TIAA-CREF: Financial Services

Retirement Plan and Individual Retirement Account (IRA)
 800 842-2252

Wealth Management Services
 866 842-3519

Brokerage Services
 800 927-3059

Retail Class Mutual Funds
 800 223-1200

Life Insurance or After-Tax Annuities
 800 223-1200

Plan Administrators
 866 861-2249

TIAA-CREF Mutual Funds

TIAA-CREF Real Estate Securities Fund (Retail)


Daily NAV


Day's Change


Portfolio Net Assets


Gross / Net Expense Ratio

Under the Fund’s expense reimbursement arrangements, the Fund’s investment adviser, Teachers Advisors, Inc. (“Advisors”), has contractually agreed to reimburse the Fund for any Total Annual Fund Operating Expenses (excluding Acquired Fund Fees and Expenses and extraordinary expenses) that exceed 0.96% of average daily net assets for Retail Class share of the Fund. These expense reimbursement arrangements will continue through at least September 30, 2012, unless changed with approval of the Board of Trustees.

Overall Morningstar Rating

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

52 Week Range

0.20 (1.27%)
0.86% / 0.86%
$12.99 - $16.39
As of close 03/30/2015As of 02/28/2015
As of 02/28/2015
Based on risk adjusted returns

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

12/31/2011 - 12/31/2014

  • 3 Month
  • 6 Month
  • 1 Year
  • 3 Years
  • 5 Years
  • 10 Years

Portfolio Overview

  • Investment Strategy
  • Management Team
  • Share Class

    Retail Class

  • Dividend Frequency


  • Redemption Fee


  • Inception Date


  • Ticker




The fund seeks to obtain a favorable long-term total return through both capital appreciation and current income, by investing primarily in equity securities of companies principally engaged in or related to the real estate industry. It typically invests at least 80% of its assets in the securities of companies that own significant real estate assets, such as real estate investment trusts (REITs). The fund is actively-managed using a research-oriented investment process with a focus on cash flows and asset values. The fund does not invest directly in real estate. It may invest up to 15% of its assets in real estate securities of foreign issuers and up to 20% in equity (including preferred stock) and debt securities of issuers that are not engaged in or related to the real estate industry.

David Copp

Director, Equity Investments

Brendan Lee

Director, Equity Investments

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

  • Monthly
  • Quarterly

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

Portfolio Composition

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

Sector Weightings

As of 12/31/2014
% of
Net Assets
Specialized REITs21.93%
Retail REITs21.22%
Residential REITs16.72%
Diversified REITs10.01%
Office REITs9.58%
Industrial REITs8.39%
Mortgage REITs3.21%
Real Estate Services1.28%
Internet Software & Services1.21%
Asset Management & Custody Banks0.97%
Investment Banking & Brokerage0.71%
Real Estate Operating Companies0.34%
Real Estate Development0.28%
Hotels, Resorts & Cruise Lines0.18%
Short-Term Investments, Other Assets & Liabilities, Net3.43%

Top 10 Holdings 
The top 10 holdings are subject to change and may not be representative of the fund's current or future investments. The holdings listed only include the fund's long-term investments and may exclude any temporary cash investments and equity index products. The holdings listed should not be considered a recommendation to buy or sell a particular security.

As of 12/31/2014
Market Value ($)% of
Net Assets
Simon Property Group, Inc182.1M9.75%
Prologis, Inc75.3M4.03%
Boston Properties, Inc74.0M3.96%
AvalonBay Communities, Inc73.5M3.93%
Ventas, Inc64.5M3.45%
Equity Residential62.9M3.36%
Vornado Realty Trust61.8M3.31%
General Growth Properties, Inc60.5M3.24%
Essex Property Trust, Inc49.6M2.65%
American Tower Corp49.4M2.64%

The risks that the fund is subject to include market risk, company risk, real estate investing risk, real estate securities risk, interest-rate risk, small-cap risk, income volatility risk, credit risk, prepayment and extension risk, and foreign investment risks.

1The NAREIT Index is an unmanaged, market capitalization weighted index of all publicly-traded REITs that invest predominantly in the equity ownership of real estate. The index is designed to reflect the performance of all publicly-traded equity REITs as a whole. You cannot invest directly in this index.

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

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

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

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

TIAA-CREF Individual & Institutional Services, LLC, Teachers Personal Investors Services, Inc., and Nuveen Securities, LLC, Members FINRA and SIPC, distribute securities products. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association of America (TIAA) and College Retirement Equities Fund (CREF), New York, NY. Investment products, insurance and annuity products: are not FDIC insured, are not bank guaranteed, are not deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value.

Key Differentiators

  • One of the top 15 managers of REIT securities in the United States*
  • More than 60 years of real estate investment experience, including REITs since 1995
  • TIAA-CREF’s involvement in all four quadrants of the real estate universe (debt, equity, public and private) affords the investment team access to more real-time information about specific geographic markets and property types to facilitate timely investment decisions ahead of the competition
  • Experienced portfolio management team supported by a centralized research team of sector experts provides a depth of talent with global reach and perspective

*Source: Pension & Investments, October 3, 2011. Rankings are based on data provided as of
June 30, 2011, by each responding asset manager


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

Morningstar Rating

    OUT OF 235 FUNDS
  • 3 YEAR
    OUT OF 235 FUNDS
  • 5 YEAR
    OUT OF 191 FUNDS
  • 10 YEAR
    OUT OF 151 FUNDS

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

Morningstar Stylebox

  • MID

The Morningstar Style Box™ reveals a fund's investment strategy. For equity funds, the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend or growth).

Morningstar Category

Real Estate

Morningstar Risk Measures

  • LOW
  • AVG
  • HIGH

Investment Risk

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

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

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

  • Standard Deviation

  • R-Squared

  • Sharpe Ratio

  • Beta