Schedule of Investments

Transcription

Schedules of Investments (unaudited)
July 31, 2016
TIAA-CREF Funds
Equity & Emerging Markets Debt Funds
Enhanced Large-Cap Growth Index Fund
Enhanced Large-Cap Value Index Fund
Growth & Income Fund
Large-Cap Growth Fund
Large-Cap Value Fund
Mid-Cap Growth Fund
Mid-Cap Value Fund
Small-Cap Equity Fund
Social Choice Equity Fund
Social Choice Low Carbon Equity Fund
Emerging Markets Equity Fund
Enhanced International Equity Index Fund
Global Natural Resources Fund
International Equity Fund
International Opportunities Fund
Social Choice International Equity Fund
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
Emerging Markets Debt Fund
Notes to schedules of investments
To contact TIAA, please call 800-842-2252, or visit TIAA.org.
1
8
20
27
31
37
42
49
57
75
87
95
104
109
113
119
129
188
202
218
230
271
291
313
323
TIAA-CREF FUNDS - Enhanced Large-Cap Growth Index Fund
TIAA-CREF FUNDS
ENHANCED LARGE-CAP GROWTH INDEX FUND
SCHEDULE OF INVESTMENTS (unaudited)
July 31, 2016
COMPANY
SHARES
VALUE
COMMON STOCKS - 99.5%
AUTOMOBILES & COMPONENTS - 0.8%
72,570
Lear Corp
2,583
*,e Tesla Motors, Inc
108,581
Thor Industries, Inc
TOTAL AUTOMOBILES & COMPONENTS
CAPITAL GOODS - 9.0%
108,103
172,790
66,131
96,893
138,688
302,058
230,773
138,063
49,698
124,585
82,112
262,108
28,011
65,901
119,538
88,468
74,561
5,661
143,895
69,060
14,577
3,167
e
*
*
*
*
e
$
8,233,066
606,463
8,310,790
17,150,319
19,281,251
23,095,111
2,434,282
7,529,555
7,752,659
9,406,086
8,351,675
16,060,869
8,576,881
14,377,109
20,752,166
9,561,700
2,012,030
14,276,134
7,049,156
2,264,781
10,403,496
647,619
6,242,165
5,502,010
1,908,858
693,098
198,178,691
3M Co
Boeing Co
BWX Technologies, Inc
Deere & Co
Emerson Electric Co
General Electric Co
HD Supply Holdings, Inc
Honeywell International, Inc
Huntington Ingalls
Illinois Tool Works, Inc
Lockheed Martin Corp
Masco Corp
MSC Industrial Direct Co (Class A)
Northrop Grumman Corp
Paccar, Inc
Quanta Services, Inc
Raytheon Co
Rockwell Automation, Inc
Spirit Aerosystems Holdings, Inc (Class A)
United Rentals, Inc
Valmont Industries, Inc
W.W. Grainger, Inc
TOTAL CAPITAL GOODS
COMMERCIAL & PROFESSIONAL SERVICES - 1.1%
348,297
Pitney Bowes, Inc
301,028
R.R. Donnelley & Sons Co
185,154
Waste Management, Inc
TOTAL COMMERCIAL & PROFESSIONAL SERVICES
CONSUMER DURABLES & APPAREL - 2.2%
57,837
Brunswick Corp
70,401
Carter's, Inc
201,299
DR Horton, Inc
2,005
Hasbro, Inc
151,330
Leggett & Platt, Inc
243,314
Mattel, Inc
6,725,615
5,394,422
12,242,382
24,362,419
2,869,872
7,128,101
6,618,711
162,866
7,955,418
8,121,821
1
SHARES
744
149,358
4,071
6,544
37,334
VALUE
COMPANY
* Mohawk Industries, Inc
Nike, Inc (Class B)
* Under Armour, Inc
*,e Under Armour, Inc (Class A)
Whirlpool Corp
TOTAL CONSUMER DURABLES & APPAREL
$
155,452
8,289,369
145,335
258,226
7,181,568
48,886,739
CONSUMER SERVICES - 3.0%
116,430
ARAMARK Holdings Corp
150,748
Brinker International, Inc
6,673
Marriott International, Inc (Class A)
162,581
McDonald's Corp
70,245
Six Flags Entertainment Corp
172,034
Starbucks Corp
40,962
Vail Resorts, Inc
526,520
Wendy's
121,956
Wyndham Worldwide Corp
14,444
Yum! Brands, Inc
TOTAL CONSUMER SERVICES
4,174,016
7,106,261
478,454
19,127,654
3,961,116
9,986,574
5,860,433
5,086,183
8,661,315
1,291,582
65,733,588
DIVERSIFIED FINANCIALS - 3.3%
19,882
Ameriprise Financial, Inc
145,152
Charles Schwab Corp
158,354
Discover Financial Services
50,001
Eaton Vance Corp
4,314
IntercontinentalExchange Group, Inc
456,000
e iShares Russell 1000 Growth Index Fund
43,438
e LPL Financial Holdings, Inc
12,503
Moody's Corp
51,275
T Rowe Price Group, Inc
TOTAL DIVERSIFIED FINANCIALS
1,905,491
4,125,220
9,000,841
1,890,538
1,139,759
47,752,320
1,170,654
1,325,443
3,624,629
71,934,895
ENERGY - 0.3%
50,441
156,795
2,648,152
3,868,133
6,516,285
Apache Corp
Cabot Oil & Gas Corp
TOTAL ENERGY
FOOD & STAPLES RETAILING - 1.8%
46,940
Costco Wholesale Corp
184,521
CVS Health Corp
140,232
Kroger Co
285,988
*,e Sprouts Farmers Market, Inc
70,059
Sysco Corp
TOTAL FOOD & STAPLES RETAILING
7,849,307
17,108,787
4,794,532
6,614,902
3,628,356
39,995,884
FOOD, BEVERAGE & TOBACCO - 7.8%
500,392
Altria Group, Inc
2,552
Brown-Forman Corp (Class B)
148,935
Campbell Soup Co
468,614
Coca-Cola Co
217,255
ConAgra Foods, Inc
112,836
Dr Pepper Snapple Group, Inc
33,876,538
250,581
9,274,183
20,445,629
10,158,844
11,115,474
2
SHARES
225,690
9,845
65,639
136,822
5,549
320,907
15,943
34,530
140,937
COMPANY
VALUE
General Mills, Inc
Hershey Co
Ingredion, Inc
Kellogg Co
McCormick & Co, Inc
PepsiCo, Inc
Philip Morris International, Inc
e Pilgrim's Pride Corp
Tyson Foods, Inc (Class A)
TOTAL FOOD, BEVERAGE & TOBACCO
$
HEALTH CARE EQUIPMENT & SERVICES - 7.4%
38,887
Aetna Inc
126,868
AmerisourceBergen Corp
31,528
Becton Dickinson & Co
152,021
Cardinal Health, Inc
124,658
* Centene Corp
3,215
Cigna Corp
95,602
* DaVita, Inc
206,843
* Express Scripts Holding Co
130,709
* HCA Holdings, Inc
4,161
* Hologic, Inc
228
Humana, Inc
58,034
* Laboratory Corp of America Holdings
84,130
McKesson Corp
143,070
Resmed, Inc
12,769
Stryker Corp
114,987
* Tenet Healthcare Corp
239,434
UnitedHealth Group, Inc
106,638
* VCA Antech, Inc
50,441
* WellCare Health Plans, Inc
TOTAL HEALTH CARE EQUIPMENT & SERVICES
HOUSEHOLD & PERSONAL PRODUCTS - 1.3%
7,919
Church & Dwight Co, Inc
74,715
Clorox Co
3,847
Energizer Holdings, Inc
24,523
Estee Lauder Cos (Class A)
95,112
*,e Herbalife Ltd
48,257
Kimberly-Clark Corp
37,287
Nu Skin Enterprises, Inc (Class A)
TOTAL HOUSEHOLD & PERSONAL PRODUCTS
INSURANCE - 1.1%
36,392
210,035
207,494
MATERIALS - 5.0%
21,982
106,345
55,671
16,224,854
1,090,432
8,745,740
11,316,548
567,385
34,953,190
1,598,445
802,823
10,372,963
170,793,629
4,480,171
10,807,885
5,548,928
12,708,955
8,794,622
414,607
7,412,979
15,734,547
10,081,585
160,157
39,341
8,099,225
16,368,333
9,854,662
1,484,779
3,519,752
34,286,949
7,607,555
5,387,099
162,792,131
777,962
9,792,895
198,236
2,278,187
6,468,567
6,251,694
1,991,126
27,758,667
Aon plc
Marsh & McLennan Cos, Inc
Progressive Corp
TOTAL INSURANCE
3,896,492
13,809,801
6,745,630
24,451,923
Air Products & Chemicals, Inc
Avery Dennison Corp
Bemis Co, Inc
3,284,550
8,283,212
2,841,448
3
SHARES
91,821
68,229
204,776
494,337
118,538
108,317
221,787
119,592
117,667
185,686
10,060
153,792
MEDIA - 5.0%
212,311
11,479
363,748
12,668
375,045
132,878
252,713
172,517
73,679
123,725
30,196
100,575
262,672
COMPANY
VALUE
Celanese Corp (Series A)
Eagle Materials, Inc
EI du Pont de Nemours & Co
Graphic Packaging Holding Co
LyondellBasell Industries AF S.C.A
Monsanto Co
* Owens-Illinois, Inc
Packaging Corp of America
PPG Industries, Inc
Sealed Air Corp
Sherwin-Williams Co
Steel Dynamics, Inc
TOTAL MATERIALS
$
CBS Corp (Class B)
* Charter Communications, Inc
Comcast Corp (Class A)
* Discovery Communications, Inc (Class A)
Interpublic Group of Cos, Inc
Omnicom Group, Inc
e Regal Entertainment Group (Class A)
* Starz-Liberty Capital
Time Warner, Inc
Twenty-First Century Fox, Inc
Twenty-First Century Fox, Inc (Class B)
Viacom, Inc (Class B)
Walt Disney Co
TOTAL MEDIA
5,823,288
5,727,825
14,164,356
6,742,757
8,921,170
11,565,006
4,167,378
8,932,326
12,320,912
8,760,665
3,015,284
4,124,701
108,674,878
11,086,880
2,696,073
24,462,053
317,840
8,648,538
10,934,531
5,943,810
5,215,189
5,647,495
3,296,034
816,198
4,573,145
25,203,378
108,841,164
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.3%
272,735
AbbVie, Inc
88,263
* Akorn, Inc
17,951
* Alexion Pharmaceuticals, Inc
20,033
* Allergan plc
174,759
Amgen, Inc
40,311
* Biogen Idec, Inc
5,200
* BioMarin Pharmaceutical, Inc
246,337
Bristol-Myers Squibb Co
122,548
* Celgene Corp
85,382
* Charles River Laboratories International, Inc
109,305
Eli Lilly & Co
309,413
Gilead Sciences, Inc
3,349
* Incyte Corp
126,113
Johnson & Johnson
17,096
* Medivation, Inc
5,635
* Mettler-Toledo International, Inc
6,567
* Regeneron Pharmaceuticals, Inc
23,988
Thermo Electron Corp
16,817
* Vertex Pharmaceuticals, Inc
106,903
* VWR Corp
41,377
* Waters Corp
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
4
18,063,239
3,021,243
2,308,499
5,067,347
30,063,791
11,687,368
516,984
18,428,471
13,748,660
7,507,639
9,060,292
24,589,051
302,113
15,793,131
1,093,973
2,317,168
2,791,763
3,810,254
1,631,249
3,348,202
6,576,047
181,726,484
COMPANY
SHARES
REAL ESTATE - 2.0%
45,229
6,066
108,218
2,541
29,147
2,544
80,948
143,395
12,035
50,411
RETAILING - 7.3%
76,655
235
28,550
25,364
10,230
2,278
56,594
39,822
286,900
7,359
25,206
205,314
19,378
49,146
14,462
7,306
103,425
86,528
55,513
VALUE
American Tower Corp
* CBRE Group, Inc
Crown Castle International Corp
Equinix, Inc
Equity Lifestyle Properties, Inc
Essex Property Trust, Inc
Gaming and Leisure Properties, Inc
Iron Mountain, Inc
Public Storage, Inc
Simon Property Group, Inc
TOTAL REAL ESTATE
*
*
*
*
e
*
*
*
*
*
*
*
$
Amazon.com, Inc
AutoZone, Inc
Bed Bath & Beyond, Inc
Burlington Stores, Inc
Dollar General Corp
Foot Locker, Inc
Gap, Inc
Genuine Parts Co
Home Depot, Inc
Liberty Interactive Corp
LKQ Corp
Lowe's Companies, Inc
Murphy USA, Inc
NetFlix, Inc
O'Reilly Automotive, Inc
Priceline.com, Inc
Ross Stores, Inc
TJX Companies, Inc
Urban Outfitters, Inc
TOTAL RETAILING
5,236,161
172,578
10,500,393
947,463
2,397,049
594,991
2,900,367
5,909,308
2,875,402
11,445,313
42,979,025
58,166,581
191,283
1,283,322
1,940,600
969,190
135,814
1,459,559
4,071,401
39,661,056
197,295
866,834
16,893,236
1,485,130
4,484,573
4,203,091
9,869,018
6,394,768
7,071,068
1,659,839
161,003,658
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.9%
81,542
Applied Materials, Inc
35,236
Broadcom Ltd
30,595
Intel Corp
31,336
Kla-Tencor Corp
4,591
Lam Research Corp
156,600
Linear Technology Corp
8,081
Microchip Technology, Inc
65,088
Nvidia Corp
481,841
* ON Semiconductor Corp
191,286
Qualcomm, Inc
315,174
Texas Instruments, Inc
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
2,143,739
5,707,527
1,066,542
2,372,449
412,134
9,394,434
449,627
3,716,525
4,832,865
11,970,678
21,983,386
64,049,906
SOFTWARE & SERVICES - 20.9%
110,663
Accenture plc
33,073
* Adobe Systems, Inc
12,483,893
3,236,524
5
COMPANY
SHARES
46,122
58,488
57,834
32,040
102,615
112,578
34,795
193,942
498,907
34,939
433,987
79,603
438,686
110,772
6,189
90,243
71,184
167,337
32,499
53,080
14,329
175,244
1,665,682
32,748
83,560
168,319
103,831
163,605
99,561
360,782
5,629
53,750
VALUE
* Alliance Data Systems Corp
* Alphabet, Inc (Class A)
* Alphabet, Inc (Class C)
Automatic Data Processing, Inc
Booz Allen Hamilton Holding Co
* Citrix Systems, Inc
* Cognizant Technology Solutions Corp (Class A)
CSRA, Inc
* eBay, Inc
* Electronic Arts, Inc
* Facebook, Inc
* First American Corp
* First Data Corp
* Fiserv, Inc
* FleetCor Technologies, Inc
Global Payments, Inc
*,e GoDaddy, Inc
International Business Machines Corp
Intuit, Inc
Jack Henry & Associates, Inc
* LinkedIn Corp
MasterCard, Inc (Class A)
Microsoft Corp
Paychex, Inc
* PayPal Holdings, Inc
* Rackspace Hosting, Inc
* Salesforce.com, Inc
Total System Services, Inc
*,e VeriSign, Inc
Visa, Inc (Class A)
Western Union Co
* WEX, Inc
TOTAL SOFTWARE & SERVICES
$
TECHNOLOGY HARDWARE & EQUIPMENT - 5.9%
29,870
Amphenol Corp (Class A)
1,062,325
Apple, Inc
59,321
* F5 Networks, Inc
95,245
Motorola, Inc
108,253
* NCR Corp
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT
TELECOMMUNICATION SERVICES - 1.4%
200,668
* T-Mobile US, Inc
377,899
Verizon Communications, Inc
TOTAL TELECOMMUNICATION SERVICES
TRANSPORTATION - 1.7%
36,792
123,844
89,829
39,441
66,897
*
10,682,778
46,283,894
44,462,201
2,849,958
3,168,751
10,034,077
2,000,365
5,220,919
15,545,942
2,666,545
53,788,349
3,206,409
5,439,706
12,224,798
938,748
6,737,542
2,129,825
26,877,669
3,607,064
4,737,390
2,761,628
16,690,238
94,410,856
1,941,301
3,111,774
3,943,714
8,493,376
8,330,767
8,622,978
28,159,035
112,580
5,035,300
459,936,894
1,777,862
110,704,888
7,321,398
6,608,098
3,569,102
129,981,348
9,298,955
20,939,384
30,238,339
Alaska Air Group, Inc
CH Robinson Worldwide, Inc
Delta Air Lines, Inc
FedEx Corp
JetBlue Airways Corp
2,473,158
8,622,019
3,480,874
6,385,498
1,226,222
6
SHARES
153,826
6,553
89,122
VALUE
COMPANY
Southwest Airlines Co
Union Pacific Corp
United Parcel Service, Inc (Class B)
TOTAL TRANSPORTATION
$
TOTAL COMMON STOCKS
(Cost $1,751,218,387)
5,693,100
609,757
9,634,088
38,124,716
2,184,111,582
RATE
PRINCIPAL
ISSUER
SHORT-TERM INVESTMENTS - 3.2%
GOVERNMENT AGENCY DEBT - 0.9%
$
18,650,000
Federal Home Loan Bank (FHLB)
TOTAL GOVERNMENT AGENCY DEBT
0.150%
MATURITY
DATE
08/01/16
18,650,000
18,650,000
SHARES
COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 2.3%
51,150,064
c TIAA-CREF Short Term Lending Portfolio of the State Street
Navigator Securities Lending Trust
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
TOTAL SHORT-TERM INVESTMENTS
(Cost $69,800,064)
TOTAL INVESTMENTS - 102.7%
(Cost $1,821,018,451)
OTHER ASSETS & LIABILITIES, NET - (2.7)%
NET ASSETS - 100.0%
51,150,064
51,150,064
69,800,064
2,253,911,646
$
* Non-income producing
c Investments made with cash collateral received from securities on loan.
e All or a portion of these securities are out on loan. The aggregate value of securities on loan is $50,447,087.
7
(58,314,453)
2,195,597,193
TIAA-CREF FUNDS - Enhanced Large-Cap Value Index Fund
TIAA-CREF FUNDS
ENHANCED LARGE-CAP VALUE INDEX FUND
July 31, 2016
COMPANY
SHARES
VALUE
314,224
Ford Motor Co
74,224
General Motors Co
22,424
Gentex Corp
44,224
Johnson Controls, Inc
21,424
Lear Corp
BANKS - 9.4%
1,653,224
39,000
124,224
15,000
471,224
105,000
54,000
41,890
90,000
151,000
50,000
20,000
741,389
10,424
75,400
65,724
68,000
198,000
173,800
23,800
83,000
197,224
1,018,889
118,000
$
3,978,076
2,341,025
396,232
2,030,766
2,430,553
11,176,652
Bank of America Corp
Bank of Hawaii Corp
BB&T Corp
BOK Financial Corp
Citigroup, Inc
Comerica, Inc
Commerce Bancshares, Inc
Cullen/Frost Bankers, Inc
East West Bancorp, Inc
Fifth Third Bancorp
First Horizon National Corp
Huntington Bancshares, Inc
JPMorgan Chase & Co
M&T Bank Corp
PacWest Bancorp
PNC Financial Services Group, Inc
Popular, Inc
Regions Financial Corp
SunTrust Banks, Inc
SVB Financial Group
Synovus Financial Corp
US Bancorp
Wells Fargo & Co
Zions Bancorporation
TOTAL BANKS
23,955,216
2,687,880
4,580,139
978,450
20,644,324
4,750,200
2,553,660
2,843,912
3,079,800
2,865,980
728,000
190,000
47,426,654
1,194,173
3,117,790
5,432,089
2,290,920
1,815,660
7,350,002
2,389,996
2,526,520
8,316,936
48,876,105
3,289,840
203,884,246
91,000
* Aecom Technology Corp
5,000
AGCO Corp
29,900
n Allegion plc
15,000
Allison Transmission Holdings, Inc
103,000
* Babcock & Wilcox Enterprises, Inc
60,800
20,000
Carlisle Cos, Inc
87,750
Caterpillar, Inc
36,000
Crane Co
3,229,590
240,800
2,164,461
432,300
1,582,080
2,238,048
2,065,800
7,262,190
2,242,800
e
e,n
n
*
8
COMPANY
SHARES
31,800
37,124
3,000
60,300
5,949
123,999
68,024
10,000
18,562
30,800
28,600
1,192,424
18,300
2,000
1,500
15,000
25,700
45,000
14,224
800
11,500
105,000
54,000
23,500
5,700
23,150
38,000
50,000
63,839
77,724
41,500
55,000
108,000
60,000
5,500
16,390
24,224
33,100
61,800
23,800
5,700
45,324
73,800
16,999
25,090
26,300
*
*
n
*
*
*
n
*
*
*
*
*,n
*,e
VALUE
Cummins, Inc
Danaher Corp
Donaldson Co, Inc
Dover Corp
Dycom Industries, Inc
Eaton Corp
Emerson Electric Co
Fluor Corp
Fortive Corp
Fortune Brands Home & Security, Inc
General Dynamics Corp
General Electric Co
Hubbell, Inc
Huntington Ingalls
IDEX Corp
Ingersoll-Rand plc
Jacobs Engineering Group, Inc
L-3 Communications Holdings, Inc
Lennox International, Inc
Manitowoc Co, Inc
Manitowoc Foodservice, Inc
Masco Corp
NOW, Inc
Oshkosh Truck Corp
Owens Corning, Inc
Paccar, Inc
Parker Hannifin Corp
Pentair plc
Raytheon Co
Snap-On, Inc
SPX Corp
Stanley Works
Triumph Group, Inc
United Rentals, Inc
United Technologies Corp
USG Corp
WESCO International, Inc
Xylem, Inc
TOTAL CAPITAL GOODS
$
50,000
* Clean Harbors, Inc
8,000
Dun & Bradstreet Corp
21,900
Equifax, Inc
50,000
Nielsen NV
3,904,086
3,023,379
108,390
4,307,229
559,503
7,862,777
3,802,542
535,200
894,874
1,948,716
4,201,054
37,132,084
2,128,839
215,660
258,870
1,346,850
1,702,882
2,408,400
2,156,785
125,440
2,906,395
584,850
990,360
857,280
409,431
5,014,984
695,780
2,754,500
3,377,721
4,583,384
4,738,885
3,510,100
2,764,800
8,371,800
629,200
2,576,016
1,050,837
501,134
7,521,060
733,754
454,119
4,879,129
2,078,208
2,226,019
1,398,517
1,257,403
166,947,295
2,571,000
1,034,000
2,900,874
2,693,000
9
SHARES
142,424
69,900
39,000
21,424
COMPANY
VALUE
Republic Services, Inc
* TransUnion
$
2,552,238
3,583,074
1,276,080
1,416,555
18,026,821
18,000
CalAtlantic Group, Inc
94,400
Coach, Inc
85,750
DR Horton, Inc
27,224
*,e Garmin Ltd
157,000
*,e GoPro, Inc
161,890
Hanesbrands, Inc
26,300
Hasbro, Inc
12,424
Lennar Corp (Class A)
63,750
Mattel, Inc
2,575
80,800
Newell Brands, Inc
36,800
Phillips-Van Heusen Corp
83,000
Pulte Homes, Inc
16,000
n Tupperware Brands Corp
651,780
4,069,584
2,819,460
1,479,080
1,984,480
4,315,987
2,136,349
581,443
2,127,975
538,021
4,238,768
3,719,008
1,757,940
1,002,880
31,422,755
44,224
Carnival Corp
8,800
Darden Restaurants, Inc
40,400
H&R Block, Inc
45,000
Hilton Worldwide Holdings, Inc
46,189
* Hyatt Hotels Corp
100,000
International Game Technology plc
88,000
* MGM Resorts International
54,000
*,n Norwegian Cruise Line Holdings Ltd
4,224
n Royal Caribbean Cruises Ltd
193,000
Sands China Ltd
2,066,145
541,728
961,116
1,043,550
2,329,773
2,090,000
2,110,240
2,300,400
305,986
738,454
14,487,392
109,124
American Express Co
9,724
127,724
Bank of New York Mellon Corp
25,000
BlackRock, Inc
133,813
Capital One Financial Corp
35,724
CME Group, Inc
20,000
e Consumer Discretionary Select Sector SPDR Fund
27,224
14,500
* E*TRADE Financial Corp
50,000
e Financial Select Sector SPDR Fund
12,424
Franklin Resources, Inc
77,500
Goldman Sachs Group, Inc
360,000
Morgan Stanley
6,380
NASDAQ OMX Group, Inc
112,500
Navient Corp
72,800
Northern Trust Corp
7,034,133
931,948
5,032,326
9,156,250
8,976,176
3,652,422
1,632,600
1,547,412
363,660
1,182,000
449,624
12,307,775
10,342,800
451,449
1,597,500
4,920,552
10
COMPANY
SHARES
183,900
4,224
64,224
55,000
112,424
ENERGY - 13.1%
139,900
66,600
154,000
28,000
317,224
26,300
69,000
149,974
128,900
199,000
106,300
23,800
66,300
136,900
63,800
667,724
7,500
25,000
195,400
19,724
158,500
335,724
100,000
114,224
64,224
168,000
22,424
80,000
113,800
124,224
28,000
123,800
69,600
12,424
103,000
86,300
118,000
68,000
91,000
212,224
13,800
113,000
154,000
154,000
16,000
VALUE
e PowerShares QQQ Trust Series
Raymond James Financial, Inc
e SPDR Dow Jones Industrial Average ETF Trust
SPDR Trust Series 1
* Synchrony Financial
n
*,n
*,e,n
*,n
e
*
n
n
*
*
e
n
*,e,n
n
*,n
*
n
*,n
*,e
e
*,e
n
$
Anadarko Petroleum Corp
Apache Corp
Baker Hughes, Inc
Chevron Corp
Cimarex Energy Co
Concho Resources, Inc
ConocoPhillips
Continental Resources, Inc
Devon Energy Corp
Diamond Offshore Drilling, Inc
Diamondback Energy, Inc
Energen Corp
EOG Resources, Inc
EQT Corp
Exxon Mobil Corp
FMC Technologies, Inc
Gulfport Energy Corp
Halliburton Co
Helmerich & Payne, Inc
Hess Corp
Kinder Morgan, Inc
Laredo Petroleum, Inc
Marathon Oil Corp
Marathon Petroleum Corp
Nabors Industries Ltd
National Oilwell Varco, Inc
Newfield Exploration Co
Noble Energy, Inc
Occidental Petroleum Corp
Parsley Energy, Inc
Patterson-UTI Energy, Inc
Phillips 66
Pioneer Natural Resources Co
Questar Market Resources, Inc
Range Resources Corp
Rice Energy, Inc
Rowan Cos plc
RPC, Inc
Schlumberger Ltd
SM Energy Co
Southwestern Energy Co
Spectra Energy Corp
Superior Energy Services, Inc
Targa Resources Investments, Inc
21,190,797
231,898
11,825,565
11,943,250
3,134,381
117,904,518
7,628,747
3,496,500
7,365,820
690,760
32,509,115
3,156,526
8,569,800
6,121,939
5,678,045
7,617,720
2,415,136
2,089,402
3,141,294
11,184,730
4,648,468
59,394,050
190,350
727,250
8,531,164
1,222,296
8,503,525
6,825,269
1,002,000
1,558,015
2,529,783
1,512,000
725,417
3,464,000
4,064,936
9,283,260
798,280
2,400,482
5,293,776
2,019,770
1,874,600
3,478,753
2,751,760
1,036,320
1,318,590
17,088,276
374,394
1,647,540
5,539,380
2,459,380
596,160
11
SHARES
82,100
154,000
72,224
18,000
168,000
COMPANY
VALUE
Tesoro Corp
Valero Energy Corp
Williams Cos, Inc
World Fuel Services Corp
*,n WPX Energy, Inc
TOTAL ENERGY
$
57,575
CVS Health Corp
61,242
Walgreens Boots Alliance, Inc
191,224
Wal-Mart Stores, Inc
119,900
Whole Foods Market, Inc
6,251,915
8,051,120
1,731,209
856,800
1,678,320
283,094,142
5,338,354
4,853,429
13,953,615
3,654,552
27,799,950
75,750
Altria Group, Inc
91,424
Archer Daniels Midland Co
72,224
Coca-Cola Co
46,800
ConAgra Foods, Inc
18,890
Constellation Brands, Inc (Class A)
18,000
* Hain Celestial Group, Inc
36,000
Ingredion, Inc
18,574
J.M. Smucker Co
29,750
Kellogg Co
103,800
Kraft Heinz Co
29,000
Mead Johnson Nutrition Co
24,224
Molson Coors Brewing Co (Class B)
338,000
Mondelez International, Inc
16,300
* Monster Beverage Corp
37,500
PepsiCo, Inc
276,800
138,900
8,000
* Post Holdings, Inc
125,400
Reynolds American, Inc
15,000
* TreeHouse Foods, Inc
75,000
5,128,275
4,121,394
3,151,133
2,188,368
3,109,861
950,220
4,796,640
2,863,368
2,460,622
8,967,282
2,586,800
2,474,724
14,865,240
2,618,269
4,084,500
27,751,968
3,229,425
693,360
6,277,524
1,547,850
5,520,000
109,386,823
338,900
Abbott Laboratories
27,724
Aetna Inc
30,500
Anthem, Inc
89,000
Baxter International, Inc
32,500
40,200
* Centene Corp
57,750
n Cigna Corp
6,300
Cooper Cos, Inc
27,224
* DaVita, Inc
35,750
DENTSPLY SIRONA, Inc
60,250
* HCA Holdings, Inc
25,750
Humana, Inc
7,724
45,000
* LifePoint Hospitals, Inc
15,165,775
3,194,082
4,005,870
4,273,780
2,717,000
2,836,110
7,447,440
1,149,561
2,110,949
2,289,430
4,647,082
4,443,163
1,077,961
2,663,100
12
SHARES
296,800
28,300
16,800
36,900
31,424
24,500
17,500
COMPANY
VALUE
Medtronic plc
Quest Diagnostics, Inc
Teleflex, Inc
n Universal Health Services, Inc (Class B)
* VCA Antech, Inc
Zimmer Holdings, Inc
19,750
Clorox Co
116,800
Colgate-Palmolive Co
9,724
Edgewell Personal Care Co
9,000
25,600
n Kimberly-Clark Corp
21,000
424,424
Procter & Gamble Co
INSURANCE - 4.6%
7,724
44,424
13,500
142,424
7,424
12,424
257,224
22,000
52,324
50,000
10,724
19,390
12,424
12,424
9,800
81,500
111,000
4,224
750
37,724
151,500
6,724
4,224
62,224
113,800
28,000
5,724
7,224
21,724
26,100
$
26,008,584
2,443,988
3,029,208
4,779,657
2,241,788
2,616,600
2,294,950
101,436,078
2,588,632
8,693,424
822,748
463,770
3,316,480
1,121,400
36,326,450
53,332,904
Aflac, Inc
Allstate Corp
American Financial Group, Inc
American International Group, Inc
Arthur J. Gallagher & Co
Assurant, Inc
* Berkshire Hathaway, Inc (Class B)
Brown & Brown, Inc
Chubb Ltd
Cincinnati Financial Corp
Endurance Specialty Holdings Ltd
Everest Re Group Ltd
First American Financial Corp
FNF Group
Hanover Insurance Group, Inc
Hartford Financial Services Group, Inc
n Lincoln National Corp
Loews Corp
* Markel Corp
Metlife, Inc
Old Republic International Corp
Principal Financial Group
ProAssurance Corp
Progressive Corp
Prudential Financial, Inc
Reinsurance Group of America, Inc (Class A)
Torchmark Corp
Travelers Cos, Inc
UnumProvident Corp
Validus Holdings Ltd
TOTAL INSURANCE
558,291
3,035,492
986,850
7,753,563
365,187
1,031,316
37,109,707
806,520
6,554,104
3,735,000
725,264
3,664,904
519,447
468,012
806,932
3,247,775
4,847,370
174,578
711,562
1,612,324
2,936,070
313,540
218,212
2,022,902
8,568,002
2,779,000
354,144
839,573
725,799
1,290,123
98,761,563
13
COMPANY
SHARES
MATERIALS - 4.3%
48,390
37,224
12,500
30,000
66,600
80,000
225,400
3,000
39,900
45,000
303,000
63,000
39,000
24,224
82,724
180,000
115,000
71,750
1,300
30,224
31,424
183,000
98,000
42,424
41,890
18,800
26,800
11,800
157,750
199,000
19,190
MEDIA - 0.8%
98,800
46,800
12,424
14,224
6,800
85,000
8,100
31,800
n
*,e
e
*
n
n
*,n
n
e
n
*
*
*
*
e
VALUE
Albemarle Corp
Alcoa, Inc
Ashland, Inc
Avery Dennison Corp
CF Industries Holdings, Inc
Cliffs Natural Resources, Inc
Compass Minerals International, Inc
Crown Holdings, Inc
Domtar Corp
Dow Chemical Co
Eastman Chemical Co
FMC Corp
Freeport-McMoRan Copper & Gold, Inc (Class B)
Huntsman Corp
International Paper Co
Martin Marietta Materials, Inc
Monsanto Co
Mosaic Co
Newmont Mining Corp
Nucor Corp
Owens-Illinois, Inc
Reliance Steel & Aluminum Co
Royal Gold, Inc
Sonoco Products Co
Southern Copper Corp (NY)
Steel Dynamics, Inc
Tahoe Resources, Inc
Vulcan Materials Co
TOTAL MATERIALS
$
DISH Network Corp (Class A)
Liberty SiriusXM Group (Class A)
Liberty SiriusXM Group (Class C)
Madison Square Garden Co
Regal Entertainment Group (Class A)
Walt Disney Co
TOTAL MEDIA
4,072,986
395,319
1,415,500
2,336,700
4,223,772
1,974,400
1,782,914
208,770
2,113,503
1,771,650
16,262,010
4,109,490
1,854,060
313,943
1,128,355
2,782,800
5,268,150
5,399,905
263,445
3,227,017
848,448
8,052,000
5,256,720
797,147
3,285,852
1,589,352
1,364,924
306,682
4,230,855
3,096,440
2,379,176
92,112,285
6,644,300
2,500,056
444,158
501,396
1,242,972
1,999,200
368,307
3,051,210
16,751,599
26,994
Agilent Technologies, Inc
50,000
* Allergan plc
19,300
Amgen, Inc
46,800
* Celgene Corp
4
* Endo International plc
55,500
n Gilead Sciences, Inc
379,224
Johnson & Johnson
484,224
Merck & Co, Inc
1,298,681
12,647,500
3,320,179
5,250,492
70
4,410,585
47,490,221
28,404,580
14
COMPANY
SHARES
17,750
11,424
63,000
1,101,000
17,000
54,000
6,424
30,000
REAL ESTATE - 4.8%
29,000
41,500
10,000
33,000
77,224
32,500
15,200
100,000
40,890
36,800
36,000
33,000
45,000
26,600
5,000
23,000
12,424
28,890
63,000
145,000
21,000
11,424
38,389
39,000
17,224
36,800
17,224
84,200
33,000
14,224
63,000
28,000
14,224
61,424
7,224
41,424
20,000
18,000
34,890
66,300
41,424
87,724
VALUE
* Mylan NV
PerkinElmer, Inc
Perrigo Co plc
Pfizer, Inc
* Quintiles Transnational Holdings, Inc
* United Therapeutics Corp
* VWR Corp
n
*
n
n
Alexandria Real Estate Equities, Inc
American Campus Communities, Inc
American Capital Agency Corp
American Homes 4 Rent
Annaly Capital Management, Inc
Apartment Investment & Management Co (Class A)
Boston Properties, Inc
Brandywine Realty Trust
Camden Property Trust
Chimera Investment Corp
Communications Sales & Leasing, Inc
Corporate Office Properties Trust
Corrections Corp of America
CyrusOne, Inc
DCT Industrial Trust, Inc
DDR Corp
Digital Realty Trust, Inc
Douglas Emmett, Inc
Duke Realty Corp
Entertainment Properties Trust
Equity Commonwealth
Equity One, Inc
Equity Residential
Extra Space Storage, Inc
Forest City Realty Trust, Inc
Four Corners Property Trust, Inc
General Growth Properties, Inc
Healthcare Trust of America, Inc
Highwoods Properties, Inc
Hospitality Properties Trust
Host Marriott Corp
Kilroy Realty Corp
Kimco Realty Corp
Liberty Property Trust
Mack-Cali Realty Corp
Mid-America Apartment Communities, Inc
National Retail Properties, Inc
Piedmont Office Realty Trust, Inc
Prologis, Inc
$
830,523
650,254
5,757,570
40,615,890
1,319,880
8,577,360
777,368
939,600
162,290,753
3,256,700
2,243,905
195,900
716,100
847,919
1,494,025
2,160,376
1,687,000
3,663,335
617,504
1,118,880
988,680
1,442,250
2,580,998
274,100
1,155,060
245,250
3,017,849
2,396,520
4,174,550
1,764,420
342,948
3,157,111
1,297,530
1,171,060
3,165,536
407,348
1,827,982
1,182,390
454,457
2,145,150
1,560,160
453,888
1,089,662
528,869
1,329,710
827,600
507,600
3,699,038
3,524,508
908,843
4,780,081
15
SHARES
13,139
25,000
44,224
16,890
128,800
254,000
12,224
7,224
4,224
61,800
182,000
23,300
71,224
44,224
21,000
118,000
RETAILING - 2.0%
123,890
27,224
121,000
6,000
25,400
15,000
38,000
23,000
108,000
22,424
3,900
288,830
22,424
17,224
90,200
4,500
3,600
130,000
161,890
VALUE
COMPANY
Public Storage, Inc
Rayonier, Inc
Realty Income Corp
Regency Centers Corp
Senior Housing Properties Trust
Spirit Realty Capital, Inc
STORE Capital Corp
Sun Communities, Inc
UDR, Inc
Ventas, Inc
VEREIT, Inc
Weingarten Realty Investors
Welltower, Inc
Weyerhaeuser Co
WP Carey, Inc
WP GLIMCHER, Inc
TOTAL REAL ESTATE
$
e American Eagle Outfitters, Inc
* Bed Bath & Beyond, Inc
Best Buy Co, Inc
* Burlington Stores, Inc
Children's Place Retail Stores, Inc
CST Brands, Inc
e,n Dillard's, Inc (Class A)
Expedia, Inc
e GameStop Corp (Class A)
Gap, Inc
Genuine Parts Co
*,e JC Penney Co, Inc
Kohl's Corp
L Brands, Inc
Macy's, Inc
* Michaels Cos, Inc
* Murphy USA, Inc
Staples, Inc
Target Corp
TOTAL RETAILING
3,139,170
680,500
3,160,689
1,434,468
2,860,648
3,472,180
381,267
571,780
157,259
4,706,688
2,012,920
1,006,327
5,650,200
1,447,009
1,525,650
1,496,240
104,105,787
2,220,109
1,223,719
4,065,600
459,060
2,122,932
670,800
2,571,840
2,682,950
3,342,600
578,315
398,736
2,790,098
932,614
1,272,853
3,231,866
118,620
275,904
1,207,700
12,195,174
42,361,490
42,500
Analog Devices, Inc
128,000
38,900
n Broadcom Ltd
250,000
e,n Cypress Semiconductor Corp
653,224
Intel Corp
113,800
*,e JinkoSolar Holding Co Ltd (ADR)
8,000
Kla-Tencor Corp
18,000
Lam Research Corp
25,750
428,890
* Micron Technology, Inc
60,000
Nvidia Corp
285,000
2,712,775
3,365,120
6,301,022
2,910,000
22,771,389
2,080,264
605,680
1,615,860
1,544,742
5,892,949
3,426,000
2,858,550
16
SHARES
27,224
182,424
34,900
COMPANY
VALUE
* Qorvo, Inc
Qualcomm, Inc
Xilinx, Inc
$
1,721,373
11,416,094
1,782,692
71,004,510
68,000
* Akamai Technologies, Inc
7,000
81,300
CA, Inc
37,224
Computer Sciences Corp
1,900
Fair Isaac Corp
17,224
Fidelity National Information Services, Inc
11,424
11,000
IAC/InterActiveCorp
11,424
118,900
*,e Mobileye NV
457,224
Oracle Corp
42,424
Symantec Corp
55,000
*,e VMware, Inc (Class A)
61,800
* Workday, Inc
142,424
* Yahoo!, Inc
3,436,040
216,160
2,817,045
1,780,424
240,616
1,369,825
460,159
637,560
1,834,923
5,696,499
18,764,473
866,722
4,013,900
5,150,412
5,439,172
52,723,930
49,124
Apple, Inc
66,300
* Arrow Electronics, Inc
5,000
Avnet, Inc
50,000
* Ciena Corp
764,224
Cisco Systems, Inc
32,996
* CommScope Holding Co, Inc
215,000
Corning, Inc
54,000
Dolby Laboratories, Inc (Class A)
235,724
EMC Corp
66,000
* Fitbit, Inc
500,000
Hewlett Packard Enterprise Co
500,000
HP, Inc
139,000
Ingram Micro, Inc (Class A)
139,900
Jabil Circuit, Inc
7,500
Juniper Networks, Inc
10,000
* Keysight Technologies, Inc
63,800
Lexmark International, Inc (Class A)
80,900
* Lumentum Holdings, Inc
12,424
Motorola, Inc
180,000
Vishay Intertechnology, Inc
123,891
Western Digital Corp
5,119,212
4,408,287
205,500
959,500
23,331,759
988,230
4,777,300
2,716,740
6,666,275
901,560
10,510,000
7,005,000
4,759,360
2,846,965
170,175
292,400
2,339,546
2,447,225
861,977
2,399,400
5,886,061
89,592,472
1,037,224
AT&T, Inc
180,000
CenturyTel, Inc
119,991
*,n Level 3 Communications, Inc
30,000
Telephone & Data Systems, Inc
44,224
* T-Mobile US, Inc
44,901,427
5,659,200
6,071,545
944,700
2,049,340
17
SHARES
475,750
36,000
105,000
191,000
75,000
57,750
*
41,890
11,000
*
4,424
35,724
11,000
188,000
47,724
*
UTILITIES - 6.8%
135,000
88,000
45,000
95,750
73,800
23,800
60,000
29,000
53,224
88,000
88,000
21,424
57,500
53,224
83,800
30,000
155,724
136,136
10,000
7,224
5,000
7,724
93,000
25,400
108,300
146,800
20,000
24,224
99,124
46,800
150,000
57,224
68,000
47,224
VALUE
COMPANY
$
26,361,307
85,987,519
American Airlines Group, Inc
CSX Corp
Hawaiian Holdings, Inc
Kansas City Southern Industries, Inc
Kirby Corp
Macquarie Infrastructure Co LLC
Norfolk Southern Corp
Ryder System, Inc
Union Pacific Corp
United Continental Holdings, Inc
2,419,920
3,727,500
5,411,030
2,906,250
2,629,357
4,026,048
599,390
339,100
3,207,301
724,900
17,493,400
2,237,778
45,721,974
AES Corp
Alliant Energy Corp
Ameren Corp
American Electric Power Co, Inc
American Water Works Co, Inc
Aqua America, Inc
Atmos Energy Corp
Avangrid, Inc
Centerpoint Energy, Inc
CMS Energy Corp
Consolidated Edison, Inc
Dominion Resources, Inc
DTE Energy Co
Duke Energy Corp
Edison International
Eversource Energy
Exelon Corp
FirstEnergy Corp
Great Plains Energy, Inc
* Hawaiian Electric Industries, Inc
e Health Care Select Sector SPDR Fund
ITC Holdings Corp
MDU Resources Group, Inc
National Fuel Gas Co
NextEra Energy, Inc
NiSource, Inc
NRG Energy, Inc
OGE Energy Corp
PG&E Corp
Pinnacle West Capital Corp
PPL Corp
Public Service Enterprise Group, Inc
SCANA Corp
Sempra Energy
1,667,250
3,542,000
2,359,800
6,635,475
6,094,404
824,432
4,787,400
1,309,060
1,273,118
3,975,840
7,047,040
1,671,501
5,607,400
4,555,442
6,484,444
1,754,700
5,805,391
4,753,869
297,800
224,305
376,250
357,235
2,236,650
1,435,354
13,893,807
3,766,888
276,800
779,286
6,337,989
3,691,116
5,656,500
2,632,876
5,095,920
5,283,421
18
COMPANY
SHARES
91,424
69,900
32,800
96,300
28,800
173,800
VALUE
Southern Co
UGI Corp
Vectren Corp
WEC Energy Group, Inc
Westar Energy, Inc
Xcel Energy, Inc
TOTAL UTILITIES
$
4,891,184
3,163,674
1,696,744
6,250,833
1,600,416
7,643,724
147,737,338
2,148,050,796
TOTAL COMMON STOCKS
(Cost $1,789,783,720)
ISSUER
PRINCIPAL
$
6,950,000
RATE
0.150%
MATURITY
DATE
6,950,000
6,950,000
08/01/16
SHARES
COMPANY
51,803,514
51,803,514
51,803,514
58,753,514
(Cost $58,753,514)
(Cost $1,848,537,234)
NET ASSETS - 100.0%
2,206,804,310
$
(42,784,405)
2,164,019,905
Abbreviation(s):
ADR American Depositary Receipt
ETF
Exchange Traded Fund
REIT Real Estate Investment Trust
SPDR Standard & Poor's Depository Receipts
*
c
e
n
Non-income producing
Investments made with cash collateral received from securities on loan.
All or a portion of these securities are out on loan. The aggregate value of securities on loan is $50,661,403.
All or a portion of these securities have been segregated by the custodian to cover requirements on open written options contracts.
19
TIAA-CREF FUNDS - Growth & Income Fund
TIAA-CREF FUNDS
GROWTH & INCOME FUND
July 31, 2016
SHARES
COMPANY
VALUE
BANKS - 6.2%
4,266,767
557,109
630,899
266,376
1,625,066
1,052,534
584,055
239,598
1,118,225
873,617
227,938
53,678
n
361,843
1,982,877
n
533,105
336,454
183,613
178,645
n
256,634
61,212
163,724
*,n
Citigroup, Inc
Citizens Financial Group, Inc
Comerica, Inc
ING Groep NV
JPMorgan Chase & Co
SunTrust Banks, Inc
US Bancorp
Wells Fargo & Co
TOTAL BANKS
$
61,825,454
24,406,945
14,087,975
12,050,850
18,168,246
67,330,600
24,699,686
10,103,848
53,641,253
24,356,442
310,671,299
3M Co
Acuity Brands, Inc
Caesarstone Sdot-Yam Ltd
General Electric Co
Paccar, Inc
Raytheon Co
Snap-On, Inc
WABCO Holdings, Inc
TOTAL CAPITAL GOODS
40,655,022
14,086,718
13,565,494
61,746,790
62,016,105
38,826,791
39,776,084
10,534,696
35,808,142
9,620,690
16,416,605
343,053,137
224,586
Equifax, Inc
213,828
29,748,662
14,138,307
43,886,969
509,444
DR Horton, Inc
115,540
Hasbro, Inc
860,576
* Kate Spade & Co
749,296
Mattel, Inc
121,681
563,486
n Newell Brands, Inc
378,001
Sony Corp
576,460
*,g Spin Master Corp
16,750,519
9,385,314
18,665,893
25,011,500
25,424,028
29,560,476
12,408,595
11,832,519
149,038,844
20
COMPANY
SHARES
VALUE
29,959
* Chipotle Mexican Grill, Inc (Class A)
1,081,315
594,534
* Norwegian Cruise Line Holdings Ltd
303,794
* Red Rock Resorts, Inc
$
476,201
Lazard Ltd (Class A)
960,610
Morgan Stanley
160,317
Oaktree Capital Group LLC
ENERGY - 7.1%
428,962
262,220
338,758
938,077
241,913
605,950
622,916
616,950
499,985
715,943
777,146
397,573
293,643
*
*,e
*
*
*
*
*,e,n
*
n
12,702,316
25,929,934
25,327,148
6,990,300
70,949,698
17,019,424
27,598,325
7,441,915
52,059,664
Chevron Corp
EOG Resources, Inc
Parsley Energy, Inc
Rice Energy, Inc
RPC, Inc
RSP Permian, Inc
Schlumberger Ltd
TOTAL ENERGY
23,391,298
26,872,306
42,073,744
41,322,292
21,237,542
49,506,115
26,972,263
46,104,673
14,254,572
16,695,791
11,260,846
14,292,749
23,644,134
357,628,325
264,340
Kroger Co
475,697
* US Foods Holding Corp
9,037,785
11,492,839
20,530,624
800,148
Coca-Cola Co
664,775
ConAgra Foods, Inc
165,915
987,046
Cott Corp
138,424
Fresh Del Monte Produce, Inc
157,740
General Mills, Inc
206,135
Groupe Danone
134,407
n Mead Johnson Nutrition Co
269,055
710,018
218,499
513,096
PepsiCo, Inc
671,871
171,059
Pinnacle Foods, Inc
375,757
70,312
34,910,457
31,084,879
27,314,587
14,736,597
7,869,404
11,339,929
15,809,252
11,989,104
27,486,659
31,226,592
35,097,494
55,886,416
67,361,787
8,588,872
18,810,395
7,255,495
406,767,919
21
SHARES
VALUE
COMPANY
523,615
1,270,015
* Boston Scientific Corp
108,131
* Centene Corp
319,348
*,n Edwards Lifesciences Corp
354,597
* HCA Holdings, Inc
37,866
* Intuitive Surgical, Inc
663,359
Medtronic plc
179,837
STERIS plc
243,313
n Universal Health Services, Inc (Class B)
179,371
* VCA Antech, Inc
62,512
155,774
Beiersdorf AG.
206,764
* Central Garden & Pet Co
74,264
563,709
Procter & Gamble Co
INSURANCE - 3.0%
783,204
303,330
408,180
136,067
155,135
MATERIALS - 2.8%
516,561
671,880
942,379
118,480
82,131
121,749
361,249
29,415
346,083
167,817
MEDIA - 3.4%
162,323
927,938
333,460
150,003
1,172,999
324,431
425,591
$
25,143,992
30,835,964
7,628,642
36,571,733
27,350,067
26,345,648
58,130,149
12,759,435
31,516,333
12,796,327
6,676,282
275,754,572
14,634,948
5,016,095
7,295,695
48,247,853
75,194,591
Chubb Ltd
Metlife, Inc
TOTAL INSURANCE
42,637,626
43,761,419
51,128,627
5,815,503
7,233,945
150,577,120
Barrick Gold Corp
*,e Cliffs Natural Resources, Inc
Dow Chemical Co
n Eagle Materials, Inc
Ecolab, Inc
Monsanto Co
Olin Corp
Syngenta AG.
e,n United States Steel Corp
WR Grace & Co
TOTAL MATERIALS
11,292,023
5,314,571
50,577,481
9,946,396
9,722,668
12,999,141
7,550,104
11,568,484
9,513,822
12,564,459
141,049,149
* AMC Networks, Inc
* Imax Corp
Scripps Networks Interactive (Class A)
Sky plc
Time Warner, Inc
Walt Disney Co
TOTAL MEDIA
8,986,201
62,403,831
10,534,002
9,909,198
14,285,232
24,867,636
40,835,456
171,821,556
22
SHARES
COMPANY
VALUE
840,901
AbbVie, Inc
189,860
*,n Allergan plc
336,242
Amgen, Inc
507,830
e AstraZeneca plc (ADR)
207,830
*,n BioMarin Pharmaceutical, Inc
825,883
n Bristol-Myers Squibb Co
564,006
Eli Lilly & Co
638,855
* H Lundbeck AS
122,328
*,n Incyte Corp
317,427
Ipsen
133,402
*,n Jazz Pharmaceuticals plc
301,861
Johnson & Johnson
93,763
*,e Ligand Pharmaceuticals, Inc (Class B)
2,510,989
Pfizer, Inc
230,561
Shire Ltd
REAL ESTATE - 0.3%
248,217
70,638
RETAILING - 6.9%
134,398
34,724
320,915
618,884
393,263
2,158,133
199,272
87,778
63,657
67,239
$
55,692,873
48,025,087
57,843,711
17,337,316
20,662,459
61,784,307
46,750,458
25,969,188
11,035,209
20,710,809
20,139,700
37,802,053
12,646,753
92,630,384
14,894,799
543,925,106
n Crown Castle International Corp
TOTAL REAL ESTATE
7,714,585
6,854,005
14,568,590
* Amazon.com, Inc
* AutoZone, Inc
*,n Dollar Tree, Inc
Home Depot, Inc
Industria De Diseno Textil S.A.
* JC Penney Co, Inc
* NetFlix, Inc
*,n O’Reilly Automotive, Inc
TJX Companies, Inc
*,n Ulta Salon Cosmetics & Fragrance, Inc
TOTAL RETAILING
101,982,546
28,264,294
30,900,906
85,554,524
13,600,505
20,847,565
18,183,570
25,510,920
5,202,050
17,563,499
347,610,379
1,107,660
229,864
Broadcom Ltd
1,677,963
Intel Corp
334,634
e Microchip Technology, Inc
568,578
* Microsemi Corp
360,504
Nvidia Corp
154,974
* NXP Semiconductors NV
29,120,381
37,233,371
58,493,790
18,619,036
22,174,542
20,584,778
13,031,764
199,257,662
283,814
175,504
299,611
* CyberArk Software Ltd
646,024
* eBay, Inc
403,525
*,n Electronic Arts, Inc
756,955
* Facebook, Inc
27,774,038
134,925,720
16,895,064
20,130,108
30,797,028
93,817,003
23
SHARES
230,034
193,648
2,090,893
77,385
1,096,124
412,436
75,827
574,775
78,290
1,284,965
461,073
715,099
848,328
COMPANY
VALUE
n IAC/InterActiveCorp
*,n Manhattan Associates, Inc
Microsoft Corp
*,n MicroStrategy, Inc (Class A)
Oracle Corp
*,e Pandora Media, Inc
*,e,n Proofpoint, Inc
* ServiceNow, Inc
Symantec Corp
* Take-Two Interactive Software, Inc
Tencent Holdings Ltd
Visa, Inc (Class A)
$
13,332,771
11,241,266
118,511,815
13,533,863
44,984,929
5,609,130
5,752,994
47,016,595
5,865,487
26,251,835
18,525,913
17,271,875
66,212,001
718,449,435
1,515,013
Apple, Inc
1,504,972
Cisco Systems, Inc
390,415
* Cray, Inc
173,893
* Electronics for Imaging, Inc
526,529
EMC Corp
1,147,681
* Flextronics International Ltd
832,248
157,879,505
45,946,795
12,321,498
7,701,721
14,890,240
14,541,118
17,493,853
270,774,730
455,989
*,n Level 3 Communications, Inc
651,032
* T-Mobile US, Inc
1,198,105
23,073,043
30,168,823
66,386,998
119,628,864
227,004
442,232
UTILITIES - 2.7%
300,499
252,091
222,224
339,870
595,449
162,415
197,650
21,817,355
47,805,279
69,622,634
n American Water Works Co, Inc
*,g DONG Energy A.S.
NextEra Energy Partners LP
NextEra Energy, Inc
NiSource, Inc
PG&E Corp
n Sempra Energy
TOTAL UTILITIES
24,815,207
10,267,701
6,940,056
43,601,923
15,279,221
10,384,815
22,113,082
133,402,005
TOTAL COMMON STOCKS
(Cost $3,873,503,134)
4,986,222,872
24
SHARES
COMPANY
VALUE
PURCHASED OPTIONS - 0.0%
60,000
Hanesbrands, Inc
$
20,000
n Herbalife Ltd
32,000
32,000
100,000
n Humana, Inc
MEDIA - 0.0%
60,000
15,000
15,000
750,000
750,000
6,000
6,000
n IMAX Corp
TOTAL MEDIA
30,000
Pandora Media, Inc
63,000
63,000
30,000
Ciena Corp
45,000
Flextronics International Ltd
45,000
Lumentum Holdings, Inc
27,900
5,400
9,000
42,300
908,300
TOTAL PURCHASED OPTIONS
(Cost $1,674,382)
RATE
PRINCIPAL
ISSUER
6,550,000
$
0.090%
MATURITY
DATE
6,550,000
6,550,000
08/01/16
SHARES
COMPANY
89,535,541
c TIAA-CREF Short Term Lending Portfolio of the State Street Navigator
Securities Lending Trust
89,535,541
89,535,541
96,085,541
(Cost $96,085,541)
(Cost $3,971,263,057)
NET ASSETS - 100.0%
5,083,216,713
$
25
(76,977,899)
5,006,238,814
Abbreviation(s):
*
c
e
g
Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in
transactions exempt from registration to qualified institutional buyers. At 7/31/16, the aggregate value of these securities was $22,100,220 or
0.4% of net assets.
n All or a portion of these securities have been segregated by the custodian to cover requirements on open written options contracts.
26
TIAA-CREF FUNDS - Large-Cap Growth Fund
TIAA-CREF FUNDS
LARGE-CAP GROWTH FUND
July 31, 2016
SHARES
COMPANY
VALUE
384,439
Delphi Automotive plc
247,179
317,614
252,479
382,604
$
26,072,653
26,072,653
Raytheon Co
TOTAL CAPITAL GOODS
28,754,333
68,804,721
28,830,577
53,384,736
179,774,367
1,665,248
Nielsen NV
318,132
* Verisk Analytics, Inc
89,690,257
27,130,297
116,820,554
523,205
Mattel, Inc
872,681
Nike, Inc (Class B)
17,464,583
48,433,795
65,898,378
318,560
78,999
202,923
Las Vegas Sands Corp
918,594
691,743
1,356,257
Starbucks Corp
11,420,376
33,494,786
10,278,050
22,027,884
29,468,252
78,730,719
185,420,067
203,113
Charles Schwab Corp
93,174
S&P Global, Inc
ENERGY - 1.2%
453,299
283,388
5,772,471
11,385,863
17,158,334
EOG Resources, Inc
* Rice Energy, Inc
TOTAL ENERGY
37,034,528
6,608,608
43,643,136
170,090
348,968
28,442,450
8,431,067
36,873,517
27
SHARES
COMPANY
VALUE
400,159
156,506
345,169
315,850
Pinnacle Foods, Inc
$
1,270,484
Abbott Laboratories
1,236,729
* Cerner Corp
116,721
665,359
MATERIALS - 4.1%
286,460
871,884
84,084
MEDIA - 3.6%
1,230,285
885,817
231,044
117,208
56,854,159
77,159,522
81,209,803
215,223,484
61,811,851
61,811,851
Ecolab, Inc
Monsanto Co
Sherwin-Williams Co
TOTAL MATERIALS
33,911,135
93,091,055
25,202,497
152,204,687
Time Warner, Inc
Walt Disney Co
TOTAL MEDIA
82,736,667
20,426,940
17,709,523
11,246,107
132,119,237
451,278
322,343
* Allergan plc
128,452
* Biogen Idec, Inc
1,094,392
685,091
* Celgene Corp
142,911
* Illumina, Inc
216,318
Johnson & Johnson
330,863
98,740
1,092,314
Zoetis Inc
RETAILING - 9.8%
226,757
76,999
435,718
396,080
533,482
638,570
6,924
40,880,243
6,883,134
55,444,497
15,858,828
119,066,702
* Amazon.com, Inc
Expedia, Inc
Home Depot, Inc
* Liberty Interactive Corp
Lowe’s Companies, Inc
* NetFlix, Inc
* Priceline.com, Inc
TOTAL RETAILING
58,034,351
81,536,662
37,242,088
81,871,465
76,860,359
23,773,245
27,089,503
52,554,279
9,577,780
55,129,088
503,668,820
172,065,479
8,981,933
60,233,656
10,618,905
43,894,899
58,269,513
9,353,009
363,417,394
28
SHARES
COMPANY
VALUE
202,117
Broadcom Ltd
406,047
Lam Research Corp
278,481
68,162
205,287
Xilinx, Inc
1,056,648
Activision Blizzard, Inc
1,253,332
111,090
182,838
85,613
316,006
* Check Point Software Technologies
1,039,883
* Facebook, Inc
153,065
IAC/InterActiveCorp
1,139,799
Intuit, Inc
807,604
2,449,626
Microsoft Corp
74,251
*,e Mobileye NV
511,701
* Red Hat, Inc
891,278
75,742
*,g Scout24 AG.
60,821
* ServiceNow, Inc
467,529
Symantec Corp
1,584,324
Visa, Inc (Class A)
$
32,738,912
36,450,839
3,826,329
5,731,742
10,486,060
89,233,882
42,434,984
122,651,070
87,909,961
140,564,026
7,615,276
24,294,541
128,883,099
8,871,647
126,506,291
76,916,205
138,844,802
3,557,366
38,525,968
72,906,540
3,121,089
4,556,709
9,551,618
123,656,488
1,161,367,680
1,310,658
Apple, Inc
97,576
* Palo Alto Networks, Inc
136,583,670
12,771,723
149,355,393
692,653
* Level 3 Communications, Inc
35,048,242
35,048,242
415,316
Union Pacific Corp
38,645,154
38,645,154
TOTAL COMMON STOCKS
(Cost $2,774,198,994)
3,692,823,532
29
ISSUER
PRINCIPAL
40,000,000
$
TREASURY DEBT - 0.2%
8,800,000
RATE
United States Treasury Bill
TOTAL TREASURY DEBT
MATURITY
DATE
0.090%
08/01/16
0.260
08/18/16
VALUE
$
8,799,234
8,799,234
COMPANY
SHARES
2,572,919
2,572,919
2,572,919
51,372,153
(Cost $51,371,839)
(Cost $2,825,570,833)
NET ASSETS - 100.0%
*
c
e
g
40,000,000
40,000,000
3,744,195,685
$
(26,405,188)
3,717,790,497
0.1% of net assets.
30
TIAA-CREF FUNDS - Large-Cap Value Fund
TIAA-CREF FUNDS
LARGE-CAP VALUE FUND
July 31, 2016
SHARES
COMPANY
VALUE
372,880
* American Axle & Manufacturing Holdings, Inc
1,152,879
Ford Motor Co
BANKS - 9.9%
8,792,151
382,255
1,841,592
670,672
254,877
652,031
315,081
1,229,841
967,792
2,950,423
3,236,860
1,117,435
2,953,177
1,310,967
373,273
146,792
1,131,907
99,109
1,718,683
195,105
377,030
611,482
104,185
837,792
713,275
1,432,300
1,483,091
274,646
334,634
$
6,491,841
14,595,448
21,087,289
CIT Group, Inc
Citigroup, Inc
Comerica, Inc
* Hilltop Holdings, Inc
JPMorgan Chase & Co
New York Community Bancorp, Inc
* Royal Bank of Scotland Group plc
TCF Financial Corp
Wells Fargo & Co
TOTAL BANKS
127,398,268
13,210,733
80,680,145
14,976,106
11,530,635
14,201,235
2,993,269
78,672,929
13,984,594
27,055,379
8,238,552
15,185,942
141,663,901
36,549,760
586,341,448
* AerCap Holdings NV
Caterpillar, Inc
* Colfax Corp
General Electric Co
* Herc Holdings, Inc
Masco Corp
Raytheon Co
* SPX Corp
* SPX FLOW, Inc
Terex Corp
Triumph Group, Inc
* USG Corp
TOTAL CAPITAL GOODS
13,628,197
12,148,506
33,232,790
14,558,121
53,519,789
6,896,962
57,169,059
22,306,863
14,536,933
12,684,171
19,458,142
34,575,722
45,723,695
29,565,642
9,423,293
379,427,885
1,586,801
Mattel, Inc
1,574,151
Pulte Homes, Inc
316,604
Sony Corp
52,967,417
33,340,518
10,393,123
31
COMPANY
SHARES
663,831
VALUE
e Sony Corp (ADR)
$
22,178,594
118,879,652
1,099,723
299,456
Carnival Corp
1,355,115
Extended Stay America, Inc
1,111,556
795,107
933,993
Restaurant Brands International, Inc
5,056,800
Sands China Ltd
39,425,070
13,990,584
19,188,428
26,655,113
18,295,412
41,777,507
19,348,250
178,680,364
225,751
American Express Co
363,798
121,109
678,132
227,834
e iShares Dow Jones US Real Estate Index Fund
423,488
Legg Mason, Inc
1,094,503
Morgan Stanley
420,437
State Street Corp
2,433,253
14,551,909
14,333,641
8,123,992
107,694,143
19,450,189
14,457,880
31,445,071
27,656,346
67,839,094
305,552,265
ENERGY - 13.4%
254,083
584,982
916,859
2,995
2,373,225
1,012,901
247,745
330,633
9,548
1,083,278
961,475
3,150,776
749,329
1,590,376
2,379,054
400,307
319,226
1,061,050
586,841
1,591,907
1,035,570
736,850
555,579
232,027
6,013,401
835,778
*,e
*,e
*
*
*
*
*
*,e
*
*
*
Apache Corp
Baker Hughes, Inc
California Resources Corp
Cenovus Energy, Inc
Chevron Corp
Devon Energy Corp
EOG Resources, Inc
Exxon Mobil Corp
Kinder Morgan, Inc
Marathon Oil Corp
Matador Resources Co
Parsley Energy, Inc
Plains All American Pipeline LP
Plains GP Holdings LP
RPC, Inc
RSP Permian, Inc
Schlumberger Ltd
Weatherford International Ltd
WPX Energy, Inc
TOTAL ENERGY
13,855,146
30,711,555
43,853,366
30,729
33,937,117
103,802,094
10,913,167
12,656,631
838,219
88,503,813
85,523,201
64,055,276
10,220,848
33,541,030
21,411,486
17,333,293
23,855,759
30,250,536
16,349,390
16,906,052
15,005,409
26,489,758
44,735,221
8,645,326
34,156,118
8,349,422
795,929,962
32
SHARES
COMPANY
VALUE
539,842
156,175
587,099
$
13,042,583
12,376,869
42,840,614
68,260,066
1,067,379
ConAgra Foods, Inc
461,181
Kellogg Co
237,922
Kraft Heinz Co
66,928
1,278,745
1,218,387
1,481,458
Pinnacle Foods, Inc
5,919
Snyder’s-Lance, Inc
49,910,642
38,144,281
20,554,082
6,837,364
56,239,205
122,155,481
74,384,006
202,785
368,427,846
2,140,182
Abbott Laboratories
52,529
Anthem, Inc
102,134
1,413,394
300,500
Cigna Corp
319,763
289,080
Medtronic plc
308,800
274,493
95,773,144
6,899,159
4,904,475
34,317,206
38,752,480
24,324,372
25,332,080
32,979,840
35,997,012
299,279,768
1,436,910
Procter & Gamble Co
122,985,127
122,985,127
INSURANCE - 5.9%
337,915
801,182
402,084
334,332
465,114
940,712
889,521
205,060
197,420
1,352,630
MATERIALS - 4.6%
29,865
197,354
2,571,078
219,018
Allstate Corp
Chubb Ltd
Metlife, Inc
Travelers Cos, Inc
W.R. Berkley Corp
XL Group Ltd
TOTAL INSURANCE
23,089,732
43,616,348
58,008,659
41,878,426
18,534,793
40,206,031
41,478,364
23,832,073
11,487,870
46,814,524
348,946,820
e Acerinox S.A.
Albemarle Corp
Alcoa, Inc
* Berry Plastics Group, Inc
399,345
16,611,286
27,304,848
8,979,738
33
SHARES
376,589
375,248
1,289,166
568,459
4,309,289
2,023,498
1,189,044
MEDIA - 0.7%
142,971
71,576
147,380
270,324
VALUE
COMPANY
Dow Chemical Co
* GCP Applied Technologies, Inc
* Louisiana-Pacific Corp
* Multi Packaging Solutions International Ltd
Olin Corp
TOTAL MATERIALS
$
* AMC Networks, Inc
Naspers Ltd (N Shares)
Time Warner, Inc
Tribune Co
TOTAL MEDIA
7,914,875
11,231,940
11,296,677
10,015,504
40,458,996
1,116,279
234,858
* Allergan plc
594,015
749,820
Johnson & Johnson
1,068,087
Merck & Co, Inc
2,737,824
Pfizer, Inc
15,196
e Shire plc (ADR)
REAL ESTATE - 2.1%
54,102
381,165
62,000
920,543
363,672
3,902,068
RETAILING - 1.3%
3,404,554
11,456,000
12,959,320
4,318,385
2,265,550
20,211,532
25,955,904
16,707,591
15,649,676
87,047,638
29,381,191
24,851,020
273,099,769
AvalonBay Communities, Inc
HCP, Inc
* Lifestyle Properties Development Ltd
MGM Growth Properties LLC
Post Properties, Inc
WP GLIMCHER, Inc
TOTAL REAL ESTATE
53,704,183
59,407,331
10,312,100
93,899,959
62,653,983
100,998,327
2,949,848
383,925,731
10,044,036
14,953,103
14,225
24,955,921
23,125,902
49,478,222
122,571,409
*,e Groupon, Inc
Hengdeli Holdings Ltd
* Intime Retail Group Co Ltd
* JC Penney Co, Inc
* Office Depot, Inc
TOTAL RETAILING
16,409,950
1,199,006
10,228,891
41,715,599
7,838,803
77,392,249
5,236,111
*,e Advanced Micro Devices, Inc
3,941,370
Advanced Semiconductor Engineering, Inc (ADR)
1,553,028
e Cypress Semiconductor Corp
2,746,287
Intel Corp
2,515,241
Marvell Technology Group Ltd
585,068
* Mellanox Technologies Ltd
1,834,952
315,968
Qualcomm, Inc
35,919,721
22,662,878
18,077,246
95,735,565
29,554,082
25,848,304
18,404,569
19,773,277
34
COMPANY
SHARES
193,649
VALUE
Xilinx, Inc
$
9,891,591
275,867,233
104,988
* Cimpress NV
631,183
* eBay, Inc
207,011
IAC/InterActiveCorp
105,339
* MicroStrategy, Inc (Class A)
2,162,489
Oracle Corp
1,609,005
Symantec Corp
467,215
* Teradata Corp
9,952,862
19,667,662
11,998,358
18,422,738
88,748,548
32,871,972
13,259,562
194,921,702
1,104,062
* Ciena Corp
2,230,234
Cisco Systems, Inc
396,745
Corning, Inc
1,572,437
323,804
Hitachi High-Technologies Corp
1,226,104
HP, Inc
961,369
371,970
21,186,950
68,089,044
8,815,674
33,052,626
11,016,524
17,177,717
29,081,412
17,672,294
206,092,241
2,205,997
AT&T, Inc
825,457
1,360,594
1,554,085
95,497,610
41,768,124
42,845,105
86,111,850
266,222,689
534,476
726,667
*,b,m
585,297
*
441,594
503,356
UTILITIES - 4.5%
285,373
271,135
1,855,215
205,146
245,449
466,448
580,258
403,666
110,239
926,209
AMR Corp (Escrow)
Hertz Global Holdings, Inc
Union Pacific Corp
18,973,898
7,267
28,492,258
42,441,599
46,837,276
136,752,298
Duke Energy Corp
* Dynegy, Inc
Exelon Corp
FirstEnergy Corp
NextEra Energy, Inc
PG&E Corp
Sempra Energy
Xcel Energy, Inc
TOTAL UTILITIES
19,776,349
23,206,445
28,069,403
15,874,197
9,150,339
16,288,364
74,441,299
25,810,404
12,333,539
40,734,672
265,685,011
TOTAL COMMON STOCKS
(Cost $4,994,129,863)
5,836,787,820
35
PRINCIPAL
RATE
ISSUER
$
11,800,000
0.090%
MATURITY
DATE
08/01/16
VALUE
$
SHARES
COMPANY
67,726,270
(Cost $79,526,270)
(Cost $5,073,656,133)
OTHER ASSETS & LIABILITIES, NET - 0.1%
NET ASSETS - 100.0%
67,726,270
67,726,270
79,526,270
5,916,314,090
$
Abbreviation(s):
*
b
c
e
m
11,800,000
11,800,000
In bankruptcy
Indicates a security that has been deemed illiquid.
36
6,897,139
5,923,211,229
TIAA-CREF FUNDS - Mid-Cap Growth Fund
TIAA-CREF FUNDS
MID-CAP GROWTH FUND
July 31, 2016
COMPANY
SHARES
VALUE
276,078
BANKS - 2.4%
494,427
1,102,212
81,043
51,004
$
Investors Bancorp, Inc
* Signature Bank
* SVB Financial Group
TOTAL BANKS
62,749
81,546
174,746
261,035
242,685
110,700
*
89,168
547,304
127,027
*
238,921
99,823
73,428
65,532
*
439,800
*
18,723,610
18,723,610
11,040,555
12,521,128
9,744,610
5,121,822
38,428,115
Acuity Brands, Inc
Allegion plc
Ametek, Inc
Fastenal Co
GMS, Inc
Masco Corp
Middleby Corp
Owens Corning, Inc
Roper Industries, Inc
Snap-On, Inc
TransDigm Group, Inc
USG Corp
TOTAL CAPITAL GOODS
16,467,220
5,903,115
8,218,305
11,159,246
15,354,680
2,795,175
13,981,542
19,965,650
15,291,510
12,641,310
17,005,846
11,540,679
18,317,505
12,384,768
181,026,551
81,302
Equifax, Inc
329,467
Nielsen NV
96,603
* Stericycle, Inc
200,166
10,769,263
17,745,093
8,720,353
17,070,156
54,304,865
236,140
DR Horton, Inc
417,741
Hanesbrands, Inc
177,922
Harman International Industries, Inc
292,777
* Kate Spade & Co
544,132
Mattel, Inc
71,846
337,813
Newell Brands, Inc
5,136
* NVR, Inc
7,764,284
11,136,975
14,703,474
6,350,333
18,163,126
15,011,503
17,721,670
8,756,880
99,608,245
37
SHARES
COMPANY
VALUE
459,000
34,688
640,732
Melco Crown Entertainment Ltd (ADR)
106,024
138,675
223,932
116,173
* ServiceMaster Global Holdings, Inc
189,994
*,e Zoe’s Kitchen, Inc
$
55,000
* Affiliated Managers Group, Inc
626,010
e,n iShares Russell Midcap Growth Index Fund
283,859
173,000
Oaktree Capital Group LLC
ENERGY - 0.9%
75,719
218,478
16,455,150
14,707,365
8,944,619
4,516,622
3,190,912
10,016,478
4,394,825
6,752,387
68,978,358
8,072,900
61,286,379
10,145,121
8,030,660
87,535,060
* Diamondback Energy, Inc
* RSP Permian, Inc
TOTAL ENERGY
6,647,371
7,854,284
14,501,655
152,766
3,690,827
3,690,827
204,240
ConAgra Foods, Inc
26,548
128,248
79,879
Hershey Co
136,964
Kellogg Co
85,597
175,701
153,376
395,569
* WhiteWave Foods Co (Class A)
9,550,262
4,370,597
12,633,711
8,847,398
11,328,292
7,635,252
15,228,006
11,288,474
21,950,124
102,832,116
278,645
*,e Acadia Healthcare Co, Inc
32,197
Bard (C.R.), Inc
519,488
* Brookdale Senior Living, Inc
226,405
* Centene Corp
312,337
* Cerner Corp
101,381
* DexCom, Inc
208,534
* Edwards Lifesciences Corp
513,162
* Envision Healthcare Holdings, Inc
93,167
* Henry Schein, Inc
253,463
* Insulet Corp
15,743,442
7,203,435
9,594,943
15,972,873
19,486,705
9,350,370
23,881,314
12,618,654
16,861,364
8,970,055
38
SHARES
31,664
216,017
96,239
COMPANY
VALUE
* MEDNAX, Inc
68,235
MATERIALS - 5.1%
114,205
162,869
377,086
155,727
631,980
160,968
25,769
155,727
MEDIA - 1.4%
97,353
719,463
RETAILING - 11.5%
29,024
27,220
236,882
258,322
67,690
88,528
374,095
375,041
171,563
230,329
30,348
22,030,545
14,885,731
12,620,782
189,220,213
6,703,406
6,703,406
Albemarle Corp
Avery Dennison Corp
* Berry Plastics Group, Inc
Olin Corp
Sealed Air Corp
Sherwin-Williams Co
WR Grace & Co
TOTAL MATERIALS
9,612,635
12,685,867
15,460,526
4,287,164
13,208,382
7,594,470
7,723,742
11,659,281
82,232,067
* AMC Networks, Inc
TOTAL MEDIA
5,389,462
16,590,817
21,980,279
128,882
99,119
* Coherus Biosciences, Inc
77,700
* Illumina, Inc
159,598
* Incyte Corp
966,100
* Merrimack Pharmaceuticals, Inc
469,369
Zoetis Inc
REAL ESTATE - 2.0%
65,376
242,531
$
n Equinix, Inc
TOTAL REAL ESTATE
12,813,449
2,516,631
12,925,395
14,397,336
5,603,380
23,689,053
71,945,244
24,376,749
8,689,886
33,066,635
Advance Auto Parts, Inc
* AutoZone, Inc
Dollar General Corp
* Dollar Tree, Inc
Expedia, Inc
* O’Reilly Automotive, Inc
Ross Stores, Inc
* Sally Beauty Holdings, Inc
Signet Jewelers Ltd
Tractor Supply Co
* Ulta Salon Cosmetics & Fragrance, Inc
TOTAL RETAILING
4,930,017
22,156,263
22,442,201
24,873,825
7,896,038
25,728,893
23,130,294
10,999,953
15,082,103
21,109,653
7,927,201
186,276,441
39
SHARES
COMPANY
VALUE
751
Analog Devices, Inc
210,474
ChipMOS TECHNOLOGIES Bermuda Ltd
195,346
e Lam Research Corp
91,050
Maxim Integrated Products, Inc
206,682
* Mellanox Technologies Ltd
265,039
324,129
Nvidia Corp
118,142
Skyworks Solutions, Inc
33,080
258,763
CDK Global, Inc
76,390
261,308
* comScore, Inc
302,388
CSRA, Inc
247,485
143,180
130,483
* Fiserv, Inc
131,008
241,102
* Fortinet, Inc
246,400
*,e GrubHub, Inc
166,722
* Guidewire Software, Inc
131,542
IAC/InterActiveCorp
56,978
* LinkedIn Corp
56,735
251,806
*,e Mobileye NV
230,925
*,e,n Proofpoint, Inc
263,366
* QLIK Technologies, Inc
649,075
* RingCentral, Inc
161,194
* ServiceNow, Inc
103,865
* Splunk, Inc
263,363
* Vantiv, Inc
$
47,936
3,653,829
17,536,210
3,713,019
9,131,211
14,746,770
18,507,766
7,799,735
75,136,476
7,661,990
14,953,914
6,808,641
6,780,943
8,140,285
18,888,055
11,387,105
14,400,104
19,871,293
8,363,828
9,343,488
10,248,401
7,624,174
10,981,370
9,922,384
12,064,026
17,520,280
7,953,653
14,948,197
12,076,655
6,495,717
14,424,391
250,858,894
343,064
48,163
16,340
* Talend S.A. (ADR)
283,287
* Trimble Navigation Ltd
TOTAL COMMON STOCKS
(Cost $1,360,441,099)
10,377,686
6,304,055
416,670
7,490,108
24,588,519
1,611,637,576
40
SHARES
VALUE
COMPANY
PURCHASED OPTIONS - 0.0%
150,000
Proofpoint, Inc
$
52,500
52,500
52,500
TOTAL PURCHASED OPTIONS
(Cost $542,625)
PRINCIPAL
ISSUER
$
16,350,000
RATE
0.090%
MATURITY
DATE
08/01/16
16,350,000
16,350,000
SHARES
COMPANY
73,456,602
c TIAA-CREF Short Term Lending Portfolio of the State Street Navigator
Securities Lending Trust
(Cost $89,806,602)
(Cost $1,450,790,326)
NET ASSETS - 100.0%
73,456,602
73,456,602
89,806,602
1,701,496,678
$
(79,504,602)
1,621,992,076
Abbreviation(s):
*
c
e
n
All or a portion of these securities have been segregated by the custodian to cover requirements on open written options contracts.
41
TIAA-CREF FUNDS - Mid-Cap Value Fund
TIAA-CREF FUNDS
MID-CAP VALUE FUND
July 31, 2016
SHARES
COMPANY
VALUE
177,748
183,655
Lear Corp
244,253
Magna International, Inc (Class A)
91,834
Visteon Corp
BANKS - 6.6%
605,689
555,936
730,000
748,294
370,000
1,150,102
1,830,000
1,214,578
1,553,233
208,539
800,000
1,000,000
785,709
618,541
724,909
670,000
187,089
1,015,000
500,000
1,050,000
243,566
225,000
570,000
168,377
382,911
482,819
700,000
246,326
140,000
355,448
205,794
138,257
456,339
1,530,000
$
12,054,869
20,835,660
9,420,838
6,436,645
48,748,012
BankUnited
CIT Group, Inc
Comerica, Inc
First Republic Bank
Keycorp
M&T Bank Corp
SunTrust Banks, Inc
Talmer Bancorp Inc
TCF Financial Corp
Wintrust Financial Corp
TOTAL BANKS
18,182,784
19,213,148
33,025,200
25,606,621
26,517,900
25,049,222
17,385,000
13,797,606
18,172,826
23,890,228
11,560,000
9,170,000
33,227,633
18,828,388
15,237,587
9,105,300
9,878,299
28,298,200
356,145,942
Crane Co
Fluor Corp
Hexcel Corp
Hubbell, Inc
Ingersoll-Rand plc
ITT, Inc
KBR, Inc
Masco Corp
* Masonite International Corp
Rockwell Collins, Inc
* SPX FLOW, Inc
Textron, Inc
18,255,000
16,128,000
15,174,162
12,042,000
24,606,900
18,156,092
25,371,683
15,310,190
9,814,000
37,350,411
21,952,000
12,966,743
14,370,595
11,699,307
12,448,928
59,670,000
42
COMPANY
SHARES
150,000
111,865
VALUE
* WABCO Holdings, Inc
Westinghouse Air Brake Technologies Corp
TOTAL CAPITAL GOODS
$
807,374
209,555
Tyco International plc
1,040,000
Mattel, Inc
104,325
764,569
Newell Brands, Inc
5,994
* NVR, Inc
314,503
Sony Corp
217,480
* Steven Madden Ltd
265,000
*,e Tempur Sealy International, Inc
18,443,104
13,244,080
4,204,731
12,970,403
48,862,318
490,000
1,210,699
258,410
408,646
1,838,491
*
*
*,e
*
*
*
*
41,385,991
9,549,422
50,935,413
34,715,200
21,797,665
40,109,290
10,219,770
10,324,153
7,616,150
20,041,950
144,824,178
514,452
215,141
233,856
Interval Leisure Group, Inc
289,971
ENERGY - 10.3%
285,000
330,000
435,000
1,150,000
1,550,000
320,000
284,457
615,000
260,075
182,471
625,000
306,458
1,000,000
253,484
1,030,000
640,000
167,849
15,040,500
7,662,753
348,019,264
46,961,600
30,364,331
9,235,574
22,434,665
51,257,129
160,253,299
Apache Corp
Baker Hughes, Inc
Callon Petroleum Co
Capital Product Partners LP
Cimarex Energy Co
Dril-Quip, Inc
Energen Corp
EQT Corp
Hess Corp
HollyFrontier Corp
Noble Energy, Inc
15,541,050
17,325,000
20,806,050
13,098,500
5,843,500
38,406,400
35,329,559
27,090,750
22,831,984
9,931,897
29,612,500
22,328,530
53,650,000
6,443,563
21,722,700
27,712,000
5,995,566
43
SHARES
272,275
1,005,662
867,469
205,000
525,000
677,860
450,000
622,313
886,306
150,000
485,635
235,732
COMPANY
VALUE
Oceaneering International, Inc
* Parsley Energy, Inc
Plains All American Pipeline LP
Rowan Cos plc
*,e RPC, Inc
* RSP Permian, Inc
Superior Energy Services
Tesco Corp
Tesoro Corp
TOTAL ENERGY
$
7,591,027
28,671,424
16,820,224
33,326,850
14,626,500
10,330,587
6,520,500
22,372,152
14,154,307
5,589,000
3,210,047
17,950,992
554,833,159
1,060,000
Bunge Ltd
1,170,000
ConAgra Foods, Inc
1,350,000
e Cott Corp
440,000
Dean Foods Co
436,668
542,579
Pinnacle Foods, Inc
310,000
460,176
730,000
69,790,400
54,709,200
20,155,500
8,122,400
44,610,003
27,242,892
26,867,700
23,036,410
53,728,000
328,262,505
2,180,000
121,084
* HCA Holdings, Inc
165,289
Healthsouth Corp
104,325
Humana, Inc
234,537
Universal Health Services, Inc (Class B)
182,979
52,930,400
9,339,209
7,115,691
18,001,279
30,379,578
23,995,866
141,762,023
INSURANCE - 7.3%
450,000
303,015
257,127
278,443
293,179
575,000
112,047
1,217,755
202,977
568,284
550,000
340,000
142,347
351,986
654,900
1,000,000
Allied World Assurance Co Holdings Ltd
Aon plc
* Arch Capital Group Ltd
Argo Group International Holdings Ltd
Chubb Ltd
Conseco, Inc
Intact Financial Corp
ProAssurance Corp
RenaissanceRe Holdings Ltd
UnumProvident Corp
XL Group Ltd
TOTAL INSURANCE
18,445,500
32,443,816
18,675,134
14,448,407
36,723,601
9,987,750
21,178,004
48,527,537
14,549,548
37,364,673
25,646,500
17,564,400
16,728,620
11,759,852
32,371,707
34,610,000
391,025,049
44
COMPANY
SHARES
MATERIALS - 7.4%
770,000
198,468
550,000
701,475
279,414
385,656
721,632
1,600,000
570,820
19,192
2,510,000
1,458,097
440,000
908,023
142,863
550,000
115,152
570,820
MEDIA - 1.5%
95,000
390,247
1,336,262
45,929
1,550,000
137,753
142,347
*
*
*
*
*
*
*
*
VALUE
Albemarle Corp
Ashland, Inc
Axiall Corp
Berry Plastics Group, Inc
Clearwater Paper Corp
Crown Holdings, Inc
Ferro Corp
GCP Applied Technologies, Inc
Ingevity Corp
Louisiana-Pacific Corp
Multi Packaging Solutions International Ltd
Newmont Mining Corp
Olin Corp
Schweitzer-Mauduit International, Inc
Steel Dynamics, Inc
WestRock Co
WR Grace & Co
TOTAL MATERIALS
$
* DISH Network Corp (Class A)
EW Scripps Co (Class A)
* Madison Square Garden Co
e MDC Partners, Inc
* MSG Networks, Inc
Tribune Co
TOTAL MEDIA
5,074,900
6,618,589
30,814,202
8,395,362
19,778,000
2,210,936
5,273,956
78,165,945
1,040,000
558,000
* H Lundbeck AS
102,000
Lonza Group AG.
1,024,436
* Merrimack Pharmaceuticals, Inc
660,000
* Mylan NV
210,000
PerkinElmer, Inc
REAL ESTATE - 11.5%
467,694
475,000
295,000
471,906
224,500
760,000
745,044
351,383
860,000
1,170,000
1,800,000
64,810,900
22,474,516
17,957,500
28,760,475
17,577,935
20,428,198
9,352,351
20,736,000
15,714,675
734,478
50,702,000
21,171,568
19,360,000
18,977,681
5,401,650
14,751,000
4,941,172
42,737,293
396,589,392
American Assets Trust,Inc
Blackstone Mortgage Trust, Inc
DDR Corp
* Equity Commonwealth
HCP, Inc
Host Marriott Corp
50,034,400
22,682,466
19,208,671
5,941,729
30,881,400
11,953,200
140,701,866
21,457,801
25,683,250
54,766,750
13,689,993
31,908,185
15,002,400
22,366,221
12,590,053
27,477,000
45,899,100
31,932,000
45
COMPANY
SHARES
782,297
628,987
1,257,494
300,000
460,051
336,731
690,000
657,440
525,000
449,932
590,000
2,875,000
RETAILING - 3.0%
96,439
4,650,000
1,055,966
133,175
3,700,000
849,362
545,000
VALUE
Kennedy-Wilson Holdings, Inc
Kimco Realty Corp
MFA Mortgage Investments, Inc
Pennsylvania REIT
Prologis, Inc
STORE Capital Corp
Ventas, Inc
Welltower, Inc
WP GLIMCHER, Inc
TOTAL REAL ESTATE
*,e
*
*
*
$
JC Penney Co, Inc
Liberty Ventures
Office Depot, Inc
Staples, Inc
TJX Companies, Inc
TOTAL RETAILING
16,467,352
20,190,483
9,456,355
31,806,000
11,703,697
21,412,724
37,598,100
20,505,553
39,984,000
19,432,563
46,804,700
36,455,000
614,589,280
16,381,129
44,919,000
28,310,448
5,022,029
12,802,000
7,890,573
44,537,400
159,862,579
1,253,384
562,821
462,982
e Lam Research Corp
1,625,000
150,000
1,370,348
740,000
Xilinx, Inc
32,951,465
6,551,237
41,561,894
22,327,500
12,613,500
13,744,590
37,799,200
167,549,386
998,134
CA, Inc
195,732
26,635
*,e CommerceHub, Inc
13,318
*,e CommerceHub, Inc (Series A)
250,000
IAC/InterActiveCorp
855,000
Mentor Graphics Corp
2,315,522
Symantec Corp
2,000,000
Xerox Corp
34,585,343
17,445,593
372,890
187,777
14,490,000
18,262,800
47,306,115
20,600,000
153,250,518
1,350,000
Brocade Communications Systems, Inc
2,575,496
* Ciena Corp
870,000
783,056
1,705,000
e Nokia Corp
1,800,000
Nokia Oyj (Turquoise)
747,075
TE Connectivity Ltd
12,555,000
49,423,768
19,740,300
23,687,444
9,837,850
10,385,094
45,033,681
46
COMPANY
SHARES
770,000
VALUE
1,110,000
442,347
316,488
* T-Mobile US, Inc
125,000
260,000
*
216,192
930,000
60,000
250,000
UTILITIES - 12.3%
250,000
335,000
417,453
540,000
1,245,126
710,000
445,000
900,000
718,342
620,000
400,000
136,736
190,000
850,000
316,070
565,094
510,000
325,000
1,082,301
833,276
287,342
616,290
327,000
239,387
540,000
$
36,582,700
207,245,837
56,166,000
13,929,507
14,666,054
84,761,561
Avis Budget Group, Inc
Costamare, Inc
CSX Corp
8,402,500
9,549,800
2,116,520
26,346,900
2,325,000
24,027,500
72,768,220
Ameren Corp
* Calpine Corp
CMS Energy Corp
DTE Energy Co
* Dynegy, Inc
FirstEnergy Corp
ITC Holdings Corp
NextEra Energy, Inc
NiSource, Inc
NorthWestern Corp
OGE Energy Corp
PG&E Corp
PPL Corp
Questar Corp
Sempra Energy
Southwest Gas Corp
Westar Energy, Inc
Xcel Energy, Inc
TOTAL UTILITIES
13,110,000
23,215,500
34,473,269
7,419,600
29,783,414
32,077,800
43,396,400
13,617,000
55,585,304
21,650,400
18,500,000
7,726,951
24,375,100
21,811,000
19,198,092
18,179,074
32,609,400
25,632,750
40,813,570
38,339,029
7,232,398
68,950,525
25,342,500
13,302,736
23,749,200
660,091,012
TOTAL COMMON STOCKS
(Cost $4,161,664,455)
5,309,246,758
47
ISSUER
PRINCIPAL
$
12,650,000
27,900,000
34,000,000
RATE
0.090%
TOTAL TREASURY DEBT
0.265-0.266
0.271
MATURITY
DATE
08/01/16
VALUE
$
08/04/16
08/18/16
27,899,693
33,997,042
61,896,735
SHARES
COMPANY
157,090,788
a,c TIAA-CREF Short Term Lending Portfolio of the State Street
(Cost $231,635,820)
(Cost $4,393,300,275)
NET ASSETS - 100.0%
157,090,788
157,090,788
231,637,523
5,540,884,281
$
Abbreviation(s):
*
a
c
e
12,650,000
12,650,000
Affiliated holding
48
(177,933,898)
5,362,950,383
TIAA-CREF FUNDS - Small-Cap Equity Fund
TIAA-CREF FUNDS
SMALL-CAP EQUITY FUND
July 31, 2016
SHARES
COMPANY
VALUE
511,900
207,844
* Tenneco, Inc
BANKS - 9.8%
140,896
202,260
831,233
351,432
130,120
204,530
595,900
779,800
655,340
1,284,248
464,270
545,650
289,140
1,383,300
390,500
493,191
204,420
187,716
346,147
788,630
1,361,280
801,668
662,290
576,512
484,600
246,770
282,900
182,857
185,570
312,336
386,780
250,900
368,500
150,240
200,990
371,900
$
BankUnited
Banner Corp
Brookline Bancorp, Inc
Capitol Federal Financial
Cathay General Bancorp
Columbia Banking System, Inc
* Essent Group Ltd
First Commonwealth Financial Corp
First Midwest Bancorp, Inc
Fulton Financial Corp
Great Western Bancorp, Inc
IBERIABANK Corp
LegacyTexas Financial Group, Inc
Oritani Financial Corp
Pinnacle Financial Partners, Inc
Popular, Inc
PrivateBancorp, Inc
Provident Financial Services, Inc
Radian Group, Inc
Sterling Bancorp/DE
Umpqua Holdings Corp
United Community Banks, Inc
Washington Federal, Inc
* Western Alliance Bancorp
TOTAL BANKS
8,912,179
11,747,343
20,659,522
4,229,698
8,442,332
9,467,744
4,979,791
3,900,998
6,201,350
14,277,764
7,525,070
12,235,198
17,529,985
15,399,836
11,884,257
18,062,576
15,714,288
11,137,060
7,999,558
10,856,746
6,324,152
15,299,697
15,890,895
17,560,512
13,540,172
10,086,677
11,092,091
12,115,000
8,397,583
14,937,120
305,088,150
* American Woodmark Corp
Apogee Enterprises, Inc
Barnes Group, Inc
* Beacon Roofing Supply, Inc
* Colfax Corp
Comfort Systems USA, Inc
Crane Co
Cubic Corp
* DigitalGlobe, Inc
13,573,475
8,675,398
11,846,904
18,186,396
7,366,424
11,195,030
9,359,952
8,208,432
10,026,424
49
COMPANY
SHARES
381,166
211,552
203,455
165,340
116,900
338,440
114,131
151,390
578,100
399,106
67,560
147,900
317,740
115,600
121,506
584,800
e
*
*
*
*
*
VALUE
EMCOR Group, Inc
Encore Wire Corp
EnerSys
EnPro Industries, Inc
HEICO Corp
ITT, Inc
John Bean Technologies Corp
Moog, Inc (Class A)
MRC Global, Inc
Mueller Industries, Inc
Orbital ATK, Inc
Patrick Industries, Inc
SPX FLOW, Inc
Toro Co
Universal Forest Products, Inc
Wabash National Corp
TOTAL CAPITAL GOODS
$
429,390
Herman Miller, Inc
71,472
HNI Corp
289,676
Kforce, Inc
459,754
* Navigant Consulting, Inc
247,000
* On Assignment, Inc
399,311
Rollins, Inc
330,540
* TransUnion
242,495
Viad Corp
179,775
* WageWorks, Inc
276,540
Brunswick Corp
156,640
Columbia Sportswear Co
89,980
* Helen of Troy Ltd
443,600
* Kate Spade & Co
338,388
La-Z-Boy, Inc
451,246
* Nautilus, Inc
142,971
Oxford Industries, Inc
131,650
Pool Corp
1,256,370
* TRI Pointe Homes, Inc
208,500
* Vista Outdoor, Inc
21,230,946
7,939,547
12,685,419
7,564,305
8,125,719
10,731,932
7,637,647
8,337,047
7,648,263
13,585,568
5,885,827
9,548,424
8,667,947
10,629,420
13,137,229
8,467,904
260,261,579
14,071,110
3,725,835
5,173,614
9,061,751
9,126,650
11,252,584
10,815,269
8,443,676
11,111,893
82,782,382
13,721,915
8,967,640
8,962,908
9,621,684
10,226,085
8,501,474
8,175,082
13,465,162
16,898,177
10,435,425
108,975,552
417,000
* Apollo Group, Inc (Class A)
1,082,297
* Belmond Ltd.
461,900
Bloomin’ Brands, Inc
240,440
Cheesecake Factory
69,370
Churchill Downs, Inc
216,690
* Dave & Buster’s Entertainment, Inc
598,600
* Denny’s Corp
359,901
* Grand Canyon Education, Inc
472,300
3,748,830
12,435,593
8,304,962
12,437,961
9,096,488
9,642,705
6,680,376
15,137,436
9,871,070
50
SHARES
523,100
445,137
135,560
130,680
COMPANY
VALUE
* K12, Inc
Marriott Vacations Worldwide Corp
l Vail Resorts, Inc
$
268,438
Evercore Partners, Inc (Class A)
648,000
NorthStar Asset Management Group, Inc
1,536,960
* SLM Corp
313,900
* Stifel Financial Corp
ENERGY - 3.8%
1,246,750
284,700
311,012
359,248
473,200
345,262
3,386,220
889,100
481,875
493,400
1,002,451
341,100
905,000
9,405,338
5,510,796
10,343,228
18,696,387
131,311,170
13,601,754
7,685,280
11,050,742
11,096,365
43,434,141
* Callon Petroleum Co
* Carrizo Oil & Gas, Inc
Delek US Holdings, Inc
* Exterran Corp
Green Plains Renewable Energy, Inc
* Matrix Service Co
*,e McDermott International, Inc
* Oasis Petroleum, Inc
*,e Renewable Energy Group, Inc
* Rice Energy, Inc
* Synergy Resources Corp
TOTAL ENERGY
14,200,483
9,338,160
3,893,870
4,569,635
10,732,176
5,720,991
17,540,620
6,757,160
13,738,256
8,979,880
9,773,897
7,954,452
5,891,550
119,091,130
304,200
* United Natural Foods, Inc
15,203,916
15,203,916
989,070
* Darling International, Inc
706,910
e Dean Foods Co
168,700
113,616
Lancaster Colony Corp
566,564
e Vector Group Ltd
15,607,525
13,049,558
9,590,595
14,765,535
12,515,399
65,528,612
139,847
* Anika Therapeutics, Inc
371,130
* HealthStream, Inc
282,320
Hill-Rom Holdings, Inc
175,173
* ICU Medical, Inc
69,620
* Integra LifeSciences Holdings Corp
793,380
Kindred Healthcare, Inc
451,480
* Merit Medical Systems, Inc
232,039
* Natus Medical, Inc
277,820
* NuVasive, Inc
6,981,162
8,992,480
15,084,358
20,453,199
5,866,877
9,726,839
10,582,691
9,126,094
17,280,404
51
COMPANY
SHARES
321,801
624,831
260,743
392,340
201,000
187,472
90,093
449,600
*
*
*
*
*
*
*
*
VALUE
Omnicell, Inc
OraSure Technologies, Inc
PharMerica Corp
Premier, Inc
Team Health Holdings, Inc
Vascular Solutions, Inc
WellCare Health Plans, Inc
Wright Medical Group NV
65,680
* USANA Health Sciences, Inc
INSURANCE - 2.1%
908,915
244,117
328,044
282,089
348,260
404,500
MATERIALS - 5.5%
252,340
221,420
1,143,910
496,710
1,110,370
294,185
601,670
340,648
827,400
242,440
362,500
340,815
149,939
172,660
340,400
MEDIA - 1.3%
983,994
613,090
273,700
432,290
$
12,447,263
4,261,348
6,925,334
12,829,518
8,208,840
8,599,341
9,621,932
9,859,728
176,847,408
9,019,178
9,019,178
American Equity Investment Life Holding Co
Aspen Insurance Holdings Ltd
Employers Holdings, Inc
e HCI Group, Inc
Selective Insurance Group, Inc
e Universal Insurance Holdings, Inc
TOTAL INSURANCE
14,479,016
11,219,617
9,355,815
8,507,804
13,637,862
8,793,830
65,993,944
* Boise Cascade Co
Cabot Corp
*,e Century Aluminum Co
* Chemtura
*,e Coeur Mining, Inc
Greif, Inc (Class A)
* Headwaters, Inc
* Kraton Polymers LLC
Minerals Technologies, Inc
PolyOne Corp
Schnitzer Steel Industries, Inc (Class A)
Sensient Technologies Corp
Trinseo S.A.
e United States Steel Corp
TOTAL MATERIALS
6,856,078
10,780,940
8,682,277
13,952,584
17,010,868
11,805,644
11,967,216
10,188,782
16,713,480
15,821,634
12,712,875
6,642,484
11,069,996
8,596,742
9,357,596
172,159,196
* Gray Television, Inc
* Live Nation, Inc
Time, Inc
TOTAL MEDIA
9,741,540
16,810,928
8,273,951
7,059,296
41,885,715
152,300
* Acorda Therapeutics, Inc
460,500
* Amphastar Pharmaceuticals, Inc
1,724,839
*,e Array Biopharma, Inc
3,850,144
7,450,890
6,450,898
52
COMPANY
SHARES
63,900
260,826
412,410
140,700
252,482
352,426
191,660
539,000
422,323
227,863
209,600
44,200
190,348
229,170
477,289
268,842
160,200
250,000
681,700
255,790
252,750
188,067
221,821
80,400
171,430
338,154
898,830
388,410
529,906
112,424
390,000
167,300
REAL ESTATE - 9.5%
225,800
276,170
148,310
1,457,512
485,274
276,960
460,110
382,400
168,480
605,250
456,080
1,175,300
142,028
167,400
556,257
656,620
123,888
132,344
*,e
*
*
*
*
*
*
*,e
*
*
*
*,e
*
*,e
*,e
*
*
*,e
*,e
*
*
*
*,e
*,e
*
*
*
*
*,e
*
*
VALUE
Atara Biotherapeutics, Inc
Cambrex Corp
Cepheid, Inc
Dermira, Inc
Emergent Biosolutions, Inc
FibroGen, Inc
Five Prime Therapeutics, Inc
Halozyme Therapeutics, Inc
Impax Laboratories, Inc
INC Research Holdings, Inc
Insmed, Inc
Kite Pharma, Inc
MacroGenics, Inc
Medicines Co
Merrimack Pharmaceuticals, Inc
Momenta Pharmaceuticals, Inc
NewLink Genetics Corp
Novavax, Inc
Pacific Biosciences of California, Inc
Parexel International Corp
Phibro Animal Health Corp
PRA Health Sciences, Inc
Prestige Brands Holdings, Inc
Puma Biotechnology, Inc
Retrophin, Inc
Sagent Pharmaceuticals
Spectrum Pharmaceuticals, Inc
Sucampo Pharmaceuticals, Inc (Class A)
Supernus Pharmaceuticals, Inc
Ultragenyx Pharmaceutical, Inc
Vanda Pharmaceuticals, Inc
Xencor Inc
*,e Altisource Portfolio Solutions S.A.
Coresite Realty
Cousins Properties, Inc
CubeSmart
DuPont Fabros Technology, Inc
Education Realty Trust, Inc
First Industrial Realty Trust, Inc
Hersha Hospitality Trust
Medical Properties Trust, Inc
PS Business Parks, Inc
QTS Realty Trust, Inc
Retail Opportunities Investment Corp
RLJ Lodging Trust
Saul Centers, Inc
Sovran Self Storage, Inc
$
1,533,600
13,669,891
14,570,445
4,721,892
8,430,374
6,741,909
9,715,245
5,357,660
13,269,389
10,142,182
2,399,920
2,503,046
5,822,745
8,962,839
2,768,276
3,027,161
1,694,916
1,830,000
5,828,535
17,099,562
5,214,232
8,722,547
11,867,424
4,011,156
3,073,740
7,334,560
6,174,962
4,563,818
11,774,511
7,114,191
4,446,000
3,168,662
235,307,322
5,252,108
12,670,680
12,240,024
15,507,928
14,417,490
13,908,931
22,007,061
18,408,736
14,155,690
17,836,717
8,619,912
18,452,210
15,749,485
9,583,650
12,699,347
15,588,159
8,321,557
13,548,055
53
COMPANY
SHARES
333,100
956,623
547,689
346,790
RETAILING - 4.3%
288,800
142,200
632,840
144,540
655,100
464,700
449,300
177,690
494,740
353,820
255,100
122,700
329,200
162,300
878,500
589,500
VALUE
STORE Capital Corp
Summit Hotel Properties, Inc
Urban Edge Properties
Xenia Hotels & Resorts, Inc
TOTAL REAL ESTATE
*
*
*
*
*,e
*
*
e
$
Caleres, Inc
Cato Corp (Class A)
Chico’s FAS, Inc
Children’s Place Retail Stores, Inc
Etsy, Inc
Finish Line, Inc (Class A)
Francesca’s Holdings Corp
Group 1 Automotive, Inc
Liberty TripAdvisor Holdings, Inc
Michaels Cos, Inc
Nutri/System, Inc
Restoration Hardware Holdings, Inc
Sally Beauty Holdings, Inc
Shutterfly, Inc
Staples, Inc
Tailored Brands, Inc
TOTAL RETAILING
10,389,389
13,564,914
16,381,378
6,228,349
295,531,770
7,601,216
5,086,494
7,600,408
12,080,653
6,590,306
10,097,931
5,710,603
11,073,641
11,710,496
9,326,695
7,545,858
3,780,387
9,655,436
8,632,737
8,161,265
8,636,175
133,290,301
152,141
* Advanced Energy Industries, Inc
1,846,900
162,689
Cabot Microelectronics Corp
224,900
*,e Cavium, Inc
702,498
* Entegris, Inc
420,300
* Inphi Corp
528,978
* Integrated Device Technology, Inc
676,021
Intersil Corp (Class A)
399,600
* MaxLinear, Inc
237,933
MKS Instruments, Inc
456,107
* Rudolph Technologies, Inc
218,857
* Silicon Laboratories, Inc
387,240
Tessera Technologies, Inc
195,580
* BroadSoft, Inc
139,450
* CACI International, Inc (Class A)
251,800
* Commvault Systems, Inc
262,800
* comScore, Inc
314,390
CSRA, Inc
150,214
* EPAM Systems, Inc
104,800
* Euronet Worldwide, Inc
754,988
* Everyday Health, Inc
218,071
* ExlService Holdings, Inc
268,380
* Gigamon, Inc
309,014
* Infoblox, Inc
6,195,182
12,669,734
8,560,695
10,496,083
12,005,691
14,786,154
11,632,226
10,329,601
8,715,276
10,868,779
8,036,605
11,660,701
12,445,894
138,402,621
8,767,851
13,293,769
13,028,132
6,819,660
8,463,379
10,551,031
7,992,048
6,160,702
10,796,695
12,538,714
5,784,742
54
COMPANY
SHARES
788,042
159,500
220,311
55,460
690,150
550,779
140,300
356,011
495,186
284,720
178,414
110,800
231,800
111,200
720,850
267,700
369,900
VALUE
* Intralinks Holdings, Inc
* LogMeIn, Inc
MAXIMUS, Inc
* Nuance Communications, Inc
* Progress Software Corp
*,e Proofpoint, Inc
* RealPage, Inc
* Rubicon Project, Inc
Science Applications International Corp
* SPS Commerce, Inc
*,e Stamps.com, Inc
* Synchronoss Technologies, Inc
* Tableau Software, Inc
Travelport Worldwide Ltd
* Verint Systems, Inc
* Xactly Corp
$
182,200
* Anixter International, Inc
465,110
* ARRIS International plc
246,880
Belden CDT, Inc
242,590
* Cray, Inc
646,680
* Finisar Corp
576,449
* II-VI, Inc
500,334
*,e Immersion Corp
788,768
* Ixia
358,500
292,020
* NCR Corp
223,010
* Netgear, Inc
430,890
* Netscout Systems, Inc
170,000
Plantronics, Inc
678,544
* Sanmina Corp
94,810
* Synaptics, Inc
984,684
* TTM Technologies, Inc
180,050
e Ubiquiti Networks, Inc
342,280
* VeriFone Systems, Inc
980,412
* 8x8, Inc
595,958
Inteliquent, Inc
385,490
2,115,590
* Vonage Holdings Corp
959,834
*
330,953
*
322,060
*
311,011
469,414
*,e
5,484,772
13,702,645
12,980,724
9,699,399
11,090,711
16,005,638
10,644,561
8,953,677
6,992,026
17,299,587
11,297,174
8,399,194
8,655,412
6,283,912
9,724,267
9,441,779
4,594,158
275,446,359
11,165,216
12,669,597
18,074,085
7,656,140
12,131,717
11,586,625
3,757,508
9,070,832
10,844,625
9,627,899
11,469,404
12,056,302
8,200,800
17,194,305
4,925,380
9,797,606
8,051,836
6,558,085
184,837,962
13,480,665
12,246,937
12,139,080
12,545,449
50,412,131
Air Transport Services Group, Inc
Atlas Air Worldwide Holdings, Inc
Hub Group, Inc (Class A)
Skywest, Inc
YRC Worldwide, Inc
13,898,396
14,307,098
13,185,137
8,947,787
5,571,944
55,910,362
55
COMPANY
SHARES
UTILITIES - 3.3%
275,090
472,623
61,155
119,318
556,200
540,091
224,700
325,400
226,990
VALUE
Allete, Inc
Avista Corp
Black Hills Corp
Chesapeake Utilities Corp
* Dynegy, Inc
NRG Yield, Inc (Class A)
Otter Tail Corp
South Jersey Industries, Inc
Southwest Gas Corp
TOTAL UTILITIES
$
TOTAL COMMON STOCKS
(Cost $2,714,789,587)
3,090,494,888
ISSUER
PRINCIPAL
$
18,600,000
d Federal Home Loan Bank (FHLB)
RATE
17,000,000
d United States Treasury Bill
TOTAL TREASURY DEBT
MATURITY
DATE
0.090%
08/01/16
18,600,000
18,600,000
0.238
10/06/16
16,992,333
16,992,333
SHARES
COMPANY
157,678,811
(Cost $193,271,393)
(Cost $2,908,060,980)
NET ASSETS - 100.0%
*
a
c
d
e
l
17,564,496
20,559,101
3,855,823
7,644,704
8,415,306
9,278,763
7,830,795
10,373,752
17,591,725
103,114,465
157,678,811
157,678,811
193,271,144
3,283,766,032
$
Affiliated holding
All or a portion of these securities have been segregated to cover margin requirements on open futures contracts.
All or a portion of these securities have been segregated by the custodian to cover collateral requirements on swaps agreements.
56
(161,116,694)
3,122,649,338
TIAA-CREF FUNDS - Social Choice Equity Fund
TIAA-CREF FUNDS
SOCIAL CHOICE EQUITY FUND
July 31, 2016
SHARES
COMPANY
VALUE
13,314
BorgWarner, Inc
16,566
1,288,424
Ford Motor Co
92,177
e Harley-Davidson, Inc
303,890
22,556
* Modine Manufacturing Co
38,837
BANKS - 3.8%
1,736
22,700
66,983
2,640
20,257
4,424
15,244
6,214
15,284
3,518
430,779
12,593
14,376
20,496
8,111
2,657
16,555
1,470
17,066
690
39,308
46,146
3,672
11,338
440
65,875
279
797
1,572
3,270
32,274
3,717
20,125
18,820
$
1st Source Corp
Ameris Bancorp
Apollo Residential Mortgage
Arrow Financial Corp
Associated Banc-Corp
Astoria Financial Corp
Bank Mutual Corp
Bank of Hawaii Corp
Bank of the Ozarks, Inc
Banner Corp
BB&T Corp
Berkshire Hills Bancorp, Inc
Boston Private Financial Holdings, Inc
Bryn Mawr Bank Corp
Camden National Corp
Capital Bank Financial Corp
Cardinal Financial Corp
Centerstate Banks of Florida, Inc
CIT Group, Inc
City Holding Co
CoBiz, Inc
Comerica, Inc
Community Bank System, Inc
Community Trust Bancorp, Inc
e Cullen/Frost Bankers, Inc
* Customers Bancorp, Inc
* FCB Financial Holdings, Inc
Federal Agricultural Mortgage Corp (Class C)
441,758
1,123,506
16,311,448
4,878,007
13,954,629
216,538
9,118,539
46,044,425
58,347
752,732
908,959
83,398
376,780
64,900
116,464
428,269
550,071
146,841
15,882,822
332,077
174,237
233,449
237,896
115,526
494,829
20,830
439,620
20,686
654,871
1,594,806
171,482
140,024
13,341
2,980,185
13,194
35,172
54,674
222,000
830,733
127,196
703,771
723,253
57
COMPANY
SHARES
5,157
16,895
6,744
2,352
11,312
16,967
574
6,216
1,130
540
6,474
1,279
7,158
13,498
21,749
9,186
13,122
2,381
2,618
5,708
653,676
14,401
9,021
111,679
17,553
6,254
310
60,219
22,664
11,696
7,838
13,091
8,836
4,761
982
7,580
6,391
211,050
48,562
12,870
21,071
187,368
2,803
3,278
4,235
6,312
12,826
11,029
429
870
17,614
8,474
4,025
*
*
*
*
*
*
*
*
e
VALUE
First Bancorp (NC)
First Community Bancshares, Inc
First Financial Corp
First Interstate Bancsystem, Inc
First Merchants Corp
First Niagara Financial Group, Inc
Flushing Financial Corp
FNB Corp
Glacier Bancorp, Inc
Great Southern Bancorp, Inc
Hancock Holding Co
Hanmi Financial Corp
Heartland Financial USA, Inc
Heritage Financial Corp
HomeStreet, Inc
HomeTrust Bancshares, Inc
Hope Bancorp, Inc
IBERIABANK Corp
Keycorp
Lakeland Bancorp, Inc
Lakeland Financial Corp
M&T Bank Corp
MGIC Investment Corp
National Bank Holdings Corp
NBT Bancorp, Inc
Northfield Bancorp, Inc
OFG Bancorp
Old National Bancorp
Opus Bank
PacWest Bancorp
Peoples Bancorp, Inc
People’s United Financial, Inc
PHH Corp
Popular, Inc
PrivateBancorp, Inc
Radian Group, Inc
Republic Bancorp, Inc (Class A)
S&T Bancorp, Inc
Southside Bancshares, Inc
State Bank & Trust Co
Stock Yards Bancorp, Inc
SVB Financial Group
TCF Financial Corp
Texas Capital Bancshares, Inc
The Bancorp, Inc
TowneBank
Trico Bancshares
$
58
96,539
163,037
154,640
90,082
328,500
444,535
5,843
138,679
13,504
14,893
253,781
37,078
175,514
495,647
379,738
204,848
241,182
36,596
163,546
64,843
7,648,009
171,516
463,228
12,793,946
126,206
125,268
9,244
870,165
338,374
124,095
103,148
422,577
365,369
106,884
14,887
110,744
339,426
17,443,283
1,636,054
568,854
424,581
2,417,047
83,557
83,556
129,549
138,107
378,880
1,107,532
5,830
42,230
93,354
194,478
104,731
COMPANY
SHARES
9,581
350
2,167
650
6,031
1,980
11,606
6,092
513,979
36,406
6,764
4,365
3,230
1,553
13,557
12,624
230
3,911
14,360
VALUE
* Tristate Capital Holdings, Inc
Trustmark Corp
UMB Financial Corp
Union Bankshares Corp
e United Bankshares, Inc
United Financial Bancorp, Inc (New)
Univest Corp of Pennsylvania
US Bancorp
* Walker & Dunlop, Inc
*,e Walter Investment Management Corp
Washington Trust Bancorp, Inc
Webster Financial Corp
Westamerica Bancorporation
Wilshire Bancorp, Inc
WSFS Financial Corp
TOTAL BANKS
148,282
5,778
954
8,341
e
180,779
286
11,569
46,198
419
*
9,760
46,759
*
121,895
84,493
202,777
132,425
27,134
137,592
1,365
6,232
*
59,517
300
e
7,479
245
1,410
17,572
154,384
53,624
18,062
*,e
7,720
185,696
21,542
*
$
3M Co
A.O. Smith Corp
Acuity Brands, Inc
Advanced Drainage Systems, Inc
Ametek, Inc
Applied Industrial Technologies, Inc
Argan, Inc
Barnes Group, Inc
Beacon Roofing Supply, Inc
Briggs & Stratton Corp
Builders FirstSource, Inc
Caterpillar, Inc
Cummins, Inc
Danaher Corp
Deere & Co
Dover Corp
Eaton Corp
EMCOR Group, Inc
Esterline Technologies Corp
Fastenal Co
GATX Corp
Graco, Inc
Granite Construction, Inc
H&E Equipment Services, Inc
Hexcel Corp
Ingersoll-Rand plc
KEYW Holding Corp
Lincoln Electric Holdings, Inc
Masco Corp
Meritor, Inc
136,721
9,135
120,073
9,900
161,872
75,834
152,619
128,480
21,674,494
861,730
19,413
165,695
116,151
73,053
461,345
135,582
12,144
137,628
400,357
107,043,395
26,447,577
536,718
250,358
222,788
8,502,036
13,428
533,678
1,752,290
19,701
221,845
602,724
10,088,030
10,373,206
16,514,159
10,290,747
1,938,182
8,724,709
76,031
379,093
2,544,352
13,419
553,521
12,196
26,254
758,583
17,815,914
3,553,126
184,955
479,103
6,774,190
180,522
59
SHARES
447
2,279
3,829
66,007
115,342
13,733
41,937
95,785
44,063
37,955
27,985
14,759
2,611
1,401
3,116
45,772
2,702
15,096
5,047
1,480
10,000
1,355
6,028
4,656
COMPANY
VALUE
* Middleby Corp
* MYR Group, Inc
Owens Corning, Inc
Paccar, Inc
Pentair plc
*,e Plug Power, Inc
* Quanta Services, Inc
* Rush Enterprises, Inc (Class A)
Timken Co
*,e Titan Machinery, Inc
* TransDigm Group, Inc
Triton International Ltd
* United Rentals, Inc
* Veritiv Corp
e W.W. Grainger, Inc
* Wabash National Corp
*,e WESCO International, Inc
Woodward Governor Co
Xylem, Inc
TOTAL CAPITAL GOODS
$
540
ABM Industries, Inc
206,029
* ACCO Brands Corp
3,343
CEB, Inc
112,944
* Copart, Inc
650
Covanta Holding Corp
7,924
Deluxe Corp
32,884
38,728
Equifax, Inc
290
Essendant, Inc
18,325
Exponent, Inc
4,282
Heidrick & Struggles International, Inc
5,092
HNI Corp
6,346
Insperity, Inc
5,010
Interface, Inc
1,760
Kelly Services, Inc (Class A)
5,758
Kimball International, Inc (Class B)
590
Knoll, Inc
10,228
Manpower, Inc
3,562
* Mistras Group, Inc
430
Mobile Mini, Inc
8,831
970
45,468
6,963
Resources Connection, Inc
61,470
Robert Half International, Inc
4,160
* RPX Corp
53,810
163,701
94,461
3,492,430
6,801,718
1,568,171
2,676,419
171,455
1,128,013
4,342,052
2,368,091
2,514,343
60,001
46,864
34,930
12,794,189
45,367
1,202,698
213,084
323,898
144,800
75,528
352,879
222,603
171,274,940
20,093
2,315,766
200,714
5,696,895
10,413
535,583
4,250,257
5,129,911
5,812
931,093
83,328
265,446
498,098
89,479
36,027
65,584
14,897
709,823
89,264
13,979
174,059
35,841
814,787
103,749
2,246,114
41,891
60
SHARES
1,210
5,080
10,180
2,825
11,278
40,482
COMPANY
VALUE
Steelcase, Inc (Class A)
*,e Team, Inc
Tetra Tech, Inc
* TriNet Group, Inc
Viad Corp
$
17,545
140,259
335,227
61,274
392,700
2,676,670
28,002,578
5,202
13,930
Callaway Golf Co
396
1,530
CSS Industries, Inc
490
Ethan Allen Interiors, Inc
53,158
Hanesbrands, Inc
258
Hasbro, Inc
2,202
* Helen of Troy Ltd
22,739
* Kate Spade & Co
202,478
Mattel, Inc
7,028
* Meritage Homes Corp
595
* Michael Kors Holdings Ltd
3,220
6,980
Movado Group, Inc
5,166
Newell Brands, Inc
350,244
Nike, Inc (Class B)
1,614
397
Pool Corp
399
*,e Tempur Sealy International, Inc
42,583
4,706
* Unifi, Inc
54,516
VF Corp
587
Weyco Group, Inc
3,389
Whirlpool Corp
188,365
149,051
22,671
40,254
17,018
1,417,192
20,957
219,341
493,209
6,758,716
255,749
30,774
672,787
157,678
271,008
19,438,542
163,111
40,605
30,176
1,680,325
127,203
3,403,434
16,401
651,908
36,266,475
1,289
Bob Evans Farms, Inc
4,297
* Bright Horizons Family Solutions
7,805
8,508
Carriage Services, Inc
31,413
Choice Hotels International, Inc
33,819
320
DineEquity, Inc
1,850
Dunkin Brands Group, Inc
23,836
359
Jack in the Box, Inc
149,371
215,087
McDonald’s Corp
16,650
* Popeyes Louisiana Kitchen, Inc
15,819
Royal Caribbean Cruises Ltd
38,369
Service Corp International
25,999
9,766
Sonic Corp
47,409
288,200
367,928
206,829
1,516,934
2,081,898
26,038
83,824
428,571
31,732
10,709,901
25,304,986
953,712
1,145,928
1,063,589
983,542
262,803
61
COMPANY
SHARES
403,343
55,313
190
VALUE
Starbucks Corp
Starwood Hotels & Resorts Worldwide, Inc
Vail Resorts, Inc
$
52,376
Ally Financial, Inc
270,048
American Express Co
1,075
437,091
49,451
BlackRock, Inc
430
CBOE Holdings, Inc
518,083
Charles Schwab Corp
124,077
CME Group, Inc
280
Cohen & Steers, Inc
5,881
*,e Credit Acceptance Corp
241,166
2,390
Factset Research Systems, Inc
191,250
9,333
* Green Dot Corp
53,137
203,789
Invesco Ltd
23,497
Janus Capital Group, Inc
24,238
Legg Mason, Inc
29,667
12,294
Nelnet, Inc (Class A)
199,140
Northern Trust Corp
4,106
* Pico Holdings, Inc
31,538
S&P Global, Inc
3,216
* Safeguard Scientifics, Inc
185,701
State Street Corp
113,676
3,000
TD Ameritrade Holding Corp
25,591
Voya Financial, Inc
19,340
e WisdomTree Investments, Inc
ENERGY - 6.5%
130,417
1,665
21,951
89,631
93,320
2,638
78,257
37,587
97,571
10,655
185,845
106,343
2,470
142,795
1,150
e
*
e
*
*
*
*,e
*
23,414,061
4,317,733
27,183
73,262,801
944,863
17,407,294
103,028
17,221,385
18,111,429
29,584
14,723,919
12,685,632
12,068
1,062,520
13,707,875
410,984
6,921,338
225,859
14,038,795
5,946,563
354,805
827,485
2,099,237
496,801
13,459,873
41,388
3,853,944
41,551
12,215,412
8,035,756
91,080
655,897
192,240
165,918,605
Apache Corp
Archrock, Inc
Atwood Oceanics, Inc
Baker Hughes, Inc
Callon Petroleum Co
CARBO Ceramics, Inc
Cheniere Energy, Inc
Cimarex Energy Co
Clean Energy Fuels Corp
ConocoPhillips
Devon Energy Corp
Energen Corp
6,846,892
14,835
234,437
4,287,051
1,062,915
37,196
3,273,490
4,511,192
291,737
1,323,351
7,586,193
4,684,409
30,924
5,466,193
54,487
62
COMPANY
SHARES
194,192
35,229
16,785
3,777
6,722
140,849
300,398
234,465
198,607
14,654
184,819
10,506
58,596
125,112
3,520
208,138
458
422
45,345
54,820
8,658
173,433
57,667
1,928
31,821
2,148
92,093
176,470
79
26,088
15,048
336,489
31,883
6,235
16,701
14,184
13,893
2,713
90,816
394,624
66,832
183,839
*
*
*
*
*
*
*
*
*
*
*
*
e
*,e
*
*
*
VALUE
EOG Resources, Inc
EQT Corp
Exterran Corp
Hess Corp
Kinder Morgan, Inc
Marathon Oil Corp
Matrix Service Co
Natural Gas Services Group, Inc
Newpark Resources, Inc
Noble Energy, Inc
Oasis Petroleum, Inc
Oil States International, Inc
Oneok, Inc
Parker Drilling Co
PDC Energy, Inc
Phillips 66
Renewable Energy Group, Inc
RigNet, Inc
Rowan Cos plc
Schlumberger Ltd
SEACOR Holdings, Inc
SM Energy Co
Spectra Energy Corp
Tesco Corp
Tesoro Corp
Tetra Technologies, Inc
Unit Corp
US Silica Holdings Inc
Valero Energy Corp
Western Refining, Inc
Williams Cos, Inc
TOTAL ENERGY
$
23,088
Casey’s General Stores, Inc
5,390
*,e Natural Grocers by Vitamin C
970
Pricesmart, Inc
4,686
Spartan Stores, Inc
580
Weis Markets, Inc
71,214
15,865,486
2,566,785
213,505
95,860
152,455
7,556,549
6,107,091
3,198,103
7,823,130
242,817
5,978,895
263,806
370,327
4,469,001
26,752
15,554,153
12,769
13,048
2,031,003
113,477
474,199
13,191,314
9,374,924
77,718
310,255
25,669
1,403,497
14,209,364
4,465
707,767
219,400
12,103,509
509,172
41,213
1,271,781
85,246
173,662
93,517
4,747,860
2,241,464
1,393,447
4,406,621
179,426,378
3,083,171
73,789
75,544
147,609
29,969
2,170,603
5,580,685
63
SHARES
COMPANY
VALUE
8,587
Bunge Ltd
95,721
Campbell Soup Co
523,116
Coca-Cola Co
5,840
27,105
4,635
Flowers Foods, Inc
260,480
General Mills, Inc
3,800
70,402
Hormel Foods Corp
189,600
Kellogg Co
225,742
Kraft Heinz Co
4,569
* Landec Corp
6,572
McCormick & Co, Inc
27,407
472,835
48,820
* Omega Protein Corp
302,329
PepsiCo, Inc
3,091
* Seneca Foods Corp
674
$
4,035
Abaxis, Inc
4,025
* Abiomed, Inc
14,457
589
Aceto Corp
7,035
*,e Air Methods Corp
22,387
* Alere, Inc
8,979
* Align Technology, Inc
35,952
* Amedisys, Inc
87,979
21,087
* AMN Healthcare Services, Inc
9,057
* Amsurg Corp
5,424
Analogic Corp
4,439
* Angiodynamics, Inc
82,164
Anthem, Inc
43,806
*,e athenahealth, Inc
18,911
* AtriCure, Inc
102,047
30,852
20,471
* Capital Senior Living Corp
142,328
42,468
* Centene Corp
54,341
*,e Cerus Corp
3,151
Chemed Corp
109,013
Cigna Corp
8,003
e Computer Programs & Systems, Inc
4,329
* Corvel Corp
1,063
1,590
*,e Diplomat Pharmacy, Inc
67,794
14,577
565,368
5,960,547
22,823,551
92,155
2,670,114
85,238
18,725,907
200,602
2,629,515
15,681,816
19,501,851
52,544
671,987
2,444,704
20,795,283
1,099,426
32,929,675
121,074
69,550
147,120,907
199,571
474,829
816,821
15,143
234,195
839,513
800,478
1,925,230
7,494,931
891,980
679,366
455,725
73,643
10,791,420
5,597,969
287,258
17,960,272
569,836
398,775
11,898,621
2,996,117
401,580
463,638
14,058,317
317,239
195,671
68,075
57,129
7,763,769
358,448
64
COMPANY
SHARES
26,220
300
3,802
20,417
3,584
2,640
43,174
51,511
1,539
18,008
5,385
15,190
21,680
4,952
9,720
26,417
20,380
11,035
25,565
37,310
10,906
21,433
1,887
14,487
1,816
5,122
25,215
14,148
7,472
9,466
8,077
29,905
17,940
8,920
500
12,420
14,899
18,508
6,388
*,e
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
VALUE
GenMark Diagnostics, Inc
Haemonetics Corp
HealthStream, Inc
Healthways, Inc
Henry Schein, Inc
HMS Holdings Corp
Hologic, Inc
Humana, Inc
Integer Holding Corp
Laboratory Corp of America Holdings
Landauer, Inc
LHC Group, Inc
LifePoint Hospitals, Inc
Magellan Health Services, Inc
Medidata Solutions, Inc
Merit Medical Systems, Inc
Molina Healthcare, Inc
NxStage Medical, Inc
Omnicell, Inc
Patterson Cos, Inc
PharMerica Corp
Premier, Inc
Providence Service Corp
Quality Systems, Inc
Quidel Corp
Resmed, Inc
Select Medical Holdings Corp
Spectranetics Corp
Staar Surgical Co
Surgical Care Affiliates, Inc
Triple-S Management Corp (Class B)
Universal American Corp
US Physical Therapy, Inc
Varian Medical Systems, Inc
VCA Antech, Inc
Vocera Communications, Inc
2,378
Clorox Co
263,164
51,678
40,204
Kimberly-Clark Corp
11,539
Medifast, Inc
14,945
e Natural Health Trends Corp
475,958
Procter & Gamble Co
$
279,243
9,096
92,122
343,822
648,632
52,483
1,661,767
8,888,223
34,181
2,513,197
224,662
687,499
1,283,022
339,063
516,618
619,215
1,157,788
243,984
988,854
254,454
538,320
569,261
61,705
700,736
22,301
116,782
1,736,809
162,702
173,201
64,747
420,085
743,139
137,420
531,810
47,370
569,705
1,062,895
273,733
140,089
117,996,294
311,684
19,587,297
4,800,886
5,208,428
406,404
502,003
40,737,245
71,553,947
65
COMPANY
SHARES
INSURANCE - 3.6%
234,797
5,145
32,636
8,868
157,312
476
290
3,280
111,278
400
26,627
98,755
117,053
273,774
192,025
200
10,711
13,769
146,087
MATERIALS - 3.9%
113,747
3,402
7,701
66,813
23,667
791
2,310
17,130
31,721
1,826
46,693
4,705
14,217
134,228
2,950
12,034
26,314
1,039
7,648
3,111
99,782
510
63,130
141,588
14,012
45,313
420
214,304
3,500
7,823
126,084
274
VALUE
Aflac, Inc
Axis Capital Holdings Ltd
Chubb Ltd
* Enstar Group Ltd
Kemper Corp
Loews Corp
Progressive Corp
Stewart Information Services Corp
Travelers Cos, Inc
TOTAL INSURANCE
*
*
e
*
*,e
*
*
$
Albemarle Corp
Aptargroup, Inc
Avery Dennison Corp
Ball Corp
Bemis Co, Inc
Carpenter Technology Corp
Century Aluminum Co
Commercial Metals Co
Eastman Chemical Co
Ecolab, Inc
Ferro Corp
Flotek Industries, Inc
H.B. Fuller Co
Hawkins, Inc
Innophos Holdings, Inc
International Flavors & Fragrances, Inc
Kraton Polymers LLC
Louisiana-Pacific Corp
Mosaic Co
Neenah Paper, Inc
Nucor Corp
PolyOne Corp
PPG Industries, Inc
Praxair, Inc
Quaker Chemical Corp
16,971,127
253,083
1,499,951
492,883
19,704,901
13,576
48,311
137,137
4,434,428
13,708
1,100,494
6,493,141
5,458,181
8,900,393
14,457,562
19,850
1,258,757
589,451
16,978,231
98,825,165
16,996,077
286,346
602,064
5,204,064
1,672,547
40,373
90,667
1,086,385
240,762
114,874
772,302
327,421
927,375
15,889,911
38,232
170,883
1,225,180
44,407
329,323
414,541
4,571,013
15,254
1,275,226
10,655,913
914,423
1,223,451
31,681
11,495,266
122,745
819,146
14,693,829
26,211
66
SHARES
2,337
55,648
4,126
6,530
15,560
840
28,446
20,918
17,594
67,182
45,328
MEDIA - 3.0%
80,713
8,053
54,300
146,657
197,556
19,509
17,913
77,937
3,930
2,205
15,223
21,053
85,700
320
5,846
23,476
249,678
333,894
COMPANY
VALUE
Royal Gold, Inc
Sealed Air Corp
Sherwin-Williams Co
Stepan Co
* Stillwater Mining Co
Trinseo S.A.
* US Concrete, Inc
WestRock Co
* Worthington Industries, Inc
TOTAL MATERIALS
$
Cinemark Holdings, Inc
Clear Channel Outdoor Holdings, Inc (Class A)
* Discovery Communications, Inc (Class C)
* DreamWorks Animation SKG, Inc (Class A)
Entercom Communications Corp (Class A)
Entravision Communications Corp (Class A)
John Wiley & Sons, Inc (Class A)
* Liberty Broadband Corp (Class A)
* Media General, Inc
New York Times Co (Class A)
Scholastic Corp
Sinclair Broadcast Group, Inc (Class A)
Time Warner, Inc
Walt Disney Co
TOTAL MEDIA
183,314
4,704,482
80,416
308,085
4,663,799
54,020
435,224
1,041,507
1,134,813
2,882,780
2,008,484
109,814,816
18,957,062
302,793
379,557
3,679,624
4,848,024
799,284
261,709
565,823
38,907
127,228
956,157
370,322
1,112,386
13,152
386,187
653,102
19,137,819
32,037,129
84,626,265
29,858
*,e Acadia Pharmaceuticals, Inc
150,551
82,270
* Akorn, Inc
55,485
166,755
Amgen, Inc
52,762
*,e Ariad Pharmaceuticals, Inc
57,235
* Biogen Idec, Inc
38,322
16,269
*,e Bluebird Bio, Inc
388,039
39,257
* Cambrex Corp
179,391
* Celgene Corp
22,795
*,e Cempra, Inc
21,898
* Cepheid, Inc
69,018
*,e Depomed, Inc
5,043
*,e Fluidigm Corp
292,643
17,165
*,e Immunomedics, Inc
1,105,940
7,243,009
2,816,102
7,135,371
28,686,863
501,767
16,594,144
3,809,973
930,261
29,029,198
2,057,459
20,125,876
409,626
773,656
1,309,271
53,204
23,256,339
45,487
67
COMPANY
SHARES
42,863
18,561
18,809
21,127
13,244
446,807
14,627
575,446
870
42,183
91,708
89,462
4,875
57,915
22,411
9,644
19,457
47,907
46,751
43,938
3,836
131,438
69,864
23,584
167,218
REAL ESTATE - 5.0%
27,911
8,135
168,470
616,689
50,428
1,000
48,024
78,489
17,160
138,457
2,518
8,358
58,576
19,736
4,378
22,025
515
73,501
3,961
33,420
1,693
540
219,210
4,940
290,281
*,e
*
*,e
*,e
*
*,e
*
*,e
*
*,e
*
*,e
*
*
*,e
*,e
*
*,e
*
*
VALUE
Inovio Pharmaceuticals, Inc
Intersect ENT, Inc
Intra-Cellular Therapies, Inc
Ionis Pharmaceuticals, Inc
Ironwood Pharmaceuticals, Inc
Johnson & Johnson
Kite Pharma, Inc
Merck & Co, Inc
Mettler-Toledo International, Inc
MiMedx Group, Inc
Nektar Therapeutics
Opko Health, Inc
PerkinElmer, Inc
Prothena Corp plc
Quintiles Transnational Holdings, Inc
Relypsa, Inc
Sangamo Biosciences, Inc
Sarepta Therapeutics, Inc
TESARO, Inc
Vertex Pharmaceuticals, Inc
Waters Corp
Zoetis Inc
American Tower Corp
Apollo Commercial Real Estate Finance, Inc
* CBRE Group, Inc
Coresite Realty
e Digital Realty Trust, Inc
Douglas Emmett, Inc
Duke Realty Corp
Dynex Capital, Inc
Easterly Government Properties, Inc
Equinix, Inc
Equity One, Inc
Equity Residential
Federal Realty Investment Trust
Franklin Street Properties Corp
HCP, Inc
Healthcare Realty Trust, Inc
Host Marriott Corp
$
423,486
294,006
767,407
616,697
187,138
55,953,641
828,327
33,755,662
357,753
315,951
1,585,631
890,147
277,485
3,098,453
1,233,726
748,760
621,457
303,251
1,181,865
516,272
357,669
20,877,612
6,776,808
3,748,205
8,439,492
290,040,447
649,210
439,859
19,503,772
6,771,245
819,455
185,650
6,825,651
2,233,012
1,416,215
13,434,483
263,030
317,938
1,686,403
138,547
89,705
8,212,462
17,134
4,997,333
672,182
984,887
40,039
6,923
8,599,608
178,630
5,149,585
68
SHARES
4,700
50,982
19,343
8
266
15,135
20,078
540
3,580
211,234
140
17,758
2,009
34,457
99,178
500
39,642
55,605
297
75,037
14,848
RETAILING - 3.8%
43,282
2,432
50,729
15,901
79,998
53,182
13,087
12,445
250
2,688
37,531
9
31,608
13,497
1,820
7,586
19,597
204,445
8,830
306,034
18,815
11,044
15,620
93,965
15,394
7,610
273,974
4,455
168,389
COMPANY
VALUE
Invesco Mortgage Capital, Inc
Iron Mountain, Inc
* iStar Financial, Inc
Jones Lang LaSalle, Inc
Kilroy Realty Corp
Macerich Co
Prologis, Inc
Resource Capital Corp
RMR Group, Inc
Ryman Hospitality Properties
UDR, Inc
Ventas, Inc
Vornado Realty Trust
Washington REIT
Welltower, Inc
Weyerhaeuser Co
TOTAL REAL ESTATE
$
* 1-800-FLOWERS.COM, Inc (Class A)
Aaron’s, Inc
* AutoZone, Inc
Best Buy Co, Inc
Big 5 Sporting Goods Corp
Blue Nile, Inc
e Buckle, Inc
* Cabela’s, Inc
*,e Carmax, Inc
Chico’s FAS, Inc
Dollar General Corp
DSW, Inc (Class A)
* Francesca’s Holdings Corp
* FTD Cos, Inc
e Gap, Inc
GNC Holdings, Inc
* Groupon, Inc
Haverty Furniture Cos, Inc
HSN, Inc
Kirkland’s, Inc
Kohl’s Corp
*,e Lands’ End, Inc
* LKQ Corp
* MarineMax, Inc
* NetFlix, Inc
67,680
2,100,968
200,394
876
19,474
626,286
1,791,761
11,848
227,652
11,510,141
15,525
241,686
68,396
1,937,862
22,517,373
18,615
3,019,135
5,971,977
10,184
5,952,685
485,827
140,429,303
395,165
58,246
909,064
12,942,937
3,595,910
1,786,915
138,199
361,652
6,847
138,781
2,186,556
108
2,994,542
327,437
39,549
96,418
496,000
5,272,637
180,220
1,475,084
346,760
565,011
238,049
3,908,004
218,749
261,708
22,542,581
89,991
15,365,496
69
SHARES
26,766
17,354
96,086
2,957
11,877
22,310
12,005
141,284
5,448
12,547
38,323
51,473
226,633
23,591
6,435
15,754
17,401
17,585
84,326
5
860
COMPANY
VALUE
e Nordstrom, Inc
Nutri/System, Inc
* Office Depot, Inc
Outerwall, Inc
* Overstock.com, Inc
e PetMed Express, Inc
e Pier 1 Imports, Inc
Ross Stores, Inc
Shoe Carnival, Inc
* Shutterfly, Inc
e Stage Stores, Inc
Staples, Inc
Stein Mart, Inc
e Tiffany & Co
Tractor Supply Co
* Vitamin Shoppe, Inc
*,e Wayfair, Inc
Williams-Sonoma, Inc
Winmark Corp
TOTAL RETAILING
$
1,183,860
513,331
332,458
155,716
193,595
462,486
61,466
8,735,590
159,790
330,112
2,038,400
305,235
2,105,421
202,883
415,186
1,443,854
4,545,315
514,537
3,668,181
270
86,490
104,392,792
25,961
43,692
Analog Devices, Inc
644,987
11,151
* Cirrus Logic, Inc
24,001
913,426
Intel Corp
8,578
Lam Research Corp
116,799
Nvidia Corp
217,373
43,222
35,399
*,e SunPower Corp
314,952
178,093
2,788,860
16,956,708
541,827
527,782
31,842,031
770,047
6,669,223
2,180,251
2,853,517
516,117
21,967,902
87,792,358
189,040
Accenture plc
25,826
* Actua Corp
44,460
45,787
53,423
*,e Angie’s List, Inc
687
* Aspen Technology, Inc
78,354
* Autodesk, Inc
114,577
39,970
Blackbaud, Inc
194,356
CA, Inc
2,010
* Cimpress NV
16,964
265,272
34,741
* comScore, Inc
21,325,603
257,744
35,182,976
35,200,588
432,192
28,778
4,658,145
10,191,624
2,671,995
6,734,435
190,548
1,512,001
15,250,487
901,529
70
COMPANY
SHARES
5,337
18,210
6,960
21,148
6,786
5,777
128,323
10,911
10,181
192,115
146,445
56,238
14,246
23,371
35,770
44,849
258,322
1,022,212
233,110
10,078
20,573
692,438
29,033
16,107
27,258
80,699
5,925
44,082
24,564
2,916
242,063
96,222
19,678
24,141
391,408
3,876
6,951
8,168
21,915
9,913
4,890
5,290
51,056
85,455
1,051,874
459,974
*
*
*
*,e
*
*
*
*
*
*
*,e
*
*
*
*
*,e
*
*
*
*
*
*
*
*
*
*
*
*
*
*,e
*,e
*
*
*
VALUE
Convergys Corp
CSG Systems International, Inc
DHI Group, Inc
Ellie Mae, Inc
ExlService Holdings, Inc
Fair Isaac Corp
Glu Mobile, Inc
inContact, Inc
Infoblox, Inc
Intuit, Inc
j2 Global, Inc
LogMeIn, Inc
Manhattan Associates, Inc
Marketo, Inc
Microsoft Corp
Monster Worldwide, Inc
NeuStar, Inc (Class A)
New Relic, Inc
Oracle Corp
Perficient, Inc
QLIK Technologies, Inc
Qualys, Inc
Quotient Technology, Inc
Rackspace Hosting, Inc
RetailMeNot, Inc
RingCentral, Inc
Rovi Corp
Salesforce.com, Inc
ServiceSource International LLC
SPS Commerce, Inc
Sykes Enterprises, Inc
Symantec Corp
Syntel, Inc
Tangoe, Inc
Teradata Corp
Tyler Technologies, Inc
Ultimate Software Group, Inc
Unisys Corp
Vasco Data Security International
Website Pros, Inc
Workday, Inc
Xerox Corp
Yahoo!, Inc
$
1,610
Adtran, Inc
11,247
*,e Arista Networks, Inc
1,070
Belden CDT, Inc
1,524
* Benchmark Electronics, Inc
142,231
733,135
50,738
1,947,942
335,975
731,599
300,276
151,663
190,588
30,857,511
16,253,931
3,758,948
1,271,456
2,007,803
2,076,449
1,577,788
24,602,587
57,938,976
589,768
253,865
708,534
28,417,656
645,113
486,431
855,629
1,021,649
138,823
368,085
565,709
54,850
19,800,753
434,923
1,246,011
740,887
7,996,465
175,622
56,234
231,808
3,572,583
2,072,808
48,460
88,396
962,916
7,121,820
10,834,302
17,566,407
386,524,748
29,302
801,574
78,335
35,723
71
SHARES
7,451
1,064,563
3,629
180
141,705
49,456
6,785
2,946
662,685
3,097
1,110
40,091
513,508
645,011
107,460
2,970
5,777
11,694
350
16,051
20,384
212
6,814
78,575
417
18,944
3,309
500
281
55,004
610
12,991
27,291
22,364
502
11,298
3,218
12,928
COMPANY
VALUE
* Calix, Inc
Cisco Systems, Inc
Cognex Corp
* Coherent, Inc
Corning, Inc
* Cray, Inc
Daktronics, Inc
Electro Rent Corp
EMC Corp
* FARO Technologies, Inc
FEI Co
* Finisar Corp
HP, Inc
* Insight Enterprises, Inc
InterDigital, Inc
* IPG Photonics Corp
* Itron, Inc
Jabil Circuit, Inc
Littelfuse, Inc
Methode Electronics, Inc
Motorola, Inc
National Instruments Corp
* Netgear, Inc
* Novanta, Inc
* OSI Systems, Inc
* Plexus Corp
* QLogic Corp
* Rofin-Sinar Technologies, Inc
* Scansource, Inc
* Sonus Networks, Inc
* Super Micro Computer, Inc
SYNNEX Corp
* Tech Data Corp
* TTM Technologies, Inc
* Universal Display Corp
35,353
* Boingo Wireless, Inc
373,371
CenturyTel, Inc
58,198
* Cincinnati Bell, Inc
2,650
Consolidated Communications Holdings, Inc
3,579
* Fairpoint Communications, Inc
16,965
* General Communication, Inc (Class A)
3,026
IDT Corp (Class B)
67,259
*,e Iridium Communications, Inc
34,387
3,379
* Lumos Networks Corp
835,162
* Sprint Corp
751,340
$
57,522
32,501,108
163,922
19,089
3,148,685
1,560,831
43,899
45,575
18,740,732
108,023
118,126
752,107
10,793,938
9,036,604
3,679,430
79,002
341,132
985,687
14,942
326,638
747,481
26,504
238,694
5,451,534
11,960
974,290
51,984
29,735
12,909
853,662
19,276
533,021
235,248
481,944
50,466
880,453
32,019
915,820
95,008,926
323,834
11,738,784
290,990
74,068
57,944
261,091
46,177
603,986
1,739,982
39,534
5,127,895
41,631,749
72
COMPANY
SHARES
100,781
158
310
42,330
*
490
263,863
152,360
4,220
*
8
200
*
180
103,126
9
357,983
176,809
205,552
UTILITIES - 3.2%
12,632
91,114
180,018
134,463
13,823
136,459
10,413
13,718
2,044
290
69,649
8,480
43,640
103,815
37,448
362,606
1,260
143,732
14,518
38,029
VALUE
$
597,631
62,533,665
Allegiant Travel Co
Arkansas Best Corp
CSX Corp
Echo Global Logistics, Inc
Expeditors International of Washington, Inc
Landstar System, Inc
Ryder System, Inc
Union Pacific Corp
20,504
5,800
1,554,781
34,114
7,475,239
5,903,950
104,487
395
9,736
12,688
9,258,652
593
13,248,951
16,452,078
22,220,171
76,302,139
Eversource Energy
ITC Holdings Corp
New Jersey Resources Corp
Northwest Natural Gas Co
Ormat Technologies, Inc
Piedmont Natural Gas Co, Inc
Sempra Energy
Southern Co
Vectren Corp
WGL Holdings, Inc
Xcel Energy, Inc
TOTAL UTILITIES
1,043,151
2,179,447
14,415,842
10,490,803
1,069,624
7,981,487
481,601
510,858
132,737
13,236
4,165,010
668,818
2,007,876
11,614,822
1,193,842
19,399,421
65,180
9,329,644
1,027,729
1,672,516
89,463,644
TOTAL COMMON STOCKS
(Cost $2,118,541,595)
2,775,245,698
73
ISSUER
PRINCIPAL
$
4,650,000
800,000
3,100,000
RATE
TOTAL TREASURY DEBT
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 1.9%
3,000,000
20,000,000
17,000,000
13,000,000
TOTAL TREASURY DEBT
MATURITY
DATE
VALUE
0.150%
08/01/16
0.196
0.252
08/04/16
09/15/16
799,992
3,099,157
3,899,149
0.290
8/29/16
2,999,323
2,999,323
0.245
0.315
0.186
8/11/16
8/18/16
8/25/16
19,998,639
16,997,471
12,998,227
49,994,337
$
4,650,000
4,650,000
TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
52,993,660
(Cost $61,542,671)
(Cost $2,180,084,266)
NET ASSETS - 100.0%
61,542,809
2,836,788,507
$
Abbreviation(s):
74
(53,926,789)
2,782,861,718
TIAA-CREF FUNDS - Social Choice Low Carbon Equity Fund
TIAA-CREF FUNDS
SOCIAL CHOICE LOW CARBON EQUITY FUND
July 31, 2016
COMPANY
SHARES
VALUE
29,505
Ford Motor Co
499
Harley-Davidson, Inc
3,549
1,043
* Tesla Motors, Inc
BANKS - 3.8%
144
189
8,892
756
13
550
7,481
470
1,733
129
227
379
4,963
420
236
4,079
611
262
2,047
940
596
230
1,674
215
742
4,278
894
288
301
283
344
9,944
337
963
2,841
*
*
*
*
*
$
Banner Corp
BB&T Corp
Bryn Mawr Bank Corp
CoBiz, Inc
Comerica, Inc
First Bancorp (NC)
HomeTrust Bancshares, Inc
Keycorp
Live Oak Bancshares, Inc
M&T Bank Corp
OFG Bancorp
Opus Bank
PacWest Bancorp
PHH Corp
Popular, Inc
The Bancorp, Inc
Trico Bancshares
US Bancorp
Walter Investment Management Corp
TOTAL BANKS
373,533
26,407
162,970
244,886
807,796
4,549
7,889
327,848
9,163
381
9,163
167,051
5,804
78,401
4,957
4,249
3,657
50,523
10,298
4,338
47,724
17,426
3,435
234,504
6,759
6,324
7,424
69,220
4,827
10,841
353,577
30,119
8,810
1,595
7,364
9,233
419,338
967
10,343
79,207
2,017,308
75
SHARES
2,844
589
143
174
185
1,484
1,123
*
4,576
402
*
1,453
2,230
4,613
162
846
*
2,242
179
*
5,121
409
*
1,362
517
407
1,347
2,929
1,078
1,216
616
406
*
218
4,873
227
*
668
*
1,431
*
930
2,318
1,497
*
1,697
1,849
95
*
245
*
745
*
546
1,251
*
107
*
745
COMPANY
VALUE
3M Co
Acuity Brands, Inc
Allegion plc
Argan, Inc
BE Aerospace, Inc
Caterpillar, Inc
Chart Industries, Inc
Chicago Bridge & Iron Co NV
Cummins, Inc
Danaher Corp
Deere & Co
DigitalGlobe, Inc
Dover Corp
DXP Enterprises, Inc
Eaton Corp
Fastenal Co
Hexcel Corp
Ingersoll-Rand plc
ITT, Inc
Kennametal, Inc
KEYW Holding Corp
Masco Corp
MYR Group, Inc
Navistar International Corp
NOW, Inc
Pentair plc
Plug Power, Inc
Rush Enterprises, Inc (Class A)
Titan Machinery, Inc
United Rentals, Inc
Veritiv Corp
TOTAL CAPITAL GOODS
$
1,327
* ACCO Brands Corp
668
Brady Corp (Class A)
1,566
* Copart, Inc
212
Deluxe Corp
1,188
Equifax, Inc
507,256
154,571
3,820
12,596
8,534
70,987
14,476
378,710
12,068
49,126
273,777
375,682
12,589
22,808
160,146
2,979
324,723
24,879
58,226
25,736
7,578
58,150
338,007
71,428
38,559
15,314
4,157
13,529
177,767
5,600
8,564
26,202
106,197
147,935
2,680
194,137
156,462
2,183
2,746
208,242
9,167
99,667
4,518
43,612
4,236,090
14,915
21,470
78,989
14,329
157,362
76
COMPANY
SHARES
165
154
277
270
237
636
2,630
2,903
500
259
367
2,540
*
*
*
*
*
VALUE
KAR Auction Services, Inc
Kforce, Inc
Manpower, Inc
Mistras Group, Inc
Navigant Consulting, Inc
Pitney Bowes, Inc
RPX Corp
Team, Inc
TrueBlue, Inc
433
818
Coach, Inc
5
Hasbro, Inc
1,089
* Kate Spade & Co
4,256
Mattel, Inc
132
156
Movado Group, Inc
5,468
Nike, Inc (Class B)
36
* Under Armour, Inc (Class A)
$
3,211
6,587
4,947
18,738
5,939
12,536
50,785
52,022
5,035
7,151
8,195
115,748
577,959
15,679
35,264
406
23,620
142,065
6,827
3,524
303,474
1,421
532,280
214
* American Public Education, Inc
608
* Caesars Acquisition Co
195
7,399
203
* Intrawest Resorts Holdings Inc
1,230
* LifeLock, Inc
4,179
McDonald’s Corp
120
26
7,289
Starbucks Corp
6,129
6,542
4,740
171,583
2,952
20,578
491,659
8,693
1,466
423,127
1,137,469
5,875
American Express Co
9,040
1,005
BlackRock, Inc
11,827
Charles Schwab Corp
3,226
CME Group, Inc
4,739
237
* Encore Capital Group, Inc
1,863
619
33
Invesco Ltd
339
* NewStar Financial, Inc
643
* On Deck Capital, Inc
278
378,703
356,176
368,081
336,123
329,826
269,365
5,785
67,422
163,540
963
3,465
3,344
2,802
77
COMPANY
SHARES
2,812
250
3,655
84
550
ENERGY - 3.4%
316
844
786
6,219
422
238
635
859
507
421
778
3,228
719
419
461
1,284
368
3,345
5,422
114
1,020
1,364
721
2,966
1,483
1,362
148
444
108
1,751
697
6,563
226
348
1,759
981
570
887
12,505
863
1,009
VALUE
S&P Global, Inc
State Street Corp
Virtus Investment Partners, Inc
WisdomTree Investments, Inc
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
$
Alon USA Energy, Inc
Archrock, Inc
Atwood Oceanics, Inc
Baker Hughes, Inc
Bristow Group, Inc
CARBO Ceramics, Inc
Clean Energy Fuels Corp
Dril-Quip, Inc
Exterran Corp
Fairmount Santrol Holdings, Inc
Forum Energy Technologies, Inc
Frank’s International NV
Helix Energy Solutions Group, Inc
Matrix Service Co
McDermott International, Inc
Oneok, Inc
Parker Drilling Co
PBF Energy, Inc
PHI, Inc
RigNet, Inc
Rowan Cos plc
RPC, Inc
Schlumberger Ltd
Tesco Corp
Tesoro Corp
Tidewater, Inc
TOTAL ENERGY
343,626
3,230
240,426
7,080
5,467
2,885,424
2,234
7,520
8,394
297,455
4,562
3,356
1,899
10,755
27,596
5,355
5,329
81,927
11,741
5,162
10,455
10,195
6,098
17,327
175,402
2,863
6,446
38,028
22,293
132,847
3,070
30,427
2,859
4,329
1,291
26,685
10,100
528,453
12,774
2,300
133,948
5,896
2,434
30,575
71,028
17,994
48,028
1,827,430
251
33,519
78
SHARES
281
3,463
COMPANY
VALUE
Pricesmart, Inc
$
402
* Amplify Snack Brands, Inc
871
Bunge Ltd
15,145
Coca-Cola Co
144
309
* Freshpet, Inc
4,981
General Mills, Inc
3,187
Kellogg Co
4,415
Kraft Heinz Co
351
* Landec Corp
219
9,382
5,810
PepsiCo, Inc
81
* Seneca Foods Corp
21,884
105,552
160,955
5,732
57,347
660,776
2,272
2,701
358,084
263,597
381,412
4,036
19,535
412,621
632,825
3,173
2,804,111
1,028
* Acadia Healthcare Co, Inc
407
Aceto Corp
374
* Amedisys, Inc
1,015
428
332
2,566
Anthem, Inc
539
* athenahealth, Inc
435
* AtriCure, Inc
1,978
2,526
388
3,898
441
* Cardiovascular Systems, Inc
758
* Centene Corp
549
* Cerus Corp
2,452
Cigna Corp
423
* Cross Country Healthcare, Inc
272
641
* Diplomat Pharmacy, Inc
2,459
1,172
376
* GenMark Diagnostics, Inc
295
Healthsouth Corp
420
* Healthways, Inc
63
* Henry Schein, Inc
3,700
* Hologic, Inc
1,775
Humana, Inc
1,097
126
Landauer, Inc
198
* LHC Group, Inc
20
58,082
10,464
20,028
86,468
18,104
5,508
337,018
68,879
6,608
348,128
46,655
7,558
325,873
8,648
53,477
4,057
316,210
6,184
17,419
23,031
281,605
28,820
4,004
12,700
7,073
11,402
142,413
306,276
13,449
5,257
8,962
469
79
COMPANY
SHARES
479
487
373
171
351
557
347
278
655
222
335
1,379
VALUE
*
*
*
*
*
*
*
*
Omnicell, Inc
PharMerica Corp
Quidel Corp
Spectranetics Corp
Staar Surgical Co
Teladoc, Inc
* Vascular Solutions, Inc
* Vocera Communications, Inc
* Wright Medical Group NV
$
14
Clorox Co
5,580
1,530
Kimberly-Clark Corp
65
Medifast, Inc
96
Natural Health Trends Corp
9,358
Procter & Gamble Co
INSURANCE - 4.8%
4,451
3,634
3,136
6,953
3,960
3,972
5,103
276
7,220
4,439
2,873
MATERIALS - 4.1%
398
1,568
2,295
441
2,413
2,119
469
2,078
2,784
1,152
697
138
256
708
757
18,528
3,321
9,907
8,271
8,003
12,911
2,373
4,848
5,017
10,183
4,955
30,241
2,709,387
1,835
415,319
198,212
2,289
3,225
800,951
1,421,831
Aflac, Inc
Allstate Corp
Chubb Ltd
* Genworth Financial, Inc (Class A)
Loews Corp
Progressive Corp
Travelers Cos, Inc
TOTAL INSURANCE
321,718
248,311
392,815
19,886
157,806
164,163
335,522
12,870
234,722
334,213
333,900
2,555,926
A. Schulman, Inc
Albemarle Corp
* Axalta Coating Systems Ltd
Balchem Corp
Ball Corp
Eastman Chemical Co
Ecolab, Inc
* Ferro Corp
* Flotek Industries, Inc
Hawkins, Inc
Kapstone Paper and Packaging Corp
11,665
131,979
65,522
28,167
170,527
134,387
32,638
135,548
329,570
14,930
9,897
5,898
11,023
32,433
10,810
80
SHARES
416
275
488
4,942
211
1,176
3,075
906
361
1,815
1,059
385
981
MEDIA - 3.3%
1,560
479
2,724
328
331
900
1,647
857
448
358
1,464
1,461
916
1,143
572
5,188
6,536
COMPANY
VALUE
Materion Corp
Mosaic Co
Myers Industries, Inc
PolyOne Corp
PPG Industries, Inc
Royal Gold, Inc
Sealed Air Corp
Sherwin-Williams Co
Trinseo S.A.
WestRock Co
TOTAL MATERIALS
$
Gannett Co, Inc
* Liberty Broadband Corp (Class C)
Time Warner, Inc
Walt Disney Co
TOTAL MEDIA
12,443
7,263
31,847
133,434
3,154
41,242
321,983
76,593
7,036
85,632
317,414
19,169
42,095
2,224,299
366,398
3,348
66,847
13,438
4,836
6,534
21,016
8,484
25,850
22,486
92,686
25,699
11,890
75,506
15,913
397,660
627,129
1,785,720
1,260
* Acadia Pharmaceuticals, Inc
2,571
1,169
* Akorn, Inc
650
3,081
Amgen, Inc
2,478
* Ariad Pharmaceuticals, Inc
438
* Biogen Idec, Inc
7,414
282
* Cambrex Corp
3,045
* Celgene Corp
1,207
* Celldex Therapeutics, Inc
573
* Cempra, Inc
606
* Chimerix, Inc
845
* Depomed, Inc
356
* Fluidigm Corp
6,316
868
* Immunomedics, Inc
46,670
123,691
40,015
83,590
530,025
23,566
126,989
554,641
14,780
341,619
5,576
10,297
2,418
16,030
3,756
501,933
2,300
81
COMPANY
SHARES
879
351
460
1,812
8,586
71
10,983
869
1,839
711
920
486
522
241
366
907
543
117
224
101
475
2,560
482
274
278
6,207
REAL ESTATE - 5.6%
114
3,211
11,079
130
542
1,702
3,468
2,026
641
314
845
1,774
822
364
1,297
2,544
1,014
6,072
386
96
1,881
725
181
619
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
VALUE
Intersect ENT, Inc
Johnson & Johnson
Kite Pharma, Inc
Merck & Co, Inc
Nektar Therapeutics
Progenics Pharmaceuticals, Inc
Prothena Corp plc
Relypsa, Inc
Revance Therapeutics, Inc
Sage Therapeutics, Inc
Spark Therapeutics, Inc
TESARO, Inc
Theravance Biopharma, Inc
Versartis, Inc
Zoetis Inc
* Altisource Portfolio Solutions S.A.
American Tower Corp
CYS Investments, Inc
Dynex Capital, Inc
Equinix, Inc
Equity Residential
Host Marriott Corp
NorthStar Realty Finance Corp
Parkway Properties, Inc
Prologis, Inc
RMR Group, Inc
* St. Joe Co
* Tejon Ranch Co
Tier REIT, Inc
$
8,684
5,560
18,768
25,604
1,075,225
4,021
644,263
9,785
31,796
38,038
5,382
26,754
16,673
3,251
16,419
5,741
13,727
6,779
2,632
9,417
12,117
406,630
30,501
3,151
26,966
313,267
5,189,047
2,652
371,737
121,647
24,135
9,095
52,898
336,500
18,133
4,500
6,434
315,075
120,614
14,582
3,771
27,302
34,090
17,613
330,863
5,254
3,268
427,062
13,362
4,755
10,789
82
SHARES
1,871
4,100
8,524
RETAILING - 3.2%
304
105
495
246
139
694
1,257
1,406
241
1,527
5,452
275
424
207
515
142
5,278
3,789
389
7,619
210
146
1,100
3,775
493
328
8,956
417
463
305
422
COMPANY
VALUE
Ventas, Inc
Welltower, Inc
Weyerhaeuser Co
TOTAL REAL ESTATE
$
* AutoZone, Inc
Best Buy Co, Inc
Blue Nile, Inc
* Cabela’s, Inc
Dollar General Corp
* Etsy, Inc
* FTD Cos, Inc
Gap, Inc
* Groupon, Inc
HSN, Inc
Kirkland’s, Inc
Kohl’s Corp
* Lands’ End, Inc
* NetFlix, Inc
Nutri/System, Inc
* Office Depot, Inc
Outerwall, Inc
Pier 1 Imports, Inc
Ross Stores, Inc
* Shutterfly, Inc
Stage Stores, Inc
Staples, Inc
Stein Mart, Inc
* Wayfair, Inc
TOTAL RETAILING
142,495
325,253
278,905
3,022,784
2,775
85,467
16,632
2,598
4,039
35,831
119,088
14,144
6,100
39,381
26,279
5,068
21,692
3,155
21,419
2,018
434,274
345,746
11,507
26,362
11,059
2,380
5,632
233,408
26,223
1,945
83,201
3,586
120,940
8,924
18,357
1,739,230
9,072
* Advanced Micro Devices, Inc
12,276
952
Brooks Automation, Inc
18,623
Intel Corp
4,174
Nvidia Corp
756
* SunPower Corp
6,245
3,780
Accenture plc
492
* Actua Corp
869
62,234
322,736
11,929
649,198
238,335
11,022
435,589
1,731,043
426,422
4,910
687,674
83
SHARES
881
378
1,479
3,893
312
653
428
4,878
665
634
429
1,463
210
3,683
1,795
640
348
575
5,033
22,542
812
294
13,275
431
376
898
1,527
332
811
80
4,631
526
507
217
1,699
351
1,481
611
125
533
1,652
14,275
8,740
COMPANY
VALUE
* Angie’s List, Inc
* Autodesk, Inc
* Black Knight Financial Services, Inc
Blackbaud, Inc
* Cimpress NV
* comScore, Inc
* DHI Group, Inc
* Glu Mobile, Inc
* Interactive Intelligence, Inc
Intuit, Inc
j2 Global, Inc
* LogMeIn, Inc
* Marketo, Inc
Microsoft Corp
* Monster Worldwide, Inc
* New Relic, Inc
Oracle Corp
* Perficient, Inc
* Qualys, Inc
* Quotient Technology, Inc
* RetailMeNot, Inc
* RingCentral, Inc
* Rovi Corp
* ServiceSource International LLC
* Silver Spring Networks, Inc
* SPS Commerce, Inc
Symantec Corp
* Tangoe, Inc
* Teradata Corp
* Unisys Corp
* Vasco Data Security International
* Website Pros, Inc
* Workday, Inc
Xerox Corp
* Yahoo!, Inc
$
526
* Arista Networks, Inc
400
* Calix, Inc
20,385
Cisco Systems, Inc
198
Comtech Telecommunications Corp
7,289
Corning, Inc
564
* Cray, Inc
346
Daktronics, Inc
677,304
3,058
87,927
346,282
12,121
43,653
40,574
280,436
17,257
4,622
32,716
3,423
11,329
591,563
199,227
42,778
29,897
20,228
479,343
1,277,681
2,054
10,125
544,806
9,577
11,803
11,369
35,778
2,772
18,677
1,505
378,816
2,377
6,373
13,740
34,711
2,840
42,031
6,055
2,089
10,052
137,678
147,032
333,781
7,086,466
37,488
3,088
622,354
2,588
161,962
17,800
2,239
84
COMPANY
SHARES
233
13,731
16,768
22,612
2,074
862
1,390
427
1,095
248
603
485
478
*
*
*
*
*
*
VALUE
Electro Rent Corp
EMC Corp
HP, Inc
Motorola, Inc
Netgear, Inc
QLogic Corp
Scansource, Inc
Sonus Networks, Inc
Super Micro Computer, Inc
Tech Data Corp
$
3,604
388,313
352,463
316,794
71,014
31,609
96,438
21,961
16,994
10,175
5,198
10,452
37,251
2,209,785
327
5,222
CenturyTel, Inc
2,783
16,332
Frontier Communications Corp
401
5,791
* Globalstar, Inc
232
IDT Corp (Class B)
1,007
* Iridium Communications, Inc
4,128
676
Shenandoah Telecom Co
10,558
* Sprint Corp
14,376
2,644
1,217
Windstream Holdings, Inc
2,995
164,180
13,915
84,927
6,172
6,891
3,540
9,043
208,877
27,770
64,826
796,574
15,679
11,330
1,416,719
11,295
CSX Corp
1,017
* Hertz Global Holdings, Inc
995
3,566
4,770
Union Pacific Corp
4,012
750
* Wesco Aircraft Holdings, Inc
431
* YRC Worldwide, Inc
319,987
49,508
95,629
320,155
443,849
433,697
9,638
5,116
1,677,579
UTILITIES - 3.6%
2,516
2,475
6,121
3,953
4,125
4,485
1,197
538
798
Aqua America, Inc
Eversource Energy
Pattern Energy Group, Inc
207,771
85,734
146,414
316,556
319,193
262,328
44,576
24,554
19,447
85
SHARES
1,138
2,909
655
699
COMPANY
VALUE
Sempra Energy
Southwest Gas Corp
WGL Holdings, Inc
TOTAL UTILITIES
$
68,053
325,459
50,763
49,482
1,920,330
TOTAL COMMON STOCKS
(Cost $50,175,892)
53,676,968
(Cost $50,175,892)
NET ASSETS - 100.0%
53,676,968
$
Abbreviation(s):
REIT
Real Estate Investment Trust
86
61,244
53,738,212
TIAA-CREF FUNDS - Emerging Markets Equity Fund
TIAA-CREF FUNDS
EMERGING MARKETS EQUITY FUND
July 31, 2016
PRINCIPAL
ISSUER
RATE
MATURITY
DATE
VALUE
CORPORATE BONDS - 0.1%
HONG KONG - 0.1%
$
534,000
m Asia Pacific Investment Partners
TOTAL HONG KONG
8.000%
TOTAL CORPORATE BONDS
(Cost $534,000)
SHARES
10/29/16
$
501,735
501,735
501,735
COMPANY
ARGENTINA - 1.0%
234,034
165,680
193,296
AUSTRALIA - 0.5%
929,067
BRAZIL - 9.3%
1,173,400
1,294,069
613,700
1,357,200
1,177,700
732,472
606,700
185,817
592,500
1,159,400
285,000
283,300
2,854,400
2,231,200
230,400
739,000
CHILE - 1.2%
1,595,582
12,218,191
* Grupo Supervielle S.A. (ADR)
* Pampa Energia S.A. (ADR)
YPF S.A. (ADR) (Class D)
TOTAL ARGENTINA
3,171,161
4,516,437
3,570,177
11,257,775
Oil Search Ltd
TOTAL AUSTRALIA
5,091,115
5,091,115
Banco Bradesco S.A. (Preference)
Banco Itau Holding Financeira S.A.
BB Seguridade Participacoes S.A.
BM&F Bovespa S.A.
BR Malls Participacoes S.A.
Cielo S.A.
Cosan SA Industria e Comercio
Energisa S.A.
Hypermarcas S.A.
Kroton Educacional S.A.
Localiza Rent A Car
Ouro Fino Saude Animal Participacoes S.A.
* Petroleo Brasileiro S.A.
* Rumo Logistica Operadora Multimodal S.A.
Telefonica Brasil S.A.
Vale S.A.
TOTAL BRAZIL
10,263,269
13,485,872
5,704,700
7,990,670
5,106,854
8,301,982
6,371,248
1,192,016
5,016,076
5,163,378
3,542,283
3,538,629
12,333,501
4,211,369
3,498,209
4,216,475
99,936,531
Centros Comerciales Sudamericanos S.A.
Enersis S.A.
4,540,700
2,132,141
87
COMPANY
SHARES
2,945,158
CHINA - 18.4%
332,341
48,794
6,456,000
4,186,000
8,978,000
22,091,000
2,921,000
1,322,000
2,970,200
2,652,000
4,826,000
169,867
13,164,000
1,475,000
20,611,834
1,927,000
1,362,000
2,036,800
97,616
12,224,000
VALUE
Parque Arauco S.A.
TOTAL CHILE
$
* Alibaba Group Holding Ltd (ADR)
* Baidu, Inc (ADR)
e Beijing Enterprises Water Group Ltd
Brilliance China Automotive Holdings Ltd
*,e,m China Animal Healthcare Ltd
China Construction Bank
China Galaxy Securities Co Ltd
China Mobile Hong Kong Ltd
China Overseas Land & Investment Ltd
China Resources Land Ltd
CNOOC Ltd
*,e Ctrip.com International Ltd (ADR)
Huaneng Renewables Corp Ltd
g Huatai Securities Co Ltd
Industrial & Commercial Bank of China
Ping An Insurance Group Co of China Ltd
e Sunny Optical Technology Group Co Ltd
* YY, Inc (ADR)
Zijin Mining Group Co Ltd
TOTAL CHINA
27,411,486
7,787,522
3,929,332
4,660,536
11,572
14,857,086
2,534,786
16,371,015
9,797,401
6,614,957
5,816,452
7,418,092
4,225,991
3,022,119
11,758,857
9,043,565
5,437,321
49,195,085
3,825,571
4,468,953
198,187,699
CZECH REPUBLIC - 0.3%
1,107,217
*,g Moneta Money Bank AS.
TOTAL CZECH REPUBLIC
GREECE - 0.4%
485,513
HONG KONG - 3.6%
1,361,200
22,290
*,m
2,874,000
621,536 *,e,m
717,000
*,e,g
321,326
22,290
*,m
1,418,700
1,556,000
26,720,000
INDIA - 12.6%
223,644
227,520
677,468
2,275,799
6,484,611
13,157,452
3,414,417
3,414,417
OPAP S.A.
TOTAL GREECE
3,896,815
3,896,815
AIA Group Ltd
Asia Pacific Investment Partners Limited
China Gas Holdings Ltd
China Metal Recycling Holdings Ltd
IMAX China Holding, Inc
Mongolian Metals Corporation
Sands China Ltd
Techtronic Industries Co
Tongda Group Holdings Ltd
TOTAL HONG KONG
8,479,173
148,925
4,549,603
801
3,708,003
4,485,711
0
5,428,208
6,589,247
5,388,476
38,778,147
Apollo Hospitals Enterprise Ltd
Bharat Electronics Ltd
Bharat Petroleum Corp Ltd
DLF Ltd
4,553,088
4,208,615
5,994,775
5,491,346
88
SHARES
14,272
398,879
32,766
429,510
494,479
3,874,948
1,136,722
2,088,141
547,815
1,229,862
1,907,731
1,057,475
1,555,708
178,777
644,549
345,888
725,218
219,991
530,472
1,103,186
354,215
INDONESIA - 3.3%
6,651,900
5,740,500
719,001
2,770,300
55,320,700
19,256,200
27,535,300
17,341,400
JAPAN - 0.4%
195,800
JORDAN - 0.5%
158,736
COMPANY
VALUE
Eicher Motors Ltd
HDFC Bank Ltd
HDFC Bank Ltd (ADR)
Housing Development Finance Corp
IndusInd Bank Ltd
Infrastructure Development Finance Co Ltd
IRB Infrastructure Developers Ltd
ITC Ltd
LIC Housing Finance Ltd
Mundra Port and Special Economic Zone Ltd
Nagarjuna Construction Co
Phoenix Mills Ltd
Power Grid Corp of India Ltd
PVR Ltd
Reliance Industries Ltd
Shriram Transport Finance Co Ltd
Sobha Developers Ltd
Strides Arcolab Ltd
Sun Pharmaceutical Industries Ltd
Tata Motors Ltd
Yes Bank Ltd
TOTAL INDIA
$
Bank Rakyat Indonesia
PT Astra International Tbk
PT Gudang Garam Tbk
PT Matahari Department Store Tbk
PT Pakuwon Jati Tbk
PT Summarecon Agung Tbk
PT Telekomunikasi Indonesia Persero Tbk
PT Waskita Karya Persero Tbk
TOTAL INDONESIA
4,796,675
7,424,269
2,269,701
8,857,027
8,704,991
3,173,256
3,675,359
7,899,430
4,259,753
4,271,733
2,331,360
5,705,329
4,092,849
3,049,501
9,776,881
6,619,155
3,624,281
3,829,557
6,593,449
8,327,055
6,461,701
135,991,136
5,875,487
3,399,008
3,712,755
4,227,998
2,758,510
2,503,337
8,963,041
3,676,100
35,116,236
e W-Scope Corp
TOTAL JAPAN
4,441,763
4,441,763
Hikma Pharmaceuticals plc
TOTAL JORDAN
5,527,292
5,527,292
KOREA, REPUBLIC OF - 13.8%
82,446
CJ E&M Corp
52,194
e Cosmax, Inc
51,551
Daelim Industrial Co
212,174
Hana Financial Group, Inc
364,418
Hynix Semiconductor, Inc
53,104
Hyundai Motor Co
48,431
Innocean Worldwide, Inc
120,230
i-SENS Inc
169,943
Korea Electric Power Corp
5,234,697
6,762,138
3,873,009
5,224,065
11,221,915
6,265,864
3,464,198
4,126,343
9,304,172
89
SHARES
10,629
228,484
66,640
94,857
14,619
10,910
55,439
133,624
38,672
MALAYSIA - 0.4%
6,987,025
MEXICO - 5.2%
3,032,500
804,500
9,362,600
854,200
2,290,800
364,155
772,455
1,350,480
1,243,622
2,073,046
1,449,500
NETHERLANDS - 0.8%
1,292,886
PAKISTAN - 1.1%
1,019,200
1,330,000
3,504,000
2,129,600
PERU - 1.0%
309,229
39,258
PHILIPPINES - 3.1%
12,450,550
1,420,850
10,714,900
165,860
11,145,300
31,094,100
COMPANY
VALUE
LG Household & Health Care Ltd
LG.Philips LCD Co Ltd
* Loen Entertainment, Inc
Maeil Dairy Industry Co Ltd
Mando Corp
Medy-Tox, Inc
* Osstem Implant Co Ltd
Samsung Card Co
Samsung Electronics Co Ltd
TOTAL KOREA, REPUBLIC OF
$
Karex BHD
TOTAL MALAYSIA
9,573,800
6,334,798
4,824,399
3,283,786
3,399,248
4,226,532
3,774,898
5,160,514
53,211,788
149,266,164
4,104,328
4,104,328
Alpek SAB de C.V.
Banregio Grupo Financiero SAB de C.V.
* Cemex S.A. de C.V.
Fomento Economico Mexicano S.A. de C.V.
e Gentera SAB de C.V.
Gruma SAB de C.V.
Grupo Aeroportuario del Centro Norte Sab de C.V.
Grupo Financiero Banorte S.A. de C.V.
Servicios Corporativos Javer SAPI de C.V.
e Unifin Financiera SAPI de C.V. SOFOM ENR
Wal-Mart de Mexico SAB de C.V.
TOTAL MEXICO
5,376,016
4,609,034
7,135,549
7,642,243
4,256,612
5,237,423
4,804,052
7,396,309
1,177,295
5,438,567
3,312,591
56,385,691
Steinhoff International Holdings NV
TOTAL NETHERLANDS
8,177,681
8,177,681
Engro Chemical Pakistan Ltd
Kohinoor Textile Mills Ltd
Maple Leaf Cement Factory Ltd
United Bank Ltd
TOTAL PAKISTAN
3,255,250
1,089,757
3,773,458
3,766,419
11,884,884
* Cia de Minas Buenaventura S.A. (ADR) (Series B)
Credicorp Ltd (NY)
TOTAL PERU
4,530,205
6,294,235
10,824,440
Century Pacific Food, Inc
Concepcion Industrial Corp
D&L Industries Inc
GT Capital Holdings, Inc
Integrated Micro-Electronics, Inc
Metro Pacific Investments Corp
4,434,732
1,749,295
2,259,477
5,424,279
1,358,046
4,955,303
90
SHARES
138,252
1,865,750
8,743,275
951,607
POLAND - 0.4%
2,198,047
RUSSIA - 4.4%
172,623
93,103
311,176
692,528
1,514,418
402,620
182,284
167,229
SINGAPORE - 0.2%
1,402,000
COMPANY
VALUE
Philippine Stock Exchange, Inc
Robinsons Retail Holdings, Inc
SM Prime Holdings
Universal Robina
TOTAL PHILIPPINES
$
* Globe Trade Centre S.A.
TOTAL POLAND
3,976,554
3,976,554
LUKOIL PJSC (ADR)
NovaTek OAO (GDR)
PhosAgro OAO (ADR)
Rosneft Oil Co (GDR)
Sberbank of Russian Federation (ADR)
TCS Group Holding plc (ADR)
* X 5 Retail Group NV (GDR)
* Yandex NV
TOTAL RUSSIA
7,430,088
9,358,468
4,294,229
3,367,357
13,195,451
2,414,664
3,976,406
3,620,508
47,657,171
Petra Foods Ltd
TOTAL SINGAPORE
2,582,934
2,582,934
SOUTH AFRICA - 3.5%
466,335
* AngloGold Ashanti Ltd
174,968
TOTAL SOUTH AFRICA
TAIWAN - 8.8%
7,235,000
1,593,000
720,000
423,000
2,620,700
1,902,636
97,000
8,006,000
516,700
THAILAND - 3.6%
25,677,000
23,494,630
3,514,800
1,033,800
5,697,831
1,774,900
604,500
827,575
3,414,061
5,426,213
4,051,384
33,900,365
10,183,377
27,456,552
37,639,929
Advanced Semiconductor Engineering, Inc
Basso Industry Corp
* Bizlink Holdings Inc
Eclat Textile Co Ltd
Hon Hai Precision Industry Co, Ltd
Hota Industrial Manufacturing Co Ltd
Largan Precision Co Ltd
Taiwan Semiconductor Manufacturing Co Ltd
* VHQ Media Holdings Ltd
TOTAL TAIWAN
8,540,847
4,977,207
4,433,298
4,741,474
7,232,097
8,667,341
10,428,283
43,245,911
2,223,866
94,490,324
Asia Aviation PCL (ADR)
Beauty Community PCL (ADR)
CP Seven Eleven PCL (ADR)
Kasikornbank PCL - (NVDR)
Minor International PCL (ADR)
PTT Exploration & Production PCL (ADR)
PTT PCL (ADR)
TOTAL THAILAND
4,933,632
6,620,613
5,232,108
5,877,229
6,674,942
4,254,613
5,781,250
39,374,387
91
COMPANY
SHARES
TURKEY - 0.5%
235,988
141,055
VALUE
Coca-Cola Icecek AS
Tupras Turkiye Petrol Rafine
TOTAL TURKEY
$
2,929,878
3,018,709
5,948,587
UNITED ARAB EMIRATES - 0.5%
357,550
NMC Health plc
TOTAL UNITED ARAB EMIRATES
5,228,854
5,228,854
UNITED KINGDOM - 0.4%
400,542
Anglo American plc
TOTAL UNITED KINGDOM
4,438,064
4,438,064
UNITED STATES - 0.4%
49,608
VIETNAM - 0.4%
688,490
Yum! Brands, Inc
TOTAL UNITED STATES
4,435,947
4,435,947
Mobile World Investment Corp
TOTAL VIETNAM
4,140,151
4,140,151
TOTAL COMMON STOCKS
(Cost $958,230,546)
1,079,252,833
PREFERRED STOCKS - 0.0%
PHILIPPINES - 0.0%
1,721,900
*,m Ayala Land, Inc (Preferred B)
TOTAL PHILIPPINES
3,655
3,655
TOTAL PREFERRED STOCKS
(Cost $4,057)
3,655
RIGHTS / WARRANTS - 0.0%
THAILAND - 0.0%
214,931
Minor International PCL
TOTAL THAILAND
41,344
41,344
TOTAL RIGHTS / WARRANTS
(Cost $0)
41,344
29,219,827
(Cost $29,219,827)
(Cost $987,988,430)
NET ASSETS - 100.0%
92
29,219,827
29,219,827
29,219,827
1,109,019,394
$
(29,979,282)
1,079,040,112
Abbreviation(s):
ADR
American Depositary Receipt
GDR
Global Depositary Receipt
NVDR
Non-Voting Depository Receipt
*
c
e
g
transactions exempt from registration to qualified institutional buyers. At 7/31/16, the aggregate value of these securities was $10,144,539 or 0.9%
of net assets.
m Indicates a security that has been deemed illiquid.
93
TIAA-CREF FUNDS
EMERGING MARKETS EQUITY FUND
SUMMARY OF MARKET VALUES BY SECTOR (unaudited)
July 31, 2016
SECTOR
FINANCIALS
INFORMATION TECHNOLOGY
CONSUMER DISCRETIONARY
CONSUMER STAPLES
ENERGY
MATERIALS
INDUSTRIALS
HEALTH CARE
UTILITIES
TELECOMMUNICATION SERVICES
SHORT - TERM INVESTMENTS
OTHER ASSETS & LIABILITIES, NET
$
NET ASSETS
$
94
VALUE
280,354,979
252,541,636
163,966,128
87,706,773
82,164,634
58,373,617
50,506,780
41,410,214
33,942,541
28,832,265
29,219,827
(29,979,282)
1,079,040,112
% OF
NET ASSETS
26.0%
23.4
15.2
8.1
7.6
5.4
4.7
3.8
3.2
2.7
2.7
(2.8)
100.0%
TIAA-CREF FUNDS - Enhanced International Equity Index Fund
TIAA-CREF FUNDS
ENHANCED INTERNATIONAL EQUITY INDEX FUND
July 31, 2016
SHARES
COMPANY
VALUE
AUSTRALIA - 7.6%
823,443
89,458
846,329
282,098
32,433
77,345
140,862
188,402
238,998
144,801
55,977
82,955
4,937
234,330
364,771
364,679
1,094,503
145,164
93,747
2,665,576
3,122,861
185,685
743,944
1,298,338
301,084
AUSTRIA - 0.0%
77,055
BELGIUM - 1.0%
46,367
19,548
39,972
65,499
DENMARK - 2.1%
130,342
72,085
173,732
Amcor Ltd
Aristocrat Leisure Ltd
Australia & New Zealand Banking Group Ltd
BHP Billiton Ltd
BHP Billiton plc
Brambles Ltd
Caltex Australia Ltd
Challenger Financial Services Group Ltd
Coca-Cola Amatil Ltd
Commonwealth Bank of Australia
Computershare Ltd
CSL Ltd
e Flight Centre Travel Group Ltd
Fortescue Metals Group Ltd
Harvey Norman Holdings Ltd
Lend Lease Corp Ltd
Macquarie Goodman Group
Oil Search Ltd
Origin Energy Ltd
Qantas Airways Ltd
Scentre Group
Seek Ltd
Tabcorp Holdings Ltd
Telstra Corp Ltd
Westpac Banking Corp
TOTAL AUSTRALIA
$
*,e,m Immoeast AG.
TOTAL AUSTRIA
9,410,437
1,085,745
16,651,064
4,181,307
408,932
791,217
3,562,266
1,362,315
1,671,915
8,523,943
377,955
7,438,960
120,990
799,213
1,341,934
3,722,104
6,277,403
795,472
395,302
6,399,875
12,586,596
2,362,733
2,768,128
5,694,640
7,124,350
105,854,796
0
0
Anheuser-Busch InBev NV
Colruyt S.A.
UCB S.A.
Umicore
TOTAL BELGIUM
5,990,252
1,090,422
3,127,567
3,789,748
13,997,989
Novo Nordisk AS
Pandora AS
Vestas Wind Systems AS
TOTAL DENMARK
7,412,065
9,389,150
12,145,746
28,946,961
95
SHARES
FINLAND - 1.3%
95,212
5,843
68,205
300,515
427,253
FRANCE - 10.0%
60,637
86,302
702,049
152,003
128,751
8,637
126,361
25,941
35,074
35,673
250,440
113,991
236,610
243,203
232,455
199,266
429,421
GERMANY - 9.1%
123,733
69,974
35,392
36,730
45,645
149,966
237,276
750,193
510,354
187,290
46,180
42,396
73,173
147,048
73,320
54,025
31,627
17,768
98,618
52,810
1,223
COMPANY
VALUE
Elisa Oyj (Series A)
Kone Oyj (Class B)
Neste Oil Oyj
Stora Enso Oyj (R Shares)
UPM-Kymmene Oyj
TOTAL FINLAND
$
3,454,341
296,059
2,588,345
2,730,023
8,811,020
17,879,788
Arkema
Atos Origin S.A.
AXA S.A.
BNP Paribas
Cap Gemini S.A.
Christian Dior S.A.
CNP Assurances
Eurazeo
Michelin (C.G.D.E.) (Class B)
Publicis Groupe S.A.
Sanofi-Aventis
SCOR SE
Societe Generale
Total S.A.
Valeo S.A.
Vinci S.A.
Vivendi Universal S.A.
TOTAL FRANCE
5,179,257
8,459,804
14,288,347
7,540,000
12,376,005
1,562,120
1,930,585
1,658,511
3,584,836
2,656,404
21,330,797
3,330,094
8,066,915
11,696,562
11,925,205
15,145,250
8,431,981
139,162,673
Allianz AG.
BASF SE
Bayer AG.
Bayerische Motoren Werke AG.
Continental AG.
g Covestro AG.
Daimler AG. (Registered)
Deutsche Telekom AG.
E.ON AG.
Evonik Industries AG.
Fresenius SE
Hannover Rueckversicherung AG.
HeidelbergCement AG.
Metro AG.
Osram Licht AG.
ProSiebenSat. Media AG.
SAP AG.
Schaeffler AG.
Siemens AG.
TUI AG. (DI)
Volkswagen AG.
TOTAL GERMANY
17,729,044
5,496,568
3,804,564
3,164,806
9,572,547
7,009,880
16,130,989
12,762,711
5,473,479
5,842,256
3,449,543
4,336,450
6,198,544
4,731,027
3,814,641
2,474,709
2,768,102
259,308
10,704,633
687,526
180,849
126,592,176
96
SHARES
HONG KONG - 3.3%
295,000
657,340
926,000
405,900
20,300
1,336,864
349,000
5,384,000
1,259,000
378,000
378,500
IRELAND - 0.5%
18,227
122,187
3,219
4,821
46,655
ISRAEL - 0.7%
67,951
245,914
584,030
14,041
25,187
100,236
ITALY - 2.2%
2,411,192
2,391,831
457,016
13,350
1,047,442
JAPAN - 23.3%
189,200
134,100
292,000
1,386,000
1,476,000
198,000
702,600
111,700
268,300
7,900
213,200
127,900
53,600
COMPANY
VALUE
AIA Group Ltd
CK Hutchison Holdings Ltd
CLP Holdings Ltd
Henderson Land Development Co Ltd
Sino Land Co
Sun Hung Kai Properties Ltd
g WH Group Ltd
Wharf Holdings Ltd
Wheelock & Co Ltd
Yue Yuen Industrial Holdings
TOTAL HONG KONG
$
1,837,611
7,704,635
9,650,672
2,422,900
283,388
2,391,991
5,007,609
4,251,766
8,700,934
2,026,987
1,538,032
45,816,525
Experian Group Ltd
Kerry Group plc (Class A)
Paddy Power plc
Ryanair Holdings plc (ADR)
TOTAL IRELAND
665,468
2,390,042
275,433
565,434
3,301,774
7,198,151
Bank Hapoalim Ltd
* Bank Leumi Le-Israel
Bezeq Israeli Telecommunication Corp Ltd
Mizrahi Tefahot Bank Ltd
Teva Pharmaceutical Industries Ltd
TOTAL ISRAEL
346,389
886,113
1,159,093
1,079,472
305,956
5,486,171
9,263,194
Banca Intesa S.p.A. RSP
Enel S.p.A.
ENI S.p.A.
Ferrari NV
g Poste Italiane S.p.A
TOTAL ITALY
5,036,753
11,008,564
7,010,635
604,359
7,298,395
30,958,706
Aeon Co Ltd
Alfresa Holdings Corp
All Nippon Airways Co Ltd
Aozora Bank Ltd
Asahi Glass Co Ltd
Asahi Kasei Corp
Astellas Pharma, Inc
Bridgestone Corp
Brother Industries Ltd
Central Japan Railway Co
Chubu Electric Power Co, Inc
* Concordia Financial Group Ltd
Daicel Chemical Industries Ltd
2,718,648
2,939,873
833,525
5,085,794
8,479,252
1,496,586
11,706,530
3,868,276
3,048,974
1,468,399
3,132,258
543,657
601,091
97
SHARES
8,900
250,200
236,000
166,200
60,400
32,200
976,700
323,700
230,100
371,100
438,500
632,000
154,500
642,000
191,000
11,300
307,500
240,000
29,300
964,200
27,800
73,100
7,100
44,000
86,000
516,000
451,000
1,090,500
160,600
237,000
446,800
548,000
124,500
34,700
114,000
798,000
258,300
1,339,900
225,200
374
87,500
70,700
91,400
205,500
220,300
183,700
2,400
292,800
233,500
16,900
149,000
67,000
466,000
COMPANY
VALUE
Daiichi Sankyo Co Ltd
Daiwa House Industry Co Ltd
Fuji Electric Holdings Co Ltd
Fuji Heavy Industries Ltd
Hankyu Hanshin Holdings, Inc
Hitachi Chemical Co Ltd
Itochu Corp
Japan Airlines Co Ltd
* Japan Post Bank Co Ltd
Japan Tobacco, Inc
JX Holdings, Inc
Kajima Corp
Kao Corp
Kawasaki Heavy Industries Ltd
KDDI Corp
Keyence Corp
Kuraray Co Ltd
Kyushu Financial Group, Inc
M3, Inc
Matsushita Electric Industrial Co Ltd
Mazda Motor Corp
Mediceo Paltac Holdings Co Ltd
MEIJI Holdings Co Ltd
Minebea Co Ltd
Mitsubishi Electric Corp
Mitsubishi Gas Chemical Co, Inc
Mitsubishi Materials Corp
Mitsubishi Motors Corp
Mitsubishi UFJ Financial Group, Inc
Mitsui Chemicals, Inc
Mitsui Sumitomo Insurance Group Holdings, Inc
Mitsui Trust Holdings, Inc
Mixi Inc
Murata Manufacturing Co Ltd
NEC Corp
Nippon Electric Glass Co Ltd
Nippon Telegraph & Telephone Corp
Nissan Motor Co Ltd
Nomura Real Estate Holdings, Inc
Nomura Real Estate Master Fund, Inc
* Nomura Research Institute Ltd
NSK Ltd
NTT DoCoMo, Inc
Obayashi Corp
Osaka Securities Exchange Co Ltd
Otsuka Holdings KK
Pola Orbis Holdings, Inc
SBI Holdings, Inc
e Sekisui House Ltd
Shoei Co Ltd
Sony Corp
Sumitomo Chemical Co Ltd
Sumitomo Heavy Industries Ltd
$
98
212,233
7,015,820
1,041,617
6,349,633
2,247,080
671,648
11,073,679
9,979,278
2,807,769
14,472,796
1,661,420
4,671,631
8,320,318
1,888,685
5,861,237
7,970,719
3,878,202
1,325,943
937,571
9,272,405
406,575
1,196,218
740,219
348,935
1,002,627
2,939,771
1,185,201
5,083,381
811,917
1,002,467
12,873,081
1,821,122
4,459,972
4,236,927
311,319
3,622,664
12,274,352
12,981,582
3,883,833
619,801
3,086,180
594,692
2,482,820
2,247,501
3,104,725
8,733,086
236,252
3,170,788
3,890,408
175,300
4,891,206
296,540
2,210,910
SHARES
3,900
52,200
7,900
1,029,000
223,300
45,000
1,064,000
340,100
316,500
75,700
45,000
51,400
314,200
3,900
116,500
JORDAN - 0.1%
35,803
LUXEMBOURG - 0.2%
36,392
4,098
NETHERLANDS - 4.2%
238,101
11,825
788,631
717,315
33,021
472,659
443,988
216,022
NEW ZEALAND - 0.1%
48,401
23,011
490,173
NORWAY - 0.9%
390,053
9,437
359,837
SINGAPORE - 1.3%
639,400
1,047,100
COMPANY
VALUE
Sundrug Co Ltd
Suzuken Co Ltd
Suzuki Motor Corp
Taisei Corp
Taiyo Nippon Sanso Corp
Tanabe Seiyaku Co Ltd
Teijin Ltd
Tohoku Electric Power Co, Inc
Tokio Marine Holdings, Inc
Tokyo Electron Ltd
TonenGeneral Sekiyu KK
Toyota Industries Corp
Toyota Motor Corp
Tsuruha Holdings, Inc
West Japan Railway Co
TOTAL JAPAN
$
338,312
1,664,869
241,932
9,254,060
2,149,354
840,028
4,001,841
4,369,309
12,250,837
6,503,719
406,539
2,307,110
17,606,132
443,481
7,206,352
324,088,794
TOTAL JORDAN
1,246,684
1,246,684
Millicom International Cellular S.A.
RTL Group
TOTAL LUXEMBOURG
1,943,109
349,380
2,292,489
g ABN AMRO Group NV (ADR)
* Altice NV (Class B)
ING Groep NV
Koninklijke Ahold Delhaize NV
Royal Dutch Shell plc (A Shares)
Royal Dutch Shell plc (B Shares)
Royal KPN NV
TOTAL NETHERLANDS
4,427,800
174,973
8,816,898
17,125,311
2,776,736
12,204,151
11,809,511
710,517
58,045,897
Fletcher Building Ltd
Ryman Healthcare Ltd
Telecom Corp of New Zealand Ltd
TOTAL NEW ZEALAND
338,803
158,560
1,398,582
1,895,945
PAN Fish ASA
Schibsted ASA (B Shares)
Telenor ASA
TOTAL NORWAY
6,652,391
278,413
6,024,229
12,955,033
CapitaLand Ltd
DBS Group Holdings Ltd
1,518,150
12,105,360
99
COMPANY
SHARES
48,300
104,200
1,226,400
Jardine Cycle & Carriage Ltd
StarHub Ltd
Wilmar International Ltd
TOTAL SINGAPORE
SOUTH AFRICA - 0.5%
370,403
243,911
SPAIN - 2.7%
672,248
146,301
81,038
991,977
29,192
20,361
916,231
12,609
SWEDEN - 2.5%
1,174,739
90,744
307,990
224,796
129,552
29,694
175,800
76,948
VALUE
$
Investec plc
Mondi plc
TOTAL SOUTH AFRICA
1,419,042
305,188
2,845,336
18,193,076
2,204,733
4,936,076
7,140,809
Abertis Infraestructuras S.A. (Continuous)
ACS Actividades Construccion y Servicios S.A.
g Aena S.A.
CaixaBank S.A.
Enagas
*,m Iberdrola S.A.
Iberdrola S.A.
TOTAL SPAIN
10,575,303
4,195,243
11,689,045
2,490,838
889,973
139,897
6,295,359
436,066
36,711,724
Ericsson (LM) (B Shares)
e ICA Gruppen AB
Investor AB (B Shares)
* Lundin Petroleum AB
Nordea Bank AB
Skanska AB (B Shares)
Swedish Match AB
TeliaSonera AB
TOTAL SWEDEN
8,760,478
3,036,136
10,607,757
3,726,580
1,154,265
631,248
6,413,151
351,126
34,680,741
ABB Ltd
Actelion Ltd
Lonza Group AG.
Nestle S.A.
Novartis AG.
Roche Holding AG.
Swiss Life Holding
Swiss Re Ltd
Wolseley plc
TOTAL SWITZERLAND
15,171,286
2,169,332
2,426,884
35,606,909
21,333,639
29,370,620
1,130,055
13,313,577
180,099
120,702,401
SWITZERLAND - 8.7%
714,209
12,247
12,887
444,350
257,208
115,058
4,954
158,823
3,230
594,698
1,096,566
165,012
e
1,687,697
148,178
116,022
92,489
3i Group plc
Anglo American plc (London)
AstraZeneca plc (ADR)
Aviva plc
BAE Systems plc
Barratt Developments plc
Berkeley Group Holdings plc
4,857,393
12,009,760
5,633,510
8,690,857
1,046,222
671,825
3,280,656
100
SHARES
343,155
374,920
1,724,206
23,639
79,336
36,055
80,474
1,033,699
406,989
95,262
1,016,651
1,206,198
297,960
86,075
168,252
875,358
2,668,834
290,711
730,728
76,077
41,526
686,037
597,356
395,366
17,464
717,610
83,364
102,748
97,503
189,923
216,804
COMPANY
VALUE
e BP plc (ADR)
British American Tobacco plc
BT Group plc
* Coca-Cola European Partners plc
Compass Group plc
Croda International plc
Diageo plc
Direct Line Insurance Group plc
easyJet plc
e Fiat DaimlerChrysler Automobiles NV
GlaxoSmithKline plc
HSBC Holdings plc
Imperial Tobacco Group plc
International Consolidated Airlines Group S.A.
Legal & General Group plc
National Grid plc
Old Mutual plc
Persimmon plc
Prudential plc
Reckitt Benckiser Group plc
Rio Tinto plc
Royal Mail plc
Sage Group plc
Segro plc
Shire Ltd
Sky plc
Smiths Group plc
Unilever NV
Unilever plc
e Vodafone Group plc (ADR)
WPP plc
$
35,000
iShares MSCI EAFE Index Fund
18,772
*,e Mobileye NV
23,419
* Qiagen NV
1,642
*,e Taro Pharmaceutical Industries Ltd
TOTAL UNITED STATES
11,804,532
23,929,196
9,420,085
891,827
1,507,210
1,585,482
2,306,116
4,783,010
5,598,100
614,544
22,704,886
7,906,257
15,701,584
464,196
457,707
12,551,604
7,426,752
6,490,867
12,881,609
7,376,431
1,347,610
4,626,051
5,632,709
2,316,596
1,128,217
8,739,330
1,393,456
4,759,734
4,561,487
5,868,621
4,864,545
237,830,574
2,030,700
899,367
614,769
229,814
3,774,650
TOTAL COMMON STOCKS
(Cost $1,313,660,619)
1,385,229,776
RATE
ISSUER
PRINCIPAL
$
9,500,000
0.150%
101
MATURITY
DATE
08/01/08
9,500,000
9,500,000
COMPANY
SHARES
VALUE
28,244,224
(Cost $37,744,224)
(Cost $1,351,404,843)
NET ASSETS - 100.0%
$
28,244,224
28,244,224
37,744,224
1,422,974,000
$
(33,737,681)
1,389,236,319
Abbreviation(s):
*
c
e
g
2.5% of net assets.
102
TIAA-CREF FUNDS
ENHANCED INTERNATIONAL EQUITY INDEX FUND
July 31, 2016
SECTOR
FINANCIALS
INDUSTRIALS
CONSUMER STAPLES
HEALTH CARE
MATERIALS
ENERGY
UTILITIES
$
NET ASSETS
$
103
VALUE
316,000,060
185,840,545
176,486,450
174,053,931
167,296,990
98,297,617
76,371,102
69,710,651
67,661,315
53,511,115
37,744,224
(33,737,681)
1,389,236,319
% OF
NET ASSETS
22.7%
13.4
12.7
12.5
12.0
7.1
5.5
5.0
4.9
3.9
2.7
(2.4)
100.0%
TIAA-CREF FUNDS - Global Natural Resources Fund
TIAA-CREF FUNDS
GLOBAL NATURAL RESOURCES FUND
July 31, 2016
SHARES
COMPANY
VALUE
AUSTRALIA - 7.9%
387,490
170,000
2,179,608
1,236,380
190,000
3,204,998
BRAZIL - 1.7%
1,231,000
CANADA - 13.3%
361,000
104,233
223,170
51,660
219,791
336,772
83,200
181,793
116,148
178,500
27,500
1,060,100
67,700
CHILE - 1.6%
200,880
FAROE ISLANDS - 1.0%
81,637
FINLAND - 1.8%
266,939
GERMANY - 0.5%
70,000
BHP Billiton plc
BlueScope Steel Ltd
Northern Star Resources Ltd
Oil Search Ltd
* South32 Ltd
TOTAL AUSTRALIA
$
TOTAL BRAZIL
4,885,678
1,096,719
7,433,836
5,053,305
1,041,165
4,519,315
24,030,018
5,318,995
5,318,995
* Advantage Oil & Gas Ltd
Agnico-Eagle Mines Ltd
Barrick Gold Corp (Canada)
Canadian Natural Resources Ltd (Canada)
Cenovus Energy, Inc (Toronto)
First Quantum Minerals Ltd
e Peyto Exploration & Development Corp
* Seven Generations Energy Ltd
Silver Wheaton Corp
Teck Cominco Ltd
TransCanada Corp
* Turquoise Hill Resources Ltd
West Fraser Timber Co Ltd
TOTAL CANADA
2,283,813
6,065,656
4,873,111
1,564,460
3,146,244
2,912,079
2,364,125
3,815,056
3,242,519
2,845,008
1,275,112
3,775,487
2,326,061
40,488,731
Sociedad Quimica y Minera de Chile S.A. (ADR)
TOTAL CHILE
4,977,806
4,977,806
Bakkafrost P
TOTAL FAROE ISLANDS
3,180,622
3,180,622
UPM-Kymmene Oyj
TOTAL FINLAND
5,504,947
5,504,947
ThyssenKrupp AG.
TOTAL GERMANY
1,605,277
1,605,277
104
SHARES
HONG KONG - 0.4%
1,330,000
INDIA - 0.6%
205,700
INDONESIA - 0.7%
2,770,000
ITALY - 0.8%
156,712
JAPAN - 0.8%
65,909
JERSEY, C.I. - 0.7%
19,064
LUXEMBOURG - 1.5%
721,600
MEXICO - 0.6%
68,800
NETHERLANDS - 1.4%
160,830
NORWAY - 2.9%
360,806
131,247
PORTUGAL - 1.7%
375,481
RUSSIA - 1.7%
28,320
139,300
19,356
COMPANY
VALUE
Nine Dragons Paper Holdings Ltd
TOTAL HONG KONG
$
1,060,319
1,060,319
United Phosphorus Ltd
TOTAL INDIA
1,925,110
1,925,110
PT Tambang Batubara Bukit Asam Tbk
TOTAL INDONESIA
2,093,519
2,093,519
ENI S.p.A.
TOTAL ITALY
2,403,966
2,403,966
Maruichi Steel Tube Ltd
TOTAL JAPAN
2,434,978
2,434,978
Randgold Resources Ltd
TOTAL JERSEY, C.I.
2,243,414
2,243,414
* ArcelorMittal
TOTAL LUXEMBOURG
4,674,437
4,674,437
Fresnillo plc
TOTAL MEXICO
1,760,584
1,760,584
TOTAL NETHERLANDS
4,152,663
4,152,663
* Det Norske Oljeselskap ASA
Salmar ASA
TOTAL NORWAY
4,611,300
4,092,924
8,704,224
Galp Energia SGPS S.A.
TOTAL PORTUGAL
5,143,335
5,143,335
LUKOIL PJSC (ADR)
MMC Norilsk Nickel PJSC (ADR)
NovaTek OAO (GDR)
TOTAL RUSSIA
1,218,957
2,039,344
1,945,614
5,203,915
105
COMPANY
SHARES
SOUTH AFRICA - 3.8%
53,000
185,013
217,458
280,000
VALUE
* Anglo American Platinum Ltd
Mondi plc
* Sappi Ltd
TOTAL SOUTH AFRICA
SWEDEN - 1.8%
74,000
196,197
SWITZERLAND - 6.2%
2,113,797
34,417
THAILAND - 1.1%
340,800
TURKEY - 0.5%
925,000
677,753
94,059
34,710
218,046
410,394
*
82,276
28,986
44,364
*
104,045
*,e
34,400
33,494
48,928
122,312
90,377
61,000
*
28,400
201,502
98,216
*
5,029
218,245
37,899
199,023
*
9,669
$
Billerud AB
Boliden AB
TOTAL SWEDEN
1,685,089
4,040,137
4,400,741
1,424,483
11,550,450
1,286,241
4,318,315
5,604,556
Glencore Xstrata plc
Syngenta AG.
TOTAL SWITZERLAND
5,217,102
13,535,697
18,752,799
PTT PCL (Foreign)
TOTAL THAILAND
3,260,765
3,260,765
Eregli Demir ve Celik Fabrikalari TAS
TOTAL TURKEY
1,407,897
1,407,897
Rio Tinto plc
7,422,856
3,052,422
10,475,278
Apache Corp
Callon Petroleum Co
Cimarex Energy Co
Energen Corp
EOG Resources, Inc
EQT Corp
Exxon Mobil Corp
FMC Corp
Ingredion, Inc
Monsanto Co
NewMarket Corp
Newmont Mining Corp
Parsley Energy, Inc
1,822,275
9,829,514
4,674,388
2,030,572
3,478,900
5,510,009
4,583,182
1,629,872
2,736,460
3,564,894
10,879,652
4,296,523
1,774,490
3,784,016
21,514,368
4,252,753
2,152,110
9,602,780
2,832,192
5,674,146
1,571,889
106
SHARES
173,219
15,957
33,751
399,915
COMPANY
VALUE
* RSP Permian, Inc
e Texas Pacific Land Trust
Toro Co
* WPX Energy, Inc
TOTAL UNITED STATES
$
TOTAL COMMON STOCKS
(Cost $254,809,101)
6,227,223
2,553,120
3,103,404
3,995,151
124,073,883
302,032,488
4,680,957
(Cost $4,680,957)
(Cost $259,490,058)
NET ASSETS - 100.0%
4,680,957
4,680,957
4,680,957
306,713,445
$
Abbreviation(s):
GDR Global Depositary Receipt
107
(1,927,184)
304,786,261
TIAA-CREF FUNDS
GLOBAL NATURAL RESOURCES FUND
July 31, 2016
SECTOR
MATERIALS
ENERGY
CONSUMER STAPLES
INDUSTRIALS
FINANCIALS
$
NET ASSETS
$
108
VALUE
164,642,323
110,846,565
20,887,076
3,103,404
2,553,120
4,680,957
(1,927,184)
304,786,261
% OF
NET ASSETS
54.0%
36.4
6.9
1.0
0.8
1.5
(0.6)
100.0%
TIAA-CREF FUNDS - International Equity Fund
TIAA-CREF FUNDS
INTERNATIONAL EQUITY FUND
July 31, 2016
SHARES
COMPANY
VALUE
AUSTRALIA - 1.2%
3,577,266
DENMARK - 1.4%
473,490
831,784
119,774
FRANCE - 27.0%
5,236,524
223,985
2,892,743
1,291,243
1,600,793
546,567
4,265,671
2,146,205
1,882,644
GERMANY - 12.8%
1,777,731
179,727
547,817
553,404
1,247,470
4,068,185
HONG KONG - 0.5%
1,485,671
INDIA - 11.2%
6,861,998
259,335
590,290
6,525,920
6,147,362
3,594,486
BHP Billiton Ltd
TOTAL AUSTRALIA
$
DSV AS
* H Lundbeck AS
Novo Nordisk AS
TOTAL DENMARK
53,022,875
53,022,875
21,083,797
33,811,672
6,811,102
61,706,571
Accor S.A.
BNP Paribas
Compagnie de Saint-Gobain
Essilor International S.A.
Groupe Danone
Renault S.A.
Schneider Electric S.A.
Societe Generale
Vinci S.A.
TOTAL FRANCE
219,222,782
11,110,616
122,803,353
165,392,017
122,770,706
47,788,598
278,305,930
73,172,112
143,090,712
1,183,656,826
Adidas-Salomon AG.
Continental AG.
* Deutsche Boerse AG.
Henkel KGaA (Preference)
Lanxess AG.
Schaeffler AG.
TOTAL GERMANY
292,031,102
37,691,866
45,811,983
68,957,338
58,942,336
59,371,471
562,806,096
TOTAL HONG KONG
20,739,967
20,739,967
Asian Paints Ltd
Eicher Motors Ltd
Emami Ltd
HDFC Bank Ltd
IndusInd Bank Ltd
* SKS Microfinance Pvt Ltd
TOTAL INDIA
114,320,245
87,159,873
10,067,002
121,465,870
108,220,431
48,812,922
490,046,343
109
COMPANY
SHARES
ITALY - 4.9%
29,573,643
8,548,863
3,944,546
49,069,898
Banca Intesa S.p.A.
Mediobanca S.p.A.
Moncler S.p.A
* Saipem S.p.A.
TOTAL ITALY
JAPAN - 16.2%
3,184,215
29,872,758
2,006,500
993,200
724,190
818,876
4,000
3,047,074
1,089,224
5,069,252
NETHERLANDS - 3.6%
50,606
1,620,215
2,292
VALUE
$
Ajinomoto Co, Inc
Ishikawajima-Harima Heavy Industries Co Ltd
J Front Retailing Co Ltd
Kao Corp
Konami Corp
Nintendo Co Ltd
Olympus Corp
Oriental Land Co Ltd
Sony Corp
TOTAL JAPAN
81,283,228
83,120,613
23,153,555
53,486,987
28,078,040
99,986,104
830,270
105,147,874
68,887,450
166,407,744
710,381,865
ASML Holding NV
e Heineken NV
TOTAL NETHERLANDS
NORWAY - 1.6%
4,479,565
SWEDEN - 2.5%
4,014,613
SWITZERLAND - 3.6%
105,768
90,421
459,948
291,868
TAIWAN - 1.1%
40,278,137
4,161,782
102,565
13,358,789
70,867,946
*
5,807,715
65,258,913
59,935,027
69,225,761
21,499,920
215,919,621
5,556,570
152,908,520
59,180
158,524,270
Statoil ASA
TOTAL NORWAY
71,213,674
71,213,674
Electrolux AB (Series B)
TOTAL SWEDEN
108,764,850
108,764,850
Burckhardt Compression Holding AG.
Geberit AG.
Swatch Group AG. (Registered)
Zurich Financial Services AG.
TOTAL SWITZERLAND
31,679,717
34,871,580
23,479,812
70,075,446
160,106,555
TOTAL TAIWAN
47,547,948
47,547,948
BAE Systems plc
Rio Tinto plc
Sky plc
Tesco plc
Weir Group plc
29,384,588
3,328,461
162,688,460
146,117,018
112,528,564
110
SHARES
2,396,928
COMPANY
VALUE
$
WPP plc
TOTAL COMMON STOCKS
(Cost $4,195,792,569)
53,781,131
507,828,222
4,352,265,683
ISSUER
PRINCIPAL
$
10,500,000
RATE
0.090%
MATURITY
DATE
08/01/16
10,500,000
10,500,000
COMPANY
SHARES
104,211,217
(Cost $114,711,217)
(Cost $4,310,503,786)
NET ASSETS - 100.0%
104,211,217
104,211,217
114,711,217
4,466,976,900
$
Abbreviation(s):
111
(79,233,017)
4,387,743,883
TIAA-CREF FUNDS
INTERNATIONAL EQUITY FUND
July 31, 2016
SECTOR
INDUSTRIALS
CONSUMER STAPLES
FINANCIALS
HEALTH CARE
MATERIALS
ENERGY
$
NET ASSETS
$
112
VALUE
1,353,234,549
944,028,727
635,590,799
603,863,320
311,162,665
229,613,917
181,998,932
92,772,774
114,711,217
(79,233,017)
4,387,743,883
% OF
NET ASSETS
30.8%
21.5
14.5
13.8
7.1
5.2
4.2
2.1
2.6
(1.8)
100.0%
TIAA-CREF FUNDS - International Opportunities Fund
TIAA-CREF FUNDS
INTERNATIONAL OPPORTUNITIES FUND
July 31, 2016
SHARES
COMPANY
VALUE
AUSTRALIA - 2.2%
712,597
1,023,504
BRAZIL - 1.9%
1,463,398
605,900
CANADA - 8.1%
376,859
954,800
314,615
399,003
418,483
551,044
405,653
CHINA - 1.1%
14,247,400
8,024,600
3,585,200
DENMARK - 2.1%
494,822
FINLAND - 3.2%
353,413
2,647,800
265,368
FRANCE - 5.0%
79,519
186,395
407,842
266,348
BHP Billiton Ltd
TOTAL AUSTRALIA
$
Cia Brasileira de Distribuicao Grupo Pao de Acucar
TOTAL BRAZIL
14,019,960
15,170,559
29,190,519
15,250,499
9,169,601
24,420,100
Alimentation Couche Tard, Inc
Cenovus Energy, Inc (Toronto)
Dollarama, Inc
Gildan Activewear, Inc
*,g Spin Master Corp
Suncor Energy, Inc
Toronto-Dominion Bank
TOTAL CANADA
17,038,247
13,667,684
23,262,691
11,707,429
8,589,855
14,830,687
17,675,180
106,771,773
*,e,m China Animal Healthcare Ltd
China Everbright International Ltd
Haitong Securities Co Ltd
TOTAL CHINA
18,364
8,690,505
5,852,935
14,561,804
Novo Nordisk AS
TOTAL DENMARK
28,138,687
28,138,687
Huhtamaki Oyj
* Outokumpu Oyj
Sampo Oyj (A Shares)
TOTAL FINLAND
15,528,714
15,242,489
10,992,508
41,763,711
L’Oreal S.A.
Teleperformance
Total S.A.
Valeo S.A.
TOTAL FRANCE
15,108,959
17,342,821
19,614,682
13,663,955
65,730,417
113
SHARES
GERMANY - 2.0%
133,631
156,883
HONG KONG - 1.3%
2,826,400
INDIA - 1.0%
594,984
INDONESIA - 1.7%
11,946,800
132,785,100
IRELAND - 2.1%
583,368
433,372
ISLE OF MAN - 0.7%
1,768,500
ITALY - 3.4%
1,710,401
680,786
1,319,730
464,339
JAPAN - 15.7%
435,200
1,037,100
897,800
689,300
1,097,500
519,400
183,400
2,551,200
852,900
190,300
372,900
174,400
1,514,700
579,400
343,700
254,300
1,170,000
465,600
COMPANY
VALUE
Beiersdorf AG.
Fresenius Medical Care AG.
TOTAL GERMANY
$
12,554,616
14,329,289
26,883,905
AIA Group Ltd
TOTAL HONG KONG
17,606,182
17,606,182
Container Corp Of India Ltd
TOTAL INDIA
13,331,092
13,331,092
PT Lippo Karawaci Tbk
TOTAL INDONESIA
10,552,363
11,518,223
22,070,586
CRH plc
Smurfit Kappa Group plc
TOTAL IRELAND
17,801,585
10,176,910
27,978,495
* Optimal Payments plc
TOTAL ISLE OF MAN
9,024,490
9,024,490
Mediobanca S.p.A.
Moncler S.p.A
g OVS S.p.A
* Yoox S.p.A
TOTAL ITALY
11,991,411
11,947,618
7,762,938
13,015,125
44,717,092
e COOKPAD, Inc
e Infomart Corp
e Istyle, Inc
Kubota Corp
Matsui Securities Co Ltd
e MonotaRO Co Ltd
Nitto Denko Corp
Nomura Holdings, Inc
ORIX Corp
Outsourcing, Inc
Park24 Co Ltd
e Seria Co Ltd
Shimizu Corp
SMS Co Ltd
Sumitomo Mitsui Financial Group, Inc
Sysmex Corp
Takara Leben Co Ltd
e W-Scope Corp
TOTAL JAPAN
6,100,008
11,203,875
8,031,937
9,985,985
9,615,135
15,100,061
12,291,618
11,483,350
11,969,229
7,140,330
12,629,466
14,212,009
15,438,575
13,682,862
10,895,056
17,615,805
9,146,050
10,562,230
207,103,581
114
COMPANY
SHARES
VALUE
82,123
Cosmax, Inc
82,122
Hanssem Co Ltd
511,900
124,101
* Loen Entertainment, Inc
MALAYSIA - 1.9%
8,560,900
18,138,000
$
IHH Healthcare BHD
Karex BHD
TOTAL MALAYSIA
13,754,646
10,654,650
24,409,296
NETHERLANDS - 3.0%
146,473
ASML Holding NV
1,267,835
ING Groep NV
1,071,586
*,e TomTom NV
TOTAL NETHERLANDS
NORWAY - 3.2%
1,188,895
1,015,441
980,000
PORTUGAL - 1.0%
772,464
SPAIN - 1.5%
288,698
142,139
202,481
16,082,826
14,174,401
9,151,111
39,408,338
* Det Norske Oljeselskap ASA
DNB NOR Holding ASA
Statoil ASA
TOTAL NORWAY
PHILIPPINES - 3.1%
5,221,380
121,249,800
8,299,480
15,194,735
11,213,694
15,579,504
41,987,933
Banco de Oro Universal Bank
Megaworld Corp
Robinsons Retail Holdings, Inc
TOTAL PHILIPPINES
12,556,096
12,960,922
15,186,885
40,703,903
Jeronimo Martins SGPS S.A.
TOTAL PORTUGAL
12,937,938
12,937,938
e Amadeus IT Holding S.A.
*,e,m Let’s GOWEX S.A.
e Tecnicas Reunidas S.A.
TOTAL SPAIN
SWEDEN - 3.6%
608,212
368,686
378,184
303,771
SWITZERLAND - 4.5%
81,224
244,167
10,639,672
12,621,253
15,763,486
8,984,284
48,008,695
13,554,576
1,589
6,279,232
19,835,397
Boliden AB
Hexagon AB (B Shares)
Intrum Justitia AB
Investment AB Kinnevik (B Shares)
TOTAL SWEDEN
13,386,805
14,543,103
12,141,682
7,747,206
47,818,796
Lonza Group AG.
Novartis AG.
15,296,129
20,251,977
115
COMPANY
SHARES
876,082
568,343
VALUE
UBS AG.
*,g Wizz Air Holdings plc
TOTAL SWITZERLAND
TAIWAN - 5.0%
626,861
1,596,000
3,728,607
2,952,000
2,558,200
3,529,000
1,113,700
$
* Global PMX Co Ltd
Hota Industrial Manufacturing Co Ltd
Hu Lane Associate, Inc
Powertech Technology, Inc
Taiwan Paiho Ltd
* VHQ Media Holdings Ltd
TOTAL TAIWAN
1,728,584
270,047
*
243,254
2,156,605
g
2,293,970
12,442,613
*
1,253,074
244,128
1,190,397
1,894,966
*
3,246,029
*,e
228,603
4,793,634
393,665
1,759,451
421,842
7,026,584
5,852,492
16,985,439
13,220,831
6,510,806
10,849,437
4,793,342
65,238,931
Ashtead Group plc
ASOS plc
Associated British Foods plc
Auto Trader Group plc
Beazley plc
boohoo.com plc
Cineworld Group plc
Consort Medical plc
Fevertree Drinks plc
Just Eat plc
Purplebricks Group plc
Rightmove plc
Taylor Wimpey plc
Travis Perkins plc
Vesuvius plc
WPP plc
27,358,823
16,122,448
8,659,132
10,584,056
12,016,182
10,991,838
9,735,931
3,340,659
14,302,856
13,451,502
5,928,420
12,255,555
9,809,173
8,122,911
8,554,777
9,465,090
180,699,353
344,910
* Imax Corp
271,165
*,e Lululemon Athletica, Inc
TOTAL UNITED STATES
10,895,707
21,055,962
31,951,669
TOTAL COMMON STOCKS
(Cost $1,219,131,849)
1,291,535,750
ISSUER
PRINCIPAL
$
6,500,000
11,750,000
Federal Home Loan Mortgage Corp (FHLMC)
12,375,000
12,043,597
11,651,364
59,243,067
RATE
TOTAL TREASURY DEBT
116
MATURITY
DATE
0.150%
0.148
08/01/16
08/02/16
6,500,000
11,749,917
18,249,917
0.265
08/04/16
12,374,864
12,374,864
COMPANY
SHARES
VALUE
72,918,041
(Cost $103,542,719)
(Cost $1,322,674,568)
NET ASSETS - 100.0%
$
72,918,041
72,918,041
103,542,822
1,395,078,572
$
*
c
e
g
(77,256,367)
1,317,822,205
2.9% of net assets.
117
TIAA-CREF FUNDS
INTERNATIONAL OPPORTUNITIES FUND
July 31, 2016
SECTOR
FINANCIALS
INDUSTRIALS
CONSUMER STAPLES
HEALTH CARE
MATERIALS
ENERGY
$
NET ASSETS
$
118
VALUE
281,722,542
257,208,599
167,488,392
150,789,082
126,252,556
112,745,556
110,160,910
85,166,524
1,589
103,542,822
(77,256,367)
1,317,822,205
% OF
NET ASSETS
21.4%
19.5
12.7
11.4
9.6
8.5
8.4
6.5
0.0
7.9
(5.9)
100.0%
TIAA-CREF FUNDS - Social Choice International Equity Fund
TIAA-CREF FUNDS
SOCIAL CHOICE INTERNATIONAL EQUITY FUND
July 31, 2016
SHARES
COMPANY
VALUE
AUSTRALIA - 7.6%
314
1,228
5,913
3,469
691
8,624
8,897
2,337
4,830
4,189
1,343
10,833
1,935
1,393
1,408
625
22,620
7,832
4,635
1,248
58,501
16,646
980
3,298
3,456
8,538
3,934
AUSTRIA - 0.2%
1,545
BELGIUM - 0.5%
1,658
437
DENMARK - 2.0%
972
162
4,657
460
AGL Energy Ltd
Amcor Ltd
AMP Ltd
APA Group
m Asciano Group
Brambles Ltd
GPT Group (ASE)
Healthscope Ltd
Insurance Australia Group Ltd
Lend Lease Corp Ltd
Macquarie Group Ltd
Mirvac Group
National Australia Bank Ltd
* Newcrest Mining Ltd
Ramsay Health Care Ltd
* South32 Ltd
Stockland Trust Group
Sydney Airport
Transurban Group (ASE)
Wesfarmers Ltd
Woodside Petroleum Ltd
TOTAL AUSTRALIA
$
4,916
14,034
26,161
25,654
4,805
169,672
91,014
59,100
33,788
246,592
5,728
24,398
8,900
14,218
8,075
35,386
37,841
158,333
90,274
74,762
82,491
63,882
5,644
31,511
113,033
202,029
80,361
1,712,602
OMV AG.
TOTAL AUSTRIA
41,268
41,268
* KBC Groep NV
Umicore
TOTAL BELGIUM
86,185
25,285
111,470
Coloplast AS
* Genmab AS
Novo Nordisk AS
Novozymes AS
76,171
29,372
264,826
22,576
119
COMPANY
SHARES
166
499
FINLAND - 0.7%
676
1,409
710
1,487
FRANCE - 9.4%
1,833
1,364
532
6,395
1,841
1,171
550
2,649
573
522
1,801
2,422
503
948
295
70
2,128
234
154
530
241
1,080
790
9,846
342
2,585
2,131
3,578
904
470
2,852
302
GERMANY - 8.7%
809
1,394
58
2,660
1,555
572
VALUE
Pandora AS
TOTAL DENMARK
$
Metso Oyj
Neste Oil Oyj
Orion Oyj (Class B)
Wartsila Oyj (B Shares)
TOTAL FINLAND
21,622
34,886
449,453
18,758
53,471
29,087
64,552
165,868
Accor S.A.
Air Liquide
Atos Origin S.A.
AXA S.A.
Bouygues S.A.
Bureau Veritas S.A.
Cap Gemini S.A.
Carrefour S.A.
Casino Guichard Perrachon S.A.
Christian Dior S.A.
CNP Assurances
Eiffage S.A.
Eurazeo
Gecina S.A.
Groupe Danone
Icade
JC Decaux S.A.
Kering
Lagardere S.C.A.
Legrand S.A.
L’Oreal S.A.
Natixis
Renault S.A.
Rexel S.A.
Suez Environnement S.A.
Technip S.A.
Unibail-Rodamco
Wendel
TOTAL FRANCE
76,737
145,418
52,150
130,153
54,536
25,449
52,868
66,365
31,056
94,411
27,516
102,819
38,673
121,427
18,861
10,609
163,204
18,053
5,264
100,726
6,157
59,592
150,104
40,600
29,902
38,444
139,033
58,069
50,685
129,496
56,001
32,256
2,126,634
Adidas-Salomon AG.
Allianz AG.
Axel Springer AG.
BASF SE
Bayerische Motoren Werke AG. (Preference)
132,896
199,739
3,179
208,947
133,985
41,458
120
SHARES
78
1,109
1,086
4,466
370
661
1,029
550
570
958
1,508
781
152
1,115
2,733
6,715
4,719
HONG KONG - 3.2%
16,000
10,000
5,200
54,900
4,961
6,000
50,000
12,857
5,500
9,800
6,500
IRELAND - 0.5%
1,064
961
ISRAEL - 0.3%
11,698
ITALY - 1.5%
6,787
51,282
9,784
1,163
9,488
3,357
COMPANY
VALUE
Beiersdorf AG.
Brenntag AG.
Deutsche Post AG.
Fraport AG. Frankfurt Airport Services Worldwide
GEA Group AG.
Henkel KGaA
Merck KGaA
Metro AG.
Muenchener Rueckver AG.
Osram Licht AG.
SAP AG.
Telefonica Deutschland Holding AG.
TUI AG. (DI)
TOTAL GERMANY
$
7,328
55,091
90,818
133,284
20,236
35,293
87,167
59,704
71,025
105,798
48,517
130,248
7,908
51,075
239,201
27,418
61,436
1,951,751
BOC Hong Kong Holdings Ltd
CLP Holdings Ltd
Hang Seng Bank Ltd
Hong Kong & China Gas Ltd
Hong Kong Exchanges and Clearing Ltd
Hysan Development Co Ltd
Li & Fung Ltd
MTR Corp
Swire Pacific Ltd (Class A)
Swire Properties Ltd
TOTAL HONG KONG
52,680
104,219
93,089
102,082
122,825
27,669
25,051
72,816
65,911
27,346
26,413
720,101
CRH plc
TOTAL IRELAND
32,468
82,228
114,696
Bank Hapoalim Ltd
TOTAL ISRAEL
59,632
59,632
Assicurazioni Generali S.p.A.
Banca Intesa S.p.A.
Exor S.p.A.
Snam Rete Gas S.p.A.
Terna Rete Elettrica Nazionale S.p.A.
TOTAL ITALY
89,408
113,162
20,438
45,381
54,922
18,287
341,598
121
SHARES
JAPAN - 23.2%
1,200
700
800
900
3,000
1,200
400
1,000
3,000
400
8,500
700
1,200
600
1,600
2,900
500
1,400
600
100
3,000
100
8,000
1,800
200
400
2,300
5,800
6,700
200
800
12,000
5,400
200
1,000
32,000
4,400
1,600
4,600
200
1,800
2,000
11,900
4,800
6,700
9,000
12,000
3,500
2,000
4,000
5,000
21,000
92,700
COMPANY
VALUE
Aeon Co Ltd
AEON Financial Service Co Ltd
Aeon Mall Co Ltd
Aisin Seiki Co Ltd
Ajinomoto Co, Inc
Amada Co Ltd
Asahi Glass Co Ltd
Asahi Kasei Corp
Asics Corp
Chugai Pharmaceutical Co Ltd
Daikin Industries Ltd
Denso Corp
Dentsu, Inc
East Japan Railway Co
Eisai Co Ltd
Fast Retailing Co Ltd
Fujifilm Holdings Corp
Fujitsu Ltd
Hino Motors Ltd
Hitachi Construction Machinery Co Ltd
Hitachi Metals Ltd
Honda Motor Co Ltd
Inpex Holdings, Inc
Kansai Paint Co Ltd
Kao Corp
KDDI Corp
Keyence Corp
Kikkoman Corp
Kobe Steel Ltd
Komatsu Ltd
Konica Minolta Holdings, Inc
Kubota Corp
Kuraray Co Ltd
Kyocera Corp
Kyowa Hakko Kogyo Co Ltd
Mazda Motor Corp
Mitsubishi Corp
Mitsubishi UFJ Lease & Finance Co Ltd
Mitsui Fudosan Co Ltd
Mitsui OSK Lines Ltd
Mizuho Financial Group, Inc
$
122
17,243
16,119
10,748
41,127
76,581
26,308
4,359
5,745
22,676
7,340
141,625
130,111
44,846
52,034
44,865
112,287
23,887
128,421
35,083
32,271
114,614
3,588
33,212
18,798
4,172
6,505
25,571
157,109
53,264
4,188
43,083
35,303
165,710
141,075
35,507
27,692
85,500
12,859
66,641
2,522
85,276
34,943
114,438
70,200
115,271
104,926
31,535
14,083
8,460
86,583
10,649
69,788
148,721
SHARES
700
10,000
200
400
2,500
8,000
12,600
500
500
700
400
2,500
4,100
1,300
500
1,000
8,000
1,900
200
200
1,400
1,600
1,900
300
2,100
1,600
4,600
300
14,000
9,200
1,100
2,900
2,000
5,000
4,700
1,200
1,200
500
900
1,000
3,100
200
700
13,000
1,000
3,000
100
600
1,700
1,500
800
100
1,700
COMPANY
VALUE
NEC Corp
NGK Spark Plug Co Ltd
Nikon Corp
Nippon Yusen Kabushiki Kaisha
Nissan Motor Co Ltd
Nissin Food Products Co Ltd
Nitto Denko Corp
NKSJ Holdings, Inc
NSK Ltd
NTT DoCoMo, Inc
Omron Corp
Osaka Gas Co Ltd
Resona Holdings, Inc
Santen Pharmaceutical Co Ltd
Secom Co Ltd
Sekisui Chemical Co Ltd
Sekisui House Ltd
Seven & I Holdings Co Ltd
Shin-Etsu Chemical Co Ltd
Shionogi & Co Ltd
Shoei Co Ltd
Showa Shell Sekiyu KK
Sony Corp
Stanley Electric Co Ltd
Sumitomo Corp
e Sumitomo Dainippon Pharma Co Ltd
Sumitomo Electric Industries Ltd
Sumitomo Metal Mining Co Ltd
Sumitomo Rubber Industries, Inc
Suntory Beverage & Food Ltd
Suzuken Co Ltd
Sysmex Corp
T&D Holdings, Inc
Takeda Pharmaceutical Co Ltd
TDK Corp
Tokyo Electron Ltd
Tokyo Gas Co Ltd
Tokyu Corp
Toray Industries, Inc
* Toto Ltd
Toyo Suisan Kaisha Ltd
Toyota Tsusho Corp
Yakult Honsha Co Ltd
Yamaha Corp
Yamaha Motor Co Ltd
$
123
85,471
27,309
3,264
5,652
118,799
14,158
122,075
28,385
33,510
22,610
6,899
21,029
111,374
43,111
31,623
4,036
31,910
31,595
15,066
2,909
23,326
66,437
129,654
15,560
21,783
14,350
151,004
7,273
61,964
96,500
20,561
39,953
9,489
60,099
148,987
16,938
52,174
15,947
62,345
10,198
138,130
12,271
60,140
55,340
8,218
27,330
4,285
26,648
76,305
33,117
38,206
2,759
28,622
SHARES
1,400
200
LUXEMBOURG - 0.3%
697
3,323
NETHERLANDS - 3.0%
11,159
1,446
1,075
490
180
12,691
2,994
3,851
635
6,358
400
NEW ZEALAND - 0.3%
4,092
3,166
6,643
2,639
NORWAY - 1.2%
2,275
14,778
4,583
6,375
2,321
PORTUGAL - 0.4%
12,022
4,059
29
SINGAPORE - 1.8%
5,260
22,200
4,100
3,300
9,180
800
13,100
COMPANY
VALUE
Yaskawa Electric Corp
Yokogawa Electric Corp
TOTAL JAPAN
$
SES Global S.A.
Tenaris S.A.
TOTAL LUXEMBOURG
19,080
2,586
5,223,826
15,273
44,554
59,827
Aegon NV
Akzo Nobel NV
ASML Holding NV
DSM NV
Gemalto NV
ING Groep NV
Koninklijke Philips Electronics NV
Koninklijke Vopak NV
Royal KPN NV
Wolters Kluwer NV
TOTAL NETHERLANDS
45,182
93,474
118,036
31,362
11,862
141,885
71,485
102,424
32,647
20,912
16,829
686,098
Auckland International Airport Ltd
* Meridian Energy Ltd
TOTAL NEW ZEALAND
21,821
22,162
13,435
18,184
75,602
DNB NOR Holding ASA
Norsk Hydro ASA
Orkla ASA
Statoil ASA
Telenor ASA
TOTAL NORWAY
25,123
63,365
42,634
101,346
38,857
271,325
Energias de Portugal S.A.
TOTAL PORTUGAL
41,238
55,600
486
97,324
Ascendas REIT
CapitaLand Ltd
CapitaMall Trust
City Developments Ltd
Keppel Corp Ltd
9,639
52,710
6,570
21,001
106,129
23,504
51,837
124
SHARES
900
37,800
SOUTH AFRICA - 0.5%
3,645
6,478
1,008
SPAIN - 3.0%
1,436
22,761
14,427
22,348
821
21,548
102
3,860
8,068
SWEDEN - 3.6%
221
2,497
2,722
2,746
2,967
519
8,366
1,936
1,155
12,442
2,665
5,042
1,070
758
2,102
14,416
4,886
SWITZERLAND - 9.4%
6,768
632
119
915
1,897
51
2,472
332
11
460
COMPANY
VALUE
Singapore Airlines Ltd
Singapore Telecommunications Ltd
TOTAL SINGAPORE
$
Al Noor Hospitals Group plc
Investec plc
Mondi plc
TOTAL SOUTH AFRICA
7,377
118,536
397,303
51,750
38,559
20,399
110,708
Amadeus IT Holding S.A.
Banco Bilbao Vizcaya Argentaria S.A.
Banco de Sabadell S.A.
CaixaBank S.A.
Ferrovial S.A.
Iberdrola S.A.
*,m Iberdrola S.A.
Repsol YPF S.A.
TOTAL SPAIN
67,421
132,878
19,729
56,115
16,993
148,055
703
133,493
102,194
677,581
Alfa Laval AB
Assa Abloy AB
Atlas Copco AB (A Shares)
Atlas Copco AB (B Shares)
Boliden AB
Hennes & Mauritz AB (B Shares)
Industrivarden AB
Nordea Bank AB
Sandvik AB
Skandinaviska Enskilda Banken AB (Class A)
SKF AB (B Shares)
Svenska Cellulosa AB (B Shares)
Swedbank AB (A Shares)
TeliaSonera AB
Volvo AB (B Shares)
TOTAL SWEDEN
3,483
54,779
76,411
70,217
65,304
14,061
62,388
58,463
19,433
110,854
28,555
44,209
16,952
22,534
44,131
65,783
52,064
809,621
ABB Ltd
Actelion Ltd
Adecco S.A.
Aryzta AG.
Coca-Cola HBC AG.
Givaudan S.A.
Holcim Ltd
Kuehne & Nagel International AG.
Lindt & Spruengli AG.
Lonza Group AG.
143,767
111,947
6,532
34,376
39,219
104,741
117,546
46,568
64,680
86,627
125
SHARES
5,093
1,592
39
1,378
187
1,688
570
8,360
9,679
2,817
22,779
5,091
199
8,809
30,654
951
3,074
4,635
8,524
107
*
354
129
1,361
12,461
5,537
1,937
620
10,343
9,647
3,792
e
1,996
9,245
5,380
30,998
2,198
5,774
5,618
12,013
555
34,054
5,871
2,343
9,030
1,847
899
4,446
2,751
1,423
5,466
e
1,696
COMPANY
VALUE
Novartis AG.
Roche Holding AG.
SGS S.A.
Swiss Re Ltd
Swisscom AG.
Wolseley plc
TOTAL SWITZERLAND
$
3i Group plc
Aberdeen Asset Management plc
Aviva plc
British Land Co plc
BT Group plc
Bunzl plc
Burberry Group plc
Capita Group plc
CNH Industrial NV
Coca-Cola European Partners plc
DCC plc
easyJet plc
GlaxoSmithKline plc
Hammerson plc
InterContinental Hotels Group plc
Intertek Group plc
Intu Properties plc
ITV plc
J Sainsbury plc
Johnson Matthey plc
Kingfisher plc
Land Securities Group plc
London Stock Exchange Group plc
Marks & Spencer Group plc
Meggitt plc
National Grid plc
Next plc
Old Mutual plc
Pearson plc
Petrofac Ltd
Prudential plc
Reed Elsevier NV
Reed Elsevier plc
RSA Insurance Group plc
Schroders plc
Scottish & Southern Energy plc
Segro plc
422,429
406,387
86,278
115,513
91,995
94,120
136,853
2,109,578
68,283
40,767
100,277
117,301
29,479
7,059
78,179
167,476
29,755
53,636
58,853
60,873
4,037
15,567
11,512
18,721
278,292
40,873
77,442
29,745
41,013
25,014
11,253
86,501
41,054
77,883
84,326
80,881
24,412
32,539
172,252
36,899
94,765
68,593
23,167
159,185
179,085
16,199
84,424
18,090
49,319
109,719
9,938
126
SHARES
15,374
12,757
5,125
8,914
43,098
872
3,303
4,013
6,816
7,213
1,813
6,886
5,362
1,997
COMPANY
VALUE
Standard Chartered plc
Standard Life plc
Tate & Lyle plc
Taylor Wimpey plc
* Tesco plc
Travis Perkins plc
Unilever NV
Unilever plc
United Utilities Group plc
e Vodafone Group plc (ADR)
Whitbread plc
WM Morrison Supermarkets plc
WPP plc
$
* Qiagen NV
TOTAL UNITED STATES
122,932
51,073
49,045
18,241
88,860
17,993
153,091
187,740
91,696
222,882
92,580
16,922
120,310
4,048,003
52,423
52,423
TOTAL COMMON STOCKS
(Cost $23,760,076)
22,414,292
(Cost $23,760,076)
NET ASSETS - 100.0%
22,414,292
$
Abbreviation(s):
e All or a portion of these securities are out on loan. The aggregate value of securities on loan is $354,413.
127
143,751
22,558,043
TIAA-CREF FUNDS
SOCIAL CHOICE INTERNATIONAL EQUITY FUND
July 31, 2016
SECTOR
FINANCIALS
INDUSTRIALS
HEALTH CARE
CONSUMER STAPLES
MATERIALS
UTILITIES
ENERGY
$
NET ASSETS
$
128
VALUE
5,503,507
3,140,638
3,008,254
2,720,823
2,276,340
1,768,454
1,149,742
1,129,904
1,004,623
712,007
143,751
% OF
NET ASSETS
24.4%
13.9
13.3
12.1
10.1
7.8
5.1
5.0
4.5
3.2
0.6
22,558,043
100.0%
TIAA-CREF FUNDS - Equity Index Fund
TIAA-CREF FUNDS
EQUITY INDEX FUND
July 31, 2016
SHARES
COMPANY
VALUE
37,554
105,930
BorgWarner, Inc
26,375
Cooper Tire & Rubber Co
7,253
* Cooper-Standard Holding, Inc
72,245
Dana Holding Corp
133,622
13,305
* Dorman Products, Inc
11,529
Drew Industries, Inc
12,398
* Federal Mogul Corp (Class A)
1,939,101
Ford Motor Co
12,970
* Fox Factory Holding Corp
700,202
General Motors Co
138,866
Gentex Corp
17,656
* Gentherm, Inc
127,545
Goodyear Tire & Rubber Co
88,859
7,334
* Horizon Global Corp
315,073
35,272
Lear Corp
7,570
Metaldyne Performance Group, Inc
21,146
8,720
* Motorcar Parts of America, Inc
16,273
Spartan Motors, Inc
11,059
Standard Motor Products, Inc
12,077
* Stoneridge, Inc
1,415
Strattec Security Corp
12,118
Superior Industries International, Inc
26,573
* Tenneco, Inc
57,250
22,553
9,993
Tower International, Inc
3,070
Unique Fabricating, Inc
22,231
Visteon Corp
12,900
Winnebago Industries, Inc
* Workhorse Group, Inc
6,207
BANKS - 5.5%
6,433
2,590
3,009
5,241
3,144
16,401
3,475
$
1st Source Corp
Access National Corp
ACNB Corp
*,e Allegiance Bancshares, Inc
American National Bankshares, Inc
Ameris Bancorp
e Ames National Corp
653,815
3,514,757
870,111
638,627
985,422
9,062,244
847,529
1,056,172
109,598
24,549,019
248,894
22,084,371
2,453,762
592,535
3,656,715
4,702,418
95,709
14,468,152
4,001,608
120,287
203,002
244,422
138,158
463,814
201,444
63,109
370,326
1,501,906
13,441,728
1,726,207
230,638
41,261
1,558,171
306,504
40,780
115,243,215
216,213
57,576
77,783
132,388
82,561
543,857
94,346
129
COMPANY
SHARES
15,815
4,559
63,588
43,500
8,335
16,132
3,811
14,602
38,151
19,189
5,090,217
23,779
2,316
42,277
7,344
48,616
2,566
19,110
2,779
398,324
6,029
34,168
15,102
11,500
18,329
29,411
12,602
33,474
8,056
33,112
8,081
3,755
1,549
5,021
9,174
4,271
84,860
12,761
4,967
11,872
36,003
22,222
8,558
4,092
1,649
8,748
23,857
1,442
97,257
1,454,528
5,032
259,226
6,773
*
e
e
*,e
e
*
e
*
e
e
VALUE
Atlantic Capital Bancshares, Inc
Banc of California, Inc
Bancfirst Corp
Banco Latinoamericano de Exportaciones S.A. (Class E)
Bancorpsouth, Inc
Bank Mutual Corp
Bank of Hawaii Corp
Bank of Marin Bancorp
BankFinancial Corp
BankUnited
Bankwell Financial Group, Inc
Banner Corp
Bar Harbor Bankshares
BB&T Corp
Bear State Financial, Inc
Beneficial Bancorp, Inc
Blue Hills Bancorp, Inc
BNC Bancorp
BofI Holding, Inc
BOK Financial Corp
Bridge Bancorp, Inc
Bryn Mawr Bank Corp
BSB Bancorp, Inc
C&F Financial Corp
Capital City Bank Group, Inc
Carolina Financial Corp
Cascade Bancorp
Central Pacific Financial Corp
Central Valley Community Bancorp
Century Bancorp, Inc
Charter Financial Corp
Chemical Financial Corp
Chemung Financial Corp
CIT Group, Inc
Citigroup, Inc
Citizens & Northern Corp
City Holding Co
130
$
214,610
144,019
1,182,737
638,145
123,608
357,808
249,887
398,927
908,757
146,604
73,757,244
1,638,849
114,827
1,521,555
89,597
1,459,452
56,478
797,651
101,934
14,686,206
57,517
463,318
398,240
163,875
444,662
494,693
822,028
405,705
234,510
377,146
237,016
86,365
70,774
218,313
274,211
61,118
1,202,466
328,723
95,019
66,958
1,079,370
370,219
209,928
61,175
71,995
114,074
987,203
45,625
3,361,202
63,722,872
107,232
5,788,517
316,299
COMPANY
SHARES
10,322
5,791
17,885
3,672
32,896
85,334
47,079
28,994
6,977
4,655
11,785
2,437
6,901
28,081
11,525
65,768
15,318
16,871
70,051
3,160
11,187
2,384
4,031
36,435
38,938
2,904
11,953
14,519
6,393
10,179
358,173
5,686
9,604
56,710
3,643
15,209
3,244
4,890
43,405
6,839
6,078
6,547
3,699
29,861
37,366
4,551
4,121
6,474
95,427
2,693
9,611
19,713
2,943
*
e
*
e
*
*
*
*
*
*
*,e
e
*
e
VALUE
Clifton Bancorp, Inc
CNB Financial Corp
CoBiz, Inc
Codorus Valley Bancorp, Inc
Comerica, Inc
CommunityOne Bancorp
ConnectOne Bancorp, Inc
County Bancorp, Inc
CU Bancorp
Customers Bancorp, Inc
CVB Financial Corp
Dime Community Bancshares
Eagle Bancorp, Inc
Enterprise Bancorp, Inc
Enterprise Financial Services Corp
Equity Bancshares, Inc
ESSA Bancorp, Inc
Essent Group Ltd
EverBank Financial Corp
Farmers Capital Bank Corp
Farmers National Banc Corp
FCB Financial Holdings, Inc
Fidelity Southern Corp
Fifth Third Bancorp
Financial Institutions, Inc
First Bancorp (NC)
First Bancorp (Puerto Rico)
First Bancorp, Inc
First Busey Corp
First Business Financial Services, Inc
First Citizens Bancshares, Inc (Class A)
First Community Financial Partners, Inc
First Connecticut Bancorp
First Defiance Financial Corp
First Financial Bancorp
First Financial Bankshares, Inc
First Financial Northwest, Inc
First Foundation, Inc
First Internet Bancorp
First Mid-Illinois Bancshares, Inc
$
131
154,624
106,844
220,880
77,883
997,407
3,860,510
2,226,366
1,279,505
242,660
60,608
199,284
50,738
163,968
1,906,419
296,653
1,081,884
265,001
869,700
2,397,145
74,797
321,738
53,855
57,079
872,983
699,326
85,784
114,151
507,729
245,683
175,181
6,798,124
152,953
179,787
260,299
80,328
342,659
76,915
1,270,324
418,858
156,818
54,763
105,407
154,211
636,338
1,276,796
174,303
57,612
154,146
1,389,417
63,689
279,103
516,481
74,134
SHARES
38,814
9,317
182,398
5,007
6,789
68,933
80,533
8,294
11,966
102,037
4,591
83,509
6,871
37,114
5,092
29,976
4,011
5,658
15,264
37,485
12,696
10,567
12,384
14,020
9,193
36,210
689
2,808
58,908
8,704
8,420
37,573
5,273
368,462
14,980
3,645
12,342
9,223
4,046
26,696
144,820
1,792,903
34,024
463,196
3,676
18,503
7,688
4,465
18,393
2,719
9,830
73,137
12,652
COMPANY
VALUE
* First NBC Bank Holding Co
*,e First Northwest Bancorp
First of Long Island Corp
First Republic Bank
FirstMerit Corp
* Flagstar Bancorp, Inc
FNB Corp
* Franklin Financial Network, Inc
German American Bancorp, Inc
* Green Bancorp, Inc
Guaranty Bancorp
*,e Hampton Roads Bankshares, Inc
Hancock Holding Co
Heritage Commerce Corp
Heritage Oaks Bancorp
Hingham Institution for Savings
e Home Bancorp, Inc
Home Bancshares, Inc
* HomeStreet, Inc
* HomeTrust Bancshares, Inc
* Hope Bancorp, Inc
Horizon Bancorp
IBERIABANK Corp
*,e Impac Mortgage Holdings, Inc
Independent Bank Corp (MA)
Independent Bank Corp (MI)
Independent Bank Group, Inc
International Bancshares Corp
JPMorgan Chase & Co
Kearny Financial Corp
Keycorp
e Lake Sunapee Bank Group
e LCNB Corp
*,e LendingTree, Inc
Live Oak Bancshares, Inc
M&T Bank Corp
e Macatawa Bank Corp
$
132
724,657
177,303
1,856,812
65,492
206,046
4,940,428
1,709,716
219,045
266,961
1,219,342
155,543
1,139,898
233,614
1,023,604
199,606
994,304
39,228
95,450
31,291
1,086,690
311,306
388,020
129,784
244,789
74,831
788,654
90,259
81,264
1,229,410
194,099
154,760
577,497
145,113
3,500,389
935,801
63,241
619,692
141,850
170,984
732,004
1,645,155
114,692,005
442,992
5,419,393
67,785
220,371
394,779
79,209
524,568
274,565
128,871
8,378,575
98,053
COMPANY
SHARES
11,159
30,171
8,948
6,978
1,972
33,771
2,375
170,971
2,446
1,950
3,997
2,513
16,489
2,810
4,061
16,262
20,562
239,989
3,552
20,415
23,793
3,306
62,331
9,848
4,255
64,572
11,628
4,709
27,054
3,502
9,324
13,151
58,995
8,742
25,387
7,363
1,915
5,122
7,855
3,001
137,110
6,152
26,058
24,287
246,221
49,963
5,949
4,051
39,077
32,606
2,962
22,929
5,576
*
*
e
*
*,e
e
*
*
e
*
e
e
*
*
e
VALUE
MainSource Financial Group, Inc
MB Financial, Inc
MBT Financial Corp
Mercantile Bank Corp
Merchants Bancshares, Inc
Meridian Bancorp, Inc
Meta Financial Group, Inc
Middleburg Financial Corp
Midland States Bancorp, Inc
MidWestOne Financial Group, Inc
MutualFirst Financial, Inc
National Bankshares, Inc
National Commerce Corp
Nationstar Mortgage Holdings, Inc
NBT Bancorp, Inc
Nicolet Bankshares, Inc
NMI Holdings, Inc
Northrim BanCorp, Inc
Northwest Bancshares, Inc
OceanFirst Financial Corp
Old Line Bancshares, Inc
Old Second Bancorp, Inc
Opus Bank
Orrstown Financial Services, Inc
Pacific Continental Corp
Pacific Premier Bancorp, Inc
PacWest Bancorp
Park National Corp
Park Sterling Bank
Peapack Gladstone Financial Corp
Penns Woods Bancorp, Inc
PennyMac Financial Services, Inc
Peoples Financial Services Corp
People’s Utah Bancorp
PHH Corp
Popular, Inc
Preferred Bank
Premier Financial Bancorp, Inc
PrivateBancorp, Inc
Prosperity Bancshares, Inc
Provident Financial Holdings, Inc
QCR Holdings, Inc
$
133
248,511
1,158,265
80,443
175,706
62,670
496,434
129,889
1,229,281
68,782
44,382
115,713
72,198
330,275
97,816
98,723
205,389
613,159
3,467,841
129,151
128,206
355,229
93,890
929,355
185,733
81,441
849,768
87,791
152,007
438,816
67,729
135,012
317,597
2,439,443
782,584
195,988
147,775
81,100
64,588
176,345
118,449
2,078,588
109,936
380,707
1,289,883
20,350,166
1,683,253
194,354
72,270
1,727,203
1,665,841
57,729
462,019
165,273
COMPANY
SHARES
104,710
576,763
19,695
4,212
15,691
16,780
11,418
14,091
11,104
5,605
5,108
25,709
14,281
15,850
2,686
2,726
5,361
11,996
7,722
17,135
52,783
10,273
5,678
4,609
4,018
5,433
233,893
25,315
67,263
22,554
67,434
3,666
22,310
36,889
13,492
7,418
27,394
9,011
8,498
7,756
43,902
36,220
21,800
106,950
20,968
1,900
39,004
37,399
19,365
19,970
11,444
796,202
150,278
*,e
*
*
*
e
e
e
*
*
*
*
e
*
*
e
e
e
VALUE
Radian Group, Inc
Renasant Corp
Republic First Bancorp, Inc
S&T Bancorp, Inc
Sandy Spring Bancorp, Inc
Seacoast Banking Corp of Florida
ServisFirst Bancshares, Inc
SI Financial Group, Inc
Sierra Bancorp
Signature Bank
Simmons First National Corp (Class A)
South State Corp
Southern First Bancshares, Inc
Southern Missouri Bancorp, Inc
Southern National Bancorp of Virginia, Inc
Southwest Bancorp, Inc
Sterling Bancorp/DE
Stonegate Bank
Suffolk Bancorp
Summit Financial Group, Inc
Sun Bancorp, Inc
SunTrust Banks, Inc
SVB Financial Group
Talmer Bancorp Inc
TCF Financial Corp
Territorial Bancorp, Inc
Texas Capital Bancshares, Inc
TFS Financial Corp
The Bancorp, Inc
Tompkins Trustco, Inc
TowneBank
Trico Bancshares
Tristate Capital Holdings, Inc
Triumph Bancorp, Inc
Trustco Bank Corp NY
Trustmark Corp
UMB Financial Corp
Union Bankshares, Inc
United Bankshares, Inc
United Community Financial Corp
US Bancorp
Valley National Bancorp
$
134
1,350,759
5,288,917
634,573
125,560
68,883
427,722
340,713
225,033
562,196
74,939
91,331
3,091,250
656,212
1,155,623
72,683
66,542
71,462
366,958
149,961
374,914
891,505
303,464
179,936
151,682
78,954
115,940
9,891,335
2,542,132
2,047,486
474,085
916,428
98,615
1,082,927
671,380
71,508
539,585
628,692
234,466
121,266
135,497
291,070
945,342
1,207,938
1,628,849
562,781
66,234
1,493,853
719,557
128,584
262,606
241,354
33,575,838
1,363,021
COMPANY
SHARES
4,072
13,347
16,698
51,702
7,198
3,753
13,586
36,708
2,245,593
19,889
6,091
21,336
45,525
7,045
34,813
23,570
100,521
12,825
24,350
2,290
90,422
288,501
34,657
25,084
14,774
27,308
21,298
19,055
64,827
17,231
28,687
9,931
32,826
43,036
22,998
4,528
13,760
44,943
2,945
69,052
12,193
8,663
3,814
3,837
6,024
8,421
109,862
13,179
16,844
6,376
VALUE
* Veritex Holdings, Inc
WashingtonFirst Bankshares, Inc
Waterstone Financial, Inc
Wells Fargo & Co
WesBanco, Inc
West Bancorporation, Inc
e Westamerica Bancorporation
Westfield Financial, Inc
* WMIH Corp
WSFS Financial Corp
Yadkin Financial Corp
Your Community Bankshares, Inc
TOTAL BANKS
e
*
*
*
*
*
e
*
*
$
3M Co
A.O. Smith Corp
Aaon, Inc
AAR Corp
Actuant Corp (Class A)
Acuity Brands, Inc
Aecom Technology Corp
Aegion Corp
Aerojet Rocketdyne Holdings, Inc
Aerovironment, Inc
AGCO Corp
Air Lease Corp
Aircastle Ltd
Alamo Group, Inc
Albany International Corp (Class A)
Allegion plc
Allied Motion Technologies, Inc
Altra Holdings, Inc
Ameresco, Inc
American Railcar Industries, Inc
American Science & Engineering, Inc
American Superconductor Corp
American Woodmark Corp
Ametek, Inc
Argan, Inc
70,731
315,923
47,923
1,292,550
273,236
90,072
213,028
1,320,020
107,721,096
614,968
115,729
1,003,645
1,549,216
55,444
373,892
1,244,496
243,261
451,312
613,377
85,211
2,520,965
622,163,867
51,457,038
3,219,289
664,224
356,940
648,565
5,589,234
508,959
2,300,710
353,580
541,037
281,544
1,580,900
1,239,867
511,016
303,965
582,461
3,253,424
66,616
1,990,079
346,281
42,882
160,226
141,624
55,300
625,091
5,166,810
616,118
790,826
294,125
135
SHARES
11,629
20,205
9,399
9,721
10,688
21,982
24,354
49,825
28,927
26,687
294,339
17,803
40,730
45,709
11,658
8,206
29,385
273,349
14,772
51,676
7,518
21,011
47,890
7,576
19,570
16,862
19,872
7,120
12,289
77,238
20,863
296,668
151,930
29,960
61,940
11,557
70,296
4,457
5,115
15,401
6,313
220,813
29,434
310,214
9,755
7,645
16,133
21,108
8,686
12,925
12,221
14,101
138,956
COMPANY
VALUE
* Armstrong Flooring, Inc
* Armstrong World Industries, Inc
Astec Industries, Inc
* Astronics Corp
AZZ, Inc
Barnes Group, Inc
BE Aerospace, Inc
* Beacon Roofing Supply, Inc
* BMC Stock Holdings, Inc
Boeing Co
* Builders FirstSource, Inc
* CAI International, Inc
Carlisle Cos, Inc
Caterpillar, Inc
* Chart Industries, Inc
CIRCOR International, Inc
Clarcor, Inc
* Colfax Corp
Columbus McKinnon Corp
* Continental Building Products Inc
Crane Co
* CSW Industrials, Inc
Cubic Corp
Cummins, Inc
Curtiss-Wright Corp
Danaher Corp
e Deere & Co
* DigitalGlobe, Inc
Donaldson Co, Inc
Douglas Dynamics, Inc
Dover Corp
* Ducommun, Inc
*,e DXP Enterprises, Inc
* Dycom Industries, Inc
Dynamic Materials Corp
Eaton Corp
EMCOR Group, Inc
Emerson Electric Co
Encore Wire Corp
*,e Energous Corp
*,e Energy Recovery, Inc
EnerSys
Engility Holdings, Inc
ESCO Technologies, Inc
* Esterline Technologies Corp
Fastenal Co
$
136
231,766
858,106
566,572
372,023
663,511
337,644
923,747
2,383,379
1,360,148
543,080
39,341,351
404,662
525,010
1,682,548
437,058
70,407
3,035,177
22,622,363
443,455
1,747,166
428,075
1,308,145
1,406,050
125,686
594,537
395,414
1,238,026
241,582
501,883
9,482,509
1,856,598
24,160,642
11,806,480
807,722
2,237,892
309,728
5,021,243
86,198
85,114
1,448,464
64,645
14,001,752
1,639,474
17,340,963
366,105
94,951
172,623
1,316,084
252,241
591,319
517,559
857,764
5,940,369
COMPANY
SHARES
24,641
63,554
68,098
148,334
73,398
21,653
5,538
8,768
19,799
2,187
30,017
21,698
119,598
4,540,233
16,324
11,068
9,996
27,029
4,428
20,718
30,484
13,035
17,223
13,024
5,911
36,249
17,374
98,194
8,701
18,295
11,744
43,804
28,500
371,909
26,856
22,734
2,730
4,045
37,151
3,513
142,102
125,913
8,446
44,089
52,136
15,232
47,731
5,112
12,142
69,895
44,793
14,738
24,712
*
*,e
e
*
*
*
*
e
*,e
*
e
*
*
*
e
*,e
*
VALUE
Federal Signal Corp
Flowserve Corp
Fluor Corp
Fortive Corp
Franklin Electric Co, Inc
Freightcar America, Inc
FuelCell Energy, Inc
GATX Corp
Gencor Industries, Inc
Generac Holdings, Inc
General Cable Corp
General Electric Co
Gibraltar Industries, Inc
Global Brass & Copper Holdings, Inc
Gorman-Rupp Co
Graco, Inc
Graham Corp
Great Lakes Dredge & Dock Corp
Greenbrier Cos, Inc
Griffon Corp
Hardinge, Inc
Harsco Corp
HC2 Holdings, Inc
HEICO Corp
HEICO Corp (Class A)
Herc Holdings, Inc
Hexcel Corp
Hillenbrand, Inc
Hubbell, Inc
Huntington Ingalls
Hurco Cos, Inc
Hyster-Yale Materials Handling, Inc
IDEX Corp
IES Holdings, Inc
Ingersoll-Rand plc
Insteel Industries, Inc
ITT, Inc
Jacobs Engineering Group, Inc
Joy Global, Inc
Kadant, Inc
Kaman Corp
KBR, Inc
Kennametal, Inc
KEYW Holding Corp
KLX, Inc
$
137
324,029
3,041,059
3,644,605
7,151,182
4,643,891
838,404
82,516
47,260
885,609
38,491
1,134,342
319,612
17,567,750
141,382,856
575,911
313,446
270,792
2,000,416
79,793
1,031,342
135,349
427,939
295,202
242,507
59,701
354,878
79,920
3,553,641
604,806
1,055,073
415,150
1,891,019
921,975
43,264,174
2,895,882
3,923,434
72,700
258,031
3,335,788
54,627
16,398,571
8,342,995
293,836
1,398,062
2,790,319
1,019,325
1,318,808
280,853
524,049
979,928
1,113,554
150,917
798,198
SHARES
18,068
37,524
1,979
9,010
23,407
29,834
9,617
129,164
11,159
7,959
62,639
61,537
162,407
19,091
32,149
18,997
43,101
27,640
7,157
5,071
15,534
44,127
21,958
27,346
75,294
8,496
2,393
21,878
14,901
4,363
12,614
31,250
4,831
81,546
51,845
4,023
1,327
27,401
16,581
34,402
56,057
166,769
63,138
7,953
81,258
29,257
79,073
10,543
4,787
2,412
1,112
22,842
14,748
COMPANY
VALUE
*,e Kratos Defense & Security Solutions, Inc
* Lawson Products, Inc
*,e Layne Christensen Co
e Lindsay Corp
LSI Industries, Inc
* Lydall, Inc
Manitowoc Co, Inc
* Manitowoc Foodservice, Inc
Masco Corp
* Mastec, Inc
* Mercury Systems, Inc
* Meritor, Inc
* Middleby Corp
* Milacron Holdings Corp
Miller Industries, Inc
* Moog, Inc (Class A)
* MRC Global, Inc
Mueller Water Products, Inc (Class A)
* MYR Group, Inc
e National Presto Industries, Inc
*,e Navistar International Corp
* NCI Building Systems, Inc
* Neff Corp
NN, Inc
Nordson Corp
* Nortek, Inc
* NOW, Inc
* NV5 Holdings, Inc
Omega Flex, Inc
Orbital ATK, Inc
* Orion Marine Group, Inc
Oshkosh Truck Corp
Owens Corning, Inc
Paccar, Inc
* Patrick Industries, Inc
Pentair plc
* Pgt, Inc
*,e Plug Power, Inc
* Ply Gem Holdings, Inc
Powell Industries, Inc
* Power Solutions International, Inc
Preformed Line Products Co
Primoris Services Corp
*,e Proto Labs, Inc
$
138
79,680
5,689,764
32,456
72,080
3,670,218
1,851,498
674,729
32,643,618
122,303
355,608
348,899
1,128,589
5,924,607
1,333,125
786,043
492,402
361,186
3,327,303
123,244
108,824
855,457
583,800
1,577,243
930,858
892,987
209,596
214,269
280,476
241,694
42,626
212,798
2,759,062
419,717
17,665,310
949,282
129,420
45,264
2,387,175
93,683
1,895,206
2,965,976
9,834,368
7,209,728
513,446
5,185,886
351,084
141,541
161,940
176,353
42,427
54,343
412,298
811,730
SHARES
13,625
78,775
17,426
145,550
17,285
20,168
41,807
62,113
65,999
48,367
3,027
15,653
20,164
5,253
27,454
31,077
5,336
64,517
35,117
17,452
7,474
71,131
10,632
30,979
5,976
32,587
15,081
8,477
50,183
8,797
143,977
5,099
20,692
38,654
25,845
6,762
25,836
25,217
14,357
21,857
68,775
15,968
23,858
21,354
42,341
380,564
17,627
9,656
42,430
10,648
4,334
3,422
6,360
COMPANY
VALUE
Quanex Building Products Corp
Raven Industries, Inc
Raytheon Co
* RBC Bearings, Inc
Regal-Beloit Corp
* Rexnord Corp
*,e Rush Enterprises, Inc
* Rush Enterprises, Inc (Class A)
Simpson Manufacturing Co, Inc
* SiteOne Landscape Supply, Inc
Snap-On, Inc
*,e SolarCity Corp
* Sparton Corp
* Spirit Aerosystems Holdings, Inc (Class A)
* SPX Corp
* SPX FLOW, Inc
Standex International Corp
Stanley Works
Sun Hydraulics Corp
*,e Sunrun, Inc
Supreme Industries, Inc
*,e Taser International, Inc
* Teledyne Technologies, Inc
Tennant Co
Terex Corp
e Textainer Group Holdings Ltd
Textron, Inc
*,e The ExOne Company
* Thermon Group Holdings
Timken Co
e Titan International, Inc
*,e Titan Machinery, Inc
Toro Co
* Trex Co, Inc
* Trimas Corp
Trinity Industries, Inc
Triumph Group, Inc
* Tutor Perini Corp
* Univar, Inc
* USG Corp
* Vectrus, Inc
* Veritiv Corp
* Vicor Corp
$
139
272,364
2,016,640
361,764
20,308,591
1,314,179
1,230,450
890,071
7,105,727
5,584,835
8,239,802
70,620
359,706
822,691
204,027
4,314,945
829,756
111,042
2,798,747
531,671
476,091
663,691
8,656,643
321,086
160,471
100,397
943,720
1,583,505
543,206
1,211,418
104,508
5,615,103
51,908
417,565
1,292,976
170,835
75,802
2,375,620
7,048,656
696,314
390,585
1,596,268
268,103
735,542
536,412
3,373,307
40,967,714
322,750
1,044,007
1,194,829
1,394,356
135,004
144,477
67,416
SHARES
30,544
32,243
25,876
12,701
13,450
20,492
42,542
2,234
25,682
80,712
COMPANY
VALUE
* Wabash National Corp
* WABCO Holdings, Inc
Watsco, Inc
Watts Water Technologies, Inc (Class A)
*,e Willis Lease Finance Corp
Xylem, Inc
TOTAL CAPITAL GOODS
$
23,642
ABM Industries, Inc
40,054
Acacia Research (Acacia Technologies)
51,156
* ACCO Brands Corp
23,077
* Advisory Board Co
4,800
*,e Aqua Metals, Inc
17,200
* ARC Document Solutions, Inc
2,966
Barrett Business Services, Inc
22,044
31,405
Brink’s Co
15,707
* Casella Waste Systems, Inc (Class A)
24,005
* CBIZ, Inc
17,057
CEB, Inc
13,715
Ceco Environmental Corp
46,537
Cintas Corp
25,423
48,813
* Copart, Inc
56,807
4,164
* CRA International, Inc
22,263
Deluxe Corp
18,658
64,481
*,m Dyax Corp
12,402
Ennis, Inc
54,250
Equifax, Inc
17,629
Essendant, Inc
14,650
Exponent, Inc
4,553
* Franklin Covey Co
20,255
* FTI Consulting, Inc
9,541
G & K Services, Inc (Class A)
5,783
* GP Strategies Corp
30,137
Healthcare Services Group
7,483
5,084
* Heritage-Crystal Clean, Inc
25,719
Herman Miller, Inc
15,433
* Hill International, Inc
21,929
HNI Corp
10,579
* Huron Consulting Group, Inc
8,658
* ICF International, Inc
6,918
*,e IDI, Inc
15,602
* Innerworkings, Inc
8,969
Insperity, Inc
6,684,554
466,879
2,594,587
1,829,452
831,882
1,142,224
2,914,127
60,318
1,503,424
3,858,841
836,867,678
879,719
216,692
574,993
963,695
44,688
67,768
127,479
708,494
1,030,712
147,018
259,494
1,024,102
126,864
4,992,024
1,307,251
2,462,128
910,048
115,010
1,504,756
2,411,546
71,574
214,803
7,185,955
353,285
744,366
74,760
867,724
765,284
121,212
1,169,617
145,619
64,109
842,812
64,356
1,143,159
650,291
358,268
35,835
132,773
703,977
140
COMPANY
SHARES
29,536
60,535
14,073
10,767
18,271
19,323
24,613
34,839
13,491
10,372
8,188
19,252
17,466
6,262
23,237
176,268
22,397
92,177
13,081
96,487
114,204
15,702
60,455
60,351
22,513
8,308
36,944
40,697
13,196
28,151
19,809
6,571
20,620
20,186
201,284
7,369
10,179
76,567
9,678
2,132
17,664
219,176
22,949
*
*
*
*
*
*
*,e
*
*
*
*
*
*
VALUE
Interface, Inc
Kforce, Inc
Knoll, Inc
Korn/Ferry International
Manpower, Inc
Matthews International Corp (Class A)
McGrath RentCorp
Mistras Group, Inc
Mobile Mini, Inc
MSA Safety, Inc
Multi-Color Corp
Navigant Consulting, Inc
Nielsen NV
On Assignment, Inc
Pitney Bowes, Inc
Quad
Rollins, Inc
RPX Corp
SP Plus Corp
Stericycle, Inc
Team, Inc
Tetra Tech, Inc
TransUnion
TRC Cos, Inc
TriNet Group, Inc
TrueBlue, Inc
Unifirst Corp
US Ecology, Inc
Verisk Analytics, Inc
Viad Corp
VSE Corp
WageWorks, Inc
West Corp
5,230
e Arctic Cat, Inc
6,685
Bassett Furniture Industries, Inc
24,298
*,e Beazer Homes USA, Inc
41,267
Brunswick Corp
36,066
71,673
Callaway Golf Co
24,197
Carter’s, Inc
$
527,513
2,589,082
288,074
192,299
208,107
487,906
566,345
2,417,827
810,944
330,556
205,191
625,883
976,000
404,400
458,001
9,493,794
827,569
1,779,938
331,734
1,729,047
5,854,097
233,960
2,209,026
1,700,691
226,706
199,641
535,688
3,673,718
364,342
927,012
648,150
46,128
447,248
450,753
9,172,512
861,289
461,109
6,529,634
336,988
135,510
1,091,812
14,491,917
507,402
111,939,803
81,640
172,674
233,018
2,047,669
1,305,950
766,901
2,449,946
141
SHARES
3,668
17,041
136,383
13,284
34,925
3,648
4,107
15,525
3,427
164,932
3,755
11,434
3,208
19,903
59,320
20,862
54,749
11,271
184,503
34,395
54,973
13,597
7,845
59,283
25,821
12,444
12,744
7,723
2,125
62,381
40,559
22,054
60,382
4,675
88,307
9,217
10,480
3,865
47,749
9,944
7,425
4,381
167,055
3,826
19,340
18,512
84,026
29,237
6,272
1,709
14,642
4,014
217,520
COMPANY
VALUE
* Cavco Industries, Inc
* Century Communities, Inc
Coach, Inc
* CROCS, Inc
CSS Industries, Inc
Culp, Inc
* Deckers Outdoor Corp
* Delta Apparel, Inc
DR Horton, Inc
Escalade, Inc
Flexsteel Industries, Inc
* Fossil Group, Inc
*,e Garmin Ltd
* G-III Apparel Group Ltd
*,e GoPro, Inc
*,e Green Brick Partners, Inc
Hanesbrands, Inc
Hasbro, Inc
* Helen of Troy Ltd
Hooker Furniture Corp
*,e Hovnanian Enterprises, Inc (Class A)
*,e Iconix Brand Group, Inc
* Installed Building Products Inc
*,e iRobot Corp
*,e Jakks Pacific, Inc
Johnson Outdoors, Inc
* Kate Spade & Co
e KB Home
La-Z-Boy, Inc
Lennar Corp (B Shares)
*,e LGI Homes, Inc
Libbey, Inc
Lifetime Brands, Inc
* Lululemon Athletica, Inc
* M/I Homes, Inc
* Malibu Boats Inc
Marine Products Corp
Mattel, Inc
MCBC Holdings, Inc
MDC Holdings, Inc
Movado Group, Inc
Nacco Industries, Inc (Class A)
* Nautilus, Inc
* New Home Co Inc
Newell Brands, Inc
$
142
364,526
301,626
5,879,471
760,509
395,700
95,979
117,173
1,024,805
81,871
5,422,964
40,291
397,103
131,849
628,935
3,222,856
835,106
692,027
79,573
4,918,850
2,842,403
4,465,457
1,354,397
181,455
109,081
185,911
445,869
483,252
71,206
64,706
1,353,044
636,776
666,472
3,174,282
175,499
4,132,768
316,420
195,871
51,752
3,707,710
224,237
101,277
39,999
5,576,296
43,922
509,029
673,652
4,345,825
6,108,779
141,684
96,165
275,855
39,538
11,411,099
SHARES
653,861
1,683
7,374
19,283
5,118
39,183
29,487
18,756
168,413
30,341
18,944
62,341
26,483
29,741
9,075
3,027
15,358
26,059
75,808
20,118
80,243
27,318
22,522
90,690
89,311
9,279
6,905
11,056
166,600
21,199
27,714
11,279
2,514
36,310
9,640
47,073
12,715
COMPANY
VALUE
Nike, Inc (Class B)
* NVR, Inc
*,e Performance Sports Group Ltd
* Perry Ellis International, Inc
e Polaris Industries, Inc
Pool Corp
Pulte Homes, Inc
Ralph Lauren Corp
* Sequential Brands Group, Inc
* Skechers U.S.A., Inc (Class A)
* Smith & Wesson Holding Corp
* Steven Madden Ltd
e Sturm Ruger & Co, Inc
Superior Uniform Group, Inc
* Taylor Morrison Home Corp
*,e Tempur-Pedic International, Inc
* Toll Brothers, Inc
* TopBuild Corp
* Tumi Holdings, Inc
Tupperware Brands Corp
* Under Armour, Inc
* Unifi, Inc
* Universal Electronics, Inc
* Vera Bradley, Inc
VF Corp
*,e Vince Holding Corp
* WCI Communities, Inc
Weyco Group, Inc
Whirlpool Corp
* William Lyon Homes, Inc
Wolverine World Wide, Inc
* Zagg, Inc
$
6,940
44,579
112,829
5,634
* Ascent Media Corp (Series A)
45,558
* Belmond Ltd.
11,284
* BJ’s Restaurants, Inc
50,801
9,783
2,987
*,e Bojangles’, Inc
41,402
* Boyd Gaming Corp
6,509
* Bridgepoint Education, Inc
22,432
26,863
36,289,285
2,869,515
421,645
64,212
109,628
3,959,834
2,911,841
1,918,364
3,566,987
2,976,149
154,015
1,497,431
779,924
1,041,530
617,100
48,644
249,567
1,970,842
2,123,382
759,656
1,079,268
730,756
1,411,679
3,237,633
3,524,212
250,811
534,033
160,975
10,400,838
105,995
1,387,086
189,826
70,241
6,984,592
167,254
1,152,818
80,486
182,448,754
198,762
400,765
4,044,920
95,891
523,461
438,271
913,402
359,819
51,914
811,893
46,409
1,504,514
1,266,322
143
COMPANY
SHARES
9,211
21,649
26,717
6,499
4,909
28,671
198,950
6,526
29,234
11,016
19,861
38,833
14,081
15,685
6,490
9,542
29,950
2,954
9,315
58,950
16,586
11,445
10,843
36,430
30,409
17,203
8,431
25,448
41,255
9,550
15,767
1,317
38,721
12,714
4,866
1,904
19,507
113,493
4,579
256,453
70,943
13,420
47,329
12,648
54,591
10,279
12,178
6,337
15,909
6,376
15,763
3,281
41,024
*
*
*,e
*
*
*
*
*,e
*
*,e
e
*
*
*
*
e
*,e
*,e
*
*,e
*
*
*
*
*,e
*
*
*
*,e
*
*,e
*
VALUE
Buffalo Wild Wings, Inc
Caesars Acquisition Co
Caesars Entertainment Corp
Cambium Learning Group, Inc
Capella Education Co
Career Education Corp
Carnival Corp
Carrols Restaurant Group, Inc
Century Casinos, Inc
Cheesecake Factory
Chegg, Inc
Chipotle Mexican Grill, Inc (Class A)
Chuy’s Holdings, Inc
ClubCorp Holdings, Inc
Collectors Universe
Cracker Barrel Old Country Store, Inc
Dave & Buster’s Entertainment, Inc
Del Frisco’s Restaurant Group, Inc
Del Taco Restaurants, Inc
Denny’s Corp
DeVry Education Group, Inc
Diamond Resorts International, Inc
DineEquity, Inc
Domino’s Pizza, Inc
El Pollo Loco Holdings, Inc
Eldorado Resorts, Inc
Empire Resorts, Inc
Fiesta Restaurant Group, Inc
Golden Entertainment, Inc
Graham Holdings Co
Grand Canyon Education, Inc
H&R Block, Inc
Habit Restaurants, Inc
Houghton Mifflin Harcourt Co
Hyatt Hotels Corp
International Speedway Corp (Class A)
Intrawest Resorts Holdings Inc
Isle of Capri Casinos, Inc
J Alexander’s Holdings, Inc
Jamba, Inc
K12, Inc
Kona Grill, Inc
La Quinta Holdings, Inc
$
144
1,547,080
232,943
184,347
31,455
293,902
198,117
9,294,944
158,647
354,024
70,282
1,027,410
209,310
5,970,203
757,429
851,034
321,756
434,275
63,541
1,466,274
3,628,962
738,077
170,759
113,960
406,559
677,208
519,187
686,030
3,748,490
1,869,264
125,678
227,833
20,387
548,289
284,031
66,226
958,169
820,464
2,699,998
74,363
5,947,145
1,202,484
676,905
989,176
427,123
981,546
149,457
228,094
60,645
1,406,197
68,861
195,146
41,013
507,467
COMPANY
SHARES
177,953
1,654
43,945
5,845
8,898
8,153
91,530
11,656
434,941
240,632
4,064
1,566
4,850
83,523
10,895
12,134
36,175
26,419
7,642
11,300
11,169
7,530
6,436
14,559
17,984
81,692
25,656
14,638
25,187
30,915
85,699
66,458
7,607
32,963
22,829
25,664
4,910
705,723
82,622
879
4,510
29,590
16,884
13,931
101,964
7,134
53,840
39,072
189,157
9,183
*
*
*
e
*
*
*
*,e
*
*
*
*
*,e
*
*,e
*
*
*
*
*
*,e
e
*
*,e
e
*
*
*,e
e
*,e
VALUE
Liberty Tax, Inc
LifeLock, Inc
Lindblad Expeditions Holdings, Inc
Luby’s, Inc
Marcus Corp
McDonald’s Corp
MGM Resorts International
Monarch Casino & Resort, Inc
Nathan’s Famous, Inc
Noodles & Co
Norwegian Cruise Line Holdings Ltd
Panera Bread Co (Class A)
Papa John’s International, Inc
Penn National Gaming, Inc
Pinnacle Entertainment, Inc
Planet Fitness, Inc
Popeyes Louisiana Kitchen, Inc
Potbelly Corp
Red Lion Hotels Corp
Red Robin Gourmet Burgers, Inc
Red Rock Resorts, Inc
Regis Corp
Ruby Tuesday, Inc
Ruth’s Chris Steak House, Inc
Scientific Games Corp (Class A)
SeaWorld Entertainment, Inc
ServiceMaster Global Holdings, Inc
Shake Shack, Inc
Sonic Corp
Sotheby’s (Class A)
Speedway Motorsports, Inc
Starbucks Corp
Steak N Shake Co
Strayer Education, Inc
Texas Roadhouse, Inc (Class A)
Vail Resorts, Inc
Weight Watchers International, Inc
Wendy’s
Wingstop, Inc
Wynn Resorts Ltd
Yum! Brands, Inc
Zoe’s Kitchen, Inc
$
145
9,013,319
22,924
735,200
58,099
41,287
180,589
6,562,701
889,353
51,170,809
5,770,355
94,813
76,061
35,842
3,558,080
2,389,491
897,309
543,349
288,495
156,661
647,264
145,532
59,788
311,245
335,003
241,705
5,917,768
103,650
233,769
268,367
476,091
2,375,576
2,514,106
304,356
1,858,784
614,328
831,257
86,760
40,967,220
6,449,473
364,882
206,197
1,397,240
2,415,594
166,197
984,972
185,484
3,823,717
3,827,102
16,914,419
326,364
243,227,456
SHARES
COMPANY
VALUE
28,477
216,936
Ally Financial, Inc
394,962
American Express Co
76,813
7,917
e Arlington Asset Investment Corp (Class A)
19,969
Artisan Partners Asset Management, Inc
2,529
Associated Capital Group, Inc
4,505
e B. Riley Financial, Inc
508,794
2,587
*,e BBX Capital Corp
105,406
BGC Partners, Inc (Class A)
61,253
BlackRock, Inc
6,593
Calamos Asset Management, Inc (Class A)
247,818
11,259
Cash America International, Inc
41,466
CBOE Holdings, Inc
570,873
Charles Schwab Corp
165,817
CME Group, Inc
14,939
Cohen & Steers, Inc
46,375
*,e Cowen Group, Inc
4,013
1,470
Diamond Hill Investment Group, Inc
201,043
131,332
53,537
Eaton Vance Corp
15,191
*,e Encore Capital Group, Inc
10,301
* Enova International, Inc
19,023
20,397
* Ezcorp, Inc (Class A)
20,437
3,209
FBR & Co
52,116
Federated Investors, Inc (Class B)
25,954
e Financial Engines, Inc
16,138
First Cash Financial Services, Inc
36,692
* FNFV Group
182,644
18,429
Gain Capital Holdings, Inc
2,529
GAMCO Investors, Inc (Class A)
189,957
19,045
* Green Dot Corp
21,555
Greenhill & Co, Inc
17,589
HFF, Inc (Class A)
5,864
Houlihan Lokey, Inc
30,972
Interactive Brokers Group, Inc (Class A)
57,636
6,188
* INTL FCStone, Inc
191,418
Invesco Ltd
14,488
Investment Technology Group, Inc
28,213
e iShares Russell 2000 Index Fund
56,936
70,310
21,930
* KCG Holdings, Inc
45,221
* Ladenburg Thalmann Financial Services, Inc
$
146
4,179,854
3,913,525
25,459,250
7,361,758
110,284
558,333
75,592
40,905
20,046,484
50,033
934,951
22,433,911
45,887
16,623,631
482,448
2,852,861
16,224,211
16,953,130
643,871
144,690
725,029
280,755
11,427,284
3,293,807
2,024,234
370,812
93,636
963,895
184,797
3,514,346
48,360
1,645,302
684,926
828,041
437,736
6,609,886
123,843
86,340
30,167,071
460,889
427,436
496,186
134,461
1,079,064
15,227,431
180,318
5,585,577
241,950
3,416,312
7,299,765
1,061,681
331,801
110,339
COMPANY
SHARES
57,620
51,330
159,091
160,551
41,809
7,132
19,495
3,292
9,097
85,064
710,435
10,793
44,539
52,287
161,185
9,011
10,526
101,317
100,741
13,585
23,739
25,988
3,966
9,653
10,950
8,578
22,229
4,748
57,925
4,505
6,469
129,553
8,217
53,693
62,456
3,516
238,838
2,000
62,987
188,173
28,122
397,276
118,788
131,852
13,907
12,088
2,871
100,020
38,336
3,840
55,673
3,115
*,e
e
*
*
*,e
*
*
*
*,e
*
*
*
e
*
e
*
*
e
e
e
*,e
VALUE
Legg Mason, Inc
LendingClub Corp
Leucadia National Corp
LPL Financial Holdings, Inc
Manning & Napier, Inc
MarketAxess Holdings, Inc
Marlin Business Services Corp
Moelis & Co
Moody’s Corp
Morgan Stanley
Morningstar, Inc
MSCI, Inc (Class A)
Navient Corp
NewStar Financial, Inc
Northern Trust Corp
OM Asset Management plc
On Deck Capital, Inc
OneMain Holdings, Inc
Oppenheimer Holdings, Inc
Pico Holdings, Inc
Piper Jaffray Cos
PJT Partners, Inc
PRA Group, Inc
Pzena Investment Management, Inc (Class A)
Regional Management Corp
Resource America, Inc (Class A)
S&P Global, Inc
Safeguard Scientifics, Inc
Santander Consumer USA Holdings, Inc
SEI Investments Co
Silvercrest Asset Management Group, Inc
SLM Corp
SPDR S&P MidCap 400 ETF Trust
SPDR Trust Series 1
State Street Corp
Stifel Financial Corp
Synchrony Financial
Tiptree Financial, Inc
Virtu Financial, Inc
Virtus Investment Partners, Inc
Voya Financial, Inc
Waddell & Reed Financial, Inc (Class A)
Westwood Holdings Group, Inc
WisdomTree Investments, Inc
World Acceptance Corp
$
147
2,059,339
1,752,406
735,000
2,931,661
1,126,753
55,558
3,151,562
60,441
226,424
9,017,635
20,410,798
912,872
3,832,136
3,699,828
2,288,827
364,134
107,576
6,848,016
1,194,788
190,190
123,443
749,494
62,425
97,302
452,673
218,996
619,300
37,319
3,180,082
84,694
63,008
15,831,377
106,164
590,086
2,810,520
42,719
1,717,245
567,560
13,677,627
12,378,020
994,113
11,076,055
8,397,124
4,003,027
72,595
207,914
241,997
2,563,513
700,015
205,901
553,390
135,378
382,225,939
SHARES
ENERGY - 6.4%
45,655
1,000
22,186
250,142
78,768
187,738
34,311
9,798
31,018
214,446
24,502
15,099
223,572
18,363
58,552
8,536
26,976
99,227
312,478
923,723
45,697
3,003
41,240
63,796
612,064
111,730
11,630
41,077
7,838
10,061
29,573
172,907
255,774
41,496
27,486
35,026
18,745
18,423
47,471
147,972
269,478
24,487
84,188
14,655
15,554
8,771
70,956
19,733
2,040,801
31,336
110,371
COMPANY
VALUE
* Abraxas Petroleum Corp
Adams Resources & Energy, Inc
* Antero Resources Corp
Apache Corp
Archrock, Inc
e Ardmore Shipping Corp
e Atwood Oceanics, Inc
Baker Hughes, Inc
*,e Bill Barrett Corp
e Bristow Group, Inc
*,e California Resources Corp
e CARBO Ceramics, Inc
* Cheniere Energy, Inc
*,e Chesapeake Energy Corp
Chevron Corp
Cimarex Energy Co
*,e Clayton Williams Energy, Inc
* Clean Energy Fuels Corp
* Concho Resources, Inc
ConocoPhillips
e Consol Energy, Inc
* Contango Oil & Gas Co
*,e Continental Resources, Inc
e CVR Energy, Inc
* Dawson Geophysical Co
e Denbury Resources, Inc
* Devon Energy Corp
DHT Holdings, Inc
e Diamond Offshore Drilling, Inc
* Diamondback Energy, Inc
*,e Dorian LPG Ltd
* Dril-Quip, Inc
Energen Corp
Ensco plc
EOG Resources, Inc
*,e EP Energy Corp
EQT Corp
* Era Group, Inc
*,e Erin Energy Corp
Evolution Petroleum Corp
*,e EXCO Resources, Inc
* Exterran Corp
Exxon Mobil Corp
* Fairmount Santrol Holdings, Inc
* FMC Technologies, Inc
$
148
52,960
30,270
156,855
13,640,243
2,062,934
9,856,245
305,711
68,880
331,272
10,256,952
146,277
163,220
5,515,521
188,404
666,907
120,358
884,813
4,150,665
1,693,631
94,663,133
5,484,554
113,243
123,308
7,923,463
24,984,452
2,165,327
107,345
1,809,442
116,002
74,954
370,254
501,430
9,791,029
193,371
624,482
3,074,933
115,657
1,002,764
2,249,176
1,356,903
22,016,353
102,111
6,133,938
128,671
39,818
47,802
97,919
251,004
181,529,249
214,652
2,801,216
COMPANY
SHARES
29,393
27,792
48,359
21,007
19,674
5,250
44,429
19,228
60,692
420,048
55,572
47,544
137,910
79,885
27,560
9,110
341
18,481
942,694
76,225
69,878
414,965
258,797
40,167
12,980
128,249
47,008
82,691
134,789
186,540
5,354
62,110
97,070
38,370
137,988
206,518
43,662
42,056
86,615
373,807
44,342
24,829
103,988
17,279
17,539
12,659
21,418
56,086
73,794
70,635
47,755
22,397
5,035
*
e
e
e
*
*,e
e
*
*
e
*,e
*
*,e
*
*
*,e
*
*
*
*
e
*
e
*
*
e
e
*,e
*
*
*,e
*
*
*
*
*
VALUE
Forum Energy Technologies, Inc
Frank’s International NV
Frontline Ltd
GasLog Ltd
Gener8 Maritime, Inc
Geospace Technologies Corp
Golar LNG Ltd
Halliburton Co
Helix Energy Solutions Group, Inc
Hess Corp
HollyFrontier Corp
Hornbeck Offshore Services, Inc
Independence Contract Drilling, Inc
Isramco, Inc
Jones Energy, Inc (Class A)
Kinder Morgan, Inc
Kosmos Energy LLC
Laredo Petroleum Holdings, Inc
Marathon Oil Corp
Matrix Service Co
Memorial Resource Development Corp
Murphy Oil Corp
Navios Maritime Acq Corp
Noble Corp plc
Noble Energy, Inc
Nordic American Tanker Shipping
Northern Oil And Gas, Inc
Oneok, Inc
Overseas Shipholding Group, Inc
Pacific Ethanol, Inc
Panhandle Oil and Gas, Inc (Class A)
Par Petroleum Corp
Parker Drilling Co
Parsley Energy, Inc
PBF Energy, Inc
PDC Energy, Inc
PHI, Inc
$
149
479,988
342,397
383,970
280,864
104,666
86,625
753,516
436,091
1,765,530
18,339,296
441,242
2,946,302
7,398,871
2,030,677
219,929
45,823
26,973
68,380
19,164,969
423,049
700,178
5,660,123
10,194,014
847,122
215,079
664,330
704,180
2,268,214
1,213,101
6,034,569
134,439
95,028
4,203,131
242,498
1,018,351
7,376,823
537,043
166,542
658,274
27,934,597
1,236,255
767,713
4,657,623
220,998
119,791
207,101
321,270
116,098
2,103,867
1,369,613
1,066,847
1,226,684
97,276
SHARES
222,118
40,631
80,780
105,447
81,189
26,863
3,235
58,289
14,006
17,417
65,300
37,937
38,250
28,765
680,628
82,818
7,758
209,981
21,549
29,038
34,423
191,225
342,655
73,622
101,034
76,243
21,246
79,821
16,145
59,059
35,635
23,034
168,506
25,671
31,833
230,099
18,049
436,513
32,983
9,243
98,790
18,561
346,747
33,297
134,438
COMPANY
VALUE
Phillips 66
* Pioneer Energy Services Corp
*,e Renewable Energy Group, Inc
* Rex American Resources Corp
* Rice Energy, Inc
* RigNet, Inc
* Ring Energy, Inc
Rowan Cos plc
*,e RPC, Inc
* RSP Permian, Inc
*,e Sanchez Energy Corp
Schlumberger Ltd
Scorpio Tankers, Inc
*,e SEACOR Holdings, Inc
*,e Seadrill Ltd
SemGroup Corp
e Ship Finance International Ltd
e SM Energy Co
*,e Southwestern Energy Co
Spectra Energy Corp
* Synergy Resources Corp
e Teekay Corp
e Teekay Tankers Ltd (Class A)
Tesco Corp
Tesoro Corp
* Tetra Technologies, Inc
e Tidewater, Inc
e Transocean Ltd (NYSE)
* Unit Corp
Valero Energy Corp
* W&T Offshore, Inc
* Weatherford International Ltd
* Westmoreland Coal Co
*,e Whiting Petroleum Corp
* Willbros Group, Inc
Williams Cos, Inc
* WPX Energy, Inc
TOTAL ENERGY
$
13,072
Andersons, Inc
17,822
9,311
* Chefs’ Warehouse Holdings, Inc
215,274
528,018
CVS Health Corp
16,894,295
127,988
13,132,405
1,919,135
3,272,729
261,914
212,863
1,359,299
167,372
138,291
995,172
549,707
1,375,087
182,370
54,804,167
394,214
438,482
623,644
624,059
438,474
933,896
2,788,060
12,325,300
1,175,743
657,731
2,840,814
131,725
235,472
106,718
4,497,343
214,166
98,355
1,851,881
320,887
1,097,283
12,029,576
35,917
2,479,394
687,696
88,271
728,082
38,050
8,311,526
1,584,937
1,343,036
715,131,529
483,403
2,379,950
150,373
35,998,118
48,957,829
150
COMPANY
SHARES
5,784
465,970
5,067
13,206
9,131
518,611
9,346
17,874
68,237
122,309
256,975
23,986
16,907
2,593
425,754
749,398
4,144
156,050
*,e
*
*
*
*,e
*
*
*
VALUE
Ingles Markets, Inc (Class A)
Kroger Co
Natural Grocers by Vitamin C
Performance Food Group Co
Pricesmart, Inc
Rite Aid Corp
Smart & Final Stores, Inc
Spartan Stores, Inc
Sprouts Farmers Market, Inc
Supervalu, Inc
Sysco Corp
United Natural Foods, Inc
US Foods Holding Corp
Village Super Market (Class A)
Weis Markets, Inc
$
1,581
Alico, Inc
2,499
* Alliance One International, Inc
959,469
Altria Group, Inc
14,217
*,e Amplify Snack Brands, Inc
281,735
30,187
B&G Foods, Inc (Class A)
29,317
* Blue Buffalo Pet Products, Inc
4,107
*,e Boston Beer Co, Inc (Class A)
13,324
e Brown-Forman Corp
48,678
67,929
Bunge Ltd
7,234
Calavo Growers, Inc
14,903
e Cal-Maine Foods, Inc
86,966
Campbell Soup Co
2,067
e Coca-Cola Bottling Co Consolidated
1,910,672
Coca-Cola Co
206,920
ConAgra Foods, Inc
81,459
3,993
* Craft Brewers Alliance, Inc
79,478
51,471
e Dean Foods Co
90,429
3,496
* Farmer Bros Co
84,587
Flowers Foods, Inc
19,090
8,938
*,e Freshpet, Inc
291,268
General Mills, Inc
46,993
70,214
Hershey Co
132,340
Hormel Foods Corp
32,359
Ingredion, Inc
5,854
*,e Inventure Foods, Inc
224,593
15,931,514
69,367
362,373
711,122
3,630,277
128,881
563,031
1,578,322
596,868
13,308,735
1,198,820
408,473
82,043
33,741,005
54,683,572
214,120
4,756,404
220,159,193
46,766
43,233
64,956,051
202,734
12,700,614
1,557,347
752,861
751,088
1,407,814
4,779,693
4,472,445
475,853
624,436
5,415,373
294,361
83,362,619
9,675,579
13,410,595
46,878
1,254,163
950,155
8,908,161
107,222
1,555,555
1,085,266
78,118
20,939,257
2,480,760
7,776,903
4,942,899
4,311,513
50,461
151
COMPANY
SHARES
7,308
56,696
6,282
121,601
294,734
11,079
10,815
1,889
4,909
60,727
91,491
4,975
82,334
732,577
73,282
5,601
13,153
715,749
763,552
28,735
56,368
31,413
9,974
409,813
9,702
127
3,366
39,152
9,335
8,246
26,731
142,101
9,195
42,850
84,913
*
*
e
*
*
*
e
*
*
e
*
*
*,e
e
*
e
*
VALUE
J&J Snack Foods Corp
J.M. Smucker Co
John B. Sanfilippo & Son, Inc
Kellogg Co
Kraft Heinz Co
Landec Corp
Lifeway Foods, Inc
Limoneira Co
McCormick & Co, Inc
Mgp Ingredients, Inc
Monster Beverage Corp
National Beverage Corp
Omega Protein Corp
PepsiCo, Inc
Pilgrim’s Pride Corp
Pinnacle Foods, Inc
Post Holdings, Inc
Primo Water
Sanderson Farms, Inc
Seaboard Corp
Seneca Foods Corp
Synutra International, Inc
Tootsie Roll Industries, Inc
TreeHouse Foods, Inc
Universal Corp
Vector Group Ltd
WhiteWave Foods Co (Class A)
$
8,642
*,e AAC Holdings, Inc
10,727
Abaxis, Inc
711,902
Abbott Laboratories
20,289
* Abiomed, Inc
35,682
33,412
* Accuray, Inc
14,051
Aceto Corp
3,135
* Addus HomeCare Corp
6,033
*,e Adeptus Health, Inc
168,110
Aetna Inc
16,272
42,132
* Alere, Inc
36,573
90,925
* Allscripts Healthcare Solutions, Inc
3,624
* Almost Family, Inc
888,726
8,740,255
293,181
10,057,619
25,462,070
1,439,827
124,372
18,871
86,840
6,209,336
8,160,997
213,925
8,411,241
32,218,736
11,771,288
321,273
296,206
77,959,381
76,553,724
668,089
2,830,237
2,722,565
119,489
20,515,239
849,798
372,110
131,846
1,341,348
32,579
306,174
2,758,372
10,458,634
545,355
946,557
4,711,822
577,954,855
195,914
530,557
31,857,614
2,393,493
2,016,033
183,098
361,251
59,126
268,891
19,367,953
541,695
1,579,950
3,260,483
1,283,861
144,199
152
SHARES
15,503
4,344
87,100
22,969
26,266
6,075
10,989
6,839
129,192
19,059
15,204
618
5,668
11,914
35,941
248,104
102,480
29,228
11,531
655,405
89,907
17,379
12,254
159,809
15,265
14,031
81,763
143,981
49,706
7,648
123,921
6,476
55,890
5,561
18,046
13,375
23,821
4,880
6,175
13,339
15,190
6,000
11,463
81,923
112,466
40,117
21,692
103,186
35,369
23,345
2,354
90,833
7,148
COMPANY
VALUE
* Amedisys, Inc
* American Renal Associates Holdings, Inc
* Amsurg Corp
Analogic Corp
Anthem, Inc
* AtriCure, Inc
Atrion Corp
*,e Avinger, Inc
* AxoGen, Inc
Bard (C.R.), Inc
*,e BioScrip, Inc
* BioTelemetry, Inc
Cantel Medical Corp
* Castlight Health, Inc
* Centene Corp
* Cerner Corp
*,e Cerus Corp
Chemed Corp
Cigna Corp
* Civitas Solutions, Inc
*,e Community Health Systems, Inc
*,e ConforMIS, Inc
Conmed Corp
Cooper Cos, Inc
* Corvel Corp
* Cotiviti Holdings, Inc
CryoLife, Inc
* Cutera, Inc
* Cynosure, Inc (Class A)
* DaVita, Inc
* DexCom, Inc
*,e Endologix, Inc
Ensign Group, Inc
* Entellus Medical, Inc
* Evolent Health, Inc
$
153
830,186
103,604
7,420,049
971,589
1,970,213
510,421
182,307
341,403
16,968,077
2,435,550
230,949
294,662
28,000
80,062
8,041,080
11,913,954
18,036,480
74,824
219,320
15,913,233
1,660,582
1,163,524
238,708
13,360,032
299,347
52,336
5,768,380
8,982,975
367,327
1,125,327
15,980,852
138,781
713,715
220,438
125,781
543,560
4,346,618
220,576
149,064
195,016
221,318
64,740
630,006
6,352,309
7,202,323
3,699,991
779,394
11,816,861
499,057
501,917
42,137
2,233,583
168,264
COMPANY
SHARES
5,211
312,592
19,474
8,056
34,230
24,777
26,386
151,875
20,916
44,560
12,669
15,590
8,477
40,076
32,091
40,771
132,771
72,998
8,863
44,572
7,610
65,678
7,968
28,625
28,020
14,944
16,794
18,982
13,425
11,172
1,187
3,680
12,177
40,644
51,218
4,554
4,833
7,358
19,709
14,401
20,112
109,087
26,617
44,714
688,926
20,456
20,749
20,913
5,475
3,676
15,835
20,247
11,357
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*,e
*
*
*
*
*,e
*,e
*,e
*
*
*
*
*
*
*
*
*
*
*
*
*,e
VALUE
Exactech, Inc
Express Scripts Holding Co
GenMark Diagnostics, Inc
Glaukos Corp
Globus Medical, Inc
Haemonetics Corp
Halyard Health, Inc
HCA Holdings, Inc
HealthEquity, Inc
Healthsouth Corp
HealthStream, Inc
Healthways, Inc
HeartWare International, Inc
Henry Schein, Inc
HMS Holdings Corp
Hologic, Inc
Humana, Inc
ICU Medical, Inc
Idexx Laboratories, Inc
Imprivata, Inc
IMS Health Holdings, Inc
Inogen Inc
Inovalon Holdings, Inc
Insulet Corp
Integer Holding Corp
Integra LifeSciences Holdings Corp
Intuitive Surgical, Inc
Invacare Corp
InVivo Therapeutics Holdings Corp
iRadimed Corp
IRIDEX Corp
K2M Group Holdings, Inc
Laboratory Corp of America Holdings
Landauer, Inc
LeMaitre Vascular, Inc
LHC Group, Inc
LifePoint Hospitals, Inc
Magellan Health Services, Inc
Masimo Corp
McKesson Corp
Medidata Solutions, Inc
MEDNAX, Inc
Medtronic plc
Meridian Bioscience, Inc
Merit Medical Systems, Inc
Molina Healthcare, Inc
National Healthcare Corp
National Research Corp
Natus Medical, Inc
Neogen Corp
Nevro Corp
$
154
140,853
23,778,873
207,398
281,638
785,578
751,239
912,692
11,714,119
617,440
1,918,308
306,970
262,536
491,157
7,252,954
1,714,622
810,527
5,110,356
12,595,805
1,034,844
4,180,408
145,503
1,971,654
428,200
532,997
991,628
331,906
1,415,230
13,206,916
154,656
72,395
22,980
59,653
204,087
498,295
7,147,984
189,993
83,128
333,023
1,166,379
986,036
1,065,333
21,223,967
1,414,694
3,081,242
60,370,585
396,028
486,357
1,188,068
353,685
55,214
622,791
1,116,622
939,224
COMPANY
SHARES
25,328
24,605
23,959
30,681
17,112
23,565
7,923
33,929
8,842
40,956
12,343
15,541
26,811
10,798
5,733
23,815
69,260
11,443
13,972
14,581
63,640
21,277
22,692
5,783
51,697
13,889
20,854
136,174
14,817
161,400
7,270
13,245
5,430
7,897
37,057
9,982
22,591
40,423
39,361
10,733
461,444
28,250
41,824
5,830
1,453
50,173
8,154
38,049
46,934
10,460
21,676
35,051
55,220
*,e
*,e
*
*
*
*
*
*,e
*
*
*
*
*
*
*
*
*,e
*
*
*
*,e
*
*,e
*,e
*
*
*
*
*,e
*
*,e
*
*
*
*
*
*
*
*
VALUE
Nobilis Health Corp
Novocure Ltd
NuVasive, Inc
NxStage Medical, Inc
Omnicell, Inc
Orthofix International NV
Owens & Minor, Inc
Oxford Immunotec Global plc
Patterson Cos, Inc
Penumbra, Inc
PharMerica Corp
Premier, Inc
Press Ganey Holdings, Inc
Quidel Corp
Quorum Health Corp
RadNet, Inc
Resmed, Inc
Rockwell Medical, Inc
RTI Biologics, Inc
Second Sight Medical Products, Inc
Select Medical Holdings Corp
Senseonics Holdings, Inc
Spectranetics Corp
St. Jude Medical, Inc
Staar Surgical Co
Stryker Corp
Surgery Partners, Inc
Surgical Care Affiliates, Inc
SurModics, Inc
Tandem Diabetes Care, Inc
Team Health Holdings, Inc
Teladoc, Inc
Teleflex, Inc
Tenet Healthcare Corp
TransEnterix, Inc
Triple-S Management Corp (Class B)
Utah Medical Products, Inc
Varian Medical Systems, Inc
VCA Antech, Inc
Veeva Systems, Inc
WellCare Health Plans, Inc
West Pharmaceutical Services, Inc
$
155
72,185
185,030
1,490,250
678,357
661,892
160,713
375,550
1,211,605
71,090
2,021,588
843,150
412,769
876,720
431,056
277,305
292,448
5,981,294
260,900
152,155
87,632
4,383,523
171,280
73,749
23,363
594,515
46,111
483,396
11,307,889
101,348
18,767,592
131,805
688,872
148,945
52,357
1,513,408
174,086
4,073,383
1,237,348
53,137
266,715
66,078,781
216,395
5,417,463
347,585
94,547
4,753,390
374,024
2,714,416
1,783,023
154,703
2,314,997
2,813,894
1,210,975
SHARES
17,038
86,842
COMPANY
VALUE
*,e Zeltiq Aesthetics, Inc
206,598
Avon Products, Inc
3,706
23,182
* Central Garden and Pet Co (Class A)
61,738
61,910
Clorox Co
425,457
21,957
e Coty, Inc
28,503
10,401
* Elizabeth Arden, Inc
28,336
105,544
36,554
*,e Herbalife Ltd
52,500
* HRG Group, Inc
7,838
Inter Parfums, Inc
176,099
Kimberly-Clark Corp
6,950
* Lifevantage Corp
5,231
Medifast, Inc
3,678
3,786
Nature’s Sunshine Products, Inc
25,742
3,287
* Nutraceutical International Corp
2,506
Oil-Dri Corp of America
4,306
e Orchids Paper Products Co
1,316,698
Procter & Gamble Co
5,661
* Revlon, Inc (Class A)
12,926
e Spectrum Brands, Inc
2,534
WD-40 Co
6,944
INSURANCE - 3.9%
200,353
7,540
42,829
183,146
23,053
39,077
33,354
543,789
3,548
9,124
43,231
128,807
56,029
13,975
85,118
29,450
30,221
$
578,440
11,388,460
598,677,294
840,854
89,907
528,318
6,065,141
8,114,544
31,666,764
589,985
2,411,639
144,574
1,460,154
9,805,038
2,486,037
781,725
255,048
22,813,625
97,230
184,236
123,544
44,675
1,374,623
84,279
93,850
132,237
112,696,182
200,909
1,664,481
347,969
798,421
205,895,989
Aflac, Inc
* Alleghany Corp
Allstate Corp
* AMBAC Financial Group, Inc
American National Insurance Co
Amerisafe, Inc
Amtrust Financial Services, Inc
Aon plc
Assurant, Inc
14,481,515
4,097,990
1,755,561
12,514,366
419,104
622,497
2,438,177
29,603,873
405,714
534,028
1,031,924
13,791,365
4,069,386
725,163
4,186,954
1,353,522
2,508,645
156
SHARES
65,960
4,444
45,995
3,677
925,380
3,128
56,977
225,708
72,745
23,451
15,393
84,431
5,375
3,405
8,929
2,877
15,444
31,320
5,538
12,036
20,486
10,756
5,754
5,606
43,516
120,490
277,651
14,101
5,627
20,699
187,094
3,640
12,674
19,686
3,159
5,178
737
6,321
19,560
114,672
137,152
28,819
6,850
254,189
63,072
15,410
452,609
23,494
3,801
1,147
7,450
117,277
9,711
COMPANY
VALUE
Assured Guaranty Ltd
* Atlas Financial Holdings, Inc
Baldwin & Lyons, Inc (Class B)
Blue Capital Reinsurance Holdings Ltd
Brown & Brown, Inc
Chubb Ltd
*,e Citizens, Inc (Class A)
CNA Financial Corp
Conseco, Inc
Crawford & Co (Class B)
Donegal Group, Inc (Class A)
* eHealth, Inc
EMC Insurance Group, Inc
* Enstar Group Ltd
Erie Indemnity Co (Class A)
FBL Financial Group, Inc (Class A)
Federated National Holding Co
e Fidelity & Guaranty Life
FNF Group
* Greenlight Capital Re Ltd (Class A)
* Hallmark Financial Services
e HCI Group, Inc
Heritage Insurance Holdings, Inc
Horace Mann Educators Corp
Independence Holding Co
Infinity Property & Casualty Corp
Investors Title Co
James River Group Holdings Ltd
Kemper Corp
Lincoln National Corp
Loews Corp
Maiden Holdings Ltd
* Markel Corp
* MBIA, Inc
Mercury General Corp
Metlife, Inc
National General Holdings Corp
National Interstate Corp
National Western Life Group, Inc
Navigators Group, Inc
OneBeacon Insurance Group Ltd (Class A)
$
157
1,767,068
76,481
2,556,402
97,404
133,504,573
55,835
2,088,777
28,272,184
5,434,051
195,816
489,959
1,466,566
59,017
55,059
85,272
79,779
440,463
2,118,172
922,575
1,175,797
3,872,059
670,852
120,546
122,547
1,819,404
4,538,858
794,082
290,904
59,702
1,704,356
7,455,696
109,782
157,031
672,867
54,998
424,803
74,068
212,765
670,321
5,007,726
5,668,492
402,601
6,498,938
16,712,927
532,328
853,252
19,344,509
484,681
123,266
216,944
697,842
2,272,828
136,051
COMPANY
SHARES
3,585
27,727
128,589
28,150
287,835
208,695
31,253
20,478
20,429
6,977
28,054
6,046
11,853
11,100
34,592
58,072
144,966
13,469
3,342
10,606
6,793
15,924
104,808
36,138
46,818
2,553
137,353
MATERIALS - 3.3%
13,815
1,694
10,787
95,875
114,622
54,044
644,860
52,901
11,715
4,313
30,367
30,353
42,007
78,971
34,524
15,361
83,814
44,396
59,088
19,062
29,975
24,508
22,398
VALUE
*,e Patriot National, Inc
e Primerica, Inc
ProAssurance Corp
Progressive Corp
RLI Corp
Safety Insurance Group, Inc
State Auto Financial Corp
State National Cos, Inc
* Third Point Reinsurance Ltd
Torchmark Corp
Travelers Cos, Inc
*,e Trupanion, Inc
* United America Indemnity Ltd
United Fire & Casualty Co
United Insurance Holdings Corp
e Universal Insurance Holdings, Inc
UnumProvident Corp
W.R. Berkley Corp
White Mountains Insurance Group Ltd
XL Group Ltd
TOTAL INSURANCE
*,e
*,e
e
*
*
*
$
A. Schulman, Inc
AEP Industries, Inc
AgroFresh Solutions, Inc
AK Steel Holding Corp
Albemarle Corp
Alcoa, Inc
Allegheny Technologies, Inc
American Vanguard Corp
Ampco-Pittsburgh Corp
Aptargroup, Inc
Ashland, Inc
Avery Dennison Corp
Axalta Coating Systems Ltd
Axiall Corp
Balchem Corp
Ball Corp
Bemis Co, Inc
Boise Cascade Co
Cabot Corp
Calgon Carbon Corp
28,286
1,428,218
5,996,105
1,454,229
9,357,516
15,712,647
3,101,860
2,406,575
1,392,645
444,435
1,098,595
136,519
129,435
475,191
435,513
3,592,915
16,847,949
203,113
100,360
445,452
107,737
346,188
3,501,635
1,786,301
2,724,339
2,096,830
4,753,787
438,363,435
404,918
136,299
69,576
14,325,642
751,920
4,548,883
6,848,413
942,167
174,319
56,975
2,374,092
3,437,174
3,271,925
2,254,622
1,127,209
981,107
5,923,135
2,265,972
2,422,608
517,915
1,459,483
338,210
879,121
158
SHARES
69,841
28,403
114,251
4,817
95,430
31,102
8,163
102,121
15,502
86,727
53,034
16,376
64,913
4,672
28,645
560,148
22,857
71,899
127,665
428,574
38,483
48,283
24,560
63,324
621,644
9,761
33,638
25,837
150,013
2,266
13,180
24,317
1,004
4,200
5,132
35,395
186,110
96,789
20,823
10,340
11,495
37,635
200,806
7,002
42,573
3,950
9,009
13,579
8,381
68,731
16,521
174,021
31,604
VALUE
COMPANY
*,e Century Aluminum Co
Chase Corp
Chemours Co
* Chemtura
* Clearwater Paper Corp
*,e Cliffs Natural Resources, Inc
* Codexis, Inc
*,e Coeur Mining, Inc
e Compass Minerals International, Inc
* Crown Holdings, Inc
Deltic Timber Corp
Domtar Corp
Dow Chemical Co
Eastman Chemical Co
Ecolab, Inc
* Ferro Corp
Ferroglobe plc
*,e Flotek Industries, Inc
FMC Corp
FutureFuel Corp
*,e Gold Resource Corp
e Greif, Inc
H.B. Fuller Co
* Handy & Harman Ltd
Hawkins, Inc
Haynes International, Inc
* Headwaters, Inc
Hecla Mining Co
Huntsman Corp
* Ingevity Corp
Innospec, Inc
Kaiser Aluminum Corp
KMG Chemicals, Inc
* Koppers Holdings, Inc
e Kronos Worldwide, Inc
*,e LSB Industries, Inc
$
159
4,429,316
215,579
2,819,715
291,862
887,499
873,655
513,534
807,777
67,434
1,328,658
877,182
1,139,606
3,438,442
321,994
1,127,754
30,063,143
1,918,845
4,689,972
15,112,983
29,644,464
498,740
449,998
348,752
3,010,423
8,056,506
111,861
926,054
145,204
2,046,177
120,030
528,913
1,132,200
27,981
179,508
194,913
704,007
1,207,854
1,496,358
796,896
445,240
577,854
5,014,864
9,198,923
580,116
607,942
108,585
284,865
406,148
47,353
1,388,366
191,313
13,096,820
6,404,551
12,771
15,511
213,789
171,350
8,563
10,894
7,378
3,613
258,507
153,938
80,317
5,609
23,656
77,270
45,738
20,128
80,178
37,351
129,560
139,864
9,880
25,274
10,053
33,032
31,749
60,725
6,509
13,851
14,709
22,033
94,347
21,592
39,146
19,159
46,072
48,093
113,653
10,492
59,460
30,802
27,754
147,362
22,283
8,634
10,895
18,488
45,238
3,086
790
65,627
8,462
37,223
63,148
VALUE
COMPANY
SHARES
*
*
*
*,e
*
*,e
e
*
*
*
*
e
*,e
Materion Corp
Monsanto Co
Mosaic Co
Multi Packaging Solutions International Ltd
Neenah Paper, Inc
NewMarket Corp
Newmont Mining Corp
Nucor Corp
Olin Corp
Olympic Steel, Inc
Omnova Solutions, Inc
Owens-Illinois, Inc
PH Glatfelter Co
Platform Specialty Products Corp
PolyOne Corp
PPG Industries, Inc
Praxair, Inc
Rayonier Advanced Materials, Inc
Real Industry, Inc
Royal Gold, Inc
RPM International, Inc
Ryerson Holding Corp
Scotts Miracle-Gro Co (Class A)
Sealed Air Corp
Sherwin-Williams Co
Silgan Holdings, Inc
Sonoco Products Co
Southern Copper Corp (NY)
Steel Dynamics, Inc
Stepan Co
Stillwater Mining Co
Summit Materials, Inc
SunCoke Energy, Inc
TimkenSteel Corp
Trecora Resources
Tredegar Corp
Trinseo S.A.
Tronox Ltd
UFP Technologies, Inc
United States Lime & Minerals, Inc
United States Steel Corp
US Concrete, Inc
Valspar Corp
Vulcan Materials Co
$
160
337,282
1,012,248
22,826,252
4,626,450
124,335
162,865
556,523
1,546,147
11,374,308
8,257,234
1,678,625
160,754
224,022
1,451,903
3,416,171
415,844
737,638
1,309,900
13,566,228
16,299,751
945,121
348,023
78,816
2,591,030
2,684,060
3,294,938
93,990
269,956
556,147
1,624,934
4,451,291
1,594,137
11,733,231
949,903
2,346,447
1,249,937
3,048,173
674,741
909,738
681,956
211,763
2,292,953
223,276
98,687
192,841
920,517
293,595
70,639
49,770
1,804,086
545,799
3,963,133
7,829,089
SHARES
17,472
136,033
20,425
34,484
MEDIA - 2.9%
10,427
29,130
2,284
11,567
197,632
31,564
98,474
48,764
16,417
1,188,811
444
73,258
123,084
103,299
36,521
12,577
44,878
12,862
28,996
52,627
19,954
31,424
4,651
28,760
196,442
20,543
6,400
17,411
12,406
50,549
15,188
22,228
50,941
97,255
45,486
63,868
6,029
9,468
24,894
52,743
14,647
30,657
30,224
27,474
59,194
176,857
VALUE
COMPANY
Westlake Chemical Corp
WestRock Co
WR Grace & Co
TOTAL MATERIALS
$
AMC Entertainment Holdings, Inc
* AMC Networks, Inc
Cable One, Inc
* Carmike Cinemas, Inc
CBS Corp (Class B)
*,e Central European Media Enterprises Ltd (Class A) (NASDAQ)
*,e Daily Journal Corp
*,e Eros International plc
Gannett Co, Inc
*,e Global Eagle Entertainment, Inc
* Hemisphere Media Group, Inc
* Imax Corp
*,e Liberty Braves Group (Class A)
*,e Liberty Braves Group (Class C)
* Liberty Broadband Corp (Class C)
* Liberty Media Group (Class A)
* Liberty Media Group (Class C)
* Liberty SiriusXM Group (Class A)
* Liberty SiriusXM Group (Class C)
e Lions Gate Entertainment Corp
* Live Nation, Inc
* Loral Space & Communications, Inc
e MDC Partners, Inc
Meredith Corp
* MSG Networks, Inc
National CineMedia, Inc
New Media Investment Group, Inc
News Corp
161
799,169
5,837,176
905,032
2,581,817
375,246,805
306,762
1,612,637
1,196,542
356,495
10,320,343
72,913
23,128,588
1,833,526
114,755
79,947,540
101,410
1,838,043
3,020,481
5,518,233
1,496,265
183,750
325,814
223,927
491,772
671,520
163,623
311,098
59,021
908,528
4,529,953
1,185,331
105,536
278,228
779,221
3,200,257
344,768
498,352
1,821,141
3,428,239
909,265
1,751,261
211,799
1,730,656
317,647
927,749
797,969
492,045
470,890
485,191
768,338
2,293,835
SHARES
59,669
14,374
119,498
4,994
7,081
39,382
1,443
12,520
39,425
32,109
901,211
41,255
106,218
147,883
385,530
49,629
3,579
33,656
12,142
532,391
239,273
7,627
168,729
795,762
17,813
VALUE
COMPANY
News Corp (Class B)
e Nexstar Broadcasting Group, Inc (Class A)
Omnicom Group, Inc
*,e Radio One, Inc
* Reading International, Inc
Saga Communications, Inc
Scholastic Corp
*,e Sirius XM Holdings, Inc
TEGNA, Inc
Thomson Corp
Time Warner, Inc
Time, Inc
* Townsquare Media, Inc
Tribune Co
* tronc, Inc
Viacom, Inc
Walt Disney Co
World Wrestling Entertainment, Inc (Class A)
TOTAL MEDIA
$
797,283
AbbVie, Inc
44,127
11,534
*,e Accelerate Diagnostics, Inc
13,351
* Acceleron Pharma, Inc
18,680
*,e AcelRx Pharmaceuticals, Inc
57,304
* Achillion Pharmaceuticals, Inc
4,210
*,e Aclaris Therapeutics, Inc
20,949
* Acorda Therapeutics, Inc
8,387
*,e Adamas Pharmaceuticals, Inc
17,546
*,e Aduro Biotech, Inc
21,624
*,e Advaxis, Inc
12,037
* Adverum Biotechnologies, Inc
11,588
*,e Aerie Pharmaceuticals, Inc
32,182
*,e Agenus, Inc
4,678
* Agile Therapeutics, Inc
151,984
13,819
*,e Agios Pharmaceuticals, Inc
12,929
*,e Aimmune Therapeutics, Inc
22,014
* Akebia Therapeutics, Inc
40,640
* Akorn, Inc
12,928
*,e Albany Molecular Research, Inc
22,587
*,e Alder Biopharmaceuticals, Inc
106,325
77,776
* Alkermes plc
194,983
* Allergan plc
801,951
726,606
9,833,490
15,981
97,364
926,265
59,192
514,572
2,604,415
893,272
3,956,316
1,247,139
2,326,174
6,227,353
29,550,874
810,442
29,276
1,246,955
182,009
14,182,896
6,467,549
378,604
7,672,108
76,353,364
351,807
328,987,231
52,804,053
1,634,464
226,643
452,866
67,808
474,477
82,937
529,591
126,644
257,575
180,344
43,574
201,052
178,610
32,746
7,311,950
625,033
155,019
197,025
1,391,107
186,680
725,043
13,673,395
3,881,022
49,320,950
162
SHARES
36,523
16,789
370,121
61,430
16,975
22,539
15,209
3,304
21,009
5,978
12,806
7,258
101,870
86,016
70,415
26,110
4,375
11,438
34,748
2,238
12,006
4,815
10,302
30,549
108,221
79,341
39,348
11,446
1,907
19,171
21,816
17,515
9,768
818,806
54,276
15,433
9,334
48,477
380,000
54,616
4,292
18,786
35,424
22,808
11,750
19,935
13,925
2,186
15,457
14,351
6,498
6,440
35,675
VALUE
COMPANY
*,e Alnylam Pharmaceuticals, Inc
* AMAG Pharmaceuticals, Inc
Amgen, Inc
* Amicus Therapeutics, Inc
* Amphastar Pharmaceuticals, Inc
* Ampio Pharmaceuticals, Inc
*,e Anavex Life Sciences Corp
*,e ANI Pharmaceuticals, Inc
*,e Anthera Pharmaceuticals, Inc
* Applied Genetic Technologies Corp
*,e Aratana Therapeutics, Inc
* Ardelyx, Inc
*,e Arena Pharmaceuticals, Inc
*,e Ariad Pharmaceuticals, Inc
*,e Array Biopharma, Inc
*,e Arrowhead Research Corp
*,e Asterias Biotherapeutics, Inc
*,e Atara Biotherapeutics, Inc
*,e Athersys, Inc
*,e Avexis, Inc
* Axovant Sciences Ltd
*,e Axsome Therapeutics, Inc
*,e Bellicum Pharmaceuticals, Inc
* BioCryst Pharmaceuticals, Inc
* Biogen Idec, Inc
*,e Bio-Path Holdings, Inc
* Bio-Rad Laboratories, Inc (Class A)
* Biospecifics Technologies Corp
Bio-Techne Corp
* BioTime, Inc
*,e Bluebird Bio, Inc
*,e Blueprint Medicines Corp
Bruker BioSciences Corp
* Cambrex Corp
*,e Cara Therapeutics Inc
* Catalent, Inc
* Celgene Corp
*,e Celldex Therapeutics, Inc
*,e Cellular Biomedicine Group, Inc
*,e Cempra, Inc
* Cepheid, Inc
*,e ChemoCentryx, Inc
* Chimerix, Inc
*,e ChromaDex Corp
* Cidara Therapeutics, Inc
*,e Clovis Oncology, Inc
*,e Coherus Biosciences, Inc
*,e Collegium Pharmaceutical, Inc
* Concert Pharmaceuticals Inc
*,e Corcept Therapeutics, Inc
$
163
2,486,486
445,412
63,671,916
412,810
274,655
22,314
58,403
200,222
64,708
89,849
97,198
77,515
170,123
818,012
263,352
155,616
13,081
274,512
77,141
84,216
177,689
37,653
163,596
110,587
31,376,515
7,888,082
66,892
1,660,700
77,234
2,155,204
68,066
1,001,508
215,970
61,254,877
1,352,558
808,844
55,351
1,238,103
42,632,200
252,326
63,908
337,584
1,251,530
2,005,507
55,225
79,541
55,700
25,992
220,726
364,372
78,821
73,996
206,915
47,198
14,477
10,021
28,094
29,384
10,045
5,621
47,996
18,760
5,157
8,036
3,266
11,529
1,596
478,075
15,816
6,742
101,040
16,078
18,877
22,129
5,562
47,225
113,584
25,301
12,554
2,340
9,344
12,333
16,433
5,638
77,129
9,048
94,140
652,535
6,626
52,365
20,561
2,379
78,143
35,999
19,695
71,099
4,828
37,297
52,141
35,602
20,194
79,588
20,634
39,312
9,048
30,381
VALUE
COMPANY
SHARES
*
*,e
*,e
*,e
*,e
*
*,e
*
*,e
*,e
*,e
*,e
*,e
*,e
*
*,e
*
*,e
*
*
*,e
*,e
*,e
*
*
*,e
*,e
*,e
*,e
*,e
*,e
*
*,e
*,e
*,e
*,e
*
*
*,e
*
*
*,e
*,e
*,e
*
*
*
*,e
e
*
*,e
Curis, Inc
Cytokinetics, Inc
CytomX Therapeutics, Inc
CytRx Corp
Depomed, Inc
Dermira, Inc
Dimension Therapeutics, Inc
Durect Corp
Dynavax Technologies Corp
Eagle Pharmaceuticals, Inc
Edge Therapeutics, Inc
Editas Medicine, Inc
Egalet Corp
Eiger BioPharmaceuticals, Inc
Eli Lilly & Co
Enanta Pharmaceuticals, Inc
Endo International plc
Endocyte, Inc
Enzo Biochem, Inc
Epizyme, Inc
Esperion Thereapeutics, Inc
Exact Sciences Corp
Exelixis, Inc
FibroGen, Inc
Flex Pharma, Inc
Flexion Therapeutics Inc
Fluidigm Corp
Fortress Biotech, Inc
Foundation Medicine, Inc
Galena Biopharma, Inc
Genomic Health, Inc
Geron Corp
Global Blood Therapeutics, Inc
Heron Therapeutics, Inc
Heska Corp
Horizon Pharma plc
Idera Pharmaceuticals, Inc
Ignyta, Inc
Illumina, Inc
Immune Design Corp
Immunogen, Inc
Immunomedics, Inc
Incyte Corp
Infinity Pharmaceuticals, Inc
Innoviva, Inc
Inotek Pharmaceuticals Corp
$
164
79,293
160,984
100,811
18,261
557,414
337,110
40,022
93,112
289,467
222,473
77,949
84,002
85,199
31,042
39,627,637
528,096
151,628
1,754,054
51,128
131,573
229,256
60,403
820,771
1,042,701
484,008
636,362
27,729
154,737
130,113
49,792
131,760
34,292
262,663
252,295
51,856,956
118,473
520,508
341,724
101,226
1,507,378
61,918
108,519
11,827,319
37,031
103,686
138,174
1,118,615
898,835
7,179,633
34,665
505,945
85,775
300,164
COMPANY
SHARES
29,754
9,791
3,255
8,362
12,277
16,694
27,260
10,486
58,851
62,575
1,351,329
30,664
9,896
45,406
18,955
8,243
13,584
20,804
9,568
19,238
7,703
6,426
19,030
14,847
54,008
160,333
7,447
35,777
14,511
78,231
1,360,847
59,663
13,506
47,130
8,077
4,258
31,181
213,679
5,669
35,176
5,740
8,338
13,099
62,988
33,050
6,653
43,595
8,803
132,353
5,561
15,786
7,049
14,755
*
*,e
*,e
*,e
*
*,e
*,e
*,e
*,e
*
*,e
*
*,e
*,e
*,e
*,e
*,e
*,e
*
*,e
*
*
*
*
*,e
*
*,e
*,e
*
*,e
*
*,e
*,e
*
*
*
*,e
*,e
*
*,e
*,e
*
*
*
*
*
*,e
*,e
*,e
*,e
*
VALUE
Insmed, Inc
Insys Therapeutics, Inc
Intellia Therapeutics, Inc
Intercept Pharmaceuticals, Inc
Intersect ENT, Inc
Intrexon Corp
Invitae Corp
Ionis Pharmaceuticals, Inc
Johnson & Johnson
Juno Therapeutics, Inc
Karyopharm Therapeutics, Inc
Keryx Biopharmaceuticals, Inc
Kite Pharma, Inc
La Jolla Pharmaceutical Co
Lannett Co, Inc
Lexicon Pharmaceuticals, Inc
Ligand Pharmaceuticals, Inc (Class B)
Lion Biotechnologies, Inc
Lipocine, Inc
Loxo Oncology, Inc
Luminex Corp
MacroGenics, Inc
Mallinckrodt plc
MannKind Corp
Medgenics, Inc
Medicines Co
MediciNova, Inc
Medivation, Inc
Merck & Co, Inc
Mettler-Toledo International, Inc
MiMedx Group, Inc
Minerva Neurosciences, Inc
Mirati Therapeutics, Inc
Mylan NV
MyoKardia, Inc
Myriad Genetics, Inc
NanoString Technologies, Inc
NantKwest, Inc
Natera, Inc
Nektar Therapeutics
NeoGenomics, Inc
Neos Therapeutics, Inc
Neurocrine Biosciences, Inc
Novavax, Inc
Ocular Therapeutix, Inc
Omeros Corp
OncoMed Pharmaceuticals, Inc
Ophthotech Corp
$
165
340,683
153,229
61,585
1,446,877
194,468
681,115
690,496
91,962
1,717,861
884,185
169,226,931
948,438
73,032
334,188
1,073,422
140,131
424,092
339,521
1,290,532
170,064
28,424
165,277
407,813
454,170
3,636,899
158,730
42,969
1,399,238
89,968
5,006,002
79,827,285
346,045
5,553,802
353,004
89,655
19,757
351,098
9,998,040
100,171
1,089,752
78,007
56,949
171,597
1,089,063
288,196
58,746
2,189,777
93,136
968,824
24,302
185,643
85,504
947,861
148,620
49,140
7,783
12,099
9,996
40,299
17,819
5,045
25,460
72,802
48,893
68,191
6,895
2,961,730
28,593
7,545
22,596
12,394
25,905
30,473
3,334
16,124
14,333
12,051
111,784
41,569
15,192
42,131
2,682
37,640
10,255
19,674
18,735
13,740
19,915
9,301
37,550
12,985
12,341
29,213
20,796
22,166
46,464
8,789
12,170
8,141
27,773
6,776
10,521
22,801
88,402
36,143
3,929
VALUE
COMPANY
SHARES
*,e
*,e
e
*,e
*,e
*,e
*,e
*
*
*
*
*
*
*,e
*
*,e
*,e
*,e
*
*
*,e
*
*,e
*
*
*,e
*
*
*,e
*,e
*
*,e
*
*,e
*,e
*
*,e
*,e
*,e
*,e
*
*
*
*
*,e
*,e
*,e
Opko Health, Inc
Organovo Holdings, Inc
Osiris Therapeutics, Inc
Otonomy, Inc
OvaScience, Inc
Pacira Pharmaceuticals, Inc
Paratek Pharmaceuticals, Inc
Parexel International Corp
PDL BioPharma, Inc
PerkinElmer, Inc
Perrigo Co plc
Pfenex, Inc
Pfizer, Inc
PharmAthene, Inc
Portola Pharmaceuticals, Inc
Proteostasis Therapeutics, Inc
Prothena Corp plc
PTC Therapeutics, Inc
Qiagen NV (NASDAQ)
Radius Health, Inc
Raptor Pharmaceutical Corp
Reata Pharmaceuticals, Inc
Regeneron Pharmaceuticals, Inc
REGENXBIO, Inc
Regulus Therapeutics, Inc
Relypsa, Inc
Repligen Corp
Retrophin, Inc
Rigel Pharmaceuticals, Inc
Sciclone Pharmaceuticals, Inc
Seattle Genetics, Inc
Seres Therapeutics, Inc
Sorrento Therapeutics, Inc
Stemline Therapeutics, Inc
Synergy Pharmaceuticals, Inc
Synthetic Biologics, Inc
T2 Biosystems, Inc
$
166
1,478,769
210,319
38,915
173,742
50,380
344,556
645,939
64,929
1,702,001
256,263
2,782,990
6,231,975
55,643
109,258,220
73,198
155,653
586,592
574,834
1,385,918
178,267
37,007
887,626
85,568
601,224
2,995,811
3,227,417
715,847
248,152
42,992
16,001,517
83,783
70,236
598,396
392,964
357,076
125,470
85,990
582,507
267,676
184,918
525,723
234,073
2,233,060
96,152
76,549
471,690
190,801
50,142
123,622
506,638
360,680
63,250
22,238
17,729
11,786
15,324
15,204
71,280
17,600
192,326
9,087
4,598
4,104
23,387
17,370
18,015
22,473
17,036
13,261
120,575
12,420
16,833
5,712
38,015
39,260
3,701
6,539
15,653
6,984
59,769
226,426
10,650
REAL ESTATE - 4.7%
27,624
23,760
11,379
22,757
1,877
35,697
5,825
25,816
31,307
63,779
161,567
26,768
94,784
208,128
503,449
50,785
76,294
28,601
80,129
23,395
25,296
VALUE
COMPANY
SHARES
*,e
*,e
*
*,e
*,e
*
*,e
*,e
*,e
*
*,e
*,e
*
*
*
*
*
*
*
*
*
*
*,e
*
*,e
*,e
*
Teligent, Inc
TESARO, Inc
Tetraphase Pharmaceuticals, Inc
TG Therapeutics, Inc
TherapeuticsMD, Inc
Titan Pharmaceuticals, Inc
Tobira Therapeutics, Inc
Tokai Pharmaceuticals, Inc
Trevena, Inc
Trovagene, Inc
United Therapeutics Corp
Versartis, Inc
Vitae Pharmaceuticals, Inc
Vital Therapies, Inc
Voyager Therapeutics, Inc
VWR Corp
Waters Corp
WaVe Life Sciences Pte Ltd
XBiotech, Inc
Xencor Inc
Zafgen, Inc
ZIOPHARM Oncology, Inc
Zoetis Inc
Zogenix, Inc
Acadia Realty Trust
AG Mortgage Investment Trust
Agree Realty Corp
Alexander & Baldwin, Inc
Alexander’s, Inc
Altisource Residential Corp
American Capital Mortgage, Inc
American Tower Corp
Anworth Mortgage Asset Corp
Apple Hospitality REIT, Inc
Ares Commercial Real Estate Corp
Armada Hoffler Properties, Inc
$
143,959
1,098,927
61,602
89,856
553,846
448,976
30,549,062
45,072
19,817
5,171
146,636
97,793
1,139,989
2,719,458
194,210
152,502
11,695,775
132,273
104,701
84,195
1,190,630
6,239,592
71,466
93,312
296,468
21,231
290,477
11,427,720
97,235
1,011,162,967
1,040,320
355,925
577,143
896,626
805,740
4,008,773
135,489
247,834
1,436,365
3,448,531
3,165,098
437,924
2,056,813
24,094,979
5,527,870
249,862
3,507,235
464,766
1,632,228
297,116
378,681
167
17,917
11,429
41,202
5,479
63,447
8,243
74,877
86,690
70,304
35,146
53,268
40,937
28,069
18,578
82,226
155,576
40,660
16,749
28,782
86,265
8,774
54,758
31,610
73,861
57,773
6,313
1,845
6,682
18,742
44,313
63,738
100,457
164,595
75,310
29,793
74,038
49,318
150,563
97,976
77,397
68,494
145,171
41,733
21,154
11,376
20,218
32,216
59,196
30,888
32,248
52,692
43,341
44,676
VALUE
COMPANY
SHARES
*,e
*
e
*
ARMOUR Residential REIT, Inc
Ashford Hospitality Prime, Inc
Ashford Hospitality Trust, Inc
AV Homes, Inc
Bluerock Residential Growth REIT, Inc
Brixmor Property Group, Inc
Capstead Mortgage Corp
Care Capital Properties, Inc
CareTrust REIT, Inc
CatchMark Timber Trust Inc
CBL & Associates Properties, Inc
CBRE Group, Inc
Cedar Realty Trust, Inc
Chatham Lodging Trust
Chesapeake Lodging Trust
City Office REIT, Inc
Colony Financial, Inc
Colony Starwood Homes
Columbia Property Trust, Inc
Community Healthcare Trust, Inc
Consolidated-Tomoka Land Co
CorEnergy Infrastructure Trust, Inc
Coresite Realty
CubeSmart
CyrusOne, Inc
DDR Corp
DiamondRock Hospitality Co
Douglas Emmett, Inc
Duke Realty Corp
Dynex Capital, Inc
EastGroup Properties, Inc
Empire State Realty Trust, Inc
Equinix, Inc
Equity Commonwealth
Equity One, Inc
$
168
381,274
171,892
245,564
78,459
11,778,936
109,797
10,642,268
1,462,460
1,996,634
3,148,730
530,017
1,210,916
405,597
224,980
1,010,558
4,426,137
326,906
401,641
727,321
1,447,527
118,975
973,597
1,035,544
1,794,822
1,795,585
145,136
90,276
196,584
1,546,777
1,327,617
2,042,803
1,068,862
15,970,653
2,237,460
1,633,252
662,640
2,476,750
2,972,114
962,124
8,084,891
2,605,512
4,179,473
1,996,089
148,501
233,094
1,488,449
1,550,878
1,242,524
2,595,210
12,024,312
1,581,814
3,564,364
1,486,371
174,481
32,118
58,941
5,780
35,708
64,539
56,244
28,700
111,881
16,040
24,662
47,755
2,632
91,483
271,213
36,009
12,704
17,812
82,479
39,025
180,996
17,723
228,779
50,664
66,120
20,220
46,902
73,062
387,992
18,411
38,228
18,150
53,272
59,474
127,332
42,332
24,128
43,925
44,163
180,313
40,035
18,000
36,569
51,918
112,121
60,813
26,215
68,863
45,234
7,054
114,933
176,434
34,144
VALUE
COMPANY
SHARES
*,e
*
*
*
*
*
Equity Residential
Farmland Partners, Inc
FelCor Lodging Trust, Inc
First Potomac Realty Trust
Forestar Group, Inc
FRP Holdings, Inc
Geo Group, Inc
Getty Realty Corp
Gladstone Commercial Corp
Global Net Lease, Inc
Government Properties Income Trust
Gramercy Property Trust
Hannon Armstrong Sustainable Infrastructure Capital, Inc
HCP, Inc
Host Marriott Corp
Howard Hughes Corp
Hudson Pacific Properties
Independence Realty Trust, Inc
Investors Real Estate Trust
Iron Mountain, Inc
iStar Financial, Inc
Kilroy Realty Corp
Kimco Realty Corp
Kite Realty Group Trust
Ladder Capital Corp
Lamar Advertising Co
LaSalle Hotel Properties
Lexington Realty Trust
LTC Properties, Inc
Macerich Co
Marcus & Millichap, Inc
169
$
11,862,963
7,511,758
5,070,105
68,088
6,059,648
409,823
1,657,511
290,157
2,645,986
196,971
535,412
612,219
95,752
3,277,836
8,665,255
1,246,271
288,635
324,178
720,042
931,137
1,808,150
398,590
8,975,000
1,832,010
2,251,386
382,158
2,613,379
2,331,408
6,882,978
2,199,378
1,292,489
164,076
767,117
393,718
5,247,352
438,560
2,641,292
924,621
3,233,173
5,788,047
1,217,464
235,080
2,481,572
1,430,341
1,218,755
2,516,442
1,403,289
6,145,334
1,275,599
188,977
1,804,448
1,326,784
3,619,947
SHARES
30,377
69,668
18,057
69,938
16,679
108,823
36,692
53,530
54,953
8,034
25,065
86,627
90,126
6,278
6,980
67,384
4,588
88,247
34,833
34,872
34,599
35,055
65,496
99,426
29,069
26,414
22,337
242,301
14,583
73,859
22,756
49,089
38,022
73,638
8,639
70,617
126,174
37,295
47,019
24,063
67,247
96,240
31,686
59,376
3,209
21,180
31,460
7,154
30,659
115,034
12,184
14,813
151,879
VALUE
COMPANY
Monmouth Real Estate Investment Corp (Class A)
Monogram Residential Trust, Inc
National Health Investors, Inc
National Storage Affiliates Trust
New Residential Investment Corp
New Senior Investment Group, Inc
New York Mortgage Trust, Inc
New York REIT, Inc
NexPoint Residential Trust, Inc
NorthStar Realty Europe Corp
Omega Healthcare Investors, Inc
One Liberty Properties, Inc
Orchid Island Capital, Inc
Outfront Media, Inc
Owens Realty Mortgage, Inc
Paramount Group, Inc
Pebblebrook Hotel Trust
Pennsylvania REIT
Pennymac Mortgage Investment Trust
Physicians Realty Trust
Potlatch Corp
Preferred Apartment Communities, Inc
Prologis, Inc
Public Storage, Inc
RAIT Investment Trust
Ramco-Gershenson Properties
Rayonier, Inc
Re/Max Holdings, Inc
* Realogy Holdings Corp
Realty Income Corp
Redwood Trust, Inc
Retail Properties of America, Inc
Rexford Industrial Realty, Inc
RLJ Lodging Trust
RMR Group, Inc
Sabra Healthcare REIT, Inc
Saul Centers, Inc
Select Income REIT
Seritage Growth Properties
Silver Bay Realty Trust Corp
$
170
419,810
746,144
1,418,738
3,717,904
356,430
1,487,610
439,937
350,086
524,252
156,583
231,851
1,160,802
3,109,347
157,076
77,897
1,568,026
76,711
1,555,795
605,049
1,033,955
880,199
568,943
1,422,573
2,181,406
1,848,498
1,010,336
332,151
13,202,981
1,617,109
17,646,392
1,302,781
155,612
754,356
2,004,426
374,241
2,188,421
9,017,656
532,200
3,993,324
327,497
1,535,249
1,696,711
724,342
1,409,586
109,250
1,191,163
752,209
480,534
851,094
2,554,905
609,931
266,930
34,482,608
47,741
22,290
234,717
24,744
33,464
113,439
73,824
2,960
42,107
30,537
88,977
46,688
28,242
5,639
18,932
22,829
8,985
169,562
129,946
9,682
13,251
6,033
58,761
11,670
165,407
459,531
84,019
35,634
56,962
168,171
21,861
363,162
12,824
50,550
103,376
50,281
RETAILING - 5.2%
10,432
29,298
31,298
34,210
191,386
82,186
3,476
12,502
83,522
31,793
14,406
19,109
28,348
72,752
VALUE
COMPANY
SHARES
*,e
*
*
*
*
m
SL Green Realty Corp
St. Joe Co
STAG Industrial, Inc
Starwood Property Trust, Inc
STORE Capital Corp
Stratus Properties, Inc
Sunstone Hotel Investors, Inc
Tanger Factory Outlet Centers, Inc
Taubman Centers, Inc
Tejon Ranch Co
Terreno Realty Corp
Tier REIT, Inc
Trinity Place Holdings, Inc
Two Harbors Investment Corp
UDR, Inc
UMH Properties, Inc
United Development Funding IV
Universal Health Realty Income Trust
Urstadt Biddle Properties, Inc (Class A)
Ventas, Inc
VEREIT, Inc
Washington REIT
Welltower, Inc
Western Asset Mortgage Capital Corp
Weyerhaeuser Co
Whitestone REIT
WP Carey, Inc
WP GLIMCHER, Inc
TOTAL REAL ESTATE
$
Aaron’s, Inc
Abercrombie & Fitch Co (Class A)
* Amazon.com, Inc
*,e America’s Car-Mart, Inc
* Asbury Automotive Group, Inc
* Ascena Retail Group, Inc
* Autonation, Inc
* AutoZone, Inc
* Barnes & Noble Education, Inc
Barnes & Noble, Inc
5,624,845
2,281,827
3,208,581
456,032
849,316
2,472,970
2,302,571
52,066
597,077
2,417,004
1,183,394
1,948,757
2,285,343
148,137
527,256
397,909
73,048
1,483,668
4,837,890
119,670
42,403
359,989
1,757,542
288,249
12,597,397
5,082,413
9,023,641
1,221,890
2,460,189
13,341,005
215,112
11,882,661
207,364
3,672,458
1,310,808
903,047
530,077,792
95,244
701,687
648,182
5,810,911
145,225,611
1,472,773
121,938
760,122
679,034
1,696,157
11,726,052
220,900
370,792
3,270,202
171
135,545
10,534
23,343
5,139
10,237
13,316
11,795
34,281
24,507
20,175
93,111
11,624
60,996
8,856
6,249
8,181
22,058
35,406
14,776
41,533
9,197
138,760
111,678
32,017
5,857
50,587
58,420
37,171
20,843
25,644
65,971
22,283
15,555
7,507
49,794
109,193
9,647
69,643
38,288
9,596
188,200
28,966
7,966
10,580
612,338
15,133
149,962
7,029
89,061
117,616
10,858
217,983
35,091
VALUE
COMPANY
SHARES
e
*,e
e
*
*
*
*,e
*
*
e
*
*
*
*
*
*
*
e
e
*
*,e
*,e
*,e
*,e
*
*
Best Buy Co, Inc
Big Lots, Inc
Blue Nile, Inc
Boot Barn Holdings, Inc
Buckle, Inc
Build-A-Bear Workshop, Inc
Cabela’s, Inc
Caleres, Inc
Carmax, Inc
Cato Corp (Class A)
Chico’s FAS, Inc
Citi Trends, Inc
Container Store Group, Inc
Core-Mark Holding Co, Inc
CST Brands, Inc
Destination XL Group, Inc
Dick’s Sporting Goods, Inc
Dillard’s, Inc (Class A)
Dollar General Corp
Dollar Tree, Inc
DSW, Inc (Class A)
Duluth Holdings, Inc
Etsy, Inc
Expedia, Inc
Express Parent LLC
Five Below, Inc
Foot Locker, Inc
Fred’s, Inc (Class A)
FTD Cos, Inc
GameStop Corp (Class A)
Gap, Inc
Genesco, Inc
Genuine Parts Co
GNC Holdings, Inc
Groupon, Inc
Guess?, Inc
Hibbett Sports, Inc
Home Depot, Inc
HSN, Inc
JC Penney Co, Inc
Kirkland’s, Inc
Kohl’s Corp
L Brands, Inc
Lands’ End, Inc
$
172
4,554,312
111,239
1,241,381
149,339
110,150
364,725
160,766
2,622,839
1,265,296
531,006
5,424,647
415,791
732,562
740,185
104,233
45,241
1,079,960
1,583,356
76,244
2,130,228
622,453
13,146,122
10,753,475
776,732
145,254
508,905
6,814,693
556,078
452,918
1,308,100
3,933,191
283,217
247,169
190,002
1,541,124
2,816,088
669,695
7,120,300
781,458
598,023
907,124
426,380
146,813
369,454
84,649,605
774,204
1,448,633
107,122
3,704,047
8,691,822
154,292
5,844,124
830,604
SHARES
64,984
10,948
149,094
438,004
10,988
149,615
11,282
8,140
41,681
15,180
18,048
201,275
60,215
14,284
300,272
9,621
46,258
8,166
4,892
11,012
18,385
8,830
37,408
24,254
25,363
18,416
194,064
70,703
7,344
5,334
23,405
8,648
18,928
38,362
13,651
14,779
18,281
314,649
15,745
23,788
290,193
52,902
15,285
16,763
326,561
64,661
55,681
18,379
28,626
42,910
16,337
15,332
6,804
VALUE
COMPANY
* Liberty Ventures
Lithia Motors, Inc (Class A)
* LKQ Corp
*,e Lumber Liquidators, Inc
Macy’s, Inc
* MarineMax, Inc
*,e Mattress Firm Holding Corp
* Michaels Cos, Inc
Monro Muffler, Inc
* Murphy USA, Inc
* NetFlix, Inc
e Nordstrom, Inc
Nutri/System, Inc
* Office Depot, Inc
*,e Ollie’s Bargain Outlet Holdings, Inc
e Outerwall, Inc
*,e Party City Holdco, Inc
Penske Auto Group, Inc
e PetMed Express, Inc
e Pier 1 Imports, Inc
Rent-A-Center, Inc
*,e Restoration Hardware Holdings, Inc
Ross Stores, Inc
*,e Sears Holdings Corp
* Sears Hometown and Outlet Stores, Inc
* Select Comfort Corp
Shoe Carnival, Inc
* Shutterfly, Inc
Signet Jewelers Ltd
Sonic Automotive, Inc (Class A)
*,e Sportsman’s Warehouse Holdings, Inc
e Stage Stores, Inc
Staples, Inc
Stein Mart, Inc
e Tailored Brands, Inc
Target Corp
e Tiffany & Co
* Tile Shop Holdings, Inc
* Tilly’s, Inc
TJX Companies, Inc
Tractor Supply Co
* TripAdvisor, Inc
* Tuesday Morning Corp
* Urban Outfitters, Inc
*,e Wayfair, Inc
* West Marine, Inc
$
173
2,450,547
944,703
5,127,343
36,038,969
165,150
5,360,705
227,896
242,898
1,098,711
950,572
1,383,199
18,366,344
2,663,309
422,521
1,038,941
251,493
13,443,963
430,022
79,740
176,412
728,414
183,046
191,529
32,762,546
273,920
567,397
11,998,977
2,073,719
113,171
36,698
558,443
227,529
1,006,780
3,372,403
248,175
150,450
108,406
2,923,089
135,407
348,494
21,860,239
3,413,237
260,609
95,381
26,686,565
5,926,181
3,896,000
145,010
7,477,397
1,283,009
478,021
666,942
59,603
SHARES
42,417
892
10,806
VALUE
COMPANY
Winmark Corp
*,e Zumiez, Inc
TOTAL RETAILING
$
2,398
*,e Acacia Communications, Inc
19,213
312,992
8,895
* Alpha & Omega Semiconductor Ltd
15,019
*,e Ambarella, Inc
48,137
* Amkor Technology, Inc
150,182
Analog Devices, Inc
532,360
33,773
* Applied Micro Circuits Corp
12,175
* Axcelis Technologies, Inc
187,128
Broadcom Ltd
32,935
11,394
27,432
*,e Cavium, Inc
8,650
* Ceva, Inc
35,639
* Cirrus Logic, Inc
10,237
Cohu, Inc
56,755
*,e Cree, Inc
151,801
18,477
* Diodes, Inc
9,301
* DSP Group, Inc
64,946
* Entegris, Inc
20,079
* Exar Corp
55,581
* Fairchild Semiconductor International, Inc
37,049
*,e First Solar, Inc
34,075
* Formfactor, Inc
20,327
* GigOptix, Inc
19,347
* Inphi Corp
64,415
2,330,321
Intel Corp
65,306
9,988
IXYS Corp
74,098
Kla-Tencor Corp
28,048
* Kopin Corp
77,660
e Lam Research Corp
58,110
* Lattice Semiconductor Corp
116,537
10,869
*,e MA-COM Technology Solutions
195,419
138,324
26,254
* MaxLinear, Inc
102,865
505,478
54,345
* Microsemi Corp
25,831
18,858
Monolithic Power Systems, Inc
11,512
* Nanometrics, Inc
2,293,911
89,708
183,486
581,249,656
155,942
782,353
2,147,125
127,110
870,802
302,782
9,586,117
13,995,744
222,226
130,273
30,310,993
412,676
599,552
1,280,251
260,019
1,731,699
108,103
1,623,193
1,766,964
342,009
100,730
1,109,927
168,262
1,097,169
1,729,447
318,601
38,418
680,627
1,416,486
81,234,990
997,876
109,269
5,609,960
65,352
6,971,538
349,241
6,991,055
429,434
2,296,173
5,640,853
572,600
5,723,409
6,945,268
2,119,455
1,179,960
1,371,354
230,700
174
SHARES
12,097
1,929
252,948
199,919
12,269
31,365
13,255
66,515
720,192
51,257
13,099
31,562
14,732
20,097
92,874
28,046
94,615
32,987
493,173
12,988
11,718
18,349
22,930
124,342
VALUE
COMPANY
* NeoPhotonics Corp Ltd
NVE Corp
Nvidia Corp
* PDF Solutions, Inc
* Photronics, Inc
Power Integrations, Inc
* Qorvo, Inc
Qualcomm, Inc
* Rambus, Inc
* Semtech Corp
* Sigma Designs, Inc
*,e SunPower Corp
Teradyne, Inc
* Ultra Clean Holdings
* Ultratech, Inc
* Veeco Instruments, Inc
* Xcerra Corp
Xilinx, Inc
16,839
*,e 2U, Inc
21,216
* A10 Networks, Inc
308,172
Accenture plc
56,191
* ACI Worldwide, Inc
270,936
17,102
* Actua Corp
37,648
* Acxiom Corp
238,924
85,892
5,051
*,e Alarm.com Holdings, Inc
9,204
*,e ALJ Regional Holdings, Inc
28,862
144,479
145,998
7,645
*,e Amber Road, Inc
71,062
Amdocs Ltd
9,809
* American Software, Inc (Class A)
21,348
45,744
* Ansys, Inc
7,446
* Apigee Corp
3,667
* Appfolio, Inc
40,111
12,789
* Atlassian Corp plc
4,592
* Autobytel, Inc
103,585
* Autodesk, Inc
226,843
$
151,817
110,030
14,443,331
2,005,188
202,439
302,986
756,463
4,205,743
45,069,615
692,995
230,804
802,306
98,704
1,070,768
6,131,541
408,911
1,868,646
1,060,202
34,398,817
82,993
286,388
307,713
139,873
6,351,389
323,433,749
589,028
165,909
34,764,883
1,113,144
10,880,790
170,678
864,022
23,381,103
4,340,123
145,115
44,455
6,685,016
114,332,012
112,241,802
67,429
4,147,178
108,193
172,705
4,087,684
92,628
58,965
1,680,250
383,286
68,237
6,158,128
20,177,685
175
19,585
23,015
10,602
39,296
6,155
8,337
22,905
26,619
17,474
55,691
19,571
23,269
13,975
54,625
13,865
142,532
11,810
141,816
25,742
7,703
21,904
8,834
5,256
73,762
9,269
14,238
74,817
300,042
12,997
6,498
26,831
68,714
23,256
43,205
24,511
15,636
15,547
80,078
15,169
8,444
24,972
3,147
16,012
50,362
523,091
11,888
142,424
14,717
28,979
11,448
20,231
23,398
13,005
VALUE
COMPANY
SHARES
*
*
*
*
*,e
*,e
*
*
*
*,e
*
*
*
*
*
*
*
*
*
*
*
*
*,e
*,e
*
*
*
*
*
*
*
*,e
*
e
*
*
*
*,e
*
*
AVG Technologies NV
Bankrate, Inc
Barracuda Networks, Inc
Bazaarvoice, Inc
Benefitfocus, Inc
Black Knight Financial Services, Inc
Blackbaud, Inc
Blackhawk Network Holdings, Inc
Blucora, Inc
Bottomline Technologies, Inc
Box, Inc
Brightcove, Inc
Broadridge Financial Solutions, Inc
BroadSoft, Inc
CA, Inc
CACI International, Inc (Class A)
Cadence Design Systems, Inc
Callidus Software, Inc
Carbonite, Inc
Cardtronics plc
Care.com, Inc
Cass Information Systems, Inc
CDK Global, Inc
ChannelAdvisor Corp
Cimpress NV
Citrix Systems, Inc
Cognizant Technology Solutions Corp (Class A)
CommerceHub, Inc
CommerceHub, Inc (Series A)
Commvault Systems, Inc
comScore, Inc
Convergys Corp
Cornerstone OnDemand, Inc
CoStar Group, Inc
CSRA, Inc
Cvent, Inc
Datalink Corp
DHI Group, Inc
Digimarc Corp
DST Systems, Inc
EarthLink Holdings Corp
eBay, Inc
Ebix, Inc
Electronic Arts, Inc
Ellie Mae, Inc
Endurance International Group Holdings, Inc
EnerNOC, Inc
Envestnet, Inc
EPAM Systems, Inc
EPIQ Systems, Inc
$
176
484,337
183,430
234,092
163,078
264,665
323,892
1,531,199
926,075
178,410
1,719,738
413,144
271,084
146,318
3,697,020
621,568
4,938,734
1,125,847
3,410,675
528,483
84,810
963,557
97,086
273,154
4,262,706
146,079
1,349,762
6,668,439
17,249,415
181,955
91,627
1,388,236
3,286,591
603,493
1,151,413
1,058,630
3,250,724
625,922
2,155,700
494,813
72,450
182,046
114,582
1,974,760
341,454
16,299,516
633,868
10,869,800
1,355,583
260,231
85,631
772,217
1,643,476
212,502
SHARES
23,513
30,923
13,747
6,421
18,891
1,104,189
14,034
153,663
77,037
43,183
153,300
108,606
15,809
44,777
19,147
5,122
69,822
39,040
73,674
15,636
75,033
3,719
11,161
50,659
22,813
23,773
39,245
12,622
8,100
34,162
10,211
11,663
19,344
14,036
33,532
13,777
35,668
28,278
16,246
5,250
8,696
431,896
16,908
119,346
22,838
42,543
24,819
32,428
31,019
57,492
25,980
10,535
23,943
VALUE
COMPANY
EVERTEC, Inc
* Everyday Health, Inc
*,e EXA Corp
* ExlService Holdings, Inc
* Facebook, Inc
Fair Isaac Corp
*,e FireEye, Inc
* First Data Corp
* Fiserv, Inc
* Five9, Inc
* FleetMatics Group plc
Forrester Research, Inc
* Fortinet, Inc
* Gartner, Inc
* Genpact Ltd
* Gigamon, Inc
* Global Sources Ltd
*,e Globant S.A.
*,e Glu Mobile, Inc
*,e GoDaddy, Inc
*,e Gogo, Inc
*,e GrubHub, Inc
* GTT Communications, Inc
* Guidance Software, Inc
Hackett Group, Inc
* Higher One Holdings, Inc
*,e Hortonworks, Inc
* HubSpot, Inc
IAC/InterActiveCorp
* Imperva, Inc
* inContact, Inc
* Infoblox, Inc
*,e Information Services Group, Inc
*,e Instructure, Inc
*,e Interactive Intelligence, Inc
* Intralinks Holdings, Inc
Intuit, Inc
j2 Global, Inc
* Jive Software, Inc
e Leidos Holdings, Inc
* Limelight Networks, Inc
* LinkedIn Corp
* Lionbridge Technologies
* Liquidity Services, Inc
* Liveperson, Inc
$
177
1,793,101
531,876
112,176
93,747
935,293
136,853,185
1,777,266
12,220,818
1,341,985
1,739,411
1,900,920
11,985,758
199,352
6,791,775
822,555
209,643
2,422,125
3,913,760
1,972,253
730,514
5,601,964
33,397
470,883
118,542
682,565
199,931
1,488,170
259,130
47,628
2,099,938
136,725
59,831
226,518
766,225
1,943,515
649,172
495,785
529,364
61,572
114,135
469,149
69,371,136
117,680
13,246,213
1,526,492
3,796,963
94,312
1,621,724
52,422
11,080,433
117,170
85,123
159,820
SHARES
12,179
35,106
10,652
13,195
20,231
475,061
15,784
31,087
20,576
52,064
3,729,546
4,380
7,240
14,789
16,990
8,810
14,404
19,584
38,282
2,553
19,026
26,302
10,729
36,032
109,208
7,073
1,458,800
107,496
3,781
164,468
21,394
10,380
562,791
17,337
14,896
4,957
20,183
33,926
19,884
11,998
54,371
12,503
3,997
44,836
13,258
15,203
30,975
51,869
9,552
9,129
25,225
88,660
3,209
VALUE
COMPANY
* LogMeIn, Inc
* Manhattan Associates, Inc
Mantech International Corp (Class A)
Marchex, Inc (Class B)
* Marketo, Inc
*,e Match Group, Inc
MAXIMUS, Inc
* MeetMe, Inc
Microsoft Corp
*,e MINDBODY, Inc
*,e Mitek Systems, Inc
* MobileIron, Inc
* Model N, Inc
* MoneyGram International, Inc
Monotype Imaging Holdings, Inc
NCI, Inc (Class A)
*,e NetSuite, Inc
*,e NeuStar, Inc (Class A)
* New Relic, Inc
NIC, Inc
*,e Numerex Corp
Oracle Corp
*,e Park City Group, Inc
Paychex, Inc
*,e Paycom Software, Inc
*,e Paylocity Holding Corp
Pegasystems, Inc
* Perficient, Inc
* PFSweb, Inc
* Planet Payment, Inc
*,e Proofpoint, Inc
* PROS Holdings, Inc
* PTC, Inc
* Q2 Holdings, Inc
QAD, Inc (Class A)
* Qualys, Inc
* QuinStreet, Inc
*,e Quotient Technology, Inc
* Rapid7, Inc
*,e RealNetworks, Inc
* RealPage, Inc
* Red Hat, Inc
Reis, Inc
$
178
1,046,298
2,037,903
420,861
41,828
711,727
45,244,810
248,598
1,831,646
132,304
1,112,087
211,390,667
766,018
127,207
111,657
57,936
113,737
100,252
387,567
96,853
32,398
2,070,980
662,547
369,507
840,266
1,754,973
53,967
59,869,152
1,461,946
36,978
9,749,663
1,010,011
463,363
20,958,337
483,702
330,989
49,124
94,658
985,890
1,508,599
222,923
2,160,160
371,089
75,623
1,354,047
416,169
55,187
392,144
1,215,291
133,537
39,529
634,409
6,675,211
81,124
15,888
5,924
33,267
8,849
37,512
18,434
101,214
316,942
9,731
20,630
3,029
77,104
26,981
10,089
16,631
63,437
8,103
23,669
82,394
7,800
18,644
300,347
18,954
79,387
19,344
26,933
38,535
16,127
8,465
11,456
7,285
67,531
44,696
76,459
56,389
30,043
10,696
310,105
16,117
13,643
40,630
75,670
5,014
14,849
29,350
47,103
21,463
13,306
940,248
43,415
18,161
19,433
251,430
VALUE
COMPANY
SHARES
*
*
*
*
*
*
*
*
*
*
*,e
*
*
*
*
*,e
*
*
*
*
*
*
*
*
*
*
*
*,e
*,e
*,e
*
*
*,e
*
*
*,e
*
*,e
*,e
*
*,e
*,e
*
RetailMeNot, Inc
Rightside Group Ltd
RingCentral, Inc
Rosetta Stone, Inc
Rovi Corp
Rubicon Project, Inc
Sabre Corp
Salesforce.com, Inc
Sapiens International Corp NV
SecureWorks Corp
ServiceNow, Inc
ServiceSource International LLC
Shutterstock, Inc
Silver Spring Networks, Inc
Splunk, Inc
SPS Commerce, Inc
Square, Inc
SS&C Technologies Holdings, Inc
Stamps.com, Inc
Sykes Enterprises, Inc
Symantec Corp
Synchronoss Technologies, Inc
Synopsys, Inc
Syntel, Inc
Tableau Software, Inc
Take-Two Interactive Software, Inc
Tangoe, Inc
TechTarget, Inc
TeleNav, Inc
TeleTech Holdings, Inc
Teradata Corp
TiVo, Inc
TrueCar, Inc
TubeMogul, Inc
Twitter, Inc
Tyler Technologies, Inc
Ultimate Software Group, Inc
Unisys Corp
Vantiv, Inc
Varonis Systems, Inc
Verint Systems, Inc
VeriSign, Inc
VirnetX Holding Corp
Virtusa Corp
Visa, Inc (Class A)
VMware, Inc (Class A)
WebMD Health Corp (Class A)
Website Pros, Inc
Western Union Co
$
179
132,665
71,088
766,139
68,137
705,601
260,288
2,950,388
25,925,856
124,362
1,253,479
44,860
5,776,632
121,954
555,803
209,052
3,967,350
513,082
238,347
2,654,735
591,279
572,184
6,136,089
707,742
4,299,600
876,477
1,521,984
1,548,336
130,467
77,201
57,051
207,914
1,916,530
471,096
3,893,292
760,688
281,503
119,902
5,160,147
2,627,393
2,852,751
402,643
4,144,446
128,810
248,127
1,035,175
4,079,591
92,935
361,923
73,386,356
3,168,427
1,108,003
366,506
5,028,600
18,877
56,980
10,768
10,967
491,938
11,023
11,778
427,168
33,413
37,654
23,222
50,116
23,238
346,384
VALUE
COMPANY
SHARES
*
*
*,e
*
*
*
*
*
*,e
*,e
*,e
*
*
WEX, Inc
Workday, Inc
Workiva, Inc
Xactly Corp
Xerox Corp
XO Group, Inc
Xura, Inc
Yahoo!, Inc
Yelp, Inc
Zendesk, Inc
Zillow Group, Inc
Zillow Group, Inc (Class C)
Zix Corp
Zynga, Inc
$
55,125
*,e 3D Systems Corp
24,640
Adtran, Inc
10,358
* Aerohive Networks, Inc
5,601
* Agilysys, Inc
146,815
12,849
2,694,733
Apple, Inc
9,184
*,e Applied Optoelectronics, Inc
18,774
88,155
41,766
12,829
* Avid Technology, Inc
60,192
Avnet, Inc
21,648
AVX Corp
6,832
Badger Meter, Inc
4,329
Bel Fuse, Inc (Class B)
19,225
Belden CDT, Inc
24,123
6,118
Black Box Corp
222,680
15,298
* CalAmp Corp
18,584
* Calix, Inc
77,403
CDW Corp
66,552
* Ciena Corp
2,479,016
Cisco Systems, Inc
4,709
*,e Clearfield, Inc
39,694
Cognex Corp
11,697
* Coherent, Inc
62,700
6,617
8,807
*,e Control4 Corp
526,903
Corning, Inc
11,071
e CPI Card Group, Inc
18,817
* Cray, Inc
13,984
CTS Corp
15,342
Daktronics, Inc
1,768,397
4,748,713
150,106
136,210
5,066,961
200,949
292,683
16,313,546
1,074,896
1,138,657
915,179
1,967,053
94,346
994,122
1,346,511,858
738,124
448,448
75,717
63,963
8,738,429
787,387
280,818,126
108,739
1,338,023
2,401,342
2,777,021
83,517
2,473,891
295,712
476,464
88,701
1,407,462
565,443
83,511
2,070,924
217,232
143,468
3,322,911
1,277,133
75,684,358
94,227
1,792,978
1,240,467
1,877,865
86,484
76,709
11,707,785
52,255
593,864
267,234
99,263
180
SHARES
29,002
10,399
28,174
7,396
7,109
22,218
7,109
14,155
21,714
956,011
10,385
3,055
42,439
35,648
17,362
7,269
18,333
49,222
61,951
66,971
39,552
62,711
858,392
839,514
33,751
11,513
68,360
77,714
17,922
16,890
53,968
17,224
20,565
31,126
98,916
182,861
83,824
12,299
48,953
5,979
33,481
10,750
24,565
16,124
1,202
17,713
85,386
7,214
50,602
60,412
141,863
15,505
46,446
VALUE
COMPANY
Diebold, Inc
* Digi International, Inc
* DTS, Inc
* Eastman Kodak Co
* EchoStar Corp (Class A)
Electro Rent Corp
Electro Scientific Industries, Inc
EMC Corp
* EMCORE Corp
* ePlus, Inc
* Extreme Networks, Inc
* F5 Networks, Inc
* Fabrinet
FEI Co
* Finisar Corp
*,e Fitbit, Inc
Flir Systems, Inc
* Harmonic, Inc
Harris Corp
HP, Inc
* II-VI, Inc
*,e Immersion Corp
* Infinera Corp
* Insight Enterprises, Inc
InterDigital, Inc
* InvenSense, Inc
* Itron, Inc
* Ixia
Jabil Circuit, Inc
* Kimball Electronics, Inc
* Knowles Corp
* KVH Industries, Inc
Littelfuse, Inc
* Maxwell Technologies, Inc
e Mesa Laboratories, Inc
Motorola, Inc
MTS Systems Corp
* NCR Corp
NetApp, Inc
* Netgear, Inc
* Netscout Systems, Inc
$
181
819,016
115,533
1,417,434
205,535
120,426
865,391
109,976
95,829
961,713
27,035,991
67,295
256,956
165,088
4,399,676
655,589
253,543
1,950,998
923,405
846,251
2,181,915
130,126
5,432,027
18,043,400
11,761,591
678,395
86,463
598,834
2,660,927
476,725
997,354
365,903
1,451,811
877,920
357,949
2,012,941
4,149,116
2,451,014
155,213
657,928
54,230
1,227,748
1,343,965
743,091
88,682
138,987
620,486
5,924,081
342,160
1,451,265
1,991,784
3,738,090
797,422
1,299,559
41,984
14,868
42,356
8,081
44,126
8,151
5,271
20,079
16,122
57,926
29,307
40,380
17,506
12,287
8,752
40,168
11,491
28,040
2,553
13,572
20,395
23,473
18,658
18,109
11,840
4,288
17,022
123,258
35,155
12,629
18,824
18,717
53,363
23,473
114,291
59,297
5,516
140,987
25,055
VALUE
COMPANY
SHARES
*
*
*,e
*
*
*
*
*,e
*
*
*
*
*
*
*
e
*
*
*,e
*
*
*
*
*
*
e
*
*,e
*
*,e
*
*
*
Nimble Storage, Inc
Novanta, Inc
Oclaro, Inc
OSI Systems, Inc
Palo Alto Networks, Inc
Park Electrochemical Corp
PC Connection, Inc
Plantronics, Inc
Plexus Corp
Polycom, Inc
Pure Storage, Inc
QLogic Corp
Radisys Corp
Rofin-Sinar Technologies, Inc
Rogers Corp
Sanmina Corp
Scansource, Inc
ShoreTel, Inc
Silicom Ltd
Silicon Graphics International Corp
Sonus Networks, Inc
Stratasys Ltd
Synaptics, Inc
SYNNEX Corp
Systemax, Inc
Tech Data Corp
Trimble Navigation Ltd
TTM Technologies, Inc
Ubiquiti Networks, Inc
Universal Display Corp
USA Technologies, Inc
VeriFone Systems, Inc
Viasat, Inc
Viavi Solutions, Inc
Vishay Precision Group, Inc
Zebra Technologies Corp (Class A)
40,593
* 8x8, Inc
3,022,095
AT&T, Inc
5,163
ATN International, Inc
15,710
265,550
CenturyTel, Inc
87,920
24,658
Cogent Communications Group, Inc
24,285
e Consolidated Communications Holdings, Inc
8,375
572,667
e Frontier Communications Corp
14,505
$
312,361
233,576
242,700
480,577
5,775,652
132,046
136,044
968,611
740,645
717,703
369,268
626,698
84,379
388,269
598,987
1,017,857
471,476
205,814
92,572
73,289
175,805
491,525
402,080
940,763
1,190,275
38,378
1,326,524
3,258,942
349,792
564,769
1,333,492
88,344
1,022,435
1,733,012
814,895
790,429
72,535
6,698,292
1,328,166
557,218,901
558,154
130,826,493
379,584
143,904
8,348,892
439,600
1,053,636
678,766
135,591
2,977,868
223,232
182
184,564
3,994
16,929
24,947
40,177
140,970
8,919
27,031
31,665
5,431
62,235
22,538
11,251
368,672
4,184
42,025
142,646
5,233
2,005,975
92,637
53,416
79,872
VALUE
COMPANY
SHARES
*,e Globalstar, Inc
* Hawaiian Telcom Holdco, Inc
IDT Corp (Class B)
Inteliquent, Inc
* NII Holdings, Inc
* Orbcomm, Inc
* pdvWireless, Inc
* SBA Communications Corp (Class A)
Spok Holdings, Inc
* Sprint Corp
*,e Straight Path Communications, Inc
* T-Mobile US, Inc
* US Cellular Corp
e Windstream Holdings, Inc
* Zayo Group Holdings, Inc
22,768
*
59,041
5,886
2,978
282,523
21,971
11,244
*
40,969
*
10,955
69,608
14,754
e
6,252
4,833
*
474,842
377,928
14,127
*
88,745
122,297
14,493
27,627
*
25,627
*
21,551
e
35,234
*
16,757
*
42,690
153,925
*
52,727
24,855
*
$
Allegiant Travel Co
Amerco, Inc
Arkansas Best Corp
Celadon Group, Inc
Copa Holdings S.A. (Class A)
Costamare, Inc
Covenant Transportation Group, Inc
CSX Corp
FedEx Corp
Forward Air Corp
Genesee & Wyoming, Inc (Class A)
Heartland Express, Inc
J.B. Hunt Transport Services, Inc
Kirby Corp
219,631
88,667
258,337
512,661
360,789
7,133,082
104,352
82,174
335,332
116,767
7,157,025
925,861
207,918
2,263,646
76,316
1,323,367
6,610,216
211,675
111,151,075
549,337
497,303
2,260,378
288,211,629
329,681
3,968,736
763,826
1,177,829
10,029,567
411,077
486,078
1,504,791
90,488
4,846,109
988,518
61,207
108,888
13,452,274
14,644,710
349,785
4,386,665
19,799,884
670,736
1,788,848
1,166,797
399,125
1,715,191
686,032
3,548,820
2,821,445
5,067,592
1,354,349
183
32,577
20,564
35,759
11,338
21,046
146,116
32,393
1,308
3,699
11,295
14,300
23,958
12,165
24,589
312,894
34,099
38,046
415,552
169,647
339,048
2,557
4,109
9,360
21,103
27,854
52,276
14,424
UTILITIES - 3.5%
322,293
24,148
111,204
118,765
241,199
18,348
90,747
86,937
3,086
58,875
34,381
48,215
37,967
28,160
25,055
23,317
174,779
211,252
7,592
135,184
4,663
150,431
6,110
VALUE
COMPANY
SHARES
*
*
*
*
*
*
*,e
*
*
*,e
*
*,e
*,e
e
e
e
*
Knight Transportation, Inc
Marten Transport Ltd
Matson, Inc
Old Dominion Freight Line
PAM Transportation Services, Inc
Park-Ohio Holdings Corp
Radiant Logistics, Inc
Roadrunner Transportation Services Holdings, Inc
Ryder System, Inc
Saia, Inc
Skywest, Inc
Spirit Airlines, Inc
Swift Transportation Co, Inc
Union Pacific Corp
Universal Truckload Services, Inc
USA Truck, Inc
Virgin America, Inc
Werner Enterprises, Inc
Wesco Aircraft Holdings, Inc
XPO Logistics, Inc
YRC Worldwide, Inc
$
AES Corp
Allete, Inc
Alliant Energy Corp
Ameren Corp
American States Water Co
Aqua America, Inc
Artesian Resources Corp
Atlantic Power Corp
Atlantica Yield plc
Atmos Energy Corp
Avangrid, Inc
Avista Corp
Black Hills Corp
California Water Service Group
Calpine Corp
CMS Energy Corp
Connecticut Water Service, Inc
Consolidated Water Co, Inc
971,772
1,449,556
2,740,927
245,468
786,489
13,118,294
2,256,496
26,199
110,156
35,692
108,251
1,578,832
351,447
707,426
11,580,207
1,457,732
732,386
38,667,114
7,954,748
36,651,089
38,227
79,222
523,411
530,107
357,924
1,548,415
171,213
221,397,848
3,980,319
1,541,850
4,475,961
6,228,037
16,715,091
792,634
7,493,887
3,011,498
105,202
148,365
692,777
3,847,075
1,713,830
1,224,960
1,579,718
786,482
2,401,463
5,053,148
486,419
6,107,613
238,046
12,046,514
82,057
184
3,244
303,716
81,221
338,649
56,535
150,642
19,551
27,444
89,705
150,976
445,571
208,116
5,556
87,929
58,319
24,505
79,560
88,204
29,738
7,604
34,836
38,468
224,961
141,725
13,264
23,579
154,138
21,926
33,550
97,413
25,269
18,855
18,362
33,623
243,276
39,567
58,352
37,981
43,373
332,183
247,773
85,675
63,716
124,753
8,058
32,956
460,700
18,799
2,378
17,761
43,911
43,322
43,606
VALUE
COMPANY
SHARES
*
*
e
e
e
*
e
e
Delta Natural Gas Co, Inc
DTE Energy Co
Duke Energy Corp
Dynegy, Inc
El Paso Electric Co
Empire District Electric Co
Entergy Corp
Eversource Energy
Exelon Corp
FirstEnergy Corp
Genie Energy Ltd
Hawaiian Electric Industries, Inc
Idacorp, Inc
ITC Holdings Corp
MGE Energy, Inc
Middlesex Water Co
NextEra Energy, Inc
NiSource, Inc
NorthWestern Corp
NRG Energy, Inc
NRG Yield, Inc (Class C)
OGE Energy Corp
ONE Gas, Inc
Otter Tail Corp
PG&E Corp
PNM Resources, Inc
Portland General Electric Co
PPL Corp
Questar Corp
SCANA Corp
Sempra Energy
SJW Corp
Southern Co
Southwest Gas Corp
Spark Energy, Inc
Spire, Inc
Talen Energy Corp
TerraForm Global, Inc
TerraForm Power, Inc
$
185
85,609
23,695,922
7,920,672
28,984,968
855,375
11,656,678
932,192
925,686
7,301,090
8,830,586
16,610,887
7,267,411
35,670
2,618,526
1,810,805
1,981,229
3,679,650
2,121,306
1,669,789
314,121
1,968,582
1,432,548
28,860,247
3,636,663
861,364
1,432,188
2,133,270
376,689
601,887
3,133,776
1,641,474
860,542
639,916
819,393
15,555,067
2,366,107
4,602,222
1,305,027
1,894,099
12,526,621
11,400,036
2,156,440
4,774,877
13,957,366
341,337
1,050,637
24,647,450
1,456,922
58,951
1,232,613
597,190
150,761
512,807
SHARES
95,075
8,987
33,919
10,796
150,022
69,201
22,771
237,049
5,212
VALUE
COMPANY
UGI Corp
Unitil Corp
Vectren Corp
*,e Vivint Solar, Inc
Westar Energy, Inc
WGL Holdings, Inc
Xcel Energy, Inc
York Water Co
TOTAL UTILITIES
$
TOTAL COMMON STOCKS
(Cost $7,537,811,950)
4,303,094
393,091
1,754,630
32,604
9,737,928
3,845,500
1,611,959
10,425,415
163,865
391,304,273
11,205,101,716
m Emergent Capital, Inc
267
0
0
874
e Asterias Biotherapeutics, Inc
1,296
m Forest Laboratories, Inc CVR
1,988
m Omthera Pharmaceuticals, Inc
e,m Trius Therapeutics, Inc
12,340
201
1,231
1,193
1,604
4,229
m Gerber Scientific, Inc
3,514
0
0
m Leap Wireless International, Inc
19,784
49,856
49,856
(Cost $50,442)
54,085
ISSUER
PRINCIPAL
$
21,900,000
RATE
0.090%
COMPANY
SHARES
301,860,805
(Cost $323,760,805)
MATURITY
DATE
08/01/16
21,900,000
21,900,000
301,860,805
301,860,805
323,760,805
186
COMPANY
VALUE
(Cost $7,861,623,197)
NET ASSETS - 100.0%
Abbreviation(s):
ETF Exchange Traded Fund
SPDR Standard & Poor’s Depository Receipts
*
a
c
e
m
Affiliated holding
187
$
11,528,916,606
$
(317,986,674)
11,210,929,932
TIAA-CREF FUNDS - Large-Cap Growth Index Fund
TIAA-CREF FUNDS
LARGE-CAP GROWTH INDEX FUND
July 31, 2016
COMPANY
SHARES
VALUE
8,618
BorgWarner, Inc
76,850
50,938
Gentex Corp
50,495
53,972
17,041
Lear Corp
33,342
13,421
9,498
Visteon Corp
BANKS - 0.2%
60,889
32,625
9,107
10,866
14,662
168,357
21,111
12,298
14,051
26,739
12,822
31,615
169,908
25,946
5,221
47,080
21,344
32,603
28,988
80,275
21,999
22,311
43,550
27,738
500,949
15,383
56,005
5,409
10,633
1,377
$
First Republic Bank
* Signature Bank
* SVB Financial Group
TOTAL BANKS
e
*
*
*
285,945
5,211,967
900,075
2,672,195
2,478,394
1,933,302
7,828,368
1,027,243
665,715
23,003,204
1,359,651
2,338,234
1,095,025
1,091,164
498,948
6,383,022
3M Co
A.O. Smith Corp
Acuity Brands, Inc
Air Lease Corp
Allegion plc
Ametek, Inc
BE Aerospace, Inc
Boeing Co
Carlisle Cos, Inc
Danaher Corp
Deere & Co
Donaldson Co, Inc
Emerson Electric Co
Fastenal Co
Flowserve Corp
Fortive Corp
General Electric Co
Graco, Inc
HEICO Corp
HEICO Corp (Class A)
Herc Holdings, Inc
30,028,154
1,961,001
3,227,364
404,809
1,935,636
603,019
1,512,304
22,709,903
955,072
539,277
3,834,195
1,658,642
1,177,946
1,620,429
3,431,756
1,052,652
1,075,613
2,755,409
4,074,435
15,599,552
1,138,496
2,026,821
375,980
613,205
48,677
188
COMPANY
SHARES
26,048
215,584
10,542
11,788
19,720
82,879
35,903
10,534
11,185
74,330
17,105
60,559
16,338
5,500
15,902
48,035
8,989
10,927
31,680
29,164
36,687
13,943
12,032
19,382
4,264
23,363
14,865
14,602
21,611
4,943
16,182
14,993
7,229
23,977
25,954
*
*
*
*
*
*
e
*
VALUE
Hexcel Corp
Hubbell, Inc
Huntington Ingalls
IDEX Corp
Ingersoll-Rand plc
Manitowoc Foodservice, Inc
Masco Corp
Middleby Corp
Nordson Corp
Paccar, Inc
Raytheon Co
Snap-On, Inc
Stanley Works
Textron, Inc
Toro Co
United Rentals, Inc
W.W. Grainger, Inc
WABCO Holdings, Inc
Watsco, Inc
Xylem, Inc
TOTAL CAPITAL GOODS
$
24,048
Cintas Corp
1,602
28,573
* Copart, Inc
32,114
3,677
33,038
Equifax, Inc
38,351
82,840
Nielsen NV
55,651
Pitney Bowes, Inc
39,053
35,489
30,305
Rollins, Inc
23,363
* Stericycle, Inc
14,718
* TransUnion
11,866
1,124,492
25,078,887
1,136,744
2,034,373
1,770,659
9,564,237
2,378,933
1,651,731
694,141
18,785,421
313,706
2,209,192
1,966,768
395,065
1,403,988
10,405,822
530,081
279,731
4,420,310
3,336,362
3,104,454
2,375,330
1,891,069
840,791
518,929
911,157
1,366,837
4,081,551
1,721,748
647,286
3,541,431
1,503,348
1,041,265
1,642,425
1,240,861
220,269,472
2,579,629
82,375
1,441,222
514,466
475,252
4,376,214
1,640,272
4,461,762
1,074,621
699,830
1,296,768
853,995
2,108,978
481,573
540,734
189
SHARES
42,816
103,419
COMPANY
VALUE
$
3,651,349
6,838,064
33,117,104
20,529
Brunswick Corp
3,681
14,881
Carter’s, Inc
14,575
Coach, Inc
51,596
DR Horton, Inc
106,985
Hanesbrands, Inc
9,089
31,303
Hasbro, Inc
37,114
* Kate Spade & Co
37,249
1,384
26,298
27,213
* Lululemon Athletica, Inc
97,563
Mattel, Inc
48,714
13,843
124,860
Newell Brands, Inc
379,759
Nike, Inc (Class B)
984
* NVR, Inc
18,057
e Polaris Industries, Inc
11,233
Pool Corp
28,514
Pulte Homes, Inc
1,104
Ralph Lauren Corp
37,118
* Skechers U.S.A., Inc (Class A)
15,542
*,e Tempur-Pedic International, Inc
21,647
13,998
Tupperware Brands Corp
51,637
* Under Armour, Inc
51,967
94,962
VF Corp
2,939
2,023
Whirlpool Corp
1,018,649
133,289
1,506,701
628,328
1,696,477
2,852,220
751,115
2,542,743
805,003
1,958,180
51,955
1,230,746
2,113,089
3,256,653
2,519,488
2,892,356
6,550,156
21,076,625
1,677,720
1,783,129
1,148,911
603,927
108,291
891,574
1,175,441
606,333
877,395
1,843,441
2,050,618
5,928,478
147,097
389,144
72,815,272
29,146
18,583
8,321
6,323
34,158
13,845
Domino’s Pizza, Inc
25,627
3,881
129,182
393
*,e Hyatt Hotels Corp
102,792
46,913
248,869
McDonald’s Corp
1,044,884
876,003
3,528,021
305,338
2,102,766
2,039,368
1,161,159
54,955
2,995,730
19,823
5,206,415
3,363,662
29,279,438
190
COMPANY
SHARES
11,849
4,126
6,930
52,965
37,752
19,906
404,360
29,587
10,037
33,331
30,467
21,181
109,780
VALUE
* Panera Bread Co (Class A)
Starbucks Corp
Vail Resorts, Inc
Wendy’s
e Wynn Resorts Ltd
Yum! Brands, Inc
$
13,570
14,174
9,235
Artisan Partners Asset Management, Inc
24,715
CBOE Holdings, Inc
261,570
Charles Schwab Corp
2,259
37,560
30,593
Eaton Vance Corp
11,847
28,315
Federated Investors, Inc (Class B)
2,018
15,601
22,390
Invesco Ltd
86,532
e iShares Russell 1000 Growth Index Fund
4,842
4,587
10,211
MarketAxess Holdings, Inc
42,269
Moody’s Corp
6,753
Morningstar, Inc
25,763
MSCI, Inc (Class A)
54,902
74,976
S&P Global, Inc
36,283
SEI Investments Co
51,724
61,728
ENERGY - 0.6%
74,596
91,599
23,645
4,131
11,703
14,092
4,835
17,182
5,891
*,e
*,e
*
*
*
284,139
175,768
1,519,888
1,468,190
1,428,158
1,122,499
23,473,098
2,309,561
1,435,994
321,977
2,163,766
2,074,679
9,816,528
99,571,807
1,991,805
1,358,436
258,211
1,700,392
7,433,819
408,134
2,134,910
1,156,721
2,037,210
893,905
70,307
4,121,784
653,340
9,061,631
173,053
123,620
1,650,710
4,480,937
571,169
2,216,648
651,138
9,162,067
1,632,735
3,656,370
1,874,062
59,473,114
Apache Corp
Chesapeake Energy Corp
Cimarex Energy Co
Devon Energy Corp
EOG Resources, Inc
3,916,290
2,259,747
128,156
495,803
515,517
539,442
424,465
1,403,769
88,247
191
SHARES
14,085
60,074
4,325
133,008
30,060
33,137
COMPANY
VALUE
* Newfield Exploration Co
Oneok, Inc
*,e Southwestern Energy Co
Spectra Energy Corp
Williams Cos, Inc
TOTAL ENERGY
$
10,833
124,421
289,422
CVS Health Corp
269,095
Kroger Co
291,860
* Rite Aid Corp
38,874
*,e Sprouts Farmers Market, Inc
147,594
Sysco Corp
12,384
50,432
15,068
609,880
2,690,714
123,306
1,939,257
1,081,258
794,294
17,010,145
1,446,639
20,805,679
26,835,208
9,200,358
2,043,020
899,156
7,643,893
299,197
3,996,736
459,273
73,629,159
555,964
Altria Group, Inc
16,566
* Blue Buffalo Pet Products, Inc
7,147
e Brown-Forman Corp
26,223
52,152
Campbell Soup Co
833,130
Coca-Cola Co
96,285
ConAgra Foods, Inc
47,107
51,690
43,104
Flowers Foods, Inc
169,050
General Mills, Inc
21,903
39,836
Hershey Co
66,754
Hormel Foods Corp
14,113
Ingredion, Inc
63,962
Kellogg Co
22,026
Kraft Heinz Co
32,914
McCormick & Co, Inc
18,768
42,238
359,183
PepsiCo, Inc
46,925
6,195
e Pilgrim’s Pride Corp
11,193
145,287
4,797
39,075
49,143
* WhiteWave Foods Co (Class A)
37,638,763
425,415
755,152
2,574,836
3,247,505
36,349,462
4,502,287
7,755,225
5,091,982
792,683
12,153,005
1,156,259
4,412,235
2,493,262
1,880,416
5,290,297
1,902,826
3,365,457
1,674,106
6,784,690
39,122,212
4,704,701
144,034
970,097
7,273,067
495,002
2,875,920
2,726,945
198,557,841
192
SHARES
COMPANY
VALUE
11,509
* Abiomed, Inc
7,006
32,868
Aetna Inc
5,043
* Alere, Inc
20,442
50,312
8,401
* Amsurg Corp
20,701
Anthem, Inc
10,857
21,255
Bard (C.R.), Inc
15,942
58,389
385,599
83,990
34,258
* Centene Corp
84,996
* Cerner Corp
24,748
Cigna Corp
11,059
Cooper Cos, Inc
18,352
* DaVita, Inc
22,900
* DexCom, Inc
59,719
43,242
158,317
60,288
* HCA Holdings, Inc
23,821
* Henry Schein, Inc
17,057
76,813
* Hologic, Inc
39,864
Humana, Inc
24,738
* Idexx Laboratories, Inc
42,083
* IMS Health Holdings, Inc
16,479
*,e Inovalon Holdings, Inc
10,839
13,719
63,887
McKesson Corp
17,951
* MEDNAX, Inc
23,324
Patterson Cos, Inc
3,899
* Premier, Inc
38,825
Resmed, Inc
54,629
95,324
Stryker Corp
2,242
Teleflex, Inc
23,858
* Tenet Healthcare Corp
266,385
5,892
28,528
* Varian Medical Systems, Inc
21,661
* VCA Antech, Inc
26,776
* Veeva Systems, Inc
11,357
20,000
West Pharmaceutical Services, Inc
27,341
193
$
1,357,717
395,839
3,786,722
189,112
1,822,404
4,286,079
630,159
2,718,869
1,387,416
4,755,381
765,535
10,276,464
9,362,344
7,021,564
2,416,902
5,302,900
3,191,502
2,017,936
1,423,014
2,112,067
6,839,020
1,063,321
12,043,174
4,650,013
4,311,125
911,356
2,956,532
6,878,533
2,320,177
1,263,332
306,839
7,541,343
1,914,624
12,429,855
1,237,003
1,151,273
127,497
2,674,266
4,536,392
11,084,275
404,255
730,293
38,146,332
763,191
2,702,743
1,545,296
1,017,220
1,212,928
1,605,600
3,585,499
203,173,233
COMPANY
SHARES
VALUE
35,758
30,763
Clorox Co
43,533
7,593
e Coty, Inc
5,324
61,321
21,145
*,e Herbalife Ltd
87,824
Kimberly-Clark Corp
4,381
7,323
e Spectrum Brands, Inc
INSURANCE - 0.7%
1,064
75,259
33,460
5,867
6,345
15,110
145,575
17,326
25,638
MATERIALS - 3.5%
47,586
4,396
24,138
45,841
47,482
3,833
35,470
3,747
37,518
13,114
73,785
249,281
30,015
80,025
59,976
22,237
43,657
16,340
80,228
1,947
47,074
26,032
75,128
72,322
1,687
36,294
11,597
54,760
*
*
*
*
$
3,512,866
4,032,106
3,240,161
204,024
274,346
5,696,721
1,438,072
11,377,599
233,945
942,983
30,952,823
Aon plc
Brown & Brown, Inc
Progressive Corp
XL Group Ltd
TOTAL INSURANCE
25,398
8,057,981
1,645,898
215,084
619,843
659,854
9,571,556
563,268
887,331
22,246,213
Aptargroup, Inc
Avery Dennison Corp
Axalta Coating Systems Ltd
Ball Corp
Bemis Co, Inc
Crown Holdings, Inc
Ecolab, Inc
FMC Corp
Monsanto Co
NewMarket Corp
Owens-Illinois, Inc
PPG Industries, Inc
Praxair, Inc
Royal Gold, Inc
RPM International, Inc
Sealed Air Corp
7,110,300
343,679
1,880,109
1,308,761
3,355,553
195,636
1,454,270
237,635
1,987,328
1,100,920
8,734,668
17,242,767
1,426,913
1,037,124
818,073
2,963,080
3,285,626
3,311,301
8,565,944
833,199
884,520
1,944,330
7,866,653
8,428,406
142,619
1,969,312
855,279
2,583,577
194
SHARES
23,122
11,356
10,359
9,723
21,855
35,017
11,028
MEDIA - 5.0%
16,168
1,304
114,348
56,986
29,542
6,212
632,743
38,779
62,053
47,199
111,917
16,879
21,019
545
68,517
6,357
23,037
510,805
26,628
147,801
1,669
239,308
107,445
2,460
85,972
463,592
COMPANY
VALUE
Sherwin-Williams Co
Silgan Holdings, Inc
e Southern Copper Corp (NY)
Steel Dynamics, Inc
Valspar Corp
Vulcan Materials Co
WR Grace & Co
TOTAL MATERIALS
$
* AMC Networks, Inc
Cable One, Inc
CBS Corp (Class B)
e Lions Gate Entertainment Corp
* Live Nation, Inc
Omnicom Group, Inc
*,e Sirius XM Holdings, Inc
Time Warner, Inc
Tribune Co
Viacom, Inc
Walt Disney Co
TOTAL MEDIA
6,930,357
563,031
269,230
260,771
2,326,902
4,341,408
825,666
107,384,947
895,060
683,140
5,971,253
13,384,302
1,110,779
43,422
42,551,967
972,965
1,522,781
2,521,371
2,580,806
337,411
576,341
99,621
5,638,264
149,517
1,521,824
2,242,434
804,964
11,328,947
61,836
6,375,165
2,904,238
122,114
3,909,147
44,481,652
152,791,321
460,295
AbbVie, Inc
26,418
22,752
8,699
*,e Agios Pharmaceuticals, Inc
23,360
* Akorn, Inc
61,349
42,706
* Alkermes plc
66,486
* Allergan plc
18,111
*,e Alnylam Pharmaceuticals, Inc
214,579
Amgen, Inc
62,451
* Biogen Idec, Inc
45,872
11,028
Bio-Techne Corp
477,448
30,485,338
978,523
1,094,599
393,456
799,613
7,889,481
2,131,029
16,817,634
1,232,997
36,914,025
18,106,418
4,560,594
1,239,768
35,717,885
195
SHARES
29,554
219,488
12,994
276,891
377,097
41,347
46,089
4,783
15,373
34,060
136,570
15,743
45,022
7,766
34,694
23,917
81,841
6,344
120,975
16,359
22,060
27,067
50,566
3,410
69,470
2,278
22,605
129,501
REAL ESTATE - 3.0%
1,159
120,827
8,660
2,285
86,038
84,336
33,591
17,276
30,260
15,533
19,310
22,201
7,138
33,577
19,688
51,983
27,716
72,558
22,830
19,227
6,231
42,520
COMPANY
VALUE
Bruker BioSciences Corp
* Celgene Corp
Eli Lilly & Co
* Illumina, Inc
* Incyte Corp
*,e Intercept Pharmaceuticals, Inc
*,e Intrexon Corp
*,e Ionis Pharmaceuticals, Inc
Johnson & Johnson
*,e Juno Therapeutics, Inc
* Medivation, Inc
* Mettler-Toledo International, Inc
* Mylan NV
* Neurocrine Biosciences, Inc
*,e Opko Health, Inc
PerkinElmer, Inc
Pfizer, Inc
* Quintiles Transnational Holdings, Inc
*,e Seattle Genetics, Inc
* United Therapeutics Corp
* VWR Corp
* Waters Corp
Zoetis Inc
American Tower Corp
* CBRE Group, Inc
CubeSmart
CyrusOne, Inc
Equinix, Inc
Iron Mountain, Inc
Lamar Advertising Co
Outfront Media, Inc
Public Storage, Inc
$
736,486
24,624,359
1,142,562
22,951,495
29,967,899
6,878,073
4,157,689
827,603
389,398
994,211
17,102,661
486,931
2,880,958
3,193,457
1,623,332
1,201,351
814,318
361,100
4,462,768
1,270,113
9,378,147
1,300,840
8,031,903
412,644
6,738,590
71,347
3,592,613
6,535,915
320,490,123
130,156
13,988,142
1,230,846
67,590
2,447,781
8,183,122
997,989
947,070
3,160,960
326,038
7,200,120
1,825,810
1,669,435
2,888,293
3,341,054
1,862,551
943,730
2,990,115
1,549,244
663,331
144,995
10,158,878
196
COMPANY
SHARES
6,466
14,356
79,369
8,340
24,961
7,204
29,600
RETAILING - 9.2%
19,733
110,695
7,300
8,239
4,363
11,746
1,769
54,279
19,056
80,534
64,134
34,537
33,449
4,555
38,614
102,286
355,432
12,810
68,077
7,029
87,042
254,393
19,872
6,268
116,152
34,311
27,283
14,078
113,114
45,528
20,119
17,690
187,188
37,190
31,757
16,494
19,328
26,559
VALUE
Ventas, Inc
TOTAL REAL ESTATE
*
*
*
*
*
*
*,e
*
e
*
*
*
*
*
*
*
e
*
*
*
*
*
*
$
Amazon.com, Inc
Autonation, Inc
AutoZone, Inc
Cabela’s, Inc
Carmax, Inc
Dick’s Sporting Goods, Inc
Dollar General Corp
Dollar Tree, Inc
Expedia, Inc
Foot Locker, Inc
Gap, Inc
Genuine Parts Co
Groupon, Inc
Home Depot, Inc
L Brands, Inc
Liberty Ventures
LKQ Corp
Michaels Cos, Inc
Murphy USA, Inc
NetFlix, Inc
Nordstrom, Inc
O’Reilly Automotive, Inc
Priceline.com, Inc
Ross Stores, Inc
Sally Beauty Holdings, Inc
Signet Jewelers Ltd
Target Corp
TJX Companies, Inc
Tractor Supply Co
TripAdvisor, Inc
Ulta Salon Cosmetics & Fragrance, Inc
Urban Outfitters, Inc
TOTAL RETAILING
549,157
318,847
18,019,938
853,766
1,041,872
582,948
2,254,336
90,338,114
3,351,847
83,996,473
389,455
6,706,299
196,117
898,686
91,334
3,162,295
977,382
7,629,791
6,175,463
4,028,741
1,994,229
117,473
3,947,895
493,019
49,134,920
946,659
1,825,144
265,064
2,993,374
20,931,456
523,826
480,380
10,598,870
1,517,576
7,929,258
19,016,703
6,993,839
1,335,336
1,768,661
1,332,588
15,297,003
3,408,464
2,222,037
4,308,398
577,907
1,436,311
279,000,273
220,515
107,271
Broadcom Ltd
5,797,339
17,375,757
197
SHARES
10,102
124,279
44,205
35,809
32,792
78,837
58,693
145,636
11,541
3,757
87,207
49,272
286,034
22,427
COMPANY
VALUE
*,e Cree, Inc
Intel Corp
Kla-Tencor Corp
Lam Research Corp
Nvidia Corp
* Qorvo, Inc
Qualcomm, Inc
Xilinx, Inc
178,646
Accenture plc
157,788
140,200
42,715
16,315
83,688
84,584
7,937
* Ansys, Inc
7,275
* Atlassian Corp plc
48,303
* Autodesk, Inc
131,265
6,265
*,e Black Knight Financial Services, Inc
29,801
32,798
Broadridge Financial Solutions, Inc
83,363
* Cadence Design Systems, Inc
43,300
CDK Global, Inc
43,268
170,997
1,406
703
8,902
* CoStar Group, Inc
45,602
CSRA, Inc
9,138
DST Systems, Inc
305,608
* eBay, Inc
82,288
13,810
638,816
* Facebook, Inc
51,517
10,394
*,e FireEye, Inc
14,484
94,649
* First Data Corp
64,421
* Fiserv, Inc
25,539
43,381
* Fortinet, Inc
22,266
* Gartner, Inc
41,751
* Genpact Ltd
$
288,917
4,332,366
3,346,761
3,214,574
1,967,192
3,214,973
3,265,679
8,315,816
115,756
237,555
5,457,414
3,252,937
19,950,871
1,145,571
81,279,478
20,153,055
6,336,766
13,719,972
2,158,389
3,778,880
66,225,662
65,027,333
709,250
218,032
2,871,613
11,676,022
243,395
920,255
2,219,769
2,004,880
2,502,307
3,856,477
9,830,618
19,681
9,911
1,850,726
1,227,606
1,126,990
9,522,745
6,280,220
1,053,151
79,174,855
4,097,147
181,063
583,415
1,173,648
7,109,502
3,873,755
1,504,887
2,232,166
1,117,674
198
SHARES
43,376
15,292
20,136
15,365
172,376
69,869
23,927
33,432
19,960
274,165
8,101
2,155,591
11,071
45,467
84,719
53,431
93,342
321,868
14,741
29,754
52,271
57,732
181,294
44,575
36,481
14,487
43,078
22,640
3,986
16,011
35,522
46,299
158,489
9,156
7,674
43,157
27,385
543,751
7,485
145,982
10,866
33,361
16,126
10,808
19,611
VALUE
COMPANY
*,e GoDaddy, Inc
IAC/InterActiveCorp
Intuit, Inc
* LinkedIn Corp
* Manhattan Associates, Inc
*,e Match Group, Inc
Microsoft Corp
*,e NetSuite, Inc
Oracle Corp
Paychex, Inc
* PTC, Inc
* Red Hat, Inc
Sabre Corp
* ServiceNow, Inc
* Splunk, Inc
* Square, Inc
Symantec Corp
* Synopsys, Inc
* Tableau Software, Inc
* Teradata Corp
*,e Twitter, Inc
* Tyler Technologies, Inc
* Ultimate Software Group, Inc
* Vantiv, Inc
*,e VeriSign, Inc
Visa, Inc (Class A)
Western Union Co
* WEX, Inc
* Workday, Inc
* Yelp, Inc
* Zillow Group, Inc
*,e Zillow Group, Inc (Class C)
$
85,217
1,429,874
d Apple, Inc
11,179
13,349
47,777
CDW Corp
3,238,452
457,537
1,237,760
890,555
27,687,033
7,754,760
2,135,485
6,443,349
1,158,678
26,111,475
127,591
122,178,898
1,205,078
730,655
3,476,868
726,662
5,533,314
11,986,364
585,660
697,136
3,935,484
1,682,888
14,829,849
3,339,559
2,281,522
145,884
1,387,973
462,535
215,882
904,782
1,008,114
2,357,545
2,637,257
1,492,611
1,604,633
2,363,709
2,371,815
42,439,766
546,255
2,919,640
1,017,927
2,780,306
518,773
425,943
769,732
655,395,511
5,072,116
149,007,169
796,727
363,627
2,051,067
199
SHARES
23,248
35,635
56,826
18,688
11,404
31,497
8,260
7,657
26,793
33,612
24,997
55,429
32,825
11,871
VALUE
COMPANY
Cognex Corp
EMC Corp
* F5 Networks, Inc
FEI Co
*,e Fitbit, Inc
Motorola, Inc
* NCR Corp
* VeriFone Systems, Inc
* Zebra Technologies Corp (Class A)
22,100
50,007
* T-Mobile US, Inc
581,971
45,527
* Zayo Group Holdings, Inc
28,046
1,058
24,651
*
40,819
170,584
36,391
70,692
4,131
*
25,292
6,735
*
14,002
11,967
*
180,939
38,246
196,802
UTILITIES - 0.1%
10,125
20,738
1,693
$
1,050,112
1,067,268
1,607,039
2,306,473
1,213,614
430,249
696,235
531,243
768,423
1,108,188
3,271,857
1,465,543
628,927
629,282
174,065,159
2,541,500
2,317,325
32,247,013
1,288,414
38,394,252
Amerco, Inc
FedEx Corp
Union Pacific Corp
1,885,252
418,450
905,431
2,841,819
6,610,130
1,798,807
11,445,035
201,097
2,102,524
123,453
987,001
833,621
6,696,552
3,558,790
21,274,296
61,682,258
ITC Holdings Corp
TOTAL UTILITIES
789,952
959,133
101,240
1,850,325
3,022,874,170
TOTAL COMMON STOCKS
(Cost $2,226,004,671)
200
ISSUER
PRINCIPAL
RATE
$
16,600,000
0.090%
MATURITY
DATE
08/01/16
VALUE
$
SHARES
COMPANY
58,773,674
58,773,674
58,773,674
75,373,674
(Cost $75,373,674)
(Cost $2,301,378,345)
NET ASSETS - 100.0%
*
c
d
e
16,600,000
16,600,000
3,098,247,844
$
201
(67,948,297)
3,030,299,547
TIAA-CREF FUNDS - Large-Cap Value Index Fund
TIAA-CREF FUNDS
LARGE-CAP VALUE INDEX FUND
July 31, 2016
COMPANY
SHARES
VALUE
82,375
BorgWarner, Inc
1,663,426
Ford Motor Co
600,827
General Motors Co
41,694
Gentex Corp
115,423
193,528
5,258
Lear Corp
BANKS - 9.9%
61,502
4,409,788
18,252
41,218
349,865
10,630
85,538
1,258,421
134,806
74,305
35,579
22,413
60,425
325,510
96,236
146,741
13,042
338,069
1,560,391
358,800
64,298
200,532
50,088
130,376
214,632
43,380
541,009
8,824
214,534
5,636
52,286
66,843
28,459
697,397
1,961,236
e
e
*
*
$
Bank of Hawaii Corp
BankUnited
BB&T Corp
BOK Financial Corp
CIT Group, Inc
Citigroup, Inc
Comerica, Inc
Fifth Third Bancorp
First Republic Bank
JPMorgan Chase & Co
Keycorp
M&T Bank Corp
PacWest Bancorp
People's United Financial, Inc
Popular, Inc
Signature Bank
SunTrust Banks, Inc
SVB Financial Group
TCF Financial Corp
TFS Financial Corp
US Bancorp
Wells Fargo & Co
2,733,203
21,058,973
18,950,084
736,733
3,309,177
8,886,806
596,520
56,271,496
1,143,937
63,897,828
1,257,928
1,237,364
12,899,523
693,395
2,956,193
55,131,424
3,010,218
3,361,558
1,682,531
1,521,619
2,067,743
6,178,180
1,401,196
1,493,823
934,720
3,211,655
99,818,212
4,197,960
7,365,979
2,897,687
2,071,139
1,976,500
17,739,335
1,461,472
4,961,053
1,060,998
9,072,643
565,967
1,591,586
908,396
517,954
29,409,232
94,080,491
202
SHARES
19,129
84,911
65,417
30,556
20,198
61,889
80,374
19,256
18,463
238,960
44,640
42,648
20,854
67,668
191,528
101,487
4,028
65,457
195,217
230,608
21,137
58,963
95,946
61,425
3,183,534
8,210
8,218
3,641
2,176
54,810
39,334
50,701
63,275
32,701
1,128
9,866
30,360
48,759
11,716
24,812
32,247
48,600
132,914
56,860
70,249
43,507
78,643
18,772
11,245
20,636
COMPANY
VALUE
TOTAL BANKS
$
* Aecom Technology Corp
AGCO Corp
Air Lease Corp
Ametek, Inc
* Armstrong World Industries, Inc
Carlisle Cos, Inc
Caterpillar, Inc
* Colfax Corp
Crane Co
Cummins, Inc
Danaher Corp
e Deere & Co
Donaldson Co, Inc
Dover Corp
Eaton Corp
Emerson Electric Co
Flowserve Corp
Fluor Corp
* Fortive Corp
General Electric Co
* Herc Holdings, Inc
Hubbell, Inc
Huntington Ingalls
IDEX Corp
Ingersoll-Rand plc
ITT, Inc
* Jacobs Engineering Group, Inc
KBR, Inc
* Manitowoc Foodservice, Inc
Masco Corp
Orbital ATK, Inc
Oshkosh Truck Corp
Owens Corning, Inc
Paccar, Inc
Pentair plc
Raytheon Co
Regal-Beloit Corp
650,960
2,367,319
446,795,718
2,321,649
1,471,577
581,904
1,783,641
3,779,989
817,802
1,907,043
19,776,329
1,509,279
1,252,145
1,299,204
8,307,600
15,598,040
7,886,555
145,532
4,675,594
12,378,710
12,890,987
1,011,406
3,155,700
4,625,557
9,022,718
99,135,249
290,224
886,147
628,364
195,383
3,631,711
1,247,281
2,713,518
887,116
4,958,453
176,870
612,284
556,802
1,778,728
841,560
2,161,622
1,776,487
2,571,426
7,837,939
6,492,843
4,483,291
1,113,779
10,973,058
1,145,280
1,286,428
3,515,549
203
SHARES
6,425
29,327
27,571
56,406
46,308
78,315
30,428
63,667
6,002
332,618
39,769
2,272
17,780
35,552
COMPANY
VALUE
Snap-On, Inc
*,e SolarCity Corp
* Spirit Aerosystems Holdings, Inc (Class A)
Stanley Works
Terex Corp
Textron, Inc
Timken Co
Trinity Industries, Inc
* USG Corp
Xylem, Inc
TOTAL CAPITAL GOODS
$
1,009,817
783,031
1,196,030
6,864,610
1,117,875
3,054,285
1,017,817
1,477,711
478,179
35,806,328
1,119,895
297,518
991,057
1,699,741
335,010,247
21,540
8,997
30,793
Manpower, Inc
32,675
Nielsen NV
27,802
101,038
1,834
* Stericycle, Inc
154,674
33,904
1,107,587
1,162,862
2,137,034
1,759,876
498,212
5,179,208
165,555
7,048,494
2,241,732
21,300,560
7,025
Brunswick Corp
28,708
96,239
Coach, Inc
64,435
DR Horton, Inc
48,064
*,e Garmin Ltd
16,657
2,443
36,737
5,361
34,833
103,211
Pulte Homes, Inc
22,600
Ralph Lauren Corp
35,899
22,484
28,697
Whirlpool Corp
348,581
1,039,517
4,148,863
2,118,623
2,611,317
1,376,534
91,710
1,719,292
1,120,127
3,520,223
2,186,009
2,216,834
1,005,531
1,125,324
5,520,155
30,148,640
60,188
174,076
Carnival Corp
3,705
24,941
1,916
Graham Holdings Co
95,463
H&R Block, Inc
2,157,740
8,132,831
178,914
353,165
964,208
2,271,065
204
SHARES
26,047
11,815
39,278
9,859
185,686
61,084
72,533
28,719
37,960
3,196
COMPANY
VALUE
* Hyatt Hotels Corp
Wendy's
Wynn Resorts Ltd
$
2,895
186,794
Ally Financial, Inc
342,122
American Express Co
46,672
447,929
53,453
BlackRock, Inc
218,529
100,895
Charles Schwab Corp
144,562
CME Group, Inc
117,779
121,242
153,862
165,328
23,245
26,248
145,591
Invesco Ltd
78,742
e iShares Russell 1000 Value Index Fund
46,412
45,469
Legg Mason, Inc
142,459
31,860
7,254
Moody's Corp
612,374
Morgan Stanley
48,526
142,254
Navient Corp
88,205
Northern Trust Corp
23,641
* OneMain Holdings, Inc
53,038
47,671
* Santander Consumer USA Holdings, Inc
177,015
* SLM Corp
168,869
State Street Corp
357,620
25,157
11,916
89,645
Voya Financial, Inc
ENERGY - 12.8%
219,550
68,796
604,030
595,949
820,910
706,890
4,452,750
2,602,178
5,254,290
2,241,805
366,694
313,048
32,016,467
424,928
3,369,764
22,053,184
4,473,044
17,648,403
19,577,161
14,658,925
2,867,436
14,780,019
6,694,558
3,040,749
5,568,266
26,255,740
809,856
6,934,722
4,248,345
8,312,793
1,658,765
1,552,312
2,601,301
858,627
768,997
17,593,505
3,433,700
2,020,007
5,961,776
681,806
2,911,786
523,904
1,272,738
11,108,203
9,970,446
1,778,348
361,770
2,297,601
229,073,485
* Antero Resources Corp
11,972,061
1,801,767
205
COMPANY
SHARES
49,985
187,775
56,398
84,592
244,317
806,915
33,244
55,791
532,692
94,549
19,958
203,693
26,480
22,997
16,120
41,245
135,660
209,826
73,329
1,779,104
96,599
13,017
54,628
366,773
41,020
119,885
70,690
824,143
59,620
59,497
363,618
225,339
33,542
70,397
115,740
160,983
63,204
107,119
180,019
327,547
40,704
58,278
59,609
41,266
192,452
69,807
91,374
71,988
51,668
52,048
22,135
597,560
31,427
*
*,e
*
e
*,e
*
e
*
*
d
*
e
*
e
*
*,e
*
e
*
e
*
*
*,e
e
VALUE
Apache Corp
Baker Hughes, Inc
Cheniere Energy, Inc
Chevron Corp
Cimarex Energy Co
ConocoPhillips
Consol Energy, Inc
Devon Energy Corp
Dril-Quip, Inc
Energen Corp
Ensco plc
EOG Resources, Inc
EQT Corp
Exxon Mobil Corp
Frank's International NV
Halliburton Co
Hess Corp
HollyFrontier Corp
Kinder Morgan, Inc
Kosmos Energy LLC
Laredo Petroleum Holdings, Inc
Marathon Oil Corp
Murphy Oil Corp
Noble Corp plc
Noble Energy, Inc
Parsley Energy, Inc
PBF Energy, Inc
Phillips 66
Rice Energy, Inc
Rowan Cos plc
RPC, Inc
Schlumberger Ltd
SM Energy Co
$
206
2,624,212
8,981,278
1,391,339
3,538,483
1,324,198
82,692,649
3,989,945
6,929,242
21,744,488
1,832,360
879,150
7,797,368
601,626
2,018,907
877,412
1,954,188
1,244,002
17,142,784
5,342,751
158,251,301
2,451,683
160,369
1,589,129
16,013,309
2,542,009
6,431,830
1,796,940
16,754,827
330,891
596,160
4,959,750
8,876,103
502,459
1,930,990
1,041,660
5,207,800
2,736,733
790,538
6,430,279
24,477,587
1,134,828
1,661,506
1,155,818
921,882
14,637,899
11,348,524
1,663,007
2,901,836
1,204,898
793,212
320,736
48,115,531
852,615
COMPANY
SHARES
252,480
62,814
65,963
50,943
147,894
201,090
390,346
94,137
246,584
28,733
142,745
e
*
*,e
*
VALUE
Spectra Energy Corp
Tesoro Corp
Transocean Ltd (NYSE)
Valero Energy Corp
Whiting Petroleum Corp
Williams Cos, Inc
WPX Energy, Inc
TOTAL ENERGY
$
27,038
CVS Health Corp
292,494
649,416
113,601
9,081,706
1,003,140
2,457,781
3,879,309
1,625,355
10,512,985
2,217,165
693,790
5,910,618
1,367,691
1,426,023
577,440,412
2,506,963
23,180,149
47,387,886
3,462,559
76,537,557
245,310
893
Brown-Forman Corp
3,231
59,488
Bunge Ltd
420,225
Coca-Cola Co
38,189
ConAgra Foods, Inc
6,828
Flowers Foods, Inc
10,759
14,155
Hormel Foods Corp
9,462
Ingredion, Inc
49,492
J.M. Smucker Co
8,574
Kellogg Co
223,409
Kraft Heinz Co
50,505
73,449
641,677
81,095
PepsiCo, Inc
593,317
20,964
49,273
Pinnacle Foods, Inc
11,362
136,482
15,683
66,870
11,058,575
94,354
317,252
3,916,690
18,334,417
1,785,718
125,567
567,968
528,689
1,260,717
7,629,687
709,155
19,300,304
4,505,046
7,503,550
28,220,955
8,832,867
59,485,962
487,413
2,473,997
984,744
6,832,289
1,618,329
4,921,632
191,495,877
630,556
Abbott Laboratories
20,562
96,512
Aetna Inc
30,457
* Alere, Inc
77,399
* Allscripts Healthcare Solutions, Inc
28,217,381
1,161,753
11,119,147
1,142,137
1,092,874
207
SHARES
10,372
82,135
190,260
79,378
10,452
19,563
72,541
4,389
43,356
97,872
12,725
31,459
41,926
1,944
3,920
24,203
17,253
11,651
600,823
15,680
60,322
36,044
15,233
27,562
1,456
36,585
COMPANY
VALUE
* Amsurg Corp
Anthem, Inc
* Centene Corp
Cigna Corp
Cooper Cos, Inc
* DaVita, Inc
* HCA Holdings, Inc
Humana, Inc
* LifePoint Hospitals, Inc
* MEDNAX, Inc
Medtronic plc
* Premier, Inc
Teleflex, Inc
8,332
Clorox Co
306,147
8,419
e Coty, Inc
24,727
17,692
23,136
Kimberly-Clark Corp
16,630
1,143,445
Procter & Gamble Co
INSURANCE - 7.4%
171,859
6,300
36,366
160,904
29,365
474,308
3,033
34,584
49,801
22,844
25,843
26,205
58,220
$
778,004
10,787,611
9,136,285
1,466,112
873,787
1,380,170
9,354,887
800,861
3,361,824
6,267,723
312,908
2,393,086
3,233,752
103,868
676,396
3,377,771
1,021,033
802,870
52,650,119
512,736
5,209,408
2,993,094
2,746,662
3,570,106
155,501
4,797,757
171,497,623
1,092,075
22,786,521
226,219
2,092,151
911,669
2,997,269
888,042
97,867,458
128,861,404
Aflac, Inc
* Alleghany Corp
Allstate Corp
American National Insurance Co
Assurant, Inc
Assured Guaranty Ltd
12,421,969
3,424,050
1,490,642
10,994,570
2,146,581
25,821,328
346,824
825,520
3,617,047
1,123,696
1,187,744
2,175,277
1,559,714
208
SHARES
39,448
811,578
47,746
198,539
63,942
11,002
27,274
3,521
18,130
46,131
110,828
18,631
166,529
78,541
119,468
5,854
11,853
398,371
100,379
113,911
23,380
226,150
189,180
27,739
17,964
50,532
124,902
101,343
32,837
40,463
2,011
80,206
MATERIALS - 2.9%
11,137
47,780
563,954
19,820
26,445
2,589
35,149
26,087
56,651
102,069
13,914
26,299
480,633
62,867
12,089
422,489
43,572
85,910
COMPANY
VALUE
Brown & Brown, Inc
Chubb Ltd
CNA Financial Corp
FNF Group
Loews Corp
* Markel Corp
Mercury General Corp
Metlife, Inc
ProAssurance Corp
Progressive Corp
Torchmark Corp
Travelers Cos, Inc
UnumProvident Corp
W.R. Berkley Corp
White Mountains Insurance Group Ltd
XL Group Ltd
TOTAL INSURANCE
$
Albemarle Corp
Alcoa, Inc
Aptargroup, Inc
Ashland, Inc
Avery Dennison Corp
Bemis Co, Inc
Cabot Corp
e Compass Minerals International, Inc
Domtar Corp
Dow Chemical Co
Eastman Chemical Co
FMC Corp
Huntsman Corp
2,192,520
117,086,358
1,750,368
24,868,995
4,776,467
350,194
1,844,541
343,966
3,426,751
1,928,737
4,174,891
1,534,077
6,636,181
3,429,885
4,937,612
5,553,982
656,301
17,026,377
1,945,345
5,311,670
1,207,811
7,352,136
14,243,362
2,753,096
2,111,129
3,126,415
14,516,110
3,385,870
1,623,133
2,354,542
1,651,675
2,775,930
334,011,389
1,664,091
4,021,643
5,989,192
1,549,528
2,994,632
201,657
1,794,005
1,270,176
3,592,806
2,519,063
968,275
1,035,392
25,795,573
4,100,814
574,711
5,475,457
594,322
1,328,169
209
COMPANY
SHARES
175,435
82,932
2,509
65,479
147,715
207
227,388
136,147
73,606
14,786
29,834
25,935
2,002
42,028
19,387
84,237
127,936
59,875
3,782
15,908
106,003
13,035
MEDIA - 1.0%
6,781
77,345
5,855
8,720
20,929
19,794
10,589
44,179
40,176
79,247
13,859
23,371
7,264
157,378
48,903
24,000
90,722
128,903
115,468
29,650
106,163
45,958
1,631
16,888
VALUE
Monsanto Co
Mosaic Co
NewMarket Corp
Newmont Mining Corp
Nucor Corp
*,e Platform Specialty Products Corp
Praxair, Inc
Royal Gold, Inc
Sonoco Products Co
Steel Dynamics, Inc
e United States Steel Corp
Vulcan Materials Co
Westlake Chemical Corp
WestRock Co
WR Grace & Co
TOTAL MATERIALS
*
*
*
*
*
*
*
e
*
*
e
$
Discovery Communications, Inc (Class A)
Discovery Communications, Inc (Class C)
DISH Network Corp (Class A)
Liberty Broadband Corp (Class A)
Liberty Broadband Corp (Class C)
Liberty SiriusXM Group (Class A)
Liberty SiriusXM Group (Class C)
Lions Gate Entertainment Corp
Live Nation, Inc
Madison Square Garden Co
News Corp
News Corp (Class B)
Regal Entertainment Group (Class A)
TEGNA, Inc
Thomson Corp
Time Warner, Inc
Tribune Co
Viacom, Inc
TOTAL MEDIA
8,036,677
6,241,462
508,449
6,991,193
3,988,305
88,584
10,005,072
7,302,925
677,175
1,723,160
2,340,179
2,192,545
147,648
2,140,486
503,868
2,259,236
1,990,684
1,645,964
468,892
727,632
4,548,589
975,930
130,974,161
47,399
5,201,451
146,902
213,989
1,118,027
1,142,114
665,095
2,796,972
1,436,292
2,793,457
277,041
640,833
1,327,787
2,041,193
657,256
564,480
1,986,812
5,428,105
8,850,622
1,098,533
2,828,182
1,242,245
80,963
767,897
43,353,647
102,645
4,938,251
210
COMPANY
SHARES
69,094
4,490
8,668
87,832
975,220
3,804
47,443
1,189,234
133,880
11,324
37,116
58,621
2,398,567
95,650
12,519
91,407
13,498
30,412
REAL ESTATE - 5.7%
28,129
54,978
142,156
72,762
436,083
67,317
68,143
58,683
54,471
75,365
83,429
36,666
31,446
81,032
53,695
52,080
40,100
51,046
16,186
25,208
4,511
38,573
133,887
18,999
61,202
147,872
20,251
26,955
55,184
38,001
151,384
16,149
*
*,e
*
*
*,e
*
*
*,e
*
*
*
*
VALUE
Allergan plc
Alnylam Pharmaceuticals, Inc
Bio-Rad Laboratories, Inc (Class A)
Endo International plc
Johnson & Johnson
Juno Therapeutics, Inc
Mallinckrodt plc
Merck & Co, Inc
Mylan NV
Opko Health, Inc
PerkinElmer, Inc
Perrigo Co plc
Pfizer, Inc
Qiagen NV (NASDAQ)
United Therapeutics Corp
VWR Corp
Apple Hospitality REIT, Inc
Brixmor Property Group, Inc
Columbia Property Trust, Inc
CubeSmart
CyrusOne, Inc
DDR Corp
Douglas Emmett, Inc
Duke Realty Corp
* Equity Commonwealth
Equity One, Inc
Equity Residential
$
17,477,327
305,679
1,257,640
1,524,763
122,126,801
117,658
3,194,812
69,760,466
6,264,245
112,674
2,112,643
5,357,373
88,483,137
2,563,420
971,975
14,519,088
1,633,393
952,504
343,673,849
3,158,887
2,972,660
2,784,836
1,578,935
4,788,191
3,094,563
1,388,073
10,894,499
7,741,963
1,271,408
2,369,384
3,284,907
930,173
1,359,717
1,304,789
1,618,646
1,201,396
1,636,024
1,570,528
748,930
247,293
1,937,136
2,642,929
1,984,636
2,328,124
4,257,235
425,069
2,264,759
1,656,624
1,264,293
10,292,598
3,776,928
211
SHARES
99,131
244,969
200,467
14,906
40,734
65,420
309,761
15,676
19,439
39,171
170,447
62,029
61,893
162,036
32,521
60,821
81,814
48,651
48,079
74,729
60,783
23,146
221,743
51,429
60,051
109,972
35,364
100,203
86,226
12,548
41,943
7,016
200,760
100,048
64,705
26,598
3,714
12,245
148,256
114,117
98,502
387,775
73,592
50,800
152,111
316,090
42,991
RETAILING - 1.3%
17,143
57,659
118,828
COMPANY
VALUE
HCP, Inc
Host Marriott Corp
* Howard Hughes Corp
Kilroy Realty Corp
Kimco Realty Corp
Macerich Co
Outfront Media, Inc
Paramount Group, Inc
Prologis, Inc
Rayonier, Inc
* Realogy Holdings Corp
Realty Income Corp
Retail Properties of America, Inc
Starwood Property Trust, Inc
STORE Capital Corp
Two Harbors Investment Corp
UDR, Inc
Ventas, Inc
VEREIT, Inc
Welltower, Inc
Weyerhaeuser Co
WP Carey, Inc
TOTAL REAL ESTATE
$
2,344,448
7,826,760
7,864,320
507,549
2,269,698
2,087,552
5,495,160
1,872,655
2,127,987
2,867,709
5,471,349
2,566,760
5,523,331
1,218,511
3,447,876
3,233,244
1,096,308
1,678,460
1,118,798
1,317,472
1,333,579
1,471,854
12,082,776
1,399,897
1,860,981
7,859,699
3,003,465
1,766,579
1,915,079
2,848,898
4,941,724
718,228
2,744,389
2,181,046
2,018,149
2,105,232
155,022
990,865
1,297,240
4,248,576
7,501,912
4,288,792
7,903,781
2,194,052
12,066,966
10,342,465
3,123,296
255,076,622
914,579
2,591,772
3,992,621
* Autonation, Inc
Best Buy Co, Inc
212
SHARES
13,273
19,510
32,000
8,555
8,960
6,227
45,203
91,309
3,706
131,875
78,040
83,866
83,642
46,907
130,833
9,768
6,358
17,043
2,825
278,300
225,300
46,258
8,199
COMPANY
VALUE
* Burlington Stores, Inc
* Cabela's, Inc
CST Brands, Inc
Dick's Sporting Goods, Inc
e Dillard's, Inc (Class A)
Foot Locker, Inc
e GameStop Corp (Class A)
e Gap, Inc
Genuine Parts Co
*,e JC Penney Co, Inc
Kohl's Corp
L Brands, Inc
* Liberty Interactive Corp
* Liberty Ventures
Macy's, Inc
* Michaels Cos, Inc
* Murphy USA, Inc
Penske Auto Group, Inc
Signet Jewelers Ltd
Staples, Inc
Target Corp
e Tiffany & Co
TOTAL RETAILING
$
131,817
Analog Devices, Inc
131,610
26,624
*,e Cree, Inc
132,641
33,181
*,e First Solar, Inc
1,846,235
Intel Corp
13,324
Lam Research Corp
53,599
167,068
444,413
157,307
48,777
* Qorvo, Inc
500,036
Qualcomm, Inc
6,454
26,446
*,e SunPower Corp
88,155
Teradyne, Inc
74,840
Xilinx, Inc
7,955
63,863
Amdocs Ltd
27,958
* Ansys, Inc
16,388
* Autodesk, Inc
2,534
124,568
CA, Inc
9,381
1,015,517
1,007,301
1,431,040
438,786
606,413
371,254
1,399,033
2,354,859
378,901
1,273,913
3,245,684
6,197,697
2,242,442
1,768,863
4,687,746
257,484
487,277
675,244
248,346
2,585,407
16,971,849
2,984,566
245,150
60,373,744
8,413,879
3,460,027
761,446
1,543,941
1,548,889
64,359,752
1,196,096
3,215,404
1,963,049
6,106,235
1,577,789
3,084,170
31,292,253
426,093
385,583
1,741,061
3,822,827
134,898,494
401,966
3,727,045
2,498,327
974,267
78,250
4,316,281
131,340
213
SHARES
4,691
59,680
60,139
51,139
15,499
6,315
118,324
27,166
22,428
1,145,221
12,922
25,879
5,970
224,682
57,769
33,155
24,241
425,016
370,970
9,226
7,273
13,572
309,282
COMPANY
VALUE
*,e FireEye, Inc
IAC/InterActiveCorp
e Leidos Holdings, Inc
Oracle Corp
* PTC, Inc
Symantec Corp
* Synopsys, Inc
*,e Twitter, Inc
Xerox Corp
* Yahoo!, Inc
* Yelp, Inc
* Zillow Group, Inc
*,e Zillow Group, Inc (Class C)
* Zynga, Inc
$
197,299
Apple, Inc
61,467
38,556
55,153
Avnet, Inc
199,160
2,160,589
Cisco Systems, Inc
458,931
Corning, Inc
21,778
18,607
* EchoStar Corp (Class A)
746,383
EMC Corp
12,854
*,e Fitbit, Inc
57,786
Flir Systems, Inc
53,348
Harris Corp
739,814
739,431
HP, Inc
62,038
2,192
79,905
Jabil Circuit, Inc
160,825
72,163
25,911
66,746
Motorola, Inc
9,063
122,563
NetApp, Inc
21,847
120,416
4,548
* Zebra Technologies Corp (Class A)
214
66,139
2,854,494
4,782,855
890,841
624,300
366,017
19,005,201
1,358,572
360,418
46,999,870
175,739
1,028,173
192,353
4,590,253
3,128,769
551,699
1,769,108
4,377,665
14,167,344
296,801
286,629
532,701
887,639
121,421,056
20,560,529
1,674,361
2,563,588
2,266,788
1,852,188
65,962,782
10,197,447
1,095,651
724,743
21,107,711
175,586
1,882,668
4,621,004
15,550,890
10,359,428
2,124,181
184,764
1,626,067
3,649,119
2,110,046
950,156
4,630,838
259,927
3,229,535
577,635
5,720,964
241,090
185,899,686
COMPANY
SHARES
VALUE
2,642,785
AT&T, Inc
230,586
CenturyTel, Inc
493,435
124,849
19,478
328,576
* Sprint Corp
40,559
46,682
* T-Mobile US, Inc
6,024
* US Cellular Corp
875,885
8,703
957
247,912
14,138
e
408,780
72,202
23,941
23,479
*
26,152
*
126,892
*
46,395
22,670
*
31,199
126,380
11,763
*
22,785
30,661
*
305,427
143,271
*
UTILITIES - 6.9%
282,290
97,955
103,394
211,370
76,422
76,040
43,316
23,663
151,913
183,035
119,154
131,187
247,982
77,019
295,434
$
Amerco, Inc
Copa Holdings S.A. (Class A)
CSX Corp
Genesee & Wyoming, Inc (Class A)
Kirby Corp
Ryder System, Inc
Spirit Airlines, Inc
Union Pacific Corp
114,406,163
7,249,624
2,565,862
6,317,359
2,239,970
2,017,456
1,277,203
2,163,244
243,671
48,532,788
187,013,340
585,016
378,503
8,800,876
947,246
11,580,737
2,797,828
1,183,404
1,520,265
1,273,079
2,325,930
4,459,024
1,235,288
2,391,403
11,346,396
819,411
1,501,532
1,310,758
28,419,982
6,717,977
89,594,655
AES Corp
Alliant Energy Corp
Ameren Corp
Aqua America, Inc
Atmos Energy Corp
Avangrid, Inc
* Calpine Corp
CMS Energy Corp
DTE Energy Co
Duke Energy Corp
3,486,281
3,942,689
5,421,981
14,647,941
6,310,929
2,634,026
3,456,184
1,068,148
2,087,285
4,378,197
5,383,378
10,505,455
19,347,556
7,510,893
25,286,196
215
SHARES
135,464
76,212
136,124
378,460
181,179
66,011
47,216
32,675
81,843
32,243
197,315
135,777
133,506
84,847
212,026
31,744
47,838
288,545
217,634
74,870
56,076
107,158
403,750
73,452
36,189
135,257
61,740
218,691
VALUE
COMPANY
Entergy Corp
Eversource Energy
Exelon Corp
FirstEnergy Corp
* Hawaiian Electric Industries, Inc
ITC Holdings Corp
NextEra Energy, Inc
NiSource, Inc
NRG Energy, Inc
OGE Energy Corp
PG&E Corp
PPL Corp
Questar Corp
SCANA Corp
Sempra Energy
Southern Co
UGI Corp
Vectren Corp
Westar Energy, Inc
Xcel Energy, Inc
TOTAL UTILITIES
$
10,482,204
6,202,895
7,961,893
14,108,989
6,326,771
1,965,807
1,466,057
1,511,219
1,968,324
1,822,052
25,313,541
3,484,038
1,847,723
2,729,528
13,556,942
1,898,291
3,772,983
10,881,032
10,013,340
1,884,478
4,202,335
11,988,837
21,600,625
3,324,437
1,872,057
8,779,532
3,430,892
9,618,029
309,481,990
4,492,222,119
TOTAL COMMON STOCKS
(Cost $4,028,069,585)
RATE
PRINCIPAL
ISSUER
$
28,950,000
0.090%
216
MATURITY
DATE
08/01/16
28,950,000
28,950,000
SHARES
COMPANY
60,585,742
(Cost $89,535,742)
(Cost $4,117,605,327)
NET ASSETS - 100.0%
$
60,585,742
60,585,742
89,535,742
4,581,757,861
$
Abbreviation(s):
*
c
d
e
VALUE
217
(70,517,200)
4,511,240,661
TIAA-CREF FUNDS - S&P 500 Index Fund
TIAA-CREF FUNDS
S&P 500 INDEX FUND
July 31, 2016
SHARES
COMPANY
VALUE
38,748
BorgWarner, Inc
46,932
683,941
Ford Motor Co
247,005
General Motors Co
46,617
30,605
110,838
BANKS - 5.2%
1,797,182
139,765
511,582
88,002
29,301
129,084
136,761
640,981
184,116
27,471
64,732
88,318
213,654
84,991
284,653
805,031
41,850
105,835
7,558
16,391
39,447
104,481
101,610
27,484
102,386
51,144
26,877
79,870
112,272
49,218
23,098
24,567
$
BB&T Corp
Citigroup, Inc
Comerica, Inc
Fifth Third Bancorp
JPMorgan Chase & Co
Keycorp
M&T Bank Corp
SunTrust Banks, Inc
US Bancorp
Wells Fargo & Co
TOTAL BANKS
1,285,659
3,182,928
8,658,693
7,790,538
1,336,509
1,619,617
5,089,681
28,963,625
26,041,167
5,153,136
22,412,407
1,965,085
1,325,577
2,450,014
1,299,230
41,003,555
2,154,157
3,147,078
981,337
7,299,483
1,959,207
3,594,269
12,003,817
38,617,337
1,166,778
172,573,634
3M Co
Acuity Brands, Inc
Allegion plc
Ametek, Inc
Boeing Co
Caterpillar, Inc
Cummins, Inc
Danaher Corp
Deere & Co
Dover Corp
Eaton Corp
Emerson Electric Co
Fastenal Co
Flowserve Corp
Fluor Corp
18,876,731
1,983,446
1,186,544
1,855,192
13,964,930
8,409,244
3,374,211
8,338,316
3,974,400
1,919,824
5,064,557
6,276,005
2,104,070
1,105,239
1,314,826
218
SHARES
55,171
26,242
49,442
1,610,590
132,389
55,591
43,718
21,262
13,359
45,687
56,716
31,922
61,134
22,729
32,666
31,924
52,495
22,115
22,487
17,679
9,624
25,592
46,274
9,530
15,313
134,652
10,455
34,463
COMPANY
VALUE
* Fortive Corp
General Electric Co
Ingersoll-Rand plc
* Jacobs Engineering Group, Inc
Masco Corp
Paccar, Inc
Pentair plc
Raytheon Co
Snap-On, Inc
Stanley Works
Textron, Inc
Xylem, Inc
TOTAL CAPITAL GOODS
$
16,637
Cintas Corp
7,393
20,110
Equifax, Inc
61,781
Nielsen NV
41,616
Pitney Bowes, Inc
40,791
26,938
16,170
* Stericycle, Inc
76,139
28,185
71,313
47,614
Coach, Inc
56,290
DR Horton, Inc
20,491
*,e Garmin Ltd
65,742
Hanesbrands, Inc
12,428
19,164
Hasbro, Inc
22,714
32,517
2,659,794
1,660,331
7,262,535
50,153,773
15,400,812
6,415,201
2,896,755
1,137,942
2,025,625
11,546,476
2,069,000
6,915,263
3,605,072
2,595,425
2,084,744
817,254
7,324,627
2,529,956
1,902,850
3,011,794
1,512,604
3,114,546
1,804,686
2,663,826
1,219,987
14,495,288
2,288,077
1,647,676
242,509,454
1,784,651
955,545
2,663,771
3,327,525
803,605
2,090,947
984,314
1,459,666
3,469,654
2,403,617
4,715,215
24,658,510
2,052,639
1,850,815
1,113,276
1,752,682
1,027,050
1,556,692
1,194,075
1,521,796
219
SHARES
58,094
31,734
10,789
79,661
233,262
14,172
54,469
10,903
31,975
31,624
57,178
13,241
COMPANY
VALUE
Mattel, Inc
Newell Brands, Inc
Nike, Inc (Class B)
Pulte Homes, Inc
Ralph Lauren Corp
* Under Armour, Inc
VF Corp
Whirlpool Corp
$
1,939,178
1,641,282
2,254,254
4,179,016
12,946,041
1,432,222
1,153,653
1,069,475
1,141,507
1,247,883
3,569,623
2,547,039
47,190,198
75,462
Carnival Corp
5,339
19,880
38,399
H&R Block, Inc
33,522
e Marriott International, Inc (Class A)
152,726
McDonald’s Corp
29,367
256,512
Starbucks Corp
28,639
18,778
14,597
e Wynn Resorts Ltd
69,839
Yum! Brands, Inc
3,525,585
2,263,683
1,223,813
913,512
2,403,527
17,968,214
2,127,345
14,890,522
2,235,560
1,333,614
1,429,776
6,245,003
56,560,154
9,124
142,465
American Express Co
27,743
183,640
21,553
BlackRock, Inc
88,357
209,959
Charles Schwab Corp
60,204
CME Group, Inc
70,532
48,190
67,071
68,099
20,555
71,104
Invesco Ltd
23,685
Legg Mason, Inc
67,259
28,708
Moody’s Corp
260,876
Morgan Stanley
22,310
56,406
Navient Corp
36,156
Northern Trust Corp
46,184
S&P Global, Inc
27,558
SPDR Trust Series 1
1,339,221
9,183,294
2,658,889
7,235,416
7,893,786
5,926,988
5,967,035
6,155,257
4,009,039
1,208,605
2,427,299
10,814,802
5,430,631
2,074,815
808,606
1,228,149
3,043,335
7,494,967
1,578,656
800,965
2,443,784
5,643,685
5,984,220
220
COMPANY
SHARES
67,523
145,663
43,026
ENERGY - 6.9%
88,984
65,443
75,096
81,368
103,462
329,016
16,227
22,313
214,208
91,811
11,255
96,141
29,579
724,918
40,285
149,072
18,816
45,936
318,363
150,273
92,685
30,140
64,669
34,128
73,163
134,192
37,744
81,149
28,526
29,799
243,140
86,251
119,385
20,471
64,685
82,130
120,020
VALUE
State Street Corp
*,e
*
*
e
d
*
e
e
*
*,e
e
$
Apache Corp
Baker Hughes, Inc
Chevron Corp
Cimarex Energy Co
ConocoPhillips
Devon Energy Corp
EOG Resources, Inc
EQT Corp
Exxon Mobil Corp
Halliburton Co
Hess Corp
Kinder Morgan, Inc
Marathon Oil Corp
Murphy Oil Corp
Noble Energy, Inc
Oneok, Inc
Phillips 66
Schlumberger Ltd
Spectra Energy Corp
Tesoro Corp
Transocean Ltd (NYSE)
Valero Energy Corp
Williams Cos, Inc
TOTAL ENERGY
4,441,663
4,061,084
3,041,508
112,895,699
4,852,297
3,435,757
3,591,842
2,007,349
560,764
33,717,559
1,947,565
2,771,275
8,743,971
3,514,525
255,714
7,854,720
2,155,126
64,481,456
1,022,433
6,508,483
1,166,028
2,464,466
6,472,320
2,049,724
3,650,862
826,740
2,092,042
1,477,742
2,613,382
10,028,168
1,690,554
6,172,193
4,637,472
1,201,198
19,577,633
1,257,540
4,294,278
1,558,867
710,888
4,293,756
2,876,879
228,533,568
76,498
186,741
CVS Health Corp
166,308
Kroger Co
91,437
Sysco Corp
151,016
268,046
55,720
12,791,996
17,314,625
5,686,070
4,735,522
11,968,018
19,559,317
1,698,346
73,753,894
221
SHARES
COMPANY
VALUE
340,704
Altria Group, Inc
101,593
17,708
30,687
Campbell Soup Co
680,998
Coca-Cola Co
74,139
ConAgra Foods, Inc
30,699
32,411
103,440
General Mills, Inc
23,915
Hershey Co
46,468
Hormel Foods Corp
20,871
J.M. Smucker Co
43,998
Kellogg Co
104,243
Kraft Heinz Co
20,221
McCormick & Co, Inc
32,547
32,140
271,858
24,937
252,128
PepsiCo, Inc
270,015
145,464
52,475
$
254,869
Abbott Laboratories
61,958
Aetna Inc
31,581
46,828
Anthem, Inc
12,820
Bard (C.R.), Inc
94,412
36,239
242,193
56,078
29,443
* Centene Corp
54,894
* Cerner Corp
44,774
Cigna Corp
28,270
* DaVita, Inc
41,203
36,587
110,562
52,375
* HCA Holdings, Inc
15,093
* Henry Schein, Inc
46,035
* Hologic, Inc
25,995
Humana, Inc
6,641
18,637
39,268
McKesson Corp
246,443
Medtronic plc
23,065,661
4,579,812
1,738,749
1,910,879
29,711,943
3,466,740
5,053,976
3,192,808
7,436,302
2,648,825
1,735,580
3,217,473
3,639,075
9,005,553
2,067,597
2,903,192
3,283,422
11,956,315
4,005,630
27,461,782
27,071,704
7,281,928
3,862,160
190,297,106
11,405,388
7,138,181
2,690,385
6,150,389
2,868,219
4,533,664
6,378,064
5,880,446
4,688,121
2,077,204
3,424,837
5,774,055
2,192,056
2,638,640
4,189,943
8,410,451
4,039,684
2,731,531
1,771,887
4,485,437
4,620,542
2,600,980
7,639,982
21,595,800
222
SHARES
17,705
24,358
50,280
53,527
165,909
15,418
18,435
34,758
COMPANY
VALUE
Patterson Cos, Inc
Stryker Corp
* Varian Medical Systems, Inc
22,986
22,196
Clorox Co
154,424
38,849
62,390
Kimberly-Clark Corp
466,649
Procter & Gamble Co
INSURANCE - 4.0%
71,734
66,412
192,720
47,013
29,917
12,545
327,242
81,594
26,097
66,328
40,303
46,929
89,039
191,674
45,366
105,341
76,174
21,101
50,070
45,196
23,633
47,822
MATERIALS - 2.9%
33,165
19,665
231,454
15,387
29,911
42,843
196,442
25,241
$
873,919
2,103,557
4,175,251
6,224,120
23,758,169
1,997,094
1,746,532
4,558,164
175,362,692
2,258,145
2,909,230
11,493,778
3,609,072
8,082,624
39,940,488
68,293,337
Aflac, Inc
Allstate Corp
Aon plc
Assurant, Inc
Chubb Ltd
Loews Corp
Metlife, Inc
Progressive Corp
Torchmark Corp
Travelers Cos, Inc
UnumProvident Corp
Willis Towers Watson plc
XL Group Ltd
TOTAL INSURANCE
5,184,934
4,537,932
10,491,677
5,033,682
1,471,617
1,041,360
47,211,203
10,220,464
1,949,446
2,643,171
1,760,032
1,939,576
5,854,314
8,192,147
2,115,417
3,424,636
5,735,140
1,305,519
5,819,135
1,509,998
2,921,512
1,655,119
132,018,031
Albemarle Corp
Alcoa, Inc
Avery Dennison Corp
Ball Corp
Dow Chemical Co
Eastman Chemical Co
4,955,514
1,655,203
2,458,042
1,198,494
2,113,810
1,057,365
10,543,042
1,646,470
223
SHARES
45,360
152,575
22,610
222,023
13,632
72,469
60,888
10,828
76,226
62,329
93,276
53,897
28,333
46,496
49,079
34,386
13,726
22,741
43,099
MEDIA - 2.6%
71,327
422,785
31,504
39,790
68,134
65,064
16,576
40,539
16,189
36,141
136,549
188,602
75,059
59,918
261,352
COMPANY
VALUE
Ecolab, Inc
FMC Corp
Monsanto Co
Mosaic Co
Newmont Mining Corp
Nucor Corp
* Owens-Illinois, Inc
PPG Industries, Inc
Praxair, Inc
Sealed Air Corp
Sherwin-Williams Co
Vulcan Materials Co
WestRock Co
TOTAL MATERIALS
$
CBS Corp (Class B)
News Corp
News Corp (Class B)
Omnicom Group, Inc
TEGNA, Inc
Time Warner, Inc
Walt Disney Co
TOTAL MEDIA
5,369,717
10,553,613
1,074,879
2,877,418
1,816,464
3,319,805
4,582,431
2,194,294
8,138,650
1,682,883
4,104,144
2,891,035
532,377
4,868,596
5,719,667
1,622,332
4,114,094
2,819,429
1,849,378
95,759,146
3,724,696
28,432,291
790,435
976,447
1,571,170
843,880
222,781
3,335,954
1,069,445
791,488
10,466,481
5,024,357
2,028,845
2,724,472
25,076,725
87,079,467
280,756
AbbVie, Inc
55,874
39,053
69,055
* Allergan plc
131,374
Amgen, Inc
38,362
* Biogen Idec, Inc
291,702
135,977
* Celgene Corp
168,797
Eli Lilly & Co
35,926
232,250
26,140
* Illumina, Inc
481,547
Johnson & Johnson
18,594,470
2,688,098
5,022,216
17,467,462
22,600,269
11,122,295
21,822,227
15,255,260
13,991,583
623,675
18,456,908
4,348,389
60,304,131
224
COMPANY
SHARES
18,861
483,825
73,332
18,134
24,711
1,060,541
13,598
68,137
43,510
14,811
79,155
REAL ESTATE - 3.2%
74,834
30,726
23,145
27,710
49,496
59,633
26,926
11,843
64,534
11,950
21,364
12,464
105,167
82,096
127,446
40,633
71,052
21,158
90,016
26,098
44,311
53,960
17,068
44,842
59,219
30,868
61,342
129,048
RETAILING - 5.6%
12,591
67,648
12,307
5,362
29,326
48,651
33,970
49,543
VALUE
* Mallinckrodt plc
Merck & Co, Inc
* Mylan NV
PerkinElmer, Inc
Perrigo Co plc
Pfizer, Inc
* Waters Corp
Zoetis Inc
American Tower Corp
* CBRE Group, Inc
Equinix, Inc
Equity Residential
HCP, Inc
Host Marriott Corp
Iron Mountain, Inc
Kimco Realty Corp
Macerich Co
Prologis, Inc
Public Storage, Inc
Realty Income Corp
UDR, Inc
Ventas, Inc
Welltower, Inc
Weyerhaeuser Co
TOTAL REAL ESTATE
$
1,270,100
28,381,175
3,431,204
1,032,187
2,258,338
39,123,357
5,780,782
10,822,881
4,220,470
2,353,912
3,994,953
314,966,342
8,663,532
1,412,474
4,296,869
3,938,422
1,408,161
5,786,190
2,812,690
4,415,900
4,387,667
2,794,866
1,837,731
2,115,141
3,360,086
3,220,626
2,260,892
1,674,486
2,280,769
1,888,140
4,904,972
6,235,334
3,166,907
12,251,078
2,010,952
1,669,468
4,510,119
3,315,223
4,866,261
4,222,451
105,707,407
Amazon.com, Inc
Autonation, Inc
AutoZone, Inc
Best Buy Co, Inc
*,e Carmax, Inc
Dollar General Corp
2,138,707
51,331,979
656,578
4,364,507
1,318,204
1,634,674
1,979,092
4,693,704
*
*
*
*
225
SHARES
40,630
20,225
22,984
40,729
25,337
217,117
32,336
44,384
52,061
154,390
54,855
74,980
23,058
17,192
8,676
70,117
13,536
111,577
102,737
18,852
114,696
22,822
19,706
10,973
14,993
COMPANY
VALUE
* Dollar Tree, Inc
Expedia, Inc
Foot Locker, Inc
e Gap, Inc
Genuine Parts Co
Home Depot, Inc
Kohl’s Corp
L Brands, Inc
* LKQ Corp
Macy’s, Inc
* NetFlix, Inc
e Nordstrom, Inc
Ross Stores, Inc
Signet Jewelers Ltd
Staples, Inc
Target Corp
e Tiffany & Co
TJX Companies, Inc
Tractor Supply Co
* TripAdvisor, Inc
TOTAL RETAILING
$
3,912,263
2,359,246
1,370,306
1,050,401
2,590,455
30,014,254
1,344,854
3,279,978
1,790,378
12,703,209
1,965,455
6,841,925
1,019,855
4,996,511
11,719,628
4,335,334
1,189,950
1,036,550
7,739,178
1,216,331
9,372,957
2,091,636
1,378,829
2,866,257
448,291
186,751,476
55,375
Analog Devices, Inc
188,042
64,828
Broadcom Ltd
13,293
* First Solar, Inc
821,022
Intel Corp
26,474
Kla-Tencor Corp
27,126
Lam Research Corp
43,125
40,284
184,442
88,654
Nvidia Corp
21,815
* Qorvo, Inc
257,081
Qualcomm, Inc
32,404
175,199
44,798
Xilinx, Inc
3,534,586
4,943,624
10,500,839
620,517
28,620,827
2,004,347
2,435,101
2,587,069
2,241,402
2,534,233
5,062,143
1,379,363
16,088,129
2,139,312
12,220,130
2,288,282
99,199,904
109,299
Accenture plc
89,662
85,815
30,259
10,127
51,354
12,330,020
3,600,826
8,397,856
1,528,987
2,345,616
40,638,474
226
SHARES
51,476
38,555
80,566
50,803
26,290
105,712
24,143
184,527
51,895
404,134
47,481
39,986
26,058
153,848
45,811
170,230
1,374,054
543,924
58,274
194,028
33,679
111,037
105,658
23,236
28,512
16,557
333,712
84,711
161,370
152,393
COMPANY
VALUE
* Autodesk, Inc
CA, Inc
CSRA, Inc
* eBay, Inc
* Facebook, Inc
* Fiserv, Inc
Intuit, Inc
Microsoft Corp
Oracle Corp
Paychex, Inc
* Red Hat, Inc
Symantec Corp
* Teradata Corp
*,e VeriSign, Inc
Visa, Inc (Class A)
Western Union Co
Xerox Corp
* Yahoo!, Inc
$
53,345
956,866
Apple, Inc
883,488
Cisco Systems, Inc
185,308
Corning, Inc
340,678
EMC Corp
11,371
* F5 Networks, Inc
28,974
Flir Systems, Inc
21,199
Harris Corp
289,636
298,349
HP, Inc
60,727
27,497
Motorola, Inc
50,024
NetApp, Inc
52,492
e Seagate Technology, Inc
61,778
TE Connectivity Ltd
49,348
1,074,616
AT&T, Inc
39,574,234
2,292,095
7,166,346
1,760,324
2,343,228
6,077,383
649,929
5,749,861
3,960,626
50,088,368
3,776,164
4,412,855
1,945,490
24,711,066
5,084,563
16,212,705
77,881,381
22,322,641
3,454,483
7,225,603
2,535,692
9,082,826
2,158,593
659,438
1,451,831
1,434,002
26,046,222
1,694,220
1,662,111
5,819,888
408,075,947
3,175,094
99,715,006
26,972,889
4,117,544
9,634,374
1,403,409
943,973
1,836,257
6,088,149
4,179,869
1,377,896
1,907,742
1,318,132
1,681,319
3,723,978
2,344,523
170,420,154
46,520,127
227
COMPANY
SHARES
98,249
235,428
49,424
710,118
CenturyTel, Inc
21,786
100,940
24,908
163,905
134,507
31,740
43,569
15,206
20,503
51,624
9,386
110,735
146,362
59,580
*
121,545
UTILITIES - 3.4%
114,909
37,670
44,847
85,706
32,583
73,642
48,004
55,130
106,390
30,645
122,177
56,861
31,956
53,660
159,228
74,859
80,740
52,637
62,965
84,648
20,505
118,028
86,431
24,410
40,245
162,825
54,773
88,668
VALUE
$
3,088,949
1,224,226
2,500,854
39,347,638
92,681,794
CSX Corp
FedEx Corp
Ryder System, Inc
Union Pacific Corp
1,464,455
3,583,370
1,734,095
4,643,429
5,212,146
1,568,908
7,053,821
1,264,075
1,970,543
4,634,803
618,537
4,098,302
13,618,984
2,793,706
13,139,015
67,398,189
AES Corp
Alliant Energy Corp
Ameren Corp
CMS Energy Corp
DTE Energy Co
Duke Energy Corp
Entergy Corp
Eversource Energy
Exelon Corp
FirstEnergy Corp
NextEra Energy, Inc
NiSource, Inc
NRG Energy, Inc
PG&E Corp
PPL Corp
SCANA Corp
Sempra Energy
Southern Co
Xcel Energy, Inc
1,419,126
1,516,218
2,351,777
5,939,426
2,690,704
1,761,517
2,168,821
4,414,810
8,300,548
2,988,500
10,457,129
4,399,904
2,600,899
3,138,573
5,936,020
2,614,076
10,358,135
1,350,665
871,436
5,412,393
1,617,229
4,450,836
3,976,690
1,829,285
4,502,611
8,711,138
3,555,315
3,899,619
228
COMPANY
SHARES
VALUE
TOTAL UTILITIES
$
TOTAL COMMON STOCKS
(Cost $2,328,747,945)
3,294,883,128
PRINCIPAL
ISSUER
$
20,200,000
RATE
0.090%
MATURITY
DATE
08/01/16
20,200,000
20,200,000
SHARES
COMPANY
20,111,846
(Cost $40,311,846)
(Cost $2,369,059,791)
NET ASSETS - 100.0%
20,111,846
20,111,846
40,311,846
3,335,194,974
$
Abbreviation(s):
SPDR Standard & Poor’s Depository Receipts
*
c
d
e
113,233,400
229
(14,686,710)
3,320,508,264
TIAA-CREF FUNDS - Small-Cap Blend Index Fund
TIAA-CREF FUNDS
SMALL-CAP BLEND INDEX FUND
July 31, 2016
SHARES
COMPANY
VALUE
80,824
58,464
Cooper Tire & Rubber Co
15,552
* Cooper-Standard Holding, Inc
157,902
Dana Holding Corp
28,048
* Dorman Products, Inc
25,059
Drew Industries, Inc
31,308
* Federal Mogul Corp (Class A)
23,660
* Fox Factory Holding Corp
38,495
* Gentherm, Inc
20,258
* Horizon Global Corp
15,712
Metaldyne Performance Group, Inc
49,523
19,311
* Motorcar Parts of America, Inc
35,022
Spartan Motors, Inc
22,677
Standard Motor Products, Inc
27,332
* Stoneridge, Inc
3,609
Strattec Security Corp
26,499
Superior Industries International, Inc
59,325
* Tenneco, Inc
21,621
Tower International, Inc
6,937
Unique Fabricating, Inc
28,270
Winnebago Industries, Inc
12,022
* Workhorse Group, Inc
BANKS - 11.5%
16,568
8,611
6,315
11,561
9,239
35,942
9,067
32,924
12,130
96,530
18,224
52,033
8,277
31,271
91,403
45,418
6,597
93,747
18,313
$
1st Source Corp
Access National Corp
ACNB Corp
*,e Allegiance Bancshares, Inc
American National Bankshares, Inc
Ameris Bancorp
e Ames National Corp
* Atlantic Capital Bancshares, Inc
Banc of California, Inc
Bancfirst Corp
Banco Latinoamericano de Exportaciones S.A. (Class E)
Bancorpsouth, Inc
Bank Mutual Corp
Bank of Marin Bancorp
BankFinancial Corp
230
1,407,146
1,928,727
1,369,354
2,153,783
1,786,658
2,295,655
276,763
454,035
1,291,892
264,367
249,664
475,421
541,287
297,337
951,073
455,898
160,961
809,809
3,353,049
499,013
93,233
671,695
78,985
21,865,805
556,850
191,423
163,243
292,031
242,616
1,191,837
246,169
446,779
383,187
1,416,095
270,262
1,154,092
542,723
854,324
2,177,219
346,993
327,079
3,373,952
223,419
SHARES
6,048
31,661
6,279
19,014
74,119
32,242
26,774
39,938
63,261
86,390
17,673
72,980
17,744
7,742
3,418
2,510
10,738
20,968
10,709
134,592
33,212
10,823
31,440
78,731
48,983
31,740
9,248
3,258
15,283
40,347
3,316
12,392
15,519
24,639
13,729
39,261
8,128
61,296
45,256
16,054
13,313
30,890
5,113
17,572
25,687
107,686
32,145
32,322
8,887
20,551
5,310
8,588
78,831
COMPANY
VALUE
e Bankwell Financial Group, Inc
Banner Corp
Bar Harbor Bankshares
e Bear State Financial, Inc
Beneficial Bancorp, Inc
Blue Hills Bancorp, Inc
BNC Bancorp
*,e BofI Holding, Inc
Bridge Bancorp, Inc
Bryn Mawr Bank Corp
* BSB Bancorp, Inc
e C&F Financial Corp
e California First National Bancorp
Capital City Bank Group, Inc
Carolina Financial Corp
* Cascade Bancorp
Central Pacific Financial Corp
Central Valley Community Bancorp
Century Bancorp, Inc
Charter Financial Corp
e Chemical Financial Corp
e Chemung Financial Corp
Citizens & Northern Corp
City Holding Co
Clifton Bancorp, Inc
CNB Financial Corp
CoBiz, Inc
Codorus Valley Bancorp, Inc
* CommunityOne Bancorp
ConnectOne Bancorp, Inc
e County Bancorp, Inc
* CU Bancorp
* Customers Bancorp, Inc
CVB Financial Corp
Dime Community Bancshares
* Eagle Bancorp, Inc
Enterprise Bancorp, Inc
Enterprise Financial Services Corp
* Equity Bancshares, Inc
ESSA Bancorp, Inc
* Essent Group Ltd
$
231
133,116
1,321,530
230,314
181,394
1,005,054
850,222
381,529
968,896
1,064,050
1,047,047
514,461
831,242
520,431
178,066
156,168
36,495
466,888
626,733
153,246
1,907,169
855,541
207,044
177,322
2,360,355
816,057
778,582
138,258
142,244
199,290
1,669,559
104,918
264,073
724,737
369,092
253,300
484,873
172,395
1,858,495
1,997,147
558,358
173,335
522,350
106,453
417,511
661,183
1,771,435
556,108
1,666,199
210,355
591,047
119,953
121,606
1,888,791
COMPANY
SHARES
106,973
7,391
26,239
31,378
9,054
21,907
14,626
20,790
127,382
10,483
31,904
8,781
7,995
93,506
15,815
14,324
15,404
9,327
64,587
67,366
10,889
9,578
13,906
5,506
20,216
43,024
6,040
84,966
16,492
11,717
15,052
174,064
21,814
29,148
220,806
9,897
181,009
15,273
80,443
11,574
61,907
21,828
3,193
15,860
29,360
81,426
33,100
23,176
27,484
31,567
25,348
78,906
1,287
*
*
*,e
e
*
e
*
*,e
*
*
*
*,e
*
VALUE
EverBank Financial Corp
Farmers Capital Bank Corp
Farmers National Banc Corp
FCB Financial Holdings, Inc
Fidelity Southern Corp
Financial Institutions, Inc
First Bancorp (NC)
First Bancorp (Puerto Rico)
First Bancorp, Inc
First Busey Corp
First Business Financial Services, Inc
First Citizens Bancshares, Inc (Class A)
First Community Financial Partners, Inc
First Connecticut Bancorp
First Defiance Financial Corp
First Financial Bancorp
First Financial Bankshares, Inc
First Financial Northwest, Inc
First Foundation, Inc
First Internet Bancorp
First Mid-Illinois Bancshares, Inc
First NBC Bank Holding Co
First Northwest Bancorp
First of Long Island Corp
FirstMerit Corp
Flagstar Bancorp, Inc
FNB Corp
Franklin Financial Network, Inc
German American Bancorp, Inc
Green Bancorp, Inc
Greene County Bancorp, Inc
Guaranty Bancorp
Hampton Roads Bankshares, Inc
Hancock Holding Co
Heritage Commerce Corp
Heritage Oaks Bancorp
Hilltop Holdings, Inc
Hingham Institution for Savings
$
232
1,921,235
218,330
250,582
1,097,289
347,945
377,019
393,439
389,189
584,683
231,150
718,797
208,197
2,076,941
902,333
362,638
129,059
248,004
388,843
1,376,349
2,301,896
417,049
133,900
331,102
130,217
587,073
1,127,229
152,148
1,586,315
313,843
153,258
456,828
3,695,379
576,108
650,292
2,638,632
335,310
2,470,773
519,282
2,218,618
453,701
2,053,455
213,478
53,195
267,558
60,188
2,360,540
811,612
851,023
288,032
551,160
206,333
1,718,573
168,597
SHARES
6,086
127,714
21,697
17,710
82,096
11,432
43,026
8,512
27,334
21,819
11,731
57,778
314,064
97,449
8,307
41,033
17,146
9,266
46,855
6,707
20,626
27,823
24,354
73,892
18,775
17,088
6,064
51,587
8,659
360,239
4,935
3,855
8,766
5,746
27,862
7,556
8,959
36,124
44,845
8,027
52,135
45,004
7,136
101,464
21,698
51,712
46,066
8,830
139,391
30,397
17,811
40,721
7,819
COMPANY
VALUE
e Home Bancorp, Inc
Home Bancshares, Inc
* HomeStreet, Inc
* HomeTrust Bancshares, Inc
* Hope Bancorp, Inc
Horizon Bancorp
IBERIABANK Corp
*,e Impac Mortgage Holdings, Inc
Independent Bank Corp (MA)
Independent Bank Corp (MI)
Independent Bank Group, Inc
International Bancshares Corp
Kearny Financial Corp
e Lake Sunapee Bank Group
e LCNB Corp
*,e LendingTree, Inc
e Live Oak Bancshares, Inc
e Macatawa Bank Corp
MainSource Financial Group, Inc
MB Financial, Inc
MBT Financial Corp
Mercantile Bank Corp
Merchants Bancshares, Inc
Meridian Bancorp, Inc
Meta Financial Group, Inc
* MGIC Investment Corp
Middleburg Financial Corp
* Midland States Bancorp, Inc
MidWestOne Financial Group, Inc
MutualFirst Financial, Inc
e National Bankshares, Inc
* National Commerce Corp
*,e Nationstar Mortgage Holdings, Inc
NBT Bancorp, Inc
* Nicolet Bankshares, Inc
* NMI Holdings, Inc
Northrim BanCorp, Inc
Northwest Bancshares, Inc
OceanFirst Financial Corp
*,e Ocwen Financial Corp
OFG Bancorp
Old Line Bancshares, Inc
Old Second Bancorp, Inc
Opus Bank
e Orrstown Financial Services, Inc
$
233
176,129
2,665,391
483,843
325,510
1,261,816
314,609
2,687,834
147,683
1,372,440
335,576
495,752
1,584,273
3,567,767
1,268,786
153,181
488,703
880,447
164,379
1,336,305
677,273
270,407
215,628
542,364
2,836,714
168,787
430,276
192,714
758,329
473,561
2,590,118
138,772
87,740
253,776
165,083
558,076
263,024
217,793
456,246
1,337,278
291,862
327,408
671,910
202,662
1,512,828
409,224
103,424
488,760
169,006
1,834,386
229,497
574,939
660,495
151,219
SHARES
19,565
16,248
28,496
14,044
54,474
16,757
4,955
14,370
17,274
7,171
13,702
55,915
45,499
12,959
8,937
82,931
70,679
4,621
6,980
64,252
12,933
227,317
43,016
10,205
35,457
36,174
24,851
31,299
24,418
13,264
11,762
12,483
30,689
24,951
6,070
6,160
11,826
25,854
19,457
37,528
133,484
22,952
12,323
11,789
8,756
11,696
61,554
8,752
48,714
37,085
15,462
59,001
21,675
COMPANY
VALUE
Pacific Continental Corp
* Pacific Mercantile Bancorp
* Pacific Premier Bancorp, Inc
e Park National Corp
Park Sterling Bank
Peapack Gladstone Financial Corp
e Penns Woods Bancorp, Inc
* PennyMac Financial Services, Inc
Peoples Financial Services Corp
People’s Utah Bancorp
* PHH Corp
Preferred Bank
e Premier Financial Bancorp, Inc
PrivateBancorp, Inc
Prosperity Bancshares, Inc
* Provident Bancorp, Inc
Provident Financial Holdings, Inc
QCR Holdings, Inc
Radian Group, Inc
Renasant Corp
*,e Republic First Bancorp, Inc
S&T Bancorp, Inc
Sandy Spring Bancorp, Inc
* Seacoast Banking Corp of Florida
e ServisFirst Bancshares, Inc
Shore Bancshares, Inc
SI Financial Group, Inc
Sierra Bancorp
Simmons First National Corp (Class A)
South State Corp
* Southern First Bancshares, Inc
Southern Missouri Bancorp, Inc
e Southern National Bancorp of Virginia, Inc
Southwest Bancorp, Inc
Sterling Bancorp/DE
Stonegate Bank
Suffolk Bancorp
e Summit Financial Group, Inc
* Sun Bancorp, Inc
Talmer Bancorp Inc
Territorial Bancorp, Inc
* Texas Capital Bancshares, Inc
* The Bancorp, Inc
Tompkins Trustco, Inc
e TowneBank
Trico Bancshares
$
234
283,301
110,974
688,178
1,257,219
420,539
336,313
209,844
181,206
387,801
283,039
244,855
816,918
2,416,452
423,371
159,436
3,665,550
3,610,990
73,613
136,040
1,294,678
383,334
2,932,389
1,385,976
304,211
155,656
922,075
741,554
499,845
1,236,283
155,985
157,258
223,196
1,410,160
1,819,177
164,254
150,366
157,641
790,874
377,855
821,113
2,254,545
678,002
390,516
387,976
172,055
249,593
1,293,865
235,429
2,364,578
196,550
1,124,706
1,354,073
563,983
COMPANY
SHARES
23,143
15,773
97,628
71,187
47,381
231,881
45,788
4,089
69,365
74,067
48,476
51,535
31,685
259,430
8,763
28,959
20,194
96,014
15,729
8,567
26,917
96,520
37,361
16,754
26,153
16,829
75,937
54,166
214,013
30,325
52,651
5,174
43,045
35,120
62,631
36,663
36,336
63,247
22,155
50,402
9,961
30,223
6,660
26,884
19,600
8,199
7,186
12,445
14,596
30,234
VALUE
* Tristate Capital Holdings, Inc
* Triumph Bancorp, Inc
Trustco Bank Corp NY
Trustmark Corp
UMB Financial Corp
e Union Bankshares, Inc
e United Bankshares, Inc
United Community Financial Corp
Valley National Bancorp
* Veritex Holdings, Inc
WashingtonFirst Bankshares, Inc
Waterstone Financial, Inc
WesBanco, Inc
West Bancorporation, Inc
e Westamerica Bancorporation
Westfield Financial, Inc
* WMIH Corp
WSFS Financial Corp
Yadkin Financial Corp
Your Community Bankshares, Inc
TOTAL BANKS
e
*
*
*
*
*
*
$
Aaon, Inc
AAR Corp
Actuant Corp (Class A)
Aegion Corp
Aerojet Rocketdyne Holdings, Inc
Aerovironment, Inc
Aircastle Ltd
Alamo Group, Inc
Albany International Corp (Class A)
Allied Motion Technologies, Inc
Altra Holdings, Inc
Ameresco, Inc
American Railcar Industries, Inc
American Science & Engineering, Inc
American Superconductor Corp
American Woodmark Corp
330,251
275,554
647,274
1,857,981
2,625,381
3,531,548
1,228,950
142,543
2,656,679
1,425,049
321,881
677,685
668,237
2,353,030
152,213
685,460
57,957
2,400,350
597,073
205,608
422,059
3,470,859
1,155,202
318,326
1,230,237
132,444
815,563
2,859,965
517,911
1,067,137
1,326,279
192,525
212,363,633
1,139,832
848,499
1,487,486
979,269
745,615
1,192,838
628,094
1,119,932
668,682
1,279,340
150,649
763,506
97,020
344,440
265,235
114,245
1,083,461
1,413,439
235
COMPANY
SHARES
38,378
14,120
24,683
20,433
20,538
27,396
48,303
53,178
63,129
5,094
58,199
44,892
88,520
25,137
17,366
32,255
17,514
50,344
19,970
39,142
37,223
15,201
26,613
46,772
66,227
23,343
10,767
14,530
32,357
14,776
64,183
21,324
15,579
36,255
45,817
19,004
23,074
27,038
31,217
64,298
48,808
11,886
25,042
42,989
5,412
68,989
51,255
33,309
22,186
7,514
18,978
9,437
41,717
*
*
*
*
*,e
*
*
*
*
*
*
*
*
*,e
*
*,e
*,e
*
*,e
e
*
*,e
*
*
VALUE
Argan, Inc
Armstrong Flooring, Inc
Astec Industries, Inc
Astronics Corp
AZZ, Inc
Babcock & Wilcox Enterprises, Inc
Barnes Group, Inc
Beacon Roofing Supply, Inc
Blue Bird Corp
BMC Stock Holdings, Inc
CAI International, Inc
Chart Industries, Inc
CIRCOR International, Inc
Clarcor, Inc
Columbus McKinnon Corp
Continental Building Products Inc
CSW Industrials, Inc
Cubic Corp
Curtiss-Wright Corp
DigitalGlobe, Inc
Douglas Dynamics, Inc
Ducommun, Inc
DXP Enterprises, Inc
Dycom Industries, Inc
Dynamic Materials Corp
EMCOR Group, Inc
Encore Wire Corp
Energous Corp
Energy Recovery, Inc
EnerSys
Engility Holdings, Inc
ESCO Technologies, Inc
Federal Signal Corp
Franklin Electric Co, Inc
Freightcar America, Inc
FuelCell Energy, Inc
GATX Corp
Gencor Industries, Inc
Generac Holdings, Inc
General Cable Corp
Gibraltar Industries, Inc
Global Brass & Copper Holdings, Inc
GMS, Inc
Gorman-Rupp Co
Graham Corp
$
236
1,801,847
651,356
491,932
1,231,701
785,989
1,700,744
741,934
2,017,042
2,968,326
71,774
1,184,350
1,020,395
1,141,023
942,386
149,000
968,295
997,247
3,134,417
331,302
1,189,134
872,879
515,770
1,086,875
4,162,240
1,785,480
625,592
208,234
241,779
3,043,176
151,306
3,574,993
800,290
193,491
387,929
2,856,690
551,876
1,055,636
1,145,059
1,898,930
845,519
1,889,846
177,101
134,976
1,922,898
95,251
2,607,094
754,986
1,175,142
628,308
189,729
514,114
170,055
2,076,672
SHARES
58,993
28,619
32,494
33,239
12,403
86,773
35,254
62,376
6,745
9,948
8,221
18,487
30,649
104,125
11,311
28,335
83,398
37,897
55,774
50,479
6,694
19,149
11,250
25,067
17,697
134,110
32,057
69,869
41,651
91,807
14,836
11,012
33,782
99,156
59,830
164,604
18,502
5,194
52,489
28,736
10,118
27,729
10,374
113,016
7,755
2,779
29,546
15,315
50,365
190,665
22,422
8,999
5,278
COMPANY
VALUE
* Great Lakes Dredge & Dock Corp
e Greenbrier Cos, Inc
Griffon Corp
Hardinge, Inc
Harsco Corp
*,e HC2 Holdings, Inc
Hillenbrand, Inc
Hurco Cos, Inc
Hyster-Yale Materials Handling, Inc
* IES Holdings, Inc
Insteel Industries, Inc
e Joy Global, Inc
Kadant, Inc
Kaman Corp
Kennametal, Inc
*,e KEYW Holding Corp
* KLX, Inc
*,e Kratos Defense & Security Solutions, Inc
* Lawson Products, Inc
*,e Layne Christensen Co
e Lindsay Corp
LSI Industries, Inc
* Lydall, Inc
Manitowoc Co, Inc
* Mastec, Inc
* Mercury Systems, Inc
* Meritor, Inc
* Milacron Holdings Corp
Miller Industries, Inc
* Moog, Inc (Class A)
* MRC Global, Inc
Mueller Water Products, Inc (Class A)
* MYR Group, Inc
e National Presto Industries, Inc
*,e Navistar International Corp
* NCI Building Systems, Inc
* Neff Corp
NN, Inc
* Nortek, Inc
* NOW, Inc
* NV5 Holdings, Inc
Omega Flex, Inc
* Orion Marine Group, Inc
* Patrick Industries, Inc
* Pgt, Inc
*,e Plug Power, Inc
* Ply Gem Holdings, Inc
Powell Industries, Inc
* Power Solutions International, Inc
$
237
261,929
939,562
556,947
618,910
125,270
849,508
162,168
2,017,864
179,619
634,583
127,837
643,163
2,051,031
2,876,974
621,426
1,222,939
2,073,274
388,065
1,801,500
222,612
109,782
153,192
789,300
274,734
790,702
746,993
2,238,540
1,708,297
1,079,594
769,343
255,476
236,318
1,860,375
1,311,834
2,036,613
1,952,203
456,444
465,071
672,909
466,098
98,853
467,788
901,293
2,069,323
249,478
94,792
166,935
988,736
604,380
341,290
344,402
331,523
92,840
COMPANY
SHARES
2,540
42,506
26,050
36,145
38,784
24,053
87,594
6,923
31,214
44,065
12,290
9,657
43,873
37,187
13,617
24,050
66,670
13,641
55,449
36,143
18,559
24,308
11,638
33,761
47,340
18,640
31,222
46,742
35,497
52,052
39,831
45,374
20,739
11,275
8,698
16,534
68,103
29,471
4,471
55,902
*,e
*
*
*,e
*
*
*
*
*
*,e
*,e
*
e
*,e
*
e
*,e
*
*
*
*
*
*
*
*
*,e
VALUE
Preformed Line Products Co
Primoris Services Corp
Proto Labs, Inc
Quanex Building Products Corp
Raven Industries, Inc
RBC Bearings, Inc
Rexnord Corp
Rush Enterprises, Inc
Rush Enterprises, Inc (Class A)
Simpson Manufacturing Co, Inc
SiteOne Landscape Supply, Inc
Sparton Corp
SPX Corp
SPX FLOW, Inc
Standex International Corp
Sun Hydraulics Corp
Sunrun, Inc
Supreme Industries, Inc
Taser International, Inc
Teledyne Technologies, Inc
Tennant Co
Textainer Group Holdings Ltd
The ExOne Company
Thermon Group Holdings
Titan International, Inc
Titan Machinery, Inc
Trex Co, Inc
Trimas Corp
Triumph Group, Inc
Tutor Perini Corp
Univar, Inc
Vectrus, Inc
Veritiv Corp
Vicor Corp
Wabash National Corp
Watts Water Technologies, Inc (Class A)
Willis Lease Finance Corp
TOTAL CAPITAL GOODS
$
58,809
ABM Industries, Inc
49,848
Acacia Research (Acacia Technologies)
113,310
* ACCO Brands Corp
43,505
* Advisory Board Co
11,310
*,e Aqua Metals, Inc
47,625
* ARC Document Solutions, Inc
7,766
Barrett Business Services, Inc
48,389
47,581
Brink’s Co
42,860
* Casella Waste Systems, Inc (Class A)
124,130
767,233
1,433,792
722,539
805,156
1,828,750
1,864,876
161,514
717,298
1,797,852
477,344
200,962
664,237
1,014,461
1,209,190
726,310
345,351
229,169
1,605,803
3,795,015
1,189,261
288,779
118,475
681,297
312,917
208,954
1,514,267
835,280
595,995
1,604,763
1,000,555
830,798
2,242,301
351,216
367,230
175,260
986,131
1,822,781
120,717
3,272,503
158,692,786
2,188,283
269,678
1,273,604
1,816,769
105,296
187,643
333,783
1,555,222
1,561,608
401,170
238
SHARES
52,145
33,956
30,991
1,670
9,022
51,538
144,544
27,024
39,538
27,169
11,828
43,782
20,719
13,749
74,631
19,359
13,051
62,934
35,918
47,856
22,584
19,187
16,004
40,624
16,576
68,347
31,014
25,861
38,959
50,277
60,407
33,864
24,870
18,086
47,241
32,801
14,324
50,151
5,347
53,574
30,868
38,137
53,520
18,253
90,842
30,485
61,269
18,838
44,431
44,428
15,925
23,058
21,257
COMPANY
VALUE
* CBIZ, Inc
CEB, Inc
Ceco Environmental Corp
e Compx International, Inc
* CRA International, Inc
Deluxe Corp
*,m Dyax Corp
Ennis, Inc
Essendant, Inc
Exponent, Inc
* Franklin Covey Co
* FTI Consulting, Inc
G & K Services, Inc (Class A)
* GP Strategies Corp
Healthcare Services Group
* Heritage-Crystal Clean, Inc
Herman Miller, Inc
* Hill International, Inc
HNI Corp
* Huron Consulting Group, Inc
* ICF International, Inc
*,e IDI, Inc
* Innerworkings, Inc
Insperity, Inc
Interface, Inc
Kforce, Inc
Knoll, Inc
Korn/Ferry International
Matthews International Corp (Class A)
McGrath RentCorp
* Mistras Group, Inc
Mobile Mini, Inc
MSA Safety, Inc
Multi-Color Corp
* NL Industries, Inc
Quad
* RPX Corp
* SP Plus Corp
*,e Team, Inc
Tetra Tech, Inc
* TRC Cos, Inc
* TriNet Group, Inc
* TrueBlue, Inc
Unifirst Corp
US Ecology, Inc
Viad Corp
$
239
563,687
2,038,718
286,667
19,873
249,188
3,483,453
160,444
468,056
792,342
1,380,457
194,216
1,875,621
1,661,871
288,179
2,896,429
376,726
164,573
2,062,347
149,778
2,494,733
1,388,239
793,958
82,901
345,710
1,301,050
1,220,677
634,857
461,877
443,743
1,269,494
1,389,965
2,035,565
792,607
453,235
1,535,805
1,832,920
925,044
988,476
15,881
1,979,559
782,813
568,241
538,946
438,620
1,317,209
841,691
2,017,588
132,243
963,708
992,077
1,861,314
1,044,527
740,169
SHARES
4,547
38,534
45,592
COMPANY
VALUE
VSE Corp
* WageWorks, Inc
West Corp
13,874
e Arctic Cat, Inc
11,265
Bassett Furniture Industries, Inc
33,332
* Beazer Homes USA, Inc
99,483
Callaway Golf Co
8,892
* Cavco Industries, Inc
16,957
* Century Communities, Inc
28,547
76,715
* CROCS, Inc
9,477
CSS Industries, Inc
11,367
Culp, Inc
34,237
* Deckers Outdoor Corp
7,507
* Delta Apparel, Inc
9,865
Escalade, Inc
26,231
6,840
Flexsteel Industries, Inc
44,303
* Fossil Group, Inc
45,393
* G-III Apparel Group Ltd
106,620
* GoPro, Inc
22,516
*,e Green Brick Partners, Inc
29,513
* Helen of Troy Ltd
11,242
Hooker Furniture Corp
126,782
*,e Hovnanian Enterprises, Inc (Class A)
45,578
*,e Iconix Brand Group, Inc
21,233
* Installed Building Products Inc
28,607
*,e iRobot Corp
18,424
*,e Jakks Pacific, Inc
5,339
Johnson Outdoors, Inc
87,974
e KB Home
52,058
La-Z-Boy, Inc
16,275
*,e LGI Homes, Inc
23,142
Libbey, Inc
11,087
Lifetime Brands, Inc
25,910
* M/I Homes, Inc
19,557
* Malibu Boats Inc
11,342
Marine Products Corp
6,594
MCBC Holdings, Inc
41,732
MDC Holdings, Inc
40,222
15,730
Movado Group, Inc
4,040
Nacco Industries, Inc (Class A)
32,465
* Nautilus, Inc
12,045
*,e New Home Co Inc
16,039
40,930
*,e Performance Sports Group Ltd
13,223
* Perry Ellis International, Inc
40,448
* Sequential Brands Group, Inc
57,875
* Smith & Wesson Holding Corp
$
289,007
2,381,787
1,008,039
67,109,956
216,573
290,975
319,654
1,064,468
883,687
300,139
1,634,316
869,181
249,340
324,300
2,259,984
179,342
105,851
911,003
281,124
1,399,975
1,817,082
1,347,677
158,963
2,939,790
260,027
233,279
328,162
760,778
1,084,777
169,869
162,573
1,381,192
1,573,193
558,721
432,524
148,455
584,270
266,757
103,552
75,699
1,098,386
1,463,679
355,341
227,331
611,641
118,643
917,110
136,297
283,237
328,842
1,704,419
240
SHARES
65,006
19,302
8,520
32,151
40,672
157,187
59,655
8,533
16,504
14,946
21,621
26,016
22,901
6,440
25,204
102,508
30,015
COMPANY
VALUE
* Steven Madden Ltd
Sturm Ruger & Co, Inc
Superior Uniform Group, Inc
* Taylor Morrison Home Corp
* TopBuild Corp
* Tumi Holdings, Inc
* UCP, Inc (Class A)
* Unifi, Inc
* Universal Electronics, Inc
* Vera Bradley, Inc
* Vince Holding Corp
* WCI Communities, Inc
Weyco Group, Inc
*,e William Lyon Homes, Inc
Wolverine World Wide, Inc
* Zagg, Inc
$
16,699
90,319
11,096
* Ascent Media Corp (Series A)
89,278
* Belmond Ltd.
24,626
* BJ’s Restaurants, Inc
120,468
20,955
10,354
* Bojangles’, Inc
87,164
* Boyd Gaming Corp
18,796
* Bridgepoint Education, Inc
46,355
19,988
* Buffalo Wild Wings, Inc
50,112
* Caesars Acquisition Co
58,150
*,e Caesars Entertainment Corp
12,574
* Cambium Learning Group, Inc
11,979
Capella Education Co
71,403
* Career Education Corp
15,987
35,305
* Carrols Restaurant Group, Inc
22,522
* Century Casinos, Inc
48,097
Cheesecake Factory
83,666
*,e Chegg, Inc
14,254
17,248
*,e Chuy’s Holdings, Inc
67,980
ClubCorp Holdings, Inc
7,858
Collectors Universe
20,267
e Cracker Barrel Old Country Store, Inc
40,023
* Dave & Buster’s Entertainment, Inc
24,938
* Del Frisco’s Restaurant Group, Inc
24,501
* Del Taco Restaurants, Inc
80,940
* Denny’s Corp
65,387
e DeVry Education Group, Inc
39,222
*,e Diamond Resorts International, Inc
2,276,510
1,312,536
136,916
522,454
1,535,775
2,114,165
1,595,771
71,677
446,103
1,155,924
314,802
130,080
385,424
179,934
437,289
2,510,421
189,995
48,237,954
478,259
811,968
188,854
1,025,804
956,474
2,166,015
770,725
179,953
1,709,286
134,015
3,109,030
3,357,184
539,205
401,235
60,858
717,183
493,395
388,644
427,544
143,690
2,488,058
450,960
1,869,127
581,603
985,710
169,026
3,190,228
1,781,023
372,075
257,506
903,290
1,456,168
1,183,720
241
COMPANY
SHARES
18,401
21,440
29,751
2,870
27,529
4,520
10,815
47,456
14,217
130,930
28,136
119,519
17,664
26,395
13,518
34,471
14,065
35,635
8,254
89,965
5,829
89,281
15,628
20,466
19,633
23,677
11,598
3,203
11,386
28,618
79,056
61,177
15,628
23,018
25,100
15,070
14,530
31,763
39,666
60,611
34,331
54,905
71,068
16,575
49,803
55,787
12,021
1,103
11,331
70,191
29,298
16,593
19,833
*,e
*
*,e
*
*
*
*
*
*
*
*
*,e
*
*,e
*
*
*
*
*
*
*,e
*
*
*
*
*,e
*
*
*
*
*
*,e
e
*,e
e
*
*
*,e
*,e
VALUE
DineEquity, Inc
El Pollo Loco Holdings, Inc
Eldorado Resorts, Inc
Empire Resorts, Inc
Fiesta Restaurant Group, Inc
Fogo De Chao, Inc
Golden Entertainment, Inc
Grand Canyon Education, Inc
Habit Restaurants, Inc
Houghton Mifflin Harcourt Co
International Speedway Corp (Class A)
Intrawest Resorts Holdings Inc
Isle of Capri Casinos, Inc
J Alexander’s Holdings, Inc
Jamba, Inc
K12, Inc
Kona Grill, Inc
La Quinta Holdings, Inc
Liberty Tax, Inc
LifeLock, Inc
Lindblad Expeditions Holdings, Inc
Luby’s, Inc
Marcus Corp
Monarch Casino & Resort, Inc
Nathan’s Famous, Inc
Noodles & Co
Papa John’s International, Inc
Penn National Gaming, Inc
Pinnacle Entertainment, Inc
Planet Fitness, Inc
Popeyes Louisiana Kitchen, Inc
Potbelly Corp
Red Lion Hotels Corp
Red Robin Gourmet Burgers, Inc
Red Rock Resorts, Inc
Regis Corp
Ruby Tuesday, Inc
Ruth’s Chris Steak House, Inc
Scientific Games Corp (Class A)
SeaWorld Entertainment, Inc
Shake Shack, Inc
Sonic Corp
Sotheby’s (Class A)
Speedway Motorsports, Inc
Steak N Shake Co
Strayer Education, Inc
Texas Roadhouse, Inc (Class A)
Weight Watchers International, Inc
Wingstop, Inc
Zoe’s Kitchen, Inc
$
242
1,497,289
282,150
429,902
44,428
614,998
61,608
147,192
1,995,999
230,884
2,219,263
950,153
2,148,952
256,835
494,378
129,367
3,046,892
151,902
441,161
103,175
1,112,867
80,790
1,493,671
155,342
94,962
434,871
1,806,555
270,581
155,570
84,143
2,116,301
1,187,421
668,053
320,374
1,318,471
327,053
119,656
702,671
730,867
533,111
244,868
548,266
585,013
1,094,447
663,166
1,340,199
1,806,941
212,411
457,866
518,053
3,314,419
349,525
431,418
704,865
74,979,130
SHARES
VALUE
COMPANY
23,512
e Arlington Asset Investment Corp (Class A)
4,952
Associated Capital Group, Inc
9,817
e B. Riley Financial, Inc
3,900
*,e BBX Capital Corp
229,410
BGC Partners, Inc (Class A)
17,377
Calamos Asset Management, Inc (Class A)
25,297
Cash America International, Inc
22,213
Cohen & Steers, Inc
112,577
*,e Cowen Group, Inc
3,255
Diamond Hill Investment Group, Inc
25,143
*,e Encore Capital Group, Inc
30,263
* Enova International, Inc
41,208
51,255
* Ezcorp, Inc (Class A)
6,569
FBR Capital Markets Corp
56,488
e Financial Engines, Inc
29,304
First Cash Financial Services, Inc
70,315
* FNFV Group
39,480
Gain Capital Holdings, Inc
4,783
GAMCO Investors, Inc (Class A)
45,072
* Green Dot Corp
29,456
Greenhill & Co, Inc
3,051
Hennessy Advisors, Inc
37,999
HFF, Inc (Class A)
12,676
Houlihan Lokey, Inc
15,921
* INTL FCStone, Inc
35,402
Investment Technology Group, Inc
50,789
151,500
55,228
* KCG Holdings, Inc
108,919
* Ladenburg Thalmann Financial Services, Inc
347,185
*,e LendingClub Corp
15,733
* Manning & Napier, Inc
8,576
Marlin Business Services Corp
6,103
e Medley Management, Inc
19,622
Moelis & Co
21,331
25,784
* NewStar Financial, Inc
42,369
OM Asset Management plc
50,770
*,e On Deck Capital, Inc
10,059
Oppenheimer Holdings, Inc
22,714
16,171
* Piper Jaffray Cos
18,691
PJT Partners, Inc
49,290
*,e PRA Group, Inc
15,374
Pzena Investment Management, Inc (Class A)
10,556
* Regional Management Corp
12,890
Resource America, Inc (Class A)
21,041
7,377
e Silvercrest Asset Management Group, Inc
$
243
327,522
148,015
89,138
75,426
2,034,867
120,944
1,083,976
957,380
351,240
621,672
613,741
275,091
2,088,009
464,370
98,995
1,490,718
1,503,588
838,858
265,306
163,292
1,090,742
584,112
105,870
1,071,952
290,661
463,938
591,213
6,150,040
2,287,650
835,600
265,762
1,603,995
122,560
157,455
45,834
488,392
861,986
263,512
593,166
264,004
158,329
228,957
668,509
477,181
1,373,219
120,840
198,453
125,549
271,850
89,631
SHARES
67,753
29,168
1,276
26,633
6,706
83,798
8,429
1,462
121,312
6,374
ENERGY - 2.8%
119,777
2,024
31,843
72,728
22,797
64,233
51,663
35,540
33,434
128,027
20,847
59,004
6,392
92,677
430,878
19,256
16,677
21,343
65,053
371,240
95,894
26,002
2,787
40,877
20,076
18,688
26,714
150,503
34,541
69,767
63,355
68,067
43,443
40,493
13,377
93,866
37,962
106,902
36,029
31,552
COMPANY
VALUE
* Stifel Financial Corp
Tiptree Financial, Inc
e Value Line, Inc
e Virtu Financial, Inc
e Virtus Investment Partners, Inc
Waddell & Reed Financial, Inc (Class A)
Westwood Holdings Group, Inc
*,e Wins Finance Holdings, Inc
e WisdomTree Investments, Inc
*,e World Acceptance Corp
$
* Abraxas Petroleum Corp
Adams Resources & Energy, Inc
Archrock, Inc
e Ardmore Shipping Corp
e Atwood Oceanics, Inc
*,e Bill Barrett Corp
e Bristow Group, Inc
*,e California Resources Corp
e CARBO Ceramics, Inc
*,e Clayton Williams Energy, Inc
* Clean Energy Fuels Corp
*,e Cobalt International Energy, Inc
* Contango Oil & Gas Co
e CVR Energy, Inc
* Dawson Geophysical Co
e Denbury Resources, Inc
DHT Holdings, Inc
*,e Dorian LPG Ltd
* Earthstone Energy, Inc
*,e EP Energy Corp
* Era Group, Inc
*,e Erin Energy Corp
Evolution Petroleum Corp
*,e EXCO Resources, Inc
* Exterran Corp
* Fairmount Santrol Holdings, Inc
* Forum Energy Technologies, Inc
e Frontline Ltd
e GasLog Ltd
* Gener8 Maritime, Inc
*,e Geospace Technologies Corp
e Golar LNG Ltd
* Helix Energy Solutions Group, Inc
*,e Hornbeck Offshore Services, Inc
* Independence Contract Drilling, Inc
2,395,069
152,257
23,057
458,088
565,249
1,530,151
451,963
29,825
1,205,841
277,014
42,551,624
138,941
61,267
225,130
648,007
160,263
686,009
308,428
384,187
343,033
1,458,228
293,943
1,935,331
241,042
277,104
642,008
177,733
246,820
159,005
814,464
1,076,596
446,866
160,432
28,009
170,457
176,267
47,841
145,591
207,694
439,362
477,904
1,034,587
540,452
580,833
215,423
220,721
1,591,967
860,978
848,802
287,511
158,707
244
815
35,574
87,638
26,978
255,155
12,792
85,514
85,866
91,547
49,964
187,849
54,050
38,165
30,665
16,567
29,467
126,716
48,666
12,236
66,714
45,997
5,976
12,000
37,776
82,961
59,117
172,695
16,889
398,608
55,856
62,259
196,281
46,108
122,166
42,038
81,516
50,086
53,024
67,560
41,216
71,766
17,749
45,355
VALUE
COMPANY
SHARES
*,e
*
*
*
*
*
e
*
e
*,e
*
*
*,e
*
*
*
*
*
*
*
*
*
*
*,e
*,e
*,e
e
*
e
e
*
e
*
*,e
*
*
Isramco, Inc
Jones Energy, Inc (Class A)
Matrix Service Co
Navios Maritime Acq Corp
Nordic American Tanker Shipping
Northern Oil And Gas, Inc
Overseas Shipholding Group, Inc
Pacific Ethanol, Inc
Panhandle Oil and Gas, Inc (Class A)
Par Petroleum Corp
Parker Drilling Co
PDC Energy, Inc
PHI, Inc
Pioneer Energy Services Corp
Rex American Resources Corp
RigNet, Inc
Ring Energy, Inc
RSP Permian, Inc
Sanchez Energy Corp
Scorpio Tankers, Inc
Seadrill Ltd
SemGroup Corp
Ship Finance International Ltd
Synergy Resources Corp
Teekay Corp
Teekay Tankers Ltd (Class A)
Tesco Corp
Tidewater, Inc
Unit Corp
W&T Offshore, Inc
Westmoreland Coal Co
Willbros Group, Inc
TOTAL ENERGY
$
28,458
Andersons, Inc
20,472
* Chefs’ Warehouse Holdings, Inc
14,780
Ingles Markets, Inc (Class A)
9,375
* Natural Grocers by Vitamin C
39,454
* Performance Food Group Co
21,132
Pricesmart, Inc
23,742
* Smart & Final Stores, Inc
64,467
131,624
1,848,285
447,026
1,321,703
321,207
130,836
542,673
1,126,028
197,857
1,427,652
1,671,226
488,130
209,442
271,036
442,005
262,302
2,665,437
236,400
210,149
448,471
393,221
143,400
299,941
2,982,448
374,802
822,028
954,566
1,183,866
1,617,590
940,111
1,277,789
285,870
360,390
277,871
489,911
213,867
662,800
2,328,793
82,020
1,496,321
169,503
92,978
50,831,985
1,052,377
330,623
573,907
128,344
1,082,618
1,645,760
327,402
245
SHARES
38,832
280,615
52,360
7,291
10,322
VALUE
COMPANY
Spartan Stores, Inc
* Supervalu, Inc
* United Natural Foods, Inc
Village Super Market (Class A)
Weis Markets, Inc
$
3,815
Alico, Inc
8,811
* Alliance One International, Inc
30,917
*,e Amplify Snack Brands, Inc
65,314
B&G Foods, Inc (Class A)
9,364
*,e Boston Beer Co, Inc (Class A)
16,326
Calavo Growers, Inc
32,522
e Cal-Maine Foods, Inc
4,980
e Coca-Cola Bottling Co Consolidated
14,481
* Craft Brewers Alliance, Inc
173,140
97,504
Dean Foods Co
8,217
* Farmer Bros Co
34,408
23,625
*,e Freshpet, Inc
19,110
*,e Inventure Foods, Inc
15,837
J&J Snack Foods Corp
8,986
John B. Sanfilippo & Son, Inc
19,805
28,166
* Landec Corp
4,622
*,e Lifeway Foods, Inc
12,397
e Limoneira Co
13,223
Mgp Ingredients, Inc
12,162
* National Beverage Corp
23,100
* Omega Protein Corp
22,217
* Primo Water
21,109
e Sanderson Farms, Inc
280
* Seaboard Corp
7,003
* Seneca Foods Corp
84,955
22,657
*,e Synutra International, Inc
18,471
e Tootsie Roll Industries, Inc
6,241
*,e Turning Point Brands, Inc
23,302
Universal Corp
92,649
e Vector Group Ltd
1,223,208
1,369,401
2,616,953
230,687
533,338
11,114,618
112,848
152,430
440,876
3,369,549
1,712,488
1,073,924
1,362,672
709,202
170,007
2,732,149
1,799,924
252,015
1,956,095
206,483
164,728
1,925,938
419,377
2,573,858
323,909
46,174
219,303
568,589
697,612
520,212
266,160
1,848,937
820,400
274,308
2,910,558
79,073
685,828
69,587
1,382,042
2,046,616
33,893,871
10,486
*,e AAC Holdings, Inc
23,198
Abaxis, Inc
84,148
* Accuray, Inc
30,734
Aceto Corp
7,795
* Addus HomeCare Corp
13,042
*,e Adeptus Health, Inc
37,632
8,566
* Almost Family, Inc
237,718
1,147,373
461,131
790,171
147,014
581,282
1,252,769
340,841
246
SHARES
29,689
9,243
49,913
13,027
28,529
15,060
33,187
1,466
11,588
25,548
67,050
27,871
37,808
29,246
33,033
42,055
106,876
17,110
15,932
116,201
11,962
37,623
28,826
58,576
10,428
13,320
33,769
33,315
13,259
25,013
48,270
85,625
50,742
7,883
15,974
10,999
42,351
42,505
17,614
73,989
54,018
49,393
45,547
93,659
26,980
33,690
17,876
88,829
15,521
16,950
17,212
60,904
32,289
COMPANY
VALUE
* Amedisys, Inc
* American Renal Associates Holdings, Inc
Analogic Corp
* AtriCure, Inc
Atrion Corp
*,e Avinger, Inc
* AxoGen, Inc
*,e BioScrip, Inc
* BioTelemetry, Inc
Cantel Medical Corp
* Castlight Health, Inc
*,e Cerus Corp
Chemed Corp
* Civitas Solutions, Inc
*,e Community Health Systems, Inc
*,e ConforMIS, Inc
Conmed Corp
*,e Corindus Vascular Robotics, Inc
* Corvel Corp
* Cotiviti Holdings, Inc
CryoLife, Inc
* Cutera, Inc
* Cynosure, Inc (Class A)
*,e Endologix, Inc
Ensign Group, Inc
* Entellus Medical, Inc
* Evolent Health, Inc
* Exactech, Inc
* Genesis Health Care, Inc
*,e GenMark Diagnostics, Inc
* Glaukos Corp
* Globus Medical, Inc
* Haemonetics Corp
* Halyard Health, Inc
* HealthEquity, Inc
Healthsouth Corp
* HealthStream, Inc
* Healthways, Inc
* HeartWare International, Inc
* HMS Holdings Corp
* ICU Medical, Inc
* Imprivata, Inc
* Inogen Inc
* Insulet Corp
* Integer Holding Corp
$
247
1,589,846
220,446
2,111,320
1,094,529
473,296
751,795
504,111
698,989
57,245
171,683
171,648
530,106
2,531,246
569,712
647,777
156,865
789,814
2,517,565
341,423
1,483,887
474,174
262,232
1,171,489
83,764
471,346
321,545
493,703
485,400
143,065
1,374,714
1,734,341
1,208,169
1,090,953
141,106
376,028
297,303
87,243
452,678
615,785
1,698,048
1,637,826
1,708,504
1,344,547
4,032,020
653,725
567,340
1,035,735
1,765,920
1,812,232
324,084
924,973
2,155,393
717,139
SHARES
31,897
34,175
31,956
4,270
7,958
27,188
88,875
9,954
14,283
15,808
26,385
43,304
58,056
44,324
45,223
45,671
11,809
8,654
34,308
38,682
25,352
58,597
53,462
52,312
67,245
37,573
54,867
18,682
65,932
23,335
26,866
30,753
23,364
13,332
53,965
28,516
31,348
39,259
51,054
56,330
17,040
112,647
29,143
45,066
42,227
19,654
28,325
13,101
19,609
71,636
21,885
64,711
24,585
COMPANY
VALUE
* Integra LifeSciences Holdings Corp
Invacare Corp
*,e InVivo Therapeutics Holdings Corp
*,e iRadimed Corp
*,e IRIDEX Corp
* K2M Group Holdings, Inc
Landauer, Inc
LeMaitre Vascular, Inc
* LHC Group, Inc
* Magellan Health Services, Inc
* Masimo Corp
* Medidata Solutions, Inc
Meridian Bioscience, Inc
* Molina Healthcare, Inc
National Healthcare Corp
National Research Corp
* Natus Medical, Inc
* Neogen Corp
*,e Nevro Corp
*,e Nobilis Health Corp
*,e Novocure Ltd
* NuVasive, Inc
* NxStage Medical, Inc
* Omnicell, Inc
* OraSure Technologies, Inc
* Orthofix International NV
Owens & Minor, Inc
*,e Oxford Immunotec Global plc
* Penumbra, Inc
* PharMerica Corp
* Press Ganey Holdings, Inc
* Providence Service Corp
* Quidel Corp
* Quorum Health Corp
* RadNet, Inc
*,e Rockwell Medical, Inc
* RTI Biologics, Inc
*,e Second Sight Medical Products, Inc
* Select Medical Holdings Corp
*,e Senseonics Holdings, Inc
* Spectranetics Corp
* Staar Surgical Co
*,e Surgery Partners, Inc
* Surgical Care Affiliates, Inc
* SurModics, Inc
* Tandem Diabetes Care, Inc
* Team Health Holdings, Inc
*,e Teladoc, Inc
*,e TransEnterix, Inc
* Triple-S Management Corp (Class B)
$
248
2,687,960
393,696
207,075
82,667
128,999
455,671
1,089,607
415,281
245,668
715,470
1,806,581
2,293,813
3,085,676
858,113
1,060,027
2,594,569
762,861
129,983
1,349,334
2,133,312
2,096,610
167,001
402,034
3,253,806
1,486,787
1,453,324
374,193
885,527
2,354,432
187,613
1,835,216
816,800
932,691
644,869
662,690
650,165
341,380
235,947
410,985
183,072
68,842
1,295,440
96,755
1,044,630
288,833
356,327
1,473,183
359,360
130,008
2,925,614
381,674
87,360
610,937
SHARES
61,143
12,604
2,500
3,848
18,016
16,977
6,996
26,125
108,952
37,414
VALUE
COMPANY
*
*
*,e
*,e
*
*
*,e
USMD Holdings, Inc
Utah Medical Products, Inc
Veracyte, Inc
ViewRay, Inc
Zeltiq Aesthetics, Inc
465,242
Avon Products, Inc
10,673
35,501
* Central Garden and Pet Co (Class A)
26,107
* Elizabeth Arden, Inc
125,201
* HRG Group, Inc
18,467
Inter Parfums, Inc
14,527
* Lifevantage Corp
11,162
Medifast, Inc
8,193
9,628
Nature’s Sunshine Products, Inc
8,709
* Nutraceutical International Corp
5,258
Oil-Dri Corp of America
9,315
e Orchids Paper Products Co
12,362
* Revlon, Inc (Class A)
5,595
14,901
WD-40 Co
INSURANCE - 2.2%
47,827
84,970
20,158
30,455
10,991
9,661
6,260
47,780
189,158
13,364
8,330
18,842
8,843
33,889
11,952
10,696
13,489
12,373
529,998
30,437
13,466
$
468,355
751,450
51,475
250,389
826,394
84,036
26,305
386,389
2,389,317
1,270,205
111,528,909
1,893,535
258,927
809,068
362,887
1,864,243
600,916
203,233
393,126
275,203
113,610
223,299
196,912
286,064
438,727
768,305
1,713,317
10,401,372
* AMBAC Financial Group, Inc
Amerisafe, Inc
* Atlas Financial Holdings, Inc
Baldwin & Lyons, Inc (Class B)
Blue Capital Reinsurance Holdings Ltd
*,e Citizens, Inc (Class A)
Conseco, Inc
Crawford & Co (Class B)
Donegal Group, Inc (Class A)
* eHealth, Inc
EMC Insurance Group, Inc
* Enstar Group Ltd
FBL Financial Group, Inc (Class A)
Federated National Holding Co
e Fidelity & Guaranty Life
* Greenlight Capital Re Ltd (Class A)
* Hallmark Financial Services
869,495
1,353,572
1,179,848
1,580,310
189,155
255,920
111,741
398,963
3,285,675
146,737
134,696
179,941
245,216
966,514
1,991,084
667,110
282,595
270,474
1,515,794
627,915
142,874
249
COMPANY
SHARES
8,715
27,915
42,790
7,520
11,513
1,506
15,077
42,058
62,385
138,701
50,842
7,920
2,386
11,844
21,461
12,590
49,628
40,300
15,383
60,014
15,535
30,579
24,145
69,863
15,904
8,881
22,797
18,074
34,492
MATERIALS - 4.7%
30,062
4,264
23,331
250,414
114,569
30,407
9,050
74,936
33,224
41,228
53,418
48,817
52,533
7,449
193,525
67,268
17,914
186,502
35,447
161,341
120,999
*
*,e
e
*
*,e
*
e
*,e
*,e
e
*
*
*
*
*,e
*
*
VALUE
HCI Group, Inc
Heritage Insurance Holdings, Inc
Horace Mann Educators Corp
Independence Holding Co
Infinity Property & Casualty Corp
Investors Title Co
James River Group Holdings Ltd
Kemper Corp
Maiden Holdings Ltd
MBIA, Inc
National General Holdings Corp
National Interstate Corp
National Western Life Group, Inc
Navigators Group, Inc
OneBeacon Insurance Group Ltd (Class A)
Patriot National, Inc
Primerica, Inc
RLI Corp
Safety Insurance Group, Inc
State Auto Financial Corp
State National Cos, Inc
Third Point Reinsurance Ltd
Trupanion, Inc
United America Indemnity Ltd
United Fire & Casualty Co
United Insurance Holdings Corp
Universal Insurance Holdings, Inc
TOTAL INSURANCE
$
A. Schulman, Inc
AEP Industries, Inc
AgroFresh Solutions, Inc
AK Steel Holding Corp
Allegheny Technologies, Inc
American Vanguard Corp
Ampco-Pittsburgh Corp
Axiall Corp
Balchem Corp
Boise Cascade Co
Calgon Carbon Corp
Century Aluminum Co
Chase Corp
Chemours Co
Chemtura
Cliffs Natural Resources, Inc
Codexis, Inc
Coeur Mining, Inc
262,844
345,867
1,462,562
130,923
944,527
151,353
507,492
1,441,328
871,518
1,170,636
1,048,871
256,846
451,288
1,109,428
300,669
99,335
2,556,338
2,747,251
979,897
2,350,148
350,780
333,923
1,033,647
879,575
239,832
266,696
957,474
286,654
749,856
40,683,187
881,117
343,081
150,485
1,642,716
2,040,474
452,456
119,550
2,446,660
2,122,017
1,120,165
737,168
1,916,067
398,725
451,335
1,799,783
1,889,558
1,126,970
1,475,231
154,194
2,471,744
2,001,323
250
SHARES
11,399
87,802
69,112
54,187
25,584
74,881
52,649
6,033
27,044
52,932
2,530
10,359
12,649
76,830
402,827
44,947
20,371
24,921
18,647
91,107
9,445
21,056
31,237
20,428
152,229
20,608
20,344
36,591
22,335
23,462
17,485
174,821
9,702
45,790
45,858
88,587
13,716
45,459
27,750
11,590
27,571
31,859
46,999
20,714
129,012
80,069
70,729
36,202
42,921
20,093
26,796
30,243
70,322
COMPANY
VALUE
Deltic Timber Corp
* Ferro Corp
Ferroglobe plc
*,e Flotek Industries, Inc
FutureFuel Corp
* Gold Resource Corp
e Greif, Inc
H.B. Fuller Co
* Handy & Harman Ltd
Hawkins, Inc
Haynes International, Inc
* Headwaters, Inc
e Hecla Mining Co
* Ingevity Corp
Innospec, Inc
Kaiser Aluminum Corp
KMG Chemicals, Inc
* Koppers Holdings, Inc
e Kronos Worldwide, Inc
*,e LSB Industries, Inc
Materion Corp
* Multi Packaging Solutions International Ltd
Neenah Paper, Inc
Olin Corp
Olympic Steel, Inc
* Omnova Solutions, Inc
PH Glatfelter Co
PolyOne Corp
Rayonier Advanced Materials, Inc
* Real Industry, Inc
*,e Ryerson Holding Corp
Stepan Co
* Stillwater Mining Co
* Summit Materials, Inc
SunCoke Energy, Inc
*,e TerraVia Holdings, Inc
TimkenSteel Corp
* Trecora Resources
Tredegar Corp
Trinseo S.A.
Tronox Ltd
$
251
785,619
1,137,914
644,124
769,455
293,193
2,061,474
295,887
319,568
1,085,276
2,464,514
70,511
442,744
480,409
1,528,149
2,614,347
1,720,122
877,175
1,252,779
1,544,904
1,301,008
259,643
665,791
934,299
115,418
3,075,026
238,641
537,285
2,387,929
324,304
350,757
1,318,894
3,653,759
278,059
433,631
947,426
3,106,746
1,312,073
625,970
217,560
167,360
537,359
1,204,589
3,469,936
1,332,117
1,973,884
1,772,728
539,662
91,591
430,068
229,663
474,289
1,505,799
456,390
COMPANY
SHARES
6,723
1,928
15,187
19,013
47,550
MEDIA - 1.8%
22,808
24,895
84,159
1,175
81,822
27,026
68,748
31,185
62,877
123,628
49,313
67,628
7,572
61,932
9,652
33,242
24,063
48,719
13,752
54,053
115,176
39,428
62,766
64,928
41,002
131,690
31,503
25,932
17,700
3,855
11,718
28,570
69,657
108,487
10,404
28,330
38,119
VALUE
* UFP Technologies, Inc
United States Lime & Minerals, Inc
*,e US Concrete, Inc
e Valhi, Inc
TOTAL MATERIALS
*
*,e
*,e
*
*,e
*,e
*
*,e
*
*
*
*
*,e
*
*
*
e
*,e
*
*
*
$
AMC Entertainment Holdings, Inc
Carmike Cinemas, Inc
Central European Media Enterprises Ltd (Class A) (NASDAQ)
Daily Journal Corp
DreamWorks Animation SKG, Inc (Class A)
Eros International plc
Gannett Co, Inc
Global Eagle Entertainment, Inc
Gray Television, Inc
Hemisphere Media Group, Inc
Imax Corp
Liberty Braves Group (Class A)
Liberty Braves Group (Class C)
Liberty Media Group (Class A)
Liberty Media Group (Class C)
Loral Space & Communications, Inc
MDC Partners, Inc
Media General, Inc
Meredith Corp
MSG Networks, Inc
National CineMedia, Inc
New Media Investment Group, Inc
Nexstar Broadcasting Group, Inc (Class A)
Radio One, Inc
Reading International, Inc
Saga Communications, Inc
Salem Communications
Scholastic Corp
Time, Inc
Townsquare Media, Inc
tronc, Inc
World Wrestling Entertainment, Inc (Class A)
TOTAL MEDIA
25,192
*,e Accelerate Diagnostics, Inc
28,938
* Acceleron Pharma, Inc
37,387
*,e AcelRx Pharmaceuticals, Inc
123,735
* Achillion Pharmaceuticals, Inc
9,512
*,e Aclaris Therapeutics, Inc
153,889
121,464
979,562
35,364
2,106,941
85,795,857
671,011
767,264
194,407
268,370
3,352,247
394,850
499,111
542,931
1,066,394
1,577,493
404,367
669,517
96,089
1,956,432
159,162
531,207
546,230
1,092,280
483,108
689,716
2,025,946
2,148,037
1,007,394
1,011,578
724,095
1,709,336
1,592,477
82,982
243,375
158,132
88,705
1,174,227
1,937,858
1,771,593
85,105
424,667
752,850
32,900,543
495,023
981,577
135,715
1,024,526
187,386
252
COMPANY
SHARES
45,405
17,598
37,445
34,621
23,588
25,399
81,131
14,046
27,685
37,836
27,371
49,457
36,802
134,306
37,558
46,255
34,368
8,046
40,458
13,387
36,138
24,055
251,184
11,126
186,709
147,456
60,850
20,225
24,483
80,123
5,009
25,788
11,659
22,170
82,617
87,326
5,693
67,784
39,102
21,146
33,645
20,459
105,156
104,711
11,627
43,710
76,747
24,005
46,432
30,343
11,265
33,484
31,105
*
*,e
*,e
*,e
*
*,e
*,e
*
*,e
*,e
*,e
*,e
*
*
*
*
*,e
*,e
*,e
*
*,e
*
*,e
*,e
*,e
*
*,e
*,e
*,e
*,e
*,e
*,e
*,e
*,e
*
*
*
*,e
*,e
*,e
*
*,e
*
*,e
*,e
*,e
*
*,e
*
*,e
*
*,e
*
VALUE
Acorda Therapeutics, Inc
Adamas Pharmaceuticals, Inc
Aduro Biotech, Inc
Advaxis, Inc
Adverum Biotechnologies, Inc
Aerie Pharmaceuticals, Inc
Agenus, Inc
Agile Therapeutics, Inc
Aimmune Therapeutics, Inc
Akebia Therapeutics, Inc
Albany Molecular Research, Inc
Alder Biopharmaceuticals, Inc
AMAG Pharmaceuticals, Inc
Amicus Therapeutics, Inc
Amphastar Pharmaceuticals, Inc
Ampio Pharmaceuticals, Inc
Anavex Life Sciences Corp
ANI Pharmaceuticals, Inc
Anthera Pharmaceuticals, Inc
Applied Genetic Technologies Corp
Aratana Therapeutics, Inc
Ardelyx, Inc
Arena Pharmaceuticals, Inc
Argos Therapeutics, Inc
Ariad Pharmaceuticals, Inc
Array Biopharma, Inc
Arrowhead Research Corp
Asterias Biotherapeutics, Inc
Atara Biotherapeutics, Inc
Athersys, Inc
Avexis, Inc
Axovant Sciences Ltd
Axsome Therapeutics, Inc
Bellicum Pharmaceuticals, Inc
BioCryst Pharmaceuticals, Inc
Bio-Path Holdings, Inc
Biospecifics Technologies Corp
BioTime, Inc
Bluebird Bio, Inc
Blueprint Medicines Corp
Cambrex Corp
Cara Therapeutics Inc
Catalent, Inc
Celldex Therapeutics, Inc
Cellular Biomedicine Group, Inc
Cempra, Inc
Cepheid, Inc
ChemoCentryx, Inc
Chimerix, Inc
ChromaDex Corp
Cidara Therapeutics, Inc
Clovis Oncology, Inc
Coherus Biosciences, Inc
$
253
1,147,838
265,730
549,693
288,739
85,389
440,673
450,277
98,322
331,943
338,632
395,237
1,587,570
976,357
902,536
607,688
45,792
131,973
487,588
124,611
201,207
274,287
256,907
419,477
58,523
1,775,603
551,485
362,666
60,473
587,592
177,873
188,489
381,662
91,173
352,060
299,074
148,454
230,566
211,486
2,235,852
467,538
1,763,334
121,322
2,685,684
483,765
173,126
785,469
2,711,471
112,823
185,264
121,372
133,941
478,151
789,756
COMPANY
SHARES
14,291
17,323
78,695
3,551
127,105
35,133
21,566
76,356
64,430
22,159
12,929
130,930
40,995
9,336
17,232
7,276
23,448
3,693
34,287
16,083
37,543
41,743
43,416
15,081
102,211
240,080
55,297
28,479
11,270
19,481
30,763
35,807
14,215
194,934
19,716
160,088
14,876
10,680
115,108
33,580
6,434
170,274
100,475
27,890
13,745
85,876
94,523
77,271
43,713
52,474
86,329
18,499
70,446
*,e
*
*,e
*
*
*,e
*,e
*,e
*,e
*
*,e
*
*,e
*,e
*,e
*,e
*,e
*,e
*
*,e
*,e
*
*
*,e
*,e
*,e
*
*
*,e
*,e
*,e
*,e
*,e
*,e
*
*,e
*,e
*
*,e
*,e
*
*
*,e
*
*
*,e
*,e
*
*
*,e
e
*
*,e
VALUE
Collegium Pharmaceutical, Inc
Concert Pharmaceuticals Inc
Corcept Therapeutics, Inc
Corvus Pharmaceuticals, Inc
Curis, Inc
Cytokinetics, Inc
CytomX Therapeutics, Inc
CytRx Corp
Depomed, Inc
Dermira, Inc
Dimension Therapeutics, Inc
Durect Corp
Dynavax Technologies Corp
Eagle Pharmaceuticals, Inc
Edge Therapeutics, Inc
Editas Medicine, Inc
Egalet Corp
Eiger BioPharmaceuticals, Inc
Enanta Pharmaceuticals, Inc
Endocyte, Inc
Enzo Biochem, Inc
Epizyme, Inc
Esperion Thereapeutics, Inc
Exact Sciences Corp
Exelixis, Inc
FibroGen, Inc
Flex Pharma, Inc
Flexion Therapeutics Inc
Fluidigm Corp
Fortress Biotech, Inc
Foundation Medicine, Inc
Galena Biopharma, Inc
Genomic Health, Inc
Geron Corp
Global Blood Therapeutics, Inc
GlycoMimetics Inc
Heron Therapeutics, Inc
Heska Corp
Horizon Pharma plc
Idera Pharmaceuticals, Inc
Ignyta, Inc
Immune Design Corp
Immunogen, Inc
Immunomedics, Inc
Infinity Pharmaceuticals, Inc
Innoviva, Inc
Inotek Pharmaceuticals Corp
$
254
173,350
199,041
456,431
46,696
213,536
390,679
216,954
49,631
1,222,237
743,656
92,054
254,004
632,553
402,755
167,150
187,139
173,281
71,829
1,144,843
361,707
119,387
290,949
449,790
163,780
1,776,427
2,203,934
1,057,832
1,443,600
133,549
322,605
324,550
108,495
332,205
86,668
572,355
429,036
265,983
89,178
1,144,173
558,100
273,767
3,284,585
172,817
153,674
105,424
238,735
250,486
2,427,855
1,945,666
88,156
1,111,054
175,370
696,006
COMPANY
SHARES
63,662
24,772
7,356
26,951
36,211
24,119
136,623
24,634
84,416
41,371
14,091
29,210
44,558
20,102
47,610
17,406
14,050
42,578
33,630
342,895
25,735
71,052
31,230
128,767
108,965
16,948
11,737
68,512
11,895
71,484
15,652
17,495
27,485
136,673
56,847
14,497
23,540
285,094
18,979
40,157
19,631
32,200
92,733
18,769
25,390
33,072
80,345
38,484
15,247
55,529
173,568
17,617
65,380
VALUE
*
*,e
*,e
*
*,e
*,e
*
*
*,e
*,e
*,e
*
*,e
*,e
*
*,e
*
*
*
*,e
*
*,e
*,e
*
*,e
*,e
*
*
*,e
*,e
*
*,e
*,e
*
*
*
*
*,e
*,e
*,e
*,e
*
*,e
e
*,e
*,e
*,e
*,e
Insmed, Inc
Insys Therapeutics, Inc
Intellia Therapeutics, Inc
Intersect ENT, Inc
Invitae Corp
Karyopharm Therapeutics, Inc
Keryx Biopharmaceuticals, Inc
Kite Pharma, Inc
La Jolla Pharmaceutical Co
Lannett Co, Inc
Lexicon Pharmaceuticals, Inc
Ligand Pharmaceuticals, Inc (Class B)
Lion Biotechnologies, Inc
Lipocine, Inc
Loxo Oncology, Inc
Luminex Corp
MacroGenics, Inc
MannKind Corp
Medgenics, Inc
Medicines Co
MediciNova, Inc
MiMedx Group, Inc
Minerva Neurosciences, Inc
Mirati Therapeutics, Inc
MyoKardia, Inc
Myriad Genetics, Inc
NanoString Technologies, Inc
NantKwest, Inc
Natera, Inc
Nektar Therapeutics
NeoGenomics, Inc
Neos Therapeutics, Inc
Novavax, Inc
Ocular Therapeutix, Inc
Omeros Corp
OncoMed Pharmaceuticals, Inc
Ophthotech Corp
Organovo Holdings, Inc
Osiris Therapeutics, Inc
Otonomy, Inc
OvaScience, Inc
Pacira Pharmaceuticals, Inc
Paratek Pharmaceuticals, Inc
* Parexel International Corp
PDL BioPharma, Inc
* Pfenex, Inc
* PharmAthene, Inc
$
255
728,930
387,682
139,176
426,904
1,477,409
211,524
1,930,483
181,799
621,302
2,342,840
239,547
911,936
727,187
2,711,358
420,872
64,228
361,366
912,447
1,028,742
339,466
148,491
2,778,844
193,626
746,849
816,148
188,123
54,460
771,445
210,185
2,214,574
212,711
119,491
360,053
2,363,076
495,706
128,008
249,053
2,086,888
82,938
472,246
238,124
2,068,528
396,897
93,845
364,600
166,683
686,950
1,395,045
196,229
3,712,114
610,959
142,169
167,373
COMPANY
SHARES
19,759
51,688
25,544
56,186
74,413
6,673
36,644
36,081
26,065
33,483
90,103
5,974
21,334
40,964
39,805
35,658
38,268
21,538
97,947
27,966
27,184
73,761
45,317
52,885
18,796
30,624
18,102
70,565
15,450
25,678
49,541
4,911
191,476
79,727
15,511
45,000
28,165
41,531
39,309
158,409
38,276
19,946
9,351
9,184
47,174
29,211
38,157
39,430
28,895
27,730
23,699
12,381
5,470
*
*
*
*,e
*,e
*,e
*,e
*
*,e
*
*,e
*
*,e
*
*
*,e
*,e
*
*,e
*
*,e
*,e
*
*
*,e
*,e
*
*,e
*
*
*,e
*,e
*,e
*,e
*,e
*
*
*,e
*,e
*,e
*,e
*,e
*,e
*
*,e
*,e
*
*
*
*,e
*
*
VALUE
Portola Pharmaceuticals, Inc
Proteostasis Therapeutics, Inc
Prothena Corp plc
PTC Therapeutics, Inc
Radius Health, Inc
Raptor Pharmaceutical Corp
Reata Pharmaceuticals, Inc
REGENXBIO, Inc
Regulus Therapeutics, Inc
Relypsa, Inc
Repligen Corp
Retrophin, Inc
Rigel Pharmaceuticals, Inc
Sciclone Pharmaceuticals, Inc
Seres Therapeutics, Inc
Sorrento Therapeutics, Inc
Stemline Therapeutics, Inc
Syndax Pharmaceuticals, Inc
Synergy Pharmaceuticals, Inc
Synthetic Biologics, Inc
T2 Biosystems, Inc
Teligent, Inc
TESARO, Inc
Tetraphase Pharmaceuticals, Inc
TG Therapeutics, Inc
TherapeuticsMD, Inc
Titan Pharmaceuticals, Inc
Tobira Therapeutics, Inc
Tokai Pharmaceuticals, Inc
Trevena, Inc
Trovagene, Inc
Versartis, Inc
Vitae Pharmaceuticals, Inc
Vital Therapies, Inc
Voyager Therapeutics, Inc
vTv Therapeutics, Inc
$
256
407,628
1,341,820
1,184,731
3,005,951
435,316
74,070
2,017,252
215,404
1,300,383
1,577,719
530,707
95,763
174,299
146,241
1,271,372
1,019,819
686,145
290,548
224,299
1,254,555
589,621
466,907
1,145,614
558,466
205,628
192,625
1,048,830
484,782
114,330
301,716
1,100,801
60,995
781,222
139,522
87,792
365,400
2,626,105
166,955
232,316
1,230,838
976,421
98,932
40,303
11,572
295,781
164,458
2,414,575
449,502
332,292
295,324
147,408
182,496
30,960
COMPANY
SHARES
7,766
18,425
33,981
24,149
128,337
24,312
REAL ESTATE - 9.6%
74,777
29,796
23,806
49,418
2,258
12,163
56,056
41,278
48,585
104,621
60,900
28,930
33,876
38,162
27,326
82,127
11,871
19,791
98,527
60,720
42,821
177,984
87,019
39,461
62,752
19,827
118,089
68,646
13,332
4,072
12,935
35,394
218,970
160,048
211,880
78,754
47,315
33,778
33,426
70,095
12,284
145,696
122,652
62,472
*
*,e
*
*,e
*,e
*
VALUE
WaVe Life Sciences Pte Ltd
XBiotech, Inc
Xencor Inc
Zafgen, Inc
ZIOPHARM Oncology, Inc
Zogenix, Inc
Acadia Realty Trust
AG Mortgage Investment Trust
Agree Realty Corp
Alexander & Baldwin, Inc
Alexander’s, Inc
Altisource Residential Corp
American Capital Mortgage, Inc
Anworth Mortgage Asset Corp
Ares Commercial Real Estate Corp
Armada Hoffler Properties, Inc
ARMOUR Residential REIT, Inc
Ashford Hospitality Prime, Inc
Ashford Hospitality Trust, Inc
*,e AV Homes, Inc
Bluerock Residential Growth REIT, Inc
Capstead Mortgage Corp
CareTrust REIT, Inc
CatchMark Timber Trust Inc
CBL & Associates Properties, Inc
Cedar Realty Trust, Inc
Chatham Lodging Trust
Chesapeake Lodging Trust
City Office REIT, Inc
Colony Financial, Inc
Colony Starwood Homes
Community Healthcare Trust, Inc
e Consolidated-Tomoka Land Co
CorEnergy Infrastructure Trust, Inc
Coresite Realty
DiamondRock Hospitality Co
Dynex Capital, Inc
EastGroup Properties, Inc
Farmland Partners, Inc
FelCor Lodging Trust, Inc
First Potomac Realty Trust
$
149,961
262,925
643,600
73,413
623,718
221,969
139,622,183
2,816,102
446,344
1,207,440
1,947,069
969,292
282,911
538,138
1,893,835
794,851
514,735
989,625
367,411
507,124
812,087
410,983
489,477
169,993
263,616
980,344
877,404
518,562
2,187,423
699,633
946,275
1,585,743
268,854
2,099,622
2,248,843
306,503
199,243
380,548
2,921,067
2,329,841
1,432,430
2,080,662
3,766,804
332,151
692,111
2,460,822
3,374,373
144,705
925,170
3,614,554
631,592
257
SHARES
35,244
63,765
102,966
6,621
78,221
27,641
25,128
180,151
74,589
445,968
12,888
765
38,189
120,221
43,771
98,534
41,640
118,584
126,109
76,790
87,492
87,268
40,377
112,656
242,697
39,797
94,272
15,337
248,814
66,523
177,849
39,224
36,683
236,092
81,054
113,943
174,562
18,945
62,994
14,556
22,189
10,274
84,630
75,482
72,416
72,859
142,575
42,819
23,978
20,977
49,429
97,005
83,181
COMPANY
VALUE
*,e Forestar Group, Inc
* FRP Holdings, Inc
Geo Group, Inc
Getty Realty Corp
Gladstone Commercial Corp
* Global Net Lease, Inc
Government Properties Income Trust
Gramercy Property Trust
Great Ajax Corp
Griffin Land & Nurseries, Inc (Class A)
Hannon Armstrong Sustainable Infrastructure Capital, Inc
Hudson Pacific Properties
Independence Realty Trust, Inc
Investors Real Estate Trust
Kite Realty Group Trust
Ladder Capital Corp
LaSalle Hotel Properties
Lexington Realty Trust
LTC Properties, Inc
* Marcus & Millichap, Inc
Monmouth Real Estate Investment Corp (Class A)
Monogram Residential Trust, Inc
National Health Investors, Inc
National Storage Affiliates Trust
New Residential Investment Corp
New Senior Investment Group, Inc
New York Mortgage Trust, Inc
New York REIT, Inc
NexPoint Residential Trust, Inc
NorthStar Realty Europe Corp
One Liberty Properties, Inc
Orchid Island Capital, Inc
Owens Realty Mortgage, Inc
Pebblebrook Hotel Trust
Pennsylvania REIT
Pennymac Mortgage Investment Trust
Physicians Realty Trust
Potlatch Corp
Preferred Apartment Communities, Inc
RAIT Investment Trust
Ramco-Gershenson Properties
258
$
432,796
1,384,338
1,320,024
240,872
2,707,229
628,003
457,330
1,572,718
1,779,694
4,455,220
178,499
24,625
858,871
4,347,191
827,272
3,331,435
376,426
1,707,610
834,842
795,544
1,841,707
2,653,820
527,324
3,103,673
2,638,116
2,130,333
2,658,470
410,878
3,906,380
919,348
1,904,763
3,081,830
783,916
3,227,378
971,837
745,187
1,665,321
369,238
582,694
364,191
247,629
171,781
1,470,023
2,238,041
1,842,263
1,182,502
3,096,729
1,637,827
356,553
2,326,140
2,829,810
307,506
1,650,311
18,742
80,513
32,662
113,507
69,292
128,740
6,966
45,821
67,926
10,321
65,625
26,346
35,697
53,689
72,542
6,594
91,366
229,386
14,674
45,037
50,434
20,545
25,715
30,228
13,357
94,794
28,362
77,484
42,291
26,674
195,936
109,193
RETAILING - 3.7%
27,914
69,273
71,637
175,854
8,046
21,089
182,587
42,324
66,729
17,760
46,782
11,975
12,382
30,182
13,582
45,222
27,129
137,726
VALUE
COMPANY
SHARES
*,e
*
*
*
*
m
Re/Max Holdings, Inc
Redwood Trust, Inc
Rexford Industrial Realty, Inc
RLJ Lodging Trust
RMR Group, Inc
Sabra Healthcare REIT, Inc
Saul Centers, Inc
Select Income REIT
Seritage Growth Properties
Silver Bay Realty Trust Corp
St. Joe Co
STAG Industrial, Inc
Stratus Properties, Inc
Sunstone Hotel Investors, Inc
Tejon Ranch Co
Terreno Realty Corp
Tier REIT, Inc
Trinity Place Holdings, Inc
UMH Properties, Inc
United Development Funding IV
Universal Health Realty Income Trust
Urstadt Biddle Properties, Inc (Class A)
Washington REIT
Western Asset Mortgage Capital Corp
Whitestone REIT
WP GLIMCHER, Inc
TOTAL REAL ESTATE
$
Aaron’s, Inc
Abercrombie & Fitch Co (Class A)
*,e America’s Car-Mart, Inc
* Asbury Automotive Group, Inc
* Ascena Retail Group, Inc
* Barnes & Noble Education, Inc
Barnes & Noble, Inc
e Big Lots, Inc
Blue Nile, Inc
*,e Boot Barn Holdings, Inc
e Buckle, Inc
* Build-A-Bear Workshop, Inc
Caleres, Inc
Cato Corp (Class A)
Chico’s FAS, Inc
811,903
1,148,920
444,530
2,591,365
1,584,015
3,056,288
237,157
2,576,973
1,624,111
693,262
1,821,750
1,318,881
643,260
989,488
1,841,116
115,988
1,295,570
3,050,834
385,486
1,254,280
879,065
167,031
317,837
96,730
797,012
2,835,289
700,541
2,656,926
416,143
431,319
2,484,468
1,961,106
176,759,014
254,855
1,659,088
1,483,602
3,151,304
282,254
1,282,211
1,484,432
489,265
872,815
187,546
2,487,867
347,993
133,230
826,685
185,123
1,190,243
970,404
1,654,089
259
SHARES
19,779
15,428
21,550
17,435
48,110
38,739
71,005
10,139
110,762
78,491
44,921
56,681
43,084
37,862
18,115
21,679
72,429
21,947
64,555
19,812
24,195
33,095
15,783
16,071
76,811
25,058
27,029
26,143
17,903
33,250
30,765
584,408
21,367
17,945
13,924
28,422
21,323
85,656
55,129
40,832
11,940
11,767
49,114
14,764
36,761
29,545
27,147
27,647
32,965
51,608
34,373
10,913
47,408
COMPANY
*,e
*
*
*
*
*
*
*
*
*
*,e
*,e
*
*,e
*
*,e
*
*,e
e
*
*,e
e
e
*,e
*,e
*
*
*
*,e
e
*
*
*
VALUE
Citi Trends, Inc
Conn’s, Inc
Container Store Group, Inc
Core-Mark Holding Co, Inc
Destination XL Group, Inc
DSW, Inc (Class A)
Duluth Holdings, Inc
Etsy, Inc
Express Parent LLC
Five Below, Inc
Fred’s, Inc (Class A)
FTD Cos, Inc
Genesco, Inc
GNC Holdings, Inc
Guess?, Inc
Hibbett Sports, Inc
HSN, Inc
Kirkland’s, Inc
Lands’ End, Inc
Lithia Motors, Inc (Class A)
Lumber Liquidators, Inc
MarineMax, Inc
Mattress Firm Holding Corp
Monro Muffler, Inc
Nutri/System, Inc
Office Depot, Inc
Ollie’s Bargain Outlet Holdings, Inc
Outerwall, Inc
Overstock.com, Inc
Party City Holdco, Inc
PetMed Express, Inc
Pier 1 Imports, Inc
Rent-A-Center, Inc
Restoration Hardware Holdings, Inc
Sears Holdings Corp
Sears Hometown and Outlet Stores, Inc
Select Comfort Corp
Shoe Carnival, Inc
Shutterfly, Inc
Sonic Automotive, Inc (Class A)
Sportsman’s Warehouse Holdings, Inc
Stage Stores, Inc
Stein Mart, Inc
Tailored Brands, Inc
Tile Shop Holdings, Inc
Tilly’s, Inc
Tuesday Morning Corp
$
260
1,653,129
257,339
153,221
96,416
2,355,466
199,893
1,722,581
251,447
1,114,266
1,174,225
976,133
2,891,298
547,598
601,627
458,491
1,504,956
1,478,276
1,367,737
950,250
365,135
844,889
1,693,140
240,533
228,369
1,818,116
2,162,255
406,246
528,089
534,226
2,082,115
910,029
2,022,052
558,533
944,984
226,961
455,320
442,026
438,559
595,393
1,258,034
183,995
80,957
1,171,860
388,441
1,955,318
537,128
276,356
163,947
283,499
756,057
586,060
62,095
374,049
SHARES
25,483
33,304
17,573
2,375
19,728
COMPANY
VALUE
*,e Wayfair, Inc
* West Marine, Inc
Winmark Corp
*,e Zumiez, Inc
TOTAL RETAILING
$
5,517
*,e Acacia Communications, Inc
41,837
692,260
19,704
* Alpha & Omega Semiconductor Ltd
33,813
*,e Ambarella, Inc
105,555
* Amkor Technology, Inc
78,351
* Applied Micro Circuits Corp
30,791
* Axcelis Technologies, Inc
71,766
24,930
59,408
*,e Cavium, Inc
21,346
* Ceva, Inc
16
*,m China Energy Savings Technology, Inc
66,119
* Cirrus Logic, Inc
27,774
Cohu, Inc
40,525
* Diodes, Inc
22,803
* DSP Group, Inc
149,239
* Entegris, Inc
42,996
* Exar Corp
121,754
* Fairchild Semiconductor International, Inc
72,597
* Formfactor, Inc
49,213
* GigOptix, Inc
42,403
* Inphi Corp
142,284
141,810
26,552
IXYS Corp
68,467
* Kopin Corp
126,773
* Lattice Semiconductor Corp
24,594
* MA-COM Technology Solutions
58,985
* MaxLinear, Inc
120,110
* Microsemi Corp
56,201
41,117
Monolithic Power Systems, Inc
25,001
* Nanometrics, Inc
32,544
* NeoPhotonics Corp Ltd
4,803
NVE Corp
28,541
* PDF Solutions, Inc
68,555
* Photronics, Inc
29,059
Power Integrations, Inc
114,971
* Rambus, Inc
31,230
68,221
* Semtech Corp
37,866
* Sigma Designs, Inc
43,675
52,308
745,633
1,448,724
153,939
238,854
334,981
67,194,252
358,770
1,703,603
4,748,903
281,570
1,960,478
663,941
515,550
329,464
899,228
1,311,817
2,772,571
641,661
0
3,212,722
293,293
750,118
246,956
2,550,495
360,306
2,403,424
678,782
93,013
1,491,738
3,128,825
2,166,857
290,479
159,528
761,906
971,709
1,286,463
4,684,290
2,567,262
2,990,028
501,020
408,427
273,963
470,926
662,241
1,658,397
1,554,408
550,273
1,734,178
253,702
2,327,004
1,681,179
261
COMPANY
SHARES
32,683
23,063
41,611
55,509
*
*
*
*
VALUE
Ultra Clean Holdings
Ultratech, Inc
Veeco Instruments, Inc
Xcerra Corp
38,735
*,e 2U, Inc
46,625
* A10 Networks, Inc
121,780
* ACI Worldwide, Inc
39,588
* Actua Corp
81,837
* Acxiom Corp
10,895
*,e Alarm.com Holdings, Inc
19,683
*,e ALJ Regional Holdings, Inc
16,648
*,e Amber Road, Inc
27,198
* American Software, Inc (Class A)
42,708
16,292
* Apigee Corp
8,050
* Appfolio, Inc
87,402
9,141
* Autobytel, Inc
44,424
* AVG Technologies NV
50,405
* Bankrate, Inc
23,273
* Barracuda Networks, Inc
86,532
* Bazaarvoice, Inc
13,605
*,e Benefitfocus, Inc
49,846
Blackbaud, Inc
58,003
* Blackhawk Network Holdings, Inc
43,221
* Blucora, Inc
42,307
* Bottomline Technologies, Inc
51,529
*,e Box, Inc
32,594
* Brightcove, Inc
31,060
* BroadSoft, Inc
25,674
* CACI International, Inc (Class A)
58,715
* Callidus Software, Inc
17,791
* Carbonite, Inc
47,598
* Cardtronics plc
18,583
* Care.com, Inc
11,777
Cass Information Systems, Inc
23,364
* ChannelAdvisor Corp
26,498
* Cimpress NV
41,084
* Commvault Systems, Inc
50,774
* comScore, Inc
93,942
Convergys Corp
53,269
* Cornerstone OnDemand, Inc
34,240
31,827
* Cvent, Inc
20,219
* Datalink Corp
52,902
* DHI Group, Inc
8,542
*,e Digimarc Corp
110,919
EarthLink Holdings Corp
26,705
e Ebix, Inc
$
208,844
563,660
697,816
338,605
61,160,393
1,354,950
364,608
2,412,462
395,088
1,878,159
313,013
95,069
146,835
299,994
345,508
202,673
129,444
3,661,270
135,835
1,098,606
401,728
513,868
359,108
585,015
3,332,205
2,017,924
441,286
893,101
600,313
341,259
1,392,420
2,447,502
1,205,419
195,879
2,093,836
204,227
612,051
368,217
2,512,010
2,125,686
1,317,585
2,503,554
2,300,688
1,378,502
1,038,197
173,479
385,656
311,014
752,031
1,423,911
262
COMPANY
SHARES
31,111
63,529
26,484
43,736
50,954
25,382
67,205
29,954
14,638
34,489
32,713
34,823
41,373
10,412
34,305
8,603
27,113
110,538
59,360
85,254
27,842
23,852
23,423
32,386
42,523
30,453
30,265
62,112
59,781
32,777
11,111
18,978
43,742
49,466
60,877
74,498
61,565
24,779
57,319
26,592
6,072
26,093
31,255
43,835
67,830
43,543
113,130
10,021
15,191
31,032
44,215
23,694
31,265
*
*
*,e
*
*
*
*
*
*
*
*
*
*,e
*,e
*,e
*,e
*
*
*
*,e
*
*
*
*
*,e
*,e
*,e
*
*
*
*
*
*
*
*
*
*
*
*,e
*,e
*
*
*
VALUE
Ellie Mae, Inc
Endurance International Group Holdings, Inc
EnerNOC, Inc
Envestnet, Inc
EPAM Systems, Inc
EPIQ Systems, Inc
EVERTEC, Inc
Everyday Health, Inc
EXA Corp
ExlService Holdings, Inc
Fair Isaac Corp
Five9, Inc
FleetMatics Group plc
Forrester Research, Inc
Gigamon, Inc
Global Sources Ltd
Globant S.A.
Glu Mobile, Inc
Gogo, Inc
GrubHub, Inc
GTT Communications, Inc
Guidance Software, Inc
Hackett Group, Inc
Higher One Holdings, Inc
Hortonworks, Inc
HubSpot, Inc
Imperva, Inc
inContact, Inc
Infoblox, Inc
Information Services Group, Inc
Instructure, Inc
Interactive Intelligence, Inc
Intralinks Holdings, Inc
j2 Global, Inc
Jive Software, Inc
Limelight Networks, Inc
Lionbridge Technologies
Liquidity Services, Inc
Liveperson, Inc
LogMeIn, Inc
Majesco
Mantech International Corp (Class A)
Marchex, Inc (Class B)
Marketo, Inc
MAXIMUS, Inc
MeetMe, Inc
MicroStrategy, Inc (Class A)
MINDBODY, Inc
Mitek Systems, Inc
MobileIron, Inc
Model N, Inc
MoneyGram International, Inc
$
263
2,865,634
570,490
198,100
1,669,403
3,579,009
414,742
1,155,926
244,425
213,715
1,707,550
4,142,774
439,118
1,777,384
426,163
1,602,730
77,255
1,143,898
258,659
499,218
3,232,832
571,596
140,250
313,634
166,140
497,944
1,662,429
1,426,087
863,357
1,119,100
124,225
241,553
1,023,863
304,444
3,306,307
231,333
125,902
277,658
200,214
382,604
2,284,519
34,550
1,030,934
99,078
1,542,115
3,996,544
279,982
2,416,457
1,752,573
266,906
234,292
150,773
305,890
217,604
SHARES
42,817
93,261
6,318
56,843
23,183
67,450
14,612
13,643
46,476
22,762
38,080
36,430
15,484
44,793
53,031
43,083
26,602
26,969
9,874
99,117
28,698
34,576
67,688
20,943
21,714
57,022
9,196
40,681
12,239
61,869
20,473
84,547
39,299
25,634
44,670
6,355
64,377
20,327
39,927
17,489
17,081
40,852
43,568
34,095
88,060
29,931
18,841
34,344
17,545
99,821
121,895
57,377
23,162
COMPANY
VALUE
Monotype Imaging Holdings, Inc
NCI, Inc (Class A)
*,e NeuStar, Inc (Class A)
* New Relic, Inc
NIC, Inc
*,e Numerex Corp
*,e Park City Group, Inc
*,e Paycom Software, Inc
*,e Paylocity Holding Corp
Pegasystems, Inc
* Perficient, Inc
* PFSweb, Inc
* Planet Payment, Inc
*,e Proofpoint, Inc
* PROS Holdings, Inc
* Q2 Holdings, Inc
QAD, Inc (Class A)
* Qualys, Inc
* QuinStreet, Inc
*,e Quotient Technology, Inc
* Rapid7, Inc
* RealNetworks, Inc
* RealPage, Inc
Reis, Inc
* RetailMeNot, Inc
* Rightside Group Ltd
* RingCentral, Inc
* Rosetta Stone, Inc
* Rovi Corp
* Rubicon Project, Inc
Sapiens International Corp NV
* SecureWorks Corp
*,e ServiceSource International LLC
*,e Shutterstock, Inc
*,e Silver Spring Networks, Inc
* SPS Commerce, Inc
*,e Stamps.com, Inc
* Sykes Enterprises, Inc
* Synchronoss Technologies, Inc
* Syntel, Inc
* Take-Two Interactive Software, Inc
* Tangoe, Inc
* TechTarget, Inc
* TeleNav, Inc
TeleTech Holdings, Inc
* TiVo, Inc
*,e TrueCar, Inc
*,e TubeMogul, Inc
$
264
847,348
235,950
80,175
1,431,875
798,423
1,572,934
111,490
133,429
2,194,132
1,016,096
1,062,432
809,475
153,446
210,079
1,541,081
3,268,707
494,265
800,440
186,816
2,993,333
900,830
125,511
856,930
292,783
94,022
1,434,103
232,475
339,686
146,868
1,424,843
157,642
1,590,329
554,902
327,603
2,714,149
94,118
290,984
1,119,814
501,882
1,107,404
1,294,825
1,253,748
1,626,829
1,544,844
3,538,251
242,142
171,830
171,033
500,734
1,052,113
1,644,364
537,623
259,646
COMPANY
SHARES
53,073
11,263
31,857
65,586
51,933
29,286
39,401
45,455
23,216
24,101
27,559
25,136
85,687
56,021
*,e
*
*,e
*
*,e
*
*,e
*
*,e
*
*
*
*,e
*
VALUE
Unisys Corp
Varonis Systems, Inc
Verint Systems, Inc
VirnetX Holding Corp
Virtusa Corp
WebMD Health Corp (Class A)
Website Pros, Inc
Workiva, Inc
Xactly Corp
XO Group, Inc
Xura, Inc
Zendesk, Inc
Zix Corp
$
113,256
*,e 3D Systems Corp
51,546
Adtran, Inc
22,655
* Aerohive Networks, Inc
15,013
* Agilysys, Inc
30,589
17,493
*,e Applied Optoelectronics, Inc
36,618
* Avid Technology, Inc
49,470
AVX Corp
14,886
Badger Meter, Inc
9,564
Bel Fuse, Inc (Class B)
44,021
Belden CDT, Inc
52,206
15,785
Black Box Corp
37,373
* CalAmp Corp
43,314
* Calix, Inc
145,016
* Ciena Corp
12,064
*,e Clearfield, Inc
25,543
* Coherent, Inc
15,632
20,292
*,e Control4 Corp
22,215
e CPI Card Group, Inc
42,287
* Cray, Inc
32,766
CTS Corp
36,739
Daktronics, Inc
63,060
Diebold, Inc
27,359
* Digi International, Inc
18,383
* DTS, Inc
17,155
* Eastman Kodak Co
17,917
Electro Rent Corp
29,130
Electro Scientific Industries, Inc
49,385
27,578
* EMCORE Corp
6,678
* ePlus, Inc
109,021
* Extreme Networks, Inc
36,438
* Fabrinet
17,943
525,953
289,347
532,331
2,313,218
224,870
796,579
2,403,855
857,281
323,631
299,334
502,401
624,630
2,591,175
227,445
161,469,903
1,516,498
938,137
165,608
171,448
1,874,494
207,117
238,383
675,760
1,038,150
195,966
3,222,777
1,223,709
215,465
530,697
334,384
2,782,857
241,401
2,708,835
204,310
176,743
104,855
1,334,578
626,158
237,701
1,780,814
303,958
510,864
290,606
277,176
197,210
2,187,262
178,705
561,687
424,092
1,375,899
625,852
265
SHARES
113,484
82,621
62,861
32,037
148,277
38,714
36,578
86,395
35,453
67,736
28,451
93,269
16,067
23,412
53,352
33,182
3,161
38,613
15,749
34,170
94,206
66,548
33,593
104,123
18,563
20,087
12,008
35,356
35,188
143,727
64,430
88,569
37,439
28,436
19,109
77,583
26,546
70,907
5,945
38,239
51,488
51,954
40,815
39,170
30,769
10,728
36,944
76,603
27,430
43,785
37,979
46,923
247,582
COMPANY
*
*,e
*
*
*
*
*
*
*
*
*
*
*
*,e
e
*
*
*,e
*
*,e
*
*
*
*,e
*
*
*
*
*
*
*
e
*
*
*,e
*
*
*
*
*
e
*
*,e
*,e
*
VALUE
Finisar Corp
Harmonic, Inc
II-VI, Inc
Immersion Corp
Infinera Corp
Insight Enterprises, Inc
InterDigital, Inc
InvenSense, Inc
Itron, Inc
Ixia
Kimball Electronics, Inc
Knowles Corp
KVH Industries, Inc
Littelfuse, Inc
Lumentum Holdings, Inc
Maxwell Technologies, Inc
Mesa Laboratories, Inc
MTS Systems Corp
Netgear, Inc
Netscout Systems, Inc
Nimble Storage, Inc
Novanta, Inc
Oclaro, Inc
OSI Systems, Inc
Park Electrochemical Corp
PC Connection, Inc
Plantronics, Inc
Plexus Corp
Polycom, Inc
Pure Storage, Inc
QLogic Corp
Radisys Corp
Rofin-Sinar Technologies, Inc
Rogers Corp
Sanmina Corp
Scansource, Inc
ShoreTel, Inc
Silicom Ltd
Silicon Graphics International Corp
Sonus Networks, Inc
Stratasys Ltd
Synaptics, Inc
SYNNEX Corp
Systemax, Inc
Tech Data Corp
TTM Technologies, Inc
Ubiquiti Networks, Inc
Universal Display Corp
USA Technologies, Inc
Viasat, Inc
Viavi Solutions, Inc
$
266
2,128,960
271,823
1,263,506
240,598
1,298,906
1,029,792
2,159,931
585,758
1,513,489
778,964
359,052
1,253,535
145,728
2,926,968
1,613,898
182,501
365,506
1,352,613
746,975
1,757,363
2,635,884
495,117
527,746
596,625
1,103,942
325,409
309,926
1,705,573
1,616,537
1,780,778
811,818
1,374,591
180,456
898,578
1,307,820
1,965,953
1,089,182
520,457
215,566
206,491
443,827
1,087,917
879,563
2,034,881
3,093,208
96,016
2,879,046
762,200
1,226,670
3,101,729
179,261
3,464,325
1,765,260
COMPANY
SHARES
143,984
12,081
VALUE
* Vishay Precision Group, Inc
92,219
* 8x8, Inc
11,126
ATN International, Inc
35,687
221,263
43,861
Cogent Communications Group, Inc
52,418
e Consolidated Communications Holdings, Inc
22,298
30,849
397,297
*,e Globalstar, Inc
6,596
* Hawaiian Telcom Holdco, Inc
18,373
IDT Corp (Class B)
34,880
Inteliquent, Inc
86,713
20,928
56,195
* NII Holdings, Inc
68,204
* Orbcomm, Inc
10,481
* pdvWireless, Inc
48,855
21,384
Spok Holdings, Inc
9,738
*,e Straight Path Communications, Inc
68
*,m Touch America Holdings, Inc
201,697
102,001
e Windstream Holdings, Inc
53,428
*
13,972
25,630
25,873
*
29,683
27,247
12,525
*
30,398
*
31,577
55,622
*
48,961
e
35,449
*
70,635
24,395
45,687
3,157
*
9,023
40,018
*
32,126
*
26,610
*
53,019
78,927
*,e
$
1,919,307
158,865
94,416,546
1,268,011
817,984
326,893
1,106,315
1,874,181
1,465,083
361,005
474,766
472,783
146,431
280,372
716,784
778,683
244,858
170,833
722,280
225,342
2,006,963
395,176
177,621
0
1,196,063
949,629
16,178,056
Allegiant Travel Co
Arkansas Best Corp
Celadon Group, Inc
Costamare, Inc
Covenant Transportation Group, Inc
Forward Air Corp
Heartland Express, Inc
Knight Transportation, Inc
Marten Transport Ltd
Matson, Inc
PAM Transportation Services, Inc
Park-Ohio Holdings Corp
Radiant Logistics, Inc
Roadrunner Transportation Services Holdings, Inc
Saia, Inc
Skywest, Inc
Swift Transportation Co, Inc
773,637
1,813,146
479,537
1,118,490
245,182
266,748
282,188
752,654
1,461,383
2,532,470
906,758
1,451,282
2,107,042
528,152
1,707,323
63,235
268,705
126,457
243,194
768,763
1,525,357
1,519,345
267
COMPANY
SHARES
8,612
9,571
20,411
47,164
59,162
103,409
35,888
UTILITIES - 4.0%
52,228
38,693
8,771
128,908
62,106
66,629
54,500
50,961
15,591
11,699
14,359
7,180
123,396
42,464
46,595
12,088
8,631
53,124
36,973
17,036
90,651
28,825
51,115
36,598
66,029
54,760
41,044
40,220
60,874
482
84,427
94,012
17,232
83,938
49,752
4,815
47,202
89,203
96,730
92,327
15,084
24,303
53,111
VALUE
Universal Truckload Services, Inc
* USA Truck, Inc
*,e Virgin America, Inc
Werner Enterprises, Inc
* Wesco Aircraft Holdings, Inc
*,e XPO Logistics, Inc
* YRC Worldwide, Inc
e
e
e
*
e
e
e
e
e
*
e
e
*,e
$
Allete, Inc
American States Water Co
Artesian Resources Corp
Atlantic Power Corp
Atlantica Yield plc
Avista Corp
Black Hills Corp
California Water Service Group
Connecticut Water Service, Inc
Consolidated Water Co, Inc
Delta Natural Gas Co, Inc
Dynegy, Inc
El Paso Electric Co
Empire District Electric Co
Genie Energy Ltd
Global Water Resources, Inc
Idacorp, Inc
MGE Energy, Inc
Middlesex Water Co
NorthWestern Corp
NRG Yield, Inc (Class C)
ONE Gas, Inc
Otter Tail Corp
PNM Resources, Inc
Portland General Electric Co
SJW Corp
Southwest Gas Corp
Spark Energy, Inc
Spire, Inc
Talen Energy Corp
TerraForm Global, Inc
TerraForm Power, Inc
Unitil Corp
Vivint Solar, Inc
WGL Holdings, Inc
128,749
184,529
1,141,383
1,184,760
760,232
3,062,975
425,990
27,829,666
3,334,758
1,671,538
299,003
324,848
1,251,436
2,898,361
3,436,225
1,718,915
998,915
597,234
192,841
189,480
1,866,981
2,024,684
1,571,649
77,605
73,018
4,295,075
2,076,034
703,757
3,375,843
1,871,896
3,104,725
628,754
1,184,560
3,557,210
1,873,248
1,401,667
1,483,499
28,824
2,900,912
4,105,504
729,948
2,675,943
3,855,780
119,364
3,275,819
1,213,161
336,620
1,085,766
659,774
73,395
3,759,728
268
SHARES
14,161
COMPANY
VALUE
York Water Co
TOTAL UTILITIES
$
TOTAL COMMON STOCKS
(Cost $1,474,748,145)
445,222
73,349,519
1,820,930,762
1,297
m Emergent Capital, Inc
0
0
2,051
e Asterias Biotherapeutics, Inc
8,325
m Forest Laboratories, Inc CVR
5,149
m Omthera Pharmaceuticals, Inc
34,794
m Trius Therapeutics, Inc
471
7,909
3,089
4,523
15,992
17,421
m Gerber Scientific, Inc
0
0
55,538
m Leap Wireless International, Inc
139,956
139,956
(Cost $141,560)
155,948
ISSUER
PRINCIPAL
$
17,575,000
RATE
0.090%
MATURITY
DATE
08/01/16
17,575,000
17,575,000
COMPANY
SHARES
239,303,252
(Cost $256,878,252)
(Cost $1,731,767,957)
NET ASSETS - 100.0%
239,303,252
239,303,252
256,878,252
2,077,964,962
$
269
(238,870,043)
1,839,094,919
Abbreviation(s):
CVR
Contingent Value Rights
REIT
Real Estate Investment Trust
*
a
c
d
e
m
Affiliated holding
270
TIAA-CREF FUNDS - Emerging Markets Equity Index Fund
TIAA-CREF FUNDS
EMERGING MARKETS EQUITY INDEX FUND
July 31, 2016
SHARES
COMPANY
VALUE
BRAZIL - 7.0%
70,900
1,747,851
308,045
1,019,335
319,186
1,062,879
152,739
254,800
638,974
197,080
51,415
237,256
73,992
83,341
59,457
310,356
123,300
282,891
65,820
33,495
238,230
376,399
58,936
80,081
94,262
246,079
58,700
72,800
93,063
354,675
128,282
260,764
111,120
508,596
54,991
69,210
208,585
236,050
12,800
28,500
65,392
82,453
1,148,072
1,467,346
* AES Tiete S.A.
AMBEV S.A.
* Banco Bradesco S.A.
* Banco Bradesco S.A. (Preference)
Banco do Brasil S.A.
Banco Santander Brasil S.A.
BB Seguridade Participacoes S.A.
BM&F Bovespa S.A.
BR Malls Participacoes S.A.
Braskem S.A.
BRF S.A.
Centrais Eletricas Brasileiras S.A. (Preference)
CETIP S.A.-Balcao Organizado de Ativos e Derivativos
Cia Brasileira de Distribuicao Grupo Pao de Acucar
Cia de Concessoes Rodoviarias
Cia de Saneamento Basico do Estado de Sao Paulo
Cia Energetica de Minas Gerais
Cia Energetica de Sao Paulo (Class B)
Cia Paranaense de Energia
Cia Siderurgica Nacional S.A.
Cielo S.A.
Cosan SA Industria e Comercio
CPFL Energia S.A.
EDP - Energias do Brasil S.A.
Empresa Brasileira de Aeronautica S.A.
Engie Brasil Energia S.A.
Equatorial Energia S.A.
Fibria Celulose S.A.
Gerdau S.A. (Preference)
Hypermarcas S.A.
JBS S.A.
Klabin S.A.
Kroton Educacional S.A.
Localiza Rent A Car
Lojas Americanas S.A.
Lojas Americanas S.A.(Preference)
Lojas Renner S.A.
M Dias Branco S.A.
Multiplan Empreendimentos Imobiliarios S.A.
Natura Cosmeticos S.A.
Odontoprev S.A.
* Petroleo Brasileiro S.A. (Preference)
271
$
376,104
10,134,344
2,775,103
8,915,723
2,072,189
11,076,573
960,036
2,368,515
3,762,032
854,597
293,990
3,973,292
508,433
1,112,190
899,813
1,792,798
1,171,243
793,079
282,573
332,119
813,350
4,266,180
618,915
564,104
418,051
1,125,509
764,164
1,246,788
568,010
847,746
1,086,029
876,612
582,263
2,265,028
683,487
278,343
1,231,928
1,984,556
463,854
555,251
671,587
330,585
4,960,674
5,371,761
SHARES
36,381
86,500
84,700
287,000
81,909
52,505
127,400
164,521
318,066
42,000
37,400
149,180
471,600
713,673
203,540
CHILE - 1.1%
775,256
946,877
7,714,069
12,157
22,952,212
463,020
55,611
2,803,523
53,437,410
103,324
1,257,237
54,543
479,049
207,023
1,139,572
7,137,445
7,137,445
104,466
173,111
35,494
CHINA - 23.8%
407,000
29,187
272,500
9,489,000
688,000
366,602
1,244,000
2,014,000
526,500
389,000
852,000
100,545
COMPANY
VALUE
Porto Seguro S.A.
Qualicorp S.A.
Raia Drogasil S.A.
* Rumo Logistica Operadora Multimodal S.A.
Satipel Industrial S.A.
Sul America SA
Suzano Papel e Celulose S.A.
Telefonica Brasil S.A.
Tim Participacoes S.A.
Totvus S.A.
Transmissora Alianca de Energia Eletrica S.A.
Ultrapar Participacoes S.A.
Vale S.A.
Vale S.A. (Preference)
Weg S.A.
TOTAL BRAZIL
$
AES Gener S.A.
Aguas Andinas S.A.
Banco de Chile
Banco de Credito e Inversiones
Banco Santander Chile S.A.
Centros Comerciales Sudamericanos S.A.
Cia Cervecerias Unidas S.A.
Colbun S.A.
Corpbanca S.A.
Embotelladora Andina S.A.
Empresa Nacional de Electricidad S.A.
Empresa Nacional de Telecomunicaciones S.A.
Empresas CMPC S.A.
Empresas COPEC S.A.
Endesa Americas S.A.
Enersis Chile S.A.
Enersis S.A.
* Lan Airlines S.A.
SACI Falabella
Sociedad Quimica y Minera de Chile S.A. (Class B)
TOTAL CHILE
315,293
573,572
1,731,408
541,710
250,345
279,172
389,775
2,497,955
815,176
426,166
298,748
3,406,516
2,690,785
3,303,797
958,566
105,508,505
374,915
572,408
854,893
540,264
1,179,077
1,317,660
636,742
688,280
464,134
403,400
1,146,387
536,965
1,004,345
1,868,156
531,951
830,458
1,245,523
911,798
1,270,071
883,053
17,260,480
*,g 3SBio, Inc
*,e 58.COM, Inc (ADR)
AAC Technologies Holdings, Inc
Agricultural Bank of China
Air China Ltd
* Alibaba Group Holding Ltd (ADR)
* Alibaba Health Information Technology Ltd
*,e Aluminum Corp of China Ltd
Anhui Conch Cement Co Ltd
Anta Sports Products Ltd
AviChina Industry & Technology Co
* Baidu, Inc (ADR)
408,977
1,518,016
2,547,203
3,495,331
525,297
30,237,333
866,476
651,436
1,385,264
869,383
626,569
16,046,982
272
COMPANY
SHARES
29,656,000
3,367,500
548,000
210,000
1,702,000
2,416,000
1,192,000
244,500
4,158,000
3,497,000
3,531,600
1,136,000
1,663,000
988,400
513,000
31,283,350
1,123,000
1,527,000
953,000
372,000
1,827,000
1,315,000
1,579,000
631,024
2,775,000
1,275,000
497,000
1,062,000
1,481,000
495,780
2,316,300
2,283,500
1,028,000
922,000
1,470,000
1,003,200
1,363,000
781,000
1,463,000
462,677
348,000
1,027,555
719,372
1,469,500
1,635,000
726,000
746,000
5,348,000
2,296,000
517,500
356,400
1,050,000
1,681,000
*,e
g
*,e
e
e
*
e
*,e
*,e
VALUE
Bank of China Ltd
Bank of Communications Co Ltd
Beijing Capital International Airport Co Ltd
Beijing Enterprises Holdings Ltd
Beijing Enterprises Water Group Ltd
Belle International Holdings Ltd
Brilliance China Automotive Holdings Ltd
Byd Co Ltd
CGN Power Co Ltd
China Cinda Asset Management Co Ltd
China Citic Bank
China Coal Energy Co
China Communications Construction Co Ltd
China Communications Services Corp Ltd
China Conch Venture Holdings Ltd
China Construction Bank
China COSCO Holdings Co Ltd
China Everbright Bank Co Ltd
China Everbright International Ltd
China Everbright Ltd
China Evergrande Group
China Galaxy Securities Co Ltd
China Huishan Dairy Holdings Co Ltd
China Insurance International Holdings Co Ltd
China Life Insurance Co Ltd
China Longyuan Power Group Corp
China Medical System Holdings Ltd
China Mengniu Dairy Co Ltd
China Merchants Bank Co Ltd
China Merchants Holdings International Co Ltd
China Minsheng Banking Corp Ltd
China Mobile Hong Kong Ltd
China National Building Material Co Ltd
China Oilfield Services Ltd
China Overseas Land & Investment Ltd
China Pacific Insurance Group Co Ltd
China Power International Development Ltd
China Railway Construction Corp
China Railway Group Ltd
China Resources Beer Holdings Company Ltd
China Resources Gas Group Ltd
China Resources Land Ltd
China Resources Power Holdings Co
China Shenhua Energy Co Ltd
China Shipping Container Lines Co Ltd
China Southern Airlines Co Ltd
China State Construction International Holdings Ltd
China Telecom Corp Ltd
China Unicom Ltd
China Vanke Co Ltd
Chongqing Changan Automobile Co Ltd
Chongqing Rural Commercial Bank
Citic Pacific Ltd
$
273
12,243,509
2,279,418
633,369
1,187,212
1,035,893
1,601,557
1,327,128
1,557,127
1,231,630
1,139,666
2,238,559
601,186
1,822,336
537,561
983,462
21,039,311
393,134
665,494
1,032,083
712,569
1,154,247
1,141,131
621,082
1,241,559
6,294,492
1,026,384
732,139
1,779,140
3,175,791
1,458,182
2,421,735
28,277,771
474,128
729,579
4,848,892
3,565,083
556,532
941,575
1,106,766
897,160
1,022,625
2,563,059
1,149,681
2,821,415
343,219
478,726
999,775
2,643,109
2,445,950
1,173,404
591,943
552,572
2,550,849
COMPANY
SHARES
849,000
6,835,000
648,981
2,163,675
1,636,050
1,562,000
124,404
232,900
1,070,000
286,000
850,000
969,452
1,568,000
1,965,000
558,600
4,856,668
1,179,500
1,132,000
898,000
382,000
290,000
1,248,000
281,000
738,000
1,646,000
1,424,000
587,200
27,548,000
254,232
492,000
752,000
318,000
2,698,000
578,000
476,000
29,483
314,000
49,744
2,723,000
1,755,055
1,952,000
13,700
10,803,000
684,000
1,114,000
145,000
173,000
329,999
301,300
209,000
1,339,649
1,194,471
532,000
e
*,e
g
e
g
*,e
e
e
*
*,e
*
VALUE
CITIC Securities Co Ltd
CNOOC Ltd
COSCO Pacific Ltd
Country Garden Holdings Co Ltd
CRRC Corp Ltd
CSPC Pharmaceutical Group Ltd
Ctrip.com International Ltd (ADR)
Dalian Wanda Commercial Properties Co Ltd
Dongfeng Motor Group Co Ltd
ENN Energy Holdings Ltd
Far East Horizon Ltd
Fosun International
Franshion Properties China Ltd
Geely Automobile Holdings Ltd
GF Securities Co Ltd
GOME Electrical Appliances Holdings Ltd
Great Wall Motor Co Ltd
Guangdong Investments Ltd
Guangzhou Automobile Group Co Ltd
Guangzhou R&F Properties Co Ltd
Haitian International Holdings Ltd
Haitong Securities Co Ltd
Hengan International Group Co Ltd
Huadian Power International Co
Huaneng Power International, Inc
Huaneng Renewables Corp Ltd
Huatai Securities Co Ltd
Industrial & Commercial Bank of China
JD.com, Inc (ADR)
Jiangsu Express
Jiangxi Copper Co Ltd
Kingsoft Corp Ltd
Lenovo Group Ltd
Longfor Properties Co Ltd
Luye Pharma Group Ltd
Netease.com (ADR)
New China Life insurance Co Ltd
New Oriental Education & Technology Group (ADR)
People’s Insurance Co Group of China Ltd
PICC Property & Casualty Co Ltd
Ping An Insurance Group Co of China Ltd
Qunar Cayman Islands Ltd (ADR)
Semiconductor Manufacturing International
Shandong Weigao Group Medical Polymer Co Ltd
Shanghai Electric Group Co Ltd
Shanghai Fosun Pharmaceutical Group Co Ltd
Shanghai Industrial Holdings Ltd
Shanghai Lujiazui Finance & Trade Zone Development Co Ltd
Shanghai Pharmaceuticals Holding Co Ltd
Shenzhou International Group Holdings Ltd
Shui On Land Ltd
Sino-Ocean Land Holdings Ltd
Sinopec Engineering Group Co Ltd
274
$
1,813,816
8,237,764
670,254
882,765
1,505,331
1,352,514
5,432,723
1,479,725
1,324,947
1,365,861
670,329
1,272,025
437,944
1,296,054
1,227,293
590,331
1,229,760
1,739,592
1,155,164
579,711
486,858
2,037,394
2,365,292
349,931
1,014,019
457,141
1,203,111
15,715,874
5,504,123
696,065
864,294
542,751
1,748,439
791,638
309,209
6,022,492
1,117,084
2,191,721
1,051,993
2,734,664
9,160,892
411,959
875,803
382,448
464,215
356,537
405,745
486,716
716,490
1,103,283
361,781
506,141
465,365
COMPANY
SHARES
1,428,000
454,800
766,000
863,500
110,728
693,000
16,400
2,090,000
804,000
357,000
158,000
151,124
2,245,000
419,400
1,220,000
12,504
600,000
205,500
2,430,000
279,864
e
*
e
e
*
e
e
*,e
COLOMBIA - 0.4%
163,372
154,074
24,869
2,475,845
107,119
1,040,383
82,814
34,962
151,305
CZECH REPUBLIC - 0.2%
62,116
25,590
19,025
EGYPT - 0.2%
379,053
944,833
316,999
GREECE - 0.3%
493,901
633,723
10,570
90,249
37,462
1,832,481
VALUE
Sinopec Shanghai Petrochemical Co Ltd
Sinopharm Group Co
Sinotrans Ltd
Soho China Ltd
SouFun Holdings Ltd (ADR)
Sunac China Holdings Ltd
TAL Education Group (ADR)
Tingyi Cayman Islands Holding Corp
Travelsky Technology Ltd
Tsingtao Brewery Co Ltd
Vipshop Holdings Ltd (ADR)
Want Want China Holdings Ltd
Weichai Power Co Ltd
Yanzhou Coal Mining Co Ltd
YY, Inc (ADR)
Zhejiang Expressway Co Ltd
Zhuzhou CSR Times Electric Co Ltd
Zijin Mining Group Co Ltd
ZTE Corp
TOTAL CHINA
$
698,905
2,209,397
351,506
399,292
566,927
436,253
987,444
50,480,031
697,491
685,177
558,169
2,150,494
1,378,578
504,345
753,198
490,032
621,388
1,136,985
888,380
377,432
358,756,961
BanColombia S.A. (Preference)
Cementos Argos S.A.
Corp Financiera Colombiana S.A.
Ecopetrol S.A.
Grupo Argos S.A.
Grupo Aval Acciones y Valores
Grupo de Inversiones Suramericana S.A.
Grupo de Inversiones Suramericana S.A. (Preference)
Interconexion Electrica S.A.
TOTAL COLOMBIA
1,399,571
577,150
310,903
1,048,404
645,505
396,498
1,033,691
427,288
448,001
6,287,011
CEZ AS
Komercni Banka AS
Telefonica O2 Czech Republic AS
TOTAL CZECH REPUBLIC
1,175,631
1,008,179
185,569
2,369,379
Commercial International Bank
* Orascom Telecom Holding SAE
Talaat Moustafa Group
TOTAL EGYPT
2,030,026
445,819
199,553
2,675,398
* Alpha Bank AE
* Eurobank Ergasias S.A.
* FF Group
Hellenic Telecommunications Organization S.A.
JUMBO S.A.
* National Bank of Greece S.A.
996,159
366,778
260,907
886,423
442,698
421,664
275
SHARES
83,715
2,432,366
17,832
HONG KONG - 0.4%
4,340,000
672,000
4,891,799
510,000
690,000
479,000
1,637,000
878,500
HUNGARY - 0.3%
20,137
82,847
41,186
INDIA - 8.0%
236,233
25,796
469,528
113,162
18,105
100,317
217,693
2,304
32,292
42,805
220,017
129,166
403,056
166,703
2,873
69,715
261,575
129,169
324,667
11,787
161,443
25,689
43,711
4,622
129,367
1,505
49,643
34,951
36,611
212,121
COMPANY
VALUE
OPAP S.A.
* Piraeus Bank S.A.
Titan Cement Co S.A.
TOTAL GREECE
$
*,e Alibaba Pictures Group Ltd
China Gas Holdings Ltd
GCL Poly Energy Holdings Ltd
Haier Electronics Group Co Ltd
Nine Dragons Paper Holdings Ltd
Shimao Property Holdings Ltd
Sino Biopharmaceutical
Sun Art Retail Group Ltd
TOTAL HONG KONG
671,912
415,794
408,725
4,871,060
931,194
1,063,790
672,829
856,726
550,091
627,223
1,096,704
610,972
6,409,529
MOL Hungarian Oil and Gas plc
OTP Bank
Richter Gedeon Rt
TOTAL HUNGARY
1,263,400
2,020,310
870,604
4,154,314
Ambuja Cements Ltd
Apollo Hospitals Enterprise Ltd
Ashok Leyland Ltd
Asian Paints Ltd
Associated Cement Co Ltd
Aurobindo Pharma Ltd
Axis Bank Ltd
Bajaj Auto Finance Ltd
Bajaj Holdings and Investment Ltd
Bharat Forge Ltd
Bharat Heavy Electricals
Bharat Petroleum Corp Ltd
Bharti Airtel Ltd
Bharti Infratel Ltd
Bosch Ltd
Cadila Healthcare Ltd
Cairn India Ltd
Cipla Ltd
Coal India Ltd
Container Corp Of India Ltd
Dabur India Ltd
Divi S Laboratories Ltd
Dr Reddy’s Laboratories Ltd
Eicher Motors Ltd
GAIL India Ltd
GlaxoSmithKline Consumer Healthcare Ltd
Glenmark Pharmaceuticals Ltd
Godrej Consumer Products Ltd
Havells India Ltd
HCL Technologies Ltd
958,703
525,172
669,178
1,885,268
457,252
1,185,923
1,783,025
357,171
1,306,040
487,289
481,257
1,142,963
2,185,326
983,745
1,073,244
382,810
757,558
1,018,556
1,594,519
264,097
732,669
460,317
1,924,589
1,553,408
739,212
142,240
639,273
830,932
212,950
2,388,475
276
SHARES
18,935
535,754
264,774
551,437
438,042
475,338
111,531
683,518
1,254,199
34,233
120,717
100,687
80,611
112,750
139,009
127,054
40,197
131,861
323,508
8,934
426,975
19,021
127,355
494,010
454,176
2,043
56,275
29,598
596,684
355,115
175,708
575,158
444,917
114,171
92,241
27,745
15,359
115,171
24,503
233,075
43,197
218,105
INDONESIA - 2.6%
7,349,000
4,069,400
864,400
585,800
7,399,100
4,545,300
1,026,066
COMPANY
VALUE
Hero Honda Motors Ltd
Hindalco Industries Ltd
Hindustan Lever Ltd
Housing Development Finance Corp
ICICI Bank Ltd
Idea Cellular Ltd
Indiabulls Housing Finance Ltd
Infosys Technologies Ltd
ITC Ltd
JSW Steel Ltd
Larsen & Toubro Ltd
LIC Housing Finance Ltd
Lupin Ltd
Mahindra & Mahindra Financial Services Ltd
Mahindra & Mahindra Ltd
Marico Ltd
Maruti Suzuki India Ltd
Motherson Sumi Systems Ltd
Mundra Port and Special Economic Zone Ltd
Nestle India Ltd
NTPC Ltd
Piramal Healthcare Ltd
Power Finance Corp Ltd
Reliance Industries Ltd
Sesa Sterlite Ltd
Shree Cement Ltd
Shriram Transport Finance Co Ltd
Siemens India Ltd
State Bank of India
Sun Pharmaceutical Industries Ltd
Tata Consultancy Services Ltd
Tata Motors Ltd
Tata Power Co Ltd
Tata Steel Ltd
Tech Mahindra Ltd
Titan Industries Ltd
Ultra Tech Cement Ltd
United Phosphorus Ltd
* United Spirits Ltd
Wipro Ltd
Yes Bank Ltd
ZEE Telefilms Ltd
TOTAL INDIA
$
Adaro Energy Tbk
Indofood CBP Sukses Makmur Tbk
PT AKR Corporindo Tbk
PT Astra International Tbk
PT Bank Central Asia Tbk
PT Bank Danamon Indonesia Tbk
906,005
1,073,445
3,651,891
11,371,312
1,699,671
746,485
1,275,332
10,950,054
4,744,630
858,578
2,817,085
782,932
2,100,991
557,677
3,047,928
539,521
2,863,968
654,854
1,123,654
959,732
1,011,013
456,336
416,830
7,493,421
1,126,149
491,887
1,076,918
583,902
2,052,542
4,413,867
6,883,307
4,341,401
479,088
607,241
673,880
174,890
853,515
1,077,865
897,604
1,899,403
788,013
1,621,716
121,269,694
586,762
3,594,418
569,253
302,634
4,381,081
5,023,284
274,495
277
SHARES
3,401,471
2,604,393
2,356,000
2,657,400
1,246,875
2,020,300
176,300
3,584,400
555,900
1,604,400
584,700
7,666,300
7,024,600
860,900
1,577,800
3,961,600
1,132,300
3,316,600
2,125,900
18,794,600
574,800
633,100
1,793,000
775,300
COMPANY
VALUE
PT Bank Mandiri Persero Tbk
PT Bank Negara Indonesia
PT Bumi Serpong Damai
PT Charoen Pokphand Indonesia Tbk
* PT Excelcomindo Pratama
PT Global MediaCom Tbk
PT Gudang Garam Tbk
PT Hanjaya Mandala Sampoerna Tbk
PT Indocement Tunggal Prakarsa Tbk
PT Indofood Sukses Makmur Tbk
PT Jasa Marga Tbk
PT Kalbe Farma Tbk
PT Lippo Karawaci Tbk
PT Matahari Department Store Tbk
PT Media Nusantara Citra Tbk
PT Perusahaan Gas Negara Persero Tbk
PT Semen Gresik Persero Tbk
PT Summarecon Agung Tbk
PT Surya Citra Media Tbk
PT Telekomunikasi Indonesia Persero Tbk
PT Unilever Indonesia Tbk
PT United Tractors Tbk
PT Waskita Karya Persero Tbk
Tower Bersama Infrastructure
TOTAL INDONESIA
$
12,034
Amorepacific Corp
3,527
Amorepacific Corp (Preference)
3,682
BGF retail Co Ltd
92,394
BS Financial Group, Inc
27,465
*,e Celltrion, Inc
25,429
Cheil Communications, Inc
27,650
Cheil Industries, Inc
2,937
CJ CheilJedang Corp
5,015
CJ Corp
6,668
CJ E&M Corp
9,666
Daelim Industrial Co
44,028
* Daewoo Engineering & Construction Co Ltd
18,314
Daewoo International Corp
65,213
Daewoo Securities Co Ltd
52,544
DGB Financial Group Co Ltd
17,413
Dongbu Insurance Co Ltd
12,877
Dongsuh Co, Inc
18,432
Doosan Heavy Industries and Construction Co Ltd
7,209
E-Mart Co Ltd
6,949
GLOVIS Co Ltd
18,269
* GS Engineering & Construction Corp
22,128
GS Holdings Corp
9,811
GS Retail Co Ltd
106,600
Hana Financial Group, Inc
2,640,534
1,067,810
377,344
763,243
353,603
159,324
910,373
994,458
726,975
1,023,261
238,349
983,266
609,337
1,313,895
260,170
998,314
813,733
431,163
515,016
6,117,847
1,979,739
763,048
380,087
337,922
39,490,738
4,166,575
709,328
658,223
727,121
2,554,099
408,945
3,347,036
1,034,295
899,092
423,368
726,203
245,187
350,907
530,050
423,281
989,807
375,275
433,343
1,053,158
1,043,717
469,619
956,134
442,446
2,624,663
278
COMPANY
SHARES
25,275
4,221
1,887
64,900
3,847
40,400
15,925
5,660
11,950
213,260
7,633
5,144
20,510
26,981
15,522
21,871
24,991
55,038
13,619
8,514
27,378
5,540
96,356
10,867
41,772
138,435
2,073
8,256
95,239
21,523
95,850
2,508
11,459
13,711
5,581
68,326
3,615
13,452
9,181
43,433
17,210
2,995
34,618
38,778
3,493
788
5,319
76,539
84,603
226
2,100
3,902
24,245
10,402
*
e
*
*
VALUE
Hankook Tire Co Ltd
Hanmi Holdings Co Ltd
Hanmi Pharm Co Ltd
Hanon Systems
Hanssem Co Ltd
Hanwha Chemical Corp
Hanwha Corp
Honam Petrochemical Corp
Hotel Shilla Co Ltd
Hyosung Corp
Hyundai Department Store Co Ltd
Hyundai Development Co
Hyundai Engineering & Construction Co Ltd
Hyundai Heavy Industries
Hyundai Marine & Fire Insurance Co Ltd
Hyundai Mobis
Hyundai Motor Co
Hyundai Motor Co Ltd (2nd Preference)
Hyundai Motor Co Ltd (Preference)
Hyundai Steel Co
Hyundai Wia Corp
Industrial Bank of Korea
Kakao Corp
Kangwon Land, Inc
KB Financial Group, Inc
KCC Corp
KEPCO Plant Service & Engineering Co Ltd
Kia Motors Corp
Korea Aerospace Industries Ltd
Korea Electric Power Corp
Korea Express Co Ltd
Korea Gas Corp
Korea Investment Holdings Co Ltd
Korea Kumho Petrochemical
Korea Life Insurance Co Ltd
Korea Zinc Co Ltd
Korean Air Lines Co Ltd
KT Corp
KT&G Corp
LG Chem Ltd
LG Chem Ltd (Preference)
LG Corp
LG Electronics, Inc
LG Household & Health Care Ltd
LG Household & Health Care Ltd (Preference)
LG Innotek Co Ltd
LG Telecom Ltd
LG.Philips LCD Co Ltd
Lotte Chilsung Beverage Co Ltd
Lotte Confectionery Co Ltd
Lotte Shopping Co Ltd
Mirae Asset Securities Co Ltd
Naver Corp
$
279
1,224,203
543,159
1,031,224
665,142
591,242
924,174
507,299
1,537,930
636,824
6,567,144
948,571
570,748
813,126
890,237
1,745,598
591,315
5,698,762
6,494,061
1,222,137
740,727
1,241,913
425,645
1,020,400
882,151
1,529,004
4,395,700
730,693
505,871
3,587,683
1,550,291
5,247,671
449,240
434,220
575,542
303,339
352,474
1,648,970
342,158
260,193
4,696,866
3,750,688
475,484
1,966,381
1,854,381
3,146,231
411,341
425,252
749,194
2,345,647
333,382
355,265
672,911
577,027
6,599,901
SHARES
6,449
6,518
1,310
437
10,263
20,175
25,095
6,650
10,475
21,968
37,391
6,761
12,696
56,297
28,779
20,097
12,794
19,754
155,865
2,185
16,746
24,730
49,287
7,331
18,367
19,677
107,463
48,259
2,776
MALAYSIA - 2.7%
368,700
318,400
668,800
593,000
169,493
47,500
1,116,233
1,210,596
1,315,500
377,000
532,600
828,975
69,500
196,700
176,000
218,287
69,106
1,136,800
1,066,600
1,032,300
400,833
149,100
COMPANY
VALUE
NCsoft
e OCI Co Ltd
Orion Corp
Ottogi Corp
Pacific Corp
Paradise Co Ltd
POSCO
S1 Corp (Korea)
Samsung Card Co
Samsung Electro-Mechanics Co Ltd
Samsung Electronics Co Ltd
Samsung Electronics Co Ltd (Preference)
Samsung Fire & Marine Insurance Co Ltd
Samsung Heavy Industries Co Ltd
Samsung Life Insurance Co Ltd
Samsung SDI Co Ltd
Samsung SDS Co Ltd
Samsung Securities Co Ltd
Shinhan Financial Group Co Ltd
Shinsegae Co Ltd
SK C&C Co Ltd
SK Energy Co Ltd
SK Networks Co Ltd
SK Telecom Co Ltd
S-Oil Corp
Woongjin Coway Co Ltd
Woori Bank
Woori Investment & Securities Co Ltd
Yuhan Corp
$
AirAsia BHD
Alliance Financial Group BHD
AMMB Holdings BHD
Astro Malaysia Holdings BHD
Berjaya Sports Toto BHD
British American Tobacco Malaysia BHD
Bumiputra-Commerce Holdings BHD
Dialog Group BHD
Digi.Com BHD
Felda Global Ventures Holdings BHD
Gamuda BHD
Genting BHD
Genting Plantations BHD
HAP Seng Consolidated BHD
Hartalega Holdings BHD
Hong Leong Bank BHD
Hong Leong Credit BHD
IHH Healthcare BHD
IJM Corp BHD
IOI Corp BHD
IOI Properties Group Sdn BHD
Kuala Lumpur Kepong BHD
1,449,320
543,503
1,078,988
305,461
1,323,949
288,598
5,084,916
603,896
404,541
1,084,588
51,449,162
7,642,134
3,025,460
502,024
2,503,733
1,899,931
1,797,352
668,361
5,569,850
355,528
3,124,442
3,258,876
273,953
1,506,479
1,264,717
1,504,213
969,690
449,226
759,586
214,071,081
265,657
311,754
707,359
425,392
136,577
575,998
1,204,834
453,180
1,603,503
171,573
630,667
1,675,284
179,961
374,506
185,923
704,486
258,688
1,826,476
888,367
1,073,391
232,396
847,433
280
SHARES
120,700
1,243,822
313,576
679,100
411,400
908,900
132,300
271,800
166,500
1,002,240
1,140,600
265,670
1,572,700
936,128
397,465
1,281,750
1,013,065
180,500
307,800
1,549,800
581,269
MEXICO - 3.7%
1,000,650
11,535,870
5,234,043
182,160
64,100
154,325
871,500
686,737
375,886
76,845
127,528
72,795
619,420
198,598
110,000
903,487
834,532
642,500
199,700
1,528,156
896,126
50,877
546,042
418,096
281,300
94,325
1,955,989
COMPANY
VALUE
Lafarge Malayan Cement BHD
Malayan Banking BHD
Malaysia Airports Holdings BHD
Maxis BHD
MISC BHD
Petronas Chemicals Group BHD
Petronas Dagangan BHD
Petronas Gas BHD
PPB Group BHD
Public Bank BHD
Resorts World BHD
RHB Capital BHD
Sapurakencana Petroleum BHD
Sime Darby BHD
Telekom Malaysia BHD
Tenaga Nasional BHD
TM International BHD
UMW Holdings BHD
Westports Holdings BHD
YTL Corp BHD
YTL Power International BHD
TOTAL MALAYSIA
$
Alfa S.A. de C.V. (Class A)
America Movil S.A. de C.V. (Series L)
*,e Cemex S.A. de C.V.
Coca-Cola Femsa S.A. de C.V.
El Puerto de Liverpool SAB de C.V.
Embotelladoras Arca SAB de C.V.
Fibra Uno Administracion S.A. de C.V.
Fomento Economico Mexicano S.A. de C.V.
Gentera SAB de C.V.
Gruma SAB de C.V.
Grupo Aeroportuario del Pacifico S.A. de C.V. (B Shares)
Grupo Aeroportuario del Sureste S.A. de C.V. (Class B)
Grupo Bimbo S.A. de C.V. (Series A)
Grupo Carso S.A. de C.V. (Series A1)
Grupo Comercial Chedraui S.a. DE C.V.
Grupo Financiero Banorte S.A. de C.V.
Grupo Financiero Inbursa S.A.
Grupo Financiero Santander Mexico SAB de C.V.
Grupo Lala SAB de C.V.
Grupo Mexico S.A. de C.V. (Series B)
Grupo Televisa S.A.
Industrias Penoles S.A. de C.V.
Kimberly-Clark de Mexico S.A. de C.V. (Class A)
Mexichem SAB de C.V.
* OHL Mexico SAB de CV
Promotora y Operadora de Infraestructura SAB de C.V.
Wal-Mart de Mexico SAB de C.V.
TOTAL MEXICO
281
235,736
2,452,966
458,252
1,004,587
759,026
1,462,546
756,000
1,487,414
655,035
4,804,533
1,204,300
332,673
558,443
1,708,194
666,917
4,529,546
1,417,798
253,110
340,729
636,257
204,205
40,661,672
1,637,864
6,632,356
3,989,039
1,431,923
621,274
992,701
1,777,395
6,144,007
698,446
1,105,215
1,254,671
1,118,714
1,846,367
811,021
249,568
4,948,218
1,341,037
1,170,549
433,802
3,687,950
4,756,876
1,309,072
1,235,074
911,115
381,668
1,100,006
4,470,087
56,056,015
SHARES
NETHERLANDS - 0.4%
1,068,361
PERU - 0.4%
68,322
23,790
45,148
PHILIPPINES - 1.5%
709,400
549,900
648,600
91,818
2,724,300
630,116
292,610
1,227,500
12,040
29,230
180,030
1,049,870
142,620
4,448,900
4,266,600
196,882
35,665
2,989,000
475,000
157,780
88,080
3,038,975
329,590
POLAND - 1.0%
23,290
8,150
216,854
49,002
10,630
4,389
9,919
45,713
71,916
89,184
26,188
54,571
62,828
470
799,354
289,718
COMPANY
VALUE
Steinhoff International Holdings NV
TOTAL NETHERLANDS
$
Cia de Minas Buenaventura S.A. (ADR) (Series B)
Credicorp Ltd (NY)
TOTAL PERU
6,757,530
6,757,530
1,000,917
3,814,251
1,173,397
5,988,565
Aboitiz Equity Ventures, Inc
Aboitiz Power Corp
Alliance Global Group, Inc
Ayala Corp
Ayala Land, Inc
Banco de Oro Universal Bank
Bank of the Philippine Islands
DMCI Holdings, Inc
Globe Telecom, Inc
GT Capital Holdings, Inc
International Container Term Services, Inc
JG Summit Holdings (Series B)
Jollibee Foods Corp
Megaworld Corp
Metro Pacific Investments Corp
Metropolitan Bank & Trust
Philippine Long Distance Telephone Co
PNOC Energy Development Corp
Robinsons Land Corp
Security Bank Corp
SM Investments Corp
SM Prime Holdings
Universal Robina
TOTAL PHILIPPINES
1,176,282
528,435
222,801
1,697,390
2,285,386
1,515,269
596,360
339,368
579,745
955,937
244,823
1,861,891
772,395
475,562
679,946
397,061
1,592,992
372,944
322,936
733,865
1,289,469
1,886,035
1,403,201
21,930,093
* Alior Bank S.A.
Bank Handlowy w Warszawie S.A.
* Bank Millennium S.A.
Bank Pekao S.A.
Bank Zachodni WBK S.A.
BRE Bank S.A.
CCC S.A.
* Cyfrowy Polsat S.A.
Enea S.A.
Energa S.A.
Eurocash S.A.
* Grupa Lotos S.A.
KGHM Polska Miedz S.A.
LPP S.A.
Polish Oil & Gas Co
Polska Grupa Energetyczna S.A.
301,855
143,913
254,867
1,550,829
763,817
341,786
452,579
276,305
202,057
222,856
351,880
409,624
1,268,884
592,529
1,109,188
951,950
282
SHARES
127,919
316,336
200,412
95,708
303,984
212,799
13,692
QATAR - 0.9%
34,886
56,557
37,408
288,674
55,567
139,808
27,725
9,966
118,665
43,631
19,449
78,891
119,125
ROMANIA - 0.1%
73,480
RUSSIA - 3.4%
65,445
2,281,392
13,659
164,196
109,691
27,913
194,250
192,749
35,610
56,233
500,926
54,099
637,556
974,451
91,516
622,044
103,631
1,073,969
COMPANY
VALUE
Polski Koncern Naftowy Orlen S.A.
* Powszechna Kasa Oszczednosci Bank Polski S.A.
Powszechny Zaklad Ubezpieczen S.A.
Synthos S.A.
Tauron Polska Energia S.A.
Telekomunikacja Polska S.A.
Zaklady Azotowe w Tarnowie-Moscicach S.A.
TOTAL POLAND
$
Barwa Real Estate Co
Commercial Bank of Qatar QSC
Doha Bank QSC
Ezdan Holding Group QSC
Industries Qatar QSC
Masraf Al Rayan
Ooredoo QSC
Qatar Electricity & Water Co
Qatar Gas Transport Co Ltd
Qatar Insurance Co SAQ
Qatar Islamic Bank SAQ
Qatar National Bank
Vodafone Qatar
TOTAL QATAR
2,049,641
1,933,496
1,449,768
97,256
240,120
294,348
254,993
15,514,541
335,879
588,680
382,687
1,565,730
1,631,767
1,382,005
724,827
614,314
798,125
974,117
581,722
3,312,468
362,864
13,255,185
New Europe Property Investments plc
TOTAL ROMANIA
878,769
878,769
AFK Sistema (GDR)
Gazprom OAO (ADR)
Gazpromneft OAO (ADR)
LUKOIL PJSC (ADR)
Magnit OAO (GDR)
MegaFon OAO (GDR)
MMC Norilsk Nickel PJSC (ADR)
Mobile TeleSystems (ADR)
NovaTek OAO (GDR)
PhosAgro OAO (ADR)
Rosneft Oil Co (GDR)
Rostelecom (ADR)
RusHydro PJSC (ADR)
Sberbank of Russian Federation (ADR)
Severstal (GDR)
Surgutneftegaz (ADR)
Tatneft PAO (ADR)
VTB Bank OJSC (GDR)
TOTAL RUSSIA
532,722
9,346,927
167,724
7,067,370
4,208,545
275,752
2,843,809
1,713,539
3,579,423
776,015
2,435,709
415,752
659,871
8,490,602
1,083,600
2,925,007
2,950,882
2,131,823
51,605,072
SOUTH AFRICA - 6.8%
331,683
*,m African Bank Investments Ltd
22,127
* Anglo American Platinum Ltd
239
703,509
283
SHARES
151,530
124,655
151,672
117,404
115,264
123,499
15,072
92,038
125,542
91,939
1,233,998
260,733
268,000
72,103
292,059
120,662
810,351
87,240
262,245
59,528
94,730
40,805
329,147
45,598
341,129
41,845
90,622
612,936
161,542
72,600
349,038
88,637
41,354
37,394
251,717
1,378,766
179,251
93,602
263,526
520,713
181,321
210,173
158,463
277,385
66,946
478,470
91,536
57,302
147,622
134,812
359,907
COMPANY
VALUE
Aspen Pharmacare Holdings Ltd
e Barclays Africa Group Ltd
* Bid Corp Ltd
Bidvest Group Ltd
*,e Brait S.A.
Capitec Bank Holdings Ltd
e Coronation Fund Managers Ltd
e Discovery Holdings Ltd
e Exxaro Resources Ltd
FirstRand Ltd
Fortress Income Fund Ltd
Fortress Income Fund Ltd (A Shares)
Foschini Ltd
Gold Fields Ltd
Gold Reef Resorts Ltd
Growthpoint Properties Ltd
Hyprop Investments Ltd
* Impala Platinum Holdings Ltd
Imperial Holdings Ltd
Investec Ltd
e Liberty Holdings Ltd
Life Healthcare Group Holdings Pte Ltd
Massmart Holdings Ltd
Metropolitan Holdings Ltd
Mondi Ltd
Mr Price Group Ltd
e MTN Group Ltd
e Nedbank Group Ltd
Network Healthcare Holdings Ltd
e Pick’n Pay Stores Ltd
Pioneer Foods Ltd
PSG Group Ltd
Rand Merchant Investment Holdings Ltd
Redefine Properties Ltd
Remgro Ltd
Resilient REIT Ltd
RMB Holdings Ltd
Sanlam Ltd
* Sappi Ltd
Sasol Ltd
Shoprite Holdings Ltd
Sibanye Gold Ltd
Spar Group Ltd
Standard Bank Group Ltd
Telkom S.A. Ltd
Tiger Brands Ltd
Truworths International Ltd
Vodacom Group Pty Ltd
Woolworths Holdings Ltd
TOTAL SOUTH AFRICA
$
284
3,308,967
3,366,466
1,677,664
2,190,724
1,324,856
1,110,891
668,478
489,194
1,131,197
550,713
4,318,193
685,991
324,232
773,690
1,803,372
252,104
1,537,770
848,110
1,157,427
711,436
571,218
360,098
895,594
476,338
569,041
848,024
1,494,429
6,195,558
25,349,700
1,041,616
808,736
500,252
532,727
534,224
803,804
1,190,904
3,361,974
910,218
1,180,089
2,456,921
922,459
5,592,448
2,322,284
1,292,856
998,698
4,779,100
424,806
1,609,534
950,133
1,562,427
2,319,694
101,791,127
SHARES
TAIWAN - 11.7%
1,163,912
2,319,372
121,850
843,512
721,000
256,500
3,122,000
59,000
241,000
3,024,270
409,518
1,479,391
709,490
180,065
912,000
4,378,754
1,179,346
4,352,850
5,989,693
1,458,600
1,458,000
718,929
2,757,130
66,742
686,967
524,491
1,189,852
604,000
122,662
3,370,074
1,209,270
539,000
1,554,600
234,000
346,052
2,504,812
3,752,112
107,000
18,000
265,500
265,290
84,290
5,175,310
91,000
2,425,853
3,320,061
975,000
827,060
37,000
733,120
547,961
4,014,046
COMPANY
VALUE
Acer, Inc
Advantech Co Ltd
Asia Cement Corp
* Asia Pacific Telecom Co Ltd
Asustek Computer, Inc
AU Optronics Corp
Casetek Holdings Ltd
Catcher Technology Co Ltd
Cathay Financial Holding Co Ltd
Chailease Holding Co Ltd
Chang Hwa Commercial Bank
Cheng Shin Rubber Industry Co Ltd
Chicony Electronics Co Ltd
China Airlines
China Development Financial Holding Corp
China Life Insurance Co Ltd (Taiwan)
China Steel Corp
Chinatrust Financial Holding Co
Chunghwa Telecom Co Ltd
Compal Electronics, Inc
Delta Electronics, Inc
E.Sun Financial Holding Co Ltd
* Eva Airways Corp
Evergreen Marine Corp Tawain Ltd
Far Eastern Textile Co Ltd
Far EasTone Telecommunications Co Ltd
Feng TAY Enterprise Co Ltd
First Financial Holding Co Ltd
Formosa Chemicals & Fibre Corp
Formosa Petrochemical Corp
Formosa Plastics Corp
Formosa Taffeta Co Ltd
Foxconn Technology Co Ltd
Fubon Financial Holding Co Ltd
Fuhwa Financial Holdings Co Ltd
Giant Manufacturing Co Ltd
Hermes Microvision, Inc
High Tech Computer Corp
Highwealth Construction Corp
Hiwin Technologies Corp
Hon Hai Precision Industry Co, Ltd
Hotai Motor Co Ltd
Hua Nan Financial Holdings Co Ltd
InnoLux Display Corp
* Inotera Memories, Inc
Inventec Co Ltd
Largan Precision Co Ltd
Lite-On Technology Corp
MediaTek, Inc
Mega Financial Holding Co Ltd
$
285
554,869
2,737,996
948,189
771,584
249,958
2,231,768
1,275,813
238,291
1,680,326
3,402,046
727,128
796,066
1,481,108
445,558
268,139
1,066,140
975,599
3,011,223
3,306,884
5,212,331
916,125
3,792,104
1,539,800
748,122
327,004
203,181
929,820
1,388,653
554,284
1,870,256
3,151,291
1,533,560
3,793,474
221,957
839,775
3,117,041
1,318,538
722,466
767,135
791,792
404,870
413,728
14,281,812
914,268
1,324,113
1,229,699
796,430
642,832
3,977,799
1,099,469
4,183,690
3,147,806
SHARES
75,000
1,802,860
272,000
56,000
210,000
40,000
733,000
50,000
765,000
238,000
214,000
1,001,000
160,085
335,111
148,730
2,932,093
797,169
91,490
3,085,524
119,836
501,000
58,000
2,916,266
943,082
1,301,914
2,537,970
245,000
645,200
9,087,000
610,000
77,000
1,829,569
4,282,000
312,000
745,186
541,500
255,000
126,127
THAILAND - 2.2%
384,800
163,900
94,700
1,417,400
2,700,000
1,218,900
273,300
970,600
127,300
245,600
551,900
1,802,600
COMPANY
VALUE
Merida Industry Co Ltd
Nan Ya Plastics Corp
Nanya Technology Corp
Nien Made Enterprise Co Ltd
Novatek Microelectronics Corp Ltd
* OBI Pharma, Inc
Pegatron Technology Corp
Phison Electronics Corp
Pou Chen Corp
Powertech Technology, Inc
President Chain Store Corp
Quanta Computer, Inc
Realtek Semiconductor Corp
Ruentex Development Co Ltd
Ruentex Industries Ltd
Shin Kong Financial Holding Co Ltd
Siliconware Precision Industries Co
Simplo Technology Co Ltd
SinoPac Financial Holdings Co Ltd
Standard Foods Corp
Synnex Technology International Corp
* TaiMed Biologics, Inc
Taishin Financial Holdings Co Ltd
* Taiwan Business Bank
Taiwan Cement Corp
Taiwan Cooperative Financial Holding
Taiwan Fertilizer Co Ltd
Taiwan Mobile Co Ltd
Taiwan Semiconductor Manufacturing Co Ltd
Teco Electric and Machinery Co Ltd
Transcend Information, Inc
Uni-President Enterprises Corp
United Microelectronics Corp
Vanguard International Semiconductor Corp
Wistron Corp
WPG Holdings Co Ltd
Yulon Motor Co Ltd
Zhen Ding Technology Holding Ltd
TOTAL TAIWAN
$
Advanced Info Service PCL (Foreign)
Airports of Thailand PCL (Foreign)
Bangkok Bank PCL (Foreign)
Bangkok Dusit Medical Services PCL
Bangkok Expressway & Metro PCL
Banpu PCL (Foreign)
BEC World PCL (Foreign)
BTS Group Holdings PCL (Foreign)
Bumrungrad Hospital PCL (Foreign)
Central Pattana PCL (Foreign)
Charoen Pokphand Foods PCL
CP Seven Eleven PCL (Foreign)
347,458
3,415,442
321,739
584,642
737,946
618,092
1,804,379
414,867
1,044,233
605,727
1,738,678
2,038,599
580,561
402,026
237,907
596,365
1,199,935
323,348
996,894
298,028
591,923
395,533
1,171,396
248,727
1,383,941
1,189,550
341,648
2,224,467
49,085,135
540,698
231,292
3,739,175
1,594,640
565,826
592,809
689,722
226,767
259,382
175,703,407
1,969,084
1,861,027
466,347
917,245
651,163
551,425
194,309
262,148
673,807
405,765
444,835
2,683,384
286
SHARES
59,000
52,000
372,900
211,800
578,926
528,278
6,194,600
646,300
1,447,950
340,870
536,384
780,741
401,900
203,000
157,750
576,800
484,900
666,000
3,120,700
5,286,748
TURKEY - 1.2%
797,914
75,143
82,321
77,494
28,591
659,704
440,037
21,083
358,988
239,956
234,889
49,701
35,268
62,009
138,049
187,928
178,558
323,121
882,614
239,561
575,693
227,268
56,816
320,847
COMPANY
VALUE
Delta Electronics Thai PCL
Electricity Generating PCL
Energy Absolute PCL (Foreign)
Glow Energy PCL (Foreign)
Home Product Center PCL (Foreign)
Indorama Ventures PCL (Foreign)
IRPC PCL (Foreign)
Kasikornbank PCL (Foreign)
Krung Thai Bank PCL (Foreign)
Minor International PCL (Foreign)
PTT Exploration & Production PCL (Foreign)
PTT Global Chemical PCL (Foreign)
PTT PCL (Foreign)
Robinson Department Store PCL
Siam Cement PCL (Foreign)
Siam Commercial Bank PCL (Foreign)
Thai Oil PCL (Foreign)
Thai Union Group PCL
TMB Bank PCL (Foreign)
True Corp PCL
TOTAL THAILAND
$
Akbank TAS
Anadolu Efes Biracilik Ve Malt Sanayii AS
Arcelik AS
BIM Birlesik Magazalar AS
Coca-Cola Icecek AS
Emlak Konut Gayrimenkul Yatiri
Eregli Demir ve Celik Fabrikalari TAS
Ford Otomotiv Sanayi AS
Haci Omer Sabanci Holding AS
KOC Holding AS
Petkim Petrokimya Holding
TAV Havalimanlari Holding AS
Tofas Turk Otomobil Fabrik
Tupras Turkiye Petrol Rafine
* Turk Hava Yollari
Turk Sise ve Cam Fabrikalari AS
Turk Telekomunikasyon AS
Turkcell Iletisim Hizmet AS
Turkiye Garanti Bankasi AS
Turkiye Halk Bankasi AS
Turkiye Is Bankasi (Series C)
Turkiye Vakiflar Bankasi Tao
Ulker Biskuvi Sanayi AS
Yapi ve Kredi Bankasi
TOTAL TURKEY
120,969
297,217
281,362
522,141
168,117
505,732
736,309
3,709,091
725,088
399,325
1,285,895
1,356,154
3,845,369
385,172
2,324,068
2,633,109
849,471
417,625
202,959
1,360,139
33,205,851
2,062,024
509,094
563,251
1,433,558
354,968
590,909
669,759
230,023
1,073,346
1,029,610
339,539
182,326
279,246
1,327,050
239,525
211,711
361,558
1,118,603
2,171,069
632,352
888,532
337,172
376,678
371,722
17,353,625
UNITED ARAB EMIRATES - 0.8%
648,245
Abu Dhabi Commercial Bank PJSC
1,166,017
Aldar Properties PJSC
887,243
* Arabtec Holding Co
1,201,048
915,663
356,116
287
COMPANY
SHARES
61,183
899,608
433,447
735,021
1,290,249
648,379
331,506
237,116
VALUE
DP World Ltd
Dubai Financial Market
Dubai Islamic Bank PJSC
Emaar Malls Group PJSC
Emaar Properties PJSC
Emirates Telecommunications Group Co PJSC
First Gulf Bank PJSC
National Bank of Abu Dhabi PJSC
TOTAL UNITED ARAB EMIRATES
689,342
820,270
$
e iShares Core MSCI Emerging Markets ETF
iShares MSCI Emerging Markets
TOTAL UNITED STATES
1,037,477
325,617
637,004
579,184
2,421,039
3,530,611
1,089,699
628,189
12,721,647
30,310,368
29,718,383
60,028,751
TOTAL COMMON STOCKS
(Cost $1,542,683,654)
1,496,576,000
PREFERRED STOCKS - 0.2%
BRAZIL - 0.2%
1,435,206
PHILIPPINES - 0.0%
307,700
* ITAUSA Investimentos Itau PR
TOTAL BRAZIL
3,700,445
3,700,445
*,m Ayala Land, Inc (Preferred B)
TOTAL PHILIPPINES
653
653
TOTAL PREFERRED STOCKS
(Cost $4,157,109)
3,701,098
CHINA - 0.0%
154,225
China Resources Beer Holdings Co Ltd
TOTAL CHINA
INDIA - 0.1%
158,766
THAILAND - 0.0%
406,300
62,021
62,021
Tata Motors Ltd (DVR)
TOTAL INDIA
769,126
769,126
Banpu PCL
TOTAL THAILAND
116,069
116,069
(Cost $711,957)
947,216
ISSUER
PRINCIPAL
$
1,950,000
RATE
0.150%
288
MATURITY
DATE
08/01/16
1,950,000
1,950,000
COMPANY
SHARES
41,460,997
VALUE
(Cost $43,410,997)
(Cost $1,590,963,717)
NET ASSETS - 100.0%
$
41,460,997
41,460,997
43,410,997
1,544,635,311
$
(37,475,037)
1,507,160,274
Abbreviation(s):
DVR Differential Voting Rights
ETF Exchange Traded Fund
GDR Global Depositary Receipt
*
c
e
g
0.3% of net assets.
289
TIAA-CREF FUNDS
EMERGING MARKETS EQUITY INDEX FUND
July 31, 2016
SECTOR
FINANCIALS
CONSUMER STAPLES
ENERGY
MATERIALS
INDUSTRIALS
UTILITIES
HEALTH CARE
$
NET ASSETS
$
290
VALUE
406,665,931
327,631,765
151,366,565
117,997,316
100,322,700
97,356,234
96,795,465
88,610,870
76,471,252
38,006,216
43,410,997
(37,475,037)
1,507,160,274
% OF
NET ASSETS
27.0%
21.7
10.0
7.8
6.7
6.5
6.4
5.9
5.1
2.5
2.9
(2.5)
100.0%
TIAA-CREF FUNDS - International Equity Index Fund
TIAA-CREF FUNDS
INTERNATIONAL EQUITY INDEX FUND
July 31, 2016
SHARES
COMPANY
VALUE
AUSTRALIA - 7.4%
387,878
1,443,724
673,765
1,712,854
646,854
314,152
335,672
1,049,117
1,694,136
111,980
216,511
261,049
1,864,412
1,226,478
433,183
916,656
156,788
325,861
64,599
323,299
33,287
991,542
264,683
214,796
268,762
559,091
35,635
1,333,977
33,147
904,478
1,032,462
328,233
1,011,687
995,567
1,410,953
314,167
1,027,652
178,040
1,601,226
2,132,954
1,531,198
446,753
793,900
213,876
AGL Energy Ltd
e Alumina Ltd
Amcor Ltd
AMP Ltd
APA Group
Aristocrat Leisure Ltd
m Asciano Group
AusNet Services
Australian Stock Exchange Ltd
Bank of Queensland Ltd
Bendigo Bank Ltd
BHP Billiton Ltd
BHP Billiton plc
Boral Ltd
Brambles Ltd
Challenger Financial Services Group Ltd
CIMIC Group Ltd
Cochlear Ltd
Computershare Ltd
Crown Resorts Ltd
CSL Ltd
Dexus Property Group
Domino’s Pizza Enterprises Ltd
DUET Group (ASE Exchange)
e Flight Centre Travel Group Ltd
GPT Group (ASE)
Harvey Norman Holdings Ltd
Healthscope Ltd
Incitec Pivot Ltd
Insurance Australia Group Ltd
Lend Lease Corp Ltd
Macquarie Group Ltd
Medibank Pvt Ltd
Mirvac Group
National Australia Bank Ltd
* Newcrest Mining Ltd
Oil Search Ltd
e Orica Ltd
$
291
6,072,535
1,459,724
7,699,893
7,578,238
4,783,658
3,812,838
2,334,110
1,411,670
33,331,207
4,235,123
1,741,822
2,017,121
27,634,647
15,464,082
2,265,363
9,377,124
3,965,019
2,356,267
1,436,751
2,261,645
3,363,025
58,368,710
1,787,132
2,140,586
24,101,136
4,152,190
2,041,567
2,730,758
812,325
3,084,840
4,403,463
1,207,516
2,278,551
2,179,782
6,489,696
3,206,552
5,893,987
10,080,106
3,737,639
3,568,240
30,954,894
8,701,207
4,350,425
2,309,190
SHARES
1,021,288
143,667
311,237
795,198
1,215,310
81,598
31,274
936,436
3,134,534
192,566
227,887
3,107,269
1,383,065
745,151
633,619
478,385
833,452
2,477,609
193,780
1,183,574
432,400
1,942,350
298,294
653,613
1,136,120
1,936,478
429,991
738,163
AUSTRIA - 0.2%
42,332
162,286
69,565
83,228
68,947
65,531
BELGIUM - 1.3%
117,243
466,790
88,861
39,552
46,020
144,643
42,752
29,985
74,172
54,830
COMPANY
VALUE
Origin Energy Ltd
e Platinum Asset Mangement Ltd
Qantas Airways Ltd
QBE Insurance Group Ltd
QR National Ltd
Ramsay Health Care Ltd
REA Group Ltd
Santos Ltd
Scentre Group
Seek Ltd
Sonic Healthcare Ltd
* South32 Ltd
Stockland Trust Group
Suncorp-Metway Ltd
Sydney Airport
Tabcorp Holdings Ltd
Tattersall’s Ltd
Telstra Corp Ltd
TPG Telecom Ltd
Transurban Group (ASE)
Treasury Wine Estates Ltd
Vicinity Centres
Vocus Communications Ltd
Wesfarmers Ltd
Westfield Corp
Woodside Petroleum Ltd
Woolworths Ltd
TOTAL AUSTRALIA
$
Andritz AG.
Erste Bank der Oesterreichischen Sparkassen AG.
*,e,m Immoeast AG.
OMV AG.
* Raiffeisen International Bank Holding AG.
Voestalpine AG.
TOTAL AUSTRIA
4,306,451
661,964
747,260
6,637,171
4,809,183
4,888,184
1,553,085
3,201,185
12,633,643
2,450,290
3,981,013
4,381,509
5,307,768
7,607,046
3,648,803
1,780,014
2,615,762
10,867,039
1,894,285
11,308,591
3,176,137
5,118,380
2,028,468
21,377,165
9,235,750
45,821,589
8,783,600
13,154,890
537,158,579
2,158,310
4,300,820
0
2,223,072
909,739
2,310,983
11,902,924
Ageas
Anheuser-Busch InBev NV
Belgacom S.A.
Colruyt S.A.
Groupe Bruxelles Lambert S.A.
KBC Groep NV
Solvay S.A.
* Telenet Group Holding NV
UCB S.A.
Umicore
TOTAL BELGIUM
3,941,557
60,305,599
2,773,872
2,206,281
3,882,250
7,518,757
4,437,893
1,422,084
5,803,509
3,172,444
95,464,246
292
SHARES
CHILE - 0.0%
223,436
CHINA - 0.0%
1,161,500
DENMARK - 1.9%
2,205
3,710
61,801
56,955
70,298
408,474
112,251
32,876
96,955
1,077,155
135,301
67,456
477,827
65,376
130,105
83,845
FINLAND - 1.0%
82,164
258,799
195,691
64,479
73,510
3,351,678
67,633
59,611
258,674
322,664
308,839
85,186
FRANCE - 9.4%
102,088
17,358
199,893
88,547
38,980
50,758
1,126,419
615,085
537,974
118,832
153,613
COMPANY
VALUE
e Antofagasta plc
TOTAL CHILE
$
Yangzijiang Shipbuilding
TOTAL CHINA
1,478,875
1,478,875
757,845
757,845
AP Moller - Maersk AS (Class A)
AP Moller - Maersk AS (Class B)
Carlsberg AS (Class B)
Christian Hansen Holding
Coloplast AS
Danske Bank AS
DSV AS
* Genmab AS
ISS A.S.
Novo Nordisk AS
Novozymes AS
Pandora AS
TDC AS
Tryg A.S.
* William Demant Holding A.S.
TOTAL DENMARK
2,883,004
5,040,066
6,137,649
3,581,961
5,508,897
11,108,489
4,998,368
5,960,709
3,739,689
61,253,800
6,640,479
8,786,218
2,515,730
1,218,691
9,095,747
1,712,132
140,181,629
Elisa Oyj (Series A)
Fortum Oyj
Kone Oyj (Class B)
Metso Oyj
Neste Oil Oyj
Nokia Oyj (Turquoise)
Nokian Renkaat Oyj
Orion Oyj (Class B)
Sampo Oyj (A Shares)
Stora Enso Oyj (R Shares)
UPM-Kymmene Oyj
Wartsila Oyj (B Shares)
TOTAL FINLAND
2,980,953
4,299,182
9,915,453
1,789,224
2,789,667
19,337,494
2,514,252
2,442,121
10,715,218
2,931,235
6,369,029
3,698,000
69,781,828
Accor S.A.
Aeroports de Paris
Air Liquide
* Alstom RGPT
Arkema
Atos Origin S.A.
AXA S.A.
BNP Paribas
Bollore
Bouygues S.A.
Bureau Veritas S.A.
4,273,830
1,846,327
21,310,874
2,180,427
3,329,443
4,975,583
22,925,274
30,510,851
1,947,829
3,520,146
3,338,455
293
COMPANY
SHARES
94,202
321,617
32,367
32,466
112,251
276,294
612,224
73,831
120,257
32,919
150,003
119,234
23,939
341,767
101,482
20,468
1,152,999
847,364
23,847
342,214
266,899
15,731
21,355
15,392
20,331
32,156
43,716
44,006
125,921
67,170
153,608
146,939
161,797
105,632
551,350
65,185
123,095
278,946
109,735
13,188
111,552
172,120
181,364
682,184
323,778
92,159
16,382
444,682
54,518
185,922
62,174
61,186
1,282,265
*
*
e
*
VALUE
Cap Gemini S.A.
Carrefour S.A.
Casino Guichard Perrachon S.A.
Christian Dior S.A.
CNP Assurances
Credit Agricole S.A.
Dassault Systemes S.A.
Edenred
Eiffage S.A.
Electricite de France
Eurazeo
European Aeronautic Defence and Space Co
Eutelsat Communications
Fonciere Des Regions
France Telecom S.A.
Gaz de France
Gecina S.A.
Groupe Danone
Groupe Eurotunnel S.A.
Hermes International
Icade
Iliad S.A.
Imerys S.A.
Ingenico
JC Decaux S.A.
Kering
Klepierre
Lagardere S.C.A.
Legrand S.A.
L’Oreal S.A.
LVMH Moet Hennessy Louis Vuitton S.A.
Michelin (C.G.D.E.) (Class B)
Natixis
Numericable-SFR SAS
Pernod-Ricard S.A.
Peugeot S.A.
Publicis Groupe S.A.
Remy Cointreau S.A.
Renault S.A.
Rexel S.A.
Safran S.A.
Sanofi-Aventis
SCOR SE
Societe BIC S.A.
Societe Generale
Sodexho Alliance S.A.
Suez Environnement S.A.
Technip S.A.
Thales S.A.
Total S.A.
$
294
9,055,032
8,057,441
1,754,246
5,871,921
1,715,008
11,729,293
5,423,269
6,098,294
2,728,132
2,530,986
1,963,416
15,272,378
1,530,516
20,161,879
2,018,156
1,925,992
17,695,124
13,947,239
3,614,330
26,245,651
2,773,807
6,770,091
1,647,504
2,991,390
1,443,174
3,525,341
1,494,201
8,363,269
6,038,026
1,715,941
8,475,700
27,919,055
27,706,491
10,796,412
2,273,506
1,541,215
14,064,974
4,213,176
8,171,459
1,153,472
9,753,450
2,559,739
12,328,435
58,103,850
21,124,306
2,692,301
2,421,254
15,160,864
6,385,737
3,017,393
3,485,938
5,572,798
61,669,028
SHARES
57,247
137,781
261,382
290,781
675,949
16,872
119,306
GERMANY - 8.7%
109,409
265,315
25,622
533,358
480,029
192,035
31,158
58,467
89,584
621,124
63,800
43,940
558,950
270,090
800,436
2,205
110,019
132,383
563,232
1,871,394
194,246
1,161,270
81,232
23,486
126,706
237,324
39,599
105,132
35,123
81,035
61,583
102,948
11,649
39,227
656,406
111,972
52,168
107,732
23,243
75,031
101,798
96,834
51,663
COMPANY
VALUE
Unibail-Rodamco
Valeo S.A.
Veolia Environnement
Vinci S.A.
Wendel
Zodiac S.A.
TOTAL FRANCE
$
Adidas-Salomon AG.
Allianz AG.
Axel Springer AG.
BASF SE
Bayer AG.
Bayerische Motoren Werke AG. (Preference)
Beiersdorf AG.
Brenntag AG.
Commerzbank AG.
Continental AG.
g Covestro AG.
Daimler AG. (Registered)
Deutsche Annington Immobilien SE
Deutsche Bank AG.
Deutsche Boerse AG.
Deutsche Lufthansa AG.
Deutsche Post AG.
Deutsche Telekom AG.
Deutsche Wohnen AG.
E.ON AG.
Evonik Industries AG.
Fraport AG. Frankfurt Airport Services Worldwide
Fresenius Medical Care AG.
Fresenius SE
Fuchs Petrolub AG. (Preference)
GEA Group AG.
Hannover Rueckversicherung AG.
Henkel KGaA
Hochtief AG.
Hugo Boss AG.
Infineon Technologies AG.
e K&S AG.
Lanxess AG.
Linde AG.
MAN AG.
Merck KGaA
Metro AG.
Muenchener Rueckver AG.
Osram Licht AG.
15,772,804
7,068,322
5,792,989
22,100,865
13,272,731
1,802,089
2,686,455
675,346,894
17,972,815
38,015,577
1,404,278
41,896,112
51,602,082
16,546,518
2,258,302
5,492,967
4,450,177
4,099,956
13,379,965
2,053,893
37,999,698
10,708,351
10,764,513
185,135
9,200,497
1,573,594
16,809,128
31,837,221
7,272,344
12,454,467
2,533,921
1,284,473
11,573,000
17,727,571
1,672,068
5,613,419
3,592,535
6,864,540
6,684,990
12,827,916
1,527,646
2,327,953
10,881,884
2,340,441
2,464,912
15,482,674
2,437,184
8,286,118
3,275,183
16,149,085
2,687,886
295
SHARES
89,046
127,078
284,701
570,645
95,733
443,989
71,586
460,763
212,947
289,168
69,752
18,791
107,879
49,764
HONG KONG - 3.3%
6,995,400
139,700
689,319
2,129,500
673,000
391,000
1,564,836
1,565,836
953,500
1,199,750
1,371,000
1,280,000
441,400
691,142
1,555,500
1,555,640
4,378,273
803,000
666,646
676,600
2,893,900
371,792
142,600
369,623
3,336,600
1,302,991
110,300
924,428
3,222,581
6,471,798
860,341
2,305,959
1,405,600
748,192
1,773,143
1,061,000
COMPANY
VALUE
Porsche AG.
RWE AG.
SAP AG.
Schaeffler AG.
Siemens AG.
Symrise AG.
Telefonica Deutschland Holding AG.
ThyssenKrupp AG.
TUI AG. (DI)
United Internet AG.
Volkswagen AG.
Volkswagen AG. (Preference)
*,g Zalando SE
TOTAL GERMANY
$
AIA Group Ltd
ASM Pacific Technology
e Bank of East Asia Ltd
BOC Hong Kong Holdings Ltd
Cathay Pacific Airways Ltd
Cheung Kong Infrastructure Holdings Ltd
Cheung Kong Property Holdings Ltd
CK Hutchison Holdings Ltd
CLP Holdings Ltd
First Pacific Co
Galaxy Entertainment Group Ltd
Hang Lung Properties Ltd
Hang Seng Bank Ltd
Henderson Land Development Co Ltd
e,g HK Electric Investments & HK Electric Investments Ltd
HKT Trust and HKT Ltd
Hong Kong & China Gas Ltd
Hong Kong Electric Holdings Ltd
Hong Kong Exchanges and Clearing Ltd
Hongkong Land Holdings Ltd
Hutchison Port Holdings Trust
Hysan Development Co Ltd
Jardine Matheson Holdings Ltd
Kerry Properties Ltd
Li & Fung Ltd
Link REIT
MTR Corp
New World Development Co Ltd
e Noble Group Ltd
NWS Holdings Ltd
PCCW Ltd
Sands China Ltd
Shangri-La Asia Ltd
Sino Land Co
SJM Holdings Ltd
296
4,656,594
5,821,029
5,064,014
49,944,782
1,397,136
48,193,424
5,047,734
1,881,311
4,883,414
3,764,638
3,087,049
2,778,687
15,177,849
1,886,895
629,797,545
43,575,673
1,039,927
2,853,604
7,011,369
1,094,506
3,461,437
11,228,806
18,353,052
9,937,274
933,088
4,570,674
2,773,995
7,901,847
4,125,568
1,490,080
2,458,258
8,141,039
7,871,720
16,504,943
4,341,225
1,376,926
1,714,526
8,481,058
1,013,657
1,671,704
9,734,819
1,539,788
5,235,538
3,755,580
788,018
1,410,825
1,680,056
5,378,085
804,998
3,172,605
665,127
COMPANY
SHARES
837,186
311,000
720,800
793,000
3,349,000
785,762
467,000
424,500
IRELAND - 0.7%
99,255
15,616,186
477,578
557,223
67,097
256,356
91,807
46,061
40,148
10,577
ISRAEL - 0.7%
24,275
610,661
820,416
1,196,946
76,451
291,989
79,939
35,590
533,283
ITALY - 1.8%
677,464
237,431
7,371,183
544,472
525,038
4,431,997
1,477,451
63,771
71,531
235,512
642,841
97,747
332,134
307,668
113,336
3,368,347
1,426,726
VALUE
Sun Hung Kai Properties Ltd
Swire Pacific Ltd (Class A)
Swire Properties Ltd
Techtronic Industries Co
g WH Group Ltd
Wharf Holdings Ltd
Wheelock & Co Ltd
TOTAL HONG KONG
$
* Bank of Ireland
CRH plc
Experian Group Ltd
*,m Irish Bank Resolution Corp Ltd
James Hardie Industries NV
Paddy Power plc
Ryanair Holdings plc
Ryanair Holdings plc (ADR)
TOTAL IRELAND
3,623,800
3,228,797
14,573,384
10,899,576
0
4,253,499
7,855,439
5,402,296
534,091
748,534
51,119,416
Azrieli Group
Bank Hapoalim Ltd
* Bank Leumi Le-Israel
Bezeq Israeli Telecommunication Corp Ltd
Israel Chemicals Ltd
Mizrahi Tefahot Bank Ltd
Nice Systems Ltd
Teva Pharmaceutical Industries Ltd
TOTAL ISRAEL
e
e
*
g
*
12,012,321
3,726,981
2,011,308
3,358,144
2,644,718
5,430,391
2,504,241
1,724,953
241,504,452
1,068,235
3,112,926
2,956,242
2,375,514
5,877,553
1,175,996
971,049
2,445,427
29,187,933
49,170,875
Assicurazioni Generali S.p.A.
Autostrade S.p.A.
Banca Intesa S.p.A.
Banche Popolari Unite Scpa
Enel S.p.A.
ENI S.p.A.
Exor S.p.A.
Ferrari NV
Finmeccanica S.p.A.
Fondiaria-Sai S.p.A
Luxottica Group S.p.A.
Mediobanca S.p.A.
Poste Italiane S.p.A
Prysmian S.p.A.
Saipem S.p.A.
Snam Rete Gas S.p.A.
8,924,515
5,939,632
16,265,679
1,137,351
1,613,008
20,398,566
22,664,131
2,488,410
3,238,234
2,690,413
1,078,513
4,751,871
2,328,551
2,143,777
2,654,019
1,475,837
8,258,709
297
SHARES
3,480,873
5,875,479
874,685
2,953,811
JAPAN - 23.1%
18,800
236,800
379,400
60,600
67,500
87,000
110,000
322,100
110,000
682,000
108,000
197,800
673,000
224,300
583,000
733,000
91,700
1,225,600
180,000
40,500
377,800
135,700
45,800
619,800
130,700
83,700
408,000
372,500
131,458
98,900
158,900
684,700
85,900
60,900
316,000
167,200
110,000
625,700
349,700
136,200
41,500
328,500
956,000
282,100
124,700
69,400
COMPANY
VALUE
Telecom Italia RSP
* Telecom Italia S.p.A.
Terna Rete Elettrica Nazionale S.p.A.
UniCredit S.p.A
TOTAL ITALY
$
ABC-Mart, Inc
*,e Acom Co Ltd
Aeon Co Ltd
AEON Financial Service Co Ltd
Aeon Mall Co Ltd
Air Water, Inc
Aisin Seiki Co Ltd
Ajinomoto Co, Inc
All Nippon Airways Co Ltd
Alps Electric Co Ltd
Amada Co Ltd
Aozora Bank Ltd
Asahi Breweries Ltd
Asahi Glass Co Ltd
Asahi Kasei Corp
Asics Corp
Bank of Kyoto Ltd
Benesse Holdings Inc
Bridgestone Corp
Brother Industries Ltd
Calbee, Inc
Canon, Inc
Casio Computer Co Ltd
Chiba Bank Ltd
Chubu Electric Power Co, Inc
Chugai Pharmaceutical Co Ltd
Chugoku Bank Ltd
* Chugoku Electric Power Co, Inc
* Concordia Financial Group Ltd
Credit Saison Co Ltd
*,e CYBERDYNE, Inc
Dai Nippon Printing Co Ltd
Daicel Chemical Industries Ltd
m Daihatsu Motor Co Ltd
Dai-ichi Mutual Life Insurance Co
Daiichi Sankyo Co Ltd
Daikin Industries Ltd
Daito Trust Construction Co Ltd
Daiwa Securities Group, Inc
Denso Corp
Dentsu, Inc
Don Quijote Co Ltd
2,426,708
5,020,531
4,764,678
7,246,522
127,509,655
1,203,101
1,120,213
5,451,665
1,395,442
906,859
1,479,293
5,026,624
8,222,224
2,411,529
1,946,795
2,405,517
2,155,665
2,469,509
7,614,371
3,349,190
5,540,393
1,682,803
20,420,613
1,211,688
978,423
13,083,568
1,542,101
1,999,694
17,589,602
1,860,488
15,557,597
1,950,213
5,472,637
4,912,773
1,114,061
1,995,456
2,910,411
1,430,427
1,173,072
3,528,008
1,875,045
1,602,597
8,084,361
8,339,098
11,811,712
6,968,667
9,211,418
5,365,436
10,922,807
5,957,498
2,723,748
298
COMPANY
SHARES
193,700
146,300
85,600
31,500
113,600
30,800
326,000
341,300
254,100
1,084,000
457,000
255,000
242,400
122,200
81,700
140,200
12,600
148,700
18,200
296,000
36,500
58,200
65,400
40,100
2,805,000
124,900
98,700
946,500
29,400
234,800
51,600
84,300
554,800
191,880
852,000
341,100
867,100
144,700
137,700
68,600
27,600
241,500
268,600
489
759
1,470
638,600
307,600
120,900
352,000
110,800
129,000
1,218,200
*
*
*,e
*
*
*
*
e
*
*
*
*
VALUE
East Japan Railway Co
Eisai Co Ltd
Electric Power Development Co
FamilyMart Co Ltd
Fanuc Ltd
Fast Retailing Co Ltd
Fuji Electric Holdings Co Ltd
Fujifilm Holdings Corp
Fujitsu Ltd
Fukuoka Financial Group, Inc
GungHo Online Entertainment Inc
Hachijuni Bank Ltd
Hakuhodo DY Holdings, Inc
Hamamatsu Photonics KK
Hankyu Hanshin Holdings, Inc
Hikari Tsushin, Inc
Hino Motors Ltd
Hirose Electric Co Ltd
Hiroshima Bank Ltd
Hisamitsu Pharmaceutical Co, Inc
Hitachi Construction Machinery Co Ltd
Hitachi High-Technologies Corp
Hitachi Ltd
Hitachi Metals Ltd
Hokuriku Electric Power Co
Honda Motor Co Ltd
Hoshizaki Electric Co Ltd
Hoya Corp
Idemitsu Kosan Co Ltd
Iida Group Holdings Co Ltd
Inpex Holdings, Inc
Isetan Mitsukoshi Holdings Ltd
Ishikawajima-Harima Heavy Industries Co Ltd
Isuzu Motors Ltd
Itochu Corp
Iyo Bank Ltd
J Front Retailing Co Ltd
Japan Airlines Co Ltd
Japan Airport Terminal Co Ltd
Japan Post Bank Co Ltd
Japan Post Holdings Co Ltd
Japan Prime Realty Investment Corp
Japan Real Estate Investment Corp
Japan Retail Fund Investment Corp
Japan Tobacco, Inc
JFE Holdings, Inc
JGC Corp
Joyo Bank Ltd
JSR Corp
JTEKT Corp
JX Holdings, Inc
$
299
17,768,037
8,554,374
1,967,273
1,854,921
18,994,832
9,939,377
1,438,843
13,039,288
9,116,711
4,500,207
1,746,027
575,242
1,134,011
1,426,219
2,398,572
5,215,904
1,046,632
1,552,892
2,251,207
1,071,886
2,063,759
1,213,972
1,063,622
1,364,290
12,816,390
1,388,610
1,170,771
25,638,609
2,660,408
8,330,899
1,010,250
1,668,957
4,410,560
1,885,413
2,370,680
4,415,582
9,831,051
932,588
1,588,958
2,114,855
1,215,832
2,946,876
3,547,390
2,152,778
4,588,614
3,616,756
24,905,221
4,008,929
1,769,935
1,375,471
1,513,418
1,801,866
4,615,602
SHARES
517,000
85,100
131,000
165,000
411,900
125,900
292,600
823,000
1,093,800
298,000
273,000
335,000
162,000
26,500
85,000
1,036,000
477,300
1,730,000
66,000
535,400
57,300
265,900
17,500
613,200
202,000
59,500
186,400
150,500
244,500
206,700
37,800
154,600
114,600
29,500
65,000
951,200
124,200
34,100
1,280,700
328,600
40,300
98,700
66,700
199,900
33,200
782,900
876,100
1,121,000
727,000
209,000
1,869,000
69,000
660,000
COMPANY
VALUE
Kajima Corp
e Kakaku.com, Inc
Kamigumi Co Ltd
Kaneka Corp
* Kansai Electric Power Co, Inc
Kansai Paint Co Ltd
Kao Corp
KDDI Corp
Keihan Electric Railway Co Ltd
Keihin Electric Express Railway Co Ltd
Keio Corp
Keisei Electric Railway Co Ltd
Keyence Corp
Kikkoman Corp
Kintetsu Corp
Kirin Brewery Co Ltd
* Kobe Steel Ltd
* Koito Manufacturing Co Ltd
Komatsu Ltd
Konami Corp
Konica Minolta Holdings, Inc
Kose Corp
Kubota Corp
Kuraray Co Ltd
Kurita Water Industries Ltd
Kyocera Corp
Kyowa Hakko Kogyo Co Ltd
* Kyushu Electric Power Co, Inc
Kyushu Financial Group, Inc
Lawson, Inc
LIXIL Group Corp
M3, Inc
Mabuchi Motor Co Ltd
* Makita Corp
Marubeni Corp
Marui Co Ltd
Maruichi Steel Tube Ltd
Mazda Motor Corp
*,e McDonald’s Holdings Co Japan Ltd
Mediceo Paltac Holdings Co Ltd
MEIJI Holdings Co Ltd
Minebea Co Ltd
Miraca Holdings, Inc
Mitsubishi Chemical Holdings Corp
Mitsubishi Corp
Mitsubishi Estate Co Ltd
Mitsubishi Gas Chemical Co, Inc
Mitsubishi Heavy Industries Ltd
Mitsubishi Logistics Corp
$
300
3,821,572
1,765,544
1,178,910
1,242,616
3,832,524
2,636,570
15,757,443
2,421,165
33,565,557
2,142,742
2,765,783
3,117,015
2,123,759
18,692,394
3,018,128
4,475,624
8,191,541
1,497,110
3,258,885
10,403,760
2,221,615
2,136,935
1,611,555
8,883,514
2,547,632
1,318,834
8,830,842
2,629,505
2,290,742
1,141,968
2,910,538
2,875,389
3,667,088
1,335,831
4,573,113
4,422,200
1,791,171
1,259,809
12,316,085
4,805,780
1,235,535
1,615,140
6,953,893
1,585,277
1,529,186
4,228,833
15,073,016
13,069,129
13,520,437
1,190,721
7,945,124
960,732
1,734,441
COMPANY
SHARES
399,099
7,404,980
247,300
989,500
530,000
518,000
663,000
294,200
1,924,000
27,400
13,699,507
110,900
64,700
531,000
115,600
1,515,000
100,900
151,600
102,688
121,200
138,500
198,900
65,800
819
245,000
473,000
101,000
93,700
915
469,000
401,600
927,000
1,443,600
115,200
34,100
46,700
96,000
203,600
55,700
2,106,500
72,400
2,041
70,500
263,100
73,100
829,300
72,700
379,700
38,100
337,000
488,000
168,800
111,100
*
*
*
*
*
*
VALUE
Mitsubishi Motors Corp
Mitsubishi UFJ Financial Group, Inc
Mitsubishi UFJ Lease & Finance Co Ltd
Mitsui & Co Ltd
Mitsui Fudosan Co Ltd
Mitsui OSK Lines Ltd
Mitsui Sumitomo Insurance Group Holdings, Inc
Mixi Inc
Mizuho Financial Group, Inc
Nabtesco Corp
Nagoya Railroad Co Ltd
Namco Bandai Holdings, Inc
NEC Corp
Nexon Co Ltd
NGK Insulators Ltd
NGK Spark Plug Co Ltd
NHK Spring Co Ltd
Nidec Corp
Nikon Corp
Nintendo Co Ltd
Nippon Building Fund, Inc
Nippon Electric Glass Co Ltd
Nippon Express Co Ltd
Nippon Meat Packers, Inc
Nippon Paint Co Ltd
Nippon ProLogis REIT, Inc
Nippon Steel Corp
Nippon Yusen Kabushiki Kaisha
Nissan Motor Co Ltd
Nisshin Seifun Group, Inc
Nissin Food Products Co Ltd
Nitori Co Ltd
Nitto Denko Corp
NKSJ Holdings, Inc
NOK Corp
Nomura Holdings, Inc
Nomura Real Estate Master Fund, Inc
Nomura Research Institute Ltd
NSK Ltd
NTT Data Corp
NTT DoCoMo, Inc
NTT Urban Development Corp
Obayashi Corp
Obic Co Ltd
Odakyu Electric Railway Co Ltd
OJI Paper Co Ltd
Olympus Corp
Omron Corp
$
301
1,860,406
37,436,055
995,039
11,592,831
2,241,803
11,212,474
1,412,055
8,476,411
6,393,866
981,552
21,978,467
13,541,072
1,740,382
2,982,942
3,064,127
4,137,260
1,495,833
3,619,303
1,675,836
1,059,219
12,567,636
2,810,610
13,657,946
5,039,475
1,112,221
2,386,018
2,456,140
2,559,793
2,288,203
8,817,002
19,083,933
1,640,552
13,986,276
1,901,659
1,935,876
5,808,198
6,433,998
6,576,140
1,059,126
9,481,686
1,248,621
3,382,387
2,486,580
2,213,062
3,627,450
22,527,385
774,804
4,152,682
2,217,901
3,989,736
2,035,128
5,824,920
3,684,361
SHARES
239,700
23,300
126,800
768,400
1,088,000
302,000
29,500
226,700
60,700
13,300
540,400
164,600
1,269,500
386,700
19,800
53,100
13,900
26,500
214,800
127,640
122,100
106,700
97,600
162,700
236,700
349,700
437,600
333,300
97,800
136,000
12,700
42,800
318,000
225,800
1,056,000
173,800
220,500
303,000
172,900
109,900
33,200
557,800
41,400
733,300
101,600
86,700
34,300
912,009
689,200
93,300
437,700
323,000
287,000
COMPANY
VALUE
Ono Pharmaceutical Co Ltd
* Oracle Corp Japan
ORIX Corp
* Osaka Gas Co Ltd
Osaka Securities Exchange Co Ltd
Otsuka Corp
Otsuka Holdings KK
Park24 Co Ltd
Pola Orbis Holdings, Inc
* Rakuten, Inc
Recruit Holdings Co Ltd
Resona Holdings, Inc
Ricoh Co Ltd
Rinnai Corp
Rohm Co Ltd
Ryohin Keikaku Co Ltd
Sankyo Co Ltd
Santen Pharmaceutical Co Ltd
SBI Holdings, Inc
Secom Co Ltd
Sega Sammy Holdings, Inc
Seibu Holdings, Inc
Seiko Epson Corp
Sekisui Chemical Co Ltd
Sekisui House Ltd
Seven & I Holdings Co Ltd
Seven Bank Ltd
Shikoku Electric Power Co, Inc
Shimadzu Corp
Shimamura Co Ltd
Shimano, Inc
Shimizu Corp
Shin-Etsu Chemical Co Ltd
Shinsei Bank Ltd
Shionogi & Co Ltd
Shiseido Co Ltd
Shizuoka Bank Ltd
Shoei Co Ltd
Showa Shell Sekiyu KK
SMC Corp
Softbank Corp
Sohgo Security Services Co Ltd
Sony Corp
Sony Financial Holdings, Inc
Stanley Electric Co Ltd
Start Today Co Ltd
Sumitomo Corp
e Sumitomo Dainippon Pharma Co Ltd
Sumitomo Electric Industries Ltd
Sumitomo Metal Mining Co Ltd
$
302
8,621,495
1,417,482
8,019,405
10,783,393
4,390,995
4,256,137
1,511,321
10,777,303
2,055,802
1,309,231
6,115,508
6,252,465
5,063,765
3,415,364
1,938,797
2,259,461
3,085,965
964,858
3,571,861
1,382,238
9,197,860
1,168,385
1,711,523
2,862,631
3,442,510
5,826,448
18,170,498
1,138,611
1,021,434
1,968,290
1,852,835
6,693,520
3,241,214
15,408,381
1,584,173
9,014,626
6,177,699
2,248,520
1,793,449
985,638
8,681,121
30,703,775
2,044,456
24,071,954
1,272,779
2,101,860
1,634,569
4,036,522
7,229,114
1,743,922
6,030,146
1,532,455
3,449,704
COMPANY
SHARES
780,300
208,000
98,900
21,800
80,600
100,900
44,900
211,800
91,100
335,700
683,000
613,000
22,000
77,200
176,000
412,800
130,700
71,600
545,000
198,500
71,300
548,000
64,500
225,000
263,100
395,500
832,900
91,200
1,180,000
120,000
615,000
295,100
172,000
297,000
845,000
2,345,000
81,700
96,400
51,400
38,700
94,500
1,550,400
120,900
64,400
21,600
235,300
1,678
125,000
94,800
817,900
51,400
370,100
119,000
*
*
*
*
*
*
e
VALUE
Sumitomo Realty & Development Co Ltd
Sumitomo Rubber Industries, Inc
Sundrug Co Ltd
Suntory Beverage & Food Ltd
Suruga Bank Ltd
Suzuken Co Ltd
Suzuki Motor Corp
Sysmex Corp
T&D Holdings, Inc
Taiheiyo Cement Corp
Taisei Corp
Taisho Pharmaceutical Holdings Co Ltd
Taiyo Nippon Sanso Corp
Takashimaya Co Ltd
Takeda Pharmaceutical Co Ltd
Tanabe Seiyaku Co Ltd
TDK Corp
Teijin Ltd
Terumo Corp
THK Co Ltd
Tobu Railway Co Ltd
Toho Co Ltd
Toho Gas Co Ltd
Tohoku Electric Power Co, Inc
Tokio Marine Holdings, Inc
Tokyo Electric Power Co, Inc
Tokyo Electron Ltd
Tokyo Gas Co Ltd
Tokyo Tatemono Co Ltd
Tokyu Corp
Tokyu Fudosan Holdings Corp
TonenGeneral Sekiyu KK
Toppan Printing Co Ltd
Toray Industries, Inc
Toshiba Corp
Toto Ltd
Toyo Seikan Kaisha Ltd
Toyo Suisan Kaisha Ltd
Toyoda Gosei Co Ltd
Toyota Motor Corp
Toyota Tsusho Corp
Trend Micro, Inc
Tsuruha Holdings, Inc
Uni-Charm Corp
United Urban Investment Corp
USS Co Ltd
West Japan Railway Co
Yahoo! Japan Corp
Yakult Honsha Co Ltd
Yamada Denki Co Ltd
Yamaguchi Financial Group, Inc
$
303
24,734,979
5,381,841
1,395,943
1,891,075
3,504,359
2,300,653
1,432,042
6,486,233
6,310,656
3,423,469
1,951,974
5,512,866
2,408,880
743,082
1,333,444
18,393,648
2,439,813
4,393,109
2,049,815
8,514,613
1,408,716
2,954,803
1,876,508
1,980,077
3,380,080
15,308,708
3,266,852
7,835,392
5,023,147
1,494,174
5,054,328
1,746,130
1,553,881
2,619,540
7,697,862
6,064,202
3,501,211
1,878,094
2,282,835
840,680
4,241,671
86,876,342
2,669,234
2,338,332
2,456,200
4,838,158
3,136,977
2,120,211
5,864,053
3,605,598
2,454,715
1,951,562
1,175,206
SHARES
98,300
164,000
207,800
77,000
150,600
135,000
66,100
JERSEY, C.I. - 0.1%
53,971
JORDAN - 0.0%
83,577
LUXEMBOURG - 0.3%
1,068,447
37,880
22,618
211,154
272,542
MACAU - 0.0%
561,200
905,200
MEXICO - 0.0%
128,543
NETHERLANDS - 4.0%
136,583
1,047,173
143,290
216,606
66,678
213,713
50,862
105,494
46,800
61,610
133,723
2,247,296
742,424
539,688
40,650
183,672
170,694
COMPANY
VALUE
Yamaha Corp
Yamaha Motor Co Ltd
Yamato Transport Co Ltd
Yamazaki Baking Co Ltd
Yaskawa Electric Corp
Yokogawa Electric Corp
Yokohama Rubber Co Ltd
TOTAL JAPAN
$
2,712,666
2,761,144
5,113,515
2,115,396
2,052,451
1,745,269
887,735
1,666,070,086
Randgold Resources Ltd
TOTAL JERSEY, C.I.
6,351,202
6,351,202
TOTAL JORDAN
2,910,206
2,910,206
* ArcelorMittal
Millicom International Cellular S.A.
RTL Group
SES Global S.A.
Tenaris S.A.
TOTAL LUXEMBOURG
6,921,269
2,022,559
1,928,323
4,627,060
3,654,171
19,153,382
MGM China Holdings Ltd
e Wynn Macau Ltd
TOTAL MACAU
815,949
1,475,774
2,291,723
Fresnillo plc
TOTAL MEXICO
3,289,400
3,289,400
g ABN AMRO Group NV (ADR)
Aegon NV
Akzo Nobel NV
* Altice NV (Class A)
* Altice NV (Class B)
ASML Holding NV
Boskalis Westminster
DSM NV
Gemalto NV
Heineken Holding NV
e Heineken NV
ING Groep NV
Koninklijke Philips Electronics NV
Koninklijke Vopak NV
NN Group NV
2,539,940
4,239,931
9,262,678
3,215,488
986,623
23,465,820
1,869,337
6,752,028
3,084,253
5,162,017
12,620,168
25,124,780
17,724,774
14,353,954
2,089,892
4,954,150
14,353,658
304
SHARES
55,843
68,263
2,443,531
2,174,648
1,968,481
173,771
NEW ZEALAND - 0.2%
552,393
422,954
393,321
737,328
398,345
226,151
1,067,638
NORWAY - 0.6%
565,937
113,346
780,296
465,802
231,473
44,049
52,481
646,856
434,121
103,079
PORTUGAL - 0.2%
1,342,399
271,470
147,162
SINGAPORE - 1.3%
1,287,108
1,189,400
1,475,500
1,412,130
242,300
1,247,700
1,019,333
3,422,400
1,544,500
3,800,047
56,109
831,500
1,814,591
568,860
498,300
COMPANY
VALUE
*,e OCI NV
Randstad Holdings NV
Royal Dutch Shell plc (B Shares)
Royal KPN NV
Wolters Kluwer NV
TOTAL NETHERLANDS
$
852,834
2,936,663
63,092,463
57,842,846
6,474,525
7,311,179
290,310,001
Auckland International Airport Ltd
Contact Energy Ltd
* Meridian Energy Ltd
Mighty River Power Ltd
Telecom Corp of New Zealand Ltd
TOTAL NEW ZEALAND
2,945,742
1,651,095
2,753,214
1,491,211
901,274
1,558,326
3,046,229
14,347,091
DNB NOR Holding ASA
Gjensidige Forsikring BA
Norsk Hydro ASA
Orkla ASA
PAN Fish ASA
Schibsted ASA
Schibsted ASA (B Shares)
* Statoil ASA
Telenor ASA
Yara International ASA
TOTAL NORWAY
6,249,742
1,915,039
3,345,758
4,333,236
3,947,794
1,388,720
1,548,308
10,283,363
7,267,859
3,360,505
43,640,324
Energias de Portugal S.A.
TOTAL PORTUGAL
4,604,757
3,718,593
2,464,805
10,788,155
Ascendas REIT
CapitaCommercial Trust
CapitaLand Ltd
CapitaMall Trust
City Developments Ltd
ComfortDelgro Corp Ltd
Genting Singapore plc
Global Logistic Properties
Golden Agri-Resources Ltd
Keppel Corp Ltd
Oversea-Chinese Banking Corp
SembCorp Industries Ltd
e SembCorp Marine Ltd
2,358,726
1,339,057
3,503,333
2,262,688
1,541,970
2,638,116
11,784,350
2,014,866
2,214,842
1,023,657
1,648,468
3,290,262
11,704,996
1,188,954
531,707
305
COMPANY
SHARES
315,133
466,200
936,400
865,400
4,622,703
363,500
1,464,100
749,758
277,223
1,099,800
Singapore Airlines Ltd
Singapore Exchange Ltd
e Singapore Press Holdings Ltd
Singapore Technologies Engineering Ltd
Singapore Telecommunications Ltd
StarHub Ltd
Suntec Real Estate Investment Trust
United Overseas Bank Ltd
UOL Group Ltd
Wilmar International Ltd
TOTAL SINGAPORE
SOUTH AFRICA - 0.1%
216,118
350,974
213,501
SPAIN - 2.9%
373,583
113,252
39,062
254,565
3,777,148
3,102,693
1,973,925
8,380,026
2,640,893
393,660
1,544,911
631,506
358,055
129,435
184,218
277,819
199,688
172,207
13,844
3,158,083
636,184
250,739
643,615
2,598,534
118,535
SWEDEN - 2.7%
170,336
580,698
389,523
225,352
157,834
138,385
VALUE
$
Al Noor Hospitals Group plc
Investec plc
Mondi plc
TOTAL SOUTH AFRICA
g
e
e
e
*,m
2,583,070
2,632,241
2,650,676
2,133,191
14,496,265
1,064,642
1,832,284
10,287,671
1,196,088
2,551,615
90,473,735
3,068,343
2,089,087
4,320,662
9,478,092
Abertis Infraestructuras S.A. (Continuous)
ACS Actividades Construccion y Servicios S.A.
Aena S.A.
Amadeus IT Holding S.A.
Banco Bilbao Vizcaya Argentaria S.A.
Banco de Sabadell S.A.
Banco Popular Espanol S.A.
Banco Santander S.A.
Bankia S.A.
Bankinter S.A.
CaixaBank S.A.
Corp Mapfre S.A.
Distribuidora Internacional de Alimentacion S.A.
Enagas
Endesa S.A.
Ferrovial S.A.
Gas Natural SDG S.A.
Grifols S.A.
Iberdrola S.A.
Iberdrola S.A.
Red Electrica Corp S.A.
Repsol YPF S.A.
Telefonica S.A.
Zardoya Otis S.A.
TOTAL SPAIN
5,876,930
3,247,548
5,634,363
11,952,008
22,050,794
4,242,857
2,764,802
35,575,607
2,026,680
2,745,906
3,879,246
1,545,522
2,233,138
3,946,068
3,869,902
5,750,389
4,130,488
3,775,030
95,123
21,698,968
22,001,622
5,743,122
8,152,417
25,452,135
1,163,405
209,554,070
Alfa Laval AB
Assa Abloy AB
Atlas Copco AB (A Shares)
Atlas Copco AB (B Shares)
Boliden AB
2,684,611
12,739,385
10,934,556
5,762,409
3,473,942
3,749,159
306
SHARES
1,768,374
113,945
551,315
149,818
243,571
47,518
95,220
134,347
264,801
110,140
1,763,142
614,771
181,741
881,253
194,260
229,560
354,878
868,426
525,762
113,951
188,393
1,538,354
894,917
SWITZERLAND - 9.3%
1,139,013
59,531
95,331
51,402
30,518
1,282
302,477
104,682
1,106,705
26,311
5,195
2,227
21,778
5,341
7,103,213
263,733
128,970
31,333
560
59
30,502
1,850,774
1,320,522
21,818
10,070
30,445
407,743
COMPANY
VALUE
Getinge AB (B Shares)
Hennes & Mauritz AB (B Shares)
Hexagon AB (B Shares)
Husqvarna AB (B Shares)
e ICA Gruppen AB
Industrivarden AB
Investment AB Kinnevik (B Shares)
Investor AB (B Shares)
* Lundin Petroleum AB
Nordea Bank AB
Sandvik AB
Securitas AB (B Shares)
Skandinaviska Enskilda Banken AB (Class A)
Skanska AB (B Shares)
SKF AB (B Shares)
Svenska Cellulosa AB (B Shares)
Svenska Handelsbanken AB
Swedbank AB (A Shares)
Swedish Match AB
Tele2 AB
TeliaSonera AB
Volvo AB (B Shares)
TOTAL SWEDEN
$
ABB Ltd
Actelion Ltd
Adecco S.A.
Aryzta AG.
Baloise Holding AG.
Barry Callebaut AG.
Cie Financiere Richemont S.A.
Coca-Cola HBC AG.
Credit Suisse Group
* Dufry Group
EMS-Chemie Holding AG.
Galenica AG.
Geberit AG.
Givaudan S.A.
Glencore Xstrata plc
Holcim Ltd
Julius Baer Group Ltd
Kuehne & Nagel International AG.
Lindt & Spruengli AG.
Lindt & Spruengli AG. (Registered)
Lonza Group AG.
Nestle S.A.
Novartis AG.
Pargesa Holding S.A.
Partners Group
Phonak Holding AG.
Roche Holding AG.
13,187,442
2,309,556
16,648,631
5,909,687
2,090,686
1,589,869
1,602,054
3,426,311
9,120,246
1,825,858
15,709,006
6,587,114
2,990,346
7,726,889
4,129,666
3,636,977
10,550,053
10,441,109
11,038,183
4,156,911
1,591,625
7,019,761
9,535,950
192,167,992
24,195,007
10,544,825
5,232,334
1,931,122
3,434,991
1,675,563
18,388,174
2,164,235
12,726,797
3,027,648
2,842,581
2,870,273
8,398,859
10,969,032
17,531,573
12,540,741
5,288,288
4,394,957
3,292,779
4,168,412
5,744,146
148,307,285
109,528,239
1,519,358
4,605,666
4,167,931
104,083,722
307
SHARES
25,217
12,050
3,161
1,240
374,102
17,741
28,453
19,325
42,257
193,068
14,819
53,921
2,123,191
146,843
87,213
555,860
542,054
122,023
147,683
816,091
817,366
290,034
208,523
733,768
582,130
g
2,345,412
143,634
1,833,423
9,755,541
583,767
75,733
10,730,828
1,082,145
566,484
4,911,343
194,519
258,552
382,344
3,222,845
594,101
1,277,720
125,936
*
954,092
76,149
50,735
1,460,462
785,383
91,980
524,686
e
988,052
COMPANY
VALUE
Schindler Holding AG.
Schindler Holding AG. (Registered)
SGS S.A.
Sika AG.
STMicroelectronics NV
Swatch Group AG.
Swatch Group AG. (Registered)
Swiss Life Holding
Swiss Prime Site AG.
Swiss Re Ltd
Swisscom AG.
Syngenta AG.
UBS AG.
Wolseley plc
TOTAL SWITZERLAND
$
3i Group plc
Aberdeen Asset Management plc
Admiral Group plc
Aggreko plc
ARM Holdings plc
Ashtead Group plc
AstraZeneca plc
Auto Trader Group plc
Aviva plc
Babcock International Group
BAE Systems plc
Barclays plc
BP plc
British American Tobacco plc
British Land Co plc
BT Group plc
Bunzl plc
Burberry Group plc
Capita Group plc
Centrica plc
CNH Industrial NV
Cobham plc
Coca-Cola European Partners plc
Compass Group plc
DCC plc
Diageo plc
Direct Line Insurance Group plc
easyJet plc
Fiat DaimlerChrysler Automobiles NV
GKN plc
4,835,010
2,326,854
6,992,899
5,809,077
2,735,577
4,645,372
1,452,493
4,408,218
3,880,993
16,184,216
7,290,193
21,206,332
29,187,742
8,187,726
20,939,225
673,656,465
4,540,171
2,283,072
3,492,526
2,514,393
8,937,955
18,195,677
4,590,456
7,422,810
49,124,429
2,856,942
12,077,785
1,842,176
12,945,027
19,891,155
3,380,302
2,686,308
60,711,241
69,067,694
5,027,471
26,832,797
6,086,051
4,511,296
4,854,855
10,279,386
4,242,727
2,896,853
4,751,178
18,125,651
3,348,575
4,527,600
41,851,967
3,634,032
1,265,177
3,384,798
3,781,763
308
COMPANY
SHARES
2,826,985
931,466
443,310
149,493
11,427,294
313,244
164,277
556,692
265,924
108,471
472,150
93,661
536,496
2,113,780
771,551
112,262
1,323,608
457,769
3,451,853
37,294,555
181,812
948,922
454,197
407,906
2,176,568
568,582
83,023
2,868,287
479,244
179,451
149,829
85,326
1,492,183
368,421
571,973
643,733
246,405
717,965
1,066,716
2,022,144
523,473
585,678
564,679
625,103
76,623
584,037
444,528
134,789
521,085
597,349
519,847
229,071
304,283
e
g
*
e
VALUE
GlaxoSmithKline plc
Group 4 Securicor plc
Hammerson plc
Hargreaves Lansdown plc
HSBC Holdings plc
ICAP plc
IMI plc
Imperial Tobacco Group plc
Inmarsat plc
InterContinental Hotels Group plc
International Consolidated Airlines Group S.A.
Intertek Group plc
Intu Properties plc
ITV plc
J Sainsbury plc
Johnson Matthey plc
Kingfisher plc
Land Securities Group plc
Lloyds TSB Group plc
London Stock Exchange Group plc
Marks & Spencer Group plc
Meggitt plc
Merlin Entertainments plc
National Grid plc
New Carphone Warehouse plc
Next plc
Old Mutual plc
Pearson plc
Persimmon plc
Petrofac Ltd
Provident Financial plc
Prudential plc
Reed Elsevier NV
Reed Elsevier plc
Rio Tinto Ltd
Rio Tinto plc
Rolls-Royce Group plc
Royal Bank of Scotland Group plc
Royal Mail plc
RSA Insurance Group plc
SABMiller plc
Sage Group plc
Schroders plc
Scottish & Southern Energy plc
Segro plc
Severn Trent plc
Shire Ltd
Sky plc
Smith & Nephew plc
Smiths Group plc
St. James’s Place plc
$
309
63,135,108
2,295,084
3,272,450
2,569,345
74,902,395
1,839,878
2,330,793
29,335,972
2,749,549
4,336,724
2,546,269
4,493,522
2,127,386
5,480,885
2,289,614
4,865,109
5,877,714
6,626,866
9,390,307
26,231,078
6,690,219
4,011,983
2,630,676
2,551,873
31,209,423
2,629,146
5,519,789
7,981,784
5,599,172
4,006,703
1,481,452
3,059,894
26,304,888
35,722,126
10,306,604
12,223,709
9,403,115
23,299,550
11,161,689
5,146,821
3,529,858
3,851,349
32,994,251
5,894,346
2,655,645
11,723,427
2,604,654
4,367,461
33,663,353
7,274,745
8,550,989
3,828,995
3,723,942
SHARES
1,902,800
1,143,560
267,576
1,900,939
4,725,964
141,169
945,519
744,541
393,906
15,417,535
125,555
105,892
510,205
1,289,811
812,754
752,219
COMPANY
VALUE
Standard Chartered plc
Standard Life plc
Tate & Lyle plc
Taylor Wimpey plc
* Tesco plc
Travis Perkins plc
Unilever NV
Unilever plc
United Utilities Group plc
Vodafone Group plc
Weir Group plc
Whitbread plc
William Hill plc
e WM Morrison Supermarkets plc
*,g Worldpay Group plc
WPP plc
$
110,113
Carnival plc
1,429,993
d iShares MSCI EAFE Index Fund
101,865
*,e Mobileye NV
129,016
* Qiagen NV
*,e Taro Pharmaceutical Industries Ltd
8,700
TOTAL UNITED STATES
5,296,475
82,968,194
4,880,352
3,386,781
1,217,653
97,749,455
TOTAL COMMON STOCKS
(Cost $6,930,593,917)
7,194,535,831
AUSTRALIA - 0.0%
m BGP Holdings plc
989,098
TOTAL AUSTRALIA
SPAIN - 0.0%
118,535
15,215,016
4,578,304
2,560,637
3,889,876
9,744,092
2,912,891
43,800,553
34,831,890
5,299,253
46,836,638
2,432,716
5,407,330
2,158,160
3,169,689
3,152,737
16,877,932
1,231,129,689
0
0
Zardoya Otis S.A.
TOTAL SPAIN
47,708
47,708
(Cost $59,058)
47,708
310
ISSUER
PRINCIPAL
d United States Treasury Bill
$
4,300,000
TOTAL TREASURY DEBT
RATE
0.245%
MATURITY
DATE
08/25/16
VALUE
$
COMPANY
SHARES
81,153,581
4,299,459
4,299,459
81,153,581
81,153,581
(Cost $85,452,878)
85,453,040
(Cost $7,016,105,853)
NET ASSETS - 100.0%
7,280,036,579
$
(62,914,046)
7,217,122,533
Abbreviation(s):
*
c
d
e
g
0.3% of net assets.
311
TIAA-CREF FUNDS
INTERNATIONAL EQUITY INDEX FUND
July 31, 2016
SECTOR
FINANCIALS
INDUSTRIALS
CONSUMER STAPLES
HEALTH CARE
MATERIALS
ENERGY
UTILITIES
$
NET ASSETS
$
312
VALUE
1,696,595,121
953,951,267
914,020,359
894,826,667
867,385,734
501,526,897
398,278,042
350,993,102
344,342,580
272,663,770
85,453,040
(62,914,046)
7,217,122,533
% OF
NET ASSETS
23.5%
13.2
12.7
12.4
12.0
6.9
5.5
4.9
4.8
3.8
1.2
(0.9)
100.0%
TIAA-CREF FUNDS - Emerging Markets Debt Fund
TIAA-CREF FUNDS
EMERGING MARKETS DEBT FUND
July 31, 2016
ISSUER
PRINCIPAL
RATE
MATURITY
DATE
VALUE
BONDS - 96.6%
CORPORATE BONDS - 41.0%
ARGENTINA - 1.7%
$
1,500,000
1,200,000
1,200,000
g Arcor SAIC
g,i YPF S.A.
g YPF S.A.
TOTAL ARGENTINA
6.000%
31.354
8.500
07/06/23
07/07/20
03/23/21
4.750
6.950
03/13/23
03/18/30
658,936
1,764,430
2,423,366
Caixa Economica Federal
GTL Trade Finance, Inc
Marfrig Holdings Europe BV
Odebrecht Finance Ltd
Odebrecht Offshore Drilling Finance Ltd
Odebrecht Offshore Drilling Finance Ltd
Oi S.A.
Oi S.A.
Petrobras Global Finance BV
Petrobras Global Finance BV
Petrobras International Finance Co
g Samarco Mineracao S.A.
TOTAL BRAZIL
7.250
5.893
8.000
4.375
6.625
6.750
9.750
5.750
4.875
8.375
5.750
5.375
07/23/24
04/29/24
06/08/23
04/25/25
10/01/22
10/01/22
09/15/16
02/10/22
03/17/20
05/23/21
01/20/20
09/26/24
454,375
985,687
1,232,640
640,000
28,365
50,656
120,852
231,000
608,819
1,374,425
1,122,863
426,250
7,275,932
g Corp Nacional del Cobre de Chile-CODELCO
g Empresa Electrica Angamos S.A.
g ENTEL Chile S.A.
TOTAL CHILE
4.500
4.875
4.750
09/16/25
05/25/29
08/01/26
1,180,472
1,331,111
1,021,546
3,533,129
g Golden Eagle Retail Group Ltd
g Semiconductor Manufacturing International Corp
TOTAL CHINA
4.625
4.125
05/21/23
10/07/19
934,500
1,139,206
2,073,706
g Banco de Bogota S.A.
Ecopetrol S.A.
g GrupoSura Finance S.A.
g Pacific Rubiales Energy Corp
6.250
5.375
5.500
5.375
05/12/26
06/26/26
04/29/26
01/26/19
1,266,000
1,085,920
1,939,500
49,500
AZERBAIJAN - 1.0%
700,000
1,700,000
State Oil Co of the Azerbaijan Republic
State Oil Co of the Azerbaijan Republic
TOTAL AZERBAIJAN
$
1,567,170
1,305,000
1,287,000
4,159,170
BRAZIL - 2.9%
BRL
$
500,000
1,050,000
1,200,000
2,000,000
177,280
316,601
2,305,000
1,100,000
625,000
1,300,000
1,125,000
1,100,000
g,i
g
g
g
g
g
g
g,q
CHILE - 1.4%
1,100,000
1,300,000
1,000,000
CHINA - 0.8%
1,050,000
1,100,000
COLOMBIA - 1.8%
1,200,000
1,100,000
1,800,000
300,000
313
ISSUER
PRINCIPAL
$
1,100,000
COSTA RICA - 0.8%
1,800,000
CROATIA - 0.4%
1,000,000
RATE
MATURITY
DATE
VALUE
g Pacific Rubiales Energy Corp
TOTAL COLOMBIA
5.625%
01/19/25
g Banco Nacional de Costa Rica
TOTAL COSTA RICA
5.875
04/25/21
1,878,750
1,878,750
g Hrvatska Elektroprivreda
TOTAL CROATIA
5.875
10/23/22
1,070,224
1,070,224
Adani Transmission Ltd
Bharti Airtel International Netherlands BV
Bharti Airtel Ltd
Export-Import Bank of India
ICICI Bank Ltd
Reliance Holdings USA
TOTAL INDIA
4.000
5.125
4.375
3.375
4.000
5.400
08/03/26
03/11/23
06/10/25
08/05/26
03/18/26
02/14/22
1,293,135
1,091,648
529,691
1,605,432
1,133,503
1,129,284
6,782,693
Golden Legacy Pte Ltd
Indo Energy Finance II BV
Pelabuhan Indonesia II PT
Pertamina Persero PT
Pertamina Persero PT
Perusahaan Listrik Negara PT
Perusahaan Listrik Negara PT
TOTAL INDONESIA
8.250
6.375
4.250
4.300
6.500
5.500
5.250
06/07/21
01/24/23
05/05/25
05/20/23
05/27/41
11/22/21
10/24/42
2,329,241
1,368,853
1,013,750
1,161,782
1,141,884
1,186,198
1,208,124
9,409,832
g Digicel Group Ltd
TOTAL JAMAICA
7.125
04/01/22
1,154,580
1,154,580
g Kazakhstan Temir Zholy Finance BV
g Tengizchevroil Finance Co International Ltd
TOTAL KAZAKHSTAN
6.950
4.000
07/10/42
08/15/26
1,780,750
1,420,523
3,201,273
g Millicom International Cellular S.A.
TOTAL LUXEMBOURG
6.000
03/15/25
1,186,311
1,186,311
4.400
03/09/23
861,461
861,461
6.450
4.375
12/05/22
10/14/25
1,303,719
1,060,000
$
176,000
4,516,920
INDIA - 2.7%
1,300,000
1,000,000
500,000
1,600,000
1,100,000
1,000,000
g
g
g
g,h
g
g
INDONESIA - 3.8%
2,200,000
2,100,000
1,000,000
1,130,000
1,000,000
1,075,000
1,200,000
g
g
g
g
g
g
g
JAMAICA - 0.5%
1,400,000
KAZAKHSTAN - 1.3%
1,700,000
1,425,000
LUXEMBOURG - 0.5%
1,150,000
MALAYSIA - 0.4%
1,000,000
MEXICO - 6.4%
MXN
25,450,000
$
1,000,000
1MDB Global Investments Ltd
TOTAL MALAYSIA
America Movil SAB de C.V.
g Banco Nacional de Comercio Exterior SNC
314
ISSUER
PRINCIPAL
$
1,150,000
1,300,000
1,800,000
1,200,000
975,000
750,000
1,150,000
1,200,000
650,000
1,200,000
1,200,000
VALUE
09/30/22
11/12/29
04/16/26
01/15/24
01/31/46
06/15/35
01/30/23
08/04/26
06/17/31
11/07/21
01/30/26
g OCP S.A.
g OCP S.A.
TOTAL MOROCCO
4.500
6.875
10/22/25
04/25/44
1,106,182
1,331,806
2,437,988
g Aeropuerto Internacional de Tocumen S.A.
TOTAL PANAMA
5.625
05/18/36
1,342,250
1,342,250
1,250,000
1,000,000
1,300,000
1,750,000
g
g
g
g
Banco de Credito del Peru
Corp Lindley S.A.
Kallpa Generacion S.A.
Union Andina de Cementos SAA
TOTAL PERU
4.250
4.625
4.875
5.875
04/01/23
04/12/23
05/24/26
10/30/21
1,347,000
1,037,500
1,365,000
1,824,375
5,573,875
RUSSIA - 2.2%
1,800,000
1,000,000
1,250,000
1,100,000
g
g
g
g
GTH Finance BV
LUKOIL International Finance BV
Novolipetsk Steel via Steel Funding Ltd
Sberbank of Russia Via SB Capital S.A.
TOTAL RUSSIA
7.250
4.563
4.500
6.125
04/26/23
04/24/23
06/15/23
02/07/22
1,890,000
1,012,500
1,235,937
1,198,890
5,337,327
SOUTH AFRICA - 2.3%
1,200,000
1,100,000
1,150,000
2,300,000
g
g
g
g
Eskom Holdings SOC Ltd
Eskom Holdings SOC Ltd
Gold Fields Orogen Holding BVI Ltd
Transnet SOC Ltd
TOTAL SOUTH AFRICA
5.750
7.125
4.875
4.000
01/26/21
02/11/25
10/07/20
07/26/22
1,191,240
1,122,176
1,161,500
2,242,776
5,717,692
5.150
09/10/19
1,801,044
1,801,044
4.950
03/01/19
1,294,768
1,294,768
PANAMA - 0.5%
1,300,000
g
g
g
g
BBVA Bancomer S.A.
BBVA Bancomer S.A.
Cemex SAB de C.V.
Comision Federal de Electricidad
Grupo Televisa SAB
Pemex Project Funding Master Trust
Petroleos Mexicanos
Petroleos Mexicanos
Poinsettia Finance Ltd
Sixsigma Networks Mexico S.A. de C.V.
Trust F/1401
TOTAL MEXICO
MATURITY
DATE
6.750%
5.350
7.750
4.875
6.125
6.625
3.500
6.875
6.625
8.250
5.250
MOROCCO - 1.0%
1,100,000
1,200,000
g
g,i
g
g
RATE
$
1,310,425
1,326,000
1,998,000
1,284,000
1,133,886
775,463
1,089,625
1,347,000
662,510
1,200,000
1,261,500
15,752,128
PERU - 2.2%
SRI LANKA - 0.7%
1,800,000
SUPRANATIONAL - 0.5%
IDR 18,100,000,000
g National Savings Bank
TOTAL SRI LANKA
European Investment Bank
TOTAL SUPRANATIONAL
315
ISSUER
PRINCIPAL
RATE
TRINIDAD AND TOBAGO - 0.2%
$
600,000
g Petroleum Co of Trinidad & Tobago Ltd
TOTAL TRINIDAD AND TOBAGO
TURKEY - 3.6%
1,500,000
1,200,000
1,200,000
1,300,000
1,200,000
1,300,000
1,400,000
UKRAINE - 0.4%
1,100,000
1,200,000
VENEZUELA - 0.5%
3,175,000
g
g
g
g
g
g
g
MATURITY
DATE
VALUE
6.000%
05/08/22
5.125
3.375
5.000
5.250
4.875
5.000
5.375
03/31/25
11/01/22
04/03/23
03/15/23
06/19/24
07/13/21
10/06/21
1,451,625
1,079,316
1,167,000
1,322,750
1,185,264
1,251,380
1,380,750
8,838,085
8.250
04/02/20
1,039,500
1,039,500
Plains Exploration & Production Co
TOTAL UNITED STATES
6.875
02/15/23
1,161,000
1,161,000
Petroleos de Venezuela S.A.
TOTAL VENEZUELA
5.375
04/12/27
1,159,700
1,159,700
Akbank TAS
Anadolu Efes Biracilik Ve Malt Sanayii AS.
Arcelik AS.
KOC Holding AS.
Turk Telekomunikasyon AS.
Turkiye Halk Bankasi AS.
Turkiye Is Bankasi
TOTAL TURKEY
g MHP S.A.
TOTAL UKRAINE
TOTAL CORPORATE BONDS
(Cost $102,656,122)
$
585,000
585,000
101,567,704
GOVERNMENT BONDS - 55.6%
ANGOLA - 1.2%
3,225,000
ARGENTINA - 3.0%
2,725,000
1,000,000
1,200,000
2,000,000
AZERBAIJAN - 0.9%
1,950,000
g Republic of Angola
TOTAL ANGOLA
9.500
11/12/25
3,072,457
3,072,457
g Argentine Republic Government International Bond
g Provincia de Buenos Aires
Provincia de Buenos Aires
g Provincia de Mendoza Argentina
TOTAL ARGENTINA
6.875
5.750
9.125
8.375
04/22/21
06/15/19
03/16/24
05/19/24
2,932,100
1,025,000
1,323,000
2,070,000
7,350,100
g Southern Gas Corridor CJSC
TOTAL AZERBAIJAN
6.875
03/24/26
2,137,200
2,137,200
5.477
5.333
10.000
07/24/23
02/15/28
01/01/21
716,627
1,413,750
2,069,989
BRAZIL - 3.6%
BRL
768,501
1,500,000
7,150,000
g Brazil Loan Trust
g Brazil Minas SPE via State of Minas Gerais
Brazil Notas do Tesouro Nacional Serie F
316
ISSUER
PRINCIPAL
$
2,760,000
2,300,000
COLOMBIA - 1.0%
2,050,000
RATE
MATURITY
DATE
VALUE
Brazilian Government International Bond
Brazilian Government International Bond
TOTAL BRAZIL
4.250%
5.000
01/07/25
01/27/45
$
2,728,260
2,102,200
9,030,826
Colombia Government International Bond
TOTAL COLOMBIA
6.125
01/18/41
2,352,375
2,352,375
COSTA RICA - 1.1%
2,500,000
g
Costa Rica Government International Bond
TOTAL COSTA RICA
7.158
03/12/45
2,668,750
2,668,750
COTE D’IVOIRE - 0.4%
940,500
g
Ivory Coast Government International Bond (Step Bond)
TOTAL COTE D’IVOIRE
5.750
12/31/32
898,366
898,366
CROATIA - 1.2%
750,000
1,915,000
g
g
Croatia Government International Bond
Croatia Government International Bond
TOTAL CROATIA
6.750
6.375
11/05/19
03/24/21
821,603
2,110,330
2,931,933
10.000
16.000
6.875
7.450
02/24/17
02/10/17
01/29/26
04/30/44
327,114
1,459,600
1,403,125
1,778,400
4,968,239
10.500
03/24/20
2,203,300
2,203,300
DOMINICAN REPUBLIC - 2.0%
DOP
15,000,000
g Dominican Republic Central Bank Notes
65,000,000
g Dominican Republic International Bond
$
1,250,000
1,560,000
TOTAL DOMINICAN REPUBLIC
ECUADOR - 0.9%
2,200,000
g
Ecuador Government International Bond
TOTAL ECUADOR
EGYPT - 0.7%
1,975,000
g
Egypt Government International Bond
TOTAL EGYPT
5.875
06/11/25
1,837,145
1,837,145
EL SALVADOR - 0.8%
2,000,000
g
El Salvador Government International Bond
TOTAL EL SALVADOR
7.650
06/15/35
2,080,000
2,080,000
g,i Citigroup Global Markets Holdings, Inc
g Republic of Ghana
TOTAL GHANA
0.000
8.125
06/28/21
01/18/26
757,018
1,904,364
2,661,382
g
4.750
04/17/19
963,619
963,619
GHANA - 1.1%
GHS
2,965,000
$
2,200,000
GREECE - 0.4%
EUR
958,000
Hellenic Republic Government International Bond
TOTAL GREECE
317
PRINCIPAL
GUATEMALA - 1.3%
$
1,775,000
1,325,000
HUNGARY - 1.4%
3,000,000
INDONESIA - 2.2%
2,355,000
1,000,000
IDR
1,300,000,000
$
1,600,000
JAMAICA - 1.2%
1,000,000
1,675,000
KAZAKHSTAN - 0.6%
1,250,000
KENYA - 0.6%
1,500,000
MALAYSIA - 0.5%
MYR
4,450,000
MEXICO - 0.7%
MXN
32,540,000
MOROCCO - 0.8%
$
1,800,000
NAMIBIA - 0.9%
2,225,000
NIGERIA - 0.3%
750,000
PAKISTAN - 0.5%
1,100,000
ISSUER
RATE
g Guatemala Government International Bond
g Guatemala Government International Bond
TOTAL GUATEMALA
MATURITY
DATE
VALUE
4.500%
4.875
05/03/26
02/13/28
5.750
11/22/23
3,452,250
3,452,250
g Indonesia Government International Bond
g Indonesia Government International Bond
Indonesia Treasury Bond
g Republic of Indonesia
TOTAL INDONESIA
3.375
5.950
8.375
5.250
04/15/23
01/08/46
09/15/26
01/17/42
2,400,654
1,247,224
109,669
1,815,195
5,572,742
Jamaica Government International Bond
Jamaica Government International Bond
TOTAL JAMAICA
6.750
7.875
04/28/28
07/28/45
1,092,500
1,896,937
2,989,437
g Kazakhstan Government International Bond
TOTAL KAZAKHSTAN
6.500
07/21/45
1,475,000
1,475,000
g Kenya Government International Bond
TOTAL KENYA
6.875
06/24/24
1,422,750
1,422,750
Malaysia Government International Bond
TOTAL MALAYSIA
3.955
09/15/25
1,117,523
1,117,523
Mexican Bonos
TOTAL MEXICO
6.500
06/09/22
1,802,190
1,802,190
g Morocco Government International Bond
TOTAL MOROCCO
5.500
12/11/42
2,056,500
2,056,500
g Namibia Government International Bonds
TOTAL NAMIBIA
5.250
10/29/25
2,322,789
2,322,789
g Nigeria Government International Bond
TOTAL NIGERIA
6.375
07/12/23
730,688
730,688
g Pakistan Government International Bond
TOTAL PAKISTAN
7.250
04/15/19
1,176,417
1,176,417
Hungary Government International Bond
TOTAL HUNGARY
318
$
1,872,625
1,450,875
3,323,500
PRINCIPAL
PANAMA - 1.5%
$
1,800,000
1,400,000
PARAGUAY - 1.6%
725,000
2,750,000
ISSUER
RATE
Panama Government International Bond
Panama Government International Bond
TOTAL PANAMA
MATURITY
DATE
VALUE
3.875%
6.700
03/17/28
01/26/36
$
1,935,000
1,895,250
3,830,250
g Paraguay Government International Bond
g Republic of Paraguay
TOTAL PARAGUAY
5.000
6.100
04/15/26
08/11/44
775,750
3,073,125
3,848,875
Peruvian Government International Bond
g Peruvian Government International Bond
l Peruvian Government International Bond
TOTAL PERU
4.125
6.950
5.625
08/25/27
08/12/31
11/18/50
2,414,250
1,766,947
3,168,750
7,349,947
6.250
3.700
01/14/36
03/01/41
1,781,900
1,149,547
2,931,447
7.000
4.875
5.625
08/16/23
09/16/23
04/04/42
2,004,480
2,999,744
1,756,000
6,760,224
4.875
02/25/20
3,348,879
3,348,879
8.000
5.875
4.875
6.250
12/21/18
09/16/25
04/14/26
03/08/41
1,158,489
2,155,930
1,003,200
735,282
5,052,901
6.850
6.825
11/03/25
07/18/26
1,948,102
1,302,068
3,250,170
4.500
08/04/26
1,756,060
1,756,060
PERU - 3.0%
PEN
$
2,175,000
5,425,000
2,500,000
PHILIPPINES - 1.2%
PHP
72,000,000
$
1,000,000
RUSSIA - 2.7%
RUB
142,500,000
$
2,770,000
1,600,000
SERBIA - 1.4%
3,225,000
SOUTH AFRICA - 2.0%
ZAR
16,000,000
$
1,900,000
950,000
615,000
SRI LANKA - 1.3%
1,850,000
1,250,000
Philippine Government International Bond
Philippine Government International Bond
TOTAL PHILIPPINES
Russian Federal Bond - OFZ
g Russian Foreign Bond - Eurobond
g Russian Foreign Bond - Eurobond
TOTAL RUSSIA
g,p Republic of Serbia
TOTAL SERBIA
South Africa Government International Bond
TOTAL SOUTH AFRICA
g Sri Lanka Government International Bond
g Sri Lanka Government International Bond
TOTAL SRI LANKA
TRINIDAD AND TOBAGO - 0.7%
1,725,000
g Trinidad & Tobago Government International Bond
TOTAL TRINIDAD AND TOBAGO
319
ISSUER
PRINCIPAL
TUNISIA - 0.7%
$
1,725,000
g Banque Centrale de Tunisie S.A.
TOTAL TUNISIA
URUGUAY - 2.0%
1,325,000
3,450,000
VENEZUELA - 1.2%
4,030,000
1,400,000
900,000
VIETNAM - 0.6%
1,325,000
ZAMBIA - 1.0%
1,850,000
1,250,000
MATURITY
DATE
VALUE
5.750%
01/30/25
Republic of Turkey
Turkey Government International Bond
TOTAL TURKEY
6.000
8.200
7.500
5.625
5.125
8.000
6.625
01/14/41
11/16/16
11/07/19
03/30/21
03/25/22
02/14/34
02/17/45
853,352
1,044,617
586,042
1,446,020
1,249,368
922,403
2,023,875
8,125,677
Ukraine Government International Bond
TOTAL UKRAINE
7.750
7.750
7.750
0.000
09/01/19
09/01/20
09/01/27
05/31/40
2,308,028
1,059,090
1,780,995
175,604
5,323,717
Uruguay Government International Bond
Uruguay Government International Bond
TOTAL URUGUAY
4.375
5.100
10/27/27
06/18/50
1,406,156
3,493,125
4,899,281
7.750
11.750
9.250
10/13/19
10/21/26
05/07/28
1,929,362
677,250
398,250
3,004,862
g Vietnam Government International Bond
TOTAL VIETNAM
4.800
11/19/24
1,415,186
1,415,186
g Republic of Zambia
g Zambia Government International Bond
TOTAL ZAMBIA
5.375
8.970
09/20/22
07/30/27
1,462,425
1,096,875
2,559,300
TURKEY - 3.3%
800,000
TRY
3,117,500
$
525,000
1,360,000
1,200,000
710,000
1,750,000
UKRAINE - 2.1%
2,325,000
1,075,000
1,850,000
520,000
RATE
g
g
g
g,i,j
Venezuela Government International Bond
TOTAL VENEZUELA
$
1,634,438
1,634,438
TOTAL GOVERNMENT BONDS
(Cost $132,895,679)
137,688,692
TOTAL BONDS
(Cost $235,551,801)
239,256,396
320
PRINCIPAL
ISSUER
RATE
$
2,250,000
TOTAL UNITED STATES
0.150%
MATURITY
DATE
08/01/16
VALUE
$
(Cost $2,250,000)
2,250,000
2,250,000
2,250,000
(Cost $237,801,801)
NET ASSETS - 100.0%
241,506,396
$
6,213,936
247,720,332
Abbreviation(s):
BRL
Brazilian Real
DOP
Dominican Peso
EUR
Euro
GHS
Ghana Cedi
IDR
Indonesia Rupiah
MXN Mexico Peso
MYR Malaysia Ringgit
PEN
Peru Sol
PHP
Philippine Peso
RUB Russian Ruble
TRY
Turkish Lira
ZAR
South African Rand
g Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in
68.0% of net assets.
h Delayed delivery
i Floating or variable rate security. Coupon rate reflects the rate at period end.
j Zero coupon
l All or a portion of these securities have been segregated by the custodian to cover collateral requirements swap agreements.
p All or a portion of these securities have been segregated to cover requirements on open forward foreign currency contracts.
q In default
321
TIAA-CREF FUNDS
EMERGING MARKETS DEBT FUND
July 31, 2016
SECTOR
GOVERNMENT
FINANCIALS
UTILITIES
ENERGY
MATERIALS
INDUSTRIALS
CONSUMER STAPLES
$
NET ASSETS
$
322
VALUE
139,563,903
26,531,424
20,689,955
17,929,118
8,852,772
7,901,065
6,638,300
4,388,956
3,525,517
3,235,386
2,250,000
6,213,936
% OF
NET ASSETS
56.3%
10.7
8.4
7.2
3.6
3.2
2.7
1.8
1.4
1.3
0.9
2.5
247,720,332
100.0%
TIAA-CREF FUNDS - Notes to Schedules of Investments (unaudited)
Note 1—organization and significant accounting policies
TIAA-CREF Funds (the “Trust”) is a Delaware statutory trust that was organized on April 15, 1999 and is registered with the Securities and Exchange Commission
(“Commission”) 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: Enhanced Large-Cap Growth Index Fund, Enhanced Large-Cap Value Index Fund, Growth & Income Fund, Large-Cap Growth Fund, Large-Cap
Value Fund, Mid-Cap Growth Fund, Mid-Cap Value Fund, Small-Cap Equity Fund, Social Choice Equity Fund, Social Choice Low Carbon Equity Fund, Emerging Markets
Equity Fund, Enhanced International Equity Index Fund, Global Natural Resources Fund, International Equity Fund, International Opportunities Fund, Social Choice
International Equity Fund, 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 and the Emerging Markets Debt Fund (collectively, the “Funds” or individually, the “Fund”).
The Funds offer their shares, without a sales load, through their principal underwriter, Teachers Personal Investors Services, Inc. (“TPIS”), which is a wholly owned indirect
subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”). Teachers Advisors, Inc. (“Advisors”), a wholly owned indirect subsidiary of TIAA, is
registered with the Commission as an investment adviser and provides investment management services for the Funds. The Funds offer up to five share classes, although any
one Fund may not necessarily offer all five classes. The Funds may offer Institutional, Advisor, Premier, Retirement and Retail Classes of shares. Each class differs by the
allocation of class-specific expenses and voting rights in matters affecting a single class. On December 4, 2015, certain Funds made an additional share class (Advisor) available
for sale pursuant to an amendment to the Trust’s registration statement filed with the Commission.
The accompanying schedules of investments 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. 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 following is a summary of the
significant accounting policies consistently followed by the Funds.
Security valuation: The Funds’ investments in securities are recorded at their estimated fair value as described in the valuation of investments note to the schedules of
investments.
Investment transactions: Security transactions are accounted for as of the trade date for financial reporting purposes.
Foreign currency transactions and translation: Assets, including investments, and liabilities denominated in foreign currencies are translated into U.S. dollar values each day
using exchange rates obtained from an independent third party. Purchases and sales of securities, income, and expenses are translated into U.S. dollars at the prevailing exchange
rate on the date of the transaction. The effect of changes in foreign currency exchange rates on realized and unrealized security gains and losses is reflected as a component of
security gains and losses.
Transactions with affiliates: The Funds may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Board of Trustees
(“Board”) pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions.
Note 2—valuation of investments
Portfolio investments are valued at their estimated fair value utilizing various valuation methods approved by the Board. U.S. GAAP establishes a hierarchy that prioritizes
market inputs to valuation methods. The three levels of inputs are:
• Level 1 – quoted prices in active markets for identical securities
• Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.)
• Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the
security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on
models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised
in determining fair value is greatest for instruments categorized in Level 3. The inputs or methodology used for valuing securities are not necessarily an indication of the risk
associated with investing in those securities.
323
Certain portfolio investments that are measured at fair value using the net asset value per share practical expedient are not categorized within the fair value hierarchy. As of July
31, 2016, no investments were valued utilizing the practical expedient.
A description of the valuation techniques applied to the Funds’ major categories of assets and liabilities measured at fair value follows:
Exchange-traded equity securities, common and preferred stock: Equity securities listed or traded on a national market or exchange are valued based on their sale price on
such market or exchange at the close of business on the date of valuation, or at the mean of the closing bid and asked prices if no sale is reported. To the extent these securities
are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. 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. 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. Foreign securities are generally categorized in Level 2 of the fair value hierarchy.
Debt securities: Debt securities, including equity-linked notes, will generally be valued using prices provided by a pricing service that may employ various indications of value
including but not limited to broker-dealer quotations. Certain debt securities, other than money market instruments, are valued based on the most recent bid price or the
equivalent quoted yield for such securities (or those of comparable maturity, quality and type). Debt securities are generally categorized in Level 2 of the fair value hierarchy; in
instances where prices, yields or any other key inputs are unobservable, they are categorized in Level 3 of the hierarchy.
Investments in registered investment companies: These investments are valued at their net asset value on the valuation date. These investments are categorized in Level 1 of
the fair value hierarchy.
Futures contracts: Stock and bond index futures contracts, which are traded on commodity exchanges, are valued at the last sale price as of the close of such commodity
exchanges and are categorized in Level 1 of the fair value hierarchy.
Options: Purchased and written options listed or traded 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. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of
the fair value hierarchy.
Forward foreign currency contracts: Forward foreign currency contracts are valued using the prevailing forward exchange rate and are categorized in Level 2 of the fair value
hierarchy.
Credit default swap contracts: Credit default swap contracts are marked-to-market daily based upon a price supplied by a pricing service. Credit default swaps are generally
categorized as Level 2 in the fair value hierarchy.
Total return swap contracts: Total return swap contracts are marked-to-market daily based upon a price supplied by a pricing service. Total return swaps are generally
categorized as Level 2 in the fair value hierarchy.
Any portfolio security 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. To the extent the inputs are observable and timely, the values would be categorized in Level 2 of the
fair value hierarchy; otherwise they would be categorized as Level 3.
Transfers between levels are recognized at the end of the reporting period. For the period ended July 31, 2016, there were no material transfers between levels by the Funds.
As of July 31, 2016, 100% of the value of investments in the Social Choice Low Carbon Equity Fund was valued based on Level 1 inputs.
As of July 31, 2016, 100% of the value of investments in the Emerging Markets Debt Fund was valued based on Level 2 inputs.
324
The following table summarizes the market value of the Funds’ investments as of July 31, 2016, based on the inputs used to value them:
Fund
Enhanced Large-Cap Growth Index
Equity investments*
Short-term investments
Total
Enhanced Large-Cap Value Index
Equity investments:
Consumer discretionary
All other equity investments *
Written options**
Total
Growth & Income
Equity investments:
Consumer staples
Financials
Health care
Information technology
Materials
Utilities
All other equity investments*
Purchased options**
Written options**
Total
Large-Cap Growth
Equity investments:
All other Equity Investments*
Total
Large-Cap Value
Equity investments:
Financials
Industrials
Materials
Total
Mid-Cap Growth
Equity investments*
Purchased options**
Written options**
Total
Level 1
$
$
$
$
$
$
$
$
$
$
$
$
2,184,111,582
51,150,064
2,235,261,646
115,461,434
2,031,850,908
51,803,514
(237,717)
2,198,878,139
687,293,627
472,048,935
509,708,427
758,104,883
1,171,209,951
129,480,665
123,134,304
933,819,928
89,535,541
908,300
(1,769,750)
4,873,474,811
1,396,835,866
2,292,866,577
2,572,919
3,692,275,362
384,097,340
1,355,159,167
516,172,916
665,864,652
272,700,425
2,570,716,199
67,726,270
5,832,436,969
1,611,637,576
73,456,602
52,500
(1,116,000)
1,684,030,678
325
Level 2
$
$
$
$
$
$
$
$
$
$
$
$
18,650,000
18,650,000
738,454
6,950,000
7,688,454
52,126,850
30,444,200
18,168,246
61,574,796
17,271,875
11,568,484
10,267,701
6,550,000
207,972,152
3,121,089
48,799,234
51,920,323
52,401,210
8,252,776
11,016,524
399,344
11,800,000
83,869,854
16,350,000
16,350,000
Level 3
$
$
$
$
$
$
$
$
$
$
$
$
Total
7,267
7,267
-
$
$
$
$
$
$
$
$
$
$
$
$
2,184,111,582
69,800,064
2,253,911,646
116,199,888
2,031,850,908
58,753,514
(237,717)
2,206,566,593
739,420,477
502,493,135
527,876,673
819,679,679
1,188,481,826
141,049,149
133,402,005
933,819,928
96,085,541
908,300
(1,769,750)
5,081,446,963
1,399,956,955
2,292,866,577
51,372,153
3,744,195,685
436,498,550
1,363,411,943
516,180,183
676,881,176
273,099,769
2,570,716,199
79,526,270
5,916,314,090
1,611,637,576
89,806,602
52,500
(1,116,000)
1,700,380,678
Fund
Mid-Cap Value
Equity investments:
Financials
Health care
Total
Small-Cap Equity
Equity investments*
Futures contracts**
Total
Social Choice Equity
Equity investments*
Total
Emerging Markets Equity
Equity investments:
Africa/Middle East
Asia
Europe
Latin America
Total
Enhanced International Equity Index
Equity investments:
Asia
Australasia
Europe
Total
Global Natural Resources
Equity investments:
Africa/Middle East
Australasia
Europe
Latin America
North America
Total
Level 1
$
$
$
$
$
$
$
$
$
$
$
$
470,138,879
1,507,464,022
240,572,752
517,660,646
2,496,260,526
157,090,788
5,389,187,613
3,090,494,888
157,678,811
799,534
3,248,973,233
2,775,245,698
52,993,660
2,828,239,358
53,198,083
7,914,737
26,518,161
29,219,827
116,850,808
283,388
26,083,398
8,206,595
28,244,224
62,817,605
124,073,883
4,977,806
4,680,957
133,732,646
326
Level 2
$
$
$
$
$
$
$
$
$
$
$
$
10,324,153
14,549,548
41,891,138
10,385,094
74,546,735
151,696,668
35,592,333
35,592,333
8,549,149
8,549,149
37,639,929
671,786,421
39,742,434
156,322,223
86,010,891
991,501,898
369,621,930
105,854,796
787,548,456
87,631,213
9,500,000
1,360,156,395
11,550,450
24,030,018
49,041,804
5,318,995
40,488,730
42,550,802
172,980,799
Level 3
$
$
$
$
$
$
$
$
$
$
$
$
Total
-
666,688
666,688
-
$
$
$
$
$
$
$
$
$
$
$
$
480,463,032
1,522,013,570
282,463,890
528,045,740
2,496,260,526
231,637,523
5,540,884,281
3,090,494,888
193,271,144
799,534
3,284,565,566
2,775,245,698
61,542,809
2,836,788,507
37,639,929
725,651,192
47,657,171
156,322,223
112,529,052
29,219,827
1,109,019,394
369,905,318
105,854,796
813,631,854
95,837,808
37,744,224
1,422,974,000
11,550,450
24,030,018
49,041,804
5,318,995
164,562,613
47,528,608
4,680,957
306,713,445
Fund
International Equity
Equity investments:
Asia
Europe
Total
International Opportunities
Equity investments:
Asia
Australasia
Europe
North America
Total
Social Choice International Equity
Equity investments:
Asia
Australasia
Europe
Total
Equity Index
Equity investments:
Financials
Health care
Industrials
Telecommunication services
Total
Large-Cap Growth Index
Equity investments*
Futures contracts**
Total
Large-Cap Value Index
Equity investments*
Futures contracts**
Total
S&P 500 Index
Equity investments*
Futures contracts**
Total
Level 1
$
$
$
$
$
$
$
$
$
$
$
$
$
$
20,739,967
104,211,217
124,951,184
31,951,669
72,918,041
104,869,710
222,882
222,882
1,972,788,629
1,609,840,462
1,170,133,755
288,211,629
6,164,013,465
301,860,805
11,506,848,745
3,022,874,170
58,773,674
17,028
3,081,664,872
4,492,222,119
60,585,742
36,571
4,552,844,432
3,294,883,128
20,111,846
52,693
3,315,047,667
327
Level 2
$
$
$
$
$
$
$
$
$
$
$
$
$
$
1,200,428,208
2,968,820,114
162,277,394
10,500,000
4,342,025,716
361,055,109
29,190,519
604,369,795
106,771,773
158,176,932
30,624,781
1,290,188,909
5,943,924
1,712,602
12,186,384
2,348,500
22,191,410
21,900,000
21,900,000
16,600,000
16,600,000
28,950,000
28,950,000
20,200,000
20,200,000
Level 3
$
$
$
$
$
$
$
$
$
$
$
$
$
$
Total
-
19,953
19,953
42,403
4,028
71,574
49,856
167,861
-
$
$
$
$
$
$
$
$
$
$
$
$
$
$
1,200,428,208
2,968,820,114
183,017,361
114,711,217
4,466,976,900
361,055,109
29,190,519
604,369,795
138,723,442
158,196,885
103,542,822
1,395,078,572
5,943,924
1,712,602
12,409,266
2,348,500
22,414,292
1,972,831,032
1,609,844,490
1,170,205,329
288,261,485
6,164,013,465
323,760,805
11,528,916,606
3,022,874,170
75,373,674
17,028
3,098,264,872
4,492,222,119
89,535,742
36,571
4,581,794,432
3,294,883,128
40,311,846
52,693
3,335,247,667
Fund
Small-Cap Blend Index
Equity investments:
Financials
Health Care
Industrials
Telecommunication services
Futures contracts**
Total
Emerging Markets Equity Index
Equity investments:
Africa/Middle East
Asia
Europe
Latin America
North America
Total
International Equity Index
Equity investments:
Asia
Australasia
Europe
Futures contracts**
Total
Level 1
$
$
$
$
$
$
472,260,728
251,151,563
253,471,965
16,178,056
827,611,747
239,303,252
606,115
2,060,583,426
71,560,246
3,149,424
60,028,751
5,988,565
41,460,997
182,187,983
1,539,788
14,353,658
99,316,086
81,153,581
31,557
196,394,670
Level 2
$
$
$
$
$
$
17,575,000
17,575,000
101,790,888
912,546,375
48,455,648
165,264,965
132,438,560
1,950,000
1,362,446,436
1,906,034,750
537,158,579
4,155,347,989
480,832,689
4,299,459
7,083,673,466
Level 3
$
$
$
$
$
$
Total
96,730
15,521
160,444
139,956
412,651
239
653
892
-
$
$
$
$
$
$
472,357,458
251,167,084
253,632,409
16,318,012
827,611,747
256,878,252
606,115
2,078,571,077
101,791,127
984,106,621
51,605,072
165,264,965
60,028,751
138,427,778
43,410,997
1,544,635,311
1,907,574,538
537,158,579
4,169,701,647
580,148,775
85,453,040
31,557
7,280,068,136
* For detailed categories, see the accompanying schedule of investments.
** Derivative instruments, excluding purchased options, are not reflected in the schedule of investments.
Note 3—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. Derivatives require little or no initial investment and permit or require net settlement. The Funds value derivatives at fair value.
Futures contracts: The Funds are subject to equity price risk in the normal course of pursuing their investment objectives. The Funds use futures contracts to manage exposure
to the equity markets and for cash management purposes to remain highly invested in these markets while minimizing transaction costs. Buying futures contracts tends to
increase exposure to the underlying instrument/index, while selling futures contracts tends to decrease exposure to the underlying instrument/index or hedge other investments.
Initial margin deposits are made upon entering into a futures contract, and variation margin receipts or payments are settled daily reflecting changes in the value of the futures
contracts. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon the expiration or closing of the futures
contracts or if the counterparties do not perform in accordance with contractual provisions. With futures contracts, there is minimal counterparty credit risk to the Funds since
futures contracts are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded funds, guarantees the futures contracts against default.
328
At July 31, 2016, the Funds held the following open futures contracts:
Fund
Small-Cap Equity
S&P 500 Index
Futures Contracts
Russell 2000 Mini Index
S&P 500 E Mini Index
Russell 2000 Mini Index
MSCI EAFE Mini Index
Number of
contracts
211
42
95
192
122
46
Settlement
value
$ 25,678,700
4,553,220
10,298,950
20,814,720
14,487,400
3,864,460
Unrealized
gain (loss)
$ 799,534
17,028
36,571
52,693
606,115
31,557
Expiration date
September 2016
September 2016
September 2016
September 2016
September 2016
September 2016
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 use options contracts for hedging and cash management purposes and to seek to increase total return. Call and put equity options give the holder
the right, in return for a premium paid, to purchase or sell, respectively, a security at a specified exercise price at any time during the period of the option. Index options are
written or purchased options in which the underlying investment is a specified index. The exercise of an index option will not result in the physical delivery of the underlier, but
a cash transfer of the difference between the settlement price of the underlier and the strike price of the option. Purchased options are included in the summary portfolio of
investments. Premiums on unexercised, expired options are recorded as realized gains or losses; premiums on exercised options are recorded as an adjustment to the proceeds
from the sale or cost of the purchase. The difference between the premium and the amount received or paid in a closing transaction is also treated as a realized gain or loss.
Purchased options outstanding as of July 31, 2016 were as follows:
Number of
contracts
Ciena Corp, Call, 9/16/16 at $20
Flextronics International Ltd, Call, 8/19/16 at $13
Hanesbrands, Inc, Call, 8/19/16 at $29
Herbalife Ltd, Call, 8/12/16 at $73
Humana, Inc, Call, 1/20/17 at $200
IMAX Corp, Put, 8/19/16 at $29
Lumentum Holdings, Inc, Call, 8/19/16 at $35
Pandora Media, Inc, Call, 12/16/16 at $13
Total
Mid-Cap Growth Fund
Proofpoint, Inc, Put, 8/19/16 at $65
Total
Value
300
450
600
200
1,000
600
450
300
3,900
$
$
27,900
5,400
15,000
32,000
750,000
6,000
9,000
63,000
908,300
1,500
1,500
$
$
52,500
52,500
Written options outstanding as of July 31, 2016 were as follows:
Number of
Contracts
Enhanced Large-Cap Value Index Fund
Allegion plc, Put, 8/19/16 at $70
Baker Hughes, Inc, Call, 8/5/16 at $47
Broadcom Ltd, Put, 8/19/16 at $160
Celanese Corp, Put, 8/19/16 at $70
Cigna Corp, Put, 8/19/16 at $135
Concho Resources, Inc, Call, 8/19/16 at $130
Concho Resources, Inc, Put, 8/19/16 at $110
Continental Resources, Inc, Call, 8/19/16 at $46
Continental Resources, Inc, Put, 8/19/16 at $39
Continental Resources, Inc, Put, 8/19/16 at $42
Cullen/Frost Bankers, Inc, Put, 8/19/16 at $65
Cypress Semiconductor Corp, Put, 8/19/16 at $11
20
20
10
25
10
22
32
50
47
44
15
50
329
Value
$
(1,200)
(1,840)
(1,290)
(16,375)
(6,660)
(3,542)
(2,560)
(6,500)
(3,055)
(6,160)
(975)
(1,750)
Number of
contracts
52
20
5
12
36
20
22
25
10
30
38
9
90
120
21
20
40
5
250
25
19
20
11
25
30
90
24
6
20
18
10
12
16
185
221
20
11
70
200
170
230
2,603
Devon Energy Corp, Call, 8/5/16 at $39.50
Digital Realty Trust, Inc, Call, 8/19/16 at $110
Digital Realty Trust, Inc, Put, 8/19/16 at $105
Dillard’s, Inc, Call, 8/19/16 at $70
Energen Corp, Put, 8/19/16 at $45
EQT Corp, Put, 8/19/16 at $70
EQT Corp, Put, 8/19/16 at $75
Extra Space Storage, Inc, Put, 8/19/16 at $90
Gilead Sciences, Inc, Put, 8/5/16 at $79.50
Hess Corp, Call, 8/5/16 at $55
Huntsman Corp, Put, 8/19/16 at $15
Kimberly-Clark Corp, Put, 8/19/16 at $130
Laredo Petroleum, Inc, Put, 8/19/16 at $10
Laredo Petroleum, Inc, Put, 8/19/16 at $9
Level 3 Communications, Inc, Put, 8/19/16 at $52.50
Lincoln National Corp, Call, 8/19/16 at $45
LyondellBasell Industries AF S.C.A, Put, 8/19/16 at $72.50
Mid-America Apartment Communities, Inc, Put, 8/19/16 at $105
Nabors Industries Ltd, Put, 8/19/16 at $9
Newell Brands, Inc, Put, 8/19/16 at $48
Newfield Exploration Co, Put, 8/19/16 at $41
Newfield Exploration Co, Put, 8/19/16 at $42
Norwegian Cruise Line Holdings Ltd, Put, 8/19/16 at $40
Owens Corning, Inc, Put, 8/19/16 at $55
Owens-Illinois, Inc, Put, 8/19/16 at $17
QEP Resources, Inc, Put, 8/19/16 at $17
Range Resources Corp, Put, 8/19/16 at $40
Reliance Steel & Aluminum Co, Put, 8/19/16 at $77.50
Rice Energy, Inc, Put, 8/19/16 at $21
Royal Caribbean Cruises Ltd, Call, 8/19/16 at $75
Stanley Black & Decker, Inc, Call, 8/19/16 at $120
Stanley Black & Decker, Inc, Put, 8/19/16 at $120
SunTrust Banks, Inc, Put, 8/19/16 at $42
Superior Energy Services, Inc, Put, 8/19/16 at $17.50
Tahoe Resources, Inc, Put, 8/19/16 at $15
Tupperware Brands Corp, Put, 8/19/16 at $55
Universal Health Services, Inc, Put, 8/19/16 at $130
USG Corp, Put, 8/19/16 at $30
WPX Energy, Inc, Call, 8/19/16 at $11
WPX Energy, Inc, Put, 8/19/16 at $10
WPX Energy, Inc, Put, 8/19/16 at $9
Total
Acuity Brands, Inc, Put, 8/19/16 at $240
Acuity Brands, Inc, Put, 9/16/16 at $240
Allergan plc, Put, 8/12/16 at $237.50
American Water Works Co, Inc, Put, 8/19/16 at $80
BioMarin Pharmaceutical, Inc, Call, 8/19/16 at $115
Bristol-Myers Squibb Co, Put, 8/12/16 at $72.50
150
100
150
375
225
300
330
$
$
$
Value
(3,588)
(800)
(1,220)
(2,160)
(4,410)
(1,620)
(6,765)
(9,625)
(960)
(1,380)
(1,634)
(1,665)
(5,850)
(5,040)
(4,935)
(1,620)
(4,400)
(600)
(12,000)
(300)
(1,710)
(3,140)
(715)
(6,000)
(510)
(3,600)
(4,104)
(870)
(800)
(3,042)
(2,930)
(1,440)
(1,152)
(32,375)
(11,050)
(200)
(3,300)
(13,650)
(5,000)
(12,750)
(6,900)
(237,717)
(9,450)
(22,500)
(26,250)
(30,000)
(28,125)
(17,700)
Number of
contracts
600
300
300
300
300
300
200
1,000
1,000
150
600
600
300
600
300
225
450
225
225
225
300
300
450
100
100
600
100
300
600
300
1,000
450
300
150
900
900
225
150
150
150
17,025
Check Point Software Technologies Ltd, Put, 8/19/16 at $75
Crown Castle International Corp, Put, 8/19/16 at $95
Dollar Tree, Inc, Put, 8/19/16 at $87.50
Eagle Materials, Inc, Put, 8/19/16 at $70
Edwards Lifesciences Corp, Put, 9/16/16 at $110
Electronic Arts, Inc, Put, 8/5/16 at $68
Herbalife Ltd, Put, 8/12/16 at $61
Humana, Inc, Call, 1/20/17 at $220
Humana, Inc, Put, 1/20/17 at $140
IAC, Put, 8/19/16 at $55
IMAX Corp, Call, 9/16/16 at $36
Incyte Corp, Put, 8/19/16 at $70
Jazz Pharmaceuticals plc, Put, 8/12/16 at $128
Level 3 Communications, Inc, Call, 8/19/16 at $65
Level 3 Communications, Inc, Put, 9/16/16 at $48
Level 3 Communications, Inc, Put, 9/16/16 at $49
Manhattan Associates, Inc, Call, 8/19/16 at $70
Manhattan Associates, Inc, Put, 8/19/16 at $55
Mead Johnson Nutrition Co, Put, 8/19/16 at $80
Michaels Cos, Inc, Put, 8/19/16 at $25
MicroStrategy, Inc, Call, 8/19/16 at $210
MicroStrategy, Inc, Put, 9/16/16 at $150
Newell Brands, Inc, Put, 8/19/16 at $46
O’Reilly Automotive, Inc, Put, 8/19/16 at $260
PACCAR, Inc, Put, 8/19/16 at $50
Proofpoint, Inc, Call, 8/19/16 at $75
RPC, Inc, Put, 8/19/16 at $13
Schlumberger Ltd, Put, 8/12/16 at $75
Sempra Energy, Put, 8/19/16 at $105
Ulta Salon Cosmetics & Fragrance, Inc, Put, 8/12/16 at $250
United States Steel Corp, Call, 8/12/16 at $29
United States Steel Corp, Put, 8/12/16 at $24
Universal Health Services, Inc, Put, 8/19/16 at $125
WABCO Holdings, Inc, Put, 8/19/16 at $80
Total
Mid-Cap Growth Fund
Equinix, Inc, Call, 8/19/16 at $380
Proofpoint, Inc, Call, 8/19/16 at $70
Total
200
1,500
1,500
3,200
331
$
$
$
$
Value
(45,000)
(21,000)
(6,750)
(7,200)
(81,000)
(8,400)
(22,400)
(267,500)
(480,000)
(7,500)
(15,000)
(600)
(21,000)
(66,000)
(11,250)
(47,025)
(4,500)
(19,125)
(24,188)
(3,375)
(18,750)
(4,350)
(12,375)
(40,800)
(27,000)
(6,000)
(2,600)
(2,250)
(180,000)
(9,000)
(20,000)
(5,850)
(11,250)
(6,750)
(53,100)
(18,900)
(26,437)
(750)
(16,125)
(14,625)
(1,769,750)
(141,000)
(930,000)
(45,000)
(1,116,000)
Forward foreign currency contracts: The Funds are subject to foreign exchange risk in the normal course of pursuing their investment objectives. The Funds use forward
foreign currency contracts (“forwards”), including Non-Deliverable forwards (“NDFs”), to, among other things, hedge portfolio currency risk and to facilitate transactions in
securities denominated in foreign currencies. Forwards are over-the-counter (“OTC”) commitments that involve an obligation to purchase or sell a fixed amount of a specific
currency on a future date at a locked exchange rate. NDFs allow hedging of currencies where government regulations restrict foreign access to local currency or the parties want
to compensate for risk without a physical exchange of funds. Forwards are marked-to-market daily at the applicable foreign exchange rate, and any resulting unrealized gains or
losses are recorded as appreciation or depreciation. The Funds realize gains and losses at the time the forward is closed.
At July 31, 2016, the Emerging Markets Debt Fund held the following open forward contract:
Contract
settlement date
1/17/2017
Counterparty
Bank of America
Total
Receive
$ 1,000,000
Deliver
CNH 6,853,000
Unrealized
appreciation
(depreciation)
$
(26,001)
$
(26,001)
Abbreviation(s):
CNH Chinese Yuan
Credit default swap contracts: The Funds are subject to credit risk in the normal course of pursuing their investment objectives. Credit default swaps can be settled either
directly with the counterparty (bilateral) or through a central clearinghouse (centrally cleared). A credit default swap is a contract between a buyer and a seller of protection
against pre-defined credit events for the reference entity. As a seller in a credit default swap contract, the Funds are required to pay an agreed upon amount to the counterparty
with the occurrence of a specified credit event, such as certain bankruptcies related to an underlying credit instrument, index, or issuer which would likely result in a loss to the
Funds. The agreed upon amount approximates the notional value of the swap and is estimated to be the maximum potential future payment that the Funds could be required to
make under the contract. In return, the Funds receive from the counterparty a periodic stream of payments over the term of the contract provided that no credit event has
occurred. If no credit event occurs, the Funds keep the stream of payments with no payment obligations. When the Funds sell a credit default swap contract it will cover its
commitment. This may be achieved by, among other methods, maintaining cash or liquid assets in a segregated account equal to the aggregate notional value of the reference
entities for all outstanding credit default swap contracts sold by the Funds.
The Funds may also buy credit default swap contracts, in which case the Funds function as the counterparty referenced above. This involves the risk that the contract may expire
worthless. Bilateral swaps involve counterparty risk that the seller may fail to satisfy its payment obligations to the Funds with the occurrence of a credit event. Centrally cleared
swaps have minimal counterparty credit risk to the Funds as they are entered into with a central clearinghouse which guarantees the swap against default.
Bilateral credit default swaps are valued daily, and any change in the value of the swaps is reflected separately as a change in unrealized appreciation (depreciation). For
centrally cleared swaps, initial margin deposits are made, and variation margin payments are made or received reflecting daily changes in the value of the swap contract. Under
the terms of the credit default swap contracts, the Funds receive or make quarterly payments based on a payment rate on a fixed notional amount. These payments are recorded
as a realized gain or loss. Payments received or made as a result of a credit event or termination of the contract are recognized as realized gains or losses.
The Funds invest in credit default swaps to hedge or manage the risks associated with assets held in the Funds and/or to facilitate the implementation of portfolio strategies to
seek to increase the total return.
At July 31, 2016, open credit default swap contracts sold by the Emerging Markets Debt Fund were as follows:
Reference entity
Vale SA
Counterparty
Goldman Sachs International
Maturity Date
6/20/21
Fixed
payments paid
by fund per
annum
1.00%
Implied credit spread
at 7/31/16 (1)
Notional amount (2)
6.20% $
2,000,000
Upfront premium
paid (received)
$
(409,996)
$
Unrealized
appreciation
(depreciation)
27,569
(1)
Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues, U.S. municipal issues or
sovereign issues of an emerging country as of period end, serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of
default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments
required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of
default or other credit event occurring as defined under the terms of the agreement.
(2)
The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs is defined
under the terms of that particular swap agreement. This amount may be reduced by any recoverable assets, if applicable.
332
Total return swap contracts: Total return swaps are agreements that provide a Fund with a return based on the performance of an underlying asset, in exchange for fee
payments to a counterparty based on a specific rate. To the extent the total return of the reference security or index underlying the total return swap exceeds or falls short of the
offsetting interest rate obligation, the Fund will receive a payment or make a payment to the counterparty, respectively. Total return swaps are exposed to the market risk factor
of the specific underlying financial instrument or index. Additional risks to the Fund include the possibility that there is no liquid market for these agreements or that the
counterparty may default on its obligation to perform. The Fund’s maximum loss from counterparty risk is the fair value of the contract. The Small-Cap Equity Fund is currently
invested in a total return swap contract to gain exposure to certain equity markets.
At July 31, 2016, the Small-Cap Equity Fund held the following open total return swap contracts:
Counterparty
Goldman Sachs
Notional
amount
$24,977,165
Termination
date
9/1/2016
Fixed payments
paid
by fund
per annum
0.16%
Total return
received
by fund
Difference between Russell MicroCap Index less Russell 2000 Index and Russell 2500 Index
$
Unrealized
appreciation/
depreciation
-
Note 4 —affiliated investments
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
Mid-Cap Value Fund
TIAA-CREF Short Term Lending Portfolio
of the State Street Navigator Securities
Lending Trust
Small-Cap Equity Fund
Lending Trust
Equity Index Fund
Lending Trust
Small-Cap Blend Index Fund
Lending Trust
International Equity Index Fund
Lending Trust
Value at
October 31, 2015
Purchase
cost
Sales
proceeds
Realized
gain(loss)
Dividend
income
Withholding
expense
Shares at
July 31, 2016
$
187,935,969
$ 132,263,996
$ 163,109,177
$
-
$
-
$
148,709,784
$ 139,540,473
$ 130,571,446
$
-
$
$
311,112,472
$ 77,881,192
$ 87,132,859
$
-
$
264,957,247
$ 85,698,387
$ 111,352,382
$
$
280,957,418
$ 225,110,022
$ 424,913,859
$
$
-
157,090,788
$
157,090,788
-
$
-
157,678,811
$
157,678,811
$
-
$
-
301,860,805
$
301,860,805
-
$
-
$
-
239,303,252
$
239,303,252
-
$
-
$
-
-*
Value at
July 31, 2016
-*
*Not an affiliate investment as of July 31, 2016.
Note 5—investments
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 are reflected in the schedule of investments. As of July 31, 2016, securities lending transactions are for
equity securities, and the resulting loans are continuous, can be recalled at any time, and have no set maturity. 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.
Securities purchased on a when-issued or delayed-delivery basis: The Emerging Markets Debt Fund may purchase securities on a when-issued or delayed-delivery basis.
Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after trade date; interest income is not accrued until settlement date. At
the time the Fund enters into such transactions, it is required to have segregated assets with a current value at least equal to the amount of its when-issued or delayed-delivery
purchase commitments.
333
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. The risk of investing in such securities is generally greater than the risk of investing in securities that are widely held and publicly traded.
Net unrealized appreciation (depreciation): At July 31, 2016, net unrealized appreciation (depreciation) based on the aggregate cost of portfolio investments for federal
income tax purposes, consisting of gross unrealized appreciation and gross unrealized depreciation was as follows:
Fund
Enhanced Large-Cap Growth Index
Enhanced Large-Cap Value Index
Growth & Income
Large-Cap Growth
Large-Cap Value
Mid-Cap Growth
Mid-Cap Value
Small-Cap Equity
Social Choice Equity
Social Choice Low Carbon Equity
Emerging Markets Equity
Enhanced International Equity Index
Global Natural Resources
International Equity
International Opportunities
Social Choice International Equity
Equity Index
S&P 500 Index
Emerging Markets Equity Index
Emerging Markets Debt
$
Book cost
1,821,018,451
1,848,537,234
3,971,263,057
2,825,570,833
5,073,656,133
1,450,790,326
4,393,300,275
2,908,060,980
2,180,084,266
50,175,892
987,988,430
1,351,404,843
259,490,058
4,310,503,786
1,322,674,568
23,760,076
7,861,623,197
2,301,378,345
4,117,605,327
2,369,059,791
1,731,767,957
1,590,963,717
7,016,105,853
237,801,801
334
$
Gross
unrealized
appreciation
443,569,665
375,055,259
1,142,774,774
944,371,400
1,003,487,725
295,882,577
1,344,179,146
507,542,378
735,053,426
4,479,135
149,972,476
124,563,801
48,223,594
491,265,764
190,377,880
995,148
3,897,020,367
821,496,702
586,486,394
1,047,105,394
488,333,025
153,388,736
1,138,101,485
11,927,185
$
Gross
unrealized
(depreciation)
(10,676,470)
(16,788,183)
(30,821,118)
(25,746,548)
(160,829,768)
(45,176,225)
(196,595,140)
(131,837,326)
(78,349,185)
(978,059)
(28,941,512)
(52,994,644)
(1,000,207)
(334,792,650)
(117,973,876)
(2,340,932)
(229,726,958)
(24,627,203)
(122,333,860)
(80,970,211)
(142,136,020)
(199,717,142)
(874,170,759)
(8,222,590)
$
Net unrealized
appreciation
(depreciation)
432,893,195
358,267,076
1,111,953,656
918,624,852
842,657,957
250,706,352
1,147,584,006
375,705,052
656,704,241
3,501,076
121,030,964
71,569,157
47,223,387
156,473,114
72,404,004
(1,345,784)
3,667,293,409
796,869,499
464,152,534
966,135,183
346,197,005
(46,328,406)
263,930,726
3,704,595
©2016 Teachers Insurance and Annuity Association of America–College Retirement Equities Fund,
730 Third Avenue, New York, NY 10017.
A12448 (9/16)

Schedule of Investments

Transcription

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