NPORT-EX 2 tiaa_SBGP.htm
1
Portfolio
of
Investments
May
31,
2025
Equity
Long/Short
(Unaudited)
SHARES
DESCRIPTION
VALUE
LONG-TERM
INVESTMENTS
-
99.2%
139784965
COMMON
STOCKS
-
99.2%
139784965
AUTOMOBILES
&
COMPONENTS
-
1.0%
4,050
(a)
Tesla
Inc
$
1,403,163
TOTAL
AUTOMOBILES
&
COMPONENTS
1,403,163
BANKS
-
4.0%
31,800
Fifth
Third
Bancorp
1,214,442
5,100
JPMorgan
Chase
&
Co
1,346,400
6,800
M&T
Bank
Corp
1,241,952
24,400
Wells
Fargo
&
Co
1,824,632
TOTAL
BANKS
5,627,426
CAPITAL
GOODS
-
11.7%
13,900
AECOM
1,526,915
5,000
Eaton
Corp
PLC
1,601,000
13,000
Emerson
Electric
Co
1,551,940
29,000
Flowserve
Corp
1,447,390
9,500
Howmet
Aerospace
Inc
1,613,955
2,800
Northrop
Grumman
Corp
1,357,356
21,000
nVent
Electric
PLC
1,381,800
1,825
Parker-Hannifin
Corp
1,213,078
12,500
RTX
Corp
1,706,000
3,700
Trane
Technologies
PLC
1,591,999
7,400
Westinghouse
Air
Brake
Technologies
Corp
1,497,168
TOTAL
CAPITAL
GOODS
16,488,601
COMMERCIAL
&
PROFESSIONAL
SERVICES
-
3.0%
5,600
Cintas
Corp
1,268,400
5,700
Republic
Services
Inc
1,466,553
15,500
Veralto
Corp
1,565,965
TOTAL
COMMERCIAL
&
PROFESSIONAL
SERVICES
4,300,918
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
6.1%
20,900
(a)
Amazon.com
Inc
4,284,709
3,450
Home
Depot
Inc
/The
1,270,601
1,100
(a)
O'Reilly
Automotive
Inc
1,504,250
12,400
TJX
Cos
Inc
/The
1,573,560
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
8,633,120
CONSUMER
SERVICES
-
1.6%
9,800
Boyd
Gaming
Corp
734,706
6,100
Hilton
Worldwide
Holdings
Inc
1,515,484
TOTAL
CONSUMER
SERVICES
2,250,190
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
-
3.8%
3,200
Casey's
General
Stores
Inc
1,400,832
1,675
Costco
Wholesale
Corp
1,742,302
22,100
Walmart
Inc
2,181,712
TOTAL
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
5,324,846
ENERGY
-
3.6%
5,200
Cheniere
Energy
Inc
1,232,348
14,500
Exxon
Mobil
Corp
1,483,350
49,800
Kinder
Morgan
Inc
1,396,392
70,900
Permian
Resources
Corp
894,049
TOTAL
ENERGY
5,006,139
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
-
1.5%
6,200
American
Tower
Corp
1,330,830
6,800
Prologis
Inc
738,480
TOTAL
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
2,069,310
FINANCIAL
SERVICES
-
8.8%
5,900
American
Express
Co
1,734,895
1,650
Ameriprise
Financial
Inc
840,246
4,150
(a)
Corpay
Inc
1,349,206
9,600
(a)
Fiserv
Inc
1,562,784
10,900
KKR
&
Co
Inc
1,323,914
Portfolio
of
Investments
May
31,
2025
(continued)
Equity
Long/Short
2
SHARES
DESCRIPTION
VALUE
FINANCIAL
SERVICES
(continued)
2,150
Mastercard
Inc
,
Class
A
1,259,040
18,500
Nasdaq
Inc
1,545,490
3,350
S&P
Global
Inc
1,718,081
25,500
(a)
Toast
Inc
,
Class
A
1,075,590
TOTAL
FINANCIAL
SERVICES
12,409,246
FOOD,
BEVERAGE
&
TOBACCO
-
1.3%
25,200
Coca-Cola
Co/The
1,816,920
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
1,816,920
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
4.9%
12,500
(a)
Boston
Scientific
Corp
1,315,750
2,700
(a)
Intuitive
Surgical
Inc
1,491,318
4,250
Stryker
Corp
1,626,220
3,400
UnitedHealth
Group
Inc
1,026,494
5,300
(a)
Veeva
Systems
Inc
,
Class
A
1,482,410
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
6,942,192
HOUSEHOLD
&
PERSONAL
PRODUCTS
-
2.0%
60,000
Kenvue
Inc
1,432,200
8,200
Procter
&
Gamble
Co/The
1,393,098
TOTAL
HOUSEHOLD
&
PERSONAL
PRODUCTS
2,825,298
INSURANCE
-
1.0%
5,200
Progressive
Corp/The
1,481,636
TOTAL
INSURANCE
1,481,636
MATERIALS
-
4.5%
4,000
Air
Products
and
Chemicals
Inc
1,115,640
13,100
Corteva
Inc
927,480
17,700
DuPont
de
Nemours
Inc
1,182,360
3,750
(a)
Linde
PLC
1,753,425
31,400
Smurfit
WestRock
PLC
1,360,562
TOTAL
MATERIALS
6,339,467
MEDIA
&
ENTERTAINMENT
-
8.2%
16,100
Alphabet
Inc
,
Class
A
2,765,014
36,000
Comcast
Corp,
Class
A
1,244,520
4,750
Meta
Platforms
Inc
3,075,577
1,900
(a)
Netflix
Inc
2,293,737
3,200
(a)
Take-Two
Interactive
Software
Inc
724,096
13,400
Walt
Disney
Co/The
1,514,736
TOTAL
MEDIA
&
ENTERTAINMENT
11,617,680
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
3.0%
1,975
Eli
Lilly
&
Co
1,456,898
12,300
(a)
Exelixis
Inc
529,392
1,900
Regeneron
Pharmaceuticals
Inc
931,532
3,900
(a)
United
Therapeutics
Corp
1,243,515
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
4,161,337
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
-
9.5%
14,300
Broadcom
Inc
3,461,601
40,000
Intel
Corp
782,000
18,800
Lam
Research
Corp
1,518,852
10,200
Micron
Technology
Inc
963,492
49,200
NVIDIA
Corp
6,648,396
TOTAL
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
13,374,341
SOFTWARE
&
SERVICES
-
10.0%
1,300
(a)
HubSpot
Inc
766,870
16,000
Microsoft
Corp
7,365,760
8,700
(a)
Palo
Alto
Networks
Inc
1,674,054
6,500
Salesforce
Inc
1,724,905
1,100
(a)
ServiceNow
Inc
1,112,199
3,000
(a)
Synopsys
Inc
1,391,940
TOTAL
SOFTWARE
&
SERVICES
14,035,728
3
SHARES
DESCRIPTION
VALUE
TECHNOLOGY
HARDWARE
&
EQUIPMENT
-
5.8%
25,700
Apple
Inc
$
5,161,845
16,300
(a)
Arista
Networks
Inc
1,412,232
25,000
Cisco
Systems
Inc
1,576,000
TOTAL
TECHNOLOGY
HARDWARE
&
EQUIPMENT
8,150,077
UTILITIES
-
3.9%
21,900
Alliant
Energy
Corp
1,362,837
10,000
American
Electric
Power
Co
Inc
1,034,900
7,000
Duke
Energy
Corp
824,040
21,500
NextEra
Energy
Inc
1,518,760
4,900
Vistra
Corp
786,793
TOTAL
UTILITIES
5,527,330
TOTAL
COMMON
STOCKS
(Cost
$98,329,631)
139,784,965
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$98,329,631)
139,784,965
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM
INVESTMENTS
-
 1.1%
1,500,000
REPURCHASE
AGREEMENTS
-
1.1%
1,500,000
$
1,500,000
(b)
Fixed
Income
Clearing
Corp
(FICC)
4.300
%
06/02/25
1,500,000
TOTAL
REPURCHASE
AGREEMENTS
(Cost
$1,500,000)
1,500,000
TOTAL
SHORT-TERM
INVESTMENTS
(Cost
$1,500,000)
1,500,000
TOTAL
INVESTMENTS
-
100.3%
(Cost
$99,829,631
)
141,284,965
SHARES
DESCRIPTION
VALUE
-40924570
COMMON
STOCKS
SOLD
SHORT
-
(29.1)%(c)
X
(40,924,570)
AUTOMOBILES
&
COMPONENTS
-
(0.4)%
(6,100)
Thor
Industries
Inc
$
(495,259)
Total
AUTOMOBILES
&
COMPONENTS
(495,259)
a
a
a
a
a
a
a
a
BANKS
-
(0.9)%
(27,300)
KeyCorp
(432,978)
(10,200)
Synovus
Financial
Corp
(487,866)
(9,000)
Truist
Financial
Corp
(355,500)
Total
BANKS
(1,276,344)
a
a
a
a
a
a
a
a
CAPITAL
GOODS
-
(4.0)%
(7,100)
A
O
Smith
Corp
(456,601)
(4,300)
AGCO
Corp
(421,314)
(6,400)
Donaldson
Co
Inc
(445,120)
(5,800)
Fortive
Corp
(407,102)
(8,750)
Fortune
Brands
Innovations
Inc
(441,000)
(5,300)
Graco
Inc
(448,698)
(775)
Lennox
International
Inc
(437,449)
(4,100)
Otis
Worldwide
Corp
(390,935)
(4,000)
PACCAR
Inc
(375,400)
(3,900)
(a)
SiteOne
Landscape
Supply
Inc
(455,559)
(6,400)
Timken
Co/The
(438,336)
(6,300)
Toro
Co/The
(477,414)
(1,000)
Watsco
Inc
(443,570)
Total
CAPITAL
GOODS
(5,638,498)
a
a
a
a
a
a
a
a
COMMERCIAL
&
PROFESSIONAL
SERVICES
-
(0.3)%
(1,700)
Equifax
Inc
(449,123)
Total
COMMERCIAL
&
PROFESSIONAL
SERVICES
(449,123)
a
a
a
a
a
a
a
a
Portfolio
of
Investments
May
31,
2025
(continued)
Equity
Long/Short
4
SHARES
DESCRIPTION
VALUE
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
(1.2)%
(9,600)
Advance
Auto
Parts
Inc
$
(460,128)
(6,600)
Best
Buy
Co
Inc
(437,448)
(2,400)
Dick's
Sporting
Goods
Inc
(430,416)
(1,400)
Pool
Corp
(420,826)
Total
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
(1,748,818)
a
a
a
a
a
a
a
a
CONSUMER
DURABLES
&
APPAREL
-
(0.9)%
(50,000)
Leggett
&
Platt
Inc
(453,000)
(1,400)
(a)
Lululemon
Athletica
Inc
(443,338)
(6,700)
Somnigroup
International
Inc
(435,902)
Total
CONSUMER
DURABLES
&
APPAREL
(1,332,240)
a
a
a
a
a
a
a
a
CONSUMER
SERVICES
-
(2.1)%
(3,000)
(a)
Airbnb
Inc
,
Class
A
(387,000)
(3,700)
(a)
Bright
Horizons
Family
Solutions
Inc
(478,040)
(5,600)
(a)
Cava
Group
Inc
(455,112)
(2,100)
Darden
Restaurants
Inc
(449,841)
(11,000)
Las
Vegas
Sands
Corp
(452,760)
(1,500)
Marriott
International
Inc
/MD,
Class
A
(395,745)
(2,700)
Yum!
Brands
Inc
(388,638)
Total
CONSUMER
SERVICES
(3,007,136)
a
a
a
a
a
a
a
a
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
-
(0.6)%
(5,600)
Kroger
Co/The
(382,088)
(10,900)
(a)
Maplebear
Inc
(497,803)
Total
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
(879,891)
a
a
a
a
a
a
a
a
ENERGY
-
(0.9)%
(11,400)
(a)
Antero
Resources
Corp
(426,930)
(3,300)
Phillips
66
(374,484)
(12,300)
Range
Resources
Corp
(467,892)
Total
ENERGY
(1,269,306)
a
a
a
a
a
a
a
a
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
-
(1.6)%
(10,800)
CubeSmart
(461,808)
(9,200)
First
Industrial
Realty
Trust
Inc
(454,756)
(1,250)
Public
Storage
(385,512)
(3,500)
Sun
Communities
Inc
(432,040)
(10,800)
UDR
Inc
(447,444)
Total
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
(2,181,560)
a
a
a
a
a
a
a
a
FINANCIAL
SERVICES
-
(1.5)%
(2,400)
Jack
Henry
&
Associates
Inc
(434,808)
(1,100)
LPL
Financial
Holdings
Inc
(425,876)
(675)
Moody's
Corp
(323,541)
(4,700)
State
Street
Corp
(452,516)
(4,400)
T
Rowe
Price
Group
Inc
(411,796)
Total
FINANCIAL
SERVICES
(2,048,537)
a
a
a
a
a
a
a
a
FOOD,
BEVERAGE
&
TOBACCO
-
(0.3)%
(9,500)
Pilgrim's
Pride
Corp
(467,020)
Total
FOOD,
BEVERAGE
&
TOBACCO
(467,020)
a
a
a
a
a
a
a
a
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
(1.9)%
(3,300)
(a)
DaVita
Inc
(449,658)
(800)
(a)
IDEXX
Laboratories
Inc
(410,688)
(1,850)
Labcorp
Holdings
Inc
(460,595)
(1,700)
ResMed
Inc
(416,143)
(6,400)
(a)
Solventum
Corp
(467,776)
(1,700)
STERIS
PLC
(416,857)
Total
HEALTH
CARE
EQUIPMENT
&
SERVICES
(2,621,717)
a
a
a
a
a
a
a
a
HOUSEHOLD
&
PERSONAL
PRODUCTS
-
(0.3)%
(3,800)
Colgate-Palmolive
Co
(353,172)
Total
HOUSEHOLD
&
PERSONAL
PRODUCTS
(353,172)
a
a
a
a
a
a
a
a
5
SHARES
DESCRIPTION
VALUE
INSURANCE
-
(1.0)%
(3,500)
Aflac
Inc
$
(362,390)
(900)
Chubb
Ltd
(267,480)
(1,200)
Everest
Group
Ltd
(416,628)
(3,800)
Prudential
Financial
Inc
(394,782)
Total
INSURANCE
(1,441,280)
a
a
a
a
a
a
a
a
MATERIALS
-
(2.1)%
(46,800)
Amcor
PLC
(426,348)
(2,400)
Avery
Dennison
Corp
(426,552)
(8,700)
Ball
Corp
(466,146)
(4,700)
CF
Industries
Holdings
Inc
(426,337)
(1,400)
Ecolab
Inc
(371,868)
(8,900)
International
Paper
Co
(425,509)
(3,400)
Steel
Dynamics
Inc
(418,438)
Total
MATERIALS
(2,961,198)
a
a
a
a
a
a
a
a
MEDIA
&
ENTERTAINMENT
-
(1.3)%
(1,100)
(a)
Charter
Communications
Inc
,
Class
A
(435,897)
(8,300)
Fox
Corp,
Class
A
(456,002)
(17,600)
Interpublic
Group
of
Cos
Inc
/The
(421,696)
(8,000)
New
York
Times
Co/The,
Class
A
(456,960)
Total
MEDIA
&
ENTERTAINMENT
(1,770,555)
a
a
a
a
a
a
a
a
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
(1.8)%
(3,700)
Agilent
Technologies
Inc
(414,104)
(9,300)
Bio-
Techne
Corp
(450,120)
(2,900)
(a)
IQVIA
Holdings
Inc
(406,957)
(10,500)
QIAGEN
NV
(473,865)
(4,800)
Revvity
Inc
(434,016)
(2,100)
Zoetis
Inc
(354,123)
Total
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
(2,533,185)
a
a
a
a
a
a
a
a
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
-
(0.3)%
(6,700)
(a)
Zillow
Group
Inc
,
Class
C
(449,637)
Total
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
(449,637)
a
a
a
a
a
a
a
a
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
-
(0.6)%
(6,400)
Entegris
Inc
(439,936)
(5,500)
Teradyne
Inc
(432,300)
Total
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
(872,236)
a
a
a
a
a
a
a
a
SOFTWARE
&
SERVICES
-
(1.7)%
(1,150)
(a)
Autodesk
Inc
(340,538)
(2,200)
(a)
Cloudflare
Inc
,
Class
A
(364,958)
(4,800)
Cognizant
Technology
Solutions
Corp,
Class
A
(388,752)
(225)
(a)
Fair
Isaac
Corp
(388,413)
(950)
(a)
Gartner
Inc
(414,599)
(750)
(a)
Tyler
Technologies
Inc
(432,742)
Total
SOFTWARE
&
SERVICES
(2,330,002)
a
a
a
a
a
a
a
a
TECHNOLOGY
HARDWARE
&
EQUIPMENT
-
(0.3)%
(9,000)
(a)
Western
Digital
Corp
(463,950)
Total
TECHNOLOGY
HARDWARE
&
EQUIPMENT
(463,950)
a
a
a
a
a
a
a
a
TRANSPORTATION
-
(2.2)%
(4,800)
CH
Robinson
Worldwide
Inc
(460,656)
(3,800)
Expeditors
International
of
Washington
Inc
(428,374)
(1,500)
Norfolk
Southern
Corp
(370,680)
(20,500)
Schneider
National
Inc
,
Class
B
(474,985)
(12,800)
Southwest
Airlines
Co
(427,264)
(8,100)
U-Haul
Holding
Co
(462,024)
(3,700)
(a)
XPO
Inc
(421,171)
Total
TRANSPORTATION
(3,045,154)
a
a
a
a
a
a
a
a
Portfolio
of
Investments
May
31,
2025
(continued)
Equity
Long/Short
6
Part
F
of
Form
N-PORT
was
prepared
in
accordance
with
U.S.
generally
accepted
accounting
principles
(“U.S.
GAAP”)
and
in
conformity
with
the
applicable
rules
and
regulations
of
the
U.S.
Securities
and
Exchange
Commission
(“SEC”)
related
to
interim
filings.
Part
F
of
Form
N-PORT
does
not
include
all
information
and
footnotes
required
by
U.S.
GAAP
for
complete
financial
statements.
Certain
footnote
disclosures
normally
included
in
financial
statements
prepared
in
accordance
with
U.S.
GAAP
have
been
condensed
or
omitted
from
this
report
pursuant
to
the
rules
of
the
SEC.
For
a
full
set
of
the
Fund’s
notes
to
financial
statements,
please
refer
to
the
Fund’s
most
recently
filed
annual
or
semi-annual
report.
Fair
Value
Measurements
The
Fund’s
investments
in
securities
are
recorded
at
their
estimated
fair
value
utilizing
valuation
methods
approved
by
the
Board
of
Directors/
Trustees.
Fair
value
is
defined
as
the
price
that
would
be
received
upon
selling
an
investment
or
transferring
a
liability
in
an
orderly
transaction
to
an
independent
buyer
in
the
principal
or
most
advantageous
market
for
the
investment.
U.S.
GAAP
establishes
the
three-tier
hierarchy
which
is
used
to
maximize
the
use
of
observable
market
data
and
minimize
the
use
of
unobservable
inputs
and
to
establish
classification
of
fair
value
measurements
for
disclosure
purposes.
Observable
inputs
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Observable
inputs
are
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
reflect
management’s
assumptions
about
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Unobservable
inputs
are
based
on
the
best
information
available
in
the
circumstances.
The
following
is
a
summary
of
the
three-tiered
hierarchy
of
valuation
input
levels.
Level
1
–
Inputs
are
unadjusted
and
prices
are
determined
using
quoted
prices
in
active
markets
for
identical
securities.
Level
2
–
Prices
are
determined
using
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
credit
spreads,
etc.).
Level
3
–
Prices
are
determined
using
significant
unobservable
inputs
(including
management’s
assumptions
in
determining
the
fair
value
of
investments).
The
following
table
summarizes
the
market
value
of
the
Fund's
investments
as
of
the
end
of
the
reporting
period,
based
on
the
inputs
used
to
value
them:
SHARES
DESCRIPTION
VALUE
UTILITIES
-
(0.9)%
(2,700)
Atmos
Energy
Corp
$
(417,636)
(10,400)
FirstEnergy
Corp
(436,176)
(11,000)
NiSource
Inc
(434,940)
Total
UTILITIES
(1,288,752)
a
a
a
a
a
a
a
a
Total
Common
Stocks
Sold
Short
(Proceeds
$41,894,032)
(40,924,570)
OTHER
ASSETS
&
LIABILITIES,
NET
-  28.8%
40,576,817
NET
ASSETS
-
100%
$
140,937,212
S&P
Standard
&
Poor's
(a)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
(b)
Agreement
with
Fixed
Income
Clearing
Corporation,
4.300%
dated
5/30/25
to
be
repurchased
at
$1,500,538
on
6/2/25,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
4.125%
and
maturity
date
10/31/31,
valued
at
$1,530,196.
(c)
The
Fund
may
pledge
up
to
100%
of
its
eligible
long-term
investments
in
the
Portfolio
of
Investments
as
collateral
for
Common
Stocks
Sold
Short.
As
of
the
end
of
the
reporting
period,
long-term
investments
with
a
value
of
$25,663,753
have
been
pledged
as
collateral
for
Common
Stocks
Sold
Short.
Equity
Long/Short
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
139,784,965
$
–
$
–
$
139,784,965
Short-Term
Investments:
Repurchase
Agreements
–
1,500,000
–
1,500,000
Common
Stocks
Sold
Short
(40,924,570)
–
–
(40,924,570)
Total
$
98,860,395
$
1,500,000
$
–
$
100,360,395