGE & TOBACCO | 48,037,655 | |||||||||
HEALTH CARE EQUIPMENT & SERVICES - 7.6% | ||||||||||
348,596 | Cardinal Health, Inc | 20,235,998 | ||||||||
404,404 | * | Centene Corp | 32,574,742 | |||||||
122,649 | Cigna Corp | 30,267,320 | ||||||||
72,474 | Conmed Corp | 9,636,143 | ||||||||
58,487 | Humana, Inc | 26,000,981 | ||||||||
93,208 | * | Molina Healthcare, Inc | 29,216,048 | |||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 147,931,232 | |||||||||
INSURANCE - 2.3% | ||||||||||
406,848 | * | BRP Group, Inc | 9,406,326 | |||||||
89,454 | Everest Re Group Ltd | 24,573,908 | ||||||||
355,627 | Unum Group | 10,853,736 | ||||||||
TOTAL INSURANCE | 44,833,970 | |||||||||
MATERIALS - 4.6% | ||||||||||
222,564 | Crown Holdings, Inc | 24,490,943 | ||||||||
290,624 | DuPont de Nemours, Inc | 19,160,840 | ||||||||
1,129,379 | Graphic Packaging Holding Co | 24,620,462 | ||||||||
340,070 | Sealed Air Corp | 21,835,895 | ||||||||
TOTAL MATERIALS | 90,108,140 | |||||||||
MEDIA & ENTERTAINMENT - 0.6% | ||||||||||
137,543 | * | Ziff Davis Inc | 12,153,299 | |||||||
TOTAL MEDIA & ENTERTAINMENT | 12,153,299 | |||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 3.9% | ||||||||||
134,866 | * | IQVIA Holdings, Inc | 29,399,440 | |||||||
127,574 | * | Jazz Pharmaceuticals plc | 20,439,906 | |||||||
143,004 | * | United Therapeutics Corp | 25,391,790 | |||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 75,231,136 |
22 |
TIAA-CREF FUNDS – Mid-Cap Value Fund
SHARES | COMPANY | VALUE | ||||||||
REAL ESTATE - 12.7% | ||||||||||
603,605 | American Homes 4 Rent | $ | 23,908,794 | |||||||
432,187 | Apartment Income REIT Corp | 21,250,635 | ||||||||
153,329 | Extra Space Storage, Inc | 29,132,510 | ||||||||
425,611 | Gaming and Leisure Properties, Inc | 18,888,616 | ||||||||
946,130 | Kimco Realty Corp | 23,965,473 | ||||||||
449,392 | Rexford Industrial Realty, Inc | 35,070,552 | ||||||||
74,236 | SBA Communications Corp | 25,768,058 | ||||||||
117,137 | Sun Communities, Inc | 20,565,743 | ||||||||
431,364 | UDR, Inc | 22,952,878 | ||||||||
832,036 | VICI Properties, Inc | 24,802,995 | ||||||||
TOTAL REAL ESTATE | 246,306,254 | |||||||||
RETAILING - 2.1% | ||||||||||
105,236 | Advance Auto Parts, Inc | 21,008,263 | ||||||||
72,207 | Lithia Motors, Inc (Class A) | 20,443,968 | ||||||||
TOTAL RETAILING | 41,452,231 | |||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.3% | ||||||||||
24,136 | Lam Research Corp | 11,241,583 | ||||||||
224,831 | Marvell Technology, Inc | 13,058,185 | ||||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 24,299,768 | |||||||||
SOFTWARE & SERVICES - 4.9% | ||||||||||
247,466 | Bread Financial Holdings, Inc | 13,561,137 | ||||||||
157,754 | Fidelity National Information Services, Inc | 15,641,309 | ||||||||
195,948 | * | Fiserv, Inc | 19,187,228 | |||||||
987,545 | NortonLifelock, Inc | 24,728,127 | ||||||||
74,232 | * | Synopsys, Inc | 21,288,995 | |||||||
TOTAL SOFTWARE & SERVICES | 94,406,796 | |||||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 3.1% | ||||||||||
460,729 | * | Ciena Corp | 25,418,419 | |||||||
2,282,227 | Hewlett Packard Enterprise Co | 35,169,118 | ||||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 60,587,537 | |||||||||
TRANSPORTATION - 2.1% | ||||||||||
1,371,851 | *,e | American Airlines Group, Inc | 25,749,643 | |||||||
182,051 | TFI International, Inc | 14,651,465 | ||||||||
TOTAL TRANSPORTATION | 40,401,108 | |||||||||
UTILITIES - 10.3% | ||||||||||
652,762 | Alliant Energy Corp | 38,388,933 | ||||||||
295,705 | American Electric Power Co, Inc | 29,307,323 | ||||||||
539,204 | Brookfield Renewable Corp | 19,357,424 | ||||||||
355,390 | Evergy, Inc | 24,113,211 | ||||||||
426,729 | Exelon Corp | 19,962,383 | ||||||||
214,326 | WEC Energy Group, Inc | 21,443,316 | ||||||||
633,632 | Xcel Energy, Inc | 46,419,880 | ||||||||
TOTAL UTILITIES | 198,992,470 | |||||||||
TOTAL COMMON STOCKS | 1,927,253,833 | |||||||||
(Cost $1,674,283,019) |
23 |
TIAA-CREF FUNDS – Mid-Cap Value Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
SHORT-TERM INVESTMENTS - 0.9% | ||||||||||||||||
REPURCHASE AGREEMENT - 0.9% | ||||||||||||||||
$ | 17,830,000 | r | Fixed Income Clearing Corp (FICC) | 0.250 | % | 05/02/22 | $ | 17,830,000 | ||||||||
TOTAL REPURCHASE AGREEMENT | 17,830,000 | |||||||||||||||
SHARES | COMPANY | |||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.0% | ||||||||||||||||
1,121 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 0.310 | 1,121 | ||||||||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 1,121 | |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 17,831,121 | |||||||||||||||
(Cost $17,831,121) | ||||||||||||||||
TOTAL INVESTMENTS - 100.5% | 1,945,084,954 | |||||||||||||||
(Cost $1,692,114,140) | ||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - (0.5)% | (8,971,259 | ) | ||||||||||||||
NET ASSETS - 100.0% | $ | 1,936,113,695 | ||||||||||||||
* | 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 $9,065,422. | ||
r | Agreement with Fixed Income Clearing Corp (FICC), 0.250% dated 4/29/22 to be repurchased at $17,830,000 on 5/2/22, collateralized by Government Agency Securities, with coupon rate 2.500% and maturity date 2/15/46, valued at $18,186,646. |
24 |
TIAA-CREF FUNDS – Quant Small-Cap Equity Fund
TIAA-CREF FUNDS
QUANT SMALL-CAP EQUITY FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2022
SHARES | COMPANY | VALUE | ||||||||
COMMON STOCKS - 97.9% | ||||||||||
AUTOMOBILES & COMPONENTS - 0.7% | ||||||||||
25,530 | * | Dorman Products, Inc | $ | 2,520,322 | ||||||
589,090 | * | Goodyear Tire & Rubber Co | 7,846,679 | |||||||
73,410 | * | Modine Manufacturing Co | 579,939 | |||||||
38,950 | * | Stoneridge, Inc | 767,704 | |||||||
362,430 | * | Tenneco, Inc | 6,222,923 | |||||||
35,630 | * | XPEL, Inc | 1,541,710 | |||||||
TOTAL AUTOMOBILES & COMPONENTS | 19,479,277 | |||||||||
BANKS - 9.9% | ||||||||||
53,500 | Amalgamated Financial Corp | 941,065 | ||||||||
52,900 | Ameris Bancorp | 2,205,930 | ||||||||
142,930 | Banc of California, Inc | 2,578,457 | ||||||||
88,821 | Bank of NT Butterfield & Son Ltd | 2,844,937 | ||||||||
124,024 | Banner Corp | 6,660,089 | ||||||||
171,410 | Cathay General Bancorp | 6,871,827 | ||||||||
153,200 | Central Pacific Financial Corp | 3,704,376 | ||||||||
300,180 | Columbia Banking System, Inc | 8,429,054 | ||||||||
158,373 | ConnectOne Bancorp, Inc | 4,412,272 | ||||||||
171,460 | * | Customers Bancorp, Inc | 7,213,322 | |||||||
431,880 | CVB Financial Corp | 9,941,878 | ||||||||
96,180 | Enterprise Financial Services Corp | 4,248,271 | ||||||||
286,450 | Essent Group Ltd | 11,609,819 | ||||||||
44,920 | Federal Agricultural Mortgage Corp (FAMC) | 4,601,156 | ||||||||
56,687 | First Financial Bancorp | 1,159,249 | ||||||||
44,750 | First Financial Corp | 1,907,245 | ||||||||
243,570 | First Foundation, Inc | 5,412,125 | ||||||||
252,044 | First Interstate Bancsystem, Inc | 8,196,471 | ||||||||
171,470 | First Merchants Corp | 6,719,909 | ||||||||
34,830 | Flagstar Bancorp, Inc | 1,229,499 | ||||||||
140,060 | Hancock Whitney Corp | 6,550,606 | ||||||||
119,150 | Heartland Financial USA, Inc | 5,215,196 | ||||||||
190,770 | Heritage Commerce Corp | 2,142,347 | ||||||||
248,077 | Hilltop Holdings, Inc | 6,323,483 | ||||||||
91,063 | HomeStreet, Inc | 3,696,247 | ||||||||
141,780 | Horizon Bancorp | 2,478,314 | ||||||||
80,429 | Independent Bank Corp | 1,587,668 | ||||||||
71,200 | Independent Bank Group, Inc | 4,827,360 | ||||||||
176,690 | Lakeland Bancorp, Inc | 2,655,651 | ||||||||
123,170 | Meta Financial Group, Inc | 5,376,371 | ||||||||
231,360 | * | Mr Cooper Group, Inc | 10,404,259 | |||||||
164,320 | National Bank Holdings Corp | 5,999,323 | ||||||||
389,875 | * | NMI Holdings, Inc | 7,165,903 | |||||||
261,320 | OceanFirst Financial Corp | 4,894,524 | ||||||||
425,090 | OFG Bancorp | 11,298,892 | ||||||||
280,930 | Pacific Premier Bancorp, Inc | 8,809,965 |
25 |
TIAA-CREF FUNDS – Quant Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
54,580 | Peapack Gladstone Financial Corp | $ | 1,691,434 | |||||||
158,610 | Premier Financial Corp | 4,209,509 | ||||||||
61,635 | QCR Holdings, Inc | 3,346,164 | ||||||||
665,760 | Radian Group, Inc | 14,240,606 | ||||||||
190,270 | Renasant Corp | 5,668,143 | ||||||||
221,360 | Towne Bank | 6,102,895 | ||||||||
155,500 | * | Tristate Capital Holdings, Inc | 4,697,655 | |||||||
534,542 | United Community Banks, Inc | 16,111,096 | ||||||||
20,790 | Walker & Dunlop, Inc | 2,489,810 | ||||||||
105,020 | Washington Federal, Inc | 3,195,759 | ||||||||
114,360 | WesBanco, Inc | 3,686,966 | ||||||||
67,833 | WSFS Financial Corp | 2,718,068 | ||||||||
TOTAL BANKS | 258,471,165 | |||||||||
CAPITAL GOODS - 9.8% | ||||||||||
227,210 | Altra Industrial Motion Corp | 8,861,190 | ||||||||
105,840 | Applied Industrial Technologies, Inc | 11,080,390 | ||||||||
152,433 | * | Atkore International Group, Inc | 14,648,811 | |||||||
74,612 | * | Bloom Energy Corp | 1,384,799 | |||||||
34,140 | * | BlueLinx Holdings, Inc | 2,276,114 | |||||||
67,730 | Boise Cascade Co | 5,119,033 | ||||||||
220,170 | Comfort Systems USA, Inc | 18,586,751 | ||||||||
137,150 | * | Construction Partners Inc | 3,539,842 | |||||||
436,170 | * | Cornerstone Building Brands, Inc | 10,638,186 | |||||||
35,639 | CSW Industrials, Inc | 3,760,271 | ||||||||
100,086 | EMCOR Group, Inc | 10,657,157 | ||||||||
155,800 | * | Energy Recovery, Inc | 2,885,416 | |||||||
69,325 | EnPro Industries, Inc | 6,461,783 | ||||||||
92,660 | * | Evoqua Water Technologies Corp | 3,862,995 | |||||||
288,210 | Federal Signal Corp | 9,807,786 | ||||||||
327,100 | * | Fluor Corp | 8,095,725 | |||||||
72,720 | Franklin Electric Co, Inc | 5,086,037 | ||||||||
791,830 | GrafTech International Ltd | 7,189,816 | ||||||||
127,780 | Hillenbrand, Inc | 5,215,980 | ||||||||
238,820 | * | Infrastructure and Energy Alternatives, Inc | 2,232,967 | |||||||
234,300 | Kennametal, Inc | 6,028,539 | ||||||||
71,680 | McGrath RentCorp | 5,982,413 | ||||||||
37,360 | Moog, Inc (Class A) | 2,983,943 | ||||||||
471,361 | * | MRC Global, Inc | 5,651,618 | |||||||
90,870 | Mueller Industries, Inc | 4,920,611 | ||||||||
687,560 | * | NOW, Inc | 7,494,404 | |||||||
185,540 | * | Resideo Technologies, Inc | 4,172,795 | |||||||
163,570 | Rush Enterprises, Inc (Class A) | 8,322,442 | ||||||||
67,940 | Shyft Group, Inc | 1,730,432 | ||||||||
36,270 | Simpson Manufacturing Co, Inc | 3,760,111 | ||||||||
75,430 | * | SPX Corp | 3,160,517 | |||||||
254,180 | Terex Corp | 8,642,120 | ||||||||
131,260 | * | Titan Machinery, Inc | 3,095,111 | |||||||
109,980 | Triton International Ltd | 6,718,678 | ||||||||
143,360 | UFP Industries, Inc | 11,091,763 | ||||||||
76,770 | * | Vicor Corp | 4,646,120 | |||||||
475,380 | * | WillScot Mobile Mini Holdings Corp | 16,685,838 | |||||||
356,454 | Zurn Water Solutions Corp | 11,128,494 | ||||||||
TOTAL CAPITAL GOODS | 257,606,998 |
26 |
TIAA-CREF FUNDS – Quant Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
COMMERCIAL & PROFESSIONAL SERVICES - 3.3% | ||||||||||
85,940 | Brady Corp (Class A) | $ | 3,845,815 | |||||||
66,990 | * | CBIZ, Inc | 2,806,211 | |||||||
136,952 | Exponent, Inc | 13,121,371 | ||||||||
310,250 | * | First Advantage Corp | 5,385,940 | |||||||
71,420 | * | Franklin Covey Co | 2,861,799 | |||||||
65,000 | * | Huron Consulting Group, Inc | 3,365,700 | |||||||
63,533 | ICF International, Inc | 6,277,696 | ||||||||
366,970 | KBR, Inc | 18,065,933 | ||||||||
98,970 | Kforce, Inc | 6,932,848 | ||||||||
74,800 | Korn/Ferry International | 4,595,712 | ||||||||
184,048 | * | TriNet Group, Inc | 16,325,058 | |||||||
165,850 | * | Upwork, Inc | 3,477,875 | |||||||
TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 87,061,958 | |||||||||
CONSUMER DURABLES & APPAREL - 1.8% | ||||||||||
393,810 | * | Callaway Golf Co | 8,640,191 | |||||||
159,130 | * | Crocs, Inc | 10,571,006 | |||||||
96,500 | * | G-III Apparel Group Ltd | 2,555,320 | |||||||
168,352 | * | Skyline Champion Corp | 8,592,686 | |||||||
269,940 | * | Sonos, Inc | 6,160,031 | |||||||
246,570 | Steven Madden Ltd | 10,124,164 | ||||||||
TOTAL CONSUMER DURABLES & APPAREL | 46,643,398 | |||||||||
CONSUMER SERVICES - 3.4% | ||||||||||
11,750 | * | Biglari Holdings, Inc (B Shares) | 1,602,582 | |||||||
369,850 | Bloomin’ Brands, Inc | 8,133,001 | ||||||||
74,170 | Bluegreen Vacations Holding Corp | 1,950,671 | ||||||||
83,110 | * | Cheesecake Factory | 3,067,590 | |||||||
192,510 | * | Coursera, Inc | 3,621,113 | |||||||
204,590 | * | Dave & Buster’s Entertainment, Inc | 9,308,845 | |||||||
214,960 | * | Everi Holdings, Inc | 3,731,706 | |||||||
122,610 | * | Hilton Grand Vacations, Inc | 5,741,826 | |||||||
385,120 | e | International Game Technology plc | 8,407,170 | |||||||
268,110 | e | Krispy Kreme, Inc | 3,560,501 | |||||||
409,850 | Laureate Education, Inc | 4,643,601 | ||||||||
32,630 | * | Noodles & Co | 181,749 | |||||||
41,404 | Red Rock Resorts, Inc | 1,820,120 | ||||||||
220,860 | * | Rush Street Interactive, Inc | 1,402,461 | |||||||
139,340 | Ruth’s Hospitality Group Inc | 2,921,960 | ||||||||
142,750 | * | SeaWorld Entertainment, Inc | 9,627,060 | |||||||
122,470 | * | Stride, Inc | 4,813,071 | |||||||
168,730 | Texas Roadhouse, Inc (Class A) | 13,891,541 | ||||||||
TOTAL CONSUMER SERVICES | 88,426,568 | |||||||||
DIVERSIFIED FINANCIALS - 2.9% | ||||||||||
259,920 | Artisan Partners Asset Management, Inc | 8,353,829 | ||||||||
1,627,140 | BGC Partners, Inc (Class A) | 5,906,518 | ||||||||
230,300 | * | Blucora, Inc | 4,663,575 | |||||||
131,117 | Brightsphere Investment Group, Inc | 2,627,585 | ||||||||
261,180 | e | Cowen Group, Inc | 5,967,963 | |||||||
221,743 | * | Enova International, Inc | 8,293,188 | |||||||
183,710 | * | Green Dot Corp | 4,864,641 | |||||||
494,050 | * | LendingClub Corp | 7,534,263 | |||||||
248,280 | * | Open Lending Corp | 3,386,539 |
27 |
TIAA-CREF FUNDS – Quant Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
66,400 | Piper Jaffray Cos | $ | 7,634,672 | |||||||
279,060 | Redwood Trust, Inc | 2,706,882 | ||||||||
181,160 | Sculptor Capital Management, Inc | 1,894,934 | ||||||||
84,004 | Stifel Financial Corp | 5,195,647 | ||||||||
31,820 | Virtus Investment Partners, Inc | 5,637,231 | ||||||||
TOTAL DIVERSIFIED FINANCIALS | 74,667,467 | |||||||||
ENERGY - 7.5% | ||||||||||
995,950 | * | Alto Ingredients, Inc | 5,746,631 | |||||||
538,870 | * | Antero Resources Corp | 18,968,224 | |||||||
271,678 | Brigham Minerals, Inc | 6,732,181 | ||||||||
144,270 | California Resources Corp | 5,801,097 | ||||||||
958,730 | * | Centennial Resource Development, Inc | 7,420,570 | |||||||
535,190 | ChampionX Corp | 11,292,509 | ||||||||
168,810 | Chesapeake Energy Corp | 13,845,796 | ||||||||
311,770 | CVR Energy, Inc | 7,816,074 | ||||||||
276,990 | * | Delek US Holdings, Inc | 6,703,158 | |||||||
127,410 | * | Denbury, Inc | 8,151,692 | |||||||
262,010 | * | Golar LNG Ltd | 5,848,063 | |||||||
197,280 | * | Liberty Oilfield Services, Inc | 3,184,099 | |||||||
270,306 | * | Oceaneering International, Inc | 3,062,567 | |||||||
540,510 | Ovintiv, Inc | 27,668,707 | ||||||||
420,849 | * | Par Pacific Holdings, Inc | 6,173,855 | |||||||
646,636 | * | PBF Energy, Inc | 18,791,242 | |||||||
116,880 | PDC Energy, Inc | 8,151,211 | ||||||||
533,300 | * | ProPetro Holding Corp | 7,540,862 | |||||||
2,588,859 | * | Tellurian, Inc | 12,892,518 | |||||||
774,980 | *,e | Uranium Energy Corp | 3,293,665 | |||||||
129,580 | * | US Silica Holdings, Inc | 2,407,596 | |||||||
74,590 | Whiting Petroleum Corp | 5,448,800 | ||||||||
TOTAL ENERGY | 196,941,117 | |||||||||
FOOD & STAPLES RETAILING - 2.0% | ||||||||||
154,378 | Andersons, Inc | 7,754,407 | ||||||||
453,271 | *,d | BJ’s Wholesale Club Holdings, Inc | 29,167,989 | |||||||
311,150 | * | Performance Food Group Co | 15,324,137 | |||||||
TOTAL FOOD & STAPLES RETAILING | 52,246,533 | |||||||||
FOOD, BEVERAGE & TOBACCO - 1.8% | ||||||||||
78,002 | Calavo Growers, Inc | 2,826,792 | ||||||||
114,920 | Cal-Maine Foods, Inc | 6,174,652 | ||||||||
43,570 | * | Celsius Holdings, Inc | 2,265,640 | |||||||
449,826 | * | Hostess Brands, Inc | 10,206,552 | |||||||
63,850 | Sanderson Farms, Inc | 12,091,274 | ||||||||
248,949 | * | Simply Good Foods Co | 10,368,726 | |||||||
269,730 | * | Vital Farms, Inc | 3,101,895 | |||||||
TOTAL FOOD, BEVERAGE & TOBACCO | 47,035,531 | |||||||||
HEALTH CARE EQUIPMENT & SERVICES - 7.5% | ||||||||||
293,144 | * | 1Life Healthcare, Inc | 2,066,665 | |||||||
252,480 | * | Accolade, Inc | 1,403,789 | |||||||
423,140 | * | Allscripts Healthcare Solutions, Inc | 8,742,072 | |||||||
30,890 | * | AMN Healthcare Services, Inc | 3,019,498 | |||||||
230,217 | * | Avanos Medical, Inc | 6,713,128 | |||||||
596,750 | * | Brookdale Senior Living, Inc | 3,687,915 |
28 |
TIAA-CREF FUNDS – Quant Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
326,860 | * | Cardiovascular Systems, Inc | $ | 6,112,282 | ||||||
655,730 | * | Community Health Systems, Inc | 5,029,449 | |||||||
279,690 | * | Cross Country Healthcare, Inc | 5,241,391 | |||||||
141,930 | * | Cutera, Inc | 7,708,218 | |||||||
277,290 | * | Evolent Health, Inc | 7,631,021 | |||||||
68,390 | * | HealthEquity, Inc | 4,262,065 | |||||||
128,594 | * | HealthStream, Inc | 2,456,145 | |||||||
19,940 | * | Heska Corp | 2,190,210 | |||||||
61,900 | * | Inari Medical, Inc | 4,995,330 | |||||||
36,090 | * | Integer Holding Corp | 2,712,885 | |||||||
100,537 | * | Intersect ENT, Inc | 2,751,698 | |||||||
387,511 | *,e | Invitae Corp | 2,057,683 | |||||||
344,487 | * | Lantheus Holdings, Inc | 22,877,382 | |||||||
165,840 | * | Merit Medical Systems, Inc | 10,283,738 | |||||||
921,700 | *,e | Multiplan Corp | 4,083,131 | |||||||
64,010 | * | Natus Medical, Inc | 2,129,613 | |||||||
279,270 | * | Neogen Corp | 7,372,728 | |||||||
282,430 | * | NextGen Healthcare, Inc | 5,323,806 | |||||||
161,820 | * | NuVasive, Inc | 8,324,021 | |||||||
396,190 | * | Option Care Health, Inc | 11,838,157 | |||||||
447,640 | * | Ortho Clinical Diagnostics Holdings plc | 7,882,940 | |||||||
85,390 | * | Phreesia, Inc | 1,953,723 | |||||||
534,910 | * | R1 RCM, Inc | 12,046,173 | |||||||
232,170 | * | RadNet, Inc | 4,527,315 | |||||||
390,590 | Select Medical Holdings Corp | 8,831,240 | ||||||||
146,300 | * | Tenet Healthcare Corp | 10,608,213 | |||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 196,863,624 | |||||||||
HOUSEHOLD & PERSONAL PRODUCTS - 0.4% | ||||||||||
269,350 | * | elf Beauty, Inc | 6,553,285 | |||||||
68,560 | * | USANA Health Sciences, Inc | 5,255,810 | |||||||
TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 11,809,095 | |||||||||
INSURANCE - 1.4% | ||||||||||
219,930 | American Equity Investment Life Holding Co | 8,295,760 | ||||||||
2,254,320 | * | Genworth Financial, Inc (Class A) | 8,363,527 | |||||||
113,100 | Selective Insurance Group, Inc | 9,314,916 | ||||||||
139,930 | Stewart Information Services Corp | 7,220,388 | ||||||||
208,166 | Universal Insurance Holdings, Inc | 2,614,565 | ||||||||
TOTAL INSURANCE | 35,809,156 | |||||||||
MATERIALS - 4.8% | ||||||||||
145,650 | AdvanSix, Inc | 6,487,251 | ||||||||
75,180 | Avient Corp | 3,701,863 | ||||||||
261,090 | Commercial Metals Co | 10,704,690 | ||||||||
426,880 | * | Constellium SE | 7,124,627 | |||||||
673,900 | *,† | Ferroglobe plc | 0 | |||||||
256,160 | * | Gatos Silver, Inc | 865,821 | |||||||
89,150 | Innospec, Inc | 8,496,886 | ||||||||
107,820 | Materion Corp | 9,180,873 | ||||||||
144,414 | Myers Industries, Inc | 3,166,999 | ||||||||
656,100 | * | O-I Glass, Inc | 8,844,228 | |||||||
85,694 | Olympic Steel, Inc | 2,941,875 | ||||||||
47,990 | * | Ranpak Holdings Corp | 723,689 | |||||||
434,530 | * | Rayonier Advanced Materials, Inc | 2,229,139 |
29 |
TIAA-CREF FUNDS – Quant Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
174,000 | Ryerson Holding Corp | $ | 6,404,940 | |||||||
182,085 | Schnitzer Steel Industries, Inc (Class A) | 8,308,539 | ||||||||
118,850 | Sensient Technologies Corp | 10,054,710 | ||||||||
36,180 | Stepan Co | 3,694,340 | ||||||||
466,540 | * | Summit Materials, Inc | 12,969,812 | |||||||
155,950 | Trinseo plc | 7,399,827 | ||||||||
452,940 | Tronox Holdings plc | 7,790,568 | ||||||||
142,320 | United States Steel Corp | 4,339,337 | ||||||||
TOTAL MATERIALS | 125,430,014 | |||||||||
MEDIA & ENTERTAINMENT - 2.6% | ||||||||||
97,040 | *,e | AMC Entertainment Holdings, Inc | 1,484,712 | |||||||
221,909 | * | Cargurus, Inc | 7,251,986 | |||||||
394,690 | * | Cars.com, Inc | 4,388,953 | |||||||
1,687,580 | * | Clear Channel | 4,151,447 | |||||||
570,140 | Entravision Communications Corp (Class A) | 2,947,624 | ||||||||
348,400 | * | iHeartMedia, Inc | 5,570,916 | |||||||
332,580 | * | Integral Ad Science Holding Corp | 3,927,770 | |||||||
177,780 | * | Liberty Braves Group (Class C) | 4,464,056 | |||||||
400,130 | * | Lions Gate Entertainment Corp (Class A) | 5,397,754 | |||||||
1,050,330 | * | LiveOne, Inc | 714,224 | |||||||
445,980 | * | Magnite, Inc | 4,303,707 | |||||||
586,720 | TEGNA, Inc | 12,937,176 | ||||||||
306,710 | * | WideOpenWest, Inc | 6,149,535 | |||||||
120,530 | * | Yelp, Inc | 3,920,841 | |||||||
TOTAL MEDIA & ENTERTAINMENT | 67,610,701 | |||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.1% | ||||||||||
351,880 | * | Acadia Pharmaceuticals, Inc | 6,488,667 | |||||||
833,056 | * | Affimed NV | 3,132,291 | |||||||
1,585,261 | * | Agenus, Inc | 2,932,733 | |||||||
367,760 | * | Alkermes plc | 10,609,876 | |||||||
192,540 | * | Amphastar Pharmaceuticals, Inc | 6,829,394 | |||||||
118,135 | * | AnaptysBio, Inc | 2,764,359 | |||||||
796,930 | * | Antares Pharma, Inc | 4,434,915 | |||||||
45,346 | * | Arcus Biosciences, Inc | 1,097,827 | |||||||
75,742 | * | Arrowhead Pharmaceuticals Inc | 3,113,754 | |||||||
421,644 | * | Atara Biotherapeutics, Inc | 2,681,656 | |||||||
1,040,668 | *,e | Atossa Therapeutics, Inc | 1,051,075 | |||||||
53,110 | * | Avid Bioservices, Inc | 714,861 | |||||||
202,904 | * | Berkeley Lights, Inc | 1,009,447 | |||||||
748,500 | * | BioCryst Pharmaceuticals, Inc | 6,953,565 | |||||||
250,010 | * | C4 Therapeutics, Inc | 2,142,586 | |||||||
144,192 | * | CareDx, Inc | 4,389,204 | |||||||
59,557 | *,e | Cassava Sciences, Inc | 1,242,955 | |||||||
687,320 | * | Catalyst Pharmaceuticals, Inc | 5,237,378 | |||||||
215,860 | * | Chinook Therapeutics, Inc | 3,265,962 | |||||||
327,320 | *,e | ChromaDex Corp | 618,635 | |||||||
283,110 | * | Codexis, Inc | 3,405,813 | |||||||
360,030 | * | Coherus Biosciences, Inc | 3,254,671 | |||||||
165,580 | * | Crinetics Pharmaceuticals, Inc | 3,364,586 | |||||||
536,730 | *,e | Dynavax Technologies Corp | 4,739,326 | |||||||
275,470 | *,e | Editas Medicine, Inc | 3,647,223 | |||||||
40,620 | * | Enanta Pharmaceuticals, Inc | 2,615,928 | |||||||
461,840 | * | Evolus, Inc | 5,167,990 |
30 |
TIAA-CREF FUNDS – Quant Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
512,956 | *,e | Fluidigm Corp | $ | 1,359,333 | ||||||
235,020 | *,e | Fulcrum Therapeutics, Inc | 2,260,892 | |||||||
585,550 | *,e | Gritstone Oncology, Inc | 1,516,575 | |||||||
137,583 | * | Harmony Biosciences Holdings, Inc | 6,196,738 | |||||||
608,080 | * | Immunogen, Inc | 2,937,026 | |||||||
166,890 | * | Innoviva, Inc | 2,847,143 | |||||||
172,800 | *,e | Intercept Pharmaceuticals, Inc | 2,714,688 | |||||||
225,294 | * | Intra-Cellular Therapies, Inc | 11,402,129 | |||||||
673,752 | * | Ironwood Pharmaceuticals, Inc | 8,085,024 | |||||||
123,580 | * | iTeos Therapeutics, Inc | 3,298,350 | |||||||
274,799 | * | IVERIC bio, Inc | 3,805,966 | |||||||
680,720 | *,e | Karyopharm Therapeutics, Inc | 4,152,392 | |||||||
231,380 | * | Kezar Life Sciences, Inc | 2,748,794 | |||||||
290,920 | * | Kura Oncology, Inc | 4,174,702 | |||||||
1,091,510 | *,e | MannKind Corp | 3,416,426 | |||||||
12,740 | * | Medpace Holdings, Inc | 1,701,682 | |||||||
419,492 | *,e | MiMedx Group, Inc | 1,656,993 | |||||||
1,193,950 | * | Mustang Bio, Inc | 889,135 | |||||||
225,990 | * | NeoGenomics, Inc | 2,135,606 | |||||||
624,543 | *,e | Oncocyte Corp | 724,470 | |||||||
530,160 | * | Organogenesis Holdings Inc | 3,414,230 | |||||||
102,514 | Phibro Animal Health Corp | 1,844,227 | ||||||||
303,700 | * | Precision BioSciences Inc | 604,363 | |||||||
103,060 | * | Prestige Consumer Healthcare, Inc. | 5,633,260 | |||||||
148,320 | * | Protagonist Therapeutics, Inc | 1,348,229 | |||||||
172,720 | * | Prothena Corp plc | 5,036,515 | |||||||
77,788 | * | Quanterix Corp | 1,726,116 | |||||||
97,100 | * | RAPT Therapeutics, Inc | 1,469,123 | |||||||
110,600 | * | REGENXBIO, Inc | 3,070,256 | |||||||
219,730 | * | Revance Therapeutics, Inc | 3,599,177 | |||||||
886,890 | * | Rigel Pharmaceuticals, Inc | 2,093,060 | |||||||
641,896 | * | Sangamo Therapeutics Inc | 2,663,868 | |||||||
1,327,510 | * | Selecta Biosciences, Inc | 1,017,271 | |||||||
167,526 | * | Travere Therapeutics, Inc | 4,209,928 | |||||||
103,415 | * | Turning Point Therapeutics Inc | 3,044,538 | |||||||
297,810 | * | Vanda Pharmaceuticals, Inc | 2,954,275 | |||||||
223,810 | * | Vir Biotechnology, Inc | 4,554,534 | |||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 213,213,711 | |||||||||
REAL ESTATE - 7.6% | ||||||||||
134,070 | Alexander & Baldwin, Inc | 2,842,284 | ||||||||
294,690 | Apple Hospitality REIT, Inc | 5,213,066 | ||||||||
118,510 | Armada Hoffler Properties, Inc | 1,605,810 | ||||||||
509,570 | * | Cushman & Wakefield plc | 9,121,303 | |||||||
87,620 | EastGroup Properties, Inc | 16,428,750 | ||||||||
376,370 | Essential Properties Realty Trust, Inc | 9,032,880 | ||||||||
388,070 | Healthcare Realty Trust, Inc | 10,508,936 | ||||||||
170,810 | Independence Realty Trust, Inc | 4,656,281 | ||||||||
351,395 | Kennedy-Wilson Holdings, Inc | 7,923,957 | ||||||||
682,280 | Macerich Co | 8,562,614 | ||||||||
133,530 | Marcus & Millichap, Inc | 5,980,809 | ||||||||
342,730 | National Storage Affiliates Trust | 19,398,518 | ||||||||
483,648 | Newmark Group, Inc | 5,876,323 | ||||||||
87,660 | Office Properties Income Trust | 1,895,209 | ||||||||
492,550 | Paramount Group, Inc | 4,684,151 |
31 |
TIAA-CREF FUNDS – Quant Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
231,290 | Phillips Edison & Co, Inc | $ | 7,831,479 | |||||||
197,490 | PotlatchDeltic Corp | 10,938,971 | ||||||||
103,018 | PS Business Parks, Inc | 19,284,970 | ||||||||
499,840 | * | Realogy Holdings Corp | 5,478,246 | |||||||
655,400 | Service Properties Trust | 5,321,848 | ||||||||
403,950 | STAG Industrial, Inc | 15,075,414 | ||||||||
491,760 | Tanger Factory Outlet Centers, Inc | 7,932,089 | ||||||||
610,070 | Uniti Group, Inc | 7,558,767 | ||||||||
401,570 | Whitestone REIT | 4,879,076 | ||||||||
TOTAL REAL ESTATE | 198,031,751 | |||||||||
RETAILING - 2.2% | ||||||||||
125,620 | Aaron’s Co, Inc | 2,578,978 | ||||||||
265,130 | Academy Sports & Outdoors, Inc | 9,905,257 | ||||||||
28,220 | * | Boot Barn Holdings, Inc | 2,541,493 | |||||||
474,030 | Designer Brands, Inc | 6,551,095 | ||||||||
12,980 | e | Dillard’s, Inc (Class A) | 3,943,454 | |||||||
239,740 | *,e | GrowGeneration Corp | 1,416,863 | |||||||
149,530 | e | Guess?, Inc | 3,359,939 | |||||||
78,790 | Hibbett Sports, Inc | 3,402,152 | ||||||||
668,310 | Macy’s, Inc | 16,153,053 | ||||||||
119,930 | Monro Muffler, Inc | 5,484,399 | ||||||||
24,790 | Signet Jewelers Ltd | 1,740,258 | ||||||||
TOTAL RETAILING | 57,076,941 | |||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.7% | ||||||||||
73,280 | * | Alpha & Omega Semiconductor Ltd | 3,143,712 | |||||||
103,920 | Amkor Technology, Inc | 1,954,735 | ||||||||
76,250 | * | Diodes, Inc | 5,568,538 | |||||||
77,730 | * | Ichor Holdings Ltd | 2,262,720 | |||||||
294,997 | * | Lattice Semiconductor Corp | 14,171,656 | |||||||
132,160 | * | MACOM Technology Solutions Holdings, Inc | 6,733,552 | |||||||
213,290 | * | MaxLinear, Inc | 10,210,192 | |||||||
427,510 | * | Photronics, Inc | 6,408,375 | |||||||
75,365 | * | Rambus, Inc | 1,877,342 | |||||||
183,090 | * | Semtech Corp | 10,912,164 | |||||||
24,040 | * | Silicon Laboratories, Inc | 3,243,237 | |||||||
176,270 | * | Ultra Clean Holdings | 5,494,336 | |||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 71,980,559 | |||||||||
SOFTWARE & SERVICES - 7.0% | ||||||||||
181,210 | * | ACI Worldwide, Inc | 5,005,020 | |||||||
154,990 | *,e | Asana, Inc | 4,153,732 | |||||||
459,040 | * | Box, Inc | 14,055,805 | |||||||
204,270 | * | Brightcove, Inc | 1,440,103 | |||||||
156,150 | * | ChannelAdvisor Corp | 2,265,736 | |||||||
1,079,180 | * | Conduent, Inc | 6,075,783 | |||||||
262,370 | * | Digital Turbine, Inc | 8,304,010 | |||||||
135,090 | * | DigitalOcean Holdings, Inc | 5,326,599 | |||||||
92,260 | * | ExlService Holdings, Inc | 12,561,199 | |||||||
249,480 | * | Flywire Corp | 7,611,635 | |||||||
406,920 | * | Grid Dynamics Holdings, Inc | 5,664,326 | |||||||
48,060 | * | Mimecast Ltd | 3,829,421 | |||||||
173,480 | * | Mitek Systems, Inc | 1,937,772 | |||||||
141,300 | * | Pagerduty, Inc | 4,036,941 |
32 |
TIAA-CREF FUNDS – Quant Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
343,266 | * | Paya Holdings, Inc | $ | 1,747,224 | ||||||
184,750 | * | Ping Identity Holding Corp | 4,827,518 | |||||||
196,655 | Progress Software Corp | 9,435,507 | ||||||||
28,690 | * | Qualys, Inc | 3,909,873 | |||||||
18,854 | * | Rapid7, Inc | 1,800,934 | |||||||
437,740 | * | Repay Holdings Corp | 5,856,961 | |||||||
90,690 | * | Sapiens International Corp NV | 2,107,636 | |||||||
148,680 | * | Sprout Social, Inc | 9,111,110 | |||||||
87,650 | * | SPS Commerce, Inc | 10,485,570 | |||||||
438,680 | * | Sumo Logic, Inc | 4,114,818 | |||||||
256,769 | * | Tenable Holdings, Inc | 14,181,352 | |||||||
66,970 | * | Varonis Systems, Inc | 2,893,104 | |||||||
724,856 | * | Vonage Holdings Corp | 14,468,126 | |||||||
76,500 | * | Workiva, Inc | 7,383,015 | |||||||
605,110 | * | Zuora Inc | 7,364,189 | |||||||
TOTAL SOFTWARE & SERVICES | 181,955,019 | |||||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 3.3% | ||||||||||
168,430 | Belden CDT, Inc | 8,696,041 | ||||||||
28,740 | * | Calix, Inc | 1,147,014 | |||||||
481,700 | * | Diebold, Inc | 1,974,970 | |||||||
99,388 | * | ePlus, Inc | 5,613,434 | |||||||
782,050 | * | Extreme Networks, Inc | 7,507,680 | |||||||
196,550 | *,e | II-VI, Inc | 12,030,826 | |||||||
290,570 | * | Knowles Corp | 5,381,357 | |||||||
101,250 | * | Netgear, Inc | 2,197,125 | |||||||
98,773 | * | OSI Systems, Inc | 7,812,944 | |||||||
232,676 | * | Ribbon Communications, Inc | 802,732 | |||||||
379,721 | * | Sanmina Corp | 15,526,792 | |||||||
60,570 | * | Super Micro Computer, Inc | 2,549,997 | |||||||
225,860 | *,e | Turtle Beach Corp | 3,758,310 | |||||||
485,570 | Vishay Intertechnology, Inc | 9,046,169 | ||||||||
55,259 | * | Vishay Precision Group, Inc | 1,724,633 | |||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 85,770,024 | |||||||||
TELECOMMUNICATION SERVICES - 0.8% | ||||||||||
263,780 | * | EchoStar Corp (Class A) | 6,159,263 | |||||||
2,511,060 | *,e | Globalstar, Inc | 2,912,830 | |||||||
330,810 | *,e | Gogo, Inc | 6,090,212 | |||||||
248,896 | * | Liberty Latin America Ltd (Class A) | 2,299,799 | |||||||
425,515 | * | Liberty Latin America Ltd (Class C) | 3,931,758 | |||||||
TOTAL TELECOMMUNICATION SERVICES | 21,393,862 | |||||||||
TRANSPORTATION - 2.7% | ||||||||||
130,722 | ArcBest Corp | 9,432,900 | ||||||||
28,520 | * | Avis Budget Group, Inc | 7,633,948 | |||||||
103,876 | Forward Air Corp | 10,072,856 | ||||||||
205,310 | Genco Shipping & Trading Ltd | 4,522,979 | ||||||||
157,839 | * | Hub Group, Inc (Class A) | 10,600,467 | |||||||
568,670 | Safe Bulkers, Inc | 2,337,234 | ||||||||
61,120 | * | Saia, Inc | 12,588,275 | |||||||
353,412 | * | Spirit Airlines, Inc | 8,344,057 | |||||||
101,220 | Werner Enterprises, Inc | 4,011,349 | ||||||||
TOTAL TRANSPORTATION | 69,544,065 |
33 |
TIAA-CREF FUNDS – Quant Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
UTILITIES - 3.7% | ||||||||||
169,348 | Black Hills Corp | $ | 12,403,048 | |||||||
164,950 | e | Brookfield Infrastructure Corp | 11,698,254 | |||||||
137,684 | Clearway Energy, Inc (Class A) | 3,912,979 | ||||||||
229,410 | Clearway Energy, Inc (Class C) | 7,003,888 | ||||||||
153,090 | Northwest Natural Holding Co | 7,322,295 | ||||||||
172,426 | NorthWestern Corp | 9,774,830 | ||||||||
117,270 | Otter Tail Corp | 6,796,969 | ||||||||
245,431 | Portland General Electric Co | 11,616,249 | ||||||||
388,157 | South Jersey Industries, Inc | 13,271,088 | ||||||||
118,857 | Southwest Gas Holdings Inc | 10,472,490 | ||||||||
121,990 | * | Sunnova Energy International, Inc | 2,106,767 | |||||||
TOTAL UTILITIES | 96,378,857 | |||||||||
TOTAL COMMON STOCKS | 2,561,447,391 | |||||||||
(Cost $2,324,352,857) | ||||||||||
PRINCIPAL | ISSUER | RATE | MATURITY DATE | ||||||||||||
SHORT-TERM INVESTMENTS - 3.8% | |||||||||||||||
GOVERNMENT AGENCY DEBT - 1.0% | |||||||||||||||
$ | 5,000,000 | Federal Agricultural Mortgage Corp (FAMC) | 0.000 | % | 05/03/22 | 4,999,933 | |||||||||
10,000,000 | Federal Farm Credit Bank (FFCB) | 0.000 | 05/04/22 | 9,999,734 | |||||||||||
10,278,000 | Federal Home Loan Bank (FHLB) | 0.000 | 05/04/22 | 10,277,727 | |||||||||||
TOTAL GOVERNMENT AGENCY DEBT | 25,277,394 | ||||||||||||||
REPURCHASE AGREEMENT - 0.7% | |||||||||||||||
19,740,000 | r | Fixed Income Clearing Corp (FICC) | 0.230 | 05/02/22 | 19,740,000 | ||||||||||
TOTAL REPURCHASE AGREEMENT | 19,740,000 | ||||||||||||||
TREASURY DEBT - 0.4% | |||||||||||||||
10,000,000 | United States Treasury Bill | 0.000 | 05/12/22 | 9,999,660 | |||||||||||
TOTAL TREASURY DEBT | 9,999,660 | ||||||||||||||
SHARES | COMPANY | ||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.7% | |||||||||||||||
43,360,329 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 0.310 | 43,360,329 | |||||||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 43,360,329 | ||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 98,377,383 | ||||||||||||||
(Cost $98,377,217) | |||||||||||||||
TOTAL INVESTMENTS - 101.7% | 2,659,824,774 | ||||||||||||||
(Cost $2,422,730,074) | |||||||||||||||
OTHER ASSETS & LIABILITIES, NET - (1.7)% | (43,575,930 | ) | |||||||||||||
NET ASSETS - 100.0% | $ | 2,616,248,844 |
34 |
TIAA-CREF FUNDS – Quant Small-Cap Equity 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 $66,213,320. | ||
r | Agreement with Fixed Income Clearing Corp (FICC), 0.230% dated 4/29/22 to be repurchased at $19,740,000 on 5/2/22, collateralized by Government Agency Securities, with coupon rate 2.875% and maturity date 8/15/45, valued at $20,134,815. |
Futures contracts outstanding as of April 30, 2022 were as follows:
Description | Number of long (short) contracts | Expiration date | Notional amount | Value | Unrealized appreciation (depreciation) | |||||||||||
Russell 2000 E Mini Index | 530 | 06/17/22 | $ | 53,515,366 | $ | 49,324,450 | $ | (4,190,916 | ) |
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, 2022
SHARES | COMPANY | VALUE | ||||||||
COMMON STOCKS - 99.6% | ||||||||||
AUTOMOBILES & COMPONENTS - 0.3% | ||||||||||
70,165 | * | Stoneridge, Inc | $ | 1,382,952 | ||||||
18,950 | Thor Industries, Inc | 1,450,623 | ||||||||
TOTAL AUTOMOBILES & COMPONENTS | 2,833,575 | |||||||||
BANKS - 6.8% | ||||||||||
30,590 | * | Axos Financial, Inc | 1,158,749 | |||||||
63,689 | Bank of NT Butterfield & Son Ltd | 2,039,959 | ||||||||
91,045 | BankUnited | 3,417,829 | ||||||||
38,063 | Berkshire Hills Bancorp, Inc | 941,679 | ||||||||
15,210 | BOK Financial Corp | 1,261,365 | ||||||||
120,424 | Cadence BanCorp | 3,015,417 | ||||||||
143,160 | Capitol Federal Financial | 1,378,631 | ||||||||
58,501 | Cathay General Bancorp | 2,345,305 | ||||||||
76,685 | Central Pacific Financial Corp | 1,854,243 | ||||||||
43,360 | Comerica, Inc | 3,551,184 | ||||||||
48,230 | Community Bank System, Inc | 3,106,012 | ||||||||
48,483 | ConnectOne Bancorp, Inc | 1,350,736 | ||||||||
18,300 | Enterprise Financial Services Corp | 808,311 | ||||||||
74,088 | Essent Group Ltd | 3,002,787 | ||||||||
244,312 | First Bancorp | 3,325,086 | ||||||||
2,195 | First Citizens Bancshares, Inc (Class A) | 1,403,439 | ||||||||
78,002 | First Interstate Bancsystem, Inc | 2,536,625 | ||||||||
58,000 | Hancock Whitney Corp | 2,712,660 | ||||||||
63,609 | Hilltop Holdings, Inc | 1,621,394 | ||||||||
65,450 | International Bancshares Corp | 2,604,256 | ||||||||
78,708 | National Bank Holdings Corp | 2,873,629 | ||||||||
37,129 | * | NMI Holdings, Inc | 682,431 | |||||||
93,180 | OFG Bancorp | 2,476,724 | ||||||||
147,543 | Old National Bancorp | 2,236,752 | ||||||||
22,200 | Pacific Premier Bancorp, Inc | 696,192 | ||||||||
88,359 | PacWest Bancorp | 2,906,128 | ||||||||
11,286 | Popular, Inc | 880,195 | ||||||||
49,832 | Prosperity Bancshares, Inc | 3,258,016 | ||||||||
115,800 | Radian Group, Inc | 2,476,962 | ||||||||
59,424 | Washington Federal, Inc | 1,808,272 | ||||||||
31,580 | Westamerica Bancorporation | 1,860,694 | ||||||||
48,085 | WSFS Financial Corp | 1,926,766 | ||||||||
TOTAL BANKS | 67,518,428 | |||||||||
CAPITAL GOODS - 12.4% | ||||||||||
4,152 | Advanced Drainage Systems, Inc | 425,414 | ||||||||
67,026 | Aecom Technology Corp | 4,729,355 | ||||||||
5,900 | AGCO Corp | 751,660 | ||||||||
130,100 | *,g | API Group Corp | 2,414,656 | |||||||
18,160 | Applied Industrial Technologies, Inc | 1,901,170 |
36 |
TIAA-CREF FUNDS – Quant Small/Mid-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
83,588 | * | Atkore International Group, Inc | $ | 8,032,807 | ||||||
13,410 | * | Axon Enterprise, Inc | 1,504,602 | |||||||
80,900 | * | AZEK Co, Inc | 1,718,316 | |||||||
23,299 | AZZ, Inc | 1,063,366 | ||||||||
92,300 | * | Bloom Energy Corp | 1,713,088 | |||||||
65,027 | Boise Cascade Co | 4,914,741 | ||||||||
104,766 | * | Builders FirstSource, Inc | 6,450,443 | |||||||
29,872 | Comfort Systems USA, Inc | 2,521,794 | ||||||||
58,300 | Donaldson Co, Inc | 2,859,032 | ||||||||
34,001 | EMCOR Group, Inc | 3,620,426 | ||||||||
7,260 | Encore Wire Corp | 819,001 | ||||||||
12,385 | EnPro Industries, Inc | 1,154,406 | ||||||||
41,916 | * | Evoqua Water Technologies Corp | 1,747,478 | |||||||
56,105 | Federal Signal Corp | 1,909,253 | ||||||||
49,700 | Flowserve Corp | 1,625,687 | ||||||||
59,800 | Fortune Brands Home & Security, Inc | 4,260,750 | ||||||||
110,670 | * | Gates Industrial Corp plc | 1,411,043 | |||||||
20,587 | * | Gibraltar Industries, Inc | 779,012 | |||||||
91,330 | Howmet Aerospace, Inc | 3,116,180 | ||||||||
39,665 | ITT, Inc | 2,785,276 | ||||||||
109,376 | MDU Resources Group, Inc | 2,817,526 | ||||||||
39,400 | * | Meritor, Inc | 1,414,854 | |||||||
221,783 | * | MRC Global, Inc | 2,659,178 | |||||||
22,700 | Mueller Industries, Inc | 1,229,205 | ||||||||
23,750 | * | MYR Group, Inc | 1,878,388 | |||||||
16,400 | Nordson Corp | 3,537,316 | ||||||||
198,880 | * | NOW, Inc | 2,167,792 | |||||||
73,400 | nVent Electric plc | 2,479,452 | ||||||||
76,600 | Pentair plc | 3,887,450 | ||||||||
10,869 | Quanta Services, Inc | 1,260,587 | ||||||||
11,009 | Regal-Beloit Corp | 1,400,785 | ||||||||
3,626 | Simpson Manufacturing Co, Inc | 375,907 | ||||||||
21,130 | * | SiteOne Landscape Supply, Inc | 2,979,964 | |||||||
44,450 | * | SPX Corp | 1,862,455 | |||||||
50,300 | Textron, Inc | 3,483,275 | ||||||||
49,450 | * | Titan Machinery, Inc | 1,166,031 | |||||||
27,040 | Toro Co | 2,166,715 | ||||||||
48,000 | * | Trex Co, Inc | 2,793,120 | |||||||
85,501 | UFP Industries, Inc | 6,615,212 | ||||||||
128,160 | * | Univar Solutions Inc | 3,732,019 | |||||||
35,912 | * | Vectrus, Inc | 1,296,423 | |||||||
118,970 | Vertiv Holdings Co | 1,490,694 | ||||||||
4,290 | Watsco, Inc | 1,144,486 | ||||||||
57,450 | * | Welbilt, Inc | 1,356,969 | |||||||
101,934 | Zurn Water Solutions Corp | 3,182,379 | ||||||||
TOTAL CAPITAL GOODS | 122,607,138 | |||||||||
COMMERCIAL & PROFESSIONAL SERVICES - 2.2% | ||||||||||
54,509 | Booz Allen Hamilton Holding Co | 4,449,570 | ||||||||
32,000 | Insperity, Inc | 3,393,600 | ||||||||
58,900 | KBR, Inc | 2,899,647 | ||||||||
68,980 | Kforce, Inc | 4,832,049 | ||||||||
37,300 | Korn/Ferry International | 2,291,712 | ||||||||
10,640 | Manpower, Inc | 959,728 | ||||||||
36,080 | * | TriNet Group, Inc | 3,200,296 | |||||||
TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 22,026,602 |
37 |
TIAA-CREF FUNDS – Quant Small/Mid-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
CONSUMER DURABLES & APPAREL - 3.0% | ||||||||||
25,500 | Acushnet Holdings Corp | $ | 1,038,870 | |||||||
8,510 | * | Cavco Industries, Inc | 2,010,487 | |||||||
38,807 | * | Crocs, Inc | 2,577,949 | |||||||
38,200 | * | G-III Apparel Group Ltd | 1,011,536 | |||||||
175,501 | Newell Brands Inc | 4,062,848 | ||||||||
58,300 | *,e | PLBY Group, Inc | 515,372 | |||||||
58,275 | Pulte Homes, Inc | 2,433,564 | ||||||||
54,588 | * | Skyline Champion Corp | 2,786,172 | |||||||
107,160 | Smith & Wesson Brands, Inc | 1,471,307 | ||||||||
82,683 | Steven Madden Ltd | 3,394,964 | ||||||||
70,200 | Tapestry, Inc | 2,310,984 | ||||||||
129,870 | * | Under Armour, Inc (Class A) | 1,994,803 | |||||||
161,000 | * | Under Armour, Inc (Class C) | 2,284,590 | |||||||
64,100 | Wolverine World Wide, Inc | 1,270,462 | ||||||||
TOTAL CONSUMER DURABLES & APPAREL | 29,163,908 | |||||||||
CONSUMER SERVICES - 2.9% | ||||||||||
68,650 | Boyd Gaming Corp | 4,158,817 | ||||||||
20,800 | * | Cheesecake Factory | 767,728 | |||||||
111,800 | * | Denny’s Corp | 1,433,276 | |||||||
66,362 | * | frontdoor, Inc | 2,051,249 | |||||||
61,350 | H&R Block, Inc | 1,599,395 | ||||||||
137,820 | International Game Technology plc | 3,008,611 | ||||||||
26,660 | * | Penn National Gaming, Inc | 974,956 | |||||||
86,472 | Red Rock Resorts, Inc | 3,801,309 | ||||||||
74,900 | * | Stride, Inc | 2,943,570 | |||||||
47,630 | Texas Roadhouse, Inc (Class A) | 3,921,378 | ||||||||
4,000 | Vail Resorts, Inc | 1,016,640 | ||||||||
129,130 | Wendy’s | 2,551,609 | ||||||||
TOTAL CONSUMER SERVICES | 28,228,538 | |||||||||
DIVERSIFIED FINANCIALS - 5.3% | ||||||||||
30,200 | A-Mark Precious Metals, Inc | 2,379,760 | ||||||||
52,313 | Brightsphere Investment Group, Inc | 1,048,352 | ||||||||
56,152 | * | Cannae Holdings, Inc | 1,257,805 | |||||||
90,220 | Carlyle Group, Inc | 3,274,084 | ||||||||
41,310 | CBOE Global Markets, Inc | 4,667,204 | ||||||||
23,498 | Cohen & Steers, Inc | 1,825,560 | ||||||||
8,200 | Evercore Inc | 867,150 | ||||||||
13,240 | Factset Research Systems, Inc | 5,342,207 | ||||||||
40,000 | e | iShares Russell 2000 Index Fund | 7,398,000 | |||||||
111,600 | Janus Henderson Group plc | 3,401,568 | ||||||||
44,980 | KKR Real Estate Finance Trust, Inc | 854,620 | ||||||||
167,080 | * | LendingClub Corp | 2,547,970 | |||||||
32,513 | LPL Financial Holdings, Inc | 6,108,217 | ||||||||
5,816 | Morningstar, Inc | 1,472,786 | ||||||||
49,833 | OneMain Holdings, Inc | 2,288,830 | ||||||||
21,360 | * | PROG Holdings, Inc | 565,399 | |||||||
51,260 | StepStone Group, Inc | 1,313,281 | ||||||||
30,600 | *,e | Upstart Holdings, Inc | 2,295,612 | |||||||
16,000 | Vanguard Small-Cap ETF | 3,120,800 | ||||||||
28,000 | Virtu Financial, Inc | 808,640 | ||||||||
TOTAL DIVERSIFIED FINANCIALS | 52,837,845 |
38 |
TIAA-CREF FUNDS – Quant Small/Mid-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
ENERGY - 7.2% | ||||||||||
255,700 | * | Alto Ingredients, Inc | $ | 1,475,389 | ||||||
189,750 | APA Corp | 7,766,467 | ||||||||
67,788 | Cabot Oil & Gas Corp | 1,951,616 | ||||||||
226,600 | * | Centennial Resource Development, Inc | 1,753,884 | |||||||
94,690 | Devon Energy Corp | 5,508,117 | ||||||||
42,400 | Diamondback Energy, Inc | 5,352,152 | ||||||||
173,050 | * | Golar LNG Ltd | 3,862,476 | |||||||
397,040 | Marathon Oil Corp | 9,894,237 | ||||||||
14,800 | * | Nabors Industries Ltd | 2,288,376 | |||||||
355,209 | * | NexTier Oilfield Solutions, Inc | 3,917,955 | |||||||
143,420 | * | Oceaneering International, Inc | 1,624,949 | |||||||
240,540 | Patterson-UTI Energy, Inc | 3,954,478 | ||||||||
172,300 | * | PBF Energy, Inc | 5,007,038 | |||||||
210,670 | SM Energy Co | 7,485,105 | ||||||||
48,600 | * | Talos Energy, Inc | 883,062 | |||||||
107,470 | Targa Resources Investments, Inc | 7,889,373 | ||||||||
141,600 | * | Tellurian, Inc | 705,168 | |||||||
TOTAL ENERGY | 71,319,842 | |||||||||
FOOD & STAPLES RETAILING - 1.9% | ||||||||||
54,100 | Albertsons Cos, Inc | 1,692,248 | ||||||||
45,470 | * | BJ’s Wholesale Club Holdings, Inc | 2,925,994 | |||||||
84,780 | * | Performance Food Group Co | 4,175,415 | |||||||
101,760 | *,e | Rite Aid Corp | 648,211 | |||||||
50,170 | SpartanNash Co | 1,719,828 | ||||||||
82,244 | * | United Natural Foods, Inc | 3,530,735 | |||||||
120,500 | * | US Foods Holding Corp | 4,533,210 | |||||||
TOTAL FOOD & STAPLES RETAILING | 19,225,641 | |||||||||
FOOD, BEVERAGE & TOBACCO - 2.4% | ||||||||||
58,073 | Bunge Ltd | 6,569,218 | ||||||||
35,300 | Cal-Maine Foods, Inc | 1,896,669 | ||||||||
175,673 | * | Hostess Brands, Inc | 3,986,020 | |||||||
60,680 | Lamb Weston Holdings, Inc | 4,010,948 | ||||||||
74,530 | * | Pilgrim’s Pride Corp | 2,112,926 | |||||||
16,290 | Sanderson Farms, Inc | 3,084,837 | ||||||||
180,600 | Vector Group Ltd | 2,297,232 | ||||||||
TOTAL FOOD, BEVERAGE & TOBACCO | 23,957,850 | |||||||||
HEALTH CARE EQUIPMENT & SERVICES - 4.9% | ||||||||||
135,200 | * | Allscripts Healthcare Solutions, Inc | 2,793,232 | |||||||
38,440 | * | Alphatec Holdings Inc | 417,074 | |||||||
24,000 | * | Avanos Medical, Inc | 699,840 | |||||||
65,500 | * | Cardiovascular Systems, Inc | 1,224,850 | |||||||
221,860 | * | Community Health Systems, Inc | 1,701,666 | |||||||
113,430 | * | Cross Country Healthcare, Inc | 2,125,678 | |||||||
10,200 | Encompass Health Corp | 702,066 | ||||||||
40,350 | * | Envista Holdings Corp | 1,598,667 | |||||||
126,040 | * | Evolent Health, Inc | 3,468,621 | |||||||
27,720 | * | Globus Medical, Inc | 1,835,618 | |||||||
11,200 | * | Henry Schein, Inc | 908,320 |
39 |
TIAA-CREF FUNDS – Quant Small/Mid-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
12,700 | * | Integer Holding Corp | $ | 954,659 | ||||||
5,700 | * | Masimo Corp | 643,929 | |||||||
48,300 | * | Merit Medical Systems, Inc | 2,995,083 | |||||||
14,250 | * | Molina Healthcare, Inc | 4,466,662 | |||||||
29,510 | * | Natus Medical, Inc | 981,798 | |||||||
114,980 | * | Option Care Health, Inc | 3,435,602 | |||||||
150,730 | * | Ortho Clinical Diagnostics Holdings plc | 2,654,355 | |||||||
36,798 | * | Orthofix Medical Inc | 1,140,738 | |||||||
76,130 | Owens & Minor, Inc | 2,701,854 | ||||||||
101,897 | Patterson Cos, Inc | 3,135,371 | ||||||||
42,100 | Premier, Inc | 1,524,441 | ||||||||
107,480 | * | R1 RCM, Inc | 2,420,450 | |||||||
11,440 | * | Shockwave Medical Inc | 1,728,927 | |||||||
25,870 | * | Tenet Healthcare Corp | 1,875,834 | |||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 48,135,335 | |||||||||
HOUSEHOLD & PERSONAL PRODUCTS - 0.8% | ||||||||||
80,220 | * | BellRing Brands, Inc | 1,719,114 | |||||||
98,414 | * | elf Beauty, Inc | 2,394,413 | |||||||
18,734 | Medifast, Inc | 3,341,396 | ||||||||
TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 7,454,923 | |||||||||
INSURANCE - 2.3% | ||||||||||
27,281 | American Financial Group, Inc | 3,777,873 | ||||||||
64,440 | Axis Capital Holdings Ltd | 3,694,345 | ||||||||
51,730 | Brown & Brown, Inc | 3,206,225 | ||||||||
62,400 | Conseco, Inc | 1,506,336 | ||||||||
120,600 | Old Republic International Corp | 2,654,406 | ||||||||
17,900 | * | Palomar Holdings, Inc | 974,655 | |||||||
7,907 | Selective Insurance Group, Inc | 651,221 | ||||||||
68,130 | W.R. Berkley Corp | 4,529,964 | ||||||||
1,539 | White Mountains Insurance Group Ltd | 1,612,903 | ||||||||
TOTAL INSURANCE | 22,607,928 | |||||||||
MATERIALS - 6.5% | ||||||||||
78,000 | * | Allegheny Technologies, Inc | 2,120,040 | |||||||
28,592 | Avery Dennison Corp | 5,163,715 | ||||||||
45,820 | * | Axalta Coating Systems Ltd | 1,162,453 | |||||||
50,926 | CF Industries Holdings, Inc | 4,931,165 | ||||||||
102,100 | Chemours Co | 3,376,447 | ||||||||
96,900 | Commercial Metals Co | 3,972,900 | ||||||||
163,600 | * | Constellium SE | 2,730,484 | |||||||
156,695 | Element Solutions, Inc | 3,231,051 | ||||||||
430,000 | Hecla Mining Co | 2,240,300 | ||||||||
69,740 | Huntsman Corp | 2,362,094 | ||||||||
15,200 | * | Ingevity Corp | 910,480 | |||||||
13,689 | Innospec, Inc | 1,304,699 | ||||||||
43,480 | Louisiana-Pacific Corp | 2,805,330 | ||||||||
18,147 | Materion Corp | 1,545,217 | ||||||||
21,440 | Packaging Corp of America | 3,455,485 | ||||||||
31,334 | Reliance Steel & Aluminum Co | 6,211,965 | ||||||||
75,500 | Sealed Air Corp | 4,847,855 | ||||||||
59,457 | Silgan Holdings, Inc | 2,638,107 | ||||||||
108,884 | * | Summit Materials, Inc | 3,026,975 | |||||||
148,900 | Tronox Holdings plc | 2,561,080 |
40 |
TIAA-CREF FUNDS – Quant Small/Mid-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
123,510 | Valvoline, Inc | $ | 3,733,707 | |||||||
TOTAL MATERIALS | 64,331,549 | |||||||||
MEDIA & ENTERTAINMENT - 1.8% | ||||||||||
723,300 | * | Clear Channel | 1,779,318 | |||||||
97,064 | * | EverQuote Inc | 1,347,248 | |||||||
90,370 | *,e | fuboTV, Inc | 342,502 | |||||||
127,290 | * | iHeartMedia, Inc | 2,035,367 | |||||||
42,464 | * | Liberty Media Group (Class C) | 2,646,781 | |||||||
191,900 | * | Lions Gate Entertainment Corp (Class A) | 2,588,731 | |||||||
15,000 | * | Madison Square Garden Co | 2,431,650 | |||||||
57,965 | * | Magnite, Inc | 559,362 | |||||||
111,090 | News Corp (Class A) | 2,206,248 | ||||||||
65,290 | * | Yelp, Inc | 2,123,884 | |||||||
TOTAL MEDIA & ENTERTAINMENT | 18,061,091 | |||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 6.5% | ||||||||||
65,000 | * | Acadia Pharmaceuticals, Inc | 1,198,600 | |||||||
33,678 | * | Agios Pharmaceuticals, Inc | 739,906 | |||||||
69,562 | * | Alkermes plc | 2,006,864 | |||||||
33,200 | * | Amphastar Pharmaceuticals, Inc | 1,177,604 | |||||||
69,740 | * | AnaptysBio, Inc | 1,631,916 | |||||||
63,170 | * | Arcutis Biotherapeutics, Inc | 1,275,402 | |||||||
7,700 | * | Arvinas, Inc | 423,269 | |||||||
170,100 | * | Avantor, Inc | 5,422,788 | |||||||
3,900 | Bio-Techne Corp | 1,480,791 | ||||||||
74,660 | * | Cara Therapeutics, Inc | 651,035 | |||||||
19,602 | * | Charles River Laboratories International, Inc | 4,734,079 | |||||||
87,400 | * | Codexis, Inc | 1,051,422 | |||||||
13,700 | * | Enanta Pharmaceuticals, Inc | 882,280 | |||||||
102,440 | *,e | Evolus, Inc | 1,146,303 | |||||||
43,640 | * | Exelixis, Inc | 974,918 | |||||||
43,800 | * | Global Blood Therapeutics, Inc | 1,344,660 | |||||||
24,500 | * | Harmony Biosciences Holdings, Inc | 1,103,480 | |||||||
73,130 | * | Heron Therapeutics, Inc | 330,548 | |||||||
165,100 | * | Immunogen, Inc | 797,433 | |||||||
101,740 | * | Innoviva, Inc | 1,735,684 | |||||||
213,750 | * | Ironwood Pharmaceuticals, Inc | 2,565,000 | |||||||
298,400 | * | Karyopharm Therapeutics, Inc | 1,820,240 | |||||||
17,970 | PerkinElmer, Inc | 2,634,582 | ||||||||
60,300 | Perrigo Co plc | 2,068,290 | ||||||||
37,138 | Phibro Animal Health Corp | 668,113 | ||||||||
17,200 | * | Prestige Consumer Healthcare, Inc. | 940,152 | |||||||
48,110 | * | Prothena Corp plc | 1,402,887 | |||||||
34,500 | * | PTC Therapeutics, Inc | 1,218,885 | |||||||
93,200 | * | QIAGEN NV | 4,228,484 | |||||||
165,969 | * | Radius Health, Inc | 1,135,228 | |||||||
42,350 | * | Sage Therapeutics, Inc | 1,334,872 | |||||||
41,356 | * | Sarepta Therapeutics, Inc | 2,990,866 | |||||||
79,720 | * | Supernus Pharmaceuticals, Inc | 2,224,188 | |||||||
52,990 | * | Syneos Health, Inc | 3,873,039 | |||||||
18,265 | * | United Therapeutics Corp | 3,243,133 | |||||||
69,900 | * | Vir Biotechnology, Inc | 1,422,465 | |||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 63,879,406 |
41 |
TIAA-CREF FUNDS – Quant Small/Mid-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
REAL ESTATE - 9.3% | ||||||||||
131,360 | Acadia Realty Trust | $ | 2,748,051 | |||||||
64,261 | Alexander & Baldwin, Inc | 1,362,333 | ||||||||
61,870 | American Campus Communities, Inc | 4,001,133 | ||||||||
130,750 | American Homes 4 Rent | 5,179,007 | ||||||||
89,010 | Apartment Income REIT Corp | 4,376,622 | ||||||||
14,900 | Camden Property Trust | 2,337,661 | ||||||||
95,040 | CubeSmart | 4,515,350 | ||||||||
451,730 | Diversified Healthcare Trust | 1,016,392 | ||||||||
107,300 | Douglas Elliman, Inc | 650,238 | ||||||||
46,600 | Douglas Emmett, Inc | 1,372,836 | ||||||||
4,800 | EastGroup Properties, Inc | 900,000 | ||||||||
61,370 | EPR Properties | 3,223,152 | ||||||||
70,906 | Equity Lifestyle Properties, Inc | 5,479,616 | ||||||||
66,679 | First Industrial Realty Trust, Inc | 3,867,382 | ||||||||
93,015 | Gaming and Leisure Properties, Inc | 4,128,006 | ||||||||
33,100 | Healthcare Trust of America, Inc | 1,008,226 | ||||||||
107,000 | Independence Realty Trust, Inc | 2,916,820 | ||||||||
107,230 | JBG SMITH Properties | 2,826,583 | ||||||||
3,640 | * | Jones Lang LaSalle, Inc | 796,177 | |||||||
93,126 | Kennedy-Wilson Holdings, Inc | 2,099,991 | ||||||||
29,659 | Life Storage, Inc | 3,929,521 | ||||||||
73,960 | * | Mack-Cali Realty Corp | 1,184,100 | |||||||
37,310 | Marcus & Millichap, Inc | 1,671,115 | ||||||||
38,640 | National Storage Affiliates Trust | 2,187,024 | ||||||||
36,223 | NexPoint Residential Trust, Inc | 3,229,643 | ||||||||
116,300 | Outfront Media, Inc | 2,977,280 | ||||||||
202,030 | Paramount Group, Inc | 1,921,305 | ||||||||
110,100 | Piedmont Office Realty Trust, Inc | 1,772,610 | ||||||||
8,620 | Regency Centers Corp | 593,315 | ||||||||
64,700 | Rexford Industrial Realty, Inc | 5,049,188 | ||||||||
21,588 | RMR Group, Inc | 588,921 | ||||||||
85,900 | Service Properties Trust | 697,508 | ||||||||
76,900 | Spirit Realty Capital, Inc | 3,341,305 | ||||||||
80,785 | STAG Industrial, Inc | 3,014,896 | ||||||||
65,590 | STORE Capital Corp | 1,864,724 | ||||||||
17,160 | Terreno Realty Corp | 1,248,390 | ||||||||
53,690 | VICI Properties, Inc | 1,600,499 | ||||||||
TOTAL REAL ESTATE | 91,676,920 | |||||||||
RETAILING - 3.3% | ||||||||||
45,700 | Aaron’s Co, Inc | 938,221 | ||||||||
37,200 | Academy Sports & Outdoors, Inc | 1,389,792 | ||||||||
37,741 | * | Autonation, Inc | 4,374,559 | |||||||
239,530 | * | CarParts.com, Inc | 1,434,785 | |||||||
247,900 | * | Chico’s FAS, Inc | 1,313,870 | |||||||
188,400 | Designer Brands, Inc | 2,603,688 | ||||||||
14,170 | * | Five Below, Inc | 2,226,107 | |||||||
23,790 | Foot Locker, Inc | 697,285 | ||||||||
4,300 | *,e | GameStop Corp (Class A) | 537,801 | |||||||
48,160 | Kohl’s Corp | 2,787,501 | ||||||||
67,440 | * | ODP Corp | 2,901,943 | |||||||
135,100 | * | Petco Health & Wellness Co, Inc | 2,602,026 | |||||||
2,690 | Pool Corp | 1,090,042 | ||||||||
6,470 | * | RH | 2,174,696 |
42 |
TIAA-CREF FUNDS – Quant Small/Mid-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
33,910 | Williams-Sonoma, Inc | $ | 4,424,577 | |||||||
42,712 | * | Zumiez, Inc | 1,564,541 | |||||||
TOTAL RETAILING | 33,061,434 | |||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.5% | ||||||||||
45,880 | * | Alpha & Omega Semiconductor Ltd | 1,968,252 | |||||||
31,020 | * | Ambarella, Inc | 2,546,122 | |||||||
69,144 | Amkor Technology, Inc | 1,300,599 | ||||||||
49,763 | Brooks Automation, Inc | 3,730,235 | ||||||||
10,805 | * | Enphase Energy, Inc | 1,743,927 | |||||||
51,057 | * | Formfactor, Inc | 1,945,782 | |||||||
37,570 | * | Ichor Holdings Ltd | 1,093,663 | |||||||
34,185 | * | Impinj, Inc | 1,683,953 | |||||||
75,486 | * | Lattice Semiconductor Corp | 3,626,347 | |||||||
6,500 | Monolithic Power Systems, Inc | 2,549,560 | ||||||||
86,500 | * | ON Semiconductor Corp | 4,507,515 | |||||||
173,000 | * | Photronics, Inc | 2,593,270 | |||||||
54,790 | * | Semtech Corp | 3,265,484 | |||||||
55,290 | * | Ultra Clean Holdings | 1,723,389 | |||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 34,278,098 | |||||||||
SOFTWARE & SERVICES - 9.5% | ||||||||||
74,900 | * | ACI Worldwide, Inc | 2,068,738 | |||||||
50,473 | Amdocs Ltd | 4,022,193 | ||||||||
59,020 | * | Anaplan, Inc | 3,835,710 | |||||||
44,670 | * | Asana, Inc | 1,197,156 | |||||||
6,197 | * | Avalara, Inc | 471,406 | |||||||
60,308 | * | Black Knight, Inc | 3,967,663 | |||||||
22,831 | Concentrix Corp | 3,595,426 | ||||||||
61,360 | * | Domo, Inc | 2,541,531 | |||||||
139,700 | * | Dropbox, Inc | 3,038,475 | |||||||
42,700 | * | Duck Creek Technologies, Inc | 680,211 | |||||||
80,783 | * | Dynatrace, Inc | 3,098,836 | |||||||
45,985 | * | Elastic NV | 3,501,298 | |||||||
31,291 | EVERTEC, Inc | 1,232,865 | ||||||||
9,000 | * | ExlService Holdings, Inc | 1,225,350 | |||||||
8,571 | * | Five9, Inc | 943,667 | |||||||
84,560 | Genpact Ltd | 3,405,231 | ||||||||
9,570 | * | Globant S.A. | 2,067,024 | |||||||
185,900 | * | Grid Dynamics Holdings, Inc | 2,587,728 | |||||||
34,000 | * | Manhattan Associates, Inc | 4,438,700 | |||||||
19,290 | * | Mimecast Ltd | 1,537,027 | |||||||
12,800 | * | MongoDB, Inc | 4,543,104 | |||||||
144,015 | * | Nutanix, Inc | 3,604,696 | |||||||
123,050 | * | Paya Holdings, Inc | 626,325 | |||||||
18,739 | * | Paylocity Holding Corp | 3,553,477 | |||||||
19,761 | Pegasystems, Inc | 1,513,495 | ||||||||
24,041 | Progress Software Corp | 1,153,487 | ||||||||
76,310 | * | Smartsheet, Inc | 3,688,062 | |||||||
38,193 | * | SPS Commerce, Inc | 4,569,029 | |||||||
39,116 | * | SVMK, Inc | 618,815 | |||||||
68,180 | * | Tenable Holdings, Inc | 3,765,581 | |||||||
101,000 | * | Varonis Systems, Inc | 4,363,200 | |||||||
71,900 | * | Vonage Holdings Corp | 1,435,124 | |||||||
128,510 | Western Union Co | 2,153,828 |
43 |
TIAA-CREF FUNDS – Quant Small/Mid-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
51,272 | * | Zendesk, Inc | $ | 6,257,235 | ||||||
171,500 | * | Zuora Inc | 2,087,155 | |||||||
TOTAL SOFTWARE & SERVICES | 93,388,848 | |||||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 3.1% | ||||||||||
152,350 | * | Arlo Technologies, Inc | 1,179,189 | |||||||
35,195 | * | Arrow Electronics, Inc | 4,148,083 | |||||||
94,405 | Avnet, Inc | 4,121,722 | ||||||||
49,700 | * | Ciena Corp | 2,741,949 | |||||||
7,250 | Cognex Corp | 490,318 | ||||||||
73,190 | * | Extreme Networks, Inc | 702,624 | |||||||
21,330 | * | Insight Enterprises, Inc | 2,119,562 | |||||||
74,016 | Jabil Inc | 4,272,944 | ||||||||
91,771 | National Instruments Corp | 3,316,604 | ||||||||
154,120 | * | Pure Storage, Inc | 4,515,716 | |||||||
54,932 | * | Sanmina Corp | 2,246,169 | |||||||
11,900 | * | Super Micro Computer, Inc | 500,990 | |||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 30,355,870 | |||||||||
TELECOMMUNICATION SERVICES - 0.6% | ||||||||||
33,870 | * | Anterix, Inc | 1,755,821 | |||||||
887,290 | *,e | Globalstar, Inc | 1,029,257 | |||||||
57,000 | * | Gogo, Inc | 1,049,370 | |||||||
158,613 | * | Liberty Latin America Ltd (Class A) | 1,465,584 | |||||||
37,164 | * | Liberty Latin America Ltd (Class C) | 343,395 | |||||||
TOTAL TELECOMMUNICATION SERVICES | 5,643,427 | |||||||||
TRANSPORTATION - 1.8% | ||||||||||
46,802 | * | Alaska Air Group, Inc | 2,545,561 | |||||||
94,830 | Costamare, Inc | 1,271,670 | ||||||||
15,626 | Forward Air Corp | 1,515,253 | ||||||||
20,830 | * | GXO Logistics, Inc | 1,232,928 | |||||||
27,345 | * | Hub Group, Inc (Class A) | 1,836,490 | |||||||
62,790 | Marten Transport Ltd | 1,091,290 | ||||||||
20,740 | Ryder System, Inc | 1,449,726 | ||||||||
8,500 | * | Saia, Inc | 1,750,660 | |||||||
81,550 | Schneider National, Inc | 1,927,027 | ||||||||
66,580 | * | XPO Logistics, Inc | 3,581,338 | |||||||
TOTAL TRANSPORTATION | 18,201,943 | |||||||||
UTILITIES - 1.3% | ||||||||||
46,904 | Clearway Energy, Inc (Class A) | 1,333,012 | ||||||||
15,030 | Essential Utilities Inc | 672,743 | ||||||||
35,400 | Northwest Natural Holding Co | 1,693,182 | ||||||||
127,310 | OGE Energy Corp | 4,924,351 | ||||||||
21,150 | ONE Gas, Inc | 1,784,425 | ||||||||
98,977 | Vistra Energy Corp | 2,476,404 | ||||||||
TOTAL UTILITIES | 12,884,117 | |||||||||
TOTAL COMMON STOCKS | 983,680,256 | |||||||||
(Cost $826,470,154) |
44 |
TIAA-CREF FUNDS – Quant Small/Mid-Cap Equity Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
SHORT-TERM INVESTMENTS - 0.9% | ||||||||||||||||
REPURCHASE AGREEMENT - 0.3% | ||||||||||||||||
$ | 3,425,000 | r | Fixed Income Clearing Corp (FICC) | 0.230 | % | 05/02/22 | $ | 3,425,000 | ||||||||
TOTAL REPURCHASE AGREEMENT | 3,425,000 | |||||||||||||||
SHARES | COMPANY | |||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.6% | ||||||||||||||||
5,481,188 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 0.310 | 5,481,188 | ||||||||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 5,481,188 | |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 8,906,188 | |||||||||||||||
(Cost $8,906,188) | ||||||||||||||||
TOTAL INVESTMENTS - 100.5% | 992,586,444 | |||||||||||||||
(Cost $835,376,342) | ||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - (0.5)% | (5,378,158 | ) | ||||||||||||||
NET ASSETS - 100.0% | $ | 987,208,286 |
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 $13,294,920. | ||
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 4/30/2022, the aggregate value of these securities is $2,414,656 or 0.2% of net assets. | ||
r | Agreement with Fixed Income Clearing Corp (FICC), 0.230% dated 4/29/22 to be repurchased at $3,425,000 on 5/2/22, collateralized by Government Agency Securities, with coupon rate 2.875% and maturity date 8/15/45, valued at $3,493,560. |
45 |
TIAA-CREF FUNDS – Social Choice Equity Fund
TIAA-CREF FUNDS
SOCIAL CHOICE EQUITY FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2022
SHARES | COMPANY | VALUE | ||||||||
COMMON STOCKS - 99.5% | ||||||||||
AUTOMOBILES & COMPONENTS - 2.4% | ||||||||||
51,826 | * | American Axle & Manufacturing Holdings, Inc | $ | 343,088 | ||||||
110,497 | * | Aptiv plc | 11,756,881 | |||||||
12,746 | BorgWarner, Inc | 469,435 | ||||||||
166,307 | * | Tesla, Inc | 144,813,483 | |||||||
TOTAL AUTOMOBILES & COMPONENTS | 157,382,887 | |||||||||
BANKS - 2.9% | ||||||||||
1,694 | Ameris Bancorp | 70,640 | ||||||||
47,422 | Bank OZK | 1,821,953 | ||||||||
3,518 | Banner Corp | 188,917 | ||||||||
47,884 | Berkshire Hills Bancorp, Inc | 1,184,650 | ||||||||
6,267 | Brookline Bancorp, Inc | 90,621 | ||||||||
1,259 | Cadence BanCorp | 31,525 | ||||||||
3,985 | Camden National Corp | 178,329 | ||||||||
830,296 | Citigroup, Inc | 40,028,570 | ||||||||
471,252 | Citizens Financial Group, Inc | 18,567,329 | ||||||||
440 | Columbia Banking System, Inc | 12,355 | ||||||||
108,335 | Comerica, Inc | 8,872,636 | ||||||||
370 | Commerce Bancshares, Inc | 25,297 | ||||||||
1,572 | Community Trust Bancorp, Inc | 62,581 | ||||||||
3,270 | Cullen/Frost Bankers, Inc | 432,588 | ||||||||
46,110 | * | Customers Bancorp, Inc | 1,939,848 | |||||||
6,874 | Federal Agricultural Mortgage Corp (FAMC) | 704,104 | ||||||||
10,587 | First Busey Corp | 237,890 | ||||||||
44,187 | First Interstate Bancsystem, Inc | 1,436,961 | ||||||||
44,108 | First Republic Bank | 6,581,796 | ||||||||
1,130 | FNB Corp | 13,018 | ||||||||
540 | Glacier Bancorp, Inc | 24,710 | ||||||||
1,279 | Hancock Whitney Corp | 59,819 | ||||||||
3,902 | Heritage Financial Corp | 94,506 | ||||||||
19,184 | HomeStreet, Inc | 778,678 | ||||||||
285,811 | Huntington Bancshares, Inc | 3,758,415 | ||||||||
218,676 | Keycorp | 4,222,633 | ||||||||
24,031 | Live Oak Bancshares, Inc | 1,017,232 | ||||||||
15,374 | * | Mr Cooper Group, Inc | 691,369 | |||||||
26,162 | National Bank Holdings Corp | 955,175 | ||||||||
310 | NBT Bancorp, Inc | 10,912 | ||||||||
7,838 | Old National Bancorp | 118,824 | ||||||||
53,702 | Pinnacle Financial Partners, Inc | 4,164,590 | ||||||||
232,447 | PNC Financial Services Group, Inc | 38,609,447 | ||||||||
682,855 | Regions Financial Corp | 14,148,756 | ||||||||
19,485 | * | SVB Financial Group | 9,501,665 | |||||||
1,879 | * | Texas Capital Bancshares, Inc | 96,505 | |||||||
10,055 | TFS Financial Corp | 150,724 | ||||||||
17,614 | * | The Bancorp, Inc | 399,662 |
46 |
TIAA-CREF FUNDS – Social Choice Equity Fund
SHARES | COMPANY | VALUE | ||||||||
3,796 | Trico Bancshares | $ | 142,540 | |||||||
31,975 | * | Tristate Capital Holdings, Inc | 965,965 | |||||||
513,618 | Truist Financial Corp | 24,833,430 | ||||||||
350 | Trustmark Corp | 9,758 | ||||||||
2,167 | UMB Financial Corp | 195,420 | ||||||||
650 | Umpqua Holdings Corp | 10,751 | ||||||||
17,523 | Univest Financial Corp | 441,580 | ||||||||
1,553 | Westamerica Bancorporation | 91,503 | ||||||||
230 | Wintrust Financial Corp | 20,084 | ||||||||
8,082 | WSFS Financial Corp | 323,846 | ||||||||
55,123 | Zions Bancorporation | 3,115,001 | ||||||||
TOTAL BANKS | 191,435,108 | |||||||||
CAPITAL GOODS - 5.6% | ||||||||||
213,347 | 3M Co | 30,768,904 | ||||||||
954 | Acuity Brands, Inc | 164,546 | ||||||||
85,519 | * | Axon Enterprise, Inc | 9,595,232 | |||||||
419 | * | Beacon Roofing Supply, Inc | 24,985 | |||||||
5,486 | * | Bloom Energy Corp | 101,820 | |||||||
17,565 | Carlisle Cos, Inc | 4,555,658 | ||||||||
244,666 | Carrier Global Corp | 9,363,368 | ||||||||
233,113 | Caterpillar, Inc | 49,079,611 | ||||||||
35,835 | Cummins, Inc | 6,779,624 | ||||||||
69,250 | Curtiss-Wright Corp | 9,896,517 | ||||||||
121,467 | Deere & Co | 45,859,866 | ||||||||
180,177 | Eaton Corp | 26,129,269 | ||||||||
1,365 | EMCOR Group, Inc | 145,345 | ||||||||
48,540 | Emerson Electric Co | 4,377,337 | ||||||||
119,034 | Fastenal Co | 6,583,771 | ||||||||
99,730 | Fortive Corp | 5,734,475 | ||||||||
300 | GATX Corp | 31,017 | ||||||||
245 | Granite Construction, Inc | 7,264 | ||||||||
11,668 | Herc Holdings, Inc | 1,491,404 | ||||||||
143,741 | Hexcel Corp | 7,813,761 | ||||||||
1,801 | IDEX Corp | 341,866 | ||||||||
191,795 | Illinois Tool Works, Inc | 37,804,712 | ||||||||
317,614 | Johnson Controls International plc | 19,015,550 | ||||||||
171,085 | Masco Corp | 9,014,469 | ||||||||
98,990 | * | Mercury Systems, Inc | 5,522,652 | |||||||
7,159 | Moog, Inc (Class A) | 571,789 | ||||||||
3,829 | * | MYR Group, Inc | 302,836 | |||||||
6,412 | Owens Corning, Inc | 583,043 | ||||||||
59,731 | PACCAR, Inc | 4,960,660 | ||||||||
47,521 | Parker-Hannifin Corp | 12,869,637 | ||||||||
37,955 | Rockwell Automation, Inc | 9,590,090 | ||||||||
36,980 | Roper Technologies Inc | 17,377,642 | ||||||||
3,916 | Rush Enterprises, Inc (Class A) | 199,246 | ||||||||
9,292 | Snap-On, Inc | 1,974,457 | ||||||||
69,059 | Trane Technologies plc | 9,660,663 | ||||||||
30,230 | * | United Rentals, Inc | 9,568,400 | |||||||
20,461 | * | Vectrus, Inc | 738,642 | |||||||
13,236 | W.W. Grainger, Inc | 6,618,397 | ||||||||
1,174 | Wabash National Corp | 16,800 | ||||||||
4,192 | * | WESCO International, Inc | 516,706 | |||||||
36,655 | Woodward Inc | 4,049,644 |
47 |
TIAA-CREF FUNDS – Social Choice Equity Fund
SHARES | COMPANY | VALUE | ||||||||
36,530 | Xylem, Inc | $ | 2,940,665 | |||||||
TOTAL CAPITAL GOODS | 372,742,340 | |||||||||
COMMERCIAL & PROFESSIONAL SERVICES - 1.3% | ||||||||||
540 | ABM Industries, Inc | 26,066 | ||||||||
9,872 | ACCO Brands Corp | 72,362 | ||||||||
19,997 | ADT, Inc | 136,979 | ||||||||
970 | * | ASGN Inc | 110,047 | |||||||
15,838 | Cintas Corp | 6,291,804 | ||||||||
288,631 | * | Copart, Inc | 32,802,913 | |||||||
11,966 | * | FTI Consulting, Inc | 1,887,158 | |||||||
4,282 | Heidrick & Struggles International, Inc | 136,853 | ||||||||
188 | Herman Miller, Inc | 5,965 | ||||||||
143,033 | * | KAR Auction Services, Inc | 2,096,864 | |||||||
39,570 | Kelly Services, Inc (Class A) | 763,305 | ||||||||
5,758 | Kimball International, Inc (Class B) | 44,221 | ||||||||
52,605 | Robert Half International, Inc | 5,171,598 | ||||||||
1,210 | Steelcase, Inc (Class A) | 14,193 | ||||||||
120,100 | TransUnion | 10,511,152 | ||||||||
2,825 | * | TriNet Group, Inc | 250,578 | |||||||
14,026 | Verisk Analytics, Inc | 2,862,005 | ||||||||
145,676 | Waste Management, Inc | 23,954,961 | ||||||||
TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 87,139,024 | |||||||||
CONSUMER DURABLES & APPAREL - 1.3% | ||||||||||
396 | Columbia Sportswear Co | 32,535 | ||||||||
48,547 | DR Horton, Inc | 3,378,386 | ||||||||
41,286 | Ethan Allen Interiors, Inc | 980,130 | ||||||||
56,305 | * | GoPro, Inc | 502,241 | |||||||
9,306 | * | Green Brick Partners, Inc | 183,328 | |||||||
258 | Hasbro, Inc | 22,720 | ||||||||
23,776 | * | iRobot Corp | 1,204,254 | |||||||
20,310 | * | Lovesac Co | 890,390 | |||||||
27,336 | * | Lululemon Athletica, Inc | 9,694,166 | |||||||
5,483 | Newell Brands Inc | 126,931 | ||||||||
419,574 | Nike, Inc (Class B) | 52,320,878 | ||||||||
1,897 | * | NVR, Inc | 8,301,670 | |||||||
1,614 | PVH Corp | 117,467 | ||||||||
136,133 | * | Sonos, Inc | 3,106,555 | |||||||
87,275 | * | Tupperware Brands Corp | 1,534,295 | |||||||
57,495 | VF Corp | 2,989,740 | ||||||||
TOTAL CONSUMER DURABLES & APPAREL | 85,385,686 | |||||||||
CONSUMER SERVICES - 2.4% | ||||||||||
26,652 | * | American Public Education, Inc | 518,115 | |||||||
19,431 | * | Booking Holdings, Inc | 42,948,534 | |||||||
33,683 | * | Bright Horizons Family Solutions | 3,847,946 | |||||||
27,978 | Carriage Services, Inc | 1,199,976 | ||||||||
42,424 | Darden Restaurants, Inc | 5,588,514 | ||||||||
79,641 | * | Dave & Buster’s Entertainment, Inc | 3,623,665 | |||||||
24,042 | Domino’s Pizza, Inc | 8,126,196 | ||||||||
36,071 | * | El Pollo Loco Holdings, Inc | 384,156 | |||||||
1,303 | Graham Holdings Co | 771,858 | ||||||||
237,102 | * | Hilton Worldwide Holdings, Inc | 36,819,570 | |||||||
28,107 | * | Planet Fitness, Inc | 2,249,403 |
48 |
TIAA-CREF FUNDS – Social Choice Equity Fund
SHARES | COMPANY | VALUE | ||||||||
3,259 | * | Shake Shack, Inc | $ | 188,468 | ||||||
73,527 | * | Six Flags Entertainment Corp | 2,813,878 | |||||||
511,018 | Starbucks Corp | 38,142,384 | ||||||||
87,949 | * | Terminix Global Holdings, Inc | 4,035,980 | |||||||
19,207 | Vail Resorts, Inc | 4,881,651 | ||||||||
74,915 | Wendy’s | 1,480,320 | ||||||||
23,431 | * | WW International Inc | 229,389 | |||||||
TOTAL CONSUMER SERVICES | 157,850,003 | |||||||||
DIVERSIFIED FINANCIALS - 7.1% | ||||||||||
178,603 | Ally Financial, Inc | 7,136,976 | ||||||||
286,307 | American Express Co | 50,020,696 | ||||||||
60,154 | Ameriprise Financial, Inc | 15,970,285 | ||||||||
502,214 | Bank of New York Mellon Corp | 21,123,121 | ||||||||
65,633 | BlackRock, Inc | 40,999,622 | ||||||||
647,988 | Charles Schwab Corp | 42,981,044 | ||||||||
127,359 | CME Group, Inc | 27,934,923 | ||||||||
280 | Cohen & Steers, Inc | 21,753 | ||||||||
318,912 | Discover Financial Services | 35,864,844 | ||||||||
8,872 | Factset Research Systems, Inc | 3,579,763 | ||||||||
93,919 | Franklin Resources, Inc | 2,309,468 | ||||||||
56,534 | Goldman Sachs Group, Inc | 17,270,572 | ||||||||
9,333 | * | Green Dot Corp | 247,138 | |||||||
335,651 | Intercontinental Exchange Group, Inc | 38,871,742 | ||||||||
36,329 | Invesco Ltd | 667,727 | ||||||||
18,792 | MarketAxess Holdings, Inc | 4,953,759 | ||||||||
78,034 | Moody’s Corp | 24,696,200 | ||||||||
543,535 | Morgan Stanley | 43,803,486 | ||||||||
22,879 | Nasdaq Inc | 3,600,468 | ||||||||
119,931 | Northern Trust Corp | 12,358,890 | ||||||||
200,000 | Nuveen ESG Large-Cap ETF | 7,047,220 | ||||||||
5,668 | * | PRA Group, Inc | 238,226 | |||||||
2,432 | * | PROG Holdings, Inc | 64,375 | |||||||
140,865 | S&P Global, Inc | 53,035,673 | ||||||||
123,600 | State Street Corp | 8,277,492 | ||||||||
65,344 | T Rowe Price Group, Inc | 8,039,926 | ||||||||
25,591 | Voya Financial, Inc | 1,615,816 | ||||||||
TOTAL DIVERSIFIED FINANCIALS | 472,731,205 | |||||||||
ENERGY - 4.1% | ||||||||||
365,578 | Antero Midstream Corp | 3,754,486 | ||||||||
168,015 | APA Corp | 6,876,854 | ||||||||
255,419 | Baker Hughes Co | 7,923,098 | ||||||||
2,812 | ChampionX Corp | 59,333 | ||||||||
185,947 | Cheniere Energy, Inc | 25,253,462 | ||||||||
578,708 | ConocoPhillips | 55,278,188 | ||||||||
2,207 | * | Delek US Holdings, Inc | 53,410 | |||||||
129,020 | EOG Resources, Inc | 15,064,375 | ||||||||
211,025 | EQT Corp | 8,388,244 | ||||||||
96,629 | Hess Corp | 9,959,551 | ||||||||
950,369 | Kinder Morgan, Inc | 17,249,197 | ||||||||
681,982 | * | Kosmos Energy Ltd | 4,610,198 | |||||||
1,349,746 | Marathon Oil Corp | 33,635,670 | ||||||||
322,948 | NOV, Inc | 5,855,047 | ||||||||
12,097 | * | Oceaneering International, Inc | 137,059 |
49 |
TIAA-CREF FUNDS – Social Choice Equity Fund
SHARES | COMPANY | VALUE | ||||||||
19,522 | ONEOK, Inc | $ | 1,236,328 | |||||||
25,382 | Pioneer Natural Resources Co | 5,900,554 | ||||||||
996,943 | Schlumberger Ltd | 38,890,747 | ||||||||
744,346 | * | Southwestern Energy Co | 5,582,595 | |||||||
70,630 | Targa Resources Investments, Inc | 5,184,948 | ||||||||
201,345 | Valero Energy Corp | 22,445,941 | ||||||||
TOTAL ENERGY | 273,339,285 | |||||||||
FOOD & STAPLES RETAILING - 0.6% | ||||||||||
191,931 | * | BJ’s Wholesale Club Holdings, Inc | 12,350,760 | |||||||
47,513 | * | Performance Food Group Co | 2,340,015 | |||||||
37,095 | Pricesmart, Inc | 2,947,198 | ||||||||
59,184 | SpartanNash Co | 2,028,827 | ||||||||
201,369 | * | Sprouts Farmers Market, Inc | 6,000,796 | |||||||
92,192 | * | United Natural Foods, Inc | 3,957,803 | |||||||
249,841 | * | US Foods Holding Corp | 9,399,018 | |||||||
TOTAL FOOD & STAPLES RETAILING | 39,024,417 | |||||||||
FOOD, BEVERAGE & TOBACCO - 3.1% | ||||||||||
70,442 | Archer-Daniels-Midland Co | 6,308,786 | ||||||||
48,343 | Campbell Soup Co | 2,282,756 | ||||||||
1,127,100 | Coca-Cola Co | 72,821,931 | ||||||||
13,309 | * | Darling International, Inc | 976,748 | |||||||
35,374 | Fresh Del Monte Produce, Inc | 921,493 | ||||||||
366,471 | General Mills, Inc | 25,920,494 | ||||||||
3,800 | * | Hain Celestial Group, Inc | 127,452 | |||||||
206,505 | Hormel Foods Corp | 10,818,797 | ||||||||
130,364 | Kellogg Co | 8,929,934 | ||||||||
70,056 | McCormick & Co, Inc | 7,045,532 | ||||||||
414,457 | PepsiCo, Inc | 71,166,411 | ||||||||
6,553 | * | TreeHouse Foods, Inc | 206,419 | |||||||
TOTAL FOOD, BEVERAGE & TOBACCO | 207,526,753 | |||||||||
HEALTH CARE EQUIPMENT & SERVICES - 6.3% | ||||||||||
36,512 | * | Abiomed, Inc | 10,463,609 | |||||||
40,357 | *,e | Accelerate Diagnostics, Inc | 38,743 | |||||||
42,465 | * | Align Technology, Inc | 12,311,028 | |||||||
167,819 | * | Allscripts Healthcare Solutions, Inc | 3,467,140 | |||||||
59,123 | * | Angiodynamics, Inc | 1,244,539 | |||||||
105,691 | Anthem, Inc | 53,049,484 | ||||||||
7,715 | * | AtriCure, Inc | 400,640 | |||||||
983 | * | Axonics Modulation Technologies, Inc | 50,939 | |||||||
288,028 | Cerner Corp | 26,970,942 | ||||||||
238,681 | * | Cerus Corp | 1,102,706 | |||||||
185,551 | Cigna Corp | 45,790,276 | ||||||||
19,097 | * | Computer Programs & Systems, Inc | 609,576 | |||||||
34,556 | Cooper Cos, Inc | 12,476,098 | ||||||||
8,313 | * | Covetrus, Inc | 114,719 | |||||||
174,825 | Dentsply Sirona, Inc | 6,991,252 | ||||||||
47,832 | * | Dexcom, Inc | 19,543,198 | |||||||
356,778 | * | Edwards Lifesciences Corp | 37,739,977 | |||||||
141,106 | * | Envista Holdings Corp | 5,590,620 | |||||||
11,862 | * | Globus Medical, Inc | 785,502 | |||||||
105,672 | HCA Healthcare, Inc | 22,671,928 | ||||||||
55,315 | * | Health Catalyst, Inc | 920,442 |
50 |
TIAA-CREF FUNDS – Social Choice Equity Fund
SHARES | COMPANY | VALUE | ||||||||
22,037 | * | Henry Schein, Inc | $ | 1,787,201 | ||||||
5,398 | * | Heska Corp | 592,916 | |||||||
92,217 | * | Hologic, Inc | 6,638,702 | |||||||
88,343 | Humana, Inc | 39,273,764 | ||||||||
49,662 | * | IDEXX Laboratories, Inc | 21,378,498 | |||||||
7,998 | * | Inogen, Inc | 202,189 | |||||||
18,561 | * | Intersect ENT, Inc | 508,015 | |||||||
148,542 | * | Intuitive Surgical, Inc | 35,546,101 | |||||||
37,957 | * | Laboratory Corp of America Holdings | 9,120,308 | |||||||
25,670 | LeMaitre Vascular, Inc | 1,109,201 | ||||||||
7,921 | * | LivaNova plc | 607,224 | |||||||
12,655 | * | Meridian Bioscience, Inc | 323,841 | |||||||
36,789 | * | Merit Medical Systems, Inc | 2,281,286 | |||||||
94,024 | * | NextGen Healthcare, Inc | 1,772,352 | |||||||
36,544 | * | Omnicell, Inc | 3,989,508 | |||||||
51,150 | * | OraSure Technologies, Inc | 314,061 | |||||||
30,909 | * | Orthofix Medical Inc | 958,179 | |||||||
13,076 | * | Penumbra, Inc | 2,256,394 | |||||||
1,887 | Premier, Inc | 68,328 | ||||||||
22,904 | Quest Diagnostics, Inc | 3,065,471 | ||||||||
45,502 | * | Quidel Corp | 4,578,411 | |||||||
68,280 | Resmed, Inc | 13,653,952 | ||||||||
20,651 | * | Staar Surgical Co | 1,178,966 | |||||||
27,192 | STERIS plc | 6,092,368 | ||||||||
4,512 | * | Tactile Systems Technology, Inc | 76,162 | |||||||
14,310 | * | Tandem Diabetes Care, Inc | 1,380,629 | |||||||
3,221 | *,e | Teladoc, Inc | 108,741 | |||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 421,196,126 | |||||||||
HOUSEHOLD & PERSONAL PRODUCTS - 2.5% | ||||||||||
32,542 | Clorox Co | 4,668,801 | ||||||||
260,833 | Colgate-Palmolive Co | 20,097,183 | ||||||||
139,019 | Estee Lauder Cos (Class A) | 36,709,357 | ||||||||
54,856 | Kimberly-Clark Corp | 7,615,658 | ||||||||
595,703 | Procter & Gamble Co | 95,640,117 | ||||||||
TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 164,731,116 | |||||||||
INSURANCE - 3.3% | ||||||||||
275,241 | Aflac, Inc | 15,765,804 | ||||||||
96,775 | Allstate Corp | 12,245,909 | ||||||||
10,501 | Arthur J. Gallagher & Co | 1,769,313 | ||||||||
230,403 | Chubb Ltd | 47,566,699 | ||||||||
1,175 | * | eHealth, Inc | 9,459 | |||||||
909,210 | * | Genworth Financial, Inc (Class A) | 3,373,169 | |||||||
73,799 | Lincoln National Corp | 4,439,010 | ||||||||
178,033 | Loews Corp | 11,187,594 | ||||||||
277,166 | Marsh & McLennan Cos, Inc | 44,817,742 | ||||||||
36,503 | Metlife, Inc | 2,397,517 | ||||||||
245,742 | Progressive Corp | 26,382,861 | ||||||||
268,139 | Prudential Financial, Inc | 29,095,763 | ||||||||
128,444 | Travelers Cos, Inc | 21,971,631 | ||||||||
12,115 | Willis Towers Watson plc | 2,603,029 | ||||||||
TOTAL INSURANCE | 223,625,500 |
51 |
TIAA-CREF FUNDS – Social Choice Equity Fund
SHARES | COMPANY | VALUE | ||||||||
MATERIALS - 2.6% | ||||||||||
15,724 | Amcor plc | $ | 186,487 | |||||||
10,332 | Aptargroup, Inc | 1,186,424 | ||||||||
242,787 | Ball Corp | 19,704,593 | ||||||||
78,491 | * | Century Aluminum Co | 1,324,143 | |||||||
87,047 | * | Cleveland-Cliffs, Inc | 2,218,828 | |||||||
41,035 | * | Coeur Mining, Inc | 148,957 | |||||||
1,709 | Compass Minerals International, Inc | 101,053 | ||||||||
378,897 | DuPont de Nemours, Inc | 24,980,679 | ||||||||
194,299 | Ecolab, Inc | 32,902,593 | ||||||||
945 | H.B. Fuller Co | 63,031 | ||||||||
58,009 | International Flavors & Fragrances, Inc | 7,036,492 | ||||||||
36,220 | Koppers Holdings, Inc | 878,697 | ||||||||
15,280 | Martin Marietta Materials, Inc | 5,412,482 | ||||||||
268,049 | Mosaic Co | 16,731,619 | ||||||||
417,007 | Newmont Goldcorp Corp | 30,378,960 | ||||||||
159,805 | Nucor Corp | 24,734,618 | ||||||||
19,087 | PPG Industries, Inc | 2,442,945 | ||||||||
2,337 | Reliance Steel & Aluminum Co | 463,310 | ||||||||
4,126 | Schnitzer Steel Industries, Inc (Class A) | 188,269 | ||||||||
145,000 | * | Summit Materials, Inc | 4,031,000 | |||||||
19,636 | Trimas Corp | 580,047 | ||||||||
21,681 | Trinseo plc | 1,028,763 | ||||||||
TOTAL MATERIALS | 176,723,990 | |||||||||
MEDIA & ENTERTAINMENT - 4.2% | ||||||||||
183,270 | * | Cinemark Holdings, Inc | 2,906,662 | |||||||
1,066,497 | Comcast Corp (Class A) | 42,403,921 | ||||||||
155,882 | Electronic Arts, Inc | 18,401,870 | ||||||||
155,166 | Gray Television, Inc | 2,873,674 | ||||||||
103,389 | * | iHeartMedia, Inc | 1,653,190 | |||||||
9,044 | * | Imax Corp | 143,076 | |||||||
104,365 | Interpublic Group of Cos, Inc | 3,404,386 | ||||||||
13,563 | John Wiley & Sons, Inc (Class A) | 690,221 | ||||||||
19,147 | * | Liberty Broadband Corp (Class A) | 2,061,366 | |||||||
170,308 | * | Liberty Broadband Corp (Class C) | 19,043,841 | |||||||
127,851 | * | Netflix, Inc | 24,337,716 | |||||||
58,591 | New York Times Co (Class A) | 2,245,207 | ||||||||
294,588 | Omnicom Group, Inc | 22,426,984 | ||||||||
4,632 | * | Roku, Inc | 430,313 | |||||||
27,872 | Scholastic Corp | 1,027,083 | ||||||||
79,157 | Sinclair Broadcast Group, Inc (Class A) | 1,760,452 | ||||||||
1,551,879 | e | Sirius XM Holdings, Inc | 9,311,274 | |||||||
77,379 | * | Take-Two Interactive Software, Inc | 9,247,564 | |||||||
8,077 | TEGNA, Inc | 178,098 | ||||||||
179,898 | * | TripAdvisor, Inc | 4,617,982 | |||||||
770,274 | * | Twitter, Inc | 37,758,832 | |||||||
121,662 | * | Vimeo, Inc | 1,239,736 | |||||||
512,185 | * | Walt Disney Co | 57,175,212 | |||||||
284,699 | * | Warner Bros Discovery, Inc | 5,167,287 | |||||||
6,561 | World Wrestling Entertainment, Inc (Class A) | 383,097 | ||||||||
1,539,472 | * | Zynga, Inc | 12,731,433 | |||||||
TOTAL MEDIA & ENTERTAINMENT | 283,620,477 | |||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.1% | ||||||||||
54,132 | * | Acadia Pharmaceuticals, Inc | 998,194 |
52 |
TIAA-CREF FUNDS – Social Choice Equity Fund
SHARES | COMPANY | VALUE | ||||||||
72,985 | * | Aerie Pharmaceuticals, Inc | $ | 518,923 | ||||||
225,045 | Agilent Technologies, Inc | 26,841,117 | ||||||||
46,854 | * | Agios Pharmaceuticals, Inc | 1,029,382 | |||||||
180,747 | Amgen, Inc | 42,148,393 | ||||||||
19,093 | * | AnaptysBio, Inc | 446,776 | |||||||
198,633 | * | Antares Pharma, Inc | 1,105,393 | |||||||
68,699 | * | Atara Biotherapeutics, Inc | 436,926 | |||||||
2,503 | * | Axsome Therapeutics, Inc | 79,470 | |||||||
253,324 | * | BioCryst Pharmaceuticals, Inc | 2,353,380 | |||||||
49,316 | * | Biogen, Inc | 10,230,111 | |||||||
47,040 | * | BioMarin Pharmaceutical, Inc | 3,826,704 | |||||||
53,151 | * | Bluebird Bio, Inc | 192,938 | |||||||
738,603 | Bristol-Myers Squibb Co | 55,594,648 | ||||||||
67,570 | * | Chimerix, Inc | 297,308 | |||||||
54,314 | * | Collegium Pharmaceutical, Inc | 874,455 | |||||||
114,594 | * | Curis, Inc | 104,705 | |||||||
218,680 | Danaher Corp | 54,917,108 | ||||||||
253,670 | Eli Lilly & Co | 74,104,617 | ||||||||
369,794 | Gilead Sciences, Inc | 21,943,576 | ||||||||
32,627 | * | Halozyme Therapeutics, Inc | 1,301,817 | |||||||
79,913 | *,e | Humanigen, Inc | 150,236 | |||||||
16,303 | * | Illumina, Inc | 4,836,285 | |||||||
32,728 | * | Insmed, Inc | 719,034 | |||||||
91,116 | * | Intra-Cellular Therapies, Inc | 4,611,381 | |||||||
64,325 | * | IQVIA Holdings, Inc | 14,022,207 | |||||||
27,862 | * | Jazz Pharmaceuticals plc | 4,464,050 | |||||||
28,395 | * | Karyopharm Therapeutics, Inc | 173,209 | |||||||
32,897 | * | MacroGenics, Inc | 235,214 | |||||||
296,339 | Merck & Co, Inc | 26,282,306 | ||||||||
5,838 | * | Mettler-Toledo International, Inc | 7,458,220 | |||||||
2,895 | * | Mirati Therapeutics, Inc | 178,882 | |||||||
365,030 | *,e | Opko Health, Inc | 985,581 | |||||||
42,303 | Perrigo Co plc | 1,450,993 | ||||||||
66,120 | * | Prothena Corp plc | 1,928,059 | |||||||
98,240 | *,e | Provention Bio, Inc | 441,098 | |||||||
9,835 | * | Regeneron Pharmaceuticals, Inc | 6,482,347 | |||||||
14,849 | * | Repligen Corp | 2,334,857 | |||||||
74,418 | * | Revance Therapeutics, Inc | 1,218,967 | |||||||
120,749 | Thermo Fisher Scientific, Inc | 66,764,537 | ||||||||
28,275 | * | Ultragenyx Pharmaceutical, Inc | 1,998,760 | |||||||
138,897 | * | Vertex Pharmaceuticals, Inc | 37,949,438 | |||||||
18,425 | * | Waters Corp | 5,583,144 | |||||||
37,317 | West Pharmaceutical Services, Inc | 11,757,094 | ||||||||
238,042 | *,e | ZIOPHARM Oncology, Inc | 126,496 | |||||||
229,553 | Zoetis, Inc | 40,688,269 | ||||||||
14,602 | *,† | Zogenix, Inc | 9,929 | |||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 542,196,534 | |||||||||
REAL ESTATE - 3.3% | ||||||||||
48,860 | Alexandria Real Estate Equities, Inc | 8,900,338 | ||||||||
200,105 | American Tower Corp | 48,229,307 | ||||||||
72,632 | Boston Properties, Inc | 8,541,523 | ||||||||
54,010 | Brixmor Property Group, Inc | 1,370,774 | ||||||||
27,618 | CatchMark Timber Trust, Inc | 226,744 | ||||||||
84,154 | CBRE Group, Inc | 6,988,148 |
53 |
TIAA-CREF FUNDS – Social Choice Equity Fund
SHARES | COMPANY | VALUE | ||||||||
46,458 | Crown Castle International Corp | $ | 8,604,486 | |||||||
309,873 | * | DiamondRock Hospitality Co | 3,290,851 | |||||||
8,358 | Douglas Emmett, Inc | 246,227 | ||||||||
36,148 | Equinix, Inc | 25,993,304 | ||||||||
33,420 | First Industrial Realty Trust, Inc | 1,938,360 | ||||||||
52,368 | Franklin Street Properties Corp | 270,219 | ||||||||
204,267 | Healthpeak Properties Inc | 6,702,000 | ||||||||
1,487 | * | Howard Hughes Corp | 149,131 | |||||||
27,253 | iStar Inc | 458,940 | ||||||||
5,945 | * | Jones Lang LaSalle, Inc | 1,300,350 | |||||||
4,739 | Kilroy Realty Corp | 331,730 | ||||||||
243,312 | Macerich Co | 3,053,566 | ||||||||
4,166 | Paramount Group, Inc | 39,619 | ||||||||
412,858 | Park Hotels & Resorts, Inc | 8,137,431 | ||||||||
540 | Piedmont Office Realty Trust, Inc | 8,694 | ||||||||
319,767 | Prologis, Inc | 51,255,452 | ||||||||
59,974 | * | Realogy Holdings Corp | 657,315 | |||||||
2,009 | RMR Group, Inc | 54,806 | ||||||||
11,019 | * | Tejon Ranch Co | 201,758 | |||||||
63,246 | Ventas, Inc | 3,513,315 | ||||||||
297 | Washington REIT | 7,155 | ||||||||
177,561 | Welltower, Inc | 16,124,314 | ||||||||
238,457 | Weyerhaeuser Co | 9,829,198 | ||||||||
58,638 | * | Xenia Hotels & Resorts, Inc | 1,131,127 | |||||||
TOTAL REAL ESTATE | 217,556,182 | |||||||||
RETAILING - 4.1% | ||||||||||
42,656 | * | 1-800-FLOWERS.COM, Inc (Class A) | 435,091 | |||||||
1,216 | Aaron’s Co, Inc | 24,965 | ||||||||
15,656 | Advance Auto Parts, Inc | 3,125,407 | ||||||||
250 | Buckle, Inc | 7,765 | ||||||||
1,601 | * | CarMax, Inc | 137,334 | |||||||
680,137 | eBay, Inc | 35,312,713 | ||||||||
6,360 | * | Five Below, Inc | 999,156 | |||||||
24,775 | * | Genesco, Inc | 1,536,793 | |||||||
29,239 | Hibbett Sports, Inc | 1,262,540 | ||||||||
265,726 | Home Depot, Inc | 79,824,090 | ||||||||
25,413 | * | Lands’ End, Inc | 356,290 | |||||||
77,025 | LKQ Corp | 3,822,751 | ||||||||
241,920 | Lowe’s Companies, Inc | 47,834,842 | ||||||||
424,516 | Macy’s, Inc | 10,260,552 | ||||||||
35,671 | * | MarineMax, Inc | 1,459,657 | |||||||
397 | Pool Corp | 160,872 | ||||||||
147,288 | * | Quotient Technology, Inc | 782,099 | |||||||
139,297 | * | RealReal, Inc | 754,990 | |||||||
44,159 | Ross Stores, Inc | 4,405,744 | ||||||||
5,448 | * | Sally Beauty Holdings, Inc | 82,374 | |||||||
32,132 | Shoe Carnival, Inc | 970,065 | ||||||||
218,871 | Target Corp | 50,044,854 | ||||||||
467,945 | TJX Companies, Inc | 28,675,670 | ||||||||
15,754 | Tractor Supply Co | 3,173,643 | ||||||||
860 | Winmark Corp | 174,752 | ||||||||
18,394 | * | Zumiez, Inc | 673,772 | |||||||
TOTAL RETAILING | 276,298,781 |
54 |
TIAA-CREF FUNDS – Social Choice Equity Fund
SHARES | COMPANY | VALUE | ||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.8% | ||||||||||
441,575 | Applied Materials, Inc | $ | 48,727,801 | |||||||
22,180 | * | Cirrus Logic, Inc | 1,681,244 | |||||||
75,276 | * | First Solar, Inc | 5,497,406 | |||||||
1,376,307 | Intel Corp | 59,993,222 | ||||||||
74,040 | Lam Research Corp | 34,484,870 | ||||||||
561,347 | NVIDIA Corp | 104,113,028 | ||||||||
215,049 | NXP Semiconductors NV | 36,751,874 | ||||||||
611,501 | * | ON Semiconductor Corp | 31,865,317 | |||||||
18,585 | * | Silicon Laboratories, Inc | 2,507,302 | |||||||
348,490 | Texas Instruments, Inc | 59,330,423 | ||||||||
13,239 | Universal Display Corp | 1,691,018 | ||||||||
27,359 | * | Wolfspeed Inc | 2,509,094 | |||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 389,152,599 | |||||||||
SOFTWARE & SERVICES - 16.9% | ||||||||||
210,596 | Accenture plc | 63,254,615 | ||||||||
142,621 | * | Adobe, Inc | 56,470,785 | |||||||
8,239 | * | Anaplan, Inc | 535,453 | |||||||
8,948 | * | Ansys, Inc | 2,466,874 | |||||||
21,767 | * | Aspen Technology, Inc | 3,450,940 | |||||||
165,953 | * | Autodesk, Inc | 31,411,584 | |||||||
217,096 | Automatic Data Processing, Inc | 47,366,005 | ||||||||
147,482 | * | Avaya Holdings Corp | 1,364,208 | |||||||
50,952 | * | Benefitfocus, Inc | 542,639 | |||||||
86,552 | * | Blackline, Inc | 5,803,312 | |||||||
133,543 | * | Cadence Design Systems, Inc | 20,144,962 | |||||||
51,744 | * | ChannelAdvisor Corp | 750,805 | |||||||
27,122 | Concentrix Corp | 4,271,173 | ||||||||
55,469 | CSG Systems International, Inc | 3,409,679 | ||||||||
113,572 | Dolby Laboratories, Inc (Class A) | 8,798,423 | ||||||||
424,613 | * | DXC Technology Co | 12,186,393 | |||||||
38,717 | * | Elastic NV | 2,947,912 | |||||||
57,024 | * | ExlService Holdings, Inc | 7,763,818 | |||||||
107,101 | * | Five9, Inc | 11,791,820 | |||||||
31,479 | * | HubSpot, Inc | 11,944,077 | |||||||
182 | InterDigital, Inc | 10,347 | ||||||||
388,025 | International Business Machines Corp | 51,300,785 | ||||||||
101,475 | Intuit, Inc | 42,492,656 | ||||||||
234,341 | Mastercard, Inc (Class A) | 85,154,833 | ||||||||
1,334,497 | d | Microsoft Corp | 370,349,607 | |||||||
87,517 | * | New Relic, Inc | 5,537,201 | |||||||
123,295 | * | Nutanix, Inc | 3,086,074 | |||||||
184,262 | * | Okta, Inc | 21,984,299 | |||||||
5,290 | * | OneSpan, Inc | 74,748 | |||||||
27,817 | * | Paylocity Holding Corp | 5,274,938 | |||||||
479,182 | * | PayPal Holdings, Inc | 42,134,473 | |||||||
57,668 | * | Perficient, Inc | 5,732,776 | |||||||
28,640 | * | Rapid7, Inc | 2,735,693 | |||||||
300,072 | * | salesforce.com, Inc | 52,794,668 | |||||||
90,530 | * | ServiceNow, Inc | 43,282,393 | |||||||
34,748 | * | Smartsheet, Inc | 1,679,371 | |||||||
61,226 | * | SPS Commerce, Inc | 7,324,466 | |||||||
110,299 | * | SVMK, Inc | 1,744,930 | |||||||
58,543 | * | Teradata Corp | 2,420,753 |
55 |
TIAA-CREF FUNDS – Social Choice Equity Fund
SHARES | COMPANY | VALUE | ||||||||
29,975 | TTEC Holdings, Inc | $ | 2,212,455 | |||||||
308,632 | VMware, Inc (Class A) | 33,344,601 | ||||||||
79,109 | * | WEX, Inc | 13,151,080 | |||||||
160,899 | * | Workday, Inc | 33,257,823 | |||||||
9,332 | * | Workiva, Inc | 900,631 | |||||||
TOTAL SOFTWARE & SERVICES | 1,124,657,078 | |||||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 4.3% | ||||||||||
73,619 | Avnet, Inc | 3,214,206 | ||||||||
62,976 | Benchmark Electronics, Inc | 1,496,310 | ||||||||
131,980 | * | Ciena Corp | 7,281,337 | |||||||
1,263,337 | Cisco Systems, Inc | 61,878,246 | ||||||||
190,295 | Cognex Corp | 12,869,651 | ||||||||
17,347 | * | Coherent, Inc | 4,647,261 | |||||||
47,144 | CTS Corp | 1,667,483 | ||||||||
20,950 | * | ePlus, Inc | 1,183,256 | |||||||
50,687 | * | Fabrinet | 4,976,957 | |||||||
5,366 | * | FARO Technologies, Inc | 184,000 | |||||||
1,675,996 | Hewlett Packard Enterprise Co | 25,827,098 | ||||||||
1,076,966 | HP, Inc | 39,449,265 | ||||||||
39,174 | * | Insight Enterprises, Inc | 3,892,720 | |||||||
3,493 | * | Itron, Inc | 166,896 | |||||||
157,629 | * | Keysight Technologies, Inc | 22,110,620 | |||||||
37,235 | * | Kimball Electronics, Inc | 664,272 | |||||||
126,755 | * | Knowles Corp | 2,347,503 | |||||||
14,814 | * | Lumentum Holdings, Inc | 1,203,045 | |||||||
6,814 | Methode Electronics, Inc | 303,973 | ||||||||
3,474 | Motorola Solutions, Inc | 742,359 | ||||||||
54,373 | National Instruments Corp | 1,965,040 | ||||||||
3,344 | * | Novanta, Inc | 430,373 | |||||||
500 | * | OSI Systems, Inc | 39,550 | |||||||
42,879 | *,e | PAR Technology Corp | 1,416,722 | |||||||
55,453 | * | Ribbon Communications, Inc | 191,313 | |||||||
33,155 | * | Rogers Corp | 8,975,722 | |||||||
59,803 | SYNNEX Corp | 5,985,682 | ||||||||
436,479 | * | Trimble Inc | 29,113,149 | |||||||
179,596 | * | TTM Technologies, Inc | 2,505,364 | |||||||
73,134 | Vishay Intertechnology, Inc | 1,362,486 | ||||||||
18,688 | * | Vishay Precision Group, Inc | 583,252 | |||||||
276,797 | Vontier Corp | 7,091,539 | ||||||||
220,869 | Xerox Holdings Corp | 3,843,121 | ||||||||
77,658 | * | Zebra Technologies Corp (Class A) | 28,707,056 | |||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 288,316,827 | |||||||||
TELECOMMUNICATION SERVICES - 1.6% | ||||||||||
167,393 | * | Iridium Communications, Inc | 5,977,604 | |||||||
351,522 | * | T-Mobile US, Inc | 43,286,419 | |||||||
1,261,731 | Verizon Communications, Inc | 58,418,145 | ||||||||
TOTAL TELECOMMUNICATION SERVICES | 107,682,168 | |||||||||
TRANSPORTATION - 2.5% | ||||||||||
43,563 | ArcBest Corp | 3,143,506 | ||||||||
26,629 | * | Avis Budget Group, Inc | 7,127,784 | |||||||
55,101 | CH Robinson Worldwide, Inc | 5,848,971 | ||||||||
1,265,121 | CSX Corp | 43,444,255 |
56 |
TIAA-CREF FUNDS – Social Choice Equity Fund
SHARES | COMPANY | VALUE | ||||||||
787,884 | * | Delta Air Lines, Inc | $ | 33,902,649 | ||||||
101,378 | Expeditors International of Washington, Inc | 10,043,519 | ||||||||
180 | Landstar System, Inc | 27,882 | ||||||||
113,436 | Norfolk Southern Corp | 29,252,876 | ||||||||
50,452 | Old Dominion Freight Line | 14,132,614 | ||||||||
9 | Ryder System, Inc | 629 | ||||||||
107,729 | United Parcel Service, Inc (Class B) | 19,389,065 | ||||||||
TOTAL TRANSPORTATION | 166,313,750 | |||||||||
UTILITIES - 3.2% | ||||||||||
276,600 | American Electric Power Co, Inc | 27,413,826 | ||||||||
10,650 | CMS Energy Corp | 731,549 | ||||||||
187,145 | Consolidated Edison, Inc | 17,355,827 | ||||||||
19,802 | DTE Energy Co | 2,594,854 | ||||||||
134,706 | Eversource Energy | 11,773,304 | ||||||||
710,043 | NextEra Energy, Inc | 50,427,254 | ||||||||
206,735 | Public Service Enterprise Group, Inc | 14,401,160 | ||||||||
163,123 | Sempra Energy | 26,321,527 | ||||||||
6,282 | South Jersey Industries, Inc | 214,782 | ||||||||
499,130 | Southern Co | 36,631,151 | ||||||||
30,558 | UGI Corp | 1,048,139 | ||||||||
112,385 | WEC Energy Group, Inc | 11,244,119 | ||||||||
180,121 | Xcel Energy, Inc | 13,195,665 | ||||||||
TOTAL UTILITIES | 213,353,157 | |||||||||
TOTAL COMMON STOCKS | 6,639,980,993 | |||||||||
(Cost $4,577,298,356) | ||||||||||
RIGHTS / WARRANTS - 0.0% | ||||||||||
MEDIA & ENTERTAINMENT - 0.0% | ||||||||||
21,053 | † | Media General, Inc | 0 | |||||||
TOTAL MEDIA & ENTERTAINMENT | 0 | |||||||||
TOTAL RIGHTS / WARRANTS | 0 | |||||||||
(Cost $0) | ||||||||||
PRINCIPAL | ISSUER | RATE | MATURITY DATE | |||||||||||||
SHORT-TERM INVESTMENTS - 0.5% | ||||||||||||||||
GOVERNMENT AGENCY DEBT - 0.4% | ||||||||||||||||
$ | 1,430,000 | Federal Farm Credit Bank (FFCB) | 0.000 | % | 05/04/22 | 1,429,962 | ||||||||||
4,270,000 | Federal Home Loan Bank (FHLB) | 0.000 | 05/04/22 | 4,269,887 | ||||||||||||
20,000,000 | FHLB | 0.000 | 05/05/22 | 19,999,202 | ||||||||||||
TOTAL GOVERNMENT AGENCY DEBT | 25,699,051 | |||||||||||||||
SHARES | COMPANY | |||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.1% | ||||||||||||||||
5,185,122 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 0.310 | 5,185,122 | ||||||||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 5,185,122 | |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 30,884,173 | |||||||||||||||
(Cost $30,884,415) |
57 |
TIAA-CREF FUNDS – Social Choice Equity Fund
VALUE | ||||||||||||||||
TOTAL INVESTMENTS - 100.0% | $ | 6,670,865,166 | ||||||||||||||
(Cost $4,608,182,771) | ||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - 0.0% | 29,613 | |||||||||||||||
NET ASSETS - 100.0% | $ | 6,670,894,779 |
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 $12,088,450. | ||
Futures contracts outstanding as of April 30, 2022 were as follows:
Description | Number of long (short) contracts | Expiration date | Notional amount | Value | Unrealized appreciation (depreciation) | |||||||||||||
S&P 500 E Mini Index | 118 | 06/17/22 | $ | 25,466,015 | $ | 24,352,250 | $ | (1,113,765 | ) |
58 |
TIAA-CREF FUNDS – Social Choice Low Carbon Equity Fund
TIAA-CREF FUNDS
SOCIAL CHOICE LOW CARBON EQUITY FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2022
SHARES | COMPANY | VALUE | ||||||||
COMMON STOCKS - 99.1% | ||||||||||
AUTOMOBILES & COMPONENTS - 2.6% | ||||||||||
35,767 | * | Aptiv plc | $ | 3,805,609 | ||||||
23,226 | * | Lordstown Motors Corp | 50,633 | |||||||
11,866 | * | Modine Manufacturing Co | 93,741 | |||||||
27,408 | * | Tesla, Inc | 23,865,790 | |||||||
TOTAL AUTOMOBILES & COMPONENTS | 27,815,773 | |||||||||
BANKS - 2.7% | ||||||||||
1,105 | Amalgamated Financial Corp | 19,437 | ||||||||
3,289 | Amerant Bancorp Inc | 87,454 | ||||||||
5,989 | Berkshire Hills Bancorp, Inc | 148,168 | ||||||||
3,941 | Brookline Bancorp, Inc | 56,987 | ||||||||
339 | Camden National Corp | 15,170 | ||||||||
1,460 | CBTX, Inc | 41,639 | ||||||||
126,003 | Citigroup, Inc | 6,074,605 | ||||||||
49,591 | Citizens Financial Group, Inc | 1,953,885 | ||||||||
3,253 | Comerica, Inc | 266,421 | ||||||||
2,370 | * | Customers Bancorp, Inc | 99,706 | |||||||
2,710 | Dime Community Bancshares, Inc | 85,202 | ||||||||
129 | Federal Agricultural Mortgage Corp (FAMC) | 13,213 | ||||||||
119 | First Commonwealth Financial Corp | 1,604 | ||||||||
3,851 | First Interstate Bancsystem, Inc | 125,235 | ||||||||
5,530 | First Republic Bank | 825,187 | ||||||||
414 | HomeStreet, Inc | 16,804 | ||||||||
16,834 | Huntington Bancshares, Inc | 221,367 | ||||||||
33,252 | Keycorp | 642,096 | ||||||||
262 | Live Oak Bancshares, Inc | 11,090 | ||||||||
48,945 | MGIC Investment Corp | 639,222 | ||||||||
1,482 | National Bank Holdings Corp | 54,108 | ||||||||
33,398 | PNC Financial Services Group, Inc | 5,547,408 | ||||||||
1,527 | Premier Financial Corp | 40,527 | ||||||||
2,454 | QCR Holdings, Inc | 133,228 | ||||||||
65,064 | Regions Financial Corp | 1,348,126 | ||||||||
8,555 | * | SVB Financial Group | 4,171,760 | |||||||
6,131 | * | Texas Capital Bancshares, Inc | 314,888 | |||||||
6,108 | * | Tristate Capital Holdings, Inc | 184,523 | |||||||
110,217 | Truist Financial Corp | 5,328,992 | ||||||||
1,445 | Univest Financial Corp | 36,414 | ||||||||
3,256 | WesBanco, Inc | 104,973 | ||||||||
2,880 | WSFS Financial Corp | 115,402 | ||||||||
5,184 | Zions Bancorporation | 292,948 | ||||||||
TOTAL BANKS | 29,017,789 | |||||||||
CAPITAL GOODS - 5.5% | ||||||||||
39,841 | 3M Co | 5,745,869 | ||||||||
9,282 | * | Axon Enterprise, Inc | 1,041,440 |
59 |
TIAA-CREF FUNDS – Social Choice Low Carbon Equity Fund
SHARES | COMPANY | VALUE | ||||||||
1,631 | *,e | Blink Charging Co | $ | 31,152 | ||||||
430 | Carlisle Cos, Inc | 111,525 | ||||||||
88,108 | Carrier Global Corp | 3,371,893 | ||||||||
36,829 | Caterpillar, Inc | 7,753,978 | ||||||||
7,483 | Curtiss-Wright Corp | 1,069,396 | ||||||||
20,996 | Deere & Co | 7,927,040 | ||||||||
31,566 | Eaton Corp | 4,577,701 | ||||||||
271 | EMCOR Group, Inc | 28,856 | ||||||||
52,514 | Emerson Electric Co | 4,735,713 | ||||||||
28,654 | Fastenal Co | 1,584,853 | ||||||||
18,048 | Fortive Corp | 1,037,760 | ||||||||
3,575 | * | Generac Holdings, Inc | 784,283 | |||||||
3,873 | Granite Construction, Inc | 114,834 | ||||||||
13,285 | Hexcel Corp | 722,173 | ||||||||
29,489 | Illinois Tool Works, Inc | 5,812,577 | ||||||||
32,510 | Johnson Controls International plc | 1,946,374 | ||||||||
10,631 | Maxar Technologies, Inc | 342,424 | ||||||||
10,481 | * | Mercury Systems, Inc | 584,735 | |||||||
1,616 | Moog, Inc (Class A) | 129,070 | ||||||||
3,920 | Owens Corning, Inc | 356,446 | ||||||||
7,907 | PACCAR, Inc | 656,676 | ||||||||
7,728 | Parker-Hannifin Corp | 2,092,897 | ||||||||
5,962 | Quanta Services, Inc | 691,473 | ||||||||
6,567 | Rockwell Automation, Inc | 1,659,284 | ||||||||
2,252 | Roper Technologies Inc | 1,058,260 | ||||||||
2,387 | Trane Technologies plc | 333,917 | ||||||||
17,595 | * | Triumph Group, Inc | 396,591 | |||||||
1,593 | * | United Rentals, Inc | 504,216 | |||||||
2,509 | * | Vectrus, Inc | 90,575 | |||||||
2,610 | * | Veritiv Corp | 366,809 | |||||||
537 | W.W. Grainger, Inc | 268,516 | ||||||||
143 | * | WESCO International, Inc | 17,626 | |||||||
3,439 | Woodward Inc | 379,941 | ||||||||
1,778 | Xylem, Inc | 143,129 | ||||||||
TOTAL CAPITAL GOODS | 58,470,002 | |||||||||
COMMERCIAL & PROFESSIONAL SERVICES - 1.2% | ||||||||||
6,190 | ACCO Brands Corp | 45,373 | ||||||||
13,974 | Cintas Corp | 5,551,311 | ||||||||
51,687 | * | Copart, Inc | 5,874,228 | |||||||
1,243 | Heidrick & Struggles International, Inc | 39,726 | ||||||||
1,324 | Herman Miller, Inc | 42,011 | ||||||||
278 | ICF International, Inc | 27,469 | ||||||||
162 | Insperity, Inc | 17,180 | ||||||||
2,761 | * | KAR Auction Services, Inc | 40,476 | |||||||
5,463 | Kelly Services, Inc (Class A) | 105,381 | ||||||||
7 | Kforce, Inc | 490 | ||||||||
2,978 | Kimball International, Inc (Class B) | 22,871 | ||||||||
5,558 | TransUnion | 486,436 | ||||||||
1,943 | * | TrueBlue, Inc | 49,683 | |||||||
393 | Verisk Analytics, Inc | 80,192 | ||||||||
TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 12,382,827 | |||||||||
CONSUMER DURABLES & APPAREL - 1.4% | ||||||||||
5,721 | DR Horton, Inc | 398,124 |
60 |
TIAA-CREF FUNDS – Social Choice Low Carbon Equity Fund
SHARES | COMPANY | VALUE | ||||||||
5,345 | Ethan Allen Interiors, Inc | $ | 126,890 | |||||||
16,985 | * | GoPro, Inc | 151,506 | |||||||
5 | Hasbro, Inc | 440 | ||||||||
1,724 | * | iRobot Corp | 87,321 | |||||||
2,929 | * | Lovesac Co | 128,407 | |||||||
13,993 | * | Lululemon Athletica, Inc | 4,962,338 | |||||||
61,996 | Nike, Inc (Class B) | 7,730,901 | ||||||||
74 | * | NVR, Inc | 323,840 | |||||||
9,623 | * | Sonos, Inc | 219,597 | |||||||
10,943 | * | Tupperware Brands Corp | 192,378 | |||||||
7,020 | VF Corp | 365,040 | ||||||||
TOTAL CONSUMER DURABLES & APPAREL | 14,686,782 | |||||||||
CONSUMER SERVICES - 2.4% | ||||||||||
9,654 | * | 2U, Inc | 96,347 | |||||||
3,927 | * | American Public Education, Inc | 76,341 | |||||||
3,434 | * | Booking Holdings, Inc | 7,590,204 | |||||||
3,091 | * | Bright Horizons Family Solutions | 353,116 | |||||||
6,114 | * | Brinker International, Inc | 222,122 | |||||||
4,301 | Carriage Services, Inc | 184,470 | ||||||||
8,720 | Darden Restaurants, Inc | 1,148,686 | ||||||||
5,630 | * | Dave & Buster’s Entertainment, Inc | 256,165 | |||||||
2,879 | Domino’s Pizza, Inc | 973,102 | ||||||||
1,397 | * | El Pollo Loco Holdings, Inc | 14,878 | |||||||
128 | * | frontdoor, Inc | 3,956 | |||||||
333 | Graham Holdings Co | 197,259 | ||||||||
40,445 | * | Hilton Worldwide Holdings, Inc | 6,280,704 | |||||||
5,037 | * | Shake Shack, Inc | 291,290 | |||||||
4,968 | * | Six Flags Entertainment Corp | 190,125 | |||||||
89,799 | Starbucks Corp | 6,702,597 | ||||||||
8,519 | * | Terminix Global Holdings, Inc | 390,937 | |||||||
2,511 | Vail Resorts, Inc | 638,196 | ||||||||
7,087 | * | WW International Inc | 69,382 | |||||||
TOTAL CONSUMER SERVICES | 25,679,877 | |||||||||
DIVERSIFIED FINANCIALS - 6.7% | ||||||||||
6,499 | Ally Financial, Inc | 259,700 | ||||||||
45,074 | American Express Co | 7,874,879 | ||||||||
4,768 | Ameriprise Financial, Inc | 1,265,856 | ||||||||
54,996 | Bank of New York Mellon Corp | 2,313,132 | ||||||||
9,930 | BlackRock, Inc | 6,203,072 | ||||||||
115,646 | Charles Schwab Corp | 7,670,799 | ||||||||
23,450 | CME Group, Inc | 5,143,523 | ||||||||
335 | Diamond Hill Investment Group, Inc | 56,404 | ||||||||
28,027 | Discover Financial Services | 3,151,916 | ||||||||
2,047 | * | Donnelley Financial Solutions, Inc | 59,916 | |||||||
5,328 | * | Encore Capital Group, Inc | 308,012 | |||||||
24,981 | Goldman Sachs Group, Inc | 7,631,446 | ||||||||
58,936 | Intercontinental Exchange Group, Inc | 6,825,378 | ||||||||
14,643 | Moody’s Corp | 4,634,217 | ||||||||
97,787 | Morgan Stanley | 7,880,654 | ||||||||
22,592 | S&P Global, Inc | 8,505,888 | ||||||||
19,202 | State Street Corp | 1,285,958 | ||||||||
1,079 | T Rowe Price Group, Inc | 132,760 | ||||||||
TOTAL DIVERSIFIED FINANCIALS | 71,203,510 |
61 |
TIAA-CREF FUNDS – Social Choice Low Carbon Equity Fund
SHARES | COMPANY | VALUE | ||||||||
ENERGY - 3.3% | ||||||||||
26,923 | Archrock, Inc | $ | 234,499 | |||||||
185,553 | Baker Hughes Co | 5,755,854 | ||||||||
14,613 | Cactus, Inc | 729,627 | ||||||||
49,320 | ChampionX Corp | 1,040,652 | ||||||||
44,918 | Cheniere Energy, Inc | 6,100,314 | ||||||||
36,454 | * | Clean Energy Fuels Corp | 213,620 | |||||||
15,964 | * | Delek US Holdings, Inc | 386,329 | |||||||
4,198 | * | DMC Global, Inc | 83,918 | |||||||
8,392 | * | Dril-Quip, Inc | 242,361 | |||||||
26,289 | DT Midstream, Inc | 1,413,034 | ||||||||
167,810 | Halliburton Co | 5,977,392 | ||||||||
97,005 | NOV, Inc | 1,758,701 | ||||||||
24,066 | * | Oceaneering International, Inc | 272,668 | |||||||
90,989 | ONEOK, Inc | 5,762,333 | ||||||||
10,818 | * | Renewable Energy Group, Inc | 660,547 | |||||||
63,460 | Targa Resources Investments, Inc | 4,658,599 | ||||||||
TOTAL ENERGY | 35,290,448 | |||||||||
FOOD & STAPLES RETAILING - 0.5% | ||||||||||
17,173 | * | BJ’s Wholesale Club Holdings, Inc | 1,105,083 | |||||||
22,067 | * | Performance Food Group Co | 1,086,800 | |||||||
1,630 | Pricesmart, Inc | 129,503 | ||||||||
5,542 | SpartanNash Co | 189,980 | ||||||||
28,639 | * | Sprouts Farmers Market, Inc | 853,442 | |||||||
10,982 | * | United Natural Foods, Inc | 471,457 | |||||||
29,924 | * | US Foods Holding Corp | 1,125,741 | |||||||
TOTAL FOOD & STAPLES RETAILING | 4,962,006 | |||||||||
FOOD, BEVERAGE & TOBACCO - 3.2% | ||||||||||
7,764 | *,e | Beyond Meat, Inc | 286,336 | |||||||
17,950 | Bunge Ltd | 2,030,504 | ||||||||
179,819 | Coca-Cola Co | 11,618,106 | ||||||||
1,258 | * | Darling International, Inc | 92,325 | |||||||
2,570 | Fresh Del Monte Produce, Inc | 66,948 | ||||||||
59,161 | General Mills, Inc | 4,184,458 | ||||||||
87 | * | Hain Celestial Group, Inc | 2,918 | |||||||
38,355 | Hormel Foods Corp | 2,009,418 | ||||||||
6,455 | Kellogg Co | 442,167 | ||||||||
11,256 | McCormick & Co, Inc | 1,132,016 | ||||||||
65,923 | PepsiCo, Inc | 11,319,638 | ||||||||
6,997 | * | TreeHouse Foods, Inc | 220,406 | |||||||
3,305 | * | Vital Farms, Inc | 38,008 | |||||||
TOTAL FOOD, BEVERAGE & TOBACCO | 33,443,248 | |||||||||
HEALTH CARE EQUIPMENT & SERVICES - 6.0% | ||||||||||
2,773 | * | Abiomed, Inc | 794,686 | |||||||
126 | * | Acadia Healthcare Co, Inc | 8,553 | |||||||
3,696 | * | Accelerate Diagnostics, Inc | 3,548 | |||||||
9,707 | * | Align Technology, Inc | 2,814,156 | |||||||
8,131 | * | Allscripts Healthcare Solutions, Inc | 167,986 | |||||||
43 | * | AMN Healthcare Services, Inc | 4,203 | |||||||
2,779 | * | Angiodynamics, Inc | 58,498 | |||||||
16,837 | Anthem, Inc | 8,450,995 | ||||||||
9,782 | * | Aspira Women’s Health, Inc | 6,225 |
62 |
TIAA-CREF FUNDS – Social Choice Low Carbon Equity Fund
SHARES | COMPANY | VALUE | ||||||||
22,631 | * | Brookdale Senior Living, Inc | $ | 139,860 | ||||||
22,079 | Cerner Corp | 2,067,478 | ||||||||
10,266 | * | Cerus Corp | 47,429 | |||||||
28,978 | Cigna Corp | 7,151,191 | ||||||||
2,905 | * | Computer Programs & Systems, Inc | 92,728 | |||||||
2,215 | Cooper Cos, Inc | 799,704 | ||||||||
43,263 | CVS Health Corp | 4,158,872 | ||||||||
15,250 | Dentsply Sirona, Inc | 609,847 | ||||||||
11,838 | * | Dexcom, Inc | �� | 4,836,770 | ||||||
56,849 | * | Edwards Lifesciences Corp | 6,013,487 | |||||||
295 | Encompass Health Corp | 20,305 | ||||||||
9,467 | * | Envista Holdings Corp | 375,083 | |||||||
517 | * | Guardant Health, Inc | 31,899 | |||||||
24,807 | HCA Healthcare, Inc | 5,322,342 | ||||||||
3,910 | * | Health Catalyst, Inc | 65,062 | |||||||
6,341 | * | Hologic, Inc | 456,489 | |||||||
14,914 | Humana, Inc | 6,630,168 | ||||||||
8,089 | * | IDEXX Laboratories, Inc | 3,482,153 | |||||||
90 | * | Integer Holding Corp | 6,765 | |||||||
6,206 | * | Intersect ENT, Inc | 169,858 | |||||||
23,210 | * | Intuitive Surgical, Inc | 5,554,153 | |||||||
62 | * | LivaNova plc | 4,753 | |||||||
7,558 | * | NextGen Healthcare, Inc | 142,468 | |||||||
11,186 | * | Omnicell, Inc | 1,221,176 | |||||||
17,854 | * | OraSure Technologies, Inc | 109,624 | |||||||
1,385 | * | Orthofix Medical Inc | 42,935 | |||||||
69 | * | Penumbra, Inc | 11,907 | |||||||
3,621 | * | PetIQ, Inc | 72,058 | |||||||
1,739 | * | Quidel Corp | 174,978 | |||||||
586 | * | RadNet, Inc | 11,427 | |||||||
6,489 | Resmed, Inc | 1,297,605 | ||||||||
2,949 | * | Staar Surgical Co | 168,358 | |||||||
368 | * | Tactile Systems Technology, Inc | 6,212 | |||||||
1,379 | * | Tandem Diabetes Care, Inc | 133,046 | |||||||
272 | * | Tivity Health, Inc | 8,739 | |||||||
5,438 | * | Vapotherm, Inc | 24,145 | |||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 63,769,924 | |||||||||
HOUSEHOLD & PERSONAL PRODUCTS - 2.5% | ||||||||||
1,263 | Clorox Co | 181,203 | ||||||||
55,201 | Colgate-Palmolive Co | 4,253,237 | ||||||||
24,616 | Estee Lauder Cos (Class A) | 6,500,101 | ||||||||
1,875 | Kimberly-Clark Corp | 260,306 | ||||||||
94,302 | Procter & Gamble Co | 15,140,186 | ||||||||
8,667 | *,e | Veru, Inc | 101,577 | |||||||
TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 26,436,610 | |||||||||
INSURANCE - 4.0% | ||||||||||
48,655 | Aflac, Inc | 2,786,958 | ||||||||
5,460 | Allstate Corp | 690,909 | ||||||||
13,543 | Arthur J. Gallagher & Co | 2,281,860 | ||||||||
36,322 | Chubb Ltd | 7,498,677 | ||||||||
6,033 | * | eHealth, Inc | 48,566 | |||||||
86,123 | * | Genworth Financial, Inc (Class A) | 319,516 | |||||||
4,760 | Lincoln National Corp | 286,314 |
63 |
TIAA-CREF FUNDS – Social Choice Low Carbon Equity Fund
SHARES | COMPANY | VALUE | ||||||||
48,935 | Loews Corp | $ | 3,075,075 | |||||||
43,812 | Marsh & McLennan Cos, Inc | 7,084,400 | ||||||||
92,365 | Metlife, Inc | 6,066,533 | ||||||||
6,495 | ProAssurance Corp | 159,582 | ||||||||
51,935 | Progressive Corp | 5,575,742 | ||||||||
39,325 | Prudential Financial, Inc | 4,267,156 | ||||||||
11,412 | Travelers Cos, Inc | 1,952,137 | ||||||||
300 | Willis Towers Watson plc | 64,458 | ||||||||
TOTAL INSURANCE | 42,157,883 | |||||||||
MATERIALS - 3.1% | ||||||||||
42,375 | Ball Corp | 3,439,155 | ||||||||
3,176 | * | Clearwater Paper Corp | 105,157 | |||||||
34,438 | * | Coeur Mining, Inc | 125,010 | |||||||
81 | Compass Minerals International, Inc | 4,790 | ||||||||
59,312 | DuPont de Nemours, Inc | 3,910,440 | ||||||||
25,736 | Ecolab, Inc | 4,358,134 | ||||||||
1,370 | Innospec, Inc | 130,575 | ||||||||
6,388 | International Flavors & Fragrances, Inc | 774,864 | ||||||||
3,928 | Koppers Holdings, Inc | 95,293 | ||||||||
4,388 | Martin Marietta Materials, Inc | 1,554,317 | ||||||||
91,081 | Mosaic Co | 5,685,276 | ||||||||
3,959 | Myers Industries, Inc | 86,821 | ||||||||
84,958 | Newmont Goldcorp Corp | 6,189,190 | ||||||||
6,517 | PPG Industries, Inc | 834,111 | ||||||||
3,818 | Reliance Steel & Aluminum Co | 756,919 | ||||||||
2,888 | Schnitzer Steel Industries, Inc (Class A) | 131,780 | ||||||||
3,886 | Scotts Miracle-Gro Co (Class A) | 403,872 | ||||||||
51,441 | Steel Dynamics, Inc | 4,411,066 | ||||||||
4,276 | Trinseo plc | 202,896 | ||||||||
TOTAL MATERIALS | 33,199,666 | |||||||||
MEDIA & ENTERTAINMENT - 3.9% | ||||||||||
18,250 | * | Cinemark Holdings, Inc | 289,445 | |||||||
213,277 | Comcast Corp (Class A) | 8,479,893 | ||||||||
38,397 | Electronic Arts, Inc | 4,532,766 | ||||||||
768 | * | Hemisphere Media Group, Inc | 2,988 | |||||||
7,724 | * | Imax Corp | 122,194 | |||||||
18,905 | Interpublic Group of Cos, Inc | 616,681 | ||||||||
4,125 | * | Liberty Broadband Corp (Class A) | 444,097 | |||||||
15,412 | * | Liberty Broadband Corp (Class C) | 1,723,370 | |||||||
19,238 | * | Netflix, Inc | 3,662,146 | |||||||
5,319 | New York Times Co (Class A) | 203,824 | ||||||||
10,303 | * | Roku, Inc | 957,149 | |||||||
8,178 | * | Take-Two Interactive Software, Inc | 977,353 | |||||||
23,932 | * | TripAdvisor, Inc | 614,334 | |||||||
123,858 | * | Twitter, Inc | 6,071,519 | |||||||
19,478 | * | Vimeo, Inc | 198,481 | |||||||
92,225 | * | Walt Disney Co | 10,295,077 | |||||||
69,536 | * | Warner Bros Discovery, Inc | 1,262,078 | |||||||
135,321 | * | Zynga, Inc | 1,119,105 | |||||||
TOTAL MEDIA & ENTERTAINMENT | 41,572,500 | |||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.7% | ||||||||||
7,453 | * | Aerie Pharmaceuticals, Inc | 52,991 |
64 |
TIAA-CREF FUNDS – Social Choice Low Carbon Equity Fund
SHARES | COMPANY | VALUE | ||||||||
22,005 | Agilent Technologies, Inc | $ | 2,624,536 | |||||||
6,524 | * | Agios Pharmaceuticals, Inc | 143,332 | |||||||
34,842 | Amgen, Inc | 8,124,806 | ||||||||
9,859 | * | Antares Pharma, Inc | 54,865 | |||||||
7,200 | * | Atara Biotherapeutics, Inc | 45,792 | |||||||
12,823 | * | Atea Pharmaceuticals, Inc | 75,271 | |||||||
18,693 | * | BioCryst Pharmaceuticals, Inc | 173,658 | |||||||
5,322 | * | Biogen, Inc | 1,103,996 | |||||||
1,272 | * | BioMarin Pharmaceutical, Inc | 103,477 | |||||||
17,033 | * | Bluebird Bio, Inc | 61,830 | |||||||
125,801 | Bristol-Myers Squibb Co | 9,469,041 | ||||||||
36,987 | Danaher Corp | 9,288,545 | ||||||||
39,516 | Eli Lilly & Co | 11,543,809 | ||||||||
54,140 | Gilead Sciences, Inc | 3,212,668 | ||||||||
6,112 | *,e | Humanigen, Inc | 11,491 | |||||||
15,573 | * | Illumina, Inc | 4,619,730 | |||||||
4,157 | * | Insmed, Inc | 91,329 | |||||||
5,648 | * | Intra-Cellular Therapies, Inc | 285,845 | |||||||
1,896 | * | IQVIA Holdings, Inc | 413,309 | |||||||
16,507 | * | Karyopharm Therapeutics, Inc | 100,693 | |||||||
5,337 | * | MacroGenics, Inc | 38,160 | |||||||
125,099 | Merck & Co, Inc | 11,095,030 | ||||||||
6,517 | * | Opko Health, Inc | 17,596 | |||||||
8,624 | * | Passage Bio, Inc | 16,817 | |||||||
2,785 | * | Prothena Corp plc | 81,211 | |||||||
10,477 | *,e | Provention Bio, Inc | 47,042 | |||||||
417 | * | Reata Pharmaceuticals, Inc | 10,583 | |||||||
10,076 | * | Regeneron Pharmaceuticals, Inc | 6,641,192 | |||||||
3,440 | * | Relmada Therapeutics, Inc | 86,378 | |||||||
2,210 | * | Revance Therapeutics, Inc | 36,200 | |||||||
7,138 | * | Sangamo Therapeutics Inc | 29,623 | |||||||
19,606 | Thermo Fisher Scientific, Inc | 10,840,550 | ||||||||
2,551 | * | Ultragenyx Pharmaceutical, Inc | 180,330 | |||||||
16,390 | * | Vertex Pharmaceuticals, Inc | 4,478,076 | |||||||
183 | * | Waters Corp | 55,453 | |||||||
3,424 | West Pharmaceutical Services, Inc | 1,078,765 | ||||||||
44,837 | * | ZIOPHARM Oncology, Inc | 23,826 | |||||||
33,838 | Zoetis, Inc | 5,997,786 | ||||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 92,355,632 | |||||||||
REAL ESTATE - 3.9% | ||||||||||
2,875 | Alexandria Real Estate Equities, Inc | 523,710 | ||||||||
349 | American Campus Communities, Inc | 22,570 | ||||||||
32,699 | American Tower Corp | 7,881,113 | ||||||||
5,091 | Boston Properties, Inc | 598,702 | ||||||||
13,234 | CatchMark Timber Trust, Inc | 108,651 | ||||||||
41,029 | CBRE Group, Inc | 3,407,048 | ||||||||
11,949 | City Office REIT, Inc | 177,323 | ||||||||
35,811 | Crown Castle International Corp | 6,632,555 | ||||||||
24,207 | * | DiamondRock Hospitality Co | 257,078 | |||||||
11,972 | Empire State Realty Trust, Inc | 103,438 | ||||||||
8,794 | Equinix, Inc | 6,323,590 | ||||||||
21,280 | Franklin Street Properties Corp | 109,805 | ||||||||
4,263 | Healthpeak Properties Inc | 139,869 | ||||||||
2,503 | * | Howard Hughes Corp | 251,026 |
65 |
TIAA-CREF FUNDS – Social Choice Low Carbon Equity Fund
SHARES | COMPANY | VALUE | ||||||||
973 | Hudson Pacific Properties | $ | 22,651 | |||||||
28,093 | Independence Realty Trust, Inc | 765,815 | ||||||||
6,811 | Iron Mountain, Inc | 365,955 | ||||||||
22,106 | Macerich Co | 277,430 | ||||||||
32,490 | Paramount Group, Inc | 308,980 | ||||||||
33,468 | Park Hotels & Resorts, Inc | 659,654 | ||||||||
51,062 | Prologis, Inc | 8,184,728 | ||||||||
3,682 | SL Green Realty Corp | 254,868 | ||||||||
17,766 | * | Sunstone Hotel Investors, Inc | 217,634 | |||||||
4,386 | * | Tejon Ranch Co | 80,308 | |||||||
3,285 | Ventas, Inc | 182,482 | ||||||||
40,242 | Welltower, Inc | 3,654,376 | ||||||||
13,732 | * | Xenia Hotels & Resorts, Inc | 264,890 | |||||||
TOTAL REAL ESTATE | 41,776,249 | |||||||||
RETAILING - 4.4% | ||||||||||
6,440 | * | 1-800-FLOWERS.COM, Inc (Class A) | 65,688 | |||||||
10,384 | Designer Brands, Inc | 143,507 | ||||||||
114,767 | eBay, Inc | 5,958,703 | ||||||||
929 | *,e | GameStop Corp (Class A) | 116,190 | |||||||
3,743 | Hibbett Sports, Inc | 161,623 | ||||||||
44,412 | Home Depot, Inc | 13,341,365 | ||||||||
2,594 | * | Lands’ End, Inc | 36,368 | |||||||
6,255 | * | Liquidity Services, Inc | 90,197 | |||||||
11 | LKQ Corp | 546 | ||||||||
43,751 | Lowe’s Companies, Inc | 8,650,885 | ||||||||
39,162 | Macy’s, Inc | 946,546 | ||||||||
5,592 | Nordstrom, Inc | 143,714 | ||||||||
18,211 | * | Quotient Technology, Inc | 96,700 | |||||||
19,430 | * | RealReal, Inc | 105,311 | |||||||
1,635 | Signet Jewelers Ltd | 114,777 | ||||||||
34,416 | Target Corp | 7,869,218 | ||||||||
98,711 | TJX Companies, Inc | 6,049,010 | ||||||||
19,030 | Williams-Sonoma, Inc | 2,483,034 | ||||||||
104 | Winmark Corp | 21,133 | ||||||||
309 | * | Zumiez, Inc | 11,319 | |||||||
TOTAL RETAILING | 46,405,834 | |||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.8% | ||||||||||
67,817 | Applied Materials, Inc | 7,483,606 | ||||||||
5,538 | * | Cirrus Logic, Inc | 419,781 | |||||||
26,107 | * | First Solar, Inc | 1,906,594 | |||||||
218,030 | Intel Corp | 9,503,928 | ||||||||
11,028 | Lam Research Corp | 5,136,401 | ||||||||
88,266 | NVIDIA Corp | 16,370,695 | ||||||||
31,143 | NXP Semiconductors NV | 5,322,339 | ||||||||
89,920 | * | ON Semiconductor Corp | 4,685,731 | |||||||
10,812 | * | Rambus, Inc | 269,327 | |||||||
1,540 | * | Silicon Laboratories, Inc | 207,761 | |||||||
53,948 | Texas Instruments, Inc | 9,184,647 | ||||||||
1,125 | Universal Display Corp | 143,696 | ||||||||
4,925 | * | Wolfspeed Inc | 451,672 | |||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 61,086,178 |
66 |
TIAA-CREF FUNDS – Social Choice Low Carbon Equity Fund
SHARES | COMPANY | VALUE | ||||||||
SOFTWARE & SERVICES - 17.4% | ||||||||||
33,307 | Accenture plc | $ | 10,004,091 | |||||||
25,058 | * | Adobe, Inc | 9,921,715 | |||||||
11,803 | * | Ansys, Inc | 3,253,969 | |||||||
24,328 | * | Autodesk, Inc | 4,604,804 | |||||||
34,383 | Automatic Data Processing, Inc | 7,501,683 | ||||||||
11,106 | * | Avaya Holdings Corp | 102,731 | |||||||
6,757 | * | Benefitfocus, Inc | 71,962 | |||||||
960 | * | Blackline, Inc | 64,368 | |||||||
26,497 | * | Cadence Design Systems, Inc | 3,997,072 | |||||||
7,985 | * | ChannelAdvisor Corp | 115,862 | |||||||
4,679 | Citrix Systems, Inc | 468,368 | ||||||||
11,181 | Concentrix Corp | 1,760,784 | ||||||||
8,319 | CSG Systems International, Inc | 511,369 | ||||||||
8,698 | Dolby Laboratories, Inc (Class A) | 673,834 | ||||||||
64,586 | * | DXC Technology Co | 1,853,618 | |||||||
330 | * | Elastic NV | 25,126 | |||||||
9,187 | * | ExlService Holdings, Inc | 1,250,810 | |||||||
46,097 | Fidelity National Information Services, Inc | 4,570,518 | ||||||||
1,161 | * | Five9, Inc | 127,826 | |||||||
615 | * | HubSpot, Inc | 233,349 | |||||||
62,193 | International Business Machines Corp | 8,222,537 | ||||||||
17,523 | Intuit, Inc | 7,337,756 | ||||||||
36,977 | Mastercard, Inc (Class A) | 13,436,702 | ||||||||
211,593 | d | Microsoft Corp | 58,721,289 | |||||||
15,554 | * | Mimecast Ltd | 1,239,343 | |||||||
6,139 | * | New Relic, Inc | 388,415 | |||||||
29,388 | * | Okta, Inc | 3,506,282 | |||||||
3,687 | * | OneSpan, Inc | 52,097 | |||||||
83,406 | * | PayPal Holdings, Inc | 7,333,890 | |||||||
8,584 | * | Perficient, Inc | 853,335 | |||||||
52,532 | * | salesforce.com, Inc | 9,242,480 | |||||||
14,574 | * | ServiceNow, Inc | 6,967,829 | |||||||
19,439 | * | Splunk, Inc | 2,371,947 | |||||||
2,174 | * | SPS Commerce, Inc | 260,076 | |||||||
16,273 | * | SVMK, Inc | 257,439 | |||||||
3,682 | * | Synopsys, Inc | 1,055,961 | |||||||
14,747 | * | Teradata Corp | 609,788 | |||||||
2,488 | TTEC Holdings, Inc | 183,639 | ||||||||
27,056 | VMware, Inc (Class A) | 2,923,130 | ||||||||
55,305 | Western Union Co | 926,912 | ||||||||
10,932 | * | WEX, Inc | 1,817,336 | |||||||
26,094 | * | Workday, Inc | 5,393,630 | |||||||
TOTAL SOFTWARE & SERVICES | 184,215,672 | |||||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 4.9% | ||||||||||
9,516 | Adtran, Inc | 165,483 | ||||||||
13,436 | Avnet, Inc | 586,616 | ||||||||
2,779 | Badger Meter, Inc | 224,238 | ||||||||
7,360 | Benchmark Electronics, Inc | 174,874 | ||||||||
9,562 | * | Ciena Corp | 527,536 | |||||||
213,578 | Cisco Systems, Inc | 10,461,050 | ||||||||
43,446 | Cognex Corp | 2,938,253 | ||||||||
6,881 | * | Coherent, Inc | 1,843,420 | |||||||
11,948 | * | CommScope Holding Co, Inc | 72,046 | |||||||
4,296 | CTS Corp | 151,950 |
67 |
TIAA-CREF FUNDS – Social Choice Low Carbon Equity Fund
SHARES | COMPANY | VALUE | ||||||||
6,932 | * | ePlus, Inc | $ | 391,519 | ||||||
4,976 | * | Fabrinet | 488,593 | |||||||
2,448 | * | FARO Technologies, Inc | 83,942 | |||||||
19,930 | * | Harmonic, Inc | 165,419 | |||||||
366,225 | Hewlett Packard Enterprise Co | 5,643,527 | ||||||||
169,543 | HP, Inc | 6,210,360 | ||||||||
9,649 | * | Insight Enterprises, Inc | 958,821 | |||||||
36,195 | * | Keysight Technologies, Inc | 5,077,073 | |||||||
5,371 | * | Kimball Electronics, Inc | 95,819 | |||||||
22,213 | * | Knowles Corp | 411,385 | |||||||
172 | * | Lumentum Holdings, Inc | 13,968 | |||||||
600 | Methode Electronics, Inc | 26,766 | ||||||||
17,963 | National Instruments Corp | 649,183 | ||||||||
7,525 | * | Netgear, Inc | 163,292 | |||||||
147 | * | OSI Systems, Inc | 11,628 | |||||||
5,925 | *,e | PAR Technology Corp | 195,762 | |||||||
3,765 | * | Plexus Corp | 305,492 | |||||||
644 | * | Ribbon Communications, Inc | 2,222 | |||||||
5,063 | * | Rogers Corp | 1,370,655 | |||||||
10,913 | SYNNEX Corp | 1,092,282 | ||||||||
65,685 | * | Trimble Inc | 4,381,189 | |||||||
26,737 | * | TTM Technologies, Inc | 372,981 | |||||||
17,946 | Vishay Intertechnology, Inc | 334,334 | ||||||||
2,890 | * | Vishay Precision Group, Inc | 90,197 | |||||||
30,985 | Vontier Corp | 793,836 | ||||||||
34,198 | Xerox Holdings Corp | 595,045 | ||||||||
12,924 | * | Zebra Technologies Corp (Class A) | 4,777,486 | |||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 51,848,242 | |||||||||
TELECOMMUNICATION SERVICES - 1.5% | ||||||||||
7,938 | * | Iridium Communications, Inc | 283,466 | |||||||
54,752 | * | T-Mobile US, Inc | 6,742,161 | |||||||
194,644 | Verizon Communications, Inc | 9,012,017 | ||||||||
TOTAL TELECOMMUNICATION SERVICES | 16,037,644 | |||||||||
TRANSPORTATION - 1.5% | ||||||||||
10,562 | * | Avis Budget Group, Inc | 2,827,130 | |||||||
210,164 | CSX Corp | 7,217,032 | ||||||||
18,763 | Expeditors International of Washington, Inc | 1,858,850 | ||||||||
15,373 | Old Dominion Freight Line | 4,306,285 | ||||||||
2,512 | Ryder System, Inc | 175,589 | ||||||||
TOTAL TRANSPORTATION | 16,384,886 | |||||||||
UTILITIES - 2.0% | ||||||||||
64,635 | Consolidated Edison, Inc | 5,994,250 | ||||||||
67,867 | Eversource Energy | 5,931,576 | ||||||||
7,098 | ONE Gas, Inc | 598,858 | ||||||||
40,390 | Sempra Energy | 6,517,330 | ||||||||
7,958 | Southwest Gas Holdings Inc | 701,179 | ||||||||
5,414 | * | Sunnova Energy International, Inc | 93,500 | |||||||
33,822 | UGI Corp | 1,160,095 | ||||||||
TOTAL UTILITIES | 20,996,788 | |||||||||
TOTAL COMMON STOCKS | 1,051,195,970 | |||||||||
(Cost $975,319,543) |
68 |
TIAA-CREF FUNDS – Social Choice Low Carbon Equity Fund
SHARES | COMPANY | VALUE | ||||||||||||||
RIGHTS / WARRANTS - 0.0% | ||||||||||||||||
MEDIA & ENTERTAINMENT - 0.0% | ||||||||||||||||
1,550 | † | Media General, Inc | $ | 0 | ||||||||||||
TOTAL MEDIA & ENTERTAINMENT | 0 | |||||||||||||||
TOTAL RIGHTS / WARRANTS | 0 | |||||||||||||||
(Cost $0) | ||||||||||||||||
PRINCIPAL | ISSUER | RATE | MATURITY DATE | |||||||||||||
SHORT-TERM INVESTMENTS - 2.1% | ||||||||||||||||
GOVERNMENT AGENCY DEBT - 0.5% | ||||||||||||||||
$ | 5,000,000 | Federal Agricultural Mortgage Corp (FAMC) | 0.000% | 05/03/22 | 4,999,933 | |||||||||||
TOTAL GOVERNMENT AGENCY DEBT | 4,999,933 | |||||||||||||||
REPURCHASE AGREEMENT - 1.6% | ||||||||||||||||
16,895,000 | r | Fixed Income Clearing Corp (FICC) | 0.230 | 05/02/22 | 16,895,000 | |||||||||||
TOTAL REPURCHASE AGREEMENT | 16,895,000 | |||||||||||||||
SHARES | COMPANY | |||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.0% | ||||||||||||||||
365,305 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 0.310 | 365,305 | ||||||||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 365,305 | |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 22,260,238 | |||||||||||||||
(Cost $22,260,249) | ||||||||||||||||
TOTAL INVESTMENTS - 101.2% | 1,073,456,208 | |||||||||||||||
(Cost $997,579,792) | ||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - (1.2)% | (12,600,323 | ) | ||||||||||||||
NET ASSETS - 100.0% | $ | 1,060,855,885 |
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 $691,313. | |
r | Agreement with Fixed Income Clearing Corp (FICC), 0.230% dated 4/29/22 to be repurchased at $16,895,000 on 5/2/22, collateralized by Government Agency Securities, with coupon rate 2.500% and maturity date 2/15/46, valued at $17,232,910. |
69 |
TIAA-CREF FUNDS – Social Choice Low Carbon Equity Fund
Futures contracts outstanding as of April 30, 2022 were as follows:
Description | Number of long (short) contracts | Expiration date | Notional amount | Value | Unrealized appreciation (depreciation) | |||||||||||||
S&P 500 E Mini Index | 32 | 06/17/22 | $ | 6,761,688 | $ | 6,604,000 | $ | (157,688) |
70 |
TIAA-CREF FUNDS – Emerging Markets Equity Fund
TIAA-CREF FUNDS
EMERGING MARKETS EQUITY FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2022
SHARES | COMPANY | VALUE | ||||||||
COMMON STOCKS - 94.7% | ||||||||||
BRAZIL - 13.6% | ||||||||||
11,542,002 | Americanas S.A. | $ | 56,029,702 | |||||||
7,715,472 | *,a | Arcos Dorados Holdings, Inc | 55,937,172 | |||||||
1,887,100 | Banco do Brasil S.A. | 12,680,036 | ||||||||
1,271,425 | * | Pagseguro Digital Ltd | 18,702,662 | |||||||
3,512,000 | Petroleo Brasileiro S.A. (Preference) | 21,509,797 | ||||||||
1,622,940 | * | StoneCo Ltd | 15,288,095 | |||||||
444,707 | * | XP, Inc | 10,944,239 | |||||||
TOTAL BRAZIL | 191,091,703 | |||||||||
CHILE - 0.9% | ||||||||||
178,743 | Sociedad Quimica y Minera de Chile S.A. (ADR) | 13,191,233 | ||||||||
TOTAL CHILE | 13,191,233 | |||||||||
CHINA - 21.4% | ||||||||||
4,734,308 | * | Alibaba Group Holding Ltd | 57,747,563 | |||||||
520,801 | * | Baidu, Inc (ADR) | 64,667,860 | |||||||
41,298,000 | Bank of China Ltd - H | 16,204,610 | ||||||||
706,473 | *,e | Baozun, Inc (ADR) | 5,397,454 | |||||||
2,911,320 | * | HUYA, Inc (ADR) | 12,023,752 | |||||||
2,745,513 | * | iClick Interactive Asia Group Ltd (ADR) | 2,827,878 | |||||||
61,522 | * | JD.com, Inc | 1,918,166 | |||||||
19,512,000 | Lenovo Group Ltd | 18,946,204 | ||||||||
622,733 | * | Pinduoduo, Inc (ADR) | 26,833,565 | |||||||
1,478,077 | Ping An Insurance Group Co of China Ltd (Class A) | 9,930,021 | ||||||||
1,142,776 | Tencent Holdings Ltd | 53,853,188 | ||||||||
3,880,772 | * | Vipshop Holdings Ltd (ADR) | 29,726,713 | |||||||
TOTAL CHINA | 300,076,974 | |||||||||
HONG KONG - 1.5% | ||||||||||
1,603,575 | * | Melco Crown Entertainment Ltd (ADR) | 9,172,449 | |||||||
22,290 | *,† | Mongolian Metals Corporation | 0 | |||||||
17,183,500 | g | WH Group Ltd | 11,866,909 | |||||||
TOTAL HONG KONG | 21,039,358 | |||||||||
INDIA - 12.0% | ||||||||||
202,857 | Dr Reddy’s Laboratories Ltd | 10,925,269 | ||||||||
22,956,912 | Edelweiss Capital Ltd | 17,916,917 | ||||||||
1,132,975 | Housing Development Finance Corp | 32,688,527 | ||||||||
1,023,221 | Piramal Healthcare Ltd | 28,659,865 | ||||||||
6,934,488 | *,g | RBL Bank Ltd | 10,772,114 | |||||||
1,880,755 | Reliance Industries Ltd | 68,144,311 | ||||||||
TOTAL INDIA | 169,107,003 |
71 |
TIAA-CREF FUNDS – Emerging Markets Equity Fund
SHARES | COMPANY | VALUE | ||||||||
INDONESIA - 2.9% | ||||||||||
42,306,500 | Astra International Tbk PT | $ | 22,089,980 | |||||||
9,237,400 | PT United Tractors Tbk | 19,291,045 | ||||||||
TOTAL INDONESIA | 41,381,025 | |||||||||
KOREA, REPUBLIC OF - 13.0% | ||||||||||
126,144 | Amorepacific Corp | 17,951,020 | ||||||||
391,414 | KB Financial Group, Inc | 18,210,177 | ||||||||
24,265 | LG Chem Ltd | 9,938,094 | ||||||||
139,551 | LG Electronics, Inc | 12,638,724 | ||||||||
88,410 | Naver Corp | 19,694,123 | ||||||||
59,439 | POSCO | 13,571,516 | ||||||||
1,498,953 | Samsung Electronics Co Ltd | 79,884,519 | ||||||||
337,513 | Shinhan Financial Group Co Ltd | 11,213,735 | ||||||||
TOTAL KOREA, REPUBLIC OF | 183,101,908 | |||||||||
MACAU - 2.0% | ||||||||||
5,478,800 | * | Sands China Ltd | 12,076,234 | |||||||
24,888,100 | * | Wynn Macau Ltd | 15,286,917 | |||||||
TOTAL MACAU | 27,363,151 | |||||||||
MEXICO - 5.1% | ||||||||||
646,841 | Fomento Economico Mexicano SAB de C.V. (ADR) | 48,344,896 | ||||||||
2,502,538 | Grupo Televisa SAB (ADR) | 23,098,426 | ||||||||
TOTAL MEXICO | 71,443,322 | |||||||||
PERU - 1.0% | ||||||||||
98,300 | Credicorp Ltd | 13,652,887 | ||||||||
TOTAL PERU | 13,652,887 | |||||||||
QATAR - 0.9% | ||||||||||
1,992,578 | Qatar National Bank | 12,721,202 | ||||||||
TOTAL QATAR | 12,721,202 | |||||||||
SAUDI ARABIA - 1.4% | ||||||||||
1,684,447 | g | Saudi Arabian Oil Co | 20,128,776 | |||||||
TOTAL SAUDI ARABIA | 20,128,776 | |||||||||
SOUTH AFRICA - 2.2% | ||||||||||
131,775 | Naspers Ltd (N Shares) | 13,290,291 | ||||||||
1,594,495 | Standard Bank Group Ltd | 16,897,669 | ||||||||
TOTAL SOUTH AFRICA | 30,187,960 | |||||||||
TAIWAN - 11.2% | ||||||||||
7,360,000 | Hon Hai Precision Industry Co, Ltd | 25,215,945 | ||||||||
679,000 | MediaTek, Inc | 18,718,658 | ||||||||
6,290,400 | Taiwan Semiconductor Manufacturing Co Ltd | 113,747,066 | ||||||||
TOTAL TAIWAN | 157,681,669 | |||||||||
TANZANIA, UNITED REPUBLIC OF - 0.9% | ||||||||||
624,334 | AngloGold Ashanti Ltd (ADR) | 12,748,900 | ||||||||
TOTAL TANZANIA, UNITED REPUBLIC OF | 12,748,900 | |||||||||
THAILAND - 3.5% | ||||||||||
6,551,400 | CP Seven Eleven PCL (ADR) | 12,352,249 |
72 |
TIAA-CREF FUNDS – Emerging Markets Equity Fund
SHARES | COMPANY | VALUE | ||||||||
3,077,500 | PTT Exploration & Production PCL (ADR) | $ | 13,465,328 | |||||||
7,168,100 | PTT Global Chemical PCL (ADR) | 10,392,426 | ||||||||
11,759,700 | PTT PCL | 12,780,755 | ||||||||
TOTAL THAILAND | 48,990,758 | |||||||||
UNITED ARAB EMIRATES - 1.0% | ||||||||||
2,306,037 | National Bank of Abu Dhabi PJSC | 14,088,420 | ||||||||
TOTAL UNITED ARAB EMIRATES | 14,088,420 | |||||||||
UNITED STATES - 0.2% | ||||||||||
722,668 | * | Grab Holdings Ltd. | 2,131,871 | |||||||
TOTAL UNITED STATES | 2,131,871 | |||||||||
TOTAL COMMON STOCKS | 1,330,128,120 | |||||||||
(Cost $1,557,017,115) | ||||||||||
PREFERRED STOCKS - 0.0% | ||||||||||
PHILIPPINES - 0.0% | ||||||||||
1,721,900 | *,† | Ayala Land, Inc | 3,298 | |||||||
TOTAL PHILIPPINES | 3,298 | |||||||||
TOTAL PREFERRED STOCKS (Cost $4,057) | 3,298 | |||||||||
PRINCIPAL | ISSUER | RATE | MATURITY DATE | ||||||||||||
SHORT-TERM INVESTMENTS - 4.7% | |||||||||||||||
GOVERNMENT AGENCY DEBT - 1.7% | |||||||||||||||
$ | 13,604,000 | Federal Farm Credit Bank (FFCB) | 0.000 | % | 05/04/22 | 13,603,639 | |||||||||
10,000,000 | Federal Home Loan Bank (FHLB) | 0.000 | 05/06/22 | 9,999,468 | |||||||||||
TOTAL GOVERNMENT AGENCY DEBT | 23,603,107 | ||||||||||||||
REPURCHASE AGREEMENT - 2.9% | |||||||||||||||
41,540,000 | r | Fixed Income Clearing Corp (FICC) | 0.250 | 05/02/22 | 41,540,000 | ||||||||||
TOTAL REPURCHASE AGREEMENT | 41,540,000 | ||||||||||||||
SHARES | COMPANY | ||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.1% | |||||||||||||||
727,368 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 0.310 | 727,368 | |||||||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 727,368 | ||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 65,870,475 | ||||||||||||||
(Cost $65,870,733) | |||||||||||||||
TOTAL INVESTMENTS - 99.4% | 1,396,001,893 | ||||||||||||||
(Cost $1,622,891,905) | |||||||||||||||
OTHER ASSETS & LIABILITIES, NET - 0.6% | 8,868,724 | ||||||||||||||
NET ASSETS - 100.0% | $ | 1,404,870,617 |
ADR American Depositary Receipt |
73 |
TIAA-CREF FUNDS – Emerging Markets Equity Fund
* | 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 $454,282. | ||
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 4/30/22, the aggregate value of these securities is $42,767,799 or 3.0% of net assets. | ||
r | Agreement with Fixed Income Clearing Corp (FICC), 0.250% dated 4/29/22 to be repurchased at $41,540,000 on 5/2/22, collateralized by Government Agency Securities, with coupon rate 3.000% and maturity date 11/15/45, valued at $42,370,899. | ||
74 |
TIAA-CREF FUNDS – International Equity Fund
TIAA-CREF FUNDS
INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2022
SHARES | COMPANY | VALUE | ||||||||
COMMON STOCKS - 94.0% | ||||||||||
AUSTRALIA - 6.3% | ||||||||||
2,520,361 | e | BHP Billiton Ltd | $ | 84,218,933 | ||||||
1,424,844 | Commonwealth Bank of Australia | 103,562,669 | ||||||||
9,511,993 | Glencore Xstrata plc | 58,609,706 | ||||||||
4,820,223 | * | NEXTDC Ltd | 37,423,470 | |||||||
1,058,063 | Rio Tinto plc | 74,758,653 | ||||||||
TOTAL AUSTRALIA | 358,573,431 | |||||||||
BRAZIL - 0.7% | ||||||||||
11,329,098 | Banco Bradesco S.A. (Preference) | 41,201,303 | ||||||||
TOTAL BRAZIL | 41,201,303 | |||||||||
DENMARK - 1.4% | ||||||||||
492,997 | DSV AS | 80,827,676 | ||||||||
TOTAL DENMARK | 80,827,676 | |||||||||
FINLAND - 1.2% | ||||||||||
6,660,944 | Nordea Bank Abp | 66,455,564 | ||||||||
TOTAL FINLAND | 66,455,564 | |||||||||
FRANCE - 10.8% | ||||||||||
1,280,437 | Airbus SE | 140,171,796 | ||||||||
1,743,966 | Compagnie de Saint-Gobain | 101,739,768 | ||||||||
238,757 | Dassault Systemes SE | 10,558,874 | ||||||||
556,035 | Essilor International S.A. | 94,663,690 | ||||||||
137,258 | Kering | 73,031,192 | ||||||||
1,852,731 | Total S.A. | 90,974,586 | ||||||||
1,115,728 | Valeo S.A. | 20,285,173 | ||||||||
655,404 | Vinci S.A. | 63,596,378 | ||||||||
2,018,828 | Vivendi Universal S.A. | 23,187,397 | ||||||||
TOTAL FRANCE | 618,208,854 | |||||||||
GERMANY - 10.1% | ||||||||||
258,729 | Adidas-Salomon AG. | 52,175,075 | ||||||||
2,484,325 | * | Bayer AG. | 163,645,071 | |||||||
1,286,596 | Deutsche Post AG. | 54,966,545 | ||||||||
845,745 | HeidelbergCement AG. | 48,721,193 | ||||||||
1,354,299 | Infineon Technologies AG. | 38,439,357 | ||||||||
1,677,234 | RWE AG. | 69,637,745 | ||||||||
733,828 | Siemens AG. | 90,227,802 | ||||||||
375,754 | Volkswagen AG. (Preference) | 58,191,674 | ||||||||
TOTAL GERMANY | 576,004,462 | |||||||||
HONG KONG - 1.5% | ||||||||||
1,981,724 | Hong Kong Exchanges and Clearing Ltd | 84,062,702 | ||||||||
TOTAL HONG KONG | 84,062,702 |
75 |
TIAA-CREF FUNDS – International Equity Fund
SHARES | COMPANY | VALUE | ||||||||
IRELAND - 1.5% | ||||||||||
2,141,395 | CRH plc | $ | 84,638,299 | |||||||
TOTAL IRELAND | 84,638,299 | |||||||||
ITALY - 2.0% | ||||||||||
6,670,410 | Enel S.p.A. | 43,376,960 | ||||||||
1,307,128 | Moncler S.p.A | 68,093,128 | ||||||||
TOTAL ITALY | 111,470,088 | |||||||||
JAPAN - 18.3% | ||||||||||
4,545,900 | Daiichi Sankyo Co Ltd | 114,460,738 | ||||||||
394,916 | Daikin Industries Ltd | 60,350,108 | ||||||||
2,744,379 | * | Hitachi Ltd | 130,156,151 | |||||||
144,300 | Keyence Corp | 58,009,195 | ||||||||
152,628 | Nintendo Co Ltd | 69,658,001 | ||||||||
2,909,300 | ORIX Corp | 53,062,608 | ||||||||
2,392,600 | Recruit Holdings Co Ltd | 86,807,335 | ||||||||
2,205,500 | * | SBI Holdings, Inc | 49,330,647 | |||||||
1,005,900 | Shiseido Co Ltd | 47,550,333 | ||||||||
1,796,959 | Sony Corp | 155,079,386 | ||||||||
1,944,100 | Sumitomo Mitsui Financial Group, Inc | 58,738,911 | ||||||||
9,205,945 | * | Toyota Motor Corp | 157,731,953 | |||||||
TOTAL JAPAN | 1,040,935,366 | |||||||||
KOREA, REPUBLIC OF - 0.6% | ||||||||||
80,689 | LG Chem Ltd | 33,047,388 | ||||||||
TOTAL KOREA, REPUBLIC OF | 33,047,388 | |||||||||
NETHERLANDS - 9.5% | ||||||||||
186,099 | ASML Holding NV | 105,618,343 | ||||||||
641,788 | e | Heineken NV | 62,645,553 | |||||||
7,030,523 | ING Groep NV | 66,608,649 | ||||||||
19,613,806 | Koninklijke KPN NV | 67,679,251 | ||||||||
7,188,941 | Shell plc | 192,993,533 | ||||||||
1,921,810 | Universal Music Group NV | 44,598,310 | ||||||||
TOTAL NETHERLANDS | 540,143,639 | |||||||||
NORWAY - 1.7% | ||||||||||
2,802,971 | Equinor ASA | 94,739,195 | ||||||||
TOTAL NORWAY | 94,739,195 | |||||||||
SPAIN - 1.1% | ||||||||||
12,484,981 | Banco Bilbao Vizcaya Argentaria S.A. | 65,511,827 | ||||||||
TOTAL SPAIN | 65,511,827 | |||||||||
SWITZERLAND - 8.7% | ||||||||||
120,855 | Lonza Group AG. | 71,260,197 | ||||||||
581,628 | Nestle S.A. | 75,084,729 | ||||||||
1,458,689 | Novartis AG. | 128,903,241 | ||||||||
384,262 | Roche Holding AG. | 142,489,620 | ||||||||
170,400 | Zurich Insurance Group AG | 77,577,925 | ||||||||
TOTAL SWITZERLAND | 495,315,712 |
76 |
TIAA-CREF FUNDS – International Equity Fund
SHARES | COMPANY | VALUE | ||||||||
TAIWAN - 0.8% | ||||||||||
497,138 | Taiwan Semiconductor Manufacturing Co Ltd (ADR) | $ | 46,199,034 | |||||||
TOTAL TAIWAN | 46,199,034 | |||||||||
UNITED KINGDOM - 16.0% | ||||||||||
1,397,046 | Ashtead Group plc | 72,237,377 | ||||||||
1,588,635 | AstraZeneca plc | 211,989,483 | ||||||||
30,907,248 | Barclays plc | 56,811,879 | ||||||||
7,532,092 | BP plc | 36,363,384 | ||||||||
1,590,669 | British American Tobacco plc | 66,668,675 | ||||||||
3,233,874 | Diageo plc | 161,334,268 | ||||||||
7,345,745 | HSBC Holdings plc | 45,904,505 | ||||||||
362,884 | Linde plc (Xetra) | 113,814,066 | ||||||||
981,309 | Reckitt Benckiser Group plc | 76,527,934 | ||||||||
21,215,356 | Tesco plc | 72,075,308 | ||||||||
TOTAL UNITED KINGDOM | 913,726,879 | |||||||||
UNITED STATES - 1.8% | ||||||||||
3,724,156 | GlaxoSmithKline plc | 83,952,089 | ||||||||
149,726 | Schneider Electric S.A. | 21,481,057 | ||||||||
TOTAL UNITED STATES | 105,433,146 | |||||||||
TOTAL COMMON STOCKS | 5,356,494,565 | |||||||||
(Cost $4,892,191,722) |
PRINCIPAL | ISSUER | RATE | MATURITY DATE | |||||||||||||
SHORT-TERM INVESTMENTS - 4.9% | ||||||||||||||||
GOVERNMENT AGENCY DEBT - 2.5% | ||||||||||||||||
$ | 5,000,000 | Federal Agricultural Mortgage Corp (FAMC) | 0.000 | % | 05/03/22 | 4,999,933 | ||||||||||
68,555,000 | Federal Farm Credit Bank (FFCB) | 0.000 | 05/04/22 | 68,553,176 | ||||||||||||
10,000,000 | FFCB | 0.000 | 06/14/22 | 9,991,435 | ||||||||||||
14,725,000 | Federal Home Loan Bank (FHLB) | 0.000 | 05/05/22 | 14,724,412 | ||||||||||||
10,000,000 | FHLB | 0.000 | 05/06/22 | 9,999,468 | ||||||||||||
30,000,000 | FHLB | 0.000 | 05/13/22 | 29,995,611 | ||||||||||||
5,000,000 | FHLB | 0.000 | 05/18/22 | 4,998,936 | ||||||||||||
TOTAL GOVERNMENT AGENCY DEBT | 143,262,971 | |||||||||||||||
REPURCHASE AGREEMENT - 1.8% | ||||||||||||||||
100,065,000 | r | Fixed Income Clearing Corp (FICC) | 0.250 | 05/02/22 | 100,065,000 | |||||||||||
TOTAL REPURCHASE AGREEMENT | 100,065,000 | |||||||||||||||
SHARES | COMPANY | |||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.6% | ||||||||||||||||
34,029,231 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 0.310 | 34,029,231 | ||||||||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 34,029,231 | |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 277,357,202 | |||||||||||||||
(Cost $277,360,868) | ||||||||||||||||
TOTAL INVESTMENTS - 98.9% | 5,633,851,767 | |||||||||||||||
(Cost $5,169,552,590) | ||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - 1.1% | 63,119,803 | |||||||||||||||
NET ASSETS - 100.0% | $ | 5,696,971,570 |
77 |
TIAA-CREF FUNDS – International Equity Fund
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 $40,002,674. | ||
r | Agreement with Fixed Income Clearing Corp (FICC), 0.250% dated 4/29/22 to be repurchased at $100,065,000 on 5/2/22, collateralized by Government Agency Securities, with coupon rates 2.875%-3.000% and maturity dates 8/15/45-11/15/45, valued at $102,066,389. | ||
78 |
TIAA-CREF FUNDS – International Opportunities Fund
TIAA-CREF FUNDS
INTERNATIONAL OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2022
SHARES | COMPANY | VALUE | ||||||||
COMMON STOCKS - 92.5% | ||||||||||
AUSTRALIA - 2.6% | ||||||||||
1,464,354 | Australia & New Zealand Banking Group Ltd | $ | 27,865,467 | |||||||
990,827 | IDP Education Ltd | 18,381,228 | ||||||||
4,272,409 | *,e | PointsBet Holdings Ltd | 8,706,377 | |||||||
785,500 | *,e | Zip Co Ltd | 577,771 | |||||||
TOTAL AUSTRALIA | 55,530,843 | |||||||||
BRAZIL - 5.3% | ||||||||||
4,678,524 | Banco BTG Pactual S.A. - Unit | 21,850,366 | ||||||||
5,623,500 | Itau Unibanco Holding S.A. | 27,150,951 | ||||||||
9,435,800 | Magazine Luiza S.A. | 9,313,748 | ||||||||
1,208,021 | * | Pagseguro Digital Ltd | 17,769,989 | |||||||
2,097,700 | Vale S.A. | 35,339,644 | ||||||||
TOTAL BRAZIL | 111,424,698 | |||||||||
CANADA - 11.7% | ||||||||||
1,049,500 | Alimentation Couche-Tard, Inc | 46,721,601 | ||||||||
396,248 | e | Bank of Montreal | 42,013,731 | |||||||
344,859 | Cameco Corp (Toronto) | 8,904,350 | ||||||||
653,557 | Dollarama, Inc | 36,334,442 | ||||||||
882,260 | *,e | Lightspeed Commerce, Inc | 19,717,187 | |||||||
407,696 | Nutrien Ltd | 40,063,475 | ||||||||
50,755 | * | Shopify, Inc (Class A) | 21,711,280 | |||||||
830,767 | Suncor Energy, Inc | 29,864,025 | ||||||||
TOTAL CANADA | 245,330,091 | |||||||||
CHINA - 3.8% | ||||||||||
866,250 | * | JD.com, Inc | 27,008,407 | |||||||
230,600 | Silergy Corp | 20,530,879 | ||||||||
703,300 | Tencent Holdings Ltd | 33,142,932 | ||||||||
TOTAL CHINA | 80,682,218 | |||||||||
DENMARK - 3.9% | ||||||||||
182,956 | Carlsberg AS (Class B) | 23,241,473 | ||||||||
510,300 | Novo Nordisk AS | 58,289,646 | ||||||||
TOTAL DENMARK | 81,531,119 | |||||||||
FRANCE - 5.1% | ||||||||||
186,139 | Essilor International S.A. | 31,689,740 | ||||||||
83,512 | L’Oreal S.A. | 30,382,490 | ||||||||
127,639 | Teleperformance | 45,811,050 | ||||||||
TOTAL FRANCE | 107,883,280 | |||||||||
GERMANY - 4.0% | ||||||||||
453,465 | * | Bayer AG. | 29,870,211 | |||||||
161,482 | Beiersdorf AG. | 16,219,334 |
79 |
TIAA-CREF FUNDS – International Opportunities Fund
SHARES | COMPANY | VALUE | ||||||||
148,233 | Deutsche Boerse AG. | $ | 25,806,555 | |||||||
278,006 | * | HelloFresh SE | 11,719,122 | |||||||
TOTAL GERMANY | 83,615,222 | |||||||||
HONG KONG - 0.3% | ||||||||||
1,099,761 | * | Melco Crown Entertainment Ltd (ADR) | 6,290,633 | |||||||
TOTAL HONG KONG | 6,290,633 | |||||||||
INDIA - 1.0% | ||||||||||
449,229 | MindTree Ltd | 20,556,444 | ||||||||
TOTAL INDIA | 20,556,444 | |||||||||
INDONESIA - 1.4% | ||||||||||
85,976,300 | Bank Rakyat Indonesia | 28,646,186 | ||||||||
TOTAL INDONESIA | 28,646,186 | |||||||||
IRELAND - 3.6% | ||||||||||
626,315 | CRH plc | 24,755,001 | ||||||||
163,532 | * | Flutter Entertainment plc | 16,517,812 | |||||||
321,350 | Keywords Studios plc | 9,714,124 | ||||||||
587,889 | Smurfit Kappa Group plc | 24,841,700 | ||||||||
TOTAL IRELAND | 75,828,637 | |||||||||
ITALY - 4.7% | ||||||||||
629,250 | Amplifon S.p.A. | 25,103,841 | ||||||||
1,926,620 | Davide Campari-Milano NV | 21,738,401 | ||||||||
141,800 | e | Ferrari NV | 29,856,662 | |||||||
445,951 | Moncler S.p.A | 23,231,236 | ||||||||
TOTAL ITALY | 99,930,140 | |||||||||
JAPAN - 8.2% | ||||||||||
60,200 | BayCurrent Consulting, Inc | 19,737,604 | ||||||||
784,400 | Benefit One, Inc | 11,893,405 | ||||||||
206,900 | GMO Payment Gateway, Inc | 17,358,885 | ||||||||
1,225,700 | Infomart Corp | 6,104,417 | ||||||||
1,126,000 | MonotaRO Co Ltd | 19,342,477 | ||||||||
241,000 | Paltac Corp | 8,783,968 | ||||||||
670,900 | Recruit Holdings Co Ltd | 24,341,320 | ||||||||
2 | Seria Co Ltd | 39 | ||||||||
144,999 | * | SHIFT, Inc | 27,477,287 | |||||||
695,200 | SMS Co Ltd | 16,315,439 | ||||||||
836,000 | TechnoPro Holdings, Inc | 21,291,325 | ||||||||
TOTAL JAPAN | 172,646,166 | |||||||||
NETHERLANDS - 5.0% | ||||||||||
13,634 | *,g | Adyen NV | 22,868,218 | |||||||
87,682 | ASML Holding NV | 49,762,909 | ||||||||
3,492,429 | ING Groep NV | 33,088,004 | ||||||||
TOTAL NETHERLANDS | 105,719,131 | |||||||||
NORWAY - 4.4% | ||||||||||
1,304,247 | e | Aker BP ASA | 46,729,676 | |||||||
1,364,890 | Equinor ASA | 46,132,686 | ||||||||
TOTAL NORWAY | 92,862,362 |
80 |
TIAA-CREF FUNDS – International Opportunities Fund
SHARES | COMPANY | VALUE | ||||||||
PHILIPPINES - 1.0% | ||||||||||
5,703,054 | BDO Unibank, Inc | $ | 14,092,636 | |||||||
6,009,020 | Robinsons Retail Holdings, Inc | 6,147,476 | ||||||||
TOTAL PHILIPPINES | 20,240,112 | |||||||||
PORTUGAL - 1.2% | ||||||||||
1,204,396 | Jeronimo Martins SGPS S.A. | 25,071,478 | ||||||||
TOTAL PORTUGAL | 25,071,478 | |||||||||
SINGAPORE - 0.6% | ||||||||||
327,824 | STMicroelectronics NV | 12,112,166 | ||||||||
TOTAL SINGAPORE | 12,112,166 | |||||||||
SPAIN - 1.3% | ||||||||||
441,397 | * | Amadeus IT Holding S.A. | 27,659,223 | |||||||
142,139 | *,†,e | Let’s GOWEX S.A. | 1,500 | |||||||
TOTAL SPAIN | 27,660,723 | |||||||||
SWEDEN - 4.0% | ||||||||||
152,148 | g | Evolution Gaming Group AB | 15,610,125 | |||||||
2,009,889 | *,e | Hexagon AB | 25,933,438 | |||||||
652,000 | *,e | Intrum Justitia AB | 15,760,838 | |||||||
3,273,725 | e | Swedish Match AB | 26,074,500 | |||||||
TOTAL SWEDEN | 83,378,901 | |||||||||
SWITZERLAND - 4.9% | ||||||||||
6,007 | Givaudan S.A. | 23,874,951 | ||||||||
52,867 | Lonza Group AG. | 31,172,172 | ||||||||
128,319 | Roche Holding AG. | 47,582,445 | ||||||||
TOTAL SWITZERLAND | 102,629,568 | |||||||||
TAIWAN - 3.5% | ||||||||||
1,197,540 | Dadi Early-Childhood Education Group Ltd | 4,405,219 | ||||||||
938,000 | Eclat Textile Co Ltd | 15,391,189 | ||||||||
2,700,349 | Hota Industrial Manufacturing Co Ltd | 6,873,982 | ||||||||
2,597,000 | Taiwan Semiconductor Manufacturing Co Ltd | 46,960,628 | ||||||||
TOTAL TAIWAN | 73,631,018 | |||||||||
UNITED KINGDOM - 8.5% | ||||||||||
613,152 | Ashtead Group plc | 31,704,391 | ||||||||
3,252,963 | Beazley plc | 17,654,337 | ||||||||
3,360,116 | *,e | Darktrace plc | 18,125,347 | |||||||
343,237 | Dechra Pharmaceuticals plc | 15,553,904 | ||||||||
1,880,365 | Electrocomponents plc | 24,543,421 | ||||||||
447,623 | Fevertree Drinks plc | 10,149,736 | ||||||||
76,655 | Linde plc (Xetra) | 24,041,890 | ||||||||
951,691 | Travis Perkins plc | 14,515,595 | ||||||||
7,333,728 | Tritax Big Box REIT plc | 22,387,439 | ||||||||
TOTAL UNITED KINGDOM | 178,676,060 | |||||||||
UNITED STATES - 2.5% | ||||||||||
173,862 | Ferguson plc | 21,810,847 | ||||||||
980,069 | * | Grab Holdings Ltd. | 2,891,203 | |||||||
79,741 | * | Lululemon Athletica, Inc | 28,278,551 | |||||||
TOTAL UNITED STATES | 52,980,601 | |||||||||
TOTAL COMMON STOCKS | 1,944,857,797 | |||||||||
(Cost $1,539,713,199) |
81 |
TIAA-CREF FUNDS – International Opportunities Fund
SHARES | COMPANY | VALUE | ||||||||
RIGHTS / WARRANTS - 0.0% | ||||||||||
AUSTRALIA - 0.0% | ||||||||||
112,654 | e | PointsBet Holdings Pty Ltd | $ | 3,980 | ||||||
TOTAL AUSTRALIA | 3,980 | |||||||||
TOTAL RIGHTS / WARRANTS | 3,980 | |||||||||
(Cost $0) |
PRINCIPAL | ISSUER | RATE | MATURITY DATE | |||||||||||||
SHORT-TERM INVESTMENTS - 11.2% | ||||||||||||||||
GOVERNMENT AGENCY DEBT - 2.3% | ||||||||||||||||
$ | 15,450,000 | Federal Home Loan Bank (FHLB) | 0.000 | % | 05/04/22 | 15,449,589 | ||||||||||
5,090,000 | FHLB | 0.000 | 05/05/22 | 5,089,797 | ||||||||||||
10,000,000 | FHLB | 0.000 | 05/13/22 | 9,998,537 | ||||||||||||
10,000,000 | FHLB | 0.000 | 05/18/22 | 9,997,872 | ||||||||||||
7,792,000 | FHLB | 0.000 | 05/25/22 | 7,789,616 | ||||||||||||
TOTAL GOVERNMENT AGENCY DEBT | 48,325,411 | |||||||||||||||
REPURCHASE AGREEMENT - 3.4% | ||||||||||||||||
71,850,000 | r | Fixed Income Clearing Corp (FICC) | 0.250 | 05/02/22 | 71,850,000 | |||||||||||
TOTAL REPURCHASE AGREEMENT | 71,850,000 | |||||||||||||||
SHARES | COMPANY | |||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 5.5% | ||||||||||||||||
114,799,533 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 0.310 | 114,799,533 | ||||||||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 114,799,533 | |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 234,974,944 | |||||||||||||||
(Cost $234,977,934) | ||||||||||||||||
TOTAL INVESTMENTS - 103.7% | 2,179,836,721 | |||||||||||||||
(Cost $1,774,691,133) | ||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - (3.7)% | (77,156,186 | ) | ||||||||||||||
NET ASSETS - 100.0% | $ | 2,102,680,535 |
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 $178,503,599. | |||
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 4/30/22, the aggregate value of these securities is $38,478,343 or 1.8% of net assets. | |||
r | Agreement with Fixed Income Clearing Corp (FICC), 0.250% dated 4/29/22 to be repurchased at $71,850,000 on 5/2/22, collateralized by Government Agency Securities, with coupon rates 2.500%-3.000% and maturity dates 2/15/45-5/15/45, valued at $73,287,051. | |||
82 |
TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund
TIAA-CREF FUNDS
QUANT INTERNATIONAL SMALL-CAP EQUITY FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2022
SHARES | COMPANY | VALUE | ||||||||
COMMON STOCKS - 99.5% | ||||||||||
AUSTRALIA - 7.4% | ||||||||||
946,930 | Abacus Property Group | $ | 2,173,197 | |||||||
59,212 | Australian Ethical Investment Ltd | 240,596 | ||||||||
1,294,520 | e | Bank of Queensland Ltd (ASE) | 7,344,540 | |||||||
543,375 | Bendigo Bank Ltd | 4,051,308 | ||||||||
1,616,260 | Boral Ltd | 4,031,965 | ||||||||
303,281 | BWX Ltd | 398,965 | ||||||||
522,699 | carsales.com Ltd | 7,716,643 | ||||||||
926,795 | Centuria Capital Group | 1,800,190 | ||||||||
526,571 | Centuria Office REIT | 811,820 | ||||||||
653,483 | Charter Hall Education Trust | 1,849,901 | ||||||||
1,999,004 | Charter Hall Long Wale REIT | 7,502,378 | ||||||||
1,189,001 | Cleanaway Waste Management Ltd | 2,665,191 | ||||||||
156,790 | Codan Ltd | 781,894 | ||||||||
3,304,651 | g | Coronado Global Resources, Inc | 5,323,659 | |||||||
14,370 | Futuris Corp Ltd | 144,463 | ||||||||
129,523 | Growthpoint Properties Australia Ltd | 398,391 | ||||||||
466,752 | Healius Ltd | 1,468,698 | ||||||||
48,863 | Home Consortium | 230,373 | ||||||||
1,098,077 | HomeCo Daily Needs REIT | 1,105,581 | ||||||||
270,223 | Iluka Resources Ltd | 2,116,629 | ||||||||
864,602 | Ingenia Communities Group | 2,846,360 | ||||||||
1,238,947 | Macquarie CountryWide Trust | 3,870,171 | ||||||||
2,608,439 | *,e | nearmap Ltd | 2,208,314 | |||||||
280,591 | Netwealth Group Ltd | 2,540,625 | ||||||||
930,659 | NRW Holdings Ltd | 1,268,837 | ||||||||
1,352,571 | Nufarm Ltd | 6,084,811 | ||||||||
1,689,044 | Orora Ltd | 4,733,263 | ||||||||
236,187 | Pact Group Holdings Ltd | 381,421 | ||||||||
713,689 | Perenti Global Ltd | 354,605 | ||||||||
26,778 | e | Perpetual Trustees Australia Ltd | 615,619 | |||||||
2,139,859 | Perseus Mining Ltd | 2,977,671 | ||||||||
105,845 | Premier Investments Ltd | 1,875,570 | ||||||||
3,328,979 | Qube Logistics Holdings Ltd | 6,879,174 | ||||||||
193,025 | SmartGroup Corp Ltd | 1,208,864 | ||||||||
894,893 | Steadfast Group Ltd | 3,239,855 | ||||||||
991,760 | United Malt Grp Ltd | 2,897,786 | ||||||||
1,279,245 | Waypoint REIT | 2,411,481 | ||||||||
TOTAL AUSTRALIA | 98,550,809 | |||||||||
AUSTRIA - 0.8% | ||||||||||
136,019 | BAWAG Group AG. | 6,458,707 | ||||||||
27,154 | CA Immobilien Anlagen AG. | 766,901 | ||||||||
16,103 | EVN AG. | 409,923 | ||||||||
171,709 | Uniqa Versicherungen AG. | 1,309,119 | ||||||||
34,459 | Wienerberger AG. | 972,703 | ||||||||
TOTAL AUSTRIA | 9,917,353 |
83 |
TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
BELGIUM - 0.5% | ||||||||||
121,796 | Fagron NV | $ | 2,284,624 | |||||||
18,513 | Gimv NV | 1,062,335 | ||||||||
29,305 | KBC Ancora | 1,185,637 | ||||||||
7,736 | Melexis NV | 664,016 | ||||||||
15,845 | Montea C.V.A | 1,891,817 | ||||||||
TOTAL BELGIUM | 7,088,429 | |||||||||
BRAZIL - 2.4% | ||||||||||
362,829 | * | Azul S.A. | 1,612,345 | |||||||
1,082,000 | Boa Vista Servicos S.A. | 1,757,392 | ||||||||
2,456,560 | * | BR Malls Participacoes S.A. | 4,715,411 | |||||||
1,871,000 | Cia de Saneamento de Minas Gerais-COPASA | 5,169,522 | ||||||||
397,900 | EDP - Energias do Brasil S.A. | 1,704,613 | ||||||||
36,000 | Enauta Participacoes S.A. | 150,293 | ||||||||
2,628,500 | * | Grupo Mateus S.A. | 2,514,751 | |||||||
848,000 | Guararapes Confeccoes S.A. | 1,581,440 | ||||||||
2,691,100 | * | Hidrovias do Brasil S.A. | 1,736,387 | |||||||
91,300 | * | Hospital Mater Dei S.A. | 221,604 | |||||||
442,200 | LOG Commercial Properties e Participacoes S.A. | 2,140,363 | ||||||||
107,500 | M Dias Branco S.A. | 514,674 | ||||||||
1,368,100 | Metalurgica Gerdau S.A. | 3,143,563 | ||||||||
77,900 | Movida Participacoes S.A. | 285,983 | ||||||||
1,384,790 | Odontoprev S.A. | 2,842,994 | ||||||||
391,000 | Vivara Participacoes S.A. | 2,011,962 | ||||||||
TOTAL BRAZIL | 32,103,297 | |||||||||
CANADA - 8.2% | ||||||||||
284,843 | * | Baytex Energy Trust | 1,456,754 | |||||||
217,576 | * | Celestica, Inc | 2,445,645 | |||||||
100,324 | Choice Properties REIT | 1,185,473 | ||||||||
155,209 | CI Financial Corp | 2,023,704 | ||||||||
1,059,581 | e | Corus Entertainment, Inc | 3,472,414 | |||||||
965,243 | Crescent Point Energy Corp | 6,687,162 | ||||||||
89,417 | *,e | dentalcorp Holdings Ltd | 1,002,996 | |||||||
23,548 | * | Descartes Systems Group, Inc | 1,462,573 | |||||||
161,455 | Enerplus Corp | 1,978,206 | ||||||||
32,043 | Enghouse Systems Ltd | 901,190 | ||||||||
572,787 | *,e | Enthusiast Gaming Holdings, Inc | 1,105,758 | |||||||
318,071 | Finning International, Inc | 8,948,029 | ||||||||
588,152 | e | Freehold Royalty Trust | 6,858,301 | |||||||
100,702 | Granite REIT | 7,457,898 | ||||||||
390,863 | H&R Real Estate Investment Trust | 3,888,397 | ||||||||
1,059,411 | * | Headwater Exploration, Inc | 5,467,555 | |||||||
15,324 | g | Jamieson Wellness, Inc | 385,292 | |||||||
267,220 | * | Kelt Exploration Ltd | 1,379,106 | |||||||
163,305 | Killam Apartment Real Estate Investment Trust | 2,569,100 | ||||||||
52,150 | * | Kinaxis, Inc | 5,770,945 | |||||||
81,286 | e | Maverix Metals, Inc | 366,361 | |||||||
8,107 | Morguard Corp | 796,406 | ||||||||
17,235 | Morguard North American Resid | 247,527 | ||||||||
393,263 | PrairieSky Royalty Ltd | 5,396,977 | ||||||||
97,715 | Primaris REIT | 1,051,198 | ||||||||
164,082 | Slate Grocery REIT | 2,018,056 |
84 |
TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
179,824 | * | Solaris Resources, Inc | $ | 1,798,730 | ||||||
23,380 | *,g | Spin Master Corp | 840,999 | |||||||
148,119 | e | Superior Plus Corp | 1,306,339 | |||||||
842,664 | Tamarack Valley Energy Ltd | 3,299,420 | ||||||||
132,370 | e | Timbercreek Financial Corp | 938,692 | |||||||
339,726 | e | Topaz Energy Corp | 6,018,887 | |||||||
309,079 | * | Torex Gold Resources, Inc | 3,459,741 | |||||||
167,564 | Tourmaline Oil Corp | 8,629,614 | ||||||||
345,116 | TransAlta Corp | 3,701,941 | ||||||||
104,864 | Vermilion Energy, Inc | 2,043,160 | ||||||||
TOTAL CANADA | 108,360,546 | |||||||||
CHILE - 0.2% | ||||||||||
204,554 | CAP S.A. | 2,537,135 | ||||||||
11,581 | Empresa Nacional de Telecomunicaciones S.A. | 42,304 | ||||||||
267,191 | Engie Energia Chile S.A. | 121,526 | ||||||||
TOTAL CHILE | 2,700,965 | |||||||||
CHINA - 2.1% | ||||||||||
608,000 | *,e,g | Antengene Corp Ltd | 478,838 | |||||||
2,908,000 | Central China Management Co Ltd | 455,457 | ||||||||
7,952,000 | China BlueChemical Ltd | 2,733,500 | ||||||||
348,000 | China Shineway Pharmaceutical Group Ltd | 284,306 | ||||||||
3,333,000 | China XLX Fertiliser Ltd | 2,860,061 | ||||||||
4,565,760 | *,†,e | China Zhongwang Holdings Ltd | 5,818 | |||||||
8,232,000 | * | Citic Resources Holdings Ltd | 576,990 | |||||||
2,589,000 | Citic Telecom International Holdings Ltd | 929,093 | ||||||||
1,498,000 | Cofco International Ltd | 535,097 | ||||||||
6,704,000 | * | Coolpad Group Ltd | 152,588 | |||||||
548,000 | e | CSSC Hong Kong Shipping Co Ltd | 86,422 | |||||||
1,204,000 | *,†,e,g | CStone Pharmaceuticals | 773,310 | |||||||
591,000 | e | DaFa Properties Group Ltd | 287,705 | |||||||
325,000 | Excellence Commercial Property & Facilities Management Group Ltd | 169,205 | ||||||||
4,220,000 | †,e | Fire Rock Holdings Ltd | 301,160 | |||||||
11,446,823 | Fushan International Energy Group Ltd | 4,277,347 | ||||||||
7,454,000 | Gemdale Properties and Investment Corp Ltd | 790,592 | ||||||||
4,442,000 | g | Greentown Management Holdings Co Ltd | 3,349,201 | |||||||
6,547,800 | *,e,g | Haichang Holdings Ltd | 4,383,796 | |||||||
818,000 | JH Educational Technology, Inc | 421,144 | ||||||||
741,000 | Jingrui Holdings Ltd | 153,309 | ||||||||
288,500 | JNBY Design Ltd | 313,711 | ||||||||
887,200 | KWG Living Group Holdings Ltd | 333,787 | ||||||||
729,000 | *,g | Peijia Medical Ltd | 621,679 | |||||||
5,475,500 | Shui On Land Ltd | 774,887 | ||||||||
1,144,000 | Sinopec Kantons Holdings Ltd | 389,211 | ||||||||
402,440 | * | Tongdao Liepin Group | 745,696 | |||||||
1,280,000 | VST Holdings Ltd | 1,102,016 | ||||||||
TOTAL CHINA | 28,285,926 | |||||||||
COLOMBIA - 0.0% | ||||||||||
102,367 | Cementos Argos S.A. | 155,309 | ||||||||
TOTAL COLOMBIA | 155,309 | |||||||||
CZECH REPUBLIC - 0.0% | ||||||||||
338 | * | Philip Morris CR | 255,011 | |||||||
TOTAL CZECH REPUBLIC | 255,011 |
85 |
TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
DENMARK - 1.4% | ||||||||||
37,023 | Chemometec A.S. | $ | 4,185,170 | |||||||
54,861 | Dfds A.S. | 2,124,586 | ||||||||
14,469 | * | Nilfisk Holding A.S. | 405,045 | |||||||
24,496 | PER Aarsleff A.S. | 940,077 | ||||||||
10,605 | Royal Unibrew A.S. | 914,057 | ||||||||
102,125 | g | Scandinavian Tobacco Group A.S. | 2,128,870 | |||||||
87,836 | Sydbank AS | 3,019,174 | ||||||||
82,064 | Topdanmark AS | 4,618,078 | ||||||||
TOTAL DENMARK | 18,335,057 | |||||||||
EGYPT - 0.0% | ||||||||||
24,000 | Misr Fertilizers Production Co SAE | 141,740 | ||||||||
TOTAL EGYPT | 141,740 | |||||||||
FINLAND - 0.5% | ||||||||||
45,655 | Aktia Bank Oyj | 462,931 | ||||||||
17,421 | F-Secure Oyj | 95,383 | ||||||||
189,143 | Kesko Oyj (B Shares) | 4,761,949 | ||||||||
8,264 | Nokian Renkaat Oyj | 110,974 | ||||||||
22,452 | Sanoma-WSOY Oyj | 283,614 | ||||||||
40,525 | Tokmanni Group Corp | 526,607 | ||||||||
TOTAL FINLAND | 6,241,458 | |||||||||
FRANCE - 1.8% | ||||||||||
34,201 | * | Beneteau S.A. | 429,394 | |||||||
368,462 | Elis S.A. | 5,284,204 | ||||||||
34,727 | Eramet | 4,628,486 | ||||||||
5,256 | Inter Parfums S.A. | 291,632 | ||||||||
24,059 | Neopost S.A. | 449,934 | ||||||||
7,220 | Sa des Ciments Vicat | 217,113 | ||||||||
293,017 | SPIE S.A. | 6,896,455 | ||||||||
478,629 | * | Vallourec S.A. | 5,639,772 | |||||||
TOTAL FRANCE | 23,836,990 | |||||||||
GEORGIA - 0.0% | ||||||||||
19,299 | Bank of Georgia Group plc | 298,005 | ||||||||
TOTAL GEORGIA | 298,005 | |||||||||
GERMANY - 4.0% | ||||||||||
118,015 | Aixtron AG. | 3,025,521 | ||||||||
4,079 | Amadeus Fire AG | 570,918 | ||||||||
106,511 | Cancom SE | 5,143,147 | ||||||||
8,777 | Dermapharm Holding SE | 496,257 | ||||||||
25,703 | Deutsche Beteiligungs AG. | 798,754 | ||||||||
89,100 | DIC Asset AG. | 1,246,501 | ||||||||
1,151 | Draegerwerk AG. & Co KGaA | 52,782 | ||||||||
1,265 | Einhell Germany AG. | 260,230 | ||||||||
108,622 | * | ElringKlinger AG. | 900,510 | |||||||
34,116 | Hamburger Hafen und Logistik AG. | 555,188 | ||||||||
667,598 | * | Heidelberger Druckmaschinen | 1,474,971 | |||||||
136,316 | Hensoldt AG. | 3,796,260 | ||||||||
4,688 | Hornbach Holding AG. & Co KGaA | 561,171 |
86 |
TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
136,147 | Hugo Boss AG. | $ | 7,635,518 | |||||||
14,811 | g | JOST Werke AG. | 572,880 | |||||||
275,649 | * | K&S AG. | 9,258,494 | |||||||
12,965 | KWS Saat AG. | 956,724 | ||||||||
473,916 | Metro Wholesale & Food Specialist AG. | 4,162,853 | ||||||||
36,464 | * | Morphosys AG. | 768,763 | |||||||
26,843 | Patrizia Immobilien AG. | 460,451 | ||||||||
22,178 | * | PVA TePla AG. | 547,409 | |||||||
6,105 | Rheinmetall AG. | 1,376,214 | ||||||||
8,780 | Sixt AG. (Preference) | 634,580 | ||||||||
22,427 | Software AG. | 690,298 | ||||||||
70,862 | Softwareone Holding AG. | 958,088 | ||||||||
28,310 | Stabilus S.A. | 1,333,439 | ||||||||
9,688 | Steico SE | 972,062 | ||||||||
26,431 | TAG Tegernsee Immobilien und Beteiligungs AG. | 528,235 | ||||||||
51,424 | *,g | TeamViewer AG. | 617,040 | |||||||
92,768 | Wacker Construction Equipment AG. | 1,926,064 | ||||||||
8,925 | Wuestenrot & Wuerttembergische AG. | 168,347 | ||||||||
TOTAL GERMANY | 52,449,669 | |||||||||
GREECE - 0.1% | ||||||||||
61,950 | Holding CO ADMIE IPTO S.A. | 148,582 | ||||||||
512,149 | * | Piraeus Financial Holdings S.A. | 739,370 | |||||||
47,717 | Sarantis S.A. | 364,769 | ||||||||
TOTAL GREECE | 1,252,721 | |||||||||
GUERNSEY, C.I. - 0.0% | ||||||||||
371,924 | BMO Commercial Property Trust Ltd | 548,971 | ||||||||
TOTAL GUERNSEY, C.I. | 548,971 | |||||||||
HONG KONG - 1.3% | ||||||||||
727,600 | ASM Pacific Technology | 7,332,594 | ||||||||
10,858,000 | *,e | Beijing Energy International Holding Co Ltd | 358,088 | |||||||
1,019,000 | BOCOM International Holdings Co Ltd | 138,921 | ||||||||
512,000 | Canvest Environment Protection Group Co Ltd | 215,004 | ||||||||
133,000 | Chow Sang Sang Holding | 147,250 | ||||||||
5,950,000 | Concord New Energy Group Ltd | 547,675 | ||||||||
853,000 | Digital China Holdings Ltd | 401,270 | ||||||||
11,608,000 | *,e | Glory Sun Financial Group Ltd | 112,426 | |||||||
984,000 | Hang Lung Group Ltd | 1,921,251 | ||||||||
1,881,000 | HKBN Ltd | 2,197,643 | ||||||||
10,054,800 | Hutchison Port Holdings Trust | 2,396,622 | ||||||||
337,500 | e | LK Technology Holdings Ltd | 418,429 | |||||||
200,000 | Luk Fook Holdings International Ltd | 457,782 | ||||||||
472,000 | Stella International Holdings Ltd | 499,248 | ||||||||
TOTAL HONG KONG | 17,144,203 | |||||||||
HUNGARY - 0.0% | ||||||||||
119,211 | Magyar Telekom | 129,018 | ||||||||
TOTAL HUNGARY | 129,018 | |||||||||
INDIA - 3.4% | ||||||||||
100,275 | * | Aditya Birla Fashion and Retail Ltd | 370,896 | |||||||
9,016 | * | Affle India Ltd | 141,623 | |||||||
16,449 | Amara Raja Batteries Ltd | 120,090 |
87 |
TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
5,331 | * | APL Apollo Tubes Ltd | $ | 71,094 | ||||||
28,551 | Astral Polytechnik Ltd | 798,187 | ||||||||
2,780 | Balaji Amines Ltd | 116,529 | ||||||||
575,086 | * | Brightcom Group Ltd | 624,069 | |||||||
862,629 | Brightcom Group Ltd | 936,103 | ||||||||
103,823 | BSE Ltd | 1,212,303 | ||||||||
112,766 | Castrol India Ltd | 158,920 | ||||||||
421,023 | Central Depository Services India Ltd | 7,520,583 | ||||||||
100,793 | Century Textile & Industries Ltd | 1,091,930 | ||||||||
83,869 | CESC Ltd | 93,423 | ||||||||
76,795 | Chambal Fertilizers & Chemicals Ltd | 455,254 | ||||||||
2,532 | * | Clean Science & Technology Ltd | 63,658 | |||||||
31,000 | Computer Age Management Services Ltd | 995,446 | ||||||||
28,377 | Coromandel International Ltd | 330,511 | ||||||||
152,950 | Crompton Greaves Consumer Electricals Ltd | 765,673 | ||||||||
307,237 | * | Crompton Greaves Ltd | 788,839 | |||||||
8,439 | Cummins India Ltd | 112,507 | ||||||||
34,214 | Dalmia Bharat Ltd | 675,851 | ||||||||
35,942 | Deepak Fertilizers & Petrochemicals Corp Ltd | 312,376 | ||||||||
32,308 | Deepak Nitrite Ltd | 971,130 | ||||||||
53,012 | * | Devyani International Ltd | 118,234 | |||||||
608,640 | * | Dhani Services Ltd | 435,323 | |||||||
26,926 | Emami Ltd | 172,083 | ||||||||
40,045 | Glenmark Pharmaceuticals Ltd | 229,164 | ||||||||
73,610 | Gujarat State Fertilisers & Chemicals Ltd | 163,214 | ||||||||
98,105 | g | ICICI Securities Ltd | 714,418 | |||||||
202,762 | IDFC Ltd | 149,853 | ||||||||
675,386 | Jindal Steel & Power Ltd | 4,709,491 | ||||||||
101,563 | * | JSL Ltd | 241,003 | |||||||
46,867 | Kaveri Seed Co Ltd | 328,870 | ||||||||
19,188 | g | L&T Technology Services Ltd | 1,014,876 | |||||||
20,011 | Laxmi Organic Industries Ltd | 107,942 | ||||||||
4,678 | Linde India Ltd | 217,625 | ||||||||
1,462 | Mastek Ltd | 53,257 | ||||||||
63,685 | MindTree Ltd | 2,914,187 | ||||||||
1,431,917 | National Aluminium Co Ltd | 1,933,735 | ||||||||
540,511 | NBCC India Ltd | 264,755 | ||||||||
15,859 | g | Nippon Life India Asset Management Ltd | 65,232 | |||||||
510,204 | NLC India Ltd | 539,838 | ||||||||
6,796 | * | Olectra Greentech Ltd | 56,142 | |||||||
17,656 | Persistent Systems Ltd | 989,567 | ||||||||
3,312 | Polyplex Corp Ltd | 117,441 | ||||||||
71,238 | Rajesh Exports Ltd | 584,610 | ||||||||
11,100 | Relaxo Footwears Ltd | 155,917 | ||||||||
6,729,977 | * | Reliance Power Ltd | 1,242,278 | |||||||
3,319 | Route Mobile Ltd | 70,431 | ||||||||
31,687 | Sonata Software Ltd | 308,957 | ||||||||
8,674 | Tanla Platforms Ltd | 158,445 | ||||||||
70,551 | Tata Chemicals Ltd | 859,979 | ||||||||
36,671 | Tata Elxsi Ltd | 3,672,863 | ||||||||
8,854 | *,g | Tejas Networks Ltd | 53,945 | |||||||
2,643,960 | Trident Ltd | 1,785,195 | ||||||||
25,644 | Triveni Engineering & Industries Ltd | 106,599 | ||||||||
838,073 | Vakrangee Ltd | 378,593 | ||||||||
10,849 | Voltas Ltd | 177,806 | ||||||||
403,752 | Welspun India Ltd | 435,266 |
88 |
TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
64,280 | Zensar Technologies Ltd | $ | 267,836 | |||||||
TOTAL INDIA | 44,521,965 | |||||||||
INDONESIA - 0.7% | ||||||||||
15,074,600 | Bank Tabungan Negara Persero Tbk PT | 1,913,008 | ||||||||
15,340,100 | Erajaya Swasembada Tbk PT | 554,291 | ||||||||
1,412,000 | First Pacific Co | 569,326 | ||||||||
183,200 | First Resources Ltd | 279,415 | ||||||||
13,361,700 | Golden Agri-Resources Ltd | 3,121,775 | ||||||||
3,597,000 | Indosat Tbk PT | 1,737,877 | ||||||||
9,547,937 | Industri Jamu Dan Farmasi Sido Muncul Tbk PT | 619,098 | ||||||||
299,300 | PT Astra Agro Lestari Tbk | 256,250 | ||||||||
3,847,100 | * | PT Indika Energy Tbk | 705,463 | |||||||
TOTAL INDONESIA | 9,756,503 | |||||||||
IRELAND - 0.7% | ||||||||||
204,576 | * | Bank of Ireland Group plc | 1,239,875 | |||||||
487,926 | Glanbia plc | 5,857,714 | ||||||||
777,314 | Irish Residential Properties REIT plc | 1,190,680 | ||||||||
127,223 | Origin Enterprises plc | 565,610 | ||||||||
TOTAL IRELAND | 8,853,879 | |||||||||
ISRAEL - 3.1% | ||||||||||
30,251 | Audiocodes Ltd | 703,874 | ||||||||
2,470,096 | * | Bezeq Israeli Telecommunication Corp Ltd | 3,915,810 | |||||||
35,715 | * | Cellcom Israel Ltd | 207,182 | |||||||
17,749 | * | Fattal Holdings 1998 Ltd | 2,559,993 | |||||||
13,297 | FIBI Holdings Ltd | 624,900 | ||||||||
79,812 | First International Bank Of Israel Ltd | 3,351,506 | ||||||||
7,914 | Formula Systems 1985 Ltd | 765,809 | ||||||||
209,073 | Harel Insurance Investments & Finances Ltd | 2,562,583 | ||||||||
10,462 | * | Israel Corp Ltd | 5,878,258 | |||||||
12,547 | Ituran Location and Control Ltd | 281,555 | ||||||||
25,788 | Magic Software Enterprises Ltd | 443,903 | ||||||||
19,959 | Malam-Team Ltd | 571,678 | ||||||||
62,483 | Maytronics Ltd | 1,109,436 | ||||||||
48,129 | * | NEOGAMES S.A. | 629,046 | |||||||
150,579 | Plus500 Ltd | 2,932,212 | ||||||||
3,400 | * | Property & Building Corp | 471,569 | |||||||
42,003 | * | Radware Ltd | 1,214,307 | |||||||
42,631 | * | Saipens International Corp NV | 996,370 | |||||||
235,200 | g | Sisram Medical Ltd | 251,151 | |||||||
89,279 | Strauss Group Ltd | 2,386,525 | ||||||||
355,450 | * | Taboola.com Ltd | 1,531,990 | |||||||
33,699 | * | Tower Semiconductor Ltd (Tel Aviv) | 1,620,590 | |||||||
101,356 | ZIM Integrated Shipping Services Ltd | 5,638,434 | ||||||||
TOTAL ISRAEL | 40,648,681 | |||||||||
ITALY - 1.6% | ||||||||||
95,818 | ACEA S.p.A. | 1,643,649 | ||||||||
780,438 | g | Anima Holding S.p.A | 3,802,869 | |||||||
91,809 | Banca IFIS S.p.A. | 1,667,187 | ||||||||
249,606 | Banca Mediolanum S.p.A | 1,811,975 | ||||||||
72,969 | Danieli & Co S.p.A. (RSP) | 1,141,469 | ||||||||
603,156 | Iride S.p.A. | 1,559,118 | ||||||||
11,248 | Italmobiliare S.p.A | 356,347 |
89 |
TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
23,735 | Reply S.p.A | $ | 3,494,198 | |||||||
24,496 | Sesa S.p.A | 3,541,336 | ||||||||
22,436 | SOL S.p.A. | 394,264 | ||||||||
189,808 | Tamburi Investment Partners S.p.A. | 1,729,229 | ||||||||
25,097 | Tinexta S.p.A | 627,862 | ||||||||
TOTAL ITALY | 21,769,503 | |||||||||
JAPAN - 16.4% | ||||||||||
70,000 | ABC-Mart, Inc | 2,902,896 | ||||||||
18,500 | Aeon Delight Co Ltd | 395,417 | ||||||||
39,700 | Altech Corp | 593,653 | ||||||||
144,000 | Asics Corp | 2,271,852 | ||||||||
42,100 | *,e | Bengo4.com, Inc | 1,083,366 | |||||||
21,800 | BML, Inc | 561,036 | ||||||||
56,000 | *,e | CellSource Co Ltd | 1,620,320 | |||||||
105,300 | Central Glass Co Ltd | 1,938,995 | ||||||||
1,306,700 | Citizen Watch Co Ltd | 4,931,625 | ||||||||
266,700 | * | COLOPL, Inc | 1,314,462 | |||||||
16,529 | Daiichi Jitsugyo Co Ltd | 479,946 | ||||||||
61,100 | Daiken Corp | 987,858 | ||||||||
95,700 | Digital Arts, Inc | 5,346,742 | ||||||||
46,400 | ESPEC Corp | 616,027 | ||||||||
164,100 | Fancl Corp | 3,141,369 | ||||||||
1,484,000 | Fujikura Ltd | 7,020,056 | ||||||||
258,800 | Furukawa Electric Co Ltd | 4,202,673 | ||||||||
16,700 | Fuso Chemical Co Ltd | 491,540 | ||||||||
19,900 | Fuyo General Lease Co Ltd | 1,076,687 | ||||||||
5,800 | GMO Financial Gate, Inc | 568,905 | ||||||||
38,500 | Goldcrest Co Ltd | 500,733 | ||||||||
26,500 | * | GungHo Online Entertainment Inc | 540,662 | |||||||
62,900 | Hankyu Department Stores, Inc | 411,447 | ||||||||
44,000 | Hanwa Co Ltd | 1,075,517 | ||||||||
1,011,400 | Hitachi Zosen Corp | 5,457,751 | ||||||||
172,100 | Iino Kaiun Kaisha Ltd | 974,374 | ||||||||
86,100 | Inaba Denki Sangyo Co Ltd | 1,688,630 | ||||||||
64,700 | Inabata & Co Ltd | 1,058,730 | ||||||||
860 | ITOCHU Advance Logistics Investment Corp | 1,062,385 | ||||||||
70,000 | Itochu Enex Co Ltd | 579,547 | ||||||||
115,800 | Jafco Co Ltd | 1,396,103 | ||||||||
281,000 | Japan Petroleum Exploration Co | 5,601,449 | ||||||||
2,500 | Japan Pulp & Paper Co Ltd | 73,221 | ||||||||
93,600 | JCR Pharmaceuticals Co Ltd | 1,739,540 | ||||||||
27,000 | e | Justsystems Corp | 1,173,511 | |||||||
116,700 | Kanto Denka Kogyo Co Ltd | 880,408 | ||||||||
174,400 | Kawasaki Heavy Industries Ltd | 3,101,320 | ||||||||
7,500 | Kentucky Fried Chicken Japan Ltd | 164,341 | ||||||||
142,300 | Kinden Corp | 1,686,188 | ||||||||
105,900 | Kintetsu World Express, Inc | 2,522,803 | ||||||||
174,800 | Kitz Corp | 888,564 | ||||||||
621,100 | Kobe Steel Ltd | 2,692,681 | ||||||||
70,300 | Kohnan Shoji Co Ltd | 2,035,904 | ||||||||
125,800 | Komeri Co Ltd | 2,657,292 | ||||||||
1,103,800 | Konica Minolta Holdings, Inc | 3,841,575 | ||||||||
16,700 | Konoike Transport Co Ltd | 148,230 | ||||||||
462,800 | K’s Holdings Corp | 4,583,161 | ||||||||
98,400 | e | Kura Corp | 2,436,735 |
90 |
TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
18,100 | Kyokuto Kaihatsu Kogyo Co Ltd | $ | 182,481 | |||||||
972,800 | Kyushu Electric Power Co, Inc | 6,105,677 | ||||||||
13,200 | Maruzen Showa Unyu Co Ltd | 322,207 | ||||||||
162,400 | Maxell Holdings Ltd | 1,448,075 | ||||||||
15,500 | Maxvalu Tokai Co Ltd | 309,473 | ||||||||
51,100 | Mcj Co Ltd | 334,233 | ||||||||
42,000 | Milbon Co Ltd | 1,758,578 | ||||||||
92,300 | Mimasu Semiconductor Industry Co Ltd | 1,653,661 | ||||||||
296,300 | Mitsubishi Materials Corp | 4,635,091 | ||||||||
1,065,400 | * | Mitsubishi Motors Corp | 2,664,575 | |||||||
17,500 | Mitsubishi Research Institute, Inc | 526,880 | ||||||||
7,800 | Mitsui Sugar Co Ltd | 116,007 | ||||||||
54,800 | Mitsui-Soko Co Ltd | 1,018,753 | ||||||||
87,700 | Mizuno Corp | 1,443,238 | ||||||||
1,310 | Mori Hills REIT Investment Corp | 1,485,721 | ||||||||
15,100 | Nagaileben Co Ltd | 224,833 | ||||||||
118,900 | Nakanishi, Inc | 1,943,420 | ||||||||
56,000 | Nichiha Corp | 1,012,459 | ||||||||
249,700 | Nihon Kohden Corp | 5,994,324 | ||||||||
56,000 | Nihon Unisys Ltd | 1,414,838 | ||||||||
550,400 | Nikon Corp | 6,184,745 | ||||||||
24,200 | Nippon Ceramic Co Ltd | 441,821 | ||||||||
149,200 | Nippon Electric Glass Co Ltd | 3,003,460 | ||||||||
59,300 | Nippon Konpo Unyu Soko Co Ltd | 898,160 | ||||||||
315,300 | Nippon Light Metal Holdings Co Ltd | 4,039,769 | ||||||||
22,100 | Nippon Shokubai Co Ltd | 889,112 | ||||||||
18,700 | Nippon Steel Trading Co Ltd | 761,043 | ||||||||
14,600 | Nissan Shatai Co Ltd | 63,673 | ||||||||
13,800 | Nitto Kogyo Corp | 162,484 | ||||||||
100,000 | NOF Corp | 3,753,447 | ||||||||
51,500 | NOK Corp | 438,176 | ||||||||
298,500 | Nomura Co Ltd | 2,052,626 | ||||||||
14,800 | OBIC Business Consultants Ltd | 531,939 | ||||||||
29,700 | Okinawa Electric Power Co, Inc | 295,645 | ||||||||
1,910,500 | e | Onward Kashiyama Co Ltd | 3,568,100 | |||||||
19,400 | Paramount Bed Holdings Co Ltd | 323,106 | ||||||||
66,200 | Park24 Co Ltd | 942,722 | ||||||||
92,100 | Prima Meat Packers Ltd | 1,510,268 | ||||||||
58,400 | Proto Corp | 458,738 | ||||||||
360,700 | Rengo Co Ltd | 2,135,544 | ||||||||
15,700 | Riken Vitamin Co Ltd | 206,384 | ||||||||
72,300 | Sakata Seed Corp | 2,434,464 | ||||||||
198,900 | Sankyo Co Ltd | 5,723,346 | ||||||||
116,800 | Sanyo Special Steel Co Ltd | 1,786,854 | ||||||||
99,800 | Sato Corp | 1,372,263 | ||||||||
25,000 | SBS Holdings, Inc | 580,115 | ||||||||
19,300 | Seikagaku Corp | 125,324 | ||||||||
20,400 | Seiko Holdings Corp | 349,266 | ||||||||
32,700 | Seria Co Ltd | 639,478 | ||||||||
22,900 | Shiga Bank Ltd | 430,624 | ||||||||
288,100 | Shikoku Electric Power Co, Inc | 1,656,435 | ||||||||
9,700 | Shima Seiki Manufacturing Ltd | 138,395 | ||||||||
165,940 | e | Shinwa Kaiun Kaisha Ltd | 4,560,507 | |||||||
84,300 | Shizuoka Gas Co Ltd | 604,276 | ||||||||
964,200 | Sky Perfect Jsat Corp | 3,123,439 | ||||||||
68,300 | Sparx Group Co Ltd | 134,686 |
91 |
TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
37,000 | Star Micronics Co Ltd | $ | 414,752 | |||||||
18,600 | Starts Corp, Inc | 344,737 | ||||||||
65,700 | Sumitomo Bakelite Co Ltd | 2,155,691 | ||||||||
91,400 | Sun Frontier Fudousan Co Ltd | 763,758 | ||||||||
111,500 | Suzuken Co Ltd | 3,291,172 | ||||||||
4,600 | Taihei Dengyo Kaisha Ltd | 95,560 | ||||||||
275,700 | Takara Bio, Inc | 4,434,333 | ||||||||
46,400 | Takasago Thermal Engineering Co Ltd | 606,941 | ||||||||
200,000 | Takeuchi Manufacturing Co Ltd | 3,667,600 | ||||||||
80,500 | e | Tamron Co Ltd | 1,419,083 | |||||||
16,100 | Toho Pharmaceutical Co Ltd | 261,347 | ||||||||
270,200 | Tohoku Electric Power Co, Inc | 1,502,998 | ||||||||
123,400 | Tokuyama Corp | 1,641,241 | ||||||||
52,500 | Tokyo Seimitsu Co Ltd | 1,806,045 | ||||||||
47,400 | Tokyo Steel Manufacturing Co Ltd | 490,590 | ||||||||
19,700 | Totetsu Kogyo Co Ltd | 356,112 | ||||||||
349,500 | UBE Industries Ltd | 5,418,927 | ||||||||
4,600 | Uchida Yoko Co Ltd | 173,602 | ||||||||
180,700 | Wacoal Holdings Corp | 2,573,844 | ||||||||
7,300 | WDB Holdings Co Ltd | 153,393 | ||||||||
380,300 | Yamaguchi Financial Group, Inc | 2,085,249 | ||||||||
13,700 | Yokogawa Bridge Holdings Corp | 200,917 | ||||||||
120,700 | Yonex Co Ltd | 786,334 | ||||||||
TOTAL JAPAN | 218,077,411 | |||||||||
KOREA, REPUBLIC OF - 4.7% | ||||||||||
98,455 | * | Amicogen, Inc | 2,464,451 | |||||||
130,282 | Daewoong Co Ltd | 3,090,002 | ||||||||
124,166 | Daishin Securities Co Ltd | 1,728,875 | ||||||||
29,500 | Daishin Securities Co Ltd PF | 356,959 | ||||||||
2,207 | Dong-A ST Co Ltd | 122,307 | ||||||||
153,804 | Dongwon Development Co Ltd | 629,643 | ||||||||
58,675 | DoubleUGames Co Ltd | 2,292,926 | ||||||||
23,129 | Hana Materials, Inc | 1,136,778 | ||||||||
55,615 | Hanwha Corp | 1,313,920 | ||||||||
2,487,675 | Hanwha Life Insurance Co Ltd | 5,764,574 | ||||||||
38,154 | Hyosung Corp | 2,498,573 | ||||||||
205,706 | Hyundai Marine & Fire Insurance Co Ltd | 5,301,771 | ||||||||
19,853 | Ilyang Pharmaceutical Co Ltd | 388,340 | ||||||||
224,069 | JB Financial Group Co Ltd | 1,584,925 | ||||||||
15,853 | Kolon Industries, Inc | 772,154 | ||||||||
1,496,739 | * | Korea Line Corp | 3,148,766 | |||||||
16,892 | KT Skylife Co Ltd | 122,694 | ||||||||
13,800 | LG Hausys Ltd | 637,141 | ||||||||
121,186 | LG International Corp | 3,695,268 | ||||||||
12,394 | * | Lock & Lock Co Ltd | 102,201 | |||||||
100,112 | Lotte Rental Co Ltd | 3,492,988 | ||||||||
80,388 | LS Cable Ltd | 3,650,219 | ||||||||
322,283 | * | LX Holdings Corp | 2,532,969 | |||||||
4,012 | Nong Shim Co Ltd | 958,776 | ||||||||
185,187 | Samsung Techwin Co Ltd | 7,749,715 | ||||||||
130,927 | Seah Besteel Corp | 1,877,744 | ||||||||
6,099 | * | Shinyoung Securities Co Ltd | 279,243 | |||||||
559,157 | SK Networks Co Ltd | 2,134,538 | ||||||||
72,793 | TES Co Ltd | 1,594,745 | ||||||||
9,985 | Tokai Carbon Korea Co Ltd | 1,110,111 |
92 |
TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
5,234 | Youngone Holdings Co Ltd | $ | 212,919 | |||||||
TOTAL KOREA, REPUBLIC OF | 62,746,235 | |||||||||
LUXEMBOURG - 0.4% | ||||||||||
514,375 | SES S.A. | 4,602,377 | ||||||||
TOTAL LUXEMBOURG | 4,602,377 | |||||||||
MALAYSIA - 0.6% | ||||||||||
298,000 | Berjaya Auto BHD | 121,158 | ||||||||
399,700 | Bursa Malaysia BHD | 640,769 | ||||||||
4,024,400 | Frontken Corp BHD | 2,508,318 | ||||||||
130,000 | Genting Plantations BHD | 271,735 | ||||||||
56,000 | * | Greatech Technology Bhd | 50,437 | |||||||
619,100 | IOI Properties Group BHD | 145,052 | ||||||||
2,172,709 | g | Lotte Chemical Titan Holding BHD | 1,092,967 | |||||||
226,700 | Malaysian Pacific Industries BHD | 1,614,806 | ||||||||
453,600 | Time dotCom BHD | 463,655 | ||||||||
392,200 | ViTrox Corp BHD | 675,282 | ||||||||
5,975,700 | YTL Corp BHD | 868,286 | ||||||||
TOTAL MALAYSIA | 8,452,465 | |||||||||
MALTA - 0.1% | ||||||||||
69,178 | * | Kambi Group plc | 1,101,957 | |||||||
83,985 | Kindred Group plc | 736,329 | ||||||||
TOTAL MALTA | 1,838,286 | |||||||||
MEXICO - 0.4% | ||||||||||
997,200 | Bolsa Mexicana de Valores S.A. de C.V. | 1,975,684 | ||||||||
264,700 | Corp Inmobiliaria Vesta SAB de C.V. | 490,447 | ||||||||
576,800 | Grupo Comercial Chedraui S.a. DE C.V. | 1,453,978 | ||||||||
622,900 | g | Macquarie Mexico Real Estate Management SA de CV | 688,024 | |||||||
TOTAL MEXICO | 4,608,133 | |||||||||
NETHERLANDS - 1.9% | ||||||||||
139,975 | Aalberts Industries NV | 6,801,705 | ||||||||
85,852 | Brunel International NV | 997,558 | ||||||||
654,083 | * | Fugro NV | 8,012,740 | |||||||
317,416 | *,e | Meltwater Holding BV | 417,765 | |||||||
226,349 | * | OCI NV | 8,576,933 | |||||||
TOTAL NETHERLANDS | 24,806,701 | |||||||||
NEW ZEALAND - 0.4% | ||||||||||
923,209 | Fletcher Building Ltd | 3,677,621 | ||||||||
377,000 | Kiwi Property Group Ltd | 257,134 | ||||||||
182,131 | Oceania Healthcare Ltd | 120,870 | ||||||||
142,184 | Summerset Group Holdings Ltd | 1,070,925 | ||||||||
TOTAL NEW ZEALAND | 5,126,550 | |||||||||
NORWAY - 2.5% | ||||||||||
67,846 | *,g | Crayon Group Holding ASA | 997,975 | |||||||
244,522 | g | Fjordkraft Holding ASA | 551,809 | |||||||
642,139 | Golden Ocean Group Ltd | 7,994,071 | ||||||||
159,280 | Kongsberg Gruppen ASA | 6,841,487 | ||||||||
12,016 | * | LINK Mobility Group Holding ASA | 19,416 | |||||||
2,211,519 | MPC Container Ships AS. | 6,582,543 |
93 |
TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
41,086 | Protector Forsikring ASA | $ | 467,835 | |||||||
42,781 | Sparebank Oestlandet | 626,020 | ||||||||
145,318 | Sparebanken Nord-Norge | 1,547,791 | ||||||||
341,784 | TGS Nopec Geophysical Co ASA | 5,272,621 | ||||||||
420,545 | * | Vaccibody AS. | 1,643,479 | |||||||
TOTAL NORWAY | 32,545,047 | |||||||||
PHILIPPINES - 0.2% | ||||||||||
4,105,000 | DMCI Holdings, Inc | 650,741 | ||||||||
3,382,300 | Semirara Mining & Power Corp | 1,781,692 | ||||||||
TOTAL PHILIPPINES | 2,432,433 | |||||||||
POLAND - 0.4% | ||||||||||
91,078 | Asseco Poland S.A. | 1,601,880 | ||||||||
45,985 | Bank Handlowy w Warszawie S.A. | 619,552 | ||||||||
33,849 | Ciech S.A. | 301,774 | ||||||||
634,715 | * | Enea S.A. | 1,370,919 | |||||||
126,502 | * | Grupa Azoty S.A. | 1,140,666 | |||||||
15,401 | LiveChat Software S.A. | 328,886 | ||||||||
39,127 | Warsaw Stock Exchange | 342,185 | ||||||||
TOTAL POLAND | 5,705,862 | |||||||||
PORTUGAL - 0.0% | ||||||||||
43,069 | Corticeira Amorim SGPS S.A. | 445,549 | ||||||||
TOTAL PORTUGAL | 445,549 | |||||||||
RUSSIA - 0.0% | ||||||||||
81,310 | † | Sistema PJSFC (GDR) | 813 | |||||||
TOTAL RUSSIA | 813 | |||||||||
SINGAPORE - 0.9% | ||||||||||
6,884,400 | Frasers Logistics & Industrial Trust | 7,169,135 | ||||||||
116,200 | Haw Par Corp Ltd | 978,011 | ||||||||
306,000 | Olam Group Ltd | 373,940 | ||||||||
440,900 | Overseas Union Enterprise Ltd | 433,583 | ||||||||
1,195,600 | Raffles Medical Group Ltd | 1,032,439 | ||||||||
1,831,700 | Sasseur Real Estate Investment Trust | 1,105,947 | ||||||||
856,300 | Sheng Siong Group Ltd | 945,516 | ||||||||
TOTAL SINGAPORE | 12,038,571 | |||||||||
SOUTH AFRICA - 0.9% | ||||||||||
141,774 | Coronation Fund Managers Ltd | 375,431 | ||||||||
3,469,953 | Life Healthcare Group Holdings Pte Ltd | 4,728,408 | ||||||||
323,660 | * | Massmart Holdings Ltd | 856,672 | |||||||
1,403,115 | Pick’n Pay Stores Ltd | 5,114,917 | ||||||||
20,741 | * | Thungela Resources Ltd | 354,927 | |||||||
TOTAL SOUTH AFRICA | 11,430,355 | |||||||||
SPAIN - 1.1% | ||||||||||
188,721 | g | ContourGlobal plc | 453,585 | |||||||
19,866 | Corp Financiera Alba | 1,173,973 | ||||||||
2,449,605 | * | Distribuidora Internacional de Alimentacion S.A. | 33,543 | |||||||
405,125 | Faes Farma S.A. (Sigma) | 1,696,725 | ||||||||
220,077 | Fluidra S.A. | 5,956,204 | ||||||||
194,427 | Inmobiliaria Colonial S.A. | 1,616,735 |
94 |
TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
74,212 | Viscofan S.A. | $ | 4,096,821 | |||||||
TOTAL SPAIN | 15,027,586 | |||||||||
SWEDEN - 4.5% | ||||||||||
196,062 | g | AcadeMedia AB | 1,106,798 | |||||||
187,893 | AddTech AB | 3,314,504 | ||||||||
38,838 | AF AB | 643,842 | ||||||||
79,431 | g | Ambea AB | 403,171 | |||||||
483,654 | Arjo AB | 3,644,847 | ||||||||
56,052 | Beijer Alma AB | 1,165,993 | ||||||||
460,277 | Billerud AB | 7,102,662 | ||||||||
47,680 | Bufab AB | 1,581,799 | ||||||||
117,874 | Bure Equity AB | 2,779,655 | ||||||||
284,855 | Cloetta AB | 719,838 | ||||||||
101,944 | * | Collector AB | 444,732 | |||||||
29,941 | Fabege AB | 363,428 | ||||||||
145,808 | Fagerhult AB | 731,798 | ||||||||
583,998 | Fortnox AB | 3,099,915 | ||||||||
10,573 | GARO AB | 158,242 | ||||||||
33,340 | Investment AB Oresund | 399,967 | ||||||||
135,310 | Inwido AB | 1,868,071 | ||||||||
694,404 | g | LeoVegas AB | 2,978,138 | |||||||
118,801 | * | Lifco AB | 2,491,926 | |||||||
81,295 | MIPS AB | 5,773,523 | ||||||||
59,677 | g | Munters Group AB | 356,513 | |||||||
332,380 | NCC AB (B Shares) | 4,118,283 | ||||||||
334,586 | * | Nobia AB | 1,313,077 | |||||||
118,450 | g | Resurs Holding AB | 344,534 | |||||||
536,867 | e | Samhallsbyggnadsbolaget i - D | 1,408,372 | |||||||
301,244 | e | Ssab Svenskt Stal AB (Series A) | 1,913,235 | |||||||
1,150,629 | Ssab Svenskt Stal AB (Series B) | 6,766,418 | ||||||||
560,697 | * | Stillfront Group AB | 1,132,385 | |||||||
94,157 | *,e | Storytel AB | 681,233 | |||||||
36,886 | Troax Group AB | 819,223 | ||||||||
18,315 | * | Xvivo Perfusion AB | 394,812 | |||||||
TOTAL SWEDEN | 60,020,934 | |||||||||
SWITZERLAND - 2.7% | ||||||||||
3,366,272 | *,e | Aryzta AG. | 3,134,434 | |||||||
6,956 | Bucher Industries AG. | 2,507,880 | ||||||||
72,650 | DKSH Holding AG. | 6,238,087 | ||||||||
655 | LEM Holding S.A. | 1,508,912 | ||||||||
701,292 | OC Oerlikon Corp AG. | 5,000,670 | ||||||||
67,346 | PSP Swiss Property AG. | 8,487,746 | ||||||||
8,210 | Rieter Holding AG. | 1,116,070 | ||||||||
10,917 | SFS Group AG. | 1,367,170 | ||||||||
16,675 | Tecan Group AG. | 5,011,133 | ||||||||
12,209 | Vetropack Holding AG. | 502,315 | ||||||||
5,055 | * | V-ZUG Holding AG. | 560,769 | |||||||
TOTAL SWITZERLAND | 35,435,186 | |||||||||
TAIWAN - 4.5% | ||||||||||
66,000 | Alchip Technologies Ltd | 1,933,496 | ||||||||
46,000 | ASPEED Technology, Inc | 4,040,328 | ||||||||
218,000 | Chang Wah Technology Co Ltd | 658,745 | ||||||||
1,711,000 | China Bills Finance Corp | 1,025,789 |
95 |
TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
2,229,000 | ChipMOS Technologies, Inc | $ | 3,467,212 | |||||||
343,000 | * | ENNOSTAR, Inc | 671,840 | |||||||
5,309,000 | Evergreen International Storage & Transport Corp | 6,388,804 | ||||||||
837,000 | Faraday Technology Corp | 7,143,279 | ||||||||
170,000 | Feng Hsin Iron & Steel Co | 478,655 | ||||||||
66,000 | International Games System Co Ltd | 1,620,437 | ||||||||
2,219,000 | King Yuan Electronics Co Ltd | 3,004,816 | ||||||||
1,566,000 | King’s Town Bank | 2,067,064 | ||||||||
220,000 | KMC Kuei Meng International In | 1,215,407 | ||||||||
696,500 | Lien Hwa Industrial Corp | 1,319,320 | ||||||||
207,000 | Lung Yen Life Service Corp | 336,073 | ||||||||
6,064,034 | * | Mercuries Life Insurance Co Lt | 1,588,872 | |||||||
51,000 | Simplo Technology Co Ltd | 501,171 | ||||||||
4,536,000 | Sincere Navigation | 4,555,127 | ||||||||
414,000 | Systex Corp | 1,131,815 | ||||||||
1,361,000 | Taiwan Fertilizer Co Ltd | 3,425,767 | ||||||||
346,000 | Taiwan Secom Co Ltd | 1,278,925 | ||||||||
247,000 | Topco Scientific Co Ltd | 1,390,645 | ||||||||
1,837,000 | TPK Holding Co Ltd | 2,117,698 | ||||||||
3,073,160 | * | United Renewable Energy Co Ltd/Taiwan | 2,216,888 | |||||||
85,000 | VIA Labs, Inc | 841,486 | ||||||||
1,915,000 | Wisdom Marine Lines Co Ltd | 5,892,624 | ||||||||
TOTAL TAIWAN | 60,312,283 | |||||||||
THAILAND - 1.2% | ||||||||||
1,487,700 | * | Bangkok Life Assurance PCL (ADR) | 1,911,206 | |||||||
4,175,700 | Regional Container Lines PCL | 5,412,633 | ||||||||
164,500 | SPCG PCL | 80,497 | ||||||||
2,447,300 | Supalai PCL | 1,559,751 | ||||||||
754,200 | Synnex Thailand PCL | 527,532 | ||||||||
1,018,420 | Thonburi Healthcare Group PCL | 1,828,696 | ||||||||
8,847,500 | Thoresen Thai Agencies PCL | 2,490,061 | ||||||||
2,092,600 | TPI Polene Power PCL | 232,866 | ||||||||
916,800 | TQM Corp PCL | 1,329,278 | ||||||||
TOTAL THAILAND | 15,372,520 | |||||||||
TURKEY - 0.4% | ||||||||||
3,978,468 | Haci Omer Sabanci Holding AS | 5,355,739 | ||||||||
TOTAL TURKEY | 5,355,739 | |||||||||
UNITED ARAB EMIRATES - 0.1% | ||||||||||
5,130,527 | Dana Gas PJSC | 1,648,227 | ||||||||
TOTAL UNITED ARAB EMIRATES | 1,648,227 | |||||||||
UNITED KINGDOM - 11.5% | ||||||||||
718,377 | AJ Bell plc | 2,226,090 | ||||||||
260,978 | Alliance Pharma plc | 374,110 | ||||||||
277,330 | Big Yellow Group plc | 5,011,899 | ||||||||
260,050 | Bytes Technology Group plc | 1,462,344 | ||||||||
92,561 | Central Asia Metals plc | 310,125 | ||||||||
411,094 | Chemring Group plc | 1,795,231 | ||||||||
88,626 | g | CMC Markets plc | 323,184 | |||||||
1,209,709 | Coats Group plc | 1,069,451 | ||||||||
24,253 | Computacenter plc | 814,893 | ||||||||
33,644 | Craneware plc | 724,485 | ||||||||
142,575 | CVS Group plc | 3,218,600 |
96 |
TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||
14,991 | Dechra Pharmaceuticals plc | $ | 679,322 | |||||||
175,172 | Derwent London plc | 6,646,362 | ||||||||
199,392 | Diploma plc | 6,838,904 | ||||||||
1,385,826 | Dr. Martens PLC | 3,623,409 | ||||||||
1,616,656 | DS Smith plc | 6,643,270 | ||||||||
100,479 | EMIS Group plc | 1,674,823 | ||||||||
28,561 | * | Ergomed plc | 421,405 | |||||||
89,249 | Essentra plc | 349,762 | ||||||||
510,852 | * | Frasers Group plc | 4,338,852 | |||||||
570,347 | GB Group plc | 4,133,315 | ||||||||
240,352 | Grafton Group plc | 2,910,965 | ||||||||
627,807 | Halfords Group plc | 1,787,284 | ||||||||
4,865 | Helical Bar plc | 26,456 | ||||||||
672,631 | HomeServe plc | 8,314,215 | ||||||||
49,273 | * | Hotel Chocolat Group Ltd | 230,795 | |||||||
314,317 | Howden Joinery Group plc | 2,975,800 | ||||||||
235,992 | Hunting plc | 860,570 | ||||||||
199,102 | g | Ibstock plc | 470,019 | |||||||
746,887 | IG Group Holdings plc | 7,633,239 | ||||||||
57,744 | Intermediate Capital Group plc | 1,105,016 | ||||||||
3,448,391 | IP Group plc | 3,555,833 | ||||||||
190,470 | Kainos Group plc | 2,917,190 | ||||||||
11,001 | Keller Group plc | 115,929 | ||||||||
1,503,436 | Learning Technologies Group plc | 2,482,222 | ||||||||
2,219,757 | LondonMetric Property plc | 7,502,492 | ||||||||
1,518,299 | LXI REIT plc | 2,818,330 | ||||||||
2,771,271 | Man Group plc | 8,076,945 | ||||||||
255,229 | Micro Focus International plc | 1,205,241 | ||||||||
129,147 | Morgan Crucible Co plc | 452,913 | ||||||||
156,247 | Ninety One plc | 522,225 | ||||||||
72,135 | Numis Corp plc | 226,016 | ||||||||
202,397 | PZ Cussons plc | 519,334 | ||||||||
1,161,089 | QinetiQ plc | 4,926,055 | ||||||||
88,041 | Rathbone Brothers | 2,324,851 | ||||||||
143,513 | g | Regional REIT Ltd | 152,850 | |||||||
468,919 | Safestore Holdings plc | 7,376,923 | ||||||||
158,186 | Spectris plc | 5,785,479 | ||||||||
1,395,182 | Spirent Communications plc | 4,034,005 | ||||||||
436,872 | Sthree plc | 2,013,938 | ||||||||
194,684 | Tate & Lyle plc | 1,892,251 | ||||||||
173,648 | * | Team17 Group plc | 949,839 | |||||||
3,147,226 | Tritax Big Box REIT plc | 9,607,437 | ||||||||
49,577 | Vesuvius plc | 201,610 | ||||||||
560,456 | Volex plc | 1,815,745 | ||||||||
92,029 | Warehouse REIT plc | 185,618 | ||||||||
41,900 | Watkin Jones plc | 130,401 | ||||||||
864,198 | Wickes Group plc | 2,060,213 | ||||||||
TOTAL UNITED KINGDOM | 152,846,080 | |||||||||
UNITED STATES - 3.5% | ||||||||||
3,163,265 | Diversified Gas & Oil plc | 4,779,237 | ||||||||
151,395 | iShares Core MSCI Emerging Markets ETF | 7,910,389 | ||||||||
63,102 | e | iShares MSCI Canada Index Fund | 2,337,929 | |||||||
339,653 | iShares MSCI EAFE Small-Cap ETF | 20,956,590 | ||||||||
126,205 | * | MDA Ltd | 868,448 | |||||||
123,000 | Parade Technologies Ltd | 5,849,459 |
97 |
TIAA-CREF FUNDS – Quant International Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||||||||||
1,021,701 | Reliance Worldwide Corp Ltd | $ | 2,803,747 | |||||||||||||
24,558 | * | Taro Pharmaceutical Industries Ltd | 963,901 | |||||||||||||
TOTAL UNITED STATES | 46,469,700 | |||||||||||||||
TOTAL COMMON STOCKS | 1,320,691,051 | |||||||||||||||
(Cost $1,393,989,835) | ||||||||||||||||
PRINCIPAL | ISSUER | RATE | MATURITY DATE | |||||||||||||
SHORT-TERM INVESTMENTS - 0.9% | ||||||||||||||||
REPURCHASE AGREEMENT - 0.0% | ||||||||||||||||
$ | 400,000 | r | Fixed Income Clearing Corp (FICC) | 0.230 | % | 05/02/22 | 400,000 | |||||||||
TOTAL REPURCHASE AGREEMENT | 400,000 | |||||||||||||||
SHARES | COMPANY | |||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.9% | ||||||||||||||||
11,656,317 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 0.310 | 11,656,317 | ||||||||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 11,656,317 | |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 12,056,317 | |||||||||||||||
(Cost $12,056,317) | ||||||||||||||||
TOTAL INVESTMENTS - 100.4% | 1,332,747,368 | |||||||||||||||
(Cost $1,406,046,152) | ||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - (0.4)% | (4,678,521 | ) | ||||||||||||||
NET ASSETS - 100.0% | $ | 1,328,068,847 | ||||||||||||||
ADR American Depositary Receipt | ||||||||||||||||
ETF Exchange Traded Fund | ||||||||||||||||
GDR Global 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 $37,972,814. | |||||||||||||||
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 4/30/22, the aggregate value of these securities is $35,297,622 or 2.7% of net assets. | |||||||||||||||
r | Agreement with Fixed Income Clearing Corp (FICC), 0.250% dated 4/29/22 to be repurchased at $400,000 on 5/2/22, collateralized by Government Agency Securities, with coupon rate 2.500% and maturity date 2/15/46, valued at $408,086. | |||||||||||||||
98 |
TIAA-CREF FUNDS – Social Choice International Equity Fund
TIAA-CREF FUNDS
SOCIAL CHOICE INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2022
SHARES | COMPANY | VALUE | ||||||||
COMMON STOCKS - 98.5% | ||||||||||
AUSTRALIA - 7.4% | ||||||||||
74,309 | APA Group | $ | 597,082 | |||||||
10,912 | Aurizon Holdings Ltd | 30,817 | ||||||||
332,706 | Australia & New Zealand Banking Group Ltd | 6,331,125 | ||||||||
8,834 | Australian Stock Exchange Ltd | 534,101 | ||||||||
143,174 | BlueScope Steel Ltd | 2,035,304 | ||||||||
40,091 | Brambles Ltd | 296,045 | ||||||||
8,415 | Cochlear Ltd | 1,355,382 | ||||||||
111,698 | Coles Group Ltd | 1,468,678 | ||||||||
147,411 | Commonwealth Bank of Australia | 10,714,349 | ||||||||
56,186 | Computershare Ltd | 990,563 | ||||||||
46,714 | CSL Ltd | 8,915,372 | ||||||||
39,866 | Dexus Property Group | 311,695 | ||||||||
9,158 | Evolution Mining Ltd | 25,913 | ||||||||
316,737 | Fortescue Metals Group Ltd | 4,786,868 | ||||||||
134,218 | Goodman Group | 2,233,909 | ||||||||
84,960 | GPT Group | 302,023 | ||||||||
17,118 | IDP Education Ltd | 317,563 | ||||||||
71,463 | Insurance Australia Group Ltd | 228,202 | ||||||||
211,351 | Lend Lease Corp Ltd | 1,810,508 | ||||||||
33,263 | Macquarie Group Ltd | 4,788,641 | ||||||||
73,317 | Mineral Resources Ltd | 2,979,106 | ||||||||
190,339 | Mirvac Group | 321,690 | ||||||||
204,381 | Newcrest Mining Ltd | 3,838,143 | ||||||||
98,399 | Northern Star Resources Ltd | 676,374 | ||||||||
2,654 | Orica Ltd | 30,497 | ||||||||
483,363 | Origin Energy Ltd | 2,311,997 | ||||||||
83,107 | QBE Insurance Group Ltd | 716,988 | ||||||||
34,083 | Ramsay Health Care Ltd | 1,934,116 | ||||||||
18,283 | Reece Ltd | 222,131 | ||||||||
72,273 | Seek Ltd | 1,416,217 | ||||||||
192,404 | Stockland Trust Group | 556,899 | ||||||||
529,828 | Transurban Group | 5,320,327 | ||||||||
186,464 | Vicinity Centres | 243,301 | ||||||||
84,968 | Wesfarmers Ltd | 2,940,154 | ||||||||
51,339 | Wisetech Global Ltd | 1,591,652 | ||||||||
102,257 | Woodside Petroleum Ltd | 2,224,712 | ||||||||
181,369 | Woolworths Ltd | 4,906,586 | ||||||||
TOTAL AUSTRALIA | 80,305,030 | |||||||||
AUSTRIA - 0.6% | ||||||||||
31,796 | Erste Bank der Oesterreichischen Sparkassen AG. | 989,992 | ||||||||
84,431 | Mondi plc | 1,586,118 | ||||||||
56,255 | OMV AG. | 2,875,623 | ||||||||
40,765 | Voestalpine AG. | 1,060,822 | ||||||||
TOTAL AUSTRIA | 6,512,555 |
99 |
TIAA-CREF FUNDS – Social Choice International Equity Fund
SHARES | COMPANY | VALUE | ||||||||
BELGIUM - 1.0% | ||||||||||
51,327 | KBC Groep NV | $ | 3,491,871 | |||||||
3,149 | Solvay S.A. | 296,123 | ||||||||
36,109 | UCB S.A. | 4,104,605 | ||||||||
83,068 | Umicore S.A. | 3,193,421 | ||||||||
TOTAL BELGIUM | 11,086,020 | |||||||||
CHILE - 0.3% | ||||||||||
170,105 | Antofagasta plc | 3,256,474 | ||||||||
TOTAL CHILE | 3,256,474 | |||||||||
CHINA - 1.1% | ||||||||||
969,517 | BOC Hong Kong Holdings Ltd | 3,509,516 | ||||||||
115,405 | Prosus NV | 5,565,829 | ||||||||
796,900 | Wilmar International Ltd | 2,540,271 | ||||||||
TOTAL CHINA | 11,615,616 | |||||||||
DENMARK - 2.7% | ||||||||||
20,591 | Ambu A.S. | 271,028 | ||||||||
6,894 | Chr Hansen Holding A/S | 537,109 | ||||||||
11,290 | Coloplast AS | 1,521,087 | ||||||||
26,719 | * | Demant A.S. | 1,174,127 | |||||||
6,389 | * | Genmab AS | 2,246,637 | |||||||
18,468 | GN Store Nord | 693,095 | ||||||||
149,303 | Novo Nordisk AS | 17,054,319 | ||||||||
24,218 | g | Orsted AS | 2,679,247 | |||||||
8,777 | Pandora AS | 770,677 | ||||||||
84,060 | Vestas Wind Systems A.S. | 2,143,614 | ||||||||
TOTAL DENMARK | 29,090,940 | |||||||||
FINLAND - 1.1% | ||||||||||
9,843 | Elisa Oyj (Series A) | 577,010 | ||||||||
41,613 | Kesko Oyj (B Shares) | 1,047,668 | ||||||||
99,122 | Neste Oil Oyj | 4,253,209 | ||||||||
748,694 | * | Nokia Oyj | 3,795,931 | |||||||
12,657 | Orion Oyj (Class B) | 496,439 | ||||||||
37,810 | Stora Enso Oyj (R Shares) | 744,082 | ||||||||
25,253 | UPM-Kymmene Oyj | 873,559 | ||||||||
50,005 | Wartsila Oyj (B Shares) | 401,532 | ||||||||
TOTAL FINLAND | 12,189,430 | |||||||||
FRANCE - 9.7% | ||||||||||
42,766 | * | Accor S.A. | 1,405,018 | |||||||
14,375 | g | Amundi S.A. | 864,369 | |||||||
252,867 | AXA S.A. | 6,689,601 | ||||||||
16,247 | BioMerieux | 1,546,744 | ||||||||
138,908 | BNP Paribas S.A. | 7,202,571 | ||||||||
87,352 | Bouygues S.A. | 3,003,445 | ||||||||
16,547 | Bureau Veritas S.A. | 475,341 | ||||||||
27,323 | Cap Gemini S.A. | 5,562,388 | ||||||||
58,138 | CNP Assurances | 1,277,553 | ||||||||
98,866 | Danone | 5,978,551 | ||||||||
24,919 | Eiffage S.A. | 2,460,718 | ||||||||
38,916 | Essilor International S.A. | 6,625,360 |
100 |
TIAA-CREF FUNDS – Social Choice International Equity Fund
SHARES | COMPANY | VALUE | ||||||||
17,087 | * | Eurazeo | $ | 1,312,950 | ||||||
14,148 | Fonciere Des Regions | 1,007,586 | ||||||||
3,308 | Gecina S.A. | 372,640 | ||||||||
4,789 | Hermes International | 5,905,110 | ||||||||
9,163 | Kering | 4,875,379 | ||||||||
76,318 | Klepierre | 1,826,721 | ||||||||
18,096 | Legrand S.A. | 1,603,562 | ||||||||
26,698 | L’Oreal S.A. | 9,712,996 | ||||||||
37,321 | Michelin (C.G.D.E.) (Class B) | 4,622,576 | ||||||||
266,121 | Orange S. A. | 3,168,276 | ||||||||
52,157 | Publicis Groupe S.A. | 3,131,333 | ||||||||
2,735 | SEB S.A. | 328,439 | ||||||||
174,587 | Societe Generale | 4,196,031 | ||||||||
4,761 | Teleperformance | 1,708,776 | ||||||||
245,752 | Total S.A. | 12,067,152 | ||||||||
2,113 | * | Unibail-Rodamco-Westfield | 151,579 | |||||||
30,833 | * | Unibail-Rodamco-Westfield | 2,176,036 | |||||||
96,405 | Valeo S.A. | 1,752,750 | ||||||||
142,854 | Vivendi Universal S.A. | 1,640,760 | ||||||||
11,582 | Wendel | 1,153,963 | ||||||||
TOTAL FRANCE | 105,806,274 | |||||||||
GERMANY - 7.7% | ||||||||||
24,317 | Adidas-Salomon AG. | 4,903,746 | ||||||||
36,553 | Allianz AG. | 8,247,603 | ||||||||
104,484 | * | BASF SE | 5,502,438 | |||||||
65,919 | Bayerische Motoren Werke AG. | 5,383,326 | ||||||||
30,794 | Beiersdorf AG. | 3,092,965 | ||||||||
9,703 | Brenntag AG. | 748,717 | ||||||||
15,141 | Carl Zeiss Meditec AG. | 1,901,779 | ||||||||
108,068 | * | Daimler AG. (Registered) | 7,543,273 | |||||||
46,647 | * | Daimler Truck Holding AG. | 1,254,558 | |||||||
13,541 | Deutsche Boerse AG. | 2,357,414 | ||||||||
37,149 | HeidelbergCement AG. | 2,140,058 | ||||||||
41,866 | Henkel KGaA | 2,656,863 | ||||||||
47,964 | Henkel KGaA (Preference) | 3,079,831 | ||||||||
5,582 | LEG Immobilien AG. | 572,325 | ||||||||
26,422 | Merck KGaA | 4,902,002 | ||||||||
19,253 | * | MTU Aero Engines Holding AG. | 3,882,667 | |||||||
12,007 | Muenchener Rueckver AG. | 2,859,355 | ||||||||
8,148 | Puma AG. Rudolf Dassler Sport | 599,519 | ||||||||
106,034 | SAP AG. | 10,746,116 | ||||||||
80,902 | Siemens AG. | 9,947,303 | ||||||||
253,860 | Telefonica Deutschland Holding AG. | 763,491 | ||||||||
17,544 | *,g | Zalando SE | 690,291 | |||||||
TOTAL GERMANY | 83,775,640 | |||||||||
HONG KONG - 2.8% | ||||||||||
974,400 | AIA Group Ltd | 9,572,269 | ||||||||
366,500 | CLP Holdings Ltd | 3,576,445 | ||||||||
192,081 | Hang Seng Bank Ltd | 3,400,883 | ||||||||
115,638 | Hong Kong Exchanges and Clearing Ltd | 4,905,245 | ||||||||
429,230 | Link REIT | 3,707,595 | ||||||||
623,231 | MTR Corp | 3,311,292 | ||||||||
214,968 | Swire Pacific Ltd (Class A) | 1,224,438 | ||||||||
504,600 | Swire Properties Ltd | 1,209,303 | ||||||||
TOTAL HONG KONG | 30,907,470 |
101 |
TIAA-CREF FUNDS – Social Choice International Equity Fund
SHARES | COMPANY | VALUE | ||||||||
IRELAND - 0.9% | ||||||||||
121,176 | CRH plc | $ | 4,789,462 | |||||||
40,515 | Kerry Group plc (Class A) | 4,487,837 | ||||||||
2,771 | Smurfit Kappa Group plc | 117,091 | ||||||||
TOTAL IRELAND | 9,394,390 | |||||||||
ISRAEL - 0.3% | ||||||||||
412,539 | Bank Hapoalim Ltd | 3,824,735 | ||||||||
TOTAL ISRAEL | 3,824,735 | |||||||||
ITALY - 2.2% | ||||||||||
53,711 | Amplifon S.p.A. | 2,142,793 | ||||||||
152,145 | e | Assicurazioni Generali S.p.A. | 2,880,573 | |||||||
86,716 | Coca-Cola HBC AG. | 1,758,070 | ||||||||
1,047,532 | Enel S.p.A. | 6,811,988 | ||||||||
366,175 | ENI S.p.A. | 5,118,683 | ||||||||
2,713,754 | Intesa Sanpaolo S.p.A. | 5,529,862 | ||||||||
TOTAL ITALY | 24,241,969 | |||||||||
JAPAN - 21.9% | ||||||||||
52,900 | Aeon Co Ltd | 1,005,378 | ||||||||
71,400 | Ajinomoto Co, Inc | 1,855,082 | ||||||||
35,914 | * | All Nippon Airways Co Ltd | 677,002 | |||||||
137,300 | Asahi Kasei Corp | 1,126,504 | ||||||||
228,100 | Astellas Pharma, Inc | 3,472,986 | ||||||||
6,400 | Azbil Corp | 194,317 | ||||||||
26,281 | Central Japan Railway Co | 3,308,388 | ||||||||
150,965 | Chugai Pharmaceutical Co Ltd | 4,523,688 | ||||||||
8,427 | Dai Nippon Printing Co Ltd | 176,108 | ||||||||
9,400 | Daifuku Co Ltd | 577,993 | ||||||||
202,000 | Daiichi Sankyo Co Ltd | 5,086,137 | ||||||||
22,575 | Daikin Industries Ltd | 3,449,857 | ||||||||
65,649 | Daiwa House Industry Co Ltd | 1,578,214 | ||||||||
79,259 | Denso Corp | 4,830,460 | ||||||||
43,732 | East Japan Railway Co | 2,280,482 | ||||||||
54,348 | Eisai Co Ltd | 2,366,906 | ||||||||
961,800 | ENEOS Holdings, Inc | 3,384,201 | ||||||||
5,900 | * | Fanuc Ltd | 904,046 | |||||||
3,600 | Fast Retailing Co Ltd | 1,657,461 | ||||||||
56,400 | Fujifilm Holdings Corp | 3,100,378 | ||||||||
34,872 | Fujitsu Ltd | 5,270,874 | ||||||||
10,616 | Hankyu Hanshin Holdings, Inc | 280,173 | ||||||||
61,711 | Hino Motors Ltd | 318,552 | ||||||||
23,400 | * | Hitachi Construction Machinery Co Ltd | 529,807 | |||||||
24,563 | * | Hitachi Metals Ltd | 383,298 | |||||||
600 | Hoshizaki Electric Co Ltd | 38,005 | ||||||||
70,141 | Hulic Co Ltd | 592,228 | ||||||||
44,500 | Ibiden Co Ltd | 1,663,048 | ||||||||
196,450 | Inpex Holdings, Inc | 2,337,395 | ||||||||
78,500 | JFE Holdings, Inc | 959,956 | ||||||||
50,600 | Kajima Corp | 563,911 | ||||||||
1,600 | Kansai Paint Co Ltd | 22,035 | ||||||||
77,100 | Kao Corp | 3,090,050 | ||||||||
192,796 | KDDI Corp | 6,384,380 |
102 |
TIAA-CREF FUNDS – Social Choice International Equity Fund
SHARES | COMPANY | VALUE | ||||||||
3,600 | Keio Corp | $ | 138,069 | |||||||
5,200 | Keisei Electric Railway Co Ltd | 127,501 | ||||||||
18,946 | Keyence Corp | 7,616,370 | ||||||||
45,800 | Kikkoman Corp | 2,574,012 | ||||||||
3,165 | Kintetsu Corp | 90,744 | ||||||||
104,100 | Komatsu Ltd | 2,342,924 | ||||||||
109,572 | Kubota Corp | 1,861,481 | ||||||||
40,100 | Kyowa Hakko Kogyo Co Ltd | 845,179 | ||||||||
7,400 | Lawson, Inc | 272,173 | ||||||||
12,800 | LIXIL Group Corp | 225,130 | ||||||||
7,400 | MEIJI Holdings Co Ltd | 368,867 | ||||||||
114,879 | Mitsubishi Chemical Holdings Corp | 700,491 | ||||||||
165,679 | Mitsubishi Corp | 5,562,758 | ||||||||
197,926 | Mitsubishi Estate Co Ltd | 2,883,103 | ||||||||
3,900 | Mitsui Chemicals, Inc | 89,107 | ||||||||
175,600 | Mitsui Fudosan Co Ltd | 3,721,620 | ||||||||
4,500 | Miura Co Ltd | 93,995 | ||||||||
17,600 | MS&AD Insurance Group Holdings Inc | 523,904 | ||||||||
60,500 | Murata Manufacturing Co Ltd | 3,606,252 | ||||||||
59,201 | NEC Corp | 2,296,754 | ||||||||
5,600 | NGK Insulators Ltd | 75,329 | ||||||||
13,004 | Nintendo Co Ltd | 5,934,905 | ||||||||
11,500 | Nippon Express Holdings, Inc | 674,254 | ||||||||
172,000 | Nippon Paint Co Ltd | 1,362,469 | ||||||||
233,954 | Nippon Steel Corp | 3,714,857 | ||||||||
191,300 | Nippon Telegraph & Telephone Corp | 5,637,485 | ||||||||
41,500 | Nippon Yusen Kabushiki Kaisha | 2,993,976 | ||||||||
27,313 | Nissin Food Products Co Ltd | 1,899,963 | ||||||||
27,900 | Nitto Denko Corp | 1,872,673 | ||||||||
535,200 | * | Nomura Holdings, Inc | 2,060,762 | |||||||
21,100 | Nomura Real Estate Holdings, Inc | 514,117 | ||||||||
166 | Nomura Real Estate Master Fund, Inc | 208,419 | ||||||||
98,000 | Nomura Research Institute Ltd | 2,771,089 | ||||||||
48,485 | Obayashi Corp | 333,438 | ||||||||
17,921 | Odakyu Electric Railway Co Ltd | 271,379 | ||||||||
14,600 | Omron Corp | 860,729 | ||||||||
71,200 | Ono Pharmaceutical Co Ltd | 1,829,166 | ||||||||
21,482 | Oriental Land Co Ltd | 3,249,584 | ||||||||
111,300 | ORIX Corp | 2,029,996 | ||||||||
92,900 | Osaka Gas Co Ltd | 1,674,374 | ||||||||
20,800 | Otsuka Corp | 681,660 | ||||||||
378,606 | Panasonic Corp | 3,374,589 | ||||||||
110,829 | Recruit Holdings Co Ltd | 4,021,052 | ||||||||
288,800 | Resona Holdings, Inc | 1,255,826 | ||||||||
52,100 | Santen Pharmaceutical Co Ltd | 423,817 | ||||||||
13,601 | Secom Co Ltd | 956,891 | ||||||||
6,224 | Sekisui Chemical Co Ltd | 84,280 | ||||||||
17,563 | Sekisui House Ltd | 305,033 | ||||||||
74,200 | SG Holdings Co Ltd | 1,307,603 | ||||||||
22,400 | Shimadzu Corp | 732,304 | ||||||||
13,068 | Shimizu Corp | 68,524 | ||||||||
41,200 | Shin-Etsu Chemical Co Ltd | 5,662,302 | ||||||||
61,300 | Shionogi & Co Ltd | 3,409,868 | ||||||||
85,000 | Shiseido Co Ltd | 4,018,072 | ||||||||
371,000 | Softbank Corp | 4,317,647 | ||||||||
400 | Sohgo Security Services Co Ltd | 11,112 |
103 |
TIAA-CREF FUNDS – Social Choice International Equity Fund
SHARES | COMPANY | VALUE | ||||||||
25,600 | Sompo Holdings, Inc | $ | 1,042,176 | |||||||
126,515 | Sony Corp | 10,918,373 | ||||||||
54,014 | Stanley Electric Co Ltd | 931,369 | ||||||||
49,100 | Sumisho Computer Systems Corp | 780,607 | ||||||||
427,300 | Sumitomo Chemical Co Ltd | 1,816,967 | ||||||||
77,208 | Sumitomo Dainippon Pharma Co Ltd | 687,738 | ||||||||
90,271 | Sumitomo Metal Mining Co Ltd | 3,958,990 | ||||||||
79,200 | Sumitomo Mitsui Trust Holdings, Inc | 2,458,170 | ||||||||
60,000 | Suntory Beverage & Food Ltd | 2,364,061 | ||||||||
25,200 | Sysmex Corp | 1,653,058 | ||||||||
7,200 | Taisei Corp | 195,034 | ||||||||
78,900 | TDK Corp | 2,437,356 | ||||||||
12,500 | Tokyo Century Corp | 385,026 | ||||||||
17,900 | Tokyo Electron Ltd | 7,552,841 | ||||||||
38,100 | Tokyo Gas Co Ltd | 729,785 | ||||||||
8,300 | Tokyu Corp | 101,499 | ||||||||
60,400 | Toray Industries, Inc | 286,253 | ||||||||
5,724 | Toto Ltd | 192,892 | ||||||||
944,275 | * | Toyota Motor Corp | 16,178,930 | |||||||
71,600 | Uni-Charm Corp | 2,491,106 | ||||||||
16,600 | West Japan Railway Co | 616,175 | ||||||||
5,070 | Yamaha Corp | 193,709 | ||||||||
100,800 | Yamaha Motor Co Ltd | 2,081,085 | ||||||||
16,486 | Yaskawa Electric Corp | 559,789 | ||||||||
34,098 | Yokogawa Electric Corp | 543,607 | ||||||||
670,500 | Z Holdings Corp | 2,632,274 | ||||||||
TOTAL JAPAN | 238,318,148 | |||||||||
NETHERLANDS - 2.9% | ||||||||||
405,719 | Aegon NV | 2,103,523 | ||||||||
10,289 | Akzo Nobel NV | 892,535 | ||||||||
35,246 | e | ASML Holding NV | 20,003,461 | |||||||
10,464 | DSM NV | 1,759,099 | ||||||||
65,263 | Koninklijke Ahold Delhaize NV | 1,924,995 | ||||||||
236,962 | Koninklijke KPN NV | 817,659 | ||||||||
40,340 | NN Group NV | 1,975,917 | ||||||||
15,278 | Randstad Holdings NV | 807,887 | ||||||||
13,734 | Wolters Kluwer NV | 1,386,897 | ||||||||
TOTAL NETHERLANDS | 31,671,973 | |||||||||
NEW ZEALAND - 0.6% | ||||||||||
41,348 | * | Auckland International Airport Ltd | 207,691 | |||||||
72,699 | Fisher & Paykel Healthcare Corp | 999,038 | ||||||||
144,347 | Mercury NZ Ltd | 559,642 | ||||||||
176,761 | Meridian Energy Ltd | 536,480 | ||||||||
79,890 | Ryman Healthcare Ltd | 472,810 | ||||||||
48,013 | Telecom Corp of New Zealand Ltd | 151,850 | ||||||||
50,034 | * | Xero Ltd | 3,299,348 | |||||||
TOTAL NEW ZEALAND | 6,226,859 | |||||||||
NORWAY - 1.3% | ||||||||||
150,766 | Equinor ASA | 5,095,825 | ||||||||
100,886 | Mowi ASA | 2,849,729 | ||||||||
465,252 | Norsk Hydro ASA | 3,906,963 | ||||||||
118,885 | Orkla ASA | 964,710 | ||||||||
77,234 | Telenor ASA | 1,089,267 | ||||||||
TOTAL NORWAY | 13,906,494 |
104 |
TIAA-CREF FUNDS – Social Choice International Equity Fund
SHARES | COMPANY | VALUE | ||||||||
PORTUGAL - 0.4% | ||||||||||
245,645 | Energias de Portugal S.A. | $ | 1,144,868 | |||||||
191,470 | Galp Energia SGPS S.A. | 2,330,504 | ||||||||
56,264 | Jeronimo Martins SGPS S.A. | 1,171,228 | ||||||||
TOTAL PORTUGAL | 4,646,600 | |||||||||
SAUDI ARABIA - 0.1% | ||||||||||
29,847 | *,g | Delivery Hero AG. | 1,049,210 | |||||||
TOTAL SAUDI ARABIA | 1,049,210 | |||||||||
SINGAPORE - 1.4% | ||||||||||
604,508 | * | Capitaland Investment Ltd | 1,832,989 | |||||||
170,968 | CapitaMall Trust | 286,472 | ||||||||
49,700 | City Developments Ltd | 304,716 | ||||||||
207,691 | DBS Group Holdings Ltd | 5,038,712 | ||||||||
135,800 | Keppel Corp Ltd | 669,738 | ||||||||
192,200 | Oversea-Chinese Banking Corp | 1,706,464 | ||||||||
357,395 | * | Singapore Airlines Ltd | 1,408,730 | |||||||
36,200 | Singapore Exchange Ltd | 254,716 | ||||||||
673,500 | Singapore Technologies Engineering Ltd | 1,983,534 | ||||||||
814,525 | Singapore Telecommunications Ltd | 1,625,624 | ||||||||
40,800 | * | UOL Group Ltd | 214,385 | |||||||
TOTAL SINGAPORE | 15,326,080 | |||||||||
SPAIN - 2.4% | ||||||||||
1,104,594 | Banco Bilbao Vizcaya Argentaria S.A. | 5,796,082 | ||||||||
1,119,133 | e | CaixaBank S.A. | 3,612,443 | |||||||
647,418 | Iberdrola S.A. | 7,439,353 | ||||||||
83,340 | e | Industria De Diseno Textil S.A. | 1,747,412 | |||||||
71,169 | e | Naturgy Energy Group S.A. | 2,140,928 | |||||||
18,137 | Red Electrica Corp S.A. | 365,175 | ||||||||
315,392 | Repsol YPF S.A. | 4,704,979 | ||||||||
TOTAL SPAIN | 25,806,372 | |||||||||
SWEDEN - 3.3% | ||||||||||
149,078 | Assa Abloy AB | 3,767,519 | ||||||||
81,067 | Atlas Copco AB (A Shares) | 3,675,323 | ||||||||
72,140 | e | Atlas Copco AB (B Shares) | 2,855,140 | |||||||
90,330 | Boliden AB | 3,916,814 | ||||||||
10,733 | Electrolux AB | 163,683 | ||||||||
113,510 | Essity AB | 2,993,370 | ||||||||
96,857 | e | Hennes & Mauritz AB (B Shares) | 1,219,340 | |||||||
9,086 | Husqvarna AB (B Shares) | 86,854 | ||||||||
87,934 | * | Kinnevik AB | 1,721,084 | |||||||
129,308 | e | Sandvik AB | 2,447,582 | |||||||
273,750 | Skandinaviska Enskilda Banken AB (Class A) | 3,069,858 | ||||||||
19,911 | Skanska AB (B Shares) | 380,344 | ||||||||
47,299 | SKF AB (B Shares) | 772,519 | ||||||||
39,997 | Svenska Cellulosa AB (B Shares) | 774,054 | ||||||||
214,371 | Svenska Handelsbanken AB | 2,162,214 | ||||||||
38,601 | e | Tele2 AB (B Shares) | 511,628 | |||||||
204,463 | TeliaSonera AB | 848,647 | ||||||||
262,393 | Volvo AB (B Shares) | 4,186,068 | ||||||||
TOTAL SWEDEN | 35,552,041 |
105 |
TIAA-CREF FUNDS – Social Choice International Equity Fund
SHARES | COMPANY | VALUE | ||||||||
SWITZERLAND - 10.1% | ||||||||||
221,656 | ABB Ltd | $ | 6,650,110 | |||||||
39,488 | Adecco S.A. | 1,523,837 | ||||||||
1,539 | Barry Callebaut AG. | 3,542,093 | ||||||||
16,853 | Clariant AG. | 287,736 | ||||||||
677 | Givaudan S.A. | 2,690,751 | ||||||||
15,046 | Kuehne & Nagel International AG. | 4,209,062 | ||||||||
10,523 | Lonza Group AG. | 6,204,717 | ||||||||
226,574 | Nestle S.A. | 29,249,361 | ||||||||
58,905 | Roche Holding AG. | 21,842,782 | ||||||||
907 | SGS S.A. | 2,330,555 | ||||||||
17,611 | Sika AG. | 5,379,421 | ||||||||
12,415 | Sonova Holdings AG | 4,477,173 | ||||||||
4,750 | Swiss Life Holding | 2,777,397 | ||||||||
3,779 | Swisscom AG. | 2,234,526 | ||||||||
437,009 | UBS Group AG | 7,418,941 | ||||||||
14,609 | Vifor Pharma AG. | 2,583,889 | ||||||||
14,962 | Zurich Insurance Group AG | 6,811,742 | ||||||||
TOTAL SWITZERLAND | 110,214,093 | |||||||||
UNITED KINGDOM - 13.4% | ||||||||||
262,456 | 3i Group plc | 4,295,158 | ||||||||
58,891 | Ashtead Group plc | 3,045,090 | ||||||||
150,128 | Associated British Foods plc | 3,004,174 | ||||||||
135,286 | AstraZeneca plc | 18,052,737 | ||||||||
45 | AstraZeneca plc (ADR) | 2,988 | ||||||||
738,294 | Aviva plc | 3,961,040 | ||||||||
250,567 | Barratt Developments plc | 1,532,979 | ||||||||
13,058 | Berkeley Group Holdings plc | 662,256 | ||||||||
2,070,661 | BP plc | 9,996,724 | ||||||||
239,677 | British Land Co plc | 1,543,859 | ||||||||
1,662,450 | BT Group plc | 3,686,625 | ||||||||
43,285 | Burberry Group plc | 854,249 | ||||||||
208,865 | CNH Industrial NV | 2,958,841 | ||||||||
75,882 | * | Coca-Cola European Partners plc (Class A) | 3,790,306 | |||||||
237,184 | Compass Group plc | 5,005,018 | ||||||||
23,245 | Croda International plc | 2,257,707 | ||||||||
7,785 | DCC plc | 589,861 | ||||||||
1,984,274 | HSBC Holdings plc | 12,399,983 | ||||||||
415,163 | * | Informa plc | 2,945,123 | |||||||
50,052 | InterContinental Hotels Group plc | 3,195,306 | ||||||||
22,639 | Intertek Group plc | 1,410,748 | ||||||||
640,345 | J Sainsbury plc | 1,868,369 | ||||||||
474,396 | * | JD Sports Fashion plc | 781,650 | |||||||
57,739 | Johnson Matthey plc | 1,588,301 | ||||||||
140,439 | Kingfisher plc | 442,884 | ||||||||
1,062,424 | Legal & General Group plc | 3,311,677 | ||||||||
43,250 | London Stock Exchange Group plc | 4,264,093 | ||||||||
395,667 | National Grid plc | 5,878,413 | ||||||||
8,732 | Next plc | 654,033 | ||||||||
85,043 | Pearson plc | 825,751 | ||||||||
35,168 | Persimmon plc | 915,925 | ||||||||
214,200 | RELX plc | 6,381,121 | ||||||||
28,103 | Schroders plc | 992,042 |
106 |
TIAA-CREF FUNDS – Social Choice International Equity Fund
SHARES | COMPANY | VALUE | ||||||||
185,409 | Scottish & Southern Energy plc | $ | 4,306,277 | |||||||
267,976 | Segro plc | 4,486,482 | ||||||||
77,415 | St. James’s Place plc | 1,244,027 | ||||||||
580,038 | Standard Chartered plc | 3,965,326 | ||||||||
722,599 | Standard Life Aberdeen plc | 1,696,755 | ||||||||
596,818 | Taylor Wimpey plc | 938,649 | ||||||||
1,467,050 | Tesco plc | 4,984,035 | ||||||||
3,896,432 | Vodafone Group plc | 5,899,038 | ||||||||
69 | Vodafone Group plc (ADR) | 1,048 | ||||||||
66,922 | * | Whitbread plc | 2,336,036 | |||||||
245,650 | WPP plc | 3,061,994 | ||||||||
TOTAL UNITED KINGDOM | 146,014,698 | |||||||||
UNITED STATES - 2.9% | ||||||||||
29,097 | Ferguson plc | 3,650,195 | ||||||||
12,321 | *,e | Fiverr International Ltd | 656,093 | |||||||
502,559 | GlaxoSmithKline plc | 11,328,977 | ||||||||
60,419 | James Hardie Industries NV | 1,741,774 | ||||||||
56,701 | Schneider Electric S.A. | 8,134,842 | ||||||||
45,140 | Swiss Re Ltd | 3,701,788 | ||||||||
142,929 | Tenaris S.A. | 2,184,267 | ||||||||
TOTAL UNITED STATES | 31,397,936 | |||||||||
TOTAL COMMON STOCKS | 1,072,137,047 | |||||||||
(Cost $1,057,017,239) | ||||||||||
PRINCIPAL | ISSUER | RATE | MATURITY DATE | |||||||||||||
SHORT-TERM INVESTMENTS - 1.9% | ||||||||||||||||
REPURCHASE AGREEMENT - 1.3% | ||||||||||||||||
$ | 13,430,000 | r | Fixed Income Clearing Corp (FICC) | 0.230 | % | 05/02/22 | 13,430,000 | |||||||||
TOTAL REPURCHASE AGREEMENT | 13,430,000 | |||||||||||||||
SHARES | COMPANY | |||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.6% | ||||||||||||||||
6,871,652 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 0.310 | 6,871,652 | ||||||||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 6,871,652 | |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 20,301,652 | |||||||||||||||
(Cost $20,301,652) | ||||||||||||||||
TOTAL INVESTMENTS - 100.4% | 1,092,438,699 | |||||||||||||||
(Cost $1,077,318,891) | ||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - (0.4)% | (3,907,334 | ) | ||||||||||||||
NET ASSETS - 100.0% | $ | 1,088,531,365 |
ADR American Depositary Receipt | |||
REIT Real Estate Investment Trust |
* | Non-income producing | |
c | Investments made with cash collateral received from securities on loan. |
107 |
TIAA-CREF FUNDS – Social Choice International Equity Fund
e | All or a portion of these securities are out on loan. The aggregate value of securities on loan is $31,637,409. | ||
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 4/30/22, the aggregate value of these securities is $5,283,117 or 0.5% of net assets. | ||
r | Agreement with Fixed Income Clearing Corp (FICC), 0.230% dated 4/29/22 to be repurchased at $13,430,000 on 5/2/22, collateralized by Government Agency Securities, with coupon rate 2.500% and maturity date 2/15/46, valued at $13,698,605. | ||
Futures contracts outstanding as of April 30, 2022 were as follows:
Description | Number of long (short) contracts | Expiration date | Notional amount | Value | Unrealized appreciation (depreciation) | |||||||||||
MSCI EAFE Index | 79 | 06/17/22 | $ | 7,985,823 | $ | 7,886,570 | $ | (99,253 | ) |
108 |
TIAA-CREF FUNDS – Equity Index Fund
TIAA-CREF FUNDS
EQUITY INDEX FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2022
SHARES | COMPANY | VALUE | ||||||||
COMMON STOCKS - 99.6% | ||||||||||
AUTOMOBILES & COMPONENTS - 2.3% | ||||||||||
73,044 | * | Adient plc | $ | 2,493,722 | ||||||
85,722 | * | American Axle & Manufacturing Holdings, Inc | 567,480 | |||||||
213,975 | * | Aptiv plc | 22,766,940 | |||||||
20,855 | *,e | Arcimoto, Inc | 70,073 | |||||||
187,250 | BorgWarner, Inc | 6,896,417 | ||||||||
78,681 | *,e | Canoo, Inc | 377,669 | |||||||
23,967 | * | Cooper-Standard Holding, Inc | 110,488 | |||||||
111,367 | Dana Inc | 1,649,345 | ||||||||
20,723 | * | Dorman Products, Inc | 2,045,775 | |||||||
119,971 | *,e | Fisker, Inc | 1,206,908 | |||||||
3,086,342 | Ford Motor Co | 43,702,603 | ||||||||
32,192 | * | Fox Factory Holding Corp | 2,635,881 | |||||||
1,084,798 | * | General Motors Co | 41,124,692 | |||||||
201,421 | Gentex Corp | 5,911,706 | ||||||||
26,007 | * | Gentherm, Inc | 1,753,392 | |||||||
213,368 | * | Goodyear Tire & Rubber Co | 2,842,062 | |||||||
119,535 | Harley-Davidson, Inc | 4,357,051 | ||||||||
18,753 | LCI Industries, Inc | 1,825,042 | ||||||||
45,981 | Lear Corp | 5,882,809 | ||||||||
115,222 | *,e | Lordstown Motors Corp | 251,184 | |||||||
37,350 | * | Modine Manufacturing Co | 295,065 | |||||||
12,250 | * | Motorcar Parts of America, Inc | 186,322 | |||||||
17,563 | Patrick Industries, Inc | 1,093,297 | ||||||||
204,071 | * | QuantumScape Corp | 3,048,821 | |||||||
118,430 | *,e | Rivian Automotive, Inc | 3,581,323 | |||||||
16,474 | Standard Motor Products, Inc | 703,110 | ||||||||
20,436 | * | Stoneridge, Inc | 402,794 | |||||||
53,400 | * | Tenneco, Inc | 916,878 | |||||||
660,628 | * | Tesla, Inc | 575,248,437 | |||||||
40,432 | Thor Industries, Inc | 3,095,070 | ||||||||
22,062 | * | Visteon Corp | 2,310,112 | |||||||
24,358 | Winnebago Industries, Inc | 1,295,358 | ||||||||
183,399 | *,e | Workhorse Group, Inc | 552,031 | |||||||
211,683 | * | XL Fleet Corp | 296,356 | |||||||
13,289 | * | XPEL, Inc | 575,015 | |||||||
TOTAL AUTOMOBILES & COMPONENTS | 742,071,228 | |||||||||
BANKS - 4.1% | ||||||||||
12,677 | 1st Source Corp | 548,534 | ||||||||
15,176 | Allegiance Bancshares, Inc | 620,091 | ||||||||
479 | Amalgamated Financial Corp | 8,426 | ||||||||
26,709 | Amerant Bancorp Inc | 710,192 | ||||||||
4,767 | American National Bankshares, Inc | 165,606 | ||||||||
50,096 | Ameris Bancorp | 2,089,003 | ||||||||
7,200 | Arrow Financial Corp | 225,360 | ||||||||
111,844 | Associated Banc-Corp | 2,231,288 |
109 |
TIAA-CREF FUNDS – Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
60,073 | Atlantic Union Bankshares Corp | $ | 2,029,266 | |||||||
46,076 | * | Axos Financial, Inc | 1,745,359 | |||||||
52,464 | Banc of California, Inc | 946,451 | ||||||||
12,807 | Bancfirst Corp | 1,046,972 | ||||||||
4,227 | e | Bank First Corp | 298,849 | |||||||
5,647,556 | Bank of America Corp | 201,504,798 | ||||||||
31,540 | Bank of Hawaii Corp | 2,344,684 | ||||||||
6,797 | Bank of Marin Bancorp | 212,474 | ||||||||
41,122 | Bank of NT Butterfield & Son Ltd | 1,317,138 | ||||||||
93,778 | Bank OZK | 3,602,951 | ||||||||
73,410 | BankUnited | 2,755,811 | ||||||||
27,864 | Banner Corp | 1,496,297 | ||||||||
13,280 | Bar Harbor Bankshares | 346,741 | ||||||||
45,048 | Berkshire Hills Bancorp, Inc | 1,114,487 | ||||||||
13,256 | Blue Ridge Bankshares, Inc | 193,140 | ||||||||
25,187 | BOK Financial Corp | 2,088,758 | ||||||||
16,126 | * | Bridgewater Bancshares, Inc | 258,338 | |||||||
61,942 | Brookline Bancorp, Inc | 895,681 | ||||||||
6,258 | Business First Bancshares, Inc | 138,677 | ||||||||
26,674 | Byline Bancorp, Inc | 625,772 | ||||||||
147,992 | Cadence BanCorp | 3,705,720 | ||||||||
5,146 | Cambridge Bancorp | 420,480 | ||||||||
11,481 | Camden National Corp | 513,775 | ||||||||
197 | Capital Bancorp, Inc | 4,434 | ||||||||
4,674 | Capital City Bank Group, Inc | 119,701 | ||||||||
109,579 | Capitol Federal Financial | 1,055,246 | ||||||||
21,751 | Capstar Financial Holdings, Inc | 438,283 | ||||||||
16,499 | * | Carter Bankshares, Inc | 269,924 | |||||||
61,319 | Cathay General Bancorp | 2,458,279 | ||||||||
17,973 | CBTX, Inc | 512,590 | ||||||||
16,564 | Central Pacific Financial Corp | 400,517 | ||||||||
1,566,666 | Citigroup, Inc | 75,528,968 | ||||||||
5,365 | Citizens & Northern Corp | 125,595 | ||||||||
381,794 | Citizens Financial Group, Inc | 15,042,684 | ||||||||
13,730 | City Holding Co | 1,062,427 | ||||||||
5,944 | Civista Bancshares, Inc | 123,754 | ||||||||
8,140 | CNB Financial Corp | 202,279 | ||||||||
7,192 | * | Coastal Financial Corp | 295,160 | |||||||
59,238 | Columbia Banking System, Inc | 1,663,403 | ||||||||
28,774 | * | Columbia Financial, Inc | 545,267 | |||||||
103,353 | Comerica, Inc | 8,464,611 | ||||||||
88,934 | Commerce Bancshares, Inc | 6,080,418 | ||||||||
41,516 | Community Bank System, Inc | 2,673,630 | ||||||||
14,544 | Community Trust Bancorp, Inc | 578,997 | ||||||||
34,091 | ConnectOne Bancorp, Inc | 949,775 | ||||||||
33,310 | * | CrossFirst Bankshares, Inc | 426,701 | |||||||
45,268 | Cullen/Frost Bankers, Inc | 5,988,504 | ||||||||
22,797 | * | Customers Bancorp, Inc | 959,070 | |||||||
109,217 | CVB Financial Corp | 2,514,175 | ||||||||
29,954 | Dime Community Bancshares, Inc | 941,754 | ||||||||
27,023 | Eagle Bancorp, Inc | 1,360,608 | ||||||||
116,334 | East West Bancorp, Inc | 8,294,614 | ||||||||
138,123 | Eastern Bankshares, Inc | 2,646,437 | ||||||||
20,558 | Enact Holdings, Inc | 484,758 | ||||||||
5,411 | Enterprise Bancorp, Inc | 183,703 | ||||||||
29,950 | Enterprise Financial Services Corp | 1,322,891 |
110 |
TIAA-CREF FUNDS – Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
11,532 | Equity Bancshares, Inc | $ | 352,072 | |||||||
91,723 | Essent Group Ltd | 3,717,533 | ||||||||
12,212 | Farmers National Banc Corp | 187,088 | ||||||||
27,818 | FB Financial Corp | 1,071,828 | ||||||||
8,455 | Federal Agricultural Mortgage Corp (FAMC) | 866,046 | ||||||||
111 | e | Fidelity D&D Bancorp, Inc | 4,126 | |||||||
536,711 | Fifth Third Bancorp | 20,142,764 | ||||||||
25,552 | * | Finance Of America Cos, Inc | 57,748 | |||||||
9,067 | Financial Institutions, Inc | 252,425 | ||||||||
163,833 | First Bancorp | 2,229,767 | ||||||||
25,537 | First Bancorp | 956,616 | ||||||||
7,861 | First Bancorp, Inc | 221,287 | ||||||||
15,263 | First Bancshares, Inc | 491,316 | ||||||||
607 | First Bank | 8,656 | ||||||||
39,833 | First Busey Corp | 895,047 | ||||||||
9,446 | First Citizens Bancshares, Inc (Class A) | 6,039,583 | ||||||||
70,866 | First Commonwealth Financial Corp | 955,274 | ||||||||
14,507 | First Community Bancshares, Inc | 386,321 | ||||||||
76,443 | First Financial Bancorp | 1,563,259 | ||||||||
103,439 | First Financial Bankshares, Inc | 4,135,491 | ||||||||
4,468 | First Financial Corp | 190,426 | ||||||||
29,791 | First Foundation, Inc | 661,956 | ||||||||
103,649 | First Hawaiian, Inc | 2,447,153 | ||||||||
419,165 | First Horizon National Corp | 9,380,913 | ||||||||
11,154 | First Internet Bancorp | 429,317 | ||||||||
74,550 | First Interstate Bancsystem, Inc | 2,424,366 | ||||||||
48,621 | First Merchants Corp | 1,905,457 | ||||||||
12,500 | First Mid-Illinois Bancshares, Inc | 450,500 | ||||||||
12,953 | First of Long Island Corp | 217,351 | ||||||||
141,122 | First Republic Bank | 21,058,225 | ||||||||
4,042 | Five Star Bancorp | 100,848 | ||||||||
39,546 | Flagstar Bancorp, Inc | 1,395,974 | ||||||||
13,945 | Flushing Financial Corp | 299,817 | ||||||||
258,963 | FNB Corp | 2,983,254 | ||||||||
272 | FS Bancorp, Inc | 7,994 | ||||||||
129,937 | Fulton Financial Corp | 1,971,144 | ||||||||
20,011 | German American Bancorp, Inc | 702,386 | ||||||||
85,641 | Glacier Bancorp, Inc | 3,918,932 | ||||||||
7,373 | Great Southern Bancorp, Inc | 418,344 | ||||||||
5,229 | Guaranty Bancshares, Inc | 179,878 | ||||||||
65,791 | Hancock Whitney Corp | 3,077,045 | ||||||||
30,069 | Hanmi Financial Corp | 696,097 | ||||||||
40,940 | HarborOne Northeast Bancorp, Inc | 548,187 | ||||||||
7,463 | HBT Financial, Inc | 128,214 | ||||||||
35,713 | Heartland Financial USA, Inc | 1,563,158 | ||||||||
57,544 | Heritage Commerce Corp | 646,219 | ||||||||
29,249 | Heritage Financial Corp | 708,411 | ||||||||
48,488 | Hilltop Holdings, Inc | 1,235,959 | ||||||||
693 | Hingham Institution for Savings | 223,887 | ||||||||
2,987 | Home Bancorp, Inc | 114,492 | ||||||||
123,387 | Home Bancshares, Inc | 2,667,627 | ||||||||
15,661 | HomeStreet, Inc | 635,680 | ||||||||
8,504 | HomeTrust Bancshares, Inc | 229,863 | ||||||||
102,627 | Hope Bancorp, Inc | 1,467,566 | ||||||||
39,049 | Horizon Bancorp | 682,577 | ||||||||
1,127,086 | Huntington Bancshares, Inc | 14,821,181 |
111 |
TIAA-CREF FUNDS – Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
36,248 | Independent Bank Corp | $ | 2,796,896 | |||||||
16,543 | Independent Bank Corp | 326,559 | ||||||||
28,509 | Independent Bank Group, Inc | 1,932,910 | ||||||||
44,385 | International Bancshares Corp | 1,766,079 | ||||||||
2,329,856 | JPMorgan Chase & Co | 278,091,612 | ||||||||
64,314 | Kearny Financial Corp | 762,764 | ||||||||
724,302 | Keycorp | 13,986,272 | ||||||||
56,398 | Lakeland Bancorp, Inc | 847,662 | ||||||||
20,428 | Lakeland Financial Corp | 1,487,567 | ||||||||
23,838 | Live Oak Bancshares, Inc | 1,009,063 | ||||||||
650 | Luther Burbank Corp | 8,625 | ||||||||
140,667 | M&T Bank Corp | 23,440,749 | ||||||||
13,130 | Macatawa Bank Corp | 114,887 | ||||||||
9,212 | Mercantile Bank Corp | 289,257 | ||||||||
14,385 | Merchants Bancorp | 338,335 | ||||||||
23,658 | Meta Financial Group, Inc | 1,032,672 | ||||||||
14,419 | Metrocity Bankshares, Inc | 293,859 | ||||||||
7,388 | * | Metropolitan Bank Holding Corp | 657,901 | |||||||
252,629 | MGIC Investment Corp | 3,299,335 | ||||||||
234 | Mid Penn Bancorp, Inc | 6,044 | ||||||||
23,372 | Midland States Bancorp, Inc | 616,086 | ||||||||
6,127 | MidWestOne Financial Group, Inc | 183,075 | ||||||||
47,547 | * | Mr Cooper Group, Inc | 2,138,189 | |||||||
7,598 | MVB Financial Corp | 304,376 | ||||||||
22,010 | National Bank Holdings Corp | 803,585 | ||||||||
35,972 | NBT Bancorp, Inc | 1,266,214 | ||||||||
460,533 | New York Community Bancorp, Inc | 4,255,325 | ||||||||
9,277 | * | Nicolet Bankshares, Inc | 754,962 | |||||||
62,520 | * | NMI Holdings, Inc | 1,149,118 | |||||||
46,460 | Northfield Bancorp, Inc | 608,161 | ||||||||
3,437 | Northrim BanCorp, Inc | 137,721 | ||||||||
104,851 | Northwest Bancshares, Inc | 1,329,511 | ||||||||
53,843 | OceanFirst Financial Corp | 1,008,479 | ||||||||
8,176 | * | Ocwen Financial Corp | 170,061 | |||||||
39,594 | OFG Bancorp | 1,052,409 | ||||||||
223,112 | Old National Bancorp | 3,382,378 | ||||||||
15,788 | Old Second Bancorp, Inc | 217,401 | ||||||||
21,000 | Origin Bancorp, Inc | 791,280 | ||||||||
3,740 | Orrstown Financial Services, Inc | 88,189 | ||||||||
75,328 | Pacific Premier Bancorp, Inc | 2,362,286 | ||||||||
89,618 | PacWest Bancorp | 2,947,536 | ||||||||
11,966 | Park National Corp | 1,410,193 | ||||||||
10,634 | PCSB Financial Corp | 194,815 | ||||||||
10,600 | Peapack Gladstone Financial Corp | 328,494 | ||||||||
25,625 | PennyMac Financial Services, Inc | 1,244,350 | ||||||||
23,909 | Peoples Bancorp, Inc | 655,585 | ||||||||
8,413 | Peoples Financial Services Corp | 417,621 | ||||||||
58,710 | Pinnacle Financial Partners, Inc | 4,552,960 | ||||||||
398 | * | Pioneer Bancorp, Inc | 4,139 | |||||||
335,189 | PNC Financial Services Group, Inc | 55,674,893 | ||||||||
61,128 | Popular, Inc | 4,767,373 | ||||||||
12,596 | Preferred Bank | 845,444 | ||||||||
29,544 | Premier Financial Corp | 784,098 | ||||||||
5,879 | Primis Financial Corp | 80,248 | ||||||||
69,992 | Prosperity Bancshares, Inc | 4,576,077 | ||||||||
5,101 | Provident Bancorp Inc | 81,208 |
112 |
TIAA-CREF FUNDS – Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
97,682 | Provident Financial Services, Inc | $ | 2,161,703 | |||||||
14,544 | QCR Holdings, Inc | 789,594 | ||||||||
137,907 | Radian Group, Inc | 2,949,831 | ||||||||
8,732 | RBB Bancorp | 186,777 | ||||||||
4,675 | Red River Bancshares Inc | 253,619 | ||||||||
747,169 | Regions Financial Corp | 15,481,342 | ||||||||
44,579 | Renasant Corp | 1,328,008 | ||||||||
4,277 | Republic Bancorp, Inc (Class A) | 178,265 | ||||||||
30,260 | * | Republic First Bancorp, Inc | 126,789 | |||||||
102,918 | Rocket Cos, Inc | 910,824 | ||||||||
34,231 | S&T Bancorp, Inc | 967,368 | ||||||||
35,885 | Sandy Spring Bancorp, Inc | 1,409,204 | ||||||||
40,441 | Seacoast Banking Corp of Florida | 1,314,332 | ||||||||
39,137 | ServisFirst Bancshares, Inc | 3,143,484 | ||||||||
5,427 | Sierra Bancorp | 118,037 | ||||||||
49,251 | Signature Bank | 11,931,055 | ||||||||
22,657 | * | Silvergate Capital Corp | 2,649,963 | |||||||
101,705 | Simmons First National Corp (Class A) | 2,427,698 | ||||||||
16,613 | SmartFinancial, Inc | 407,351 | ||||||||
366 | South Plains Financial Inc | 8,839 | ||||||||
60,284 | South State Corp | 4,668,393 | ||||||||
2,839 | * | Southern First Bancshares, Inc | 129,742 | |||||||
5,867 | Southern Missouri Bancorp, Inc | 247,587 | ||||||||
25,174 | Southside Bancshares, Inc | 986,569 | ||||||||
21,811 | Stock Yards Bancorp, Inc | 1,140,279 | ||||||||
6,059 | Summit Financial Group, Inc | 165,108 | ||||||||
44,912 | * | SVB Financial Group | 21,900,888 | |||||||
114,400 | Synovus Financial Corp | 4,752,176 | ||||||||
40,076 | * | Texas Capital Bancshares, Inc | 2,058,303 | |||||||
41,223 | TFS Financial Corp | 617,933 | ||||||||
38,659 | * | The Bancorp, Inc | 877,173 | |||||||
11,508 | Tompkins Financial Corp | 840,084 | ||||||||
58,073 | Towne Bank | 1,601,073 | ||||||||
25,146 | Trico Bancshares | 944,232 | ||||||||
22,213 | * | Tristate Capital Holdings, Inc | 671,055 | |||||||
18,271 | * | Triumph Bancorp, Inc | �� | 1,268,738 | ||||||
1,046,498 | Truist Financial Corp | 50,598,178 | ||||||||
20,180 | TrustCo Bank Corp | 628,607 | ||||||||
47,111 | Trustmark Corp | 1,313,455 | ||||||||
34,522 | UMB Financial Corp | 3,113,194 | ||||||||
161,963 | Umpqua Holdings Corp | 2,678,868 | ||||||||
97,981 | United Bankshares, Inc | 3,258,848 | ||||||||
80,778 | United Community Banks, Inc | 2,434,649 | ||||||||
22,856 | Univest Financial Corp | 575,971 | ||||||||
1,058,750 | US Bancorp | 51,412,900 | ||||||||
75,868 | e | UWM Holdings Corp | 281,470 | |||||||
317,795 | Valley National Bancorp | 3,807,184 | ||||||||
35,703 | Veritex Holdings, Inc | 1,172,844 | ||||||||
24,020 | Walker & Dunlop, Inc | 2,876,635 | ||||||||
54,015 | Washington Federal, Inc | 1,643,676 | ||||||||
16,423 | Washington Trust Bancorp, Inc | 770,896 | ||||||||
20,122 | Waterstone Financial, Inc | 323,159 | ||||||||
139,403 | Webster Financial Corp | 6,968,756 | ||||||||
3,097,243 | Wells Fargo & Co | 135,132,712 | ||||||||
53,314 | WesBanco, Inc | 1,718,843 | ||||||||
8,649 | West Bancorporation, Inc | 216,225 |
113 |
TIAA-CREF FUNDS – Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
21,091 | Westamerica Bancorporation | $ | 1,242,682 | |||||||
81,571 | Western Alliance Bancorp | 6,208,369 | ||||||||
43,106 | Wintrust Financial Corp | 3,764,016 | ||||||||
48,660 | WSFS Financial Corp | 1,949,806 | ||||||||
122,076 | Zions Bancorporation | 6,898,515 | ||||||||
TOTAL BANKS | 1,321,321,683 | |||||||||
CAPITAL GOODS - 5.9% | ||||||||||
450,804 | 3M Co | 65,014,953 | ||||||||
102,676 | A.O. Smith Corp | 5,999,359 | ||||||||
35,315 | Aaon, Inc | 1,721,253 | ||||||||
24,480 | * | AAR Corp | 1,150,070 | |||||||
27,479 | Acuity Brands, Inc | 4,739,578 | ||||||||
56,565 | Advanced Drainage Systems, Inc | 5,795,650 | ||||||||
13,104 | *,e | Advent Technologies Holdings, Inc | 25,553 | |||||||
108,026 | Aecom Technology Corp | 7,622,315 | ||||||||
55,516 | * | Aerojet Rocketdyne Holdings, Inc | 2,219,530 | |||||||
16,966 | * | Aerovironment, Inc | 1,362,709 | |||||||
6,691 | *,e | AerSale Corp | 96,886 | |||||||
48,114 | AGCO Corp | 6,129,724 | ||||||||
140,762 | *,e | AgEagle Aerial Systems, Inc | 113,468 | |||||||
82,995 | Air Lease Corp | 3,343,039 | ||||||||
7,671 | Alamo Group, Inc | 969,921 | ||||||||
24,539 | Albany International Corp (Class A) | 1,919,441 | ||||||||
70,689 | Allegion plc | 8,075,511 | ||||||||
6,418 | Allied Motion Technologies, Inc | 156,214 | ||||||||
79,869 | Allison Transmission Holdings, Inc | 2,990,295 | ||||||||
13,325 | * | Alta Equipment Group, Inc | 149,906 | |||||||
49,939 | Altra Industrial Motion Corp | 1,947,621 | ||||||||
23,361 | * | Ameresco, Inc | 1,178,329 | |||||||
20,904 | * | American Superconductor Corp | 111,418 | |||||||
13,260 | * | American Woodmark Corp | 621,231 | |||||||
181,471 | Ametek, Inc | 22,912,528 | ||||||||
175,284 | *,g | API Group Corp | 3,253,271 | |||||||
18,861 | Apogee Enterprises, Inc | 829,884 | ||||||||
28,552 | Applied Industrial Technologies, Inc | 2,989,109 | ||||||||
37,664 | Arcosa, Inc | 2,016,154 | ||||||||
11,927 | Argan, Inc | 438,675 | ||||||||
36,407 | Armstrong World Industries, Inc | 3,082,217 | ||||||||
94,689 | * | Array Technologies, Inc | 618,319 | |||||||
18,121 | Astec Industries, Inc | 708,531 | ||||||||
18,079 | * | Astronics Corp | 175,186 | |||||||
35,759 | * | Atkore International Group, Inc | 3,436,440 | |||||||
50,530 | * | Axon Enterprise, Inc | 5,669,466 | |||||||
86,875 | * | AZEK Co, Inc | 1,845,225 | |||||||
18,636 | AZZ, Inc | 850,547 | ||||||||
42,265 | * | Babcock & Wilcox Enterprises, Inc | 317,410 | |||||||
36,600 | Barnes Group, Inc | 1,229,028 | ||||||||
41,196 | * | Beacon Roofing Supply, Inc | 2,456,517 | |||||||
9,431 | *,e | Beam Global | 145,615 | |||||||
29,480 | *,e | Blink Charging Co | 563,068 | |||||||
114,879 | * | Bloom Energy Corp | 2,132,154 | |||||||
11,902 | * | Blue Bird Corp | 190,789 | |||||||
6,753 | * | BlueLinx Holdings, Inc | 450,223 | |||||||
423,414 | * | Boeing Co | 63,020,940 | |||||||
30,171 | Boise Cascade Co | 2,280,324 |
114 |
TIAA-CREF FUNDS – Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
152,856 | * | Builders FirstSource, Inc | $ | 9,411,344 | ||||||
73,318 | BWX Technologies, Inc | 3,806,671 | ||||||||
8,047 | *,e | Byrna Technologies, Inc | 47,638 | |||||||
9,104 | Cadre Holdings, Inc | 231,060 | ||||||||
13,838 | e | Caesarstone Sdot-Yam Ltd | 136,028 | |||||||
39,776 | Carlisle Cos, Inc | 10,316,303 | ||||||||
677,586 | Carrier Global Corp | 25,931,216 | ||||||||
427,519 | Caterpillar, Inc | 90,009,850 | ||||||||
179,557 | *,e | ChargePoint Holdings, Inc | 2,323,468 | |||||||
28,211 | * | Chart Industries, Inc | 4,762,581 | |||||||
21,040 | * | CIRCOR International, Inc | 413,436 | |||||||
20,834 | Columbus McKinnon Corp | 738,565 | ||||||||
29,839 | Comfort Systems USA, Inc | 2,519,008 | ||||||||
24,290 | * | Commercial Vehicle Group, Inc | 174,402 | |||||||
917 | * | Concrete Pumping Holdings Inc | 5,117 | |||||||
29,596 | * | Construction Partners Inc | 763,873 | |||||||
56,775 | * | Core & Main, Inc | 1,348,974 | |||||||
44,028 | * | Cornerstone Building Brands, Inc | 1,073,843 | |||||||
39,328 | Crane Co | 3,784,533 | ||||||||
12,276 | CSW Industrials, Inc | 1,295,241 | ||||||||
112,611 | Cummins, Inc | 21,304,875 | ||||||||
30,809 | Curtiss-Wright Corp | 4,402,914 | ||||||||
57,706 | *,e | Custom Truck One Source, Inc | 379,128 | |||||||
220,362 | Deere & Co | 83,197,673 | ||||||||
196,271 | *,e | Desktop Metal, Inc | 688,911 | |||||||
98,033 | Donaldson Co, Inc | 4,807,538 | ||||||||
17,667 | Douglas Dynamics, Inc | 546,970 | ||||||||
112,790 | Dover Corp | 15,034,907 | ||||||||
7,712 | * | Ducommun, Inc | 393,852 | |||||||
13,025 | * | DXP Enterprises, Inc | 307,781 | |||||||
22,700 | * | Dycom Industries, Inc | 1,927,457 | |||||||
315,157 | Eaton Corp | 45,704,068 | ||||||||
40,967 | EMCOR Group, Inc | 4,362,166 | ||||||||
473,849 | Emerson Electric Co | 42,731,703 | ||||||||
16,665 | Encore Wire Corp | 1,879,979 | ||||||||
32,188 | * | Energy Recovery, Inc | 596,122 | |||||||
57,294 | Enerpac Tool Group Corp | 1,150,464 | ||||||||
34,599 | EnerSys | 2,264,851 | ||||||||
35,865 | * | Enovis Corp | 2,326,563 | |||||||
16,945 | EnPro Industries, Inc | 1,579,443 | ||||||||
31,985 | *,e | Eos Energy Enterprises, Inc | 67,808 | |||||||
35,865 | * | Esab Corp | 1,685,655 | |||||||
19,986 | ESCO Technologies, Inc | 1,248,126 | ||||||||
2,079 | *,e | EVI Industries, Inc | 29,709 | |||||||
91,845 | * | Evoqua Water Technologies Corp | 3,829,018 | |||||||
452,247 | Fastenal Co | 25,013,782 | ||||||||
47,719 | Federal Signal Corp | 1,623,878 | ||||||||
101,738 | Flowserve Corp | 3,327,850 | ||||||||
25,385 | * | Fluence Energy, Inc | 232,780 | |||||||
107,431 | * | Fluor Corp | 2,658,917 | |||||||
256,298 | Fortive Corp | 14,737,135 | ||||||||
107,925 | Fortune Brands Home & Security, Inc | 7,689,656 | ||||||||
34,277 | Franklin Electric Co, Inc | 2,397,333 | ||||||||
61,150 | *,e | FTC Solar, Inc | 171,220 | |||||||
277,451 | *,e | FuelCell Energy, Inc | 1,132,000 | |||||||
72,324 | * | Gates Industrial Corp plc | 922,131 |
115 |
TIAA-CREF FUNDS – Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
27,685 | GATX Corp | $ | 2,862,352 | |||||||
48,666 | * | Generac Holdings, Inc | 10,676,347 | |||||||
196,409 | General Dynamics Corp | 46,456,621 | ||||||||
862,426 | General Electric Co | 64,293,858 | ||||||||
27,344 | * | Gibraltar Industries, Inc | 1,034,697 | |||||||
11,337 | Global Industrial Co | 349,860 | ||||||||
31,553 | * | GMS, Inc | 1,512,966 | |||||||
19,536 | Gorman-Rupp Co | 622,417 | ||||||||
132,462 | Graco, Inc | 8,215,293 | ||||||||
154,211 | GrafTech International Ltd | 1,400,236 | ||||||||
40,702 | Granite Construction, Inc | 1,206,814 | ||||||||
63,016 | * | Great Lakes Dredge & Dock Corp | 870,251 | |||||||
25,927 | Greenbrier Cos, Inc | 1,107,342 | ||||||||
42,215 | Griffon Corp | 789,843 | ||||||||
22,964 | H&E Equipment Services, Inc | 814,763 | ||||||||
34,589 | HEICO Corp | 4,885,004 | ||||||||
69,662 | HEICO Corp (Class A) | 8,125,376 | ||||||||
24,756 | Helios Technologies, Inc | 1,663,108 | ||||||||
19,232 | Herc Holdings, Inc | 2,458,234 | ||||||||
64,289 | Hexcel Corp | 3,494,750 | ||||||||
55,966 | Hillenbrand, Inc | 2,284,532 | ||||||||
547,155 | Honeywell International, Inc | 105,879,964 | ||||||||
303,383 | Howmet Aerospace, Inc | 10,351,428 | ||||||||
42,592 | Hubbell, Inc | 8,320,773 | ||||||||
32,483 | Huntington Ingalls | 6,910,433 | ||||||||
39,661 | *,e | Hydrofarm Holdings Group, Inc | 378,763 | |||||||
88,714 | *,e | Hyliion Holdings Corp | 284,772 | |||||||
7,398 | Hyster-Yale Materials Handling, Inc | 227,267 | ||||||||
361,926 | *,e | Ideanomics Inc | 260,297 | |||||||
58,798 | IDEX Corp | 11,161,036 | ||||||||
9,052 | * | IES Holdings, Inc | 265,224 | |||||||
248,157 | Illinois Tool Works, Inc | 48,914,226 | ||||||||
39,116 | * | Infrastructure and Energy Alternatives, Inc | 365,735 | |||||||
317,713 | Ingersoll Rand, Inc | 13,966,663 | ||||||||
54,670 | *,e | INNOVATE Corp | 165,650 | |||||||
16,162 | Insteel Industries, Inc | 685,592 | ||||||||
68,836 | ITT, Inc | �� | 4,833,664 | |||||||
69,752 | * | JELD-WEN Holding, Inc | 1,450,144 | |||||||
23,637 | John Bean Technologies Corp | 2,786,566 | ||||||||
552,592 | Johnson Controls International plc | 33,083,683 | ||||||||
9,592 | Kadant, Inc | 1,774,520 | ||||||||
23,713 | Kaman Corp | 925,044 | ||||||||
65,544 | Kennametal, Inc | 1,686,447 | ||||||||
92,618 | * | Kratos Defense & Security Solutions, Inc | 1,405,015 | |||||||
155,023 | L3Harris Technologies, Inc | 36,005,642 | ||||||||
2,093 | * | Lawson Products, Inc | 79,513 | |||||||
26,217 | Lennox International, Inc | 5,589,202 | ||||||||
44,533 | Lincoln Electric Holdings, Inc | 5,999,931 | ||||||||
8,690 | Lindsay Corp | 1,174,454 | ||||||||
191,714 | Lockheed Martin Corp | 82,843,454 | ||||||||
31,560 | Luxfer Holdings plc | 509,378 | ||||||||
26,764 | * | Manitowoc Co, Inc | 354,355 | |||||||
189,513 | Masco Corp | 9,985,440 | ||||||||
17,983 | * | Masonite International Corp | 1,394,042 | |||||||
43,473 | * | Mastec, Inc | 3,130,491 | |||||||
14,899 | * | Matrix Service Co | 101,313 |
116 |
TIAA-CREF FUNDS – Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
58,986 | Maxar Technologies, Inc | $ | 1,899,939 | |||||||
214 | * | Mayville Engineering Co Inc | 1,772 | |||||||
18,531 | McGrath RentCorp | 1,546,597 | ||||||||
153,851 | MDU Resources Group, Inc | 3,963,202 | ||||||||
42,663 | * | Mercury Systems, Inc | 2,380,169 | |||||||
55,725 | * | Meritor, Inc | 2,001,085 | |||||||
44,005 | * | Middleby Corp | 6,771,929 | |||||||
12,956 | Miller Industries, Inc | 347,350 | ||||||||
21,755 | Moog, Inc (Class A) | 1,737,572 | ||||||||
77,007 | * | MRC Global, Inc | 923,314 | |||||||
34,930 | MSC Industrial Direct Co (Class A) | 2,894,300 | ||||||||
47,311 | Mueller Industries, Inc | 2,561,891 | ||||||||
127,783 | Mueller Water Products, Inc (Class A) | 1,537,229 | ||||||||
12,614 | * | MYR Group, Inc | 997,641 | |||||||
3,880 | National Presto Industries, Inc | 275,984 | ||||||||
176,578 | *,e | Nikola Corp | 1,267,830 | |||||||
50,241 | * | NN, Inc | 152,230 | |||||||
46,105 | Nordson Corp | 9,944,387 | ||||||||
116,594 | Northrop Grumman Corp | 51,231,404 | ||||||||
5,310 | * | Northwest Pipe Co | 141,830 | |||||||
82,939 | * | NOW, Inc | 904,035 | |||||||
11,407 | * | NV5 Global Inc | 1,366,559 | |||||||
132,908 | nVent Electric plc | 4,489,632 | ||||||||
2,460 | Omega Flex, Inc | 273,060 | ||||||||
52,982 | Oshkosh Corp | 4,897,656 | ||||||||
335,222 | Otis Worldwide Corp | 24,417,570 | ||||||||
80,311 | Owens Corning, Inc | 7,302,679 | ||||||||
270,810 | PACCAR, Inc | 22,490,771 | ||||||||
17,936 | Park Aerospace Corp | 209,851 | ||||||||
101,503 | Parker-Hannifin Corp | 27,489,042 | ||||||||
5,098 | Park-Ohio Holdings Corp | 48,890 | ||||||||
20,227 | * | Parsons Corp | 746,983 | |||||||
127,693 | Pentair plc | 6,480,420 | ||||||||
44,109 | * | PGT Innovations, Inc | 783,817 | |||||||
443,859 | *,e | Plug Power, Inc | 9,329,916 | |||||||
6,448 | Powell Industries, Inc | 124,446 | ||||||||
1,196 | Preformed Line Products Co | 71,162 | ||||||||
39,620 | Primoris Services Corp | 918,392 | ||||||||
21,351 | * | Proto Labs, Inc | 909,766 | |||||||
25,421 | Quanex Building Products Corp | 488,592 | ||||||||
111,854 | Quanta Services, Inc | 12,972,827 | ||||||||
1,184,509 | Raytheon Technologies Corp | 112,421,749 | ||||||||
21,496 | * | RBC Bearings, Inc | 3,618,852 | |||||||
52,282 | Regal-Beloit Corp | 6,652,362 | ||||||||
109,515 | * | Resideo Technologies, Inc | 2,462,992 | |||||||
36,153 | REV Group, Inc | 430,944 | ||||||||
92,036 | Rockwell Automation, Inc | 23,254,736 | ||||||||
202,404 | *,e | Romeo Power, Inc | 222,644 | |||||||
83,431 | Roper Technologies Inc | 39,205,896 | ||||||||
30,831 | Rush Enterprises, Inc (Class A) | 1,568,681 | ||||||||
4,548 | Rush Enterprises, Inc (Class B) | 220,351 | ||||||||
119,164 | * | Sensata Technologies Holding plc | 5,411,237 | |||||||
77,456 | * | Shoals Technologies Group, Inc | 773,011 | |||||||
25,668 | Shyft Group, Inc | 653,764 | ||||||||
33,680 | Simpson Manufacturing Co, Inc | 3,491,606 | ||||||||
34,213 | * | SiteOne Landscape Supply, Inc | 4,825,059 |
117 |
TIAA-CREF FUNDS – Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
41,809 | Snap-On, Inc | $ | 8,883,994 | |||||||
82,554 | Spirit Aerosystems Holdings, Inc (Class A) | 3,470,570 | ||||||||
34,159 | * | SPX Corp | 1,431,262 | |||||||
8,739 | Standex International Corp | 821,816 | ||||||||
127,248 | Stanley Black & Decker, Inc | 15,288,847 | ||||||||
87,734 | *,e | Stem, Inc | 629,053 | |||||||
20,407 | * | Sterling Construction Co, Inc | 467,116 | |||||||
157,519 | * | Sunrun, Inc | 3,147,230 | |||||||
14,704 | Tennant Co | 949,584 | ||||||||
50,935 | Terex Corp | 1,731,790 | ||||||||
40,242 | Textainer Group Holdings Ltd | 1,349,717 | ||||||||
173,636 | Textron, Inc | 12,024,293 | ||||||||
23,343 | * | Thermon Group Holdings | 350,145 | |||||||
50,017 | Timken Co | 2,882,980 | ||||||||
37,680 | * | Titan International, Inc | 522,245 | |||||||
14,352 | * | Titan Machinery, Inc | 338,420 | |||||||
83,560 | Toro Co | 6,695,663 | ||||||||
45,085 | * | TPI Composites, Inc | 515,772 | |||||||
185,913 | Trane Technologies plc | 26,007,370 | ||||||||
5,325 | * | Transcat Inc | 388,725 | |||||||
41,614 | * | TransDigm Group, Inc | 24,752,423 | |||||||
90,020 | * | Trex Co, Inc | 5,238,264 | |||||||
69,451 | Trinity Industries, Inc | 1,926,571 | ||||||||
51,326 | Triton International Ltd | 3,135,505 | ||||||||
48,910 | * | Triumph Group, Inc | 1,102,431 | |||||||
51,028 | * | Tutor Perini Corp | 473,030 | |||||||
45,964 | UFP Industries, Inc | 3,556,235 | ||||||||
57,504 | * | United Rentals, Inc | 18,201,166 | |||||||
129,291 | * | Univar Solutions Inc | 3,764,954 | |||||||
16,934 | Valmont Industries, Inc | 4,213,349 | ||||||||
11,878 | * | Vectrus, Inc | 428,796 | |||||||
11,760 | * | Veritiv Corp | 1,652,750 | |||||||
249,794 | Vertiv Holdings Co | 3,129,919 | ||||||||
16,098 | * | Vicor Corp | 974,251 | |||||||
119,575 | *,e | View, Inc | 184,146 | |||||||
167,797 | *,e | Virgin Galactic Holdings, Inc | 1,256,800 | |||||||
36,137 | W.W. Grainger, Inc | 18,069,584 | ||||||||
40,766 | Wabash National Corp | 583,361 | ||||||||
25,352 | Watsco, Inc | 6,763,407 | ||||||||
21,033 | Watts Water Technologies, Inc (Class A) | 2,680,866 | ||||||||
144,409 | * | Welbilt, Inc | 3,410,941 | |||||||
34,309 | * | WESCO International, Inc | 4,228,927 | |||||||
143,684 | Westinghouse Air Brake Technologies Corp | 12,918,628 | ||||||||
2,289 | * | Willis Lease Finance Corp | 71,188 | |||||||
163,190 | * | WillScot Mobile Mini Holdings Corp | 5,727,969 | |||||||
48,289 | Woodward Inc | 5,334,969 | ||||||||
139,010 | Xylem, Inc | 11,190,305 | ||||||||
92,718 | Zurn Water Solutions Corp | 2,894,656 | ||||||||
TOTAL CAPITAL GOODS | 1,935,157,481 | |||||||||
COMMERCIAL & PROFESSIONAL SERVICES - 1.2% | ||||||||||
52,190 | ABM Industries, Inc | 2,519,211 | ||||||||
34,633 | * | Acacia Research (Acacia Technologies) | 162,429 | |||||||
94,105 | ACCO Brands Corp | 689,790 | ||||||||
124,350 | ADT, Inc | 851,797 | ||||||||
14,321 | Aris Water Solution, Inc | 242,598 |
118 |
TIAA-CREF FUNDS – Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
40,816 | * | ASGN Inc | $ | 4,630,575 | ||||||
10,334 | * | Atlas Technical Consultants, Inc | 125,041 | |||||||
5,507 | Barrett Business Services, Inc | 396,339 | ||||||||
103,464 | Booz Allen Hamilton Holding Co | 8,445,766 | ||||||||
38,542 | Brady Corp (Class A) | 1,724,754 | ||||||||
35,982 | * | BrightView Holdings, Inc | 455,532 | |||||||
36,672 | Brink’s Co | 2,161,814 | ||||||||
17,696 | * | CACI International, Inc (Class A) | 4,694,749 | |||||||
36,142 | * | Casella Waste Systems, Inc (Class A) | 2,972,318 | |||||||
36,685 | * | CBIZ, Inc | 1,536,735 | |||||||
16,964 | * | Ceco Environmental Corp | 80,579 | |||||||
14,083 | * | Cimpress plc | 711,332 | |||||||
71,413 | Cintas Corp | 28,369,528 | ||||||||
367,279 | * | Clarivate Analytics plc | 5,758,935 | |||||||
38,125 | * | Clean Harbors, Inc | 4,000,456 | |||||||
166,084 | * | Copart, Inc | 18,875,447 | |||||||
104,364 | * | CoreCivic, Inc | 1,297,245 | |||||||
310,881 | * | CoStar Group, Inc | 19,778,249 | |||||||
4,636 | CRA International, Inc | 381,867 | ||||||||
32,030 | Deluxe Corp | 867,372 | ||||||||
41,168 | * | Driven Brands Holdings, Inc | 1,148,176 | |||||||
124,613 | * | Dun & Bradstreet Holdings, Inc | 1,967,639 | |||||||
17,354 | Ennis, Inc | 299,356 | ||||||||
96,285 | Equifax, Inc | 19,595,923 | ||||||||
39,872 | Exponent, Inc | 3,820,136 | ||||||||
47,573 | * | First Advantage Corp | 825,867 | |||||||
8,467 | * | Forrester Research, Inc | 471,527 | |||||||
9,450 | * | Franklin Covey Co | 378,662 | |||||||
26,081 | * | FTI Consulting, Inc | 4,113,235 | |||||||
100,798 | * | Geo Group, Inc | 658,211 | |||||||
63,399 | * | Harsco Corp | 647,938 | |||||||
58,399 | Healthcare Services Group | 998,039 | ||||||||
15,494 | Heidrick & Struggles International, Inc | 495,188 | ||||||||
8,521 | * | Heritage-Crystal Clean, Inc | 232,623 | |||||||
57,994 | Herman Miller, Inc | 1,840,150 | ||||||||
15,884 | * | HireRight Holdings Corp | 274,634 | |||||||
37,487 | HNI Corp | 1,336,037 | ||||||||
18,175 | * | Huron Consulting Group, Inc | 941,102 | |||||||
104,539 | * | IAA, Inc | 3,831,354 | |||||||
14,707 | ICF International, Inc | 1,453,199 | ||||||||
27,928 | Insperity, Inc | 2,961,764 | ||||||||
41,965 | Interface, Inc | 532,536 | ||||||||
101,952 | Jacobs Engineering Group, Inc | 14,125,450 | ||||||||
103,138 | * | KAR Auction Services, Inc | 1,512,003 | |||||||
111,182 | KBR, Inc | 5,473,490 | ||||||||
26,308 | Kelly Services, Inc (Class A) | 507,481 | ||||||||
15,300 | Kforce, Inc | 1,071,765 | ||||||||
27,589 | Kimball International, Inc (Class B) | 211,884 | ||||||||
40,417 | Korn/Ferry International | 2,483,220 | ||||||||
85,584 | *,e | Legalzoom.com, Inc | 1,228,130 | |||||||
109,728 | Leidos Holdings, Inc | 11,357,945 | ||||||||
41,289 | Manpower, Inc | 3,724,268 | ||||||||
21,378 | Mantech International Corp (Class A) | 1,717,509 | ||||||||
24,504 | Matthews International Corp (Class A) | 730,464 | ||||||||
15,831 | * | Mistras Group, Inc | 90,078 | |||||||
20,072 | * | Montrose Environmental Group, Inc | 910,667 |
119 |
TIAA-CREF FUNDS – Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
30,579 | MSA Safety, Inc | $ | 3,690,580 | |||||||
279,438 | Nielsen NV | 7,491,733 | ||||||||
8,365 | NL Industries, Inc | 57,551 | ||||||||
136,262 | Pitney Bowes, Inc | 718,101 | ||||||||
165,570 | Republic Services, Inc | 22,231,084 | ||||||||
32,640 | Resources Connection, Inc | 561,082 | ||||||||
85,548 | Robert Half International, Inc | 8,410,224 | ||||||||
185,543 | Rollins, Inc | 6,223,112 | ||||||||
45,185 | Science Applications International Corp | 3,760,748 | ||||||||
18,282 | * | SP Plus Corp | 521,037 | |||||||
75,038 | Steelcase, Inc (Class A) | 880,196 | ||||||||
70,641 | * | Stericycle, Inc | 3,545,472 | |||||||
12,041 | *,e | Sterling Check Corp | 312,825 | |||||||
42,803 | Tetra Tech, Inc | 5,961,602 | ||||||||
151,396 | TransUnion | 13,250,178 | ||||||||
32,233 | * | TriNet Group, Inc | 2,859,067 | |||||||
28,337 | * | TrueBlue, Inc | 724,577 | |||||||
11,580 | Unifirst Corp | 1,995,234 | ||||||||
89,145 | * | Upwork, Inc | 1,869,371 | |||||||
24,475 | * | US Ecology, Inc | 1,174,555 | |||||||
125,871 | Verisk Analytics, Inc | 25,683,978 | ||||||||
14,763 | * | Viad Corp | 483,488 | |||||||
7,784 | VSE Corp | 337,125 | ||||||||
335,328 | Waste Management, Inc | 55,141,336 | ||||||||
8,181 | * | Willdan Group, Inc | 219,905 | |||||||
TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 373,802,269 | |||||||||
CONSUMER DURABLES & APPAREL - 1.2% | ||||||||||
30,455 | Acushnet Holdings Corp | 1,240,737 | ||||||||
10,079 | * | American Outdoor Brands, Inc | 126,995 | |||||||
49,843 | *,e | AMMO, Inc | 201,864 | |||||||
6,074 | Bassett Furniture Industries, Inc | 100,585 | ||||||||
38,651 | * | Beazer Homes USA, Inc | 582,857 | |||||||
59,723 | Brunswick Corp | 4,515,656 | ||||||||
87,520 | * | Callaway Golf Co | 1,920,189 | |||||||
116,854 | * | Capri Holdings Ltd | 5,573,936 | |||||||
32,879 | Carter’s, Inc | 2,769,727 | ||||||||
7,789 | * | Cavco Industries, Inc | 1,840,151 | |||||||
22,201 | Century Communities, Inc | 1,170,437 | ||||||||
18,432 | Clarus Corp | 411,955 | ||||||||
31,928 | Columbia Sportswear Co | 2,623,204 | ||||||||
45,741 | * | Crocs, Inc | 3,038,575 | |||||||
21,271 | * | Deckers Outdoor Corp | 5,652,768 | |||||||
255,004 | DR Horton, Inc | 17,745,728 | ||||||||
3,923 | Escalade, Inc | 51,587 | ||||||||
18,468 | Ethan Allen Interiors, Inc | 438,430 | ||||||||
5,192 | Flexsteel Industries, Inc | 112,614 | ||||||||
39,827 | * | Fossil Group, Inc | 393,491 | |||||||
119,406 | Garmin Ltd | 13,103,614 | ||||||||
213,483 | *,e | Genius Brands International, Inc | 151,573 | |||||||
34,007 | * | G-III Apparel Group Ltd | 900,505 | |||||||
98,454 | * | GoPro, Inc | 878,210 | |||||||
22,959 | * | Green Brick Partners, Inc | 452,292 | |||||||
7,328 | e | Hamilton Beach Brands Holding Co | 68,590 | |||||||
269,154 | Hanesbrands, Inc | 3,568,982 | ||||||||
99,473 | Hasbro, Inc | 8,759,592 |
120 |
TIAA-CREF FUNDS – Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
37,877 | *,e | Hayward Holdings, Inc | $ | 602,244 | ||||||
18,508 | * | Helen of Troy Ltd | 3,970,151 | |||||||
6,882 | Hooker Furniture Corp | 116,031 | ||||||||
5,577 | * | Hovnanian Enterprises, Inc | 256,654 | |||||||
18,104 | Installed Building Products, Inc | 1,456,829 | ||||||||
21,578 | * | iRobot Corp | 1,092,926 | |||||||
4,650 | Johnson Outdoors, Inc | 355,632 | ||||||||
60,599 | KB Home | 1,965,226 | ||||||||
39,908 | Kontoor Brands, Inc | 1,585,545 | ||||||||
29,783 | * | Latham Group, Inc | 357,396 | |||||||
34,974 | La-Z-Boy, Inc | 919,117 | ||||||||
171 | * | Legacy Housing Corp | 2,996 | |||||||
103,147 | Leggett & Platt, Inc | 3,675,128 | ||||||||
205,013 | Lennar Corp (Class A) | 15,681,444 | ||||||||
14,807 | Lennar Corp (Class B) | 965,416 | ||||||||
17,151 | * | LGI Homes, Inc | 1,607,220 | |||||||
4,217 | Lifetime Brands, Inc | 53,219 | ||||||||
9,027 | * | Lovesac Co | 395,744 | |||||||
90,582 | * | Lululemon Athletica, Inc | 32,123,095 | |||||||
21,271 | * | M/I Homes, Inc | 941,880 | |||||||
16,019 | * | Malibu Boats, Inc | 805,596 | |||||||
7,010 | Marine Products Corp | 82,297 | ||||||||
14,223 | * | MasterCraft Boat Holdings, Inc | 342,348 | |||||||
276,916 | * | Mattel, Inc | 6,731,828 | |||||||
47,173 | MDC Holdings, Inc | 1,741,155 | ||||||||
28,148 | * | Meritage Homes Corp | 2,323,617 | |||||||
43,705 | * | Mohawk Industries, Inc | 6,165,027 | |||||||
11,843 | Movado Group, Inc | 425,993 | ||||||||
23,664 | * | Nautilus, Inc | 71,229 | |||||||
301,601 | Newell Brands Inc | 6,982,063 | ||||||||
988,577 | Nike, Inc (Class B) | 123,275,552 | ||||||||
2,456 | * | NVR, Inc | 10,747,972 | |||||||
12,110 | Oxford Industries, Inc | 1,085,056 | ||||||||
235,596 | * | Peloton Interactive, Inc | 4,137,066 | |||||||
29,917 | *,e | PLBY Group, Inc | 264,466 | |||||||
43,835 | Polaris Inc | 4,161,695 | ||||||||
204,800 | Pulte Homes, Inc | 8,552,448 | ||||||||
37,888 | *,e | Purple Innovation, Inc | 156,099 | |||||||
55,322 | PVH Corp | 4,026,335 | ||||||||
37,049 | Ralph Lauren Corp | 3,865,693 | ||||||||
5,184 | Rocky Brands, Inc | 199,636 | ||||||||
102,295 | * | Skechers U.S.A., Inc (Class A) | 3,917,898 | |||||||
40,498 | * | Skyline Champion Corp | 2,067,018 | |||||||
40,917 | Smith & Wesson Brands, Inc | 561,790 | ||||||||
10,684 | *,e | Snap One Holdings Corp | 127,674 | |||||||
101,207 | *,e | Sonos, Inc | 2,309,544 | |||||||
61,788 | Steven Madden Ltd | 2,537,015 | ||||||||
13,251 | Sturm Ruger & Co, Inc | 903,056 | ||||||||
12,297 | Superior Uniform Group, Inc | 195,522 | ||||||||
210,894 | Tapestry, Inc | 6,942,630 | ||||||||
91,366 | * | Taylor Morrison Home Corp | 2,392,876 | |||||||
138,066 | Tempur Sealy International, Inc | 3,742,969 | ||||||||
87,165 | Toll Brothers, Inc | 4,041,841 | ||||||||
25,656 | * | TopBuild Corp | 4,647,328 | |||||||
17,016 | *,e | Traeger, Inc | 101,926 | |||||||
90,288 | * | TRI Pointe Homes, Inc | 1,866,253 |
121 |
TIAA-CREF FUNDS – Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
37,338 | * | Tupperware Brands Corp | $ | 656,402 | ||||||
147,040 | * | Under Armour, Inc (Class A) | 2,258,534 | |||||||
158,135 | * | Under Armour, Inc (Class C) | 2,243,936 | |||||||
14,350 | * | Unifi, Inc | 210,514 | |||||||
11,195 | * | Universal Electronics, Inc | 330,253 | |||||||
25,970 | * | Vera Bradley, Inc | 159,716 | |||||||
252,112 | VF Corp | 13,109,824 | ||||||||
48,197 | * | Vista Outdoor, Inc | 1,697,980 | |||||||
20,638 | * | VOXX International Corp (Class A) | 156,230 | |||||||
44,357 | *,e | Vuzix Corp | 229,326 | |||||||
12,871 | e | Weber, Inc | 113,007 | |||||||
45,873 | Whirlpool Corp | 8,326,867 | ||||||||
62,932 | Wolverine World Wide, Inc | 1,247,312 | ||||||||
66,346 | * | YETI Holdings, Inc | 3,242,329 | |||||||
TOTAL CONSUMER DURABLES & APPAREL | 402,999,478 | |||||||||
CONSUMER SERVICES - 2.2% | ||||||||||
53,962 | * | 2U, Inc | 538,541 | |||||||
44,163 | * | Accel Entertainment, Inc | 522,448 | |||||||
40,945 | * | Adtalem Global Education, Inc | 1,200,098 | |||||||
14,657 | * | American Public Education, Inc | 284,932 | |||||||
176,604 | ARAMARK Holdings Corp | 6,401,895 | ||||||||
24,631 | *,e | Bally’s Corp | 734,989 | |||||||
613 | * | Biglari Holdings, Inc (B Shares) | 83,607 | |||||||
16,786 | * | BJ’s Restaurants, Inc | 466,483 | |||||||
65,891 | Bloomin’ Brands, Inc | 1,448,943 | ||||||||
8,447 | Bluegreen Vacations Holding Corp | 222,156 | ||||||||
32,843 | * | Booking Holdings, Inc | 72,593,211 | |||||||
63,869 | Boyd Gaming Corp | 3,869,184 | ||||||||
47,078 | * | Bright Horizons Family Solutions | 5,378,191 | |||||||
34,204 | * | Brinker International, Inc | 1,242,631 | |||||||
158,967 | * | Caesars Entertainment, Inc | 10,536,333 | |||||||
682,651 | * | Carnival Corp | 11,809,862 | |||||||
14,388 | Carriage Services, Inc | 617,101 | ||||||||
35,074 | Carrols Restaurant Group, Inc | 56,118 | ||||||||
20,956 | * | Century Casinos, Inc | 219,409 | |||||||
32,657 | * | Cheesecake Factory | 1,205,370 | |||||||
111,136 | * | Chegg, Inc | 2,749,505 | |||||||
22,229 | * | Chipotle Mexican Grill, Inc (Class A) | 32,356,755 | |||||||
28,165 | Choice Hotels International, Inc | 3,956,056 | ||||||||
29,473 | Churchill Downs, Inc | 5,981,251 | ||||||||
15,044 | * | Chuy’s Holdings, Inc | 376,250 | |||||||
56,166 | * | Coursera, Inc | 1,056,482 | |||||||
17,634 | Cracker Barrel Old Country Store, Inc | 1,957,198 | ||||||||
101,256 | Darden Restaurants, Inc | 13,338,453 | ||||||||
31,883 | * | Dave & Buster’s Entertainment, Inc | 1,450,676 | |||||||
51,535 | * | Denny’s Corp | 660,679 | |||||||
13,988 | Dine Brands Global Inc. | 1,002,800 | ||||||||
28,217 | Domino’s Pizza, Inc | 9,537,346 | ||||||||
239,587 | *,e | DraftKings, Inc | 3,277,550 | |||||||
218,943 | *,e | Drive Shack, Inc | 269,300 | |||||||
12,624 | * | El Pollo Loco Holdings, Inc | 134,446 | |||||||
8,166 | *,e | Esports Technologies, Inc | 29,806 | |||||||
9,928 | European Wax Center, Inc | 272,524 | ||||||||
65,861 | * | Everi Holdings, Inc | 1,143,347 | |||||||
115,200 | * | Expedia Group, Inc | 20,131,200 |
122 |
TIAA-CREF FUNDS – Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
32,101 | * | F45 Training Holdings, Inc | $ | 282,168 | ||||||
13,910 | * | Fiesta Restaurant Group, Inc | 94,588 | |||||||
7,507 | * | First Watch Restaurant Group, Inc | 97,591 | |||||||
65,408 | * | frontdoor, Inc | 2,021,761 | |||||||
24,732 | * | Full House Resorts, Inc | 223,825 | |||||||
30,220 | *,e | GAN Ltd | 112,721 | |||||||
13,054 | * | Golden Entertainment, Inc | 626,070 | |||||||
24,465 | * | Golden Nugget Online Gaming, Inc | 122,570 | |||||||
2,907 | Graham Holdings Co | 1,722,019 | ||||||||
34,604 | * | Grand Canyon Education, Inc | 3,320,946 | |||||||
136,267 | H&R Block, Inc | 3,552,481 | ||||||||
34,888 | *,e | Hall of Fame Resort & Entertainment Co | 28,866 | |||||||
68,714 | * | Hilton Grand Vacations, Inc | 3,217,877 | |||||||
217,776 | * | Hilton Worldwide Holdings, Inc | 33,818,435 | |||||||
38,154 | * | Hyatt Hotels Corp | 3,623,104 | |||||||
77,137 | International Game Technology plc | 1,683,901 | ||||||||
17,850 | Jack in the Box, Inc | 1,477,266 | ||||||||
64,501 | Krispy Kreme, Inc | 856,573 | ||||||||
4,617 | * | Kura Sushi USA, Inc | 231,681 | |||||||
260,520 | * | Las Vegas Sands Corp | 9,230,224 | |||||||
73,350 | Laureate Education, Inc | 831,055 | ||||||||
28,594 | *,e | Life Time Group Holdings, Inc | 408,894 | |||||||
19,909 | * | Lindblad Expeditions Holdings, Inc | 304,807 | |||||||
215,980 | * | Marriott International, Inc (Class A) | 38,340,770 | |||||||
32,099 | Marriott Vacations Worldwide Corp | 4,793,344 | ||||||||
594,700 | McDonald’s Corp | 148,175,452 | ||||||||
303,753 | MGM Resorts International | 12,466,023 | ||||||||
58,624 | * | Mister Car Wash, Inc | 844,186 | |||||||
9,918 | * | Monarch Casino & Resort, Inc | 695,748 | |||||||
1,621 | Nathan’s Famous, Inc | 76,787 | ||||||||
4,184 | * | NEOGAMES S.A. | 54,685 | |||||||
30,778 | * | Noodles & Co | 171,433 | |||||||
287,566 | *,e | Norwegian Cruise Line Holdings Ltd | 5,759,947 | |||||||
14,188 | * | ONE Group Hospitality, Inc | 132,090 | |||||||
40,465 | * | OneSpaWorld Holdings Ltd | 406,269 | |||||||
25,431 | Papa John’s International, Inc | 2,315,492 | ||||||||
128,295 | * | Penn National Gaming, Inc | 4,691,748 | |||||||
53,516 | * | Perdoceo Education Corp | 598,309 | |||||||
64,736 | * | Planet Fitness, Inc | 5,180,822 | |||||||
21,263 | * | PlayAGS, Inc | 140,336 | |||||||
17,418 | *,e | Portillo’s, Inc | 362,817 | |||||||
41,267 | * | PowerSchool Holdings, Inc | 624,782 | |||||||
6,723 | RCI Hospitality Holdings, Inc | 416,557 | ||||||||
11,986 | * | Red Robin Gourmet Burgers, Inc | 158,095 | |||||||
44,870 | Red Rock Resorts, Inc | 1,972,485 | ||||||||
173,956 | * | Royal Caribbean Cruises Ltd | 13,521,600 | |||||||
39,579 | * | Rush Street Interactive, Inc | 251,327 | |||||||
33,773 | Ruth’s Hospitality Group Inc | 708,220 | ||||||||
74,392 | * | Scientific Games Corp (Class A) | 4,170,415 | |||||||
39,441 | * | SeaWorld Entertainment, Inc | 2,659,901 | |||||||
127,983 | Service Corp International | 8,396,965 | ||||||||
28,420 | * | Shake Shack, Inc | 1,643,529 | |||||||
59,980 | * | Six Flags Entertainment Corp | 2,295,435 | |||||||
909,226 | Starbucks Corp | 67,864,629 | ||||||||
38,315 | *,e | StoneMor, Inc | 90,806 | |||||||
18,420 | Strategic Education, Inc | 1,189,932 |
123 |
TIAA-CREF FUNDS – Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
31,895 | * | Stride, Inc | $ | 1,253,473 | ||||||
9,777 | *,e | Sweetgreen, Inc | 263,979 | |||||||
24,593 | * | Target Hospitality Corp | 153,952 | |||||||
92,748 | * | Terminix Global Holdings, Inc | 4,256,206 | |||||||
55,054 | Texas Roadhouse, Inc (Class A) | 4,532,596 | ||||||||
65,334 | Travel & Leisure Co | 3,624,730 | ||||||||
9,689 | * | Udemy, Inc | 105,707 | |||||||
31,051 | Vail Resorts, Inc | 7,891,922 | ||||||||
96,685 | * | Vivint Smart Home, Inc | 506,629 | |||||||
143,392 | Wendy’s | 2,833,426 | ||||||||
23,002 | Wingstop, Inc | 2,110,663 | ||||||||
40,606 | * | WW International Inc | 397,533 | |||||||
70,675 | Wyndham Hotels & Resorts, Inc | 6,216,573 | ||||||||
82,178 | * | Wynn Resorts Ltd | 5,791,905 | |||||||
6,851 | * | Xponential Fitness, Inc | 141,953 | |||||||
339,743 | Yum China Holdings, Inc | 14,201,257 | ||||||||
231,731 | Yum! Brands, Inc | 27,114,844 | ||||||||
TOTAL CONSUMER SERVICES | 699,570,833 | |||||||||
DIVERSIFIED FINANCIALS - 5.2% | ||||||||||
8,517 | AFC Gamma, Inc | 136,357 | ||||||||
31,621 | Affiliated Managers Group, Inc | 3,970,649 | ||||||||
405,643 | AGNC Investment Corp | 4,453,960 | ||||||||
11,648 | Alerus Financial Corp | 297,606 | ||||||||
269,366 | Ally Financial, Inc | 10,763,865 | ||||||||
6,316 | A-Mark Precious Metals, Inc | 497,701 | ||||||||
487,992 | American Express Co | 85,257,082 | ||||||||
89,292 | Ameriprise Financial, Inc | 23,706,133 | ||||||||
1,085,288 | Annaly Capital Management, Inc | 6,967,549 | ||||||||
106,416 | Apollo Commercial Real Estate Finance, Inc | 1,281,249 | ||||||||
290,502 | Apollo Global Management, Inc | 14,455,380 | ||||||||
110,220 | Arbor Realty Trust, Inc | 1,884,762 | ||||||||
27,305 | Ares Commercial Real Estate Corp | 411,486 | ||||||||
111,698 | Ares Management Corp | 7,396,642 | ||||||||
60,138 | ARMOUR Residential REIT, Inc | 441,413 | ||||||||
44,051 | Artisan Partners Asset Management, Inc | 1,415,799 | ||||||||
17,886 | * | Assetmark Financial Holdings, Inc | 343,948 | |||||||
2,527 | Associated Capital Group, Inc | 100,069 | ||||||||
3,923 | * | Atlanticus Holdings Corp | 168,846 | |||||||
14,956 | B. Riley Financial, Inc | 675,413 | ||||||||
26,431 | Banco Latinoamericano de Exportaciones S.A. (Class E) | 382,985 | ||||||||
581,343 | Bank of New York Mellon Corp | 24,451,287 | ||||||||
1,455,652 | * | Berkshire Hathaway, Inc (Class B) | 469,928,135 | |||||||
250,087 | BGC Partners, Inc (Class A) | 907,816 | ||||||||
113,289 | BlackRock, Inc | 70,769,373 | ||||||||
120,837 | Blackstone Mortgage Trust, Inc | 3,629,943 | ||||||||
555,451 | Blackstone, Inc | 56,417,158 | ||||||||
40,435 | * | Blucora, Inc | 818,809 | |||||||
34,377 | Brightsphere Investment Group, Inc | 688,915 | ||||||||
63,577 | BrightSpire Capital, Inc | 540,404 | ||||||||
101,143 | Broadmark Realty Capital, Inc | 789,927 | ||||||||
67,189 | * | Cannae Holdings, Inc | 1,505,034 | |||||||
323,802 | Capital One Financial Corp | 40,352,205 | ||||||||
129,399 | Carlyle Group, Inc | 4,695,890 | ||||||||
83,550 | CBOE Global Markets, Inc | 9,439,479 | ||||||||
1,191,677 | Charles Schwab Corp | 79,043,935 |
124 |
TIAA-CREF FUNDS – Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
174,201 | Chimera Investment Corp | $ | 1,745,494 | |||||||
288,247 | CME Group, Inc | 63,224,097 | ||||||||
23,385 | Cohen & Steers, Inc | 1,816,781 | ||||||||
21,902 | Cowen Group, Inc | 500,461 | ||||||||
6,480 | *,e | Credit Acceptance Corp | 3,321,000 | |||||||
18,727 | Curo Group Holdings Corp | 219,855 | ||||||||
2,708 | Diamond Hill Investment Group, Inc | 455,946 | ||||||||
227,717 | Discover Financial Services | 25,609,054 | ||||||||
22,077 | * | Donnelley Financial Solutions, Inc | 646,194 | |||||||
20,144 | Dynex Capital, Inc | 326,937 | ||||||||
40,420 | Ellington Financial Inc | 654,400 | ||||||||
20,636 | * | Encore Capital Group, Inc | 1,192,967 | |||||||
29,509 | * | Enova International, Inc | 1,103,637 | |||||||
279,280 | Equitable Holdings, Inc | 8,051,642 | ||||||||
29,317 | Evercore Inc | 3,100,273 | ||||||||
29,783 | * | Ezcorp, Inc (Class A) | 208,481 | |||||||
30,276 | Factset Research Systems, Inc | 12,216,063 | ||||||||
77,672 | Federated Investors, Inc (Class B) | 2,212,099 | ||||||||
30,284 | FirstCash Holdings, Inc | 2,416,058 | ||||||||
50,027 | * | Focus Financial Partners, Inc | 1,973,565 | |||||||
42,721 | Franklin BSP Realty Trust, Inc | 566,480 | ||||||||
226,722 | Franklin Resources, Inc | 5,575,094 | ||||||||
2,457 | GAMCO Investors, Inc (Class A) | 49,066 | ||||||||
24,464 | e | GCM Grosvenor, Inc | 201,828 | |||||||
259,690 | Goldman Sachs Group, Inc | 79,332,698 | ||||||||
42,206 | Granite Point Mortgage Trust, Inc | 410,664 | ||||||||
17,463 | Great Ajax Corp | 162,581 | ||||||||
40,633 | * | Green Dot Corp | 1,075,962 | |||||||
22,814 | Greenhill & Co, Inc | 276,278 | ||||||||
25,919 | Hamilton Lane, Inc | 1,777,525 | ||||||||
58,141 | Hannon Armstrong Sustainable Infrastructure Capital, Inc | 2,325,059 | ||||||||
39,448 | Houlihan Lokey, Inc | 3,285,624 | ||||||||
61,127 | Interactive Brokers Group, Inc (Class A) | 3,640,724 | ||||||||
440,687 | Intercontinental Exchange Group, Inc | 51,035,961 | ||||||||
258,867 | Invesco Ltd | 4,757,975 | ||||||||
301,697 | Invesco Mortgage Capital, Inc | 524,953 | ||||||||
131,064 | Janus Henderson Group plc | 3,994,831 | ||||||||
169,782 | �� | Jefferies Financial Group, Inc | 5,222,494 | |||||||
440,994 | KKR & Co, Inc | 22,477,464 | ||||||||
25,564 | KKR Real Estate Finance Trust, Inc | 485,716 | ||||||||
92,781 | Ladder Capital Corp | 1,056,776 | ||||||||
77,741 | Lazard Ltd (Class A) | 2,547,573 | ||||||||
94,224 | * | LendingClub Corp | 1,436,916 | |||||||
9,236 | * | LendingTree, Inc | 733,523 | |||||||
64,118 | LPL Financial Holdings, Inc | 12,045,849 | ||||||||
29,689 | MarketAxess Holdings, Inc | 7,826,317 | ||||||||
82,388 | MFA Financial, Inc | 1,174,029 | ||||||||
46,337 | Moelis & Co | 2,050,876 | ||||||||
129,006 | Moody’s Corp | 40,827,819 | ||||||||
1,057,612 | Morgan Stanley | 85,232,951 | ||||||||
18,854 | Morningstar, Inc | 4,774,398 | ||||||||
62,907 | MSCI, Inc (Class A) | 26,499,574 | ||||||||
91,343 | Nasdaq Inc | 14,374,648 | ||||||||
121,730 | Navient Corp | 1,934,290 | ||||||||
23,191 | Nelnet, Inc (Class A) | 1,903,285 | ||||||||
335,869 | New Residential Investment Corp | 3,493,038 |
125 |
TIAA-CREF FUNDS – Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
309,429 | New York Mortgage Trust, Inc | $ | 996,361 | |||||||
163,305 | Northern Trust Corp | 16,828,580 | ||||||||
87,052 | OneMain Holdings, Inc | 3,998,298 | ||||||||
78,886 | * | Open Lending Corp | 1,076,005 | |||||||
15,352 | * | Oportun Financial Corp | 177,930 | |||||||
8,014 | Oppenheimer Holdings, Inc | 258,211 | ||||||||
99,409 | Orchid Island Capital, Inc | 276,357 | ||||||||
80,688 | PennyMac Mortgage Investment Trust | 1,237,754 | ||||||||
13,468 | Piper Jaffray Cos | 1,548,551 | ||||||||
19,040 | PJT Partners, Inc | 1,256,450 | ||||||||
35,342 | * | PRA Group, Inc | 1,485,424 | |||||||
51,803 | * | PROG Holdings, Inc | 1,371,225 | |||||||
9,606 | Pzena Investment Management, Inc (Class A) | 60,422 | ||||||||
145,657 | Raymond James Financial, Inc | 14,195,731 | ||||||||
49,956 | Ready Capital Corp | 727,859 | ||||||||
92,635 | Redwood Trust, Inc | 898,559 | ||||||||
6,059 | Regional Management Corp | 260,840 | ||||||||
274,495 | S&P Global, Inc | 103,347,368 | ||||||||
16,501 | Sculptor Capital Management, Inc | 172,600 | ||||||||
85,592 | SEI Investments Co | 4,769,186 | ||||||||
223,476 | SLM Corp | 3,738,753 | ||||||||
224,423 | Starwood Property Trust, Inc | 5,134,798 | ||||||||
290,150 | State Street Corp | 19,431,346 | ||||||||
36,890 | StepStone Group, Inc | 945,122 | ||||||||
78,998 | Stifel Financial Corp | 4,886,026 | ||||||||
12,459 | * | StoneX Group, Inc | 844,471 | |||||||
411,530 | Synchrony Financial | 15,148,419 | ||||||||
181,549 | T Rowe Price Group, Inc | 22,337,789 | ||||||||
48,537 | TPG RE Finance Trust, Inc | 512,065 | ||||||||
85,175 | Tradeweb Markets, Inc | 6,063,608 | ||||||||
263,765 | Two Harbors Investment Corp | 1,268,710 | ||||||||
38,360 | *,e | Upstart Holdings, Inc | 2,877,767 | |||||||
70,717 | Virtu Financial, Inc | 2,042,307 | ||||||||
5,785 | Virtus Investment Partners, Inc | 1,024,871 | ||||||||
84,787 | Voya Financial, Inc | 5,353,451 | ||||||||
103,714 | WisdomTree Investments, Inc | 604,653 | ||||||||
3,402 | * | World Acceptance Corp | 641,991 | |||||||
TOTAL DIVERSIFIED FINANCIALS | 1,702,872,905 | |||||||||
ENERGY - 4.2% | ||||||||||
17,590 | *,e | Aemetis, Inc | 160,597 | |||||||
54,108 | * | Alto Ingredients, Inc | 312,203 | |||||||
1,657 | Altus Midstream Co | 117,896 | ||||||||
259,588 | Antero Midstream Corp | 2,665,969 | ||||||||
226,818 | * | Antero Resources Corp | 7,983,994 | |||||||
286,924 | APA Corp | 11,743,799 | ||||||||
12,551 | Arch Resources, Inc | 2,088,235 | ||||||||
106,449 | Archrock, Inc | 927,171 | ||||||||
583,536 | Baker Hughes Co | 18,101,287 | ||||||||
77,118 | Berry Petroleum Co LLC | 845,984 | ||||||||
37,229 | Bonanza Creek Energy, Inc | 2,182,364 | ||||||||
32,783 | Brigham Minerals, Inc | 812,363 | ||||||||
23,545 | * | Bristow Group, Inc | 702,112 | |||||||
629,395 | Cabot Oil & Gas Corp | 18,120,282 | ||||||||
41,026 | Cactus, Inc | 2,048,428 | ||||||||
63,465 | California Resources Corp | 2,551,928 |
126 |
TIAA-CREF FUNDS – Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
40,270 | * | Callon Petroleum Co | $ | 2,064,643 | ||||||
133,563 | * | Centennial Resource Development, Inc | 1,033,778 | |||||||
6,408 | * | Centrus Energy Corp | 177,886 | |||||||
159,700 | ChampionX Corp | 3,369,670 | ||||||||
185,108 | Cheniere Energy, Inc | 25,139,517 | ||||||||
81,096 | Chesapeake Energy Corp | 6,651,494 | ||||||||
1,536,062 | Chevron Corp | 240,654,834 | ||||||||
119,423 | * | Clean Energy Fuels Corp | 699,819 | |||||||
160,470 | * | CNX Resources Corp | 3,297,659 | |||||||
78,360 | * | Comstock Resources Inc | 1,334,471 | |||||||
1,041,906 | ConocoPhillips | 99,522,861 | ||||||||
26,027 | * | CONSOL Energy, Inc | 1,237,584 | |||||||
49,543 | e | Continental Resources, Inc | 2,753,105 | |||||||
38,578 | e | Crescent Energy, Inc | 606,060 | |||||||
25,484 | CVR Energy, Inc | 638,884 | ||||||||
48,546 | * | Delek US Holdings, Inc | 1,174,813 | |||||||
40,714 | * | Denbury, Inc | 2,604,882 | |||||||
534,228 | Devon Energy Corp | 31,076,043 | ||||||||
108,512 | DHT Holdings, Inc | 609,837 | ||||||||
142,274 | Diamondback Energy, Inc | 17,959,247 | ||||||||
14,538 | * | DMC Global, Inc | 290,615 | |||||||
26,271 | Dorian LPG Ltd | 386,709 | ||||||||
24,796 | * | Dril-Quip, Inc | 716,108 | |||||||
78,255 | DT Midstream, Inc | 4,206,206 | ||||||||
34,468 | *,e | Earthstone Energy, Inc | 464,973 | |||||||
107,406 | *,e | Energy Fuels, Inc | 806,619 | |||||||
461,609 | EOG Resources, Inc | 53,897,467 | ||||||||
243,625 | EQT Corp | 9,684,094 | ||||||||
333,011 | Equitrans Midstream Corp | 2,617,466 | ||||||||
3,350,182 | d | Exxon Mobil Corp | 285,603,016 | |||||||
28,935 | Falcon Minerals Corp | 196,758 | ||||||||
35,506 | * | Frank’s International NV | 542,532 | |||||||
93,320 | *,e | Frontline Ltd | 777,356 | |||||||
155,431 | *,e | Gevo, Inc | 576,649 | |||||||
74,372 | * | Golar LNG Ltd | 1,659,983 | |||||||
36,721 | * | Green Plains Inc | 1,030,758 | |||||||
701,391 | Halliburton Co | 24,983,547 | ||||||||
115,013 | * | Helix Energy Solutions Group, Inc | 472,703 | |||||||
80,959 | Helmerich & Payne, Inc | 3,726,543 | ||||||||
221,674 | Hess Corp | 22,847,939 | ||||||||
116,986 | * | HF Sinclair Corp | 4,447,808 | |||||||
40,015 | International Seaways, Inc | 845,517 | ||||||||
1,530,965 | Kinder Morgan, Inc | 27,787,015 | ||||||||
345,986 | * | Kosmos Energy Ltd | 2,338,865 | |||||||
10,423 | * | Laredo Petroleum, Inc | 742,222 | |||||||
65,694 | * | Liberty Oilfield Services, Inc | 1,060,301 | |||||||
110,806 | Magnolia Oil & Gas Corp | 2,575,131 | ||||||||
602,805 | Marathon Oil Corp | 15,021,901 | ||||||||
486,064 | Marathon Petroleum Corp | 42,413,945 | ||||||||
87,382 | Matador Resources Co | 4,265,989 | ||||||||
112,829 | Murphy Oil Corp | 4,296,528 | ||||||||
6,541 | * | Nabors Industries Ltd | 1,011,369 | |||||||
21,846 | * | National Energy Services Reunited Corp | 146,150 | |||||||
20,127 | New Fortress Energy, Inc | 780,525 | ||||||||
118,239 | * | Newpark Resources, Inc | 412,654 | |||||||
131,357 | * | NexTier Oilfield Solutions, Inc | 1,448,868 |
127 |
TIAA-CREF FUNDS – Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
173,863 | e | Nordic American Tankers Ltd | $ | 445,089 | ||||||
46,551 | Northern Oil and Gas, Inc | 1,162,844 | ||||||||
306,141 | NOV, Inc | 5,550,336 | ||||||||
15,219 | Oasis Petroleum, Inc | 2,018,953 | ||||||||
667,725 | Occidental Petroleum Corp | 36,784,970 | ||||||||
163,443 | * | Oceaneering International, Inc | 1,851,809 | |||||||
51,141 | * | Oil States International, Inc | 345,713 | |||||||
348,277 | ONEOK, Inc | 22,056,382 | ||||||||
202,800 | Ovintiv, Inc | 10,381,332 | ||||||||
30,460 | * | Par Pacific Holdings, Inc | 446,848 | |||||||
141,573 | Patterson-UTI Energy, Inc | 2,327,460 | ||||||||
77,171 | * | PBF Energy, Inc | 2,242,589 | |||||||
75,201 | PDC Energy, Inc | 5,244,518 | ||||||||
76,094 | * | Peabody Energy Corp | 1,722,768 | |||||||
45,374 | * | Penn Virginia Corp | 1,445,162 | |||||||
369,432 | Phillips 66 | 32,051,920 | ||||||||
169,644 | Pioneer Natural Resources Co | 39,437,141 | ||||||||
67,160 | * | ProPetro Holding Corp | 949,642 | |||||||
188,986 | * | Range Resources Corp | 5,658,241 | |||||||
33,786 | * | Renewable Energy Group, Inc | 2,062,973 | |||||||
4,181 | * | Rex American Resources Corp | 353,838 | |||||||
9,335 | e | Riley Exploration Permian, Inc | 216,852 | |||||||
56,320 | * | RPC, Inc | 582,349 | |||||||
1,110,134 | Schlumberger Ltd | 43,306,327 | ||||||||
41,375 | Scorpio Tankers, Inc | 1,023,204 | ||||||||
52,003 | * | Select Energy Services, Inc | 403,543 | |||||||
109,369 | SFL Corp Ltd | 1,084,940 | ||||||||
92,801 | SM Energy Co | 3,297,220 | ||||||||
22,723 | Solaris Oilfield Infrastructure, Inc | 255,634 | ||||||||
786,161 | * | Southwestern Energy Co | 5,896,208 | |||||||
27,732 | * | Talos Energy, Inc | 503,890 | |||||||
189,321 | Targa Resources Investments, Inc | 13,898,055 | ||||||||
114,175 | * | Teekay Corp | 369,927 | |||||||
18,022 | * | Teekay Tankers Ltd | 288,532 | |||||||
299,694 | * | Tellurian, Inc | 1,492,476 | |||||||
92,761 | * | Tetra Technologies, Inc | 341,360 | |||||||
4,693 | Texas Pacific Land Corp | 6,413,454 | ||||||||
30,687 | * | Tidewater, Inc | 612,513 | |||||||
232,916 | *,e | Uranium Energy Corp | 989,893 | |||||||
138,061 | *,e | Ur-Energy, Inc | 190,524 | |||||||
65,825 | * | US Silica Holdings, Inc | 1,223,029 | |||||||
323,298 | Valero Energy Corp | 36,041,261 | ||||||||
109,415 | * | W&T Offshore, Inc | 520,815 | |||||||
29,713 | Whiting Petroleum Corp | 2,170,535 | ||||||||
955,029 | Williams Cos, Inc | 32,747,944 | ||||||||
51,846 | World Fuel Services Corp | 1,255,710 | ||||||||
TOTAL ENERGY | 1,368,721,251 | |||||||||
FOOD & STAPLES RETAILING - 1.5% | ||||||||||
127,927 | Albertsons Cos, Inc | 4,001,557 | ||||||||
24,710 | Andersons, Inc | 1,241,183 | ||||||||
106,183 | * | BJ’s Wholesale Club Holdings, Inc | 6,832,876 | |||||||
28,675 | Casey’s General Stores, Inc | 5,772,278 | ||||||||
26,760 | * | Chefs’ Warehouse Holdings, Inc | 979,416 | |||||||
351,519 | Costco Wholesale Corp | 186,909,683 | ||||||||
66,176 | * | Grocery Outlet Holding Corp | 2,228,146 |
128 |
TIAA-CREF FUNDS – Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
39,894 | *,e | HF Foods Group Inc | $ | 232,981 | ||||||
10,287 | Ingles Markets, Inc (Class A) | 957,925 | ||||||||
576,411 | Kroger Co | 31,103,138 | ||||||||
10,760 | Natural Grocers by Vitamin C | 219,396 | ||||||||
117,268 | * | Performance Food Group Co | 5,775,449 | |||||||
17,934 | Pricesmart, Inc | 1,424,856 | ||||||||
45,057 | *,e | Rite Aid Corp | 287,013 | |||||||
29,053 | SpartanNash Co | 995,937 | ||||||||
90,053 | * | Sprouts Farmers Market, Inc | 2,683,579 | |||||||
404,086 | SYSCO Corp | 34,541,271 | ||||||||
43,334 | * | United Natural Foods, Inc | 1,860,329 | |||||||
171,952 | * | US Foods Holding Corp | 6,468,834 | |||||||
4,683 | Village Super Market (Class A) | 108,599 | ||||||||
567,382 | Walgreens Boots Alliance, Inc | 24,056,997 | ||||||||
1,125,403 | Walmart, Inc | 172,175,405 | ||||||||
15,315 | e | Weis Markets, Inc | 1,223,362 | |||||||
TOTAL FOOD & STAPLES RETAILING | 492,080,210 | |||||||||
FOOD, BEVERAGE & TOBACCO - 3.3% | ||||||||||
114,071 | *,e | 22nd Century Group, Inc | 217,876 | |||||||
1,456,589 | Altria Group, Inc | 80,942,651 | ||||||||
103,210 | *,e | AppHarvest, Inc | 424,193 | |||||||
439,073 | Archer-Daniels-Midland Co | 39,323,378 | ||||||||
58,750 | B&G Foods, Inc (Class A) | 1,582,137 | ||||||||
44,201 | *,e | Beyond Meat, Inc | 1,630,133 | |||||||
7,138 | * | Boston Beer Co, Inc (Class A) | 2,676,750 | |||||||
34,926 | Brown-Forman Corp (Class A) | 2,180,081 | ||||||||
145,320 | Brown-Forman Corp (Class B) | 9,800,381 | ||||||||
106,943 | Bunge Ltd | 12,097,392 | ||||||||
14,762 | Calavo Growers, Inc | 534,975 | ||||||||
30,770 | Cal-Maine Foods, Inc | 1,653,272 | ||||||||
153,607 | Campbell Soup Co | 7,253,323 | ||||||||
43,188 | * | Celsius Holdings, Inc | 2,245,776 | |||||||
3,085,632 | Coca-Cola Co | 199,362,684 | ||||||||
3,983 | Coca-Cola Consolidated Inc | 1,758,494 | ||||||||
375,947 | ConAgra Brands, Inc | 13,131,829 | ||||||||
122,958 | Constellation Brands, Inc (Class A) | 30,258,734 | ||||||||
128,633 | * | Darling International, Inc | 9,440,376 | |||||||
35,513 | * | Duckhorn Portfolio, Inc | 689,662 | |||||||
148,997 | Flowers Foods, Inc | 3,951,400 | ||||||||
35,907 | Fresh Del Monte Produce, Inc | 935,377 | ||||||||
30,966 | * | Freshpet, Inc | 2,890,676 | |||||||
475,484 | General Mills, Inc | 33,630,983 | ||||||||
70,395 | * | Hain Celestial Group, Inc | 2,361,048 | |||||||
115,333 | Hershey Co | 26,038,731 | ||||||||
222,277 | Hormel Foods Corp | 11,645,092 | ||||||||
104,620 | * | Hostess Brands, Inc | 2,373,828 | |||||||
51,132 | Ingredion, Inc | 4,351,845 | ||||||||
11,897 | J&J Snack Foods Corp | 1,780,981 | ||||||||
82,688 | J.M. Smucker Co | 11,322,468 | ||||||||
7,570 | John B. Sanfilippo & Son, Inc | 587,735 | ||||||||
202,655 | Kellogg Co | 13,881,867 | ||||||||
550,219 | Keurig Dr Pepper, Inc | 20,578,191 | ||||||||
548,541 | Kraft Heinz Co | 23,384,303 | ||||||||
5,149 | * | Laird Superfood, Inc | 15,498 | |||||||
114,607 | Lamb Weston Holdings, Inc | 7,575,523 |
129 |
TIAA-CREF FUNDS – Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
15,350 | Lancaster Colony Corp | $ | 2,382,013 | |||||||
25,123 | * | Landec Corp | 249,974 | |||||||
10,480 | Limoneira Co | 125,131 | ||||||||
196,548 | McCormick & Co, Inc | 19,766,832 | ||||||||
12,847 | e | MGP Ingredients, Inc | 1,173,317 | |||||||
27,917 | * | Mission Produce, Inc | 355,104 | |||||||
139,127 | Molson Coors Brewing Co (Class B) | 7,532,336 | ||||||||
1,093,372 | Mondelez International, Inc | 70,500,627 | ||||||||
295,295 | * | Monster Beverage Corp | 25,300,876 | |||||||
21,824 | National Beverage Corp | 962,002 | ||||||||
1,098,193 | PepsiCo, Inc | 188,570,720 | ||||||||
1,232,854 | Philip Morris International, Inc | 123,285,400 | ||||||||
43,159 | * | Pilgrim’s Pride Corp | 1,223,558 | |||||||
44,550 | * | Post Holdings, Inc | 3,314,074 | |||||||
122,967 | Primo Water Corp | 1,800,237 | ||||||||
20,487 | Sanderson Farms, Inc | 3,879,623 | ||||||||
241 | Seaboard Corp | 1,018,223 | ||||||||
4,216 | * | Seneca Foods Corp | 228,718 | |||||||
68,477 | * | Simply Good Foods Co | 2,852,067 | |||||||
18,473 | * | Sovos Brands, Inc | 278,942 | |||||||
35,294 | *,e | Tattooed Chef, Inc | 281,999 | |||||||
13,567 | Tootsie Roll Industries, Inc | 475,252 | ||||||||
39,282 | * | TreeHouse Foods, Inc | 1,237,383 | |||||||
10,723 | Turning Point Brands, Inc | 336,595 | ||||||||
225,984 | Tyson Foods, Inc (Class A) | 21,052,669 | ||||||||
19,801 | Universal Corp | 1,145,488 | ||||||||
44,376 | Utz Brands, Inc | 626,589 | ||||||||
107,929 | Vector Group Ltd | 1,372,857 | ||||||||
18,534 | * | Vital Farms, Inc | 213,141 | |||||||
28,260 | * | Whole Earth Brands, Inc | 195,277 | |||||||
TOTAL FOOD, BEVERAGE & TOBACCO | 1,066,246,667 | |||||||||
HEALTH CARE EQUIPMENT & SERVICES - 6.0% | ||||||||||
88,031 | * | 1Life Healthcare, Inc | 620,619 | |||||||
1,382,800 | Abbott Laboratories | 156,947,800 | ||||||||
35,164 | * | Abiomed, Inc | 10,077,299 | |||||||
68,105 | * | Acadia Healthcare Co, Inc | 4,622,967 | |||||||
24,556 | *,e | Accelerate Diagnostics, Inc | 23,574 | |||||||
37,948 | * | Accolade, Inc | 210,991 | |||||||
78,515 | * | Accuray, Inc | 208,850 | |||||||
13,353 | *,e | Acutus Medical, Inc | 17,092 | |||||||
52,940 | * | AdaptHealth Corp | 670,220 | |||||||
11,376 | * | Addus HomeCare Corp | 958,769 | |||||||
28,381 | * | Agiliti, Inc | 560,241 | |||||||
129,834 | * | agilon health, Inc | 2,307,150 | |||||||
14,195 | * | AirSculpt Technologies, Inc | 148,622 | |||||||
62,517 | * | Align Technology, Inc | 18,124,303 | |||||||
68,336 | * | Alignment Healthcare, Inc | 656,709 | |||||||
106,021 | * | Allscripts Healthcare Solutions, Inc | 2,190,394 | |||||||
52,892 | * | Alphatec Holdings Inc | 573,878 | |||||||
24,952 | * | Amedisys, Inc | 3,185,123 | |||||||
147,153 | * | American Well Corp | 460,589 | |||||||
116,956 | AmerisourceBergen Corp | 17,694,273 | ||||||||
35,917 | * | AMN Healthcare Services, Inc | 3,510,887 | |||||||
27,895 | * | Angiodynamics, Inc | 587,190 | |||||||
194,037 | Anthem, Inc | 97,392,991 |
130 |
TIAA-CREF FUNDS – Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
28,468 | *,e | Apollo Medical Holdings, Inc | $ | 1,038,513 | ||||||
34,428 | * | Apyx Medical Corp | 129,794 | |||||||
205,380 | *,e | Asensus Surgical, Inc | 93,099 | |||||||
81,802 | *,e | Aspira Women’s Health, Inc | 52,059 | |||||||
33,960 | * | AtriCure, Inc | 1,763,543 | |||||||
1,124 | Atrion Corp | 704,321 | ||||||||
37,191 | * | Avanos Medical, Inc | 1,084,490 | |||||||
28,947 | * | Aveanna Healthcare Holdings, Inc | 84,525 | |||||||
28,753 | * | AxoGen, Inc | 208,172 | |||||||
35,209 | * | Axonics Modulation Technologies, Inc | 1,824,530 | |||||||
401,667 | Baxter International, Inc | 28,542,457 | ||||||||
225,258 | Becton Dickinson & Co | 55,681,525 | ||||||||
18,374 | * | BioLife Solutions Inc | 232,799 | |||||||
20,138 | * | Bioventus, Inc | 242,260 | |||||||
1,128,049 | * | Boston Scientific Corp | 47,502,143 | |||||||
146,444 | * | Brookdale Senior Living, Inc | 905,024 | |||||||
139,920 | *,e | Butterfly Network, Inc | 465,934 | |||||||
219,235 | Cardinal Health, Inc | 12,726,592 | ||||||||
31,027 | * | Cardiovascular Systems, Inc | 580,205 | |||||||
16,061 | * | Castle Biosciences, Inc | 358,803 | |||||||
460,093 | * | Centene Corp | 37,060,491 | |||||||
241,094 | Cerner Corp | 22,576,042 | ||||||||
88,812 | * | Certara, Inc | 1,629,700 | |||||||
128,984 | * | Cerus Corp | 595,906 | |||||||
193,244 | * | Change Healthcare, Inc | 4,552,829 | |||||||
12,022 | Chemed Corp | 5,907,491 | ||||||||
256,957 | Cigna Corp | 63,411,848 | ||||||||
14,237 | *,e | ClearPoint Neuro, Inc | 122,011 | |||||||
93,838 | * | Community Health Systems, Inc | 719,737 | |||||||
20,990 | * | Computer Programs & Systems, Inc | 670,001 | |||||||
23,321 | Conmed Corp | 3,100,760 | ||||||||
38,453 | Cooper Cos, Inc | 13,883,071 | ||||||||
7,699 | * | Corvel Corp | 1,193,961 | |||||||
78,314 | * | Covetrus, Inc | 1,080,733 | |||||||
27,007 | * | Cross Country Healthcare, Inc | 506,111 | |||||||
29,096 | * | CryoLife, Inc | 590,358 | |||||||
30,605 | *,e | CryoPort, Inc | 690,449 | |||||||
10,689 | * | Cue Health, Inc | 71,616 | |||||||
13,300 | * | Cutera, Inc | 722,323 | |||||||
1,039,371 | CVS Health Corp | 99,914,734 | ||||||||
38,517 | *,e | CytoSorbents Corp | 80,886 | |||||||
10,207 | *,e | DarioHealth Corp | 50,627 | |||||||
52,183 | * | DaVita, Inc | 5,655,072 | |||||||
20,022 | * | Definitive Healthcare Corp | 473,520 | |||||||
169,125 | Dentsply Sirona, Inc | 6,763,309 | ||||||||
76,215 | * | Dexcom, Inc | 31,139,925 | |||||||
489,763 | * | Edwards Lifesciences Corp | 51,807,130 | |||||||
45,206 | * | Embecta Corp | 1,375,603 | |||||||
75,836 | Encompass Health Corp | 5,219,792 | ||||||||
40,165 | Ensign Group, Inc | 3,226,454 | ||||||||
128,853 | * | Envista Holdings Corp | 5,105,156 | |||||||
59,647 | * | Evolent Health, Inc | 1,641,485 | |||||||
61,821 | *,e | Figs, Inc | 968,117 | |||||||
16,372 | * | Fulgent Genetics, Inc | 898,495 | |||||||
34,373 | * | Glaukos Corp | 1,625,499 | |||||||
60,622 | * | Globus Medical, Inc | 4,014,389 |
131 |
TIAA-CREF FUNDS – Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
69,110 | * | Guardant Health, Inc | $ | 4,264,087 | ||||||
38,243 | * | Haemonetics Corp | 1,937,773 | |||||||
26,333 | * | Hanger Inc | 432,915 | |||||||
193,392 | HCA Healthcare, Inc | 41,492,254 | ||||||||
39,874 | * | Health Catalyst, Inc | 663,503 | |||||||
62,483 | * | HealthEquity, Inc | 3,893,941 | |||||||
20,673 | * | HealthStream, Inc | 394,854 | |||||||
109,164 | * | Henry Schein, Inc | 8,853,200 | |||||||
7,123 | * | Heska Corp | 782,390 | |||||||
196,942 | * | Hologic, Inc | 14,177,855 | |||||||
102,455 | Humana, Inc | 45,547,395 | ||||||||
20,344 | *,e | iCAD, Inc | 73,238 | |||||||
16,166 | * | ICU Medical, Inc | 3,459,362 | |||||||
67,246 | * | IDEXX Laboratories, Inc | 28,948,058 | |||||||
37,800 | * | Inari Medical, Inc | 3,050,460 | |||||||
15,740 | * | InfuSystem Holdings, Inc | 124,818 | |||||||
21,438 | *,e | Innovage Holding Corp | 98,400 | |||||||
14,364 | * | Inogen, Inc | 363,122 | |||||||
20,787 | * | Inspire Medical Systems, Inc | 4,277,133 | |||||||
52,351 | * | Insulet Corp | 12,511,365 | |||||||
25,757 | * | Integer Holding Corp | 1,936,154 | |||||||
55,460 | * | Integra LifeSciences Holdings Corp | 3,391,934 | |||||||
25,524 | * | Intersect ENT, Inc | 698,592 | |||||||
284,320 | * | Intuitive Surgical, Inc | 68,037,776 | |||||||
201,880 | * | Invitae Corp | 1,071,983 | |||||||
4,627 | iRadimed Corp | 152,275 | ||||||||
23,821 | * | iRhythm Technologies, Inc | 2,938,797 | |||||||
10,450 | * | Joint Corp | 318,934 | |||||||
74,392 | * | Laboratory Corp of America Holdings | 17,874,910 | |||||||
54,917 | * | Lantheus Holdings, Inc | 3,647,038 | |||||||
16,588 | LeMaitre Vascular, Inc | 716,767 | ||||||||
23,267 | * | LHC Group, Inc | 3,858,832 | |||||||
56,680 | *,e | LifeStance Health Group, Inc | 383,724 | |||||||
42,540 | * | LivaNova plc | 3,261,116 | |||||||
38,900 | * | Masimo Corp | 4,394,533 | |||||||
121,461 | McKesson Corp | 37,605,540 | ||||||||
63,632 | * | MEDNAX, Inc | 1,178,465 | |||||||
1,062,692 | Medtronic plc | 110,902,537 | ||||||||
31,113 | * | Meridian Bioscience, Inc | 796,182 | |||||||
39,199 | * | Merit Medical Systems, Inc | 2,430,730 | |||||||
3,666 | Mesa Laboratories, Inc | 783,168 | ||||||||
9,626 | * | ModivCare, Inc | 1,000,815 | |||||||
45,486 | * | Molina Healthcare, Inc | 14,257,587 | |||||||
269,758 | *,e | Multiplan Corp | 1,195,028 | |||||||
20,936 | *,e | NantHealth, Inc | 14,747 | |||||||
9,997 | National Healthcare Corp | 680,396 | ||||||||
13,643 | National Research Corp | 467,955 | ||||||||
26,413 | * | Natus Medical, Inc | 878,760 | |||||||
87,993 | * | Neogen Corp | 2,323,015 | |||||||
18,881 | *,e | Neuronetics, Inc | 46,070 | |||||||
6,842 | *,e | NeuroPace, Inc | 55,010 | |||||||
26,411 | * | Nevro Corp | 1,629,295 | |||||||
43,227 | * | NextGen Healthcare, Inc | 814,829 | |||||||
79,735 | * | Novocure Ltd | 6,106,106 | |||||||
40,332 | * | NuVasive, Inc | 2,074,678 | |||||||
76,047 | * | Oak Street Health, Inc | 1,375,690 |
132 |
TIAA-CREF FUNDS – Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
33,694 | * | Omnicell, Inc | $ | 3,678,374 | ||||||
5,992 | * | Ontrak, Inc | 7,130 | |||||||
12,737 | * | OptimizeRx Corp | 358,037 | |||||||
122,648 | * | Option Care Health, Inc | 3,664,722 | |||||||
55,936 | * | OraSure Technologies, Inc | 343,447 | |||||||
92,137 | * | Ortho Clinical Diagnostics Holdings plc | 1,622,533 | |||||||
14,962 | * | Orthofix Medical Inc | 463,822 | |||||||
10,643 | * | OrthoPediatrics Corp | 479,786 | |||||||
34,512 | * | Outset Medical, Inc | 1,203,779 | |||||||
56,019 | Owens & Minor, Inc | 1,988,114 | ||||||||
12,400 | * | Paragon 28, Inc | 222,828 | |||||||
70,379 | Patterson Cos, Inc | 2,165,562 | ||||||||
109,921 | *,e | PAVmed, Inc | 139,600 | |||||||
32,233 | * | Pennant Group, Inc | 528,299 | |||||||
26,905 | * | Penumbra, Inc | 4,642,727 | |||||||
18,578 | *,e | PetIQ, Inc | 369,702 | |||||||
36,146 | * | Phreesia, Inc | 827,020 | |||||||
97,656 | Premier, Inc | 3,536,124 | ||||||||
32,316 | * | Privia Health Group, Inc | 710,629 | |||||||
5,009 | * | PROCEPT BioRobotics Corp | 178,120 | |||||||
47,584 | * | Progyny, Inc | 1,829,605 | |||||||
19,107 | * | Pulmonx Corp | 460,479 | |||||||
15,571 | *,e | Pulse Biosciences, Inc | 38,927 | |||||||
94,887 | Quest Diagnostics, Inc | 12,699,676 | ||||||||
28,612 | * | Quidel Corp | 2,878,939 | |||||||
47,864 | *,e | Quotient Ltd | 27,613 | |||||||
96,106 | * | R1 RCM, Inc | 2,164,307 | |||||||
32,981 | * | RadNet, Inc | 643,129 | |||||||
114,264 | Resmed, Inc | 22,849,372 | ||||||||
10,301 | *,e | Retractable Technologies, Inc | 39,453 | |||||||
34,225 | * | Schrodinger, Inc | 846,042 | |||||||
24,695 | * | SeaSpine Holdings Corp | 229,910 | |||||||
87,546 | Select Medical Holdings Corp | 1,979,415 | ||||||||
313,654 | *,e | Senseonics Holdings, Inc | 439,116 | |||||||
11,192 | * | Sharps Compliance Corp | 48,349 | |||||||
27,143 | * | Shockwave Medical Inc | 4,102,122 | |||||||
24,420 | * | SI-BONE, Inc | 487,912 | |||||||
41,844 | *,e | Sientra, Inc | 59,418 | |||||||
8,216 | *,e | Sight Sciences, Inc | 57,348 | |||||||
48,485 | * | Signify Health, Inc | 669,093 | |||||||
26,274 | * | Silk Road Medical Inc | 920,904 | |||||||
11,111 | Simulations Plus, Inc | 518,439 | ||||||||
36,688 | * | Staar Surgical Co | 2,094,518 | |||||||
37,108 | * | Stereotaxis, Inc | 92,770 | |||||||
68,075 | STERIS plc | 15,252,204 | ||||||||
275,860 | Stryker Corp | 66,553,984 | ||||||||
26,047 | * | Surgery Partners, Inc | 1,332,565 | |||||||
12,498 | * | SurModics, Inc | 483,173 | |||||||
17,723 | * | Tabula Rasa HealthCare, Inc | 59,726 | |||||||
16,594 | * | Tactile Systems Technology, Inc | 280,107 | |||||||
10,923 | *,e | Talis Biomedical Corp | 11,469 | |||||||
48,134 | * | Tandem Diabetes Care, Inc | 4,643,968 | |||||||
117,704 | *,e | Teladoc, Inc | 3,973,687 | |||||||
36,407 | Teleflex, Inc | 10,398,567 | ||||||||
82,151 | * | Tenet Healthcare Corp | 5,956,769 | |||||||
34,296 | * | Tivity Health, Inc | 1,101,930 |
133 |
TIAA-CREF FUNDS – Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
19,088 | * | Transmedics Group, Inc | $ | 400,084 | ||||||
22,626 | * | Treace Medical Concepts, Inc | 443,470 | |||||||
746,583 | UnitedHealth Group, Inc | 379,674,785 | ||||||||
57,509 | Universal Health Services, Inc (Class B) | 7,046,578 | ||||||||
10,603 | US Physical Therapy, Inc | 1,100,273 | ||||||||
1,543 | Utah Medical Products, Inc | 130,522 | ||||||||
15,373 | * | Vapotherm, Inc | 68,256 | |||||||
28,457 | * | Varex Imaging Corp | 564,871 | |||||||
110,024 | * | Veeva Systems, Inc | 20,018,867 | |||||||
27,034 | *,e | Viemed Healthcare, Inc | 134,629 | |||||||
100,633 | * | ViewRay, Inc | 268,690 | |||||||
164,991 | Zimmer Biomet Holdings, Inc | 19,922,663 | ||||||||
16,254 | * | Zimvie, Inc | 365,715 | |||||||
18,838 | e | Zynex Inc | 119,998 | |||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 1,953,277,802 | |||||||||
HOUSEHOLD & PERSONAL PRODUCTS - 1.5% | ||||||||||
74,923 | * | Beauty Health Co | 981,491 | |||||||
86,194 | * | BellRing Brands, Inc | 1,847,137 | |||||||
8,650 | * | Central Garden & Pet Co | 378,783 | |||||||
31,768 | * | Central Garden and Pet Co (Class A) | 1,314,560 | |||||||
190,518 | Church & Dwight Co, Inc | 18,586,936 | ||||||||
97,652 | Clorox Co | 14,010,132 | ||||||||
659,508 | Colgate-Palmolive Co | 50,815,091 | ||||||||
285,172 | * | Coty, Inc | 2,312,745 | |||||||
43,109 | Edgewell Personal Care Co | 1,644,177 | ||||||||
33,082 | * | elf Beauty, Inc | 804,885 | |||||||
49,150 | Energizer Holdings, Inc | 1,488,754 | ||||||||
181,049 | Estee Lauder Cos (Class A) | 47,807,799 | ||||||||
82,434 | * | Herbalife Nutrition Ltd | 2,191,096 | |||||||
63,134 | * | Honest Co, Inc | 250,011 | |||||||
13,924 | Inter Parfums, Inc | 1,138,009 | ||||||||
265,893 | Kimberly-Clark Corp | 36,913,925 | ||||||||
8,832 | Medifast, Inc | 1,575,276 | ||||||||
9,715 | * | Nature’s Sunshine Products, Inc | 160,880 | |||||||
101,144 | * | NewAge, Inc | 40,053 | |||||||
37,408 | Nu Skin Enterprises, Inc (Class A) | 1,595,077 | ||||||||
2,626 | Oil-Dri Corp of America | 65,519 | ||||||||
71,709 | * | Olaplex Holdings, Inc | 1,054,122 | |||||||
1,910,253 | Procter & Gamble Co | 306,691,119 | ||||||||
5,496 | *,e | Revlon, Inc (Class A) | 33,636 | |||||||
75,019 | Reynolds Consumer Products, Inc | 2,219,812 | ||||||||
33,625 | Spectrum Brands Holdings, Inc | 2,860,479 | ||||||||
9,753 | * | USANA Health Sciences, Inc | 747,665 | |||||||
48,983 | *,e | Veru, Inc | 574,081 | |||||||
10,749 | WD-40 Co | 1,977,601 | ||||||||
TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 502,080,851 | |||||||||
INSURANCE - 2.3% | ||||||||||
506,221 | Aflac, Inc | 28,996,339 | ||||||||
10,439 | * | Alleghany Corp | 8,732,224 | |||||||
222,000 | Allstate Corp | 28,091,880 | ||||||||
31,404 | * | AMBAC Financial Group, Inc | 242,753 | |||||||
64,805 | American Equity Investment Life Holding Co | 2,444,445 | ||||||||
52,573 | American Financial Group, Inc | 7,280,309 | ||||||||
656,777 | American International Group, Inc | 38,428,022 |
134 |
TIAA-CREF FUNDS – Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
6,394 | American National Group, Inc | $ | 1,205,972 | |||||||
15,389 | Amerisafe, Inc | 713,280 | ||||||||
173,007 | Aon plc | 49,824,286 | ||||||||
293,088 | * | Arch Capital Group Ltd | 13,385,329 | |||||||
23,843 | Argo Group International Holdings Ltd | 1,020,480 | ||||||||
162,825 | Arthur J. Gallagher & Co | 27,434,384 | ||||||||
44,830 | Assurant, Inc | 8,153,680 | ||||||||
55,148 | Assured Guaranty Ltd | 3,041,412 | ||||||||
59,084 | Axis Capital Holdings Ltd | 3,387,286 | ||||||||
363,754 | *,e | Bright Health Group, Inc | 654,757 | |||||||
63,823 | * | Brighthouse Financial, Inc | 3,277,949 | |||||||
184,753 | Brown & Brown, Inc | 11,450,991 | ||||||||
34,486 | * | BRP Group, Inc | 797,316 | |||||||
339,607 | Chubb Ltd | 70,111,865 | ||||||||
118,260 | Cincinnati Financial Corp | 14,505,772 | ||||||||
31,384 | *,e | Citizens, Inc (Class A) | 93,838 | |||||||
25,334 | CNA Financial Corp | 1,201,845 | ||||||||
99,432 | Conseco, Inc | 2,400,289 | ||||||||
563 | Crawford & Co | 4,391 | ||||||||
3,646 | Donegal Group, Inc (Class A) | 49,330 | ||||||||
20,297 | * | eHealth, Inc | 163,391 | |||||||
21,352 | Employers Holdings, Inc | 839,988 | ||||||||
9,688 | * | Enstar Group Ltd | 2,283,946 | |||||||
20,562 | Erie Indemnity Co (Class A) | 3,295,677 | ||||||||
30,066 | Everest Re Group Ltd | 8,259,431 | ||||||||
212,081 | Fidelity National Financial Inc | 8,445,065 | ||||||||
82,599 | First American Financial Corp | 4,816,348 | ||||||||
381,667 | * | Genworth Financial, Inc (Class A) | 1,415,985 | |||||||
79,695 | Globe Life, Inc | 7,816,486 | ||||||||
38,499 | *,e | GoHealth, Inc | 28,766 | |||||||
13,362 | Goosehead Insurance, Inc | 768,181 | ||||||||
25,827 | * | Greenlight Capital Re Ltd (Class A) | 177,690 | |||||||
27,316 | Hanover Insurance Group, Inc | 4,010,535 | ||||||||
265,385 | Hartford Financial Services Group, Inc | 18,558,373 | ||||||||
4,272 | HCI Group, Inc | 273,792 | ||||||||
32,368 | Heritage Insurance Holdings, Inc | 137,888 | ||||||||
31,895 | Horace Mann Educators Corp | 1,271,016 | ||||||||
763 | Investors Title Co | 143,177 | ||||||||
37,916 | James River Group Holdings Ltd | 898,988 | ||||||||
48,650 | Kemper Corp | 2,245,684 | ||||||||
17,207 | Kinsale Capital Group, Inc | 3,814,620 | ||||||||
29,062 | *,e | Lemonade, Inc | 606,233 | |||||||
142,058 | Lincoln National Corp | 8,544,789 | ||||||||
178,483 | Loews Corp | 11,215,872 | ||||||||
10,653 | * | Markel Corp | 14,416,492 | |||||||
402,267 | Marsh & McLennan Cos, Inc | 65,046,574 | ||||||||
55,135 | * | MBIA, Inc | 663,825 | |||||||
22,360 | Mercury General Corp | 1,127,615 | ||||||||
552,437 | Metlife, Inc | 36,284,062 | ||||||||
145,669 | * | MetroMile, Inc | 142,960 | |||||||
1,863 | National Western Life Group, Inc | 370,290 | ||||||||
5,736 | * | NI Holdings, Inc | 90,916 | |||||||
215,204 | Old Republic International Corp | 4,736,640 | ||||||||
20,068 | * | Palomar Holdings, Inc | 1,092,703 | |||||||
30,196 | Primerica, Inc | 3,912,194 | ||||||||
207,401 | Principal Financial Group | 14,132,304 |
135 |
TIAA-CREF FUNDS – Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
43,676 | ProAssurance Corp | $ | 1,073,119 | |||||||
461,456 | Progressive Corp | 49,541,916 | ||||||||
296,774 | Prudential Financial, Inc | 32,202,947 | ||||||||
52,118 | Reinsurance Group of America, Inc (Class A) | 5,593,304 | ||||||||
36,472 | RenaissanceRe Holdings Ltd | 5,234,461 | ||||||||
32,620 | RLI Corp | 3,744,124 | ||||||||
12,944 | Safety Insurance Group, Inc | 1,113,702 | ||||||||
44,976 | Selective Insurance Group, Inc | 3,704,223 | ||||||||
101,259 | * | Selectquote, Inc | 208,594 | |||||||
89,608 | * | SiriusPoint Ltd | 562,738 | |||||||
20,193 | Stewart Information Services Corp | 1,041,959 | ||||||||
14,139 | Tiptree Inc | 164,437 | ||||||||
189,957 | Travelers Cos, Inc | 32,494,044 | ||||||||
29,700 | * | Trupanion, Inc | 1,889,514 | |||||||
12,876 | United Fire Group Inc | 377,138 | ||||||||
12,036 | United Insurance Holdings Corp | 27,562 | ||||||||
22,601 | Universal Insurance Holdings, Inc | 283,869 | ||||||||
157,217 | Unum Group | 4,798,263 | ||||||||
161,260 | W.R. Berkley Corp | 10,722,177 | ||||||||
2,249 | White Mountains Insurance Group Ltd | 2,356,997 | ||||||||
98,198 | Willis Towers Watson plc | 21,098,822 | ||||||||
TOTAL INSURANCE | 737,212,830 | |||||||||
MATERIALS - 2.7% | ||||||||||
21,255 | AdvanSix, Inc | 946,698 | ||||||||
174,949 | Air Products & Chemicals, Inc | 40,950,312 | ||||||||
92,633 | Albemarle Corp | 17,862,421 | ||||||||
148,084 | Alcoa Corp | 10,040,095 | ||||||||
97,921 | * | Allegheny Technologies, Inc | 2,661,493 | |||||||
1,202,955 | Amcor plc | 14,267,046 | ||||||||
22,290 | American Vanguard Corp | 477,006 | ||||||||
126,372 | *,e | Amyris, Inc | 433,456 | |||||||
52,485 | Aptargroup, Inc | 6,026,853 | ||||||||
84,956 | * | Arconic Corp | 2,137,493 | |||||||
15,086 | † | Ardagh Group S.A. | 268,908 | |||||||
130,309 | * | Ardagh Metal Packaging S.A. | 929,103 | |||||||
43,921 | Ashland Global Holdings, Inc | 4,610,387 | ||||||||
16,317 | * | Aspen Aerogels, Inc | 352,447 | |||||||
66,170 | Avery Dennison Corp | 11,950,302 | ||||||||
73,245 | Avient Corp | 3,606,584 | ||||||||
160,481 | * | Axalta Coating Systems Ltd | 4,071,403 | |||||||
26,132 | Balchem Corp | 3,219,462 | ||||||||
252,083 | Ball Corp | 20,459,056 | ||||||||
104,859 | * | Berry Global Group, Inc | 5,908,805 | |||||||
45,297 | Cabot Corp | 2,982,807 | ||||||||
36,723 | Carpenter Technology Corp | 1,402,084 | ||||||||
85,924 | Celanese Corp (Series A) | 12,625,673 | ||||||||
46,078 | * | Century Aluminum Co | 777,336 | |||||||
168,946 | CF Industries Holdings, Inc | 16,359,041 | ||||||||
7,750 | Chase Corp | 653,790 | ||||||||
126,652 | Chemours Co | 4,188,382 | ||||||||
12,952 | * | Clearwater Paper Corp | 428,841 | |||||||
354,839 | * | Cleveland-Cliffs, Inc | 9,044,846 | |||||||
191,386 | * | Coeur Mining, Inc | 694,731 | |||||||
92,569 | Commercial Metals Co | 3,795,329 | ||||||||
27,716 | Compass Minerals International, Inc | 1,638,847 |
136 |
TIAA-CREF FUNDS – Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
92,492 | * | Constellium SE | $ | 1,543,691 | ||||||
592,299 | Corteva, Inc | 34,169,729 | ||||||||
96,943 | Crown Holdings, Inc | 10,667,608 | ||||||||
77,919 | *,e | Danimer Scientific, Inc | 305,442 | |||||||
58,188 | * | Diversey Holdings Ltd | 450,375 | |||||||
579,979 | Dow, Inc | 38,568,603 | ||||||||
405,986 | DuPont de Nemours, Inc | 26,766,657 | ||||||||
31,619 | Eagle Materials, Inc | 3,899,255 | ||||||||
104,315 | Eastman Chemical Co | 10,710,021 | ||||||||
199,074 | Ecolab, Inc | 33,711,191 | ||||||||
187,571 | Element Solutions, Inc | 3,867,714 | ||||||||
48,283 | *,† | Ferroglobe plc | 0 | |||||||
101,062 | FMC Corp | 13,394,757 | ||||||||
1,179,345 | Freeport-McMoRan, Inc (Class B) | 47,822,440 | ||||||||
24,364 | FutureFuel Corp | 231,702 | ||||||||
26,173 | * | Gatos Silver, Inc | 88,465 | |||||||
52,179 | * | GCP Applied Technologies, Inc | 1,636,855 | |||||||
38,095 | Glatfelter Corp | 419,045 | ||||||||
212,728 | Graphic Packaging Holding Co | 4,637,470 | ||||||||
20,864 | Greif, Inc (Class A) | 1,266,028 | ||||||||
5,806 | Greif, Inc (Class B) | 338,838 | ||||||||
40,341 | H.B. Fuller Co | 2,690,745 | ||||||||
14,948 | Hawkins, Inc | 557,261 | ||||||||
7,327 | Haynes International, Inc | 286,339 | ||||||||
400,042 | Hecla Mining Co | 2,084,219 | ||||||||
163,765 | Huntsman Corp | 5,546,721 | ||||||||
30,978 | * | Ingevity Corp | 1,855,582 | |||||||
20,562 | Innospec, Inc | 1,959,764 | ||||||||
201,792 | International Flavors & Fragrances, Inc | 24,477,370 | ||||||||
300,579 | International Paper Co | 13,910,796 | ||||||||
7,382 | * | Intrepid Potash, Inc | 565,314 | |||||||
12,024 | Kaiser Aluminum Corp | 1,160,316 | ||||||||
14,958 | Koppers Holdings, Inc | 362,881 | ||||||||
30,158 | Kronos Worldwide, Inc | 459,005 | ||||||||
125,090 | * | Livent Corp | 2,671,922 | |||||||
70,826 | Louisiana-Pacific Corp | 4,569,694 | ||||||||
204,724 | LyondellBasell Industries NV | 21,706,886 | ||||||||
1,527 | *,e | Marrone Bio Innovations, Inc | 1,771 | |||||||
49,007 | Martin Marietta Materials, Inc | 17,359,260 | ||||||||
18,259 | Materion Corp | 1,554,754 | ||||||||
25,661 | Minerals Technologies, Inc | 1,632,296 | ||||||||
294,828 | Mosaic Co | 18,403,164 | ||||||||
61,951 | *,e | MP Materials Corp | 2,356,616 | |||||||
26,770 | Myers Industries, Inc | 587,066 | ||||||||
14,884 | Neenah Inc | 526,894 | ||||||||
5,513 | NewMarket Corp | 1,789,575 | ||||||||
632,985 | Newmont Goldcorp Corp | 46,112,957 | ||||||||
181,575 | * | Novagold Resources Inc | 1,129,396 | |||||||
214,747 | Nucor Corp | 33,238,541 | ||||||||
127,895 | * | O-I Glass, Inc | 1,724,025 | |||||||
114,879 | Olin Corp | 6,594,055 | ||||||||
13,039 | Olympic Steel, Inc | 447,629 | ||||||||
43,249 | Orion Engineered Carbons SA | 653,060 | ||||||||
74,587 | Packaging Corp of America | 12,021,187 | ||||||||
30,719 | Pactiv Evergreen, Inc | 302,889 | ||||||||
188,168 | PPG Industries, Inc | 24,083,622 |
137 |
TIAA-CREF FUNDS – Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
38,871 | PQ Group Holdings, Inc | $ | 391,042 | |||||||
59,880 | *,e | PureCycle Technologies, Inc | 467,064 | |||||||
10,380 | Quaker Chemical Corp | 1,688,930 | ||||||||
27,104 | * | Ranpak Holdings Corp | 408,728 | |||||||
46,721 | * | Rayonier Advanced Materials, Inc | 239,679 | |||||||
48,274 | Reliance Steel & Aluminum Co | 9,570,321 | ||||||||
52,537 | Royal Gold, Inc | 6,855,028 | ||||||||
98,903 | RPM International, Inc | 8,199,059 | ||||||||
19,733 | Ryerson Holding Corp | 726,372 | ||||||||
19,787 | Schnitzer Steel Industries, Inc (Class A) | 902,881 | ||||||||
25,187 | Schweitzer-Mauduit International, Inc | 633,705 | ||||||||
31,523 | Scotts Miracle-Gro Co (Class A) | 3,276,185 | ||||||||
114,554 | Sealed Air Corp | 7,355,512 | ||||||||
34,596 | Sensient Technologies Corp | 2,926,822 | ||||||||
191,018 | Sherwin-Williams Co | 52,522,309 | ||||||||
63,867 | Silgan Holdings, Inc | 2,833,779 | ||||||||
74,277 | Sonoco Products Co | 4,598,489 | ||||||||
65,680 | Southern Copper Corp | 4,089,894 | ||||||||
145,943 | Steel Dynamics, Inc | 12,514,612 | ||||||||
17,131 | Stepan Co | 1,749,246 | ||||||||
90,890 | * | Summit Materials, Inc | 2,526,742 | |||||||
64,626 | SunCoke Energy, Inc | 537,688 | ||||||||
25,520 | * | Sylvamo Corp | 1,139,468 | |||||||
34,451 | * | TimkenSteel Corp | 712,102 | |||||||
20,458 | Tredegar Corp | 234,244 | ||||||||
33,781 | Trimas Corp | 997,891 | ||||||||
29,350 | Trinseo plc | 1,392,657 | ||||||||
86,613 | Tronox Holdings plc | 1,489,744 | ||||||||
3,261 | * | UFP Technologies, Inc | 223,933 | |||||||
834 | United States Lime & Minerals, Inc | 91,331 | ||||||||
208,106 | United States Steel Corp | 6,345,152 | ||||||||
140,246 | Valvoline, Inc | 4,239,637 | ||||||||
104,338 | Vulcan Materials Co | 17,976,394 | ||||||||
68,540 | Warrior Met Coal, Inc | 2,335,158 | ||||||||
25,371 | Westlake Chemical Corp | 3,210,700 | ||||||||
204,567 | WestRock Co | 10,132,204 | ||||||||
25,911 | Worthington Industries, Inc | 1,232,586 | ||||||||
TOTAL MATERIALS | 872,417,783 | |||||||||
MEDIA & ENTERTAINMENT - 6.8% | ||||||||||
610,586 | Activision Blizzard, Inc | 46,160,302 | ||||||||
83,734 | * | Advantage Solutions, Inc | 421,182 | |||||||
238,755 | * | Alphabet, Inc (Class A) | 544,884,273 | |||||||
219,596 | * | Alphabet, Inc (Class C) | 504,923,671 | |||||||
162,466 | * | Altice USA, Inc | 1,507,684 | |||||||
407,175 | *,e | AMC Entertainment Holdings, Inc | 6,229,777 | |||||||
24,488 | * | AMC Networks, Inc | 799,043 | |||||||
13,100 | * | Boston Omaha Corp | 273,004 | |||||||
4,150 | Cable One, Inc | 4,839,730 | ||||||||
24,134 | * | Cardlytics, Inc | 823,693 | |||||||
75,371 | * | Cargurus, Inc | 2,463,124 | |||||||
52,392 | * | Cars.com, Inc | 582,599 | |||||||
95,089 | * | Charter Communications, Inc | 40,744,686 | |||||||
8,724 | *,e | Chicken Soup For The Soul Entertainment, Inc | 75,986 | |||||||
85,356 | * | Cinemark Holdings, Inc | 1,353,746 | |||||||
274,370 | * | Clear Channel | 674,950 |
138 |
TIAA-CREF FUNDS – Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
3,581,806 | Comcast Corp (Class A) | $ | 142,412,607 | |||||||
50,683 | * | comScore, Inc | 102,380 | |||||||
19,689 | *,e | CuriosityStream, Inc | 39,969 | |||||||
470 | * | Daily Journal Corp | 120,860 | |||||||
191,138 | * | DISH Network Corp (Class A) | 5,449,344 | |||||||
223,761 | Electronic Arts, Inc | 26,414,986 | ||||||||
18,495 | * | Emerald Holding, Inc | 49,752 | |||||||
159,055 | * | Entercom Communications Corp | 404,000 | |||||||
41,363 | Entravision Communications Corp (Class A) | 213,847 | ||||||||
56,607 | * | Eventbrite Inc | 598,902 | |||||||
14,689 | * | EverQuote Inc | 203,883 | |||||||
41,829 | * | EW Scripps Co (Class A) | 688,505 | |||||||
32,327 | * | Fluent, Inc | 43,318 | |||||||
252,942 | Fox Corp (Class A) | 9,065,441 | ||||||||
120,187 | Fox Corp (Class B) | 3,995,016 | ||||||||
113,994 | *,e | fuboTV, Inc | 432,037 | |||||||
103,352 | * | Gannett Co, Inc | 414,442 | |||||||
72,446 | Gray Television, Inc | 1,341,700 | ||||||||
9,282 | * | Hemisphere Media Group, Inc | 36,107 | |||||||
59,501 | * | IAC | 4,931,443 | |||||||
84,522 | * | iHeartMedia, Inc | 1,351,507 | |||||||
38,923 | * | Imax Corp | 615,762 | |||||||
25,945 | * | Integral Ad Science Holding Corp | 306,410 | |||||||
311,496 | Interpublic Group of Cos, Inc | 10,161,000 | ||||||||
32,721 | John Wiley & Sons, Inc (Class A) | 1,665,172 | ||||||||
6,341 | *,e | Liberty Braves Group (Class A) | 166,578 | |||||||
32,042 | * | Liberty Braves Group (Class C) | 804,575 | |||||||
19,423 | * | Liberty Broadband Corp (Class A) | 2,091,080 | |||||||
111,087 | * | Liberty Broadband Corp (Class C) | 12,421,748 | |||||||
18,720 | * | Liberty Media Group (Class A) | 1,074,902 | |||||||
157,336 | * | Liberty Media Group (Class C) | 9,806,753 | |||||||
71,878 | Liberty SiriusXM Group (Class A) | 3,006,657 | ||||||||
123,155 | * | Liberty SiriusXM Group (Class C) | 5,157,731 | |||||||
71,481 | * | Liberty TripAdvisor Holdings, Inc | 107,221 | |||||||
46,102 | * | Lions Gate Entertainment Corp (Class A) | 621,916 | |||||||
89,647 | * | Lions Gate Entertainment Corp (Class B) | 1,126,863 | |||||||
110,565 | * | Live Nation, Inc | 11,596,057 | |||||||
40,603 | * | LiveOne, Inc | 27,610 | |||||||
15,250 | * | Loyalty Ventures, Inc | 195,047 | |||||||
14,125 | * | Madison Square Garden Co | 2,289,804 | |||||||
20,032 | * | Madison Square Garden Entertainment Corp | 1,467,344 | |||||||
96,667 | * | Magnite, Inc | 932,837 | |||||||
25,461 | *,e | Marcus Corp | 400,502 | |||||||
224,357 | * | Match Group, Inc | 17,757,857 | |||||||
15,622 | * | MediaAlpha, Inc | 230,268 | |||||||
1,830,702 | * | Meta Platforms, Inc | 367,000,830 | |||||||
48,320 | National CineMedia, Inc | 106,787 | ||||||||
341,185 | * | Netflix, Inc | 64,947,977 | |||||||
128,110 | New York Times Co (Class A) | 4,909,175 | ||||||||
303,887 | News Corp (Class A) | 6,035,196 | ||||||||
98,394 | News Corp (Class B) | 1,959,025 | ||||||||
30,528 | Nexstar Media Group Inc | 4,836,246 | ||||||||
163,848 | Omnicom Group, Inc | 12,473,748 | ||||||||
450,593 | * | Pinterest, Inc | 9,246,168 | |||||||
77,751 | * | Playtika Holding Corp | 1,366,863 | |||||||
42,462 | * | QuinStreet, Inc | 403,814 |
139 |
TIAA-CREF FUNDS – Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
91,825 | * | Roku, Inc | $ | 8,530,542 | ||||||
23,182 | Scholastic Corp | 854,257 | ||||||||
38,405 | Sinclair Broadcast Group, Inc (Class A) | 854,127 | ||||||||
686,749 | e | Sirius XM Holdings, Inc | 4,120,494 | |||||||
237,899 | *,e | Skillz, Inc | 487,693 | |||||||
109,528 | * | Spotify Technology S.A. | 11,133,521 | |||||||
47,656 | * | Stagwell, Inc | 323,108 | |||||||
91,616 | * | Take-Two Interactive Software, Inc | 10,949,028 | |||||||
19,799 | * | TechTarget, Inc | 1,332,671 | |||||||
174,569 | TEGNA, Inc | 3,849,246 | ||||||||
5,030 | * | Thryv Holdings, Inc | 129,925 | |||||||
75,518 | * | TripAdvisor, Inc | 1,938,547 | |||||||
88,583 | * | TrueCar, Inc | 317,127 | |||||||
620,039 | * | Twitter, Inc | 30,394,312 | |||||||
6,103 | e | ViacomCBS, Inc (Class A) | 192,550 | |||||||
463,733 | ViacomCBS, Inc (Class B) | 13,503,905 | ||||||||
109,885 | * | Vimeo, Inc | 1,119,728 | |||||||
1,444,613 | * | Walt Disney Co | 161,262,149 | |||||||
1,749,406 | * | Warner Bros Discovery, Inc | 31,751,719 | |||||||
40,981 | * | WideOpenWest, Inc | 821,669 | |||||||
35,196 | World Wrestling Entertainment, Inc (Class A) | 2,055,094 | ||||||||
58,093 | * | Yelp, Inc | 1,889,765 | |||||||
33,513 | * | Ziff Davis Inc | 2,961,209 | |||||||
822,121 | * | Zynga, Inc | 6,798,941 | |||||||
TOTAL MEDIA & ENTERTAINMENT | 2,209,956,346 | |||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.9% | ||||||||||
65,837 | * | 10X Genomics, Inc | 3,144,375 | |||||||
16,553 | * | 2seventy bio, Inc | 222,803 | |||||||
20,729 | * | 4D Molecular Therapeutics, Inc | 246,882 | |||||||
11,226 | * | 89bio, Inc | 24,360 | |||||||
253,146 | *,e | 9 Meters Biopharma, Inc | 105,764 | |||||||
1,404,130 | AbbVie, Inc | 206,238,614 | ||||||||
61,628 | *,e | Absci Corp | 364,221 | |||||||
91,291 | * | Acadia Pharmaceuticals, Inc | 1,683,406 | |||||||
45,788 | *,e | Aclaris Therapeutics, Inc | 564,108 | |||||||
110,987 | * | Adagio Therapeutics, Inc | 317,423 | |||||||
82,792 | * | Adaptive Biotechnologies Corp | 683,034 | |||||||
15,761 | * | Adicet Bio, Inc | 232,317 | |||||||
66,953 | *,e | Adverum Biotechnologies, Inc | 71,640 | |||||||
33,288 | * | Aeglea BioTherapeutics, Inc | 47,935 | |||||||
33,134 | * | Aerie Pharmaceuticals, Inc | 235,583 | |||||||
87,570 | * | Affimed NV | 329,263 | |||||||
147,964 | * | Agenus, Inc | 273,733 | |||||||
238,579 | Agilent Technologies, Inc | 28,455,317 | ||||||||
43,567 | * | Agios Pharmaceuticals, Inc | 957,167 | |||||||
19,401 | * | Akero Therapeutics, Inc | 203,517 | |||||||
18,665 | *,e | Akouos, Inc | 52,262 | |||||||
7,525 | *,e | Akoya Biosciences, Inc | 70,810 | |||||||
13,691 | * | Albireo Pharma, Inc | 435,648 | |||||||
36,650 | * | Aldeyra Therapeutics, Inc | 112,516 | |||||||
43,454 | * | Alector, Inc | 417,158 | |||||||
14,186 | * | Aligos Therapeutics, Inc | 16,739 | |||||||
123,689 | * | Alkermes plc | 3,568,428 | |||||||
26,372 | * | Allakos, Inc | 99,422 | |||||||
51,492 | * | Allogene Therapeutics, Inc | 429,958 |
140 |
TIAA-CREF FUNDS – Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
21,851 | *,e | Allovir, Inc | $ | 99,422 | ||||||
95,572 | * | Alnylam Pharmaceuticals, Inc | 12,752,172 | |||||||
25,003 | * | Altimmune, Inc | 113,014 | |||||||
13,419 | * | ALX Oncology Holdings, Inc | 171,495 | |||||||
441,938 | Amgen, Inc | 103,055,522 | ||||||||
193,454 | * | Amicus Therapeutics, Inc | 1,369,654 | |||||||
90,760 | * | Amneal Pharmaceuticals, Inc | 350,334 | |||||||
29,714 | * | Amphastar Pharmaceuticals, Inc | 1,053,956 | |||||||
143,738 | *,e | Ampio Pharmaceuticals, Inc | 33,089 | |||||||
28,209 | * | Amylyx Pharmaceuticals, Inc | 253,881 | |||||||
15,851 | * | AnaptysBio, Inc | 370,913 | |||||||
46,837 | * | Anavex Life Sciences Corp | 402,330 | |||||||
17,279 | * | ANI Pharmaceuticals, Inc | 509,903 | |||||||
11,269 | * | Anika Therapeutics, Inc | 242,622 | |||||||
23,561 | * | Annexon, Inc | 60,081 | |||||||
123,274 | * | Antares Pharma, Inc | 686,020 | |||||||
61,057 | * | Apellis Pharmaceuticals, Inc | 2,657,811 | |||||||
18,548 | *,e | Applied Molecular Transport, Inc | 79,571 | |||||||
12,708 | * | Applied Therapeutics, Inc | 25,035 | |||||||
39,630 | * | AquaBounty Technologies, Inc | 53,104 | |||||||
65,091 | *,e | Arbutus Biopharma Corp | 151,662 | |||||||
13,951 | * | Arcturus Therapeutics Holdings, Inc | 270,370 | |||||||
34,341 | * | Arcus Biosciences, Inc | 831,396 | |||||||
31,261 | * | Arcutis Biotherapeutics, Inc | 631,160 | |||||||
78,352 | * | Arrowhead Pharmaceuticals Inc | 3,221,051 | |||||||
35,794 | * | Arvinas, Inc | 1,967,596 | |||||||
62,354 | * | Atara Biotherapeutics, Inc | 396,571 | |||||||
48,745 | * | Atea Pharmaceuticals, Inc | 286,133 | |||||||
76,887 | * | Athenex, Inc | 36,906 | |||||||
137,117 | *,e | Athersys, Inc | 67,201 | |||||||
25,454 | * | Athira Pharma, Inc | 261,922 | |||||||
390,089 | *,e | Atossa Therapeutics, Inc | 393,990 | |||||||
30,662 | *,e | Atreca, Inc | 60,098 | |||||||
76,225 | * | Avalo Therapeutics, Inc | 31,313 | |||||||
480,676 | * | Avantor, Inc | 15,323,951 | |||||||
46,688 | * | Avid Bioservices, Inc | 628,420 | |||||||
22,820 | * | Avidity Biosciences, Inc | 326,326 | |||||||
18,080 | *,e | Avita Medical, Inc | 110,288 | |||||||
25,652 | * | Avrobio, Inc | 23,674 | |||||||
21,552 | * | Axsome Therapeutics, Inc | 684,276 | |||||||
39,569 | * | Beam Therapeutics, Inc | 1,485,025 | |||||||
89,988 | * | Berkeley Lights, Inc | 447,690 | |||||||
17,232 | * | Beyondspring Inc | 26,193 | |||||||
8,940 | * | BioAtla, Inc | 31,111 | |||||||
136,958 | * | BioCryst Pharmaceuticals, Inc | 1,272,340 | |||||||
116,095 | * | Biogen, Inc | 24,082,747 | |||||||
43,092 | * | Biohaven Pharmaceutical Holding Co Ltd | 3,842,514 | |||||||
144,637 | * | BioMarin Pharmaceutical, Inc | 11,766,220 | |||||||
6,579 | * | Biomea Fusion, Inc | 19,737 | |||||||
259,489 | *,e | Bionano Genomics, Inc | 422,967 | |||||||
16,807 | * | Bio-Rad Laboratories, Inc (Class A) | 8,606,192 | |||||||
30,922 | Bio-Techne Corp | 11,740,774 | ||||||||
9,945 | *,e | Bioxcel Therapeutics Inc | 130,379 | |||||||
17,523 | * | Black Diamond Therapeutics, Inc | 42,581 | |||||||
121,003 | * | Bluebird Bio, Inc | 439,241 | |||||||
44,489 | * | Blueprint Medicines Corp | 2,595,933 |
141 |
TIAA-CREF FUNDS – Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
9,800 | *,e | Bolt Biotherapeutics, Inc | $ | 15,288 | ||||||
78,384 | * | Bridgebio Pharma, Inc | 628,640 | |||||||
1,725,436 | Bristol-Myers Squibb Co | 129,873,568 | ||||||||
18,013 | *,e | Brooklyn ImmunoTherapeutics, Inc | 18,914 | |||||||
79,327 | Bruker BioSciences Corp | 4,560,509 | ||||||||
25,944 | * | C4 Therapeutics, Inc | 222,340 | |||||||
32,865 | * | Cara Therapeutics, Inc | 286,583 | |||||||
27,819 | * | Cardiff Oncology, Inc | 37,277 | |||||||
37,486 | * | CareDx, Inc | 1,141,074 | |||||||
38,668 | * | Caribou Biosciences, Inc | 286,143 | |||||||
32,926 | *,e | Cassava Sciences, Inc | 687,166 | |||||||
134,793 | * | Catalent, Inc | 12,206,854 | |||||||
76,486 | * | Catalyst Pharmaceuticals, Inc | 582,823 | |||||||
6,027 | *,e | Celcuity, Inc | 39,296 | |||||||
34,148 | * | Celldex Therapeutics, Inc | 1,043,221 | |||||||
28,692 | *,e | CEL-SCI Corp | 82,059 | |||||||
32,902 | * | Cerevel Therapeutics Holdings, Inc | 963,371 | |||||||
39,460 | * | Charles River Laboratories International, Inc | 9,529,985 | |||||||
44,912 | * | ChemoCentryx, Inc | 829,076 | |||||||
55,373 | * | Chimerix, Inc | 243,641 | |||||||
26,874 | * | Chinook Therapeutics, Inc | 406,604 | |||||||
33,231 | *,e | ChromaDex Corp | 62,807 | |||||||
85,782 | *,e | Citius Pharmaceuticals, Inc | 86,640 | |||||||
115,355 | *,e | Clovis Oncology, Inc | 230,710 | |||||||
45,404 | * | Codexis, Inc | 546,210 | |||||||
11,867 | *,e | Codiak Biosciences, Inc | 35,126 | |||||||
28,132 | *,e | Cogent Biosciences, Inc | 180,607 | |||||||
45,593 | * | Coherus Biosciences, Inc | 412,161 | |||||||
28,144 | * | Collegium Pharmaceutical, Inc | 453,118 | |||||||
75,382 | * | Corcept Therapeutics, Inc | 1,621,467 | |||||||
34,910 | *,e | CorMedix Inc | 120,090 | |||||||
15,260 | *,e | Cortexyme Inc | 55,852 | |||||||
35,186 | * | Crinetics Pharmaceuticals, Inc | 714,980 | |||||||
23,500 | * | Cue Biopharma, Inc | 93,060 | |||||||
19,518 | *,e | Cullinan Oncology, Inc | 191,472 | |||||||
40,402 | *,e | CureVac NV | 690,470 | |||||||
65,385 | *,e | Curis, Inc | 59,742 | |||||||
52,860 | * | Cymabay Therapeutics, Inc | 119,992 | |||||||
96,552 | *,e | Cytek Biosciences, Inc | 912,416 | |||||||
61,249 | * | Cytokinetics, Inc | 2,441,998 | |||||||
61,381 | * | CytomX Therapeutics, Inc | 104,962 | |||||||
501,937 | Danaher Corp | 126,051,439 | ||||||||
7,921 | *,e | Day One Biopharmaceuticals, Inc | 67,487 | |||||||
29,585 | * | Deciphera Pharmaceuticals, Inc | 299,400 | |||||||
69,573 | * | Denali Therapeutics, Inc | 1,655,837 | |||||||
25,917 | *,e | DermTech, Inc | 221,590 | |||||||
20,792 | * | Design Therapeutics, Inc | 248,256 | |||||||
10,980 | * | DICE Therapeutics, Inc | 223,114 | |||||||
156,303 | * | Durect Corp | 70,336 | |||||||
79,916 | * | Dynavax Technologies Corp | 705,658 | |||||||
22,646 | *,e | Dyne Therapeutics, Inc | 180,715 | |||||||
11,214 | * | Eagle Pharmaceuticals, Inc | 494,874 | |||||||
24,594 | * | Edgewise Therapeutics, Inc | 196,260 | |||||||
53,309 | * | Editas Medicine, Inc | 705,811 | |||||||
19,133 | * | Eiger BioPharmaceuticals, Inc | 131,444 | |||||||
346,616 | * | Elanco Animal Health, Inc | 8,772,851 |
142 |
TIAA-CREF FUNDS – Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
673,920 | Eli Lilly & Co | $ | 196,872,250 | |||||||
37,040 | * | Emergent Biosolutions, Inc | 1,199,355 | |||||||
17,038 | * | Enanta Pharmaceuticals, Inc | 1,097,247 | |||||||
62,499 | * | Epizyme, Inc | 40,337 | |||||||
61,360 | *,e | Erasca, Inc | 446,701 | |||||||
64,431 | *,e | Esperion Thereapeutics, Inc | 365,968 | |||||||
22,962 | *,e | Evelo Biosciences, Inc | 56,716 | |||||||
22,516 | * | Evolus, Inc | 251,954 | |||||||
136,970 | * | Exact Sciences Corp | 7,540,199 | |||||||
121 | *,e | Exagen, Inc | 738 | |||||||
247,237 | * | Exelixis, Inc | 5,523,275 | |||||||
15,681 | *,e | EyePoint Pharmaceuticals, Inc | 177,195 | |||||||
61,787 | * | Fate Therapeutics, Inc | 1,764,637 | |||||||
65,218 | * | FibroGen, Inc | 606,527 | |||||||
66,476 | *,e | Fluidigm Corp | 176,161 | |||||||
14,735 | * | Foghorn Therapeutics, Inc | 170,779 | |||||||
60,294 | * | Forma Therapeutics Holdings, Inc | 455,823 | |||||||
8,519 | * | Forte Biosciences, Inc | 9,797 | |||||||
71,352 | *,e | Fortress Biotech, Inc | 78,487 | |||||||
33,303 | * | Frequency Therapeutics, Inc | 43,294 | |||||||
41,192 | * | Fulcrum Therapeutics, Inc | 396,267 | |||||||
29,008 | *,e | G1 Therapeutics, Inc | 149,101 | |||||||
16,562 | * | Gemini Therapeutics, Inc | 25,009 | |||||||
33,712 | * | Generation Bio Co | 213,397 | |||||||
274,233 | *,e | Geron Corp | 386,669 | |||||||
996,691 | Gilead Sciences, Inc | 59,143,644 | ||||||||
47,677 | * | Global Blood Therapeutics, Inc | 1,463,684 | |||||||
43,062 | * | Gossamer Bio, Inc | 297,558 | |||||||
11,957 | *,e | Graphite Bio, Inc | 48,067 | |||||||
3,183 | * | Greenwich Lifesciences, Inc | 37,719 | |||||||
36,887 | * | Gritstone Oncology, Inc | 95,537 | |||||||
24,592 | *,e | GT Biopharma, Inc | 51,889 | |||||||
108,327 | * | Halozyme Therapeutics, Inc | 4,322,247 | |||||||
16,826 | * | Harmony Biosciences Holdings, Inc | 757,843 | |||||||
19,227 | * | Harpoon Therapeutics, Inc | 43,261 | |||||||
29,173 | * | Harvard Bioscience, Inc | 152,283 | |||||||
69,386 | *,e | Heron Therapeutics, Inc | 313,625 | |||||||
29,012 | * | Homology Medicines, Inc | 48,160 | |||||||
17,405 | *,e | Hookipa Pharma, Inc | 26,108 | |||||||
174,072 | * | Horizon Therapeutics Plc | 17,156,536 | |||||||
51,054 | *,e | Humanigen, Inc | 95,982 | |||||||
214,078 | *,e | iBio, Inc | 62,639 | |||||||
10,184 | * | Icosavax, Inc | 73,834 | |||||||
22,147 | * | Ideaya Biosciences, Inc | 212,390 | |||||||
22,092 | * | IGM Biosciences, Inc | 369,820 | |||||||
7,542 | *,e | Ikena Oncology, Inc | 29,263 | |||||||
115,508 | * | Illumina, Inc | 34,265,448 | |||||||
26,816 | *,e | Imago Biosciences, Inc | 438,442 | |||||||
11,727 | *,e | Immunic, Inc | 79,392 | |||||||
90,801 | *,e | ImmunityBio, Inc | 329,608 | |||||||
145,304 | * | Immunogen, Inc | 701,818 | |||||||
30,492 | *,e | Immunovant, Inc | 140,568 | |||||||
145,668 | * | Incyte Corp | 10,919,273 | |||||||
66,228 | * | Infinity Pharmaceuticals, Inc | 52,267 | |||||||
21,073 | * | Inhibrx, Inc | 334,007 | |||||||
51,012 | * | Innoviva, Inc | 870,265 |
143 |
TIAA-CREF FUNDS – Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
22,673 | *,e | Inotiv, Inc | $ | 323,090 | ||||||
156,129 | *,e | Inovio Pharmaceuticals, Inc | 426,232 | |||||||
5,115 | *,e | Inozyme Pharma, Inc | 20,204 | |||||||
88,860 | * | Insmed, Inc | 1,952,254 | |||||||
48,473 | *,e | Instil Bio, Inc | 342,704 | |||||||
53,987 | * | Intellia Therapeutics, Inc | 2,646,983 | |||||||
21,877 | *,e | Intercept Pharmaceuticals, Inc | 343,688 | |||||||
62,879 | * | Intra-Cellular Therapies, Inc | 3,182,306 | |||||||
106,785 | * | Ionis Pharmaceuticals, Inc | 3,925,417 | |||||||
111,258 | * | Iovance Biotherapeutics, Inc | 1,685,559 | |||||||
151,455 | * | IQVIA Holdings, Inc | 33,015,675 | |||||||
119,898 | * | Ironwood Pharmaceuticals, Inc | 1,438,776 | |||||||
15,278 | * | iTeos Therapeutics, Inc | 407,770 | |||||||
94,544 | * | IVERIC bio, Inc | 1,309,434 | |||||||
46,582 | * | Jazz Pharmaceuticals plc | 7,463,368 | |||||||
2,091,343 | Johnson & Johnson | 377,403,758 | ||||||||
27,101 | * | Jounce Therapeutics, Inc | 143,635 | |||||||
38,118 | *,e | Kala Pharmaceuticals, Inc | 24,758 | |||||||
17,147 | * | KalVista Pharmaceuticals Inc | 218,281 | |||||||
16,757 | * | Karuna Therapeutics, Inc | 1,867,735 | |||||||
57,823 | * | Karyopharm Therapeutics, Inc | 352,720 | |||||||
21,604 | *,e | KemPharm, Inc | 96,570 | |||||||
11,863 | * | Keros Therapeutics, Inc | 628,858 | |||||||
36,515 | * | Kezar Life Sciences, Inc | 433,798 | |||||||
21,846 | * | Kiniksa Pharmaceuticals Ltd | 203,823 | |||||||
10,555 | * | Kinnate Biopharma, Inc | 78,846 | |||||||
70,464 | * | Kodiak Sciences, Inc | 424,193 | |||||||
29,278 | * | Kronos Bio, Inc | 138,485 | |||||||
13,379 | * | Krystal Biotech Inc | 810,901 | |||||||
47,680 | * | Kura Oncology, Inc | 684,208 | |||||||
25,415 | * | Kymera Therapeutics, Inc | 796,760 | |||||||
56,936 | * | Lexicon Pharmaceuticals, Inc | 103,054 | |||||||
11,370 | * | Ligand Pharmaceuticals, Inc (Class B) | 1,055,818 | |||||||
230,679 | *,e | Lineage Cell Therapeutics, Inc | 281,428 | |||||||
126,735 | *,e | Lyell Immunopharma, Inc | 650,151 | |||||||
82,299 | * | MacroGenics, Inc | 588,438 | |||||||
8,601 | * | Madrigal Pharmaceuticals, Inc | 602,070 | |||||||
27,118 | * | Magenta Therapeutics, Inc | 38,779 | |||||||
186,883 | *,e | MannKind Corp | 584,944 | |||||||
87,401 | * | Maravai LifeSciences Holdings, Inc | 2,685,833 | |||||||
27,883 | *,e | Marinus Pharmaceuticals, Inc | 184,585 | |||||||
71,270 | * | MaxCyte, Inc | 394,836 | |||||||
22,342 | * | Medpace Holdings, Inc | 2,984,221 | |||||||
101,155 | * | MEI Pharma, Inc | 49,718 | |||||||
22,599 | * | MeiraGTx Holdings plc | 232,544 | |||||||
2,015,726 | Merck & Co, Inc | 178,774,739 | ||||||||
124,404 | * | Mersana Therapeutics, Inc | 432,926 | |||||||
18,021 | * | Mettler-Toledo International, Inc | 23,022,368 | |||||||
83,879 | * | MiMedx Group, Inc | 331,322 | |||||||
243,068 | *,e | Mind Medicine MindMed, Inc | 194,454 | |||||||
32,538 | * | Mirati Therapeutics, Inc | 2,010,523 | |||||||
5,376 | * | Mirum Pharmaceuticals, Inc | 127,841 | |||||||
274,227 | * | Moderna, Inc | 36,858,851 | |||||||
36,471 | *,e | Molecular Templates, Inc | 62,001 | |||||||
32,298 | *,e | Monte Rosa Therapeutics, Inc | 352,048 | |||||||
15,639 | * | Morphic Holding, Inc | 474,018 |
144 |
TIAA-CREF FUNDS – Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
39,098 | * | Mustang Bio, Inc | $ | 29,116 | ||||||
65,991 | * | Myriad Genetics, Inc | 1,352,816 | |||||||
34,387 | * | NanoString Technologies, Inc | 645,788 | |||||||
64,906 | * | Natera, Inc | 2,279,499 | |||||||
135,344 | * | Nektar Therapeutics | 558,971 | |||||||
85,951 | * | NeoGenomics, Inc | 812,237 | |||||||
23,519 | *,e | Neoleukin Therapeutics, Inc | 28,693 | |||||||
82,837 | * | Neurocrine Biosciences, Inc | 7,457,815 | |||||||
22,655 | * | NGM Biopharmaceuticals Inc | 282,734 | |||||||
12,317 | *,e | Nkarta, Inc | 227,125 | |||||||
58,768 | *,e | Novavax, Inc | 2,648,674 | |||||||
23,712 | * | Nurix Therapeutics, Inc | 262,492 | |||||||
165,406 | *,e | Nuvation Bio, Inc | 770,792 | |||||||
134,035 | *,e | Ocugen, Inc | 293,537 | |||||||
56,023 | * | Ocular Therapeutix, Inc | 200,002 | |||||||
18,751 | * | Olema Pharmaceuticals, Inc | 47,815 | |||||||
53,494 | *,e | Omeros Corp | 185,624 | |||||||
62,129 | *,e | Oncocyte Corp | 72,070 | |||||||
15,440 | *,e | Oncorus, Inc | 18,065 | |||||||
33,751 | * | Oncternal Therapeutics, Inc | 28,800 | |||||||
309,914 | *,e | Opko Health, Inc | 836,768 | |||||||
45,381 | * | Oramed Pharmaceuticals, Inc | 233,258 | |||||||
67,101 | * | Organogenesis Holdings Inc | 432,130 | |||||||
201,989 | Organon & Co | 6,530,304 | ||||||||
23,965 | * | ORIC Pharmaceuticals, Inc | 79,564 | |||||||
321,694 | *,e | Outlook Therapeutics, Inc | 498,626 | |||||||
4,552 | *,e | Oyster Point Pharma, Inc | 29,042 | |||||||
150,133 | * | Pacific Biosciences of California, Inc | 951,843 | |||||||
33,811 | * | Pacira BioSciences Inc | 2,521,286 | |||||||
33,108 | *,e | Paratek Pharmaceuticals, Inc | 73,169 | |||||||
28,540 | * | Passage Bio, Inc | 55,653 | |||||||
100,476 | PerkinElmer, Inc | 14,730,786 | ||||||||
103,541 | Perrigo Co plc | 3,551,456 | ||||||||
26,969 | * | Personalis, Inc | 151,026 | |||||||
4,435,615 | Pfizer, Inc | 217,655,628 | ||||||||
15,279 | *,e | Phathom Pharmaceuticals, Inc | 197,710 | |||||||
15,634 | Phibro Animal Health Corp | 281,256 | ||||||||
18,166 | * | Pliant Therapeutics, Inc | 106,453 | |||||||
19,770 | * | PMV Pharmaceuticals, Inc | 286,467 | |||||||
22,651 | * | Poseida Therapeutics, Inc | 69,992 | |||||||
76,092 | * | Praxis Precision Medicines, Inc | 616,345 | |||||||
72,804 | * | Precigen, Inc | 96,829 | |||||||
36,010 | * | Precision BioSciences Inc | 71,660 | |||||||
9,787 | *,e | Prelude Therapeutics, Inc | 44,922 | |||||||
40,272 | * | Prestige Consumer Healthcare, Inc. | 2,201,268 | |||||||
72,597 | *,† | Progenics Pharmaceuticals, Inc | 0 | |||||||
25,152 | * | Prometheus Biosciences, Inc | 661,498 | |||||||
39,449 | * | Protagonist Therapeutics, Inc | 358,591 | |||||||
26,368 | * | Prothena Corp plc | 768,891 | |||||||
42,697 | *,e | Provention Bio, Inc | 191,710 | |||||||
52,242 | * | PTC Therapeutics, Inc | 1,845,710 | |||||||
18,940 | * | Puma Biotechnology, Inc | 44,698 | |||||||
176,435 | * | QIAGEN NV | 8,004,856 | |||||||
23,244 | * | Quanterix Corp | 515,784 | |||||||
40,547 | * | Radius Health, Inc | 277,341 | |||||||
8,345 | *,e | Rain Therapeutics, Inc | 33,130 |
145 |
TIAA-CREF FUNDS – Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
13,284 | * | RAPT Therapeutics, Inc | $ | 200,987 | ||||||
20,751 | *,e | Reata Pharmaceuticals, Inc | 526,660 | |||||||
85,519 | * | Recursion Pharmaceuticals, Inc | 530,218 | |||||||
80,882 | * | Regeneron Pharmaceuticals, Inc | 53,310,135 | |||||||
28,339 | * | REGENXBIO, Inc | 786,691 | |||||||
53,837 | * | Relay Therapeutics, Inc | 1,282,936 | |||||||
22,557 | * | Relmada Therapeutics, Inc | 566,406 | |||||||
42,611 | * | Repligen Corp | 6,700,154 | |||||||
37,281 | * | Replimune Group, Inc | 625,202 | |||||||
53,146 | * | Revance Therapeutics, Inc | 870,531 | |||||||
44,805 | * | REVOLUTION Medicines, Inc | 894,756 | |||||||
32,096 | * | Rhythm Pharmaceuticals, Inc | 200,921 | |||||||
130,007 | * | Rigel Pharmaceuticals, Inc | 306,817 | |||||||
29,922 | * | Rocket Pharmaceuticals, Inc | 307,598 | |||||||
276,528 | Royalty Pharma plc | 11,774,562 | ||||||||
33,872 | *,e | Rubius Therapeutics, Inc | 56,228 | |||||||
40,249 | * | Sage Therapeutics, Inc | 1,268,648 | |||||||
105,792 | *,e | Sana Biotechnology, Inc | 798,730 | |||||||
90,778 | * | Sangamo Therapeutics Inc | 376,729 | |||||||
64,830 | * | Sarepta Therapeutics, Inc | 4,688,506 | |||||||
22,321 | *,e | Scholar Rock Holding Corp | 157,809 | |||||||
107,187 | * | Seagen, Inc | 14,042,569 | |||||||
91,963 | *,e | Seelos Therapeutics, Inc | 57,017 | |||||||
31,908 | * | Seer, Inc | 232,290 | |||||||
87,952 | * | Selecta Biosciences, Inc | 67,398 | |||||||
52,476 | * | Seres Therapeutics, Inc | 248,211 | |||||||
129,134 | *,e | Sesen Bio, Inc | 49,084 | |||||||
20,073 | * | Shattuck Labs, Inc | 77,080 | |||||||
48,122 | * | SIGA Technologies, Inc | 330,598 | |||||||
9,796 | * | Silverback Therapeutics, Inc | 30,466 | |||||||
24,243 | * | Singular Genomics Systems, Inc | 99,154 | |||||||
49,251 | *,e | Solid Biosciences, Inc | 27,581 | |||||||
283,372 | *,e | Sorrento Therapeutics, Inc | 427,892 | |||||||
75,271 | * | Sotera Health Co | 1,534,023 | |||||||
116,328 | *,e | Spectrum Pharmaceuticals, Inc | 93,958 | |||||||
21,174 | *,e | Spero Therapeutics, Inc | 102,906 | |||||||
22,026 | * | SpringWorks Therapeutics, Inc | 945,136 | |||||||
17,150 | *,e | SQZ Biotechnologies Co | 63,284 | |||||||
14,271 | * | Stoke Therapeutics, Inc | 206,073 | |||||||
35,959 | * | Supernus Pharmaceuticals, Inc | 1,003,256 | |||||||
26,043 | * | Surface Oncology, Inc | 55,211 | |||||||
32,745 | * | Sutro Biopharma, Inc | 196,797 | |||||||
33,941 | * | Syndax Pharmaceuticals, Inc | 569,191 | |||||||
79,102 | * | Syneos Health, Inc | 5,781,565 | |||||||
51,303 | * | Syros Pharmaceuticals, Inc | 43,187 | |||||||
9,147 | * | Talaris Therapeutics, Inc | 64,578 | |||||||
8,236 | * | Tarsus Pharmaceuticals, Inc | 150,801 | |||||||
16,785 | *,e | Taysha Gene Therapies, Inc | 61,433 | |||||||
22,671 | * | TCR2 Therapeutics Inc | 48,289 | |||||||
10,273 | *,e | Tenaya Therapeutics, Inc | 94,717 | |||||||
96,764 | * | TG Therapeutics, Inc | 671,542 | |||||||
39,475 | * | Theravance Biopharma, Inc | 380,934 | |||||||
312,604 | Thermo Fisher Scientific, Inc | 172,845,004 | ||||||||
247,260 | *,e | Tonix Pharmaceuticals Holding Corp | 36,075 | |||||||
45,002 | * | Travere Therapeutics, Inc | 1,130,900 | |||||||
123,515 | *,e | Trevena, Inc | 36,622 |
146 |
TIAA-CREF FUNDS – Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
34,787 | * | Turning Point Therapeutics Inc | $ | 1,024,129 | ||||||
42,685 | * | Twist Bioscience Corp | 1,231,035 | |||||||
49,399 | * | Ultragenyx Pharmaceutical, Inc | 3,492,015 | |||||||
35,279 | * | United Therapeutics Corp | 6,264,139 | |||||||
13,634 | *,e | UroGen Pharma Ltd | 96,256 | |||||||
43,796 | * | Vanda Pharmaceuticals, Inc | 434,456 | |||||||
91,912 | *,e | Vaxart Inc | 319,854 | |||||||
30,025 | * | Vaxcyte, Inc | 726,905 | |||||||
154,475 | *,e | VBI Vaccines, Inc | 193,094 | |||||||
51,135 | * | Veracyte, Inc | 1,046,733 | |||||||
130,303 | * | Verastem, Inc | 185,030 | |||||||
35,482 | * | Vericel Corp | 1,011,237 | |||||||
12,463 | *,e | Verrica Pharmaceuticals, Inc | 81,882 | |||||||
201,301 | * | Vertex Pharmaceuticals, Inc | 54,999,459 | |||||||
30,790 | *,e | Verve Therapeutics, Inc | 459,387 | |||||||
968,023 | Viatris, Inc | 9,999,678 | ||||||||
58,971 | * | Viking Therapeutics, Inc | 140,351 | |||||||
6,562 | * | Vincerx Pharma, Inc | 16,930 | |||||||
46,247 | * | Vir Biotechnology, Inc | 941,126 | |||||||
35,406 | * | Viracta Therapeutics, Inc | 90,285 | |||||||
144,499 | * | VistaGen Therapeutics, Inc | 183,514 | |||||||
8,814 | *,e | Vor BioPharma, Inc | 50,504 | |||||||
48,304 | * | Waters Corp | 14,637,078 | |||||||
37,055 | * | WaVe Life Sciences Ltd | 72,257 | |||||||
7,962 | * | Werewolf Therapeutics, Inc | 35,431 | |||||||
58,819 | West Pharmaceutical Services, Inc | 18,531,514 | ||||||||
14,325 | XBiotech, Inc | 111,162 | ||||||||
43,711 | * | Xencor, Inc | 1,091,901 | |||||||
26,589 | * | Y-mAbs Therapeutics, Inc | 223,348 | |||||||
30,704 | * | Zentalis Pharmaceuticals, Inc | 814,270 | |||||||
168,530 | *,e | ZIOPHARM Oncology, Inc | 89,557 | |||||||
375,725 | Zoetis, Inc | 66,597,256 | ||||||||
43,843 | *,† | Zogenix, Inc | 29,813 | |||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 2,582,758,970 | |||||||||
REAL ESTATE - 3.7% | ||||||||||
70,210 | Acadia Realty Trust | 1,468,793 | ||||||||
50,990 | Agree Realty Corp | 3,463,241 | ||||||||
59,342 | Alexander & Baldwin, Inc | 1,258,050 | ||||||||
2,420 | Alexander’s, Inc | 600,571 | ||||||||
131,279 | Alexandria Real Estate Equities, Inc | 23,913,783 | ||||||||
43,740 | American Assets Trust, Inc | 1,600,884 | ||||||||
104,739 | American Campus Communities, Inc | 6,773,471 | ||||||||
115,651 | American Finance Trust, Inc | 863,913 | ||||||||
225,541 | American Homes 4 Rent | 8,933,679 | ||||||||
357,706 | American Tower Corp | 86,214,300 | ||||||||
207,100 | Americold Realty Trust | 5,463,298 | ||||||||
121,100 | Apartment Income REIT Corp | 5,954,487 | ||||||||
113,991 | * | Apartment Investment and Management Co | 718,143 | |||||||
165,195 | Apple Hospitality REIT, Inc | 2,922,300 | ||||||||
52,561 | Armada Hoffler Properties, Inc | 712,202 | ||||||||
21,304 | * | Ashford Hospitality Trust, Inc | 150,193 | |||||||
109,431 | AvalonBay Communities, Inc | 24,893,364 | ||||||||
122,454 | Boston Properties, Inc | 14,400,590 | ||||||||
33,815 | BraeMar Hotels & Resorts, Inc | 204,919 | ||||||||
127,223 | Brandywine Realty Trust | 1,484,692 |
147 |
TIAA-CREF FUNDS – Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
227,388 | Brixmor Property Group, Inc | $ | 5,771,107 | |||||||
118,427 | Broadstone Net Lease, Inc | 2,450,255 | ||||||||
16,295 | Brt Realty Trust | 356,698 | ||||||||
77,324 | Camden Property Trust | 12,131,362 | ||||||||
81,949 | CareTrust REIT, Inc | 1,328,393 | ||||||||
37,030 | CatchMark Timber Trust, Inc | 304,016 | ||||||||
265,232 | CBRE Group, Inc | 22,024,865 | ||||||||
11,003 | Centerspace | 1,015,137 | ||||||||
44,654 | * | Chatham Lodging Trust | 641,231 | |||||||
47,291 | City Office REIT, Inc | 701,798 | ||||||||
8,392 | Clipper Realty, Inc | 74,941 | ||||||||
21,853 | Community Healthcare Trust, Inc | 804,627 | ||||||||
86,545 | Corporate Office Properties Trust | 2,309,886 | ||||||||
118,941 | Cousins Properties, Inc | 4,269,982 | ||||||||
340,530 | Crown Castle International Corp | 63,069,561 | ||||||||
7,449 | CTO Realty Growth, Inc | 475,023 | ||||||||
165,761 | CubeSmart | 7,875,305 | ||||||||
116,334 | * | Cushman & Wakefield plc | 2,082,379 | |||||||
162,943 | * | DiamondRock Hospitality Co | 1,730,455 | |||||||
222,162 | Digital Realty Trust, Inc | 32,462,311 | ||||||||
371,000 | * | DigitalBridge Group, Inc | 2,582,160 | |||||||
177,635 | Diversified Healthcare Trust | 399,679 | ||||||||
53,964 | Douglas Elliman, Inc | 327,022 | ||||||||
127,377 | Douglas Emmett, Inc | 3,752,526 | ||||||||
298,726 | Duke Realty Corp | 16,355,248 | ||||||||
70,273 | Easterly Government Properties, Inc | 1,338,701 | ||||||||
32,530 | EastGroup Properties, Inc | 6,099,375 | ||||||||
105,979 | Empire State Realty Trust, Inc | 915,659 | ||||||||
60,011 | EPR Properties | 3,151,778 | ||||||||
70,935 | Equinix, Inc | 51,007,940 | ||||||||
78,539 | * | Equity Commonwealth | 2,056,936 | |||||||
138,015 | Equity Lifestyle Properties, Inc | 10,665,799 | ||||||||
289,431 | Equity Residential | 23,588,626 | ||||||||
92,757 | Essential Properties Realty Trust, Inc | 2,226,168 | ||||||||
51,141 | Essex Property Trust, Inc | 16,839,197 | ||||||||
54,311 | e | eXp World Holdings Inc | 727,224 | |||||||
103,454 | Extra Space Storage, Inc | 19,656,260 | ||||||||
21,817 | Farmland Partners, Inc | 321,146 | ||||||||
5,366 | *,e | Fathom Holdings, Inc | 39,816 | |||||||
60,145 | Federal Realty Investment Trust | 7,040,574 | ||||||||
98,928 | First Industrial Realty Trust, Inc | 5,737,824 | ||||||||
23,804 | * | Forestar Group, Inc | 388,243 | |||||||
66,816 | Four Corners Property Trust, Inc | 1,834,767 | ||||||||
85,813 | Franklin Street Properties Corp | 442,795 | ||||||||
6,315 | * | FRP Holdings, Inc | 356,861 | |||||||
182,432 | Gaming and Leisure Properties, Inc | 8,096,332 | ||||||||
41,861 | Getty Realty Corp | 1,126,480 | ||||||||
38,328 | Gladstone Commercial Corp | 806,421 | ||||||||
23,351 | Gladstone Land Corp | 849,976 | ||||||||
56,370 | Global Medical REIT, Inc | 832,021 | ||||||||
99,221 | Global Net Lease, Inc | 1,392,071 | ||||||||
112,154 | Healthcare Realty Trust, Inc | 3,037,130 | ||||||||
167,768 | Healthcare Trust of America, Inc | 5,110,213 | ||||||||
418,144 | Healthpeak Properties Inc | 13,719,305 | ||||||||
41,958 | * | Hersha Hospitality Trust | 410,349 | |||||||
79,284 | Highwoods Properties, Inc | 3,237,959 |
148 |
TIAA-CREF FUNDS – Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
555,895 | Host Hotels and Resorts, Inc | $ | 11,312,463 | |||||||
33,686 | * | Howard Hughes Corp | 3,378,369 | |||||||
115,833 | Hudson Pacific Properties | 2,696,592 | ||||||||
166,086 | Independence Realty Trust, Inc | 4,527,504 | ||||||||
3,478 | Indus Realty Trust, Inc | 248,503 | ||||||||
53,373 | Industrial Logistics Properties Trust | 862,508 | ||||||||
18,233 | Innovative Industrial Properties, Inc | 2,636,309 | ||||||||
469,037 | Invitation Homes, Inc | 18,677,053 | ||||||||
222,921 | Iron Mountain, Inc | 11,977,545 | ||||||||
58,158 | iStar Inc | 979,381 | ||||||||
95,575 | JBG SMITH Properties | 2,519,357 | ||||||||
40,129 | * | Jones Lang LaSalle, Inc | 8,777,416 | |||||||
101,518 | Kennedy-Wilson Holdings, Inc | 2,289,231 | ||||||||
88,635 | Kilroy Realty Corp | 6,204,450 | ||||||||
453,038 | Kimco Realty Corp | 11,475,453 | ||||||||
172,019 | Kite Realty Group Trust | 3,836,024 | ||||||||
68,714 | Lamar Advertising Co | 7,586,713 | ||||||||
208,014 | Lexington Realty Trust | 2,610,576 | ||||||||
63,043 | Life Storage, Inc | 8,352,567 | ||||||||
33,190 | LTC Properties, Inc | 1,095,270 | ||||||||
165,230 | Macerich Co | 2,073,636 | ||||||||
78,051 | * | Mack-Cali Realty Corp | 1,249,597 | |||||||
21,606 | Marcus & Millichap, Inc | 967,733 | ||||||||
458,597 | Medical Properties Trust, Inc | 8,433,599 | ||||||||
90,504 | Mid-America Apartment Communities, Inc | 17,800,327 | ||||||||
37,480 | National Health Investors, Inc | 1,931,344 | ||||||||
142,363 | National Retail Properties, Inc | 6,241,194 | ||||||||
65,528 | National Storage Affiliates Trust | 3,708,885 | ||||||||
29,806 | NETSTREIT Corp | 644,406 | ||||||||
142,665 | Newmark Group, Inc | 1,733,380 | ||||||||
18,594 | NexPoint Residential Trust, Inc | 1,657,841 | ||||||||
44,187 | Office Properties Income Trust | 955,323 | ||||||||
185,007 | Omega Healthcare Investors, Inc | 4,713,978 | ||||||||
17,852 | One Liberty Properties, Inc | 511,460 | ||||||||
347,801 | *,e | Opendoor Technologies, Inc | 2,431,129 | |||||||
39,959 | Orion Office REIT, Inc | 536,250 | ||||||||
109,833 | Outfront Media, Inc | 2,811,725 | ||||||||
138,584 | Paramount Group, Inc | 1,317,934 | ||||||||
185,936 | Park Hotels & Resorts, Inc | 3,664,799 | ||||||||
104,427 | Pebblebrook Hotel Trust | 2,550,107 | ||||||||
89,700 | Phillips Edison & Co, Inc | 3,037,242 | ||||||||
165,274 | Physicians Realty Trust | 2,832,796 | ||||||||
103,397 | Piedmont Office Realty Trust, Inc | 1,664,692 | ||||||||
23,260 | Plymouth Industrial REIT, Inc | 561,031 | ||||||||
15,840 | Postal Realty Trust, Inc | 266,587 | ||||||||
51,676 | PotlatchDeltic Corp | 2,862,334 | ||||||||
39,737 | Preferred Apartment Communities, Inc | 988,657 | ||||||||
584,021 | Prologis, Inc | 93,612,726 | ||||||||
15,747 | PS Business Parks, Inc | 2,947,838 | ||||||||
119,708 | Public Storage, Inc | 44,471,522 | ||||||||
115,081 | Rayonier, Inc | 4,971,499 | ||||||||
11,250 | Re/Max Holdings, Inc | 263,925 | ||||||||
99,115 | * | Realogy Holdings Corp | 1,086,300 | |||||||
447,125 | Realty Income Corp | 31,012,590 | ||||||||
77,248 | *,e | Redfin Corp | 861,315 | |||||||
132,370 | Regency Centers Corp | 9,111,027 |
149 |
TIAA-CREF FUNDS – Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
97,039 | Retail Opportunities Investment Corp | $ | 1,807,837 | |||||||
128,279 | Rexford Industrial Realty, Inc | 10,010,893 | ||||||||
124,379 | RLJ Lodging Trust | 1,743,794 | ||||||||
12,116 | RMR Group, Inc | 330,524 | ||||||||
78,490 | RPT Realty | 1,043,132 | ||||||||
41,554 | * | Ryman Hospitality Properties | 3,884,468 | |||||||
168,366 | Sabra Healthcare REIT, Inc | 1,966,515 | ||||||||
14,934 | Safehold, Inc | 642,909 | ||||||||
10,022 | Saul Centers, Inc | 517,235 | ||||||||
85,870 | SBA Communications Corp | 29,806,336 | ||||||||
27,860 | * | Seritage Growth Properties | 275,814 | |||||||
155,385 | Service Properties Trust | 1,261,726 | ||||||||
258,739 | Simon Property Group, Inc | 30,531,202 | ||||||||
128,685 | SITE Centers Corp | 2,046,092 | ||||||||
51,778 | SL Green Realty Corp | 3,584,073 | ||||||||
101,055 | Spirit Realty Capital, Inc | 4,390,840 | ||||||||
29,663 | St. Joe Co | 1,578,368 | ||||||||
137,773 | STAG Industrial, Inc | 5,141,688 | ||||||||
186,206 | STORE Capital Corp | 5,293,837 | ||||||||
96,563 | * | Summit Hotel Properties, Inc | 953,077 | |||||||
91,029 | Sun Communities, Inc | 15,981,962 | ||||||||
164,654 | * | Sunstone Hotel Investors, Inc | 2,017,012 | |||||||
75,473 | Tanger Factory Outlet Centers, Inc | 1,217,379 | ||||||||
24,087 | * | Tejon Ranch Co | 441,033 | |||||||
58,918 | Terreno Realty Corp | 4,286,285 | ||||||||
248,755 | UDR, Inc | 13,236,254 | ||||||||
38,434 | UMH Properties, Inc | 903,968 | ||||||||
162,883 | Uniti Group, Inc | 2,018,120 | ||||||||
10,411 | Universal Health Realty Income Trust | 522,528 | ||||||||
86,312 | Urban Edge Properties | 1,613,171 | ||||||||
26,203 | Urstadt Biddle Properties, Inc (Class A) | 454,622 | ||||||||
315,205 | Ventas, Inc | 17,509,638 | ||||||||
664,600 | VICI Properties, Inc | 19,811,726 | ||||||||
135,904 | Vornado Realty Trust | 5,260,844 | ||||||||
71,738 | Washington REIT | 1,728,168 | ||||||||
345,555 | Welltower, Inc | 31,379,850 | ||||||||
591,358 | Weyerhaeuser Co | 24,375,777 | ||||||||
32,454 | Whitestone REIT | 394,316 | ||||||||
147,620 | WP Carey, Inc | 11,923,267 | ||||||||
95,278 | * | Xenia Hotels & Resorts, Inc | 1,837,913 | |||||||
45,669 | * | Zillow Group, Inc (Class A) | 1,765,107 | |||||||
131,934 | * | Zillow Group, Inc (Class C) | 5,253,612 | |||||||
TOTAL REAL ESTATE | 1,219,617,710 | |||||||||
RETAILING - 5.6% | ||||||||||
20,109 | * | 1-800-FLOWERS.COM, Inc (Class A) | 205,112 | |||||||
25,901 | Aaron’s Co, Inc | 531,748 | ||||||||
48,946 | * | Abercrombie & Fitch Co (Class A) | 1,692,553 | |||||||
59,768 | Academy Sports & Outdoors, Inc | 2,232,932 | ||||||||
50,551 | Advance Auto Parts, Inc | 10,091,496 | ||||||||
344,518 | * | Amazon.com, Inc | 856,344,276 | |||||||
117,434 | e | American Eagle Outfitters, Inc | 1,774,428 | |||||||
4,579 | * | America’s Car-Mart, Inc | 370,212 | |||||||
91,405 | Arko Corp | 847,324 | ||||||||
17,853 | * | Asbury Automotive Group, Inc | 3,279,775 | |||||||
32,010 | * | Autonation, Inc | 3,710,279 |
150 |
TIAA-CREF FUNDS – Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
16,232 | * | AutoZone, Inc | $ | 31,741,189 | ||||||
66,315 | * | Barnes & Noble Education, Inc | 201,598 | |||||||
190,066 | Bath & Body Works, Inc | 10,052,591 | ||||||||
77,556 | *,e | Bed Bath & Beyond, Inc | 1,055,537 | |||||||
191,415 | Best Buy Co, Inc | 17,213,951 | ||||||||
16,018 | e | Big 5 Sporting Goods Corp | 231,780 | |||||||
26,843 | e | Big Lots, Inc | 829,449 | |||||||
22,700 | * | Boot Barn Holdings, Inc | 2,044,362 | |||||||
22,567 | Buckle, Inc | 700,931 | ||||||||
51,643 | * | Burlington Stores, Inc | 10,512,449 | |||||||
28,050 | Caleres, Inc | 643,186 | ||||||||
32,088 | e | Camping World Holdings, Inc | 824,020 | |||||||
129,445 | *,e | CarLotz, Inc | 114,934 | |||||||
127,024 | * | CarMax, Inc | 10,896,119 | |||||||
35,828 | * | CarParts.com, Inc | 214,610 | |||||||
76,625 | * | Carvana Co | 4,441,185 | |||||||
26,548 | Cato Corp (Class A) | 359,725 | ||||||||
105,197 | * | Chico’s FAS, Inc | 557,544 | |||||||
10,763 | * | Children’s Place, Inc | 498,650 | |||||||
6,729 | * | Citi Trends, Inc | 188,210 | |||||||
13,492 | * | Conn’s, Inc | 211,150 | |||||||
24,197 | * | Container Store Group, Inc | 185,107 | |||||||
45,743 | Designer Brands, Inc | 632,168 | ||||||||
48,883 | e | Dick’s Sporting Goods, Inc | 4,713,299 | |||||||
4,739 | e | Dillard’s, Inc (Class A) | 1,439,756 | |||||||
184,081 | Dollar General Corp | 43,724,760 | ||||||||
175,467 | * | Dollar Tree, Inc | 28,504,614 | |||||||
115,937 | * | DoorDash, Inc | 9,440,750 | |||||||
9,258 | * | Duluth Holdings, Inc | 113,410 | |||||||
495,908 | eBay, Inc | 25,747,543 | ||||||||
98,725 | * | Etsy, Inc | 9,200,183 | |||||||
42,825 | * | Five Below, Inc | 6,727,807 | |||||||
79,123 | * | Floor & Decor Holdings, Inc | 6,307,686 | |||||||
68,071 | Foot Locker, Inc | 1,995,161 | ||||||||
21,367 | Franchise Group, Inc | 796,775 | ||||||||
16,819 | * | Funko, Inc | 273,982 | |||||||
51,530 | * | GameStop Corp (Class A) | 6,444,857 | |||||||
171,695 | Gap, Inc | 2,132,452 | ||||||||
11,254 | * | Genesco, Inc | 698,086 | |||||||
108,450 | Genuine Parts Co | 14,103,922 | ||||||||
34,274 | *,e | Greenlane Holdings Inc | 11,825 | |||||||
13,357 | Group 1 Automotive, Inc | 2,325,988 | ||||||||
18,048 | *,e | Groupon, Inc | 352,116 | |||||||
40,788 | *,e | GrowGeneration Corp | 241,057 | |||||||
40,172 | Guess?, Inc | 902,665 | ||||||||
12,488 | e | Haverty Furniture Cos, Inc | 310,077 | |||||||
12,350 | Hibbett Sports, Inc | 533,273 | ||||||||
828,957 | Home Depot, Inc | 249,018,683 | ||||||||
26,535 | e | JOANN, Inc | 277,025 | |||||||
10,575 | *,e | Kirkland’s, Inc | 76,457 | |||||||
111,377 | Kohl’s Corp | 6,446,501 | ||||||||
11,048 | * | Lands’ End, Inc | 154,893 | |||||||
5,555 | *,e | Lazydays Holdings, Inc | 107,934 | |||||||
123,760 | * | Leslie’s, Inc | 2,425,696 | |||||||
21,175 | * | Liquidity Services, Inc | 305,343 | |||||||
22,885 | Lithia Motors, Inc (Class A) | 6,479,430 |
151 |
TIAA-CREF FUNDS – Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
211,682 | LKQ Corp | $ | 10,505,778 | |||||||
532,231 | Lowe’s Companies, Inc | 105,238,036 | ||||||||
23,238 | * | Lumber Liquidators, Inc | 320,917 | |||||||
243,089 | Macy’s, Inc | 5,875,461 | ||||||||
15,369 | * | MarineMax, Inc | 628,899 | |||||||
25,760 | Monro Muffler, Inc | 1,178,005 | ||||||||
18,977 | Murphy USA, Inc | 4,433,027 | ||||||||
62,250 | * | National Vision Holdings, Inc | 2,343,712 | |||||||
88,988 | Nordstrom, Inc | 2,286,992 | ||||||||
36,954 | * | ODP Corp | 1,590,131 | |||||||
50,189 | * | Ollie’s Bargain Outlet Holdings, Inc | 2,411,581 | |||||||
7,760 | OneWater Marine, Inc | 253,674 | ||||||||
52,592 | * | O’Reilly Automotive, Inc | 31,899,678 | |||||||
33,221 | *,e | Overstock.com, Inc | 1,114,897 | |||||||
85,186 | * | Party City Holdco, Inc | 263,225 | |||||||
24,321 | Penske Auto Group, Inc | 2,549,327 | ||||||||
41,278 | *,e | Petco Health & Wellness Co, Inc | 795,014 | |||||||
15,878 | e | PetMed Express, Inc | 347,728 | |||||||
30,740 | Pool Corp | 12,456,463 | ||||||||
56,887 | * | Porch Group, Inc | 210,482 | |||||||
61,858 | * | Quotient Technology, Inc | 328,466 | |||||||
282,750 | Qurate Retail Group, Inc QVC Group | 1,190,378 | ||||||||
59,267 | * | RealReal, Inc | 321,227 | |||||||
89,924 | Rent-A-Center, Inc | 2,168,967 | ||||||||
27,156 | * | Revolve Group, Inc | 1,147,613 | |||||||
13,605 | * | RH | 4,572,913 | |||||||
277,595 | Ross Stores, Inc | 27,695,653 | ||||||||
85,693 | * | Sally Beauty Holdings, Inc | 1,295,678 | |||||||
152,200 | *,e | Shift Technologies, Inc | 203,948 | |||||||
11,037 | Shoe Carnival, Inc | 333,207 | ||||||||
17,717 | Shutterstock, Inc | 1,341,531 | ||||||||
40,854 | Signet Jewelers Ltd | 2,867,951 | ||||||||
18,059 | * | Sleep Number Corp | 732,473 | |||||||
18,582 | Sonic Automotive, Inc (Class A) | 790,664 | ||||||||
32,181 | * | Sportsman’s Warehouse Holdings, Inc | 309,259 | |||||||
60,448 | * | Stitch Fix Inc | 574,256 | |||||||
382,535 | Target Corp | 87,466,628 | ||||||||
17,146 | Tilly’s, Inc | 151,228 | ||||||||
945,828 | TJX Companies, Inc | 57,960,340 | ||||||||
22,051 | *,e | Torrid Holdings, Inc | 129,219 | |||||||
89,000 | Tractor Supply Co | 17,929,050 | ||||||||
9,582 | * | TravelCenters of America, Inc | 364,212 | |||||||
41,944 | * | Ulta Beauty, Inc | 16,643,379 | |||||||
55,782 | * | Urban Outfitters, Inc | 1,327,612 | |||||||
58,159 | * | Victoria’s Secret & Co | 2,740,452 | |||||||
251,058 | *,e | Vroom, Inc | 391,650 | |||||||
59,379 | *,e | Wayfair, Inc | 4,568,620 | |||||||
57,618 | Williams-Sonoma, Inc | 7,517,997 | ||||||||
3,307 | Winmark Corp | 671,982 | ||||||||
21,243 | *,e | Xometry, Inc | 697,195 | |||||||
17,633 | * | Zumiez, Inc | 645,897 | |||||||
TOTAL RETAILING | 1,839,547,258 |
152 |
TIAA-CREF FUNDS – Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.0% | ||||||||||
1,303,960 | * | Advanced Micro Devices, Inc | $ | 111,514,659 | ||||||
36,804 | * | Allegro MicroSystems, Inc | 894,705 | |||||||
16,124 | * | Alpha & Omega Semiconductor Ltd | 691,720 | |||||||
27,295 | * | Ambarella, Inc | 2,240,374 | |||||||
79,493 | Amkor Technology, Inc | 1,495,263 | ||||||||
414,079 | Analog Devices, Inc | 63,925,516 | ||||||||
699,760 | Applied Materials, Inc | 77,218,516 | ||||||||
16,289 | *,e | Atomera, Inc | 170,220 | |||||||
24,848 | * | Axcelis Technologies, Inc | 1,352,974 | |||||||
30,647 | * | AXT, Inc | 180,817 | |||||||
320,911 | Broadcom, Inc | 177,909,849 | ||||||||
58,078 | Brooks Automation, Inc | 4,353,527 | ||||||||
17,599 | * | Ceva, Inc | 639,548 | |||||||
45,267 | * | Cirrus Logic, Inc | 3,431,239 | |||||||
22,247 | CMC Materials, Inc | 3,980,211 | ||||||||
36,109 | * | Cohu, Inc | 959,055 | |||||||
33,430 | * | Diodes, Inc | 2,441,393 | |||||||
103,516 | * | Enphase Energy, Inc | 16,707,482 | |||||||
107,781 | Entegris, Inc | 12,005,726 | ||||||||
82,514 | * | First Solar, Inc | 6,025,997 | |||||||
65,638 | * | Formfactor, Inc | 2,501,464 | |||||||
42,425 | * | GLOBALFOUNDRIES, Inc | 2,218,403 | |||||||
21,380 | * | Ichor Holdings Ltd | 622,372 | |||||||
13,316 | * | Impinj, Inc | 655,946 | |||||||
3,219,647 | Intel Corp | 140,344,413 | ||||||||
119,827 | KLA Corp | 38,255,968 | ||||||||
71,387 | *,e | Kopin Corp | 114,219 | |||||||
47,137 | Kulicke & Soffa Industries, Inc | 2,187,628 | ||||||||
111,108 | Lam Research Corp | 51,749,662 | ||||||||
104,686 | * | Lattice Semiconductor Corp | 5,029,115 | |||||||
37,339 | * | MACOM Technology Solutions Holdings, Inc | 1,902,422 | |||||||
665,391 | Marvell Technology, Inc | 38,645,909 | ||||||||
54,765 | * | MaxLinear, Inc | 2,621,601 | |||||||
125,528 | *,e | Meta Materials, Inc | 150,634 | |||||||
431,107 | Microchip Technology, Inc | 28,108,176 | ||||||||
888,479 | Micron Technology, Inc | 60,585,383 | ||||||||
44,088 | MKS Instruments, Inc | 5,025,150 | ||||||||
36,341 | Monolithic Power Systems, Inc | 14,254,394 | ||||||||
39,655 | * | Nanometrics, Inc | 2,821,057 | |||||||
44,347 | * | NeoPhotonics Corp Ltd | 671,414 | |||||||
4,170 | NVE Corp | 193,405 | ||||||||
1,898,749 | NVIDIA Corp | 352,160,977 | ||||||||
209,489 | NXP Semiconductors NV | 35,801,670 | ||||||||
336,482 | * | ON Semiconductor Corp | 17,534,077 | |||||||
22,434 | * | PDF Solutions, Inc | 521,590 | |||||||
51,560 | * | Photronics, Inc | 772,884 | |||||||
48,003 | Power Integrations, Inc | 3,840,240 | ||||||||
87,656 | * | Qorvo, Inc | 9,973,500 | |||||||
892,591 | QUALCOMM, Inc | 124,686,037 | ||||||||
84,439 | * | Rambus, Inc | 2,103,375 | |||||||
52,459 | * | Semtech Corp | 3,126,556 | |||||||
32,793 | * | Silicon Laboratories, Inc | 4,424,104 | |||||||
12,310 | * | SiTime Corp | 2,075,097 | |||||||
3,881 | *,e | SkyWater Technology, Inc | 23,752 | |||||||
131,373 | Skyworks Solutions, Inc | 14,884,561 | ||||||||
36,959 | * | SMART Global Holdings, Inc | 837,491 |
153 |
TIAA-CREF FUNDS – Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
60,658 | *,e | SunPower Corp | $ | 1,001,464 | ||||||
31,257 | * | Synaptics, Inc | 4,639,789 | |||||||
130,246 | Teradyne, Inc | 13,735,743 | ||||||||
736,506 | Texas Instruments, Inc | 125,390,146 | ||||||||
32,932 | * | Ultra Clean Holdings | 1,026,490 | |||||||
33,606 | Universal Display Corp | 4,292,494 | ||||||||
38,313 | * | Veeco Instruments, Inc | 878,134 | |||||||
89,822 | * | Wolfspeed Inc | 8,237,576 | |||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 1,618,765,273 | |||||||||
SOFTWARE & SERVICES - 13.6% | ||||||||||
80,969 | * | 8x8, Inc | 742,486 | |||||||
41,224 | A10 Networks, Inc | 588,679 | ||||||||
506,282 | Accenture plc | 152,066,862 | ||||||||
88,969 | * | ACI Worldwide, Inc | 2,457,324 | |||||||
375,333 | * | Adobe, Inc | 148,613,101 | |||||||
16,639 | * | Agilysys, Inc | 612,482 | |||||||
128,086 | * | Akamai Technologies, Inc | 14,381,496 | |||||||
36,302 | * | Alarm.com Holdings, Inc | 2,217,326 | |||||||
21,105 | *,e | Alkami Technology, Inc | 276,475 | |||||||
37,151 | *,e | Altair Engineering, Inc | 2,018,042 | |||||||
44,748 | * | Alteryx, Inc | 2,872,822 | |||||||
98,568 | Amdocs Ltd | 7,854,884 | ||||||||
27,834 | American Software, Inc (Class A) | 475,961 | ||||||||
113,617 | * | Anaplan, Inc | 7,383,969 | |||||||
69,425 | * | Ansys, Inc | 19,139,778 | |||||||
14,183 | * | Appfolio, Inc | 1,473,046 | |||||||
30,205 | *,e | Appian Corp | 1,443,799 | |||||||
56,062 | *,e | Asana, Inc | 1,502,462 | |||||||
53,361 | * | Aspen Technology, Inc | 8,459,853 | |||||||
110,736 | * | Atlassian Corp plc | 24,896,775 | |||||||
174,189 | * | Autodesk, Inc | 32,970,494 | |||||||
336,302 | Automatic Data Processing, Inc | 73,374,370 | ||||||||
66,624 | * | Avalara, Inc | 5,068,088 | |||||||
66,174 | * | Avaya Holdings Corp | 612,109 | |||||||
18,580 | *,e | AvidXchange Holdings, Inc | 152,170 | |||||||
25,395 | * | Benefitfocus, Inc | 270,457 | |||||||
112,179 | Bentley Systems, Inc | 4,755,268 | ||||||||
36,148 | * | BigCommerce Holdings, Inc | 645,965 | |||||||
74,065 | * | Bill.Com Holdings, Inc | 12,643,636 | |||||||
118,237 | * | Black Knight, Inc | 7,778,812 | |||||||
36,670 | * | Blackbaud, Inc | 2,127,227 | |||||||
41,646 | * | Blackline, Inc | 2,792,364 | |||||||
387,805 | * | Block, Inc | 38,602,110 | |||||||
37,832 | * | Bottomline Technologies, Inc | 2,142,048 | |||||||
110,923 | * | Box, Inc | 3,396,462 | |||||||
38,126 | Bread Financial Holdings, Inc | 2,089,305 | ||||||||
27,196 | * | Brightcove, Inc | 191,732 | |||||||
92,121 | Broadridge Financial Solutions, Inc | 13,277,400 | ||||||||
69,174 | * | BTRS Holdings, Inc | 464,849 | |||||||
53,262 | *,e | C3.ai, Inc | 904,921 | |||||||
218,594 | * | Cadence Design Systems, Inc | 32,974,905 | |||||||
44,004 | * | Cantaloupe, Inc | 240,702 | |||||||
11,050 | Cass Information Systems, Inc | 427,745 | ||||||||
93,197 | CDK Global, Inc | 5,070,849 | ||||||||
28,638 | * | Cerence Inc | 844,821 | |||||||
101,143 | * | Ceridian HCM Holding, Inc | 5,677,157 |
154 |
TIAA-CREF FUNDS – Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
21,983 | * | ChannelAdvisor Corp | $ | 318,973 | ||||||
98,424 | Citrix Systems, Inc | 9,852,242 | ||||||||
24,736 | *,e | Cleanspark, Inc | 160,537 | |||||||
206,771 | * | Cloudflare, Inc | 17,811,254 | |||||||
417,616 | Cognizant Technology Solutions Corp (Class A) | 33,785,134 | ||||||||
38,311 | * | Commvault Systems, Inc | 2,336,971 | |||||||
33,775 | Concentrix Corp | 5,318,887 | ||||||||
136,953 | * | Conduent, Inc | 771,045 | |||||||
11,171 | * | Consensus Cloud Solutions, Inc | 588,935 | |||||||
23,931 | * | Couchbase, Inc | 406,827 | |||||||
56,974 | * | Coupa Software, Inc | 4,916,856 | |||||||
158,365 | * | Crowdstrike Holdings, Inc | 31,476,627 | |||||||
9,750 | *,e | CS Disco, Inc | 299,422 | |||||||
27,043 | CSG Systems International, Inc | 1,662,333 | ||||||||
201,903 | * | Datadog, Inc | 24,385,844 | |||||||
20,090 | * | Datto Holding Corp | 697,123 | |||||||
10,173 | *,e | Digimarc Corp | 263,176 | |||||||
70,760 | * | Digital Turbine, Inc | 2,239,554 | |||||||
39,319 | * | DigitalOcean Holdings, Inc | 1,550,348 | |||||||
152,103 | * | DocuSign, Inc | 12,320,343 | |||||||
52,134 | Dolby Laboratories, Inc (Class A) | 4,038,821 | ||||||||
20,918 | * | Domo, Inc | 866,424 | |||||||
47,093 | * | DoubleVerify Holdings, Inc | 1,024,273 | |||||||
239,768 | * | Dropbox, Inc | 5,214,954 | |||||||
56,515 | * | Duck Creek Technologies, Inc | 900,284 | |||||||
195,306 | * | DXC Technology Co | 5,605,282 | |||||||
157,670 | * | Dynatrace, Inc | 6,048,221 | |||||||
152,822 | *,e | E2open Parent Holdings, Inc | 1,182,842 | |||||||
20,502 | Ebix, Inc | 610,960 | ||||||||
17,054 | * | eGain Corp | 176,509 | |||||||
60,393 | * | Elastic NV | 4,598,323 | |||||||
16,370 | * | Enfusion, Inc | 209,045 | |||||||
12,068 | * | EngageSmart, Inc | 251,980 | |||||||
43,493 | * | Envestnet, Inc | 3,463,783 | |||||||
42,461 | * | EPAM Systems, Inc | 11,251,740 | |||||||
39,210 | * | Euronet Worldwide, Inc | 4,769,896 | |||||||
28,541 | * | Everbridge, Inc | 1,230,117 | |||||||
11,625 | * | EverCommerce, Inc | 143,918 | |||||||
47,756 | EVERTEC, Inc | 1,881,586 | ||||||||
35,747 | * | Evo Payments, Inc | 805,380 | |||||||
25,180 | * | ExlService Holdings, Inc | 3,428,257 | |||||||
20,479 | * | Fair Isaac Corp | 7,649,111 | |||||||
82,247 | * | Fastly, Inc | 1,307,727 | |||||||
480,845 | Fidelity National Information Services, Inc | 47,675,782 | ||||||||
178,699 | * | FireEye, Inc | 3,927,804 | |||||||
472,820 | * | Fiserv, Inc | 46,298,534 | |||||||
52,489 | * | Five9, Inc | 5,779,039 | |||||||
63,518 | * | FleetCor Technologies, Inc | 15,849,011 | |||||||
46,691 | * | Flywire Corp | 1,424,542 | |||||||
109,112 | * | Fortinet, Inc | 31,534,459 | |||||||
63,701 | * | Gartner, Inc | 18,508,326 | |||||||
146,395 | Genpact Ltd | 5,895,327 | ||||||||
223,913 | Global Payments, Inc | 30,671,603 | ||||||||
32,209 | * | Globant S.A. | 6,956,822 | |||||||
135,526 | * | GoDaddy, Inc | 10,951,856 | |||||||
12,478 | *,e | GreenBox POS | 45,046 | |||||||
33,757 | * | Grid Dynamics Holdings, Inc | 469,897 |
155 |
TIAA-CREF FUNDS – Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
1,410 | * | GTY Technology Holdings Inc | $ | 8,587 | ||||||
67,262 | * | Guidewire Software, Inc | 5,847,758 | |||||||
19,483 | Hackett Group, Inc | 457,656 | ||||||||
35,685 | * | HubSpot, Inc | 13,539,960 | |||||||
15,281 | * | I3 Verticals, Inc | 419,463 | |||||||
24,792 | * | Informatica, Inc | 482,452 | |||||||
8,671 | * | Instructure Holdings, Inc | 156,945 | |||||||
7,613 | * | Intapp, Inc | 189,868 | |||||||
8,699 | *,e | Intelligent Systems Corp | 198,250 | |||||||
25,045 | InterDigital, Inc | 1,423,808 | ||||||||
706,580 | International Business Machines Corp | 93,416,942 | ||||||||
24,509 | * | International Money Express Inc | 486,994 | |||||||
209,793 | Intuit, Inc | 87,850,819 | ||||||||
58,509 | Jack Henry & Associates, Inc | 11,092,136 | ||||||||
41,788 | * | Jamf Holding Corp | 1,287,070 | |||||||
38,949 | * | JFrog Ltd | 812,866 | |||||||
174,055 | * | Kyndryl Holdings, Inc | 2,069,514 | |||||||
94,577 | * | Limelight Networks, Inc | 337,640 | |||||||
48,836 | * | Liveperson, Inc | 1,104,670 | |||||||
50,165 | * | LiveRamp Holdings, Inc | 1,571,168 | |||||||
50,671 | * | Manhattan Associates, Inc | 6,615,099 | |||||||
79,398 | *,e | Marathon Digital Holdings, Inc | 1,238,609 | |||||||
685,501 | Mastercard, Inc (Class A) | 249,097,353 | ||||||||
47,340 | MAXIMUS, Inc | 3,450,139 | ||||||||
8,990 | *,e | MeridianLink, Inc | 145,189 | |||||||
5,982,112 | Microsoft Corp | 1,660,155,722 | ||||||||
7,356 | *,e | MicroStrategy, Inc (Class A) | 2,605,275 | |||||||
59,748 | * | Mimecast Ltd | 4,760,721 | |||||||
32,077 | * | Mitek Systems, Inc | 358,300 | |||||||
26,865 | * | Model N, Inc | 694,192 | |||||||
89,240 | * | MoneyGram International, Inc | 904,001 | |||||||
50,323 | * | MongoDB, Inc | 17,861,142 | |||||||
26,182 | * | N-Able, Inc | 261,820 | |||||||
41,770 | *,e | nCino OpCo, Inc | 1,565,957 | |||||||
99,167 | * | NCR Corp | 3,473,820 | |||||||
40,047 | * | New Relic, Inc | 2,533,774 | |||||||
441,101 | NortonLifelock, Inc | 11,045,169 | ||||||||
163,731 | * | Nutanix, Inc | 4,098,187 | |||||||
99,397 | * | Okta, Inc | 11,859,056 | |||||||
20,114 | * | ON24, Inc | 254,844 | |||||||
26,135 | * | OneSpan, Inc | 369,288 | |||||||
1,290,186 | Oracle Corp | 94,699,652 | ||||||||
60,897 | * | Pagerduty, Inc | 1,739,827 | |||||||
1,317,629 | * | Palantir Technologies, Inc | 13,703,342 | |||||||
78,150 | * | Palo Alto Networks, Inc | 43,864,032 | |||||||
61,800 | * | Paya Holdings, Inc | 314,562 | |||||||
255,539 | Paychex, Inc | 32,384,457 | ||||||||
39,162 | * | Paycom Software, Inc | 11,022,928 | |||||||
40,991 | * | Paycor HCM, Inc | 1,009,608 | |||||||
31,566 | * | Paylocity Holding Corp | 5,985,861 | |||||||
931,402 | * | PayPal Holdings, Inc | 81,898,178 | |||||||
318,648 | * | Paysafe Ltd | 885,841 | |||||||
31,477 | Pegasystems, Inc | 2,410,823 | ||||||||
25,019 | * | Perficient, Inc | 2,487,139 | |||||||
46,213 | * | Ping Identity Holding Corp | 1,207,546 | |||||||
46,139 | * | Procore Technologies, Inc | 2,559,330 |
156 |
TIAA-CREF FUNDS – Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
36,290 | Progress Software Corp | $ | 1,741,194 | |||||||
31,004 | * | PROS Holdings, Inc | 865,942 | |||||||
83,756 | * | PTC, Inc | 9,565,773 | |||||||
41,416 | * | Q2 Holdings, Inc | 2,142,450 | |||||||
27,525 | * | Qualys, Inc | 3,751,107 | |||||||
40,695 | *,e | Rackspace Technology, Inc | 402,474 | |||||||
43,257 | * | Rapid7, Inc | 4,131,909 | |||||||
23,674 | *,e | Rekor Systems, Inc | 70,312 | |||||||
8,547 | * | Remitly Global, Inc | 94,872 | |||||||
66,056 | * | Repay Holdings Corp | 883,829 | |||||||
39,817 | * | Rimini Street, Inc | 229,346 | |||||||
63,654 | * | RingCentral, Inc | 5,401,042 | |||||||
86,085 | *,e | Riot Blockchain, Inc | 872,902 | |||||||
247,088 | * | Sabre Corp | 2,587,011 | |||||||
69,154 | * | SailPoint Technologies Holding, Inc | 4,414,100 | |||||||
740,250 | * | salesforce.com, Inc | 130,239,585 | |||||||
23,490 | * | Sapiens International Corp NV | 545,908 | |||||||
6,388 | * | SecureWorks Corp | 70,524 | |||||||
158,277 | * | ServiceNow, Inc | 75,672,234 | |||||||
33,189 | * | Shift4 Payments, Inc | 1,741,095 | |||||||
6,847 | * | ShotSpotter, Inc | 187,950 | |||||||
94,520 | * | Smartsheet, Inc | 4,568,152 | |||||||
44,616 | * | Smith Micro Software, Inc | 137,417 | |||||||
159,776 | * | Snowflake, Inc | 27,391,997 | |||||||
27,775 | SolarWinds Corp | 343,577 | ||||||||
127,461 | * | Splunk, Inc | 15,552,791 | |||||||
34,888 | * | Sprout Social, Inc | 2,137,937 | |||||||
29,309 | * | SPS Commerce, Inc | 3,506,236 | |||||||
176,748 | SS&C Technologies Holdings, Inc | 11,428,526 | ||||||||
552 | * | StarTek, Inc | 2,070 | |||||||
171,845 | * | StoneCo Ltd | 1,618,780 | |||||||
61,561 | * | Sumo Logic, Inc | 577,442 | |||||||
97,569 | * | SVMK, Inc | 1,543,542 | |||||||
94,236 | Switch, Inc | 2,813,887 | ||||||||
120,700 | * | Synopsys, Inc | 34,615,553 | |||||||
29,649 | * | Telos Corp | 230,966 | |||||||
74,753 | * | Tenable Holdings, Inc | 4,128,608 | |||||||
87,924 | * | Teradata Corp | 3,635,657 | |||||||
344,601 | * | Trade Desk, Inc | 20,303,891 | |||||||
14,025 | TTEC Holdings, Inc | 1,035,185 | ||||||||
7,649 | *,e | Tucows, Inc | 440,735 | |||||||
31,716 | * | Turing Holding Corp | 587,063 | |||||||
132,082 | * | Twilio, Inc | 14,769,409 | |||||||
32,199 | * | Tyler Technologies, Inc | 12,709,267 | |||||||
47,903 | * | Unisys Corp | 680,702 | |||||||
119,404 | * | Unity Software, Inc | 7,929,620 | |||||||
21,072 | * | Upland Software, Inc | 314,394 | |||||||
82,404 | * | Varonis Systems, Inc | 3,559,853 | |||||||
50,197 | * | Verint Systems, Inc | 2,738,748 | |||||||
77,414 | * | VeriSign, Inc | 13,833,108 | |||||||
16,429 | *,e | Veritone, Inc | 177,926 | |||||||
110,081 | * | Verra Mobility Corp | 1,544,436 | |||||||
8,329 | * | Viant Technology, Inc | 48,975 | |||||||
48,159 | *,e | VirnetX Holding Corp | 68,386 | |||||||
1,317,155 | Visa, Inc (Class A) | 280,725,245 | ||||||||
177,455 | VMware, Inc (Class A) | 19,172,238 |
157 |
TIAA-CREF FUNDS – Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
197,024 | * | Vonage Holdings Corp | $ | 3,932,599 | ||||||
310,877 | Western Union Co | 5,210,299 | ||||||||
34,734 | * | WEX, Inc | 5,774,180 | |||||||
41,065 | * | Wix.com Ltd | 3,098,765 | |||||||
151,851 | * | Workday, Inc | 31,387,602 | |||||||
32,990 | * | Workiva, Inc | 3,183,865 | |||||||
78,779 | Xperi Holding Corp | 1,228,952 | ||||||||
84,797 | * | Yext, Inc | 490,975 | |||||||
96,112 | * | Zendesk, Inc | 11,729,508 | |||||||
173,081 | * | Zoom Video Communications, Inc | 17,233,675 | |||||||
63,273 | * | Zscaler, Inc | 12,827,968 | |||||||
85,083 | * | Zuora Inc | 1,035,460 | |||||||
TOTAL SOFTWARE & SERVICES | 4,432,676,575 | |||||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 7.7% | ||||||||||
93,330 | * | 3D Systems Corp | 1,058,362 | |||||||
14,000 | * | 908 Devices, Inc | 248,500 | |||||||
35,686 | Adtran, Inc | 620,580 | ||||||||
29,347 | Advanced Energy Industries, Inc | 2,245,633 | ||||||||
81,605 | *,e | Aeva Technologies, Inc | 267,664 | |||||||
32,905 | *,e | Akoustis Technologies, Inc | 146,098 | |||||||
464,902 | Amphenol Corp (Class A) | 33,240,493 | ||||||||
12,252,148 | Apple, Inc | 1,931,551,132 | ||||||||
191,772 | * | Arista Networks, Inc | 22,163,090 | |||||||
61,760 | * | Arlo Technologies, Inc | 478,022 | |||||||
52,747 | * | Arrow Electronics, Inc | 6,216,761 | |||||||
7,328 | * | Aviat Networks, Inc | 219,107 | |||||||
27,434 | * | Avid Technology, Inc | 869,932 | |||||||
73,643 | Avnet, Inc | 3,215,253 | ||||||||
22,437 | Badger Meter, Inc | 1,810,442 | ||||||||
33,419 | Belden CDT, Inc | 1,725,423 | ||||||||
28,683 | Benchmark Electronics, Inc | 681,508 | ||||||||
21,606 | * | CalAmp Corp | 118,185 | |||||||
42,216 | * | Calix, Inc | 1,684,841 | |||||||
7,538 | * | Cambium Networks Corp | 115,105 | |||||||
33,928 | * | Casa Systems, Inc | 166,247 | |||||||
107,706 | CDW Corp | 17,575,465 | ||||||||
122,588 | * | Ciena Corp | 6,763,180 | |||||||
3,363,231 | Cisco Systems, Inc | 164,731,054 | ||||||||
7,678 | * | Clearfield, Inc | 447,090 | |||||||
135,802 | Cognex Corp | 9,184,289 | ||||||||
18,994 | * | Coherent, Inc | 5,088,493 | |||||||
151,613 | * | CommScope Holding Co, Inc | 914,226 | |||||||
18,962 | Comtech Telecommunications Corp | 257,883 | ||||||||
604,793 | Corning, Inc | 21,282,666 | ||||||||
19,947 | *,e | Corsair Gaming, Inc | 301,798 | |||||||
24,590 | CTS Corp | 869,748 | ||||||||
21,059 | * | Daktronics, Inc | 70,548 | |||||||
216,476 | Dell Technologies, Inc | 10,176,537 | ||||||||
62,918 | * | Diebold, Inc | 257,964 | |||||||
24,428 | * | Digi International, Inc | 462,178 | |||||||
12,695 | * | DZS, Inc | 153,483 | |||||||
42,963 | *,e | Eastman Kodak Co | 222,119 | |||||||
27,619 | * | EMCORE Corp | 95,286 | |||||||
20,216 | * | ePlus, Inc | 1,141,800 | |||||||
92,854 | * | Extreme Networks, Inc | 891,398 |
158 |
TIAA-CREF FUNDS – Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
48,556 | * | F5 Networks, Inc | $ | 8,128,760 | ||||||
29,342 | * | Fabrinet | 2,881,091 | |||||||
14,511 | * | FARO Technologies, Inc | 497,582 | |||||||
67,921 | * | Harmonic, Inc | 563,744 | |||||||
1,024,677 | Hewlett Packard Enterprise Co | 15,790,273 | ||||||||
856,010 | HP, Inc | 31,355,646 | ||||||||
15,569 | * | Identiv, Inc | 189,786 | |||||||
81,854 | * | II-VI, Inc | 5,010,283 | |||||||
134,931 | * | Infinera Corp | 1,037,619 | |||||||
63,430 | *,e | Inseego Corp | 180,776 | |||||||
25,303 | * | Insight Enterprises, Inc | 2,514,359 | |||||||
28,045 | * | IPG Photonics Corp | 2,649,692 | |||||||
15,183 | * | Iteris, Inc | 39,172 | |||||||
34,094 | * | Itron, Inc | 1,629,011 | |||||||
113,681 | Jabil Inc | 6,562,804 | ||||||||
257,168 | Juniper Networks, Inc | 8,105,935 | ||||||||
145,230 | * | Keysight Technologies, Inc | 20,371,412 | |||||||
14,794 | * | Kimball Electronics, Inc | 263,925 | |||||||
63,212 | * | Knowles Corp | 1,170,686 | |||||||
6,399 | * | KVH Industries, Inc | 51,000 | |||||||
18,313 | Littelfuse, Inc | 4,198,255 | ||||||||
57,817 | * | Lumentum Holdings, Inc | 4,695,319 | |||||||
23,038 | * | Luna Innovations, Inc | 127,170 | |||||||
29,619 | Methode Electronics, Inc | 1,321,304 | ||||||||
132,689 | *,e | Microvision, Inc | 428,586 | |||||||
131,971 | Motorola Solutions, Inc | 28,200,883 | ||||||||
18,860 | * | Napco Security Technologies, Inc | 330,050 | |||||||
102,594 | National Instruments Corp | 3,707,747 | ||||||||
175,786 | NetApp, Inc | 12,876,325 | ||||||||
24,521 | * | Netgear, Inc | 532,106 | |||||||
54,736 | * | Netscout Systems, Inc | 1,685,869 | |||||||
32,078 | * | nLight, Inc | 421,826 | |||||||
27,122 | * | Novanta, Inc | 3,490,601 | |||||||
12,970 | * | OSI Systems, Inc | 1,025,927 | |||||||
89,933 | *,e | Ouster, Inc | 297,678 | |||||||
17,935 | *,e | PAR Technology Corp | 592,572 | |||||||
9,082 | PC Connection, Inc | 449,468 | ||||||||
32,451 | * | Plantronics, Inc | 1,293,497 | |||||||
22,542 | * | Plexus Corp | 1,829,058 | |||||||
216,071 | * | Pure Storage, Inc | 6,330,880 | |||||||
60,042 | *,e | Quantum Corp | 112,279 | |||||||
58,048 | * | Ribbon Communications, Inc | 200,266 | |||||||
14,420 | * | Rogers Corp | 3,903,782 | |||||||
48,189 | * | Sanmina Corp | 1,970,448 | |||||||
19,807 | * | Scansource, Inc | 678,192 | |||||||
35,032 | * | Super Micro Computer, Inc | 1,474,847 | |||||||
31,643 | SYNNEX Corp | 3,167,148 | ||||||||
36,222 | * | Teledyne Technologies, Inc | 15,631,604 | |||||||
200,582 | * | Trimble Inc | 13,378,819 | |||||||
76,878 | * | TTM Technologies, Inc | 1,072,448 | |||||||
11,009 | * | Turtle Beach Corp | 183,190 | |||||||
5,566 | e | Ubiquiti, Inc | 1,571,004 | |||||||
53,544 | * | Velodyne Lidar, Inc | 100,663 | |||||||
53,957 | * | Viasat, Inc | 1,986,157 | |||||||
194,238 | * | Viavi Solutions, Inc | 2,785,373 | |||||||
96,525 | Vishay Intertechnology, Inc | 1,798,261 |
159 |
TIAA-CREF FUNDS – Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
9,429 | * | Vishay Precision Group, Inc | $ | 294,279 | ||||||
130,144 | Vontier Corp | 3,334,289 | ||||||||
248,076 | * | Western Digital Corp | 13,165,393 | |||||||
102,726 | Xerox Holdings Corp | 1,787,432 | ||||||||
42,428 | * | Zebra Technologies Corp (Class A) | 15,683,935 | |||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 2,516,838,069 | |||||||||
TELECOMMUNICATION SERVICES - 1.0% | ||||||||||
8,408 | * | Anterix, Inc | 435,871 | |||||||
5,656,916 | AT&T, Inc | 106,689,436 | ||||||||
5,840 | ATN International, Inc | 230,680 | ||||||||
17,300 | * | Bandwidth Inc | 382,676 | |||||||
33,327 | Cogent Communications Group, Inc | 1,949,630 | ||||||||
70,859 | * | Consolidated Communications Holdings, Inc | 421,611 | |||||||
37,068 | * | EchoStar Corp (Class A) | 865,538 | |||||||
458,237 | *,e | Globalstar, Inc | 531,555 | |||||||
44,664 | *,e | Gogo, Inc | 822,264 | |||||||
15,140 | * | IDT Corp (Class B) | 400,907 | |||||||
93,288 | * | Iridium Communications, Inc | 3,331,314 | |||||||
27,165 | * | Liberty Latin America Ltd (Class A) | 251,005 | |||||||
118,887 | * | Liberty Latin America Ltd (Class C) | 1,098,516 | |||||||
807,168 | Lumen Technologies, Inc | 8,120,110 | ||||||||
22,870 | * | Ooma, Inc | 293,651 | |||||||
44,420 | * | Radius Global Infrastructure, Inc | 551,696 | |||||||
38,595 | Shenandoah Telecom Co | 779,619 | ||||||||
91,530 | Telephone & Data Systems, Inc | 1,676,830 | ||||||||
10,072 | *,e | Telesat Corp | 113,209 | |||||||
465,953 | * | T-Mobile US, Inc | 57,377,452 | |||||||
20,445 | * | US Cellular Corp | 588,407 | |||||||
3,324,020 | Verizon Communications, Inc | 153,902,126 | ||||||||
TOTAL TELECOMMUNICATION SERVICES | 340,814,103 | |||||||||
TRANSPORTATION - 1.9% | ||||||||||
44,939 | * | Air Transport Services Group, Inc | 1,406,591 | |||||||
95,747 | * | Alaska Air Group, Inc | 5,207,679 | |||||||
11,636 | * | Allegiant Travel Co | 1,805,791 | |||||||
7,059 | Amerco, Inc | 3,779,953 | ||||||||
501,523 | *,e | American Airlines Group, Inc | 9,413,587 | |||||||
19,944 | ArcBest Corp | 1,439,159 | ||||||||
22,110 | * | Atlas Air Worldwide Holdings, Inc | 1,524,263 | |||||||
32,996 | * | Avis Budget Group, Inc | 8,832,039 | |||||||
103,346 | CH Robinson Worldwide, Inc | 10,970,178 | ||||||||
24,804 | * | Copa Holdings S.A. (Class A) | 1,869,477 | |||||||
48,562 | Costamare, Inc | 651,216 | ||||||||
15,394 | Covenant Transportation Group, Inc | 316,193 | ||||||||
1,742,769 | CSX Corp | 59,846,687 | ||||||||
35,358 | * | Daseke, Inc | 297,007 | |||||||
500,476 | * | Delta Air Lines, Inc | 21,535,482 | |||||||
7,694 | Eagle Bulk Shipping, Inc | 478,875 | ||||||||
133,991 | Expeditors International of Washington, Inc | 13,274,488 | ||||||||
193,615 | FedEx Corp | 38,479,045 | ||||||||
20,532 | Forward Air Corp | 1,990,988 | ||||||||
26,908 | *,e | Frontier Group Holdings, Inc | 285,494 | |||||||
23,696 | Genco Shipping & Trading Ltd | 522,023 | ||||||||
77,961 | * | GXO Logistics, Inc | 4,614,512 | |||||||
45,051 | * | Hawaiian Holdings, Inc | 764,065 |
160 |
TIAA-CREF FUNDS – Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
38,745 | Heartland Express, Inc | $ | 534,681 | |||||||
25,530 | * | Hub Group, Inc (Class A) | 1,714,595 | |||||||
13,219 | * | HyreCar, Inc | 20,622 | |||||||
65,953 | JB Hunt Transport Services, Inc | 11,268,070 | ||||||||
241,087 | * | JetBlue Airways Corp | 2,654,368 | |||||||
45,468 | * | Kirby Corp | 2,964,514 | |||||||
124,863 | Knight-Swift Transportation Holdings, Inc | 5,979,689 | ||||||||
30,762 | Landstar System, Inc | 4,765,034 | ||||||||
233,233 | * | Lyft, Inc (Class A) | 7,603,396 | |||||||
48,163 | Marten Transport Ltd | 837,073 | ||||||||
33,308 | Matson, Inc | 2,865,154 | ||||||||
38,558 | * | Mesa Air Group, Inc | 131,097 | |||||||
188,812 | Norfolk Southern Corp | 48,690,839 | ||||||||
81,742 | Old Dominion Freight Line | 22,897,569 | ||||||||
5,260 | * | PAM Transportation Services, Inc | 159,851 | |||||||
26,622 | * | Radiant Logistics, Inc | 153,609 | |||||||
40,037 | Ryder System, Inc | 2,798,586 | ||||||||
35,633 | Safe Bulkers, Inc | 146,452 | ||||||||
20,497 | * | Saia, Inc | 4,221,562 | |||||||
36,070 | Schneider National, Inc | 852,334 | ||||||||
38,889 | * | Skywest, Inc | 1,133,614 | |||||||
470,636 | * | Southwest Airlines Co | 21,988,114 | |||||||
88,109 | * | Spirit Airlines, Inc | 2,080,254 | |||||||
24,319 | * | Sun Country Airlines Holdings, Inc | 669,016 | |||||||
194,272 | *,e | TuSimple Holdings, Inc | 2,014,601 | |||||||
1,275,809 | * | Uber Technologies, Inc | 40,162,467 | |||||||
508,769 | Union Pacific Corp | 119,199,489 | ||||||||
271,399 | * | United Airlines Holdings Inc | 13,705,650 | |||||||
578,059 | United Parcel Service, Inc (Class B) | 104,039,059 | ||||||||
7,345 | Universal Logistics Holdings Inc | 148,957 | ||||||||
66,280 | * | US Xpress Enterprises, Inc | 219,387 | |||||||
48,383 | Werner Enterprises, Inc | 1,917,418 | ||||||||
75,132 | * | XPO Logistics, Inc | 4,041,350 | |||||||
38,132 | * | Yellow Corp | 170,831 | |||||||
TOTAL TRANSPORTATION | 622,054,094 | |||||||||
UTILITIES - 2.8% | ||||||||||
512,622 | AES Corp | 10,467,741 | ||||||||
42,184 | Allete, Inc | 2,503,199 | ||||||||
196,597 | Alliant Energy Corp | 11,561,870 | ||||||||
200,074 | Ameren Corp | 18,586,875 | ||||||||
396,830 | American Electric Power Co, Inc | 39,329,821 | ||||||||
35,416 | American States Water Co | 2,785,823 | ||||||||
144,347 | American Water Works Co, Inc | 22,240,986 | ||||||||
4,314 | Artesian Resources Corp | 200,601 | ||||||||
107,017 | Atmos Energy Corp | 12,135,728 | ||||||||
50,785 | Avangrid, Inc | 2,252,315 | ||||||||
57,936 | Avista Corp | 2,350,464 | ||||||||
51,514 | Black Hills Corp | 3,772,885 | ||||||||
50,157 | e | Brookfield Infrastructure Corp | 3,557,134 | |||||||
104,865 | Brookfield Renewable Corp | 3,764,653 | ||||||||
28,309 | * | Cadiz, Inc | 56,052 | |||||||
42,672 | California Water Service Group | 2,213,397 | ||||||||
465,286 | Centerpoint Energy, Inc | 14,242,404 | ||||||||
15,372 | Chesapeake Utilities Corp | 1,924,113 | ||||||||
26,585 | Clearway Energy, Inc (Class A) | 755,546 |
161 |
TIAA-CREF FUNDS – Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
61,668 | Clearway Energy, Inc (Class C) | $ | 1,882,724 | |||||||
227,156 | CMS Energy Corp | 15,603,346 | ||||||||
277,740 | Consolidated Edison, Inc | 25,757,608 | ||||||||
255,892 | Constellation Energy Corp | 15,151,365 | ||||||||
636,444 | Dominion Energy, Inc | 51,959,288 | ||||||||
151,309 | DTE Energy Co | 19,827,531 | ||||||||
618,150 | Duke Energy Corp | 68,095,404 | ||||||||
294,502 | Edison International | 20,258,793 | ||||||||
157,457 | Entergy Corp | 18,713,764 | ||||||||
182,135 | Essential Utilities Inc | 8,152,363 | ||||||||
180,031 | Evergy, Inc | 12,215,103 | ||||||||
272,546 | Eversource Energy | 23,820,520 | ||||||||
769,920 | Exelon Corp | 36,016,858 | ||||||||
428,213 | FirstEnergy Corp | 18,545,905 | ||||||||
6,030 | Global Water Resources, Inc | 86,350 | ||||||||
87,919 | Hawaiian Electric Industries, Inc | 3,614,350 | ||||||||
40,656 | Idacorp, Inc | 4,276,198 | ||||||||
31,879 | MGE Energy, Inc | 2,482,418 | ||||||||
13,552 | Middlesex Water Co | 1,205,450 | ||||||||
66,032 | National Fuel Gas Co | 4,630,824 | ||||||||
73,539 | New Jersey Resources Corp | 3,173,943 | ||||||||
1,549,785 | NextEra Energy, Inc | 110,065,731 | ||||||||
303,175 | NiSource, Inc | 8,828,456 | ||||||||
24,580 | Northwest Natural Holding Co | 1,175,661 | ||||||||
42,798 | NorthWestern Corp | 2,426,219 | ||||||||
189,156 | NRG Energy, Inc | 6,790,700 | ||||||||
156,909 | OGE Energy Corp | 6,069,240 | ||||||||
42,824 | ONE Gas, Inc | 3,613,061 | ||||||||
34,650 | Ormat Technologies, Inc | 2,692,305 | ||||||||
35,270 | Otter Tail Corp | 2,044,249 | ||||||||
1,568,850 | *,b | PG&E Corp | 19,845,952 | |||||||
90,824 | Pinnacle West Capital Corp | 6,466,669 | ||||||||
86,759 | PNM Resources, Inc | 4,048,175 | ||||||||
67,008 | Portland General Electric Co | 3,171,489 | ||||||||
586,300 | PPL Corp | 16,598,153 | ||||||||
401,002 | Public Service Enterprise Group, Inc | 27,933,799 | ||||||||
16,583 | * | Pure Cycle Corp | 173,292 | |||||||
253,656 | Sempra Energy | 40,929,932 | ||||||||
23,659 | SJW Corp | 1,395,881 | ||||||||
77,819 | South Jersey Industries, Inc | 2,660,632 | ||||||||
835,835 | Southern Co | 61,341,931 | ||||||||
50,760 | Southwest Gas Holdings Inc | 4,472,464 | ||||||||
40,139 | Spire, Inc | 2,920,112 | ||||||||
64,862 | * | Sunnova Energy International, Inc | 1,120,167 | |||||||
160,667 | UGI Corp | 5,510,878 | ||||||||
17,944 | Unitil Corp | 915,144 | ||||||||
7,602 | e | Via Renewables, Inc | 54,278 | |||||||
381,585 | Vistra Energy Corp | 9,547,257 | ||||||||
251,014 | WEC Energy Group, Inc | 25,113,951 | ||||||||
425,113 | Xcel Energy, Inc | 31,143,778 | ||||||||
11,965 | York Water Co | 462,806 | ||||||||
TOTAL UTILITIES | 919,704,074 | |||||||||
TOTAL COMMON STOCKS | 32,472,565,743 | |||||||||
(Cost $16,694,061,612) |
162 |
TIAA-CREF FUNDS – Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||||||||
RIGHTS / WARRANTS - 0.0% | ||||||||||||||||
HEALTH CARE EQUIPMENT & SERVICES - 0.0% | ||||||||||||||||
15,571 | Pulse Biosciences, Inc | $ | 3,581 | |||||||||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 3,581 | |||||||||||||||
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 | |||||||||||||
4,598 | † | Tobira Therapeutics, Inc | 276 | |||||||||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 276 | |||||||||||||||
TOTAL RIGHTS / WARRANTS | 3,857 | |||||||||||||||
(Cost $276) | ||||||||||||||||
PRINCIPAL | ISSUER | RATE | MATURITY DATE | |||||||||||||
SHORT-TERM INVESTMENTS - 0.8% | ||||||||||||||||
GOVERNMENT AGENCY DEBT - 0.3% | ||||||||||||||||
$ | 5,000,000 | Federal Farm Credit Bank (FFCB) | 0.000 | % | 05/03/22 | 4,999,933 | ||||||||||
5,000,000 | FFCB | 0.000 | 05/04/22 | 4,999,867 | ||||||||||||
39,000,000 | Federal Home Loan Bank (FHLB) | 0.000 | 05/04/22 | 38,998,963 | ||||||||||||
33,480,000 | FHLB | 0.000 | 05/05/22 | 33,478,664 | ||||||||||||
10,000,000 | FHLB | 0.000 | 05/13/22 | 9,998,537 | ||||||||||||
TOTAL GOVERNMENT AGENCY DEBT | 92,475,964 | |||||||||||||||
REPURCHASE AGREEMENT - 0.2% | ||||||||||||||||
60,625,000 | r | Fixed Income Clearing Corp (FICC) | 0.250 | 05/02/22 | 60,625,000 | |||||||||||
TOTAL REPURCHASE AGREEMENT | 60,625,000 | |||||||||||||||
SHARES | COMPANY | |||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.3% | ||||||||||||||||
102,378,941 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 0.310 | 102,378,941 | ||||||||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 102,378,941 | |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 255,479,905 | |||||||||||||||
(Cost $255,480,815) | ||||||||||||||||
TOTAL INVESTMENTS - 100.4% | 32,728,049,505 | |||||||||||||||
(Cost $16,949,542,703) | ||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - (0.4)% | (128,565,329 | ) | ||||||||||||||
NET ASSETS - 100.0% | $ | 32,599,484,176 |
163 |
TIAA-CREF FUNDS – Equity Index Fund
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 $146,610,528. | ||||||||||||||||
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 4/30/22, the aggregate value of these securities is $3,253,271 or 0.0% of net assets. | ||||||||||||||||
r | Agreement with Fixed Income Clearing Corp (FICC), 0.250% dated 4/29/22 to be repurchased at $60,625,000 on 5/2/22, collateralized by Government Agency Securities, with a coupon rate 2.500% and maturity date 2/15/46, valued at $61,837,560. |
Futures contracts outstanding as of April 30, 2022 were as follows:
Description | Number of long (short) contracts | Expiration date | Notional amount | Value | Unrealized appreciation (depreciation) | |||||||||||
Russell 2000 E Mini Index | 22 | 06/17/22 | $ | 2,168,502 | $ | 2,047,430 | $ | (121,072 | ) | |||||||
S&P 500 E Mini Index | 473 | 06/17/22 | 102,914,034 | 97,615,375 | (5,298,659 | ) | ||||||||||
Total | 495 | $ | 105,082,536 | $ | 99,662,805 | $ | (5,419,731 | ) |
164 |
TIAA-CREF FUNDS – Large-Cap Growth Index Fund
TIAA-CREF FUNDS
LARGE-CAP GROWTH INDEX FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2022
SHARES | COMPANY | VALUE | ||||||||
COMMON STOCKS - 99.9% | ||||||||||
AUTOMOBILES & COMPONENTS - 3.9% | ||||||||||
23,497 | * | Aptiv plc | $ | 2,500,081 | ||||||
93,874 | *,e | QuantumScape Corp | 1,402,478 | |||||||
16,441 | *,e | Rivian Automotive, Inc | 497,176 | |||||||
418,142 | * | Tesla, Inc | 364,101,328 | |||||||
10,837 | Thor Industries, Inc | 829,572 | ||||||||
TOTAL AUTOMOBILES & COMPONENTS | 369,330,635 | |||||||||
BANKS - 0.1% | ||||||||||
47,022 | Citizens Financial Group, Inc | 1,852,667 | ||||||||
70,440 | Rocket Cos, Inc | 623,394 | ||||||||
6,729 | Synovus Financial Corp | 279,523 | ||||||||
60,374 | e | UWM Holdings Corp | 223,987 | |||||||
27,987 | Western Alliance Bancorp | 2,130,091 | ||||||||
TOTAL BANKS | 5,109,662 | |||||||||
CAPITAL GOODS - 3.4% | ||||||||||
40,835 | 3M Co | 5,889,224 | ||||||||
30,878 | Advanced Drainage Systems, Inc | 3,163,760 | ||||||||
2,435 | AGCO Corp | 310,219 | ||||||||
34,452 | Allegion plc | 3,935,796 | ||||||||
39,737 | Allison Transmission Holdings, Inc | 1,487,753 | ||||||||
13,555 | Armstrong World Industries, Inc | 1,147,566 | ||||||||
32,598 | * | Axon Enterprise, Inc | 3,657,496 | |||||||
35,159 | * | AZEK Co, Inc | 746,777 | |||||||
36,127 | BWX Technologies, Inc | 1,875,714 | ||||||||
9,732 | Carlisle Cos, Inc | 2,524,092 | ||||||||
197,292 | Carrier Global Corp | 7,550,365 | ||||||||
234,180 | Caterpillar, Inc | 49,304,257 | ||||||||
24,252 | * | Core & Main, Inc | 576,228 | |||||||
140,006 | Deere & Co | 52,859,265 | ||||||||
12,817 | Donaldson Co, Inc | 628,546 | ||||||||
254,204 | Fastenal Co | 14,060,023 | ||||||||
37,339 | * | Fluence Energy, Inc | 342,399 | |||||||
16,927 | Fortune Brands Home & Security, Inc | 1,206,049 | ||||||||
30,346 | * | Generac Holdings, Inc | 6,657,305 | |||||||
53,982 | Graco, Inc | 3,347,964 | ||||||||
7,486 | HEICO Corp | 1,057,248 | ||||||||
12,188 | HEICO Corp (Class A) | 1,421,608 | ||||||||
75,445 | Honeywell International, Inc | 14,599,362 | ||||||||
12,742 | Howmet Aerospace, Inc | 434,757 | ||||||||
141,188 | Illinois Tool Works, Inc | 27,829,567 | ||||||||
30,699 | Lincoln Electric Holdings, Inc | 4,136,076 | ||||||||
106,420 | Lockheed Martin Corp | 45,986,210 | ||||||||
7,700 | * | Middleby Corp | 1,184,953 | |||||||
4,266 | Nordson Corp | 920,134 | ||||||||
6,219 | Northrop Grumman Corp | 2,732,629 |
165 |
TIAA-CREF FUNDS – Large-Cap Growth Index Fund
SHARES | COMPANY | VALUE | ||||||||
10,404 | Parker-Hannifin Corp | $ | 2,817,611 | |||||||
253,066 | *,e | Plug Power, Inc | 5,319,447 | |||||||
6,346 | Regal-Beloit Corp | 807,465 | ||||||||
34,335 | Rockwell Automation, Inc | 8,675,424 | ||||||||
10,905 | * | SiteOne Landscape Supply, Inc | 1,537,932 | |||||||
18,491 | Spirit Aerosystems Holdings, Inc (Class A) | 777,362 | ||||||||
50,530 | Toro Co | 4,048,969 | ||||||||
56,632 | Trane Technologies plc | 7,922,250 | ||||||||
7,154 | * | TransDigm Group, Inc | 4,255,271 | |||||||
58,085 | * | Trex Co, Inc | 3,379,966 | |||||||
12,383 | * | United Rentals, Inc | 3,919,467 | |||||||
148,252 | Vertiv Holdings Co | 1,857,598 | ||||||||
113,527 | *,e | Virgin Galactic Holdings, Inc | 850,317 | |||||||
19,023 | W.W. Grainger, Inc | 9,512,071 | ||||||||
56,669 | Xylem, Inc | 4,561,854 | ||||||||
TOTAL CAPITAL GOODS | 321,816,346 | |||||||||
COMMERCIAL & PROFESSIONAL SERVICES - 0.9% | ||||||||||
68,194 | Booz Allen Hamilton Holding Co | 5,566,676 | ||||||||
41,639 | Cintas Corp | 16,541,509 | ||||||||
106,989 | * | Copart, Inc | 12,159,300 | |||||||
153,019 | * | CoStar Group, Inc | 9,735,069 | |||||||
23,199 | Equifax, Inc | 4,721,460 | ||||||||
62,620 | * | IAA, Inc | 2,295,023 | |||||||
27,507 | *,e | Legalzoom.com, Inc | 394,725 | |||||||
6,094 | MSA Safety, Inc | 735,485 | ||||||||
48,076 | Robert Half International, Inc | 4,726,352 | ||||||||
105,244 | Rollins, Inc | 3,529,884 | ||||||||
63,201 | TransUnion | 5,531,352 | ||||||||
50,670 | Verisk Analytics, Inc | 10,339,213 | ||||||||
33,709 | Waste Management, Inc | 5,543,108 | ||||||||
TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 81,819,156 | |||||||||
CONSUMER DURABLES & APPAREL - 1.4% | ||||||||||
4,610 | Brunswick Corp | 348,562 | ||||||||
1,613 | Columbia Sportswear Co | 132,524 | ||||||||
1,994 | * | Deckers Outdoor Corp | 529,905 | |||||||
63,917 | DR Horton, Inc | 4,447,984 | ||||||||
114,390 | Hanesbrands, Inc | 1,516,811 | ||||||||
57,202 | * | Lululemon Athletica, Inc | 20,285,545 | |||||||
177,484 | * | Mattel, Inc | 4,314,636 | |||||||
622,121 | Nike, Inc (Class B) | 77,578,489 | ||||||||
1,084 | * | NVR, Inc | 4,743,812 | |||||||
158,217 | * | Peloton Interactive, Inc | 2,778,290 | |||||||
20,940 | Polaris Inc | 1,988,044 | ||||||||
39,164 | Pulte Homes, Inc | 1,635,489 | ||||||||
5,449 | * | Skechers U.S.A., Inc (Class A) | 208,697 | |||||||
13,513 | Tapestry, Inc | 444,848 | ||||||||
87,870 | Tempur Sealy International, Inc | 2,382,156 | ||||||||
27,900 | Toll Brothers, Inc | 1,293,723 | ||||||||
13,333 | * | TopBuild Corp | 2,415,140 | |||||||
103,489 | VF Corp | 5,381,428 | ||||||||
42,112 | * | YETI Holdings, Inc | 2,058,013 | |||||||
TOTAL CONSUMER DURABLES & APPAREL | 134,484,096 |
166 |
TIAA-CREF FUNDS – Large-Cap Growth Index Fund
SHARES | COMPANY | VALUE | ||||||||
CONSUMER SERVICES - 2.4% | ||||||||||
20,584 | * | Booking Holdings, Inc | $ | 45,497,021 | ||||||
8,578 | Boyd Gaming Corp | 519,655 | ||||||||
23,099 | * | Bright Horizons Family Solutions | 2,638,830 | |||||||
61,785 | * | Caesars Entertainment, Inc | 4,095,110 | |||||||
49,402 | * | Chegg, Inc | 1,222,206 | |||||||
14,064 | * | Chipotle Mexican Grill, Inc (Class A) | 20,471,699 | |||||||
16,614 | Choice Hotels International, Inc | 2,333,602 | ||||||||
18,170 | Churchill Downs, Inc | 3,687,420 | ||||||||
41,134 | Darden Restaurants, Inc | 5,418,582 | ||||||||
12,287 | Domino’s Pizza, Inc | 4,153,006 | ||||||||
168,984 | *,e | DraftKings, Inc | 2,311,701 | |||||||
72,692 | * | Expedia Group, Inc | 12,702,927 | |||||||
34,771 | * | frontdoor, Inc | 1,074,772 | |||||||
73,854 | H&R Block, Inc | 1,925,374 | ||||||||
91,812 | * | Hilton Worldwide Holdings, Inc | 14,257,486 | |||||||
165,654 | * | Las Vegas Sands Corp | 5,869,121 | |||||||
136,334 | * | Marriott International, Inc (Class A) | 24,202,012 | |||||||
67,130 | McDonald’s Corp | 16,726,111 | ||||||||
46,691 | * | Mister Car Wash, Inc | 672,350 | |||||||
9,520 | * | Penn National Gaming, Inc | 348,146 | |||||||
26,441 | * | Planet Fitness, Inc | 2,116,073 | |||||||
15,022 | * | Six Flags Entertainment Corp | 574,892 | |||||||
577,206 | Starbucks Corp | 43,082,656 | ||||||||
29,971 | Travel & Leisure Co | 1,662,791 | ||||||||
19,244 | Vail Resorts, Inc | 4,891,055 | ||||||||
96,521 | Wendy’s | 1,907,255 | ||||||||
28,119 | Wyndham Hotels & Resorts, Inc | 2,473,347 | ||||||||
53,298 | * | Wynn Resorts Ltd | 3,756,443 | |||||||
14,838 | Yum China Holdings, Inc | 620,228 | ||||||||
14,120 | Yum! Brands, Inc | 1,652,181 | ||||||||
TOTAL CONSUMER SERVICES | 232,864,052 | |||||||||
DIVERSIFIED FINANCIALS - 2.6% | ||||||||||
196,722 | American Express Co | 34,369,301 | ||||||||
31,794 | Ameriprise Financial, Inc | 8,440,989 | ||||||||
116,956 | Apollo Global Management, Inc | 5,819,731 | ||||||||
59,261 | Ares Management Corp | 3,924,263 | ||||||||
351,889 | Blackstone, Inc | 35,741,366 | ||||||||
379 | *,e | Credit Acceptance Corp | 194,237 | |||||||
78,248 | Discover Financial Services | 8,799,770 | ||||||||
16,174 | Factset Research Systems, Inc | 6,526,047 | ||||||||
9,901 | Goldman Sachs Group, Inc | 3,024,656 | ||||||||
186,180 | iShares Russell 1000 Growth Index Fund | 45,381,375 | ||||||||
39,885 | LPL Financial Holdings, Inc | 7,493,195 | ||||||||
18,506 | MarketAxess Holdings, Inc | 4,878,367 | ||||||||
77,084 | Moody’s Corp | 24,395,544 | ||||||||
10,173 | Morningstar, Inc | 2,576,109 | ||||||||
28,718 | MSCI, Inc (Class A) | 12,097,457 | ||||||||
7,101 | Raymond James Financial, Inc | 692,063 | ||||||||
85,517 | S&P Global, Inc | 32,197,151 | ||||||||
53,459 | Synchrony Financial | 1,967,826 | ||||||||
37,520 | T Rowe Price Group, Inc | 4,616,461 | ||||||||
24,177 | *,e | Upstart Holdings, Inc | 1,813,759 | |||||||
TOTAL DIVERSIFIED FINANCIALS | 244,949,667 |
167 |
TIAA-CREF FUNDS – Large-Cap Growth Index Fund
SHARES | COMPANY | VALUE | ||||||||
ENERGY - 0.5% | ||||||||||
69,905 | Cabot Oil & Gas Corp | $ | 2,012,565 | |||||||
117,373 | Cheniere Energy, Inc | 15,940,427 | ||||||||
6,946 | Continental Resources, Inc | 385,989 | ||||||||
43,516 | Diamondback Energy, Inc | 5,493,025 | ||||||||
33,672 | EOG Resources, Inc | 3,931,543 | ||||||||
30,108 | Halliburton Co | 1,072,447 | ||||||||
8,343 | Hess Corp | 859,913 | ||||||||
15,127 | New Fortress Energy, Inc | 586,625 | ||||||||
49,639 | Occidental Petroleum Corp | 2,734,612 | ||||||||
47,136 | Pioneer Natural Resources Co | 10,957,706 | ||||||||
2,945 | Texas Pacific Land Corp | 4,024,637 | ||||||||
TOTAL ENERGY | 47,999,489 | |||||||||
FOOD & STAPLES RETAILING - 1.4% | ||||||||||
207,525 | Costco Wholesale Corp | 110,345,193 | ||||||||
256,337 | SYSCO Corp | 21,911,687 | ||||||||
TOTAL FOOD & STAPLES RETAILING | 132,256,880 | |||||||||
FOOD, BEVERAGE & TOBACCO - 2.7% | ||||||||||
508,515 | Altria Group, Inc | 28,258,179 | ||||||||
23,175 | *,e | Beyond Meat, Inc | 854,694 | |||||||
4,430 | * | Boston Beer Co, Inc (Class A) | 1,661,250 | |||||||
12,654 | Brown-Forman Corp (Class A) | 789,863 | ||||||||
46,807 | Brown-Forman Corp (Class B) | 3,156,664 | ||||||||
1,375,480 | Coca-Cola Co | 88,869,763 | ||||||||
3,216 | * | Darling International, Inc | 236,022 | |||||||
20,370 | * | Freshpet, Inc | 1,901,539 | |||||||
63,646 | Hershey Co | 14,369,357 | ||||||||
57,368 | Kellogg Co | 3,929,708 | ||||||||
21,848 | Lamb Weston Holdings, Inc | 1,444,153 | ||||||||
172,464 | * | Monster Beverage Corp | 14,776,716 | |||||||
575,513 | PepsiCo, Inc | 98,821,337 | ||||||||
14,501 | * | Pilgrim’s Pride Corp | 411,103 | |||||||
TOTAL FOOD, BEVERAGE & TOBACCO | 259,480,348 | |||||||||
HEALTH CARE EQUIPMENT & SERVICES - 3.3% | ||||||||||
435,859 | Abbott Laboratories | 49,469,997 | ||||||||
21,911 | * | Abiomed, Inc | 6,279,254 | |||||||
87,600 | * | agilon health, Inc | 1,556,652 | |||||||
39,478 | * | Align Technology, Inc | 11,445,067 | |||||||
12,996 | * | Amedisys, Inc | 1,658,939 | |||||||
83,606 | Cardinal Health, Inc | 4,853,328 | ||||||||
29,601 | * | Certara, Inc | 543,178 | |||||||
2,408 | Chemed Corp | 1,183,267 | ||||||||
22,851 | * | DaVita, Inc | 2,476,363 | |||||||
9,211 | * | Definitive Healthcare Corp | 217,840 | |||||||
48,349 | * | Dexcom, Inc | 19,754,434 | |||||||
309,929 | * | Edwards Lifesciences Corp | 32,784,290 | |||||||
28,992 | Encompass Health Corp | 1,995,519 | ||||||||
18,737 | * | Figs, Inc | 293,421 | |||||||
1,873 | * | Globus Medical, Inc | 124,030 | |||||||
45,681 | * | Guardant Health, Inc | 2,818,518 | |||||||
122,798 | HCA Healthcare, Inc | 26,346,311 | ||||||||
42,401 | * | IDEXX Laboratories, Inc | 18,252,783 | |||||||
32,511 | * | Insulet Corp | 7,769,804 | |||||||
177,843 | * | Intuitive Surgical, Inc | 42,557,830 |
168 |
TIAA-CREF FUNDS – Large-Cap Growth Index Fund
SHARES | COMPANY | VALUE | ||||||||
17,060 | * | Masimo Corp | $ | 1,927,268 | ||||||
10,881 | McKesson Corp | 3,368,866 | ||||||||
4,766 | * | Molina Healthcare, Inc | 1,493,903 | |||||||
51,693 | * | Novocure Ltd | 3,958,650 | |||||||
56,931 | *,e | Oak Street Health, Inc | 1,029,882 | |||||||
17,487 | * | Penumbra, Inc | 3,017,557 | |||||||
64,870 | Resmed, Inc | 12,972,054 | ||||||||
6,361 | STERIS plc | 1,425,182 | ||||||||
74,903 | Stryker Corp | 18,071,098 | ||||||||
30,518 | * | Tandem Diabetes Care, Inc | 2,944,377 | |||||||
4,386 | Teleflex, Inc | 1,252,729 | ||||||||
32,711 | UnitedHealth Group, Inc | 16,635,179 | ||||||||
69,399 | * | Veeva Systems, Inc | 12,627,148 | |||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 313,104,718 | |||||||||
HOUSEHOLD & PERSONAL PRODUCTS - 0.7% | ||||||||||
8,176 | Church & Dwight Co, Inc | 797,650 | ||||||||
48,514 | Clorox Co | 6,960,303 | ||||||||
222,647 | Colgate-Palmolive Co | 17,154,951 | ||||||||
114,796 | Estee Lauder Cos (Class A) | 30,313,032 | ||||||||
7,234 | * | Herbalife Nutrition Ltd | 192,280 | |||||||
85,142 | Kimberly-Clark Corp | 11,820,264 | ||||||||
6,028 | * | Olaplex Holdings, Inc | 88,612 | |||||||
TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 67,327,092 | |||||||||
INSURANCE - 0.3% | ||||||||||
631 | * | Alleghany Corp | 527,832 | |||||||
64,691 | Aon plc | 18,630,361 | ||||||||
45,666 | * | Arch Capital Group Ltd | 2,085,566 | |||||||
6,975 | Brown & Brown, Inc | 432,311 | ||||||||
9,831 | Erie Indemnity Co (Class A) | 1,575,713 | ||||||||
3,847 | Everest Re Group Ltd | 1,056,809 | ||||||||
106,140 | *,e | GoHealth, Inc | 79,308 | |||||||
9,809 | *,e | Lemonade, Inc | 204,616 | |||||||
14,381 | Lincoln National Corp | 865,017 | ||||||||
1,148 | * | Markel Corp | 1,553,565 | |||||||
30,230 | Marsh & McLennan Cos, Inc | 4,888,191 | ||||||||
10,470 | RenaissanceRe Holdings Ltd | 1,502,654 | ||||||||
TOTAL INSURANCE | 33,401,943 | |||||||||
MATERIALS - 1.0% | ||||||||||
21,313 | Avery Dennison Corp | 3,849,128 | ||||||||
18,349 | * | Axalta Coating Systems Ltd | 465,514 | |||||||
47,136 | Ball Corp | 3,825,558 | ||||||||
20,253 | Celanese Corp (Series A) | 2,975,976 | ||||||||
37,852 | Chemours Co | 1,251,766 | ||||||||
7,838 | Crown Holdings, Inc | 862,493 | ||||||||
31,768 | * | Diversey Holdings Ltd | 245,884 | |||||||
28,209 | Dow, Inc | 1,875,898 | ||||||||
109,750 | Ecolab, Inc | 18,585,065 | ||||||||
14,811 | FMC Corp | 1,963,050 | ||||||||
217,517 | Freeport-McMoRan, Inc (Class B) | 8,820,314 | ||||||||
34,689 | Graphic Packaging Holding Co | 756,220 | ||||||||
6,459 | Louisiana-Pacific Corp | 416,735 | ||||||||
16,325 | LyondellBasell Industries NV | 1,730,940 | ||||||||
8,660 | Olin Corp | 497,084 |
169 |
TIAA-CREF FUNDS – Large-Cap Growth Index Fund
SHARES | COMPANY | VALUE | ||||||||
48,641 | PPG Industries, Inc | $ | 6,225,562 | |||||||
36,413 | RPM International, Inc | 3,018,638 | ||||||||
19,684 | Scotts Miracle-Gro Co (Class A) | 2,045,758 | ||||||||
39,273 | Sealed Air Corp | 2,521,719 | ||||||||
120,609 | Sherwin-Williams Co | 33,162,651 | ||||||||
36,748 | Southern Copper Corp | 2,288,298 | ||||||||
18,335 | Steel Dynamics, Inc | 1,572,226 | ||||||||
4,392 | Westlake Chemical Corp | 555,808 | ||||||||
TOTAL MATERIALS | 99,512,285 | |||||||||
MEDIA & ENTERTAINMENT - 9.6% | ||||||||||
130,092 | * | Alphabet, Inc (Class A) | 296,894,662 | |||||||
119,649 | * | Alphabet, Inc (Class C) | 275,112,535 | |||||||
94,024 | * | Altice USA, Inc | 872,543 | |||||||
1,465 | Cable One, Inc | 1,708,483 | ||||||||
57,186 | * | Charter Communications, Inc | 24,503,629 | |||||||
24,826 | * | Live Nation, Inc | 2,603,751 | |||||||
3,770 | * | Madison Square Garden Co | 611,155 | |||||||
141,683 | * | Match Group, Inc | 11,214,209 | |||||||
1,158,658 | * | Meta Platforms, Inc | 232,276,169 | |||||||
216,893 | * | Netflix, Inc | 41,287,751 | |||||||
2,239 | Nexstar Media Group Inc | 354,702 | ||||||||
285,130 | * | Pinterest, Inc | 5,850,868 | |||||||
51,055 | * | Playtika Holding Corp | 897,547 | |||||||
59,047 | * | Roku, Inc | 5,485,466 | |||||||
178,330 | *,e | Skillz, Inc | 365,577 | |||||||
68,470 | * | Spotify Technology S.A. | 6,959,976 | |||||||
11,630 | * | Take-Two Interactive Software, Inc | 1,389,901 | |||||||
28,196 | * | TripAdvisor, Inc | 723,791 | |||||||
43,737 | * | Twitter, Inc | 2,143,988 | |||||||
58,119 | * | Vimeo, Inc | 592,233 | |||||||
45,938 | * | Walt Disney Co | 5,128,059 | |||||||
18,760 | World Wrestling Entertainment, Inc (Class A) | 1,095,396 | ||||||||
234,814 | * | Zynga, Inc | 1,941,912 | |||||||
TOTAL MEDIA & ENTERTAINMENT | 920,014,303 | |||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 5.7% | ||||||||||
45,047 | * | 10X Genomics, Inc | 2,151,445 | |||||||
887,382 | AbbVie, Inc | 130,338,668 | ||||||||
73,797 | * | Adaptive Biotechnologies Corp | 608,825 | |||||||
134,523 | Agilent Technologies, Inc | 16,044,558 | ||||||||
60,956 | * | Alnylam Pharmaceuticals, Inc | 8,133,359 | |||||||
230,613 | Amgen, Inc | 53,776,645 | ||||||||
303,316 | * | Avantor, Inc | 9,669,714 | |||||||
19,420 | Bio-Techne Corp | 7,373,580 | ||||||||
52,368 | Bruker BioSciences Corp | 3,010,636 | ||||||||
18,376 | * | Catalent, Inc | 1,664,131 | |||||||
22,264 | * | Charles River Laboratories International, Inc | 5,376,979 | |||||||
30,046 | *,e | CureVac NV | 513,486 | |||||||
16,783 | Danaher Corp | 4,214,715 | ||||||||
336,336 | Eli Lilly & Co | 98,253,836 | ||||||||
80,393 | * | Exact Sciences Corp | 4,425,635 | |||||||
135,915 | * | Exelixis, Inc | 3,036,341 | |||||||
19,404 | * | Horizon Therapeutics Plc | 1,912,458 | |||||||
73,217 | * | Illumina, Inc | 21,719,823 | |||||||
80,066 | * | Incyte Corp | 6,001,747 |
170 |
TIAA-CREF FUNDS – Large-Cap Growth Index Fund
SHARES | COMPANY | VALUE | ||||||||
67,954 | * | Ionis Pharmaceuticals, Inc | $ | 2,497,989 | ||||||
21,786 | * | Iovance Biotherapeutics, Inc | 330,058 | |||||||
46,082 | * | IQVIA Holdings, Inc | 10,045,415 | |||||||
61,610 | * | Maravai LifeSciences Holdings, Inc | 1,893,275 | |||||||
11,350 | * | Mettler-Toledo International, Inc | 14,499,966 | |||||||
16,370 | * | Mirati Therapeutics, Inc | 1,011,502 | |||||||
169,909 | * | Moderna, Inc | 22,837,469 | |||||||
37,096 | * | Natera, Inc | 1,302,812 | |||||||
46,438 | * | Neurocrine Biosciences, Inc | 4,180,813 | |||||||
41,074 | *,e | Novavax, Inc | 1,851,205 | |||||||
5,750 | * | Regeneron Pharmaceuticals, Inc | 3,789,883 | |||||||
25,794 | * | Repligen Corp | 4,055,849 | |||||||
99,892 | Royalty Pharma plc | 4,253,401 | ||||||||
40,851 | * | Sarepta Therapeutics, Inc | 2,954,344 | |||||||
59,187 | * | Seagen, Inc | 7,754,089 | |||||||
58,097 | * | Sotera Health Co | 1,184,017 | |||||||
5,480 | * | Syneos Health, Inc | 400,533 | |||||||
18,009 | Thermo Fisher Scientific, Inc | 9,957,536 | ||||||||
23,440 | * | Ultragenyx Pharmaceutical, Inc | 1,656,974 | |||||||
51,852 | * | Vertex Pharmaceuticals, Inc | 14,167,003 | |||||||
27,716 | * | Waters Corp | 8,398,502 | |||||||
36,797 | West Pharmaceutical Services, Inc | 11,593,263 | ||||||||
225,812 | Zoetis, Inc | 40,025,177 | ||||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 548,867,656 | |||||||||
REAL ESTATE - 1.9% | ||||||||||
226,574 | American Tower Corp | 54,608,865 | ||||||||
8,361 | CBRE Group, Inc | 694,297 | ||||||||
216,184 | Crown Castle International Corp | 40,039,438 | ||||||||
31,809 | Equinix, Inc | 22,873,216 | ||||||||
45,722 | Equity Lifestyle Properties, Inc | 3,533,396 | ||||||||
6,168 | Extra Space Storage, Inc | 1,171,920 | ||||||||
102,601 | Iron Mountain, Inc | 5,512,752 | ||||||||
40,007 | Lamar Advertising Co | 4,417,173 | ||||||||
69,930 | *,e | Opendoor Technologies, Inc | 488,811 | |||||||
57,664 | Public Storage, Inc | 21,422,176 | ||||||||
8,688 | SBA Communications Corp | 3,015,692 | ||||||||
142,054 | Simon Property Group, Inc | 16,762,372 | ||||||||
27,957 | * | Zillow Group, Inc (Class A) | 1,080,538 | |||||||
81,501 | * | Zillow Group, Inc (Class C) | 3,245,370 | |||||||
TOTAL REAL ESTATE | 178,866,016 | |||||||||
RETAILING - 10.1% | ||||||||||
218,050 | * | Amazon.com, Inc | 541,991,621 | |||||||
2,255 | * | AutoZone, Inc | 4,409,585 | |||||||
65,841 | Bath & Body Works, Inc | 3,482,330 | ||||||||
28,387 | Best Buy Co, Inc | 2,552,843 | ||||||||
31,827 | * | Burlington Stores, Inc | 6,478,704 | |||||||
8,715 | * | CarMax, Inc | 747,573 | |||||||
40,229 | * | Carvana Co | 2,331,673 | |||||||
49,899 | Dollar General Corp | 11,852,509 | ||||||||
62,569 | * | DoorDash, Inc | 5,094,994 | |||||||
313,822 | eBay, Inc | 16,293,638 | ||||||||
63,466 | * | Etsy, Inc | 5,914,397 | |||||||
26,570 | * | Five Below, Inc | 4,174,147 | |||||||
47,722 | * | Floor & Decor Holdings, Inc | 3,804,398 |
171 |
TIAA-CREF FUNDS – Large-Cap Growth Index Fund
SHARES | COMPANY | VALUE | ||||||||
32,831 | * | GameStop Corp (Class A) | $ | 4,106,173 | ||||||
524,490 | Home Depot, Inc | 157,556,796 | ||||||||
75,574 | * | Leslie’s, Inc | 1,481,250 | |||||||
1,160 | Lithia Motors, Inc (Class A) | 328,431 | ||||||||
338,454 | Lowe’s Companies, Inc | 66,922,509 | ||||||||
45,491 | Nordstrom, Inc | 1,169,119 | ||||||||
10,058 | * | O’Reilly Automotive, Inc | 6,100,680 | |||||||
2,942 | *,e | Petco Health & Wellness Co, Inc | 56,663 | |||||||
19,705 | Pool Corp | 7,984,860 | ||||||||
8,115 | * | RH | 2,727,614 | |||||||
175,316 | Ross Stores, Inc | 17,491,277 | ||||||||
107,590 | Target Corp | 24,600,453 | ||||||||
598,303 | TJX Companies, Inc | 36,664,008 | ||||||||
56,853 | Tractor Supply Co | 11,453,037 | ||||||||
26,384 | * | Ulta Beauty, Inc | 10,469,171 | |||||||
26,756 | * | Victoria’s Secret & Co | 1,260,743 | |||||||
42,853 | *,e | Vroom, Inc | 66,851 | |||||||
20,036 | *,e | Wayfair, Inc | 1,541,570 | |||||||
26,058 | Williams-Sonoma, Inc | 3,400,048 | ||||||||
TOTAL RETAILING | 964,509,665 | |||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 7.7% | ||||||||||
820,599 | * | Advanced Micro Devices, Inc | 70,177,626 | |||||||
19,262 | * | Allegro MicroSystems, Inc | 468,259 | |||||||
106,404 | Analog Devices, Inc | 16,426,650 | ||||||||
444,637 | Applied Materials, Inc | 49,065,693 | ||||||||
202,722 | Broadcom, Inc | 112,387,050 | ||||||||
32,191 | Brooks Automation, Inc | 2,413,037 | ||||||||
65,446 | * | Enphase Energy, Inc | 10,562,984 | |||||||
67,669 | Entegris, Inc | 7,537,650 | ||||||||
18,148 | * | GLOBALFOUNDRIES, Inc | 948,959 | |||||||
76,022 | KLA Corp | 24,270,784 | ||||||||
70,531 | Lam Research Corp | 32,850,519 | ||||||||
229,625 | Microchip Technology, Inc | 14,971,550 | ||||||||
81,275 | Micron Technology, Inc | 5,542,142 | ||||||||
21,995 | MKS Instruments, Inc | 2,506,990 | ||||||||
22,960 | Monolithic Power Systems, Inc | 9,005,830 | ||||||||
1,201,826 | NVIDIA Corp | 222,902,668 | ||||||||
39,946 | NXP Semiconductors NV | 6,826,771 | ||||||||
118,751 | * | ON Semiconductor Corp | 6,188,115 | |||||||
566,552 | QUALCOMM, Inc | 79,141,649 | ||||||||
38,454 | Skyworks Solutions, Inc | 4,356,838 | ||||||||
82,818 | Teradyne, Inc | 8,733,986 | ||||||||
287,394 | Texas Instruments, Inc | 48,928,829 | ||||||||
21,316 | Universal Display Corp | 2,722,693 | ||||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 738,937,272 | |||||||||
SOFTWARE & SERVICES - 24.4% | ||||||||||
256,682 | Accenture plc | 77,097,006 | ||||||||
236,622 | * | Adobe, Inc | 93,690,481 | |||||||
28,382 | * | Alteryx, Inc | 1,822,124 | |||||||
72,223 | * | Anaplan, Inc | 4,693,773 | |||||||
19,029 | * | Ansys, Inc | 5,246,105 | |||||||
33,445 | * | Aspen Technology, Inc | 5,302,370 | |||||||
69,903 | * | Atlassian Corp plc | 15,716,291 | |||||||
110,452 | * | Autodesk, Inc | 20,906,355 |
172 |
TIAA-CREF FUNDS – Large-Cap Growth Index Fund
SHARES | COMPANY | VALUE | ||||||||
193,870 | Automatic Data Processing, Inc | $ | 42,298,557 | |||||||
40,195 | * | Avalara, Inc | 3,057,634 | |||||||
72,516 | Bentley Systems, Inc | 3,073,953 | ||||||||
45,920 | * | Bill.Com Holdings, Inc | 7,839,003 | |||||||
240,841 | * | Block, Inc | 23,973,313 | |||||||
51,251 | Broadridge Financial Solutions, Inc | 7,386,807 | ||||||||
3,321 | *,e | C3.ai, Inc | 56,424 | |||||||
137,871 | * | Cadence Design Systems, Inc | 20,797,840 | |||||||
10,983 | CDK Global, Inc | 597,585 | ||||||||
23,028 | Citrix Systems, Inc | 2,305,103 | ||||||||
123,899 | * | Cloudflare, Inc | 10,672,660 | |||||||
35,247 | * | Coupa Software, Inc | 3,041,816 | |||||||
100,004 | * | Crowdstrike Holdings, Inc | 19,876,795 | |||||||
127,575 | * | Datadog, Inc | 15,408,508 | |||||||
98,236 | * | DocuSign, Inc | 7,957,116 | |||||||
23,950 | * | DoubleVerify Holdings, Inc | 520,912 | |||||||
153,703 | * | Dropbox, Inc | 3,343,040 | |||||||
4,139 | * | Duck Creek Technologies, Inc | 65,934 | |||||||
95,555 | * | Dynatrace, Inc | 3,665,490 | |||||||
35,401 | * | Elastic NV | 2,695,432 | |||||||
26,617 | * | EPAM Systems, Inc | 7,053,239 | |||||||
18,777 | * | Euronet Worldwide, Inc | 2,284,222 | |||||||
19,103 | * | Everbridge, Inc | 823,339 | |||||||
12,786 | * | Fair Isaac Corp | 4,775,699 | |||||||
35,189 | * | FireEye, Inc | 773,454 | |||||||
23,143 | * | Fiserv, Inc | 2,266,163 | |||||||
31,577 | * | Five9, Inc | 3,476,628 | |||||||
8,942 | * | FleetCor Technologies, Inc | 2,231,208 | |||||||
67,151 | * | Fortinet, Inc | 19,407,310 | |||||||
40,207 | * | Gartner, Inc | 11,682,144 | |||||||
2,020 | Genpact Ltd | 81,345 | ||||||||
20,070 | * | Globant S.A. | 4,334,919 | |||||||
8,549 | * | GoDaddy, Inc | 690,845 | |||||||
22,140 | * | HubSpot, Inc | 8,400,580 | |||||||
10,960 | * | Informatica, Inc | 213,282 | |||||||
133,284 | Intuit, Inc | 55,812,675 | ||||||||
10,715 | Jack Henry & Associates, Inc | 2,031,350 | ||||||||
21,345 | * | Jamf Holding Corp | 657,426 | |||||||
18,138 | * | Manhattan Associates, Inc | 2,367,916 | |||||||
433,624 | Mastercard, Inc (Class A) | 157,570,289 | ||||||||
3,786,133 | Microsoft Corp | 1,050,727,630 | ||||||||
31,835 | * | MongoDB, Inc | 11,299,197 | |||||||
28,480 | *,e | nCino OpCo, Inc | 1,067,715 | |||||||
24,032 | * | NCR Corp | 841,841 | |||||||
24,337 | * | New Relic, Inc | 1,539,802 | |||||||
73,135 | NortonLifelock, Inc | 1,831,300 | ||||||||
100,999 | * | Nutanix, Inc | 2,528,005 | |||||||
63,165 | * | Okta, Inc | 7,536,216 | |||||||
754,565 | Oracle Corp | 55,385,071 | ||||||||
848,129 | * | Palantir Technologies, Inc | 8,820,542 | |||||||
48,504 | * | Palo Alto Networks, Inc | 27,224,325 | |||||||
141,451 | Paychex, Inc | 17,926,085 | ||||||||
24,618 | * | Paycom Software, Inc | 6,929,228 | |||||||
19,465 | * | Paycor HCM, Inc | 479,423 | |||||||
20,224 | * | Paylocity Holding Corp | 3,835,077 | |||||||
590,144 | * | PayPal Holdings, Inc | 51,891,362 |
173 |
TIAA-CREF FUNDS – Large-Cap Growth Index Fund
SHARES | COMPANY | VALUE | ||||||||
19,105 | Pegasystems, Inc | $ | 1,463,252 | |||||||
19,825 | * | Procore Technologies, Inc | 1,099,693 | |||||||
53,268 | * | PTC, Inc | 6,083,738 | |||||||
38,701 | * | RingCentral, Inc | 3,283,780 | |||||||
173,149 | * | Sabre Corp | 1,812,870 | |||||||
91,080 | * | salesforce.com, Inc | 16,024,615 | |||||||
100,220 | * | ServiceNow, Inc | 47,915,182 | |||||||
20,083 | * | Shift4 Payments, Inc | 1,053,554 | |||||||
62,663 | * | Smartsheet, Inc | 3,028,503 | |||||||
95,571 | * | Snowflake, Inc | 16,384,692 | |||||||
79,868 | * | Splunk, Inc | 9,745,493 | |||||||
94,642 | * | StoneCo Ltd | 891,528 | |||||||
62,595 | Switch, Inc | 1,869,087 | ||||||||
49,097 | * | Synopsys, Inc | 14,080,529 | |||||||
45,465 | * | Teradata Corp | 1,879,978 | |||||||
217,820 | * | Trade Desk, Inc | 12,833,954 | |||||||
6,260 | * | Turing Holding Corp | 115,873 | |||||||
22,252 | * | Twilio, Inc | 2,488,219 | |||||||
17,465 | * | Tyler Technologies, Inc | 6,893,610 | |||||||
75,511 | * | Unity Software, Inc | 5,014,686 | |||||||
833,445 | Visa, Inc (Class A) | 177,632,133 | ||||||||
42,510 | VMware, Inc (Class A) | 4,592,780 | ||||||||
54,932 | Western Union Co | 920,660 | ||||||||
14,778 | * | WEX, Inc | 2,456,695 | |||||||
26,192 | * | Wix.com Ltd | 1,976,448 | |||||||
96,162 | * | Workday, Inc | 19,876,685 | |||||||
62,519 | * | Zendesk, Inc | 7,629,819 | |||||||
109,136 | * | Zoom Video Communications, Inc | 10,866,672 | |||||||
39,848 | * | Zscaler, Inc | 8,078,784 | |||||||
TOTAL SOFTWARE & SERVICES | 2,327,898,791 | |||||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 13.8% | ||||||||||
210,250 | Amphenol Corp (Class A) | 15,032,875 | ||||||||
7,754,798 | Apple, Inc | 1,222,543,905 | ||||||||
107,855 | * | Arista Networks, Inc | 12,464,802 | |||||||
67,946 | CDW Corp | 11,087,428 | ||||||||
82,460 | Cognex Corp | 5,576,770 | ||||||||
11,465 | * | Coherent, Inc | 3,071,474 | |||||||
135,962 | * | CommScope Holding Co, Inc | 819,851 | |||||||
128,386 | Corning, Inc | 4,517,903 | ||||||||
68,818 | Dell Technologies, Inc | 3,235,134 | ||||||||
185,574 | HP, Inc | 6,797,576 | ||||||||
1,720 | * | IPG Photonics Corp | 162,506 | |||||||
55,664 | Jabil Inc | 3,213,483 | ||||||||
40,103 | * | Keysight Technologies, Inc | 5,625,248 | |||||||
73,725 | NetApp, Inc | 5,400,356 | ||||||||
127,668 | * | Pure Storage, Inc | 3,740,672 | |||||||
3,165 | e | Ubiquiti, Inc | 893,321 | |||||||
46,199 | Vontier Corp | 1,183,618 | ||||||||
26,737 | * | Zebra Technologies Corp (Class A) | 9,883,599 | |||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 1,315,250,521 | |||||||||
TRANSPORTATION - 2.1% | ||||||||||
14,407 | CH Robinson Worldwide, Inc | 1,529,303 | ||||||||
319,190 | * | Delta Air Lines, Inc | 13,734,746 | |||||||
60,336 | Expeditors International of Washington, Inc | 5,977,487 |
174 |
TIAA-CREF FUNDS – Large-Cap Growth Index Fund
SHARES | COMPANY | VALUE | ||||||||
52,049 | FedEx Corp | $ | 10,344,218 | |||||||
44,117 | * | GXO Logistics, Inc | 2,611,285 | |||||||
37,261 | JB Hunt Transport Services, Inc | 6,366,042 | ||||||||
16,258 | Landstar System, Inc | 2,518,364 | ||||||||
148,818 | * | Lyft, Inc (Class A) | 4,851,467 | |||||||
47,105 | Old Dominion Freight Line | 13,195,053 | ||||||||
34,418 | * | TuSimple Holdings, Inc | 356,915 | |||||||
693,384 | * | Uber Technologies, Inc | 21,827,728 | |||||||
203,840 | Union Pacific Corp | 47,757,674 | ||||||||
363,331 | United Parcel Service, Inc (Class B) | 65,392,313 | ||||||||
39,847 | * | XPO Logistics, Inc | 2,143,370 | |||||||
TOTAL TRANSPORTATION | 198,605,965 | |||||||||
UTILITIES - 0.0% | ||||||||||
15,868 | Brookfield Renewable Corp | 569,661 | ||||||||
58,555 | NRG Energy, Inc | 2,102,125 | ||||||||
TOTAL UTILITIES | 2,671,786 | |||||||||
TOTAL COMMON STOCKS | 9,539,078,344 | |||||||||
(Cost $4,441,794,484) | ||||||||||
PRINCIPAL | ISSUER | RATE | MATURITY DATE | |||||||||||||
SHORT-TERM INVESTMENTS - 0.2% | ||||||||||||||||
REPURCHASE AGREEMENT - 0.0% | ||||||||||||||||
$ | 5,930,000 | r | Fixed Income Clearing Corp (FICC) | 0.230 | % | 05/02/22 | 5,930,000 | |||||||||
TOTAL REPURCHASE AGREEMENT | 5,930,000 | |||||||||||||||
SHARES | COMPANY | |||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.2% | ||||||||||||||||
16,050,532 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 0.310 | 16,050,532 | ||||||||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 16,050,532 | |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 21,980,532 | |||||||||||||||
(Cost $21,980,532) | ||||||||||||||||
TOTAL INVESTMENTS - 100.1% | 9,561,058,876 | |||||||||||||||
(Cost $4,463,775,016) | ||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - (0.1)% | (14,012,956 | ) | ||||||||||||||
NET ASSETS - 100.0% | $ | 9,547,045,920 |
* | 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 $18,626,427. | ||
r | Agreement with Fixed Income Clearing Corp (FICC), 0.230% dated 4/29/22 to be repurchased at $5,930,000 on 5/2/22, collateralized by Government Agency Securities, with a coupon rate 2.500% and maturity date 2/15/46, valued at $6,048,667. |
175 |
TIAA-CREF FUNDS – Large-Cap Value Index Fund
TIAA-CREF FUNDS
LARGE-CAP VALUE INDEX FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2022
SHARES | COMPANY | VALUE | ||||||||
COMMON STOCKS - 99.9% | ||||||||||
AUTOMOBILES & COMPONENTS - 0.9% | ||||||||||
94,343 | * | Aptiv plc | $ | 10,038,095 | ||||||
103,000 | BorgWarner, Inc | 3,793,490 | ||||||||
1,687,358 | Ford Motor Co | 23,892,989 | ||||||||
594,015 | * | General Motors Co | 22,519,109 | |||||||
102,890 | Gentex Corp | 3,019,821 | ||||||||
67,025 | Harley-Davidson, Inc | 2,443,061 | ||||||||
26,258 | Lear Corp | 3,359,449 | ||||||||
29,938 | * | QuantumScape Corp | 447,274 | |||||||
45,898 | *,e | Rivian Automotive, Inc | 1,387,956 | |||||||
13,571 | Thor Industries, Inc | 1,038,860 | ||||||||
TOTAL AUTOMOBILES & COMPONENTS | 71,940,104 | |||||||||
BANKS - 7.1% | ||||||||||
3,055,860 | Bank of America Corp | 109,033,085 | ||||||||
17,274 | Bank of Hawaii Corp | 1,284,149 | ||||||||
53,507 | Bank OZK | 2,055,739 | ||||||||
13,741 | BOK Financial Corp | 1,139,541 | ||||||||
851,885 | Citigroup, Inc | 41,069,376 | ||||||||
170,174 | Citizens Financial Group, Inc | 6,704,856 | ||||||||
56,978 | Comerica, Inc | 4,666,498 | ||||||||
49,079 | Commerce Bancshares, Inc | 3,355,531 | ||||||||
24,533 | Cullen/Frost Bankers, Inc | 3,245,471 | ||||||||
60,456 | East West Bancorp, Inc | 4,310,513 | ||||||||
294,476 | Fifth Third Bancorp | 11,051,684 | ||||||||
5,227 | First Citizens Bancshares, Inc (Class A) | 3,342,039 | ||||||||
56,792 | First Hawaiian, Inc | 1,340,859 | ||||||||
223,027 | First Horizon National Corp | 4,991,344 | ||||||||
76,073 | First Republic Bank | 11,351,613 | ||||||||
140,329 | FNB Corp | 1,616,590 | ||||||||
620,636 | Huntington Bancshares, Inc | 8,161,363 | ||||||||
1,264,526 | JPMorgan Chase & Co | 150,933,823 | ||||||||
409,024 | Keycorp | 7,898,253 | ||||||||
76,481 | M&T Bank Corp | 12,744,794 | ||||||||
130,005 | MGIC Investment Corp | 1,697,865 | ||||||||
180,296 | New York Community Bancorp, Inc | 1,665,935 | ||||||||
50,839 | PacWest Bancorp | 1,672,095 | ||||||||
32,370 | Pinnacle Financial Partners, Inc | 2,510,294 | ||||||||
183,007 | PNC Financial Services Group, Inc | 30,397,463 | ||||||||
33,061 | Popular, Inc | 2,578,427 | ||||||||
38,616 | Prosperity Bancshares, Inc | 2,524,714 | ||||||||
414,112 | Regions Financial Corp | 8,580,401 | ||||||||
25,758 | Signature Bank | 6,239,876 | ||||||||
24,217 | * | SVB Financial Group | 11,809,178 | |||||||
58,653 | Synovus Financial Corp | 2,436,446 | ||||||||
25,874 | TFS Financial Corp | 387,851 | ||||||||
569,538 | Truist Financial Corp | 27,537,162 |
176 |
TIAA-CREF FUNDS – Large-Cap Value Index Fund
SHARES | COMPANY | VALUE | ||||||||
94,329 | Umpqua Holdings Corp | $ | 1,560,202 | |||||||
576,598 | US Bancorp | 27,999,599 | ||||||||
7,250 | e | UWM Holdings Corp | 26,898 | |||||||
74,105 | Webster Financial Corp | 3,704,509 | ||||||||
1,676,728 | Wells Fargo & Co | 73,155,643 | ||||||||
20,546 | Western Alliance Bancorp | 1,563,756 | ||||||||
25,142 | Wintrust Financial Corp | 2,195,399 | ||||||||
66,030 | Zions Bancorporation | 3,731,355 | ||||||||
TOTAL BANKS | 604,272,189 | |||||||||
CAPITAL GOODS - 7.9% | ||||||||||
209,097 | 3M Co | 30,155,969 | ||||||||
52,706 | A.O. Smith Corp | 3,079,612 | ||||||||
14,552 | Acuity Brands, Inc | 2,509,929 | ||||||||
57,495 | Aecom Technology Corp | 4,056,847 | ||||||||
24,199 | AGCO Corp | 3,082,953 | ||||||||
45,117 | Air Lease Corp | 1,817,313 | ||||||||
9,226 | Allegion plc | 1,053,978 | ||||||||
11,288 | Allison Transmission Holdings, Inc | 422,623 | ||||||||
98,414 | Ametek, Inc | 12,425,752 | ||||||||
9,478 | Armstrong World Industries, Inc | 802,407 | ||||||||
21,346 | * | AZEK Co, Inc | 453,389 | |||||||
230,134 | * | Boeing Co | 34,253,145 | |||||||
81,170 | * | Builders FirstSource, Inc | 4,997,637 | |||||||
10,091 | BWX Technologies, Inc | 523,925 | ||||||||
13,626 | Carlisle Cos, Inc | 3,534,039 | ||||||||
197,887 | Carrier Global Corp | 7,573,135 | ||||||||
32,045 | Caterpillar, Inc | 6,746,754 | ||||||||
95,892 | *,e | ChargePoint Holdings, Inc | 1,240,842 | |||||||
7,363 | * | Core & Main, Inc | 174,945 | |||||||
21,325 | Crane Co | 2,052,105 | ||||||||
61,420 | Cummins, Inc | 11,620,050 | ||||||||
18,184 | Curtiss-Wright Corp | 2,598,675 | ||||||||
44,881 | Donaldson Co, Inc | 2,200,964 | ||||||||
62,635 | Dover Corp | 8,349,245 | ||||||||
171,907 | Eaton Corp | 24,929,953 | ||||||||
255,511 | Emerson Electric Co | 23,041,982 | ||||||||
20,072 | * | Enovis Corp | 1,302,071 | |||||||
20,072 | * | Esab Corp | 943,384 | |||||||
29,742 | Fastenal Co | 1,645,030 | ||||||||
50,654 | Flowserve Corp | 1,656,892 | ||||||||
8,599 | * | Fluence Energy, Inc | 78,853 | |||||||
142,054 | Fortive Corp | 8,168,105 | ||||||||
44,261 | Fortune Brands Home & Security, Inc | 3,153,596 | ||||||||
44,584 | * | Gates Industrial Corp plc | 568,446 | |||||||
107,745 | General Dynamics Corp | 25,484,925 | ||||||||
469,444 | General Electric Co | 34,997,050 | ||||||||
24,427 | Graco, Inc | 1,514,962 | ||||||||
13,060 | HEICO Corp | 1,844,464 | ||||||||
22,930 | HEICO Corp (Class A) | 2,674,555 | ||||||||
36,526 | Hexcel Corp | 1,985,553 | ||||||||
231,517 | Honeywell International, Inc | 44,800,855 | ||||||||
148,470 | Howmet Aerospace, Inc | 5,065,796 | ||||||||
23,676 | Hubbell, Inc | 4,625,343 | ||||||||
16,935 | Huntington Ingalls | 3,602,752 | ||||||||
32,328 | IDEX Corp | 6,136,501 |
177 |
TIAA-CREF FUNDS – Large-Cap Value Index Fund
SHARES | COMPANY | VALUE | ||||||||
14,778 | Illinois Tool Works, Inc | $ | 2,912,892 | |||||||
172,761 | Ingersoll Rand, Inc | 7,594,574 | ||||||||
36,817 | ITT, Inc | 2,585,290 | ||||||||
302,484 | Johnson Controls International plc | 18,109,717 | ||||||||
83,880 | L3Harris Technologies, Inc | 19,481,969 | ||||||||
14,540 | Lennox International, Inc | 3,099,783 | ||||||||
13,595 | Lockheed Martin Corp | 5,874,671 | ||||||||
107,001 | Masco Corp | 5,637,883 | ||||||||
25,573 | * | Mastec, Inc | 1,841,512 | |||||||
86,990 | MDU Resources Group, Inc | 2,240,862 | ||||||||
23,748 | * | Mercury Systems, Inc | 1,324,901 | |||||||
16,555 | * | Middleby Corp | 2,547,649 | |||||||
17,453 | MSC Industrial Direct Co (Class A) | 1,446,156 | ||||||||
20,312 | Nordson Corp | 4,381,095 | ||||||||
57,336 | Northrop Grumman Corp | 25,193,438 | ||||||||
71,958 | nVent Electric plc | 2,430,741 | ||||||||
29,677 | Oshkosh Corp | 2,743,342 | ||||||||
183,990 | Otis Worldwide Corp | 13,401,832 | ||||||||
44,782 | Owens Corning, Inc | 4,072,027 | ||||||||
145,562 | PACCAR, Inc | 12,088,924 | ||||||||
45,897 | Parker-Hannifin Corp | 12,429,825 | ||||||||
72,224 | Pentair plc | 3,665,368 | ||||||||
61,883 | Quanta Services, Inc | 7,177,190 | ||||||||
643,600 | Raytheon Technologies Corp | 61,084,076 | ||||||||
23,130 | Regal-Beloit Corp | 2,943,061 | ||||||||
19,622 | Rockwell Automation, Inc | 4,957,891 | ||||||||
45,437 | Roper Technologies Inc | 21,351,755 | ||||||||
67,621 | * | Sensata Technologies Holding plc | 3,070,670 | |||||||
44,312 | * | Shoals Technologies Group, Inc | 442,234 | |||||||
9,076 | * | SiteOne Landscape Supply, Inc | 1,279,988 | |||||||
23,151 | Snap-On, Inc | 4,919,356 | ||||||||
31,875 | Spirit Aerosystems Holdings, Inc (Class A) | 1,340,025 | ||||||||
69,005 | Stanley Black & Decker, Inc | 8,290,951 | ||||||||
92,722 | * | Sunrun, Inc | 1,852,586 | |||||||
95,423 | Textron, Inc | 6,608,043 | ||||||||
27,223 | Timken Co | 1,569,134 | ||||||||
2,495 | Toro Co | 199,924 | ||||||||
51,411 | Trane Technologies plc | 7,191,885 | ||||||||
15,985 | * | TransDigm Group, Inc | 9,508,038 | |||||||
20,309 | * | United Rentals, Inc | 6,428,205 | |||||||
65,878 | * | Univar Solutions Inc | 1,918,367 | |||||||
8,328 | Valmont Industries, Inc | 2,072,090 | ||||||||
7,794 | * | Virgin Galactic Holdings, Inc | 58,377 | |||||||
3,397 | W.W. Grainger, Inc | 1,698,602 | ||||||||
14,295 | Watsco, Inc | 3,813,620 | ||||||||
75,916 | Westinghouse Air Brake Technologies Corp | 6,825,608 | ||||||||
26,698 | Woodward Inc | 2,949,595 | ||||||||
26,253 | Xylem, Inc | 2,113,366 | ||||||||
TOTAL CAPITAL GOODS | 670,716,389 | |||||||||
COMMERCIAL & PROFESSIONAL SERVICES - 1.1% | ||||||||||
69,879 | ADT, Inc | 478,671 | ||||||||
9,994 | * | CACI International, Inc (Class A) | 2,651,408 | |||||||
2,686 | Cintas Corp | 1,067,040 | ||||||||
205,517 | * | Clarivate Analytics plc | 3,222,507 | |||||||
22,551 | * | Clean Harbors, Inc | 2,366,276 |
178 |
TIAA-CREF FUNDS – Large-Cap Value Index Fund
SHARES | COMPANY | VALUE | ||||||||
37,740 | * | CoStar Group, Inc | $ | 2,401,019 | ||||||
20,710 | * | Driven Brands Holdings, Inc | 577,602 | |||||||
68,841 | * | Dun & Bradstreet Holdings, Inc | 1,086,999 | |||||||
31,912 | Equifax, Inc | 6,494,730 | ||||||||
14,419 | * | FTI Consulting, Inc | 2,274,021 | |||||||
55,784 | Jacobs Engineering Group, Inc | 7,728,873 | ||||||||
20,012 | *,e | Legalzoom.com, Inc | 287,172 | |||||||
61,641 | Leidos Holdings, Inc | 6,380,460 | ||||||||
23,350 | Manpower, Inc | 2,106,170 | ||||||||
11,920 | MSA Safety, Inc | 1,438,625 | ||||||||
153,521 | Nielsen NV | 4,115,898 | ||||||||
89,742 | Republic Services, Inc | 12,049,658 | ||||||||
5,809 | Robert Half International, Inc | 571,083 | ||||||||
6,268 | Rollins, Inc | 210,229 | ||||||||
24,890 | Science Applications International Corp | 2,071,595 | ||||||||
40,178 | * | Stericycle, Inc | 2,016,534 | |||||||
26,094 | TransUnion | 2,283,747 | ||||||||
24,782 | Verisk Analytics, Inc | 5,056,767 | ||||||||
152,364 | Waste Management, Inc | 25,054,736 | ||||||||
TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 93,991,820 | |||||||||
CONSUMER DURABLES & APPAREL - 0.9% | ||||||||||
29,176 | Brunswick Corp | 2,205,997 | ||||||||
60,112 | * | Capri Holdings Ltd | 2,867,342 | |||||||
18,771 | Carter’s, Inc | 1,581,269 | ||||||||
14,127 | Columbia Sportswear Co | 1,160,674 | ||||||||
9,928 | * | Deckers Outdoor Corp | 2,638,366 | |||||||
83,247 | DR Horton, Inc | 5,793,159 | ||||||||
65,670 | Garmin Ltd | 7,206,626 | ||||||||
59,973 | Hanesbrands, Inc | 795,242 | ||||||||
55,707 | Hasbro, Inc | 4,905,558 | ||||||||
16,491 | * | Hayward Holdings, Inc | 262,207 | |||||||
57,852 | Leggett & Platt, Inc | 2,061,267 | ||||||||
111,385 | Lennar Corp (Class A) | 8,519,839 | ||||||||
9,275 | Lennar Corp (Class B) | 604,730 | ||||||||
23,589 | * | Mohawk Industries, Inc | 3,327,464 | |||||||
164,773 | Newell Brands Inc | 3,814,495 | ||||||||
471 | * | NVR, Inc | 2,061,195 | |||||||
7,588 | Polaris Inc | 720,405 | ||||||||
70,475 | Pulte Homes, Inc | 2,943,036 | ||||||||
27,387 | PVH Corp | 1,993,226 | ||||||||
20,931 | Ralph Lauren Corp | 2,183,941 | ||||||||
50,292 | * | Skechers U.S.A., Inc (Class A) | 1,926,184 | |||||||
108,008 | Tapestry, Inc | 3,555,623 | ||||||||
26,366 | Toll Brothers, Inc | 1,222,591 | ||||||||
1,970 | * | TopBuild Corp | 356,846 | |||||||
82,942 | * | Under Armour, Inc (Class A) | 1,273,989 | |||||||
83,055 | * | Under Armour, Inc (Class C) | 1,178,550 | |||||||
49,720 | VF Corp | 2,585,440 | ||||||||
24,290 | Whirlpool Corp | 4,409,121 | ||||||||
TOTAL CONSUMER DURABLES & APPAREL | 74,154,382 | |||||||||
CONSUMER SERVICES - 1.8% | ||||||||||
100,032 | ARAMARK Holdings Corp | 3,626,160 | ||||||||
27,773 | Boyd Gaming Corp | 1,682,488 | ||||||||
5,277 | * | Bright Horizons Family Solutions | 602,844 |
179 |
TIAA-CREF FUNDS – Large-Cap Value Index Fund
SHARES | COMPANY | VALUE | ||||||||
32,484 | * | Caesars Entertainment, Inc | $ | 2,153,039 | ||||||
360,346 | * | Carnival Corp | 6,233,986 | |||||||
14,340 | * | Chegg, Inc | 354,772 | |||||||
17,953 | Darden Restaurants, Inc | 2,364,949 | ||||||||
5,324 | Domino’s Pizza, Inc | 1,799,512 | ||||||||
11,691 | * | frontdoor, Inc | 361,369 | |||||||
17,149 | * | Grand Canyon Education, Inc | 1,645,789 | |||||||
10,675 | H&R Block, Inc | 278,297 | ||||||||
38,892 | * | Hilton Worldwide Holdings, Inc | 6,039,539 | |||||||
21,192 | * | Hyatt Hotels Corp | 2,012,392 | |||||||
17,902 | Marriott Vacations Worldwide Corp | 2,673,306 | ||||||||
263,978 | McDonald’s Corp | 65,772,758 | ||||||||
167,190 | MGM Resorts International | 6,861,478 | ||||||||
6,577 | * | Mister Car Wash, Inc | 94,709 | |||||||
164,192 | *,e | Norwegian Cruise Line Holdings Ltd | 3,288,766 | |||||||
66,501 | * | Penn National Gaming, Inc | 2,431,942 | |||||||
11,175 | * | Planet Fitness, Inc | 894,335 | |||||||
94,253 | * | Royal Caribbean Cruises Ltd | 7,326,286 | |||||||
68,496 | Service Corp International | 4,494,023 | ||||||||
17,531 | * | Six Flags Entertainment Corp | 670,911 | |||||||
50,361 | * | Terminix Global Holdings, Inc | 2,311,066 | |||||||
8,336 | Travel & Leisure Co | 462,481 | ||||||||
14,548 | Wyndham Hotels & Resorts, Inc | 1,279,642 | ||||||||
170,036 | Yum China Holdings, Inc | 7,107,505 | ||||||||
114,672 | Yum! Brands, Inc | 13,417,771 | ||||||||
TOTAL CONSUMER SERVICES | 148,242,115 | |||||||||
DIVERSIFIED FINANCIALS - 8.5% | ||||||||||
17,812 | Affiliated Managers Group, Inc | 2,236,653 | ||||||||
219,220 | AGNC Investment Corp | 2,407,036 | ||||||||
148,354 | Ally Financial, Inc | 5,928,226 | ||||||||
97,145 | American Express Co | 16,972,203 | ||||||||
21,557 | Ameriprise Financial, Inc | 5,723,168 | ||||||||
622,209 | Annaly Capital Management, Inc | 3,994,582 | ||||||||
58,977 | Apollo Global Management, Inc | 2,934,696 | ||||||||
7,150 | Ares Management Corp | 473,473 | ||||||||
319,099 | Bank of New York Mellon Corp | 13,421,304 | ||||||||
790,046 | * | Berkshire Hathaway, Inc (Class B) | 255,050,550 | |||||||
61,439 | BlackRock, Inc | 38,379,715 | ||||||||
175,965 | Capital One Financial Corp | 21,928,758 | ||||||||
69,781 | Carlyle Group, Inc | 2,532,352 | ||||||||
45,728 | CBOE Global Markets, Inc | 5,166,349 | ||||||||
646,301 | Charles Schwab Corp | 42,869,145 | ||||||||
154,673 | CME Group, Inc | 33,925,976 | ||||||||
3,363 | *,e | Credit Acceptance Corp | 1,723,538 | |||||||
55,246 | Discover Financial Services | 6,212,965 | ||||||||
156,690 | Equitable Holdings, Inc | 4,517,373 | ||||||||
15,835 | Evercore Inc | 1,674,551 | ||||||||
2,266 | Factset Research Systems, Inc | 914,308 | ||||||||
125,518 | Franklin Resources, Inc | 3,086,488 | ||||||||
132,928 | Goldman Sachs Group, Inc | 40,608,175 | ||||||||
34,983 | Interactive Brokers Group, Inc (Class A) | 2,083,587 | ||||||||
240,124 | Intercontinental Exchange Group, Inc | 27,808,760 | ||||||||
143,412 | Invesco Ltd | 2,635,913 | ||||||||
44,457 | iShares Russell 1000 Value Index Fund | 6,954,409 | ||||||||
73,442 | Janus Henderson Group plc | 2,238,512 |
180 |
TIAA-CREF FUNDS – Large-Cap Value Index Fund
SHARES | COMPANY | VALUE | ||||||||
95,419 | Jefferies Financial Group, Inc | $ | 2,935,088 | |||||||
240,168 | KKR & Co, Inc | 12,241,363 | ||||||||
44,161 | Lazard Ltd (Class A) | 1,447,156 | ||||||||
3,861 | Moody’s Corp | 1,221,929 | ||||||||
569,821 | Morgan Stanley | 45,921,874 | ||||||||
946 | Morningstar, Inc | 239,556 | ||||||||
10,184 | MSCI, Inc (Class A) | 4,290,010 | ||||||||
48,993 | Nasdaq Inc | 7,710,028 | ||||||||
194,270 | New Residential Investment Corp | 2,020,408 | ||||||||
87,498 | Northern Trust Corp | 9,016,669 | ||||||||
43,753 | OneMain Holdings, Inc | 2,009,575 | ||||||||
76,811 | Raymond James Financial, Inc | 7,486,000 | ||||||||
75,620 | S&P Global, Inc | 28,470,930 | ||||||||
44,882 | SEI Investments Co | 2,500,825 | ||||||||
124,101 | SLM Corp | 2,076,210 | ||||||||
119,692 | Starwood Property Trust, Inc | 2,738,553 | ||||||||
156,041 | State Street Corp | 10,450,066 | ||||||||
43,860 | Stifel Financial Corp | 2,712,741 | ||||||||
183,075 | Synchrony Financial | 6,738,991 | ||||||||
64,454 | T Rowe Price Group, Inc | 7,930,420 | ||||||||
46,043 | Tradeweb Markets, Inc | 3,277,801 | ||||||||
40,474 | Virtu Financial, Inc | 1,168,889 | ||||||||
48,941 | Voya Financial, Inc | 3,090,135 | ||||||||
TOTAL DIVERSIFIED FINANCIALS | 722,097,982 | |||||||||
ENERGY - 7.4% | ||||||||||
156,404 | Antero Midstream Corp | 1,606,269 | ||||||||
155,742 | APA Corp | 6,374,520 | ||||||||
319,926 | Baker Hughes Co | 9,924,105 | ||||||||
283,045 | Cabot Oil & Gas Corp | 8,148,866 | ||||||||
833,173 | Chevron Corp | 130,533,214 | ||||||||
567,127 | ConocoPhillips | 54,171,971 | ||||||||
25,078 | Continental Resources, Inc | 1,393,584 | ||||||||
290,652 | Devon Energy Corp | 16,907,227 | ||||||||
40,858 | Diamondback Energy, Inc | 5,157,505 | ||||||||
41,411 | DT Midstream, Inc | 2,225,841 | ||||||||
222,482 | EOG Resources, Inc | 25,976,998 | ||||||||
133,731 | EQT Corp | 5,315,807 | ||||||||
1,823,702 | Exxon Mobil Corp | 155,470,596 | ||||||||
361,851 | Halliburton Co | 12,889,133 | ||||||||
111,172 | Hess Corp | 11,458,498 | ||||||||
65,712 | * | HF Sinclair Corp | 2,498,370 | |||||||
834,364 | Kinder Morgan, Inc | 15,143,707 | ||||||||
334,569 | Marathon Oil Corp | 8,337,460 | ||||||||
263,589 | Marathon Petroleum Corp | 23,000,776 | ||||||||
170,822 | NOV, Inc | 3,097,003 | ||||||||
314,971 | Occidental Petroleum Corp | 17,351,752 | ||||||||
188,674 | ONEOK, Inc | 11,948,724 | ||||||||
201,923 | Phillips 66 | 17,518,839 | ||||||||
51,838 | Pioneer Natural Resources Co | 12,050,780 | ||||||||
606,098 | Schlumberger Ltd | 23,643,883 | ||||||||
96,734 | Targa Resources Investments, Inc | 7,101,243 | ||||||||
177,256 | Valero Energy Corp | 19,760,499 | ||||||||
521,028 | Williams Cos, Inc | 17,866,050 | ||||||||
TOTAL ENERGY | 626,873,220 |
181 |
TIAA-CREF FUNDS – Large-Cap Value Index Fund
SHARES | COMPANY | VALUE | ||||||||
FOOD & STAPLES RETAILING - 1.7% | ||||||||||
74,889 | Albertsons Cos, Inc | $ | 2,342,528 | |||||||
15,666 | Casey’s General Stores, Inc | 3,153,566 | ||||||||
12,799 | Costco Wholesale Corp | 6,805,484 | ||||||||
37,562 | * | Grocery Outlet Holding Corp | 1,264,712 | |||||||
315,395 | Kroger Co | 17,018,714 | ||||||||
96,502 | * | US Foods Holding Corp | 3,630,405 | |||||||
307,007 | Walgreens Boots Alliance, Inc | 13,017,097 | ||||||||
607,937 | Walmart, Inc | 93,008,282 | ||||||||
TOTAL FOOD & STAPLES RETAILING | 140,240,788 | |||||||||
FOOD, BEVERAGE & TOBACCO - 4.0% | ||||||||||
350,805 | Altria Group, Inc | 19,494,234 | ||||||||
238,751 | Archer-Daniels-Midland Co | 21,382,539 | ||||||||
3,031 | *,e | Beyond Meat, Inc | 111,783 | |||||||
9,868 | Brown-Forman Corp (Class A) | 615,961 | ||||||||
39,752 | Brown-Forman Corp (Class B) | 2,680,875 | ||||||||
58,639 | Bunge Ltd | 6,633,244 | ||||||||
83,903 | Campbell Soup Co | 3,961,900 | ||||||||
492,861 | Coca-Cola Co | 31,843,749 | ||||||||
201,483 | ConAgra Brands, Inc | 7,037,801 | ||||||||
66,914 | Constellation Brands, Inc (Class A) | 16,466,866 | ||||||||
65,794 | * | Darling International, Inc | 4,828,622 | |||||||
81,385 | Flowers Foods, Inc | 2,158,330 | ||||||||
261,823 | General Mills, Inc | 18,518,741 | ||||||||
35,933 | * | Hain Celestial Group, Inc | 1,205,193 | |||||||
8,512 | Hershey Co | 1,921,754 | ||||||||
121,963 | Hormel Foods Corp | 6,389,642 | ||||||||
29,413 | Ingredion, Inc | 2,503,340 | ||||||||
46,391 | J.M. Smucker Co | 6,352,320 | ||||||||
58,590 | Kellogg Co | 4,013,415 | ||||||||
297,909 | Keurig Dr Pepper, Inc | 11,141,797 | ||||||||
297,719 | Kraft Heinz Co | 12,691,761 | ||||||||
44,189 | Lamb Weston Holdings, Inc | 2,920,893 | ||||||||
106,381 | McCormick & Co, Inc | 10,698,737 | ||||||||
76,495 | Molson Coors Brewing Co (Class B) | 4,141,439 | ||||||||
596,021 | Mondelez International, Inc | 38,431,434 | ||||||||
12,568 | * | Monster Beverage Corp | 1,076,826 | |||||||
102,240 | PepsiCo, Inc | 17,555,630 | ||||||||
669,260 | Philip Morris International, Inc | 66,926,000 | ||||||||
15,841 | * | Pilgrim’s Pride Corp | 449,092 | |||||||
26,505 | * | Post Holdings, Inc | 1,971,707 | |||||||
118 | Seaboard Corp | 498,549 | ||||||||
122,837 | Tyson Foods, Inc (Class A) | 11,443,495 | ||||||||
TOTAL FOOD, BEVERAGE & TOBACCO | 338,067,669 | |||||||||
HEALTH CARE EQUIPMENT & SERVICES - 8.5% | ||||||||||
373,465 | Abbott Laboratories | 42,388,277 | ||||||||
36,352 | * | Acadia Healthcare Co, Inc | 2,467,574 | |||||||
4,438 | * | agilon health, Inc | 78,863 | |||||||
1,599 | * | Amedisys, Inc | 204,112 | |||||||
63,059 | AmerisourceBergen Corp | 9,540,196 | ||||||||
105,382 | Anthem, Inc | 52,894,387 | ||||||||
218,329 | Baxter International, Inc | 15,514,459 | ||||||||
123,222 | Becton Dickinson & Co | 30,459,246 | ||||||||
607,236 | * | Boston Scientific Corp | 25,570,708 |
182 |
TIAA-CREF FUNDS – Large-Cap Value Index Fund
SHARES | COMPANY | VALUE | ||||||||
51,092 | Cardinal Health, Inc | $ | 2,965,891 | |||||||
250,925 | * | Centene Corp | 20,212,009 | |||||||
127,032 | Cerner Corp | 11,895,276 | ||||||||
24,632 | * | Certara, Inc | 451,997 | |||||||
106,060 | * | Change Healthcare, Inc | 2,498,774 | |||||||
4,933 | Chemed Corp | 2,424,027 | ||||||||
140,706 | Cigna Corp | 34,723,427 | ||||||||
20,557 | Cooper Cos, Inc | 7,421,899 | ||||||||
565,737 | CVS Health Corp | 54,384,298 | ||||||||
8,979 | * | DaVita, Inc | 973,054 | |||||||
5,205 | * | Definitive Healthcare Corp | 123,098 | |||||||
94,162 | Dentsply Sirona, Inc | 3,765,538 | ||||||||
24,641 | * | Embecta Corp | 749,826 | |||||||
17,920 | Encompass Health Corp | 1,233,434 | ||||||||
69,923 | * | Envista Holdings Corp | 2,770,349 | |||||||
19,582 | * | Figs, Inc | 306,654 | |||||||
32,007 | * | Globus Medical, Inc | 2,119,504 | |||||||
58,173 | * | Henry Schein, Inc | 4,717,830 | |||||||
106,750 | * | Hologic, Inc | 7,684,932 | |||||||
55,680 | Humana, Inc | 24,753,101 | ||||||||
8,561 | * | ICU Medical, Inc | 1,831,968 | |||||||
30,729 | * | Integra LifeSciences Holdings Corp | 1,879,386 | |||||||
40,195 | * | Laboratory Corp of America Holdings | 9,658,055 | |||||||
5,916 | * | Masimo Corp | 668,331 | |||||||
55,591 | McKesson Corp | 17,211,530 | ||||||||
577,208 | Medtronic plc | 60,237,427 | ||||||||
20,824 | * | Molina Healthcare, Inc | 6,527,283 | |||||||
4,280 | *,e | Oak Street Health, Inc | 77,425 | |||||||
53,670 | Premier, Inc | 1,943,391 | ||||||||
51,703 | Quest Diagnostics, Inc | 6,919,930 | ||||||||
15,965 | * | Quidel Corp | 1,606,398 | |||||||
6,189 | Resmed, Inc | 1,237,614 | ||||||||
27,366 | * | Signify Health, Inc | 377,651 | |||||||
31,979 | STERIS plc | 7,164,895 | ||||||||
85,610 | Stryker Corp | 20,654,269 | ||||||||
1,936 | * | Tandem Diabetes Care, Inc | 186,785 | |||||||
65,619 | *,e | Teladoc, Inc | 2,215,297 | |||||||
16,544 | Teleflex, Inc | 4,725,297 | ||||||||
377,173 | UnitedHealth Group, Inc | 191,811,329 | ||||||||
30,501 | Universal Health Services, Inc (Class B) | 3,737,288 | ||||||||
89,406 | Zimmer Biomet Holdings, Inc | 10,795,774 | ||||||||
8,940 | * | Zimvie, Inc | 201,150 | |||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 716,961,213 | |||||||||
HOUSEHOLD & PERSONAL PRODUCTS - 2.4% | ||||||||||
99,012 | Church & Dwight Co, Inc | 9,659,611 | ||||||||
10,770 | Clorox Co | 1,545,172 | ||||||||
171,069 | Colgate-Palmolive Co | 13,180,866 | ||||||||
154,111 | * | Coty, Inc | 1,249,840 | |||||||
38,548 | * | Herbalife Nutrition Ltd | 1,024,606 | |||||||
70,622 | Kimberly-Clark Corp | 9,804,452 | ||||||||
27,915 | * | Olaplex Holdings, Inc | 410,351 | |||||||
1,036,325 | Procter & Gamble Co | 166,381,979 | ||||||||
23,360 | Reynolds Consumer Products, Inc | 691,222 | ||||||||
17,607 | Spectrum Brands Holdings, Inc | 1,497,827 | ||||||||
TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 205,445,926 |
183 |
TIAA-CREF FUNDS – Large-Cap Value Index Fund
SHARES | COMPANY | VALUE | ||||||||
INSURANCE - 4.2% | ||||||||||
274,594 | Aflac, Inc | $ | 15,728,744 | |||||||
4,986 | * | Alleghany Corp | 4,170,789 | |||||||
120,453 | Allstate Corp | 15,242,123 | ||||||||
29,150 | American Financial Group, Inc | 4,036,692 | ||||||||
356,173 | American International Group, Inc | 20,839,682 | ||||||||
38,466 | Aon plc | 11,077,823 | ||||||||
121,474 | * | Arch Capital Group Ltd | 5,547,718 | |||||||
88,487 | Arthur J. Gallagher & Co | 14,909,175 | ||||||||
24,482 | Assurant, Inc | 4,452,786 | ||||||||
27,764 | Assured Guaranty Ltd | 1,531,185 | ||||||||
31,866 | Axis Capital Holdings Ltd | 1,826,878 | ||||||||
37,082 | * | Brighthouse Financial, Inc | 1,904,532 | |||||||
95,729 | Brown & Brown, Inc | 5,933,283 | ||||||||
185,173 | Chubb Ltd | 38,228,966 | ||||||||
63,673 | Cincinnati Financial Corp | 7,810,130 | ||||||||
10,851 | CNA Financial Corp | 514,771 | ||||||||
3,323 | Erie Indemnity Co (Class A) | 532,610 | ||||||||
13,178 | Everest Re Group Ltd | 3,620,128 | ||||||||
114,727 | Fidelity National Financial Inc | 4,568,429 | ||||||||
46,672 | First American Financial Corp | 2,721,444 | ||||||||
44,420 | Globe Life, Inc | 4,356,714 | ||||||||
16,362 | * | GoHealth, Inc | 12,226 | |||||||
15,500 | Hanover Insurance Group, Inc | 2,275,710 | ||||||||
143,936 | Hartford Financial Services Group, Inc | 10,065,445 | ||||||||
27,102 | Kemper Corp | 1,251,028 | ||||||||
19,400 | *,e | Lemonade, Inc | 404,684 | |||||||
69,089 | Lincoln National Corp | 4,155,703 | ||||||||
89,647 | Loews Corp | 5,633,418 | ||||||||
4,765 | * | Markel Corp | 6,448,379 | |||||||
193,411 | Marsh & McLennan Cos, Inc | 31,274,559 | ||||||||
12,044 | Mercury General Corp | 607,379 | ||||||||
297,613 | Metlife, Inc | 19,547,222 | ||||||||
124,026 | Old Republic International Corp | 2,729,812 | ||||||||
16,845 | Primerica, Inc | 2,182,438 | ||||||||
113,338 | Principal Financial Group | 7,722,851 | ||||||||
251,666 | Progressive Corp | 27,018,862 | ||||||||
162,175 | Prudential Financial, Inc | 17,597,609 | ||||||||
29,686 | Reinsurance Group of America, Inc (Class A) | 3,185,902 | ||||||||
10,045 | RenaissanceRe Holdings Ltd | 1,441,658 | ||||||||
103,897 | Travelers Cos, Inc | 17,772,621 | ||||||||
89,093 | Unum Group | 2,719,118 | ||||||||
89,616 | W.R. Berkley Corp | 5,958,568 | ||||||||
1,322 | White Mountains Insurance Group Ltd | 1,385,483 | ||||||||
53,184 | Willis Towers Watson plc | 11,427,114 | ||||||||
TOTAL INSURANCE | 352,372,391 | |||||||||
MATERIALS - 4.1% | ||||||||||
95,443 | Air Products & Chemicals, Inc | 22,340,343 | ||||||||
49,626 | Albemarle Corp | 9,569,382 | ||||||||
80,289 | Alcoa Corp | 5,443,594 | ||||||||
652,553 | Amcor plc | 7,739,279 | ||||||||
26,974 | Aptargroup, Inc | 3,097,424 | ||||||||
10,402 | † | Ardagh Group S.A. | 185,416 | |||||||
59,564 | * | Ardagh Metal Packaging S.A. | 424,691 |
184 |
TIAA-CREF FUNDS – Large-Cap Value Index Fund
SHARES | COMPANY | VALUE | ||||||||
21,717 | Ashland Global Holdings, Inc | $ | 2,279,633 | |||||||
16,691 | Avery Dennison Corp | 3,014,395 | ||||||||
73,888 | * | Axalta Coating Systems Ltd | 1,874,538 | |||||||
96,426 | Ball Corp | 7,825,934 | ||||||||
58,068 | * | Berry Global Group, Inc | 3,272,132 | |||||||
30,815 | Celanese Corp (Series A) | 4,527,956 | ||||||||
90,716 | CF Industries Holdings, Inc | 8,784,030 | ||||||||
34,318 | Chemours Co | 1,134,896 | ||||||||
192,100 | * | Cleveland-Cliffs, Inc | 4,896,629 | |||||||
311,627 | Corteva, Inc | 17,977,762 | ||||||||
45,870 | Crown Holdings, Inc | 5,047,535 | ||||||||
5,026 | * | Diversey Holdings Ltd | 38,901 | |||||||
297,090 | Dow, Inc | 19,756,485 | ||||||||
222,457 | DuPont de Nemours, Inc | 14,666,590 | ||||||||
16,630 | Eagle Materials, Inc | 2,050,812 | ||||||||
58,454 | Eastman Chemical Co | 6,001,472 | ||||||||
13,581 | Ecolab, Inc | 2,299,806 | ||||||||
95,900 | Element Solutions, Inc | 1,977,458 | ||||||||
40,335 | FMC Corp | 5,346,001 | ||||||||
443,736 | Freeport-McMoRan, Inc (Class B) | 17,993,495 | ||||||||
89,761 | Graphic Packaging Holding Co | 1,956,790 | ||||||||
87,760 | Huntsman Corp | 2,972,431 | ||||||||
109,198 | International Flavors & Fragrances, Inc | 13,245,717 | ||||||||
168,321 | International Paper Co | 7,789,896 | ||||||||
33,185 | Louisiana-Pacific Corp | 2,141,096 | ||||||||
97,938 | LyondellBasell Industries NV | 10,384,366 | ||||||||
26,342 | Martin Marietta Materials, Inc | 9,330,863 | ||||||||
160,640 | Mosaic Co | 10,027,149 | ||||||||
2,878 | NewMarket Corp | 934,228 | ||||||||
344,162 | Newmont Goldcorp Corp | 25,072,202 | ||||||||
117,941 | Nucor Corp | 18,254,908 | ||||||||
58,676 | Olin Corp | 3,368,002 | ||||||||
40,388 | Packaging Corp of America | 6,509,334 | ||||||||
58,242 | PPG Industries, Inc | 7,454,394 | ||||||||
26,338 | Reliance Steel & Aluminum Co | 5,221,508 | ||||||||
28,171 | Royal Gold, Inc | 3,675,752 | ||||||||
21,963 | RPM International, Inc | 1,820,733 | ||||||||
29,902 | Sealed Air Corp | 1,920,007 | ||||||||
36,904 | Silgan Holdings, Inc | 1,637,430 | ||||||||
40,037 | Sonoco Products Co | 2,478,691 | ||||||||
3,206 | Southern Copper Corp | 199,638 | ||||||||
65,653 | Steel Dynamics, Inc | 5,629,745 | ||||||||
15,301 | * | Sylvamo Corp | 683,190 | |||||||
115,581 | United States Steel Corp | 3,524,065 | ||||||||
73,658 | Valvoline, Inc | 2,226,681 | ||||||||
57,145 | Vulcan Materials Co | 9,845,512 | ||||||||
11,403 | Westlake Chemical Corp | 1,443,050 | ||||||||
112,441 | WestRock Co | 5,569,203 | ||||||||
TOTAL MATERIALS | 344,883,170 | |||||||||
MEDIA & ENTERTAINMENT - 4.6% | ||||||||||
334,301 | Activision Blizzard, Inc | 25,273,156 | ||||||||
17,975 | * | Alphabet, Inc (Class A) | 41,022,365 | |||||||
16,568 | * | Alphabet, Inc (Class C) | 38,095,299 | |||||||
27,569 | * | Altice USA, Inc | 255,840 | |||||||
1,093 | Cable One, Inc | 1,274,657 |
185 |
TIAA-CREF FUNDS – Large-Cap Value Index Fund
SHARES | COMPANY | VALUE | ||||||||
2,516 | * | Charter Communications, Inc | $ | 1,078,081 | ||||||
1,934,000 | Comcast Corp (Class A) | 76,895,840 | ||||||||
107,769 | * | DISH Network Corp (Class A) | 3,072,494 | |||||||
120,858 | Electronic Arts, Inc | 14,267,287 | ||||||||
131,439 | Fox Corp (Class A) | 4,710,774 | ||||||||
63,346 | Fox Corp (Class B) | 2,105,621 | ||||||||
32,870 | * | IAC | 2,724,266 | |||||||
170,286 | Interpublic Group of Cos, Inc | 5,554,729 | ||||||||
10,841 | * | Liberty Broadband Corp (Class A) | 1,167,142 | |||||||
61,488 | * | Liberty Broadband Corp (Class C) | 6,875,588 | |||||||
13,112 | * | Liberty Media Group (Class A) | 752,891 | |||||||
84,727 | * | Liberty Media Group (Class C) | 5,281,034 | |||||||
39,924 | Liberty SiriusXM Group (Class A) | 1,670,021 | ||||||||
71,319 | * | Liberty SiriusXM Group (Class C) | 2,986,840 | |||||||
35,620 | * | Live Nation, Inc | 3,735,826 | |||||||
8,547 | * | Loyalty Ventures, Inc | 109,316 | |||||||
4,999 | * | Madison Square Garden Co | 810,388 | |||||||
69,681 | New York Times Co (Class A) | 2,670,176 | ||||||||
166,229 | News Corp (Class A) | 3,301,308 | ||||||||
53,175 | News Corp (Class B) | 1,058,714 | ||||||||
16,488 | Nexstar Media Group Inc | 2,612,029 | ||||||||
88,237 | Omnicom Group, Inc | 6,717,483 | ||||||||
387,514 | e | Sirius XM Holdings, Inc | 2,325,084 | |||||||
39,533 | * | Take-Two Interactive Software, Inc | 4,724,589 | |||||||
16,372 | * | TripAdvisor, Inc | 420,269 | |||||||
297,538 | * | Twitter, Inc | 14,585,313 | |||||||
901 | e | ViacomCBS, Inc (Class A) | 28,426 | |||||||
248,070 | ViacomCBS, Inc (Class B) | 7,223,798 | ||||||||
4,311 | * | Vimeo, Inc | 43,929 | |||||||
742,640 | * | Walt Disney Co | 82,900,903 | |||||||
944,751 | * | Warner Bros Discovery, Inc | 17,147,231 | |||||||
2,601 | World Wrestling Entertainment, Inc (Class A) | 151,872 | ||||||||
225,043 | * | Zynga, Inc | 1,861,106 | |||||||
TOTAL MEDIA & ENTERTAINMENT | 387,491,685 | |||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 10.0% | ||||||||||
5,096 | * | Adaptive Biotechnologies Corp | 42,042 | |||||||
14,059 | Agilent Technologies, Inc | 1,676,817 | ||||||||
42,899 | Amgen, Inc | 10,003,618 | ||||||||
62,212 | * | Biogen, Inc | 12,905,257 | |||||||
78,439 | * | BioMarin Pharmaceutical, Inc | 6,381,013 | |||||||
9,224 | * | Bio-Rad Laboratories, Inc (Class A) | 4,723,241 | |||||||
937,363 | Bristol-Myers Squibb Co | 70,555,313 | ||||||||
55,771 | * | Catalent, Inc | 5,050,622 | |||||||
1,350 | * | Charles River Laboratories International, Inc | 326,038 | |||||||
258,349 | Danaher Corp | 64,879,184 | ||||||||
195,149 | * | Elanco Animal Health, Inc | 4,939,221 | |||||||
76,827 | Eli Lilly & Co | 22,443,472 | ||||||||
5,506 | * | Exact Sciences Corp | 303,105 | |||||||
19,168 | * | Exelixis, Inc | 428,213 | |||||||
540,934 | Gilead Sciences, Inc | 32,099,024 | ||||||||
75,307 | * | Horizon Therapeutics Plc | 7,422,258 | |||||||
11,439 | * | Incyte Corp | 857,467 | |||||||
4,767 | * | Ionis Pharmaceuticals, Inc | 175,235 | |||||||
43,453 | * | Iovance Biotherapeutics, Inc | 658,313 | |||||||
41,182 | * | IQVIA Holdings, Inc | 8,977,264 |
186 |
TIAA-CREF FUNDS – Large-Cap Value Index Fund
SHARES | COMPANY | VALUE | ||||||||
25,264 | * | Jazz Pharmaceuticals plc | $ | 4,047,798 | ||||||
1,134,810 | Johnson & Johnson | 204,787,813 | ||||||||
1,091,694 | Merck & Co, Inc | 96,822,341 | ||||||||
2,801 | * | Mirati Therapeutics, Inc | 173,074 | |||||||
2,288 | * | Natera, Inc | 80,355 | |||||||
74,117 | * | Nektar Therapeutics | 306,103 | |||||||
109,070 | Organon & Co | 3,526,233 | ||||||||
54,047 | PerkinElmer, Inc | 7,923,831 | ||||||||
58,349 | Perrigo Co plc | 2,001,371 | ||||||||
2,404,564 | Pfizer, Inc | 117,991,955 | ||||||||
100,106 | * | QIAGEN NV | 4,541,809 | |||||||
39,557 | * | Regeneron Pharmaceuticals, Inc | 26,072,414 | |||||||
1,365 | * | Repligen Corp | 214,633 | |||||||
57,056 | Royalty Pharma plc | 2,429,444 | ||||||||
23,705 | * | Sage Therapeutics, Inc | 747,182 | |||||||
6,139 | * | Seagen, Inc | 804,270 | |||||||
38,100 | * | Syneos Health, Inc | 2,784,729 | |||||||
153,647 | Thermo Fisher Scientific, Inc | 84,954,499 | ||||||||
7,093 | * | Ultragenyx Pharmaceutical, Inc | 501,404 | |||||||
19,139 | * | United Therapeutics Corp | 3,398,321 | |||||||
66,238 | * | Vertex Pharmaceuticals, Inc | 18,097,546 | |||||||
513,329 | Viatris, Inc | 5,302,689 | ||||||||
1,841 | * | Waters Corp | 557,860 | |||||||
11,098 | Zoetis, Inc | 1,967,121 | ||||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 844,881,512 | |||||||||
REAL ESTATE - 5.0% | ||||||||||
72,100 | Alexandria Real Estate Equities, Inc | 13,133,736 | ||||||||
59,985 | American Campus Communities, Inc | 3,879,230 | ||||||||
127,451 | American Homes 4 Rent | 5,048,334 | ||||||||
114,295 | Americold Realty Trust | 3,015,102 | ||||||||
67,604 | Apartment Income REIT Corp | 3,324,089 | ||||||||
59,707 | AvalonBay Communities, Inc | 13,582,148 | ||||||||
67,038 | Boston Properties, Inc | 7,883,669 | ||||||||
131,744 | Brixmor Property Group, Inc | 3,343,663 | ||||||||
42,875 | Camden Property Trust | 6,726,659 | ||||||||
137,385 | CBRE Group, Inc | 11,408,450 | ||||||||
59,780 | Cousins Properties, Inc | 2,146,102 | ||||||||
91,771 | CubeSmart | 4,360,040 | ||||||||
121,842 | Digital Realty Trust, Inc | 17,803,553 | ||||||||
72,900 | Douglas Emmett, Inc | 2,147,634 | ||||||||
163,340 | Duke Realty Corp | 8,942,865 | ||||||||
33,163 | EPR Properties | 1,741,721 | ||||||||
11,392 | Equinix, Inc | 8,191,759 | ||||||||
35,270 | Equity Lifestyle Properties, Inc | 2,725,666 | ||||||||
157,535 | Equity Residential | 12,839,102 | ||||||||
27,771 | Essex Property Trust, Inc | 9,144,157 | ||||||||
51,838 | Extra Space Storage, Inc | 9,849,220 | ||||||||
32,976 | Federal Realty Investment Trust | 3,860,171 | ||||||||
54,217 | First Industrial Realty Trust, Inc | 3,144,586 | ||||||||
96,710 | Gaming and Leisure Properties, Inc | 4,291,990 | ||||||||
89,331 | Healthcare Trust of America, Inc | 2,721,022 | ||||||||
232,617 | Healthpeak Properties Inc | 7,632,164 | ||||||||
40,552 | Highwoods Properties, Inc | 1,656,144 | ||||||||
306,396 | Host Hotels and Resorts, Inc | 6,235,159 | ||||||||
17,193 | * | Howard Hughes Corp | 1,724,286 |
187 |
TIAA-CREF FUNDS – Large-Cap Value Index Fund
SHARES | COMPANY | VALUE | ||||||||
65,811 | Hudson Pacific Properties | $ | 1,532,080 | |||||||
255,762 | Invitation Homes, Inc | 10,184,443 | ||||||||
36,465 | Iron Mountain, Inc | 1,959,264 | ||||||||
53,371 | JBG SMITH Properties | 1,406,860 | ||||||||
21,300 | * | Jones Lang LaSalle, Inc | 4,658,949 | |||||||
50,345 | Kilroy Realty Corp | 3,524,150 | ||||||||
254,783 | Kimco Realty Corp | 6,453,653 | ||||||||
4,668 | Lamar Advertising Co | 515,394 | ||||||||
34,904 | Life Storage, Inc | 4,624,431 | ||||||||
256,612 | Medical Properties Trust, Inc | 4,719,095 | ||||||||
49,545 | Mid-America Apartment Communities, Inc | 9,744,511 | ||||||||
78,457 | National Retail Properties, Inc | 3,439,555 | ||||||||
101,834 | Omega Healthcare Investors, Inc | 2,594,730 | ||||||||
171,068 | *,e | Opendoor Technologies, Inc | 1,195,765 | |||||||
23,895 | Orion Office REIT, Inc | 320,671 | ||||||||
110,076 | Park Hotels & Resorts, Inc | 2,169,598 | ||||||||
316,909 | Prologis, Inc | 50,797,344 | ||||||||
15,737 | Public Storage, Inc | 5,846,296 | ||||||||
57,727 | Rayonier, Inc | 2,493,806 | ||||||||
246,303 | Realty Income Corp | 17,083,576 | ||||||||
73,842 | Regency Centers Corp | 5,082,545 | ||||||||
69,560 | Rexford Industrial Realty, Inc | 5,428,462 | ||||||||
38,932 | SBA Communications Corp | 13,513,687 | ||||||||
18,379 | Simon Property Group, Inc | 2,168,722 | ||||||||
27,352 | SL Green Realty Corp | 1,893,305 | ||||||||
49,701 | Spirit Realty Capital, Inc | 2,159,508 | ||||||||
104,045 | STORE Capital Corp | 2,957,999 | ||||||||
49,747 | Sun Communities, Inc | 8,734,081 | ||||||||
133,094 | UDR, Inc | 7,081,932 | ||||||||
170,655 | Ventas, Inc | 9,479,885 | ||||||||
362,449 | VICI Properties, Inc | 10,804,605 | ||||||||
76,892 | Vornado Realty Trust | 2,976,489 | ||||||||
186,982 | Welltower, Inc | 16,979,835 | ||||||||
320,305 | Weyerhaeuser Co | 13,202,972 | ||||||||
79,347 | WP Carey, Inc | 6,408,857 | ||||||||
TOTAL REAL ESTATE | 426,639,476 | |||||||||
RETAILING - 1.6% | ||||||||||
26,979 | Advance Auto Parts, Inc | 5,385,818 | ||||||||
16,909 | * | Autonation, Inc | 1,959,922 | |||||||
7,056 | * | AutoZone, Inc | 13,797,796 | |||||||
42,618 | Bath & Body Works, Inc | 2,254,066 | ||||||||
80,086 | Best Buy Co, Inc | 7,202,134 | ||||||||
1,655 | * | Burlington Stores, Inc | 336,892 | |||||||
64,803 | * | CarMax, Inc | 5,558,801 | |||||||
26,951 | e | Dick’s Sporting Goods, Inc | 2,598,615 | |||||||
57,309 | Dollar General Corp | 13,612,607 | ||||||||
95,431 | * | Dollar Tree, Inc | 15,502,766 | |||||||
7,513 | * | DoorDash, Inc | 611,784 | |||||||
38,590 | Foot Locker, Inc | 1,131,073 | ||||||||
81,332 | Gap, Inc | 1,010,144 | ||||||||
61,195 | Genuine Parts Co | 7,958,410 | ||||||||
59,794 | Kohl’s Corp | 3,460,877 | ||||||||
5,340 | * | Leslie’s, Inc | 104,664 | |||||||
11,307 | Lithia Motors, Inc (Class A) | 3,201,351 | ||||||||
114,679 | LKQ Corp | 5,691,519 |
188 |
TIAA-CREF FUNDS – Large-Cap Value Index Fund
SHARES | COMPANY | VALUE | ||||||||
12,612 | Nordstrom, Inc | $ | 324,128 | |||||||
28,048 | * | Ollie’s Bargain Outlet Holdings, Inc | 1,347,706 | |||||||
19,855 | * | O’Reilly Automotive, Inc | 12,043,050 | |||||||
11,762 | Penske Auto Group, Inc | 1,232,893 | ||||||||
18,077 | *,e | Petco Health & Wellness Co, Inc | 348,163 | |||||||
165,746 | Qurate Retail Group, Inc QVC Group | 697,791 | ||||||||
113,399 | Target Corp | 25,928,681 | ||||||||
15,693 | * | Victoria’s Secret & Co | 739,454 | |||||||
79,652 | *,e | Vroom, Inc | 124,257 | |||||||
14,419 | *,e | Wayfair, Inc | 1,109,398 | |||||||
7,727 | Williams-Sonoma, Inc | 1,008,219 | ||||||||
TOTAL RETAILING | 136,282,979 | |||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.5% | ||||||||||
136,817 | Analog Devices, Inc | 21,121,809 | ||||||||
6,654 | Brooks Automation, Inc | 498,784 | ||||||||
25,269 | * | Cirrus Logic, Inc | 1,915,390 | |||||||
45,572 | * | First Solar, Inc | 3,328,123 | |||||||
10,636 | * | GLOBALFOUNDRIES, Inc | 556,156 | |||||||
1,742,355 | Intel Corp | 75,949,254 | ||||||||
360,823 | Marvell Technology, Inc | 20,956,600 | ||||||||
36,938 | Microchip Technology, Inc | 2,408,358 | ||||||||
415,204 | Micron Technology, Inc | 28,312,761 | ||||||||
4,076 | MKS Instruments, Inc | 464,583 | ||||||||
78,608 | NXP Semiconductors NV | 13,434,107 | ||||||||
83,575 | * | ON Semiconductor Corp | 4,355,093 | |||||||
46,814 | * | Qorvo, Inc | 5,326,497 | |||||||
38,204 | Skyworks Solutions, Inc | 4,328,513 | ||||||||
151,689 | Texas Instruments, Inc | 25,825,052 | ||||||||
49,588 | * | Wolfspeed Inc | 4,547,716 | |||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 213,328,796 | |||||||||
SOFTWARE & SERVICES - 4.0% | ||||||||||
54,151 | Accenture plc | 16,264,794 | ||||||||
68,203 | * | Akamai Technologies, Inc | 7,657,833 | |||||||
52,502 | Amdocs Ltd | 4,183,884 | ||||||||
21,650 | * | Ansys, Inc | 5,968,688 | |||||||
15,204 | Automatic Data Processing, Inc | 3,317,209 | ||||||||
65,351 | * | Black Knight, Inc | 4,299,442 | |||||||
21,369 | Bread Financial Holdings, Inc | 1,171,021 | ||||||||
4,575 | Broadridge Financial Solutions, Inc | 659,395 | ||||||||
19,471 | *,e | C3.ai, Inc | 330,812 | |||||||
40,775 | CDK Global, Inc | 2,218,568 | ||||||||
55,536 | * | Ceridian HCM Holding, Inc | 3,117,236 | |||||||
34,298 | Citrix Systems, Inc | 3,433,230 | ||||||||
6,161 | * | Cloudflare, Inc | 530,708 | |||||||
228,464 | Cognizant Technology Solutions Corp (Class A) | 18,482,738 | ||||||||
18,198 | Concentrix Corp | 2,865,821 | ||||||||
12,535 | * | Datto Holding Corp | 434,964 | |||||||
27,604 | Dolby Laboratories, Inc (Class A) | 2,138,482 | ||||||||
23,954 | * | Duck Creek Technologies, Inc | 381,587 | |||||||
102,750 | * | DXC Technology Co | 2,948,925 | |||||||
4,666 | * | Dynatrace, Inc | 178,988 | |||||||
6,358 | * | Euronet Worldwide, Inc | 773,451 | |||||||
48,844 | * | Fastly, Inc | 776,620 | |||||||
260,958 | Fidelity National Information Services, Inc | 25,873,986 |
189 |
TIAA-CREF FUNDS – Large-Cap Value Index Fund
SHARES | COMPANY | VALUE | ||||||||
74,344 | * | FireEye, Inc | $ | 1,634,081 | ||||||
238,685 | * | Fiserv, Inc | 23,372,035 | |||||||
26,381 | * | FleetCor Technologies, Inc | 6,582,587 | |||||||
74,802 | Genpact Ltd | 3,012,276 | ||||||||
122,547 | Global Payments, Inc | 16,786,488 | ||||||||
64,824 | * | GoDaddy, Inc | 5,238,427 | |||||||
36,069 | * | Guidewire Software, Inc | 3,135,839 | |||||||
3,997 | * | Informatica, Inc | 77,782 | |||||||
384,155 | International Business Machines Corp | 50,789,132 | ||||||||
23,464 | Jack Henry & Associates, Inc | 4,448,305 | ||||||||
4,374 | * | Jamf Holding Corp | 134,719 | |||||||
96,075 | * | Kyndryl Holdings, Inc | 1,142,332 | |||||||
12,706 | * | Manhattan Associates, Inc | 1,658,768 | |||||||
16,118 | * | N-Able, Inc | 161,180 | |||||||
36,164 | * | NCR Corp | 1,266,825 | |||||||
178,117 | NortonLifelock, Inc | 4,460,050 | ||||||||
47,504 | Oracle Corp | 3,486,794 | ||||||||
17,848 | Paychex, Inc | 2,261,877 | ||||||||
3,888 | * | Paycor HCM, Inc | 95,761 | |||||||
155,211 | * | Paysafe Ltd | 431,487 | |||||||
1,540 | Pegasystems, Inc | 117,949 | ||||||||
7,111 | * | Procore Technologies, Inc | 394,447 | |||||||
324,706 | * | salesforce.com, Inc | 57,128,774 | |||||||
5,016 | * | Snowflake, Inc | 859,943 | |||||||
16,118 | SolarWinds Corp | 199,380 | ||||||||
95,147 | SS&C Technologies Holdings, Inc | 6,152,205 | ||||||||
6,514 | * | StoneCo Ltd | 61,362 | |||||||
24,239 | * | Synopsys, Inc | 6,951,503 | |||||||
6,834 | * | Teradata Corp | 282,586 | |||||||
12,000 | * | Turing Holding Corp | 222,120 | |||||||
51,013 | * | Twilio, Inc | 5,704,274 | |||||||
2,320 | * | Tyler Technologies, Inc | 915,727 | |||||||
42,051 | * | VeriSign, Inc | 7,514,093 | |||||||
59,853 | VMware, Inc (Class A) | 6,466,518 | ||||||||
131,997 | Western Union Co | 2,212,270 | ||||||||
6,318 | * | WEX, Inc | 1,050,304 | |||||||
TOTAL SOFTWARE & SERVICES | 334,418,582 | |||||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 2.4% | ||||||||||
69,899 | Amphenol Corp (Class A) | 4,997,779 | ||||||||
10,980 | * | Arista Networks, Inc | 1,268,959 | |||||||
29,712 | * | Arrow Electronics, Inc | 3,501,856 | |||||||
41,127 | Avnet, Inc | 1,795,605 | ||||||||
66,983 | * | Ciena Corp | 3,695,452 | |||||||
1,816,397 | Cisco Systems, Inc | 88,967,125 | ||||||||
1,306 | * | Coherent, Inc | 349,877 | |||||||
219,128 | Corning, Inc | 7,711,114 | ||||||||
59,055 | Dell Technologies, Inc | 2,776,176 | ||||||||
25,923 | * | F5 Networks, Inc | 4,339,769 | |||||||
563,018 | Hewlett Packard Enterprise Co | 8,676,107 | ||||||||
306,354 | HP, Inc | 11,221,747 | ||||||||
14,531 | * | IPG Photonics Corp | 1,372,889 | |||||||
12,967 | Jabil Inc | 748,585 | ||||||||
136,446 | Juniper Networks, Inc | 4,300,778 | ||||||||
44,734 | * | Keysight Technologies, Inc | 6,274,838 | |||||||
10,318 | Littelfuse, Inc | 2,365,402 |
190 |
TIAA-CREF FUNDS – Large-Cap Value Index Fund
SHARES | COMPANY | VALUE | ||||||||
32,529 | * | Lumentum Holdings, Inc | $ | 2,641,680 | ||||||
71,057 | Motorola Solutions, Inc | 15,184,170 | ||||||||
60,542 | National Instruments Corp | 2,187,988 | ||||||||
32,251 | NetApp, Inc | 2,362,386 | ||||||||
7,333 | * | Pure Storage, Inc | 214,857 | |||||||
18,503 | SYNNEX Corp | 1,851,965 | ||||||||
19,479 | * | Teledyne Technologies, Inc | 8,406,163 | |||||||
106,436 | * | Trimble Inc | 7,099,281 | |||||||
14 | e | Ubiquiti, Inc | 3,952 | |||||||
30,185 | * | Viasat, Inc | 1,111,110 | |||||||
33,370 | Vontier Corp | 854,939 | ||||||||
133,974 | * | Western Digital Corp | 7,110,000 | |||||||
49,331 | Xerox Holdings Corp | 858,359 | ||||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 204,250,908 | |||||||||
TELECOMMUNICATION SERVICES - 2.1% | ||||||||||
3,071,032 | AT&T, Inc | 57,919,664 | ||||||||
436,981 | Lumen Technologies, Inc | 4,396,029 | ||||||||
253,646 | * | T-Mobile US, Inc | 31,233,968 | |||||||
1,806,494 | Verizon Communications, Inc | 83,640,672 | ||||||||
TOTAL TELECOMMUNICATION SERVICES | 177,190,333 | |||||||||
TRANSPORTATION - 1.7% | ||||||||||
52,562 | * | Alaska Air Group, Inc | 2,858,847 | |||||||
3,903 | Amerco, Inc | 2,089,978 | ||||||||
275,337 | *,e | American Airlines Group, Inc | 5,168,076 | |||||||
45,590 | CH Robinson Worldwide, Inc | 4,839,379 | ||||||||
14,866 | * | Copa Holdings S.A. (Class A) | 1,120,450 | |||||||
955,845 | CSX Corp | 32,823,717 | ||||||||
18,880 | Expeditors International of Washington, Inc | 1,870,442 | ||||||||
59,214 | FedEx Corp | 11,768,190 | ||||||||
5,667 | * | GXO Logistics, Inc | 335,430 | |||||||
4,049 | JB Hunt Transport Services, Inc | 691,772 | ||||||||
134,996 | * | JetBlue Airways Corp | 1,486,306 | |||||||
26,200 | * | Kirby Corp | 1,708,240 | |||||||
69,127 | Knight-Swift Transportation Holdings, Inc | 3,310,492 | ||||||||
1,857 | Landstar System, Inc | 287,649 | ||||||||
103,105 | Norfolk Southern Corp | 26,588,717 | ||||||||
3,473 | Old Dominion Freight Line | 972,857 | ||||||||
22,539 | Ryder System, Inc | 1,575,476 | ||||||||
15,960 | Schneider National, Inc | 377,135 | ||||||||
257,312 | * | Southwest Airlines Co | 12,021,617 | |||||||
50,203 | * | TuSimple Holdings, Inc | 520,605 | |||||||
102,351 | * | Uber Technologies, Inc | 3,222,009 | |||||||
102,456 | Union Pacific Corp | 24,004,416 | ||||||||
134,485 | * | United Airlines Holdings Inc | 6,791,493 | |||||||
5,667 | * | XPO Logistics, Inc | 304,828 | |||||||
TOTAL TRANSPORTATION | 146,738,121 | |||||||||
UTILITIES - 5.5% | ||||||||||
280,678 | AES Corp | 5,731,445 | ||||||||
108,332 | Alliant Energy Corp | 6,371,005 | ||||||||
109,890 | Ameren Corp | 10,208,781 | ||||||||
215,143 | American Electric Power Co, Inc | 21,322,823 | ||||||||
77,628 | American Water Works Co, Inc | 11,960,922 | ||||||||
57,986 | Atmos Energy Corp | 6,575,612 |
191 |
TIAA-CREF FUNDS – Large-Cap Value Index Fund
SHARES | COMPANY | RATE | VALUE | |||||||||||||
26,120 | Avangrid, Inc | $ | 1,158,422 | |||||||||||||
41,126 | Brookfield Renewable Corp | 1,476,423 | ||||||||||||||
253,799 | Centerpoint Energy, Inc | 7,768,787 | ||||||||||||||
125,115 | CMS Energy Corp | 8,594,149 | ||||||||||||||
153,257 | Consolidated Edison, Inc | 14,213,054 | ||||||||||||||
141,006 | Constellation Energy Corp | 8,348,965 | ||||||||||||||
347,492 | Dominion Energy, Inc | 28,369,247 | ||||||||||||||
82,420 | DTE Energy Co | 10,800,317 | ||||||||||||||
331,870 | Duke Energy Corp | 36,558,799 | ||||||||||||||
160,386 | Edison International | 11,032,953 | ||||||||||||||
86,643 | Entergy Corp | 10,297,521 | ||||||||||||||
98,886 | Essential Utilities Inc | 4,426,137 | ||||||||||||||
96,151 | Evergy, Inc | 6,523,845 | ||||||||||||||
146,900 | Eversource Energy | 12,839,060 | ||||||||||||||
423,018 | Exelon Corp | 19,788,782 | ||||||||||||||
230,466 | FirstEnergy Corp | 9,981,482 | ||||||||||||||
43,173 | Hawaiian Electric Industries, Inc | 1,774,842 | ||||||||||||||
22,632 | Idacorp, Inc | 2,380,434 | ||||||||||||||
38,591 | National Fuel Gas Co | 2,706,387 | ||||||||||||||
843,046 | NextEra Energy, Inc | 59,873,127 | ||||||||||||||
167,771 | NiSource, Inc | 4,885,492 | ||||||||||||||
53,365 | NRG Energy, Inc | 1,915,804 | ||||||||||||||
88,663 | OGE Energy Corp | 3,429,485 | ||||||||||||||
861,285 | *,b | PG&E Corp | 10,895,255 | |||||||||||||
48,823 | Pinnacle West Capital Corp | 3,476,198 | ||||||||||||||
328,626 | PPL Corp | 9,303,402 | ||||||||||||||
219,472 | Public Service Enterprise Group, Inc | 15,288,420 | ||||||||||||||
137,370 | Sempra Energy | 22,166,023 | ||||||||||||||
455,653 | Southern Co | 33,440,374 | ||||||||||||||
91,146 | UGI Corp | 3,126,308 | ||||||||||||||
207,662 | Vistra Energy Corp | 5,195,703 | ||||||||||||||
136,745 | WEC Energy Group, Inc | 13,681,337 | ||||||||||||||
230,856 | Xcel Energy, Inc | 16,912,511 | ||||||||||||||
TOTAL UTILITIES | 464,799,633 | |||||||||||||||
TOTAL COMMON STOCKS | 8,446,281,383 | |||||||||||||||
(Cost $6,033,247,240) | ||||||||||||||||
SHORT-TERM INVESTMENTS - 0.1% | ||||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.1% | ||||||||||||||||
6,892,890 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 0.310 | % | 6,892,890 | |||||||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 6,892,890 | |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 6,892,890 | |||||||||||||||
(Cost $6,892,890) | ||||||||||||||||
TOTAL INVESTMENTS - 100.0% | 8,453,174,273 | |||||||||||||||
(Cost $6,040,140,130) | ||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - 0.0% | 1,764,669 | |||||||||||||||
NET ASSETS - 100.0% | $ | 8,454,938,942 |
192 |
TIAA-CREF FUNDS – Large-Cap Value Index Fund
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. | |
e | All or a portion of these securities are out on loan. The aggregate value of securities on loan is $20,540,447. |
193 |
TIAA-CREF FUNDS – S&P 500 Index Fund
TIAA-CREF FUNDS
S&P 500 INDEX FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2022
SHARES | COMPANY | VALUE | ||||||||
COMMON STOCKS - 99.4% | ||||||||||
AUTOMOBILES & COMPONENTS - 2.5% | ||||||||||
53,204 | * | Aptiv plc | $ | 5,660,906 | ||||||
47,078 | BorgWarner, Inc | 1,733,883 | ||||||||
782,788 | Ford Motor Co | 11,084,278 | ||||||||
294,352 | * | General Motors Co | 11,158,884 | |||||||
167,796 | * | Tesla, Inc | 146,110,045 | |||||||
TOTAL AUTOMOBILES & COMPONENTS | 175,747,996 | |||||||||
BANKS - 3.7% | ||||||||||
1,423,651 | Bank of America Corp | 50,795,868 | ||||||||
394,733 | Citigroup, Inc | 19,030,078 | ||||||||
100,283 | Citizens Financial Group, Inc | 3,951,150 | ||||||||
27,942 | Comerica, Inc | 2,288,450 | ||||||||
137,727 | Fifth Third Bancorp | 5,168,894 | ||||||||
36,203 | First Republic Bank | 5,402,212 | ||||||||
281,671 | Huntington Bancshares, Inc | 3,703,974 | ||||||||
591,867 | JPMorgan Chase & Co | 70,645,245 | ||||||||
182,355 | Keycorp | 3,521,275 | ||||||||
35,708 | M&T Bank Corp | 5,950,381 | ||||||||
83,513 | PNC Financial Services Group, Inc | 13,871,509 | ||||||||
200,614 | Regions Financial Corp | 4,156,722 | ||||||||
12,297 | Signature Bank | 2,978,948 | ||||||||
11,914 | * | SVB Financial Group | 5,809,743 | |||||||
269,138 | Truist Financial Corp | 13,012,822 | ||||||||
273,503 | US Bancorp | 13,281,306 | ||||||||
781,848 | Wells Fargo & Co | 34,112,028 | ||||||||
28,308 | Zions Bancorporation | 1,599,685 | ||||||||
TOTAL BANKS | 259,280,290 | |||||||||
CAPITAL GOODS - 5.4% | ||||||||||
113,530 | 3M Co | 16,373,297 | ||||||||
25,588 | A.O. Smith Corp | 1,495,107 | ||||||||
16,157 | Allegion plc | 1,845,776 | ||||||||
46,340 | Ametek, Inc | 5,850,888 | ||||||||
110,279 | * | Boeing Co | 16,413,926 | |||||||
170,501 | Carrier Global Corp | 6,525,073 | ||||||||
108,871 | Caterpillar, Inc | 22,921,700 | ||||||||
28,774 | Cummins, Inc | 5,443,753 | ||||||||
55,968 | Deere & Co | 21,130,718 | ||||||||
28,458 | Dover Corp | 3,793,451 | ||||||||
79,634 | Eaton Corp | 11,548,523 | ||||||||
119,869 | Emerson Electric Co | 10,809,786 | ||||||||
116,816 | Fastenal Co | 6,461,093 | ||||||||
72,756 | Fortive Corp | 4,183,470 | ||||||||
27,977 | Fortune Brands Home & Security, Inc | 1,993,361 | ||||||||
12,847 | * | Generac Holdings, Inc | 2,818,375 |
194 |
TIAA-CREF FUNDS – S&P 500 Index Fund
SHARES | COMPANY | VALUE | ||||||||
46,231 | General Dynamics Corp | $ | 10,935,018 | |||||||
221,459 | General Electric Co | 16,509,768 | ||||||||
138,036 | Honeywell International, Inc | 26,711,346 | ||||||||
75,031 | Howmet Aerospace, Inc | 2,560,058 | ||||||||
7,284 | Huntington Ingalls | 1,549,598 | ||||||||
15,094 | IDEX Corp | 2,865,143 | ||||||||
57,457 | Illinois Tool Works, Inc | 11,325,349 | ||||||||
82,315 | Ingersoll Rand, Inc | 3,618,567 | ||||||||
144,178 | Johnson Controls International plc | 8,631,937 | ||||||||
38,679 | L3Harris Technologies, Inc | 8,983,585 | ||||||||
48,831 | Lockheed Martin Corp | 21,100,852 | ||||||||
46,195 | Masco Corp | 2,434,015 | ||||||||
10,954 | Nordson Corp | 2,362,668 | ||||||||
29,620 | Northrop Grumman Corp | 13,015,028 | ||||||||
83,512 | Otis Worldwide Corp | 6,083,014 | ||||||||
68,753 | PACCAR, Inc | 5,709,937 | ||||||||
26,085 | Parker-Hannifin Corp | 7,064,340 | ||||||||
33,503 | Pentair plc | 1,700,277 | ||||||||
28,194 | Quanta Services, Inc | 3,269,940 | ||||||||
301,092 | Raytheon Technologies Corp | 28,576,642 | ||||||||
23,061 | Rockwell Automation, Inc | 5,826,823 | ||||||||
21,124 | Roper Technologies Inc | 9,926,590 | ||||||||
10,033 | Snap-On, Inc | 2,131,912 | ||||||||
33,061 | Stanley Black & Decker, Inc | 3,972,279 | ||||||||
43,484 | Textron, Inc | 3,011,267 | ||||||||
47,503 | Trane Technologies plc | 6,645,195 | ||||||||
10,595 | * | TransDigm Group, Inc | 6,302,012 | |||||||
14,561 | * | United Rentals, Inc | 4,608,848 | |||||||
8,491 | W.W. Grainger, Inc | 4,245,755 | ||||||||
36,826 | Westinghouse Air Brake Technologies Corp | 3,311,026 | ||||||||
37,093 | Xylem, Inc | 2,985,987 | ||||||||
TOTAL CAPITAL GOODS | 377,583,073 | |||||||||
COMMERCIAL & PROFESSIONAL SERVICES - 0.8% | ||||||||||
17,679 | Cintas Corp | 7,023,160 | ||||||||
42,376 | * | Copart, Inc | 4,816,032 | |||||||
24,548 | Equifax, Inc | 4,996,009 | ||||||||
25,208 | Jacobs Engineering Group, Inc | 3,492,568 | ||||||||
28,147 | Leidos Holdings, Inc | 2,913,496 | ||||||||
71,466 | Nielsen NV | 1,916,004 | ||||||||
42,141 | Republic Services, Inc | 5,658,272 | ||||||||
22,494 | Robert Half International, Inc | 2,211,385 | ||||||||
43,975 | Rollins, Inc | 1,474,922 | ||||||||
32,188 | Verisk Analytics, Inc | 6,567,961 | ||||||||
77,419 | Waste Management, Inc | 12,730,780 | ||||||||
TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 53,800,589 | |||||||||
CONSUMER DURABLES & APPAREL - 0.9% | ||||||||||
66,001 | DR Horton, Inc | 4,593,009 | ||||||||
30,654 | Garmin Ltd | 3,363,970 | ||||||||
26,164 | Hasbro, Inc | 2,304,002 | ||||||||
51,931 | Lennar Corp (Class A) | 3,972,202 | ||||||||
11,347 | * | Mohawk Industries, Inc | 1,600,608 | |||||||
71,441 | Newell Brands Inc | 1,653,859 | ||||||||
256,606 | Nike, Inc (Class B) | 31,998,768 | ||||||||
642 | * | NVR, Inc | 2,809,527 |
195 |
TIAA-CREF FUNDS – S&P 500 Index Fund
SHARES | COMPANY | VALUE | ||||||||
46,076 | Pulte Homes, Inc | $ | 1,924,134 | |||||||
14,228 | PVH Corp | 1,035,514 | ||||||||
8,840 | Ralph Lauren Corp | 922,366 | ||||||||
51,575 | Tapestry, Inc | 1,697,849 | ||||||||
37,028 | * | Under Armour, Inc (Class A) | 568,750 | |||||||
44,945 | * | Under Armour, Inc (Class C) | 637,769 | |||||||
65,381 | VF Corp | 3,399,812 | ||||||||
11,311 | Whirlpool Corp | 2,053,173 | ||||||||
TOTAL CONSUMER DURABLES & APPAREL | 64,535,312 | |||||||||
CONSUMER SERVICES - 1.9% | ||||||||||
8,263 | * | Booking Holdings, Inc | 18,263,792 | |||||||
42,580 | * | Caesars Entertainment, Inc | 2,822,202 | |||||||
163,322 | * | Carnival Corp | 2,825,471 | |||||||
5,610 | * | Chipotle Mexican Grill, Inc (Class A) | 8,165,972 | |||||||
26,503 | Darden Restaurants, Inc | 3,491,240 | ||||||||
7,397 | Domino’s Pizza, Inc | 2,500,186 | ||||||||
29,503 | * | Expedia Group, Inc | 5,155,649 | |||||||
56,135 | * | Hilton Worldwide Holdings, Inc | 8,717,204 | |||||||
66,650 | * | Las Vegas Sands Corp | 2,361,409 | |||||||
55,698 | * | Marriott International, Inc (Class A) | 9,887,509 | |||||||
149,547 | McDonald’s Corp | 37,261,131 | ||||||||
79,028 | MGM Resorts International | 3,243,309 | ||||||||
82,996 | *,e | Norwegian Cruise Line Holdings Ltd | 1,662,410 | |||||||
33,463 | * | Penn National Gaming, Inc | 1,223,742 | |||||||
44,840 | * | Royal Caribbean Cruises Ltd | 3,485,413 | |||||||
230,538 | Starbucks Corp | 17,207,356 | ||||||||
20,392 | * | Wynn Resorts Ltd | 1,437,228 | |||||||
58,267 | Yum! Brands, Inc | 6,817,822 | ||||||||
TOTAL CONSUMER SERVICES | 136,529,045 | |||||||||
DIVERSIFIED FINANCIALS - 5.1% | ||||||||||
122,374 | American Express Co | 21,379,962 | ||||||||
22,642 | Ameriprise Financial, Inc | 6,011,225 | ||||||||
148,501 | Bank of New York Mellon Corp | 6,245,952 | ||||||||
366,641 | * | Berkshire Hathaway, Inc (Class B) | 118,362,714 | |||||||
28,653 | BlackRock, Inc | 17,898,956 | ||||||||
83,951 | Capital One Financial Corp | 10,461,974 | ||||||||
21,309 | CBOE Global Markets, Inc | 2,407,491 | ||||||||
301,606 | Charles Schwab Corp | 20,005,526 | ||||||||
72,445 | CME Group, Inc | 15,890,086 | ||||||||
58,000 | Discover Financial Services | 6,522,680 | ||||||||
7,631 | Factset Research Systems, Inc | 3,079,032 | ||||||||
55,201 | Franklin Resources, Inc | 1,357,393 | ||||||||
68,071 | Goldman Sachs Group, Inc | 20,795,010 | ||||||||
111,703 | Intercontinental Exchange Group, Inc | 12,936,324 | ||||||||
59,872 | Invesco Ltd | 1,100,447 | ||||||||
7,556 | MarketAxess Holdings, Inc | 1,991,837 | ||||||||
31,924 | Moody’s Corp | 10,103,307 | ||||||||
285,078 | Morgan Stanley | 22,974,436 | ||||||||
16,277 | MSCI, Inc (Class A) | 6,856,686 | ||||||||
23,816 | Nasdaq Inc | 3,747,924 | ||||||||
41,741 | Northern Trust Corp | 4,301,410 | ||||||||
36,802 | Raymond James Financial, Inc | 3,586,723 | ||||||||
71,062 | S&P Global, Inc | 26,754,843 | ||||||||
73,974 | State Street Corp | 4,954,039 |
196 |
TIAA-CREF FUNDS – S&P 500 Index Fund
SHARES | COMPANY | VALUE | ||||||||
105,136 | Synchrony Financial | $ | 3,870,056 | |||||||
46,051 | T Rowe Price Group, Inc | 5,666,115 | ||||||||
TOTAL DIVERSIFIED FINANCIALS | 359,262,148 | |||||||||
ENERGY - 4.1% | ||||||||||
69,224 | APA Corp | 2,833,338 | ||||||||
183,889 | Baker Hughes Co | 5,704,237 | ||||||||
163,507 | Cabot Oil & Gas Corp | 4,707,367 | ||||||||
386,453 | Chevron Corp | 60,545,592 | ||||||||
262,071 | ConocoPhillips | 25,033,022 | ||||||||
123,434 | Devon Energy Corp | 7,180,156 | ||||||||
34,423 | Diamondback Energy, Inc | 4,345,215 | ||||||||
118,340 | EOG Resources, Inc | 13,817,378 | ||||||||
848,577 | d | Exxon Mobil Corp | 72,341,189 | |||||||
179,737 | Halliburton Co | 6,402,232 | ||||||||
54,559 | Hess Corp | 5,623,396 | ||||||||
387,686 | Kinder Morgan, Inc | 7,036,501 | ||||||||
156,114 | Marathon Oil Corp | 3,890,361 | ||||||||
117,356 | Marathon Petroleum Corp | 10,240,485 | ||||||||
179,758 | Occidental Petroleum Corp | 9,902,868 | ||||||||
88,593 | ONEOK, Inc | 5,610,595 | ||||||||
92,098 | Phillips 66 | 7,990,422 | ||||||||
45,794 | Pioneer Natural Resources Co | 10,645,731 | ||||||||
283,062 | Schlumberger Ltd | 11,042,249 | ||||||||
83,655 | Valero Energy Corp | 9,325,859 | ||||||||
243,093 | Williams Cos, Inc | 8,335,659 | ||||||||
TOTAL ENERGY | 292,553,852 | |||||||||
FOOD & STAPLES RETAILING - 1.6% | ||||||||||
88,851 | Costco Wholesale Corp | 47,243,854 | ||||||||
133,335 | Kroger Co | 7,194,757 | ||||||||
101,444 | SYSCO Corp | 8,671,433 | ||||||||
141,766 | Walgreens Boots Alliance, Inc | 6,010,878 | ||||||||
283,260 | Walmart, Inc | 43,335,947 | ||||||||
TOTAL FOOD & STAPLES RETAILING | 112,456,869 | |||||||||
FOOD, BEVERAGE & TOBACCO - 3.5% | ||||||||||
367,121 | Altria Group, Inc | 20,400,914 | ||||||||
113,105 | Archer-Daniels-Midland Co | 10,129,684 | ||||||||
36,964 | Brown-Forman Corp (Class B) | 2,492,852 | ||||||||
37,602 | Campbell Soup Co | 1,775,567 | ||||||||
778,327 | Coca-Cola Co | 50,287,708 | ||||||||
96,282 | ConAgra Brands, Inc | 3,363,130 | ||||||||
33,211 | Constellation Brands, Inc (Class A) | 8,172,895 | ||||||||
124,120 | General Mills, Inc | 8,779,008 | ||||||||
29,446 | Hershey Co | 6,648,023 | ||||||||
54,308 | Hormel Foods Corp | 2,845,196 | ||||||||
21,437 | J.M. Smucker Co | 2,935,368 | ||||||||
49,048 | Kellogg Co | 3,359,788 | ||||||||
138,453 | Kraft Heinz Co | 5,902,251 | ||||||||
30,548 | Lamb Weston Holdings, Inc | 2,019,223 | ||||||||
50,344 | McCormick & Co, Inc | 5,063,096 | ||||||||
35,331 | Molson Coors Brewing Co (Class B) | 1,912,820 | ||||||||
278,095 | Mondelez International, Inc | 17,931,566 | ||||||||
76,072 | * | Monster Beverage Corp | 6,517,849 | |||||||
277,001 | PepsiCo, Inc | 47,563,842 |
197 |
TIAA-CREF FUNDS – S&P 500 Index Fund
SHARES | COMPANY | VALUE | ||||||||
310,958 | Philip Morris International, Inc | $ | 31,095,800 | |||||||
58,365 | Tyson Foods, Inc (Class A) | 5,437,283 | ||||||||
TOTAL FOOD, BEVERAGE & TOBACCO | 244,633,863 | |||||||||
HEALTH CARE EQUIPMENT & SERVICES - 6.1% | ||||||||||
354,034 | Abbott Laboratories | 40,182,859 | ||||||||
8,755 | * | Abiomed, Inc | 2,509,008 | |||||||
14,853 | * | Align Technology, Inc | 4,306,033 | |||||||
29,371 | AmerisourceBergen Corp | 4,443,539 | ||||||||
48,463 | Anthem, Inc | 24,325,034 | ||||||||
100,940 | Baxter International, Inc | 7,172,796 | ||||||||
56,925 | Becton Dickinson & Co | 14,071,291 | ||||||||
288,760 | * | Boston Scientific Corp | 12,159,684 | |||||||
54,850 | Cardinal Health, Inc | 3,184,042 | ||||||||
117,095 | * | Centene Corp | 9,432,002 | |||||||
57,283 | Cerner Corp | 5,363,980 | ||||||||
65,470 | Cigna Corp | 16,156,687 | ||||||||
9,945 | Cooper Cos, Inc | 3,590,543 | ||||||||
264,283 | CVS Health Corp | 25,405,525 | ||||||||
11,764 | * | DaVita, Inc | 1,274,865 | |||||||
44,965 | Dentsply Sirona, Inc | 1,798,150 | ||||||||
19,566 | * | Dexcom, Inc | 7,994,276 | |||||||
125,482 | * | Edwards Lifesciences Corp | 13,273,486 | |||||||
1 | * | Embecta Corp | 15 | |||||||
48,591 | HCA Healthcare, Inc | 10,425,199 | ||||||||
27,628 | * | Henry Schein, Inc | 2,240,631 | |||||||
50,698 | * | Hologic, Inc | 3,649,749 | |||||||
25,731 | Humana, Inc | 11,438,973 | ||||||||
17,123 | * | IDEXX Laboratories, Inc | 7,371,109 | |||||||
71,434 | * | Intuitive Surgical, Inc | 17,094,156 | |||||||
18,777 | * | Laboratory Corp of America Holdings | 4,511,738 | |||||||
30,174 | McKesson Corp | 9,342,172 | ||||||||
270,359 | Medtronic plc | 28,214,665 | ||||||||
11,824 | * | Molina Healthcare, Inc | 3,706,233 | |||||||
23,129 | Quest Diagnostics, Inc | 3,095,585 | ||||||||
29,101 | Resmed, Inc | 5,819,327 | ||||||||
19,701 | STERIS plc | 4,414,009 | ||||||||
67,835 | Stryker Corp | 16,365,872 | ||||||||
9,254 | Teleflex, Inc | 2,643,127 | ||||||||
188,550 | UnitedHealth Group, Inc | 95,887,103 | ||||||||
14,470 | Universal Health Services, Inc (Class B) | 1,773,009 | ||||||||
42,106 | Zimmer Biomet Holdings, Inc | 5,084,300 | ||||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 429,720,772 | |||||||||
HOUSEHOLD & PERSONAL PRODUCTS - 1.7% | ||||||||||
49,708 | Church & Dwight Co, Inc | 4,849,513 | ||||||||
24,885 | Clorox Co | 3,570,251 | ||||||||
168,379 | Colgate-Palmolive Co | 12,973,602 | ||||||||
46,256 | Estee Lauder Cos (Class A) | 12,214,359 | ||||||||
67,540 | Kimberly-Clark Corp | 9,376,578 | ||||||||
479,822 | Procter & Gamble Co | 77,035,422 | ||||||||
TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 120,019,725 | |||||||||
INSURANCE - 2.1% | ||||||||||
120,025 | Aflac, Inc | 6,875,032 | ||||||||
56,488 | Allstate Corp | 7,147,991 |
198 |
TIAA-CREF FUNDS – S&P 500 Index Fund
SHARES | COMPANY | VALUE | ||||||||
165,297 | American International Group, Inc | $ | 9,671,527 | |||||||
42,903 | Aon plc | 12,355,635 | ||||||||
41,851 | Arthur J. Gallagher & Co | 7,051,475 | ||||||||
10,824 | Assurant, Inc | 1,968,669 | ||||||||
47,780 | Brown & Brown, Inc | 2,961,404 | ||||||||
85,993 | Chubb Ltd | 17,753,255 | ||||||||
29,398 | Cincinnati Financial Corp | 3,605,959 | ||||||||
7,745 | Everest Re Group Ltd | 2,127,629 | ||||||||
18,197 | Globe Life, Inc | 1,784,762 | ||||||||
67,007 | Hartford Financial Services Group, Inc | 4,685,799 | ||||||||
33,892 | Lincoln National Corp | 2,038,604 | ||||||||
37,339 | Loews Corp | 2,346,383 | ||||||||
101,049 | Marsh & McLennan Cos, Inc | 16,339,623 | ||||||||
142,601 | Metlife, Inc | 9,366,034 | ||||||||
50,854 | Principal Financial Group | 3,465,192 | ||||||||
117,526 | Progressive Corp | 12,617,591 | ||||||||
76,727 | Prudential Financial, Inc | 8,325,647 | ||||||||
48,959 | Travelers Cos, Inc | 8,374,927 | ||||||||
43,333 | W.R. Berkley Corp | 2,881,211 | ||||||||
24,249 | Willis Towers Watson plc | 5,210,140 | ||||||||
TOTAL INSURANCE | 148,954,489 | |||||||||
MATERIALS - 2.8% | ||||||||||
44,616 | Air Products & Chemicals, Inc | 10,443,267 | ||||||||
23,751 | Albemarle Corp | 4,579,905 | ||||||||
288,524 | Amcor plc | 3,421,895 | ||||||||
17,087 | Avery Dennison Corp | 3,085,912 | ||||||||
66,037 | Ball Corp | 5,359,563 | ||||||||
21,757 | Celanese Corp (Series A) | 3,196,974 | ||||||||
43,054 | CF Industries Holdings, Inc | 4,168,919 | ||||||||
143,919 | Corteva, Inc | 8,302,687 | ||||||||
151,102 | Dow, Inc | 10,048,283 | ||||||||
104,925 | DuPont de Nemours, Inc | 6,917,705 | ||||||||
26,022 | Eastman Chemical Co | 2,671,679 | ||||||||
49,560 | Ecolab, Inc | 8,392,490 | ||||||||
26,013 | FMC Corp | 3,447,763 | ||||||||
293,181 | Freeport-McMoRan, Inc (Class B) | 11,888,489 | ||||||||
50,431 | International Flavors & Fragrances, Inc | 6,117,280 | ||||||||
76,930 | International Paper Co | 3,560,320 | ||||||||
102,311 | Linde plc | 31,916,940 | ||||||||
51,511 | LyondellBasell Industries NV | 5,461,711 | ||||||||
12,685 | Martin Marietta Materials, Inc | 4,493,281 | ||||||||
75,119 | Mosaic Co | 4,688,928 | ||||||||
160,594 | Newmont Goldcorp Corp | 11,699,273 | ||||||||
53,918 | Nucor Corp | 8,345,428 | ||||||||
18,407 | Packaging Corp of America | 2,966,656 | ||||||||
47,887 | PPG Industries, Inc | 6,129,057 | ||||||||
31,418 | Sealed Air Corp | 2,017,350 | ||||||||
48,698 | Sherwin-Williams Co | 13,390,002 | ||||||||
26,785 | Vulcan Materials Co | 4,614,788 | ||||||||
53,922 | WestRock Co | 2,670,757 | ||||||||
TOTAL MATERIALS | 193,997,302 | |||||||||
MEDIA & ENTERTAINMENT - 7.4% | ||||||||||
156,770 | Activision Blizzard, Inc | 11,851,812 | ||||||||
60,269 | * | Alphabet, Inc (Class A) | 137,545,309 |
199 |
TIAA-CREF FUNDS – S&P 500 Index Fund
SHARES | COMPANY | VALUE | ||||||||
55,661 | * | Alphabet, Inc (Class C) | $ | 127,983,007 | ||||||
24,169 | * | Charter Communications, Inc | 10,356,175 | |||||||
905,651 | Comcast Corp (Class A) | 36,008,684 | ||||||||
50,633 | * | DISH Network Corp (Class A) | 1,443,547 | |||||||
55,739 | Electronic Arts, Inc | 6,579,989 | ||||||||
62,585 | Fox Corp (Class A) | 2,243,046 | ||||||||
31,642 | Fox Corp (Class B) | 1,051,780 | ||||||||
81,983 | Interpublic Group of Cos, Inc | 2,674,285 | ||||||||
26,675 | * | Live Nation, Inc | 2,797,674 | |||||||
55,984 | * | Match Group, Inc | 4,431,134 | |||||||
462,799 | * | Meta Platforms, Inc | 92,777,315 | |||||||
89,501 | * | Netflix, Inc | 17,037,410 | |||||||
78,343 | News Corp (Class A) | 1,555,892 | ||||||||
23,960 | News Corp (Class B) | 477,044 | ||||||||
41,069 | Omnicom Group, Inc | 3,126,583 | ||||||||
23,651 | * | Take-Two Interactive Software, Inc | 2,826,531 | |||||||
161,838 | * | Twitter, Inc | 7,933,299 | |||||||
117,206 | ViacomCBS, Inc (Class B) | 3,413,039 | ||||||||
364,875 | * | Walt Disney Co | 40,730,996 | |||||||
442,394 | * | Warner Bros Discovery, Inc | 8,029,451 | |||||||
TOTAL MEDIA & ENTERTAINMENT | 522,874,002 | |||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.0% | ||||||||||
354,402 | AbbVie, Inc | 52,054,566 | ||||||||
60,784 | Agilent Technologies, Inc | 7,249,708 | ||||||||
113,447 | Amgen, Inc | 26,454,706 | ||||||||
28,779 | * | Biogen, Inc | 5,969,916 | |||||||
4,232 | * | Bio-Rad Laboratories, Inc (Class A) | 2,167,038 | |||||||
7,904 | Bio-Techne Corp | 3,001,070 | ||||||||
438,916 | Bristol-Myers Squibb Co | 33,037,207 | ||||||||
34,441 | * | Catalent, Inc | 3,118,977 | |||||||
10,113 | * | Charles River Laboratories International, Inc | 2,442,391 | |||||||
127,716 | Danaher Corp | 32,073,319 | ||||||||
159,135 | Eli Lilly & Co | 46,488,108 | ||||||||
252,522 | Gilead Sciences, Inc | 14,984,655 | ||||||||
31,046 | * | Illumina, Inc | 9,209,796 | |||||||
36,676 | * | Incyte Corp | 2,749,233 | |||||||
39,083 | * | IQVIA Holdings, Inc | 8,519,703 | |||||||
527,207 | Johnson & Johnson | 95,139,775 | ||||||||
505,817 | Merck & Co, Inc | 44,860,910 | ||||||||
4,618 | * | Mettler-Toledo International, Inc | 5,899,634 | |||||||
69,731 | * | Moderna, Inc | 9,372,544 | |||||||
51,246 | Organon & Co | 1,656,783 | ||||||||
25,599 | PerkinElmer, Inc | 3,753,069 | ||||||||
1,125,075 | Pfizer, Inc | 55,207,430 | ||||||||
21,233 | * | Regeneron Pharmaceuticals, Inc | 13,994,883 | |||||||
78,832 | Thermo Fisher Scientific, Inc | 43,587,789 | ||||||||
50,512 | * | Vertex Pharmaceuticals, Inc | 13,800,889 | |||||||
222,047 | Viatris, Inc | 2,293,745 | ||||||||
12,266 | * | Waters Corp | 3,716,843 | |||||||
14,738 | West Pharmaceutical Services, Inc | 4,643,354 | ||||||||
95,580 | Zoetis, Inc | 16,941,555 | ||||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 564,389,596 |
200 |
TIAA-CREF FUNDS – S&P 500 Index Fund
SHARES | COMPANY | VALUE | ||||||||
REAL ESTATE - 2.9% | ||||||||||
29,546 | Alexandria Real Estate Equities, Inc | $ | 5,382,099 | |||||||
91,634 | American Tower Corp | 22,085,627 | ||||||||
28,084 | AvalonBay Communities, Inc | 6,388,548 | ||||||||
27,929 | Boston Properties, Inc | 3,284,450 | ||||||||
20,736 | Camden Property Trust | 3,253,271 | ||||||||
67,569 | CBRE Group, Inc | 5,610,930 | ||||||||
87,210 | Crown Castle International Corp | 16,152,164 | ||||||||
57,079 | Digital Realty Trust, Inc | 8,340,384 | ||||||||
77,101 | Duke Realty Corp | 4,221,280 | ||||||||
18,050 | Equinix, Inc | 12,979,394 | ||||||||
69,842 | Equity Residential | 5,692,123 | ||||||||
13,058 | Essex Property Trust, Inc | 4,299,608 | ||||||||
27,046 | Extra Space Storage, Inc | 5,138,740 | ||||||||
12,839 | Federal Realty Investment Trust | 1,502,933 | ||||||||
102,708 | Healthpeak Properties Inc | 3,369,849 | ||||||||
139,222 | Host Hotels and Resorts, Inc | 2,833,168 | ||||||||
58,755 | Iron Mountain, Inc | 3,156,906 | ||||||||
121,403 | Kimco Realty Corp | 3,075,138 | ||||||||
22,847 | Mid-America Apartment Communities, Inc | 4,493,548 | ||||||||
148,976 | Prologis, Inc | 23,879,363 | ||||||||
30,619 | Public Storage, Inc | 11,374,959 | ||||||||
111,408 | Realty Income Corp | 7,727,259 | ||||||||
30,038 | Regency Centers Corp | 2,067,516 | ||||||||
21,665 | SBA Communications Corp | 7,520,138 | ||||||||
65,348 | Simon Property Group, Inc | 7,711,064 | ||||||||
62,178 | UDR, Inc | 3,308,491 | ||||||||
79,884 | Ventas, Inc | 4,437,556 | ||||||||
30,555 | Vornado Realty Trust | 1,182,784 | ||||||||
88,288 | Welltower, Inc | 8,017,433 | ||||||||
151,510 | Weyerhaeuser Co | 6,245,242 | ||||||||
TOTAL REAL ESTATE | 204,731,965 | |||||||||
RETAILING - 6.0% | ||||||||||
12,960 | Advance Auto Parts, Inc | 2,587,205 | ||||||||
87,705 | * | Amazon.com, Inc | 218,002,179 | |||||||
4,149 | * | AutoZone, Inc | 8,113,245 | |||||||
49,358 | Bath & Body Works, Inc | 2,610,545 | ||||||||
43,681 | Best Buy Co, Inc | 3,928,232 | ||||||||
31,229 | * | CarMax, Inc | 2,678,824 | |||||||
46,710 | Dollar General Corp | 11,095,026 | ||||||||
45,209 | * | Dollar Tree, Inc | 7,344,202 | |||||||
126,980 | eBay, Inc | 6,592,802 | ||||||||
25,483 | * | Etsy, Inc | 2,374,761 | |||||||
28,059 | Genuine Parts Co | 3,649,073 | ||||||||
209,170 | Home Depot, Inc | 62,834,668 | ||||||||
53,566 | LKQ Corp | 2,658,481 | ||||||||
135,489 | Lowe’s Companies, Inc | 26,790,240 | ||||||||
13,585 | * | O’Reilly Automotive, Inc | 8,239,982 | |||||||
7,894 | Pool Corp | 3,198,807 | ||||||||
70,250 | Ross Stores, Inc | 7,008,842 | ||||||||
96,268 | Target Corp | 22,011,678 | ||||||||
241,605 | TJX Companies, Inc | 14,805,554 | ||||||||
23,052 | Tractor Supply Co | 4,643,825 | ||||||||
10,643 | * | Ulta Beauty, Inc | 4,223,142 | |||||||
TOTAL RETAILING | 425,391,313 |
201 |
TIAA-CREF FUNDS – S&P 500 Index Fund
SHARES | COMPANY | VALUE | ||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.3% | ||||||||||
326,468 | * | Advanced Micro Devices, Inc | $ | 27,919,543 | ||||||
105,216 | Analog Devices, Inc | 16,243,246 | ||||||||
178,305 | Applied Materials, Inc | 19,675,957 | ||||||||
82,741 | Broadcom, Inc | 45,870,783 | ||||||||
26,138 | * | Enphase Energy, Inc | 4,218,673 | |||||||
816,025 | Intel Corp | 35,570,530 | ||||||||
30,596 | KLA Corp | 9,768,079 | ||||||||
28,119 | Lam Research Corp | 13,096,705 | ||||||||
112,228 | Microchip Technology, Inc | 7,317,266 | ||||||||
224,955 | Micron Technology, Inc | 15,339,682 | ||||||||
8,798 | Monolithic Power Systems, Inc | 3,450,928 | ||||||||
500,937 | NVIDIA Corp | 92,908,785 | ||||||||
53,667 | NXP Semiconductors NV | 9,171,690 | ||||||||
21,803 | * | Qorvo, Inc | 2,480,745 | |||||||
225,146 | QUALCOMM, Inc | 31,450,645 | ||||||||
33,436 | Skyworks Solutions, Inc | 3,788,299 | ||||||||
9,772 | * | SolarEdge Technologies, Inc | 2,447,007 | |||||||
32,353 | Teradyne, Inc | 3,411,947 | ||||||||
185,516 | Texas Instruments, Inc | 31,584,099 | ||||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 375,714,609 | |||||||||
SOFTWARE & SERVICES - 13.0% | ||||||||||
126,440 | Accenture plc | 37,977,518 | ||||||||
94,436 | * | Adobe, Inc | 37,391,934 | |||||||
33,360 | * | Akamai Technologies, Inc | 3,745,661 | |||||||
17,369 | * | Ansys, Inc | 4,788,460 | |||||||
44,215 | * | Autodesk, Inc | 8,369,015 | |||||||
83,897 | Automatic Data Processing, Inc | 18,304,648 | ||||||||
22,729 | Broadridge Financial Solutions, Inc | 3,275,931 | ||||||||
55,891 | * | Cadence Design Systems, Inc | 8,431,157 | |||||||
27,418 | * | Ceridian HCM Holding, Inc | 1,538,972 | |||||||
24,387 | Citrix Systems, Inc | 2,441,139 | ||||||||
104,052 | Cognizant Technology Solutions Corp (Class A) | 8,417,807 | ||||||||
47,282 | * | DXC Technology Co | 1,356,993 | |||||||
11,455 | * | EPAM Systems, Inc | 3,035,460 | |||||||
122,052 | Fidelity National Information Services, Inc | 12,101,456 | ||||||||
118,893 | * | Fiserv, Inc | 11,642,003 | |||||||
16,029 | * | FleetCor Technologies, Inc | 3,999,556 | |||||||
26,751 | * | Fortinet, Inc | 7,731,307 | |||||||
16,320 | * | Gartner, Inc | 4,741,776 | |||||||
57,391 | Global Payments, Inc | 7,861,419 | ||||||||
179,553 | International Business Machines Corp | 23,738,702 | ||||||||
56,805 | Intuit, Inc | 23,787,094 | ||||||||
14,549 | Jack Henry & Associates, Inc | 2,758,199 | ||||||||
172,936 | Mastercard, Inc (Class A) | 62,841,484 | ||||||||
1,502,516 | Microsoft Corp | 416,978,240 | ||||||||
116,183 | NortonLifelock, Inc | 2,909,222 | ||||||||
314,039 | Oracle Corp | 23,050,463 | ||||||||
64,300 | Paychex, Inc | 8,148,739 | ||||||||
9,668 | * | Paycom Software, Inc | 2,721,252 | |||||||
234,631 | * | PayPal Holdings, Inc | 20,631,104 | |||||||
21,484 | * | PTC, Inc | 2,453,688 | |||||||
197,343 | * | salesforce.com, Inc | 34,720,527 | |||||||
40,203 | * | ServiceNow, Inc | 19,221,054 | |||||||
31,040 | * | Synopsys, Inc | 8,901,962 | |||||||
8,193 | * | Tyler Technologies, Inc | 3,233,859 |
202 |
TIAA-CREF FUNDS – S&P 500 Index Fund
SHARES | COMPANY | VALUE | ||||||||
19,945 | * | VeriSign, Inc | $ | 3,563,972 | ||||||
332,254 | Visa, Inc (Class A) | 70,813,295 | ||||||||
TOTAL SOFTWARE & SERVICES | 917,625,068 | |||||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 8.7% | ||||||||||
118,273 | Amphenol Corp (Class A) | 8,456,519 | ||||||||
3,107,306 | Apple, Inc | 489,866,791 | ||||||||
44,937 | * | Arista Networks, Inc | 5,193,369 | |||||||
27,764 | CDW Corp | 4,530,530 | ||||||||
843,564 | Cisco Systems, Inc | 41,317,765 | ||||||||
150,612 | Corning, Inc | 5,300,036 | ||||||||
12,335 | * | F5 Networks, Inc | 2,065,002 | |||||||
268,587 | Hewlett Packard Enterprise Co | 4,138,926 | ||||||||
213,851 | HP, Inc | 7,833,362 | ||||||||
7,253 | * | IPG Photonics Corp | 685,263 | |||||||
67,725 | Juniper Networks, Inc | 2,134,692 | ||||||||
37,239 | * | Keysight Technologies, Inc | 5,223,515 | |||||||
33,796 | Motorola Solutions, Inc | 7,221,867 | ||||||||
46,030 | NetApp, Inc | 3,371,698 | ||||||||
41,069 | Seagate Technology Holdings plc | 3,369,301 | ||||||||
66,553 | TE Connectivity Ltd | 8,304,483 | ||||||||
9,296 | * | Teledyne Technologies, Inc | 4,011,689 | |||||||
49,307 | * | Trimble Inc | 3,288,777 | |||||||
62,765 | * | Western Digital Corp | 3,330,939 | |||||||
10,843 | * | Zebra Technologies Corp (Class A) | 4,008,223 | |||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 613,652,747 | |||||||||
TELECOMMUNICATION SERVICES - 1.2% | ||||||||||
1,430,995 | AT&T, Inc | 26,988,566 | ||||||||
167,040 | Lumen Technologies, Inc | 1,680,423 | ||||||||
116,517 | * | T-Mobile US, Inc | 14,347,903 | |||||||
844,437 | Verizon Communications, Inc | 39,097,433 | ||||||||
TOTAL TELECOMMUNICATION SERVICES | 82,114,325 | |||||||||
TRANSPORTATION - 1.8% | ||||||||||
26,518 | * | Alaska Air Group, Inc | 1,442,314 | |||||||
127,465 | *,e | American Airlines Group, Inc | 2,392,518 | |||||||
24,657 | CH Robinson Worldwide, Inc | 2,617,341 | ||||||||
448,690 | CSX Corp | 15,408,015 | ||||||||
125,483 | * | Delta Air Lines, Inc | 5,399,533 | |||||||
34,442 | Expeditors International of Washington, Inc | 3,412,169 | ||||||||
49,405 | FedEx Corp | 9,818,750 | ||||||||
16,927 | JB Hunt Transport Services, Inc | 2,891,978 | ||||||||
47,821 | Norfolk Southern Corp | 12,332,079 | ||||||||
18,916 | Old Dominion Freight Line | 5,298,750 | ||||||||
119,302 | * | Southwest Airlines Co | 5,573,789 | |||||||
127,189 | Union Pacific Corp | 29,799,111 | ||||||||
65,309 | * | United Airlines Holdings Inc | 3,298,105 | |||||||
146,049 | United Parcel Service, Inc (Class B) | 26,285,899 | ||||||||
TOTAL TRANSPORTATION | 125,970,351 | |||||||||
UTILITIES - 2.9% | ||||||||||
135,860 | AES Corp | 2,774,261 | ||||||||
50,230 | Alliant Energy Corp | 2,954,026 | ||||||||
51,576 | Ameren Corp | 4,791,410 | ||||||||
100,304 | American Electric Power Co, Inc | 9,941,129 |
203 |
TIAA-CREF FUNDS – S&P 500 Index Fund
SHARES | COMPANY | VALUE | ||||||||||||||
36,401 | American Water Works Co, Inc | $ | 5,608,666 | |||||||||||||
26,458 | Atmos Energy Corp | 3,000,337 | ||||||||||||||
127,616 | Centerpoint Energy, Inc | 3,906,326 | ||||||||||||||
60,049 | CMS Energy Corp | 4,124,766 | ||||||||||||||
69,537 | Consolidated Edison, Inc | 6,448,861 | ||||||||||||||
65,964 | Constellation Energy Corp | 3,905,728 | ||||||||||||||
161,750 | Dominion Energy, Inc | 13,205,270 | ||||||||||||||
40,094 | DTE Energy Co | 5,253,918 | ||||||||||||||
154,780 | Duke Energy Corp | 17,050,565 | ||||||||||||||
75,478 | Edison International | 5,192,132 | ||||||||||||||
40,329 | Entergy Corp | 4,793,102 | ||||||||||||||
43,349 | Evergy, Inc | 2,941,230 | ||||||||||||||
69,780 | Eversource Energy | 6,098,772 | ||||||||||||||
197,894 | Exelon Corp | 9,257,481 | ||||||||||||||
111,099 | FirstEnergy Corp | 4,811,698 | ||||||||||||||
393,764 | NextEra Energy, Inc | 27,965,119 | ||||||||||||||
73,288 | NiSource, Inc | 2,134,147 | ||||||||||||||
50,054 | NRG Energy, Inc | 1,796,939 | ||||||||||||||
19,820 | Pinnacle West Capital Corp | 1,411,184 | ||||||||||||||
156,791 | PPL Corp | 4,438,753 | ||||||||||||||
100,022 | Public Service Enterprise Group, Inc | 6,967,533 | ||||||||||||||
63,988 | Sempra Energy | 10,325,104 | ||||||||||||||
214,057 | Southern Co | 15,709,643 | ||||||||||||||
63,739 | WEC Energy Group, Inc | 6,377,087 | ||||||||||||||
110,151 | Xcel Energy, Inc | 8,069,662 | ||||||||||||||
TOTAL UTILITIES | 201,254,849 | |||||||||||||||
TOTAL COMMON STOCKS | 7,002,794,150 | |||||||||||||||
(Cost $3,021,137,320) | ||||||||||||||||
PRINCIPAL | ISSUER | RATE | MATURITY DATE | |||||||||||||
SHORT-TERM INVESTMENTS - 0.5% | ||||||||||||||||
GOVERNMENT AGENCY DEBT - 0.1% | ||||||||||||||||
$ | 5,000,000 | Federal Home Loan Bank (FHLB) | 0.000 | % | 05/04/22 | 4,999,867 | ||||||||||
TOTAL GOVERNMENT AGENCY DEBT | 4,999,867 | |||||||||||||||
REPURCHASE AGREEMENT - 0.4% | ||||||||||||||||
28,945,000 | r | Fixed Income Clearing Corp (FICC) | 0.250 | 05/02/22 | 28,945,000 | |||||||||||
TOTAL REPURCHASE AGREEMENT | 28,945,000 | |||||||||||||||
TREASURY DEBT - 0.0% | ||||||||||||||||
2,395,000 | United States Treasury Bill | 0.000 | 05/12/22 | 2,394,919 | ||||||||||||
TOTAL TREASURY DEBT | 2,394,919 | |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 36,339,786 | |||||||||||||||
(Cost $36,339,745) | ||||||||||||||||
TOTAL INVESTMENTS - 99.9% | 7,039,133,936 | |||||||||||||||
(Cost $3,057,477,065) | ||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - 0.1% | 8,275,127 | |||||||||||||||
NET ASSETS - 100.0% | $ | 7,047,409,063 |
204 |
TIAA-CREF FUNDS – S&P 500 Index Fund
* | Non-income producing | ||||||
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 $4,012,776. | ||||||
r | Agreement with Fixed Income Clearing Corp (FICC), 0.250% dated 4/29/22 to be repurchased at $28,945,000 on 5/2/22, collateralized by Government Agency Securities, with coupon rate 2.875% and maturity date 8/15/45, valued at $29,523,946. | ||||||
Futures contracts outstanding as of April 30, 2022 were as follows:
Description | Number of long (short) contracts | Expiration date | Notional amount | Value | Unrealized appreciation (depreciation) | |||||||||||||
S&P 500 E Mini Index | 170 | 06/17/22 | $ | 36,605,571 | $ | 35,083,750 | $ | (1,521,821) |
205 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
TIAA-CREF FUNDS
SMALL-CAP BLEND INDEX FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2022
SHARES | COMPANY | VALUE | ||||||||
COMMON STOCKS - 100.0% | ||||||||||
AUTOMOBILES & COMPONENTS - 1.4% | ||||||||||
138,657 | * | Adient plc | $ | 4,733,750 | ||||||
162,351 | * | American Axle & Manufacturing Holdings, Inc | 1,074,764 | |||||||
42,873 | *,e | Arcimoto, Inc | 144,053 | |||||||
157,235 | *,e | Canoo, Inc | 754,728 | |||||||
22,294 | * | Cooper-Standard Holding, Inc | 102,775 | |||||||
211,188 | Dana Inc | 3,127,694 | ||||||||
37,362 | * | Dorman Products, Inc | 3,688,377 | |||||||
231,137 | *,e | Fisker, Inc | 2,325,238 | |||||||
61,098 | * | Fox Factory Holding Corp | 5,002,704 | |||||||
47,445 | * | Gentherm, Inc | 3,198,742 | |||||||
392,695 | * | Goodyear Tire & Rubber Co | 5,230,697 | |||||||
35,751 | LCI Industries, Inc | 3,479,287 | ||||||||
222,737 | *,e | Lordstown Motors Corp | 485,567 | |||||||
64,885 | * | Modine Manufacturing Co | 512,592 | |||||||
29,659 | * | Motorcar Parts of America, Inc | 451,113 | |||||||
32,853 | Patrick Industries, Inc | 2,045,099 | ||||||||
28,657 | Standard Motor Products, Inc | 1,223,081 | ||||||||
35,884 | * | Stoneridge, Inc | 707,274 | |||||||
97,432 | * | Tenneco, Inc | 1,672,908 | |||||||
40,189 | * | Visteon Corp | 4,208,190 | |||||||
45,291 | Winnebago Industries, Inc | 2,408,575 | ||||||||
222,385 | *,e | Workhorse Group, Inc | 669,379 | |||||||
170,792 | * | XL Fleet Corp | 239,109 | |||||||
26,487 | * | XPEL, Inc | 1,146,093 | |||||||
TOTAL AUTOMOBILES & COMPONENTS | 48,631,789 | |||||||||
BANKS - 10.2% | ||||||||||
24,163 | 1st Source Corp | 1,045,533 | ||||||||
27,630 | Allegiance Bancshares, Inc | 1,128,962 | ||||||||
20,399 | Amalgamated Financial Corp | 358,818 | ||||||||
38,307 | Amerant Bancorp Inc | 1,018,583 | ||||||||
16,123 | American National Bankshares, Inc | 560,113 | ||||||||
95,437 | Ameris Bancorp | 3,979,723 | ||||||||
21,009 | Arrow Financial Corp | 657,582 | ||||||||
219,506 | Associated Banc-Corp | 4,379,145 | ||||||||
110,387 | Atlantic Union Bankshares Corp | 3,728,873 | ||||||||
81,796 | * | Axos Financial, Inc | 3,098,432 | |||||||
82,917 | Banc of California, Inc | 1,495,823 | ||||||||
23,608 | Bancfirst Corp | 1,929,954 | ||||||||
8,541 | e | Bank First Corp | 603,849 | |||||||
21,324 | Bank of Marin Bancorp | 666,588 | ||||||||
69,689 | Bank of NT Butterfield & Son Ltd | 2,232,139 | ||||||||
124,293 | BankUnited | 4,665,959 | ||||||||
50,745 | Banner Corp | 2,725,006 | ||||||||
19,680 | Bar Harbor Bankshares | 513,845 |
206 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
70,833 | Berkshire Hills Bancorp, Inc | $ | 1,752,408 | |||||||
47,846 | * | Blue Foundry Bancorp | 603,817 | |||||||
21,867 | Blue Ridge Bankshares, Inc | 318,602 | ||||||||
32,970 | * | Bridgewater Bancshares, Inc | 528,179 | |||||||
113,117 | Brookline Bancorp, Inc | 1,635,672 | ||||||||
26,831 | Business First Bancshares, Inc | 594,575 | ||||||||
35,621 | Byline Bancorp, Inc | 835,669 | ||||||||
262,140 | Cadence BanCorp | 6,563,986 | ||||||||
9,377 | Cambridge Bancorp | 766,195 | ||||||||
20,979 | Camden National Corp | 938,810 | ||||||||
12,139 | Capital Bancorp, Inc | 273,249 | ||||||||
18,901 | Capital City Bank Group, Inc | 484,055 | ||||||||
184,923 | Capitol Federal Financial | 1,780,808 | ||||||||
26,939 | Capstar Financial Holdings, Inc | 542,821 | ||||||||
33,668 | * | Carter Bankshares, Inc | 550,808 | |||||||
103,156 | Cathay General Bancorp | 4,135,524 | ||||||||
26,441 | CBTX, Inc | 754,097 | ||||||||
40,283 | Central Pacific Financial Corp | 974,043 | ||||||||
19,873 | Citizens & Northern Corp | 465,227 | ||||||||
21,024 | City Holding Co | 1,626,837 | ||||||||
18,904 | Civista Bancshares, Inc | 393,581 | ||||||||
23,959 | CNB Financial Corp | 595,381 | ||||||||
13,535 | * | Coastal Financial Corp | 555,476 | |||||||
111,877 | Columbia Banking System, Inc | 3,141,506 | ||||||||
53,071 | * | Columbia Financial, Inc | 1,005,695 | |||||||
76,093 | Community Bank System, Inc | 4,900,389 | ||||||||
21,657 | Community Trust Bancorp, Inc | 862,165 | ||||||||
54,403 | ConnectOne Bancorp, Inc | 1,515,668 | ||||||||
65,804 | * | CrossFirst Bankshares, Inc | 842,949 | |||||||
44,684 | * | Customers Bancorp, Inc | 1,879,856 | |||||||
186,354 | CVB Financial Corp | 4,289,869 | ||||||||
46,087 | Dime Community Bancshares, Inc | 1,448,975 | ||||||||
46,227 | Eagle Bancorp, Inc | 2,327,529 | ||||||||
242,829 | Eastern Bankshares, Inc | 4,652,604 | ||||||||
16,328 | Enact Holdings, Inc | 385,014 | ||||||||
13,817 | Enterprise Bancorp, Inc | 469,087 | ||||||||
48,733 | Enterprise Financial Services Corp | 2,152,537 | ||||||||
21,169 | Equity Bancshares, Inc | 646,290 | ||||||||
155,737 | Essent Group Ltd | 6,312,021 | ||||||||
42,907 | Farmers National Banc Corp | 657,335 | ||||||||
48,210 | FB Financial Corp | 1,857,531 | ||||||||
13,354 | Federal Agricultural Mortgage Corp (FAMC) | 1,367,850 | ||||||||
6,246 | e | Fidelity D&D Bancorp, Inc | 232,164 | |||||||
20,183 | * | Finance Of America Cos, Inc | 45,614 | |||||||
24,377 | Financial Institutions, Inc | 678,656 | ||||||||
289,500 | First Bancorp | 3,940,095 | ||||||||
49,538 | First Bancorp | 1,855,693 | ||||||||
15,618 | First Bancorp, Inc | 439,647 | ||||||||
29,413 | First Bancshares, Inc | 946,804 | ||||||||
25,831 | First Bank | 368,350 | ||||||||
73,386 | First Busey Corp | 1,648,983 | ||||||||
141,265 | First Commonwealth Financial Corp | 1,904,252 | ||||||||
24,101 | First Community Bancshares, Inc | 641,810 | ||||||||
134,337 | First Financial Bancorp | 2,747,192 | ||||||||
186,269 | First Financial Bankshares, Inc | 7,447,035 | ||||||||
16,007 | First Financial Corp | 682,218 |
207 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
68,093 | First Foundation, Inc | $ | 1,513,026 | |||||||
11,447 | First Internet Bancorp | 440,595 | ||||||||
127,311 | First Interstate Bancsystem, Inc | 4,140,154 | ||||||||
83,064 | First Merchants Corp | 3,255,278 | ||||||||
22,959 | First Mid-Illinois Bancshares, Inc | 827,442 | ||||||||
35,843 | First of Long Island Corp | 601,446 | ||||||||
18,910 | Five Star Bancorp | 471,804 | ||||||||
73,141 | Flagstar Bancorp, Inc | 2,581,877 | ||||||||
41,324 | Flushing Financial Corp | 888,466 | ||||||||
12,136 | FS Bancorp, Inc | 356,677 | ||||||||
229,731 | Fulton Financial Corp | 3,485,019 | ||||||||
35,701 | German American Bancorp, Inc | 1,253,105 | ||||||||
159,074 | Glacier Bancorp, Inc | 7,279,226 | ||||||||
14,547 | Great Southern Bancorp, Inc | 825,397 | ||||||||
13,084 | Guaranty Bancshares, Inc | 450,090 | ||||||||
124,579 | Hancock Whitney Corp | 5,826,560 | ||||||||
45,219 | Hanmi Financial Corp | 1,046,820 | ||||||||
70,286 | HarborOne Northeast Bancorp, Inc | 941,130 | ||||||||
9,884 | HBT Financial, Inc | 169,807 | ||||||||
58,690 | Heartland Financial USA, Inc | 2,568,861 | ||||||||
81,942 | Heritage Commerce Corp | 920,209 | ||||||||
50,817 | Heritage Financial Corp | 1,230,788 | ||||||||
89,807 | Hilltop Holdings, Inc | 2,289,180 | ||||||||
1,908 | Hingham Institution for Savings | 616,418 | ||||||||
11,365 | Home Bancorp, Inc | 435,620 | ||||||||
216,187 | Home Bancshares, Inc | 4,673,963 | ||||||||
11,862 | e | Home Point Capital, Inc | 32,265 | |||||||
28,854 | HomeStreet, Inc | 1,171,184 | ||||||||
20,007 | HomeTrust Bancshares, Inc | 540,789 | ||||||||
169,630 | Hope Bancorp, Inc | 2,425,709 | ||||||||
60,962 | Horizon Bancorp | 1,065,616 | ||||||||
66,075 | Independent Bank Corp | 5,098,347 | ||||||||
32,715 | Independent Bank Corp | 645,794 | ||||||||
53,260 | Independent Bank Group, Inc | 3,611,028 | ||||||||
76,009 | International Bancshares Corp | 3,024,398 | ||||||||
93,501 | Kearny Financial Corp | 1,108,922 | ||||||||
85,142 | Lakeland Bancorp, Inc | 1,279,684 | ||||||||
34,230 | Lakeland Financial Corp | 2,492,629 | ||||||||
46,072 | Live Oak Bancshares, Inc | 1,950,228 | ||||||||
14,354 | Luther Burbank Corp | 190,478 | ||||||||
29,562 | Macatawa Bank Corp | 258,667 | ||||||||
20,231 | Mercantile Bank Corp | 635,253 | ||||||||
21,555 | Merchants Bancorp | 506,974 | ||||||||
42,876 | Meta Financial Group, Inc | 1,871,537 | ||||||||
25,254 | Metrocity Bankshares, Inc | 514,677 | ||||||||
14,832 | * | Metropolitan Bank Holding Corp | 1,320,790 | |||||||
21,712 | Mid Penn Bancorp, Inc | 560,821 | ||||||||
29,906 | Midland States Bancorp, Inc | 788,322 | ||||||||
19,523 | MidWestOne Financial Group, Inc | 583,347 | ||||||||
88,188 | * | Mr Cooper Group, Inc | 3,965,814 | |||||||
14,402 | MVB Financial Corp | 576,944 | ||||||||
43,471 | National Bank Holdings Corp | 1,587,126 | ||||||||
59,571 | NBT Bancorp, Inc | 2,096,899 | ||||||||
16,677 | * | Nicolet Bankshares, Inc | 1,357,174 | |||||||
122,047 | * | NMI Holdings, Inc | 2,243,224 | |||||||
64,443 | Northfield Bancorp, Inc | 843,559 |
208 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
9,924 | Northrim BanCorp, Inc | $ | 397,655 | |||||||
177,191 | Northwest Bancshares, Inc | 2,246,782 | ||||||||
86,218 | OceanFirst Financial Corp | 1,614,863 | ||||||||
10,296 | * | Ocwen Financial Corp | 214,157 | |||||||
71,728 | OFG Bancorp | 1,906,530 | ||||||||
423,417 | Old National Bancorp | 6,419,002 | ||||||||
43,458 | Old Second Bancorp, Inc | 598,417 | ||||||||
32,176 | Origin Bancorp, Inc | 1,212,392 | ||||||||
13,166 | Orrstown Financial Services, Inc | 310,454 | ||||||||
135,494 | Pacific Premier Bancorp, Inc | 4,249,092 | ||||||||
20,640 | Park National Corp | 2,432,424 | ||||||||
21,293 | PCSB Financial Corp | 390,088 | ||||||||
24,078 | Peapack Gladstone Financial Corp | 746,177 | ||||||||
43,240 | PennyMac Financial Services, Inc | 2,099,734 | ||||||||
34,667 | Peoples Bancorp, Inc | 950,569 | ||||||||
10,436 | Peoples Financial Services Corp | 518,043 | ||||||||
16,955 | * | Pioneer Bancorp, Inc | 176,332 | |||||||
19,698 | Preferred Bank | 1,322,130 | ||||||||
50,911 | Premier Financial Corp | 1,351,178 | ||||||||
37,773 | Primis Financial Corp | 515,601 | ||||||||
27,206 | Provident Bancorp Inc | 433,120 | ||||||||
105,662 | Provident Financial Services, Inc | 2,338,300 | ||||||||
21,178 | QCR Holdings, Inc | 1,149,754 | ||||||||
256,004 | Radian Group, Inc | 5,475,926 | ||||||||
17,031 | RBB Bancorp | 364,293 | ||||||||
5,706 | Red River Bancshares Inc | 309,550 | ||||||||
81,093 | Renasant Corp | 2,415,760 | ||||||||
12,625 | Republic Bancorp, Inc (Class A) | 526,210 | ||||||||
60,595 | * | Republic First Bancorp, Inc | 253,893 | |||||||
57,123 | S&T Bancorp, Inc | 1,614,296 | ||||||||
64,881 | Sandy Spring Bancorp, Inc | 2,547,877 | ||||||||
75,546 | Seacoast Banking Corp of Florida | 2,455,245 | ||||||||
71,239 | ServisFirst Bancshares, Inc | 5,721,916 | ||||||||
18,048 | Sierra Bancorp | 392,544 | ||||||||
39,921 | * | Silvergate Capital Corp | 4,669,160 | |||||||
178,520 | Simmons First National Corp (Class A) | 4,261,272 | ||||||||
16,754 | SmartFinancial, Inc | 410,808 | ||||||||
15,593 | South Plains Financial Inc | 376,571 | ||||||||
110,781 | South State Corp | 8,578,881 | ||||||||
12,114 | * | Southern First Bancshares, Inc | 553,610 | |||||||
11,360 | Southern Missouri Bancorp, Inc | 479,392 | ||||||||
46,008 | Southside Bancshares, Inc | 1,803,054 | ||||||||
33,225 | Stock Yards Bancorp, Inc | 1,737,003 | ||||||||
14,067 | Summit Financial Group, Inc | 383,326 | ||||||||
73,293 | * | Texas Capital Bancshares, Inc | 3,764,328 | |||||||
74,214 | * | The Bancorp, Inc | 1,683,916 | |||||||
5,508 | * | Third Coast Bancshares, Inc | 124,866 | |||||||
20,103 | Tompkins Financial Corp | 1,467,519 | ||||||||
94,213 | Towne Bank | 2,597,452 | ||||||||
40,090 | Trico Bancshares | 1,505,379 | ||||||||
40,573 | * | Tristate Capital Holdings, Inc | 1,225,710 | |||||||
34,818 | * | Triumph Bancorp, Inc | 2,417,762 | |||||||
26,744 | TrustCo Bank Corp NY | 833,076 | ||||||||
87,219 | Trustmark Corp | 2,431,666 | ||||||||
62,992 | UMB Financial Corp | 5,680,619 | ||||||||
188,110 | United Bankshares, Inc | 6,256,539 |
209 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
153,369 | United Community Banks, Inc | $ | 4,622,542 | |||||||
40,777 | Univest Financial Corp | 1,027,580 | ||||||||
571,763 | Valley National Bancorp | 6,849,721 | ||||||||
13,428 | * | Velocity Financial, Inc | 143,680 | |||||||
69,223 | Veritex Holdings, Inc | 2,273,976 | ||||||||
41,577 | Walker & Dunlop, Inc | 4,979,262 | ||||||||
94,627 | Washington Federal, Inc | 2,879,500 | ||||||||
25,441 | Washington Trust Bancorp, Inc | 1,194,201 | ||||||||
29,370 | Waterstone Financial, Inc | 471,682 | ||||||||
86,655 | WesBanco, Inc | 2,793,757 | ||||||||
24,263 | West Bancorporation, Inc | 606,575 | ||||||||
37,007 | Westamerica Bancorporation | 2,180,452 | ||||||||
93,050 | WSFS Financial Corp | 3,728,513 | ||||||||
TOTAL BANKS | 362,852,941 | |||||||||
CAPITAL GOODS - 9.9% | ||||||||||
59,895 | Aaon, Inc | 2,919,282 | ||||||||
47,919 | * | AAR Corp | 2,251,235 | |||||||
26,730 | *,e | Advent Technologies Holdings, Inc | 52,123 | |||||||
108,159 | * | Aerojet Rocketdyne Holdings, Inc | 4,324,197 | |||||||
32,133 | * | Aerovironment, Inc | 2,580,923 | |||||||
21,788 | *,e | AerSale Corp | 315,490 | |||||||
104,503 | *,e | AgEagle Aerial Systems, Inc | 84,240 | |||||||
13,858 | Alamo Group, Inc | 1,752,206 | ||||||||
44,012 | Albany International Corp (Class A) | 3,442,619 | ||||||||
18,217 | �� | Allied Motion Technologies, Inc | 443,402 | |||||||
27,509 | * | Alta Equipment Group, Inc | 309,476 | |||||||
92,562 | Altra Industrial Motion Corp | 3,609,918 | ||||||||
44,907 | * | Ameresco, Inc | 2,265,109 | |||||||
44,615 | * | American Superconductor Corp | 237,798 | |||||||
25,604 | * | American Woodmark Corp | 1,199,547 | |||||||
291,616 | *,g | API Group Corp | 5,412,393 | |||||||
34,123 | Apogee Enterprises, Inc | 1,501,412 | ||||||||
55,306 | Applied Industrial Technologies, Inc | 5,789,985 | ||||||||
68,764 | Arcosa, Inc | 3,680,937 | ||||||||
20,671 | Argan, Inc | 760,279 | ||||||||
185,486 | * | Array Technologies, Inc | 1,211,224 | |||||||
33,885 | Astec Industries, Inc | 1,324,903 | ||||||||
38,379 | * | Astronics Corp | 371,893 | |||||||
63,855 | * | Atkore International Group, Inc | 6,136,465 | |||||||
35,605 | AZZ, Inc | 1,625,012 | ||||||||
71,755 | * | Babcock & Wilcox Enterprises, Inc | 538,880 | |||||||
67,700 | Barnes Group, Inc | 2,273,366 | ||||||||
80,406 | * | Beacon Roofing Supply, Inc | 4,794,610 | |||||||
12,442 | *,e | Beam Global | 192,104 | |||||||
49,795 | *,e | Blink Charging Co | 951,084 | |||||||
202,212 | * | Bloom Energy Corp | 3,753,055 | |||||||
24,745 | * | Blue Bird Corp | 396,662 | |||||||
12,399 | * | BlueLinx Holdings, Inc | 826,641 | |||||||
56,562 | Boise Cascade Co | 4,274,956 | ||||||||
27,362 | *,e | Byrna Technologies, Inc | 161,983 | |||||||
9,681 | Cadre Holdings, Inc | 245,704 | ||||||||
28,872 | Caesarstone Sdot-Yam Ltd | 283,812 | ||||||||
52,111 | * | Chart Industries, Inc | 8,797,379 | |||||||
28,834 | * | CIRCOR International, Inc | 566,588 | |||||||
39,851 | Columbus McKinnon Corp | 1,412,718 |
210 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
51,292 | Comfort Systems USA, Inc | $ | 4,330,071 | |||||||
50,187 | * | Commercial Vehicle Group, Inc | 360,343 | |||||||
32,351 | * | Concrete Pumping Holdings Inc | 180,519 | |||||||
56,768 | * | Construction Partners Inc | 1,465,182 | |||||||
77,795 | * | Cornerstone Building Brands, Inc | 1,897,420 | |||||||
21,422 | CSW Industrials, Inc | 2,260,235 | ||||||||
83,326 | *,e | Custom Truck One Source, Inc | 547,452 | |||||||
272,767 | *,e | Desktop Metal, Inc | 957,412 | |||||||
32,435 | Douglas Dynamics, Inc | 1,004,188 | ||||||||
16,798 | * | Ducommun, Inc | 857,874 | |||||||
26,361 | * | DXP Enterprises, Inc | 622,910 | |||||||
42,593 | * | Dycom Industries, Inc | 3,616,572 | |||||||
76,506 | EMCOR Group, Inc | 8,146,359 | ||||||||
28,735 | Encore Wire Corp | 3,241,595 | ||||||||
58,571 | * | Energy Recovery, Inc | 1,084,735 | |||||||
86,402 | Enerpac Tool Group Corp | 1,734,952 | ||||||||
60,354 | EnerSys | 3,950,773 | ||||||||
30,156 | EnPro Industries, Inc | 2,810,841 | ||||||||
63,892 | *,e | Eos Energy Enterprises, Inc | 135,451 | |||||||
37,397 | ESCO Technologies, Inc | 2,335,443 | ||||||||
9,791 | *,e | EVI Industries, Inc | 139,913 | |||||||
165,370 | * | Evoqua Water Technologies Corp | 6,894,275 | |||||||
88,683 | Federal Signal Corp | 3,017,882 | ||||||||
202,581 | * | Fluor Corp | 5,013,880 | |||||||
65,678 | Franklin Electric Co, Inc | 4,593,519 | ||||||||
58,244 | *,e | FTC Solar, Inc | 163,083 | |||||||
527,855 | *,e | FuelCell Energy, Inc | 2,153,648 | |||||||
51,272 | GATX Corp | 5,301,012 | ||||||||
47,824 | * | Gibraltar Industries, Inc | 1,809,660 | |||||||
17,548 | Global Industrial Co | 541,531 | ||||||||
60,375 | * | GMS, Inc | 2,894,981 | |||||||
35,143 | Gorman-Rupp Co | 1,119,656 | ||||||||
288,620 | GrafTech International Ltd | 2,620,670 | ||||||||
66,580 | Granite Construction, Inc | 1,974,097 | ||||||||
91,725 | * | Great Lakes Dredge & Dock Corp | 1,266,722 | |||||||
45,639 | Greenbrier Cos, Inc | 1,949,242 | ||||||||
68,977 | Griffon Corp | 1,290,560 | ||||||||
47,239 | H&E Equipment Services, Inc | 1,676,040 | ||||||||
46,133 | Helios Technologies, Inc | 3,099,215 | ||||||||
36,027 | Herc Holdings, Inc | 4,604,971 | ||||||||
105,405 | Hillenbrand, Inc | 4,302,632 | ||||||||
56,955 | * | Hydrofarm Holdings Group, Inc | 543,920 | |||||||
159,135 | *,e | Hyliion Holdings Corp | 510,823 | |||||||
16,037 | Hyster-Yale Materials Handling, Inc | 492,657 | ||||||||
667,922 | *,e | Ideanomics Inc | 480,369 | |||||||
13,056 | * | IES Holdings, Inc | 382,541 | |||||||
40,111 | * | Infrastructure and Energy Alternatives, Inc | 375,038 | |||||||
48,313 | *,e | INNOVATE Corp | 146,388 | |||||||
26,810 | Insteel Industries, Inc | 1,137,280 | ||||||||
133,424 | * | JELD-WEN Holding, Inc | 2,773,885 | |||||||
44,939 | John Bean Technologies Corp | 5,297,859 | ||||||||
16,396 | Kadant, Inc | 3,033,260 | ||||||||
41,149 | Kaman Corp | 1,605,222 | ||||||||
7,176 | * | Karat Packaging, Inc | 131,680 | |||||||
123,461 | Kennametal, Inc | 3,176,652 | ||||||||
173,809 | * | Kratos Defense & Security Solutions, Inc | 2,636,683 |
211 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
7,476 | * | Lawson Products, Inc | $ | 284,013 | ||||||
15,653 | Lindsay Corp | 2,115,503 | ||||||||
44,385 | Luxfer Holdings plc | 716,374 | ||||||||
47,428 | * | Manitowoc Co, Inc | 627,947 | |||||||
34,293 | * | Masonite International Corp | 2,658,393 | |||||||
42,964 | * | Matrix Service Co | 292,155 | |||||||
104,618 | Maxar Technologies, Inc | 3,369,746 | ||||||||
11,877 | * | Mayville Engineering Co Inc | 98,342 | |||||||
35,118 | McGrath RentCorp | 2,930,948 | ||||||||
98,705 | * | Meritor, Inc | 3,544,497 | |||||||
14,705 | Miller Industries, Inc | 394,241 | ||||||||
41,405 | Moog, Inc (Class A) | 3,307,017 | ||||||||
113,331 | * | MRC Global, Inc | 1,358,839 | |||||||
81,045 | Mueller Industries, Inc | 4,388,587 | ||||||||
220,903 | Mueller Water Products, Inc (Class A) | 2,657,463 | ||||||||
23,892 | * | MYR Group, Inc | 1,889,618 | |||||||
6,945 | National Presto Industries, Inc | 493,998 | ||||||||
325,103 | *,e | Nikola Corp | 2,334,240 | |||||||
31,748 | * | NN, Inc | 96,196 | |||||||
13,152 | * | Northwest Pipe Co | 351,290 | |||||||
158,316 | * | NOW, Inc | 1,725,644 | |||||||
18,943 | * | NV5 Global Inc | 2,269,371 | |||||||
3,999 | Omega Flex, Inc | 443,889 | ||||||||
30,593 | Park Aerospace Corp | 357,938 | ||||||||
10,368 | Park-Ohio Holdings Corp | 99,429 | ||||||||
37,512 | * | Parsons Corp | 1,385,318 | |||||||
88,479 | * | PGT Innovations, Inc | 1,572,272 | |||||||
15,137 | Powell Industries, Inc | 292,144 | ||||||||
3,783 | Preformed Line Products Co | 225,088 | ||||||||
77,014 | Primoris Services Corp | 1,785,185 | ||||||||
39,906 | * | Proto Labs, Inc | 1,700,395 | |||||||
48,076 | Quanex Building Products Corp | 924,021 | ||||||||
39,950 | * | RBC Bearings, Inc | 6,725,582 | |||||||
204,126 | * | Resideo Technologies, Inc | 4,590,794 | |||||||
49,721 | REV Group, Inc | 592,674 | ||||||||
117,836 | *,e | Romeo Power, Inc | 129,620 | |||||||
59,230 | Rush Enterprises, Inc (Class A) | 3,013,622 | ||||||||
10,605 | Rush Enterprises, Inc (Class B) | 513,812 | ||||||||
50,015 | Shyft Group, Inc | 1,273,882 | ||||||||
61,743 | Simpson Manufacturing Co, Inc | 6,400,897 | ||||||||
61,841 | * | SPX Corp | 2,591,138 | |||||||
16,897 | Standex International Corp | 1,588,994 | ||||||||
162,597 | *,e | Stem, Inc | 1,165,820 | |||||||
39,142 | * | Sterling Construction Co, Inc | 895,960 | |||||||
26,146 | Tennant Co | 1,688,509 | ||||||||
98,477 | Terex Corp | 3,348,218 | ||||||||
65,921 | Textainer Group Holdings Ltd | 2,210,990 | ||||||||
45,098 | * | Thermon Group Holdings | 676,470 | |||||||
67,274 | * | Titan International, Inc | 932,418 | |||||||
30,380 | * | Titan Machinery, Inc | 716,360 | |||||||
55,929 | * | TPI Composites, Inc | 639,828 | |||||||
9,859 | * | Transcat Inc | 719,707 | |||||||
112,396 | Trinity Industries, Inc | 3,117,865 | ||||||||
95,262 | Triton International Ltd | 5,819,556 | ||||||||
89,492 | * | Triumph Group, Inc | 2,017,150 | |||||||
57,748 | * | Tutor Perini Corp | 535,324 |
212 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
87,160 | UFP Industries, Inc | $ | 6,743,569 | |||||||
17,748 | * | Vectrus, Inc | 640,703 | |||||||
20,266 | * | Veritiv Corp | 2,848,184 | |||||||
31,156 | * | Vicor Corp | 1,885,561 | |||||||
144,927 | *,e | View, Inc | 223,188 | |||||||
68,633 | Wabash National Corp | 982,138 | ||||||||
39,712 | Watts Water Technologies, Inc (Class A) | 5,061,692 | ||||||||
188,106 | * | Welbilt, Inc | 4,443,064 | |||||||
63,638 | * | WESCO International, Inc | 7,844,020 | |||||||
1,884 | * | Willis Lease Finance Corp | 58,592 | |||||||
299,523 | * | WillScot Mobile Mini Holdings Corp | 10,513,257 | |||||||
175,539 | Zurn Water Solutions Corp | 5,480,328 | ||||||||
TOTAL CAPITAL GOODS | 349,082,970 | |||||||||
COMMERCIAL & PROFESSIONAL SERVICES - 3.8% | ||||||||||
97,408 | ABM Industries, Inc | 4,701,884 | ||||||||
67,210 | * | Acacia Research (Acacia Technologies) | 315,215 | |||||||
130,059 | ACCO Brands Corp | 953,333 | ||||||||
29,597 | Aris Water Solution, Inc | 501,373 | ||||||||
72,981 | * | ASGN Inc | 8,279,694 | |||||||
21,078 | * | Atlas Technical Consultants, Inc | 255,044 | |||||||
11,399 | Barrett Business Services, Inc | 820,386 | ||||||||
66,391 | Brady Corp (Class A) | 2,970,997 | ||||||||
59,921 | * | BrightView Holdings, Inc | 758,600 | |||||||
69,214 | Brink’s Co | 4,080,165 | ||||||||
70,459 | * | Casella Waste Systems, Inc (Class A) | 5,794,548 | |||||||
71,253 | * | CBIZ, Inc | 2,984,788 | |||||||
48,716 | * | Ceco Environmental Corp | 231,401 | |||||||
25,754 | * | Cimpress plc | 1,300,835 | |||||||
1,670 | Compx International, Inc | 35,454 | ||||||||
166,924 | * | CoreCivic, Inc | 2,074,865 | |||||||
11,137 | CRA International, Inc | 917,355 | ||||||||
60,805 | Deluxe Corp | 1,646,599 | ||||||||
35,323 | Ennis, Inc | 609,322 | ||||||||
74,640 | Exponent, Inc | 7,151,258 | ||||||||
76,056 | * | First Advantage Corp | 1,320,332 | |||||||
15,470 | * | Forrester Research, Inc | 861,524 | |||||||
17,415 | * | Franklin Covey Co | 697,819 | |||||||
159,791 | * | Geo Group, Inc | 1,043,435 | |||||||
111,593 | * | Harsco Corp | 1,140,480 | |||||||
106,701 | Healthcare Services Group | 1,823,520 | ||||||||
27,521 | Heidrick & Struggles International, Inc | 879,571 | ||||||||
20,260 | * | Heritage-Crystal Clean, Inc | 553,098 | |||||||
106,343 | Herman Miller, Inc | 3,374,263 | ||||||||
7,959 | e | HireQuest, Inc | 132,279 | |||||||
27,234 | * | HireRight Holdings Corp | 470,876 | |||||||
61,654 | HNI Corp | 2,197,349 | ||||||||
32,275 | * | Huron Consulting Group, Inc | 1,671,200 | |||||||
26,669 | ICF International, Inc | 2,635,164 | ||||||||
51,440 | Insperity, Inc | 5,455,212 | ||||||||
91,022 | Interface, Inc | 1,155,069 | ||||||||
175,435 | * | KAR Auction Services, Inc | 2,571,877 | |||||||
203,906 | KBR, Inc | 10,038,292 | ||||||||
48,227 | Kelly Services, Inc (Class A) | 930,299 | ||||||||
29,383 | Kforce, Inc | 2,058,279 | ||||||||
52,387 | Kimball International, Inc (Class B) | 402,332 |
213 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
77,864 | Korn/Ferry International | $ | 4,783,964 | |||||||
40,246 | Mantech International Corp (Class A) | 3,233,364 | ||||||||
45,086 | Matthews International Corp (Class A) | 1,344,014 | ||||||||
29,253 | * | Mistras Group, Inc | 166,450 | |||||||
36,890 | * | Montrose Environmental Group, Inc | 1,673,699 | |||||||
9,268 | NL Industries, Inc | 63,764 | ||||||||
247,519 | Pitney Bowes, Inc | 1,304,425 | ||||||||
49,386 | Resources Connection, Inc | 848,945 | ||||||||
32,878 | * | SP Plus Corp | 937,023 | |||||||
126,550 | Steelcase, Inc (Class A) | 1,484,432 | ||||||||
25,011 | *,e | Sterling Check Corp | 649,786 | |||||||
77,501 | Tetra Tech, Inc | 10,794,339 | ||||||||
58,467 | * | TriNet Group, Inc | 5,186,023 | |||||||
50,352 | * | TrueBlue, Inc | 1,287,501 | |||||||
21,640 | Unifirst Corp | 3,728,572 | ||||||||
167,543 | * | Upwork, Inc | 3,513,377 | |||||||
44,338 | * | US Ecology, Inc | 2,127,781 | |||||||
28,588 | * | Viad Corp | 936,257 | |||||||
14,203 | VSE Corp | 615,132 | ||||||||
18,190 | * | Willdan Group, Inc | 488,947 | |||||||
TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 132,963,181 | |||||||||
CONSUMER DURABLES & APPAREL - 2.8% | ||||||||||
49,122 | Acushnet Holdings Corp | 2,001,230 | ||||||||
22,127 | * | American Outdoor Brands, Inc | 278,800 | |||||||
127,562 | *,e | AMMO, Inc | 516,626 | |||||||
15,982 | *,e | Aterian, Inc | 81,988 | |||||||
14,577 | Bassett Furniture Industries, Inc | 241,395 | ||||||||
45,604 | * | Beazer Homes USA, Inc | 687,708 | |||||||
166,417 | * | Callaway Golf Co | 3,651,189 | |||||||
13,113 | * | Cavco Industries, Inc | 3,097,946 | |||||||
43,385 | Century Communities, Inc | 2,287,257 | ||||||||
39,006 | Clarus Corp | 871,784 | ||||||||
84,520 | * | Crocs, Inc | 5,614,664 | |||||||
13,102 | Escalade, Inc | 172,291 | ||||||||
36,403 | Ethan Allen Interiors, Inc | 864,207 | ||||||||
10,399 | Flexsteel Industries, Inc | 225,554 | ||||||||
62,234 | * | Fossil Group, Inc | 614,872 | |||||||
327,636 | *,e | Genius Brands International, Inc | 232,622 | |||||||
62,865 | * | G-III Apparel Group Ltd | 1,664,665 | |||||||
181,696 | * | GoPro, Inc | 1,620,728 | |||||||
44,309 | * | Green Brick Partners, Inc | 872,887 | |||||||
10,453 | Hamilton Beach Brands Holding Co | 97,840 | ||||||||
34,401 | * | Helen of Troy Ltd | 7,379,358 | |||||||
19,246 | Hooker Furniture Corp | 324,488 | ||||||||
6,733 | * | Hovnanian Enterprises, Inc | 309,853 | |||||||
34,308 | Installed Building Products, Inc | 2,760,765 | ||||||||
38,809 | * | iRobot Corp | 1,965,676 | |||||||
7,010 | Johnson Outdoors, Inc | 536,125 | ||||||||
114,002 | KB Home | 3,697,085 | ||||||||
73,494 | Kontoor Brands, Inc | 2,919,917 | ||||||||
9,397 | * | Landsea Homes Corp | 78,277 | |||||||
61,420 | * | Latham Group, Inc | 737,040 | |||||||
66,128 | La-Z-Boy, Inc | 1,737,844 | ||||||||
8,158 | * | Legacy Housing Corp | 142,928 | |||||||
31,684 | * | LGI Homes, Inc | 2,969,108 |
214 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
20,138 | Lifetime Brands, Inc | $ | 254,142 | |||||||
18,423 | * | Lovesac Co | 807,664 | |||||||
41,258 | * | M/I Homes, Inc | 1,826,904 | |||||||
29,782 | * | Malibu Boats, Inc | 1,497,737 | |||||||
11,799 | Marine Products Corp | 138,520 | ||||||||
25,345 | * | MasterCraft Boat Holdings, Inc | 610,054 | |||||||
81,424 | MDC Holdings, Inc | 3,005,360 | ||||||||
53,628 | * | Meritage Homes Corp | 4,426,991 | |||||||
22,241 | Movado Group, Inc | 800,009 | ||||||||
44,297 | * | Nautilus, Inc | 133,334 | |||||||
23,157 | Oxford Industries, Inc | 2,074,867 | ||||||||
39,454 | *,e | PLBY Group, Inc | 348,773 | |||||||
85,756 | *,e | Purple Innovation, Inc | 353,315 | |||||||
8,350 | Rocky Brands, Inc | 321,558 | ||||||||
75,874 | * | Skyline Champion Corp | 3,872,609 | |||||||
65,972 | Smith & Wesson Brands, Inc | 905,796 | ||||||||
25,142 | *,e | Snap One Holdings Corp | 300,447 | |||||||
17,769 | *,e | Solo Brands, Inc | 106,081 | |||||||
184,585 | *,e | Sonos, Inc | 4,212,230 | |||||||
115,737 | Steven Madden Ltd | 4,752,161 | ||||||||
25,161 | Sturm Ruger & Co, Inc | 1,714,722 | ||||||||
18,501 | Superior Uniform Group, Inc | 294,166 | ||||||||
173,542 | * | Taylor Morrison Home Corp | 4,545,065 | |||||||
44,410 | *,e | Traeger, Inc | 266,016 | |||||||
154,699 | * | TRI Pointe Homes, Inc | 3,197,628 | |||||||
71,108 | * | Tupperware Brands Corp | 1,250,079 | |||||||
20,773 | * | Unifi, Inc | 304,740 | |||||||
17,450 | * | Universal Electronics, Inc | 514,775 | |||||||
40,293 | * | Vera Bradley, Inc | 247,802 | |||||||
80,007 | * | Vista Outdoor, Inc | 2,818,647 | |||||||
24,370 | * | VOXX International Corp (Class A) | 184,481 | |||||||
82,592 | *,e | Vuzix Corp | 427,001 | |||||||
23,517 | e | Weber, Inc | 206,479 | |||||||
118,967 | Wolverine World Wide, Inc | 2,357,926 | ||||||||
TOTAL CONSUMER DURABLES & APPAREL | 100,332,796 | |||||||||
CONSUMER SERVICES - 3.0% | ||||||||||
108,535 | * | 2U, Inc | 1,083,179 | |||||||
79,449 | * | Accel Entertainment, Inc | 939,882 | |||||||
72,081 | * | Adtalem Global Education, Inc | 2,112,694 | |||||||
29,129 | * | American Public Education, Inc | 566,268 | |||||||
46,593 | *,e | Bally’s Corp | 1,390,335 | |||||||
1,269 | * | Biglari Holdings, Inc (B Shares) | 173,079 | |||||||
31,486 | * | BJ’s Restaurants, Inc | 874,996 | |||||||
129,247 | Bloomin’ Brands, Inc | 2,842,142 | ||||||||
21,376 | Bluegreen Vacations Holding Corp | 562,189 | ||||||||
63,002 | * | Brinker International, Inc | 2,288,863 | |||||||
23,221 | Carriage Services, Inc | 995,949 | ||||||||
52,342 | Carrols Restaurant Group, Inc | 83,747 | ||||||||
41,827 | * | Century Casinos, Inc | 437,929 | |||||||
67,829 | * | Cheesecake Factory | 2,503,568 | |||||||
31,490 | * | Chuy’s Holdings, Inc | 787,565 | |||||||
104,272 | * | Coursera, Inc | 1,961,356 | |||||||
34,155 | Cracker Barrel Old Country Store, Inc | 3,790,863 | ||||||||
62,519 | * | Dave & Buster’s Entertainment, Inc | 2,844,614 | |||||||
91,520 | * | Denny’s Corp | 1,173,286 |
215 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
23,689 | Dine Brands Global Inc. | $ | 1,698,264 | |||||||
116,924 | * | Drive Shack, Inc | 143,817 | |||||||
29,146 | * | El Pollo Loco Holdings, Inc | 310,405 | |||||||
15,721 | *,e | Esports Technologies, Inc | 57,382 | |||||||
20,068 | European Wax Center, Inc | 550,867 | ||||||||
121,059 | * | Everi Holdings, Inc | 2,101,584 | |||||||
45,209 | * | F45 Training Holdings, Inc | 397,387 | |||||||
29,014 | * | Fiesta Restaurant Group, Inc | 197,295 | |||||||
16,618 | * | First Watch Restaurant Group, Inc | 216,034 | |||||||
38,985 | * | Full House Resorts, Inc | 352,814 | |||||||
62,817 | * | GAN Ltd | 234,307 | |||||||
24,160 | * | Golden Entertainment, Inc | 1,158,714 | |||||||
59,206 | * | Golden Nugget Online Gaming, Inc | 296,622 | |||||||
5,487 | Graham Holdings Co | 3,250,334 | ||||||||
86,084 | *,e | Hall of Fame Resort & Entertainment Co | 71,226 | |||||||
122,974 | * | Hilton Grand Vacations, Inc | 5,758,872 | |||||||
143,320 | International Game Technology plc | 3,128,676 | ||||||||
30,776 | Jack in the Box, Inc | 2,547,022 | ||||||||
121,445 | e | Krispy Kreme, Inc | 1,612,790 | |||||||
5,140 | * | Kura Sushi USA, Inc | 257,925 | |||||||
141,739 | Laureate Education, Inc | 1,605,903 | ||||||||
50,599 | * | Life Time Group Holdings, Inc | 723,566 | |||||||
40,777 | * | Lindblad Expeditions Holdings, Inc | 624,296 | |||||||
18,254 | * | Monarch Casino & Resort, Inc | 1,280,518 | |||||||
4,421 | Nathan’s Famous, Inc | 209,423 | ||||||||
15,659 | * | NEOGAMES S.A. | 204,663 | |||||||
63,679 | * | Noodles & Co | 354,692 | |||||||
30,594 | * | ONE Group Hospitality, Inc | 284,830 | |||||||
71,250 | * | OneSpaWorld Holdings Ltd | 715,350 | |||||||
47,152 | Papa John’s International, Inc | 4,293,190 | ||||||||
100,007 | * | Perdoceo Education Corp | 1,118,078 | |||||||
43,163 | * | PlayAGS, Inc | 284,876 | |||||||
31,389 | * | Portillo’s, Inc | 653,833 | |||||||
62,251 | * | PowerSchool Holdings, Inc | 942,480 | |||||||
12,047 | RCI Hospitality Holdings, Inc | 746,432 | ||||||||
25,019 | * | Red Robin Gourmet Burgers, Inc | 330,001 | |||||||
78,044 | Red Rock Resorts, Inc | 3,430,814 | ||||||||
81,935 | * | Rush Street Interactive, Inc | 520,287 | |||||||
45,777 | Ruth’s Hospitality Group Inc | 959,944 | ||||||||
137,596 | * | Scientific Games Corp (Class A) | 7,713,632 | |||||||
73,142 | * | SeaWorld Entertainment, Inc | 4,932,696 | |||||||
53,692 | * | Shake Shack, Inc | 3,105,008 | |||||||
50,372 | * | StoneMor, Inc | 119,382 | |||||||
35,017 | Strategic Education, Inc | 2,262,098 | ||||||||
58,250 | * | Stride, Inc | 2,289,225 | |||||||
16,997 | *,e | Sweetgreen, Inc | 458,919 | |||||||
22,873 | * | Target Hospitality Corp | 143,185 | |||||||
100,353 | Texas Roadhouse, Inc (Class A) | 8,262,062 | ||||||||
21,137 | * | Udemy, Inc | 230,605 | |||||||
135,269 | * | Vivint Smart Home, Inc | 708,810 | |||||||
42,787 | Wingstop, Inc | 3,926,135 | ||||||||
78,175 | * | WW International Inc | 765,333 | |||||||
17,531 | * | Xponential Fitness, Inc | 363,242 | |||||||
TOTAL CONSUMER SERVICES | 106,318,349 |
216 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
DIVERSIFIED FINANCIALS - 4.4% | ||||||||||
18,852 | AFC Gamma, Inc | $ | 301,820 | |||||||
23,632 | Alerus Financial Corp | 603,798 | ||||||||
12,063 | A-Mark Precious Metals, Inc | 950,564 | ||||||||
6,232 | Angel Oak Mortgage, Inc | 100,709 | ||||||||
197,376 | Apollo Commercial Real Estate Finance, Inc | 2,376,407 | ||||||||
203,140 | Arbor Realty Trust, Inc | 3,473,694 | ||||||||
59,049 | Ares Commercial Real Estate Corp | 889,868 | ||||||||
134,293 | ARMOUR Residential REIT, Inc | 985,711 | ||||||||
82,074 | Artisan Partners Asset Management, Inc | 2,637,858 | ||||||||
24,382 | * | Assetmark Financial Holdings, Inc | 468,866 | |||||||
3,259 | Associated Capital Group, Inc | 129,056 | ||||||||
6,063 | * | Atlanticus Holdings Corp | 260,951 | |||||||
29,634 | B. Riley Financial, Inc | 1,338,271 | ||||||||
42,071 | Banco Latinoamericano de Exportaciones S.A. (Class E) | 609,609 | ||||||||
453,222 | BGC Partners, Inc (Class A) | 1,645,196 | ||||||||
224,569 | Blackstone Mortgage Trust, Inc | 6,746,053 | ||||||||
69,886 | * | Blucora, Inc | 1,415,191 | |||||||
47,391 | Brightsphere Investment Group, Inc | 949,716 | ||||||||
119,071 | BrightSpire Capital, Inc | 1,012,103 | ||||||||
192,351 | Broadmark Realty Capital, Inc | 1,502,261 | ||||||||
120,665 | * | Cannae Holdings, Inc | 2,702,896 | |||||||
7,901 | e | Chicago Atlantic Real Estate Finance, Inc | 140,559 | |||||||
340,939 | Chimera Investment Corp | 3,416,209 | ||||||||
35,015 | Cohen & Steers, Inc | 2,720,315 | ||||||||
37,191 | Cowen Group, Inc | 849,814 | ||||||||
30,163 | Curo Group Holdings Corp | 354,114 | ||||||||
4,277 | Diamond Hill Investment Group, Inc | 720,118 | ||||||||
43,184 | * | Donnelley Financial Solutions, Inc | 1,263,996 | |||||||
47,606 | Dynex Capital, Inc | 772,645 | ||||||||
74,361 | Ellington Financial Inc | 1,203,905 | ||||||||
35,997 | * | Encore Capital Group, Inc | 2,080,987 | |||||||
52,725 | * | Enova International, Inc | 1,971,915 | |||||||
78,539 | * | Ezcorp, Inc (Class A) | 549,773 | |||||||
134,329 | Federated Investors, Inc (Class B) | 3,825,690 | ||||||||
57,448 | FirstCash Holdings, Inc | 4,583,201 | ||||||||
93,177 | * | Focus Financial Partners, Inc | 3,675,833 | |||||||
50,661 | Franklin BSP Realty Trust, Inc | 671,765 | ||||||||
8,005 | GAMCO Investors, Inc (Class A) | 159,860 | ||||||||
58,596 | e | GCM Grosvenor, Inc | 483,417 | |||||||
74,367 | Granite Point Mortgage Trust, Inc | 723,591 | ||||||||
26,085 | Great Ajax Corp | 242,851 | ||||||||
77,891 | * | Green Dot Corp | 2,062,554 | |||||||
19,071 | Greenhill & Co, Inc | 230,950 | ||||||||
50,915 | Hamilton Lane, Inc | 3,491,751 | ||||||||
108,860 | Hannon Armstrong Sustainable Infrastructure Capital, Inc | 4,353,311 | ||||||||
72,899 | Houlihan Lokey, Inc | 6,071,758 | ||||||||
461,581 | Invesco Mortgage Capital, Inc | 803,151 | ||||||||
144,615 | e | iShares Russell 2000 Index Fund | 26,746,544 | |||||||
50,611 | KKR Real Estate Finance Trust, Inc | 961,609 | ||||||||
159,643 | Ladder Capital Corp | 1,818,334 | ||||||||
137,784 | * | LendingClub Corp | 2,101,206 | |||||||
16,869 | * | LendingTree, Inc | 1,339,736 | |||||||
160,970 | MFA Financial, Inc | 2,293,822 | ||||||||
89,138 | Moelis & Co | 3,945,248 | ||||||||
219,664 | Navient Corp | 3,490,461 | ||||||||
23,865 | Nelnet, Inc (Class A) | 1,958,601 |
217 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
547,146 | New York Mortgage Trust, Inc | $ | 1,761,810 | |||||||
152,669 | * | Open Lending Corp | 2,082,405 | |||||||
31,025 | * | Oportun Financial Corp | 359,580 | |||||||
12,581 | Oppenheimer Holdings, Inc | 405,360 | ||||||||
189,541 | Orchid Island Capital, Inc | 526,924 | ||||||||
139,007 | PennyMac Mortgage Investment Trust | 2,132,367 | ||||||||
25,610 | Piper Jaffray Cos | 2,944,638 | ||||||||
34,601 | PJT Partners, Inc | 2,283,320 | ||||||||
62,722 | * | PRA Group, Inc | 2,636,206 | |||||||
82,173 | * | PROG Holdings, Inc | 2,175,119 | |||||||
30,321 | Pzena Investment Management, Inc (Class A) | 190,719 | ||||||||
90,582 | Ready Capital Corp | 1,319,780 | ||||||||
169,540 | Redwood Trust, Inc | 1,644,538 | ||||||||
10,396 | Regional Management Corp | 447,548 | ||||||||
33,756 | Sculptor Capital Management, Inc | 353,088 | ||||||||
65,065 | StepStone Group, Inc | 1,666,965 | ||||||||
24,688 | * | StoneX Group, Inc | 1,673,353 | |||||||
87,321 | TPG RE Finance Trust, Inc | 921,237 | ||||||||
498,431 | Two Harbors Investment Corp | 2,397,453 | ||||||||
1,276 | Value Line, Inc | 83,540 | ||||||||
10,710 | Virtus Investment Partners, Inc | 1,897,384 | ||||||||
196,194 | WisdomTree Investments, Inc | 1,143,811 | ||||||||
5,741 | * | World Acceptance Corp | 1,083,384 | |||||||
TOTAL DIVERSIFIED FINANCIALS | 155,310,721 | |||||||||
ENERGY - 7.1% | ||||||||||
40,518 | *,e | Aemetis, Inc | 369,929 | |||||||
88,664 | * | Alto Ingredients, Inc | 511,591 | |||||||
5,104 | Altus Midstream Co | 363,150 | ||||||||
411,205 | * | Antero Resources Corp | 14,474,416 | |||||||
21,327 | Arch Resources, Inc | 3,548,386 | ||||||||
190,709 | Archrock, Inc | 1,661,075 | ||||||||
94,647 | Berry Petroleum Co LLC | 1,038,278 | ||||||||
61,508 | Bonanza Creek Energy, Inc | 3,605,599 | ||||||||
61,796 | Brigham Minerals, Inc | 1,531,305 | ||||||||
34,474 | * | Bristow Group, Inc | 1,028,015 | |||||||
80,649 | Cactus, Inc | 4,026,805 | ||||||||
116,679 | California Resources Corp | 4,691,663 | ||||||||
69,357 | *,e | Callon Petroleum Co | 3,555,933 | |||||||
266,837 | * | Centennial Resource Development, Inc | 2,065,318 | |||||||
14,799 | * | Centrus Energy Corp | 410,820 | |||||||
292,627 | ChampionX Corp | 6,174,430 | ||||||||
150,848 | Chesapeake Energy Corp | 12,372,553 | ||||||||
218,733 | * | Clean Energy Fuels Corp | 1,281,775 | |||||||
286,528 | * | CNX Resources Corp | 5,888,150 | |||||||
128,041 | * | Comstock Resources Inc | 2,180,538 | |||||||
48,766 | * | CONSOL Energy, Inc | 2,318,823 | |||||||
37,290 | e | Crescent Energy, Inc | 585,826 | |||||||
42,261 | CVR Energy, Inc | 1,059,483 | ||||||||
95,814 | * | Delek US Holdings, Inc | 2,318,699 | |||||||
72,110 | * | Denbury, Inc | 4,613,598 | |||||||
216,804 | DHT Holdings, Inc | 1,218,438 | ||||||||
29,093 | * | DMC Global, Inc | 581,569 | |||||||
46,783 | Dorian LPG Ltd | 688,646 | ||||||||
51,316 | * | Dril-Quip, Inc | 1,482,006 | |||||||
37,679 | * | Earthstone Energy, Inc | 508,290 |
218 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
220,788 | *,e | Energy Fuels, Inc | $ | 1,658,118 | ||||||
592,016 | Equitrans Midstream Corp | 4,653,246 | ||||||||
61,773 | Falcon Minerals Corp | 420,056 | ||||||||
63,625 | * | Frank’s International NV | 972,190 | |||||||
170,238 | *,e | Frontline Ltd | 1,418,083 | |||||||
272,293 | *,e | Gevo, Inc | 1,010,207 | |||||||
143,256 | * | Golar LNG Ltd | 3,197,474 | |||||||
67,643 | * | Green Plains Inc | 1,898,739 | |||||||
226,166 | * | Helix Energy Solutions Group, Inc | 929,542 | |||||||
146,554 | Helmerich & Payne, Inc | 6,745,881 | ||||||||
7,803 | e | HighPeak Energy, Inc | 213,100 | |||||||
63,861 | International Seaways, Inc | 1,349,383 | ||||||||
637,603 | * | Kosmos Energy Ltd | 4,310,196 | |||||||
17,903 | * | Laredo Petroleum, Inc | 1,274,873 | |||||||
131,529 | * | Liberty Oilfield Services, Inc | 2,122,878 | |||||||
208,432 | Magnolia Oil & Gas Corp | 4,843,960 | ||||||||
158,627 | Matador Resources Co | 7,744,170 | ||||||||
212,590 | Murphy Oil Corp | 8,095,427 | ||||||||
9,000 | * | Nabors Industries Ltd | 1,391,580 | |||||||
49,103 | * | National Energy Services Reunited Corp | 328,499 | |||||||
117,612 | * | Newpark Resources, Inc | 410,466 | |||||||
248,239 | * | NexTier Oilfield Solutions, Inc | 2,738,076 | |||||||
233,030 | e | Nordic American Tankers Ltd | 596,557 | |||||||
87,730 | Northern Oil and Gas, Inc | 2,191,495 | ||||||||
28,730 | Oasis Petroleum, Inc | 3,811,322 | ||||||||
143,825 | * | Oceaneering International, Inc | 1,629,537 | |||||||
94,879 | * | Oil States International, Inc | 641,382 | |||||||
377,979 | Ovintiv, Inc | 19,348,745 | ||||||||
62,803 | * | Par Pacific Holdings, Inc | 921,320 | |||||||
267,803 | Patterson-UTI Energy, Inc | 4,402,681 | ||||||||
137,357 | * | PBF Energy, Inc | 3,991,594 | |||||||
140,624 | PDC Energy, Inc | 9,807,118 | ||||||||
128,727 | * | Peabody Energy Corp | 2,914,379 | |||||||
29,192 | * | Penn Virginia Corp | 929,765 | |||||||
121,961 | * | ProPetro Holding Corp | 1,724,529 | |||||||
342,320 | * | Range Resources Corp | 10,249,061 | |||||||
63,293 | * | Renewable Energy Group, Inc | 3,864,671 | |||||||
7,538 | * | Rex American Resources Corp | 637,941 | |||||||
15,161 | e | Riley Exploration Permian, Inc | 352,190 | |||||||
94,924 | * | RPC, Inc | 981,514 | |||||||
68,309 | Scorpio Tankers, Inc | 1,689,282 | ||||||||
95,098 | * | Select Energy Services, Inc | 737,960 | |||||||
175,536 | SFL Corp Ltd | 1,741,317 | ||||||||
172,538 | SM Energy Co | 6,130,275 | ||||||||
46,387 | Solaris Oilfield Infrastructure, Inc | 521,854 | ||||||||
1,462,607 | * | Southwestern Energy Co | 10,969,552 | |||||||
52,071 | * | Talos Energy, Inc | 946,130 | |||||||
108,745 | * | Teekay Corp | 352,334 | |||||||
37,339 | * | Teekay Tankers Ltd | 597,797 | |||||||
522,817 | * | Tellurian, Inc | 2,603,629 | |||||||
151,153 | * | Tetra Technologies, Inc | 556,243 | |||||||
58,422 | * | Tidewater, Inc | 1,166,103 | |||||||
367,477 | *,e | Uranium Energy Corp | 1,561,777 | |||||||
283,325 | *,e | Ur-Energy, Inc | 390,989 | |||||||
106,568 | * | US Silica Holdings, Inc | 1,980,033 | |||||||
147,897 | * | W&T Offshore, Inc | 703,990 |
219 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
54,851 | Whiting Petroleum Corp | $ | 4,006,866 | |||||||
90,880 | World Fuel Services Corp | 2,201,114 | ||||||||
TOTAL ENERGY | 251,734,297 | |||||||||
FOOD & STAPLES RETAILING - 1.3% | ||||||||||
45,664 | Andersons, Inc | 2,293,703 | ||||||||
196,768 | * | BJ’s Wholesale Club Holdings, Inc | 12,662,021 | |||||||
44,578 | * | Chefs’ Warehouse Holdings, Inc | 1,631,555 | |||||||
40,985 | *,e | HF Foods Group Inc | 239,352 | |||||||
20,483 | Ingles Markets, Inc (Class A) | 1,907,377 | ||||||||
18,348 | *,e | MedAvail Holdings, Inc | 30,457 | |||||||
12,766 | Natural Grocers by Vitamin C | 260,299 | ||||||||
216,940 | * | Performance Food Group Co | 10,684,295 | |||||||
35,234 | Pricesmart, Inc | 2,799,341 | ||||||||
78,429 | *,e | Rite Aid Corp | 499,593 | |||||||
51,410 | SpartanNash Co | 1,762,335 | ||||||||
162,346 | * | Sprouts Farmers Market, Inc | 4,837,911 | |||||||
83,061 | * | United Natural Foods, Inc | 3,565,809 | |||||||
12,578 | Village Super Market (Class A) | 291,684 | ||||||||
23,870 | Weis Markets, Inc | 1,906,735 | ||||||||
TOTAL FOOD & STAPLES RETAILING | 45,372,467 | |||||||||
FOOD, BEVERAGE & TOBACCO - 1.7% | ||||||||||
236,406 | *,e | 22nd Century Group, Inc | 451,535 | |||||||
102,772 | *,e | AppHarvest, Inc | 422,393 | |||||||
93,707 | B&G Foods, Inc (Class A) | 2,523,530 | ||||||||
26,464 | Calavo Growers, Inc | 959,055 | ||||||||
58,447 | Cal-Maine Foods, Inc | 3,140,357 | ||||||||
76,094 | * | Celsius Holdings, Inc | 3,956,888 | |||||||
6,661 | Coca-Cola Consolidated Inc | 2,940,831 | ||||||||
48,034 | * | Duckhorn Portfolio, Inc | 932,820 | |||||||
49,612 | Fresh Del Monte Produce, Inc | 1,292,393 | ||||||||
201,432 | * | Hostess Brands, Inc | 4,570,492 | |||||||
20,887 | J&J Snack Foods Corp | 3,126,784 | ||||||||
11,508 | John B. Sanfilippo & Son, Inc | 893,481 | ||||||||
9,704 | * | Laird Superfood, Inc | 29,209 | |||||||
27,164 | Lancaster Colony Corp | 4,215,310 | ||||||||
40,946 | * | Landec Corp | 407,413 | |||||||
24,847 | Limoneira Co | 296,673 | ||||||||
20,638 | MGP Ingredients, Inc | 1,884,869 | ||||||||
48,780 | * | Mission Produce, Inc | 620,482 | |||||||
32,020 | National Beverage Corp | 1,411,442 | ||||||||
223,160 | Primo Water Corp | 3,267,062 | ||||||||
28,909 | Sanderson Farms, Inc | 5,474,497 | ||||||||
8,835 | * | Seneca Foods Corp | 479,299 | |||||||
122,608 | * | Simply Good Foods Co | 5,106,623 | |||||||
38,355 | * | Sovos Brands, Inc | 579,160 | |||||||
63,791 | *,e | Tattooed Chef, Inc | 509,690 | |||||||
21,446 | e | Tootsie Roll Industries, Inc | 751,253 | |||||||
76,597 | * | TreeHouse Foods, Inc | 2,412,806 | |||||||
22,808 | Turning Point Brands, Inc | 715,943 | ||||||||
33,785 | Universal Corp | 1,954,462 | ||||||||
87,779 | Utz Brands, Inc | 1,239,439 | ||||||||
208,132 | Vector Group Ltd | 2,647,439 | ||||||||
16,344 | * | Vita Coco Co, Inc | 177,496 | |||||||
38,697 | * | Vital Farms, Inc | 445,016 |
220 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
58,516 | * | Whole Earth Brands, Inc | $ | 404,346 | ||||||
10,657 | * | Zevia PBC | 36,660 | |||||||
TOTAL FOOD, BEVERAGE & TOBACCO | 60,277,148 | |||||||||
HEALTH CARE EQUIPMENT & SERVICES - 7.1% | ||||||||||
166,522 | * | 1Life Healthcare, Inc | 1,173,980 | |||||||
48,667 | *,e | Accelerate Diagnostics, Inc | 46,720 | |||||||
76,539 | * | Accolade, Inc | 425,557 | |||||||
126,108 | * | Accuray, Inc | 335,447 | |||||||
23,312 | *,e | Acutus Medical, Inc | 29,839 | |||||||
102,623 | * | AdaptHealth Corp | 1,299,207 | |||||||
22,298 | * | Addus HomeCare Corp | 1,879,275 | |||||||
30,205 | * | Agiliti, Inc | 596,247 | |||||||
9,965 | * | AirSculpt Technologies, Inc | 104,334 | |||||||
108,359 | * | Alignment Healthcare, Inc | 1,041,330 | |||||||
175,391 | * | Allscripts Healthcare Solutions, Inc | 3,623,578 | |||||||
97,724 | * | Alphatec Holdings Inc | 1,060,305 | |||||||
279,436 | * | American Well Corp | 874,635 | |||||||
68,042 | * | AMN Healthcare Services, Inc | 6,651,106 | |||||||
54,479 | * | Angiodynamics, Inc | 1,146,783 | |||||||
54,519 | *,e | Apollo Medical Holdings, Inc | 1,988,853 | |||||||
48,834 | * | Apyx Medical Corp | 184,104 | |||||||
366,350 | *,e | Asensus Surgical, Inc | 166,066 | |||||||
113,829 | *,e | Aspira Women’s Health, Inc | 72,441 | |||||||
64,546 | * | AtriCure, Inc | 3,351,874 | |||||||
2,069 | Atrion Corp | 1,296,477 | ||||||||
70,129 | * | Avanos Medical, Inc | 2,044,962 | |||||||
60,420 | * | Aveanna Healthcare Holdings, Inc | 176,426 | |||||||
59,834 | * | AxoGen, Inc | 433,198 | |||||||
66,558 | * | Axonics Modulation Technologies, Inc | 3,449,036 | |||||||
19,231 | *,e | Biodesix, Inc | 30,962 | |||||||
15,723 | * | BioLife Solutions Inc | 199,210 | |||||||
32,806 | * | Bioventus, Inc | 394,656 | |||||||
265,432 | * | Brookdale Senior Living, Inc | 1,640,370 | |||||||
188,830 | *,e | Butterfly Network, Inc | 628,804 | |||||||
57,439 | * | Cardiovascular Systems, Inc | 1,074,109 | |||||||
29,882 | * | Castle Biosciences, Inc | 667,564 | |||||||
243,926 | * | Cerus Corp | 1,126,938 | |||||||
29,461 | *,e | ClearPoint Neuro, Inc | 252,481 | |||||||
179,085 | * | Community Health Systems, Inc | 1,373,582 | |||||||
21,820 | * | Computer Programs & Systems, Inc | 696,494 | |||||||
41,538 | Conmed Corp | 5,522,893 | ||||||||
11,904 | * | Convey Holding Parent, Inc | 60,591 | |||||||
12,134 | * | Corvel Corp | 1,881,741 | |||||||
150,602 | * | Covetrus, Inc | 2,078,308 | |||||||
49,587 | * | Cross Country Healthcare, Inc | 929,260 | |||||||
54,426 | * | CryoLife, Inc | 1,104,304 | |||||||
58,890 | * | CryoPort, Inc | 1,328,558 | |||||||
22,133 | * | Cue Health, Inc | 148,291 | |||||||
23,840 | * | Cutera, Inc | 1,294,750 | |||||||
9,563 | * | CVRx, Inc | 59,578 | |||||||
68,952 | *,e | CytoSorbents Corp | 144,799 | |||||||
21,108 | *,e | DarioHealth Corp | 104,696 | |||||||
75,211 | Ensign Group, Inc | 6,041,700 | ||||||||
115,159 | * | Evolent Health, Inc | 3,169,176 | |||||||
28,415 | *,e | Forian, Inc | 96,611 |
221 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
29,099 | * | Fulgent Genetics, Inc | $ | 1,596,953 | ||||||
64,106 | * | Glaukos Corp | 3,031,573 | |||||||
72,290 | * | Haemonetics Corp | 3,662,934 | |||||||
58,107 | * | Hanger Inc | 955,279 | |||||||
77,062 | * | Health Catalyst, Inc | 1,282,312 | |||||||
117,772 | * | HealthEquity, Inc | 7,339,551 | |||||||
38,754 | * | HealthStream, Inc | 740,201 | |||||||
14,118 | * | Heska Corp | 1,550,721 | |||||||
31,792 | * | iCAD, Inc | 114,451 | |||||||
48,767 | * | Inari Medical, Inc | 3,935,497 | |||||||
28,064 | * | InfuSystem Holdings, Inc | 222,548 | |||||||
28,699 | *,e | Innovage Holding Corp | 131,728 | |||||||
29,867 | * | Inogen, Inc | 755,038 | |||||||
38,779 | * | Inspire Medical Systems, Inc | 7,979,167 | |||||||
46,934 | * | Integer Holding Corp | 3,528,029 | |||||||
45,523 | * | Intersect ENT, Inc | 1,245,965 | |||||||
293,107 | * | Invitae Corp | 1,556,398 | |||||||
9,882 | iRadimed Corp | 325,217 | ||||||||
41,887 | * | iRhythm Technologies, Inc | 5,167,599 | |||||||
20,600 | * | Joint Corp | 628,712 | |||||||
96,050 | * | Lantheus Holdings, Inc | 6,378,681 | |||||||
27,236 | LeMaitre Vascular, Inc | 1,176,868 | ||||||||
43,604 | * | LHC Group, Inc | 7,231,723 | |||||||
102,595 | *,e | LifeStance Health Group, Inc | 694,568 | |||||||
76,408 | * | LivaNova plc | 5,857,437 | |||||||
110,895 | * | MEDNAX, Inc | 2,053,775 | |||||||
58,849 | * | Meridian Bioscience, Inc | 1,505,946 | |||||||
73,104 | * | Merit Medical Systems, Inc | 4,533,179 | |||||||
7,258 | Mesa Laboratories, Inc | 1,550,527 | ||||||||
18,056 | * | ModivCare, Inc | 1,877,282 | |||||||
473,469 | *,e | Multiplan Corp | 2,097,468 | |||||||
43,104 | *,e | NantHealth, Inc | 30,362 | |||||||
17,566 | National Healthcare Corp | 1,195,542 | ||||||||
18,998 | National Research Corp | 651,631 | ||||||||
47,755 | * | Natus Medical, Inc | 1,588,809 | |||||||
151,680 | * | Neogen Corp | 4,004,352 | |||||||
39,105 | *,e | Neuronetics, Inc | 95,416 | |||||||
10,903 | * | NeuroPace, Inc | 87,660 | |||||||
49,710 | * | Nevro Corp | 3,066,610 | |||||||
81,470 | * | NextGen Healthcare, Inc | 1,535,710 | |||||||
74,655 | * | NuVasive, Inc | 3,840,253 | |||||||
62,702 | * | Omnicell, Inc | 6,845,177 | |||||||
12,904 | * | Ontrak, Inc | 15,356 | |||||||
23,717 | * | OptimizeRx Corp | 666,685 | |||||||
225,880 | * | Option Care Health, Inc | 6,749,294 | |||||||
95,065 | * | OraSure Technologies, Inc | 583,699 | |||||||
174,692 | * | Ortho Clinical Diagnostics Holdings plc | 3,076,326 | |||||||
29,267 | * | Orthofix Medical Inc | 907,277 | |||||||
20,885 | * | OrthoPediatrics Corp | 941,496 | |||||||
67,186 | * | Outset Medical, Inc | 2,343,448 | |||||||
103,998 | Owens & Minor, Inc | 3,690,889 | ||||||||
13,784 | * | Paragon 28, Inc | 247,699 | |||||||
122,198 | Patterson Cos, Inc | 3,760,032 | ||||||||
112,553 | *,e | PAVmed, Inc | 142,942 | |||||||
37,925 | * | Pennant Group, Inc | 621,591 | |||||||
41,336 | *,e | PetIQ, Inc | 822,586 |
222 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
70,208 | * | Phreesia, Inc | $ | 1,606,359 | ||||||
59,914 | * | Privia Health Group, Inc | 1,317,509 | |||||||
10,972 | * | PROCEPT BioRobotics Corp | 390,164 | |||||||
92,796 | * | Progyny, Inc | 3,568,006 | |||||||
35,411 | * | Pulmonx Corp | 853,405 | |||||||
20,313 | *,e | Pulse Biosciences, Inc | 50,783 | |||||||
118,827 | * | Quotient Ltd | 68,551 | |||||||
170,868 | * | R1 RCM, Inc | 3,847,947 | |||||||
65,876 | * | RadNet, Inc | 1,284,582 | |||||||
5,265 | *,e | Retractable Technologies, Inc | 20,165 | |||||||
24,910 | * | RxSight, Inc | 305,646 | |||||||
64,574 | * | Schrodinger, Inc | 1,596,269 | |||||||
49,715 | * | SeaSpine Holdings Corp | 462,847 | |||||||
162,076 | Select Medical Holdings Corp | 3,664,538 | ||||||||
612,156 | *,e | Senseonics Holdings, Inc | 857,018 | |||||||
23,007 | * | Sharps Compliance Corp | 99,390 | |||||||
48,337 | * | Shockwave Medical Inc | 7,305,171 | |||||||
50,302 | * | SI-BONE, Inc | 1,005,034 | |||||||
90,514 | *,e | Sientra, Inc | 128,530 | |||||||
31,573 | * | Sight Sciences, Inc | 220,380 | |||||||
49,142 | * | Silk Road Medical Inc | 1,722,427 | |||||||
21,815 | Simulations Plus, Inc | 1,017,888 | ||||||||
68,906 | * | Staar Surgical Co | 3,933,844 | |||||||
72,478 | * | Stereotaxis, Inc | 181,195 | |||||||
48,678 | * | Surgery Partners, Inc | 2,490,366 | |||||||
20,944 | * | SurModics, Inc | 809,695 | |||||||
35,188 | * | Tabula Rasa HealthCare, Inc | 118,584 | |||||||
29,850 | * | Tactile Systems Technology, Inc | 503,868 | |||||||
21,415 | *,e | Talis Biomedical Corp | 22,486 | |||||||
152,523 | * | Tenet Healthcare Corp | 11,059,443 | |||||||
64,512 | * | Tivity Health, Inc | 2,072,771 | |||||||
35,416 | * | Transmedics Group, Inc | 742,319 | |||||||
45,527 | * | Treace Medical Concepts, Inc | 892,329 | |||||||
17,951 | US Physical Therapy, Inc | 1,862,775 | ||||||||
4,768 | Utah Medical Products, Inc | 403,325 | ||||||||
35,627 | * | Vapotherm, Inc | 158,184 | |||||||
56,699 | * | Varex Imaging Corp | 1,125,475 | |||||||
55,431 | *,e | Viemed Healthcare, Inc | 276,046 | |||||||
215,109 | * | ViewRay, Inc | 574,341 | |||||||
31,851 | e | Zynex Inc | 202,891 | |||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 252,542,921 | |||||||||
HOUSEHOLD & PERSONAL PRODUCTS - 0.9% | ||||||||||
126,628 | * | Beauty Health Co | 1,658,827 | |||||||
164,474 | * | BellRing Brands, Inc | 3,524,678 | |||||||
12,733 | * | Central Garden & Pet Co | 557,578 | |||||||
58,709 | * | Central Garden and Pet Co (Class A) | 2,429,378 | |||||||
77,098 | Edgewell Personal Care Co | 2,940,518 | ||||||||
67,026 | * | elf Beauty, Inc | 1,630,743 | |||||||
97,528 | Energizer Holdings, Inc | 2,954,123 | ||||||||
109,135 | * | Honest Co, Inc | 432,175 | |||||||
25,387 | Inter Parfums, Inc | 2,074,879 | ||||||||
16,544 | Medifast, Inc | 2,950,788 | ||||||||
18,571 | * | Nature’s Sunshine Products, Inc | 307,536 | |||||||
208,470 | * | NewAge, Inc | 82,554 | |||||||
70,872 | Nu Skin Enterprises, Inc (Class A) | 3,021,982 |
223 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
7,119 | Oil-Dri Corp of America | $ | 177,619 | |||||||
8,567 | *,e | Revlon, Inc (Class A) | 52,430 | |||||||
10,434 | * | Thorne HealthTech, Inc | 69,908 | |||||||
16,808 | * | USANA Health Sciences, Inc | 1,288,501 | |||||||
89,434 | *,e | Veru, Inc | 1,048,166 | |||||||
19,721 | WD-40 Co | 3,628,270 | ||||||||
TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 30,830,653 | |||||||||
INSURANCE - 2.0% | ||||||||||
70,492 | * | AMBAC Financial Group, Inc | 544,903 | |||||||
117,791 | American Equity Investment Life Holding Co | 4,443,077 | ||||||||
10,580 | American National Group, Inc | 1,995,494 | ||||||||
27,572 | Amerisafe, Inc | 1,277,962 | ||||||||
46,189 | Argo Group International Holdings Ltd | 1,976,889 | ||||||||
372,194 | *,e | Bright Health Group, Inc | 669,949 | |||||||
70,315 | * | BRP Group, Inc | 1,625,683 | |||||||
75,026 | *,e | Citizens, Inc (Class A) | 224,328 | |||||||
175,346 | Conseco, Inc | 4,232,852 | ||||||||
23,966 | Crawford & Co | 186,935 | ||||||||
21,294 | Donegal Group, Inc (Class A) | 288,108 | ||||||||
33,699 | * | eHealth, Inc | 271,277 | |||||||
41,522 | Employers Holdings, Inc | 1,633,475 | ||||||||
17,436 | * | Enstar Group Ltd | 4,110,537 | |||||||
726,118 | * | Genworth Financial, Inc (Class A) | 2,693,898 | |||||||
25,496 | Goosehead Insurance, Inc | 1,465,765 | ||||||||
42,696 | * | Greenlight Capital Re Ltd (Class A) | 293,749 | |||||||
8,870 | HCI Group, Inc | 568,478 | ||||||||
21,593 | Heritage Insurance Holdings, Inc | 91,986 | ||||||||
61,766 | Horace Mann Educators Corp | 2,461,375 | ||||||||
1,606 | Investors Title Co | 301,366 | ||||||||
51,336 | James River Group Holdings Ltd | 1,217,177 | ||||||||
30,951 | Kinsale Capital Group, Inc | 6,861,527 | ||||||||
108,845 | *,e | Maiden Holdings Ltd | 241,636 | |||||||
65,830 | * | MBIA, Inc | 792,593 | |||||||
146,022 | * | MetroMile, Inc | 143,306 | |||||||
3,649 | National Western Life Group, Inc | 725,275 | ||||||||
11,769 | * | NI Holdings, Inc | 186,539 | |||||||
35,261 | * | Palomar Holdings, Inc | 1,919,961 | |||||||
76,985 | ProAssurance Corp | 1,891,521 | ||||||||
56,982 | RLI Corp | 6,540,394 | ||||||||
21,249 | Safety Insurance Group, Inc | 1,828,264 | ||||||||
84,988 | Selective Insurance Group, Inc | 6,999,612 | ||||||||
203,578 | * | Selectquote, Inc | 419,371 | |||||||
126,833 | * | SiriusPoint Ltd | 796,511 | |||||||
38,342 | Stewart Information Services Corp | 1,978,447 | ||||||||
35,553 | Tiptree Inc | 413,481 | ||||||||
27,625 | * | Trean Insurance Group, Inc | 138,678 | |||||||
54,954 | * | Trupanion, Inc | 3,496,173 | |||||||
32,924 | United Fire Group Inc | 964,344 | ||||||||
31,828 | United Insurance Holdings Corp | 72,886 | ||||||||
35,462 | Universal Insurance Holdings, Inc | 445,403 | ||||||||
TOTAL INSURANCE | 69,431,185 | |||||||||
MATERIALS - 4.0% | ||||||||||
40,392 | AdvanSix, Inc | 1,799,060 | ||||||||
183,107 | * | Allegheny Technologies, Inc | 4,976,848 |
224 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
46,599 | American Vanguard Corp | $ | 997,219 | |||||||
239,416 | *,e | Amyris, Inc | 821,197 | |||||||
154,077 | * | Arconic Corp | 3,876,577 | |||||||
32,725 | * | Aspen Aerogels, Inc | 706,860 | |||||||
132,147 | Avient Corp | 6,506,918 | ||||||||
46,105 | Balchem Corp | 5,680,136 | ||||||||
81,398 | Cabot Corp | 5,360,058 | ||||||||
69,527 | Carpenter Technology Corp | 2,654,541 | ||||||||
73,328 | * | Century Aluminum Co | 1,237,043 | |||||||
10,628 | Chase Corp | 896,578 | ||||||||
23,814 | * | Clearwater Paper Corp | 788,482 | |||||||
375,010 | * | Coeur Mining, Inc | 1,361,286 | |||||||
171,856 | Commercial Metals Co | 7,046,096 | ||||||||
47,618 | Compass Minerals International, Inc | 2,815,652 | ||||||||
179,476 | * | Constellium SE | 2,995,454 | |||||||
116,358 | *,e | Danimer Scientific, Inc | 456,123 | |||||||
69,112 | *,† | Ferroglobe plc | 0 | |||||||
41,500 | FutureFuel Corp | 394,665 | ||||||||
68,292 | * | Gatos Silver, Inc | 230,827 | |||||||
95,893 | * | GCP Applied Technologies, Inc | 3,008,163 | |||||||
61,752 | Glatfelter Corp | 679,272 | ||||||||
36,978 | Greif, Inc (Class A) | 2,243,825 | ||||||||
7,352 | Greif, Inc (Class B) | 429,063 | ||||||||
75,163 | H.B. Fuller Co | 5,013,372 | ||||||||
26,964 | Hawkins, Inc | 1,005,218 | ||||||||
17,110 | Haynes International, Inc | 668,659 | ||||||||
767,090 | Hecla Mining Co | 3,996,539 | ||||||||
57,018 | * | Ingevity Corp | 3,415,378 | |||||||
36,016 | Innospec, Inc | 3,432,685 | ||||||||
13,220 | * | Intrepid Potash, Inc | 1,012,388 | |||||||
22,820 | Kaiser Aluminum Corp | 2,202,130 | ||||||||
28,214 | Koppers Holdings, Inc | 684,472 | ||||||||
34,864 | Kronos Worldwide, Inc | 530,630 | ||||||||
232,264 | * | Livent Corp | 4,961,159 | |||||||
135,131 | *,e | Marrone Bio Innovations, Inc | 156,752 | |||||||
28,217 | Materion Corp | 2,402,678 | ||||||||
47,378 | Minerals Technologies, Inc | 3,013,715 | ||||||||
109,063 | * | MP Materials Corp | 4,148,757 | |||||||
49,797 | Myers Industries, Inc | 1,092,048 | ||||||||
24,773 | Neenah Inc | 876,964 | ||||||||
345,497 | * | Novagold Resources Inc | 2,148,991 | |||||||
222,470 | * | O-I Glass, Inc | 2,998,896 | |||||||
14,674 | Olympic Steel, Inc | 503,758 | ||||||||
84,934 | Orion Engineered Carbons SA | 1,282,503 | ||||||||
57,595 | Pactiv Evergreen, Inc | 567,887 | ||||||||
41,960 | *,e | Perpetua Resources Corp | 148,119 | |||||||
45,204 | * | PolyMet Mining Corp | 142,393 | |||||||
80,405 | PQ Group Holdings, Inc | 808,874 | ||||||||
80,696 | *,e | PureCycle Technologies, Inc | 629,429 | |||||||
19,438 | Quaker Chemical Corp | 3,162,757 | ||||||||
55,446 | * | Ranpak Holdings Corp | 836,126 | |||||||
81,696 | * | Rayonier Advanced Materials, Inc | 419,100 | |||||||
23,348 | Ryerson Holding Corp | 859,440 | ||||||||
38,193 | Schnitzer Steel Industries, Inc (Class A) | 1,742,747 | ||||||||
47,903 | Schweitzer-Mauduit International, Inc | 1,205,239 | ||||||||
61,320 | Sensient Technologies Corp | 5,187,672 |
225 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
30,497 | Stepan Co | $ | 3,114,049 | |||||||
170,614 | * | Summit Materials, Inc | 4,743,069 | |||||||
116,349 | SunCoke Energy, Inc | 968,024 | ||||||||
63,782 | * | TimkenSteel Corp | 1,318,374 | |||||||
41,483 | Tredegar Corp | 474,980 | ||||||||
63,108 | Trimas Corp | 1,864,210 | ||||||||
56,890 | Trinseo plc | 2,699,431 | ||||||||
163,815 | Tronox Holdings plc | 2,817,618 | ||||||||
10,160 | * | UFP Technologies, Inc | 697,687 | |||||||
3,243 | United States Lime & Minerals, Inc | 355,141 | ||||||||
3,773 | Valhi, Inc | 120,019 | ||||||||
73,714 | Warrior Met Coal, Inc | 2,511,436 | ||||||||
46,994 | Worthington Industries, Inc | 2,235,505 | ||||||||
61,233 | *,e | Zymergen, Inc | 102,871 | |||||||
TOTAL MATERIALS | 143,241,832 | |||||||||
MEDIA & ENTERTAINMENT - 2.2% | ||||||||||
102,673 | * | Advantage Solutions, Inc | 516,445 | |||||||
742,780 | *,e | AMC Entertainment Holdings, Inc | 11,364,534 | |||||||
43,405 | * | AMC Networks, Inc | 1,416,305 | |||||||
27,297 | * | Boston Omaha Corp | 568,870 | |||||||
46,792 | * | Cardlytics, Inc | 1,597,011 | |||||||
137,278 | * | Cargurus, Inc | 4,486,245 | |||||||
100,452 | * | Cars.com, Inc | 1,117,026 | |||||||
11,490 | *,e | Chicken Soup For The Soul Entertainment, Inc | 100,078 | |||||||
157,734 | * | Cinemark Holdings, Inc | 2,501,661 | |||||||
503,757 | * | Clear Channel | 1,239,242 | |||||||
95,556 | * | comScore, Inc | 193,023 | |||||||
40,743 | *,e | CuriosityStream, Inc | 82,708 | |||||||
1,684 | * | Daily Journal Corp | 433,041 | |||||||
40,887 | * | Emerald Holding, Inc | 109,986 | |||||||
163,326 | * | Entercom Communications Corp | 414,848 | |||||||
94,998 | Entravision Communications Corp (Class A) | 491,140 | ||||||||
7,570 | *,e | Eros STX Global Corp | 13,096 | |||||||
112,426 | * | Eventbrite Inc | 1,189,467 | |||||||
29,594 | * | EverQuote Inc | 410,765 | |||||||
83,768 | * | EW Scripps Co (Class A) | 1,378,821 | |||||||
66,765 | * | Fluent, Inc | 89,465 | |||||||
199,800 | *,e | fuboTV, Inc | 757,242 | |||||||
194,629 | * | Gannett Co, Inc | 780,462 | |||||||
124,556 | Gray Television, Inc | 2,306,777 | ||||||||
28,671 | * | Hemisphere Media Group, Inc | 111,530 | |||||||
158,474 | * | iHeartMedia, Inc | 2,533,999 | |||||||
72,081 | * | Imax Corp | 1,140,321 | |||||||
45,396 | * | Integral Ad Science Holding Corp | 536,127 | |||||||
61,408 | John Wiley & Sons, Inc (Class A) | 3,125,053 | ||||||||
14,316 | *,e | Liberty Braves Group (Class A) | 376,081 | |||||||
52,655 | * | Liberty Braves Group (Class C) | 1,322,167 | |||||||
118,933 | * | Liberty TripAdvisor Holdings, Inc | 178,400 | |||||||
83,961 | * | Lions Gate Entertainment Corp (Class A) | 1,132,634 | |||||||
172,500 | * | Lions Gate Entertainment Corp (Class B) | 2,168,325 | |||||||
80,739 | * | LiveOne, Inc | 54,903 | |||||||
37,050 | * | Madison Square Garden Entertainment Corp | 2,713,913 | |||||||
184,371 | * | Magnite, Inc | 1,779,180 | |||||||
36,289 | *,e | Marcus Corp | 570,826 | |||||||
32,430 | * | MediaAlpha, Inc | 478,018 |
226 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
56,359 | National CineMedia, Inc | $ | 124,553 | |||||||
33,575 | * | Outbrain, Inc | 302,175 | |||||||
76,013 | * | QuinStreet, Inc | 722,884 | |||||||
37,851 | Scholastic Corp | 1,394,809 | ||||||||
66,774 | Sinclair Broadcast Group, Inc (Class A) | 1,485,054 | ||||||||
81,329 | * | Stagwell, Inc | 551,411 | |||||||
37,533 | * | TechTarget, Inc | 2,526,346 | |||||||
318,810 | TEGNA, Inc | 7,029,761 | ||||||||
10,129 | * | Thryv Holdings, Inc | 261,632 | |||||||
118,948 | * | TrueCar, Inc | 425,834 | |||||||
75,690 | * | WideOpenWest, Inc | 1,517,585 | |||||||
102,416 | * | Yelp, Inc | 3,331,592 | |||||||
62,696 | * | Ziff Davis Inc | 5,539,819 | |||||||
TOTAL MEDIA & ENTERTAINMENT | 76,993,190 | |||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.1% | ||||||||||
35,251 | * | 2seventy bio, Inc | 474,478 | |||||||
42,217 | * | 4D Molecular Therapeutics, Inc | 502,804 | |||||||
16,242 | * | 89bio, Inc | 35,245 | |||||||
332,762 | *,e | 9 Meters Biopharma, Inc | 139,028 | |||||||
79,793 | *,e | Absci Corp | 471,577 | |||||||
173,342 | * | Acadia Pharmaceuticals, Inc | 3,196,426 | |||||||
69,083 | *,e | Aclaris Therapeutics, Inc | 851,103 | |||||||
39,241 | *,e | Acumen Pharmaceuticals, Inc | 151,470 | |||||||
84,384 | * | Adagio Therapeutics, Inc | 241,338 | |||||||
32,748 | * | Adicet Bio, Inc | 482,706 | |||||||
147,359 | *,e | Adverum Biotechnologies, Inc | 157,674 | |||||||
67,104 | * | Aeglea BioTherapeutics, Inc | 96,630 | |||||||
52,671 | * | Aerie Pharmaceuticals, Inc | 374,491 | |||||||
14,128 | * | Aerovate Therapeutics, Inc | 180,132 | |||||||
154,754 | * | Affimed NV | 581,875 | |||||||
308,654 | * | Agenus, Inc | 571,010 | |||||||
78,074 | * | Agios Pharmaceuticals, Inc | 1,715,286 | |||||||
40,255 | * | Akero Therapeutics, Inc | 422,275 | |||||||
39,627 | *,e | Akouos, Inc | 110,956 | |||||||
11,957 | *,e | Akoya Biosciences, Inc | 112,515 | |||||||
22,991 | * | Albireo Pharma, Inc | 731,574 | |||||||
75,987 | * | Aldeyra Therapeutics, Inc | 233,280 | |||||||
86,500 | * | Alector, Inc | 830,400 | |||||||
29,375 | * | Aligos Therapeutics, Inc | 34,662 | |||||||
229,455 | * | Alkermes plc | 6,619,777 | |||||||
53,144 | * | Allakos, Inc | 200,353 | |||||||
103,944 | * | Allogene Therapeutics, Inc | 867,932 | |||||||
43,763 | *,e | Allovir, Inc | 199,122 | |||||||
9,350 | * | Alpha Teknova, Inc | 105,000 | |||||||
18,186 | *,e | Alpine Immune Sciences, Inc | 167,311 | |||||||
59,451 | * | Altimmune, Inc | 268,719 | |||||||
22,305 | * | ALX Oncology Holdings, Inc | 285,058 | |||||||
377,176 | * | Amicus Therapeutics, Inc | 2,670,406 | |||||||
134,975 | * | Amneal Pharmaceuticals, Inc | 521,003 | |||||||
54,318 | * | Amphastar Pharmaceuticals, Inc | 1,926,659 | |||||||
297,805 | *,e | Ampio Pharmaceuticals, Inc | 68,555 | |||||||
13,230 | * | Amylyx Pharmaceuticals, Inc | 119,070 | |||||||
26,475 | * | AnaptysBio, Inc | 619,515 | |||||||
97,162 | *,e | Anavex Life Sciences Corp | 834,622 | |||||||
31,030 | *,e | Angion Biomedica Corp | 38,787 |
227 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
15,312 | * | ANI Pharmaceuticals, Inc | $ | 451,857 | ||||||
22,317 | * | Anika Therapeutics, Inc | 480,485 | |||||||
33,617 | * | Annexon, Inc | 85,723 | |||||||
235,424 | * | Antares Pharma, Inc | 1,310,135 | |||||||
111,060 | * | Apellis Pharmaceuticals, Inc | 4,834,442 | |||||||
37,824 | *,e | Applied Molecular Transport, Inc | 162,265 | |||||||
26,954 | *,e | Applied Therapeutics, Inc | 53,099 | |||||||
82,167 | * | AquaBounty Technologies, Inc | 110,104 | |||||||
122,286 | *,e | Arbutus Biopharma Corp | 284,926 | |||||||
12,711 | * | Arcellx, Inc | 138,931 | |||||||
28,695 | * | Arcturus Therapeutics Holdings, Inc | 556,109 | |||||||
62,034 | * | Arcus Biosciences, Inc | 1,501,843 | |||||||
36,880 | * | Arcutis Biotherapeutics, Inc | 744,607 | |||||||
148,575 | * | Arrowhead Pharmaceuticals Inc | 6,107,918 | |||||||
67,559 | * | Arvinas, Inc | 3,713,718 | |||||||
123,720 | * | Atara Biotherapeutics, Inc | 786,859 | |||||||
80,845 | * | Atea Pharmaceuticals, Inc | 474,560 | |||||||
135,386 | *,e | Athenex, Inc | 64,985 | |||||||
284,745 | *,e | Athersys, Inc | 139,554 | |||||||
41,472 | * | Athira Pharma, Inc | 426,747 | |||||||
166,692 | *,e | Atossa Therapeutics, Inc | 168,359 | |||||||
45,284 | *,e | Atreca, Inc | 88,757 | |||||||
8,269 | *,e | Aura Biosciences, Inc | 140,242 | |||||||
82,899 | * | Avalo Therapeutics, Inc | 34,055 | |||||||
85,076 | * | Avid Bioservices, Inc | 1,145,123 | |||||||
55,922 | * | Avidity Biosciences, Inc | 799,685 | |||||||
37,380 | *,e | Avita Medical, Inc | 228,018 | |||||||
57,744 | * | Avrobio, Inc | 53,292 | |||||||
39,534 | * | Axsome Therapeutics, Inc | 1,255,204 | |||||||
72,944 | * | Beam Therapeutics, Inc | 2,737,588 | |||||||
75,075 | * | Berkeley Lights, Inc | 373,498 | |||||||
35,068 | * | Beyondspring Inc | 53,303 | |||||||
22,508 | * | BioAtla, Inc | 78,328 | |||||||
261,128 | * | BioCryst Pharmaceuticals, Inc | 2,425,879 | |||||||
79,404 | * | Biohaven Pharmaceutical Holding Co Ltd | 7,080,455 | |||||||
32,865 | *,e | Biomea Fusion, Inc | 98,595 | |||||||
389,652 | *,e | Bionano Genomics, Inc | 635,133 | |||||||
21,972 | *,e | Bioxcel Therapeutics Inc | 288,053 | |||||||
35,663 | * | Black Diamond Therapeutics, Inc | 86,661 | |||||||
105,755 | * | Bluebird Bio, Inc | 383,891 | |||||||
84,099 | * | Blueprint Medicines Corp | 4,907,177 | |||||||
33,260 | *,e | Bolt Biotherapeutics, Inc | 51,886 | |||||||
149,164 | * | Bridgebio Pharma, Inc | 1,196,295 | |||||||
44,382 | *,e | Brooklyn ImmunoTherapeutics, Inc | 46,601 | |||||||
57,715 | * | C4 Therapeutics, Inc | 494,618 | |||||||
66,066 | * | Cara Therapeutics, Inc | 576,096 | |||||||
56,614 | * | Cardiff Oncology, Inc | 75,863 | |||||||
73,869 | * | CareDx, Inc | 2,248,572 | |||||||
72,721 | * | Caribou Biosciences, Inc | 538,135 | |||||||
54,373 | *,e | Cassava Sciences, Inc | 1,134,765 | |||||||
137,919 | * | Catalyst Pharmaceuticals, Inc | 1,050,943 | |||||||
12,481 | *,e | Celcuity, Inc | 81,376 | |||||||
64,879 | * | Celldex Therapeutics, Inc | 1,982,053 | |||||||
57,115 | *,e | CEL-SCI Corp | 163,349 | |||||||
24,520 | * | Century Therapeutics, Inc | 294,730 | |||||||
58,527 | * | Cerevel Therapeutics Holdings, Inc | 1,713,671 |
228 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
75,934 | * | ChemoCentryx, Inc | $ | 1,401,742 | ||||||
114,296 | * | Chimerix, Inc | 502,902 | |||||||
59,040 | * | Chinook Therapeutics, Inc | 893,275 | |||||||
73,379 | * | ChromaDex Corp | 138,686 | |||||||
16,179 | * | CinCor Pharma, Inc | 384,898 | |||||||
177,795 | *,e | Citius Pharmaceuticals, Inc | 179,573 | |||||||
24,108 | *,e | Clene, Inc | 62,440 | |||||||
130,592 | *,e | Clovis Oncology, Inc | 261,184 | |||||||
9,694 | *,e | Codex DNA, Inc | 35,868 | |||||||
89,565 | * | Codexis, Inc | 1,077,467 | |||||||
24,584 | *,e | Codiak Biosciences, Inc | 72,769 | |||||||
58,174 | *,e | Cogent Biosciences, Inc | 373,477 | |||||||
100,420 | * | Coherus Biosciences, Inc | 907,797 | |||||||
48,337 | * | Collegium Pharmaceutical, Inc | 778,226 | |||||||
126,995 | * | Corcept Therapeutics, Inc | 2,731,662 | |||||||
52,712 | *,e | CorMedix Inc | 181,329 | |||||||
29,914 | *,e | Cortexyme Inc | 109,485 | |||||||
63,950 | * | Crinetics Pharmaceuticals, Inc | 1,299,464 | |||||||
44,155 | * | Cue Biopharma, Inc | 174,854 | |||||||
38,291 | *,e | Cullinan Oncology, Inc | 375,635 | |||||||
135,600 | * | Curis, Inc | 123,898 | |||||||
116,466 | * | Cymabay Therapeutics, Inc | 264,378 | |||||||
10,846 | *,e | Cyteir Therapeutics, Inc | 24,403 | |||||||
140,230 | * | Cytek Biosciences, Inc | 1,325,173 | |||||||
112,393 | * | Cytokinetics, Inc | 4,481,109 | |||||||
99,515 | * | CytomX Therapeutics, Inc | 170,171 | |||||||
31,684 | *,e | Day One Biopharmaceuticals, Inc | 269,948 | |||||||
61,618 | * | Deciphera Pharmaceuticals, Inc | 623,574 | |||||||
131,396 | * | Denali Therapeutics, Inc | 3,127,225 | |||||||
37,117 | *,e | DermTech, Inc | 317,350 | |||||||
34,495 | * | Design Therapeutics, Inc | 411,870 | |||||||
21,064 | * | DICE Therapeutics, Inc | 428,020 | |||||||
354,190 | * | Durect Corp | 159,385 | |||||||
147,959 | * | Dynavax Technologies Corp | 1,306,478 | |||||||
47,019 | * | Dyne Therapeutics, Inc | 375,212 | |||||||
17,397 | * | Eagle Pharmaceuticals, Inc | 767,730 | |||||||
58,456 | * | Edgewise Therapeutics, Inc | 466,479 | |||||||
97,325 | * | Editas Medicine, Inc | 1,288,583 | |||||||
37,698 | * | Eiger BioPharmaceuticals, Inc | 258,985 | |||||||
9,707 | * | Eliem Therapeutics, Inc | 30,674 | |||||||
69,224 | * | Emergent Biosolutions, Inc | 2,241,473 | |||||||
28,904 | * | Enanta Pharmaceuticals, Inc | 1,861,418 | |||||||
292,771 | * | Endo International plc | 585,542 | |||||||
13,872 | *,e | Entrada Therapeutics, Inc | 82,955 | |||||||
146,537 | * | Epizyme, Inc | 94,575 | |||||||
90,817 | * | Erasca, Inc | 661,148 | |||||||
82,370 | *,e | Esperion Thereapeutics, Inc | 467,862 | |||||||
47,552 | *,e | Evelo Biosciences, Inc | 117,453 | |||||||
50,502 | * | Evolus, Inc | 565,117 | |||||||
16,964 | *,e | Exagen, Inc | 103,480 | |||||||
33,078 | * | EyePoint Pharmaceuticals, Inc | 373,781 | |||||||
117,696 | * | Fate Therapeutics, Inc | 3,361,398 | |||||||
125,458 | * | FibroGen, Inc | 1,166,759 | |||||||
11,850 | * | Finch Therapeutics Group, Inc | 29,980 | |||||||
120,058 | *,e | Fluidigm Corp | 318,154 | |||||||
23,067 | * | Foghorn Therapeutics, Inc | 267,347 |
229 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
48,857 | * | Forma Therapeutics Holdings, Inc | $ | 369,359 | ||||||
17,664 | * | Forte Biosciences, Inc | 20,314 | |||||||
83,395 | *,e | Fortress Biotech, Inc | 91,734 | |||||||
50,086 | * | Frequency Therapeutics, Inc | 65,112 | |||||||
39,922 | * | �� | Fulcrum Therapeutics, Inc | 384,050 | ||||||
61,382 | *,e | G1 Therapeutics, Inc | 315,503 | |||||||
34,300 | * | Gemini Therapeutics, Inc | 51,793 | |||||||
53,413 | * | Generation Bio Co | 338,104 | |||||||
462,247 | *,e | Geron Corp | 651,768 | |||||||
89,620 | * | Global Blood Therapeutics, Inc | 2,751,334 | |||||||
91,072 | * | Gossamer Bio, Inc | 629,308 | |||||||
41,675 | *,e | Graphite Bio, Inc | 167,534 | |||||||
6,319 | * | Greenwich Lifesciences, Inc | 74,880 | |||||||
63,220 | * | Gritstone Oncology, Inc | 163,740 | |||||||
28,093 | * | GT Biopharma, Inc | 59,276 | |||||||
197,993 | * | Halozyme Therapeutics, Inc | 7,899,921 | |||||||
31,903 | * | Harmony Biosciences Holdings, Inc | 1,436,911 | |||||||
29,286 | * | Harpoon Therapeutics, Inc | 65,894 | |||||||
60,379 | * | Harvard Bioscience, Inc | 315,178 | |||||||
145,136 | * | Heron Therapeutics, Inc | 656,015 | |||||||
65,675 | * | Homology Medicines, Inc | 109,021 | |||||||
27,905 | *,e | Hookipa Pharma, Inc | 41,858 | |||||||
70,221 | *,e | Humanigen, Inc | 132,015 | |||||||
319,637 | *,e | iBio, Inc | 93,526 | |||||||
34,554 | * | Icosavax, Inc | 250,517 | |||||||
48,776 | * | Ideaya Biosciences, Inc | 467,762 | |||||||
11,944 | * | IGM Biosciences, Inc | 199,943 | |||||||
41,876 | *,e | Ikena Oncology, Inc | 162,479 | |||||||
28,743 | * | Imago Biosciences, Inc | 469,948 | |||||||
26,912 | *,e | Immuneering Corp | 133,753 | |||||||
24,284 | *,e | Immunic, Inc | 164,403 | |||||||
88,964 | *,e | ImmunityBio, Inc | 322,939 | |||||||
308,394 | * | Immunogen, Inc | 1,489,543 | |||||||
57,972 | *,e | Immunovant, Inc | 267,251 | |||||||
8,430 | *,e | Impel Neuropharma, Inc | 53,446 | |||||||
137,047 | * | Infinity Pharmaceuticals, Inc | 108,157 | |||||||
41,962 | * | Inhibrx, Inc | 665,098 | |||||||
66,842 | * | Innoviva, Inc | 1,140,325 | |||||||
25,055 | *,e | Inotiv, Inc | 357,034 | |||||||
306,108 | *,e | Inovio Pharmaceuticals, Inc | 835,675 | |||||||
22,528 | *,e | Inozyme Pharma, Inc | 88,986 | |||||||
171,909 | * | Insmed, Inc | 3,776,841 | |||||||
81,640 | * | Instil Bio, Inc | 577,195 | |||||||
100,259 | * | Intellia Therapeutics, Inc | 4,915,699 | |||||||
33,800 | *,e | Intercept Pharmaceuticals, Inc | 530,998 | |||||||
116,086 | * | Intra-Cellular Therapies, Inc | 5,875,112 | |||||||
211,069 | * | Ironwood Pharmaceuticals, Inc | 2,532,828 | |||||||
12,874 | * | IsoPlexis Corp | 28,065 | |||||||
28,592 | * | iTeos Therapeutics, Inc | 763,120 | |||||||
164,251 | * | IVERIC bio, Inc | 2,274,876 | |||||||
25,197 | *,e | Janux Therapeutics, Inc | 247,938 | |||||||
51,612 | * | Jounce Therapeutics, Inc | 273,544 | |||||||
75,701 | *,e | Kala Pharmaceuticals, Inc | 49,168 | |||||||
30,802 | * | KalVista Pharmaceuticals Inc | 392,109 | |||||||
31,825 | * | Karuna Therapeutics, Inc | 3,547,215 | |||||||
97,265 | *,e | Karyopharm Therapeutics, Inc | 593,317 |
230 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
44,747 | *,e | KemPharm, Inc | $ | 200,019 | ||||||
22,028 | * | Keros Therapeutics, Inc | 1,167,704 | |||||||
54,301 | * | Kezar Life Sciences, Inc | 645,096 | |||||||
43,001 | * | Kiniksa Pharmaceuticals Ltd | 401,199 | |||||||
36,667 | * | Kinnate Biopharma, Inc | 273,902 | |||||||
49,058 | * | Kodiak Sciences, Inc | 295,329 | |||||||
60,779 | * | Kronos Bio, Inc | 287,485 | |||||||
28,776 | * | Krystal Biotech Inc | 1,744,113 | |||||||
90,715 | * | Kura Oncology, Inc | 1,301,760 | |||||||
48,719 | * | Kymera Therapeutics, Inc | 1,527,341 | |||||||
4,325 | * | Landos Biopharma, Inc | 4,130 | |||||||
106,290 | * | Lexicon Pharmaceuticals, Inc | 192,385 | |||||||
21,695 | * | Ligand Pharmaceuticals, Inc (Class B) | 2,014,598 | |||||||
189,854 | *,e | Lineage Cell Therapeutics, Inc | 231,622 | |||||||
213,324 | *,e | Lyell Immunopharma, Inc | 1,094,352 | |||||||
82,943 | * | MacroGenics, Inc | 593,042 | |||||||
16,655 | * | Madrigal Pharmaceuticals, Inc | 1,165,850 | |||||||
42,473 | * | Magenta Therapeutics, Inc | 60,736 | |||||||
334,878 | *,e | MannKind Corp | 1,048,168 | |||||||
57,829 | *,e | Marinus Pharmaceuticals, Inc | 382,828 | |||||||
144,966 | * | MaxCyte, Inc | 803,112 | |||||||
41,293 | * | Medpace Holdings, Inc | 5,515,506 | |||||||
173,968 | * | MEI Pharma, Inc | 85,505 | |||||||
38,733 | * | MeiraGTx Holdings plc | 398,563 | |||||||
107,823 | * | Mersana Therapeutics, Inc | 375,224 | |||||||
150,057 | * | MiMedx Group, Inc | 592,725 | |||||||
481,102 | *,e | Mind Medicine MindMed, Inc | 384,882 | |||||||
5,644 | * | Mirum Pharmaceuticals, Inc | 134,214 | |||||||
57,889 | *,e | Molecular Templates, Inc | 98,411 | |||||||
41,302 | *,e | Monte Rosa Therapeutics, Inc | 450,192 | |||||||
31,680 | * | Morphic Holding, Inc | 960,221 | |||||||
108,968 | * | Mustang Bio, Inc | 81,148 | |||||||
113,754 | * | Myriad Genetics, Inc | 2,331,957 | |||||||
65,874 | * | NanoString Technologies, Inc | 1,237,114 | |||||||
167,799 | * | NeoGenomics, Inc | 1,585,701 | |||||||
55,602 | *,e | Neoleukin Therapeutics, Inc | 67,834 | |||||||
25,340 | * | NexImmune, Inc | 53,467 | |||||||
42,164 | * | NGM Biopharmaceuticals Inc | 526,207 | |||||||
22,090 | * | Nkarta, Inc | 407,340 | |||||||
46,520 | * | Nurix Therapeutics, Inc | 514,976 | |||||||
26,152 | *,e | Nuvalent, Inc | 269,104 | |||||||
219,345 | *,e | Nuvation Bio, Inc | 1,022,148 | |||||||
244,743 | *,e | Ocugen, Inc | 535,987 | |||||||
118,445 | * | Ocular Therapeutix, Inc | 422,849 | |||||||
37,376 | * | Olema Pharmaceuticals, Inc | 95,309 | |||||||
31,685 | * | Omega Therapeutics, Inc | 108,046 | |||||||
95,054 | *,e | Omeros Corp | 329,837 | |||||||
94,140 | *,e | Oncocyte Corp | 109,202 | |||||||
31,978 | *,e | Oncorus, Inc | 37,414 | |||||||
69,291 | * | Oncternal Therapeutics, Inc | 59,126 | |||||||
560,548 | *,e | Opko Health, Inc | 1,513,480 | |||||||
45,104 | * | Oramed Pharmaceuticals, Inc | 231,835 | |||||||
99,130 | * | Organogenesis Holdings Inc | 638,397 | |||||||
46,202 | * | ORIC Pharmaceuticals, Inc | 153,391 | |||||||
137,127 | *,e | Outlook Therapeutics, Inc | 212,547 | |||||||
17,396 | *,e | Oyster Point Pharma, Inc | 110,986 |
231 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
283,821 | * | Pacific Biosciences of California, Inc | $ | 1,799,425 | ||||||
63,001 | * | Pacira BioSciences Inc | 4,697,985 | |||||||
70,795 | *,e | Paratek Pharmaceuticals, Inc | 156,457 | |||||||
33,715 | * | Passage Bio, Inc | 65,744 | |||||||
55,744 | * | Personalis, Inc | 312,166 | |||||||
29,016 | * | Phathom Pharmaceuticals, Inc | 375,467 | |||||||
32,782 | Phibro Animal Health Corp | 589,748 | ||||||||
28,227 | * | Pliant Therapeutics, Inc | 165,410 | |||||||
35,155 | * | PMV Pharmaceuticals, Inc | 509,396 | |||||||
5,644 | *,e | Portage Biotech, Inc | 31,268 | |||||||
45,032 | * | Poseida Therapeutics, Inc | 139,149 | |||||||
48,161 | * | Praxis Precision Medicines, Inc | 390,104 | |||||||
148,497 | * | Precigen, Inc | 197,501 | |||||||
74,406 | * | Precision BioSciences Inc | 148,068 | |||||||
15,982 | *,e | Prelude Therapeutics, Inc | 73,357 | |||||||
72,070 | * | Prestige Consumer Healthcare, Inc. | 3,939,346 | |||||||
137,717 | *,† | Progenics Pharmaceuticals, Inc | 0 | |||||||
41,798 | * | Prometheus Biosciences, Inc | 1,099,287 | |||||||
62,702 | * | Protagonist Therapeutics, Inc | 569,961 | |||||||
50,314 | * | Prothena Corp plc | 1,467,156 | |||||||
85,790 | *,e | Provention Bio, Inc | 385,197 | |||||||
100,493 | * | PTC Therapeutics, Inc | 3,550,418 | |||||||
52,255 | * | Puma Biotechnology, Inc | 123,322 | |||||||
16,163 | * | Pyxis Oncology, Inc | 39,599 | |||||||
43,125 | * | Quanterix Corp | 956,944 | |||||||
60,792 | * | Radius Health, Inc | 415,817 | |||||||
24,092 | *,e | Rain Therapeutics, Inc | 95,645 | |||||||
25,792 | *,e | Rallybio Corp | 256,888 | |||||||
22,324 | *,e | Rapid Micro Biosystems, Inc | 130,149 | |||||||
31,855 | * | RAPT Therapeutics, Inc | 481,966 | |||||||
37,164 | * | Reata Pharmaceuticals, Inc | 943,222 | |||||||
163,837 | * | Recursion Pharmaceuticals, Inc | 1,015,789 | |||||||
58,181 | * | REGENXBIO, Inc | 1,615,105 | |||||||
100,420 | * | Relay Therapeutics, Inc | 2,393,009 | |||||||
35,276 | * | Relmada Therapeutics, Inc | 885,780 | |||||||
9,875 | *,e | Reneo Pharmaceuticals, Inc | 22,910 | |||||||
44,085 | * | Replimune Group, Inc | 739,305 | |||||||
100,547 | * | Revance Therapeutics, Inc | 1,646,960 | |||||||
85,130 | * | REVOLUTION Medicines, Inc | 1,700,046 | |||||||
58,748 | * | Rhythm Pharmaceuticals, Inc | 367,762 | |||||||
267,513 | * | Rigel Pharmaceuticals, Inc | 631,331 | |||||||
62,195 | * | Rocket Pharmaceuticals, Inc | 639,365 | |||||||
70,592 | *,e | Rubius Therapeutics, Inc | 117,183 | |||||||
129,609 | *,e | Sana Biotechnology, Inc | 978,548 | |||||||
184,047 | * | Sangamo Therapeutics Inc | 763,795 | |||||||
41,858 | *,e | Scholar Rock Holding Corp | 295,936 | |||||||
99,707 | *,e | Seelos Therapeutics, Inc | 61,818 | |||||||
62,439 | * | Seer, Inc | 454,556 | |||||||
139,854 | * | Selecta Biosciences, Inc | 107,170 | |||||||
29,831 | * | Sensei Biotherapeutics, Inc | 46,238 | |||||||
6,930 | * | Sera Prognostics, Inc | 15,939 | |||||||
93,599 | * | Seres Therapeutics, Inc | 442,723 | |||||||
267,664 | *,e | Sesen Bio, Inc | 101,739 | |||||||
24,429 | * | Shattuck Labs, Inc | 93,807 | |||||||
77,528 | * | SIGA Technologies, Inc | 532,617 | |||||||
12,499 | * | Sigilon Therapeutics, Inc | 13,124 |
232 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
29,778 | * | Silverback Therapeutics, Inc | $ | 92,610 | ||||||
67,119 | * | Singular Genomics Systems, Inc | 274,517 | |||||||
82,156 | *,e | Solid Biosciences, Inc | 46,007 | |||||||
435,910 | *,e | Sorrento Therapeutics, Inc | 658,224 | |||||||
232,146 | * | Spectrum Pharmaceuticals, Inc | 187,504 | |||||||
37,888 | *,e | Spero Therapeutics, Inc | 184,136 | |||||||
42,253 | * | SpringWorks Therapeutics, Inc | 1,813,076 | |||||||
11,422 | * | Spruce Biosciences, Inc | 20,103 | |||||||
35,646 | *,e | SQZ Biotechnologies Co | 131,534 | |||||||
29,887 | * | Stoke Therapeutics, Inc | 431,568 | |||||||
35,191 | *,e | Summit Therapeutics, Inc | 55,954 | |||||||
70,790 | * | Supernus Pharmaceuticals, Inc | 1,975,041 | |||||||
52,096 | * | Surface Oncology, Inc | 110,444 | |||||||
67,890 | * | Sutro Biopharma, Inc | 408,019 | |||||||
70,252 | * | Syndax Pharmaceuticals, Inc | 1,178,126 | |||||||
81,311 | * | Syros Pharmaceuticals, Inc | 68,448 | |||||||
32,222 | * | Talaris Therapeutics, Inc | 227,487 | |||||||
13,199 | * | Tarsus Pharmaceuticals, Inc | 241,674 | |||||||
34,855 | *,e | Taysha Gene Therapies, Inc | 127,569 | |||||||
46,760 | * | TCR2 Therapeutics Inc | 99,599 | |||||||
40,959 | *,e | Tenaya Therapeutics, Inc | 377,642 | |||||||
14,085 | * | Terns Pharmaceuticals, Inc | 22,536 | |||||||
183,588 | * | TG Therapeutics, Inc | 1,274,101 | |||||||
83,472 | * | Theravance Biopharma, Inc | 805,505 | |||||||
17,494 | * | Theseus Pharmaceuticals, Inc | 142,926 | |||||||
511,493 | *,e | Tonix Pharmaceuticals Holding Corp | 74,627 | |||||||
84,783 | * | Travere Therapeutics, Inc | 2,130,597 | |||||||
256,044 | *,e | Trevena, Inc | 75,917 | |||||||
66,919 | * | Turning Point Therapeutics Inc | 1,970,095 | |||||||
79,783 | * | Twist Bioscience Corp | 2,300,942 | |||||||
18,400 | * | Tyra Biosciences, Inc | 137,448 | |||||||
32,317 | *,e | UroGen Pharma Ltd | 228,158 | |||||||
77,049 | * | Vanda Pharmaceuticals, Inc | 764,326 | |||||||
176,407 | *,e | Vaxart Inc | 613,896 | |||||||
61,213 | * | Vaxcyte, Inc | 1,481,967 | |||||||
291,530 | *,e | VBI Vaccines, Inc | 364,413 | |||||||
15,829 | *,e | Ventyx Biosciences, Inc | 229,995 | |||||||
19,644 | * | Vera Therapeutics, Inc | 392,880 | |||||||
98,649 | * | Veracyte, Inc | 2,019,345 | |||||||
253,070 | * | Verastem, Inc | 359,359 | |||||||
67,232 | * | Vericel Corp | 1,916,112 | |||||||
20,030 | *,e | Verrica Pharmaceuticals, Inc | 131,597 | |||||||
52,445 | *,e | Verve Therapeutics, Inc | 782,479 | |||||||
8,953 | * | Vigil Neuroscience, Inc | 30,351 | |||||||
106,890 | * | Viking Therapeutics, Inc | 254,398 | |||||||
18,509 | * | Vincerx Pharma, Inc | 47,753 | |||||||
82,538 | * | Vir Biotechnology, Inc | 1,679,648 | |||||||
56,762 | * | Viracta Therapeutics, Inc | 144,743 | |||||||
224,554 | * | VistaGen Therapeutics, Inc | 285,184 | |||||||
27,224 | *,e | Vor BioPharma, Inc | 155,994 | |||||||
53,722 | * | WaVe Life Sciences Ltd | 104,758 | |||||||
28,019 | *,e | Werewolf Therapeutics, Inc | 124,685 | |||||||
22,872 | XBiotech, Inc | 177,487 | ||||||||
85,350 | * | Xencor, Inc | 2,132,043 | |||||||
11,284 | * | Xilio Therapeutics, Inc | 39,833 | |||||||
9,763 | *,e | XOMA Corp | 187,742 |
233 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
45,527 | * | Y-mAbs Therapeutics, Inc | $ | 382,427 | ||||||
51,272 | * | Zentalis Pharmaceuticals, Inc | 1,359,733 | |||||||
339,984 | *,e | ZIOPHARM Oncology, Inc | 180,668 | |||||||
83,039 | *,† | Zogenix, Inc | 56,467 | |||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 287,397,942 | |||||||||
REAL ESTATE - 7.9% | ||||||||||
126,731 | Acadia Realty Trust | 2,651,213 | ||||||||
99,307 | Agree Realty Corp | 6,744,931 | ||||||||
105,565 | Alexander & Baldwin, Inc | 2,237,978 | ||||||||
2,953 | Alexander’s, Inc | 732,846 | ||||||||
73,143 | American Assets Trust, Inc | 2,677,034 | ||||||||
187,059 | American Finance Trust, Inc | 1,397,331 | ||||||||
217,013 | * | Apartment Investment and Management Co | 1,367,182 | |||||||
309,655 | Apple Hospitality REIT, Inc | 5,477,797 | ||||||||
90,404 | Armada Hoffler Properties, Inc | 1,224,974 | ||||||||
25,315 | * | Ashford Hospitality Trust, Inc | 178,471 | |||||||
69,668 | BraeMar Hotels & Resorts, Inc | 422,188 | ||||||||
244,130 | Brandywine Realty Trust | 2,848,997 | ||||||||
226,350 | Broadstone Net Lease, Inc | 4,683,181 | ||||||||
15,332 | Brt Realty Trust | 335,617 | ||||||||
141,207 | CareTrust REIT, Inc | 2,288,965 | ||||||||
74,012 | CatchMark Timber Trust, Inc | 607,639 | ||||||||
20,596 | Centerspace | 1,900,187 | ||||||||
74,176 | * | Chatham Lodging Trust | 1,065,167 | |||||||
62,424 | City Office REIT, Inc | 926,372 | ||||||||
13,671 | Clipper Realty, Inc | 122,082 | ||||||||
33,244 | Community Healthcare Trust, Inc | 1,224,044 | ||||||||
163,683 | Corporate Office Properties Trust | 4,368,699 | ||||||||
7,676 | CTO Realty Growth, Inc | 489,499 | ||||||||
200,516 | * | Cushman & Wakefield plc | 3,589,236 | |||||||
298,656 | * | DiamondRock Hospitality Co | 3,171,727 | |||||||
702,040 | * | DigitalBridge Group, Inc | 4,886,198 | |||||||
332,930 | Diversified Healthcare Trust | 749,093 | ||||||||
109,262 | Douglas Elliman, Inc | 662,128 | ||||||||
120,654 | Easterly Government Properties, Inc | 2,298,459 | ||||||||
57,998 | EastGroup Properties, Inc | 10,874,625 | ||||||||
210,487 | Empire State Realty Trust, Inc | 1,818,608 | ||||||||
154,158 | * | Equity Commonwealth | 4,037,398 | |||||||
173,718 | Essential Properties Realty Trust, Inc | 4,169,232 | ||||||||
90,982 | e | eXp World Holdings Inc | 1,218,249 | |||||||
41,487 | Farmland Partners, Inc | 610,689 | ||||||||
7,394 | *,e | Fathom Holdings, Inc | 54,863 | |||||||
22,836 | * | Forestar Group, Inc | 372,455 | |||||||
109,955 | Four Corners Property Trust, Inc | 3,019,364 | ||||||||
144,551 | Franklin Street Properties Corp | 745,883 | ||||||||
8,758 | * | FRP Holdings, Inc | 494,915 | |||||||
55,507 | Getty Realty Corp | 1,493,693 | ||||||||
54,153 | Gladstone Commercial Corp | 1,139,379 | ||||||||
47,267 | Gladstone Land Corp | 1,720,519 | ||||||||
88,786 | Global Medical REIT, Inc | 1,310,481 | ||||||||
150,398 | Global Net Lease, Inc | 2,110,084 | ||||||||
210,456 | Healthcare Realty Trust, Inc | 5,699,148 | ||||||||
43,384 | * | Hersha Hospitality Trust | 424,296 | |||||||
315,958 | Independence Realty Trust, Inc | 8,613,015 | ||||||||
7,140 | Indus Realty Trust, Inc | 510,153 |
234 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
96,352 | Industrial Logistics Properties Trust | $ | 1,557,048 | |||||||
36,343 | Innovative Industrial Properties, Inc | 5,254,834 | ||||||||
95,377 | iStar Inc | 1,606,149 | ||||||||
167,260 | Kennedy-Wilson Holdings, Inc | 3,771,713 | ||||||||
313,975 | Kite Realty Group Trust | 7,001,643 | ||||||||
401,149 | Lexington Realty Trust | 5,034,420 | ||||||||
56,862 | LTC Properties, Inc | 1,876,446 | ||||||||
306,715 | Macerich Co | 3,849,273 | ||||||||
131,699 | * | Mack-Cali Realty Corp | 2,108,501 | |||||||
34,715 | Marcus & Millichap, Inc | 1,554,885 | ||||||||
62,471 | National Health Investors, Inc | 3,219,131 | ||||||||
115,480 | National Storage Affiliates Trust | 6,536,168 | ||||||||
56,768 | NETSTREIT Corp | 1,227,324 | ||||||||
241,332 | Newmark Group, Inc | 2,932,184 | ||||||||
32,151 | NexPoint Residential Trust, Inc | 2,866,583 | ||||||||
70,215 | Office Properties Income Trust | 1,518,048 | ||||||||
22,536 | One Liberty Properties, Inc | 645,656 | ||||||||
207,583 | Outfront Media, Inc | 5,314,125 | ||||||||
267,839 | Paramount Group, Inc | 2,547,149 | ||||||||
186,345 | Pebblebrook Hotel Trust | 4,550,545 | ||||||||
162,738 | Phillips Edison & Co, Inc | 5,510,309 | ||||||||
315,612 | Physicians Realty Trust | 5,409,590 | ||||||||
177,277 | Piedmont Office Realty Trust, Inc | 2,854,160 | ||||||||
45,847 | Plymouth Industrial REIT, Inc | 1,105,830 | ||||||||
18,870 | Postal Realty Trust, Inc | 317,582 | ||||||||
93,526 | PotlatchDeltic Corp | 5,180,405 | ||||||||
73,871 | Preferred Apartment Communities, Inc | 1,837,910 | ||||||||
28,479 | PS Business Parks, Inc | 5,331,269 | ||||||||
28,655 | Re/Max Holdings, Inc | 672,246 | ||||||||
167,188 | * | Realogy Holdings Corp | 1,832,380 | |||||||
150,429 | *,e | Redfin Corp | 1,677,283 | |||||||
170,231 | Retail Opportunities Investment Corp | 3,171,404 | ||||||||
241,728 | RLJ Lodging Trust | 3,389,027 | ||||||||
20,413 | RMR Group, Inc | 556,867 | ||||||||
126,262 | RPT Realty | 1,678,022 | ||||||||
77,632 | * | Ryman Hospitality Properties | 7,257,039 | |||||||
330,294 | Sabra Healthcare REIT, Inc | 3,857,834 | ||||||||
29,333 | Safehold, Inc | 1,262,786 | ||||||||
16,530 | Saul Centers, Inc | 853,113 | ||||||||
58,305 | * | Seritage Growth Properties | 577,220 | |||||||
237,928 | Service Properties Trust | 1,931,975 | ||||||||
249,513 | SITE Centers Corp | 3,967,257 | ||||||||
48,359 | St. Joe Co | 2,573,182 | ||||||||
256,871 | STAG Industrial, Inc | 9,586,426 | ||||||||
150,610 | * | Summit Hotel Properties, Inc | 1,486,521 | |||||||
311,976 | * | Sunstone Hotel Investors, Inc | 3,821,706 | |||||||
148,487 | Tanger Factory Outlet Centers, Inc | 2,395,095 | ||||||||
32,629 | * | Tejon Ranch Co | 597,437 | |||||||
105,995 | Terreno Realty Corp | 7,711,136 | ||||||||
63,319 | UMH Properties, Inc | 1,489,263 | ||||||||
281,223 | Uniti Group, Inc | 3,484,353 | ||||||||
18,440 | Universal Health Realty Income Trust | 925,504 | ||||||||
164,893 | Urban Edge Properties | 3,081,850 | ||||||||
45,289 | Urstadt Biddle Properties, Inc (Class A) | 785,764 | ||||||||
119,531 | Washington REIT | 2,879,502 | ||||||||
62,723 | Whitestone REIT | 762,084 |
235 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
161,219 | * | Xenia Hotels & Resorts, Inc | $ | 3,109,915 | ||||||
TOTAL REAL ESTATE | 281,659,355 | |||||||||
RETAILING - 3.2% | ||||||||||
36,380 | * | 1-800-FLOWERS.COM, Inc (Class A) | 371,076 | |||||||
28,633 | * | 1stdibs.com, Inc | 216,465 | |||||||
44,172 | Aaron’s Co, Inc | 906,851 | ||||||||
81,432 | * | Abercrombie & Fitch Co (Class A) | 2,815,919 | |||||||
111,899 | Academy Sports & Outdoors, Inc | 4,180,547 | ||||||||
14,388 | * | aka Brands Holding Corp | 50,790 | |||||||
221,222 | e | American Eagle Outfitters, Inc | 3,342,664 | |||||||
8,941 | * | America’s Car-Mart, Inc | 722,880 | |||||||
122,073 | Arko Corp | 1,131,617 | ||||||||
33,063 | * | Asbury Automotive Group, Inc | 6,074,004 | |||||||
60,171 | * | Barnes & Noble Education, Inc | 182,920 | |||||||
138,604 | *,e | Bed Bath & Beyond, Inc | 1,886,400 | |||||||
26,152 | e | Big 5 Sporting Goods Corp | 378,419 | |||||||
44,044 | Big Lots, Inc | 1,360,960 | ||||||||
42,493 | * | Boot Barn Holdings, Inc | 3,826,920 | |||||||
41,887 | Buckle, Inc | 1,301,010 | ||||||||
53,668 | Caleres, Inc | 1,230,607 | ||||||||
57,287 | e | Camping World Holdings, Inc | 1,471,130 | |||||||
101,579 | *,e | CarLotz, Inc | 90,192 | |||||||
74,186 | * | CarParts.com, Inc | 444,374 | |||||||
24,307 | Cato Corp (Class A) | 329,360 | ||||||||
175,489 | * | Chico’s FAS, Inc | 930,092 | |||||||
18,530 | * | Children’s Place, Inc | 858,495 | |||||||
11,745 | * | Citi Trends, Inc | 328,508 | |||||||
27,958 | * | Conn’s, Inc | 437,543 | |||||||
39,122 | * | Container Store Group, Inc | 299,283 | |||||||
85,636 | Designer Brands, Inc | 1,183,489 | ||||||||
7,875 | e | Dillard’s, Inc (Class A) | 2,392,504 | |||||||
11,609 | * | Duluth Holdings, Inc | 142,210 | |||||||
40,242 | Franchise Group, Inc | 1,500,624 | ||||||||
39,470 | * | Funko, Inc | 642,966 | |||||||
20,983 | * | Genesco, Inc | 1,301,575 | |||||||
16,658 | *,e | Greenlane Holdings Inc | 5,747 | |||||||
24,148 | Group 1 Automotive, Inc | 4,205,133 | ||||||||
32,196 | *,e | Groupon, Inc | 628,144 | |||||||
82,304 | *,e | GrowGeneration Corp | 486,417 | |||||||
57,108 | Guess?, Inc | 1,283,217 | ||||||||
22,347 | Haverty Furniture Cos, Inc | 554,876 | ||||||||
20,118 | Hibbett Sports, Inc | 868,695 | ||||||||
18,169 | e | JOANN, Inc | 189,684 | |||||||
13,705 | *,e | Kirkland’s, Inc | 99,087 | |||||||
22,463 | * | Lands’ End, Inc | 314,931 | |||||||
11,502 | *,e | Lazydays Holdings, Inc | 223,484 | |||||||
31,498 | * | Liquidity Services, Inc | 454,201 | |||||||
8,835 | * | Lulu’s Fashion Lounge Holdings, Inc | 85,169 | |||||||
41,895 | * | Lumber Liquidators, Inc | 578,570 | |||||||
432,195 | Macy’s, Inc | 10,446,153 | ||||||||
29,604 | * | MarineMax, Inc | 1,211,396 | |||||||
48,530 | Monro Muffler, Inc | 2,219,277 | ||||||||
33,366 | Murphy USA, Inc | 7,794,298 | ||||||||
118,102 | * | National Vision Holdings, Inc | 4,446,540 | |||||||
66,063 | * | ODP Corp | 2,842,691 |
236 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
14,176 | OneWater Marine, Inc | $ | 463,413 | |||||||
61,918 | *,e | Overstock.com, Inc | 2,077,968 | |||||||
153,715 | * | Party City Holdco, Inc | 474,979 | |||||||
30,325 | e | PetMed Express, Inc | 664,117 | |||||||
115,515 | * | Porch Group, Inc | 427,405 | |||||||
122,870 | * | Quotient Technology, Inc | 652,440 | |||||||
123,121 | * | RealReal, Inc | 667,316 | |||||||
25,989 | * | Rent the Runway, Inc | 164,770 | |||||||
92,369 | Rent-A-Center, Inc | 2,227,940 | ||||||||
51,981 | * | Revolve Group, Inc | 2,196,717 | |||||||
158,597 | * | Sally Beauty Holdings, Inc | 2,397,987 | |||||||
97,181 | *,e | Shift Technologies, Inc | 130,223 | |||||||
24,101 | Shoe Carnival, Inc | 727,609 | ||||||||
32,934 | Shutterstock, Inc | 2,493,762 | ||||||||
75,196 | Signet Jewelers Ltd | 5,278,759 | ||||||||
31,864 | * | Sleep Number Corp | 1,292,404 | |||||||
31,638 | Sonic Automotive, Inc (Class A) | 1,346,197 | ||||||||
59,219 | * | Sportsman’s Warehouse Holdings, Inc | 569,095 | |||||||
115,618 | * | Stitch Fix Inc | 1,098,371 | |||||||
30,347 | Tilly’s, Inc | 267,661 | ||||||||
25,481 | *,e | Torrid Holdings, Inc | 149,319 | |||||||
17,481 | * | TravelCenters of America, Inc | 664,453 | |||||||
100,398 | * | Urban Outfitters, Inc | 2,389,472 | |||||||
4,993 | Winmark Corp | 1,014,578 | ||||||||
35,485 | *,e | Xometry, Inc | 1,164,618 | |||||||
28,692 | * | Zumiez, Inc | 1,050,988 | |||||||
TOTAL RETAILING | 113,322,665 | |||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.0% | ||||||||||
32,313 | * | Alpha & Omega Semiconductor Ltd | 1,386,228 | |||||||
50,468 | * | Ambarella, Inc | 4,142,413 | |||||||
147,480 | Amkor Technology, Inc | 2,774,099 | ||||||||
25,045 | *,e | Atomera, Inc | 261,720 | |||||||
48,710 | * | Axcelis Technologies, Inc | 2,652,259 | |||||||
62,521 | * | AXT, Inc | 368,874 | |||||||
32,245 | * | Ceva, Inc | 1,171,783 | |||||||
16 | *,† | China Energy Savings Technology, Inc | 0 | |||||||
40,283 | CMC Materials, Inc | 7,207,032 | ||||||||
68,616 | * | Cohu, Inc | 1,822,441 | |||||||
28,964 | * | Credo Technology Group Holding Ltd | 319,763 | |||||||
63,151 | * | Diodes, Inc | 4,611,918 | |||||||
110,037 | * | Formfactor, Inc | 4,193,510 | |||||||
40,413 | * | Ichor Holdings Ltd | 1,176,422 | |||||||
27,632 | * | Impinj, Inc | 1,361,152 | |||||||
121,511 | *,e | Kopin Corp | 194,418 | |||||||
86,336 | Kulicke & Soffa Industries, Inc | 4,006,854 | ||||||||
194,657 | * | Lattice Semiconductor Corp | 9,351,322 | |||||||
70,066 | * | MACOM Technology Solutions Holdings, Inc | 3,569,863 | |||||||
102,997 | * | MaxLinear, Inc | 4,930,466 | |||||||
285,347 | *,e | Meta Materials, Inc | 342,416 | |||||||
70,156 | * | Nanometrics, Inc | 4,990,898 | |||||||
71,057 | * | NeoPhotonics Corp Ltd | 1,075,803 | |||||||
7,462 | NVE Corp | 346,088 | ||||||||
44,006 | * | PDF Solutions, Inc | 1,023,140 | |||||||
84,882 | * | Photronics, Inc | 1,272,381 | |||||||
84,131 | Power Integrations, Inc | 6,730,480 |
237 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
155,302 | * | Rambus, Inc | $ | 3,868,573 | ||||||
93,222 | * | Semtech Corp | 5,556,031 | |||||||
54,215 | * | Silicon Laboratories, Inc | 7,314,146 | |||||||
22,841 | * | SiTime Corp | 3,850,307 | |||||||
12,309 | *,e | SkyWater Technology, Inc | 75,331 | |||||||
69,700 | * | SMART Global Holdings, Inc | 1,579,402 | |||||||
115,292 | *,e | SunPower Corp | 1,903,471 | |||||||
56,631 | * | Synaptics, Inc | 8,406,306 | |||||||
63,013 | * | Ultra Clean Holdings | 1,964,115 | |||||||
72,694 | * | Veeco Instruments, Inc | 1,666,146 | |||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 107,467,571 | |||||||||
SOFTWARE & SERVICES - 7.0% | ||||||||||
166,685 | * | 8x8, Inc | 1,528,501 | |||||||
88,162 | A10 Networks, Inc | 1,258,953 | ||||||||
168,346 | * | ACI Worldwide, Inc | 4,649,717 | |||||||
30,967 | * | Agilysys, Inc | 1,139,895 | |||||||
68,584 | * | Alarm.com Holdings, Inc | 4,189,111 | |||||||
42,923 | * | Alkami Technology, Inc | 562,291 | |||||||
65,882 | *,e | Altair Engineering, Inc | 3,578,710 | |||||||
42,903 | American Software, Inc (Class A) | 733,641 | ||||||||
26,682 | * | Appfolio, Inc | 2,771,193 | |||||||
55,356 | *,e | Appian Corp | 2,646,017 | |||||||
7,635 | * | Arteris, Inc | 90,017 | |||||||
103,507 | *,e | Asana, Inc | 2,773,988 | |||||||
119,098 | * | Avaya Holdings Corp | 1,101,656 | |||||||
38,148 | *,e | AvidXchange Holdings, Inc | 312,432 | |||||||
39,105 | * | Benefitfocus, Inc | 416,468 | |||||||
68,929 | * | BigCommerce Holdings, Inc | 1,231,761 | |||||||
68,876 | * | Blackbaud, Inc | 3,995,497 | |||||||
78,321 | * | Blackline, Inc | 5,251,423 | |||||||
62,163 | * | Bottomline Technologies, Inc | 3,519,669 | |||||||
194,106 | * | Box, Inc | 5,943,526 | |||||||
52,707 | * | Brightcove, Inc | 371,584 | |||||||
134,265 | * | BTRS Holdings, Inc | 902,261 | |||||||
91,238 | * | Cantaloupe, Inc | 499,072 | |||||||
19,577 | Cass Information Systems, Inc | 757,826 | ||||||||
55,932 | * | Cerence Inc | 1,649,994 | |||||||
45,049 | * | ChannelAdvisor Corp | 653,661 | |||||||
51,257 | *,e | Cleanspark, Inc | 332,658 | |||||||
62,915 | * | Commvault Systems, Inc | 3,837,815 | |||||||
228,994 | * | Conduent, Inc | 1,289,236 | |||||||
22,044 | * | Consensus Cloud Solutions, Inc | 1,162,160 | |||||||
33,520 | * | Couchbase, Inc | 569,840 | |||||||
22,184 | *,e | CS Disco, Inc | 681,271 | |||||||
46,972 | CSG Systems International, Inc | 2,887,369 | ||||||||
19,558 | *,e | Digimarc Corp | 505,965 | |||||||
130,566 | * | Digital Turbine, Inc | 4,132,414 | |||||||
73,584 | * | DigitalOcean Holdings, Inc | 2,901,417 | |||||||
41,771 | * | Domo, Inc | 1,730,155 | |||||||
287,190 | *,e | E2open Parent Holdings, Inc | 2,222,851 | |||||||
38,501 | Ebix, Inc | 1,147,330 | ||||||||
32,005 | * | eGain Corp | 331,252 | |||||||
32,846 | * | Enfusion, Inc | 419,443 | |||||||
24,108 | * | EngageSmart, Inc | 503,375 | |||||||
78,215 | * | Envestnet, Inc | 6,229,043 |
238 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
41,484 | * | EverCommerce, Inc | $ | 513,572 | ||||||
87,067 | EVERTEC, Inc | 3,430,440 | ||||||||
68,767 | * | Evo Payments, Inc | 1,549,321 | |||||||
47,403 | * | ExlService Holdings, Inc | 6,453,918 | |||||||
81,626 | * | Flywire Corp | 2,490,409 | |||||||
27,194 | *,e | GreenBox POS | 98,170 | |||||||
63,899 | * | Grid Dynamics Holdings, Inc | 889,474 | |||||||
50,398 | * | GTY Technology Holdings Inc | 306,924 | |||||||
34,938 | Hackett Group, Inc | 820,694 | ||||||||
32,351 | * | I3 Verticals, Inc | 888,035 | |||||||
8,594 | * | IBEX Ltd | 133,121 | |||||||
20,251 | * | Instructure Holdings, Inc | 366,543 | |||||||
19,278 | * | Intapp, Inc | 480,793 | |||||||
9,395 | *,e | Intelligent Systems Corp | 214,112 | |||||||
43,419 | InterDigital, Inc | 2,468,370 | ||||||||
46,797 | * | International Money Express Inc | 929,856 | |||||||
76,290 | * | JFrog Ltd | 1,592,172 | |||||||
76,489 | *,e | Kaltura, Inc | 118,558 | |||||||
163,885 | * | Limelight Networks, Inc | 585,069 | |||||||
93,900 | * | Liveperson, Inc | 2,124,018 | |||||||
94,836 | * | LiveRamp Holdings, Inc | 2,970,264 | |||||||
135,562 | *,e | Marathon Digital Holdings, Inc | 2,114,767 | |||||||
87,675 | MAXIMUS, Inc | 6,389,754 | ||||||||
31,294 | *,e | MeridianLink, Inc | 505,398 | |||||||
13,342 | *,e | MicroStrategy, Inc (Class A) | 4,725,336 | |||||||
89,224 | * | Mimecast Ltd | 7,109,368 | |||||||
59,675 | * | Mitek Systems, Inc | 666,570 | |||||||
50,201 | * | Model N, Inc | 1,297,194 | |||||||
123,367 | * | MoneyGram International, Inc | 1,249,708 | |||||||
39,105 | * | ON24, Inc | 495,460 | |||||||
53,118 | * | OneSpan, Inc | 750,557 | |||||||
119,365 | * | Pagerduty, Inc | 3,410,258 | |||||||
128,729 | * | Paya Holdings, Inc | 655,231 | |||||||
46,800 | * | Perficient, Inc | 4,652,388 | |||||||
86,534 | * | Ping Identity Holding Corp | 2,261,133 | |||||||
9,815 | *,e | Priority Technology Holdings Inc | 47,112 | |||||||
61,986 | Progress Software Corp | 2,974,088 | ||||||||
57,434 | * | PROS Holdings, Inc | 1,604,132 | |||||||
78,758 | * | Q2 Holdings, Inc | 4,074,151 | |||||||
49,203 | * | Qualys, Inc | 6,705,385 | |||||||
74,371 | *,e | Rackspace Technology, Inc | 735,529 | |||||||
80,877 | * | Rapid7, Inc | 7,725,371 | |||||||
49,132 | *,e | Rekor Systems, Inc | 145,922 | |||||||
18,560 | * | Remitly Global, Inc | 206,016 | |||||||
123,186 | * | Repay Holdings Corp | 1,648,229 | |||||||
68,658 | * | Rimini Street, Inc | 395,470 | |||||||
155,490 | *,e | Riot Blockchain, Inc | 1,576,669 | |||||||
131,820 | * | SailPoint Technologies Holding, Inc | 8,414,071 | |||||||
44,478 | * | Sapiens International Corp NV | 1,033,669 | |||||||
13,501 | * | SecureWorks Corp | 149,051 | |||||||
11,953 | * | ShotSpotter, Inc | 328,110 | |||||||
69,634 | * | Smith Micro Software, Inc | 214,473 | |||||||
64,871 | * | Sprout Social, Inc | 3,975,295 | |||||||
52,051 | * | SPS Commerce, Inc | 6,226,861 | |||||||
26,354 | * | StarTek, Inc | 98,827 | |||||||
11,185 | * | Stronghold Digital Mining, Inc | 43,621 |
239 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
127,745 | * | Sumo Logic, Inc | $ | 1,198,248 | ||||||
191,268 | * | SVMK, Inc | 3,025,860 | |||||||
59,340 | * | Telos Corp | 462,259 | |||||||
131,738 | * | Tenable Holdings, Inc | 7,275,890 | |||||||
26,270 | TTEC Holdings, Inc | 1,938,989 | ||||||||
13,579 | *,e | Tucows, Inc | 782,422 | |||||||
93,710 | * | Unisys Corp | 1,331,619 | |||||||
43,779 | * | Upland Software, Inc | 653,183 | |||||||
11,620 | *,e | UserTesting, Inc | 90,752 | |||||||
153,135 | * | Varonis Systems, Inc | 6,615,432 | |||||||
91,672 | * | Verint Systems, Inc | 5,001,624 | |||||||
36,492 | *,e | Veritone, Inc | 395,208 | |||||||
216,650 | * | Verra Mobility Corp | 3,039,600 | |||||||
17,360 | * | Viant Technology, Inc | 102,077 | |||||||
106,522 | *,e | VirnetX Holding Corp | 151,261 | |||||||
365,208 | * | Vonage Holdings Corp | 7,289,552 | |||||||
7,066 | * | Weave Communications, Inc | 33,493 | |||||||
62,169 | * | Workiva, Inc | 5,999,930 | |||||||
151,398 | Xperi Holding Corp | 2,361,809 | ||||||||
173,918 | * | Yext, Inc | 1,006,985 | |||||||
161,837 | * | Zuora Inc | 1,969,556 | |||||||
TOTAL SOFTWARE & SERVICES | 248,167,214 | |||||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 3.3% | ||||||||||
178,793 | * | 3D Systems Corp | 2,027,513 | |||||||
28,250 | * | 908 Devices, Inc | 501,437 | |||||||
70,879 | Adtran, Inc | 1,232,586 | ||||||||
54,508 | Advanced Energy Industries, Inc | 4,170,952 | ||||||||
159,607 | *,e | Aeva Technologies, Inc | 523,511 | |||||||
68,063 | *,e | Akoustis Technologies, Inc | 302,200 | |||||||
119,370 | * | Arlo Technologies, Inc | 923,924 | |||||||
15,093 | * | Aviat Networks, Inc | 451,281 | |||||||
50,153 | * | Avid Technology, Inc | 1,590,352 | |||||||
42,035 | Badger Meter, Inc | 3,391,804 | ||||||||
63,617 | Belden CDT, Inc | 3,284,546 | ||||||||
51,183 | Benchmark Electronics, Inc | 1,216,108 | ||||||||
55,850 | * | CalAmp Corp | 305,499 | |||||||
79,026 | * | Calix, Inc | 3,153,928 | |||||||
15,390 | * | Cambium Networks Corp | 235,005 | |||||||
50,054 | * | Casa Systems, Inc | 245,265 | |||||||
15,803 | * | Clearfield, Inc | 920,209 | |||||||
35,226 | Comtech Telecommunications Corp | 479,074 | ||||||||
36,950 | *,e | Corsair Gaming, Inc | 559,053 | |||||||
46,447 | CTS Corp | 1,642,830 | ||||||||
55,737 | * | Daktronics, Inc | 186,719 | |||||||
112,680 | * | Diebold, Inc | 461,988 | |||||||
48,605 | * | Digi International, Inc | 919,607 | |||||||
26,323 | * | DZS, Inc | 318,245 | |||||||
45,149 | *,e | Eastman Kodak Co | 233,420 | |||||||
57,187 | * | EMCORE Corp | 197,295 | |||||||
38,822 | * | ePlus, Inc | 2,192,667 | |||||||
183,229 | * | Extreme Networks, Inc | 1,758,998 | |||||||
52,992 | * | Fabrinet | 5,203,284 | |||||||
27,761 | * | FARO Technologies, Inc | 951,925 | |||||||
126,869 | * | Harmonic, Inc | 1,053,013 | |||||||
32,348 | * | Identiv, Inc | 394,322 |
240 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
151,156 | * | II-VI, Inc | $ | 9,252,259 | ||||||
264,557 | * | Infinera Corp | 2,034,443 | |||||||
130,514 | *,e | Inseego Corp | 371,965 | |||||||
48,705 | * | Insight Enterprises, Inc | 4,839,816 | |||||||
60,654 | * | Iteris, Inc | 156,487 | |||||||
64,683 | * | Itron, Inc | 3,090,554 | |||||||
36,276 | * | Kimball Electronics, Inc | 647,164 | |||||||
129,201 | * | Knowles Corp | 2,392,802 | |||||||
25,893 | * | KVH Industries, Inc | 206,367 | |||||||
46,474 | * | Luna Innovations, Inc | 256,536 | |||||||
52,952 | Methode Electronics, Inc | 2,362,189 | ||||||||
237,128 | *,e | Microvision, Inc | 765,923 | |||||||
40,341 | * | Napco Security Technologies, Inc | 705,967 | |||||||
42,898 | * | Netgear, Inc | 930,887 | |||||||
98,761 | * | Netscout Systems, Inc | 3,041,839 | |||||||
64,894 | * | nLight, Inc | 853,356 | |||||||
50,276 | * | Novanta, Inc | 6,470,521 | |||||||
23,698 | * | OSI Systems, Inc | 1,874,512 | |||||||
186,294 | *,e | Ouster, Inc | 616,633 | |||||||
37,135 | *,e | PAR Technology Corp | 1,226,940 | |||||||
15,879 | PC Connection, Inc | 785,852 | ||||||||
59,775 | * | Plantronics, Inc | 2,382,631 | |||||||
40,969 | * | Plexus Corp | 3,324,225 | |||||||
124,418 | *,e | Quantum Corp | 232,662 | |||||||
111,945 | * | Ribbon Communications, Inc | 386,210 | |||||||
26,568 | * | Rogers Corp | 7,192,489 | |||||||
88,248 | * | Sanmina Corp | 3,608,461 | |||||||
37,262 | * | Scansource, Inc | 1,275,851 | |||||||
62,711 | * | Super Micro Computer, Inc | 2,640,133 | |||||||
149,759 | * | TTM Technologies, Inc | 2,089,138 | |||||||
23,429 | * | Turtle Beach Corp | 389,859 | |||||||
110,692 | * | Velodyne Lidar, Inc | 208,101 | |||||||
326,609 | * | Viavi Solutions, Inc | 4,683,573 | |||||||
189,163 | Vishay Intertechnology, Inc | 3,524,107 | ||||||||
19,462 | * | Vishay Precision Group, Inc | 607,409 | |||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 116,456,421 | |||||||||
TELECOMMUNICATION SERVICES - 0.7% | ||||||||||
15,413 | * | Anterix, Inc | 799,010 | |||||||
16,039 | ATN International, Inc | 633,540 | ||||||||
33,774 | * | Bandwidth Inc | 747,081 | |||||||
61,300 | Cogent Communications Group, Inc | 3,586,050 | ||||||||
105,124 | * | Consolidated Communications Holdings, Inc | 625,488 | |||||||
55,292 | * | EchoStar Corp (Class A) | 1,291,068 | |||||||
880,509 | *,e | Globalstar, Inc | 1,021,390 | |||||||
85,280 | *,e | Gogo, Inc | 1,570,005 | |||||||
21,164 | * | IDT Corp (Class B) | 560,423 | |||||||
169,530 | * | Iridium Communications, Inc | 6,053,916 | |||||||
56,787 | * | Liberty Latin America Ltd (Class A) | 524,712 | |||||||
225,005 | * | Liberty Latin America Ltd (Class C) | 2,079,046 | |||||||
34,046 | * | Ooma, Inc | 437,151 | |||||||
102,029 | * | Radius Global Infrastructure, Inc | 1,267,200 | |||||||
68,994 | Shenandoah Telecom Co | 1,393,679 | ||||||||
147,821 | Telephone & Data Systems, Inc | 2,708,081 | ||||||||
10,684 | *,e | Telesat Corp | 120,088 | |||||||
19,860 | * | US Cellular Corp | 571,571 | |||||||
TOTAL TELECOMMUNICATION SERVICES | 25,989,499 |
241 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | ||||||||
TRANSPORTATION - 1.9% | ||||||||||
85,464 | * | Air Transport Services Group, Inc | $ | 2,675,023 | ||||||
21,916 | * | Allegiant Travel Co | 3,401,144 | |||||||
35,551 | ArcBest Corp | 2,565,360 | ||||||||
40,656 | * | Atlas Air Worldwide Holdings, Inc | 2,802,825 | |||||||
59,423 | * | Avis Budget Group, Inc | 15,905,754 | |||||||
75,689 | Costamare, Inc | 1,014,989 | ||||||||
19,684 | Covenant Transportation Group, Inc | 404,309 | ||||||||
58,964 | * | Daseke, Inc | 495,298 | |||||||
13,046 | Eagle Bulk Shipping, Inc | 811,983 | ||||||||
38,891 | Forward Air Corp | 3,771,260 | ||||||||
46,552 | *,e | Frontier Group Holdings, Inc | 493,917 | |||||||
43,381 | Genco Shipping & Trading Ltd | 955,683 | ||||||||
77,624 | * | Hawaiian Holdings, Inc | 1,316,503 | |||||||
66,883 | Heartland Express, Inc | 922,985 | ||||||||
47,634 | * | Hub Group, Inc (Class A) | 3,199,099 | |||||||
27,447 | * | HyreCar, Inc | 42,817 | |||||||
80,729 | Marten Transport Ltd | 1,403,070 | ||||||||
60,088 | Matson, Inc | 5,168,770 | ||||||||
32,524 | * | Mesa Air Group, Inc | 110,582 | |||||||
10,560 | * | PAM Transportation Services, Inc | 320,918 | |||||||
61,458 | * | Radiant Logistics, Inc | 354,613 | |||||||
88,443 | Safe Bulkers, Inc | 363,501 | ||||||||
37,868 | * | Saia, Inc | 7,799,293 | |||||||
72,171 | * | Skywest, Inc | 2,103,785 | |||||||
140,191 | * | Spirit Airlines, Inc | 3,309,910 | |||||||
44,117 | * | Sun Country Airlines Holdings, Inc | 1,213,659 | |||||||
11,955 | Universal Logistics Holdings Inc | 242,447 | ||||||||
37,863 | * | US Xpress Enterprises, Inc | 125,327 | |||||||
87,028 | Werner Enterprises, Inc | 3,448,920 | ||||||||
67,541 | * | Yellow Corp | 302,584 | |||||||
TOTAL TRANSPORTATION | 67,046,328 | |||||||||
UTILITIES - 3.1% | ||||||||||
75,671 | Allete, Inc | 4,490,317 | ||||||||
53,839 | American States Water Co | 4,234,976 | ||||||||
11,287 | Artesian Resources Corp | 524,845 | ||||||||
100,000 | Avista Corp | 4,057,000 | ||||||||
92,170 | Black Hills Corp | 6,750,531 | ||||||||
90,492 | e | Brookfield Infrastructure Corp | 6,417,693 | |||||||
32,021 | * | Cadiz, Inc | 63,402 | |||||||
74,564 | California Water Service Group | 3,867,635 | ||||||||
24,129 | Chesapeake Utilities Corp | 3,020,227 | ||||||||
47,951 | Clearway Energy, Inc (Class A) | 1,362,767 | ||||||||
117,333 | Clearway Energy, Inc (Class C) | 3,582,176 | ||||||||
17,733 | Global Water Resources, Inc | 253,937 | ||||||||
51,750 | MGE Energy, Inc | 4,029,772 | ||||||||
25,076 | Middlesex Water Co | 2,230,510 | ||||||||
137,149 | New Jersey Resources Corp | 5,919,351 | ||||||||
43,473 | Northwest Natural Holding Co | 2,079,314 | ||||||||
76,437 | NorthWestern Corp | 4,333,213 | ||||||||
75,573 | ONE Gas, Inc | 6,376,094 | ||||||||
65,337 | Ormat Technologies, Inc | 5,076,685 | ||||||||
59,180 | Otter Tail Corp | 3,430,073 |
242 |
TIAA-CREF FUNDS – Small-Cap Blend Index Fund
SHARES | COMPANY | VALUE | |||||||||||||||
121,286 | PNM Resources, Inc | $ | 5,659,205 | ||||||||||||||
129,763 | Portland General Electric Co | 6,141,683 | |||||||||||||||
29,806 | * | Pure Cycle Corp | 311,473 | ||||||||||||||
39,548 | SJW Corp | 2,333,332 | |||||||||||||||
149,767 | South Jersey Industries, Inc | 5,120,534 | |||||||||||||||
95,447 | Southwest Gas Holdings Inc | 8,409,835 | |||||||||||||||
72,044 | Spire, Inc | 5,241,201 | |||||||||||||||
125,135 | * | Sunnova Energy International, Inc | 2,161,081 | ||||||||||||||
23,193 | Unitil Corp | 1,182,843 | |||||||||||||||
20,201 | Via Renewables, Inc | 144,235 | |||||||||||||||
18,462 | York Water Co | 714,110 | |||||||||||||||
TOTAL UTILITIES | 109,520,050 | ||||||||||||||||
TOTAL COMMON STOCKS | 3,542,943,485 | ||||||||||||||||
(Cost $2,835,309,703) | |||||||||||||||||
RIGHTS / WARRANTS - 0.0% | EXPIRATION DATE | ||||||||||||||||
ENERGY - 0.0% | |||||||||||||||||
4,570 | e | Nabors Industries Ltd | 06/11/26 | 143,498 | |||||||||||||
4,137 | Whiting Petroleum Corp | 09/01/24 | 63,089 | ||||||||||||||
2,068 | e | Whiting Petroleum Corp | 09/01/25 | 26,657 | |||||||||||||
TOTAL ENERGY | 233,244 | ||||||||||||||||
HEALTH CARE EQUIPMENT & SERVICES - 0.0% | |||||||||||||||||
20,313 | Pulse Biosciences, Inc | 4,672 | |||||||||||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 4,672 | ||||||||||||||||
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 | ||||||||||||||
9,351 | † | Tobira Therapeutics, Inc | 561 | ||||||||||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 561 | ||||||||||||||||
TOTAL RIGHTS / WARRANTS | 238,477 | ||||||||||||||||
(Cost $561) | |||||||||||||||||
RATE | |||||||||||||||||
SHORT-TERM INVESTMENTS - 3.5% | |||||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 3.5% | |||||||||||||||||
123,403,966 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 0.310 | % | 123,403,966 | ||||||||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 123,403,966 | ||||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 123,403,966 | ||||||||||||||||
(Cost $123,403,966) | |||||||||||||||||
TOTAL INVESTMENTS - 103.5% | 3,666,585,928 | ||||||||||||||||
(Cost $2,958,714,230) | |||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - (3.5)% | (122,384,333 | ) | |||||||||||||||
NET ASSETS - 100.0% | $ | 3,544,201,595 | |||||||||||||||
REIT Real Estate Investment Trust |
243 |
TIAA-CREF FUNDS – Small-Cap Blend Index 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. | |
e | All or a portion of these securities are out on loan. The aggregate value of securities on loan is $157,009,941. | |
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 4/30/22, the aggregate value of these securities is $5,412,393 or 0.2% of net assets. |
244 |
TIAA-CREF FUNDS – Emerging Markets Equity Index Fund
TIAA-CREF FUNDS
EMERGING MARKETS EQUITY INDEX FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2022
MATURITY | ||||||||||||||||
PRINCIPAL | ISSUER | RATE | DATE | VALUE | ||||||||||||
CORPORATE BONDS - 0.0% | ||||||||||||||||
INDIA - 0.0% | ||||||||||||||||
INR | 1,648,737 | Britannia Industries Ltd | 5.500 | % | 06/03/24 | $ | 21,350 | |||||||||
TOTAL INDIA | 21,350 | |||||||||||||||
TOTAL CORPORATE BONDS | 21,350 | |||||||||||||||
(Cost $22,656) | ||||||||||||||||
SHARES | COMPANY | |||||||||||||||
COMMON STOCKS - 98.7% | ||||||||||||||||
BRAZIL - 5.2% | ||||||||||||||||
167,400 | Alpargatas S.A. | 663,648 | ||||||||||||||
3,464,697 | AMBEV S.A. | 10,175,548 | ||||||||||||||
464,688 | Americanas S.A. | 2,255,790 | ||||||||||||||
310,700 | Atacadao Distribuicao Comercio e Industria Ltd | 1,292,711 | ||||||||||||||
4,302,446 | B3 SA-Brasil Bolsa Balcao | 11,574,254 | ||||||||||||||
1,155,028 | Banco Bradesco S.A. | 3,483,342 | ||||||||||||||
3,792,704 | Banco Bradesco S.A. (Preference) | 13,793,185 | ||||||||||||||
866,500 | Banco BTG Pactual S.A. - Unit | 4,046,862 | ||||||||||||||
612,483 | Banco do Brasil S.A. | 4,115,472 | ||||||||||||||
292,137 | Banco Inter S.A. | 896,392 | ||||||||||||||
252,674 | Banco Santander Brasil S.A. | 1,622,670 | ||||||||||||||
499,948 | BB Seguridade Participacoes S.A. | 2,571,563 | ||||||||||||||
144,900 | Braskem S.A. | 1,178,790 | ||||||||||||||
583,205 | * | BRF S.A. | 1,601,943 | |||||||||||||
232,825 | Centrais Eletricas Brasileiras S.A. | 1,906,321 | ||||||||||||||
170,592 | Centrais Eletricas Brasileiras S.A. (Preference) | 1,385,384 | ||||||||||||||
980,356 | Cia de Concessoes Rodoviarias | 2,460,829 | ||||||||||||||
237,858 | Cia de Saneamento Basico do Estado de Sao Paulo | 2,142,379 | ||||||||||||||
814,258 | Cia Energetica de Minas Gerais | 2,416,118 | ||||||||||||||
489,230 | Cia Siderurgica Nacional S.A. | 2,084,988 | ||||||||||||||
732,904 | Cosan SA Industria e Comercio | 3,113,095 | ||||||||||||||
112,500 | Energisa S.A. | 1,084,052 | ||||||||||||||
119,825 | Engie Brasil Energia S.A. | 1,015,517 | ||||||||||||||
688,465 | Equatorial Energia S.A. | 3,570,474 | ||||||||||||||
764,575 | Gerdau S.A. (Preference) | 4,325,522 | ||||||||||||||
3,074,186 | g | Hapvida Participacoes e Investimentos S.A. | 5,453,253 | |||||||||||||
229,082 | Hypermarcas S.A. | 1,733,887 | ||||||||||||||
3,141,003 | Investimentos Itau S.A. - PR | 5,851,321 |
245 |
TIAA-CREF FUNDS – Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
3,451,253 | Itau Unibanco Holding S.A. | $ | 16,663,075 | |||||||
488,133 | Klabin S.A. | 2,047,731 | ||||||||
432,306 | Localiza Rent A Car | 4,629,149 | ||||||||
672,054 | Lojas Renner S.A. | 3,228,447 | ||||||||
2,092,660 | Magazine Luiza S.A. | 2,065,591 | ||||||||
613,319 | Natura & Co Holding S.A. | 2,306,172 | ||||||||
646,100 | * | Petro Rio S.A. | 3,489,289 | |||||||
2,723,716 | Petroleo Brasileiro S.A. | 18,422,731 | ||||||||
3,472,668 | Petroleo Brasileiro S.A. (Preference) | 21,268,902 | ||||||||
810,615 | Raia Drogasil S.A. | 3,431,704 | ||||||||
283,700 | g | Rede D’Or Sao Luiz S.A. | 2,107,687 | |||||||
964,927 | Rumo S.A. | 3,194,987 | ||||||||
518,820 | Suzano SA | 5,206,092 | ||||||||
402,321 | Telefonica Brasil S.A. | 4,328,412 | ||||||||
589,466 | TIM S.A. | 1,607,217 | ||||||||
326,900 | Totvus S.A. | 2,113,895 | ||||||||
614,760 | Ultrapar Participacoes S.A. | 1,625,201 | ||||||||
2,896,533 | Vale S.A. | 48,797,466 | ||||||||
787,927 | Vibra Energia S.A. | 3,365,936 | ||||||||
1,183,834 | Weg S.A. | 7,207,476 | ||||||||
TOTAL BRAZIL | 254,922,470 | |||||||||
CHILE - 0.5% | ||||||||||
37,569,430 | Banco de Chile | 3,751,392 | ||||||||
35,980 | Banco de Credito e Inversiones | 1,113,458 | ||||||||
38,044,761 | Banco Santander Chile S.A. | 1,830,499 | ||||||||
1,118,207 | Cencosud S.A. | 1,789,897 | ||||||||
104,410 | Cia Cervecerias Unidas S.A. | 697,895 | ||||||||
870,584 | Empresas CMPC S.A. | 1,297,566 | ||||||||
281,151 | Empresas COPEC S.A. | 2,067,190 | ||||||||
17,037,926 | Enel Chile S.A. | 449,344 | ||||||||
14,887,715 | Enersis S.A. | 1,559,023 | ||||||||
543,442 | SACI Falabella | 1,526,272 | ||||||||
99,602 | Sociedad Quimica y Minera de Chile S.A. (Class B) | 7,393,413 | ||||||||
TOTAL CHILE | 23,475,949 | |||||||||
CHINA - 29.9% | ||||||||||
63,100 | 360 Finance, Inc (ADR) | 910,533 | ||||||||
202,200 | 360 Security Technology, Inc | 249,071 | ||||||||
890,500 | *,g | 3SBio, Inc | 628,241 | |||||||
20,133 | *,e | 51job, Inc (ADR) | 1,225,093 | |||||||
523,000 | e | AAC Technologies Holdings, Inc | 1,221,615 | |||||||
41,900 | Addsino Co Ltd | 56,860 | ||||||||
21,582 | * | Advanced Micro-Fabrication Equipment, Inc China | 339,833 | |||||||
38,500 | AECC Aero-Engine Control Co Ltd | 138,735 | ||||||||
90,500 | AECC Aviation Power Co Ltd | 515,282 | ||||||||
834,000 | Agile Property Holdings Ltd | 399,394 | ||||||||
19,575,064 | Agricultural Bank of China Ltd | 7,341,859 | ||||||||
4,195,600 | Agricultural Bank of China Ltd (Class A) | 1,944,702 | ||||||||
196,629 | Aier Eye Hospital Group Co Ltd | 1,061,250 | ||||||||
356,390 | * | Air China Ltd | 508,003 | |||||||
1,412,000 | *,e | Air China Ltd (H shares) | 951,749 | |||||||
98,530 | Airtac International Group | 2,673,923 | ||||||||
190,000 | *,g | Akeso, Inc | 354,459 | |||||||
10,846,720 | * | Alibaba Group Holding Ltd | 132,304,793 |
246 |
TIAA-CREF FUNDS – Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
2,718,284 | * | Alibaba Health Information Technology Ltd | $ | 1,531,547 | ||||||
497,250 | g | A-Living Services Co Ltd | 786,436 | |||||||
2,836,000 | * | Aluminum Corp of China Ltd | 1,300,531 | |||||||
542,300 | * | Aluminum Corp of China Ltd (Class A) | 384,954 | |||||||
22,700 | Angel Yeast Co Ltd | 131,730 | ||||||||
938,782 | Anhui Conch Cement Co Ltd | 5,101,370 | ||||||||
153,300 | Anhui Conch Cement Co Ltd (Class A) | 926,300 | ||||||||
101,151 | Anhui Gujing Distillery Co Ltd | 1,345,818 | ||||||||
17,000 | Anhui Gujing Distillery Co Ltd (Class A) | 500,934 | ||||||||
15,200 | Anhui Honglu Steel Construction Group Co Ltd | 83,111 | ||||||||
17,100 | Anhui Kouzi Distillery Co Ltd | 132,150 | ||||||||
28,600 | Anhui Yingjia Distillery Co Ltd | 247,650 | ||||||||
779,451 | Anta Sports Products Ltd | 8,957,830 | ||||||||
35,100 | Apeloa Pharmaceutical Co Ltd | 99,060 | ||||||||
11,000 | Asymchem Laboratories Tianjin Co Ltd | 442,472 | ||||||||
16,310 | * | Autel Intelligent Technology Corp Ltd | 69,332 | |||||||
24,540 | Autobio Diagnostics Co Ltd | 169,746 | ||||||||
55,400 | Autohome, Inc (ADR) | 1,610,478 | ||||||||
45,600 | Avary Holding Shenzhen Co Ltd | 202,011 | ||||||||
294,858 | Avic Capital Co Ltd | 171,203 | ||||||||
90,600 | AVIC Electromechanical Systems Co Ltd | 135,193 | ||||||||
1,054,861 | AviChina Industry & Technology Co | 572,327 | ||||||||
14,700 | AVICOPTER plc | 94,591 | ||||||||
197,689 | * | Baidu, Inc (ADR) | 24,547,043 | |||||||
1,601,400 | Bank of Beijing Co Ltd | 1,107,052 | ||||||||
469,200 | Bank of Changsha Co Ltd | 526,729 | ||||||||
155,305 | Bank of Chengdu Co Ltd | 393,317 | ||||||||
2,424,900 | Bank of China Ltd - A | 1,186,322 | ||||||||
57,828,953 | Bank of China Ltd - H | 22,691,066 | ||||||||
2,239,600 | Bank of Communications Co Ltd - A | 1,720,512 | ||||||||
6,736,934 | Bank of Communications Co Ltd - H | 4,688,157 | ||||||||
195,500 | Bank of Hangzhou Co Ltd | 450,333 | ||||||||
595,410 | Bank of Jiangsu Co Ltd | 657,781 | ||||||||
422,900 | Bank of Nanjing Co Ltd | 740,366 | ||||||||
248,568 | Bank of Ningbo Co Ltd | 1,357,855 | ||||||||
1,036,890 | Bank of Shanghai Co Ltd | 1,018,037 | ||||||||
814,500 | Baoshan Iron & Steel Co Ltd | 792,660 | ||||||||
155,900 | BBMG Corp | 66,004 | ||||||||
32,300 | * | BeiGene Ltd (ADR) | 5,168,000 | |||||||
16,100 | Beijing BDStar Navigation Co Ltd | 67,148 | ||||||||
1,828,830 | * | Beijing Capital International Airport Co Ltd | 999,103 | |||||||
132,200 | Beijing Dabeinong Technology Group Co Ltd | 142,957 | ||||||||
19,500 | Beijing Easpring Material Technology Co Ltd | 195,408 | ||||||||
16,920 | Beijing E-Hualu Information Technology Co Ltd | 37,255 | ||||||||
67,700 | Beijing Enlight Media Co Ltd | 74,196 | ||||||||
393,500 | Beijing Enterprises Holdings Ltd | 1,330,284 | ||||||||
2,887,583 | Beijing Enterprises Water Group Ltd | 934,097 | ||||||||
19,254 | Beijing Kingsoft Office Software, Inc | 547,096 | ||||||||
38,900 | Beijing Kunlun Tech Co Ltd | 84,044 | ||||||||
49,500 | Beijing New Building Materials plc | 216,593 | ||||||||
202,800 | Beijing Originwater Technology Co Ltd | 143,255 | ||||||||
2,193 | Beijing Roborock Technology Co Ltd | 190,084 | ||||||||
28,420 | Beijing Shiji Information Technology Co Ltd | 77,231 | ||||||||
21,000 | Beijing Shunxin Agriculture Co Ltd | 64,781 | ||||||||
35,100 | Beijing Sinnet Technology Co Ltd | 51,027 | ||||||||
67,320 | Beijing Tiantan Biological Products Corp Ltd | 200,012 |
247 |
TIAA-CREF FUNDS – Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
10,400 | Beijing United Information Technology Co Ltd | $ | 151,355 | |||||||
24,070 | Beijing Wantai Biological Pharmacy Enterprise Co Ltd | 589,783 | ||||||||
6,100 | * | Beijing Yuanliu Hongyuan Electronic Technology Co Ltd | 108,051 | |||||||
1,891,400 | Beijing-Shanghai High Speed Railway Co Ltd | 1,312,024 | ||||||||
11,900 | * | Betta Pharmaceuticals Co Ltd | 77,153 | |||||||
16,700 | BGI Genomics Co Ltd | 158,957 | ||||||||
118,500 | *,e | Bilibili, Inc (ADR) | 2,884,290 | |||||||
91,800 | BOC International China Co Ltd | 172,382 | ||||||||
1,376,500 | BOE Technology Group Co Ltd | 788,687 | ||||||||
2,330,000 | e | Bosideng International Holdings Ltd | 1,162,136 | |||||||
1,671,945 | *,† | Brilliance China Automotive Holdings Ltd | 763,508 | |||||||
73,000 | BYD Co Ltd | 2,656,530 | ||||||||
601,000 | BYD Co Ltd (H shares) | 17,490,135 | ||||||||
472,500 | e | BYD Electronic International Co Ltd | 941,858 | |||||||
51,300 | By-health Co Ltd | 155,422 | ||||||||
39,900 | C&S Paper Co Ltd | 63,283 | ||||||||
195,650 | Caitong Securities Co Ltd | 209,681 | ||||||||
52,600 | *,e,g | CanSino Biologics, Inc | 558,138 | |||||||
6,152 | * | CanSino Biologics, Inc | 141,573 | |||||||
147,500 | CECEP Solar Energy Co Ltd | 148,445 | ||||||||
260,900 | CECEP Wind-Power Corp | 157,885 | ||||||||
6,220,000 | g | CGN Power Co Ltd | 1,747,841 | |||||||
15,300 | Chacha Food Co Ltd | 122,808 | ||||||||
16,900 | Changchun High & New Technology Industry Group, Inc | 399,900 | ||||||||
400,200 | Changjiang Securities Co Ltd | 334,091 | ||||||||
5,100 | Changzhou Xingyu Automotive Lighting Systems Co Ltd | 98,418 | ||||||||
127,100 | Chaozhou Three-Circle Group Co Ltd | 549,296 | ||||||||
108,600 | Chengtun Mining Group Co Ltd | 113,610 | ||||||||
34,400 | * | Chengxin Lithium Group Co Ltd | 228,589 | |||||||
55,800 | * | Chifeng Jilong Gold Mining Co Ltd | 154,983 | |||||||
161,600 | China Baoan Group Co Ltd | 218,192 | ||||||||
1,633,500 | g | China Bohai Bank Co Ltd | 268,538 | |||||||
5,657,000 | China Cinda Asset Management Co Ltd | 953,911 | ||||||||
7,203,530 | China Citic Bank | 3,661,190 | ||||||||
1,708,000 | China Coal Energy Co | 1,437,907 | ||||||||
2,220,000 | China Communications Services Corp Ltd | 1,011,078 | ||||||||
1,200,500 | China Conch Venture Holdings Ltd | 3,117,425 | ||||||||
918,600 | China Construction Bank Corp - A | 842,685 | ||||||||
69,211,641 | China Construction Bank Corp - H | 49,306,304 | ||||||||
171,100 | China CSSC Holdings Ltd | 404,861 | ||||||||
270,700 | * | China Eastern Airlines Corp Ltd | 192,670 | |||||||
763,000 | China Education Group Holdings Ltd | 650,257 | ||||||||
1,330,900 | * | China Energy Engineering Corp Ltd | 484,747 | |||||||
1,415,800 | China Everbright Bank Co Ltd - A | 682,812 | ||||||||
2,724,000 | China Everbright Bank Co Ltd - H | 986,817 | ||||||||
2,607,888 | China Everbright International Ltd | 1,530,758 | ||||||||
2,432,000 | g | China Feihe Ltd | 2,312,267 | |||||||
2,723,245 | China Galaxy Securities Co Ltd | 1,481,235 | ||||||||
135,300 | China Galaxy Securities Co Ltd (Class A) | 188,700 | ||||||||
2,077,468 | China Gas Holdings Ltd | 2,532,365 | ||||||||
86,400 | China Great Wall Securities Co Ltd | 107,045 | ||||||||
74,800 | China Greatwall Technology Group Co Ltd | 101,573 | ||||||||
1,645,500 | China Hongqiao Group Ltd | 2,047,379 | ||||||||
2,230,000 | *,† | China Huishan Dairy Holdings Co Ltd | 2,842 | |||||||
1,152,024 | China Insurance International Holdings Co Ltd | 1,317,069 | ||||||||
46,100 | China International Capital Corp Ltd | 259,641 |
248 |
TIAA-CREF FUNDS – Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
1,052,606 | g | China International Capital Corp Ltd | $ | 2,109,814 | ||||||
78,700 | China International Travel Service Corp Ltd | 2,141,871 | ||||||||
2,718,000 | China Jinmao Holdings Group Ltd | 893,284 | ||||||||
129,044 | China Jushi Co Ltd | 305,419 | ||||||||
716,000 | China Lesso Group Holdings Ltd | 895,380 | ||||||||
5,508,880 | China Life Insurance Co Ltd | 8,005,348 | ||||||||
84,000 | China Life Insurance Co Ltd (Class A) | 322,127 | ||||||||
260,200 | *,e,g | China Literature Ltd | 1,093,392 | |||||||
2,422,341 | China Longyuan Power Group Corp | 4,672,242 | ||||||||
913,000 | China Medical System Holdings Ltd | 1,307,185 | ||||||||
366,000 | China Meidong Auto Holdings Ltd | 1,204,643 | ||||||||
2,256,000 | China Mengniu Dairy Co Ltd | 12,175,674 | ||||||||
2,801,868 | China Merchants Bank Co Ltd | 16,887,544 | ||||||||
881,795 | China Merchants Bank Co Ltd (Class A) | 5,315,059 | ||||||||
1,178,894 | China Merchants Holdings International Co Ltd | 2,058,109 | ||||||||
247,620 | China Merchants Securities Co Ltd | 476,846 | ||||||||
379,500 | China Merchants Shekou Industrial Zone Holdings Co Ltd | 901,802 | ||||||||
43,000 | China Minmetals Rare Earth Co Ltd | 149,819 | ||||||||
2,283,100 | China Minsheng Banking Corp Ltd - A | 1,279,233 | ||||||||
4,267,602 | e | China Minsheng Banking Corp Ltd - H | 1,618,245 | |||||||
2,388,000 | China Molybdenum Co Ltd | 1,187,548 | ||||||||
698,100 | China Molybdenum Co Ltd (Class A) | 489,665 | ||||||||
3,053,913 | China National Building Material Co Ltd | 4,064,183 | ||||||||
256,700 | China National Chemical Engineering Co Ltd | 352,311 | ||||||||
73,600 | China National Medicines Corp Ltd | 327,983 | ||||||||
493,400 | China National Nuclear Power Co Ltd | 528,906 | ||||||||
144,400 | China Northern Rare Earth Group High-Tech Co Ltd | 685,766 | ||||||||
1,694,773 | China Oilfield Services Ltd | 1,735,039 | ||||||||
1,977,294 | China Overseas Land & Investment Ltd | 6,108,410 | ||||||||
665,000 | China Overseas Property Holdings Ltd | 787,165 | ||||||||
256,000 | China Pacific Insurance Group Co Ltd - A | 802,620 | ||||||||
2,062,200 | China Pacific Insurance Group Co Ltd - H | 4,571,841 | ||||||||
3,800,000 | China Power International Development Ltd | 1,837,360 | ||||||||
1,383,800 | China Railway Group Ltd - A | 1,483,565 | ||||||||
3,078,000 | China Railway Group Ltd - H | 2,155,716 | ||||||||
143,819 | China Railway Signal & Communication Corp Ltd | 93,952 | ||||||||
1,042,677 | China Resources Beer Holdings Company Ltd | 6,124,516 | ||||||||
2,157,226 | China Resources Cement Holdings Ltd | 1,789,929 | ||||||||
750,000 | China Resources Gas Group Ltd | 2,818,040 | ||||||||
2,287,555 | China Resources Land Ltd | 10,216,707 | ||||||||
45,334 | China Resources Microelectronics Ltd | 330,732 | ||||||||
425,600 | g | China Resources Mixc Lifestyle Services Ltd | 2,044,716 | |||||||
1,377,372 | China Resources Power Holdings Co | 2,589,913 | ||||||||
123,800 | China Resources Sanjiu Medical & Pharmaceutical Co Ltd | 693,145 | ||||||||
381,600 | China Shenhua Energy Co Ltd - A | 1,774,340 | ||||||||
2,564,000 | China Shenhua Energy Co Ltd - H | 8,191,607 | ||||||||
1,198,000 | *,e | China Southern Airlines Co Ltd | 669,068 | |||||||
454,500 | * | China Southern Airlines Co Ltd (Class A) | 446,491 | |||||||
2,338,100 | China State Construction Engineering Corp Ltd | 2,219,962 | ||||||||
1,400,000 | China State Construction International Holdings Ltd | 1,806,894 | ||||||||
1,866,000 | China Suntien Green Energy Cor | 1,053,394 | ||||||||
1,216,400 | China Three Gorges Renewables Group Co Ltd | 1,066,947 | ||||||||
23,716,778 | g | China Tower Corp Ltd | 2,767,966 | |||||||
31,700 | China TransInfo Technology Co Ltd | 40,853 | ||||||||
1,425,400 | China Vanke Co Ltd | 3,361,092 | ||||||||
454,300 | China Vanke Co Ltd (Class A) | 1,334,667 |
249 |
TIAA-CREF FUNDS – Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
739,000 | China Yangtze Power Co Ltd | $ | 2,540,204 | |||||||
18,500 | China Zhenhua Group Science & Technology Co Ltd | 294,333 | ||||||||
1,509,800 | China Zheshang Bank Co Ltd | 756,697 | ||||||||
1,726,000 | Chinasoft International Ltd | 1,396,577 | ||||||||
104,000 | * | Chindata Group Holdings Ltd (ADR) | 648,960 | |||||||
18,500 | Chongqing Brewery Co Ltd | 349,423 | ||||||||
246,820 | Chongqing Changan Automobile Co Ltd | 387,290 | ||||||||
26,500 | Chongqing Fuling Zhacai Group Co Ltd | 139,545 | ||||||||
1,224,600 | Chongqing Rural Commercial Bank Co Ltd | 716,144 | ||||||||
66,800 | Chongqing Zhifei Biological Products Co Ltd | 953,789 | ||||||||
2,622,585 | CIFI Holdings Group Co Ltd | 1,261,510 | ||||||||
4,180,738 | Citic Pacific Ltd | 4,325,012 | ||||||||
1,975,324 | CITIC Securities Co Ltd | 4,340,050 | ||||||||
493,580 | CITIC Securities Co Ltd (Class A) | 1,459,625 | ||||||||
14,200 | CNGR Advanced Material Co Ltd | 179,004 | ||||||||
89,700 | CNNC Hua Yuan Titanium Dioxide Co Ltd | 99,179 | ||||||||
99,600 | Contemporary Amperex Technology Co Ltd | 6,088,950 | ||||||||
1,414,196 | COSCO Pacific Ltd | 1,008,373 | ||||||||
317,000 | COSCO SHIPPING Development Co Ltd | 147,455 | ||||||||
408,100 | COSCO SHIPPING Energy Transportation Co Ltd | 486,224 | ||||||||
500,610 | * | COSCO SHIPPING Holdings Co Ltd - A | 1,080,988 | |||||||
2,409,800 | * | COSCO SHIPPING Holdings Co Ltd - H | 3,749,073 | |||||||
6,108,416 | e | Country Garden Holdings Co Ltd | 4,225,047 | |||||||
1,408,000 | Country Garden Services Holdings Co Ltd | 5,934,410 | ||||||||
150,700 | CSC Financial Co Ltd | 487,785 | ||||||||
6,311,489 | CSPC Pharmaceutical Group Ltd | 6,452,522 | ||||||||
49,456 | Da An Gene Co Ltd of Sun Yat-Sen University | 134,767 | ||||||||
53,700 | * | Dada Nexus Ltd (ADR) | 409,731 | |||||||
2,006,000 | g | Dali Foods Group Co Ltd | 1,020,860 | |||||||
1,109,200 | Daqin Railway Co Ltd | 1,118,582 | ||||||||
42,100 | * | Daqo New Energy Corp (ADR) | 1,750,097 | |||||||
24,000 | DaShenLin Pharmaceutical Group Co Ltd | 95,718 | ||||||||
66,900 | DHC Software Co Ltd | 58,505 | ||||||||
199,897 | * | DiDi Global, Inc (ADR) | 375,806 | |||||||
34,200 | Do-Fluoride New Materials Co Ltd | 161,689 | ||||||||
56,200 | Dong-E-E-Jiao Co Ltd | 257,047 | ||||||||
90,400 | Dongfang Electric Corp Ltd | 170,959 | ||||||||
1,953,917 | Dongfeng Motor Group Co Ltd | 1,425,373 | ||||||||
231,500 | Dongxing Securities Co Ltd | 286,943 | ||||||||
1,077,000 | Dongyue Group | 1,267,934 | ||||||||
518,188 | East Money Information Co Ltd | 1,766,958 | ||||||||
18,900 | Ecovacs Robotics Co Ltd | 306,942 | ||||||||
599,900 | ENN Energy Holdings Ltd | 8,035,705 | ||||||||
60,900 | ENN Natural Gas Co Ltd | 150,664 | ||||||||
78,661 | Eve Energy Co Ltd | 770,014 | ||||||||
581,000 | Ever Sunshine Lifestyle Services Group Ltd | 769,479 | ||||||||
123,000 | Everbright Securities Co Ltd | 210,887 | ||||||||
142,860 | Fangda Carbon New Material Co Ltd | 151,975 | ||||||||
1,007,000 | e | Far East Horizon Ltd | 821,388 | |||||||
93,400 | FAW Jiefang Group Co Ltd | 114,385 | ||||||||
180,700 | Fiberhome Telecommunication Technologies Co Ltd | 366,097 | ||||||||
178,400 | First Capital Securities Co Ltd | 148,828 | ||||||||
55,300 | Flat Glass Group Co Ltd | 336,295 | ||||||||
272,000 | e | Flat Glass Group Co Ltd | 972,624 | |||||||
552,340 | Focus Media Information Technology Co Ltd | 485,053 | ||||||||
168,404 | Foshan Haitian Flavouring & Food Co Ltd | 2,071,011 |
250 |
TIAA-CREF FUNDS – Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
1,922,452 | Fosun International | $ | 2,026,055 | |||||||
353,400 | Founder Securities Co Ltd | 325,790 | ||||||||
228,600 | Foxconn Industrial Internet Co Ltd | 328,586 | ||||||||
12,000 | Fu Jian Anjoy Foods Co Ltd | 234,876 | ||||||||
68,400 | * | Fujian Sunner Development Co Ltd | 168,329 | |||||||
65,000 | Fuyao Glass Industry Group Co Ltd - A | 347,821 | ||||||||
390,498 | g | Fuyao Glass Industry Group Co Ltd - H | 1,595,455 | |||||||
41,600 | Ganfeng Lithium Co Ltd | 689,922 | ||||||||
195,800 | g | Ganfeng Lithium Co Ltd | 2,343,572 | |||||||
1,500 | G-bits Network Technology Xiamen Co Ltd | 76,300 | ||||||||
286,300 | * | GCL System Integration Technology Co Ltd | 118,573 | |||||||
1,721,500 | GD Power Development Co Ltd | 783,086 | ||||||||
62,458 | * | GDS Holdings Ltd (ADR) | 1,962,430 | |||||||
4,343,828 | Geely Automobile Holdings Ltd | 6,716,378 | ||||||||
268,600 | GEM Co Ltd | 272,292 | ||||||||
300,600 | Gemdale Corp | 652,592 | ||||||||
824,000 | * | Genscript Biotech Corp | 2,327,471 | |||||||
821,800 | GF Securities Co Ltd | 1,027,130 | ||||||||
228,200 | GF Securities Co Ltd (Class A) | 549,336 | ||||||||
35,800 | Giant Network Group Co Ltd | 44,534 | ||||||||
27,468 | Gigadevice Semiconductor Beijing, Inc | 511,212 | ||||||||
9,500 | Ginlong Technologies Co Ltd | 275,207 | ||||||||
136,500 | GoerTek, Inc | 718,208 | ||||||||
7,509,968 | *,e | GOME Electrical Appliances Holdings Ltd | 363,779 | |||||||
70,200 | Gotion High-tech Co Ltd | 282,474 | ||||||||
2,302,766 | Great Wall Motor Co Ltd | 3,224,855 | ||||||||
81,000 | Great Wall Motor Co Ltd | 301,547 | ||||||||
147,600 | Gree Electric Appliances, Inc of Zhuhai | 695,252 | ||||||||
505,665 | Greenland Holdings Corp Ltd | 367,767 | ||||||||
614,000 | Greentown China Holdings Ltd | 1,078,245 | ||||||||
993,305 | Greentown Service Group Co Ltd | 988,864 | ||||||||
51,700 | GRG Banking Equipment Co Ltd | 66,522 | ||||||||
83,900 | Guangdong Haid Group Co Ltd | 781,892 | ||||||||
2,296,000 | Guangdong Investments Ltd | 2,939,665 | ||||||||
9,200 | Guangdong Kinlong Hardware Products Co Ltd | 107,938 | ||||||||
671,700 | Guanghui Energy Co Ltd | 903,486 | ||||||||
2,070,851 | Guangzhou Automobile Group Co Ltd - H | 1,755,866 | ||||||||
42,100 | Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd | 185,031 | ||||||||
41,100 | Guangzhou Haige Communications Group, Inc Co | 56,251 | ||||||||
11,600 | Guangzhou Kingmed Diagnostics Group Co Ltd | 143,226 | ||||||||
1,120,400 | e | Guangzhou R&F Properties Co Ltd | 415,923 | |||||||
20,272 | Guangzhou Shiyuan Electronic Technology Co Ltd | 235,247 | ||||||||
34,600 | * | Guangzhou Tinci Materials Technology Co Ltd | 388,139 | |||||||
182,450 | Guangzhou Yuexiu Financial Holdings Group Co Ltd | 202,414 | ||||||||
122,100 | Guolian Securities Co Ltd | 171,676 | ||||||||
134,800 | Guosen Securities Co Ltd | 196,910 | ||||||||
221,800 | Guotai Junan Securities Co Ltd | 487,200 | ||||||||
339,630 | Guoyuan Securities Co Ltd | 308,647 | ||||||||
841,000 | e,g | Haidilao International Holding Ltd | 1,632,379 | |||||||
1,667,800 | Haier Smart Home Co Ltd | 5,891,994 | ||||||||
236,500 | Haier Smart Home Co Ltd | 920,148 | ||||||||
434,000 | Haitian International Holdings Ltd | 1,068,260 | ||||||||
2,063,600 | Haitong Securities Co Ltd | 1,441,163 | ||||||||
394,700 | Haitong Securities Co Ltd (Class A) | 537,795 | ||||||||
37,700 | * | Hang Zhou Great Star Industrial Co Ltd | 87,782 | |||||||
40,740 | Hangzhou First Applied Material Co Ltd | 565,989 |
251 |
TIAA-CREF FUNDS – Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
32,700 | Hangzhou Oxygen Plant Group Co Ltd | $ | 128,866 | |||||||
99,600 | Hangzhou Robam Appliances Co Ltd | 463,876 | ||||||||
46,500 | Hangzhou Silan Microelectronics Co Ltd | 290,632 | ||||||||
16,000 | Hangzhou Tigermed Consulting Co Ltd - A | 215,028 | ||||||||
78,400 | g | Hangzhou Tigermed Consulting Co Ltd - H | 759,813 | |||||||
896,000 | g | Hansoh Pharmaceutical Group Co Ltd | 1,475,827 | |||||||
13,500 | Hefei Meiya Optoelectronic Technology, Inc | 46,141 | ||||||||
47,000 | Heilongjiang Agriculture Co Ltd | 100,020 | ||||||||
150,264 | Hello Group, Inc (ADR) | 799,404 | ||||||||
115,100 | Henan Shuanghui Investment & Development Co Ltd | 517,183 | ||||||||
518,500 | Hengan International Group Co Ltd | 2,450,339 | ||||||||
273,320 | Hengli Petrochemical Co Ltd | 860,193 | ||||||||
1,788,000 | *,e | HengTen Networks Group Ltd | 428,539 | |||||||
127,300 | Hengtong Optic-electric Co Ltd | 193,054 | ||||||||
354,660 | Hengyi Petrochemical Co Ltd | 408,828 | ||||||||
768,900 | Hesteel Co Ltd | 270,445 | ||||||||
20,000 | Hithink RoyalFlush Information Network Co Ltd | 246,890 | ||||||||
53,600 | * | Hongfa Technology Co Ltd | 391,029 | |||||||
497,310 | e | Hopson Development Holdings Ltd | 958,860 | |||||||
18,500 | Hoshine Silicon Industry Co Ltd | 220,924 | ||||||||
352,051 | *,g | Hua Hong Semiconductor Ltd | 1,367,109 | |||||||
408,000 | Huadian Power International Corp Ltd (Class A) | 230,055 | ||||||||
97,400 | Huadong Medicine Co Ltd | 499,977 | ||||||||
146,400 | Huafon Chemical Co Ltd | 171,650 | ||||||||
28,600 | Huagong Tech Co Ltd | 72,384 | ||||||||
57,720 | Hualan Biological Engineering, Inc | 145,242 | ||||||||
352,000 | Huaneng Power International, Inc - A | 385,402 | ||||||||
2,565,110 | Huaneng Power International, Inc - H | 1,288,568 | ||||||||
1,015,600 | g | Huatai Securities Co Ltd | 1,395,872 | |||||||
216,000 | Huatai Securities Co Ltd (Class A) | 433,200 | ||||||||
135,500 | Huaxi Securities Co Ltd | 142,528 | ||||||||
1,111,500 | Huaxia Bank Co Ltd | 916,243 | ||||||||
122,700 | Huaxin Cement Co Ltd | 405,375 | ||||||||
121,373 | Huayu Automotive Systems Co Ltd | 358,002 | ||||||||
123,566 | Huazhu Group Ltd (ADR) | 3,736,636 | ||||||||
47,800 | Hubei Xingfa Chemicals Group Co Ltd | 229,836 | ||||||||
13,600 | Huizhou Desay Sv Automotive Co Ltd | 243,826 | ||||||||
40,800 | Humanwell Healthcare Group Co Ltd | 96,355 | ||||||||
214,500 | Hunan Valin Steel Co Ltd | 188,055 | ||||||||
51,305 | Hundsun Technologies, Inc | 294,958 | ||||||||
64,629 | *,e | Hutchison China MediTech Ltd (ADR) | 975,252 | |||||||
246,000 | e,g | Hygeia Healthcare Holdings Co Ltd | 1,188,762 | |||||||
108,200 | Iflytek Co Ltd | 600,777 | ||||||||
27,500 | * | I-Mab (ADR) | 344,850 | |||||||
10,900 | Imeik Technology Development Co Ltd | 847,896 | ||||||||
3,336,000 | Industrial & Commercial Bank of China Ltd - A | 2,413,765 | ||||||||
41,008,777 | Industrial & Commercial Bank of China Ltd - H | 24,720,349 | ||||||||
911,500 | Industrial Bank Co Ltd | 2,811,169 | ||||||||
289,600 | Industrial Securities Co Ltd | 283,502 | ||||||||
16,400 | Ingenic Semiconductor Co Ltd | 182,560 | ||||||||
1,554,900 | Inner Mongolia BaoTou Steel Union Co Ltd | 439,685 | ||||||||
343,300 | Inner Mongolia Junzheng Energy & Chemical Industry Group Co Ltd | 226,301 | ||||||||
276,800 | Inner Mongolia Yili Industrial Group Co Ltd | 1,608,836 | ||||||||
186,500 | * | Inner Mongolia Yuan Xing Energy Co Ltd | 237,967 | |||||||
850,500 | *,g | Innovent Biologics, Inc | 2,637,775 | |||||||
46,000 | Inspur Electronic Information Industry Co Ltd | 171,007 |
252 |
TIAA-CREF FUNDS – Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
20,400 | * | Intco Medical Technology Co Ltd | $ | 88,684 | ||||||
262,167 | *,e | IQIYI, Inc (ADR) | 933,315 | |||||||
56,400 | JA Solar Technology Co Ltd | 688,417 | ||||||||
30,740 | Jafron Biomedical Co Ltd | 191,915 | ||||||||
18,200 | Jason Furniture Hangzhou Co Ltd | 159,608 | ||||||||
256,200 | *,e,g | JD Health International, Inc | 1,597,166 | |||||||
1,440,119 | * | JD.com, Inc | 44,900,802 | |||||||
136,200 | Jiangsu Eastern Shenghong Co Ltd | 251,098 | ||||||||
1,108,000 | Jiangsu Express | 1,094,679 | ||||||||
42,356 | Jiangsu Hengli Hydraulic Co Ltd | 293,201 | ||||||||
353,319 | Jiangsu Hengrui Medicine Co Ltd | 1,574,048 | ||||||||
33,000 | Jiangsu King’s Luck Brewery JSC Ltd | 223,016 | ||||||||
64,200 | Jiangsu Yanghe Brewery Joint-Stock Co Ltd | 1,536,845 | ||||||||
8,500 | Jiangsu Yangnong Chemical Co Ltd | 168,370 | ||||||||
13,600 | Jiangsu Yoke Technology Co Ltd | 91,870 | ||||||||
26,000 | Jiangsu Yuyue Medical Equipment & Supply Co Ltd | 93,761 | ||||||||
128,200 | Jiangsu Zhongtian Technology Co Ltd | 314,121 | ||||||||
933,000 | Jiangxi Copper Co Ltd | 1,459,422 | ||||||||
100,300 | Jiangxi Copper Co Ltd (Class A) | 263,568 | ||||||||
289,400 | Jiangxi Zhengbang Technology Co Ltd | 254,408 | ||||||||
430,100 | Jinke Properties Group Co Ltd | 291,994 | ||||||||
796,000 | *,g | Jinxin Fertility Group Ltd | 498,926 | |||||||
13,800 | JiuGui Liquor Co Ltd | 311,591 | ||||||||
628,000 | e,g | Jiumaojiu International Holdings Ltd | 1,381,651 | |||||||
49,000 | Joincare Pharmaceutical Group Industry Co Ltd | 82,456 | ||||||||
12,440 | Joinn Laboratories China Co Ltd | 186,240 | ||||||||
248,507 | Jointown Pharmaceutical Group Co Ltd | 482,176 | ||||||||
21,500 | * | Jonjee Hi-Tech Industrial And Commercial Holding Co Ltd | 81,092 | |||||||
41,604 | JOYY, Inc (ADR) | 1,646,270 | ||||||||
30,900 | Juewei Food Co Ltd | 204,615 | ||||||||
66,800 | * | Kanzhun Ltd (ADR) | 1,571,804 | |||||||
275,600 | * | KE Holdings, Inc (ADR) | 3,908,008 | |||||||
464,881 | Kingboard Chemical Holdings Ltd | 2,092,949 | ||||||||
1,854,000 | * | Kingdee International Software Group Co Ltd | 3,783,259 | |||||||
104,200 | Kingfa Sci & Tech Co Ltd | 130,134 | ||||||||
128,000 | *,e | Kingsoft Cloud Holdings Ltd (ADR) | 463,360 | |||||||
694,600 | Kingsoft Corp Ltd | 2,084,500 | ||||||||
364,700 | *,g | Kuaishou Technology | 2,978,059 | |||||||
98,000 | * | Kuang-Chi Technologies Co Ltd | 195,856 | |||||||
55,400 | Kweichow Moutai Co Ltd | 15,339,018 | ||||||||
936,929 | KWG Group Holdings Ltd | 335,247 | ||||||||
25,600 | Lakala Payment Co Ltd | 68,793 | ||||||||
9,940 | Laobaixing Pharmacy Chain JSC | 48,339 | ||||||||
833,000 | Lee & Man Paper Manufacturing Ltd | 398,460 | ||||||||
5,009,856 | Lenovo Group Ltd | 4,864,584 | ||||||||
202,900 | Lens Technology Co Ltd | 309,658 | ||||||||
50,700 | Lepu Medical Technology Beijing Co Ltd | 130,426 | ||||||||
229,700 | Leyard Optoelectronic Co Ltd | 206,829 | ||||||||
409,540 | * | Li Auto, Inc (ADR) | 9,185,982 | |||||||
1,687,000 | Li Ning Co Ltd | 13,148,759 | ||||||||
216,700 | * | Lingyi iTech Guangdong Co | 139,325 | |||||||
22,100 | Livzon Pharmaceutical Group, Inc | 111,213 | ||||||||
696,000 | e | Logan Property Holdings Co Ltd | 216,542 | |||||||
92,500 | Lomon Billions Group Co Ltd | 254,345 | ||||||||
1,297,500 | g | Longfor Properties Co Ltd | 6,425,976 | |||||||
221,160 | LONGi Green Energy Technology Co Ltd | 2,243,219 |
253 |
TIAA-CREF FUNDS – Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
450,900 | Lufax Holding Ltd (ADR) | $ | 2,502,495 | |||||||
6,600 | Luoyang Xinqianglian Slewing Bearing Co Ltd | 120,185 | ||||||||
76,400 | *,† | Luxi Chemical Group Co Ltd | 207,697 | |||||||
287,653 | Luxshare Precision Industry Co Ltd | 1,333,990 | ||||||||
64,400 | Luzhou Laojiao Co Ltd | 2,043,745 | ||||||||
66,770 | Mango Excellent Media Co Ltd | 358,665 | ||||||||
12,700 | * | Maxscend Microelectronics Co Ltd | 352,984 | |||||||
216,928 | * | Meinian Onehealth Healthcare Holdings Co Ltd | 163,456 | |||||||
2,943,600 | *,g | Meituan Dianping (Class B) | 63,070,737 | |||||||
704,000 | Metallurgical Corp of China Ltd | 371,719 | ||||||||
30,900 | * | Mianyang Fulin Precision Co Ltd | 92,348 | |||||||
416,700 | Microport Scientific Corp | 819,049 | ||||||||
75,700 | Ming Yang Smart Energy Group Ltd | 251,097 | ||||||||
380,000 | e | Ming Yuan Cloud Group Holdings Ltd | 493,551 | |||||||
574,000 | Minth Group Ltd | 1,352,462 | ||||||||
1,928,000 | * | MMG Ltd | 812,992 | |||||||
64,976 | Montage Technology Co Ltd | 568,037 | ||||||||
215,084 | Muyuan Foodstuff Co Ltd | 1,687,811 | ||||||||
77,380 | Nanjing King-Friend Biochemical Pharmaceutical Co Ltd | 301,627 | ||||||||
124,500 | Nanjing Securities Co Ltd | 139,734 | ||||||||
249,880 | NARI Technology Co Ltd | 1,201,391 | ||||||||
71,035 | * | National Silicon Industry Group Co Ltd | 221,924 | |||||||
20,300 | NAURA Technology Group Co Ltd | 723,932 | ||||||||
124,400 | * | NavInfo Co Ltd | 232,765 | |||||||
1,499,225 | NetEase, Inc | 28,718,057 | ||||||||
104,200 | New China Life Insurance Co Ltd - A | 468,741 | ||||||||
659,500 | New China Life insurance Co Ltd - H | 1,670,973 | ||||||||
264,900 | * | New Hope Liuhe Co Ltd | 560,641 | |||||||
132,555 | * | New Oriental Education & Technology Group, Inc (ADR) | 1,663,565 | |||||||
78,600 | Ninestar Corp | 484,041 | ||||||||
105,200 | Ningbo Joyson Electronic Corp | 172,529 | ||||||||
19,852 | Ningbo Ronbay New Energy Technology Co Ltd | 274,195 | ||||||||
95,200 | Ningbo Shanshan Co Ltd | 315,905 | ||||||||
31,900 | Ningbo Tuopu Group Co Ltd | 249,344 | ||||||||
256,800 | Ningxia Baofeng Energy Group Co Ltd | 545,325 | ||||||||
946,934 | * | NIO, Inc (ADR) | 15,813,798 | |||||||
24,152 | * | Noah Holdings Ltd (ADR) | 434,011 | |||||||
1,302,000 | e,g | Nongfu Spring Co Ltd | 6,890,086 | |||||||
76,700 | * | North Industries Group Red Arrow Co Ltd | 241,580 | |||||||
266,500 | Northeast Securities Co Ltd | 262,811 | ||||||||
207,326 | Offshore Oil Engineering Co Ltd | 128,161 | ||||||||
132,800 | * | OFILM Group Co Ltd | 110,741 | |||||||
16,240 | Oppein Home Group, Inc | 286,109 | ||||||||
295,680 | Orient Securities Co Ltd | 405,925 | ||||||||
27,600 | Ovctek China, Inc | 154,031 | ||||||||
384,500 | * | Pangang Group Vanadium Titanium & Resources Co Ltd | 179,559 | |||||||
7,401,220 | People’s Insurance Co Group of China Ltd | 2,357,683 | ||||||||
167,600 | People’s Insurance Co Group of China Ltd (Class A) | 110,736 | ||||||||
96,150 | Perfect World Co Ltd | 214,039 | ||||||||
7,500 | * | PharmaBlock Sciences Nanjing, Inc | 86,485 | |||||||
24,800 | Pharmaron Beijing Co Ltd - A | 469,221 | ||||||||
85,800 | g | Pharmaron Beijing Co Ltd - H | 1,077,858 | |||||||
5,200,306 | PICC Property & Casualty Co Ltd | 5,318,971 | ||||||||
321,490 | * | Pinduoduo, Inc (ADR) | 13,853,004 | |||||||
727,900 | Ping An Bank Co Ltd | 1,682,672 | ||||||||
310,400 | *,e,g | Ping An Healthcare and Technology Co Ltd | 763,959 |
254 |
TIAA-CREF FUNDS – Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
4,585,526 | Ping An Insurance Group Co of China Ltd | $ | 28,983,794 | |||||||
451,100 | Ping An Insurance Group Co of China Ltd (Class A) | 3,030,581 | ||||||||
623,100 | Poly Real Estate Group Co Ltd | 1,715,779 | ||||||||
1,699,700 | Postal Savings Bank of China Co Ltd - A | 1,385,738 | ||||||||
5,906,000 | g | Postal Savings Bank of China Co Ltd - H | 4,477,811 | |||||||
715,600 | Power Construction Corp of China Ltd | 834,453 | ||||||||
1,018,000 | e | Powerlong Real Estate Holdings Ltd | 345,202 | |||||||
5,200 | Proya Cosmetics Co Ltd | 158,719 | ||||||||
503,400 | Qingdao Rural Commercial Bank Corp | 258,126 | ||||||||
13,104 | Raytron Technology Co Ltd | 70,867 | ||||||||
352,200 | RiseSun Real Estate Development Co Ltd | 200,042 | ||||||||
31,300 | Riyue Heavy Industry Co Ltd | 76,725 | ||||||||
458,325 | *,e | RLX Technology, Inc (ADR) | 930,400 | |||||||
465,500 | Rongsheng Petro Chemical Co Ltd | 959,676 | ||||||||
297,100 | SAIC Motor Corp Ltd | 713,795 | ||||||||
74,800 | Sailun Group Co Ltd | 108,618 | ||||||||
13,000 | Sangfor Technologies, Inc | 174,533 | ||||||||
777,000 | Sany Heavy Equipment International | 731,995 | ||||||||
318,100 | Sany Heavy Industry Co Ltd | 791,510 | ||||||||
343,816 | SDIC Capital Co Ltd | 332,437 | ||||||||
605,600 | SDIC Power Holdings Co Ltd | 886,526 | ||||||||
368,160 | Sealand Securities Co Ltd | 186,610 | ||||||||
1,662,000 | Seazen Group Ltd | 702,006 | ||||||||
111,100 | Seazen Holdings Co Ltd | 466,064 | ||||||||
203,600 | * | SF Holding Co Ltd | 1,574,752 | |||||||
9,050 | SG Micro Corp | 379,370 | ||||||||
601,100 | Shaanxi Coal Industry Co Ltd | 1,570,507 | ||||||||
73,690 | Shandong Buchang Pharmaceuticals Co Ltd | 203,271 | ||||||||
200,845 | Shandong Gold Mining Co Ltd - A | 585,220 | ||||||||
753,250 | e,g | Shandong Gold Mining Co Ltd - H | 1,391,309 | |||||||
83,700 | Shandong Hualu Hengsheng Chemical Co Ltd | 380,308 | ||||||||
44,800 | Shandong Linglong Tyre Co Ltd | 119,993 | ||||||||
399,700 | Shandong Nanshan Aluminum Co Ltd | 194,880 | ||||||||
62,300 | Shandong Sun Paper Industry JSC Ltd | 115,784 | ||||||||
1,607,390 | Shandong Weigao Group Medical Polymer Co Ltd | 1,712,430 | ||||||||
21,700 | Shanghai Bairun Investment Holding Group Co Ltd | 101,825 | ||||||||
369,170 | Shanghai Baosight Software Co Ltd | 1,354,538 | ||||||||
48,300 | Shanghai Baosight Software Co Ltd | 346,067 | ||||||||
421,400 | Shanghai Construction Group Co Ltd | 206,219 | ||||||||
457,900 | Shanghai Electric Group Co Ltd | 265,382 | ||||||||
80,800 | Shanghai Fosun Pharmaceutical Group Co Ltd - A | 522,529 | ||||||||
383,985 | Shanghai Fosun Pharmaceutical Group Co Ltd - H | 1,642,741 | ||||||||
2,137 | * | Shanghai Friendess Electronic Technology Corp Ltd | 79,549 | |||||||
72,400 | * | Shanghai International Airport Co Ltd | 539,020 | |||||||
295,600 | Shanghai International Port Group Co Ltd | 264,674 | ||||||||
16,700 | Shanghai Jahwa United Co Ltd | 78,584 | ||||||||
56,400 | Shanghai Jinjiang International Hotels Development Co Ltd | 456,704 | ||||||||
23,909 | * | Shanghai Junshi Biosciences Co Ltd | 346,494 | |||||||
38,520 | Shanghai Lingang Holdings Corp Ltd | 74,309 | ||||||||
807,779 | Shanghai Lujiazui Finance & Trade Zone Development Co Ltd | 738,455 | ||||||||
20,600 | Shanghai M&G Stationery, Inc | 149,224 | ||||||||
2,419 | Shanghai Medicilon, Inc | 140,292 | ||||||||
137,200 | Shanghai Pharmaceuticals Holding Co Ltd - A | 364,835 | ||||||||
502,741 | Shanghai Pharmaceuticals Holding Co Ltd - H | 812,919 | ||||||||
1,311,200 | Shanghai Pudong Development Bank Co Ltd | 1,593,543 | ||||||||
27,820 | * | Shanghai Putailai New Energy Technology Co Ltd | 493,594 |
255 |
TIAA-CREF FUNDS – Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
186,000 | Shanghai RAAS Blood Products Co Ltd | $ | 151,916 | |||||||
228,100 | Shanghai Yuyuan Tourist Mart Group Co Ltd | 310,128 | ||||||||
48,800 | Shanghai Zhangjiang High-Tech Park Development Co Ltd | 85,569 | ||||||||
204,600 | Shanxi Lu’an Environmental Energy Development Co Ltd | 481,138 | ||||||||
237,700 | Shanxi Meijin Energy Co Ltd | 372,311 | ||||||||
173,160 | Shanxi Securities Co Ltd | 130,758 | ||||||||
281,100 | Shanxi Taigang Stainless Steel Co Ltd | 251,509 | ||||||||
48,320 | Shanxi Xinghuacun Fen Wine Factory Co Ltd | 1,989,747 | ||||||||
221,270 | Shanxi Xishan Coal & Electricity Power Co Ltd | 471,295 | ||||||||
60,900 | Shenghe Resources Holding Co Ltd | 143,830 | ||||||||
161,300 | Shengyi Technology Co Ltd | 405,533 | ||||||||
11,760 | Shennan Circuits Co Ltd | 168,533 | ||||||||
755,000 | Shenwan Hongyuan Group Co Ltd | 465,417 | ||||||||
17,100 | Shenzhen Capchem Technology Co Ltd | 171,334 | ||||||||
216,600 | Shenzhen Energy Group Co Ltd | 190,462 | ||||||||
21,600 | Shenzhen Goodix Technology Co Ltd | 183,426 | ||||||||
94,050 | Shenzhen Inovance Technology Co Ltd | 815,134 | ||||||||
1,081,738 | Shenzhen International Holdings Ltd | 1,158,529 | ||||||||
45,700 | Shenzhen Kaifa Technology Co Ltd | 67,165 | ||||||||
23,700 | Shenzhen Kangtai Biological Products Co Ltd | 231,758 | ||||||||
8,900 | * | Shenzhen Kedali Industry Co Ltd | 162,826 | |||||||
50,000 | Shenzhen Mindray Bio-Medical Electronics Co Ltd | 2,364,098 | ||||||||
126,600 | * | Shenzhen MTC Co Ltd | 61,450 | |||||||
25,400 | Shenzhen New Industries Biomedical Engineering Co Ltd | 154,436 | ||||||||
392,100 | Shenzhen Overseas Chinese Town Co Ltd | 358,197 | ||||||||
50,500 | Shenzhen Salubris Pharmaceuticals Co Ltd | 175,138 | ||||||||
15,400 | Shenzhen SC New Energy Technology Corp | 137,405 | ||||||||
50,045 | Shenzhen Senior Technology Material Co Ltd | 158,807 | ||||||||
26,400 | Shenzhen Sunlord Electronics Co Ltd | 99,622 | ||||||||
23,100 | Shenzhen Sunway Communication Co Ltd | 50,874 | ||||||||
25,428 | Shenzhen Transsion Holdings Co Ltd | 323,951 | ||||||||
572,500 | Shenzhou International Group Holdings Ltd | 7,768,232 | ||||||||
59,780 | Shijiazhuang Yiling Pharmaceutical Co Ltd | 225,979 | ||||||||
1,109,000 | †,e | Shimao Property Holdings Ltd | 624,669 | |||||||
1,438,000 | e,g | Shimao Services Holdings Ltd | 758,951 | |||||||
365,800 | Sichuan Chuantou Energy Co Ltd | 609,988 | ||||||||
479,100 | Sichuan Hebang Biotechnology Co Ltd | 228,107 | ||||||||
132,500 | Sichuan Kelun Pharmaceutical Co Ltd | 340,123 | ||||||||
51,400 | * | Sichuan New Energy Power Co Ltd | 128,531 | |||||||
300,600 | Sichuan Road & Bridge Co Ltd | 474,097 | ||||||||
21,100 | Sichuan Swellfun Co Ltd | 224,330 | ||||||||
49,000 | Sichuan Yahua Industrial Group Co Ltd | 194,717 | ||||||||
31,900 | Sieyuan Electric Co Ltd | 144,410 | ||||||||
58,000 | Silergy Corp | 5,163,881 | ||||||||
82,200 | Sinolink Securities Co Ltd | 102,058 | ||||||||
70,800 | Sinoma Science & Technology Co Ltd | 215,715 | ||||||||
514,583 | Sinopec Shanghai Petrochemical Co Ltd (Class A) | 241,223 | ||||||||
1,030,400 | Sinopharm Group Co | 2,371,133 | ||||||||
308,700 | Sinotrans Ltd (Class A) | 175,225 | ||||||||
453,745 | Sinotruk Hong Kong Ltd | 548,816 | ||||||||
9,660 | Skshu Paint Co Ltd | 108,216 | ||||||||
1,350,000 | e,g | Smoore International Holdings Ltd | 2,823,280 | |||||||
105,560 | Songcheng Performance Development Co Ltd | 199,050 | ||||||||
261,456 | SooChow Securities Co Ltd | 267,120 | ||||||||
131,200 | Southwest Securities Co Ltd | 73,694 | ||||||||
14,300 | StarPower Semiconductor Ltd | 736,268 |
256 |
TIAA-CREF FUNDS – Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
1,217,000 | e | Sun Art Retail Group Ltd | $ | 377,773 | ||||||
2,902,031 | †,e | Sunac China Holdings Ltd | 1,693,807 | |||||||
764,000 | g | Sunac Services Holdings Ltd | 416,374 | |||||||
57,900 | Sungrow Power Supply Co Ltd | 547,704 | ||||||||
1,172,200 | * | Suning.com Co Ltd | 572,596 | |||||||
506,917 | Sunny Optical Technology Group Co Ltd | 7,387,751 | ||||||||
78,000 | Sunwoda Electronic Co Ltd | 258,010 | ||||||||
128,000 | Suzhou Dongshan Precision Manufacturing Co Ltd | 324,326 | ||||||||
7,840 | Suzhou Maxwell Technologies Co Ltd | 394,610 | ||||||||
24,300 | Suzhou TA&A Ultra Clean Technology Co Ltd | 222,595 | ||||||||
310,732 | * | TAL Education Group (ADR) | 1,053,381 | |||||||
191,900 | TBEA Co Ltd | 557,498 | ||||||||
542,600 | TCL Technology Group Corp | 341,071 | ||||||||
4,109,004 | Tencent Holdings Ltd | 193,636,342 | ||||||||
503,100 | * | Tencent Music Entertainment (ADR) | 2,138,175 | |||||||
12,000 | Thunder Software Technology Co Ltd | 168,339 | ||||||||
8,500 | Tianfeng Securities Co Ltd | 3,847 | ||||||||
23,300 | Tianjin 712 Communication & Broadcasting Co Ltd | 96,992 | ||||||||
127,600 | Tianjin Zhonghuan Semiconductor Co Ltd | 746,286 | ||||||||
72,100 | Tianma Microelectronics Co Ltd | 99,410 | ||||||||
184,400 | Tianshan Aluminum Group Co Ltd | 189,958 | ||||||||
86,500 | Tianshui Huatian Technology Co Ltd | 111,066 | ||||||||
181,800 | * | Tibet Summit Resources Co Ltd | 531,078 | |||||||
1,586,000 | Tingyi Cayman Islands Holding Corp | 2,894,704 | ||||||||
87,700 | Titan Wind Energy Suzhou Co Ltd | 131,918 | ||||||||
91,364 | Toly Bread Co Ltd | 188,844 | ||||||||
708,000 | * | Tongcheng-Elong Holdings Ltd | 1,248,467 | |||||||
36,000 | TongFu Microelectronics Co Ltd | 71,477 | ||||||||
122,000 | Tongkun Group Co Ltd | 279,308 | ||||||||
432,900 | Tongling Nonferrous Metals Group Co Ltd | 226,272 | ||||||||
173,192 | Tongwei Co Ltd | 1,067,235 | ||||||||
11,000 | * | Topchoice Medical Corp | 212,657 | |||||||
34,500 | Topsec Technologies Group Inc | 47,948 | ||||||||
1,298,000 | g | Topsports International Holdings Ltd | 992,776 | |||||||
297,700 | Transfar Zhilian Co Ltd | 283,032 | ||||||||
587,661 | Travelsky Technology Ltd | 887,471 | ||||||||
94,675 | Trina Solar Co Ltd | 718,075 | ||||||||
376,345 | * | Trip.com Group Ltd (ADR) | 8,900,559 | |||||||
382,000 | Tsingtao Brewery Co Ltd | 3,092,733 | ||||||||
21,500 | Tsingtao Brewery Co Ltd (Class A) | 279,440 | ||||||||
21,000 | Unigroup Guoxin Microelectronics Co Ltd | 580,209 | ||||||||
936,000 | Uni-President China Holdings Ltd | 820,218 | ||||||||
109,480 | Unisplendour Corp Ltd | 280,777 | ||||||||
28,200 | Universal Scientific Industrial Shanghai Co Ltd | 51,340 | ||||||||
205,000 | *,e,g | Venus MedTech Hangzhou, Inc | 376,340 | |||||||
313,624 | * | Vipshop Holdings Ltd (ADR) | 2,402,360 | |||||||
67,400 | Walvax Biotechnology Co Ltd | 541,418 | ||||||||
135,600 | Wanhua Chemical Group Co Ltd | 1,591,189 | ||||||||
3,760,252 | Want Want China Holdings Ltd | 3,394,252 | ||||||||
40,272 | * | Weibo Corp (ADR) | 931,894 | |||||||
1,351,800 | Weichai Power Co Ltd | 1,888,339 | ||||||||
277,000 | Weichai Power Co Ltd (Class A) | 465,371 | ||||||||
12,600 | Weihai Guangwei Composites Co Ltd | 94,720 | ||||||||
1,445,000 | *,e,g | Weimob, Inc | 846,797 | |||||||
322,360 | Wens Foodstuffs Group Co Ltd | 910,149 | ||||||||
470,300 | Western Securities Co Ltd | 441,634 |
257 |
TIAA-CREF FUNDS – Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
17,618 | Western Superconducting Technologies Co Ltd | $ | 216,646 | |||||||
993,000 | Wharf Holdings Ltd | 2,909,390 | ||||||||
35,400 | Will Semiconductor Ltd | 798,294 | ||||||||
50,200 | Wingtech Technology Co Ltd | 493,970 | ||||||||
77,860 | Winning Health Technology Group Co Ltd | 93,214 | ||||||||
1,810,000 | Winteam Pharmaceutical Group Ltd | 881,871 | ||||||||
221,200 | Wuchan Zhongda Group Co Ltd | 164,882 | ||||||||
69,104 | Wuhan Guide Infrared Co Ltd | 160,422 | ||||||||
84,800 | Wuhu Shunrong Sanqi Interactive Entertainment Network Technology Co Ltd | 307,104 | ||||||||
80,400 | Wuhu Token Science Co Ltd | 73,847 | ||||||||
165,800 | Wuliangye Yibin Co Ltd | 4,051,982 | ||||||||
48,290 | WUS Printed Circuit Kunshan Co Ltd | 94,340 | ||||||||
112,404 | WuXi AppTec Co Ltd - A | 1,747,293 | ||||||||
241,077 | g | WuXi AppTec Co Ltd - H | 3,279,078 | |||||||
2,535,301 | *,g | Wuxi Biologics Cayman, Inc | 18,712,576 | |||||||
42,560 | Wuxi Lead Intelligent Equipment Co Ltd | 281,158 | ||||||||
11,600 | Wuxi Shangji Automation Co Ltd | 212,787 | ||||||||
293,200 | XCMG Construction Machinery Co Ltd | 219,558 | ||||||||
419,100 | Xiamen C & D, Inc | 915,858 | ||||||||
9,000 | Xiamen Faratronic Co Ltd | 197,983 | ||||||||
23,800 | * | Xiamen Intretech, Inc | 73,727 | |||||||
47,100 | Xiamen Tungsten Co Ltd | 111,587 | ||||||||
10,199,000 | *,g | Xiaomi Corp | 15,526,327 | |||||||
158,100 | Xinjiang Goldwind Science & Technology Co Ltd - A | 267,684 | ||||||||
589,600 | Xinjiang Goldwind Science & Technology Co Ltd - H | 838,025 | ||||||||
133,200 | Xinjiang Zhongtai Chemical Co Ltd | 149,438 | ||||||||
3,491,780 | Xinyi Solar Holdings Ltd | 5,190,268 | ||||||||
282,749 | * | XPeng, Inc (ADR) | 6,958,453 | |||||||
762,000 | g | Yadea Group Holdings Ltd | 1,148,559 | |||||||
21,000 | Yantai Eddie Precision Machinery Co Ltd | 60,829 | ||||||||
109,900 | Yantai Jereh Oilfield Services Group Co Ltd | 513,268 | ||||||||
1,148,464 | e | Yanzhou Coal Mining Co Ltd | 3,240,009 | |||||||
148,900 | Yanzhou Coal Mining Co Ltd (Class A) | 785,076 | ||||||||
32,667 | Yealink Network Technology Corp Ltd | 383,246 | ||||||||
17,108 | Yifeng Pharmacy Chain Co Ltd | 95,052 | ||||||||
323,000 | e | Yihai International Holding Ltd | 909,270 | |||||||
51,100 | * | Yihai Kerry Arawana Holdings Co Ltd | 370,252 | |||||||
71,120 | * | Yintai Gold Co Ltd | 100,280 | |||||||
383,600 | Yonghui Superstores Co Ltd | 256,622 | ||||||||
18,100 | YongXing Special Materials Technology Co Ltd | 280,689 | ||||||||
113,999 | Yonyou Network Technology Co Ltd | 327,812 | ||||||||
11,000 | * | Youngy Co Ltd | 171,793 | |||||||
105,800 | YTO Express Group Co Ltd | 286,369 | ||||||||
38,100 | * | Yuan Longping High-tech Agriculture Co Ltd | 93,605 | |||||||
1,441,200 | Yuexiu Property Co Ltd | 1,499,588 | ||||||||
309,939 | Yum China Holdings, Inc | 12,955,450 | ||||||||
191,710 | Yunda Holding Co Ltd | 444,771 | ||||||||
165,300 | * | Yunnan Aluminium Co Ltd | 258,483 | |||||||
47,900 | Yunnan Baiyao Group Co Ltd | 551,952 | ||||||||
33,300 | * | Yunnan Energy New Material Co Ltd | 1,014,235 | |||||||
68,500 | * | Yunnan Tin Co Ltd | 184,499 | |||||||
58,785 | * | Zai Lab Ltd (ADR) | 2,349,049 | |||||||
26,695 | Zhangzhou Pientzehuang Pharmaceutical Co Ltd | 1,230,146 | ||||||||
133,200 | Zhefu Holding Group Co Ltd | 89,966 | ||||||||
384,700 | * | Zhejiang Century Huatong Group Co Ltd | 276,145 |
258 |
TIAA-CREF FUNDS – Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
169,700 | Zhejiang China Commodities City Group Co Ltd | $ | 130,537 | |||||||
80,916 | Zhejiang Chint Electrics Co Ltd | 396,305 | ||||||||
122,400 | Zhejiang Dahua Technology Co Ltd | 307,529 | ||||||||
10,220 | Zhejiang Dingli Machinery Co Ltd | 57,308 | ||||||||
1,060,414 | * | Zhejiang Expressway Co Ltd | 877,034 | |||||||
16,334 | Zhejiang HangKe Technology, Inc Co | 107,279 | ||||||||
42,130 | Zhejiang Huahai Pharmaceutical Co Ltd | 97,026 | ||||||||
45,176 | Zhejiang Huayou Cobalt Co Ltd | 557,962 | ||||||||
53,700 | Zhejiang Jingsheng Mechanical & Electrical Co Ltd | 406,429 | ||||||||
23,300 | Zhejiang Jiuzhou Pharmaceutical Co Ltd | 165,254 | ||||||||
106,800 | Zhejiang Juhua Co Ltd | 182,510 | ||||||||
149,600 | Zhejiang Longsheng Group Co Ltd | 227,736 | ||||||||
72,720 | Zhejiang NHU Co Ltd | 294,140 | ||||||||
99,970 | Zhejiang Sanhua Intelligent Controls Co Ltd | 251,606 | ||||||||
68,300 | Zhejiang Satellite Petrochemical Co Ltd | 371,667 | ||||||||
242,400 | Zhejiang Semir Garment Co Ltd | 238,374 | ||||||||
12,900 | Zhejiang Supor Co Ltd | 107,326 | ||||||||
44,900 | Zhejiang Weiming Environment Protection Co Ltd | 166,219 | ||||||||
118,900 | Zhejiang Weixing New Building Materials Co Ltd | 340,938 | ||||||||
13,200 | Zhejiang Wolwo Bio-Pharmaceutical Co Ltd | 81,739 | ||||||||
38,400 | * | Zhejiang Yongtai Technology Co Ltd | 144,823 | |||||||
201,800 | Zheshang Securities Co Ltd | 279,327 | ||||||||
362,000 | *,e,g | ZhongAn Online P&C Insurance Co Ltd | 1,244,679 | |||||||
14,000 | Zhongji Innolight Co Ltd | 64,736 | ||||||||
413,500 | Zhongsheng Group Holdings Ltd | 2,732,332 | ||||||||
301,900 | Zhongtai Securities Co Ltd | 328,905 | ||||||||
434,700 | Zhuzhou CSR Times Electric Co Ltd | 1,708,923 | ||||||||
140,900 | Zhuzhou Kibing Group Co Ltd | 234,666 | ||||||||
126,700 | Zibo Qixiang Tengda Chemical Co Ltd | 135,492 | ||||||||
4,129,299 | Zijin Mining Group Co Ltd | 6,012,705 | ||||||||
746,800 | Zijin Mining Group Co Ltd (Class A) | 1,239,431 | ||||||||
628,800 | Zoomlion Heavy Industry Science and Technology Co Ltd - A | 549,656 | ||||||||
1,049,000 | Zoomlion Heavy Industry Science and Technology Co Ltd - H | 613,356 | ||||||||
126,100 | ZTE Corp | 457,911 | ||||||||
600,464 | ZTE Corp (Class H) | 1,260,737 | ||||||||
310,522 | ZTO Express Cayman, Inc (ADR) | 8,542,460 | ||||||||
TOTAL CHINA | 1,471,581,983 | |||||||||
COLOMBIA - 0.2% | ||||||||||
144,825 | BanColombia S.A. | 1,420,441 | ||||||||
334,982 | BanColombia S.A. (Preference) | 3,249,952 | ||||||||
4,308,589 | Ecopetrol S.A. | 3,489,979 | ||||||||
80,228 | Grupo de Inversiones Suramericana S.A. | 812,820 | ||||||||
310,380 | Interconexion Electrica S.A. | 1,706,384 | ||||||||
TOTAL COLOMBIA | 10,679,576 | |||||||||
CZECH REPUBLIC - 0.2% | ||||||||||
120,099 | CEZ AS | 5,148,112 | ||||||||
66,538 | Komercni Banka AS | 2,185,102 | ||||||||
247,245 | g | Moneta Money Bank AS | 927,395 | |||||||
TOTAL CZECH REPUBLIC | 8,260,609 | |||||||||
EGYPT - 0.1% | ||||||||||
1,210,376 | Commercial International Bank | 2,922,376 | ||||||||
518,867 | Eastern Tobacco | 301,971 | ||||||||
572,143 | * | Fawry for Banking & Payment Technology Services SAE | 143,354 | |||||||
TOTAL EGYPT | 3,367,701 |
259 |
TIAA-CREF FUNDS – Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
GREECE - 0.2% | ||||||||||
1,648,533 | * | Alpha Bank AE | $ | 1,855,659 | ||||||
1,847,734 | * | Eurobank Ergasias S.A. | 1,909,715 | |||||||
12,741 | *,† | FF Group | 134 | |||||||
181,951 | Hellenic Telecommunications Organization S.A. | 3,500,383 | ||||||||
71,828 | JUMBO S.A. | 1,164,179 | ||||||||
143,766 | OPAP S.A. | 2,130,954 | ||||||||
134,223 | * | Public Power Corp | 1,074,631 | |||||||
TOTAL GREECE | 11,635,655 | |||||||||
HONG KONG - 0.2% | ||||||||||
6,861,652 | * | Alibaba Pictures Group Ltd | 578,968 | |||||||
689,000 | e | Huabao International Holdings Ltd | 375,894 | |||||||
651,151 | Kingboard Laminates Holdings Ltd | 998,837 | ||||||||
1,065,000 | Nine Dragons Paper Holdings Ltd | 940,538 | ||||||||
7,460,331 | Sino Biopharmaceutical | 3,913,179 | ||||||||
239,000 | e | Vinda International Holdings Ltd | 578,693 | |||||||
TOTAL HONG KONG | 7,386,109 | |||||||||
HUNGARY - 0.2% | ||||||||||
346,340 | MOL Hungarian Oil & Gas plc | 2,936,656 | ||||||||
157,407 | * | OTP Bank | 4,695,359 | |||||||
84,247 | Richter Gedeon Rt | 1,680,903 | ||||||||
TOTAL HUNGARY | 9,312,918 | |||||||||
INDIA - 13.4% | ||||||||||
200,727 | Adani Enterprises Ltd | 6,076,701 | ||||||||
179,325 | Adani Gas Ltd | 5,749,637 | ||||||||
267,114 | * | Adani Green Energy Ltd | 9,995,829 | |||||||
378,373 | Adani Ports & Special Economic Zone Ltd | 4,203,458 | ||||||||
177,802 | * | Adani Transmissions Ltd | 6,429,643 | |||||||
451,980 | Ambuja Cements Ltd | 2,186,932 | ||||||||
73,337 | Apollo Hospitals Enterprise Ltd | 4,246,703 | ||||||||
285,076 | Asian Paints Ltd | 12,016,576 | ||||||||
47,193 | Associated Cement Co Ltd | 1,427,591 | ||||||||
208,622 | Aurobindo Pharma Ltd | 1,705,819 | ||||||||
115,002 | *,g | Avenue Supermarts Ltd | 5,890,998 | |||||||
1,651,824 | Axis Bank Ltd | 15,570,986 | ||||||||
192,468 | Bajaj Finance Ltd | 16,591,110 | ||||||||
28,102 | Bajaj Finserv Ltd | 5,416,045 | ||||||||
44,752 | Bajaj Holdings and Investment Ltd | 2,172,091 | ||||||||
61,563 | Balkrishna Industries Ltd | 1,714,290 | ||||||||
533,325 | g | Bandhan Bank Ltd | 2,312,686 | |||||||
147,650 | Berger Paints India Ltd | 1,384,395 | ||||||||
877,902 | Bharat Electronics Ltd | 2,717,129 | ||||||||
165,260 | Bharat Forge Ltd | 1,502,661 | ||||||||
709,607 | Bharat Petroleum Corp Ltd | 3,339,390 | ||||||||
1,756,140 | * | Bharti Airtel Ltd | 16,854,234 | |||||||
219,982 | * | Biocon Ltd | 1,055,155 | |||||||
71,132 | Britannia Industries Ltd | 3,035,757 | ||||||||
287,889 | Cholamandalam Investment and Finance Co Ltd | 2,757,137 | ||||||||
337,871 | Cipla Ltd | 4,312,278 | ||||||||
1,280,401 | Coal India Ltd | 3,036,195 | ||||||||
75,238 | Colgate-Palmolive India Ltd | 1,623,633 |
260 |
TIAA-CREF FUNDS – Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
159,660 | Container Corp Of India Ltd | $ | 1,338,004 | |||||||
421,368 | Dabur India Ltd | 3,050,447 | ||||||||
93,300 | Divi S Laboratories Ltd | 5,461,589 | ||||||||
506,745 | DLF Ltd | 2,441,537 | ||||||||
74,828 | Dr Reddy’s Laboratories Ltd | 4,030,011 | ||||||||
94,293 | Eicher Motors Ltd | 3,216,736 | ||||||||
1,339,606 | GAIL India Ltd | 2,769,401 | ||||||||
207,987 | * | Godrej Consumer Products Ltd | 2,109,177 | |||||||
97,718 | * | Godrej Properties Ltd | 1,987,488 | |||||||
182,486 | Grasim Industries Ltd | 4,009,888 | ||||||||
193,668 | Havells India Ltd | 3,301,766 | ||||||||
780,562 | HCL Technologies Ltd | 10,932,971 | ||||||||
19,441 | g | HDFC Asset Management Co Ltd | 514,770 | |||||||
605,094 | g | HDFC Life Insurance Co Ltd | 4,588,067 | |||||||
83,922 | Hero Honda Motors Ltd | 2,726,160 | ||||||||
1,160,995 | Hindalco Industries Ltd | 7,228,055 | ||||||||
587,049 | Hindustan Lever Ltd | 17,055,933 | ||||||||
430,929 | Hindustan Petroleum Corp Ltd | 1,514,548 | ||||||||
1,192,071 | Housing Development Finance Corp | 34,393,561 | ||||||||
3,708,953 | ICICI Bank Ltd | 35,654,393 | ||||||||
125,382 | g | ICICI Lombard General Insurance Co Ltd | 2,084,097 | |||||||
212,607 | g | ICICI Prudential Life Insurance Co Ltd | 1,451,882 | |||||||
1,617,943 | Indian Oil Corp Ltd | 2,639,466 | ||||||||
205,189 | Indian Railway Catering & Tourism Corp Ltd | 1,974,964 | ||||||||
215,278 | Indraprastha Gas Ltd | 987,468 | ||||||||
440,826 | * | Indus Towers Ltd | 1,198,438 | |||||||
55,039 | Info Edge India Ltd | 3,316,668 | ||||||||
2,409,021 | Infosys Technologies Ltd | 48,824,063 | ||||||||
71,179 | *,g | InterGlobe Aviation Ltd | 1,714,192 | |||||||
2,212,763 | ITC Ltd | 7,457,926 | ||||||||
615,035 | JSW Steel Ltd | 5,788,683 | ||||||||
307,659 | Jubilant Foodworks Ltd | 2,172,617 | ||||||||
399,706 | Kotak Mahindra Bank Ltd | 9,269,235 | ||||||||
37,054 | g | Larsen & Toubro Infotech Ltd | 2,319,499 | |||||||
508,055 | Larsen & Toubro Ltd | 11,165,806 | ||||||||
152,631 | Lupin Ltd | 1,479,346 | ||||||||
620,484 | Mahindra & Mahindra Ltd | 7,433,561 | ||||||||
339,061 | Marico Ltd | 2,304,513 | ||||||||
98,041 | Maruti Suzuki India Ltd | 9,819,392 | ||||||||
48,738 | MindTree Ltd | 2,230,221 | ||||||||
928,189 | Motherson Sumi Systems Ltd | 1,657,936 | ||||||||
60,276 | Mphasis Ltd | 2,213,387 | ||||||||
1,038 | MRF Ltd | 981,804 | ||||||||
78,423 | Muthoot Finance Ltd | 1,286,034 | ||||||||
22,094 | Nestle India Ltd | 5,267,771 | ||||||||
3,408,555 | NTPC Ltd | 6,918,365 | ||||||||
3,174 | Page Industries Ltd | 1,882,115 | ||||||||
490,071 | Petronet LNG Ltd | 1,299,010 | ||||||||
53,327 | PI Industries Ltd | 1,972,980 | ||||||||
98,022 | Pidilite Industries Ltd | 3,098,462 | ||||||||
86,163 | Piramal Healthcare Ltd | 2,413,379 | ||||||||
2,383,537 | Power Grid Corp of India Ltd | 7,063,267 | ||||||||
2,047,947 | Reliance Industries Ltd | 74,202,083 | ||||||||
171,615 | SBI Cards & Payment Services Ltd | 1,851,137 | ||||||||
294,193 | g | SBI Life Insurance Co Ltd | 4,225,397 | |||||||
856,172 | Sesa Sterlite Ltd | 4,503,725 |
261 |
TIAA-CREF FUNDS – Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
6,307 | Shree Cement Ltd | $ | 2,122,078 | |||||||
144,651 | Shriram Transport Finance Co Ltd | 2,246,925 | ||||||||
39,938 | Siemens India Ltd | 1,176,891 | ||||||||
111,488 | SRF Ltd | 3,625,871 | ||||||||
1,344,634 | State Bank of India | 8,636,085 | ||||||||
603,067 | Sun Pharmaceutical Industries Ltd | 7,289,863 | ||||||||
669,384 | Tata Consultancy Services Ltd | 30,850,792 | ||||||||
1,217,386 | * | Tata Motors Ltd | 6,889,119 | |||||||
1,136,314 | Tata Power Co Ltd | 3,560,310 | ||||||||
530,982 | Tata Steel Ltd | 8,718,275 | ||||||||
441,029 | Tata Tea Ltd | 4,725,623 | ||||||||
461,981 | Tech Mahindra Ltd | 7,545,131 | ||||||||
263,825 | Titan Industries Ltd | 8,418,271 | ||||||||
26,877 | Torrent Pharmaceuticals Ltd | 983,846 | ||||||||
118,956 | Trent Ltd | 1,891,423 | ||||||||
73,880 | Ultra Tech Cement Ltd | 6,362,789 | ||||||||
204,083 | * | United Spirits Ltd | 2,288,061 | |||||||
348,486 | UPL Ltd | 3,720,790 | ||||||||
1,003,439 | Wipro Ltd | 6,592,983 | ||||||||
7,267,021 | * | Yes Bank Ltd | 1,286,697 | |||||||
1,204,190 | * | Zomato Ltd | 1,116,702 | |||||||
TOTAL INDIA | 660,166,975 | |||||||||
INDONESIA - 1.9% | ||||||||||
12,388,954 | Adaro Energy Tbk | 2,830,565 | ||||||||
13,897,672 | Astra International Tbk PT | 7,256,551 | ||||||||
40,398,175 | Bank Central Asia Tbk PT | 22,658,189 | ||||||||
2,959,200 | * | Bank Jago Tbk PT | 2,376,931 | |||||||
46,795,049 | Bank Rakyat Indonesia | 15,591,503 | ||||||||
2,031,460 | Indofood CBP Sukses Makmur Tbk | 1,068,694 | ||||||||
12,285,800 | Kalbe Farma Tbk PT | 1,389,854 | ||||||||
9,687,574 | * | Merdeka Copper Gold Tbk PT | 3,530,421 | |||||||
5,308,400 | * | PT Aneka Tambang Tbk | 948,669 | |||||||
13,466,339 | PT Bank Mandiri Persero Tbk | 8,268,799 | ||||||||
5,369,259 | PT Bank Negara Indonesia | 3,391,493 | ||||||||
16,975,600 | PT Barito Pacific Tbk | 991,916 | ||||||||
4,423,200 | PT Charoen Pokphand Indonesia Tbk | 1,571,324 | ||||||||
481,400 | PT Gudang Garam Tbk | 1,018,624 | ||||||||
2,226,605 | PT Indah Kiat Pulp and Paper Corp Tbk | 1,160,467 | ||||||||
1,182,017 | PT Indocement Tunggal Prakarsa Tbk | 851,850 | ||||||||
3,772,500 | PT Indofood Sukses Makmur Tbk | 1,641,601 | ||||||||
2,211,100 | PT Semen Gresik Persero Tbk | 975,693 | ||||||||
5,354,845 | PT Unilever Indonesia Tbk | 1,433,298 | ||||||||
1,446,200 | PT United Tractors Tbk | 3,020,191 | ||||||||
14,356,900 | Sarana Menara Nusantara Tbk PT | 999,604 | ||||||||
36,322,983 | Telkom Indonesia Persero Tbk PT | 11,575,649 | ||||||||
6,528,000 | * | Tower Bersama Infrastructure | 1,355,387 | |||||||
TOTAL INDONESIA | 95,907,273 | |||||||||
KOREA, REPUBLIC OF - 12.4% | ||||||||||
18,516 | * | Alteogen, Inc | 835,029 | |||||||
21,905 | Amorepacific Corp | 3,117,208 | ||||||||
6,011 | BGF retail Co Ltd | 859,817 | ||||||||
64,179 | Celltrion Healthcare Co Ltd | 3,232,113 | ||||||||
10,689 | * | Celltrion Pharm Inc | 776,879 | |||||||
71,011 | e | Celltrion, Inc | 9,826,134 |
262 |
TIAA-CREF FUNDS – Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
40,178 | Cheil Communications, Inc | $ | 802,146 | |||||||
5,800 | CJ CheilJedang Corp | 1,823,930 | ||||||||
10,850 | CJ Corp | 741,287 | ||||||||
6,865 | CJ O Shopping Co Ltd | 689,516 | ||||||||
39,354 | Coway Co Ltd | 2,204,221 | ||||||||
31,679 | Dongbu Insurance Co Ltd | 1,691,863 | ||||||||
41,014 | Doosan Bobcat, Inc | 1,332,674 | ||||||||
256,827 | * | Doosan Heavy Industries and Construction Co Ltd | 4,086,157 | |||||||
7,542 | Ecopro BM Co Ltd | 2,786,333 | ||||||||
12,353 | E-Mart Co Ltd | 1,278,268 | ||||||||
13,415 | F&F Co Ltd | 1,481,004 | ||||||||
3,921 | Green Cross Corp | 582,000 | ||||||||
43,677 | GS Engineering & Construction Corp | 1,438,271 | ||||||||
32,912 | GS Holdings Corp | 1,136,899 | ||||||||
213,325 | Hana Financial Group, Inc | 7,920,055 | ||||||||
48,218 | Hankook Tire Co Ltd | 1,323,428 | ||||||||
4,944 | Hanmi Pharm Co Ltd | 1,220,514 | ||||||||
119,268 | Hanon Systems | 1,067,323 | ||||||||
92,143 | * | Hanwha Chemical Corp | 2,315,916 | |||||||
70,840 | * | HLB, Inc | 1,724,229 | |||||||
12,733 | Honam Petrochemical Corp | 1,965,231 | ||||||||
27,792 | e | Hotel Shilla Co Ltd | 1,768,598 | |||||||
11,160 | * | HYBE Co Ltd | 2,191,686 | |||||||
392,523 | Hynix Semiconductor, Inc | 34,396,043 | ||||||||
55,886 | Hyundai Engineering & Construction Co Ltd | 1,944,155 | ||||||||
13,450 | Hyundai Glovis Co Ltd | 2,203,635 | ||||||||
27,660 | * | Hyundai Heavy Industries | 1,989,749 | |||||||
192,614 | Hyundai Merchant Marine Co Ltd | 4,269,425 | ||||||||
47,087 | Hyundai Mobis | 7,660,448 | ||||||||
99,022 | Hyundai Motor Co | 14,366,874 | ||||||||
24,675 | Hyundai Motor Co Ltd (2nd Preference) | 1,846,918 | ||||||||
14,071 | Hyundai Motor Co Ltd (Preference) | 1,044,210 | ||||||||
36,512 | Hyundai Robotics Co Ltd | 1,676,652 | ||||||||
64,121 | Hyundai Steel Co | 2,178,948 | ||||||||
15,233 | Iljin Materials Co Ltd | 1,043,858 | ||||||||
185,427 | Industrial Bank of Korea | 1,645,272 | ||||||||
219,561 | Kakao Corp | 15,337,108 | ||||||||
19,631 | * | Kakao Games Corp | 918,358 | |||||||
66,589 | *,e | KakaoBank Corp | 2,201,004 | |||||||
63,372 | * | Kangwon Land, Inc | 1,331,731 | |||||||
276,614 | KB Financial Group, Inc | 12,869,212 | ||||||||
187,136 | Kia Motors Corp | 12,274,296 | ||||||||
58,170 | Korea Aerospace Industries Ltd | 2,005,679 | ||||||||
186,108 | Korea Electric Power Corp | 3,396,196 | ||||||||
4,851 | * | Korea Express Co Ltd | 469,735 | |||||||
28,838 | Korea Investment Holdings Co Ltd | 1,598,808 | ||||||||
14,032 | Korea Kumho Petrochemical | 1,696,682 | ||||||||
6,043 | Korea Zinc Co Ltd | 2,758,858 | ||||||||
118,668 | * | Korean Air Lines Co Ltd | 2,796,162 | |||||||
14,996 | *,e,g | Krafton, Inc | 2,945,908 | |||||||
86,920 | KT&G Corp | 5,707,936 | ||||||||
15,607 | L&F Co Ltd | 2,640,452 | ||||||||
33,487 | LG Chem Ltd | 13,715,102 | ||||||||
5,490 | LG Chem Ltd (Preference) | 1,082,909 | ||||||||
61,604 | LG Corp | 3,557,531 | ||||||||
178,478 | e | LG Display Co Ltd | 2,332,032 |
263 |
TIAA-CREF FUNDS – Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
75,092 | LG Electronics, Inc | $ | 6,800,862 | |||||||
15,065 | *,e | LG Energy Solution | 5,001,676 | |||||||
7,354 | LG Household & Health Care Ltd | 5,266,792 | ||||||||
2,452 | LG Household & Health Care Ltd (Preference) | 965,056 | ||||||||
9,914 | LG Innotek Co Ltd | 2,690,045 | ||||||||
156,385 | LG Telecom Ltd | 1,727,615 | ||||||||
7,435 | Lotte Shopping Co Ltd | 550,756 | ||||||||
22,665 | Meritz finance Holdings Co Ltd | 678,938 | ||||||||
28,085 | Meritz Fire & Marine Insurance Co Ltd | 982,611 | ||||||||
220,527 | Meritz Securities Co Ltd | 1,140,060 | ||||||||
194,843 | Mirae Asset Daewoo Co Ltd | 1,232,513 | ||||||||
85,358 | Naver Corp | 19,014,262 | ||||||||
11,880 | NCsoft | 3,934,257 | ||||||||
18,070 | g | Netmarble Corp | 1,358,289 | |||||||
13,793 | Orion Corp/Republic of Korea | 1,028,053 | ||||||||
18,420 | Pacific Corp | 724,665 | ||||||||
176,275 | Pan Ocean Co Ltd | 921,464 | ||||||||
21,839 | *,e | Pearl Abyss Corp | 1,163,029 | |||||||
53,968 | POSCO | 12,322,341 | ||||||||
20,027 | POSCO Refractories & Environment Co Ltd | 2,115,688 | ||||||||
14,878 | S1 Corp (Korea) | 810,637 | ||||||||
13,643 | *,g | Samsung Biologics Co Ltd | 8,998,769 | |||||||
59,427 | Samsung C&T Corp | 5,376,616 | ||||||||
39,002 | Samsung Electro-Mechanics Co Ltd | 5,048,232 | ||||||||
3,412,655 | Samsung Electronics Co Ltd | 181,872,482 | ||||||||
594,102 | Samsung Electronics Co Ltd (Preference) | 27,853,663 | ||||||||
105,152 | * | Samsung Engineering Co Ltd | 2,145,419 | |||||||
23,205 | Samsung Fire & Marine Insurance Co Ltd | 3,846,416 | ||||||||
485,384 | * | Samsung Heavy Industries Co Ltd | 2,316,887 | |||||||
47,674 | Samsung Life Insurance Co Ltd | 2,450,806 | ||||||||
39,631 | Samsung SDI Co Ltd | 18,878,396 | ||||||||
21,606 | Samsung SDS Co Ltd | 2,517,871 | ||||||||
39,887 | Samsung Securities Co Ltd | 1,245,745 | ||||||||
23,333 | SD Biosensor, Inc | 834,721 | ||||||||
24,722 | Seegene, Inc | 783,920 | ||||||||
309,703 | Shinhan Financial Group Co Ltd | 10,289,759 | ||||||||
19,071 | * | SK Biopharmaceuticals Co Ltd | 1,377,716 | |||||||
15,692 | * | SK Bioscience Co Ltd | 1,658,283 | |||||||
8,312 | SK Chemicals Co Ltd | 829,038 | ||||||||
31,822 | SK Holdings Co Ltd | 6,680,779 | ||||||||
20,345 | *,g | SK IE Technology Co Ltd | 2,004,051 | |||||||
36,892 | * | SK Innovation Co Ltd | 5,871,585 | |||||||
68,922 | * | SK Square Co Ltd | 2,846,809 | |||||||
16,225 | SK Telecom Co Ltd | 731,880 | ||||||||
14,173 | SKC Co Ltd | 1,656,505 | ||||||||
38,207 | S-Oil Corp | 3,126,013 | ||||||||
356,782 | Woori Financial Group, Inc | 4,133,469 | ||||||||
107,349 | Woori Investment & Securities Co Ltd | 916,191 | ||||||||
44,702 | Yuhan Corp | 2,153,500 | ||||||||
TOTAL KOREA, REPUBLIC OF | 608,995,745 | |||||||||
KUWAIT - 0.8% | ||||||||||
844,579 | Agility Public Warehousing Co KSC | 3,426,684 | ||||||||
820,254 | Boubyan Bank KSCP | 2,634,158 | ||||||||
3,595,782 | h | Kuwait Finance House | 11,542,378 | |||||||
482,290 | Mabanee Co KPSC | 1,313,906 |
264 |
TIAA-CREF FUNDS – Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
1,754,989 | Mobile Telecommunications Co KSC | $ | 3,902,254 | |||||||
5,233,213 | h | National Bank of Kuwait SAKP | 17,935,988 | |||||||
TOTAL KUWAIT | 40,755,368 | |||||||||
LUXEMBOURG - 0.0% | ||||||||||
81,022 | Reinet Investments S.C.A | 1,646,862 | ||||||||
TOTAL LUXEMBOURG | 1,646,862 | |||||||||
MALAYSIA - 1.6% | ||||||||||
1,269,533 | * | AMMB Holdings BHD | 1,072,107 | |||||||
1,724,274 | Axiata Group Bhd | 1,390,192 | ||||||||
4,597,539 | Bumiputra-Commerce Holdings BHD | 5,480,101 | ||||||||
3,564,477 | Dialog Group BHD | 2,038,336 | ||||||||
2,216,225 | Digi.Com BHD | 1,937,823 | ||||||||
99,600 | Fraser & Neave Holdings BHD | 526,197 | ||||||||
1,688,775 | Genting BHD | 1,787,324 | ||||||||
1,807,400 | Genting Malaysia BHD | 1,256,360 | ||||||||
350,600 | HAP Seng Consolidated BHD | 601,581 | ||||||||
1,167,300 | Hartalega Holdings BHD | 1,179,768 | ||||||||
407,787 | Hong Leong Bank BHD | 1,957,086 | ||||||||
103,006 | Hong Leong Credit BHD | 459,014 | ||||||||
1,520,812 | IHH Healthcare BHD | 2,293,883 | ||||||||
1,895,700 | Inari Amertron BHD | 1,214,934 | ||||||||
1,940,520 | IOI Corp BHD | 2,081,596 | ||||||||
276,711 | Kuala Lumpur Kepong BHD | 1,872,495 | ||||||||
3,417,961 | Malayan Banking BHD | 7,108,739 | ||||||||
721,676 | * | Malaysia Airports Holdings BHD | 1,137,176 | |||||||
1,597,500 | Maxis BHD | 1,388,709 | ||||||||
1,157,200 | MISC BHD | 2,070,310 | ||||||||
57,700 | Nestle Malaysia BHD | 1,765,393 | ||||||||
1,724,300 | Petronas Chemicals Group BHD | 4,047,857 | ||||||||
279,400 | Petronas Dagangan BHD | 1,395,235 | ||||||||
745,000 | Petronas Gas BHD | 2,902,073 | ||||||||
569,440 | PPB Group BHD | 2,247,153 | ||||||||
2,217,424 | Press Metal BHD | 3,039,907 | ||||||||
10,365,115 | Public Bank BHD | 11,140,907 | ||||||||
714,250 | QL Resources BHD | 838,364 | ||||||||
1,298,359 | RHB Capital BHD | 1,860,136 | ||||||||
1,702,965 | Sime Darby BHD | 910,257 | ||||||||
1,468,165 | Sime Darby Plantation BHD | 1,761,457 | ||||||||
1,079,565 | Telekom Malaysia BHD | 1,232,541 | ||||||||
1,628,863 | Tenaga Nasional BHD | 3,382,318 | ||||||||
3,370,600 | Top Glove Corp BHD | 1,300,702 | ||||||||
927,000 | Westports Holdings BHD | 838,953 | ||||||||
TOTAL MALAYSIA | 77,516,984 | |||||||||
MEXICO - 2.2% | ||||||||||
2,197,400 | Alfa S.A. de C.V. (Class A) | 1,472,004 | ||||||||
21,745,241 | America Movil S.A.B. de C.V. | 21,162,889 | ||||||||
392,100 | Becle SAB de C.V. | 977,440 | ||||||||
10,808,097 | *,e | Cemex S.A. de C.V. | 4,756,166 | |||||||
342,775 | Coca-Cola Femsa SAB de C.V. | 1,869,040 | ||||||||
379,925 | Embotelladoras Arca SAB de C.V. | 2,410,824 | ||||||||
2,295,200 | Fibra Uno Administracion S.A. de C.V. | 2,517,167 | ||||||||
1,327,411 | Fomento Economico Mexicano S.A. de C.V. | 9,981,033 | ||||||||
161,510 | e | Gruma SAB de C.V. | 1,918,428 |
265 |
TIAA-CREF FUNDS – Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
264,930 | Grupo Aeroportuario del Pacifico S.A. de C.V. (B Shares) | $ | 4,076,935 | |||||||
130,501 | Grupo Aeroportuario del Sureste S.A. de C.V. (Class B) | 2,848,172 | ||||||||
1,114,420 | Grupo Bimbo S.A. de C.V. (Series A) | 3,435,034 | ||||||||
444,698 | Grupo Carso S.A. de C.V. (Series A1) | 1,452,653 | ||||||||
1,885,228 | Grupo Financiero Banorte S.A. de C.V. | 12,445,008 | ||||||||
1,437,844 | *,e | Grupo Financiero Inbursa S.A. | 2,437,215 | |||||||
2,166,232 | Grupo Mexico S.A. de C.V. (Series B) | 10,139,832 | ||||||||
1,721,390 | e | Grupo Televisa S.A. | 3,195,367 | |||||||
94,804 | e | Industrias Penoles S.A. de C.V. | 1,043,952 | |||||||
1,385,642 | e | Kimberly-Clark de Mexico S.A. de C.V. (Class A) | 1,934,528 | |||||||
204,100 | e | Megacable Holdings SAB de C.V. | 581,400 | |||||||
650,700 | e | Operadora de Sites Mexicanos S.A. de C.V. | 794,622 | |||||||
642,123 | Orbia Advance Corp SAB de C.V. | 1,545,010 | ||||||||
148,435 | Promotora y Operadora de Infraestructura SAB de C.V. | 1,082,067 | ||||||||
3,859,084 | Wal-Mart de Mexico SAB de C.V. | 13,646,216 | ||||||||
TOTAL MEXICO | 107,723,002 | |||||||||
PERU - 0.2% | ||||||||||
151,122 | Cia de Minas Buenaventura S.A. (ADR) (Series B) | 1,426,592 | ||||||||
48,110 | Credicorp Ltd | 6,681,998 | ||||||||
65,880 | Southern Copper Corp | 4,102,347 | ||||||||
TOTAL PERU | 12,210,937 | |||||||||
PHILIPPINES - 0.8% | ||||||||||
1,279,604 | Aboitiz Equity Ventures, Inc | 1,240,264 | ||||||||
8,586,300 | AC Energy Corp | 1,181,336 | ||||||||
185,863 | Ayala Corp | 2,615,228 | ||||||||
5,809,293 | Ayala Land, Inc | 3,545,811 | ||||||||
1,175,219 | Bank of the Philippine Islands | 2,136,352 | ||||||||
1,486,986 | BDO Unibank, Inc | 3,674,444 | ||||||||
23,966 | Globe Telecom, Inc | 1,041,926 | ||||||||
72,726 | GT Capital Holdings, Inc | 698,060 | ||||||||
820,930 | International Container Term Services, Inc | 3,370,730 | ||||||||
2,139,256 | JG Summit Holdings (Series B) | 2,275,732 | ||||||||
313,740 | Jollibee Foods Corp | 1,288,833 | ||||||||
233,746 | Manila Electric Co | 1,573,518 | ||||||||
6,294,000 | Metro Pacific Investments Corp | 455,216 | ||||||||
1,222,490 | Metropolitan Bank & Trust | 1,190,444 | ||||||||
3,669,400 | *,g | Monde Nissin Corp | 912,342 | |||||||
65,620 | PLDT, Inc | 2,334,909 | ||||||||
183,565 | SM Investments Corp | 2,994,073 | ||||||||
7,190,149 | * | SM Prime Holdings | 4,792,609 | |||||||
589,527 | Universal Robina | 1,153,258 | ||||||||
TOTAL PHILIPPINES | 38,475,085 | |||||||||
POLAND - 0.6% | ||||||||||
244,035 | *,g | Allegro.eu S.A. | 1,255,190 | |||||||
126,998 | Bank Pekao S.A. | 2,790,814 | ||||||||
30,139 | Bank Zachodni WBK S.A. | 1,835,379 | ||||||||
12,099 | * | BRE Bank S.A. | 809,806 | |||||||
47,577 | CD Projekt Red S.A. | 1,287,666 | ||||||||
172,719 | Cyfrowy Polsat S.A. | 943,875 | ||||||||
34,899 | *,g | Dino Polska S.A. | 2,257,678 | |||||||
94,060 | KGHM Polska Miedz S.A. | 3,042,673 | ||||||||
835 | LPP S.A. | 1,764,505 | ||||||||
639,426 | * | PGE Polska Grupa Energetyczna S.A. | 1,422,041 |
266 |
TIAA-CREF FUNDS – Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
231,141 | Polski Koncern Naftowy Orlen S.A. | $ | 3,904,997 | |||||||
1,539,797 | Polskie Gornictwo Naftowe i Gazownictwo S.A. | 2,157,359 | ||||||||
593,614 | * | Powszechna Kasa Oszczednosci Bank Polski S.A. | 4,381,192 | |||||||
433,262 | Powszechny Zaklad Ubezpieczen S.A. | 2,995,461 | ||||||||
410,457 | * | Telekomunikacja Polska S.A. | 627,383 | |||||||
TOTAL POLAND | 31,476,019 | |||||||||
QATAR - 1.0% | ||||||||||
1,759,712 | Barwa Real Estate Co | 1,635,384 | ||||||||
1,409,015 | Commercial Bank of Qatar QSC | 2,974,920 | ||||||||
1,038,985 | Industries Qatar QSC | 5,358,228 | ||||||||
3,456,165 | Masraf Al Rayan | 5,115,324 | ||||||||
2,988,071 | Mesaieed Petrochemical Holding Co | 2,113,509 | ||||||||
557,335 | Ooredoo QSC | 1,146,120 | ||||||||
390,823 | Qatar Electricity & Water Co | 1,827,553 | ||||||||
433,826 | Qatar Fuel QSC | 2,183,574 | ||||||||
2,093,588 | Qatar Gas Transport Co Ltd | 1,966,107 | ||||||||
439,644 | Qatar International Islamic Bank QSC | 1,391,146 | ||||||||
791,631 | Qatar Islamic Bank SAQ | 5,323,551 | ||||||||
3,107,150 | Qatar National Bank | 19,836,957 | ||||||||
TOTAL QATAR | 50,872,373 | |||||||||
ROMANIA - 0.0% | ||||||||||
338,036 | NEPI Rockcastle plc | 2,068,277 | ||||||||
TOTAL ROMANIA | 2,068,277 | |||||||||
RUSSIA - 0.0% | ||||||||||
35,937 | *,†,e | Ozon Holdings plc (ADR) | 359 | |||||||
911,463 | † | VTB Bank PJSC (GDR) Equiduct | 9,115 | |||||||
281,650 | *,† | VTB Bank PJSC (GDR) Tradegate | 2,817 | |||||||
TOTAL RUSSIA | 12,291 | |||||||||
SAUDI ARABIA - 4.7% | ||||||||||
42,180 | Abdullah Al Othaim Markets Co | 1,257,258 | ||||||||
115,157 | Advanced Petrochemical Co | 2,048,663 | ||||||||
871,436 | Al Rajhi Bank | 40,823,404 | ||||||||
671,215 | Alinma Bank | 7,362,787 | ||||||||
196,458 | Almarai Co JSC | 2,707,657 | ||||||||
375,691 | Arab National Bank | 3,514,166 | ||||||||
340,909 | * | Bank AlBilad | 4,671,692 | |||||||
256,343 | Bank Al-Jazira | 2,142,643 | ||||||||
402,336 | Banque Saudi Fransi | 5,780,839 | ||||||||
47,919 | Bupa Arabia for Cooperative Insurance Co | 2,115,278 | ||||||||
61,394 | Co for Cooperative Insurance | 1,117,445 | ||||||||
423,798 | * | Dar Al Arkan Real Estate Development Co | 1,213,167 | |||||||
47,340 | Dr Sulaiman Al Habib Medical Services Group Co | 2,512,675 | ||||||||
249,998 | * | Emaar Economic City | 724,938 | |||||||
273,142 | Etihad Etisalat Co | 3,149,566 | ||||||||
36,363 | Jarir Marketing Co | 1,856,901 | ||||||||
263,157 | * | Mobile Telecommunications Co Saudi Arabia | 970,674 | |||||||
41,586 | Mouwasat Medical Services Co | 2,656,694 | ||||||||
1,531,126 | National Commercial Bank | 32,092,112 | ||||||||
211,981 | * | National Industrialization Co | 1,142,522 | |||||||
160,082 | * | Rabigh Refining & Petrochemical Co | 1,217,951 | |||||||
977,945 | Riyad Bank | 10,598,072 | ||||||||
159,805 | SABIC Agri-Nutrients Co | 6,884,175 |
267 |
TIAA-CREF FUNDS – Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
251,687 | Sahara International Petrochemical Co | $ | 3,770,196 | |||||||
307,735 | * | Saudi Arabian Mining Co | 11,206,678 | |||||||
1,609,655 | g | Saudi Arabian Oil Co | 19,235,028 | |||||||
653,134 | Saudi Basic Industries Corp | 22,625,643 | ||||||||
589,253 | Saudi British Bank | 6,995,732 | ||||||||
654,099 | * | Saudi Electricity Co | 4,687,457 | |||||||
285,925 | Saudi Industrial Investment Group | 2,478,551 | ||||||||
466,270 | * | Saudi Kayan Petrochemical Co | 2,296,731 | |||||||
24,516 | * | Saudi Research & Marketing Group | 1,712,132 | |||||||
435,668 | Saudi Telecom Co | 13,397,029 | ||||||||
203,074 | * | Savola Group | 1,919,788 | |||||||
169,656 | Yanbu National Petrochemical Co | 2,742,154 | ||||||||
TOTAL SAUDI ARABIA | 231,628,398 | |||||||||
SINGAPORE - 0.0% | ||||||||||
167,200 | g | BOC Aviation Ltd | 1,311,578 | |||||||
TOTAL SINGAPORE | 1,311,578 | |||||||||
SOUTH AFRICA - 3.5% | ||||||||||
597,579 | e | Absa Group Ltd | 6,455,984 | |||||||
70,170 | African Rainbow Minerals Ltd | 1,163,642 | ||||||||
36,836 | Anglo American Platinum Ltd | 4,092,790 | ||||||||
275,719 | Aspen Pharmacare Holdings Ltd | 2,970,275 | ||||||||
228,743 | Bid Corp Ltd | 4,787,055 | ||||||||
184,716 | Bidvest Group Ltd | 2,532,199 | ||||||||
56,866 | e | Capitec Bank Holdings Ltd | 7,937,906 | |||||||
155,588 | Clicks Group Ltd | 3,062,204 | ||||||||
338,646 | * | Discovery Holdings Ltd | 3,251,554 | |||||||
193,462 | Exxaro Resources Ltd | 2,764,606 | ||||||||
3,613,398 | FirstRand Ltd | 15,561,748 | ||||||||
630,652 | Gold Fields Ltd | 8,545,061 | ||||||||
2,518,559 | Growthpoint Properties Ltd | 2,251,832 | ||||||||
452,543 | Harmony Gold Mining Co Ltd | 1,844,922 | ||||||||
572,024 | Impala Platinum Holdings Ltd | 7,399,368 | ||||||||
50,644 | Kumba Iron Ore Ltd | 1,681,304 | ||||||||
116,625 | Momentum Metropolitan Holdings | 123,919 | ||||||||
179,706 | Mr Price Group Ltd | 2,447,438 | ||||||||
1,212,665 | MTN Group Ltd | 12,861,518 | ||||||||
240,416 | MultiChoice Group Ltd | 1,968,389 | ||||||||
154,534 | Naspers Ltd (N Shares) | 15,585,671 | ||||||||
361,045 | Nedbank Group Ltd | 5,041,767 | ||||||||
226,776 | * | Northam Platinum Holdings Ltd | 2,713,414 | |||||||
3,582,645 | e | Old Mutual Ltd | 2,874,174 | |||||||
835,387 | g | Pepkor Holdings Ltd | 1,133,069 | |||||||
328,042 | e | Remgro Ltd | 2,958,142 | |||||||
1,289,238 | Sanlam Ltd | 5,340,720 | ||||||||
418,252 | * | Sasol Ltd | 10,245,883 | |||||||
347,812 | Shoprite Holdings Ltd | 5,023,807 | ||||||||
1,918,948 | Sibanye Stillwater Ltd | 6,638,891 | ||||||||
157,195 | Spar Group Ltd | 1,647,051 | ||||||||
1,001,028 | Standard Bank Group Ltd | 10,608,399 | ||||||||
138,907 | Tiger Brands Ltd | 1,363,342 | ||||||||
440,616 | Vodacom Group Pty Ltd | 4,240,293 | ||||||||
711,184 | Woolworths Holdings Ltd | 2,662,346 | ||||||||
TOTAL SOUTH AFRICA | 171,780,683 |
268 |
TIAA-CREF FUNDS – Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
TAIWAN - 15.1% | ||||||||||
384,000 | Accton Technology Corp | $ | 2,995,150 | |||||||
1,814,380 | Acer, Inc | 1,683,302 | ||||||||
313,407 | Advantech Co Ltd | 3,895,856 | ||||||||
2,419,011 | ASE Technology Holding Co Ltd | 7,717,521 | ||||||||
1,699,512 | Asia Cement Corp | 2,761,757 | ||||||||
19,000 | ASMedia Technology, Inc | 894,233 | ||||||||
481,500 | Asustek Computer, Inc | 5,791,634 | ||||||||
5,999,000 | AU Optronics Corp | 3,426,560 | ||||||||
510,389 | Catcher Technology Co Ltd | 2,497,482 | ||||||||
5,754,604 | Cathay Financial Holding Co Ltd | 12,099,411 | ||||||||
927,976 | Chailease Holding Co Ltd | 7,374,442 | ||||||||
3,336,871 | Chang Hwa Commercial Bank | 2,086,131 | ||||||||
1,307,922 | Cheng Shin Rubber Industry Co Ltd | 1,474,008 | ||||||||
11,013,522 | China Development Financial Holding Corp | 6,641,618 | ||||||||
8,444,151 | China Steel Corp | 10,228,985 | ||||||||
13,143,282 | Chinatrust Financial Holding Co | 12,927,980 | ||||||||
2,762,763 | Chunghwa Telecom Co Ltd | 12,247,231 | ||||||||
2,914,000 | Compal Electronics, Inc | 2,186,608 | ||||||||
1,385,768 | Delta Electronics, Inc | 11,567,817 | ||||||||
8,997,694 | E.Sun Financial Holding Co Ltd | 10,276,470 | ||||||||
128,316 | Eclat Textile Co Ltd | 2,105,475 | ||||||||
44,000 | eMemory Technology, Inc | 1,849,184 | ||||||||
1,810,980 | Evergreen Marine Corp Taiwan Ltd | 8,705,259 | ||||||||
2,229,071 | Far Eastern Textile Co Ltd | 2,259,637 | ||||||||
1,310,000 | Far EasTone Telecommunications Co Ltd | 3,680,769 | ||||||||
281,513 | Feng TAY Enterprise Co Ltd | 1,812,408 | ||||||||
7,124,034 | First Financial Holding Co Ltd | 6,690,339 | ||||||||
2,521,173 | Formosa Chemicals & Fibre Corp | 6,789,923 | ||||||||
923,064 | Formosa Petrochemical Corp | 2,846,988 | ||||||||
2,797,453 | Formosa Plastics Corp | 9,945,070 | ||||||||
584,512 | Foxconn Technology Co Ltd | 1,158,212 | ||||||||
5,337,494 | Fubon Financial Holding Co Ltd | 13,402,001 | ||||||||
6,377,328 | Fuhwa Financial Holdings Co Ltd | 5,613,278 | ||||||||
191,000 | Giant Manufacturing Co Ltd | 1,596,851 | ||||||||
161,509 | Globalwafers Co Ltd | 2,814,711 | ||||||||
202,697 | Hiwin Technologies Corp | 1,501,008 | ||||||||
8,830,002 | Hon Hai Precision Industry Co, Ltd | 30,252,289 | ||||||||
200,608 | Hotai Motor Co Ltd | 3,912,055 | ||||||||
5,851,917 | Hua Nan Financial Holdings Co Ltd | 4,680,091 | ||||||||
6,749,487 | InnoLux Display Corp | 3,073,477 | ||||||||
2,121,060 | Inventec Co Ltd | 1,812,004 | ||||||||
71,125 | Largan Precision Co Ltd | 4,036,165 | ||||||||
1,492,778 | Lite-On Technology Corp | 3,270,683 | ||||||||
1,092,170 | MediaTek, Inc | 30,108,919 | ||||||||
7,807,125 | Mega Financial Holding Co Ltd | 10,975,306 | ||||||||
460,000 | Micro-Star International Co Ltd | 1,857,519 | ||||||||
35,000 | momo.com, Inc | 923,901 | ||||||||
3,817,860 | Nan Ya Plastics Corp | 11,154,184 | ||||||||
152,000 | Nan Ya Printed Circuit Board Corp | 2,018,932 | ||||||||
916,000 | Nanya Technology Corp | 2,004,416 | ||||||||
98,000 | Nien Made Enterprise Co Ltd | 1,032,170 | ||||||||
411,474 | Novatek Microelectronics Corp Ltd | 5,443,212 | ||||||||
154,000 | * | Oneness Biotech Co Ltd | 1,009,164 | |||||||
1,415,000 | Pegatron Technology Corp | 3,352,317 | ||||||||
1,616,512 | Pou Chen Corp | 1,685,766 |
269 |
TIAA-CREF FUNDS – Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
438,000 | President Chain Store Corp | $ | 4,052,653 | |||||||
611,000 | Prime View International Co Ltd | 3,493,280 | ||||||||
1,778,000 | Quanta Computer, Inc | 5,007,751 | ||||||||
306,085 | Realtek Semiconductor Corp | 4,153,424 | ||||||||
742,500 | Ruentex Development Co Ltd | 1,943,326 | ||||||||
2,429,421 | Shanghai Commercial & Savings Bank Ltd | 4,007,711 | ||||||||
8,740,684 | Shin Kong Financial Holding Co Ltd | 2,890,220 | ||||||||
7,115,717 | SinoPac Financial Holdings Co Ltd | 4,382,021 | ||||||||
1,000,050 | Synnex Technology International Corp | 2,602,827 | ||||||||
7,153,077 | Taishin Financial Holdings Co Ltd | 4,678,910 | ||||||||
3,623,958 | Taiwan Cement Corp | 5,625,735 | ||||||||
6,422,944 | Taiwan Cooperative Financial Holding | 6,176,460 | ||||||||
1,711,000 | Taiwan High Speed Rail Corp | 1,620,987 | ||||||||
1,335,859 | Taiwan Mobile Co Ltd | 4,907,793 | ||||||||
17,581,848 | Taiwan Semiconductor Manufacturing Co Ltd | 317,926,306 | ||||||||
855,000 | Unimicron Technology Corp | 5,997,077 | ||||||||
3,470,908 | Uni-President Enterprises Corp | 8,030,358 | ||||||||
8,593,452 | United Microelectronics Corp | 13,651,462 | ||||||||
588,000 | Vanguard International Semiconductor Corp | 2,068,899 | ||||||||
50,000 | Voltronic Power Technology Corp | 2,187,544 | ||||||||
425,400 | Wan Hai Lines Ltd | 2,062,010 | ||||||||
242,878 | Win Semiconductors Corp | 1,580,845 | ||||||||
2,100,000 | Winbond Electronics Corp | 1,895,928 | ||||||||
51,000 | Wiwynn Corp | 1,743,977 | ||||||||
954,660 | WPG Holdings Co Ltd | 1,751,357 | ||||||||
298,009 | Yageo Corp | 4,022,385 | ||||||||
1,254,000 | * | Yang Ming Marine Transport | 5,231,589 | |||||||
500,127 | Zhen Ding Technology Holding Ltd | 1,770,839 | ||||||||
TOTAL TAIWAN | 741,611,553 | |||||||||
TANZANIA, UNITED REPUBLIC OF - 0.1% | ||||||||||
290,741 | AngloGold Ashanti Ltd | 5,953,807 | ||||||||
TOTAL TANZANIA, UNITED REPUBLIC OF | 5,953,807 | |||||||||
THAILAND - 1.7% | ||||||||||
879,900 | Advanced Info Service PCL | 5,501,232 | ||||||||
2,623,000 | Airports of Thailand PCL | 5,068,867 | ||||||||
3,258,300 | Asset World Corp PCL | 455,862 | ||||||||
341,700 | B Grimm Power PCL | 322,264 | ||||||||
945,100 | Bangkok Commercial Asset Management PCL | 527,039 | ||||||||
6,226,100 | Bangkok Dusit Medical Services PCL | 4,644,951 | ||||||||
3,279,100 | Bangkok Expressway & Metro PCL | 785,548 | ||||||||
502,500 | Berli Jucker PCL | 500,415 | ||||||||
3,990,500 | BTS Group Holdings PCL | 1,043,387 | ||||||||
267,700 | Bumrungrad Hospital PCL | 1,247,328 | ||||||||
159,400 | Carabao Group PCL | 506,781 | ||||||||
1,108,400 | Central Pattana PCL | 1,943,674 | ||||||||
862,216 | * | Central Retail Corp PCL | 985,288 | |||||||
2,126,680 | Charoen Pokphand Foods PCL | 1,493,656 | ||||||||
4,202,155 | CP ALL plc | 7,974,893 | ||||||||
223,700 | Delta Electronics Thai PCL | 2,370,893 | ||||||||
152,000 | Electricity Generating PCL | 735,421 | ||||||||
996,703 | Energy Absolute PCL | 2,560,872 | ||||||||
422,100 | Global Power Synergy Co Ltd | 813,546 | ||||||||
1,896,050 | Gulf Energy Development PCL | 2,674,661 | ||||||||
3,045,126 | Home Product Center PCL | 1,323,912 |
270 |
TIAA-CREF FUNDS – Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
952,078 | Indorama Ventures PCL | $ | 1,246,772 | |||||||
712,300 | Intouch Holdings PCL (Class F) | 1,449,992 | ||||||||
3,714,160 | Krung Thai Bank PCL | 1,637,425 | ||||||||
388,200 | Krungthai Card PCL | 648,949 | ||||||||
4,845,700 | Land and Houses PCL Co Reg | 1,346,703 | ||||||||
1,641,970 | * | Minor International PCL | 1,659,357 | |||||||
362,200 | Muangthai Capital PCL | 484,970 | ||||||||
559,800 | Osotspa PCL | 567,707 | ||||||||
1,122,198 | PTT Exploration & Production PCL | 4,910,079 | ||||||||
1,806,629 | PTT Global Chemical PCL | 2,619,280 | ||||||||
1,400,000 | PTT Oil & Retail Business PCL | 1,016,349 | ||||||||
7,371,200 | PTT PCL | 8,011,218 | ||||||||
424,400 | Ratch Group PCL | 544,316 | ||||||||
463,800 | SCB X PCL | 1,557,285 | ||||||||
734,000 | SCG Packaging PCL | 1,176,009 | ||||||||
570,958 | Siam Cement PCL | 6,136,627 | ||||||||
445,000 | Sri Trang Gloves Thailand PCL | 315,723 | ||||||||
423,900 | Srisawad Corp PCL | 658,646 | ||||||||
1,091,500 | Thai Oil PCL | 1,785,939 | ||||||||
1,393,400 | Thai Union Group PCL | 685,269 | ||||||||
6,115,448 | True Corp PCL | 856,413 | ||||||||
TOTAL THAILAND | 82,795,518 | |||||||||
TURKEY - 0.3% | ||||||||||
2,264,911 | Akbank TAS | 1,360,632 | ||||||||
610,470 | Aselsan Elektronik Sanayi Ve Ticaret AS | 1,007,292 | ||||||||
399,445 | BIM Birlesik Magazalar AS | 2,244,116 | ||||||||
893,444 | Eregli Demir ve Celik Fabrikalari TAS | 2,019,361 | ||||||||
41,937 | Ford Otomotiv Sanayi AS | 844,205 | ||||||||
495,262 | KOC Holding AS | 1,340,867 | ||||||||
781,989 | Turkcell Iletisim Hizmet AS | 1,139,679 | ||||||||
1,545,744 | * | Turkiye Garanti Bankasi AS | 1,559,460 | |||||||
995,621 | Turkiye Is Bankasi (Series C) | 706,069 | ||||||||
100,002 | * | Turkiye Petrol Rafinerileri AS | 1,577,322 | |||||||
1,109,329 | Turkiye Sise ve Cam Fabrikalari AS | 1,353,765 | ||||||||
TOTAL TURKEY | 15,152,768 | |||||||||
UNITED ARAB EMIRATES - 1.5% | ||||||||||
1,919,543 | Abu Dhabi Commercial Bank PJSC | 5,306,250 | ||||||||
1,104,654 | Abu Dhabi Islamic Bank PJSC | 2,631,076 | ||||||||
2,132,544 | Abu Dhabi National Oil Co for Distribution PJSC | 2,392,287 | ||||||||
2,968,070 | Aldar Properties PJSC | 4,547,671 | ||||||||
1,804,985 | Dubai Islamic Bank PJSC | 3,157,215 | ||||||||
2,942,333 | Emaar Properties PJSC | 5,075,088 | ||||||||
1,799,826 | Emirates NBD Bank PJSC | 7,435,342 | ||||||||
2,458,021 | Emirates Telecommunications Group Co PJSC | 23,510,383 | ||||||||
3,227,335 | National Bank of Abu Dhabi PJSC | 19,716,965 | ||||||||
TOTAL UNITED ARAB EMIRATES | 73,772,277 | |||||||||
UNITED STATES - 0.2% | ||||||||||
480,464 | JBS S.A. | 3,678,347 | ||||||||
44,109 | * | Legend Biotech Corp (ADR) | 1,770,976 | |||||||
54,000 | Parade Technologies Ltd | 2,568,055 | ||||||||
TOTAL UNITED STATES | 8,017,378 | |||||||||
TOTAL COMMON STOCKS | 4,860,474,121 | |||||||||
(Cost $4,354,225,049) |
271 |
TIAA-CREF FUNDS – Emerging Markets Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||||||||
PREFERRED STOCKS - 0.0% | ||||||||||||||||
PHILIPPINES - 0.0% | ||||||||||||||||
307,700 | *,† | Ayala Land, Inc | $ | 589 | ||||||||||||
TOTAL PHILIPPINES | 589 | |||||||||||||||
TOTAL PREFERRED STOCKS | 589 | |||||||||||||||
(Cost $725) | ||||||||||||||||
EXPIRATION DATE | ||||||||||||||||
RIGHTS / WARRANTS - 0.0% | ||||||||||||||||
EGYPT - 0.0% | ||||||||||||||||
536,183 | Fawry for Banking & Payment Technology Services SAE | 05/11/22 | 111,354 | |||||||||||||
TOTAL EGYPT | 111,354 | |||||||||||||||
THAILAND - 0.0% | ||||||||||||||||
11,796 | Srisawad Corp PCL | 08/29/25 | 2,497 | |||||||||||||
TOTAL THAILAND | 2,497 | |||||||||||||||
TOTAL RIGHTS / WARRANTS | 113,851 | |||||||||||||||
(Cost $296,292) | ||||||||||||||||
PRINCIPAL | ISSUER | RATE | MATURITY DATE | |||||||||||||
SHORT-TERM INVESTMENTS - 1.7% | ||||||||||||||||
GOVERNMENT AGENCY DEBT - 0.8% | ||||||||||||||||
$ | 19,985,000 | Federal Farm Credit Bank (FFCB) | 0.000 | % | 05/04/22 | 19,984,468 | ||||||||||
10,000,000 | Federal Home Loan Bank (FHLB) | 0.000 | 05/05/22 | 9,999,601 | ||||||||||||
10,000,000 | FHLB | 0.000 | 05/13/22 | 9,998,537 | ||||||||||||
TOTAL GOVERNMENT AGENCY DEBT | 39,982,606 | |||||||||||||||
TREASURY DEBT - 0.3% | ||||||||||||||||
15,000,000 | United States Treasury Bill | 0.000 | 05/12/22 | 14,999,490 | ||||||||||||
TOTAL TREASURY DEBT | 14,999,490 | |||||||||||||||
REPURCHASE AGREEMENT - 0.2% | ||||||||||||||||
8,040,000 | r | Fixed Income Clearing Corp (FICC) | 0.230 | 05/02/22 | 8,040,000 | |||||||||||
TOTAL REPURCHASE AGREEMENT | 8,040,000 | |||||||||||||||
SHARES | COMPANY | |||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.4% | ||||||||||||||||
21,704,964 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 0.310 | 21,704,964 | ||||||||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 21,704,964 | |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 84,727,060 | |||||||||||||||
(Cost $84,727,049) | ||||||||||||||||
TOTAL INVESTMENTS - 100.4% | 4,945,336,971 | |||||||||||||||
(Cost $4,439,271,771) | ||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - (0.4)% | (19,243,578 | ) | ||||||||||||||
NET ASSETS - 100.0% | $ | 4,926,093,393 |
272 |
TIAA-CREF FUNDS – Emerging Markets Equity Index Fund
ADR | American Depositary Receipt | |
GDR | Global Depositary Receipt | |
INR | Indian Rupee |
* | 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 $74,655,776. | ||||||||||||||||
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 4/30/22, the aggregate value of these securities is $241,770,332 or 4.9% of net assets. | ||||||||||||||||
h | All or a portion of these securities were purchased on a delayed delivery basis. | ||||||||||||||||
r | Agreement with Fixed Income Clearing Corp (FICC), 0.230% dated 4/29/22 to be repurchased at $8,040,000 on 5/2/22, collateralized by Government Agency Securities, with coupon rate 2.500% and maturity date 2/15/46, valued at $8,200,827. |
Futures contracts outstanding as of April 30, 2022 were as follows:
Description | Number of long (short) contracts | Expiration date | Notional amount | Value | Unrealized appreciation (depreciation) | |||||||||||
ICE US MSCI Emerging Markets EM Index Futures | 1,396 | 06/17/22 | $ 75,571,803 | $ | 73,806,520 | $ | (1,765,283 | ) |
273 |
TIAA-CREF FUNDS – International Equity Index Fund
TIAA-CREF FUNDS
INTERNATIONAL EQUITY INDEX FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2022
SHARES | COMPANY | VALUE | ||||||||
COMMON STOCKS - 97.5% | ||||||||||
AUSTRALIA - 8.7% | ||||||||||
273,804 | Ampol Ltd | $ | 6,437,463 | |||||||
1,408,310 | APA Group | 11,315,940 | ||||||||
691,949 | Aristocrat Leisure Ltd | 16,054,824 | ||||||||
2,380,150 | Aurizon Holdings Ltd | 6,721,819 | ||||||||
3,199,421 | Australia & New Zealand Banking Group Ltd | 60,882,382 | ||||||||
228,825 | Australian Stock Exchange Ltd | 13,834,681 | ||||||||
989,098 | *,† | AZ BGP Holdings | 2,795 | |||||||
5,738,152 | BHP Billiton Ltd | 191,742,785 | ||||||||
582,071 | BlueScope Steel Ltd | 8,274,486 | ||||||||
1,604,161 | Brambles Ltd | 11,845,633 | ||||||||
76,578 | Cochlear Ltd | 12,334,214 | ||||||||
1,516,546 | Coles Group Ltd | 19,940,541 | ||||||||
1,937,797 | Commonwealth Bank of Australia | 140,845,896 | ||||||||
607,111 | Computershare Ltd | 10,703,408 | ||||||||
397,808 | * | Crown Resorts Ltd | 3,601,812 | |||||||
549,199 | CSL Ltd | 104,814,691 | ||||||||
1,213,846 | Dexus Property Group | 9,490,538 | ||||||||
74,700 | Domino’s Pizza Enterprises Ltd | 3,915,858 | ||||||||
1,518,182 | Endeavour Group Ltd | 8,310,612 | ||||||||
2,044,834 | Evolution Mining Ltd | 5,786,065 | ||||||||
1,900,770 | Fortescue Metals Group Ltd | 28,726,469 | ||||||||
11,274,303 | Glencore Xstrata plc | 69,468,468 | ||||||||
1,966,064 | Goodman Group | 32,722,949 | ||||||||
2,069,564 | GPT Group | 7,357,060 | ||||||||
232,538 | IDP Education Ltd | 4,313,905 | ||||||||
2,767,094 | Insurance Australia Group Ltd | 8,836,130 | ||||||||
748,260 | Lend Lease Corp Ltd | 6,409,862 | ||||||||
381,245 | Macquarie Group Ltd | 54,885,166 | ||||||||
3,354,604 | Medibank Pvt Ltd | 7,538,274 | ||||||||
200,204 | Mineral Resources Ltd | 8,134,935 | ||||||||
4,515,583 | Mirvac Group | 7,631,743 | ||||||||
3,696,740 | National Australia Bank Ltd | 84,391,674 | ||||||||
1,032,701 | Newcrest Mining Ltd | 19,393,457 | ||||||||
1,240,146 | Northern Star Resources Ltd | 8,524,500 | ||||||||
436,909 | Orica Ltd | 5,020,444 | ||||||||
1,891,158 | Origin Energy Ltd | 9,045,691 | ||||||||
1,073,282 | * | Qantas Airways Ltd | 4,158,779 | |||||||
1,688,260 | QBE Insurance Group Ltd | 14,565,100 | ||||||||
221,322 | Ramsay Health Care Ltd | 12,559,409 | ||||||||
59,966 | REA Group Ltd | 5,372,228 | ||||||||
327,704 | Reece Ltd | 3,981,474 | ||||||||
422,394 | Rio Tinto Ltd | 33,413,004 | ||||||||
1,271,516 | Rio Tinto plc | 89,840,419 | ||||||||
3,656,773 | Santos Ltd | 20,434,304 | ||||||||
5,841,719 | Scentre Group | 12,171,284 |
274 |
TIAA-CREF FUNDS – International Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
380,906 | Seek Ltd | $ | 7,464,001 | |||||||
511,741 | Sonic Healthcare Ltd | 13,216,330 | ||||||||
5,316,557 | South32 Ltd | 17,705,922 | ||||||||
2,847,066 | Stockland Trust Group | 8,240,626 | ||||||||
1,458,418 | Suncorp-Metway Ltd | 11,709,624 | ||||||||
2,497,131 | Tabcorp Holdings Ltd | 9,549,567 | ||||||||
4,557,603 | Telstra Corp Ltd | 12,937,431 | ||||||||
3,439,028 | Transurban Group | 34,533,381 | ||||||||
832,600 | Treasury Wine Estates Ltd | 6,587,266 | ||||||||
4,355,134 | Vicinity Centres | 5,682,640 | ||||||||
243,419 | Washington H Soul Pattinson & Co Ltd | 4,743,289 | ||||||||
1,289,825 | Wesfarmers Ltd | 44,631,908 | ||||||||
4,145,326 | Westpac Banking Corp | 69,392,708 | ||||||||
158,294 | Wisetech Global Ltd | 4,907,556 | ||||||||
1,156,116 | Woodside Petroleum Ltd | 25,152,555 | ||||||||
1,404,586 | Woolworths Ltd | 37,998,348 | ||||||||
TOTAL AUSTRALIA | 1,520,206,323 | |||||||||
AUSTRIA - 0.3% | ||||||||||
386,285 | Erste Bank der Oesterreichischen Sparkassen AG. | 12,027,275 | ||||||||
541,869 | Mondi plc | 10,179,533 | ||||||||
179,180 | OMV AG. | 9,159,258 | ||||||||
177,187 | Raiffeisen International Bank Holding AG. | 2,016,974 | ||||||||
77,307 | * | Verbund AG. | 8,263,286 | |||||||
128,811 | Voestalpine AG. | 3,352,031 | ||||||||
TOTAL AUSTRIA | 44,998,357 | |||||||||
BELGIUM - 0.8% | ||||||||||
194,488 | Ageas | 9,306,556 | ||||||||
982,580 | Anheuser-Busch InBev S.A. | 56,537,188 | ||||||||
60,035 | Colruyt S.A. | 2,204,534 | ||||||||
37,329 | Elia System Operator S.A. | 5,941,968 | ||||||||
121,350 | Groupe Bruxelles Lambert S.A. | 11,450,639 | ||||||||
280,944 | KBC Groep NV | 19,113,138 | ||||||||
178,114 | Proximus plc | 3,113,131 | ||||||||
18,097 | e | Sofina S.A. | 5,545,954 | |||||||
81,407 | Solvay S.A. | 7,655,289 | ||||||||
149,241 | UCB S.A. | 16,964,618 | ||||||||
226,509 | Umicore S.A. | 8,707,788 | ||||||||
TOTAL BELGIUM | 146,540,803 | |||||||||
BRAZIL - 0.1% | ||||||||||
187,217 | Yara International ASA | 9,519,649 | ||||||||
TOTAL BRAZIL | 9,519,649 | |||||||||
CHILE - 0.0% | ||||||||||
462,797 | Antofagasta plc | 8,859,743 | ||||||||
TOTAL CHILE | 8,859,743 | |||||||||
CHINA - 0.6% | ||||||||||
4,198,938 | BOC Hong Kong Holdings Ltd | 15,199,568 | ||||||||
1,937,421 | g | Budweiser Brewing Co APAC Ltd | 4,820,684 | |||||||
2,270,000 | Chow Tai Fook Jewellery Group Ltd | 3,806,159 | ||||||||
2,318,097 | *,g | ESR Cayman Ltd | 7,036,831 |
275 |
TIAA-CREF FUNDS – International Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
60,600 | *,e | Futu Holdings Ltd (ADR) | $ | 1,938,594 | ||||||
1,062,261 | Prosus NV | 51,231,430 | ||||||||
1,554,000 | SITC International Co Ltd | 5,166,224 | ||||||||
2,069,361 | Wilmar International Ltd | 6,596,484 | ||||||||
TOTAL CHINA | 95,795,974 | |||||||||
DENMARK - 2.7% | ||||||||||
183,255 | Ambu A.S. | 2,412,085 | ||||||||
3,553 | AP Moller - Maersk AS (Class A) | 10,057,258 | ||||||||
6,738 | AP Moller - Maersk AS (Class B) | 19,501,297 | ||||||||
112,665 | Carlsberg AS (Class B) | 14,312,187 | ||||||||
125,036 | Chr Hansen Holding A/S | 9,741,517 | ||||||||
133,644 | Coloplast AS | 18,005,679 | ||||||||
784,258 | Danske Bank AS | 12,029,612 | ||||||||
128,998 | * | Demant A.S. | 5,668,626 | |||||||
230,306 | DSV AS | 37,759,051 | ||||||||
73,470 | * | Genmab AS | 25,835,096 | |||||||
147,243 | GN Store Nord | 5,525,961 | ||||||||
1,912,800 | Novo Nordisk AS | 218,491,935 | ||||||||
231,514 | Novozymes AS | 16,138,730 | ||||||||
209,639 | g | Orsted AS | 23,192,451 | |||||||
113,103 | Pandora AS | 9,931,166 | ||||||||
11,098 | Rockwool International AS (B Shares) | 3,103,889 | ||||||||
402,010 | Tryg A.S. | 9,558,634 | ||||||||
1,149,541 | Vestas Wind Systems A.S. | 29,314,439 | ||||||||
TOTAL DENMARK | 470,579,613 | |||||||||
FINLAND - 1.2% | ||||||||||
165,464 | Elisa Oyj (Series A) | 9,699,727 | ||||||||
493,805 | Fortum Oyj | 8,209,927 | ||||||||
308,226 | Kesko Oyj (B Shares) | 7,760,036 | ||||||||
380,958 | Kone Oyj (Class B) | 18,315,582 | ||||||||
476,960 | Neste Oil Oyj | 20,465,795 | ||||||||
6,194,936 | * | Nokia Oyj | 31,408,758 | |||||||
3,668,124 | Nordea Bank Abp | 36,571,480 | ||||||||
128,030 | Orion Oyj (Class B) | 5,021,658 | ||||||||
569,816 | Sampo Oyj (A Shares) | 27,668,809 | ||||||||
661,160 | Stora Enso Oyj (R Shares) | 13,011,294 | ||||||||
599,874 | UPM-Kymmene Oyj | 20,751,016 | ||||||||
528,031 | Wartsila Oyj (B Shares) | 4,240,005 | ||||||||
TOTAL FINLAND | 203,124,087 | |||||||||
FRANCE - 10.2% | ||||||||||
192,155 | * | Accor S.A. | 6,312,987 | |||||||
315,486 | * | Adevinta ASA | 2,437,264 | |||||||
33,359 | * | Aeroports de Paris | 4,718,625 | |||||||
538,835 | Air Liquide | 93,222,909 | ||||||||
674,544 | Airbus SE | 73,843,574 | ||||||||
366,891 | Alstom RGPT | 8,064,414 | ||||||||
66,280 | g | Amundi S.A. | 3,985,417 | |||||||
68,274 | Arkema | 7,779,433 | ||||||||
2,217,481 | AXA S.A. | 58,663,502 | ||||||||
48,428 | BioMerieux | 4,610,434 | ||||||||
1,295,013 | BNP Paribas S.A. | 67,148,204 | ||||||||
1,018,460 | Bollore | 4,752,567 | ||||||||
258,148 | Bouygues S.A. | 8,875,966 |
276 |
TIAA-CREF FUNDS – International Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
329,955 | Bureau Veritas S.A. | $ | 9,478,521 | |||||||
181,209 | Cap Gemini S.A. | 36,890,342 | ||||||||
698,335 | Carrefour S.A. | 14,809,985 | ||||||||
192,753 | CNP Assurances | 4,235,650 | ||||||||
578,007 | Compagnie de Saint-Gobain | 33,719,865 | ||||||||
1,434,292 | Credit Agricole S.A. | 15,487,573 | ||||||||
733,867 | Danone | 44,377,854 | ||||||||
27,212 | Dassault Aviation S.A. | 4,566,313 | ||||||||
751,783 | Dassault Systemes SE | 33,247,116 | ||||||||
283,556 | Edenred | 14,240,798 | ||||||||
96,052 | Eiffage S.A. | 9,485,008 | ||||||||
708,499 | Electricite de France | 6,440,993 | ||||||||
2,067,620 | Engie S.A. | 24,398,888 | ||||||||
324,843 | Essilor International S.A. | 55,303,780 | ||||||||
44,193 | * | Eurazeo | 3,395,750 | |||||||
156,397 | Faurecia | 3,399,753 | ||||||||
64,199 | Fonciere Des Regions | 4,572,097 | ||||||||
51,615 | Gecina S.A. | 5,814,333 | ||||||||
547,794 | Getlink S.E. | 10,024,142 | ||||||||
35,806 | Hermes International | 44,150,836 | ||||||||
42,635 | Ipsen | 4,419,705 | ||||||||
85,008 | Kering | 45,230,410 | ||||||||
244,596 | Klepierre | 5,854,565 | ||||||||
104,793 | g | La Francaise des Jeux SAEM | 3,913,072 | |||||||
304,591 | Legrand S.A. | 26,991,077 | ||||||||
283,427 | L’Oreal S.A. | 103,113,539 | ||||||||
315,800 | LVMH Moet Hennessy Louis Vuitton S.A. | 204,365,236 | ||||||||
192,920 | Michelin (C.G.D.E.) (Class B) | 23,895,055 | ||||||||
2,327,878 | Orange S. A. | 27,714,310 | ||||||||
55,373 | Orpea | 1,980,266 | ||||||||
236,864 | Pernod-Ricard S.A. | 48,884,965 | ||||||||
254,823 | Publicis Groupe S.A. | 15,298,724 | ||||||||
29,035 | Remy Cointreau S.A. | 5,755,718 | ||||||||
224,134 | * | Renault S.A. | 5,476,401 | |||||||
387,586 | Safran S.A. | 41,626,144 | ||||||||
1,301,669 | Sanofi-Aventis | 137,579,751 | ||||||||
31,007 | Sartorius Stedim Biotech | 10,146,391 | ||||||||
31,635 | SEB S.A. | 3,798,961 | ||||||||
924,500 | Societe Generale | 22,219,472 | ||||||||
98,917 | Sodexho Alliance S.A. | 7,441,086 | ||||||||
66,262 | Teleperformance | 23,782,165 | ||||||||
118,752 | Thales S.A. | 15,203,212 | ||||||||
2,853,994 | Total S.A. | 140,139,568 | ||||||||
108,894 | * | Ubisoft Entertainment | 4,923,416 | |||||||
120,884 | * | Unibail-Rodamco-Westfield | 8,531,378 | |||||||
19,944 | * | Unibail-Rodamco-Westfield | 1,430,715 | |||||||
266,778 | Valeo S.A. | 4,850,320 | ||||||||
732,342 | Veolia Environnement | 21,367,229 | ||||||||
612,112 | Vinci S.A. | 59,395,589 | ||||||||
845,931 | Vivendi Universal S.A. | 9,716,003 | ||||||||
32,305 | Wendel | 3,218,682 | ||||||||
264,923 | *,g | Worldline S.A. | 10,423,177 | |||||||
TOTAL FRANCE | 1,771,141,195 |
277 |
TIAA-CREF FUNDS – International Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
GERMANY - 7.8% | ||||||||||
216,075 | Adidas-Salomon AG. | $ | 43,573,505 | |||||||
463,238 | Allianz AG. | 104,522,281 | ||||||||
1,101,084 | Aroundtown S.A. | 5,536,836 | ||||||||
1,046,648 | * | BASF SE | 55,119,594 | |||||||
1,109,472 | * | Bayer AG. | 73,082,074 | |||||||
388,471 | Bayerische Motoren Werke AG. | 31,724,782 | ||||||||
57,447 | Bayerische Motoren Werke AG. (Preference) | 4,232,037 | ||||||||
89,059 | Bechtle AG. | 4,115,391 | ||||||||
119,932 | Beiersdorf AG. | 12,046,031 | ||||||||
173,366 | Brenntag AG. | 13,377,523 | ||||||||
45,807 | Carl Zeiss Meditec AG. | 5,753,570 | ||||||||
1,129,323 | * | Commerzbank AG. | 7,372,588 | |||||||
125,027 | * | Continental AG. | 8,569,490 | |||||||
224,335 | g | Covestro AG. | 9,658,862 | |||||||
976,799 | * | Daimler AG. (Registered) | 68,181,710 | |||||||
460,772 | * | Daimler Truck Holding AG. | 12,392,335 | |||||||
829,270 | * | Deutsche Annington Immobilien SE | 33,038,918 | |||||||
2,362,036 | * | Deutsche Bank AG. (Registered) | 23,618,768 | |||||||
221,037 | Deutsche Boerse AG. | 38,481,333 | ||||||||
679,631 | *,e | Deutsche Lufthansa AG. | 5,056,161 | |||||||
1,127,026 | Deutsche Post AG. | 48,149,323 | ||||||||
3,665,297 | Deutsche Telekom AG. | 67,518,981 | ||||||||
2,518,490 | E.ON AG. | 26,209,816 | ||||||||
243,000 | Evonik Industries AG. | 6,355,998 | ||||||||
229,266 | Fresenius Medical Care AG. | 14,257,330 | ||||||||
477,988 | Fresenius SE | 16,895,898 | ||||||||
74,633 | FUCHS PETROLUB SE | 2,354,017 | ||||||||
176,250 | GEA Group AG. | 6,860,786 | ||||||||
68,391 | Hannover Rueckversicherung AG. | 10,630,049 | ||||||||
176,102 | HeidelbergCement AG. | 10,144,783 | ||||||||
186,877 | * | HelloFresh SE | 7,877,651 | |||||||
117,506 | Henkel KGaA | 7,457,063 | ||||||||
201,151 | Henkel KGaA (Preference) | 12,916,168 | ||||||||
1,503,754 | Infineon Technologies AG. | 42,681,370 | ||||||||
81,347 | KION Group AG. | 4,525,005 | ||||||||
81,894 | Knorr-Bremse AG. | 5,840,236 | ||||||||
93,445 | Lanxess AG. | 3,612,216 | ||||||||
80,351 | LEG Immobilien AG. | 8,238,428 | ||||||||
151,429 | Merck KGaA | 28,094,209 | ||||||||
59,460 | * | MTU Aero Engines Holding AG. | 11,991,035 | |||||||
159,387 | Muenchener Rueckver AG. | 37,956,528 | ||||||||
62,371 | Nemetschek AG. | 4,949,409 | ||||||||
172,340 | Porsche AG. | 14,214,585 | ||||||||
115,572 | Puma AG. Rudolf Dassler Sport | 8,503,625 | ||||||||
5,671 | Rational AG. | 3,459,565 | ||||||||
717,344 | RWE AG. | 29,783,691 | ||||||||
1,187,044 | SAP AG. | 120,302,098 | ||||||||
28,882 | Sartorius AG. | 10,828,714 | ||||||||
93,975 | g | Scout24 AG. | 5,943,759 | |||||||
871,377 | Siemens AG. | 107,140,135 | ||||||||
469,427 | Siemens Energy AG. | 9,042,227 | ||||||||
335,492 | g | Siemens Healthineers AG. | 17,938,742 | |||||||
158,545 | Symrise AG. | 18,865,943 | ||||||||
1,037,242 | Telefonica Deutschland Holding AG. | 3,119,536 | ||||||||
98,243 | Uniper SE | 2,525,302 | ||||||||
102,839 | United Internet AG. | 3,308,417 |
278 |
TIAA-CREF FUNDS – International Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
55,865 | Volkswagen AG. | $ | 12,114,965 | |||||||
186,856 | Volkswagen AG. (Preference) | 28,937,719 | ||||||||
247,572 | *,g | Zalando SE | 9,741,031 | |||||||
TOTAL GERMANY | 1,350,740,142 | |||||||||
HONG KONG - 2.4% | ||||||||||
13,732,347 | AIA Group Ltd | 134,903,247 | ||||||||
2,305,789 | CK Asset Holdings Ltd | 15,631,264 | ||||||||
750,044 | CK Infrastructure Holdings Ltd | 5,042,850 | ||||||||
1,941,882 | CLP Holdings Ltd | 18,949,614 | ||||||||
2,237,237 | Hang Lung Properties Ltd | 4,278,873 | ||||||||
863,710 | Hang Seng Bank Ltd | 15,292,383 | ||||||||
1,680,728 | Henderson Land Development Co Ltd | 6,796,892 | ||||||||
3,352,611 | HK Electric Investments & HK Electric Investments Ltd | 3,311,168 | ||||||||
4,488,835 | HKT Trust and HKT Ltd | 6,441,224 | ||||||||
12,687,292 | Hong Kong & China Gas Ltd | 13,993,069 | ||||||||
1,607,927 | Hong Kong Electric Holdings Ltd | 10,829,482 | ||||||||
1,360,064 | Hong Kong Exchanges and Clearing Ltd | 57,692,522 | ||||||||
1,238,970 | Hongkong Land Holdings Ltd | 5,779,745 | ||||||||
248,677 | Jardine Matheson Holdings Ltd | 13,212,209 | ||||||||
2,315,102 | Link REIT | 19,997,347 | ||||||||
305,434 | * | Melco Crown Entertainment Ltd (ADR) | 1,747,082 | |||||||
1,859,688 | MTR Corp | 9,880,717 | ||||||||
1,637,588 | New World Development Co Ltd | 6,263,431 | ||||||||
3,642,833 | Sino Land Co | 4,815,032 | ||||||||
1,496,971 | Sun Hung Kai Properties Ltd | 17,240,741 | ||||||||
603,112 | Swire Pacific Ltd (Class A) | 3,435,271 | ||||||||
1,354,634 | Swire Properties Ltd | 3,246,457 | ||||||||
1,574,660 | Techtronic Industries Co | 21,018,711 | ||||||||
9,175,105 | g | WH Group Ltd | 6,336,319 | |||||||
1,901,426 | Wharf Real Estate Investment Co Ltd | 8,960,599 | ||||||||
1,987,770 | Xinyi Glass Holdings Co Ltd | 4,398,560 | ||||||||
TOTAL HONG KONG | 419,494,809 | |||||||||
IRELAND - 0.6% | ||||||||||
155,470 | * | AerCap Holdings NV | 7,262,004 | |||||||
884,224 | CRH plc | 34,948,814 | ||||||||
190,779 | * | Flutter Entertainment plc | 19,171,268 | |||||||
184,938 | Kerry Group plc (Class A) | 20,485,541 | ||||||||
176,361 | Kingspan Group plc | 16,416,925 | ||||||||
273,624 | Smurfit Kappa Group plc | 11,562,192 | ||||||||
TOTAL IRELAND | 109,846,744 | |||||||||
ISRAEL - 0.6% | ||||||||||
47,744 | Azrieli Group | 4,101,127 | ||||||||
1,277,259 | Bank Hapoalim Ltd | 11,841,734 | ||||||||
1,623,722 | Bank Leumi Le-Israel | 17,040,550 | ||||||||
122,454 | * | Check Point Software Technologies | 15,464,716 | |||||||
33,683 | Elbit Systems Ltd | 7,311,497 | ||||||||
808,601 | Israel Chemicals Ltd | 8,768,711 | ||||||||
1,357,299 | Israel Discount Bank Ltd | 8,016,802 | ||||||||
51,971 | * | Kornit Digital Ltd | 3,456,071 | |||||||
154,796 | Mizrahi Tefahot Bank Ltd | 5,725,852 | ||||||||
70,418 | * | Nice Systems Ltd | 14,641,954 | |||||||
1,236,310 | * | Teva Pharmaceutical Industries Ltd (ADR) | 10,768,260 | |||||||
68,996 | * | Wix.com Ltd | 5,206,438 | |||||||
TOTAL ISRAEL | 112,343,712 |
279 |
TIAA-CREF FUNDS – International Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
ITALY - 1.9% | ||||||||||
145,703 | Amplifon S.p.A. | $ | 5,812,801 | |||||||
1,249,932 | e | Assicurazioni Generali S.p.A. | 23,665,060 | |||||||
572,308 | * | Autostrade S.p.A. | 13,652,718 | |||||||
239,999 | Coca-Cola HBC AG. | 4,865,711 | ||||||||
601,066 | Davide Campari-Milano NV | 6,781,936 | ||||||||
28,663 | DiaSorin S.p.A. | 3,754,617 | ||||||||
9,239,839 | Enel S.p.A. | 60,085,681 | ||||||||
2,838,958 | ENI S.p.A. | 39,685,198 | ||||||||
142,311 | Ferrari NV | 29,964,256 | ||||||||
666,074 | FinecoBank Banca Fineco S.p.A | 9,259,334 | ||||||||
367,524 | g | Infrastrutture Wireless Italiane S.p.A | 3,921,602 | |||||||
18,801,493 | Intesa Sanpaolo S.p.A. | 38,312,114 | ||||||||
712,992 | Mediobanca S.p.A. | 7,146,211 | ||||||||
232,530 | Moncler S.p.A | 12,113,347 | ||||||||
576,466 | *,g | Nexi S.p.A | 5,653,932 | |||||||
616,962 | g | Poste Italiane S.p.A | 6,045,696 | |||||||
282,422 | Prysmian S.p.A. | 9,185,749 | ||||||||
134,188 | Recordati S.p.A. | 6,466,300 | ||||||||
2,407,860 | Snam Rete Gas S.p.A. | 13,206,151 | ||||||||
10,444,730 | Telecom Italia S.p.A. | 3,050,078 | ||||||||
1,634,605 | Terna Rete Elettrica Nazionale S.p.A. | 13,331,971 | ||||||||
2,415,234 | e | UniCredit S.p.A. | 22,353,183 | |||||||
TOTAL ITALY | 338,313,646 | |||||||||
JAPAN - 21.4% | ||||||||||
226,877 | Advantest Corp | 15,483,919 | ||||||||
737,677 | Aeon Co Ltd | 14,019,738 | ||||||||
163,742 | Aisin Seiki Co Ltd | 4,756,796 | ||||||||
537,522 | Ajinomoto Co, Inc | 13,965,650 | ||||||||
183,159 | *,e | All Nippon Airways Co Ltd | 3,452,666 | |||||||
509,659 | Asahi Breweries Ltd | 19,210,481 | ||||||||
223,608 | Asahi Glass Co Ltd | 8,382,932 | ||||||||
257,552 | Asahi Intecc Co Ltd | 4,976,915 | ||||||||
1,390,439 | Asahi Kasei Corp | 11,408,119 | ||||||||
2,081,803 | Astellas Pharma, Inc | 31,696,939 | ||||||||
142,058 | Azbil Corp | 4,313,176 | ||||||||
234,098 | Bandai Namco Holdings Inc | 15,849,113 | ||||||||
87,200 | Benefit One, Inc | 1,322,163 | ||||||||
645,287 | Bridgestone Corp | 23,652,146 | ||||||||
253,451 | Brother Industries Ltd | 4,404,873 | ||||||||
1,123,098 | Canon, Inc | 25,841,527 | ||||||||
209,514 | Capcom Co Ltd | 5,528,467 | ||||||||
164,528 | Central Japan Railway Co | 20,711,633 | ||||||||
598,612 | Chiba Bank Ltd | 3,449,972 | ||||||||
781,317 | Chubu Electric Power Co, Inc | 7,887,446 | ||||||||
760,827 | Chugai Pharmaceutical Co Ltd | 22,798,292 | ||||||||
1,194,911 | Concordia Financial Group Ltd | 4,348,406 | ||||||||
22,770 | Cosmos Pharmaceutical Corp | 2,099,110 | ||||||||
469,976 | CyberAgent, Inc | 4,965,231 | ||||||||
232,375 | Dai Nippon Printing Co Ltd | 4,856,180 | ||||||||
114,334 | Daifuku Co Ltd | 7,030,238 | ||||||||
1,155,766 | Dai-ichi Mutual Life Insurance Co | 23,143,075 | ||||||||
2,004,842 | Daiichi Sankyo Co Ltd | 50,479,706 | ||||||||
282,211 | Daikin Industries Ltd | 43,126,802 |
280 |
TIAA-CREF FUNDS – International Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
70,683 | Daito Trust Construction Co Ltd | $ | 6,807,608 | |||||||
635,963 | Daiwa House Industry Co Ltd | 15,288,664 | ||||||||
2,340 | Daiwa House REIT Investment Corp | 5,695,564 | ||||||||
1,629,391 | * | Daiwa Securities Group, Inc | 7,985,854 | |||||||
488,878 | Denso Corp | 29,794,794 | ||||||||
248,410 | Dentsu, Inc | 8,953,109 | ||||||||
33,509 | Disco Corp | 8,201,337 | ||||||||
473,384 | Don Quijote Co Ltd | 7,249,096 | ||||||||
337,765 | East Japan Railway Co | 17,613,351 | ||||||||
262,845 | Eisai Co Ltd | 11,447,145 | ||||||||
3,543,259 | ENEOS Holdings, Inc | 12,467,355 | ||||||||
217,498 | * | Fanuc Ltd | 33,326,795 | |||||||
65,781 | Fast Retailing Co Ltd | 30,285,956 | ||||||||
147,843 | * | Fuji Electric Holdings Co Ltd | 6,483,018 | |||||||
681,664 | Fuji Heavy Industries Ltd | 10,344,046 | ||||||||
404,773 | Fujifilm Holdings Corp | 22,250,874 | ||||||||
222,315 | Fujitsu Ltd | 33,602,725 | ||||||||
4,929 | GLP J-Reit | 6,651,067 | ||||||||
48,915 | GMO Payment Gateway, Inc | 4,103,963 | ||||||||
252,511 | Hakuhodo DY Holdings, Inc | 2,980,026 | ||||||||
161,887 | Hamamatsu Photonics KK | 7,243,338 | ||||||||
262,003 | Hankyu Hanshin Holdings, Inc | 6,914,678 | ||||||||
22,709 | Hikari Tsushin, Inc | 2,659,070 | ||||||||
342,180 | Hino Motors Ltd | 1,766,330 | ||||||||
38,570 | Hirose Electric Co Ltd | 4,893,527 | ||||||||
124,363 | * | Hitachi Construction Machinery Co Ltd | 2,815,746 | |||||||
1,096,500 | * | Hitachi Ltd | 52,003,101 | |||||||
283,600 | * | Hitachi Metals Ltd | 4,425,489 | |||||||
1,852,996 | Honda Motor Co Ltd | 48,740,374 | ||||||||
63,425 | Hoshizaki Electric Co Ltd | 4,017,487 | ||||||||
419,994 | * | Hoya Corp | 41,681,086 | |||||||
402,685 | Hulic Co Ltd | 3,400,028 | ||||||||
118,586 | Ibiden Co Ltd | 4,431,780 | ||||||||
245,573 | Idemitsu Kosan Co Ltd | 6,472,090 | ||||||||
165,373 | Iida Group Holdings Co Ltd | 2,630,196 | ||||||||
1,157,492 | Inpex Holdings, Inc | 13,772,031 | ||||||||
656,024 | Isuzu Motors Ltd | 7,653,031 | ||||||||
65,619 | e | Ito En Ltd | 2,696,646 | |||||||
1,344,582 | Itochu Corp | 40,580,795 | ||||||||
118,271 | Itochu Techno-Science Corp | 2,769,409 | ||||||||
164,476 | * | Japan Airlines Co Ltd | 2,715,412 | |||||||
560,915 | Japan Post Bank Co Ltd | 4,231,704 | ||||||||
2,714,918 | Japan Post Holdings Co Ltd | 19,036,606 | ||||||||
220,263 | Japan Post Insurance Co Ltd | 3,561,606 | ||||||||
1,441 | Japan Real Estate Investment Corp | 6,974,233 | ||||||||
7,666 | Japan Retail Fund Investment Corp | 6,093,155 | ||||||||
1,319,791 | Japan Tobacco, Inc | 22,451,999 | ||||||||
552,049 | JFE Holdings, Inc | 6,750,865 | ||||||||
216,680 | JSR Corp | 5,883,968 | ||||||||
480,148 | Kajima Corp | 5,351,000 | ||||||||
148,774 | Kakaku.com, Inc | 3,115,597 | ||||||||
864,219 | Kansai Electric Power Co, Inc | 7,575,740 | ||||||||
204,482 | Kansai Paint Co Ltd | 2,816,110 | ||||||||
544,278 | Kao Corp | 21,813,829 | ||||||||
1,854,023 | KDDI Corp | 61,395,397 | ||||||||
110,936 | Keio Corp | 4,254,679 |
281 |
TIAA-CREF FUNDS – International Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
138,868 | Keisei Electric Railway Co Ltd | $ | 3,404,968 | |||||||
221,186 | Keyence Corp | 88,917,683 | ||||||||
165,165 | Kikkoman Corp | 9,282,460 | ||||||||
198,260 | Kintetsu Corp | 5,684,361 | ||||||||
911,327 | Kirin Brewery Co Ltd | 13,285,074 | ||||||||
62,079 | Kobayashi Pharmaceutical Co Ltd | 4,233,455 | ||||||||
161,911 | Kobe Bussan Co Ltd | 3,947,277 | ||||||||
70,142 | e | Koei Tecmo Holdings Co Ltd | 2,150,905 | |||||||
127,009 | * | Koito Manufacturing Co Ltd | 4,660,535 | |||||||
999,205 | Komatsu Ltd | 22,488,584 | ||||||||
100,477 | Konami Corp | 6,178,670 | ||||||||
37,285 | Kose Corp | 3,827,715 | ||||||||
1,171,654 | Kubota Corp | 19,904,830 | ||||||||
108,758 | Kurita Water Industries Ltd | 3,710,422 | ||||||||
363,036 | Kyocera Corp | 19,061,907 | ||||||||
326,412 | Kyowa Hakko Kogyo Co Ltd | 6,879,712 | ||||||||
84,444 | Lasertec Corp | 11,281,831 | ||||||||
59,668 | Lawson, Inc | 2,194,600 | ||||||||
256,724 | Lion Corp | 2,645,139 | ||||||||
324,652 | LIXIL Group Corp | 5,710,080 | ||||||||
503,492 | M3, Inc | 16,078,482 | ||||||||
257,369 | Makita Corp | 7,607,015 | ||||||||
1,762,873 | Marubeni Corp | 19,242,842 | ||||||||
721,506 | Mazda Motor Corp | 5,123,236 | ||||||||
100,715 | McDonald’s Holdings Co Japan Ltd | 3,995,650 | ||||||||
211,527 | Mediceo Paltac Holdings Co Ltd | 3,483,510 | ||||||||
144,526 | MEIJI Holdings Co Ltd | 7,204,172 | ||||||||
131,908 | *,e | Mercari, Inc | 2,161,626 | |||||||
404,291 | Minebea Co Ltd | 7,756,790 | ||||||||
321,243 | MISUMI Group, Inc | 8,054,948 | ||||||||
1,391,241 | Mitsubishi Chemical Holdings Corp | 8,483,287 | ||||||||
1,434,362 | Mitsubishi Corp | 48,159,449 | ||||||||
2,029,734 | Mitsubishi Electric Corp | 21,260,021 | ||||||||
1,336,106 | Mitsubishi Estate Co Ltd | 19,462,482 | ||||||||
169,723 | Mitsubishi Gas Chemical Co, Inc | 2,478,459 | ||||||||
356,589 | Mitsubishi Heavy Industries Ltd | 12,191,819 | ||||||||
13,572,588 | Mitsubishi UFJ Financial Group, Inc | 78,902,518 | ||||||||
680,533 | Mitsubishi UFJ Lease & Finance Co Ltd | 3,062,039 | ||||||||
1,772,954 | Mitsui & Co Ltd | 42,933,477 | ||||||||
217,560 | Mitsui Chemicals, Inc | 4,970,786 | ||||||||
1,048,691 | Mitsui Fudosan Co Ltd | 22,225,681 | ||||||||
403,600 | Mitsui OSK Lines Ltd | 9,448,723 | ||||||||
104,033 | Miura Co Ltd | 2,173,008 | ||||||||
2,739,188 | Mizuho Financial Group, Inc | 33,261,155 | ||||||||
291,596 | MonotaRO Co Ltd | 5,009,049 | ||||||||
489,723 | MS&AD Insurance Group Holdings Inc | 14,577,713 | ||||||||
646,832 | Murata Manufacturing Co Ltd | 38,556,025 | ||||||||
274,439 | NEC Corp | 10,647,099 | ||||||||
561,983 | Nexon Co Ltd | 12,796,969 | ||||||||
284,989 | NGK Insulators Ltd | 3,833,564 | ||||||||
512,135 | Nidec Corp | 33,109,048 | ||||||||
362,788 | Nihon M&A Center, Inc | 4,467,302 | ||||||||
126,813 | Nintendo Co Ltd | 57,876,275 | ||||||||
1,645 | Nippon Building Fund, Inc | 8,539,694 | ||||||||
83,887 | Nippon Express Holdings, Inc | 4,918,358 | ||||||||
963,785 | Nippon Paint Co Ltd | 7,634,460 |
282 |
TIAA-CREF FUNDS – International Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
2,443 | Nippon ProLogis REIT, Inc | $ | 6,761,657 | |||||||
66,973 | Nippon Shinyaku Co Ltd | 4,529,637 | ||||||||
981,338 | Nippon Steel Corp | 15,582,253 | ||||||||
1,389,836 | Nippon Telegraph & Telephone Corp | 40,957,548 | ||||||||
184,672 | Nippon Yusen Kabushiki Kaisha | 13,322,975 | ||||||||
130,825 | Nissan Chemical Industries Ltd | 6,910,515 | ||||||||
2,724,264 | * | Nissan Motor Co Ltd | 10,906,716 | |||||||
263,720 | Nisshin Seifun Group, Inc | 3,515,603 | ||||||||
72,565 | Nissin Food Products Co Ltd | 5,047,808 | ||||||||
92,876 | Nitori Co Ltd | 9,555,018 | ||||||||
162,341 | Nitto Denko Corp | 10,896,476 | ||||||||
3,531,550 | * | Nomura Holdings, Inc | 13,598,066 | |||||||
136,462 | Nomura Real Estate Holdings, Inc | 3,324,998 | ||||||||
4,758 | Nomura Real Estate Master Fund, Inc | 5,973,854 | ||||||||
395,237 | Nomura Research Institute Ltd | 11,175,887 | ||||||||
713,177 | NTT Data Corp | 13,149,495 | ||||||||
698,676 | Obayashi Corp | 4,804,891 | ||||||||
82,550 | Obic Co Ltd | 12,195,875 | ||||||||
340,560 | Odakyu Electric Railway Co Ltd | 5,157,117 | ||||||||
919,327 | OJI Paper Co Ltd | 4,354,855 | ||||||||
1,261,440 | Olympus Corp | 22,202,755 | ||||||||
207,517 | Omron Corp | 12,233,971 | ||||||||
445,170 | Ono Pharmaceutical Co Ltd | 11,436,658 | ||||||||
89,400 | Open House Co Ltd | 3,459,302 | ||||||||
46,531 | * | Oracle Corp Japan | 2,990,145 | |||||||
232,533 | Oriental Land Co Ltd | 35,175,291 | ||||||||
1,382,691 | ORIX Corp | 25,218,846 | ||||||||
2,847 | Orix JREIT, Inc | 3,848,349 | ||||||||
462,006 | Osaka Gas Co Ltd | 8,326,921 | ||||||||
609,853 | Osaka Securities Exchange Co Ltd | 9,080,960 | ||||||||
140,901 | Otsuka Corp | 4,617,623 | ||||||||
439,161 | Otsuka Holdings KK | 14,756,869 | ||||||||
2,502,634 | Panasonic Corp | 22,306,463 | ||||||||
199,756 | Persol Holdings Co Ltd | 3,963,085 | ||||||||
90,448 | Pola Orbis Holdings, Inc | 1,042,786 | ||||||||
999,799 | * | Rakuten, Inc | 7,028,469 | |||||||
1,546,848 | Recruit Holdings Co Ltd | 56,122,107 | ||||||||
1,450,972 | * | Renesas Electronics Corp | 15,493,423 | |||||||
2,236,034 | Resona Holdings, Inc | 9,723,229 | ||||||||
785,488 | Ricoh Co Ltd | 5,735,560 | ||||||||
42,499 | Rinnai Corp | 2,716,510 | ||||||||
95,044 | Rohm Co Ltd | 6,639,855 | ||||||||
273,442 | Ryohin Keikaku Co Ltd | 2,457,458 | ||||||||
389,616 | Santen Pharmaceutical Co Ltd | 3,169,401 | ||||||||
272,244 | * | SBI Holdings, Inc | 6,089,310 | |||||||
228,953 | Secom Co Ltd | 16,107,863 | ||||||||
302,934 | Seiko Epson Corp | 4,267,589 | ||||||||
409,518 | Sekisui Chemical Co Ltd | 5,545,339 | ||||||||
691,911 | Sekisui House Ltd | 12,017,067 | ||||||||
851,248 | Seven & I Holdings Co Ltd | 37,639,543 | ||||||||
386,224 | SG Holdings Co Ltd | 6,806,302 | ||||||||
251,332 | Sharp Corp | 2,126,595 | ||||||||
270,746 | Shimadzu Corp | 8,851,264 | ||||||||
87,778 | Shimano, Inc | 15,552,885 | ||||||||
574,071 | Shimizu Corp | 3,010,219 | ||||||||
403,546 | Shin-Etsu Chemical Co Ltd | 55,461,144 |
283 |
TIAA-CREF FUNDS – International Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
297,033 | Shionogi & Co Ltd | $ | 16,522,731 | |||||||
446,638 | Shiseido Co Ltd | 21,113,218 | ||||||||
460,019 | Shizuoka Bank Ltd | 2,976,356 | ||||||||
64,751 | SMC Corp | 31,353,737 | ||||||||
3,322,577 | Softbank Corp | 38,667,692 | ||||||||
1,365,525 | Softbank Group Corp | 56,164,363 | ||||||||
94,543 | Sohgo Security Services Co Ltd | 2,626,292 | ||||||||
354,859 | Sompo Holdings, Inc | 14,446,308 | ||||||||
1,433,732 | Sony Corp | 123,732,527 | ||||||||
101,211 | Square Enix Co Ltd | 4,040,926 | ||||||||
140,588 | Stanley Electric Co Ltd | 2,424,173 | ||||||||
373,872 | Sumco Corp | 5,384,378 | ||||||||
167,864 | Sumisho Computer Systems Corp | 2,668,754 | ||||||||
1,690,819 | Sumitomo Chemical Co Ltd | 7,189,708 | ||||||||
1,272,755 | Sumitomo Corp | 20,139,605 | ||||||||
208,575 | Sumitomo Dainippon Pharma Co Ltd | 1,857,903 | ||||||||
883,994 | Sumitomo Electric Industries Ltd | 9,503,665 | ||||||||
273,442 | Sumitomo Metal Mining Co Ltd | 11,992,270 | ||||||||
1,476,745 | Sumitomo Mitsui Financial Group, Inc | 44,618,278 | ||||||||
379,002 | Sumitomo Mitsui Trust Holdings, Inc | 11,763,276 | ||||||||
345,122 | Sumitomo Realty & Development Co Ltd | 9,155,560 | ||||||||
165,591 | Suntory Beverage & Food Ltd | 6,524,452 | ||||||||
424,193 | * | Suzuki Motor Corp | 12,787,339 | |||||||
186,703 | Sysmex Corp | 12,247,260 | ||||||||
619,930 | T&D Holdings, Inc | 7,966,371 | ||||||||
203,685 | Taisei Corp | 5,517,419 | ||||||||
56,225 | Taisho Pharmaceutical Holdings Co Ltd | 2,214,586 | ||||||||
171,272 | Taiyo Nippon Sanso Corp | 3,082,123 | ||||||||
1,778,209 | Takeda Pharmaceutical Co Ltd | 51,597,441 | ||||||||
450,595 | TDK Corp | 13,919,652 | ||||||||
721,462 | Terumo Corp | 21,474,412 | ||||||||
241,729 | TIS, Inc | 5,429,078 | ||||||||
223,323 | Tobu Railway Co Ltd | 5,019,892 | ||||||||
144,497 | Toho Co Ltd | 5,361,912 | ||||||||
711,946 | Tokio Marine Holdings, Inc | 38,493,969 | ||||||||
42,033 | Tokyo Century Corp | 1,294,705 | ||||||||
1,813,146 | * | Tokyo Electric Power Co, Inc | 6,258,537 | |||||||
169,453 | Tokyo Electron Ltd | 71,500,084 | ||||||||
448,829 | Tokyo Gas Co Ltd | 8,597,073 | ||||||||
528,858 | Tokyu Corp | 6,467,304 | ||||||||
288,328 | Toppan Printing Co Ltd | 4,765,965 | ||||||||
1,534,840 | Toray Industries, Inc | 7,274,042 | ||||||||
442,011 | Toshiba Corp | 18,355,978 | ||||||||
285,539 | Tosoh Corp | 3,942,869 | ||||||||
164,497 | Toto Ltd | 5,543,351 | ||||||||
100,614 | Toyo Suisan Kaisha Ltd | 3,106,593 | ||||||||
174,167 | Toyota Industries Corp | 10,445,977 | ||||||||
12,042,850 | * | Toyota Motor Corp | 206,338,648 | |||||||
238,241 | Toyota Tsusho Corp | 8,559,336 | ||||||||
158,566 | * | Trend Micro, Inc | 8,841,151 | |||||||
43,979 | e | Tsuruha Holdings, Inc | 2,247,680 | |||||||
473,716 | Uni-Charm Corp | 16,481,521 | ||||||||
297,261 | USS Co Ltd | 4,948,816 | ||||||||
107,415 | Welcia Holdings Co Ltd | 2,201,907 | ||||||||
247,506 | West Japan Railway Co | 9,187,171 | ||||||||
143,485 | Yakult Honsha Co Ltd | 7,429,737 |
284 |
TIAA-CREF FUNDS – International Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
145,016 | Yamaha Corp | $ | 5,540,622 | |||||||
356,887 | Yamaha Motor Co Ltd | 7,368,177 | ||||||||
309,106 | Yamato Transport Co Ltd | 5,783,991 | ||||||||
281,369 | Yaskawa Electric Corp | 9,554,010 | ||||||||
255,736 | Yokogawa Electric Corp | 4,077,067 | ||||||||
3,033,836 | Z Holdings Corp | 11,910,348 | ||||||||
138,204 | ZOZO Inc | 2,893,644 | ||||||||
TOTAL JAPAN | 3,717,255,459 | |||||||||
JORDAN - 0.0% | ||||||||||
208,856 | Hikma Pharmaceuticals plc | 4,906,114 | ||||||||
TOTAL JORDAN | 4,906,114 | |||||||||
LUXEMBOURG - 0.2% | ||||||||||
743,484 | ArcelorMittal | 21,678,279 | ||||||||
148,617 | Eurofins Scientific SE | 13,812,133 | ||||||||
TOTAL LUXEMBOURG | 35,490,412 | |||||||||
MACAU - 0.1% | ||||||||||
2,467,914 | Galaxy Entertainment Group Ltd | 14,082,326 | ||||||||
2,824,822 | * | Sands China Ltd | 6,226,402 | |||||||
TOTAL MACAU | 20,308,728 | |||||||||
NETHERLANDS - 5.2% | ||||||||||
481,822 | e,g | ABN AMRO Group NV | 5,989,607 | |||||||
22,686 | *,g | Adyen NV | 38,051,077 | |||||||
2,124,489 | Aegon NV | 11,014,795 | ||||||||
213,309 | Akzo Nobel NV | 18,503,805 | ||||||||
51,018 | * | Argenx SE | 14,741,696 | |||||||
1,564 | * | Argenx SE | 450,602 | |||||||
52,920 | ASM International NV | 15,902,043 | ||||||||
471,244 | ASML Holding NV | 267,449,102 | ||||||||
198,787 | DSM NV | 33,418,002 | ||||||||
93,443 | g | Euronext NV | 7,486,852 | |||||||
121,928 | EXOR NV | 8,461,169 | ||||||||
131,413 | Heineken Holding NV | 10,258,389 | ||||||||
295,087 | Heineken NV | 28,803,730 | ||||||||
62,156 | IMCD Group NV | 9,896,628 | ||||||||
4,445,342 | ING Groep NV | 42,116,102 | ||||||||
101,338 | JDE Peet’s BV | 2,981,269 | ||||||||
1,201,037 | Koninklijke Ahold Delhaize NV | 35,425,744 | ||||||||
3,793,361 | Koninklijke KPN NV | 13,089,343 | ||||||||
1,025,692 | Koninklijke Philips Electronics NV | 26,802,478 | ||||||||
303,915 | NN Group NV | 14,886,238 | ||||||||
136,809 | Randstad Holdings NV | 7,234,342 | ||||||||
8,760,752 | Shell plc | 235,190,201 | ||||||||
814,897 | Universal Music Group NV | 18,910,833 | ||||||||
292,218 | Wolters Kluwer NV | 29,508,976 | ||||||||
TOTAL NETHERLANDS | 896,573,023 | |||||||||
NEW ZEALAND - 0.2% | ||||||||||
1,435,850 | * | Auckland International Airport Ltd | 7,212,279 | |||||||
646,425 | Fisher & Paykel Healthcare Corp | 8,883,250 | ||||||||
685,433 | Mercury NZ Ltd | 2,657,463 | ||||||||
1,446,567 | Meridian Energy Ltd | 4,390,412 |
285 |
TIAA-CREF FUNDS – International Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
461,859 | Ryman Healthcare Ltd | $ | 2,733,405 | |||||||
2,219,309 | Telecom Corp of New Zealand Ltd | 7,018,986 | ||||||||
149,327 | * | Xero Ltd | 9,846,938 | |||||||
TOTAL NEW ZEALAND | 42,742,733 | |||||||||
NORWAY - 0.7% | ||||||||||
138,036 | e | Aker BP ASA | 4,945,672 | |||||||
1,054,245 | e | DNB Bank ASA | 20,428,432 | |||||||
1,111,549 | Equinor ASA | 37,569,871 | ||||||||
219,773 | Gjensidige Forsikring BA | 4,698,615 | ||||||||
507,425 | Mowi ASA | 14,333,245 | ||||||||
1,553,585 | Norsk Hydro ASA | 13,046,262 | ||||||||
924,299 | e | Orkla ASA | 7,500,356 | |||||||
83,547 | Schibsted ASA | 1,741,025 | ||||||||
107,932 | Schibsted ASA (B Shares) | 2,088,594 | ||||||||
833,358 | Telenor ASA | 11,753,237 | ||||||||
TOTAL NORWAY | 118,105,309 | |||||||||
POLAND - 0.0% | ||||||||||
232,489 | *,e | InPost S.A. | 1,425,361 | |||||||
TOTAL POLAND | 1,425,361 | |||||||||
PORTUGAL - 0.2% | ||||||||||
3,137,368 | Energias de Portugal S.A. | 14,622,210 | ||||||||
567,196 | Galp Energia SGPS S.A. | 6,903,707 | ||||||||
343,508 | Jeronimo Martins SGPS S.A. | 7,150,683 | ||||||||
TOTAL PORTUGAL | 28,676,600 | |||||||||
SAUDI ARABIA - 0.0% | ||||||||||
195,786 | *,g | Delivery Hero AG. | 6,882,457 | |||||||
TOTAL SAUDI ARABIA | 6,882,457 | |||||||||
SINGAPORE - 1.4% | ||||||||||
3,812,906 | Ascendas REIT | 7,844,975 | ||||||||
3,246,601 | * | Capitaland Investment Ltd | 9,844,341 | |||||||
5,558,300 | CapitaMall Trust | 9,313,439 | ||||||||
481,243 | City Developments Ltd | 2,950,556 | ||||||||
2,057,470 | DBS Group Holdings Ltd | 49,915,493 | ||||||||
6,847,039 | Genting Singapore Ltd | 3,975,328 | ||||||||
1,194,033 | * | Grab Holdings Ltd | 3,522,397 | |||||||
1,574,281 | Keppel Corp Ltd | 7,764,038 | ||||||||
2,472,901 | Mapletree Commercial Trust | 3,325,857 | ||||||||
3,435,990 | Mapletree Logistics Trust | 4,412,915 | ||||||||
3,782,431 | Oversea-Chinese Banking Corp | 33,582,632 | ||||||||
1,464,022 | *,e | Singapore Airlines Ltd | 5,770,680 | |||||||
1,015,647 | Singapore Exchange Ltd | 7,146,438 | ||||||||
2,027,977 | Singapore Technologies Engineering Ltd | 5,972,622 | ||||||||
9,320,402 | Singapore Telecommunications Ltd | 18,601,600 | ||||||||
777,468 | STMicroelectronics NV | 28,725,236 | ||||||||
1,319,938 | United Overseas Bank Ltd | 28,254,908 | ||||||||
561,591 | * | UOL Group Ltd | 2,950,898 | |||||||
297,278 | Venture Corp Ltd | 3,649,362 | ||||||||
TOTAL SINGAPORE | 237,523,715 |
286 |
TIAA-CREF FUNDS – International Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
SOUTH AFRICA - 0.4% | ||||||||||
1,460,562 | Anglo American plc | $ | 64,689,712 | |||||||
TOTAL SOUTH AFRICA | 64,689,712 | |||||||||
SPAIN - 2.4% | ||||||||||
256,373 | e | ACS Actividades de Construccion y Servicios S.A. | 6,564,498 | |||||||
83,917 | *,g | Aena S.A. | 11,908,622 | |||||||
514,525 | * | Amadeus IT Holding S.A. | 32,241,637 | |||||||
7,649,183 | e | Banco Bilbao Vizcaya Argentaria S.A. | 40,137,182 | |||||||
19,838,999 | e | Banco Santander S.A. | 57,976,465 | |||||||
5,108,900 | e | CaixaBank S.A. | 16,490,991 | |||||||
568,489 | g | Cellnex Telecom SAU | 26,497,431 | |||||||
327,329 | e | EDP Renovaveis S.A. | 7,746,947 | |||||||
295,291 | e | Enagas | 6,384,983 | |||||||
377,882 | Endesa S.A. | 7,919,441 | ||||||||
544,250 | Ferrovial S.A. | 13,956,940 | ||||||||
354,371 | e | Grifols S.A. | 5,935,269 | |||||||
6,572,441 | Iberdrola S.A. | 75,522,624 | ||||||||
1,231,210 | e | Industria De Diseno Textil S.A. | 25,815,105 | |||||||
240,419 | e | Naturgy Energy Group S.A. | 7,232,360 | |||||||
493,119 | Red Electrica Corp S.A. | 9,928,581 | ||||||||
1,618,278 | Repsol YPF S.A. | 24,141,273 | ||||||||
283,599 | * | Siemens Gamesa Renewable Energy | 4,517,325 | |||||||
5,946,017 | Telefonica S.A. | 28,925,241 | ||||||||
TOTAL SPAIN | 409,842,915 | |||||||||
SWEDEN - 3.2% | ||||||||||
359,662 | e | Alfa Laval AB | 10,011,648 | |||||||
1,124,732 | e | Assa Abloy AB | 28,424,375 | |||||||
756,335 | e | Atlas Copco AB (A Shares) | 34,289,848 | |||||||
447,707 | e | Atlas Copco AB (B Shares) | 17,719,241 | |||||||
304,535 | e | Boliden AB | 13,204,994 | |||||||
248,051 | Electrolux AB | 3,782,878 | ||||||||
616,101 | *,e | Embracer Group AB | 4,118,025 | |||||||
773,026 | Epiroc AB | 15,671,604 | ||||||||
445,121 | Epiroc AB | 7,765,512 | ||||||||
344,217 | EQT AB | 9,741,967 | ||||||||
3,274,619 | Ericsson (LM) (B Shares) | 26,122,365 | ||||||||
669,508 | Essity AB | 17,655,584 | ||||||||
198,009 | g | Evolution Gaming Group AB | 20,315,386 | |||||||
118,179 | * | Fastighets AB Balder | 5,857,810 | |||||||
262,937 | Getinge AB (B Shares) | 7,606,186 | ||||||||
830,828 | e | Hennes & Mauritz AB (B Shares) | 10,459,353 | |||||||
2,204,499 | * | Hexagon AB | 28,444,476 | |||||||
471,671 | e | Husqvarna AB (B Shares) | 4,508,752 | |||||||
157,747 | e | Industrivarden AB | 4,041,878 | |||||||
194,442 | e | Industrivarden AB | 4,895,946 | |||||||
160,099 | Investment AB Latour | 4,241,430 | ||||||||
2,074,436 | e | Investor AB | 39,918,165 | |||||||
577,822 | Investor AB | 12,068,684 | ||||||||
272,320 | * | Kinnevik AB | 5,329,969 | |||||||
257,685 | * | Lifco AB | 5,405,107 | |||||||
81,629 | Lundbergs AB (B Shares) | 3,817,491 | ||||||||
236,388 | e | Lundin Petroleum AB | 9,773,662 | |||||||
1,615,284 | Nibe Industrier AB | 15,836,894 | ||||||||
193,159 | Sagax AB | 4,934,137 | ||||||||
1,282,105 | e | Sandvik AB | 24,268,085 |
287 |
TIAA-CREF FUNDS – International Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
339,705 | e | Securitas AB (B Shares) | $ | 4,010,829 | ||||||
597,136 | *,e,g | Sinch AB | 2,638,978 | |||||||
1,817,627 | Skandinaviska Enskilda Banken AB (Class A) | 20,383,042 | ||||||||
385,580 | Skanska AB (B Shares) | 7,365,422 | ||||||||
450,540 | e | SKF AB (B Shares) | 7,358,526 | |||||||
679,929 | Svenska Cellulosa AB (B Shares) | 13,158,530 | ||||||||
1,662,796 | Svenska Handelsbanken AB | 16,771,488 | ||||||||
1,028,795 | e | Swedbank AB (A Shares) | 16,274,755 | |||||||
1,825,151 | e | Swedish Match AB | 14,536,926 | |||||||
607,552 | e | Tele2 AB (B Shares) | 8,052,666 | |||||||
3,238,594 | TeliaSonera AB | 13,442,153 | ||||||||
235,339 | Volvo AB (A Shares) | 3,869,120 | ||||||||
1,626,323 | Volvo AB (B Shares) | 25,945,430 | ||||||||
TOTAL SWEDEN | 554,039,317 | |||||||||
SWITZERLAND - 10.1% | ||||||||||
1,877,514 | ABB Ltd | 56,329,060 | ||||||||
177,725 | Adecco S.A. | 6,858,386 | ||||||||
564,618 | Alcon, Inc | 40,314,180 | ||||||||
6,758 | Bachem Holding AG. | 2,948,838 | ||||||||
53,411 | Baloise Holding AG. | 9,290,360 | ||||||||
3,925 | Barry Callebaut AG. | 9,033,602 | ||||||||
597,422 | Cie Financiere Richemont S.A. | 69,414,871 | ||||||||
233,340 | Clariant AG. | 3,983,884 | ||||||||
3,100,047 | Credit Suisse Group | 21,041,003 | ||||||||
8,107 | EMS-Chemie Holding AG. | 7,232,452 | ||||||||
40,513 | Geberit AG. | 23,103,499 | ||||||||
10,438 | Givaudan S.A. | 41,486,057 | ||||||||
597,879 | Holcim Ltd | 29,233,594 | ||||||||
253,568 | Julius Baer Group Ltd | 12,117,462 | ||||||||
60,675 | Kuehne & Nagel International AG. | 16,973,602 | ||||||||
1,196 | Lindt & Spruengli AG. | 13,413,121 | ||||||||
119 | Lindt & Spruengli AG. (Registered) | 14,117,296 | ||||||||
192,539 | Logitech International S.A. | 12,530,169 | ||||||||
83,594 | Lonza Group AG. | 49,289,851 | ||||||||
3,195,817 | Nestle S.A. | 412,561,041 | ||||||||
2,491,097 | Novartis AG. | 220,136,353 | ||||||||
25,752 | Partners Group | 27,284,170 | ||||||||
798,414 | Roche Holding AG. | 296,062,861 | ||||||||
36,403 | Roche Holding AG. | 14,624,740 | ||||||||
45,068 | Schindler Holding AG. | 8,658,712 | ||||||||
23,303 | Schindler Holding AG. (Registered) | 4,473,575 | ||||||||
6,706 | SGS S.A. | 17,231,206 | ||||||||
160,555 | Sika AG. | 49,042,807 | ||||||||
61,005 | Sonova Holdings AG | 21,999,997 | ||||||||
116,220 | Straumann Holding AG. | 13,701,358 | ||||||||
35,298 | Swatch Group AG. | 9,058,976 | ||||||||
52,219 | Swatch Group AG. (Registered) | 2,576,181 | ||||||||
36,132 | Swiss Life Holding | 21,126,925 | ||||||||
84,053 | Swiss Prime Site AG. | 8,215,717 | ||||||||
29,880 | Swisscom AG. | 17,668,068 | ||||||||
79,919 | Temenos Group AG. | 8,067,484 | ||||||||
4,041,185 | UBS Group AG | 68,605,707 | ||||||||
30,817 | g | VAT Group AG. | 9,532,051 | |||||||
52,364 | Vifor Pharma AG. | 9,261,605 | ||||||||
2,965 | Vifor Pharma AG. | 528,838 | ||||||||
170,749 | Zurich Insurance Group AG | 77,736,814 | ||||||||
TOTAL SWITZERLAND | 1,756,866,473 |
288 |
TIAA-CREF FUNDS – International Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
TAIWAN - 0.2% | ||||||||||
367,300 | * | Sea Ltd (ADR) | $ | 30,397,748 | ||||||
TOTAL TAIWAN | 30,397,748 | |||||||||
UNITED ARAB EMIRATES - 0.0% | ||||||||||
121,704 | *,† | NMC Health plc | 1,530 | |||||||
TOTAL UNITED ARAB EMIRATES | 1,530 | |||||||||
UNITED KINGDOM - 11.9% | ||||||||||
1,108,374 | 3i Group plc | 18,138,815 | ||||||||
234,022 | Admiral Group plc | 7,366,378 | ||||||||
503,068 | Ashtead Group plc | 26,012,252 | ||||||||
385,223 | Associated British Foods plc | 7,708,601 | ||||||||
1,765,902 | AstraZeneca plc | 235,644,218 | ||||||||
1,134,082 | g | Auto Trader Group plc | 8,950,355 | |||||||
129,412 | Aveva Group plc | 3,478,086 | ||||||||
4,356,084 | Aviva plc | 23,370,939 | ||||||||
3,596,093 | BAE Systems plc | 33,215,874 | ||||||||
19,139,031 | Barclays plc | 35,180,237 | ||||||||
1,224,046 | Barratt Developments plc | 7,488,765 | ||||||||
121,125 | Berkeley Group Holdings plc | 6,143,035 | ||||||||
22,446,478 | BP plc | 108,366,959 | ||||||||
2,477,954 | British American Tobacco plc | 103,856,874 | ||||||||
1,030,354 | British Land Co plc | 6,636,938 | ||||||||
10,075,040 | BT Group plc | 22,342,262 | ||||||||
395,804 | Bunzl plc | 15,270,365 | ||||||||
471,357 | Burberry Group plc | 9,302,444 | ||||||||
3,013,739 | CK Hutchison Holdings Ltd | 21,150,200 | ||||||||
1,159,188 | CNH Industrial NV | 16,421,389 | ||||||||
232,110 | * | Coca-Cola European Partners plc (Class A) | 11,593,895 | |||||||
2,021,786 | Compass Group plc | 42,663,399 | ||||||||
163,387 | Croda International plc | 15,869,218 | ||||||||
110,794 | DCC plc | 8,394,745 | ||||||||
2,669,163 | Diageo plc | 133,161,483 | ||||||||
656,962 | * | Entain PLC | 12,344,530 | |||||||
1,036,548 | Experian Group Ltd | 35,796,511 | ||||||||
428,414 | Halma plc | 13,150,394 | ||||||||
394,013 | Hargreaves Lansdown plc | 4,510,797 | ||||||||
23,122,836 | HSBC Holdings plc | 144,497,575 | ||||||||
1,074,618 | Imperial Tobacco Group plc | 22,368,744 | ||||||||
1,675,357 | * | Informa plc | 11,884,807 | |||||||
205,660 | InterContinental Hotels Group plc | 13,129,278 | ||||||||
182,126 | Intertek Group plc | 11,349,167 | ||||||||
1,992,675 | J Sainsbury plc | 5,814,135 | ||||||||
3,110,195 | * | JD Sports Fashion plc | 5,124,590 | |||||||
205,904 | Johnson Matthey plc | 5,664,067 | ||||||||
205,360 | *,g | Just Eat Takeaway.com NV | 5,578,100 | |||||||
2,294,401 | Kingfisher plc | 7,235,554 | ||||||||
803,752 | Land Securities Group plc | 7,538,044 | ||||||||
6,811,485 | Legal & General Group plc | 21,232,046 | ||||||||
79,987,701 | Lloyds TSB Group plc | 45,430,029 | ||||||||
373,551 | London Stock Exchange Group plc | 36,829,049 | ||||||||
2,929,199 | M&G plc | 7,776,860 |
289 |
TIAA-CREF FUNDS – International Equity Index Fund
SHARES | COMPANY | VALUE | ||||||||
5,008,541 | Melrose Industries plc | $ | 7,277,896 | |||||||
4,121,709 | National Grid plc | 61,236,112 | ||||||||
6,479,338 | Natwest Group plc | 17,382,682 | ||||||||
145,927 | Next plc | 10,930,029 | ||||||||
546,732 | * | Ocado Ltd | 6,252,780 | |||||||
852,267 | Pearson plc | 8,275,347 | ||||||||
352,985 | Persimmon plc | 9,193,236 | ||||||||
719,667 | Phoenix Group Holdings plc | 5,451,047 | ||||||||
3,138,311 | Prudential plc | 39,067,118 | ||||||||
813,969 | Reckitt Benckiser Group plc | 63,477,830 | ||||||||
2,228,865 | RELX plc | 66,398,961 | ||||||||
2,200,035 | Rentokil Initial plc | 15,110,436 | ||||||||
9,627,769 | * | Rolls-Royce Group plc | 9,870,007 | |||||||
1,125,042 | Sage Group plc | 10,324,048 | ||||||||
134,278 | Schroders plc | 4,740,044 | ||||||||
1,203,077 | Scottish & Southern Energy plc | 27,942,457 | ||||||||
1,322,891 | Segro plc | 22,147,976 | ||||||||
283,949 | Severn Trent plc | 11,159,633 | ||||||||
982,143 | Smith & Nephew plc | 15,919,122 | ||||||||
439,120 | Smiths Group plc | 8,035,585 | ||||||||
82,685 | Spirax-Sarco Engineering plc | 12,476,797 | ||||||||
604,340 | St. James’s Place plc | 9,711,492 | ||||||||
2,990,459 | Standard Chartered plc | 20,443,739 | ||||||||
2,662,178 | Standard Life Aberdeen plc | 6,251,134 | ||||||||
4,386,426 | Taylor Wimpey plc | 6,898,778 | ||||||||
8,750,668 | Tesco plc | 29,728,801 | ||||||||
2,938,190 | Unilever plc | 136,596,799 | ||||||||
776,678 | United Utilities Group plc | 11,161,178 | ||||||||
30,963,379 | Vodafone Group plc | 46,877,285 | ||||||||
236,363 | * | Whitbread plc | 8,250,685 | |||||||
1,301,390 | WPP plc | 16,221,648 | ||||||||
TOTAL UNITED KINGDOM | 2,069,792,685 | |||||||||
UNITED STATES - 2.0% | ||||||||||
46,160 | * | CyberArk Software Ltd | 7,253,582 | |||||||
247,112 | Ferguson plc | 31,000,000 | ||||||||
39,652 | *,e | Fiverr International Ltd | 2,111,469 | |||||||
5,762,806 | GlaxoSmithKline plc | 129,908,521 | ||||||||
57,488 | * | Inmode Ltd | 1,443,524 | |||||||
511,061 | James Hardie Industries NV | 14,732,990 | ||||||||
266,912 | * | QIAGEN NV | 12,309,204 | |||||||
611,432 | Schneider Electric S.A. | 87,721,611 | ||||||||
2,313,279 | e | Stellantis NV | 31,057,267 | |||||||
340,888 | e | Swiss Re Ltd | 27,955,142 | |||||||
539,052 | Tenaris S.A. | 8,237,891 | ||||||||
TOTAL UNITED STATES | 353,731,201 | |||||||||
TOTAL COMMON STOCKS | 16,950,756,289 | |||||||||
(Cost $15,181,788,109) |
290 |
TIAA-CREF FUNDS – International Equity Index Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
SHORT-TERM INVESTMENTS - 2.8% | ||||||||||||||||
GOVERNMENT AGENCY DEBT - 1.1% | ||||||||||||||||
$ | 5,000,000 | Federal Farm Credit Bank (FFCB) | 0.000 | % | 05/03/22 | $ | 4,999,934 | |||||||||
11,000,000 | FFCB | 0.000 | 07/25/22 | 10,977,027 | ||||||||||||
20,585,000 | Federal Home Loan Bank (FHLB) | 0.000 | 05/04/22 | 20,584,452 | ||||||||||||
19,930,000 | FHLB | 0.000 | 05/05/22 | 19,929,205 | ||||||||||||
10,000,000 | FHLB | 0.000 | 05/06/22 | 9,999,468 | ||||||||||||
12,500,000 | FHLB | 0.000 | 05/11/22 | 12,498,504 | ||||||||||||
20,000,000 | FHLB | 0.000 | 05/13/22 | 19,997,074 | ||||||||||||
17,800,000 | FHLB | 0.000 | 05/18/22 | 17,796,212 | ||||||||||||
15,000,000 | FHLB | 0.000 | 05/23/22 | 14,995,811 | ||||||||||||
20,000,000 | FHLB | 0.000 | 05/24/22 | 19,994,148 | ||||||||||||
12,500,000 | FHLB | 0.000 | 06/16/22 | 12,488,795 | ||||||||||||
17,820,000 | FHLB | 0.000 | 06/17/22 | 17,803,672 | ||||||||||||
10,000,000 | FHLB | 0.000 | 06/30/22 | 9,988,214 | ||||||||||||
TOTAL GOVERNMENT AGENCY DEBT | 192,052,516 | |||||||||||||||
REPURCHASE AGREEMENT - 0.4% | ||||||||||||||||
61,695,000 | r | Fixed Income Clearing Corp (FICC) | 0.250 | 05/02/22 | 61,695,000 | |||||||||||
TOTAL REPURCHASE AGREEMENT | 61,695,000 | |||||||||||||||
TREASURY DEBT - 0.1% | ||||||||||||||||
20,000,000 | United States Treasury Bill | 0.000 | 05/12/22 | 19,999,319 | ||||||||||||
TOTAL TREASURY DEBT | 19,999,319 | |||||||||||||||
SHARES | COMPANY | |||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.2% | ||||||||||||||||
216,734,566 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 0.310 | 216,734,566 | ||||||||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 216,734,566 | |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 490,481,401 | |||||||||||||||
(Cost $490,521,153) | ||||||||||||||||
TOTAL INVESTMENTS - 100.3% | 17,441,237,690 | |||||||||||||||
(Cost $15,672,309,262) | ||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - (0.3)% | (57,779,649 | ) | ||||||||||||||
NET ASSETS - 100.0% | $ | 17,383,458,041 |
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 $389,945,535. | ||
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 4/30/22, the aggregate value of these securities is $262,442,491 or 1.5% of net assets. | ||
r | Agreement with Fixed Income Clearing Corp (FICC), 0.250% dated 4/29/22 to be repurchased at $61,695,000 on 5/2/22, collateralized by Government Agency Securities, with coupon rate 3.000% and maturity date 5/15/45, valued at $62,928,951. | ||
291 |
TIAA-CREF FUNDS – International Equity Index Fund
Futures contracts outstanding as of April 30, 2022 were as follows:
Description | Number of long (short) contracts | Expiration date | Notional amount | Value | Unrealized appreciation (depreciation) | |||||||||||||
MSCI EAFE Index | 3,005 | 06/17/22 | $ | 316,218,619 | $ | 299,989,150 | $ | (16,229,469 | ) | |||||||||
292 |
TIAA-CREF FUNDS – Emerging Markets Debt Fund
TIAA-CREF FUNDS
EMERGING MARKETS DEBT FUND
SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2022
PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | ||||||||||||
BANK LOAN OBLIGATIONS - 0.3% | |||||||||||||||||
CHILE - 0.3% | |||||||||||||||||
$ | 1,840,000 | i | Coral-US Co-Borrower LLC | LIBOR 1 M + 3.000% | 3.554 | % | 10/01/29 | $ | 1,818,914 | ||||||||
TOTAL CHILE | 1,818,914 | ||||||||||||||||
TOTAL BANK LOAN OBLIGATIONS | 1,818,914 | ||||||||||||||||
(Cost $1,826,200) | |||||||||||||||||
BONDS - 94.7% | |||||||||||||||||
CORPORATE BONDS - 48.9% | |||||||||||||||||
ARGENTINA - 0.3% | |||||||||||||||||
1,950,000 | g | YPF S.A. | 6.950 | 07/21/27 | 1,411,332 | ||||||||||||
TOTAL ARGENTINA | 1,411,332 | ||||||||||||||||
BRAZIL - 4.6% | |||||||||||||||||
2,550,000 | g | Arcos Dorados BV | 6.125 | 05/27/29 | 2,499,841 | ||||||||||||
3,000,000 | g | B3 S.A.-Brasil Bolsa Balcao | 4.125 | 09/20/31 | 2,607,750 | ||||||||||||
2,500,000 | g | Banco BTG Pactual S.A. | 2.750 | 01/11/26 | 2,278,125 | ||||||||||||
1,855,000 | g | Banco do Brasil S.A. | 3.250 | 09/30/26 | 1,720,531 | ||||||||||||
1,425,000 | g | Embraer Netherlands Finance BV | 6.950 | 01/17/28 | 1,433,657 | ||||||||||||
2,750,000 | g | Itau Unibanco Holding S.A. | 4.625 | N/A‡ | 2,375,312 | ||||||||||||
2,250,000 | g | JSM Global Sarl | 4.750 | 10/20/30 | 1,924,493 | ||||||||||||
1,925,000 | g | Natura &Co Luxembourg Holdings Sarl | 6.000 | 04/19/29 | 1,868,867 | ||||||||||||
163,688 | g | Odebrecht Offshore Drilling Finance Ltd | 6.720 | 12/01/22 | 161,233 | ||||||||||||
4,353,488 | †,g,o | Odebrecht Offshore Drilling Finance Ltd | 7.720 | 12/01/26 | 1,023,070 | ||||||||||||
527,012 | †,g | Odebrecht Oil & Gas Finance Ltd | 0.000 | N/A‡ | 1,581 | ||||||||||||
714,000 | o | Oi S.A. | 10.000 | 07/27/25 | 569,422 | ||||||||||||
2,000,000 | Petrobras Global Finance BV | 6.900 | 03/19/49 | 1,884,180 | |||||||||||||
600,000 | Petrobras Global Finance BV | 5.500 | 06/10/51 | 492,372 | |||||||||||||
1,791,200 | g | Rio Oil Finance Trust | 8.200 | 04/06/28 | 1,916,584 | ||||||||||||
3,000,000 | e,g | Rumo Luxembourg Sarl | 4.200 | 01/18/32 | 2,503,500 | ||||||||||||
TOTAL BRAZIL | 25,260,518 | ||||||||||||||||
CHILE - 2.5% | |||||||||||||||||
2,393,530 | g | Alfa Desarrollo S.p.A | 4.550 | 09/27/51 | 1,876,647 | ||||||||||||
2,325,000 | g | Celulosa Arauco y Constitucion S.A. | 5.150 | 01/29/50 | 2,080,898 | ||||||||||||
2,250,000 | g | Cia Cervecerias Unidas S.A. | 3.350 | 01/19/32 | 1,996,875 | ||||||||||||
2,150,000 | g | Corp Nacional del Cobre de Chile | 4.375 | 02/05/49 | 1,912,038 | ||||||||||||
1,675,000 | e,g | Corp Nacional del Cobre de Chile | 3.150 | 01/15/51 | 1,228,244 | ||||||||||||
2,075,000 | g | Embotelladora Andina S.A. | 3.950 | 01/21/50 | 1,735,240 | ||||||||||||
2,000,000 | e,g | Empresa de los Ferrocarriles del Estado | 3.068 | 08/18/50 | 1,385,000 | ||||||||||||
1,775,000 | g | Empresa Nacional del Petroleo | 3.450 | 09/16/31 | 1,499,875 | ||||||||||||
TOTAL CHILE | 13,714,817 |
293 |
TIAA-CREF FUNDS – Emerging Markets Debt Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | |||||||||||||
CHINA - 0.9% | |||||||||||||||||
$ | 2,500,000 | g | ENN Clean Energy International Investment Ltd | 3.375 | % | 05/12/26 | $ | 2,293,991 | |||||||||
2,050,000 | e,g | Lenovo Group Ltd | 3.421 | 11/02/30 | 1,801,499 | ||||||||||||
1,000,000 | † | Shimao Group Holdings Ltd | 4.750 | 07/03/22 | 320,500 | ||||||||||||
2,600,000 | † | Shimao Group Holdings Ltd | 5.200 | 01/30/25 | 639,600 | ||||||||||||
TOTAL CHINA | 5,055,590 | ||||||||||||||||
COLOMBIA - 2.1% | |||||||||||||||||
1,675,000 | Bancolombia S.A. | 4.625 | 12/18/29 | 1,561,770 | |||||||||||||
1,375,000 | Ecopetrol S.A. | 4.625 | 11/02/31 | 1,148,812 | |||||||||||||
2,700,000 | Ecopetrol S.A. | 5.875 | 11/02/51 | 2,055,375 | |||||||||||||
2,000,000 | g | Empresas Publicas de Medellin ESP | 4.250 | 07/18/29 | 1,672,520 | ||||||||||||
1,000,000 | g | Empresas Publicas de Medellin ESP | 4.375 | 02/15/31 | 822,510 | ||||||||||||
2,075,000 | g | Grupo Aval Ltd | 4.375 | 02/04/30 | 1,756,799 | ||||||||||||
725,000 | g | Millicom International Cellular S.A. | 4.500 | 04/27/31 | 627,506 | ||||||||||||
2,200,000 | g | SierraCol Energy Andina LLC | 6.000 | 06/15/28 | 1,939,520 | ||||||||||||
TOTAL COLOMBIA | 11,584,812 | ||||||||||||||||
COSTA RICA - 1.0% | |||||||||||||||||
2,148,250 | g | Autopistas del Sol S.A. | 7.375 | 12/30/30 | 2,083,824 | ||||||||||||
3,200,000 | g | Instituto Costarricense de Electricidad | 6.750 | 10/07/31 | 3,188,639 | ||||||||||||
TOTAL COSTA RICA | 5,272,463 | ||||||||||||||||
DOMINICAN REPUBLIC - 0.6% | |||||||||||||||||
2,500,000 | g | Aeropuertos Dominicanos Siglo XXI S.A. | 6.750 | 03/30/29 | 2,420,350 | ||||||||||||
975,000 | g | AES Andres BV | 5.700 | 05/04/28 | 894,272 | ||||||||||||
TOTAL DOMINICAN REPUBLIC | 3,314,622 | ||||||||||||||||
GHANA - 0.7% | |||||||||||||||||
1,000,000 | g | Kosmos Energy Ltd | 7.750 | 05/01/27 | 990,000 | ||||||||||||
1,000,000 | g | Tullow Oil plc | 7.000 | 03/01/25 | 811,300 | ||||||||||||
2,000,000 | g | Tullow Oil plc | 10.250 | 05/15/26 | 1,985,800 | ||||||||||||
TOTAL GHANA | 3,787,100 | ||||||||||||||||
GUATEMALA - 0.8% | |||||||||||||||||
1,830,000 | g | CNTL AMR BOTTLING CORP | 5.250 | 04/27/29 | 1,738,628 | ||||||||||||
1,225,000 | g | CT Trust | 5.125 | 02/03/32 | 1,141,210 | ||||||||||||
1,650,000 | g | Investment Energy Resources Ltd | 6.250 | 04/26/29 | 1,627,725 | ||||||||||||
TOTAL GUATEMALA | 4,507,563 | ||||||||||||||||
INDIA - 2.1% | |||||||||||||||||
2,100,000 | g | Adani Ports & Special Economic Zone Ltd | 4.375 | 07/03/29 | 1,914,591 | ||||||||||||
1,800,000 | g | Adani Ports & Special Economic Zone Ltd | 3.100 | 02/02/31 | 1,453,500 | ||||||||||||
1,425,000 | e,g | Indian Railway Finance Corp Ltd | 3.570 | 01/21/32 | 1,242,182 | ||||||||||||
3,000,000 | e,g | Network i2i Ltd | 3.975 | N/A‡ | 2,769,900 | ||||||||||||
2,700,000 | g | ReNew Wind Energy AP2 | 4.500 | 07/14/28 | 2,353,228 | ||||||||||||
2,075,000 | e,g | UltraTech Cement Ltd | 2.800 | 02/16/31 | 1,714,573 | ||||||||||||
TOTAL INDIA | 11,447,974 |
294 |
TIAA-CREF FUNDS – Emerging Markets Debt Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | |||||||||||||
INDONESIA - 3.6% | |||||||||||||||||
$ | 200,000 | Bank Mandiri Persero Tbk PT | 3.750 | % | 04/11/24 | $ | 199,833 | ||||||||||
1,860,000 | g | Freeport Indonesia PT | 5.315 | 04/14/32 | 1,799,550 | ||||||||||||
2,000,000 | e,g | Freeport Indonesia PT | 6.200 | 04/14/52 | 1,911,320 | ||||||||||||
2,000,000 | g | Medco Laurel Tree Pte Ltd | 6.950 | 11/12/28 | 1,871,000 | ||||||||||||
2,200,000 | g | Medco Platinum Road Pte Ltd | 6.750 | 01/30/25 | 2,174,546 | ||||||||||||
3,000,000 | g | Pertamina Persero PT | 3.100 | 08/27/30 | 2,683,680 | ||||||||||||
1,250,000 | g | Pertamina Persero PT | 4.700 | 07/30/49 | 1,112,083 | ||||||||||||
2,000,000 | g | Perusahaan Listrik Negara PT | 5.250 | 10/24/42 | 1,806,640 | ||||||||||||
2,000,000 | g | Perusahaan Listrik Negara PT | 6.150 | 05/21/48 | 2,009,540 | ||||||||||||
4,250,000 | g | Saka Energi Indonesia PT | 4.450 | 05/05/24 | 4,050,080 | ||||||||||||
TOTAL INDONESIA | 19,618,272 | ||||||||||||||||
ISRAEL - 2.9% | |||||||||||||||||
3,000,000 | g | Bank Hapoalim BM | 3.255 | 01/21/32 | 2,700,000 | ||||||||||||
1,141,000 | g | Energean Israel Finance Ltd | 5.375 | 03/30/28 | 1,045,652 | ||||||||||||
2,000,000 | g | Israel Chemicals Ltd | 6.375 | 05/31/38 | 2,146,313 | ||||||||||||
3,850,000 | g | Israel Electric Corp Ltd | 3.750 | 02/22/32 | 3,596,770 | ||||||||||||
2,600,000 | g | Leviathan Bond Ltd | 6.750 | 06/30/30 | 2,537,480 | ||||||||||||
EUR | 2,750,000 | Teva Pharmaceutical Finance Netherlands II BV | 4.375 | 05/09/30 | 2,556,418 | ||||||||||||
$ | 1,335,000 | e | Teva Pharmaceutical Finance Netherlands III BV | 5.125 | 05/09/29 | 1,211,513 | |||||||||||
TOTAL ISRAEL | 15,794,146 | ||||||||||||||||
JAMAICA - 0.1% | |||||||||||||||||
441,275 | g,o | Digicel Group 0.5 Ltd | 7.000 | N/A‡ | 325,092 | ||||||||||||
TOTAL JAMAICA | 325,092 | ||||||||||||||||
KAZAKHSTAN - 1.6% | |||||||||||||||||
KZT | 453,000,000 | g | Development Bank of Kazakhstan JSC | 8.950 | 05/04/23 | 861,298 | |||||||||||
$ | 1,800,000 | g | KazMunayGas National Co JSC | 4.750 | 04/19/27 | 1,703,862 | |||||||||||
1,550,000 | g | KazMunayGas National Co JSC | 6.375 | 10/24/48 | 1,471,792 | ||||||||||||
2,475,000 | g | KazTransGas JSC | 4.375 | 09/26/27 | 2,224,760 | ||||||||||||
2,800,000 | g | Tengizchevroil Finance Co International Ltd | 4.000 | 08/15/26 | 2,520,608 | ||||||||||||
TOTAL KAZAKHSTAN | 8,782,320 | ||||||||||||||||
KOREA, REPUBLIC OF - 0.3% | |||||||||||||||||
1,800,000 | e,g | Shinhan Bank Co Ltd | 4.375 | 04/13/32 | 1,764,614 | ||||||||||||
TOTAL KOREA, REPUBLIC OF | 1,764,614 | ||||||||||||||||
MACAU - 0.3% | |||||||||||||||||
2,000,000 | e,g | Sands China Ltd | 3.250 | 08/08/31 | 1,533,000 | ||||||||||||
TOTAL MACAU | 1,533,000 | ||||||||||||||||
MALAYSIA - 2.5% | |||||||||||||||||
3,000,000 | 1MDB Global Investments Ltd | 4.400 | 03/09/23 | 2,977,669 | |||||||||||||
3,000,000 | g | Genm Capital Labuan Ltd | 3.882 | 04/19/31 | 2,478,309 | ||||||||||||
3,400,000 | g | Misc Capital Two Labuan Ltd | 3.625 | 04/06/25 | 3,359,268 | ||||||||||||
3,045,000 | g | Misc Capital Two Labuan Ltd | 3.750 | 04/06/27 | 2,949,024 | ||||||||||||
2,000,000 | g | Petronas Energy Canada Ltd | 2.112 | 03/23/28 | 1,809,415 | ||||||||||||
TOTAL MALAYSIA | 13,573,685 |
295 |
TIAA-CREF FUNDS – Emerging Markets Debt Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | |||||||||||||
MEXICO - 6.8% | |||||||||||||||||
$ | 800,000 | g | BBVA Bancomer S.A. | 5.350 | % | 11/12/29 | $ | 778,000 | |||||||||
2,000,000 | g | BBVA Bancomer S.A. | 5.125 | 01/18/33 | 1,872,500 | ||||||||||||
2,025,000 | g | Cemex SAB de C.V. | 5.125 | N/A‡ | 1,849,655 | ||||||||||||
2,500,000 | g | Comision Federal de Electricidad | 4.688 | 05/15/29 | 2,308,802 | ||||||||||||
1,300,000 | g | Electricidad Firme de Mexico Holdings S.A. de C.V. | 4.900 | 11/20/26 | 1,150,500 | ||||||||||||
1,650,000 | g | GCC SAB de C.V. | 3.614 | 04/20/32 | 1,443,750 | ||||||||||||
8,833,000 | g | Grupo Aeromexico SAB de C.V. | 8.500 | 03/17/27 | 8,921,330 | ||||||||||||
3,350,000 | g | Grupo Axo SAPI de C.V. | 5.750 | 06/08/26 | 3,065,250 | ||||||||||||
1,000,000 | g | Mexico City Airport Trust | 3.875 | 04/30/28 | 933,950 | ||||||||||||
1,630,000 | g | Mexico Remittances Funding Fiduciary Estate Management Sarl | 4.875 | 01/15/28 | 1,361,213 | ||||||||||||
2,800,000 | g | Nemak SAB de C.V. | 3.625 | 06/28/31 | 2,284,800 | ||||||||||||
4,647,000 | Petroleos Mexicanos | 6.840 | 01/23/30 | 4,234,811 | |||||||||||||
6,219,000 | Petroleos Mexicanos | 6.700 | 02/16/32 | 5,358,788 | |||||||||||||
2,075,000 | Petroleos Mexicanos | 6.350 | 02/12/48 | 1,455,405 | |||||||||||||
TOTAL MEXICO | 37,018,754 | ||||||||||||||||
MOROCCO - 0.7% | |||||||||||||||||
650,000 | g | OCP S.A. | 3.750 | 06/23/31 | 547,831 | ||||||||||||
4,450,000 | g | OCP S.A. | 5.125 | 06/23/51 | 3,422,256 | ||||||||||||
TOTAL MOROCCO | 3,970,087 | ||||||||||||||||
NETHERLANDS - 0.1% | |||||||||||||||||
RUB | 158,400,000 | †,g | VEON Holdings BV | 8.125 | 09/16/26 | 399,607 | |||||||||||
TOTAL NETHERLANDS | 399,607 | ||||||||||||||||
NIGERIA - 0.3% | |||||||||||||||||
$ | 1,775,000 | g | Access Bank plc | 6.125 | 09/21/26 | 1,667,015 | |||||||||||
TOTAL NIGERIA | 1,667,015 | ||||||||||||||||
OMAN - 0.5% | |||||||||||||||||
3,000,000 | g | OQ SAOC | 5.125 | 05/06/28 | 2,910,382 | ||||||||||||
TOTAL OMAN | 2,910,382 | ||||||||||||||||
PANAMA - 0.9% | |||||||||||||||||
2,400,000 | g | Aeropuerto Internacional de Tocumen S.A. | 5.125 | 08/11/61 | 2,056,800 | ||||||||||||
1,175,000 | g | Cable Onda S.A. | 4.500 | 01/30/30 | 1,098,625 | ||||||||||||
1,612,658 | g | UEP Penonome II S.A. | 6.500 | 10/01/38 | 1,564,279 | ||||||||||||
TOTAL PANAMA | 4,719,704 | ||||||||||||||||
PERU - 2.0% | |||||||||||||||||
PEN | 9,000,000 | g | Alicorp SAA | 6.875 | 04/17/27 | 2,157,655 | |||||||||||
$ | 1,225,000 | g | Cia de Minas Buenaventura SAA | 5.500 | 07/23/26 | 1,122,406 | |||||||||||
1,900,000 | e,g | Consorcio Transmantaro S.A. | 5.200 | 04/11/38 | 1,769,850 | ||||||||||||
2,300,000 | g | Inkia Energy Ltd | 5.875 | 11/09/27 | 2,170,648 | ||||||||||||
927,813 | g | Lima Metro Line 2 Finance Ltd | 4.350 | 04/05/36 | 868,897 | ||||||||||||
2,750,000 | g | Petroleos del Peru S.A. | 5.625 | 06/19/47 | 1,997,875 | ||||||||||||
1,125,000 | g | Volcan Cia Minera SAA | 4.375 | 02/11/26 | 1,006,875 | ||||||||||||
TOTAL PERU | 11,094,206 |
296 |
TIAA-CREF FUNDS – Emerging Markets Debt Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | |||||||||||||
QATAR - 0.2% | |||||||||||||||||
$ | 1,000,000 | g | Qatar Petroleum | 1.375 | % | 09/12/26 | $ | 904,480 | |||||||||
500,000 | g | Qatar Petroleum | 2.250 | 07/12/31 | 435,586 | ||||||||||||
TOTAL QATAR | 1,340,066 | ||||||||||||||||
RUSSIA - 0.1% | |||||||||||||||||
2,000,000 | †,g | LUKOIL Capital DAC | 3.600 | 10/26/31 | 700,000 | ||||||||||||
�� | TOTAL RUSSIA | 700,000 | |||||||||||||||
SAUDI ARABIA - 0.9% | |||||||||||||||||
2,500,000 | g | EIG Pearl Holdings Sarl | 4.387 | 11/30/46 | 2,109,259 | ||||||||||||
3,000,000 | g | Saudi Arabian Oil Co | 4.375 | 04/16/49 | 2,810,084 | ||||||||||||
TOTAL SAUDI ARABIA | 4,919,343 | ||||||||||||||||
SINGAPORE - 0.5% | |||||||||||||||||
2,800,000 | g | United Overseas Bank Ltd | 3.059 | 04/07/25 | 2,789,984 | ||||||||||||
TOTAL SINGAPORE | 2,789,984 | ||||||||||||||||
SOUTH AFRICA - 3.9% | |||||||||||||||||
1,725,000 | AngloGold Ashanti Holdings plc | 3.375 | 11/01/28 | 1,539,985 | |||||||||||||
3,050,000 | AngloGold Ashanti Holdings plc | 3.750 | 10/01/30 | 2,728,377 | |||||||||||||
3,000,000 | g | Eskom Holdings SOC Ltd | 6.750 | 08/06/23 | 2,912,187 | ||||||||||||
2,000,000 | g | Eskom Holdings SOC Ltd | 7.125 | 02/11/25 | 1,900,766 | ||||||||||||
2,875,000 | g | Eskom Holdings SOC Ltd | 6.350 | 08/10/28 | 2,826,529 | ||||||||||||
1,600,000 | g | Eskom Holdings SOC Ltd | 8.450 | 08/10/28 | 1,533,831 | ||||||||||||
2,300,000 | g | Gold Fields Orogen Holdings BVI Ltd | 6.125 | 05/15/29 | 2,426,500 | ||||||||||||
2,000,000 | g | MTN Mauritius Investment Ltd | 6.500 | 10/13/26 | 2,066,544 | ||||||||||||
1,986,784 | g,o | Petra Diamonds US Treasury plc | 10.500 | 03/08/26 | 2,091,090 | ||||||||||||
1,500,000 | g | Transnet SOC Ltd | 4.000 | 07/26/22 | 1,476,900 | ||||||||||||
TOTAL SOUTH AFRICA | 21,502,709 | ||||||||||||||||
SPAIN - 0.4% | |||||||||||||||||
3,000,000 | g | EnfraGen Energia Sur S.A. | 5.375 | 12/30/30 | 2,153,640 | ||||||||||||
TOTAL SPAIN | 2,153,640 | ||||||||||||||||
THAILAND - 0.4% | |||||||||||||||||
2,600,000 | g | Bangkok Bank PCL | 3.466 | 09/23/36 | 2,232,526 | ||||||||||||
TOTAL THAILAND | 2,232,526 | ||||||||||||||||
TRINIDAD AND TOBAGO - 0.2% | |||||||||||||||||
850,000 | g | National Gas Company of Trinidad and Tobago Limited | 6.050 | 01/15/36 | 833,000 | ||||||||||||
TOTAL TRINIDAD AND TOBAGO | 833,000 | ||||||||||||||||
TURKEY - 2.2% | |||||||||||||||||
2,000,000 | g | Akbank T.A.S. | 6.800 | 02/06/26 | 1,917,172 | ||||||||||||
500,000 | g | Akbank T.A.S. | 6.797 | 04/27/28 | 483,750 | ||||||||||||
4,100,000 | g | Anadolu Efes Biracilik Ve Malt Sanayii AS. | 3.375 | 06/29/28 | 3,359,172 | ||||||||||||
2,000,000 | g | Turkiye Garanti Bankasi AS. | 6.125 | 05/24/27 | 1,899,680 | ||||||||||||
2,550,000 | g | Turkiye Vakiflar Bankasi TAO | 5.500 | 10/01/26 | 2,272,804 | ||||||||||||
2,325,000 | g | Ulker Biskuvi Sanayi AS. | 6.950 | 10/30/25 | 1,987,875 | ||||||||||||
TOTAL TURKEY | 11,920,453 |
297 |
TIAA-CREF FUNDS – Emerging Markets Debt Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | |||||||||||||
UKRAINE - 0.2% | |||||||||||||||||
$ | 2,000,000 | †,g | NAK Naftogaz Ukraine via Kondor Finance plc | 7.625 | % | 11/08/26 | $ | 560,000 | |||||||||
900,000 | †,g | Ukreximbank Via Biz Finance plc | 9.750 | 01/22/25 | 357,750 | ||||||||||||
TOTAL UKRAINE | 917,750 | ||||||||||||||||
UNITED ARAB EMIRATES - 1.3% | |||||||||||||||||
1,975,000 | g | Abu Dhabi Crude Oil Pipeline LLC | 4.600 | 11/02/47 | 1,942,833 | ||||||||||||
1,325,000 | g | DAE Funding LLC | 3.375 | 03/20/28 | 1,200,257 | ||||||||||||
2,100,000 | g | DP World Ltd | 5.625 | 09/25/48 | 2,092,457 | ||||||||||||
2,500,000 | g | Sweihan PV Power Co PJSC | 3.625 | 01/31/49 | 2,177,260 | ||||||||||||
TOTAL UNITED ARAB EMIRATES | 7,412,807 | ||||||||||||||||
UNITED STATES - 0.4% | |||||||||||||||||
2,500,000 | g | Sempra Infrastructure Partners LP | 3.250 | 01/15/32 | 2,162,199 | ||||||||||||
TOTAL UNITED STATES | 2,162,199 | ||||||||||||||||
TOTAL CORPORATE BONDS | 267,412,152 | ||||||||||||||||
(Cost $302,516,450) | |||||||||||||||||
GOVERNMENT BONDS - 45.3% | |||||||||||||||||
ANGOLA - 1.6% | |||||||||||||||||
2,250,000 | g | Angolan Government International Bond | 8.250 | 05/09/28 | 2,157,266 | ||||||||||||
1,775,000 | g | Angolan Government International Bond | 8.000 | 11/26/29 | 1,660,085 | ||||||||||||
3,125,000 | g | Angolan Government International Bond | 8.750 | 04/14/32 | 2,958,455 | ||||||||||||
2,500,000 | e,g | Angolan Government International Bond | 9.375 | 05/08/48 | 2,251,476 | ||||||||||||
TOTAL ANGOLA | 9,027,282 | ||||||||||||||||
ARGENTINA - 0.6% | |||||||||||||||||
1,300,000 | Argentine Republic Government International Bond | 2.000 | 01/09/38 | 466,765 | |||||||||||||
5,134,989 | Argentine Republic Government International Bond (Step Bond) | 1.125 | 07/09/35 | 1,465,269 | |||||||||||||
2,949,981 | g | Provincia de Buenos Aires (Step Bond) | 3.900 | 09/01/37 | 1,216,897 | ||||||||||||
TOTAL ARGENTINA | 3,148,931 | ||||||||||||||||
AZERBAIJAN - 0.4% | |||||||||||||||||
2,000,000 | g | Southern Gas Corridor CJSC | 6.875 | 03/24/26 | 2,129,541 | ||||||||||||
TOTAL AZERBAIJAN | 2,129,541 | ||||||||||||||||
BAHRAIN - 0.4% | |||||||||||||||||
1,000,000 | g | Bahrain Government International Bond | 7.375 | 05/14/30 | 1,038,294 | ||||||||||||
1,000,000 | g | Bahrain Government International Bond | 7.500 | 09/20/47 | 927,866 | ||||||||||||
TOTAL BAHRAIN | 1,966,160 | ||||||||||||||||
BARBADOS - 0.4% | |||||||||||||||||
2,314,800 | g | Barbados Government International Bond | 6.500 | 10/01/29 | 2,213,551 | ||||||||||||
TOTAL BARBADOS | 2,213,551 | ||||||||||||||||
BENIN - 0.2% | |||||||||||||||||
EUR | 1,125,000 | g | Benin Government International Bond | 6.875 | 01/19/52 | 973,560 | |||||||||||
TOTAL BENIN | 973,560 |
298 |
TIAA-CREF FUNDS – Emerging Markets Debt Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | |||||||||||||
BERMUDA - 0.2% | |||||||||||||||||
$ | 1,175,000 | g | Bermuda Government International Bond | 4.750 | % | 02/15/29 | $ | 1,225,672 | |||||||||
TOTAL BERMUDA | 1,225,672 | ||||||||||||||||
BRAZIL - 1.6% | |||||||||||||||||
BRL | 2,500,000 | Brazil Notas do Tesouro Nacional Serie F | 10.000 | 01/01/23 | 496,581 | ||||||||||||
5,000,000 | Brazil Notas do Tesouro Nacional Serie F | 10.000 | 01/01/25 | 963,588 | |||||||||||||
5,982,000 | Brazil Notas do Tesouro Nacional Serie F | 10.000 | 01/01/27 | 1,126,441 | |||||||||||||
$ | 3,100,000 | Brazilian Government International Bond | 3.875 | 06/12/30 | 2,732,371 | ||||||||||||
1,100,000 | Brazilian Government International Bond | 5.000 | 01/27/45 | 883,839 | |||||||||||||
1,025,000 | Brazilian Government International Bond | 5.625 | 02/21/47 | 876,139 | |||||||||||||
2,000,000 | Brazilian Government International Bond | 4.750 | 01/14/50 | 1,509,880 | |||||||||||||
TOTAL BRAZIL | 8,588,839 | ||||||||||||||||
CAMEROON - 0.2% | |||||||||||||||||
EUR | 1,000,000 | g | Republic of Cameroon International Bond | 5.950 | 07/07/32 | 882,378 | |||||||||||
TOTAL CAMEROON | 882,378 | ||||||||||||||||
CHILE - 0.4% | |||||||||||||||||
CLP | 1,235,000,000 | Bonos de la Tesoreria de la Republica en pesos | 2.500 | 03/01/25 | 1,284,798 | ||||||||||||
1,225,000 | Chile Government International Bond | 2.750 | 01/31/27 | 1,159,156 | |||||||||||||
TOTAL CHILE | 2,443,954 | ||||||||||||||||
CHINA - 0.6% | |||||||||||||||||
CNY | 17,000,000 | China Government International Bond | 3.120 | 12/05/26 | 2,633,833 | ||||||||||||
3,200,000 | China Government International Bond | 3.270 | 11/19/30 | 501,048 | |||||||||||||
TOTAL CHINA | 3,134,881 | ||||||||||||||||
COLOMBIA - 0.7% | |||||||||||||||||
$ | 1,350,000 | Colombia Government International Bond | 3.000 | 01/30/30 | 1,079,420 | ||||||||||||
2,925,000 | Colombia Government International Bond | 3.250 | 04/22/32 | 2,234,320 | |||||||||||||
950,000 | Colombia Government International Bond | 5.200 | 05/15/49 | 713,687 | |||||||||||||
TOTAL COLOMBIA | 4,027,427 | ||||||||||||||||
COSTA RICA - 0.6% | |||||||||||||||||
2,500,000 | g | Costa Rica Government International Bond | 5.625 | 04/30/43 | 2,118,311 | ||||||||||||
1,500,000 | g | Costa Rica Government International Bond | 7.000 | 04/04/44 | 1,427,128 | ||||||||||||
TOTAL COSTA RICA | 3,545,439 | ||||||||||||||||
COTE D’IVOIRE - 0.6% | |||||||||||||||||
3,219,030 | g | Ivory Coast Government International Bond (Step Bond) | 5.750 | 12/31/32 | 3,055,788 | ||||||||||||
TOTAL COTE D’IVOIRE | 3,055,788 | ||||||||||||||||
DOMINICAN REPUBLIC - 2.2% | |||||||||||||||||
1,575,000 | g | Dominican Republic International Bond | 6.875 | 01/29/26 | 1,652,075 | ||||||||||||
DOP | 22,500,000 | g | Dominican Republic International Bond | 9.750 | 06/05/26 | 413,828 | |||||||||||
27,000,000 | g | Dominican Republic International Bond | 11.250 | 02/05/27 | 537,224 | ||||||||||||
74,000,000 | g | Dominican Republic International Bond | 10.375 | 01/11/30 | 1,335,065 |
299 |
TIAA-CREF FUNDS – Emerging Markets Debt Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | |||||||||||||
$ | 1,720,000 | g | Dominican Republic International Bond | 5.500 | % | 02/22/29 | $ | 1,607,340 | |||||||||
4,000,000 | g | Dominican Republic International Bond | 4.875 | 09/23/32 | 3,359,313 | ||||||||||||
3,060,000 | g | Dominican Republic International Bond | 7.450 | 04/30/44 | 2,957,970 | ||||||||||||
TOTAL DOMINICAN REPUBLIC | 11,862,815 | ||||||||||||||||
ECUADOR - 1.1% | |||||||||||||||||
744,229 | g | Ecuador Government International Bond | 0.000 | 07/31/30 | 403,864 | ||||||||||||
3,634,600 | g | Ecuador Government International Bond (Step Bond) | 5.000 | 07/31/30 | 2,945,140 | ||||||||||||
4,637,020 | g | Ecuador Government International Bond (Step Bond) | 1.000 | 07/31/35 | 2,899,458 | ||||||||||||
TOTAL ECUADOR | 6,248,462 | ||||||||||||||||
EGYPT - 2.4% | |||||||||||||||||
EGP | 12,500,000 | Egypt Government International Bond | 16.000 | 06/11/22 | 678,915 | ||||||||||||
$ | 1,500,000 | g | Egypt Government International Bond | 5.800 | 09/30/27 | 1,226,994 | |||||||||||
4,275,000 | g | Egypt Government International Bond | 7.600 | 03/01/29 | 3,637,769 | ||||||||||||
4,575,000 | e,g | Egypt Government International Bond | 7.053 | 01/15/32 | 3,524,104 | ||||||||||||
4,725,000 | g | Egypt Government International Bond | 8.500 | 01/31/47 | 3,425,956 | ||||||||||||
1,000,000 | g | Egypt Government International Bond | 8.150 | 11/20/59 | 694,000 | ||||||||||||
TOTAL EGYPT | 13,187,738 | ||||||||||||||||
EL SALVADOR - 0.3% | |||||||||||||||||
2,000,000 | g | El Salvador Government International Bond | 7.650 | 06/15/35 | 764,105 | ||||||||||||
3,100,000 | g | El Salvador Government International Bond | 7.625 | 02/01/41 | 1,165,484 | ||||||||||||
TOTAL EL SALVADOR | 1,929,589 | ||||||||||||||||
GHANA - 1.2% | |||||||||||||||||
3,325,000 | g | Ghana Government International Bond | 0.000 | 04/07/25 | 2,030,511 | ||||||||||||
3,325,000 | g | Ghana Government International Bond | 7.750 | 04/07/29 | 2,103,062 | ||||||||||||
2,025,000 | g | Ghana Government International Bond | 8.750 | 03/11/61 | 1,164,375 | ||||||||||||
GHS | 2,500,000 | Republic of Ghana Government Bonds | 20.750 | 01/16/23 | 335,765 | ||||||||||||
6,658,000 | Republic of Ghana Government Bonds | 16.500 | 02/06/23 | 868,683 | |||||||||||||
TOTAL GHANA | 6,502,396 | ||||||||||||||||
GUATEMALA - 0.6% | |||||||||||||||||
$ | 2,000,000 | g | Guatemala Government Bond | 3.700 | 10/07/33 | 1,715,627 | |||||||||||
1,500,000 | g | Guatemala Government Bond | 6.125 | 06/01/50 | 1,432,114 | ||||||||||||
TOTAL GUATEMALA | 3,147,741 | ||||||||||||||||
HONDURAS - 0.1% | |||||||||||||||||
775,000 | g | Honduras Government International Bond | 6.250 | 01/19/27 | 673,631 | ||||||||||||
TOTAL HONDURAS | 673,631 |
300 |
TIAA-CREF FUNDS – Emerging Markets Debt Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | |||||||||||||
INDIA - 0.4% | |||||||||||||||||
$ | 2,700,000 | g | Export-Import Bank of India | 2.250 | % | 01/13/31 | $ | 2,182,867 | |||||||||
TOTAL INDIA | 2,182,867 | ||||||||||||||||
INDONESIA - 0.9% | |||||||||||||||||
2,265,000 | Indonesia Government International Bond | 3.550 | 03/31/32 | 2,148,067 | |||||||||||||
1,000,000 | g | Indonesia Government International Bond | 4.625 | 04/15/43 | 939,196 | ||||||||||||
IDR | 28,230,000,000 | Indonesia Treasury Bond | 7.000 | 09/15/30 | 1,939,413 | ||||||||||||
TOTAL INDONESIA | 5,026,676 | ||||||||||||||||
IRAQ - 1.0% | |||||||||||||||||
$ | 2,325,000 | g | Iraq Government International Bond | 6.752 | 03/09/23 | 2,323,209 | |||||||||||
3,056,250 | g | Iraq Government International Bond | 5.800 | 01/15/28 | 2,937,917 | ||||||||||||
TOTAL IRAQ | 5,261,126 | ||||||||||||||||
JAMAICA - 1.1% | |||||||||||||||||
2,950,000 | Jamaica Government International Bond | 8.000 | 03/15/39 | 3,663,433 | |||||||||||||
1,810,000 | Jamaica Government International Bond | 7.875 | 07/28/45 | 2,223,984 | |||||||||||||
TOTAL JAMAICA | 5,887,417 | ||||||||||||||||
JORDAN - 1.0% | |||||||||||||||||
2,550,000 | e,g | Jordan Government International Bond | 4.950 | 07/07/25 | 2,450,122 | ||||||||||||
1,500,000 | g | Jordan Government International Bond | 5.850 | 07/07/30 | 1,330,099 | ||||||||||||
2,000,000 | g | Jordan Government International Bond | 7.375 | 10/10/47 | 1,737,411 | ||||||||||||
TOTAL JORDAN | 5,517,632 | ||||||||||||||||
KAZAKHSTAN - 0.3% | |||||||||||||||||
1,250,000 | g | Kazakhstan Government International Bond | 6.500 | 07/21/45 | 1,401,289 | ||||||||||||
TOTAL KAZAKHSTAN | 1,401,289 | ||||||||||||||||
KENYA - 1.1% | |||||||||||||||||
1,950,000 | e,g | Kenya Government International Bond | 6.875 | 06/24/24 | 1,872,770 | ||||||||||||
1,000,000 | g | Kenya Government International Bond | 8.000 | 05/22/32 | 856,720 | ||||||||||||
1,125,000 | g | Kenya Government International Bond | 6.300 | 01/23/34 | 845,606 | ||||||||||||
1,325,000 | g | Kenya Government International Bond | 8.250 | 02/28/48 | 1,011,796 | ||||||||||||
KES | 160,000,000 | Republic of Kenya Infrastructure Bond | 12.257 | 01/05/37 | 1,333,114 | ||||||||||||
TOTAL KENYA | 5,920,006 | ||||||||||||||||
LEBANON - 0.1% | |||||||||||||||||
$ | 3,200,000 | †,q | Lebanon Government International Bond | 6.250 | 11/04/24 | 379,136 | |||||||||||
3,800,000 | †,q | Lebanon Government International Bond | 6.850 | 03/23/27 | 435,100 | ||||||||||||
TOTAL LEBANON | 814,236 | ||||||||||||||||
MALAYSIA - 0.3% | |||||||||||||||||
MYR | 3,000,000 | Malaysia Government Bond | 3.900 | 11/30/26 | 688,406 | ||||||||||||
4,000,000 | Malaysia Government Bond | 3.828 | 07/05/34 | 833,177 | |||||||||||||
TOTAL MALAYSIA | 1,521,583 | ||||||||||||||||
MEXICO - 1.5% | |||||||||||||||||
MXN | 38,600,000 | Mexican Bonos | 7.500 | 06/03/27 | 1,772,878 | ||||||||||||
39,900,000 | Mexican Bonos | 8.500 | 11/18/38 | 1,846,078 | |||||||||||||
$ | 3,500,000 | Mexico Government International Bond | 4.280 | 08/14/41 | 2,906,505 |
301 |
TIAA-CREF FUNDS – Emerging Markets Debt Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | |||||||||||||
$ | 1,850,000 | Mexico Government International Bond | 4.400 | % | 02/12/52 | $ | 1,475,467 | ||||||||||
TOTAL MEXICO | 8,000,928 | ||||||||||||||||
MONGOLIA - 0.5% | |||||||||||||||||
2,425,000 | g | Mongolia Government International Bond | 5.125 | 04/07/26 | 2,263,561 | ||||||||||||
550,000 | e,g | Mongolia Government International Bond | 4.450 | 07/07/31 | 465,831 | ||||||||||||
TOTAL MONGOLIA | 2,729,392 | ||||||||||||||||
MOROCCO - 0.5% | |||||||||||||||||
1,000,000 | g | Morocco Government International Bond | 2.375 | 12/15/27 | 863,685 | ||||||||||||
525,000 | g | Morocco Government International Bond | 3.000 | 12/15/32 | 414,345 | ||||||||||||
1,450,000 | g | Morocco Government International Bond | 5.500 | 12/11/42 | 1,263,756 | ||||||||||||
TOTAL MOROCCO | 2,541,786 | ||||||||||||||||
NAMIBIA - 0.3% | |||||||||||||||||
1,700,000 | g | Namibia Government International Bond | 5.250 | 10/29/25 | 1,633,827 | ||||||||||||
TOTAL NAMIBIA | 1,633,827 | ||||||||||||||||
NIGERIA - 1.3% | |||||||||||||||||
900,000 | g | Nigeria Government International Bond | 6.500 | 11/28/27 | 797,176 | ||||||||||||
2,075,000 | g | Nigeria Government International Bond | 8.375 | 03/24/29 | 1,933,195 | ||||||||||||
1,850,000 | g | Nigeria Government International Bond | 7.875 | 02/16/32 | 1,546,298 | ||||||||||||
1,500,000 | g | Nigeria Government International Bond | 7.375 | 09/28/33 | 1,196,119 | ||||||||||||
2,000,000 | g | Nigeria Government International Bond | 7.696 | 02/23/38 | 1,502,203 | ||||||||||||
TOTAL NIGERIA | 6,974,991 | ||||||||||||||||
OMAN - 1.6% | |||||||||||||||||
2,425,000 | g | Oman Government International Bond | 5.375 | 03/08/27 | 2,433,844 | ||||||||||||
2,550,000 | g | Oman Government International Bond | 6.750 | 10/28/27 | 2,696,249 | ||||||||||||
1,500,000 | g | Oman Government International Bond | 6.250 | 01/25/31 | 1,523,625 | ||||||||||||
1,200,000 | g | Oman Government International Bond | 6.500 | 03/08/47 | 1,094,707 | ||||||||||||
1,025,000 | g | Oman Government International Bond | 6.750 | 01/17/48 | 957,099 | ||||||||||||
TOTAL OMAN | 8,705,524 | ||||||||||||||||
PAKISTAN - 1.3% | |||||||||||||||||
1,500,000 | e,g | Pakistan Global Sukuk Programme Co Ltd | 7.950 | 01/31/29 | 1,425,693 | ||||||||||||
3,200,000 | g | Pakistan Government International Bond | 6.875 | 12/05/27 | 2,611,558 | ||||||||||||
1,500,000 | g | Pakistan Government International Bond | 7.375 | 04/08/31 | 1,149,810 | ||||||||||||
1,000,000 | g | Pakistan Government International Bond | 8.875 | 04/08/51 | 717,500 | ||||||||||||
2,000,000 | Pakistan Water & Power Development Authority | 7.500 | 06/04/31 | 1,286,000 | |||||||||||||
TOTAL PAKISTAN | 7,190,561 | ||||||||||||||||
PANAMA - 0.5% | |||||||||||||||||
2,850,000 | Panama Notas del Tesoro | 3.750 | 04/17/26 | 2,815,800 | |||||||||||||
TOTAL PANAMA | 2,815,800 | ||||||||||||||||
PARAGUAY - 0.3% | |||||||||||||||||
1,800,000 | g | Paraguay Government International Bond | 2.739 | 01/29/33 | 1,462,019 | ||||||||||||
TOTAL PARAGUAY | 1,462,019 |
302 |
TIAA-CREF FUNDS – Emerging Markets Debt Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | |||||||||||||
PERU - 1.0% | |||||||||||||||||
$ | 3,000,000 | e,g | Fondo MIVIVIENDA S.A. | 4.625 | % | 04/12/27 | $ | 2,962,500 | |||||||||
1,645,000 | Peruvian Government International Bond | 3.000 | 01/15/34 | 1,369,890 | |||||||||||||
PEN | 4,150,000 | g | Peruvian Government International Bond | 5.400 | 08/12/34 | 866,144 | |||||||||||
$ | 550,000 | Peruvian Government International Bond | 3.300 | 03/11/41 | 429,990 | ||||||||||||
TOTAL PERU | 5,628,524 | ||||||||||||||||
PHILIPPINES - 0.4% | |||||||||||||||||
500,000 | Philippine Government International Bond | 3.556 | 09/29/32 | 473,067 | |||||||||||||
1,975,000 | k | Philippine Government International Bond | 4.200 | 03/29/47 | 1,813,956 | ||||||||||||
TOTAL PHILIPPINES | 2,287,023 | ||||||||||||||||
QATAR - 0.8% | |||||||||||||||||
2,000,000 | g | Qatar Government International Bond | 3.750 | 04/16/30 | 2,017,223 | ||||||||||||
2,200,000 | g | Qatar Government International Bond | 4.400 | 04/16/50 | 2,222,855 | ||||||||||||
TOTAL QATAR | 4,240,078 | ||||||||||||||||
ROMANIA - 0.6% | |||||||||||||||||
1,320,000 | g | Romanian Government International Bond | 3.000 | 02/27/27 | 1,224,570 | ||||||||||||
1,080,000 | e,g | Romanian Government International Bond | 3.000 | 02/14/31 | 918,354 | ||||||||||||
1,400,000 | g | Romanian Government International Bond | 4.000 | 02/14/51 | 1,061,146 | ||||||||||||
TOTAL ROMANIA | 3,204,070 | ||||||||||||||||
RUSSIA - 0.1% | |||||||||||||||||
RUB | 105,300,000 | † | Russian Federal Bond-OFZ | 7.100 | 10/16/24 | 90,394 | |||||||||||
83,900,000 | † | Russian Federal Bond-OFZ | 7.950 | 10/07/26 | 72,024 | ||||||||||||
64,000,000 | † | Russian Federal Bond-OFZ | 7.650 | 04/10/30 | 54,940 | ||||||||||||
$ | 2,000,000 | †,g | Russian Foreign Bond - Eurobond | 5.100 | 03/28/35 | 440,000 | |||||||||||
TOTAL RUSSIA | 657,358 | ||||||||||||||||
RWANDA - 0.6% | |||||||||||||||||
3,825,000 | g | Rwanda International Government Bond | 5.500 | 08/09/31 | 3,378,787 | ||||||||||||
TOTAL RWANDA | 3,378,787 | ||||||||||||||||
SAUDI ARABIA - 1.4% | |||||||||||||||||
1,950,000 | g | Saudi Government International Bond | 3.250 | 10/26/26 | 1,937,791 | ||||||||||||
2,500,000 | g | Saudi Government International Bond | 2.250 | 02/02/33 | 2,162,377 | ||||||||||||
1,000,000 | g | Saudi Government International Bond | 3.250 | 11/17/51 | 802,011 | ||||||||||||
2,000,000 | g | Saudi Government International Bond | 3.750 | 01/21/55 | 1,741,131 | ||||||||||||
1,500,000 | g | Saudi Government International Bond | 3.450 | 02/02/61 | 1,198,290 | ||||||||||||
TOTAL SAUDI ARABIA | 7,841,600 | ||||||||||||||||
SENEGAL - 0.4% | |||||||||||||||||
950,000 | g | Senegal Government International Bond | 6.250 | 05/23/33 | 847,232 | ||||||||||||
1,900,000 | g | Senegal Government International Bond | 6.750 | 03/13/48 | 1,506,898 | ||||||||||||
TOTAL SENEGAL | 2,354,130 | ||||||||||||||||
SOUTH AFRICA - 2.1% | |||||||||||||||||
1,625,000 | k | Republic of South Africa Government International Bond | 5.875 | 04/20/32 | 1,545,050 | ||||||||||||
ZAR | 9,050,000 | Republic of South Africa Government International Bond | 8.875 | 02/28/35 | 499,426 |
303 |
TIAA-CREF FUNDS – Emerging Markets Debt Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | |||||||||||||
$ | 1,025,000 | Republic of South Africa Government International Bond | 5.650 | % | 09/27/47 | $ | 810,205 | ||||||||||
1,500,000 | Republic of South Africa Government International Bond | 5.750 | 09/30/49 | 1,185,775 | |||||||||||||
1,000,000 | e | Republic of South Africa Government International Bond | 7.300 | 04/20/52 | 935,200 | ||||||||||||
3,000,000 | e | South Africa Government International Bond | 4.300 | 10/12/28 | 2,731,906 | ||||||||||||
ZAR | 59,300,000 | South Africa Government International Bond | 7.000 | 02/28/31 | 3,063,513 | ||||||||||||
$ | 1,250,000 | South Africa Government International Bond | 5.375 | 07/24/44 | 994,080 | ||||||||||||
TOTAL SOUTH AFRICA | 11,765,155 | ||||||||||||||||
SRI LANKA - 0.3% | |||||||||||||||||
800,000 | †,g | Sri Lanka Government International Bond | 5.750 | 04/18/23 | 344,535 | ||||||||||||
1,000,000 | †,g | Sri Lanka Government International Bond | 6.825 | 07/18/26 | 435,000 | ||||||||||||
1,650,000 | †,g | Sri Lanka Government International Bond | 7.550 | 03/28/30 | 694,105 | ||||||||||||
TOTAL SRI LANKA | 1,473,640 | ||||||||||||||||
SUPRANATIONAL - 0.8% | |||||||||||||||||
975,000 | g | African Export-Import Bank | 2.634 | 05/17/26 | 898,666 | ||||||||||||
2,975,000 | g | Banque Ouest Africaine de Developpement | 4.700 | 10/22/31 | 2,938,441 | ||||||||||||
900,000 | † | European Bank for Reconstruction & Development | 10.000 | 02/28/23 | 756,812 | ||||||||||||
TOTAL SUPRANATIONAL | 4,593,919 | ||||||||||||||||
THAILAND - 0.3% | |||||||||||||||||
THB | 47,000,000 | Thailand Government International Bond | 2.875 | 12/17/28 | 1,397,655 | ||||||||||||
TOTAL THAILAND | 1,397,655 | ||||||||||||||||
TRINIDAD AND TOBAGO - 0.2% | |||||||||||||||||
$ | 1,050,000 | g | Trinidad & Tobago Government International Bond | 4.500 | 06/26/30 | 998,025 | |||||||||||
TOTAL TRINIDAD AND TOBAGO | 998,025 | ||||||||||||||||
TURKEY - 1.9% | |||||||||||||||||
2,675,000 | Turkey Government International Bond | 5.125 | 02/17/28 | 2,279,948 | |||||||||||||
1,500,000 | e | Turkey Government International Bond | 6.500 | 09/20/33 | 1,265,537 | ||||||||||||
4,350,000 | Turkey Government International Bond | 4.875 | 04/16/43 | 2,925,550 | |||||||||||||
625,000 | Turkey Government International Bond | 6.625 | 02/17/45 | 493,925 | |||||||||||||
2,500,000 | g | Turkiye Ihracat Kredi Bankasi AS. | 5.750 | 07/06/26 | 2,256,379 | ||||||||||||
1,500,000 | g | Turkiye Ihracat Kredit Bankasi | 5.375 | 10/24/23 | 1,470,045 | ||||||||||||
TOTAL TURKEY | 10,691,384 | ||||||||||||||||
UGANDA - 0.4% | |||||||||||||||||
UGX | 6,750,000,000 | Republic of Uganda Government Bonds | 14.250 | 08/23/29 | 1,963,481 | ||||||||||||
TOTAL UGANDA | 1,963,481 | ||||||||||||||||
UKRAINE - 0.7% | |||||||||||||||||
$ | 2,225,000 | †,g | NPC Ukrenergo | 6.875 | 11/09/26 | 689,750 | |||||||||||
UAH | 37,000,000 | † | Ukraine Government International Bond | 15.840 | 02/26/25 | 633,060 | |||||||||||
$ | 1,925,000 | g | Ukraine Government International Bond | 7.750 | 09/01/25 | 627,189 | |||||||||||
1,450,000 | g | Ukraine Government International Bond | 9.750 | 11/01/28 | 474,875 | ||||||||||||
EUR | 525,000 | g | Ukraine Government International Bond | 4.375 | 01/27/30 | 171,693 | |||||||||||
$ | 3,000,000 | g | Ukraine Government International Bond | 7.253 | 03/15/33 | 930,000 |
304 |
TIAA-CREF FUNDS – Emerging Markets Debt Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | |||||||||||||
$ | 2,320,000 | g,i | Ukraine Government International Bond | 1.258 | % | 05/31/40 | $ | 678,600 | |||||||||
TOTAL UKRAINE | 4,205,167 | ||||||||||||||||
UNITED ARAB EMIRATES - 0.8% | |||||||||||||||||
2,650,000 | g | Abu Dhabi Government International Bond | 3.125 | 09/30/49 | 2,185,527 | ||||||||||||
2,650,000 | Emirate of Dubai Government International Bonds | 3.900 | 09/09/50 | 2,104,194 | |||||||||||||
TOTAL UNITED ARAB EMIRATES | 4,289,721 | ||||||||||||||||
URUGUAY - 0.9% | |||||||||||||||||
3,770,000 | Uruguay Government International Bond | 4.375 | 01/23/31 | 3,864,325 | |||||||||||||
UYU | 61,000,000 | Uruguay Government International Bond | 8.250 | 05/21/31 | 1,340,115 | ||||||||||||
TOTAL URUGUAY | 5,204,440 | ||||||||||||||||
UZBEKISTAN - 0.6% | |||||||||||||||||
UZS | 7,990,000,000 | g | Republic of Uzbekistan International Bond | 14.500 | 11/25/23 | 699,668 | |||||||||||
5,708,925,000 | g | Republic of Uzbekistan International Bond | 14.000 | 07/19/24 | 474,349 | ||||||||||||
$ | 1,450,000 | g | Republic of Uzbekistan International Bond | 5.375 | 02/20/29 | 1,385,361 | |||||||||||
1,000,000 | g | Republic of Uzbekistan International Bond | 3.700 | 11/25/30 | 812,275 | ||||||||||||
TOTAL UZBEKISTAN | 3,371,653 | ||||||||||||||||
ZAMBIA - 0.6% | |||||||||||||||||
3,900,000 | g | Zambia Government International Bond | 8.500 | 04/14/24 | 2,927,496 | ||||||||||||
750,000 | g | Zambia Government International Bond | 8.970 | 07/30/27 | 556,462 | ||||||||||||
TOTAL ZAMBIA | 3,483,958 | ||||||||||||||||
TOTAL GOVERNMENT BONDS | 248,533,203 | ||||||||||||||||
(Cost $303,105,775) | |||||||||||||||||
STRUCTURED ASSETS - 0.5% | |||||||||||||||||
CAYMAN ISLANDS - 0.5% | |||||||||||||||||
3,000,000 | †,g | Industrial DPR Funding Ltd | 5.380 | 04/15/34 | 3,000,000 | ||||||||||||
Series - 0 2022 1A (Class 1) | |||||||||||||||||
TOTAL CAYMAN ISLANDS | 3,000,000 | ||||||||||||||||
TOTAL STRUCTURED ASSETS | 3,000,000 | ||||||||||||||||
(Cost $3,000,000) | |||||||||||||||||
TOTAL BONDS | 518,945,355 | ||||||||||||||||
(Cost $608,622,225) | |||||||||||||||||
SHARES | COMPANY | ||||||||||||||||
COMMON STOCKS - 1.1% | |||||||||||||||||
UNITED STATES - 1.1% | |||||||||||||||||
729,619 | * | Petra Diamonds Ltd | 1,131,103 | ||||||||||||||
270,981 | *,e | Grupo Aeromexico SAB de C.V. | 4,784,478 | ||||||||||||||
TOTAL UNITED STATES | 5,915,581 | ||||||||||||||||
TOTAL COMMON STOCKS | 5,915,581 | ||||||||||||||||
(Cost $5,779,534) |
305 |
TIAA-CREF FUNDS – Emerging Markets Debt Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | |||||||||||||
SHORT-TERM INVESTMENTS - 7.2% | |||||||||||||||||
EGYPT - 0.2% | |||||||||||||||||
EGP | 10,000,000 | Egypt Treasury Bill | 0.000 | % | 05/17/22 | $ | 539,773 | ||||||||||
9,200,000 | Egypt Treasury Bill | 0.000 | 09/13/22 | 475,810 | |||||||||||||
TOTAL EGYPT | 1,015,583 | ||||||||||||||||
UNITED STATES - 1.2% | |||||||||||||||||
$ | 3,218,000 | Federal Agricultural Mortgage Corp (FAMC) | 0.000 | 05/03/22 | 3,217,957 | ||||||||||||
3,217,957 | |||||||||||||||||
REPURCHASE AGREEMENT | |||||||||||||||||
3,490,000 | r | Fixed Income Clearing Corp (FICC) | 0.230 | 05/02/22 | 3,490,000 | ||||||||||||
3,490,000 | |||||||||||||||||
TOTAL UNITED STATES | 6,707,957 | ||||||||||||||||
SHARES | COMPANY | ||||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 5.8% | |||||||||||||||||
UNITED STATES - 5.8% | |||||||||||||||||
31,496,628 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 0.310 | 31,496,628 | |||||||||||||
TOTAL UNITED STATES | 31,496,628 | ||||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 39,220,168 | ||||||||||||||||
(Cost $39,395,099) | |||||||||||||||||
TOTAL INVESTMENTS - 103.3% | 565,900,018 | ||||||||||||||||
(Cost $655,623,058) | |||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - (3.3)% | (17,962,309 | ) | |||||||||||||||
NET ASSETS - 100.0% | $ | 547,937,709 |
BRL | Brazilian Real | ||
CLP | Chilean Peso | ||
CNY | Chinese Yuan | ||
DOP | Dominican Republic Peso | ||
EGP | Egyptian Pound | ||
EUR | Euro | ||
IDR | Indonesian Rupiah | ||
KES | Kenyan Shilling | ||
KZT | Kazakhstani Tenge | ||
MXN | Mexican Peso | ||
MYR | Malaysian Ringgit | ||
PEN | Peruvian Sol | ||
RUB | Russian Ruble | ||
THB | Thai Baht | ||
UAH | Ukrainian Hryvnia | ||
UGX | Ugandan Shillings | ||
UYU | Uruguayan Peso | ||
UZS | Uzbekistan Som | ||
ZAR | South African Rand |
306 |
TIAA-CREF FUNDS – Emerging Markets Debt Fund
* | Non-income producing | ||
† | 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 $31,628,053. | ||
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 4/30/22, the aggregate value of these securities is $405,159,451 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. | ||
o | Payment in Kind Bond | ||
q | In default | ||
r | Agreement with Fixed Income Clearing Corp (FICC), 0.230% dated 4/29/22 to be repurchased at $3,490,000 on 5/2/22, collateralized by U.S. Government Agency Securities, with a coupon rate of 2.500% and an expiration date of 2/15/46, valued at $3,559,867. | ||
307 |
TIAA-CREF FUNDS – International Bond Fund
TIAA-CREF FUNDS
INTERNATIONAL BOND FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited)
April 30, 2022
PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
BANK LOAN OBLIGATIONS - 2.0% | ||||||||||||||||||
CANADA - 0.1% | ||||||||||||||||||
$ | 387,905 | i | 1011778 BC ULC | LIBOR 1 M + 1.750% | 2.514 | % | 11/19/26 | $ | 380,065 | |||||||||
TOTAL CANADA | 380,065 | |||||||||||||||||
IRELAND - 0.1% | ||||||||||||||||||
261,086 | i | Avolon TLB Borrower US LLC | LIBOR 3 M + 1.750% | 2.500 | 01/15/25 | 258,149 | ||||||||||||
343,000 | i | Avolon TLB Borrower US LLC | LIBOR 1 M + 1.500% | 2.250 | 02/12/27 | 335,498 | ||||||||||||
TOTAL IRELAND | 593,647 | |||||||||||||||||
LUXEMBOURG - 0.3% | ||||||||||||||||||
1,000,000 | i | Delta 2 Lux Sarl | LIBOR 3 M + 2.500% | 3.500 | 02/01/24 | 994,220 | ||||||||||||
427,239 | i | Ineos US Finance LLC | LIBOR 3 M + 2.000% | 2.764 | 03/31/24 | 424,838 | ||||||||||||
TOTAL LUXEMBOURG | 1,419,058 | |||||||||||||||||
UNITED STATES - 1.5% | ||||||||||||||||||
332,921 | i | American Airlines, Inc | LIBOR 3 M + 2.000% | 2.840 | 12/14/23 | 329,386 | ||||||||||||
986,339 | i | APi Group DE, Inc | LIBOR 1 M + 2.750% | 3.514 | 01/03/29 | 981,654 | ||||||||||||
290,851 | i | Bausch Health Americas, Inc | LIBOR 3 M + 3.000% | 3.457 | 06/02/25 | 289,094 | ||||||||||||
250,389 | i | Change Healthcare Holdings LLC | LIBOR 1 M + 2.500% | 3.500 | 03/01/24 | 249,775 | ||||||||||||
116,061 | i | Endo Luxembourg Finance Co I Sarl | LIBOR 1 M + 5.000% | 5.813 | 03/25/28 | 107,385 | ||||||||||||
750,000 | h,i | II-VI, Inc | LIBOR 1 M + 2.750% | 3.250 | 12/08/28 | 745,628 | ||||||||||||
994,987 | i | Jazz Financing Lux Sarl | LIBOR 1 M + 3.500% | 4.264 | 05/05/28 | 992,998 | ||||||||||||
294,485 | i | Nielsen Finance LLC | LIBOR 3 M + 2.000% | 2.488 | 10/04/23 | 294,016 | ||||||||||||
1,000,000 | i | Phoenix Newco, Inc | LIBOR 1 M + 3.500% | 4.000 | 11/15/28 | 992,190 | ||||||||||||
409,461 | i | Plantronics, Inc | LIBOR 3 M + 2.500% | 2.957 | 07/02/25 | 405,813 | ||||||||||||
299,967 | i | Sabre GLBL, Inc | LIBOR 3 M + 2.000% | 4.750 | 02/22/24 | 295,779 | ||||||||||||
409,483 | i | Samsonite IP Holdings Sarl | LIBOR 3 M + 1.750% | 2.514 | 04/25/25 | 401,191 | ||||||||||||
298,237 | i | Team Health Holdings, Inc | LIBOR 3 M + 2.750% | 6.250 | 02/06/24 | 277,113 | ||||||||||||
625,000 | h,i | Trans Union LLC | LIBOR 1 M + 2.250% | 2.750 | 12/01/28 | 618,056 | ||||||||||||
TOTAL UNITED STATES | 6,980,078 | |||||||||||||||||
TOTAL BANK LOAN OBLIGATIONS | 9,372,848 | |||||||||||||||||
(Cost $9,474,313) | ||||||||||||||||||
BONDS - 92.0% | ||||||||||||||||||
CORPORATE BONDS - 22.6% | ||||||||||||||||||
AUSTRIA - 0.1% | ||||||||||||||||||
EUR | 600,000 | Erste Group Bank AG. | 4.250 | N/A‡ | 574,420 | |||||||||||||
TOTAL AUSTRIA | 574,420 | |||||||||||||||||
BELGIUM - 0.4% | ||||||||||||||||||
300,000 | z | Argenta Spaarbank NV | 1.375 | 02/08/29 | 289,537 |
308 |
TIAA-CREF FUNDS – International Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
EUR | 800,000 | z | KBC Group NV | 0.750 | % | 01/21/28 | $ | 786,022 | ||||||||
800,000 | z | Proximus SADP | 0.750 | 11/17/36 | 685,252 | |||||||||||
TOTAL BELGIUM | 1,760,811 | |||||||||||||||
BRAZIL - 0.2% | ||||||||||||||||
$ | 300,000 | g | B3 S.A.-Brasil Bolsa Balcao | 4.125 | 09/20/31 | 260,775 | ||||||||||
200,000 | g | Natura Cosmeticos S.A. | 4.125 | 05/03/28 | 179,320 | |||||||||||
500,000 | Suzano Austria GmbH | 3.125 | 01/15/32 | 403,750 | ||||||||||||
TOTAL BRAZIL | 843,845 | |||||||||||||||
CANADA - 0.9% | ||||||||||||||||
500,000 | Enbridge, Inc | 5.750 | 07/15/80 | 496,250 | ||||||||||||
EUR | 250,000 | g | Fairfax Financial Holdings Ltd | 2.750 | 03/29/28 | 256,927 | ||||||||||
$ | 750,000 | g | GFL Environmental, Inc | 4.250 | 06/01/25 | 727,418 | ||||||||||
1,275,000 | g | MEG Energy Corp | 5.875 | 02/01/29 | 1,248,059 | |||||||||||
500,000 | g | Nova Chemicals Corp | 4.875 | 06/01/24 | 493,125 | |||||||||||
315,000 | g | Parkland Corp | 4.625 | 05/01/30 | 275,625 | |||||||||||
500,000 | g | Parkland Fuel Corp | 5.875 | 07/15/27 | 484,850 | |||||||||||
TOTAL CANADA | 3,982,254 | |||||||||||||||
CHILE - 0.6% | ||||||||||||||||
398,922 | g | Alfa Desarrollo S.p.A | 4.550 | 09/27/51 | 312,775 | |||||||||||
300,000 | Celulosa Arauco y Constitucion S.A. | 3.875 | 11/02/27 | 290,250 | ||||||||||||
250,000 | g | Celulosa Arauco y Constitucion S.A. | 4.250 | 04/30/29 | 233,440 | |||||||||||
450,000 | e,g | Cia Cervecerias Unidas S.A. | 3.350 | 01/19/32 | 399,375 | |||||||||||
275,000 | g | Colbun S.A. | 3.150 | 01/19/32 | 232,375 | |||||||||||
200,000 | g | Corp Nacional del Cobre de Chile | 3.625 | 08/01/27 | 192,540 | |||||||||||
325,000 | g | Corp Nacional del Cobre de Chile | 3.150 | 01/15/51 | 238,316 | |||||||||||
200,000 | g | Embotelladora Andina S.A. | 3.950 | 01/21/50 | 167,252 | |||||||||||
325,000 | g | Empresa Nacional de Telecomunicaciones S.A. | 3.050 | 09/14/32 | 273,406 | |||||||||||
300,000 | g | Sociedad Quimica y Minera de Chile S.A. | 3.500 | 09/10/51 | 229,875 | |||||||||||
TOTAL CHILE | 2,569,604 | |||||||||||||||
CHINA - 0.2% | ||||||||||||||||
300,000 | g | ENN Clean Energy International Investment Ltd | 3.375 | 05/12/26 | 275,279 | |||||||||||
300,000 | g | ENN Energy Holdings Ltd | 2.625 | 09/17/30 | 255,393 | |||||||||||
350,000 | e | JD.com, Inc | 3.375 | 01/14/30 | 318,128 | |||||||||||
TOTAL CHINA | 848,800 | |||||||||||||||
COLOMBIA - 0.2% | ||||||||||||||||
350,000 | Bancolombia S.A. | 3.000 | 01/29/25 | 328,814 | ||||||||||||
300,000 | Ecopetrol S.A. | 5.375 | 06/26/26 | 295,230 | ||||||||||||
75,000 | Ecopetrol S.A. | 6.875 | 04/29/30 | 74,063 | ||||||||||||
225,000 | Ecopetrol S.A. | 4.625 | 11/02/31 | 187,988 | ||||||||||||
TOTAL COLOMBIA | 886,095 | |||||||||||||||
CZECH REPUBLIC - 0.1% | ||||||||||||||||
EUR | 300,000 | z | CPI Property Group S.A. | 1.750 | 01/14/30 | 259,166 | ||||||||||
TOTAL CZECH REPUBLIC | 259,166 |
309 |
TIAA-CREF FUNDS – International Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
FRANCE - 1.4% | ||||||||||||||||
EUR | 600,000 | Airbus SE | 2.375 | % | 06/09/40 | $ | 566,142 | |||||||||
250,000 | g | Altice France S.A. | 5.875 | 02/01/27 | 264,122 | |||||||||||
600,000 | g | Altice France S.A. | 3.375 | 01/15/28 | 540,494 | |||||||||||
500,000 | z | BNP Paribas S.A. | 2.100 | 04/07/32 | 494,161 | |||||||||||
500,000 | Credit Agricole Assurances S.A. | 1.500 | 10/06/31 | 437,601 | ||||||||||||
600,000 | Electricite de France S.A. | 2.000 | 10/02/30 | 614,619 | ||||||||||||
GBP | 500,000 | Electricite de France S.A. | 5.500 | 10/17/41 | 733,532 | |||||||||||
EUR | 500,000 | z | Engie S.A. | 1.875 | N/A‡ | 422,389 | ||||||||||
835,000 | g | Iliad Holding SAS | 5.125 | 10/15/26 | 851,071 | |||||||||||
300,000 | z | La Poste S.A. | 0.625 | 01/18/36 | 239,105 | |||||||||||
GBP | 700,000 | z | Societe Generale S.A. | 1.250 | 12/07/27 | 768,004 | ||||||||||
EUR | 500,000 | z | Societe Generale S.A. | 0.500 | 06/12/29 | 457,395 | ||||||||||
TOTAL FRANCE | 6,388,635 | |||||||||||||||
GERMANY - 0.9% | ||||||||||||||||
$ | 900,000 | Deutsche Bank AG. | 3.742 | 01/07/33 | 735,215 | |||||||||||
EUR | 750,000 | g,o | IHO Verwaltungs GmbH | 3.750 | 09/15/26 | 734,787 | ||||||||||
MXN | 11,000,000 | Kreditanstalt fuer Wiederaufbau | 4.400 | 07/25/25 | 458,888 | |||||||||||
EUR | 600,000 | Volkswagen Bank GmbH | 2.500 | 07/31/26 | 633,490 | |||||||||||
GBP | 800,000 | Volkswagen International Finance NV | 3.375 | 11/16/26 | 997,028 | |||||||||||
EUR | 800,000 | Vonovia SE | 0.625 | 12/14/29 | 710,711 | |||||||||||
TOTAL GERMANY | 4,270,119 | |||||||||||||||
HUNGARY - 0.1% | ||||||||||||||||
EUR | 400,000 | z | MVM Energetika Zrt | 0.875 | 11/18/27 | 373,881 | ||||||||||
TOTAL HUNGARY | 373,881 | |||||||||||||||
INDIA - 0.3% | ||||||||||||||||
$ | 300,000 | g | Adani Electricity Mumbai Ltd | 3.867 | 07/22/31 | 247,741 | ||||||||||
425,000 | g | Bharti Airtel Ltd | 3.250 | 06/03/31 | 364,538 | |||||||||||
200,000 | g | CA Magnum Holdings | 5.375 | 10/31/26 | 191,000 | |||||||||||
200,000 | g | Indian Railway Finance Corp Ltd | 3.249 | 02/13/30 | 175,541 | |||||||||||
250,000 | z | Power Finance Corp Ltd | 3.350 | 05/16/31 | 209,305 | |||||||||||
225,000 | g | UltraTech Cement Ltd | 2.800 | 02/16/31 | 185,918 | |||||||||||
TOTAL INDIA | 1,374,043 | |||||||||||||||
INDONESIA - 0.1% | ||||||||||||||||
225,000 | g | Pelabuhan Indonesia III Persero PT | 4.500 | 05/02/23 | 226,904 | |||||||||||
200,000 | g | Pertamina Persero PT | 3.650 | 07/30/29 | 188,473 | |||||||||||
225,000 | g | Perusahaan Listrik Negara PT | 4.875 | 07/17/49 | 191,250 | |||||||||||
TOTAL INDONESIA | 606,627 | |||||||||||||||
IRELAND - 0.2% | ||||||||||||||||
EUR | 1,000,000 | z | Bank of Ireland Group plc | 0.375 | 05/10/27 | 961,705 | ||||||||||
TOTAL IRELAND | 961,705 | |||||||||||||||
ISRAEL - 0.3% | ||||||||||||||||
$ | 500,000 | g | Bank Hapoalim BM | 3.255 | N/A‡ | 450,000 | ||||||||||
300,000 | g | Bank Leumi Le-Israel BM | 3.275 | 01/29/31 | 274,140 | |||||||||||
625,000 | g | Israel Electric Corp Ltd | 4.250 | 08/14/28 | 617,282 | |||||||||||
TOTAL ISRAEL | 1,341,422 |
310 |
TIAA-CREF FUNDS – International Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
ITALY - 0.2% | ||||||||||||||||
$ | 200,000 | g | Intesa Sanpaolo S.p.A | 4.198 | % | 06/01/32 | $ | 165,660 | ||||||||
750,000 | g | UniCredit S.p.A | 2.569 | 09/22/26 | 683,527 | |||||||||||
TOTAL ITALY | 849,187 | |||||||||||||||
JAPAN - 0.4% | ||||||||||||||||
EUR | 500,000 | z | ORIX Corp | 1.919 | 04/20/26 | 525,814 | ||||||||||
500,000 | z | Sumitomo Mitsui Financial Group, Inc | 0.819 | 07/23/23 | 529,196 | |||||||||||
500,000 | Takeda Pharmaceutical Co Ltd | 1.000 | 07/09/29 | 482,978 | ||||||||||||
500,000 | Takeda Pharmaceutical Co Ltd | 1.375 | 07/09/32 | 470,090 | ||||||||||||
TOTAL JAPAN | 2,008,078 | |||||||||||||||
KAZAKHSTAN - 0.2% | ||||||||||||||||
$ | 475,000 | g | KazTransGas JSC | 4.375 | 09/26/27 | 426,974 | ||||||||||
400,000 | g | Tengizchevroil Finance Co International Ltd | 2.625 | 08/15/25 | 353,502 | |||||||||||
TOTAL KAZAKHSTAN | 780,476 | |||||||||||||||
KOREA, REPUBLIC OF - 0.2% | ||||||||||||||||
300,000 | z | Hyundai Heavy Industries Co Ltd | 3.179 | 03/28/27 | 290,648 | |||||||||||
250,000 | g | Kia Corp | 2.750 | 02/14/27 | 235,706 | |||||||||||
200,000 | g,h | Korea East-West Power Co Ltd | 3.600 | 05/06/25 | 199,594 | |||||||||||
TOTAL KOREA, REPUBLIC OF | 725,948 | |||||||||||||||
KUWAIT - 0.1% | ||||||||||||||||
375,000 | g | NBK SPC Ltd | 1.625 | 09/15/27 | 337,087 | |||||||||||
TOTAL KUWAIT | 337,087 | |||||||||||||||
LUXEMBOURG - 0.4% | ||||||||||||||||
EUR | 1,000,000 | g | Albion Financing SARL | 5.250 | 10/15/26 | 998,932 | ||||||||||
250,000 | z | Czech Gas Networks Investments Sarl | 0.450 | 09/08/29 | 216,331 | |||||||||||
150,000 | z | GTC Aurora Luxembourg S.A. | 2.250 | 06/23/26 | 140,720 | |||||||||||
500,000 | z | ProLogis International Funding II S.A. | 2.375 | 11/14/30 | 515,125 | |||||||||||
TOTAL LUXEMBOURG | 1,871,108 | |||||||||||||||
MALAYSIA - 0.2% | ||||||||||||||||
$ | 300,000 | g | CIMB Bank Bhd | 2.125 | 07/20/27 | 276,090 | ||||||||||
400,000 | g | Genm Capital Labuan Ltd | 3.882 | 04/19/31 | 330,441 | |||||||||||
250,000 | g | Petronas Energy Canada Ltd | 2.112 | 03/23/28 | 226,177 | |||||||||||
TOTAL MALAYSIA | 832,708 | |||||||||||||||
MEXICO - 0.2% | ||||||||||||||||
375,000 | g | Becle SAB de C.V. | 2.500 | 10/14/31 | 315,000 | |||||||||||
375,000 | g | Orbia Advance Corp SAB de C.V. | 1.875 | 05/11/26 | 335,625 | |||||||||||
500,000 | g | Sigma Alimentos S.A. de C.V. | 4.125 | 05/02/26 | 492,500 | |||||||||||
TOTAL MEXICO | 1,143,125 | |||||||||||||||
NETHERLANDS - 0.4% | ||||||||||||||||
EUR | 600,000 | Cooperatieve Rabobank UA | 3.250 | N/A‡ | 568,091 | |||||||||||
1,300,000 | g | VZ Secured Financing BV | 3.500 | 01/15/32 | 1,169,401 | |||||||||||
TOTAL NETHERLANDS | 1,737,492 |
311 |
TIAA-CREF FUNDS – International Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
NIGERIA - 0.2% | ||||||||||||||||
EUR | 1,000,000 | g | BOI Finance BV | 7.500 | % | 02/16/27 | $ | 1,033,961 | ||||||||
TOTAL NIGERIA | 1,033,961 | |||||||||||||||
PANAMA - 0.1% | ||||||||||||||||
$ | 200,000 | g | Aeropuerto Internacional de Tocumen S.A. | 4.000 | 08/11/41 | 174,124 | ||||||||||
300,000 | g | Banco General S.A. | 4.125 | 08/07/27 | 299,100 | |||||||||||
TOTAL PANAMA | 473,224 | |||||||||||||||
PERU - 0.0% | ||||||||||||||||
200,000 | g | Kallpa Generacion SA | 4.125 | 08/16/27 | 185,752 | |||||||||||
TOTAL PERU | 185,752 | |||||||||||||||
POLAND - 0.1% | ||||||||||||||||
EUR | 300,000 | z | mBank S.A. | 0.966 | 09/21/27 | 277,336 | ||||||||||
250,000 | z | Polski Koncern Naftowy ORLEN S.A. | 1.125 | 05/27/28 | 221,577 | |||||||||||
TOTAL POLAND | 498,913 | |||||||||||||||
QATAR - 0.6% | ||||||||||||||||
$ | 300,000 | z | CBQ Finance Ltd | 2.000 | 05/12/26 | 278,749 | ||||||||||
CNY | 16,000,000 | QNB Finance Ltd | 3.150 | 02/04/26 | 2,316,954 | |||||||||||
TOTAL QATAR | 2,595,703 | |||||||||||||||
ROMANIA - 0.0% | ||||||||||||||||
EUR | 250,000 | z | NE Property BV | 2.000 | 01/20/30 | 217,227 | ||||||||||
TOTAL ROMANIA | 217,227 | |||||||||||||||
RUSSIA - 0.0% | ||||||||||||||||
400,000 | †,g | Gazprom PJSC via Gaz Finance plc | 1.850 | 11/17/28 | 116,045 | |||||||||||
$ | 300,000 | †,g | Phosagro OAO Via Phosagro Bond Funding DAC | 2.600 | 09/16/28 | 67,500 | ||||||||||
TOTAL RUSSIA | 183,545 | |||||||||||||||
SAUDI ARABIA - 0.2% | ||||||||||||||||
500,000 | g | Arabian Centres Sukuk II Ltd | 5.625 | 10/07/26 | 470,862 | |||||||||||
250,000 | g | SABIC Capital II BV | 4.000 | 10/10/23 | 252,452 | |||||||||||
275,000 | g | Saudi Arabian Oil Co | 2.250 | 11/24/30 | 238,949 | |||||||||||
TOTAL SAUDI ARABIA | 962,263 | |||||||||||||||
SINGAPORE - 0.1% | ||||||||||||||||
EUR | 200,000 | z | Temasek Financial I Ltd | 0.500 | 11/20/31 | 181,779 | ||||||||||
$ | 500,000 | g | United Overseas Bank Ltd | 2.000 | 10/14/31 | 454,453 | ||||||||||
TOTAL SINGAPORE | 636,232 | |||||||||||||||
SOUTH AFRICA - 0.3% | ||||||||||||||||
450,000 | AngloGold Ashanti Holdings plc | 3.750 | 10/01/30 | 402,547 | ||||||||||||
1,250,000 | z | Eskom Holdings SOC Ltd | 4.314 | 07/23/27 | 1,129,709 | |||||||||||
TOTAL SOUTH AFRICA | 1,532,256 |
312 |
TIAA-CREF FUNDS – International Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
SPAIN - 0.2% | ||||||||||||||||
$ | 800,000 | Banco Santander S.A. | 7.500 | % | N/A‡ | $ | 805,520 | |||||||||
TOTAL SPAIN | 805,520 | |||||||||||||||
SUPRANATIONAL - 0.2% | ||||||||||||||||
IDR | 13,800,000,000 | European Bank for Reconstruction & Development | 5.200 | 05/28/24 | 935,643 | |||||||||||
TOTAL SUPRANATIONAL | 935,643 | |||||||||||||||
SWITZERLAND - 0.6% | ||||||||||||||||
EUR | 750,000 | z | Cloverie plc for Zurich Insurance Co Ltd | 1.500 | 12/15/28 | 764,353 | ||||||||||
GBP | 500,000 | Credit Suisse Group AG. | 2.250 | 06/09/28 | 572,864 | |||||||||||
EUR | 600,000 | z | UBS Group AG | 0.250 | 11/05/28 | 562,954 | ||||||||||
1,000,000 | z | UBS Group AG. | 0.250 | 02/24/28 | 933,775 | |||||||||||
TOTAL SWITZERLAND | 2,833,946 | |||||||||||||||
TAIWAN - 0.1% | ||||||||||||||||
$ | 300,000 | TSMC Arizona Corp | 4.125 | 04/22/29 | 298,650 | |||||||||||
TOTAL TAIWAN | 298,650 | |||||||||||||||
THAILAND - 0.2% | ||||||||||||||||
430,000 | g | Bangkok Bank PCL | 3.466 | 09/23/36 | 369,225 | |||||||||||
200,000 | g,z | PTTEP Treasury Center Co Ltd | 2.587 | 06/10/27 | 186,797 | |||||||||||
300,000 | g | Thaioil Treasury Center Co Ltd | 2.500 | 06/18/30 | 245,844 | |||||||||||
TOTAL THAILAND | 801,866 | |||||||||||||||
TURKEY - 0.0% | ||||||||||||||||
EUR | 250,000 | z | Arcelik AS. | 3.000 | 05/27/26 | 245,112 | ||||||||||
TOTAL TURKEY | 245,112 | |||||||||||||||
UNITED ARAB EMIRATES - 0.2% | ||||||||||||||||
$ | 200,000 | g | DAE Funding LLC | 3.375 | 03/20/28 | 181,171 | ||||||||||
300,000 | z | EI Sukuk Co Ltd | 1.827 | 09/23/25 | 282,494 | |||||||||||
300,000 | g | Sweihan PV Power Co PJSC | 3.625 | 01/31/49 | 261,271 | |||||||||||
TOTAL UNITED ARAB EMIRATES | 724,936 | |||||||||||||||
UNITED KINGDOM - 2.0% | ||||||||||||||||
EUR | 800,000 | z | Barclays plc | 0.625 | 11/14/23 | 845,395 | ||||||||||
800,000 | z | Barclays plc | 0.877 | 01/28/28 | 773,555 | |||||||||||
GBP | 500,000 | BAT International Finance plc | 4.000 | 09/04/26 | 627,997 | |||||||||||
UGX | 3,000,000,000 | †,g | ICBC Standard Bank plc | 14.250 | 06/26/34 | 816,219 | ||||||||||
GBP | 750,000 | Lloyds Banking Group plc | 1.985 | 12/15/31 | 852,533 | |||||||||||
EUR | 750,000 | Natwest Group plc | 1.750 | 03/02/26 | 780,580 | |||||||||||
750,000 | RELX Capital, Inc | 1.300 | 05/12/25 | 785,783 | ||||||||||||
600,000 | z | Standard Chartered plc | 0.800 | 11/17/29 | 553,816 | |||||||||||
700,000 | z | Standard Chartered plc | 1.200 | 09/23/31 | 668,311 | |||||||||||
GBP | 400,000 | Tesco Corporate Treasury Services plc | 2.750 | 04/27/30 | 470,723 | |||||||||||
700,000 | Virgin Money UK plc | 3.375 | 04/24/26 | 860,375 | ||||||||||||
1,055,000 | g | Vmed O2 UK Financing I plc | 4.500 | 07/15/31 | 1,143,577 | |||||||||||
TOTAL UNITED KINGDOM | 9,178,864 | |||||||||||||||
UNITED STATES - 9.2% | ||||||||||||||||
EUR | 500,000 | z | Abbott Ireland Financing DAC | 1.500 | 09/27/26 | 529,717 |
313 |
TIAA-CREF FUNDS – International Bond Fund
PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
EUR | 1,200,000 | AbbVie, Inc | 1.250 | % | 06/01/24 | $ | 1,269,793 | |||||||||||
900,000 | g | Adient Global Holdings Ltd | 3.500 | 08/15/24 | 892,569 | |||||||||||||
JPY | 100,000,000 | Aflac, Inc | 0.550 | 03/12/30 | 748,371 | |||||||||||||
EUR | 250,000 | g | Allied Universal Holdco LLC | 3.625 | 06/01/28 | 226,161 | ||||||||||||
575,000 | American Honda Finance Corp | 1.950 | 10/18/24 | 615,811 | ||||||||||||||
300,000 | American Tower Corp | 1.375 | 04/04/25 | 312,094 | ||||||||||||||
650,000 | American Tower Corp | 0.450 | 01/15/27 | 624,486 | ||||||||||||||
500,000 | Aptiv plc | 1.500 | 03/10/25 | 521,722 | ||||||||||||||
750,000 | g | Ardagh Metal Packaging Finance USA LLC | 2.000 | 09/01/28 | 672,657 | |||||||||||||
750,000 | g | Ardagh Metal Packaging Finance USA LLC | 3.000 | 09/01/29 | 646,254 | |||||||||||||
300,000 | g | Ashland Services BV | 2.000 | 01/30/28 | 286,462 | |||||||||||||
500,000 | AT&T, Inc | 2.350 | 09/05/29 | 527,406 | ||||||||||||||
750,000 | g | Avantor Funding, Inc | 3.875 | 07/15/28 | 748,702 | |||||||||||||
575,000 | Ball Corp | 0.875 | 03/15/24 | 588,771 | ||||||||||||||
500,000 | z | Bank of America Corp | 1.662 | 04/25/28 | 510,170 | |||||||||||||
500,000 | z | Bank of America Corp | 0.654 | 10/26/31 | 444,573 | |||||||||||||
500,000 | z | Bank of America Corp | 2.824 | 04/27/33 | 524,975 | |||||||||||||
700,000 | Becton Dickinson & Co | 1.401 | 05/24/23 | 744,081 | ||||||||||||||
600,000 | z | Blackstone Private Credit Fund | 1.750 | 11/30/26 | 578,078 | |||||||||||||
100,000 | Capital One Financial Corp | 0.800 | 06/12/24 | 103,450 | ||||||||||||||
400,000 | Celanese US Holdings LLC | 0.625 | 09/10/28 | 358,433 | ||||||||||||||
750,000 | Chubb INA Holdings, Inc | 1.550 | 03/15/28 | 763,920 | ||||||||||||||
350,000 | Chubb INA Holdings, Inc | 1.400 | 06/15/31 | 337,365 | ||||||||||||||
750,000 | z | Citigroup, Inc | 1.250 | 07/06/26 | 772,274 | |||||||||||||
700,000 | Comcast Corp | 0.250 | 05/20/27 | 682,719 | ||||||||||||||
1,250,000 | g | Coty, Inc | 3.875 | 04/15/26 | 1,235,292 | |||||||||||||
500,000 | g | Dana Financing Luxembourg Sarl | 3.000 | 07/15/29 | 436,671 | |||||||||||||
500,000 | g | Diebold Nixdorf Dutch Holding BV | 9.000 | 07/15/25 | 467,203 | |||||||||||||
GBP | 600,000 | Digital Stout Holding LLC | 3.750 | 10/17/30 | 751,504 | |||||||||||||
200,000 | Discovery Communications LLC | 2.500 | 09/20/24 | 248,997 | ||||||||||||||
800,000 | Dow Chemical Co | 0.500 | 03/15/27 | 781,679 | ||||||||||||||
300,000 | Equinix, Inc | 1.000 | 03/15/33 | 253,200 | ||||||||||||||
500,000 | FedEx Corp | 1.625 | 01/11/27 | 522,886 | ||||||||||||||
375,000 | Fidelity National Information Services, Inc | 1.100 | 07/15/24 | 392,735 | ||||||||||||||
750,000 | z | General Motors Financial Co, Inc | 0.600 | 05/20/27 | 698,401 | |||||||||||||
400,000 | Goldman Sachs Group, Inc | 1.375 | 05/15/24 | 424,015 | ||||||||||||||
500,000 | i,z | Goldman Sachs Group, Inc | EURIBOR 3 M + 1.000% | 0.449 | 02/07/25 | 529,222 | ||||||||||||
500,000 | z | Goldman Sachs Group, Inc | 0.250 | 01/26/28 | 464,797 | |||||||||||||
GBP | 400,000 | z | Goldman Sachs Group, Inc | 3.625 | 10/29/29 | 500,450 | ||||||||||||
EUR | 295,000 | g | Goodyear Europe BV | 2.750 | 08/15/28 | 266,551 | ||||||||||||
1,000,000 | Honeywell International, Inc | 0.000 | 03/10/24 | 1,034,623 | ||||||||||||||
600,000 | International Business Machines Corp | 0.650 | 02/11/32 | 545,125 | ||||||||||||||
400,000 | International Flavors & Fragrances, Inc | 1.800 | 09/25/26 | 415,432 | ||||||||||||||
500,000 | g | International Game Technology plc | 3.500 | 06/15/26 | 512,582 | |||||||||||||
500,000 | g | IQVIA, Inc | 1.750 | 03/15/26 | 494,585 | |||||||||||||
$ | 1,000,000 | JPMorgan Chase & Co | 3.650 | N/A‡ | 897,500 | |||||||||||||
EUR | 450,000 | g | Liberty Mutual Group, Inc | 2.750 | 05/04/26 | 486,491 | ||||||||||||
650,000 | Liberty Mutual Group, Inc | 2.750 | 05/04/26 | 702,719 | ||||||||||||||
GBP | 600,000 | McKesson Corp | 3.125 | 02/17/29 | 738,018 | |||||||||||||
EUR | 1,100,000 | z | Metropolitan Life Global Funding I | 0.550 | 06/16/27 | 1,078,671 |
314 |
TIAA-CREF FUNDS – International Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
EUR | 600,000 | z | Mondelez International Holdings Netherlands BV | 1.250 | % | 09/09/41 | $ | 466,769 | ||||||||
670,000 | Morgan Stanley | 1.342 | 10/23/26 | 690,279 | ||||||||||||
400,000 | g | OI European Group BV | 3.125 | 11/15/24 | 415,334 | |||||||||||
500,000 | g | Olympus Water US Holding Corp | 3.875 | 10/01/28 | 470,876 | |||||||||||
100,000 | g | Organon Finance LLC | 2.875 | 04/30/28 | 94,940 | |||||||||||
$ | 1,250,000 | g | Organon Finance LLC | 5.125 | 04/30/31 | 1,129,688 | ||||||||||
1,075,000 | Plains All American Pipeline LP | 3.800 | 09/15/30 | 995,032 | ||||||||||||
540,000 | ProLogis Euro Finance LLC | 0.375 | 02/06/28 | 508,457 | ||||||||||||
500,000 | Raytheon Technologies Corp | 2.150 | 05/18/30 | 509,766 | ||||||||||||
400,000 | Silgan Holdings, Inc | 3.250 | 03/15/25 | 416,449 | ||||||||||||
700,000 | Southern Co | 1.875 | 09/15/81 | 626,763 | ||||||||||||
450,000 | Stryker Corp | 2.625 | 11/30/30 | 482,946 | ||||||||||||
700,000 | The Procter & Gamble Company | 0.625 | 10/30/24 | 732,581 | ||||||||||||
500,000 | The Procter & Gamble Company | 1.875 | 10/30/38 | 498,987 | ||||||||||||
1,100,000 | Thermo Fisher Scientific Finance I BV | 0.800 | 10/18/30 | 1,031,182 | ||||||||||||
GBP | 600,000 | Time Warner Cable LLC | 5.750 | 06/02/31 | 824,902 | |||||||||||
$ | 125,000 | g | Univision Communications, Inc | 4.500 | 05/01/29 | 112,188 | ||||||||||
EUR | 400,000 | Verizon Communications, Inc | 1.875 | 10/26/29 | 410,504 | |||||||||||
600,000 | Walmart, Inc | 2.550 | 04/08/26 | 657,801 | ||||||||||||
1,000,000 | Whirlpool EMEA Finance Sarl | 0.500 | 02/20/28 | 945,848 | ||||||||||||
TOTAL UNITED STATES | 41,931,655 | |||||||||||||||
TOTAL CORPORATE BONDS | 103,401,904 | |||||||||||||||
(Cost $120,585,656) | ||||||||||||||||
GOVERNMENT BONDS - 62.8% | ||||||||||||||||
ANGOLA - 0.3% | ||||||||||||||||
$ | 1,550,000 | g | Angolan Government International Bond | 8.750 | 04/14/32 | 1,467,394 | ||||||||||
TOTAL ANGOLA | 1,467,394 | |||||||||||||||
AUSTRALIA - 1.9% | ||||||||||||||||
AUD | 3,650,000 | Australia Government Bond | 0.250 | 11/21/25 | 2,353,274 | |||||||||||
2,100,000 | z | Australia Government Bond | 2.250 | 05/21/28 | 1,419,399 | |||||||||||
1,940,000 | Australia Government Bond | 1.250 | 05/21/32 | 1,149,916 | ||||||||||||
1,660,000 | z | Australia Government Bond | 3.000 | 11/21/33 | 1,143,119 | |||||||||||
2,550,000 | z | Australia Government Bond | 1.750 | 06/21/51 | 1,239,491 | |||||||||||
1,685,000 | New South Wales Treasury Corp | 3.000 | 04/20/29 | 1,159,197 | ||||||||||||
TOTAL AUSTRALIA | 8,464,396 | |||||||||||||||
BELGIUM - 0.6% | ||||||||||||||||
EUR | 2,125,000 | g | Kingdom of Belgium Government International Bond | 0.000 | 10/22/27 | 2,131,598 | ||||||||||
TOTAL BELGIUM | 2,131,598 | |||||||||||||||
BENIN - 0.2% | ||||||||||||||||
1,275,000 | g | Benin Government International Bond | 4.950 | 01/22/35 | 1,075,236 | |||||||||||
TOTAL BENIN | 1,075,236 | |||||||||||||||
BRAZIL - 0.4% | ||||||||||||||||
BRL | 5,500,000 | Brazil Notas do Tesouro Nacional Serie F | 10.000 | 01/01/27 | 1,035,678 |
315 |
TIAA-CREF FUNDS – International Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
$ | 1,000,000 | Brazilian Government International Bond | 3.875 | % | 06/12/30 | $ | 881,410 | |||||||||
TOTAL BRAZIL | 1,917,088 | |||||||||||||||
CAMEROON - 0.1% | ||||||||||||||||
EUR | 650,000 | g | Republic of Cameroon International Bond | 5.950 | 07/07/32 | 573,546 | ||||||||||
TOTAL CAMEROON | 573,546 | |||||||||||||||
CANADA - 3.1% | ||||||||||||||||
CAD | 3,050,000 | g | Canada Housing Trust No | 1.100 | 12/15/26 | 2,173,711 | ||||||||||
1,800,000 | Canadian Government International Bond | 2.000 | 09/01/23 | 1,391,310 | ||||||||||||
2,625,000 | Canadian Government International Bond | 2.000 | 06/01/28 | 1,957,435 | ||||||||||||
1,300,000 | Canadian Government International Bond | 5.000 | 06/01/37 | 1,264,875 | ||||||||||||
2,550,000 | Canadian Government International Bond | 2.000 | 12/01/51 | 1,662,021 | ||||||||||||
1,350,000 | Hydro-Quebec | 4.000 | 02/15/55 | 1,094,533 | ||||||||||||
1,600,000 | Province of British Columbia Canada | 2.550 | 06/18/27 | 1,207,202 | ||||||||||||
1,600,000 | Province of New Brunswick Canada | 3.100 | 08/14/28 | 1,225,187 | ||||||||||||
1,300,000 | Province of Ontario Canada | 2.150 | 06/02/31 | 898,560 | ||||||||||||
1,100,000 | Province of Ontario Canada | 1.900 | 12/02/51 | 571,325 | ||||||||||||
1,000,000 | Province of Quebec Canada | 2.750 | 09/01/27 | 760,752 | ||||||||||||
TOTAL CANADA | 14,206,911 | |||||||||||||||
CHILE - 0.3% | ||||||||||||||||
CLP | 450,000,000 | Bonos de la Tesoreria de la Republica en pesos | 2.500 | 03/01/25 | 468,145 | |||||||||||
$ | 600,000 | Chile Government International Bond | 2.750 | 01/31/27 | 567,750 | |||||||||||
EUR | 650,000 | Chile Government International Bond | 1.250 | 01/22/51 | 451,660 | |||||||||||
TOTAL CHILE | 1,487,555 | |||||||||||||||
CHINA - 10.5% | ||||||||||||||||
CNY | 83,560,000 | China Government International Bond | 2.880 | 11/05/23 | 12,811,002 | |||||||||||
49,600,000 | China Government International Bond | 2.940 | 10/17/24 | 7,627,424 | ||||||||||||
60,500,000 | China Government International Bond | 3.120 | 12/05/26 | 9,373,348 | ||||||||||||
14,900,000 | China Government International Bond | 2.910 | 10/14/28 | 2,273,549 | ||||||||||||
14,500,000 | China Government International Bond | 3.270 | 11/19/30 | 2,270,373 | ||||||||||||
18,900,000 | China Government International Bond | 3.860 | 07/22/49 | 3,111,274 | ||||||||||||
30,000,000 | China Government International Bond | 3.390 | 03/16/50 | 4,534,600 | ||||||||||||
12,700,000 | China Government International Bond | 3.810 | 09/14/50 | 2,077,329 | ||||||||||||
24,800,000 | China Government International Bond | 3.720 | 04/12/51 | 3,996,989 | ||||||||||||
TOTAL CHINA | 48,075,888 | |||||||||||||||
COTE D’IVOIRE - 0.2% | ||||||||||||||||
EUR | 1,000,000 | g | Ivory Coast Government International Bond | 5.875 | 10/17/31 | 942,060 | ||||||||||
100,000 | g | Ivory Coast Government International Bond | 4.875 | 01/30/32 | 88,497 | |||||||||||
TOTAL COTE D’IVOIRE | 1,030,557 | |||||||||||||||
CROATIA - 0.2% | ||||||||||||||||
1,000,000 | z | Croatia Government International Bond | 1.125 | 03/04/33 | 857,813 | |||||||||||
TOTAL CROATIA | 857,813 | |||||||||||||||
CYPRUS - 1.1% | ||||||||||||||||
1,300,000 | z | Cyprus Government International Bond | 2.375 | 09/25/28 | 1,403,538 |
316 |
TIAA-CREF FUNDS – International Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
EUR | 1,100,000 | z | Cyprus Government International Bond | 0.625 | % | 01/21/30 | $ | 1,024,330 | ||||||||
1,550,000 | z | Cyprus Government International Bond | 0.950 | 01/20/32 | 1,419,631 | |||||||||||
575,000 | z | Cyprus Government International Bond | 2.750 | 02/26/34 | 602,297 | |||||||||||
500,000 | z | Cyprus Government International Bond | 2.750 | 05/03/49 | 511,071 | |||||||||||
TOTAL CYPRUS | 4,960,867 | |||||||||||||||
DOMINICAN REPUBLIC - 0.2% | ||||||||||||||||
DOP | 15,000,000 | g | Dominican Republic Government International Bond | 9.750 | 06/05/26 | 275,886 | ||||||||||
$ | 750,000 | g | Dominican Republic Government International Bond | 4.875 | 09/23/32 | 629,871 | ||||||||||
TOTAL DOMINICAN REPUBLIC | 905,757 | |||||||||||||||
ECUADOR - 0.1% | ||||||||||||||||
78,000 | g | Ecuador Government International Bond | 0.000 | 07/31/30 | 42,327 | |||||||||||
441,250 | g | Ecuador Government International Bond (Step Bond) | 5.000 | 07/31/30 | 357,548 | |||||||||||
309,125 | g | Ecuador Government International Bond (Step Bond) | 1.000 | 07/31/35 | 193,291 | |||||||||||
TOTAL ECUADOR | 593,166 | |||||||||||||||
EGYPT - 0.8% | ||||||||||||||||
850,000 | g | Egypt Government International Bond | 5.750 | 05/29/24 | 792,951 | |||||||||||
EGP | 16,250,000 | Egypt Government International Bond | 15.900 | 07/02/24 | 898,862 | |||||||||||
$ | 525,000 | g | Egypt Government International Bond | 7.600 | 03/01/29 | 446,744 | ||||||||||
EUR | 900,000 | g | Egypt Government International Bond | 6.375 | 04/11/31 | 713,193 | ||||||||||
300,000 | g | Egypt Government International Bond | 7.053 | 01/15/32 | 231,089 | |||||||||||
675,000 | e,g | Egypt Government International Bond | 8.500 | 01/31/47 | 489,422 | |||||||||||
TOTAL EGYPT | 3,572,261 | |||||||||||||||
EL SALVADOR - 0.1% | ||||||||||||||||
1,000,000 | g | El Salvador Government International Bond | 6.375 | 01/18/27 | 409,589 | |||||||||||
TOTAL EL SALVADOR | 409,589 | |||||||||||||||
FRANCE - 3.0% | ||||||||||||||||
EUR | 4,500,000 | French Republic Government Bond OAT | 0.500 | 05/25/25 | 4,727,693 | |||||||||||
3,775,000 | French Republic Government Bond OAT | 0.750 | 11/25/28 | 3,905,124 | ||||||||||||
2,450,000 | g | French Republic Government Bond OAT | 0.500 | 05/25/40 | 2,082,510 | |||||||||||
910,000 | g | French Republic Government Bond OAT | 0.750 | 05/25/52 | 709,219 | |||||||||||
2,500,000 | z | UNEDIC ASSEO | 0.250 | 07/16/35 | 2,138,263 | |||||||||||
TOTAL FRANCE | 13,562,809 | |||||||||||||||
GERMANY - 0.2% | ||||||||||||||||
EUR | 1,300,000 | Bundesrepublik Deutschland Bundesanleihe | 0.000 | 08/15/52 | 991,008 | |||||||||||
TOTAL GERMANY | 991,008 | |||||||||||||||
GHANA - 0.5% | ||||||||||||||||
$ | 166,667 | g | Ghana Government International Bond | 9.250 | 09/15/22 | 163,200 | ||||||||||
500,000 | g | Ghana Government International Bond | 7.750 | 04/07/29 | 316,250 | |||||||||||
825,000 | g | Ghana Government International Bond | 8.125 | 03/26/32 | 505,081 | |||||||||||
1,000,000 | g | Ghana Government International Bond | 8.627 | 06/16/49 | 575,000 | |||||||||||
GHS | 4,300,000 | Republic of Ghana Government International Bond | 16.500 | 02/06/23 | 561,030 | |||||||||||
TOTAL GHANA | 2,120,561 |
317 |
TIAA-CREF FUNDS – International Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
GREECE - 1.1% | ||||||||||||||||
EUR | 575,000 | g | Hellenic Republic Government International Bond | 3.875 | % | 03/12/29 | $ | 642,641 | ||||||||
2,300,000 | g | Hellenic Republic Government International Bond | 1.500 | 06/18/30 | 2,145,351 | |||||||||||
1,300,000 | g | Hellenic Republic Government International Bond | 0.750 | 06/18/31 | 1,104,034 | |||||||||||
1,100,000 | g | Hellenic Republic Government International Bond | 1.750 | 06/18/32 | 1,003,067 | |||||||||||
TOTAL GREECE | 4,895,093 | |||||||||||||||
GUATEMALA - 0.2% | ||||||||||||||||
$ | 775,000 | g | Guatemala Government International Bond | 6.125 | 06/01/50 | 739,925 | ||||||||||
TOTAL GUATEMALA | 739,925 | |||||||||||||||
HUNGARY - 0.4% | ||||||||||||||||
HUF | 504,050,000 | Hungary Government International Bond | 3.000 | 06/26/24 | 1,298,192 | |||||||||||
EUR | 600,000 | z | Hungary Government International Bond | 1.750 | 06/05/35 | 518,141 | ||||||||||
TOTAL HUNGARY | 1,816,333 | |||||||||||||||
INDIA - 0.0% | ||||||||||||||||
$ | 250,000 | g | Export-Import Bank of India | 2.250 | 01/13/31 | 202,117 | ||||||||||
TOTAL INDIA | 202,117 | |||||||||||||||
INDONESIA - 0.5% | ||||||||||||||||
IDR | 13,000,000,000 | Indonesia Treasury Bond | 8.125 | 05/15/24 | 941,196 | |||||||||||
17,000,000,000 | Indonesia Treasury Bond | 6.375 | 04/15/32 | 1,122,396 | ||||||||||||
TOTAL INDONESIA | 2,063,592 | |||||||||||||||
ISRAEL - 0.7% | ||||||||||||||||
ILS | 5,250,000 | Israel Government International Bond | 5.500 | 01/31/42 | 2,200,689 | |||||||||||
3,200,000 | Israel Government International Bond | 3.750 | 03/31/47 | 1,075,115 | ||||||||||||
TOTAL ISRAEL | 3,275,804 | |||||||||||||||
ITALY - 3.6% | ||||||||||||||||
EUR | 5,525,000 | Italy Buoni Poliennali Del Tesoro | 2.450 | 10/01/23 | 5,997,409 | |||||||||||
3,950,000 | Italy Buoni Poliennali Del Tesoro | 1.250 | 12/01/26 | 4,071,295 | ||||||||||||
3,675,000 | g | Italy Buoni Poliennali Del Tesoro | 0.950 | 09/15/27 | 3,676,195 | |||||||||||
2,400,000 | g | Italy Buoni Poliennali Del Tesoro | 0.950 | 03/01/37 | 1,939,681 | |||||||||||
950,000 | g | Italy Buoni Poliennali Del Tesoro | 1.700 | 09/01/51 | 725,683 | |||||||||||
TOTAL ITALY | 16,410,263 | |||||||||||||||
JAPAN - 10.1% | ||||||||||||||||
JPY | 13,000,000 | Japan Finance Organization for Municipalities | 0.440 | 08/15/25 | 101,556 | |||||||||||
21,000,000 | Japan Finance Organization for Municipalities | 0.320 | 01/19/26 | 163,572 | ||||||||||||
30,000,000 | Japan Finance Organization for Municipalities | 0.145 | 02/16/26 | 232,170 | ||||||||||||
14,000,000 | Japan Finance Organization for Municipalities | 0.020 | 05/22/26 | 107,801 | ||||||||||||
268,000,000 | Japan Government Five Year Bond | 0.005 | 09/20/26 | 2,066,348 | ||||||||||||
330,000,000 | Japan Government Ten Year Bond | 0.100 | 06/20/28 | 2,547,384 | ||||||||||||
322,000,000 | Japan Government Ten Year Bond | 0.100 | 09/20/29 | 2,472,798 | ||||||||||||
325,000,000 | Japan Government Ten Year Bond | 0.100 | 12/20/29 | 2,492,676 | ||||||||||||
210,000,000 | Japan Government Ten Year Bond | 0.100 | 03/20/30 | 1,609,030 | ||||||||||||
425,000,000 | Japan Government Ten Year Bond | 0.100 | 06/20/30 | 3,253,459 | ||||||||||||
513,000,000 | Japan Government Ten Year Bond | 0.100 | 09/20/30 | 3,923,313 | ||||||||||||
525,950,000 | Japan Government Thirty Year Bond | 2.500 | 09/20/34 | 5,092,392 |
318 |
TIAA-CREF FUNDS – International Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
JPY | 457,700,000 | Japan Government Thirty Year Bond | 0.500 | % | 09/20/46 | $ | 3,243,992 | |||||||||
73,000,000 | Japan Government Thirty Year Bond | 0.600 | 09/20/50 | 513,169 | ||||||||||||
533,000,000 | Japan Government Thirty Year Bond | 0.700 | 09/20/51 | 3,826,141 | ||||||||||||
340,000,000 | Japan Government Twenty Year Bond | 2.100 | 03/20/26 | 2,836,205 | ||||||||||||
117,000,000 | Japan Government Twenty Year Bond | 1.700 | 03/20/32 | 1,031,383 | ||||||||||||
278,000,000 | Japan Government Twenty Year Bond | 0.600 | 12/20/36 | 2,174,528 | ||||||||||||
256,000,000 | Japan Government Twenty Year Bond | 0.500 | 06/20/38 | 1,948,987 | ||||||||||||
660,000,000 | Japan Government Twenty Year Bond | 0.700 | 09/20/38 | 5,173,132 | ||||||||||||
185,000,000 | Japan Government Twenty Year Bond | 0.300 | 06/20/39 | 1,349,581 | ||||||||||||
TOTAL JAPAN | 46,159,617 | |||||||||||||||
KENYA - 0.3% | ||||||||||||||||
$ | 1,200,000 | g | Kenya Government International Bond | 7.000 | 05/22/27 | 1,065,425 | ||||||||||
575,000 | g | Kenya Government International Bond | 6.300 | 01/23/34 | 432,199 | |||||||||||
TOTAL KENYA | 1,497,624 | |||||||||||||||
KOREA, REPUBLIC OF - 1.9% | ||||||||||||||||
200,000 | Export-Import Bank of Korea | 3.000 | 11/01/22 | 200,134 | ||||||||||||
KRW | 3,800,000,000 | Korea Treasury Bond | 1.500 | 03/10/25 | 2,895,666 | |||||||||||
1,200,000,000 | Korea Treasury Bond | 1.375 | 12/10/29 | 835,754 | ||||||||||||
3,420,000,000 | Korea Treasury Bond | 2.000 | 06/10/31 | 2,448,407 | ||||||||||||
1,175,000,000 | Korea Treasury Bond | 2.375 | 12/10/31 | 863,722 | ||||||||||||
1,940,000,000 | Korea Treasury Bond | 2.375 | 09/10/38 | 1,367,772 | ||||||||||||
TOTAL KOREA, REPUBLIC OF | 8,611,455 | |||||||||||||||
LEBANON - 0.0% | ||||||||||||||||
$ | 1,400,000 | †,q,z | Lebanon Government International Bond | 6.850 | 03/23/27 | 160,300 | ||||||||||
TOTAL LEBANON | 160,300 | |||||||||||||||
MALAYSIA - 0.7% | ||||||||||||||||
MYR | 4,800,000 | Malaysia Government Bond | 3.900 | 11/30/26 | 1,101,450 | |||||||||||
5,700,000 | Malaysia Government Bond | 3.828 | 07/05/34 | 1,187,277 | ||||||||||||
5,400,000 | Malaysia Government Bond | 3.757 | 05/22/40 | 1,061,468 | ||||||||||||
TOTAL MALAYSIA | 3,350,195 | |||||||||||||||
MEXICO - 0.8% | ||||||||||||||||
MXN | 30,800,000 | Mexican Bonos | 5.750 | 03/05/26 | 1,347,207 | |||||||||||
34,100,000 | Mexican Bonos | 8.500 | 11/18/38 | 1,577,725 | ||||||||||||
$ | 1,025,000 | Mexico Government International Bond | 4.280 | 08/14/41 | 851,191 | |||||||||||
TOTAL MEXICO | 3,776,123 | |||||||||||||||
MONGOLIA - 0.1% | ||||||||||||||||
550,000 | e,g | Mongolia Government International Bond | 4.450 | 07/07/31 | 465,831 | |||||||||||
TOTAL MONGOLIA | 465,831 | |||||||||||||||
MOROCCO - 0.4% | ||||||||||||||||
EUR | 850,000 | g | Morocco Government International Bond | 1.375 | 03/30/26 | 832,561 | ||||||||||
1,100,000 | g | Morocco Government International Bond | 1.500 | 11/27/31 | 897,008 | |||||||||||
TOTAL MOROCCO | 1,729,569 |
319 |
TIAA-CREF FUNDS – International Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
NETHERLANDS - 0.5% | ||||||||||||||||
EUR | 550,000 | g | Netherlands Government International Bond | 2.750 | % | 01/15/47 | $ | 768,910 | ||||||||
2,200,000 | g | Netherlands Government International Bond | 0.000 | 01/15/52 | 1,578,519 | |||||||||||
TOTAL NETHERLANDS | 2,347,429 | |||||||||||||||
NEW ZEALAND - 0.3% | ||||||||||||||||
NZD | 1,185,000 | New Zealand Government Bond | 2.000 | 05/15/32 | 658,231 | |||||||||||
1,000,000 | New Zealand Government International Bond | 4.500 | 04/15/27 | 672,838 | ||||||||||||
TOTAL NEW ZEALAND | 1,331,069 | |||||||||||||||
NIGERIA - 0.3% | ||||||||||||||||
$ | 400,000 | g | Nigeria Government International Bond | 6.500 | 11/28/27 | 354,300 | ||||||||||
925,000 | g,k | Nigeria Government International Bond | 8.375 | 03/24/29 | 861,786 | |||||||||||
TOTAL NIGERIA | 1,216,086 | |||||||||||||||
NORWAY - 1.0% | ||||||||||||||||
NOK | 9,000,000 | City of Oslo Norway | 2.050 | 10/31/24 | 940,824 | |||||||||||
34,375,000 | g | Norway Government International Bond | 2.000 | 04/26/28 | 3,526,142 | |||||||||||
TOTAL NORWAY | 4,466,966 | |||||||||||||||
PAKISTAN - 0.4% | ||||||||||||||||
$ | 1,250,000 | e,g | Pakistan Global Sukuk Programme Co Ltd | 7.950 | 01/31/29 | 1,188,078 | ||||||||||
1,000,000 | g | Pakistan Government International Bond | 6.000 | 04/08/26 | 815,400 | |||||||||||
TOTAL PAKISTAN | 2,003,478 | |||||||||||||||
PANAMA - 0.5% | ||||||||||||||||
1,200,000 | Panama Bonos del Tesoro | 3.362 | 06/30/31 | 1,101,600 | ||||||||||||
1,000,000 | Panama Notas del Tesoro | 3.750 | 04/17/26 | 988,000 | ||||||||||||
TOTAL PANAMA | 2,089,600 | |||||||||||||||
PARAGUAY - 0.2% | ||||||||||||||||
925,000 | g | Paraguay Government International Bond | 5.400 | 03/30/50 | 819,911 | |||||||||||
TOTAL PARAGUAY | 819,911 | |||||||||||||||
PERU - 0.3% | ||||||||||||||||
PEN | 6,201,000 | g | Peruvian Government International Bond | 5.400 | 08/12/34 | 1,294,206 | ||||||||||
TOTAL PERU | 1,294,206 | |||||||||||||||
PHILIPPINES - 0.1% | ||||||||||||||||
PHP | 27,000,000 | Philippine Government International Bond | 6.250 | 01/14/36 | 530,805 | |||||||||||
TOTAL PHILIPPINES | 530,805 | |||||||||||||||
POLAND - 0.2% | ||||||||||||||||
PLN | 4,500,000 | Republic of Poland Government International Bond | 2.500 | 04/25/24 | 939,720 | |||||||||||
TOTAL POLAND | 939,720 | |||||||||||||||
REPUBLIC OF SERBIA - 0.8% | ||||||||||||||||
EUR | 1,700,000 | g | Serbia Government International Bond | 1.500 | 06/26/29 | 1,372,996 | ||||||||||
725,000 | g | Serbia Government International Bond | 2.050 | 09/23/36 | 496,141 | |||||||||||
RSD | 120,000,000 | Serbia Treasury Bonds | 5.875 | 02/08/28 | 1,080,559 | |||||||||||
101,500,000 | Serbia Treasury Bonds | 4.500 | 08/20/32 | 801,362 | ||||||||||||
TOTAL REPUBLIC OF SERBIA | 3,751,058 |
320 |
TIAA-CREF FUNDS – International Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
ROMANIA - 0.8% | ||||||||||||||||
RON | 9,500,000 | Romania Government International Bond | 4.150 | % | 01/26/28 | $ | 1,767,697 | |||||||||
$ | 660,000 | g | Romanian Government International Bond | 3.000 | 02/27/27 | 612,285 | ||||||||||
EUR | 800,000 | g | Romanian Government International Bond | 2.000 | 01/28/32 | 641,102 | ||||||||||
850,000 | g | Romanian Government International Bond | 2.000 | 04/14/33 | 652,397 | |||||||||||
TOTAL ROMANIA | 3,673,481 | |||||||||||||||
RUSSIA - 0.0% | ||||||||||||||||
RUB | 90,000,000 | † | Russian Federal Bond-OFZ | 4.500 | 07/16/25 | 77,260 | ||||||||||
37,000,000 | † | Russian Federal Bond-OFZ | 6.900 | 07/23/31 | 31,762 | |||||||||||
TOTAL RUSSIA | 109,022 | |||||||||||||||
RWANDA - 0.5% | ||||||||||||||||
$ | 2,450,000 | g | Rwanda International Government Bond | 5.500 | 08/09/31 | 2,164,191 | ||||||||||
TOTAL RWANDA | 2,164,191 | |||||||||||||||
SENEGAL - 0.4% | ||||||||||||||||
EUR | 1,000,000 | g | Senegal Government International Bond | 4.750 | 03/13/28 | 989,183 | ||||||||||
825,000 | g | Senegal Government International Bond | 5.375 | 06/08/37 | 671,802 | |||||||||||
TOTAL SENEGAL | 1,660,985 | |||||||||||||||
SINGAPORE - 0.5% | ||||||||||||||||
SGD | 3,525,000 | Singapore Government Bond | 1.625 | 07/01/31 | 2,354,942 | |||||||||||
TOTAL SINGAPORE | 2,354,942 | |||||||||||||||
SOUTH AFRICA - 0.7% | ||||||||||||||||
$ | 475,000 | k | Republic of South Africa Government International Bond | 5.875 | 04/20/32 | 451,630 | ||||||||||
ZAR | 20,900,000 | Republic of South Africa Government International Bond | 8.875 | 02/28/35 | 1,153,370 | |||||||||||
$ | 500,000 | e | Republic of South Africa Government International Bond | 7.300 | 04/20/52 | 467,600 | ||||||||||
ZAR | 16,500,000 | South Africa Government International Bond | 7.000 | 02/28/31 | 852,411 | |||||||||||
7,800,000 | South Africa Government International Bond | 8.750 | 01/31/44 | 402,194 | ||||||||||||
TOTAL SOUTH AFRICA | 3,327,205 | |||||||||||||||
SPAIN - 3.3% | ||||||||||||||||
EUR | 4,600,000 | g | Spain Government International Bond | 2.750 | 10/31/24 | 5,098,212 | ||||||||||
1,095,000 | g | Spain Government International Bond | 1.400 | 07/30/28 | 1,152,646 | |||||||||||
1,875,000 | g | Spain Government International Bond | 0.600 | 10/31/29 | 1,842,005 | |||||||||||
1,250,000 | g | Spain Government International Bond | 0.100 | 04/30/31 | 1,132,625 | |||||||||||
3,875,000 | g | Spain Government International Bond | 0.500 | 10/31/31 | 3,596,901 | |||||||||||
2,650,000 | g | Spain Government International Bond | 1.200 | 10/31/40 | 2,318,193 | |||||||||||
TOTAL SPAIN | 15,140,582 | |||||||||||||||
SUPRANATIONAL - 2.4% | ||||||||||||||||
$ | 1,200,000 | g | Africa Finance Corp | 2.875 | 04/28/28 | 1,095,694 | ||||||||||
GBP | 695,000 | African Development Bank | 0.500 | 06/22/26 | 818,793 | |||||||||||
$ | 750,000 | z | African Export-Import Bank | 5.250 | 10/11/23 | 762,920 |
321 |
TIAA-CREF FUNDS – International Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||
$ | 750,000 | g | African Export-Import Bank | 2.634 | % | 05/17/26 | $ | 691,282 | ||||||||||
INR | 52,500,000 | Asian Development Bank | 6.200 | 10/06/26 | 662,616 | |||||||||||||
$ | 1,250,000 | g | Banque Ouest Africaine de Developpement | 4.700 | 10/22/31 | 1,234,639 | ||||||||||||
EUR | 650,000 | g | Banque Ouest Africaine de Developpement | 2.750 | 01/22/33 | 622,077 | ||||||||||||
$ | 1,700,000 | † | European Bank for Reconstruction & Development | 10.000 | 02/28/23 | 1,429,533 | ||||||||||||
AUD | 2,150,000 | Inter-American Development Bank | 4.750 | 08/27/24 | 1,573,798 | |||||||||||||
CAD | 1,600,000 | International Bank for Reconstruction & Development | 1.900 | 01/16/25 | 1,211,387 | |||||||||||||
GBP | 700,000 | International Finance Corp | 0.250 | 12/15/25 | 825,688 | |||||||||||||
TOTAL SUPRANATIONAL | 10,928,427 | |||||||||||||||||
THAILAND - 0.7% | ||||||||||||||||||
THB | 30,000,000 | Thailand Government International Bond | 1.450 | 12/17/24 | 870,429 | |||||||||||||
27,700,000 | Thailand Government International Bond | 2.875 | 12/17/28 | 823,724 | ||||||||||||||
27,500,000 | Thailand Government International Bond | 3.300 | 06/17/38 | 772,632 | ||||||||||||||
29,000,000 | Thailand Government International Bond | 2.000 | 06/17/42 | 620,410 | ||||||||||||||
TOTAL THAILAND | 3,087,195 | |||||||||||||||||
UKRAINE - 0.3% | ||||||||||||||||||
UAH | 31,000,000 | Ukraine Government International Bond | 17.000 | 05/11/22 | 1,036,345 | |||||||||||||
EUR | 1,000,000 | g | Ukraine Government International Bond | 6.750 | 06/20/26 | 337,584 | ||||||||||||
425,000 | g | Ukraine Government International Bond | 4.375 | 01/27/30 | 138,990 | |||||||||||||
TOTAL UKRAINE | 1,512,919 | |||||||||||||||||
UNITED ARAB EMIRATES - 0.0% | ||||||||||||||||||
250,000 | z | Emirate of Dubai Government International Bonds | 3.900 | 09/09/50 | 198,509 | |||||||||||||
TOTAL UNITED ARAB EMIRATES | 198,509 | |||||||||||||||||
UNITED KINGDOM - 3.6% | ||||||||||||||||||
GBP | 1,750,000 | United Kingdom Gilt | 0.250 | 01/31/25 | 2,114,294 | |||||||||||||
2,425,000 | United Kingdom Gilt | 1.625 | 10/22/28 | 3,035,866 | ||||||||||||||
450,000 | United Kingdom Gilt | 0.250 | 07/31/31 | 487,525 | ||||||||||||||
3,350,000 | United Kingdom Gilt | 1.750 | 09/07/37 | 4,019,999 | ||||||||||||||
1,450,000 | United Kingdom Gilt | 1.250 | 10/22/41 | 1,572,943 | ||||||||||||||
900,000 | United Kingdom Gilt | 0.875 | 01/31/46 | 873,111 | ||||||||||||||
5,060,000 | United Kingdom Gilt | 0.625 | 10/22/50 | 4,455,615 | ||||||||||||||
TOTAL UNITED KINGDOM | 16,559,353 | |||||||||||||||||
URUGUAY - 0.3% | ||||||||||||||||||
UYU | 21,800,000 | g | Uruguay Government International Bond | 8.500 | 03/15/28 | 498,415 | ||||||||||||
40,600,000 | Uruguay Government International Bond | 8.250 | 05/21/31 | 891,945 | ||||||||||||||
TOTAL URUGUAY | 1,390,360 | |||||||||||||||||
UZBEKISTAN - 0.1% | ||||||||||||||||||
UZS | 7,600,000,000 | g | Republic of Uzbekistan International Bond | 14.000 | 07/19/24 | 631,476 | ||||||||||||
TOTAL UZBEKISTAN | 631,476 | |||||||||||||||||
TOTAL GOVERNMENT BONDS | 287,086,816 | |||||||||||||||||
(Cost $332,670,046) |
322 |
TIAA-CREF FUNDS – International Bond Fund
PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE | |||||||||||||
STRUCTURED ASSETS - 6.6% | ||||||||||||||||||
IRELAND - 1.7% | ||||||||||||||||||
GBP | 1,035,800 | g,i | Atom Mortgage Securities DAC | SONIA Interest Rate Benchmark + 1.900% | 0.000 | % | 07/22/31 | $ | 1,271,657 | |||||||||
Series - 0 2021 1A (Class D) | ||||||||||||||||||
EUR | 1,230,838 | g,i | Bruegel 2021 DAC | EURIBOR 3 M + 2.470% | 2.470 | 05/22/31 | 1,280,237 | |||||||||||
Series - 0 2021 1A (Class D) | ||||||||||||||||||
GBP | 1,900,000 | g,i | Frost CMBS DAC | SONIA Interest Rate Benchmark + 2.900% | 0.000 | 11/22/26 | 2,363,210 | |||||||||||
Series - 0 2021 1A (Class GBD) | ||||||||||||||||||
EUR | 895,985 | g,i | Last Mile Logistics Pan Euro Finance DAC | EURIBOR 3 M + 2.700% | 1.000 | 08/17/33 | 932,993 | |||||||||||
Series - 0 2021 1A (Class E) | ||||||||||||||||||
GBP | 347,448 | g,i | Taurus UK DAC | SONIA Interest Rate Benchmark + 1.300% | 1.455 | 05/17/31 | 432,348 | |||||||||||
Series - 0 2021 UK1A (Class B) | ||||||||||||||||||
684,969 | g,i | Taurus UK DAC | SONIA Interest Rate Benchmark + 1.650% | 1.805 | 05/17/31 | 840,389 | ||||||||||||
Series - 0 2021 UK1A (Class C) | ||||||||||||||||||
297,813 | g,i | Taurus UK DAC | SONIA Interest Rate Benchmark + 2.600% | 2.755 | 05/17/31 | 367,137 | ||||||||||||
Series - 0 2021 UK1A (Class D) | ||||||||||||||||||
TOTAL IRELAND | 7,487,971 | |||||||||||||||||
ITALY - 0.2% | ||||||||||||||||||
EUR | 900,000 | g,i | Cassia SRL | EURIBOR 3 M + 3.500% | 0.000 | 05/22/34 | 949,455 | |||||||||||
Series - 0 2022 1A (Class B) | ||||||||||||||||||
TOTAL ITALY | 949,455 | |||||||||||||||||
UNITED STATES - 4.7% | ||||||||||||||||||
$ | 2,000,000 | g,i | Alen Mortgage Trust | LIBOR 1 M + 2.250% | 2.804 | 04/15/34 | 1,946,767 | |||||||||||
Series - 0 2021 ACEN (Class C) | ||||||||||||||||||
1,500,000 | Carvana Auto Receivables Trust | 1.270 | 03/10/28 | 1,444,520 | ||||||||||||||
Series - 0 2021 N2 (Class D) | ||||||||||||||||||
1,500,000 | i | COMM Mortgage Trust | 4.522 | 08/10/48 | 1,435,870 | |||||||||||||
Series - 0 2015 CR24 (Class C) | ||||||||||||||||||
2,350,289 | i | Connecticut Avenue Securities | LIBOR 1 M + 2.200% | 2.868 | 01/25/30 | 2,367,937 | ||||||||||||
Series - 0 2017 C05 (Class 1M2) | ||||||||||||||||||
875,899 | g | Diamond Resorts Owner Trust | 2.700 | 11/21/33 | 832,535 | |||||||||||||
Series - 0 2021 1A (Class C) | ||||||||||||||||||
1,500,000 | g,i | ELP Commercial Mortgage Trust | LIBOR 1 M + 2.667% | 3.222 | 11/15/38 | 1,443,669 | ||||||||||||
Series - 0 2021 ELP (Class F) | ||||||||||||||||||
6,200,000 | g,i | Freddie Mac STACR REMIC Trust | 1.939 | 01/25/34 | 6,150,783 | |||||||||||||
Series - 0 2021 DNA5 (Class M2) | ||||||||||||||||||
1,000,000 | g,i | MTN Commercial Mortgage Trust | 4.798 | 03/15/39 | 989,523 | |||||||||||||
Series - 0 2022 LPFL (Class E) | ||||||||||||||||||
378,829 | g | MVW LLC | 1.940 | 01/22/41 | 352,915 | |||||||||||||
Series - 0 2021 1WA (Class C) |
323 |
TIAA-CREF FUNDS – International Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||||||
$ | 1,000,000 | g,i | NCMF Trust | 3.844 | % | 03/15/39 | $ | 994,689 | ||||||||||||
Series - 0 2022 MFP (Class D) | ||||||||||||||||||||
500,000 | g | Oportun Issuance Trust | 1.960 | 05/08/31 | 472,701 | |||||||||||||||
Series - 0 2021 B (Class B) | ||||||||||||||||||||
500,000 | g | Oportun Issuance Trust | 3.650 | 05/08/31 | 482,685 | |||||||||||||||
Series - 0 2021 B (Class C) | ||||||||||||||||||||
1,250,000 | g | Purchasing Power Funding LLC | 4.370 | 10/15/25 | 1,216,353 | |||||||||||||||
Series - 0 2021 A (Class D) | ||||||||||||||||||||
1,929,181 | g,i | SMR Mortgage Trust | 4.459 | 02/15/39 | 1,895,594 | |||||||||||||||
Series - 0 2022 IND (Class D) | ||||||||||||||||||||
TOTAL UNITED STATES | 22,026,541 | |||||||||||||||||||
TOTAL STRUCTURED ASSETS | 30,463,967 | |||||||||||||||||||
(Cost $31,775,226) | ||||||||||||||||||||
TOTAL BONDS | 420,952,687 | |||||||||||||||||||
(Cost $485,030,928) | ||||||||||||||||||||
SHORT-TERM INVESTMENTS - 3.4% | ||||||||||||||||||||
EGYPT - 0.7% | ||||||||||||||||||||
EGP | 58,800,000 | Egypt Treasury Bill | 0.000 | 05/17/22 | 3,173,867 | |||||||||||||||
TOTAL EGYPT | 3,173,867 | |||||||||||||||||||
REPURCHASE AGREEMENT | ||||||||||||||||||||
UNITED STATES - 2.0% | ||||||||||||||||||||
$ | 9,200,000 | r | Fixed Income Clearing Corp (FICC) | 0.230 | 05/02/22 | 9,200,000 | ||||||||||||||
TOTAL UNITED STATES | 9,200,000 | |||||||||||||||||||
SHARES | COMPANY | |||||||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.7% | ||||||||||||||||||||
UNITED STATES - 0.7% | ||||||||||||||||||||
3,076,986 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 0.310 | 3,076,986 | ||||||||||||||||
TOTAL UNITED STATES | 3,076,986 | |||||||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 15,450,853 | |||||||||||||||||||
(Cost $15,995,370) | ||||||||||||||||||||
TOTAL INVESTMENTS - 97.4% | 445,776,388 | |||||||||||||||||||
(Cost $510,500,611) | ||||||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - 2.6% | 12,205,079 | |||||||||||||||||||
NET ASSETS - 100.0% | $ | 457,981,467 | ||||||||||||||||||
AUD | Australian Dollar | |||||||||||||||||||
BRL | Brazilian Real | |||||||||||||||||||
CAD | Canadian Dollar |
324 |
TIAA-CREF FUNDS – International Bond Fund
CLP | Chilean Peso | ||||||||
CNY | Chinese Yuan | ||||||||
DOP | Dominican Republic Peso | ||||||||
EGP | Egyptian Pound | ||||||||
EUR | Euro | ||||||||
EURIBOR | Euro Interbank offer Rate | ||||||||
GBP | Pound Sterling | ||||||||
GHS | Ghanaian cedi | ||||||||
HUF | Hungarian Forint | ||||||||
IDR | Indonesian Rupiah | ||||||||
ILS | Israeli New Shekel | ||||||||
INR | Indian Rupee | ||||||||
JPY | Japanese Yen | ||||||||
KRW | South Korean Won | ||||||||
LIBOR | London Interbank Offered Rate | ||||||||
M | Month | ||||||||
MXN | Mexican Peso | ||||||||
MYR | Malaysian Ringgit | ||||||||
NOK | Norwegian Krone | ||||||||
NZD | New Zealand Dollar | ||||||||
PEN | Peruvian Sol | ||||||||
PHP | Philippine Peso | ||||||||
PLN | Polish Zloty | ||||||||
RON | Romanian Leu | ||||||||
RSD | Serbian Dinar | ||||||||
RUB | Russian Ruble | ||||||||
SGD | Singapore Dollar | ||||||||
SONIA | Sterling Overnight Index Average | ||||||||
THB | Thai Baht | ||||||||
UAH | Ukrainian Hryvnia | ||||||||
UGX | Ugandan Shillings | ||||||||
UYU | Uruguayan Peso | ||||||||
UZS | Uzbekistan Som | ||||||||
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 $3,171,360. | ||||||||
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 4/29/22, the aggregate value of these securities is $132,548,769 or 28.9% 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 Corp (FICC), 0.230% dated 4/29/22 to be repurchased at $9,200,000 on 5/2/22, collateralized by U.S. Government Agency Securities, with a coupon rate of 2.875% and an expiration date of 8/15/45, valued at $9,384,019. | ||||||||
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. | ||||||||
325 |
TIAA-CREF FUNDS – International Bond Fund
Forward foreign currency contracts outstanding as of April 30, 2022 were as follows:
Currency to be purchased | Receive | Currency to be sold | Deliver | Counterparty | Settlement date | Unrealized appreciation (depreciation) | ||||||||
$ | 48,058,416 | CNY | 318,257,245 | Australia and New Zealand Banking Group Limited | 07/29/22 | $ | 341,540 | |||||||
$ | 1,382,153 | NZD | 2,107,423 | Australia and New Zealand Banking Group Limited | 07/29/22 | 22,685 | ||||||||
$ | 1,563,327 | THB | 53,688,559 | Australia and New Zealand Banking Group Limited | 05/31/22 | (4,795 | ) | |||||||
Total | $ | 359,430 | ||||||||||||
$ | 139,543,137 | EUR | 130,053,594 | Bank of America, N.A. | 07/29/22 | $ | 1,685,207 | |||||||
$ | 688125 | HUF | 244968630 | Bank of America, N.A. | 44712 | 7,766 | ||||||||
$ | 9761717 | KRW | 11970989368 | Bank of America, N.A. | 44684 | 253,871 | ||||||||
$ | 705249 | PEN | 2703500 | Bank of America, N.A. | 44684 | 1,021 | ||||||||
$ | 659,817 | PEN | 2,530,397 | Bank of America, N.A. | 06/02/22 | 3,160 | ||||||||
$ | 908,324 | RON | 4,282,163 | Bank of America, N.A. | 05/31/22 | (753 | ) | |||||||
KRW | 11,970,989,368 | $ | 9,460,241 | Bank of America, N.A. | 05/03/22 | 47,605 | ||||||||
PEN | 2,703,500 | $ | 707,964 | Bank of America, N.A. | 05/03/22 | (3,736 | ) | |||||||
Total | $ | 1,994,141 | ||||||||||||
$ | 882,280 | KRW | 1,116,437,000 | Citibank N.A. | 05/03/22 | $ | (4,440 | ) | ||||||
GBP | 2,590,642 | $ | 3,257,676 | Citibank N.A. | 07/29/22 | 1,358 | ||||||||
KRW | 1116437000 | $ | 906523 | Citibank N.A. | 44684 | (19,803 | ) | |||||||
Total | $ | (22,885 | ) | |||||||||||
$ | 8,667,276 | AUD | 12,126,097 | Morgan Stanley Capital Services | 07/29/22 | $ | 86,212 | |||||||
$ | 520,079 | GBP | 398,716 | Morgan Stanley Capital Services | 06/30/22 | 18,634 | ||||||||
$ | 57,586,134 | JPY | 6,638,020,985 | Morgan Stanley Capital Services | 05/02/22 | 6,432,695 | ||||||||
$ | 2,247,945 | NOK | 20,918,393 | Morgan Stanley Capital Services | 07/29/22 | 16,475 | ||||||||
$ | 722,372 | PEN | 2,703,500 | Morgan Stanley Capital Services | 05/03/22 | 18,145 | ||||||||
$ | 476,359 | PLN | 2,136,316 | Morgan Stanley Capital Services | 05/31/22 | (3,651 | ) | |||||||
JPY | 402,936,054 | $ | 3,316,091 | Morgan Stanley Capital Services | 05/02/22 | (211,014 | ) | |||||||
PEN | 2703500 | $ | 705249 | Morgan Stanley Capital Services | 05/03/22 | (1,021 | ) | |||||||
SEK | 6916490 | $ | 712452 | Morgan Stanley Capital Services | 07/29/22 | (6,148 | ) | |||||||
Total | $ | 6,350,327 | ||||||||||||
$ | 15699746 | CAD | 20170516 | Toronto Dominion Bank | 07/29/22 | $ | 4,366 | |||||||
$ | 1299858 | EUR | 1225464 | Toronto Dominion Bank | 07/29/22 | 855 | ||||||||
$ | 37512824 | GBP | 29896401 | Toronto Dominion Bank | 07/29/22 | (96,914 | ) | |||||||
$ | 501392 | GBP | 398716 | Toronto Dominion Bank | 07/29/22 | (194 | ) | |||||||
$ | 47265873 | JPY | 6032551352 | Toronto Dominion Bank | 07/29/22 | 591,340 | ||||||||
$ | 8577961 | KRW | 10854552368 | Toronto Dominion Bank | 05/03/22 | (43,165 | ) | |||||||
$ | 8425892 | KRW | 10683693984 | Toronto Dominion Bank | 06/03/22 | (30,512 | ) | |||||||
CAD | 1516679 | $ | 1181760 | Toronto Dominion Bank | 07/29/22 | (1,579 | ) | |||||||
CNY | 26677641 | $ | 3999958 | Toronto Dominion Bank | 07/29/22 | (131 | ) | |||||||
EUR | 1225464 | $ | 1294085 | Toronto Dominion Bank | 05/04/22 | (1,082 | ) | |||||||
GBP | 398716 | $ | 501273 | Toronto Dominion Bank | 06/30/22 | 172 | ||||||||
GBP | 631783 | $ | 792882 | Toronto Dominion Bank | 07/29/22 | 1,903 | ||||||||
KRW | 10854552368 | $ | 8560913 | Toronto Dominion Bank | 05/03/22 | 60,214 | ||||||||
$ | 608200 | ZAR | 9736002 | Toronto Dominion Bank | 05/31/22 | (6,099 | ) | |||||||
Total | $ | 479,174 | ||||||||||||
Total | $ | 9,160,187 |
326 |
TIAA-CREF FUNDS – International Bond Fund
AUD | Australian Dollar | |||||
CAD | Canadian Dollar | |||||
CNY | Chinese Yuan | |||||
EUR | Euro | |||||
GBP | Pound Sterling | |||||
HUF | Hungarian Forint | |||||
JPY | Japanese Yen | |||||
KRW | South Korean Won | |||||
NOK | Norwegian Krone | |||||
NZD | New Zealand Dollar | |||||
PEN | Peruvian Sol | |||||
PLN | Polish Zloty | |||||
RON | Romanian Leu | |||||
THB | Thai Baht | |||||
ZAR | South African Rand |
327 |
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 21, 2022 | 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 21, 2022 | By: | /s/Bradley Finkle |
Bradley Finkle | ||
Principal Executive Officer and President (principal executive officer) |
Dated: June 21, 2022 | By: | /s/E. Scott Wickerham |
E. Scott Wickerham | ||
Principal Financial Officer, Principal Accounting Officer and Treasurer (principal financial officer) |